EVO Reports Second Quarter 2018 Results

8/8/2018, 1:00 PM (Source: GlobeNewswire)

ATLANTA, Aug. 08, 2018 (GLOBE NEWSWIRE) -- EVO Payments, Inc. (NASDAQ: EVOP) (“EVO” or the “Company”) today announced its second quarter financial results and its first earnings announcement as a public company. For the second quarter ended June 30, 2018, revenue increased 14% to $140.9 million, compared to $123.9 million in the prior year. On a currency-neutral basis, revenue increased 11% over the prior year. On a GAAP basis for the second quarter, net income attributable to EVO Payments, Inc. was $16.7 million or $0.96 per diluted share, representing net income from the initial public offering date forward.  Adjusted EBITDA defined as earnings before interest, taxes, depreciation, amortization, and the impact of share-based compensation, transition, acquisition-related, and integration costs, increased 12% to $37.0 million for the quarter, compared to $33.0 million in the prior year. On a currency-neutral basis, adjusted EBITDA grew 10% over the prior year. 

For the six months ended June 30, 2018, revenue increased 15% to $269.2 million, compared to $233.5 million in the prior year period. On a currency-neutral basis, revenue increased 10% over the prior year. On a GAAP basis for the year-to-date period, net income attributable to EVO Payments, Inc. was $16.7 million or $0.96 per diluted share, representing net income from the initial public offering date forward.  Adjusted EBITDA increased 16% to $65.6 million for the six months ended June 30, 2018, compared to $56.4 million in the prior year. On a currency-neutral basis, adjusted EBITDA grew 10% for the year-to-date period compared with the same period in the prior year.  (See Schedule 1 for the Condensed Consolidated Statements of Operations and Schedule 4 for the Reconciliation of GAAP to Non-GAAP measures.)

“We are committed to delivering solid results for our shareholders through organic growth, long-term margin expansion and acquisition opportunities. Our second quarter results demonstrate our ability to deliver on our commitments by providing high quality products and services to our growing customer base across North America and Europe,” said James Kelly, Chief Executive Officer of EVO, “In addition, we expanded our Spanish customer base by approximately 20,000 new merchants and completed a ten-year alliance with Liberbank, a leading regional Spanish bank focused on the small and medium-sized enterprise market. We also strengthened our Eastern Europe presence through a ten-year alliance agreement with Moneta Money Bank, a leading Czech financial institution.”

Outlook

For the full year 2018, the Company expects revenue to range from $556 million to $564 million, reflecting growth of 10% to 12% over 2017 reported results and 9% to 10% over currency-neutral 2017 results. Adjusted EBITDA is expected to be in a range of $142 million and $146 million, reflecting growth of 11% to 14% over 2017 adjusted EBITDA and 10% to 13% over currency-neutral 2017 adjusted EBITDA.  Pro forma adjusted net income per diluted share is expected to be in a range of $0.44 to $0.52.

Conference call

EVO’s management will host a conference call for investors at 8:00 a.m. Eastern Time on Wednesday, August 8, 2018 to discuss the results. Participants may access the conference call via the investor relations section of the company’s website at www.evopayments.com, or participants may also dial (877) 356-5729 inside North America and (629) 228-0718 outside North America to listen.  The conference ID number is 6550489. A recording of the call will be archived on the company's investor relations website following the live call.

Forward-looking statements

This announcement and the Company’s discussion today both include forward-looking statements. Forward-looking statements are subject to risks and uncertainty.  They are not guarantees of future performance, and the Company’s actual results could differ materially from the expectations expressed or implied in any forward-looking statements. You should not put undue reliance upon them.  Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecast,” “outlook,” “target,” “should,” “could,” “would,” “will” and comparable words are a common way to identify forward-looking statements. Examples of forward-looking statements contained in this release include statements about the Company’s full year 2018 outlook.

