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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-38504

EVO Payments, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Delaware		82-1304484
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.

Ten Glenlake Parkway South Tower, Suite 950 Atlanta, Georgia		30328
Address of Principal Executive Offices		Zip Code

(770) 336-8463

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	EVOP	Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ⌧	Accelerated filer ◻

Non-accelerated filer ◻	Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

As of October 24, 2022, there were 48,296,028 shares of the registrant’s Class A common stock, par value $0.0001 per share, and 3,741,074 shares of the registrant’s Class D common stock, par value $0.0001 per share, issued and outstanding. As of October 24, 2022, there were 32,163,538 common membership interests of EVO Investco, LLC (“Common Units”) issued and outstanding held by Blueapple, Inc., a New York corporation, which is controlled by entities affiliated with the registrant’s founder and Chairman of the board of directors, Rafik R. Sidhom, and which Common Units are subject to Blueapple, Inc.’s right to cause the registrant to use its commercially reasonable best efforts to pursue a public offering of an equivalent number of the registrant’s Class A common stock and use the net proceeds therefrom to purchase such holder’s Common Units. As a result, the registrant believes that these Common Units are most appropriately viewed as equivalent to additional shares of Class A common stock when considering the registrant’s overall capitalization.

Table of Contents

EVO PAYMENTS, INC. AND SUBSIDIARIES

TABLE OF CONTENTS





PART I. FINANCIAL INFORMATION			5

	Item 1.	Unaudited Condensed Consolidated Financial Statements	6
		Unaudited Condensed Consolidated Balance Sheets	6
		Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss	7
		Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit)	8
		Unaudited Condensed Consolidated Statements of Cash Flows	12
		Notes to Unaudited Condensed Consolidated Financial Statements	13
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	57
	Item 4.	Controls and Procedures	57

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	58
	Item 1A.	Risk Factors	58
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
	Item 3.	Defaults Upon Senior Securities	59
	Item 4.	Mine Safety Disclosures	59
	Item 5.	Other Information	59
	Item 6.	Exhibits	60
		Signatures	61

