EVO Payments

 
EVO PAYMENTS, INC. 
2021 ANNUAL REPORT 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
evopayments.com 
 

 
    
 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM 10-K 
 
☒         ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the fiscal year ended December 31, 2021 
 
or 
 
☐         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) 709-7374 
 
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 
 
Securities registered pursuant to Section 12(g) of the Act: None 
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes     No   
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes     No   
 
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, a 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting 
under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☒ 
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ☐    No ☒  
 
The aggregate market value of the registrant’s Class A common stock held by non-affiliates, based on the closing sale price as reported on the Nasdaq Global Market system on 
June 30, 2021, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $1,293,189,867. As of February 14, 2022, there were 
47,453,097 shares of the registrant’s Class A common stock, par value $0.0001 per share, and 3,783,074 shares of the registrant’s Class D common stock, par value $0.0001 per 
share, issued and outstanding. As of February 14, 2022, there were 32,163,538 common membership interests of EVO Investco, LLC (“Common Units”) issued and outstanding 
held by Blueapple, Inc., a Delaware 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. 
 
DOCUMENTS INCORPORATED BY REFERENCE: 
Specifically identified portions of the registrant’s proxy statement for the 2022 annual meeting of stockholders, which will be filed no later than 120 days after the close of the 
registrant’s fiscal year ended December 31, 2021, are incorporated by reference into Part III of this report. 
 
 

2 
EVO PAYMENTS, INC. AND SUBSIDIARIES 
TABLE OF CONTENTS 
 
 
 
    
Cautionary Note Regarding Forward-Looking Statements
3
Basis of Presentation 
4
 
PART I
 
Item 1 
Business 
5
 
Item 1A Risk Factors 
22
 
Item 1B Unresolved Staff Comments 
49
 
Item 2 
Properties 
50
 
Item 3 
Legal Proceedings 
50
 
Item 4 
Mine Safety Disclosures 
50
 
 
 
PART II 
 
 
Item 5 
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of 
Equity Securities 
 
50
 
Item 6 
Reserved 
52
 
Item 7 
Management’s Discussion and Analysis of Financial Condition and Results of Operations 
53
 
Item 7A Quantitative and Qualitative Disclosures About Market Risk 
65
 
Item 8 
Financial Statements and Supplementary Data 
67
 
Item 9 
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 
124
 
Item 9A Controls and Procedures 
124
 
Item 9B Other Information 
125
 
 
 
PART III 
 
 
Item 10 Directors, Executive Officers and Corporate Governance 
125
 
Item 11 Executive Compensation 
125
 
Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters 
 
125
 
Item 13 Certain Relationships and Related Transactions and Director Independence 
126
 
Item 14 Principal Accounting Fees and Services 
126
 
 
 
PART IV 
 
 
Item 15 Exhibits and Financial Statement Schedules 
126
 
Item 16 Form 10-K Summary 
131
 
Signatures 
132
 
 
 
 
3 
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 
 
This Annual Report on Form 10-K 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 Annual Report on 
Form 10-K 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) 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; (2) our ability to anticipate and respond to changing 
industry trends and the needs and preferences of our customers and consumers; (3) the impact of substantial and increasingly 
intense competition; (4) the impact of changes in the competitive landscape, including disintermediation from other participants 
in the payments chain; (5) the effects of global economic, political, market, health and other conditions, including the continuing 
impact of the COVID-19 pandemic; (6) our compliance with governmental regulations and other legal obligations, particularly 
related to privacy, data protection, information security, and consumer protection laws; (7) our ability to protect our systems and 
data from continually evolving cybersecurity risks or other technological risks; (8) failures in our processing systems, software 
defects, computer viruses, and development delays; (9) degradation of the quality of the products and services we offer, including 
support services; (10) our ability to recruit, retain and develop qualified personnel; (11) risks associated with our ability to 
successfully complete, integrate and realize the expected benefits of acquisitions; (12) 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; (13) increased customer, referral partner, or sales partner attrition; (14) the incurrence of chargebacks; 
(15) failure to maintain or collect reimbursements; (16) fraud by merchants or others; (17) the failure of our third-party vendors 
to fulfill their obligations; (18) failure to maintain merchant and sales relationships or financial institution alliances; 
(19) ineffective risk management policies and procedures; (20) our inability to retain smaller-sized merchants and the impact of 
economic fluctuations on such merchants, (21) damage to our reputation, or the reputation of our partners; (22) seasonality and 
volatility; (23) geopolitical and other risks associated with our operations outside of the United States; (24) any decline in the 
use of cards as a payment mechanism or other adverse developments with respect to the card industry in general; (25) increases 
in card network fees; (26) failure to comply with card networks requirements; (27) a requirement to purchase the equity interests 
of our eService subsidiary in Poland held by our JV partner; (28) changes in foreign currency exchange rates; (29) future 
impairment charges; (30) 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; (31) the phase out of LIBOR and the transition to other 
benchmarks; (32) restrictions imposed by our credit facilities and outstanding indebtedness; (33) participation in accelerated 
funding programs; (34) failure to enforce and protect our intellectual property rights; (35) 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; (36) impact of new or revised tax regulations; (37) legal proceedings; (38) our dependence on distributions 
from EVO, LLC (as defined in “Basis of Presentation”) to pay our taxes and expenses, including certain payments to the 
Continuing LLC Owners (as defined in “Basis of Presentation”) and, in the event that any tax benefits are disallowed, our inability 
to be reimbursed for payments made to the Continuing LLC Owners; (39) 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; (40) 
the risk that we could be deemed an investment company under the Investment Company Act of 1940, as amended; (41) the 
significant influence the Continuing LLC Owners continue to have over us, including control over decisions that require the 
approval of stockholders; (42) certain provisions of Delaware law and antitakeover provisions in our organizational documents 
could delay or prevent a change of control; (43) 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; (44) our ability 
to maintain effective internal control over financial reporting and disclosure controls and procedures; (45) changes in our stock 
price, including relating to downgrades, analyst reports, and future sales by us or by existing stockholders; and (46) the other 
risks and uncertainties listed under Item 1A “Risk Factors” contained in Part I of this Annual Report on Form 10-K. 
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. 
 

4 
BASIS OF PRESENTATION 
 
As used in this Annual Report on Form 10-K, 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.  
• 
“LLC Interests” refers to the single class of common membership interests of EVO, LLC.  
• 
“Blueapple” refers to Blueapple, Inc., a Delaware S 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. 
 
5 
PART I 
 
ITEM 1. BUSINESS 
 
Our business 
 
Founded in 1989, we are a global merchant acquirer and payment processor servicing more than 550,000 merchants and 
processing approximately 4.2 billion transactions annually. We help enable electronic commerce globally with local 
operations in 12 countries and the ability to serve over 50 markets around the world. We differentiate ourselves from our 
competitors through (1) a highly productive and scaled sales distribution network, including exclusive global financial 
institution and tech-enabled referral partnerships, (2) our three proprietary, in-house processing platforms that are 
connected by a single point of integration, and (3) a comprehensive suite of payment and commerce solutions, including 
integrated software, at the physical point-of-sale (“POS”), eCommerce, and business-to-business (“B2B”) solutions. We 
believe these points of differentiation allow us to deliver strong organic growth, increase market share, and attract 
additional relationships with financial institutions, technology companies, and other strategic partners. 
We are focused on delivering products and services that provide the most value and convenience to our merchants and 
their customers. Our payment and commerce solutions consist of our core proprietary products and services, value-added 
solutions, as well as services that we enable through technical integrations with third-party providers. Our global footprint 
and ease of integration attract new partner relationships, allowing us to develop a robust integrated solutions partner 
network and positioning us to stay ahead of major trends in each of our markets. 
We operate three proprietary, in-house processing platforms, all connected via our EVO Snap solution and each supporting 
a different geographic region. EVO Snap provides a technical connection to our regional processing systems and a central 
point of integration for all third-party product partners. Importantly, our platforms allow us to address the unique needs of 
specific payments markets and to control the entire customer experience. In-house processing also allows us to directly 
address merchant and regulatory concerns regarding the flow of cardholder data and other sensitive information. Our 
proprietary systems provide scale efficiencies which minimize our variable costs as merchant counts and transaction 
volumes increase. 
Due to our broad distribution, diversified product offering, leading tech-enabled solutions, and client service, we are able 
to build strong relationships with our merchants and referral partners. These merchants rely on our product offerings, 
including our payment processing, on-boarding, underwriting, technical support, secure infrastructure, and settlement 
services, and our technology is often heavily embedded in our merchants’ infrastructure. 
As an intermediary between merchants and card networks, we collect a series of fees primarily driven by the number, type, 
and value of transactions processed. These merchant service fees are then split into three components: (1) fees remitted to 
the financial institution that issued the card (interchange), (2) fees remitted to the card networks, and (3) fees retained by 
EVO. The allocation of these three components vary greatly based on a number of factors, including merchant size, 
merchant industry, merchant location, type of card, and type of transaction (e.g., card present and card-not-present). In 
addition, we generate fees for products and services provided to capture transactions, value-added services and more 
advanced technology solutions that we provide to our merchants. 
Our segments 
We classify our business into two segments: the Americas and Europe. The alignment of our segments is designed to 
establish lines of business that support the various geographical markets in which we operate and make our local solutions 
available across our entire global footprint. In both segments, we provide our customers with merchant acquiring solutions, 
including integrated solutions for retail transactions at the physical and virtual POS, as well as B2B transactions. These 
also represent the operating segments used by our Chief Executive Officer for evaluating our performance and allocating 
resources. Refer to Note 20, “Segment Information,” in the Notes to the Consolidated Financial Statements for financial 
data pertaining to our segments.  