Factors that could contribute to differences between the Company’s actual results and the expectations expressed or implied in any forward-looking statements include the following: changing industry trends and changing needs and preferences of our customers and consumers; the impact of substantial and increasingly intense competition; changes in the competitive landscape, including disintermediation from other participants in the payments chain; the impact of global economic, political and other conditions on trends in consumer, business and government spending; compliance with governmental regulations and other legal obligations, particularly related to privacy, data protection and information security, and consumer protection laws; the ability to protect the Company’s systems and data from continually evolving cybersecurity risks or other technological risks; failures in the Company’s processing systems, software defects, computer viruses and development delays; degradation of the quality of the products and services the Company offers; the Company’s ability to successfully complete, integrate and realize the expected benefits of any acquisitions it pursues or has completed; continued consolidation in the banking and payment services industries; increased customer, referral partner or sales partner attrition; the incurrence of chargeback liability; fraud by merchants or others; service failures by third-party vendors providing products and services to the Company; failure to maintain merchant relationships and alliances; ineffective risk management policies and procedures; reputational harm to the Company or its partners; the Company’s ability to recruit, retain and develop qualified personnel; geopolitical and other risks associated with operations outside of the United States; decline in the use of cards as a payment mechanism for consumers or adverse developments with respect to the card industry in general; increases in card network fees; failure to comply with the applicable requirements of card networks; changes in foreign currency exchange rates; inability to raise additional capital to fund the Company’s operations on acceptable terms or at all; failure to protect the Company’s intellectual property rights and defend against potential patent claims; failure to comply with, or changes in, laws, regulations and enforcement activities; future impairment charges; the impact of the Company’s organizational structure; the significant influence of certain of the Company’s stockholders over Company decisions; and the other risks and factors, including the risks listed under “Item 1A. Risk factors,” contained in the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2018.

Non-GAAP financial measures

EVO Payments, Inc. has supplemented revenue, net income/(loss) and earnings per share information determined in accordance with GAAP by providing these and other measures on an adjusted basis in this release to assist with evaluating performance.   Such financial measures should not be considered as an alternative to GAAP revenue or net income/(loss), and such measures may not be comparable to those reported by other companies.  Management uses these adjusted financial performance measures for financial and operational decision making and as a means to evaluate period-to-period comparisons.  Management also uses these non-GAAP financial measures, together with other metrics, to set goals for and measure the performance of the business and to determine incentive compensation.  The Company believes that these adjusted measures provide useful information to investors about operating results and enhance the overall understanding of financial performance of the Company’s core business by presenting the Company’s results without giving effect to equity-based compensation, giving pro forma effect to the Company’s going forward effective tax rate following its Up-C reorganization, costs related to restructuring transactions, acquisition costs and other transitionary costs.  This release also contains information on various financial measures presented on a currency-neutral basis.  The Company believes these currency-neutral measures provide useful information to investors about the Company’s performance without taking into account fluctuations caused by currency exchange rates in the non-U.S. jurisdictions where the Company operates. Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure are included in the schedules to this release.

About EVO Payments, Inc.

EVO Payments, Inc. (NASDAQ: EVOP) is a leading payment technology and services provider.  EVO offers an array of innovative, reliable, and secure payment solutions to merchants ranging from micro-enterprises to multinational companies and organizations across North America and Europe.  EVO supports all major card types in the markets it serves.  For more information, please visit www.evopayments.com.

EVO Payments, Inc.
Investor contact
Ed O’Hare, 770-709-7353
investor.relations@evopayments.com

or

EVO Payments, Inc.
Media contact
Mark Nawrocki, 720-745-7711
Mark.nawrocki@evopayments.com


EVO Payments, Inc.

Schedule 1 – Condensed Consolidated Statements of Operations (unaudited)

(in thousands, except share and per share data)

                 
  Three Months Ended June 30, Six Months Ended June 30,
  2018 2017 % change 2018 2017 % change
                 
Revenue $140,891  $123,899  14%  $269,173  $233,519  15% 
Operating expenses:                
Cost of services and products, exclusive of depreciation and amortization shown separately below  50,364   39,172  29%   94,878   75,823  25% 
Selling, general and administrative  115,567   53,517  116%   175,180   104,537  68% 
Depreciation and amortization  20,933   18,613  12%   40,820   35,673  14% 
Total operating expenses  186,864   111,302  68%   310,878   216,033  44% 
(Loss) income from operations  (45,973)  12,597  (465%)   (41,705)  17,486  (339%) 
Other (expense) income:                
Interest income  631   332  90%   1,115   638  75% 
Interest expense  (21,560)  (15,579) 38%   (36,870)  (30,577) 21% 
Income from investment in unconsolidated investees  246   438  (44%)   761   758  0% 
Other expense, net  (2,620)  (116) 2158%   (3,174)  (174) 1724% 
Total other expense  (23,303)  (14,925) 56%   (38,168)  (29,355) 30% 
Loss before income taxes  (69,276)  (2,328) 2876%   (79,873)  (11,869) 573% 
Income tax benefit (expense)  28,609   (5,543) (616%)   24,181   (9,357) (358%) 
Net loss  (40,667)  (7,871) 417%   (55,692)  (21,226) 162% 
Less: Net income attributable to non-controlling interests in consolidating entities  (17,026)  (1,603) 962%   (2,001)  (2,854) (30%) 
Net loss attributable to EVO Investco, LLC    $(9,474)      $(24,080)  
Less: Net loss attributable to non-controlling interests in EVO Investco, LLC  74,406   N/A     74,406   N/A   
Net income attributable to EVO, Inc. $16,713   N/A    $16,713   N/A   
                   