Table of Contents

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains statements about future events and expectations that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current beliefs, assumptions, estimates, and expectations, taking into account the information currently available to us, and are not guarantees of future results or performance. None of the forward-looking statements in this Quarterly Report on Form 10-Q are statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: (1) disruption to our business caused by the proposed acquisition of us by Global Payments Inc. (“Global Payments”); (2) our ability to consummate the proposed transaction with Global Payments within the contemplated timeframe, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and the satisfaction of other closing conditions; (3) the impact on our stock price, business, financial condition and results of operations if the proposed transaction with Global Payments is not consummated; (4) costs, charges and expenses relating to the proposed transaction with Global Payments; (5) the continuing uncertainties regarding the ultimate scope and trajectory of the COVID-19 pandemic (including its variant strains) on our business and our merchants, including the impact of social distancing, shelter-in-place, shutdowns of non-essential businesses and similar measures imposed or undertaken by governments; (6) our ability to anticipate and respond to changing industry trends and the needs and preferences of our customers and consumers; (7) the impact of substantial and increasingly intense competition; (8) the impact of changes in the competitive landscape, including disintermediation from other participants in the payments chain; (9) the effects of global economic, political, market, health and other conditions, including the continuing impact of the COVID-19 pandemic and the evolving situation with Ukraine and Russia; (10) our compliance with governmental regulations and other legal obligations, particularly related to privacy, data protection, information security, and consumer protection laws; (11) our ability to protect our systems and data from continually evolving cybersecurity risks or other technological risks; (12) failures in our processing systems, software defects, computer viruses, and development delays; (13) degradation of the quality of the products and services we offer, including support services; (14) our ability to recruit, retain and develop qualified personnel; (15) risks associated with our ability to successfully complete, integrate and realize the expected benefits of acquisitions; (16) continued consolidation in the banking and payment services industries, including the impact of the combination of Banco Popular and Grupo Santander and the related bank branch consolidation; (17) increased customer, referral partner, or sales partner attrition; (18) the incurrence of chargebacks; (19) failure to maintain or collect reimbursements; (20) fraud by merchants or others; (21) the failure of our third-party vendors to fulfill their obligations; (22) failure to maintain merchant and sales relationships or financial institution alliances; (23) ineffective risk management policies and procedures; (24) our inability to retain smaller-sized merchants and the impact of economic fluctuations on such merchants, (25) damage to our reputation, or the reputation of our partners; (26) seasonality and volatility; (27) geopolitical and other risks associated with our operations outside of the United States, such as the conflict between Russia and Ukraine; (28) any decline in the use of cards as a payment mechanism or other adverse developments with respect to the card industry in general; (29) increases in card network fees; (30) failure to comply with card networks requirements; (31) a requirement to purchase the equity interests of our eService subsidiary in Poland held by our JV partner; (32) changes in foreign currency exchange rates; (33) future impairment charges; (34) risks relating to our indebtedness, including our ability to raise additional capital to fund our operations on economized terms or at all and exposure to interest rate risks; (35) the phase out of LIBOR and the transition to other benchmarks; (36) restrictions imposed by our credit facilities and outstanding indebtedness; (37) participation in accelerated funding programs; (38) failure to enforce and protect our intellectual property rights; (39) failure to comply with, or changes in, laws, regulations and enforcement activities, including those relating to corruption, anti-money laundering, data privacy, and financial institutions; (40) impact of new or revised tax regulations; (41) legal proceedings, including the impact of potential litigation relating to the proposed transaction with Global Payments, including litigation that seeks to prevent the merger from being consummated within the contemplated timeframe, or at all; (42) our dependence on distributions from EVO, LLC (as defined in Part I – Financial Information—“Financial Statements Introductory Note”) to pay our taxes and expenses, including certain payments to the Continuing LLC Owners (as defined in Part I – Financial Information—“Financial Statements Introductory Note”) and, in the event that any tax benefits are disallowed, our inability to be reimbursed for payments made to the Continuing LLC Owners; (43) our organizational structure, including benefits available to the Continuing LLC Owners that are not available to holders of our Class A common stock to the same extent; (44) the risk that we could be deemed an investment company under the Investment Company Act of 1940, as amended; (45) the significant influence the Continuing LLC Owners continue to have over us, including control over decisions that require the approval of stockholders; (46) certain provisions of Delaware law and antitakeover provisions in our organizational documents could delay or prevent a change of control; (47) certain provisions in our organizational documents, including those that provide Delaware as the exclusive forum for litigation matters and that renounce the doctrine of corporate opportunity; (48) our ability to maintain effective internal control over financial reporting and disclosure

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controls and procedures; (49) changes in our stock price, including relating to downgrades, analyst reports, and future sales by us or by existing stockholders; and (50) the other risks and uncertainties described in Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by the cautionary factors listed above, among others. Other risks, uncertainties and factors, not listed above, could also cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

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PART I – FINANCIAL INFORMATION

Financial Statements Introductory Note

The unaudited condensed consolidated financial statements and other disclosures contained in this quarterly report on Form 10-Q include those of EVO Payments, Inc., which is the registrant, and those of EVO Investco, LLC, a Delaware limited liability company, which became the principal operating subsidiary of the Company following a series of reorganization transactions completed on May 25, 2018 in connection with the initial public offering of EVO, Inc.’s Class A common stock (the “IPO”). For more information regarding these transactions, see Note 21, “Shareholders’ Equity,” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

EVO, Inc. is the managing member of EVO, LLC and, as of September 30, 2022, was the owner of approximately 57.4% of the LLC Interests.

As used in this quarterly report on Form 10-Q, unless the context otherwise requires, references to:

●

“EVO,” “we,” “us,” “our,” the “Company” and similar references refer (1) on or prior to the completion of the Reorganization Transactions, including our initial public offering, to EVO, LLC and, unless otherwise stated, all of its direct and indirect subsidiaries, and (2) following the consummation of the Reorganization Transactions, including our initial public offering, to EVO, Inc., and, unless otherwise stated, all of its direct and indirect subsidiaries, including EVO, LLC.