6 
We believe the changing trends in payment technologies, including the increased adoption of tech-enabled payment 
solutions and the ongoing cash-to-card conversion, will continue to support growth across our segments.  
Americas 
Our Americas segment includes our operations in the United States, Canada, Mexico, and Chile. In the United States and 
Canada, where card penetration rates are among the highest in the world, we are focused on driving growth from the 
changing trends in payment technologies, including the increased adoption of software at the POS for retail and B2B 
transactions. In Latin America, overall card penetration is significantly lower than that of the United States and Canada. 
When coupled with other attributes, including a bank-centric acquiring model, terminal-centric small and medium sized 
enterprises (“SMEs”) markets, and centralized in-country processing shared among competitors, we see highly attractive 
and sustainable growth opportunities. 
For the year ended December 31, 2021, we processed approximately 1.1 billion transactions in the Americas, and segment 
revenue represented 61.9 % of total revenue.  
Europe 
Our Europe segment includes our operations in Poland, Germany, Ireland, the United Kingdom, Spain, and the Czech 
Republic, as well as our support of merchants in surrounding markets. The European merchant acquiring market has certain 
structural characteristics such as accelerating cash-to-card conversion, including regulatory support for digital payment 
acceptance, increased tech-enabled payments adoption, bank-centric acquiring models, significant penetration of local 
debit networks, and terminal-centric SME markets, which we believe provide us with future opportunities for growth.  
For the year ended December 31, 2021, we processed approximately 3.1 billion transactions in Europe, and segment 
revenue represented 38.1% of total revenue. 
Seasonality 
We typically experience seasonal fluctuations in our revenue, which can vary by region. Historically, in both the Americas 
and Europe, our revenue has been strongest in our fourth quarter and weakest in our first quarter as many of our merchants 
experience a seasonal lift during the traditional vacation and holiday months. 
Our sales and distribution network 
Within each segment, we have developed a diverse network of sales distribution channels to drive growth for our merchant 
portfolio. Leveraging our global direct sales force, we target merchants across a wide variety of countries, industries, and 
sizes. Strategic investments in new products and distribution channels and the seamless introduction of these capabilities 
to our global markets are central components of our growth strategy.  These sales distribution networks consist of our 
Tech-enabled division, which includes our ISV, B2B, and eCommerce businesses, as well as our Direct and Traditional 
divisions. 
Tech-enabled 
Our Tech-enabled division represents our relationships with merchants requiring a technical integration at the POS 
between us and a third party software solution whereby the third party passes information to our systems to enable payment 
processing. These merchant acquiring arrangements are supported by our direct sales force as well as partnerships with 
independent software vendors (“ISVs”), integrated software dealers or resellers, and eCommerce gateway providers. In 
the United States, our Tech-enabled division also includes our B2B business, through which we provide integrated 
solutions to enterprise resource planning (“ERP”) software to enable companies utilizing this software to accept digital 
payment methods from their business customers. Our B2B relationships are supported by our proprietary solutions sold 
directly to merchants and via ERP software dealers or resellers. We have emerged as a preferred partner for these third-
party referral partners because of the ease of integration through our proprietary solutions, high merchant satisfaction 
levels driven by the quality of our service, and the ease and speed of our boarding systems for new merchants.   
7 
Our network of over 1,500 integrated partnerships allows us to target a range of merchants, including SMEs and larger 
merchants such as corporations and multi-national customers, who desire an integrated software solution for their physical 
locations, an eCommerce gateway solution for their virtual storefronts, and sophisticated integrations to ERP systems to 
enable digital payment acceptance for B2B transactions. Our proprietary eCommerce capabilities and eCommerce referral 
partners, as well as our differentiated B2B product offerings including payment integrations to top-tier and industry-
specific ERP systems, enable us to target larger merchants across our domestic and international markets.  
ISV.  Our integrated payments solutions are embedded into business management software solutions owned or 
licensed by our tech-enabled partners, which span numerous industry verticals and geographic markets. We grow our ISV 
business by enabling digital payments acceptance through business management software solutions for new and existing 
merchants, leveraging our tech-enabled referral network, and our direct sales force. We have invested and continue to 
invest in infrastructure that allows software providers, including dealers and resellers, to offer our proprietary integrated 
payment solutions to merchants across all of our markets. These investments include enhancing our current infrastructure 
as well as strategic acquisitions of integrated technology solutions. Our EVO Snap platform’s simple yet powerful 
connection point provides software developers and their partners access to our three processing platforms—thereby 
allowing merchants to accept various payment methods across all of our geographic markets. 
In July 2021, we acquired Anderson Zaks Limited, an omni-channel payment gateway provider in the United 
Kingdom to expand our tech-enabled capabilities and broaden our ISV network in the U.K. and across Europe for 
merchants in key retail verticals, including hospitality, pharmacy, venues, ticketing, and general retail, among others.   
B2B. We offer B2B solutions, which combine our payment processing capabilities and business automation 
software through our market-leading PayFabric gateway to simplify digital payments acceptance for our merchants’ 
business-to-business transactions. We believe that merchants of all sizes are increasingly looking to improve their back 
office operations by leveraging digital automation and workflow technology. In addition to our processing capabilities, we 
offer various interchange management solutions, reporting solutions and other business automation tools to merchants, 
particularly larger companies with complex payment needs. As a result of our strategic acquisitions and internal 
development, we are able to offer our solutions to Microsoft, Oracle, and SAP merchants leveraging our certified native 
integrations, as well as merchants utilizing various industry-specific business management solutions through our custom 
integrations. Our investments in the development of our B2B PayFabric gateway have also enabled us to offer these 
merchants proprietary payment solutions for retail eCommerce transactions.   
eCommerce. Our eCommerce solutions enable our merchants to securely and seamlessly accept various payment 
methods in any of our markets. We are able to deploy our proprietary eCommerce gateway solutions to merchants of all 
sizes across our global footprint through our direct sales force and tech-enabled referral network.  In certain instances, 
specifically in our U.S. market, third-party gateway providers refer merchants to us for acquiring and processing 
capabilities utilizing our eCommerce boarding tools. We will continue to expand our eCommerce offering, particularly in 
our international markets, through strategic acquisitions and continued investments in our proprietary and related solutions 
that align with customer preferences and local government requirements.  
In June 2021, we acquired Pago Fácil, a leading eCommerce payment gateway in Chile that offers an array of 
digital payment solutions, including acquiring services, eCommerce software integrations, and value-added solutions.  
Our Tech-enabled division represents approximately 44% of our Americas revenue and approximately 22% of our Europe 
revenue for the year ended December 31, 2021. 
Direct 
Our Direct division primarily represents the direct solicitation of merchants through international bank relationships and 
certain other referral sources in the U.S. and is supported by our worldwide direct sales force. In our international markets, 
we have long-term, exclusive referral relationships with leading financial institutions that actively pursue new merchant 
relationships on our behalf. As part of these relationships, we target large merchants through a coordinated sales approach 
with our financial institution partners.  

8 
These financial institutions, including Deutsche Bank USA, Deutsche Bank Group, Grupo Santander, PKO Bank Polski, 
Bank of Ireland, Raiffeisen Bank, Moneta, Citibanamex, Sabadell, Liberbank, and Banco de Crédito e Inversiones (“BCI”) 
among others, often provide us with access to their brands, significantly enhancing our credibility and recognition in the 
marketplace. In several markets, we operate with more than one financial institution partner. We also have referral 
arrangements with a limited number of independent sales organizations (“ISO”) that refer merchants to us. 
In December 2021, we entered into agreements with the National Bank of Greece to acquire a majority of the bank’s 
merchant acquiring business through the formation of a joint venture and entry into a long-term commercial alliance. 
Under the terms of the agreements, the National Bank of Greece will spin off its merchant acquiring business into a new 
entity and we will acquire a 51% interest in the joint venture. The transaction also includes a marketing alliance agreement 
whereby the National Bank of Greece will exclusively refer customers to the joint venture and EVO will manage the 
business and provide its card acceptance solutions through its proprietary products and processing platforms. The 
transaction is expected to be completed in the second half of 2022, subject to regulatory approvals and other customary 
conditions. 
We utilize a dedicated sales team, including outbound telesales, to build and maintain relationships with our merchants, 
referral partners, and international bank referral network. We have a long history of operating as a direct sales organization 
and have succeeded by pursuing merchants through our direct sales efforts and retaining merchants by delivering high 
levels of customer satisfaction. We view our direct sales force as complementary to our financial institution relationships, 
as our direct sales force generates new merchant opportunities in addition to the referrals we receive from our various 
partners. As we expand, we will continue to export our direct sales expertise and capabilities into all of the markets in 
which we operate, using products and sales practices developed over the years in the United States. 
A key component of our Direct division is our highly customized lead management, merchant boarding, and risk 
management software tools. These technologies allow us to quickly and efficiently accept new merchant leads from sales 
representatives and bank partners, digitally onboard merchants, and manage transaction risks. In both the financial 
institution referral model and through our direct sales team, we build and maintain a direct relationship with our merchants 
in order to control our sales, pricing, underwriting, boarding, and support processes. 
Our Direct division is our largest division as our international markets are dominated by referrals from our financial 
institution partners. This division represents approximately 43% of our segment revenue in the Americas and 78% in 
Europe for the year ended December 31, 2021. 
Traditional 
Our Traditional division is our heritage United States portfolio and is comprised primarily of dormant relationships with 
independent sales agents, ISOs, and other partners. Most of these relationships are commercial partnerships; however, in 
select situations we own an equity stake in a partner as historically, we invested in ISOs in exchange for a processing 
relationship. While this division is very profitable, the independent sales groups and agents are no longer active with the 
Company, and as such, we expect this business to decline over time. This division represents approximately 14% of our 
segment revenue in the Americas for the year ended December 31, 2021. 
Our competitive strengths 
Global footprint enables us to serve clients around the world  
We have operations in 12 countries and the ability to service merchants in more than 50 markets around the world. Our 
customers include large national and multi-national corporations as well as SMEs spanning across most industry verticals. 
Our global merchant footprint is diversified among retail, restaurants, petroleum, government, and transit industries, 
among others. 
We have investments and partnerships in fast-growing developing and emerging markets with lower penetration rates of 
electronic payments, such as Mexico, Chile, and Central and Eastern Europe. In addition, we have established sales 
9 
channels and relationships in large developed economies, such as the United States, Canada, and certain countries in 
Western Europe, where the penetration of electronic payments is relatively mature.  
We believe our global footprint is a significant competitive advantage as we compete for large, multi-national clients as 
well as ISVs, integrated software and ERP dealers, and other partners. Large, multi-national merchants choose us because 
we can act as a single acquirer and processor in the markets in which they operate. Additionally, because of our global 
footprint, our referral partners can reach new markets by leveraging their connection with us to access our global 
processing services. 
Strategic distribution partnerships with financial institutions and tech-enabled referral partners 
Across Europe and Latin America, our exclusive financial institution distribution relationships represent thousands of bank 
branches, including retail and corporate banking locations. We are highly selective in identifying optimal distribution 
partners, and we seek to align ourselves with financial institutions that have strong networks, a high-quality client portfolio, 
and a trusted brand name. After forming these relationships, we introduce our sales and technology capabilities to the local 
market, identify new merchant recruitment opportunities, and strengthen our relationships with existing merchant clients 
as our bank partners exclusively refer their existing and new customers to us for acquiring and processing services. We 
have experienced significant success in our financial institution alliances in attracting new customers on behalf of our bank 
partners. By providing high quality, focused services to merchants, we enhance the goodwill between our financial 
institution partners and their merchants which can, in turn, curb attrition. We have demonstrated success in integrating and 
cross-selling our services to this expanded merchant base as well as generating new banking customers for our partners 
through our direct sales strategies. 
We have also established deep relationships with a large network of tech-enabled referral partners including ISVs, 
integrated software dealers, ERP dealers and integrators, eCommerce providers, and other membership or distribution 
partners that wish to offer payment processing services to their merchant customers. We believe our expertise in serving 
tech-enabled referral partners is differentiated and enabled by our three proprietary, in-house processing platforms and 
service-oriented culture. Through a single, easy integration point, partners gain access to our global processing platform 
and solutions. Furthermore, our commitment to customer service drives high merchant satisfaction levels and has 
established our strong reputation as a reliable and trusted partner around the world. In the B2B market, our integrations to 
ERP systems enable us to sell our B2B solutions through a network of ERP system implementers, resellers, and buying 
groups. We believe our expertise in serving tech-enabled distribution partners is a competitive advantage and will position 
us for continued growth. 
Comprehensive suite of payment and commerce solutions  
We are focused on delivering the products and services that provide optimal value and convenience to our merchants. As 
such, we continuously survey the competitive landscape and our merchants and leverage our experience in markets 
throughout the world to develop products, services, pricing, promotions, and partnering strategies for each region that we 
believe best suits the current and future needs of each market. Our wide-ranging experience serving multi-national 
merchants in markets around the world, as well as our close relationships with large merchants and various card networks, 
including Visa, Mastercard, American Express, Discover, UnionPay, JCB, and other card networks, uniquely position us 
to stay ahead of major trends in each of our markets. 
We offer an extensive portfolio of products, services, and pricing solutions with functionality that appeals to a broad range 
of merchants and that are specifically designed for particular vertical markets. Our extensive product offerings enable us 
to provide tailored payment solutions to each of our merchants to fit their customized needs. 
In addition, because we operate in markets around the world and have a global perspective, we are able to export our 
strategies and solutions from one market into another. Specifically, EVO Snap provides a technical connection to our 