Net earnings per share                  
Basic $0.97   N/A    $0.97   N/A   
Diluted $0.96   N/A    $0.96   N/A   
Weighted average shares                  
Basic  17,293,355   N/A     17,293,355   N/A   
Diluted  17,432,722   N/A     17,432,722   N/A   
                     
                     

EVO Payments, Inc.

Schedule 2 – Condensed Consolidated Balance Sheets (unaudited)

(in thousands, except share and interest data)

       
  June 30, December 31,
  2018 2017
Assets      
Current assets:      
Cash and cash equivalents $207,177  $205,142 
Accounts receivable, net  7,045   15,881 
Other receivables  50,985   55,345 
Due from related parties  1,641   2,625 
Inventory  8,795   11,210 
Settlement processing assets  429,923   439,269 
Other current assets  10,639   20,941 
Total current assets  716,205   750,413 
Equipment and improvements, net  100,357   96,587 
Goodwill  316,205   311,678 
Intangible assets, net  310,265   313,483 
Investment in unconsolidated investees  1,712   1,379 
Due from related parties  -   109 
Deferred tax asset  43,429   9,057 
Other assets  24,507   25,592 
Total assets $1,512,680  $1,508,298 
       
Liabilities and shareholders'/members' equity (deficit):      
Current liabilities:      
Current portion of long-term debt $45,056  $103,571 
Accounts payable  42,088   61,149 
Accrued expenses  109,674   94,235 
Settlement processing obligations  466,777   484,518 
Due to related parties  5,398   7,847 
Total current liabilities  668,993   751,320 
Long-term debt, net of current portion  667,671   760,946 
Due to related parties  560   675 
Deferred tax liability  11,687   11,011 
Tax receivable agreement obligations  2,205   - 
ISO reserves  2,602   2,611 
Total liabilities  1,353,718   1,526,563 
Commitments and contingencies      
Redeemable non-controlling interest  838,789   148,266 
Shareholders' /members' deficit:      
EVO Investco, LLC Units, Outstanding - 0 and 12,371 units at June 30, 2018 and December 31, 2017, respectively.  -   135,166 
Class A common stock (par value $0.0001), Authorized - 200,000,000 and 0 shares, Issued and Outstanding - 17,294,768 and 0 shares at June 30, 2018 and December 31, 2017, respectively.  2   - 
Class B common stock (par value $0.0001), Authorized - 40,000,000 and 0 shares, Issued and Outstanding - 35,913,538 and 0 shares at June 30, 2018 and December 31, 2017, respectively.  4   - 
Class C common stock (par value $0.0001), Authorized - 4,000,000 and 0 shares, Issued and Outstanding - 2,560,955 and 0 shares at June 30, 2018 and December 31, 2017, respectively.  -   - 
Class D common stock (par value $0.0001), Authorized - 32,000,000 and 0 shares, Issued and Outstanding - 24,305,155 and 0 shares at June 30, 2018 and December 31, 2017, respectively.  2   - 
Additional paid-in capital  412,845   - 
Retained earnings  (55,076)  - 
Accumulated deficit  -   (237,330)
Accumulated other comprehensive loss  (1,631)  (67,679)
Total shareholders'/members' equity (deficit):  356,146   (169,843)
Nonredeemable non-controlling interests  (1,035,973)  3,312 
Total deficit  (679,827)  (166,531)
Total liabilities and deficit $1,512,680  $1,508,298 
         
         

EVO Payments, Inc.