●

“EVO, Inc.” refers to EVO Payments, Inc., a Delaware corporation, and, unless otherwise stated, all of its direct and indirect subsidiaries.

●

“EVO, LLC” refers to EVO Investco, LLC, a Delaware limited liability company, and, unless otherwise stated, all of its direct and indirect subsidiaries.

●

“Continuing LLC Owners” refers collectively to the remaining holders of LLC Interests (other than EVO, Inc.), which includes Blueapple, MDP, our executive officers and certain of our current and former employees.

●

“EVO LLC Agreement” refers to the second amended and restated limited liability company agreement, dated as of May 22, 2018, by and between EVO, LLC and the Continuing LLC Owners, as amended.

●

“LLC Interests” refers to the single class of common membership interests of EVO, LLC.

●

“Blueapple” refers to Blueapple, Inc., a New York corporation, which is controlled by entities affiliated with our founder and Chairman of our board of directors, Rafik R. Sidhom.

●

“MDP” refers to entities controlled by Madison Dearborn Partners, LLC.

●

“markets” refers to countries and territories where we are authorized by card networks to acquire transactions. For purposes of determining our markets, territories refers to non-sovereign geographic areas that fall under the authority of another government. As an example, we consider Gibraltar (a territory of the United Kingdom) and the United Kingdom to be two distinct markets as our licensing agreements with the card networks gives us the ability to acquire transactions in both markets.

●

“merchant” refers to an organization that accepts electronic payments, including for-profit, not-for-profit and governmental entities.

●

“Reorganization Transactions” refers to the series of reorganization transactions described herein that were undertaken in connection with our initial public offering to implement our “Up-C” capital structure.

●

“transactions processed” refers to the number of transactions we processed during any given period of time and is a meaningful indicator of our business and financial performance, as a significant portion of our revenue is driven by the number of transactions we process. In addition, transactions processed provides a valuable measure of the level of economic activity across our merchant base. In our Americas segment, transactions include acquired Visa and Mastercard credit and signature debit, American Express, Discover, UnionPay, JCB, PIN-debit, electronic benefit transactions, and gift card transactions. In our Europe segment, transactions include acquired Visa and Mastercard credit and signature debit, other card network merchant acquiring transactions, and ATM transactions.

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EVO PAYMENTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except share data)


	September 30,		December 31,
	2022		2021
Assets
Current assets:
Cash and cash equivalents	$	429,760	$	410,368
Accounts receivable, net		16,533		16,065
Other receivables		28,830		18,087
Inventory		7,296		4,210
Settlement processing assets		341,952		311,681
Other current assets		29,134		20,514
Total current assets		853,505		780,925
Equipment and improvements, net		62,410		68,506
Goodwill, net		370,571		385,651
Intangible assets, net		178,506		200,726
Deferred tax assets		245,943		238,261
Operating lease right-of-use assets		36,238		34,704
Investment in equity securities, at fair value		30,627		25,398
Other assets		18,282		19,214
Total assets	$	1,796,082	$	1,753,385