10 
proprietary processing systems and a single point of integration for technology partners and merchants across all our 
markets and geographies. We believe this capability differentiates us from our competitors. 
Leading technology and security  
As the rate of innovation has increased dramatically, providing payment and commerce solutions to merchants of all types 
has become increasingly dependent upon a strong foundation of secure and flexible technology. We have designed our 
technology infrastructure with a singular focus in mind — to provide the products and services our merchants want in the 
most secure, efficient, and effective manner possible. Underpinning this focus is a worldwide team of professionals from 
multiple disciplines, dedicated to continuously improving our service levels while expanding our offerings to merchants 
across the various regions in which we operate.  
Our strategy is to leverage EVO-owned technology in our product and service delivery to the greatest extent possible. We 
believe that this approach allows us to minimize variable expenses in processing transactions and maximize reliability and 
speed-to-market in delivering the products and services demanded by our merchant customers throughout our global 
footprint. In many markets, we provide innovative solutions that merchants are unable to obtain from traditional bank 
acquirers. We endeavor to export products, services, platforms, and applications that enjoy success in any one of our 
markets to all of our markets, allowing our merchants and referral partners to benefit from our global footprint and 
providing a consistent experience for our multinational customers. We employ local product and technical expertise in 
every EVO market and then tailor our products and services from other regions to capture local market opportunities. 
Our product lines consist of a collection of integrated solution offerings, which allow tech-enabled partners to connect to 
our systems via a simple, single integration, giving them access to our platforms. These product lines include (1) an ISV 
platform that offers merchants a variety of direct connections to software companies through various integrated software 
dealers, (2) payment integrations to ERP systems to enable card acceptance from business customers as well as 
complementary accounts receivable-related automation and reconciliation tools, and (3) robust eCommerce gateway 
solutions that provide comprehensive payment solutions, including proprietary eCommerce solutions that allow online 
merchants to leverage our global suite of products, including paperless reporting and boarding. 
Our EVO Snap platform is fully EMV (Europay, Mastercard, Visa) compliant and provides an extensive menu of advanced 
features to our current and prospective integrated software partners, including tokenization, point-to-point encryption, and 
real-time fraud scoring. We believe this platform also allows us to deliver outsized value to our merchants by providing 
them with access to a broad range of industry-specific third-party business management software tools at the POS (e.g., 
inventory management, advanced accounting functions, and real-time promotions), even if the software vendor is located 
in another market.  
Uninterrupted services are mission-critical to our merchants and referral partners. As such, we have invested in creating a 
leading technology infrastructure designed to prioritize both efficiency and security. In addition, everything we bring to 
market is designed and implemented with security as a primary requirement. Our technology infrastructure is supported 
by professionals with decades of experience in operating high-volume, real-time processing systems and has been 
developed around our data centers located in the U.S., Mexico, and Poland. We have also designed our environments with 
the ability to redirect processing to the most appropriate operating location at any given time. This flexibility enables us 
to continue to offer processing services during catastrophic events and disasters that would otherwise adversely affect our 
clients. 
In addition, we have implemented a formal information security program, EVO Secure, to address threats to our 
infrastructure. This multi-layered program, led by a team of dedicated security professionals, ensures that we evaluate, 
defend, monitor, and react to potential threats in a consistent manner across our global network. 
Proven management team with strong track record of value-creating acquisitions  
Our senior leadership team includes highly experienced payment technology professionals based in the Americas and 
Europe, allowing us to operate successfully in our current markets while also evaluating new markets. Many of our 
executives previously worked together in the industry and have extensive experience in developing and managing a global 
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payments company. As we have expanded our international operations, we have invested substantial resources to attract 
and retain experienced talent with significant in-country experience to further develop and support our current and future 
markets. 
Our senior leadership team has also demonstrated exceptional execution capabilities around developing new markets and 
sales distribution channels, consolidating and insourcing operations, and leading multi-cultural dispersed teams. They have 
completed numerous migrations of merchants from third party providers to our proprietary platforms. The team has also 
successfully formed and maintained complex alliance relationships with many large financial institutions, which provide 
a significant number of merchant referrals to our business. 
Our growth strategies 
We believe our competitive strengths will continue to generate significant growth opportunities in both existing and new 
markets. We plan to grow our business by executing the following strategies: 
Organically growing existing markets  
We believe there is considerable opportunity for growth not only in new markets, but in our existing markets as well. Since 
2012, our international operations have grown considerably, accounting for approximately 60% of our revenue for the year 
ended December 31, 2021. 
Many of our international markets are less mature than the United States with respect to the growth drivers of our business. 
Specifically, these markets exhibit higher overall consumer expenditure growth, provide more opportunity for cash-to-
card conversion, have lower penetration of integrated software and eCommerce solutions, and present growth 
opportunities with new financial institution partners. Furthermore, as a result of the COVID-19 pandemic, we have seen 
an acceleration in the adoption of digital payments in these markets resulting in an increase in card penetration and 
processing volumes. 
In the United States, Canada and the U.K., which are relatively more mature than our other international markets, we 
believe there is significant opportunity for sustained, attractive growth in both the integrated software and the B2B 
channels. Merchants of all sizes are increasingly migrating from standalone terminals to integrated POS solutions, as 
software becomes more affordable and more customized based on the industry of the merchant. B2B merchants, who have 
historically low rates of card acceptance compared to business-to-consumer merchants, are now enjoying significant 
growth because of interchange incentives from the card schemes which lowers the cost of card acceptance based on the 
data transmitted with each transaction, coupled with the desire to adopt business automation tools available through ERP 
payment integrations. We have made and continue to make investments through in-house development and acquisitions 
that secure market-leading technology solutions for both retail management software and ERP solutions, as the growth 
rates of these channels are superior to that of traditional POS merchants. We expect these growth trends to continue for 
the foreseeable future. 
To continue growing our merchant base we focus primarily on the following strategies: 
• 
Supporting our existing portfolio and adding new customers. Our existing distribution partners currently service 
customers that do not utilize our merchant services, which presents business opportunities to cross-sell our 
services to these existing relationships. 
• 
Introducing our comprehensive, global set of payment and commerce solutions to our existing markets. With 
industry leading products and services, such as our proprietary dynamic currency conversion (“DCC”) 
technology, our state-of-the-art integrated platform, our suite of ERP payments integrations, and our eCommerce 
gateway solution, we believe we are uniquely positioned to enable our distribution partners to offer their 
merchants the broadest product offering in the market. 
• 
Leveraging our global infrastructure to service multinational and enterprise merchants. As a result of having a 
proprietary integrated platform, we are able to act as a single acquirer and processor for merchants in multiple 

