ATLANTA--(BUSINESS WIRE)--EVO Payments, Inc. (NASDAQ: EVOP) today announced its third quarter 2020 financial results. For the third quarter ended September 30, 2020, reported revenue was $117.0 million compared to $122.4 million in the prior year. On a reported and currency neutral basis, revenue for the third quarter decreased 4%. On a GAAP basis for the quarter ended September 30, 2020, net income was $14.6 million compared to net loss of $5.0 million in the prior year. Net income for the current quarter includes an after-tax gain of $14.1 million on the Company’s investment in Visa Series A preferred stock. Adjusted EBITDA decreased 4% to $40.4 million for the quarter, and on a currency neutral basis, adjusted EBITDA declined 2% compared to the prior year.
For the nine months ended September 30, 2020, reported revenue was $322.4 million compared to $356.4 million in the prior year, a decrease of 10%. On a currency neutral basis, reported revenue for the nine months ended September 30, 2020 decreased 7%. On a GAAP basis for the nine months ended September 30, 2020, the Company recognized a net loss of $8.0 million, an improvement of 60% compared to the prior year. Adjusted EBITDA decreased 9% to $101.9 million for the nine months ended September 30, 2020. On a currency neutral basis, adjusted EBITDA declined 5% compared to the prior year.
“We have taken the appropriate steps to realign our cost structure, which has improved our cash flows, leverage, and margin,” said James G. Kelly, Chief Executive Officer of EVO. “As a result, I am pleased with the financial results we delivered in the third quarter. In addition, we expanded our distribution through new merchant sales and additional referral partners and continued to invest in new products and solutions. We remain keenly focused on M&A opportunities and are well-positioned to capitalize on the acceleration we are seeing in digital payments.”
Additional Resources
To assist in understanding the impact COVID-19 is having on our business, the Company has posted a summary of its recent payment volume trends on its investor relations website at https://investor.evopayments.com/3Q20paymentvolume.