Liabilities and Shareholders' Equity (Deficit)
Current liabilities:
Settlement lines of credit	$	3,622	$	7,887
Current portion of long-term debt		14,092		14,058
Accounts payable		7,719		6,889
Accrued expenses and other current liabilities		135,006		127,060
Settlement processing obligations		468,732		422,109
Current portion of operating lease liabilities, inclusive of related party liability of $1.0 million and $1.3 million at September 30, 2022 and December 31, 2021, respectively		6,779		7,122
Total current liabilities		635,950		585,125
Long-term debt, net of current portion		558,396		568,632
Deferred tax liabilities		24,105		22,207
Tax receivable agreement obligations, inclusive of related party liability of $169.7 million and $169.4 million at September 30, 2022 and December 31, 2021, respectively		180,406		180,143
Operating lease liabilities, net of current portion, inclusive of related party liability of $0.1 million and $1.0 million at September 30, 2022 and December 31, 2021, respectively		31,363		28,948
Other long-term liabilities		11,169		7,891
Total liabilities		1,441,389		1,392,946
Commitments and contingencies
Redeemable non-controlling interests		1,288,210		1,029,090
Redeemable preferred stock (par value, $0.0001 per share), Authorized, Issued and Outstanding – 152,250 shares at September 30, 2022 and December 31, 2021. Liquidation preference: $175,900 and $168,309 at September 30, 2022 and December 31, 2021, respectively		171,816		164,007
Shareholders' equity (deficit):
Class A common stock (par value, $0.0001 per share), Authorized - 200,000,000 shares, Issued and Outstanding - 48,293,979 and 47,446,061 shares at September 30, 2022 and December 31, 2021, respectively		5		5
Class D common stock (par value, $0.0001 per share), Authorized - 32,000,000 shares, Issued and Outstanding - 3,741,074 and 3,783,074 shares at September 30, 2022 and December 31, 2021, respectively		—		—
Additional paid-in capital		—		—
Accumulated deficit attributable to Class A common stock		(890,378)		(652,871)
Accumulated other comprehensive loss		(22,196)		(9,154)
Total EVO Payments, Inc. shareholders' deficit		(912,569)		(662,020)
Nonredeemable non-controlling interests		(192,764)		(170,638)
Total deficit		(1,105,333)		(832,658)
Total liabilities, redeemable non-controlling interests, redeemable preferred stock, and shareholders’ deficit	$	1,796,082	$	1,753,385

See accompanying notes to unaudited condensed consolidated financial statements.

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EVO PAYMENTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue	$	138,663	$	135,041	$	403,260	$	363,456
Operating expenses:
Cost of services and products		21,831		19,121		66,278		54,276
Selling, general, and administrative		81,453		71,982		224,668		198,050
Depreciation and amortization		21,136		21,941		60,453		63,562
Total operating expenses		124,420		113,044		351,399		315,888
Other operating income		6,939		—		6,939		—
Income from operations		21,182		21,997		58,800		47,568
Other income (expense):
Interest income		769		454		2,229		1,024
Interest expense		(4,260)		(6,123)		(12,634)		(18,282)
Gain (loss) on investment in equity securities		4,425		(1,298)		2,122		968
Other income (expense), net		228		379		(658)		(340)
Total other income (expense)		1,162		(6,588)		(8,941)		(16,630)
Income before income taxes		22,344		15,409		49,859		30,938
Income tax expense		(18,513)		(8,284)		(29,614)		(19,859)
Net income		3,831		7,125		20,245		11,079
Less: Net income attributable to non-controlling interests in consolidated entities		3,845		3,259		9,545		6,484
Less: Net (loss) income attributable to non-controlling interests of EVO Investco, LLC		(220)		1,396		3,558		(196)
Net income attributable to EVO Payments, Inc.		206		2,470		7,142		4,791
Less: Accrual of redeemable preferred stock paid-in-kind dividends		2,672		2,511		7,809		7,338
Net loss attributable to Class A common stock	$	(2,466)	$	(41)	$	(667)	$	(2,547)

Earnings per share
Basic	$	(0.05)	$	(0.00)	$	(0.01)	$	(0.05)
Diluted	$	(0.05)	$	(0.00)	$	(0.01)	$	(0.05)

Weighted-average Class A common stock outstanding
Basic		48,151,438		47,380,034		47,853,503		46,979,057
Diluted		48,151,438		47,380,034		47,853,503		46,979,057

Comprehensive loss:
Net income	$	3,831	$	7,125	$	20,245	$	11,079
Change in fair value of interest rate swap, net of tax⁽¹⁾		(1,667)		(49)		2,589		262
Change in fair value of cross currency swap, net of tax⁽²⁾		(151)		—		417		—
Unrealized loss on foreign currency translation adjustment, net of tax ⁽³⁾		(22,762)		(13,337)		(44,599)		(21,386)
Other comprehensive loss		(24,580)		(13,386)		(41,593)		(21,124)
Comprehensive loss		(20,749)		(6,261)		(21,348)		(10,045)
Less: Comprehensive (loss) income attributable to non-controlling interests in consolidated entities		(904)		394		(884)		1,781
Less: Comprehensive loss attributable to non-controlling interests of EVO Investco, LLC		(10,602)		(6,136)		(14,564)		(9,835)
Comprehensive loss attributable to EVO Payments, Inc.	$	(9,243)	$	(519)	$	(5,900)	$	(1,991)

(1)	Net of tax benefit of $0.2 million and less than $0.1 million for the three months ended September 30, 2022 and 2021, respectively. Net of tax expense of $(0.4) million and less than $(0.1) million for the nine months ended September 30, 2022 and 2021, respectively.