12 
countries. 
• 
Customizing solutions to meet in-market needs. We design our products and services to meet the needs of our 
local customers and partners. We also enable our systems to utilize local alternative payment methods that are 
present in particular markets, such as Blik in Poland, Giropay in Germany, and Codi in Mexico. 
By implementing these strategies, we believe we will increase adoption of our payment and commerce solutions, continue 
to grow our merchant base, and offer merchants the broadest set of solutions in the market. 
Expanding our global footprint  
Our partnership strategy has been a source of significant growth, and we believe it will continue to facilitate growth in the 
future. Since 2012, we have established bank alliances with leading financial institutions around the world, many of which 
are exclusive and long-term. For example, as previously announced in December 2021, our pending joint venture and 
exclusive referral relationship with the National Bank of Greece is expected to be completed in the second half of 2022, 
subject to regulatory approvals and other customary conditions. While we have made meaningful headway in penetrating 
new markets, we believe considerable opportunities remain in both establishing additional bank alliances in our current 
markets, as well as new markets around the world. 
In determining which markets to enter, we evaluate a wide range of factors, including the reputation of our potential bank 
partner, the size and characteristics of the bank’s existing merchant portfolio, the size and stability of the domestic 
economy, the stability of the government, card usage penetration, growth prospects, profitability, commerce and 
technology trends, regulatory and other risks, required investments, management resources, and the likely return on 
investment. This strategy drives us to expand into select international markets that we believe present attractive investment 
opportunities for long-term, sustainable merchant growth, as supported by factors such as: 
• 
low penetration of cards-per capita among consumers; 
• 
high volume growth supported by cash-to-card conversion; 
• 
regulatory initiatives implemented with an aim to accelerate card acceptance among merchants; 
• 
less differentiated competitive landscape, given the prevalence of bank-owned acquiring businesses; 
• 
increased adoption of integrated POS, eCommerce, and integrated technologies; 
• 
embedded distribution through partner retail and corporate branch footprint; and 
• 
ability to launch our product suite and customer-centric services to accelerate end-market growth and acceptance 
penetration. 
We enter new markets by creating distribution relationships with leading, in-market financial institutions that possess a 
high degree of market knowledge, brand recognition, large distribution networks, and, in many instances, an existing 
merchant portfolio. These distribution agreements enable us to access a diverse group of merchants, expand the reach of 
our products and services, and form the basis for future investment in sales and infrastructure.  
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Broadening our distribution network  
We aim to grow our business and broaden our global reach by generating new distribution relationships that add merchants 
to our portfolio. We reach new merchants primarily through our direct sales force and referral relationships. Our focus is 
to build these relationships across all channels, including financial institutions, software vendors, POS dealers, gateway 
providers, and agents. In addition to developing these growth channels, we are able to leverage our infrastructure both in 
servicing our existing markets and in expanding to new markets. For example, we have implemented EVO Snap into our 
European operations, extending the ability for our merchants to access EVO Snap as a single, global integration platform. 
Through EVO Snap, we also have the ability to support integrated software dealers and distributors in multiple geographic 
markets. We plan to continue to broaden our distribution network by identifying and securing new distribution 
opportunities within both our existing and future markets. 
Growing and enhancing our innovative payments and commerce solutions  
We believe our innovative payments and commerce solutions represent one of our competitive advantages. We have made 
significant investments internally and through strategic acquisitions in both technology and personnel to propel our product 
innovation forward. In order to continue to expand, we believe we must continue to offer our customers leading products 
and services. Through a combination of building products organically, partnering with leading technology innovators, and 
selectively pursuing acquisitions, we are constantly driving innovation to enhance our products and services. 
Through acquisitions and internal development, we have invested heavily in supporting a diverse network of integrated 
POS providers, ISVs, and integrated software and ERP dealers. These investments have strengthened our ability to support 
the software community in the markets where we operate, including POS, mobile, and eCommerce developers, by 
providing these developers with the tools necessary to develop a broader suite of multi-channel, multi-service solutions 
for merchants. This distribution-centric strategy has created our key global technology solution, in which software 
developers can integrate to our proprietary processing platforms and we can sign up tech-enabled solutions providers as 
strategic distribution partners. 
Capitalizing on our operating leverage  
Our focus on cost optimization is a key consideration of any new investment opportunity. The deep industry and operating 
expertise of our management team enables us to identify opportunities to improve the operating efficiencies of our 
technology, product, and operations infrastructure. With in-house processing solutions and proprietary internal systems in 
our Americas and Europe segments, we have the ability to generate significant operating leverage as we grow overall 
volumes and transactions. With each newly acquired business, we utilize this infrastructure to optimize costs and 
efficiencies. Through the support and reporting capabilities of our global systems, we eliminate redundancies and improve 
operating efficiencies post-acquisition. 
Our products and services 
We offer a comprehensive portfolio of card-present and card-not-present payment solutions for a variety of industry types 
and business sizes to facilitate merchants accepting credit, debit, prepaid, digital wallets, and other alternative payment 
methods. Our portfolio of solutions includes EMV, chip and signature enabled POS terminals, virtual POS terminals for 
desktops, mobile acceptance and mobile point-of-sale (“mPOS”) solutions for mobile devices and tablets, software-based 
POS solutions, online hosted payments, and integrated payment service provider (“PSP”) solutions for card-not-
present bankcard, direct debit, and alternative payment scheme processing. We also offer value-added solutions such as 
gateway solutions, online hosted payments page capabilities, mobile-based short message service (“SMS”) integrated 
payment collection services, security tokenization and encryption solutions at the physical and virtual POS, dynamic 
currency conversion (“DCC”), ACH, Level 2 and Level 3 data processing, management reporting solutions, loyalty 
programs, and Visa Direct, among other ancillary solutions. Other industry-specific processing capabilities are also in our 
product suite, such as recurring billing, multi-currency authorization, and cross-border processing and settlement.  

14 
Our solutions enable merchants of all sizes to accept digital payments, including credit and debit cards, closed loop gift 
cards, pre-paid cards, ACH, and other alternative payment methods. This spectrum of solutions includes: 
• 
EMV chip, magnetic swipe readers, contactless, chip and signature, chip debit, and gift services for hardware 
terminals; 
• 
our mPOS solutions and services including mobile SMS payments solutions; 
• 
software-based POS solutions for enabling payment acceptance through regular smart phones; 
• 
integrations to various ERP systems to provide accounts receivable departments with B2B payments options and 
automated reconciliations; 
• 
a variety of eCommerce solutions including gateway and PSP products, online hosted payments pages, payment 
links, shopping cart-plug-ins, and virtual terminals; 
• 
income collection solutions for education, insurance and other sectors heavily reliant on invoices; 
• 
buy-now-pay-later (“BNPL”) installment solutions available through card payment networks; 
• 
comprehensive real-time digital and signatureless merchant boarding systems (from application to merchant 
processing); 
• 
market-specific business models for partners, including PSP and referral programs; and 
• 
online reporting systems for partners, integrators, and merchants providing access to our platforms worldwide. 
In addition, as a merchant acquirer, we provide in-house customer service utilizing in-market call centers, as we believe 
customers need to be served locally in market. We also have developed a consolidated shared services operational 
capability for back-office services, including credit underwriting, risk, chargebacks, and terminal deployment and repair. 
Our capabilities also include a regionally-based merchant boarding system, risk management, and ISV technology 
development centers, supporting the Americas and Europe. 
Our diverse offerings are supported by our two unique underlying global products, EVO Snap and our proprietary customer 
relationship management (“CRM”) solutions. EVO Snap is a highly customized, EMV compliant technology platform that 
allows merchants to easily access our key POS-related products in all of our markets with one single integration, including 
core processing and value-added services (e.g., ACH, Level 3 processing, DCC). Our merchants and partners benefit from 
a single global certification and common interface in the Americas and Europe, a key feature for retail and eCommerce 
merchants and referral partners with a global customer base. This common application programming interface (“API”) 
allows ISVs and developers to seamlessly integrate to EVO Snap and access all of its new features. 
Our global, state-of-the-art CRM solutions enable all merchants, whether they are recruited through our financial 
institutions, direct sales, or partner channels, to be seamlessly managed throughout the merchant lifecycle. We provide all 
partners and agents access to these tools to ensure effective digital customer lifecycle management by streamlining the 
boarding and management of merchants and supporting our digital payment product and service solutions. 
Our markets 
Americas 
Latin America. We believe that the merchant acquiring market in Mexico represents a very attractive growth 
opportunity, as overall card penetration is significantly lower than that of the United States. As card penetration continues 
to increase, we expect to enjoy outsized benefits as the only scaled independent acquirer in the market. In July 2019, we 
15 
acquired the payment technology assets of SF Systems in Mexico, enhancing our ability to offer integrated payment 
solutions to mid-sized and large merchants within the region. Additionally, we are introducing our tech-enabled solutions, 
particularly integrated payments and eCommerce, in order to develop those aspects of the market. We see significant 
opportunity to differentiate from our competitors, principally financial institutions who view acquiring as a tertiary product 
necessary to attract core banking business.  
The merchant acquiring market in Chile closely mirrors that of Mexico, with relatively low card penetration among both 
consumers and merchants and very little competition for acquiring services. For years the acquiring and processing markets 
have been serviced only by a bank-owned monopoly. Today, only two financial institutions have migrated from the 
historical structure to offer proprietary solutions, and our bank partner BCI is the only financial institution that has 
partnered with an independent acquirer. To augment our local product offerings, we acquired Pago Fácil, a payment 
gateway headquartered in Santiago, in 2021. We have further enhanced Pago Fácil to meet the needs of our Mexican 
merchants and will further leverage the platform in additional markets in the region as we enter them. We are focused on 
supplementing our bank partner’s distribution network with EVO’s proprietary sales strategies and product offerings, 
including through new and existing ISV and eCommerce referral partnerships.  
U.S. and Canada. Card penetration in the United States and Canada is among the highest in the world. The largest 
growth opportunity in these markets is arising from the adoption of business management software with embedded 
payment processing functionalities as merchants are making an effort to enhance the payments experience for their 
customers. The cost of these solutions has declined sufficiently to make them affordable for merchants of all sizes, which 
is causing these solutions to displace standalone terminals at the POS. Examples of this trend include integrated solutions 
at the physical POS, ERP integrations for B2B digital payment acceptance, and eCommerce platforms. Merchant acquirers 
are capitalizing on this trend by entering into referral arrangements with technology companies and integrating acquiring 
services into their software. We have been particularly active in this market, preferring to partner with technology and 
software providers rather than acquire them in order to leverage our partners' software development expertise and to avoid 
channel conflicts. Additionally, our EVO Snap platform allows us to provide our partners integrated solutions with a single 
connection point that is fully integrated with our front-end authorization systems across all transaction types, including 
card-present, card-not-present, and mobile. EVO Snap, along with other innovations in our integrated products, has been 
accretive to our growth in the Americas. Through the acquisition of Sterling in 2017, we gained a significant number of 
new integrated relationships, and we have continued to make acquisitions, as well as investments in our proprietary 
capabilities, to broaden our tech-enabled offering. 
Europe 
Across most of our European markets, we believe there is significant opportunity for growth as overall card penetration is 
relatively immature compared to countries such as the United States, Canada and the United Kingdom. Additionally, the 
trends in payment technologies are changing across our markets due to the evolving payment industry reforms in Europe, 
ongoing cash-to-card conversion, and increased adoption of tech-enabled payments solutions.  We believe that these trends 
coupled with our positioning across Europe provide significant opportunities to launch new products and services at the 
early stage of merchant adoption of market innovations, such as gateway integrations and integrated solutions, enhance 
our market share and growth in existing markets, and capitalize on future investment opportunities in adjacent countries. 
Under the European Payment Services Directive of 2015 (“PSD2”), we hold Payments Institution (“PI”) licenses, which 
enable non-financial institutions to participate in the payments industry subject to stringent regulatory requirements. We 
currently hold PI licenses in three markets: Germany, Poland and Spain, which enable us to operate as a direct member of 
the payment card networks. In some markets outside the European Union (the “EU”), applicable regulations and the local 
and international networks generally require non-financial institutions similar to us to be sponsored by a bank to become 
an acquirer. The ability to participate in the EU payments industry with direct licenses and without the requirement for 
third-party sponsorship provides us with greater flexibility and control of our Europe business at a lower cost. 
Our competition 
We compete with a variety of merchant acquirers that have different business models, go-to-market strategies, and 
technical capabilities in the markets in which we operate. Our competitors range in both size and geographic reach. In the 