Schedule 3 – Condensed Consolidated Statement of Cash Flows (unaudited)

(in thousands)

      
 Six Months Ended June 30,
 2018 2017
Cash flow from operating activities:     
Net loss$(55,692) $(21,226)
Adjustments to reconcile net loss to net cash provided by     
(used in) operating activities:     
Depreciation and amortization 40,820   35,673 
Amortization of deferred financing costs 7,094   1,609 
Loss on extinguishment of debt 2,042   - 
Share-based compensation expense 52,134   - 
Loss on disposal of equipment and improvements 449   - 
Undistributed earnings from unconsolidated investees (125)  57 
Accrued interest expense (653)  211 
Accrued interest income (55)  (10)
Deferred rent 60   15 
Deferred taxes (28,418)  7,492 
Loss on payment of contingent consideration 105   - 
Reserve on uncollectible notes receivable 28   - 
Changes in operating assets and liabilities, net of effect of acquisitions:     
Accounts receivable, net 9,232   (5,829)
Other receivables 3,913   (318)
Inventory 2,029   (1,813)
Other current assets (454)  (5,869)
Other assets 665   4,822 
Related parties (4,971)  (12,316)
Accounts payable (12,330)  771 
Accrued expenses 7,864   4,236 
Settlement processing funds, net (8,646)  (38,015)
ISO reserves (7)  (195)
   Net cash provided by (used in) operating activities 15,084   (30,705)
Cash flow from investing activities:     
Restricted cash -   125,000 
Acquisition of a business, net of cash acquired (13,890)  (124,567)
Purchase of equipment and improvements (25,970)  (14,150)
Acquisition of intangible assets (15,420)  (12,335)
Issuance of notes receivable (20)  (27)
Collections of notes receivable 31   966 
   Net cash used in investing activities (55,269)  (25,113)
Cash flow from financing activities:     
Proceeds from long-term debt 532,594   398,410 
Repayments of long-term debt (623,732)  (413,553)
Deferred financing costs paid (3,395)  (19)
Contingent consideration paid (958)  - 
Deferred cash consideration paid (65,000)  - 
Acquisition of additional non-controlling interest (16,916)  (3,962)
IPO proceeds 231,500   - 
Contributions by members -   71,250 
Distribution to members -   (1,674)
Distribution to non-controlling interests holders (5,104)  (1,873)
   Net cash provided by financing activities 48,989   48,579 
Effect of exchange rate changes on cash and cash equivalents (6,769)  9,007 
   Net increase in cash and cash equivalents 2,035   1,768 
Cash and cash equivalents, beginning of period 205,142   203,324 
Cash and cash equivalents, end of period$207,177  $205,092 
        
        

EVO Payments, Inc.

Schedule 4 – Reconciliation of GAAP to Non-GAAP measures (unaudited)

(in thousands)

                 
  Three months ended June 30, Six months ended June 30,
  2018 2017 % change 2018 2017 % change
                 
Revenue $140,891  $123,899  14%  $269,173  $233,519  15% 
Currency impact1  -   2,920  N/A   -   12,296  N/A 
Currency-neutral revenue  140,891   126,819  11%   269,173   245,815  10% 
                 
Net loss  (40,667)  (7,871) 417%   (55,692)  (21,226) 162% 
Net loss attributable to non-controlling interests  (17,026)  (1,603) 962%   (2,001)  (2,854) (30%) 
Income tax (benefit) expense  (28,609)  5,543  (616%)   (24,181)  9,357  (358%) 
Interest expense, net  20,929   15,247  37%   35,755   29,939  19% 
Depreciation and amortization  20,933   18,613  12%   40,820   35,673  14% 
Share-based compensation2  51,263   -  N/A   51,263   -  N/A 
Transition, acquisition and integration costs3  30,180   3,027  897%   19,673   5,500  258% 
Adjusted EBITDA  37,003   32,956  12%   65,637   56,389  16% 
Currency impact1  -   684  N/A   -   3,441  N/A 
Currency-neutral adjusted EBITDA $37,003  $33,640  10%  $65,637  $59,830  10% 