(2)	Net of tax benefit (expense) of less than $0.1 million and $(0.1) million for the three and nine months ended September 30, 2022, respectively.

(3)	Net of tax benefit of $4.2 million and $6.9 million for the three months ended September 30, 2022 and 2021, respectively. Net of tax benefit of $11.7 million and $5.8 million for the nine months ended September 30, 2022 and 2021, respectively.

See accompanying notes to unaudited condensed consolidated financial statements.

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EVO PAYMENTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit)

(In thousands)


				Shareholders' Equity (Deficit)
																		Accumulated				Total
																		deficit		Accumulated		EVO
	Redeemable															Additional		attributable to		other		Payments,		Nonredeemable				Redeemable
	Preferred Stock			Class A Common Stock			Class B Common Stock			Class C Common Stock			Class D Common Stock			paid-in		Class A		comprehensive		Inc. equity		non-controlling		Total equity		non-controlling
	Shares	Amounts		Shares	Amounts		Shares	Amounts		Shares	Amounts		Shares	Amounts		capital		common stock		income (loss)		(deficit)		interests		(deficit)		interests
Balance, January 1, 2021	152	$	154,118	46,402	$	5	32,164	$	3	1,720	$	—	2,391	$	—	$	—	$	(675,209)	$	1,045	$	(674,156)	$	(185,062)	$	(859,218)	$	1,055,633

Net loss	—		—	—		—	—		—	—		—	—		—		—		(842)		—		(842)		(257)		(1,099)		(1,724)
Cumulative translation adjustment	—		—	—		—	—		—	—		—	—		—		—		—		(10,307)		(10,307)		(859)		(11,166)		(10,605)
Contributions	—		—	—		—	—		—	—		—	—		—		—		—		—		—		—		—		488
Distributions	—		—	—		—	—		—	—		—	—		—		—		—		—		—		(161)		(161)		(8,500)
Share-based compensation expense	—		—	—		—	—		—	—		—	—		—		5,798		—		—		5,798		—		5,798		—
Vesting of equity awards	—		—	149		—	—		—	—		—	—		—		(2,383)		—		—		(2,383)		—		(2,383)		—
Exercise of stock options	—		—	136		—	—		—	—		—	—		—		2,813		—		—		2,813		—		2,813		—
Exchanges of Class C and Class D common stock for Class A common stock	—		—	157		—	—		—	(82)		—	(75)		—		(7,193)		—		—		(7,193)		7,193		—		—
Deferred taxes in connection with increase in ownership of EVO Investco, LLC	—		—	—		—	—		—	—		—	—		—		113		—		—		113		—		113		—
Tax receivable agreement in connection with share exchanges	—		—	—		—	—		—	—		—	—		—		173		—		—		173		—		173		—
Accrual of redeemable preferred stock paid-in-kind dividends	—		2,382	—		—	—		—	—		—	—		—		(2,382)		—		—		(2,382)		—		(2,382)		—
Change in fair value of interest rate swap	—		—	—		—	—		—	—		—	—		—		—		—		194		194		22		216		173
eService redeemable non-controlling interest fair value adjustment	—		—	—		—	—		—	—		—	—		—		—		9,247		—		9,247		781		10,028		(10,028)
Blueapple redeemable non-controlling interest fair value adjustment	—		—	—		—	—		—	—		—	—		—		—		(17,869)		—		(17,869)		(1,508)		(19,377)		19,377
Reclassification of additional paid-in capital to accumulated deficit	—		—	—		—	—		—	—		—	—		—		3,061		(3,061)		—		—		—		—		—
Balance, March 31, 2021	152		156,500	46,844		5	32,164		3	1,638		—	2,316		—		—		(687,734)		(9,068)		(696,794)		(179,851)		(876,645)		1,044,814