16 
United States and Canada, we primarily compete with independent merchant acquirers including Fiserv, Inc. (“Fiserv”), 
Global Payments, Inc. (“Global Payments”), and Fidelity National Information Services, Inc. (“FIS”), in addition to the 
merchant acquiring and processing divisions of certain financial institutions, including Chase Paymentech Solutions, LLC 
and Elavon, Inc. (“Elavon”), a subsidiary of U.S. Bancorp. In certain instances we may also compete with smaller U.S.-
based financial technology companies, including vertically focused organizations. In Europe, we compete primarily with 
Barclaycard, a subsidiary of Barclays PLC, Elavon, Global Payments, FIS, Fiserv, Nexi S.p.A. (“Nexi”), Worldline SA, 
and Polskie ePłatności, a subsidiary of Nexi, in addition to in-market financial institutions. In Mexico, financial institutions 
remain the primary providers of payment processing services to merchants. 
Our broad and differentiated product offerings, service proposition, pricing, and distribution strategies in our 
geographically diverse markets drive our ability to compete effectively through the acceptance and use of our payment 
and commerce solutions by merchants. We specifically focus on the primary customer needs of speed, reliability, and 
reconciliation, ensuring that, at a minimum, our systems, solutions, products, and service models prioritize these and other 
customer expectations. 
Our intellectual property 
Our products and services utilize a combination of proprietary software and hardware that we own and license from third 
parties. Our owned intellectual property is protected by federal patent, trademark, trade secret, and copyright law, as well 
as state trade secret laws, as appropriate. We generally control access to, and use of, our proprietary software and other 
confidential information through the use of internal and external controls, including entering into non-disclosure and 
confidentiality agreements with both our employees and third parties. 
As of December 31, 2021, we had two pending patent applications covering certain aspects of our proprietary technology, 
including our EVO Snap product, and new integrated product innovations. In addition, we own a portfolio of trademarks 
in multiple jurisdictions around the world, including for our primary mark, EVO. 
Our regulatory environment 
Various aspects of our service areas are subject to U.S. federal, state and local regulation, as well as regulation outside the 
United States. Certain of our services also are subject to rules promulgated by various card networks and banking and 
other authorities as more fully described below. 
Financial services regulations 
As a result of the implementation of the Payment Services Directive of 2007 in the EU, a number of our subsidiaries in 
our Europe segment hold a PI license which allows them to operate in the EU member states in which such subsidiaries 
and their branches do business. As a PI, we are subject to regulation and oversight in the applicable EU member states, 
which includes, among other obligations, a requirement to maintain specified regulatory capital and adhere to certain rules 
regarding the conduct of our business. In July 2013, the European Commission proposed legislation in two parts, covering 
a wide range of proposed regulatory reforms affecting the payments industry across the EU. The first part was an EU-wide 
regulation on interchange fees for card-based payment transactions (the “Interchange Fee Regulation”). The Interchange 
Fee Regulation (2015/751) went into effect in June 2015. The second part, PSD2, was a recasting of the Payment Services 
Directive of 2007. PSD2 went into effect in January 2016 and was later transposed to national law across EU member 
states. PSD2 contains a number of additional regulatory provisions, including provisions relating to enhanced governance 
requirements (including stronger focus on risk management), new consumer-centric transparency regulations and Strong 
Customer Authentication (“SCA”) principles, which increased the security of electronic payments by requiring multi-
factor user authentication and required industry-wide systems upgrades. The EU has also enacted regulations relating to 
the offering of DCC services which require additional disclosures to consumers in connection with our DCC product 
offerings in a number of markets. Further, several of our international subsidiaries provide services that make them subject 
to regulation by local banking agencies and other regulatory authorities. As a result of the United Kingdom’s withdrawal 
from the European Union (“Brexit”), we have submitted an application for a stand-alone PI license. We are currently 
operating under the U.K.’s temporary permissions regime, which allows us to continue to operate in that market under our 
current regulatory permissions for a period of up to 3 years.  
17 
Association and network rules 
We are subject to the rules of Mastercard, Visa, and other credit and debit networks. In order to provide processing services, 
a number of our subsidiaries are registered with Visa or Mastercard as service providers for member institutions. Various 
subsidiaries of ours are also processor level members of numerous debit and electronic benefits transaction networks or 
are otherwise subject to various network rules in connection with processing services and other services we provide. As 
such, we are subject to applicable network rules and to a variety of fines or penalties that may be administered by the card 
networks. Although these rules are not government regulations, any failure to comply with the networks’ requirements or 
to pay the fines they impose could cause the termination of our registration and require us to stop providing payment 
processing services. For example, “EMV” is a credit and debit card authentication methodology that the card networks are 
requiring processors, issuers, and acquirers to implement. Compliance deadlines for EMV mandates vary by country and 
by payment network. In addition, card networks and their member financial institutions regularly update, and generally 
expand, security expectations and requirements related to the security of cardholder data and environments. We are also 
subject to network operating rules promulgated by the National Automated Clearing House (“ACH”) Association relating 
to payment transactions processed by us using the ACH Network and to various state federal and foreign laws regarding 
such operations, including laws pertaining to electronic benefits transactions.  
The Dodd-Frank Act 
In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) was 
signed into law in the United States. The Dodd-Frank Act resulted in significant structural and other changes to the 
regulation of the financial services industry. Among other things, Title X of the Dodd-Frank Act established the Consumer 
Financial Protection Bureau (the “CFPB”) to regulate consumer financial products and services. The CFPB enforces 
prohibitions against unfair, deceptive or abusive acts or practices under the Dodd-Frank Act and may have authority over 
us as a provider of services to regulated financial institutions in connection with consumer financial products.  
Separately, under the Dodd-Frank Act, debit interchange transaction fees are regulated by the Board of Governors of the 
Federal Reserve System (the “Federal Reserve Board”) and must be “reasonable and proportional” to the cost incurred by 
the card issuer in authorizing, clearing, and settling the transaction. The Dodd-Frank Act also contains provisions that ban 
debit card networks from entering into exclusivity arrangements, prohibit card issuers and card networks from imposing 
transaction routing requirements, and require card issuers to enable at least two unaffiliated networks on each debit card. 
In addition, the Dodd-Frank Act permits merchants to set minimum dollar amounts for the acceptance of a credit card 
(while federal governmental entities and institutions of higher education may set maximum amounts for the acceptance of 
credit cards), and to provide discounts or incentives to consumers who pay with alternative payment methods, such as 
cash, checks or debit cards. 
Privacy and information security regulations 
We provide services that may be subject to various state, federal, and foreign privacy laws and regulations, including, 
among others, the Financial Services Modernization Act of 1999 (the “Gramm-Leach-Bliley Act”), PSD2, the General 
Data Protection Directive (“GDPR”), the California Consumer Privacy Act of 2018 (the “CCPA”), and the Personal 
Information Protection and Electronic Documents Act in Canada. These laws and their implementing regulations generally 
restrict certain collection, processing, storage, use, and disclosure of personal information, require notice to individuals of 
privacy practices, and provide individuals with certain rights to prevent use and disclosure of protected information. These 
laws also impose requirements for the safeguarding and proper destruction of personal information through the issuance 
of data security standards. Certain federal, state, and foreign laws and regulations impose similar privacy obligations and, 
in certain circumstances, obligations to notify affected individuals, state officers or other governmental authorities, the 
public, and consumer reporting agencies, as well as businesses and governmental agencies, of security breaches affecting 
personal information. In addition, there are state and foreign laws restricting the ability to collect and utilize certain types 
of information such as social security and driver’s license numbers. In July 2016, the European Parliament adopted an EU-
wide directive on security of network and information systems (the “NIS Directive”). The NIS Directive provides legal 
measures intended to boost the overall level of cybersecurity in the EU and required that EU member states enact related 
national laws to enforce certain cybersecurity obligations. 