1 Represents the impact of currency shifts by adjusting prior year results to current period average fx rates for the currencies in which EVO conducts operations. 
2 Represents $52.1 million of share-based compensation costs incurred with the completion of the initial public offering, less a $0.9 million non-controlling interest component.
3 For the three months ended June 30, 2018, earnings adjustments include $2.4 million of employee termination benefits, $2.0 million of debt extinguishment costs, and $10.0 million of transaction and acquisition related costs. Includes the net loss carryforward adjustment from EVO Investco, LLC of $15.8 million.
  For the three months ended June 30, 2017, earnings adjustments include $1.4 million of employee termination benefits and $1.6 million of transaction and acquisition related costs.
  For the six months ended June 30, 2018, earnings adjustments include $2.4 million of employee termination benefits, $4.0 million of a strategic advisory fee, and $13.3 million of transaction and acquisition related costs.
  For the six months ended June 30, 2017, earnings adjustments include $3.0 million of employee termination benefits and $2.5 million of transaction and acquisition related costs.

Adjusted EBITDA is a supplemental measure of the Company’s performance that is not required by, or presented in accordance with, GAAP.  Adjusted EBITDA is not a term defined under U.S. GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, adjusted EBITDA is not intended to be a measure of free cash flow available for management’s discretionary use as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements.

Adjusted EBITDA is included in this release because it is a key metric used by the Company’s management and board of directors to assess the Company’s financial performance. The presentation of adjusted EBITDA is intended to provide additional information to investors about the Company’s results of operations that management utilizes on an ongoing basis to assess the Company’s core operating performance.  Adjusted EBITDA is also frequently used by analysts, investors and other interested parties to evaluate companies in the industry.

Adjusted EBITDA is defined as income before provision for income taxes, net interest expense, and depreciation and amortization, excluding the additional items described in the reconciliation above. Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The calculation of adjusted EBITDA has limitations as an analytical tool, including: (a) it does not reflect the Company’s cash expenditures, or future requirements for capital expenditures or contractual commitments; (b) it does not reflect changes in, or cash requirements for, the Company’s working capital needs; (c) it does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on the Company’s indebtedness; (d) it does not reflect the Company’s tax expense or the cash requirements to pay the Company’s taxes; and (e) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements.

 

EVO Payments, Inc.

Schedule 5 – Segment information (unaudited)

(in thousands, except transactions in millions)

                     
  Three months ended June 30,
  2018 Adjustments1 2018
Adjusted
 2017 Adjustments2 2017
Adjusted
 % change
Transactions:                    
North America  242.6         230.7        5% 
Europe  528.7         425.9        24% 
Total  771.3         656.6        17% 
                     
Segment revenue:                    
North America $79,825  $- $79,825  $74,481  $- $74,481  7% 
Europe  61,066   -  61,066   49,418   -  49,418  24% 
Total  140,891   -  140,891   123,899   -  123,899  14% 
                     
Segment profit:                    
North America  21,774   5,598  27,372   21,912   1,258  23,170  18% 
Europe  14,568   220  14,788   13,865   189  14,054  5% 
Corporate and other  (29,520)  24,363  (5,157)  (5,849)  1,581  (4,268) 21% 
Total $6,822  $30,181 $37,003  $29,928  $3,028 $32,956  12% 

1 For the three months ended June 30, 2018, North America segment earnings adjustments include $2.4 million of employee termination benefits and $3.2 million of transaction and acquisition related costs.
  Europe segment earnings adjustment includes $0.2 million of an acquisition related charge.
  Corporate and other adjustments include $2.0 million of debt extinguishment costs, $6.5 million of transaction and acquisition charges, and the net loss carryforward adjustment from EVO Investco, LLC of $15.8 million.
2 For the three months ended June 30, 2017, North America segment earnings adjustment includes $1.3 million of employee termination benefits.
  Europe segment earnings adjustment includes $0.2 million of employee termination benefits.
  Corporate adjustment includes $1.6 million of transaction and acquisition charges.

                     
  Six months ended June 30,
  2018 Adjustments1 2018
Adjusted
 2017 Adjustments2 2017
Adjusted
 % change
Transactions:                    
North America  464.2         445.0        4% 
Europe  1,005.2         802.2        25% 
Total  1,469.4         1,247.2        18% 
                     
Segment revenue:                    
North America $153,200  $- $153,200  $141,914  $- $141,914  8% 
Europe  115,973   -  115,973   91,605   -  91,605  27% 
Total  269,173   -  269,173   233,519   -  233,519  15% 
                     