Net income	—		—	—		—	—		—	—		—	—		—		—		3,163		—		3,163		199		3,362		3,415
Cumulative translation adjustment	—		—	—		—	—		—	—		—	—		—		—		—		6,387		6,387		576		6,963		6,759
Distributions	—		—	—		—	—		—	—		—	—		—		—		—		—		—		(25)		(25)		(790)
Share-based compensation expense	—		—	—		—	—		—	—		—	—		—		6,489		—		—		6,489		—		6,489		—
Vesting of equity awards	—		—	69		—	—		—	—		—	—		—		(1,096)		—		—		(1,096)		—		(1,096)		—
Exercise of stock options	—		—	278		—	—		—	—		—	—		—		4,529		—		—		4,529		—		4,529		—
Cancellation of Class B common stock	—		—	—		—	(32,164)		(3)	—		—	—		—		3		—		—		—		—		—		—
Conversion of Class C common stock to Class D common stock	—		—	—		—	—		—	(1,599)		—	1,599		—		—		—		—		—		—		—		—
Exchanges of Class C and Class D common stock for Class A common stock	—		—	132		—	—		—	(39)		—	(93)		—		(6,038)		—		—		(6,038)		6,038		—		—
Deferred taxes in connection with increase in ownership of EVO Investco, LLC	—		—	—		—	—		—	—		—	—		—		112		—		—		112		—		112		—

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				Shareholders' Equity (Deficit)
																		Accumulated				Total
																		deficit		Accumulated		EVO
	Redeemable															Additional		attributable to		other		Payments,		Nonredeemable				Redeemable
	Preferred Stock			Class A Common Stock			Class B Common Stock			Class C Common Stock			Class D Common Stock			paid-in		Class A		comprehensive		Inc. equity		non-controlling		Total equity		non-controlling
	Shares	Amounts		Shares	Amounts		Shares	Amounts		Shares	Amounts		Shares	Amounts		capital		common stock		income (loss)		(deficit)		interests		(deficit)		interests
Tax receivable agreement in connection with share exchanges	—		—	—		—	—		—	—		—	—		—		156		—		—		156		—		156		—
Accrual of redeemable preferred stock paid-in-kind dividends	—		2,445	—		—	—		—	—		—	—		—		(2,445)		—		—		(2,445)		—		(2,445)		—
Change in fair value of interest rate swap	—		—	—		—	—		—	—		—	—		—		—		—		(67)		(67)		(1)		(68)		(10)
eService redeemable non-controlling interest fair value adjustment	—		—	—		—	—		—	—		—	—		—		(13,977)		—		—		(13,977)		(1,129)		(15,106)		15,106
Blueapple redeemable non-controlling interest fair value adjustment	—		—	—		—	—		—	—		—	—		—		(9,719)		—		—		(9,719)		(785)		(10,504)		10,504
Reclassification of additional paid-in capital to accumulated deficit	—		—	—		—	—		—	—		—	—		—		21,986		(21,986)		—		—		—		—		—
Balance, June 30, 2021	152		158,945	47,323		5	—		—	—		—	3,822		—		—		(706,557)		(2,748)		(709,300)		(174,978)		(884,278)		1,079,798