18 
The CCPA became effective on January 1, 2020 and established strict data privacy and data protection requirements for 
the data of California residents. The CCPA has been amended and it is likely that further amendments will be proposed to 
this legislation. As such, it remains unclear how certain provisions of the CCPA will be interpreted and enforced.  
As a processor of personal data of EU data subjects, we are subject to regulation and oversight in the applicable EU member 
states with regard to data protection legislation. GDPR contains various obligations on the processing of personal data in 
the EU, including restrictions on transferring personal data outside of the EU. Post-Brexit, the UK has implemented GDPR 
into domestic law through the Data Protection Act and the UK GDPR.  
GDPR contains additional obligations on data controllers and data processors operating in the EU. GDPR also provides 
significant enhancements with regard to the rights of data subjects (which include the right to be forgotten and the right of 
data portability), stricter regulation on obtaining consent to processing of personal data and sensitive personal data, 
stricter obligations with regard to the information in privacy notices, and significant enhanced requirements with regard 
to compliance, including a regime of “accountability” for processors and controllers and a requirement to adopt appropriate 
policies and practices. GDPR includes enhanced data security obligations (to run in parallel to those contained in NIS 
regulations), requiring data processors and controllers to take appropriate technical and organizational measures to protect 
the data they process and their systems. Organizations that process significant amounts of data may be required to appoint 
a data protection officer to oversee and manage compliance with GDPR. We have appointed data protection officers in 
several of our businesses. There are significant fines and other sanctions under GDPR for failing to comply with the core 
principles of the GDPR or failing to secure data. 
Unfair trade practice regulations 
We and our clients are subject to various federal, state, and international laws prohibiting unfair or deceptive trade 
practices, such as Section 5 of the Federal Trade Commission Act. Various regulatory agencies, including the Federal 
Trade Commission, various consumer protection agencies in Europe and other international markets, the CFPB, and state 
attorneys general, have authority to take action against parties that engage in unfair or deceptive trade practices or violate 
other laws, rules, and regulations. To the extent we are processing payments for a client that may be in violation of these 
regulations, we may be subject to enforcement actions by those agencies and may incur losses that impact our business. 
Anti-money laundering, anti-bribery, sanctions, and counter-terrorist regulations 
We are subject to anti-money laundering laws and regulations, including certain sections of the USA PATRIOT Act of 
2001. We are also subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (the 
“FCPA”) and other laws, that prohibit the making or offering of improper payments to foreign government officials and 
political figures and include anti-bribery provisions enforced by the Department of Justice and accounting provisions 
enforced by the Securities and Exchange Commission (the “SEC”). The FCPA has a broad reach and requires maintenance 
of appropriate records and adequate internal controls to prevent and detect possible FCPA violations. Many other 
jurisdictions where we conduct business also have similar anti-corruption laws and regulations. We have policies, 
procedures, systems, and controls designed to identify and address potentially impermissible transactions under such laws 
and regulations. 
We are also subject to certain economic and trade sanctions programs that are administered by the Office of Foreign Assets 
Control (“OFAC”), which prohibit or restrict transactions to or from, or dealings with, specified countries, their 
governments and, in certain circumstances, their nationals, and with individuals and entities that are specially-designated 
nationals of those countries, narcotics traffickers, and terrorists or terrorist organizations. We may be subject to additional 
local sanctions requirements in other relevant jurisdictions. 
Similar anti-money laundering, counter terrorist financing and proceeds of crime laws apply to electronic currency 
transactions and to dealings with persons specified in lists maintained by the country equivalents to OFAC lists in certain 
other countries. These laws require specific data retention obligations to be observed by intermediaries in the payment 
process and our businesses in those jurisdictions are subject to such data retention obligations. For example, in the EU, 
our businesses are subject to requirements under the Fifth Money Laundering Directive ((EU) 2018/843) which has now 
been implemented in all European jurisdictions in which EVO operates. 
19 
Our employees 
As of December 31, 2021, we employed approximately 2,200 employees in 12 countries with the majority of employees 
in the United States, Poland, Mexico, and Ireland. None of our employees in the United States are represented by a labor 
union or covered by a collective bargaining agreement. 
We recognize that the talents and efforts of our employees are integral to our success as a company. EVO’s GET. GROW. 
KEEP. (“GGK”) culture represents a cornerstone of our talent strategy, which uses people-focused programs supported by 
human resources technology to attract (GET), develop (GROW) and retain (KEEP) the talent necessary to drive our growth 
and success.  For our existing employees, we utilize our global People Development Portal (“Global PDP”) to implement 
our talent management programs, including (i) our annual performance evaluation process and goal setting, and (ii) 
mandatory training and development curriculum for our employees. 
Our global onboarding and recruiting technology platform allows us to attract and reach more candidates through multiple 
recruiting avenues and to improve our overall recruitment process. This platform engages new employees at onboarding 
and introduces them to our GGK culture including our five core values of integrity, service, teamwork, ownership and 
diversity. We believe that our culture creates a diverse, collaborative, respectful and safe workplace.  To strengthen this 
culture, we recognize our colleagues whose behaviors and actions demonstrate the GGK culture and our values through 
multiple recognition programs. 
Our executive management team and Human Resources department regularly review and update our talent strategy, 
monitoring a variety of data, including turnover, compensation and benefits benchmarking, diversity, and employee 
engagement, to design and implement effective reward/recognition, training, development, succession, and benefit 
programs to meet the needs of our businesses and our employees. 
Available information 
We maintain a website with the address www.evopayments.com. We are not including the information contained in our 
website as part of, or incorporating it by reference into, this Annual Report on Form 10-K. We make available, free of 
charge through our website, our filings with the SEC, including our annual proxy statements, annual reports on 
Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. 

20 
INFORMATION ABOUT OUR EXECUTIVE OFFICERS  
The following table sets forth information regarding our executive officers as of December 31, 2021:  
  
 
 
 
Name 
Age 
Position(s) 
 
 
 
James G. Kelly 
59 
Chief Executive Officer and Director
 
 
 
Brendan F. Tansill 
43 
President, the Americas 
 
 
 
Darren Wilson 
54 
President, International 
 
 
 
Thomas E. Panther 
53 
Executive Vice President, Chief Financial Officer 
 
 
 
Kelli E. Sterrett 
42 
Executive Vice President, General Counsel and Secretary 
 
 
 
Michael L. Reidenbach 
59 
Executive Vice President, Worldwide Chief Information Officer 
 
 
 
Catherine E. Lafiandra 
59 
Executive Vice President, Chief Human Resources Officer 
 
 
 
David L. Goldman 
39 
Executive Vice President, Business Development and Strategy 
 
 
 
Anthony J. Radesca 
52 
Senior Vice President, Chief Accounting Officer 
 
 
 
James G. Kelly has served as EVO’s Chief Executive Officer since its formation, as a member of our board of directors 
since May 2018, and as Chief Executive Officer and a member of the board of managers of EVO, LLC since January 2012. 
Before joining EVO, Mr. Kelly served as President of Global Payments Inc., as Senior Executive Vice President of Global 
Payments Inc. and as Chief Financial Officer of Global Payments Inc. Prior to that, Mr. Kelly served as a managing director 
of Alvarez & Marsal, a global professional services firm, and as manager of Ernst & Young’s mergers and acquisitions 
and audit groups. Mr. Kelly is a graduate of the University of Massachusetts, Amherst.  
Brendan F. Tansill has served as EVO’s President, the Americas, since its formation, and as President, the Americas, of 
EVO, LLC since January 2016. Prior to his current role, Mr. Tansill served as Executive Vice President, Business 
Development and Strategy of EVO, LLC from April 2012 until December 2015, where he was responsible for EVO’s 
global mergers and acquisitions activity and corporate strategy. Before joining EVO, Mr. Tansill was an investment 
professional at CCMP Capital Advisors. Mr. Tansill received his Masters of Business Administration from the Kellogg 
School of Management at Northwestern University and his Bachelor of Arts from the University of Virginia.  
Darren Wilson has served as EVO’s President, International, since its formation, and as President, International, of EVO, 
LLC since April 2014. Before joining EVO, Mr. Wilson served as Managing Director of Streamline (a Worldpay 
company) and as CEO/President of Global Payments’ Western European business. Mr. Wilson has also held various 
positions at HSBC Bank. Mr. Wilson has the Associate of the Chartered Institute of Bankers degree and has studied at 
Birmingham and Warwick Universities.  
Thomas E. Panther has served as EVO’s Executive Vice President and Chief Financial Officer since November 2019. 
Before joining EVO, Mr. Panther worked for over 19 years at SunTrust Banks, Inc., where he served in numerous 
leadership roles including Chief Accounting Officer, Corporate Controller, Director of Corporate Finance and Head of 
Capital Planning & Analysis. Mr. Panther began his career at Arthur Andersen, delivering accounting and advisory 
services to financial institutions for nine years. Mr. Panther is a certified public accountant and earned his bachelor’s 
degree from the University of Richmond.  
Kelli E. Sterrett has served as EVO’s Executive Vice President, General Counsel and Secretary since July 2021. 
Ms. Sterrett joined EVO in 2018 as Senior Vice President and Deputy General Counsel. Prior to joining EVO, Ms. Sterrett 
served as Vice President and Deputy General Counsel of Scientific Games Corporation.  Ms. Sterrett began her career as 
a corporate attorney with the law firm Gibson, Dunn & Crutcher LLP in New York.  Ms. Sterrett received her Juris 
Doctorate from Columbia Law School and her Bachelor of Arts from Colgate University.  
Michael L. Reidenbach has served as EVO’s Executive Vice President, Chief Information Officer since its formation, and 
as Executive Vice President, Chief Information Officer of EVO, LLC since March 2013. Before joining EVO, 
21 
Mr. Reidenbach served as Executive Vice President, Chief Information Officer of Global Payments Inc. Mr. Reidenbach 
is a former U.S. Air Force instructor pilot and aircraft commander. Mr. Reidenbach received his Master in Business 
Administration/Finance and his Master in Management Information Systems from Georgia College and his Bachelor of 
Science from the U.S. Air Force Academy.  
Catherine E. Lafiandra has served as EVO’s Chief Human Resources Officer since its formation, and as Chief Human 
Resources Officer of EVO, LLC since March 2016. Before joining EVO, Ms. Lafiandra served as Vice President of 
Human Resources of Beazer Homes USA, Inc. from October 2014 to March 2016 and as Senior Vice President of Human 
Resources of PRGX Global, Inc. from March 2010 to March 2014. Ms. Lafiandra received her Juris Doctorate from the 
University of Virginia School of Law and her Bachelor of Arts from Southern Methodist University.  
David L. Goldman has served as EVO’s Executive Vice President of Business Development and Strategy since its 
formation, and as Executive Vice President of Business Development and Strategy of EVO, LLC since June 2016. Before 
joining EVO, Mr. Goldman served as Managing Director of PointState Capital LP from January 2011 to April 2014 and 
as Vice President of Duquesne Capital Management, LLC from April 2007 to December 2010. Prior to that, Mr. Goldman 
served as an Associate at TPG Capital, L.P. and as an investment banking analyst at Morgan Stanley. Mr. Goldman 
received his Bachelor of Business Administration from the University of Michigan.  
Anthony J. Radesca has served as EVO’s Senior Vice President and Chief Accounting Officer since April 2019. Before 
joining EVO, Mr. Radesca served as the Senior Vice President and Chief Accounting Officer of CA Technologies, a global 
technology company that designs and develops infrastructure software solutions, from May 2016 until February 2019. 
Prior to that, he served as Vice President of Accounting of CA Technologies. Mr. Radesca received his Bachelor of 
Business Administration, Public Accounting, from Hofstra University and his Juris Doctorate from Saint John's University 
School of Law. Mr. Radesca is a Certified Public Accountant. 
 