Segment profit:                    
North America  42,652   5,729  48,381   35,637   2,763  38,400  26% 
Europe  26,672   220  26,892   25,394   189  25,583  5% 
Corporate and other  (23,360)  13,724  (9,636)  (10,142)  2,548  (7,594) 27% 
Total $45,964  $19,673 $65,637  $50,889  $5,500 $56,389  16% 

1 For the six months ended June 30, 2018, North America segment earnings adjustments include $2.5 million of employee termination benefits and $3.2 million of transaction and acquisition related costs.
  Europe segment earnings adjustment includes $0.2 million of an acquisition related charge.
  Corporate and other adjustments include $2.0 million of debt extinguishment costs and $11.7 million of transaction and acquisition charges.
2 For the six months ended June 30, 2017, North America segment earnings adjustment includes $2.8 million of employee termination benefits.
  Europe segment earnings adjustment includes $0.2 million of employee termination benefits.
  Corporate adjustment includes $2.5 million of transaction and acquisition charges.


EVO Payments, Inc.

Schedule 6 – Pro forma adjusted net income (unaudited)

(in thousands, except share and per share data)

                 
  Three months ended June 30, Six months ended June 30,
  2018
 2017
 % change 2018
 2017
 % change
                 
Net loss $(40,667) $(7,871) 417%  $(55,692) $(21,226) 162% 
Net loss attributable to non-controlling interests  (17,026)  (1,603) 962%   (2,001)  (2,854) (30%) 
Non-GAAP adjustments:                
Income tax (benefit) expense  (28,609)  5,543  (616%)   (24,181)  9,357  (358%) 
Share-based compensation1  51,263   -  N/A   51,263   -  N/A 
Transition, acquisition and integration costs2  37,428   3,027  1136%   26,921   5,500  389% 
Acquisition intangible amortization3  11,094   11,067  0%   21,590   20,778  4% 
Non-GAAP adjusted income before taxes  13,483   10,163  33%   17,900   11,555  55% 
Pro forma taxes at effective tax rate4  (3,146)  (3,628) (13%)   (4,176)  (4,125) 1% 
Pro forma adjusted net income $10,337  $6,535  58%  $13,724  $7,430  85% 
                 
Pro forma adjusted net income per share5 $0.13   N/A    $0.17   N/A   

1 Represents $52.1 million of share-based compensation costs incurred with the completion of the initial public offering, less a $0.8 million non-controlling interest component.
2 Represents acquisition and integration costs incurred in connection with our acquisitions, charges related to employee termination benefits, other transition activities, $7.2 million of charges related to extinguishment of debt, and the net loss carryforward from EVO Investco, LLC of $15.8 million.
See Schedule 4 for a more detailed description of these charges.
3 Represents amortization of intangible assets acquired through business combinations and other customer portfolio and related asset acquisitions.
4 Pro forma corporate income tax expense calculated using 23.3% and 35.7% for 2018 and 2017, respectively, based on blended federal and state tax rates and utilizing the Tax Reform Act for 2018 federal rates.
5 Uses adjusted shares outstanding including an additional 63.5 million Class B, C, D shares, unvested restricted units, and unvested options that are excluded from the GAAP diluted share count.


EVO Payments, Inc.

Schedule 7 – Financial outlook (unaudited)

(in millions, except per share)

     
  2018 Outlook 2017 Actual
     
Revenue $556 - $564 $505
     
GAAP net loss per share attributable to EVO ($0.71) - ($0.64) N/A
Adjustments1 $1.15 - $1.16 N/A
Pro forma adjusted net income per share $0.44 - $0.52 N/A
     
GAAP net loss attributable to EVO ($13) - ($11) $(40)
Adjustments1 $155 - $157 $168
Adjusted EBITDA $142 - $146 $128

1 Represents estimated ranges for (a) acquisition and integration costs in connection with our acquisitions, charges related to employee termination benefits and other transition activities; (b) share-based compensation costs; (c) amortization of intangible assets acquired in business combinations and other customer portfolio and related asset acquisitions; and (d) adjustments to income tax expense/ (benefit) to reflect an effective corporate tax rate based on tax reform legislation. GAAP net income per share uses basic share counts and pro forma adjusted net income per share uses adjusted share counts as the denominator including an additional 63.5 million shares inclusive of Class B, C, D, unvested restricted units, and unvested options that are excluded from the GAAP diluted share count. Currency assumptions based on June 30, 2018 year-to-date actual rates and current spot rates forward from July through December.

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