Net income	—		—	—		—	—		—	—		—	—		—		—		2,470		—		2,470		205		2,675		4,450
Cumulative translation adjustment	—		—	—		—	—		—	—		—	—		—		—		—		(2,991)		(2,991)		(790)		(3,781)		(9,556)
Contributions	—		—	—		—	—		—	—		—	—		—		—		—		—		—		—		—		999
Distributions	—		—	—		—	—		—	—		—	—		—		—		—		—		—		(28)		(28)		(1,410)
Share-based compensation expense	—		—	—		—	—		—	—		—	—		—		9,172		—		—		9,172		—		9,172		—
Vesting of equity awards	—		—	39		—	—		—	—		—	—		—		(984)		—		—		(984)		—		(984)		—
Exercise of stock options	—		—	23		—	—		—	—		—	—		—		326		—		—		326		—		326		—
Exchanges of Class D common stock for Class A common stock	—		—	39		—	—		—	—		—	(39)		—		(1,807)		—		—		(1,807)		1,807		—		—
Deferred taxes in connection with increase in ownership of EVO Investco, LLC	—		—	—		—	—		—	—		—	—		—		26		—		—		26		—		26		—
Tax receivable agreement in connection with share exchanges	—		—	—		—	—		—	—		—	—		—		(1)		—		—		(1)		—		(1)		—
Accrual of redeemable preferred stock paid-in-kind dividends	—		2,511	—		—	—		—	—		—	—		—		(2,511)		—		—		(2,511)		—		(2,511)		—
Change in fair value of interest rate swap	—		—	—		—	—		—	—		—	—		—		—		—		2		2		(5)		(3)		(46)
eService redeemable non-controlling interest fair value adjustment	—		—	—		—	—		—	—		—	—		—		—		1,391		—		1,391		111		1,502		(1,502)
Blueapple redeemable non-controlling interest fair value adjustment	—		—	—		—	—		—	—		—	—		—		—		116,729		—		116,729		9,312		126,041		(126,041)
Balance, September 30, 2021	152	$	161,456	47,424	$	5	—	$	—	—	$	—	3,783	$	—	$	4,221	$	(585,967)	$	(5,737)	$	(587,478)	$	(164,366)	$	(751,844)	$	946,692

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

EVO PAYMENTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit)

(In thousands)


				Shareholders' Equity (Deficit)
												Accumulated				Total
												deficit		Accumulated		EVO
	Redeemable									Additional		attributable to		other		Payments,		Nonredeemable				Redeemable
	Preferred Stock			Class A Common Stock			Class D Common Stock			paid-in		Class A		comprehensive		Inc. equity		non-controlling		Total equity		non-controlling
	Shares	Amounts		Shares	Amounts		Shares	Amounts		capital		common stock		loss		(deficit)		interests		(deficit)		interests
Balance, January 1, 2022	152	$	164,007	47,446	$	5	3,783	$	—	$	—	$	(652,871)	$	(9,154)	$	(662,020)	$	(170,638)	$	(832,658)	$	1,029,090

Net income	—		—	—		—	—		—		—		2,583		—		2,583		(92)		2,491		2,665
Cumulative translation adjustment	—		—	—		—	—		—		—		—		1,901		1,901		35		1,936		(991)
Distributions	—		—	—		—	—		—		—		—		—		—		(344)		(344)		—
Share-based compensation expense	—		—	—		—	—		—		7,003		—		—		7,003		—		7,003		—
Vesting of equity awards	—		—	289		—	—		—		(2,659)		—		—		(2,659)		—		(2,659)		—
Exercise of stock options	—		—	41		—	—		—		603		—		—		603		—		603		—
Deferred taxes in connection with increase in ownership of EVO Investco, LLC	—		—	—		—	—		—		66		—		—		66		—		66		—
Accrual of redeemable preferred stock paid-in-kind dividends	—		2,534	—		—	—		—		(2,534)		—		—		(2,534)		—		(2,534)		—
Change in fair value of interest rate swap	—		—	—		—	—		—		—		—		1,595		1,595		164		1,759		1,398
eService redeemable non-controlling interest fair value adjustment	—		—	—		—	—		—		—		(5,916)		—		(5,916)		(469)		(6,385)		6,385
Blueapple redeemable non-controlling interest fair value adjustment	—		—	—		—	—		—		—		73,278		—		73,278		5,802		79,080		(79,080)
Balance, March 31, 2022	152		166,541	47,776		5	3,783		—		2,479		(582,926)		(5,658)		(586,100)		(165,542)		(751,642)		959,467

Net income	—		—	—		—	—		—		—		4,353		—		4,353		1,179		5,532		5,726
Cumulative translation adjustment	—		—	—		—	—		—		—		—		(7,933)		(7,933)		(1,099)		(9,032)		(13,750)
Distributions	—		—	—		—	—		—		—		(3,384)		—		(3,384)		(262)		(3,646)		(6,989)
Share-based compensation expense	—

EVO Payments, Inc. 10-Q