 
 

22 
ITEM 1A. RISK FACTORS 
The risks summarized and detailed below are not the only risks facing us. Please be aware that additional risks and 
uncertainties not currently known to us or that we currently deem to be immaterial could also materially and adversely 
affect our business, results of operations, financial condition, cash flows, or prospects. You should also refer to the other 
information contained in our periodic reports, including the Cautionary Note Regarding Forward-Looking Statements, 
our consolidated financial statements and the related notes, and Management’s Discussion and Analysis of Financial 
Condition and Results of Operations for a further discussion of the risks, uncertainties, and assumptions relating to our 
business. 
Risk Factors Summary 
Material risks that may affect our business, operating results and financial condition include, but are not necessarily limited 
to, those relating to: 
Risks related to our business and industry 
• 
The continuing impact of the global COVID-19 pandemic on our business; 
• 
Our ability to anticipate and respond to changing industry trends, changes in the competitive landscape, and the 
needs and preferences of our merchants and consumers; 
• 
The effect of global economic, political, and other conditions on our merchants and on consumer, business, and 
government spending; 
• 
Our ability to protect our systems and data from continually evolving cybersecurity risks or other technological 
risks; 
• 
Failures in our processing systems due to software defects, undetected errors, computer viruses, and development 
delays; 
• 
Degradation of the quality of the products and services we offer, including support services; 
• 
Our ability to recruit, retain, and develop qualified personnel; 
• 
Risks created by acquisitions; 
• 
Continued consolidation and other transactions in the banking industry; 
• 
Increased customer, referral partner, or sales partner attrition; 
• 
Any increase in chargebacks not paid by our merchants; 
• 
Failure to maintain or collect reimbursements from our financial institution referral partners; 
• 
Fraud by merchants or other counterparties or partners; 
• 
Failures by third-party vendors that we rely on to provide products and services; 
• 
Our ability to maintain our merchant relationships and strategic relationships with various financial institutions 
and referral partners; 
• 
Seasonality and volatility resulting in fluctuations in our quarterly revenues and operating results; 
• 
Geopolitical and other risks associated with operations outside of the United States; 
• 
A decline in the use of cards as a payment mechanism for consumers or other adverse developments with respect 
to the card industry in general; 
• 
Increases in card network fees and other changes to fee arrangements; 
• 
Failure by us, our merchants or our sales partners to comply with the applicable requirements of card networks 
resulting in fines or penalties; 
 
Risks related to our financial results and indebtedness 
 
• 
The effect of foreign currency exchange rates; 
• 
The possibility of impairment of a significant portion of the goodwill and intangible assets on our balance sheet; 
• 
The impact on our results of operations if we were required to establish a valuation allowance against our deferred 
tax assets; 
• 
The effect of our indebtedness on our ability to raise capital, react to changes in the economy or our industry, or 
meet our debt obligations; 
• 
The risk that we could be required to purchase the remainder of our eService subsidiary in Poland; 
23 
• 
Restrictions imposed by our Senior Secured Credit Facilities and our other outstanding indebtedness; 
• 
Accelerated funding programs, which increase our working capital requirements and expose us to incremental 
credit risk; 
Risks related to legal and regulatory requirements 
• 
Failure to comply with, or changes in, laws and regulations, including those specific to the payments industry and 
those relating to anti-corruption, anti-money laundering, privacy, data protection, financial reporting, and 
information security, and consumer protection; 
• 
Failure to enforce and defend our intellectual property rights; 
• 
Risks associated with new or revised tax regulations or their interpretations, or becoming subject to additional 
foreign or U.S. federal, state, or local taxes; 
• 
Various legal proceedings in the course of our business;  
Risks related to our organizational structure 
• 
The fact that our principal asset is our interest in EVO, LLC; 
• 
Risks related to the TRA (as defined below), including substantial cash payments to the Continuing LLC Owners; 
• 
Benefits conferred upon the Continuing LLC Owners as a result of our organizational structure that do not benefit 
holders of our Class A common stock to the same extent that they benefit the Continuing LLC Owners; 
 
Risks related to our Series A Convertible Preferred Stock and the ownership interest of our Continuing LLC 
Owners 
• 
Our Series A Preferred Stock could adversely affect our liquidity and financial condition, and could in the future 
substantially dilute the ownership interest of holders of our common stock;  
• 
Continuing LLC Owners and holders of the Series A Preferred Stock may exercise influence over us;  
 
General risks 
• 
Certain provisions of Delaware law and antitakeover provisions in our organizational documents could delay or 
prevent a change of control. 
Risks related to our business and industry 
The global COVID-19 pandemic has disrupted, and may continue to disrupt, our business. 
The ongoing effects of the global COVID-19 pandemic and measures taken in response have had a significant impact on 
global economic conditions and may negatively impact certain aspects of our business and results of operations in the 
future.  Although certain economic conditions improved throughout fiscal 2021, the continued impacts of the pandemic 
on our business operations, including as a result of more contagious variants of the virus, and the duration of such impacts 
are uncertain, constantly evolving, and difficult to quantify. We and our merchants have experienced, and may continue 
to experience, significant disruption in our business, including volatility in transaction volume and the number of 
transactions processed. In addition, certain of our merchants have been forced to temporarily or permanently close their 
businesses as a result of the pandemic which has resulted, and could continue to result, in additional chargeback or 
merchant receivable losses. The pandemic continues to evolve, as recently experienced with the rapid spread of the Delta 
variant, and certain of the impacts of the pandemic may continue to affect our results in the future, including due to: 
inflationary pressures arising from supply chain disruptions, depressed transaction activity, and reimpositions of travel 
restrictions due to the development of the Omicron variant which may reduce cross-border transactions. Continued or 
future shutdowns, partial reopenings, or the re-imposition of previously lifted restrictions could directly or indirectly 
impact transaction volumes and negatively impact our operating results. See “Management’s Discussion and Analysis of 
Financial Condition and Results of Operations—COVID-19” for further information on the impact of the COVID-19 
pandemic on transaction volumes to date. 

24 
In addition, there have been worldwide disruptions to supply chains, caused in part by the pandemic and related effects. 
Certain of our vendors have indicated that they may be exposed to potential incidents of supply chain disruption, constraint, 
or other difficulties, including as it relates to their ability to meet the POS terminal delivery needs for our merchants. While 
we are seeking to mitigate the impact of any such potential incidents, including, in some cases, by entering into terminal 
purchase agreements with vendors which provide us with prioritized allocation of their available supply, disruption in the 
delivery of POS terminals in the future could impact our ability to service our merchants or add new merchants. 
The extent of the continued impact of the COVID-19 pandemic on our business remains highly uncertain and difficult to 
predict, as information continues to evolve rapidly. Factors such as the duration and spread of the outbreak (including 
whether there are additional periods of increases in the number of COVID-19 cases in future periods), its severity, the 
evolution of new variants of the virus, such as the Delta variant and the Omicron variant, the effectiveness of government 
actions to contain the virus or treat its impact, the length of government restrictions, the distribution and effectiveness of 
the vaccines, and how quickly and to what extent normal economic and operating conditions resume, will affect how we 
are impacted by the pandemic. A prolonged disruption in economic activity could adversely impact our business and 
financial performance, including the potential impairment of certain assets. 
In addition to government restrictions, consumer fears regarding the virus have reduced and may continue to reduce traffic 
to our merchants for an extended period of time. Consumer spending may also be negatively impacted by general 
macroeconomic conditions, including a rise in unemployment, and decreased consumer confidence resulting from the 
COVID-19 pandemic. Any significant reduction in consumer visits to, or spending at, our merchants, would result in a 
loss of revenue to us. In addition, certain of our merchants have been forced to temporarily or permanently close their 
businesses as a result of the pandemic which has resulted, and could continue to result, in additional chargeback or 
merchant receivable losses. 
Even after the COVID-19 pandemic subsides, we may continue to experience significant impacts to our business as a result 
of its global economic impact, including any economic downturn or recession that has occurred or may occur in the future. 
The COVID-19 pandemic could also exacerbate the other risks we face that are described in this section. 
Our ability to anticipate and respond to changing industry trends, changes in the competitive landscape, and the needs 
and preferences of our merchants and consumers may adversely affect our competitiveness or the demand for our 
products and services. 
The financial services and payment technology industries are highly competitive and subject to rapid technological 
advancements, resulting in new products and services, including mobile payment applications and customized integrated 
software payment solutions, and an evolving competitive landscape, as well as changing industry standards and merchant 
and consumer needs and preferences. Our payment services and solutions compete against various financial services and 
payment systems, including cash and checks, and electronic, mobile, eCommerce, integrated, and B2B payment platforms. 
If we are unable to differentiate ourselves from our competitors and drive value for our merchants, we may not be able to 
compete effectively.  
Furthermore, we are facing increasing competition from nontraditional competitors, including new entrant technology 
companies who offer certain innovations in payment methods. Some of these competitors utilize proprietary software and 
service solutions. Some of these nontraditional competitors have significant financial resources and robust networks and 
are highly regarded by consumers. These competitors may compete in ways that minimize or remove the role of traditional 
card networks, acquirers, issuers and processors in the electronic payments process. If these nontraditional competitors 
gain a greater share of total electronic payments transactions, it could have a material adverse effect on our business, 
financial condition, results of operations and cash flows. 
We expect that new services and technologies applicable to the financial services and payment technology industries will 
continue to emerge and that our merchants and consumers will continue to adopt new technology for business and personal 
uses. Our competitive landscape will continue to undergo changes that could adversely impact our current competitive 
position and prospects for growth, including: 
25 
• 
rapid and significant changes in technology, resulting in new and innovative payment methods and programs, 
that could place us at a competitive disadvantage and reduce the use of our products and services if competitors 
are able to offer and provide services that we do not; 
• 
competitors, merchants and other industry participants may develop products and services that compete with or 
replace our products and services, including alternative payment systems that enable card networks and banks to 
transact with consumers directly, eCommerce payment systems, payment systems for mobile devices, peer to 
peer payment services, real-time and faster payment initiatives, delayed payment offerings such as BNPL or 
installment solutions, cryptocurrency payments initiatives, and customized integrated software and B2B payment 
solutions; 
• 
increased competition in certain of our markets in which we process “on-us” transactions, whereby we receive 
fees as a merchant acquirer and for processing services for the issuing bank, may cause the number of transactions 
in which we receive fees for both of these roles to decrease, which could reduce our revenue and margins in these 
jurisdictions; and 
• 
participants in the financial services and payment technology industries may merge, create joint ventures or form 
other business combinations that may improve their existing business services, or create new payment services 
that compete with our services. 
In order to remain competitive within our markets, we must anticipate and respond to these changes, which may limit the 
competitiveness of and demand for our services. It is possible that these changes could ultimately reduce our role in 
payment transaction processing. Additionally, and in many cases as a result of significant consolidation in the payments 
industry over recent years, some of our competitors are larger and have greater financial resources than we do, enabling 
them to maintain a wider range of product offerings, mount extensive promotional campaigns, and be more aggressive in 
offering products and services at lower rates. Failure to compete effectively against any of these or other competitive 
threats or to develop value-added services that meet the needs and preferences of our merchants could adversely affect our 
ability to compete for merchants and financial partners and adversely affect our business, financial condition, or results of 
operations. Furthermore, potential negative reactions to our products and services by merchants or consumers can spread 
quickly and damage our reputation before we have the opportunity to respond. If we are unable to anticipate or respond to 
technological or industry changes on a timely basis, our ability to remain competitive and the demand for our products and 
services could be adversely affected. 
Global economic, political, and other conditions may adversely affect trends in consumer, business, and government 
spending, which may adversely impact the demand for our services, revenue, and profitability. 
The financial services and payment technology industries depend heavily upon the overall level of consumer, business, 
and government spending. A sustained deterioration in general economic conditions (including distress in financial 
markets, turmoil in specific economies around the world, and additional government intervention), particularly in the 
Americas or Europe, may adversely affect our financial performance by reducing the number or average purchase amount 
of transactions we process. A reduction in consumer or business spending could result in a decrease of our revenue and 
profits. 
Adverse economic trends may accelerate the timing, or increase the impact of, risks to our financial performance. These 
trends could include the following: 
• 
declining economies, foreign currency fluctuations, and the pace of economic recovery can change consumer 
spending behaviors, such as cross-border travel patterns, on which a portion of our revenue and growth is 
dependent; 
• 
low levels of consumer and business confidence typically associated with recessionary environments may result 
in decreased spending by cardholders; 
• 
high unemployment may result in decreased spending by cardholders; 
• 
budgetary concerns in the United States and other countries could affect sovereign credit ratings, and impact 
consumer confidence and spending; 

