Company: EVO Payments, Inc.
Symbol: EVOP
Description: They are a global merchant acquirer and payment processor servicing approximately 525,000 merchants in North America and Europe and processing more than 900 million transactions in North America and 1.7 billion transactions in Europe annually.
Trade Date: 5/23
Shares: 14 million
Price Range: $14.00-$16.00
Underwriter(s): J.P. Morgan, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, SunTrust Robinson Humphrey, Barclays, Cowen and Company, Goldman Sachs & Co., Regions Securities LLC, William Blair
Terms Added: 5-10-18
Business: They operate at the center of global electronic commerce with local operations in 10 countries, with the ability to serve 50 markets around the world through their three proprietary, in-market processing platforms that are connected by a single point of integration. They differentiate themselves from their competitors through (1) a highly productive and scaled sales distribution network, including exclusive global financial institution referral partnerships, (2) their three proprietary, in-market processing platforms, and (3) a comprehensive suite of payment and commerce solutions. They believe these points of differentiation allow them to deliver strong organic growth, increase market share, and attract additional financial institution, technology and other strategic partner relationships.
Financials: Their revenue was $355.5 million, $419.2, and $504.8 million, and their net income (loss) was $40.1 million, $57.5 million, and ($32.3 million) in 2015, 2016, and 2017, respectively. The decrease in net income in 2017 was due primarily to the one-time gain on the sale of the company’s membership interest in Visa Europe in the prior year period, the increase in operating expenses related to strategic investments and the increase in interest expense from higher debt balances related to the Sterling acquisition. In the first quarter of 2018, their revenue increased 17.0% to $128.3 million, while their net loss increased 12.5% to $15.0 million. The increase in net losses was due primarily to the increase in operating expenses related to strategic investments.
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