26 
• 
supply chain disruptions may result in decreased spending by cardholders with our merchants whose ability to 
provide goods and services is materially impacted; 
• 
supply chain disruptions could impact our ability to purchase terminals for existing or prospective customers; 
• 
current and potential future inflationary pressures may adversely impact spending by cardholders; 
• 
emerging market economies tend to be more sensitive to adverse economic trends than the more established 
markets we serve; 
• 
financial institutions may restrict credit lines to cardholders or limit the issuance of new cards to mitigate 
cardholder credit concerns; 
• 
uncertainty and volatility in the performance of our merchants’ businesses; 
• 
cardholders may decrease spending for services our merchants market and sell; and 
• 
government intervention, including the effect of laws, regulations and government investments in our merchants, 
may have potential negative effects on our business and our relationships with our merchants or otherwise alter 
their strategic direction away from our products and services. 
Our inability to protect our systems and data from continually evolving cybersecurity risks or other technological risks 
could affect our reputation among merchants, card issuers, financial institutions, card networks, partners, and 
cardholders and may expose us to penalties, fines, liabilities, and legal claims. 
In order to provide our services, we process, transmit, and store sensitive business information and personal information 
about our merchants, merchants’ customers, vendors, partners, and other parties. This information may include credit and 
debit card numbers, bank account numbers, personal identification numbers, names and addresses, and other types of 
personal information or sensitive business information. Some of this information is also processed and stored by our 
merchants’ third-party service providers to whom we outsource certain functions and other agents (which we refer to 
collectively as our “associated third parties”).  
We have certain responsibilities to the card networks and their member financial institutions for any failure by us or by 
any of our associated third parties to protect this information. We have been, and expect to continue to be, a potential target 
of malicious third party attempts to identify and exploit system vulnerabilities and penetrate or bypass our security 
measures. While plans and procedures are in place to protect this sensitive data, we cannot be certain that these measures 
will be successful and will be sufficient to counter all current and emerging technology threats that are designed to breach 
our systems in order to gain access to confidential information. 
The techniques used to obtain unauthorized access, disable, or degrade service or sabotage systems change frequently, 
have become increasingly complex and sophisticated, and are often difficult to detect. Threats to our systems and our 
associated third parties’ systems can derive from human error, fraud, or malice on the part of employees or third parties, 
or may result from accidental technological failure. Computer viruses and other malware can be distributed and could 
infiltrate our systems or those of our associated third parties. In addition, denial of service or other attacks could be 
launched against us for a variety of purposes, including to interfere with our services or create a diversion for other 
malicious activities. Our defensive data protection measures may not prevent unauthorized access or use of sensitive data. 
While we maintain insurance coverage that may cover certain aspects of cyber risks and incidents, our insurance coverage 
may be insufficient to cover all losses, and we may not be able to renew the insurance on commercially reasonable terms 
or at all. Further, we do not control the actions of any of the third parties that facilitate our business activities, including 
vendors, suppliers, customers, service providers, counterparties or financial intermediaries, or their systems. These third 
parties have experienced security breaches in the past, and any future problems experienced by these third parties, including 
those resulting from cyberattacks or other breakdowns or disruptions in services, could adversely affect our ability to 
conduct our business or expose us to liability.  
In addition, following an acquisition, we take steps to ensure our data and system security protection measures cover the 
acquired business as part of our integration process. As such, there may be a period of increased cybersecurity risk during 
the period between closing an acquisition and the completion of our data and system security integration.  
27 
We may also be subject to liability for claims relating to misuse of personal information, such as unauthorized marketing 
and violation of data privacy laws. We cannot provide assurance that the contractual requirements related to security and 
privacy that we impose on our service providers who have access to merchant and customer data will be followed or will 
be adequate to prevent the unauthorized use or disclosure of data. In addition, we have agreed in certain agreements to 
take certain protective measures to ensure the confidentiality of merchant and consumer data. The costs of systems and 
procedures associated with such protective measures may increase and could adversely affect our ability to compete 
effectively. Any failure to adequately enforce or provide these protective measures could result in litigation, governmental 
and card network intervention, and fines, lost revenue, and other liabilities and reputational harm. 
Any type of security breach, attack, or misuse of data described above or otherwise, could harm our reputation and deter 
existing and prospective merchants and partners from using our services, deter customers from making electronic payments 
generally, increase our operating expenses in order to contain and remediate the incident, expose us to unexpected or 
uninsured liability, disrupt our operations (including potential service interruptions), distract our management, increase 
our risk of regulatory scrutiny, result in the imposition of regulatory or card network fines and other penalties, and 
adversely affect our continued card network registration and financial institution sponsorship. For example, if we were to 
be removed from the card networks’ lists of Payment Card Industry Data Security Standard (“PCI DSS”) compliant service 
providers, our existing merchants, sales, and financial institution partners, or other third parties may terminate their 
relationship with us or cease using or referring our services. Also, prospective merchants, sales partners, financial 
institution partners or other third parties may delay or choose not to consider us for their processing needs. In addition, 
card networks could refuse to allow us to process through their networks. Any of the foregoing could adversely impact our 
business, financial condition, or results of operations. 
We may experience failures in our processing systems due to software defects, undetected errors, computer viruses, and 
development delays, which could damage customer relations and expose us to liability. 
Our core business depends on the reliability of our processing systems. A system outage or other failure could adversely 
affect our business, financial condition, or results of operations, including by damaging our reputation or exposing us to 
third-party liability. Certain laws, regulations, and card network rules allow for penalties if our systems do not meet certain 
operating standards and may require us to report issues to regulators or the card networks within a specified time period. 
To successfully operate our business, we must be able to protect our systems from interruption, including from events that 
may be beyond our control. Events that could cause system interruptions include fire, natural disaster, unauthorized entry, 
power loss, telecommunications failure, computer viruses, terrorist acts, and war. Although we have taken steps to protect 
against data loss and system failures, there is still risk that we may lose critical data or experience system failures. In 
addition, we utilize select third parties for certain disaster recovery operations, particularly outside of the United States. 
To the extent we outsource any disaster recovery functions, we could be adversely impacted in the event of the vendor’s 
unresponsiveness or other failures. In addition, our insurance may not be adequate to compensate us for all losses or failures 
that may occur. 
Our products and services are based on sophisticated software and computing systems that are constantly evolving. We 
often encounter delays and cost overruns in developing and implementing changes to our systems. In addition, the 
underlying software may contain undetected errors, viruses, or defects. We may experience processing delays on our 
systems due to system capacity or configuration issues as well as due to service interruptions or delays by our service 
providers. Defects in our software products and errors or delays in our processing of electronic transactions could result in 
additional development costs, diversion of technical and other resources from our other development efforts, loss of 
credibility with current or potential merchants, harm to our reputation, or other liabilities. In addition, we rely on 
technologies supplied to us by third parties that may contain undetected errors, viruses, or defects that could adversely 
affect our business, financial condition, or results of operations. Although we attempt to limit our potential liability through 
disclaimers in our software documentation and limitation of liability provisions in our licenses and other agreements with 
our merchants and partners, we cannot assure that these measures will be successful in limiting our liability.  

28 
Degradation of the quality of the products and services we offer, including support services, could adversely impact our 
ability to attract and retain merchants and partners. 
Our merchants and partners expect a consistent level of quality in the provision of our products and services. If the 
reliability or functionality of our products and services is compromised or the quality or support of such products and 
services is otherwise degraded, we could lose existing merchants and partners and find it harder to attract new merchants 
and partners. If we are unable to scale our support functions to address the growth of our merchant portfolio and partner 
network, the quality of our support may decrease, which could also adversely affect our ability to attract and retain 
merchants and partners. 
Our ability to recruit, retain, and develop qualified personnel is critical to our success and growth. 
For us to successfully compete and grow, we must recruit, retain, and develop personnel who can provide the necessary 
expertise across a broad spectrum of intellectual capital needs in a rapidly changing technological, social, economic, and 
regulatory environment. The market for qualified personnel is competitive, and we have experienced, and we expect to 
continue to experience, difficulty in hiring and retaining employees with appropriate qualifications, and we may not be 
able to fill positions in desired geographic areas or at all and may fail to effectively replace current personnel who depart 
with qualified or effective successors. Our efforts to retain and develop personnel may also result in significant additional 
expenses, which could adversely affect our profitability. As the economic uncertainty related to the COVID-19 pandemic 
eases, we have faced, and may continue to face, additional challenges in recruiting and retaining qualified personnel as 
other companies increase the pace of hiring. We must also continue to retain and motivate existing employees through our 
compensation practices, company culture, and career development opportunities. We cannot assure that we will be able to 
attract and retain qualified personnel in the future or that key personnel, including our executive officers, will continue to 
be employed or that our succession planning will adequately mitigate the risk associated with key personnel transitions. If 
we fail to attract new personnel or to retain our current personnel, our business and future growth prospects could be 
adversely affected. 
Acquisitions create certain risks and may adversely affect our business, financial condition, or results of operations. 
We have actively acquired businesses and expect to continue to make acquisitions of businesses and assets in the future, 
including, for example, our pending joint venture and exclusive referral relationship with the National Bank of Greece. 
The acquisition and integration of businesses and assets involve a number of risks. These risks include valuation 
(determining a fair price for the business and assets), integration (managing the process of integrating the acquired 
business’ people, products, technology, and other assets to realize the projected value and synergies), regulation (obtaining 
any applicable regulatory or other government approvals), and due diligence (identifying risks to the prospects of the 
business, including undisclosed or unknown liabilities or restrictions). 
In addition, acquisitions outside of the United States often involve additional or increased risks including: 
• 
managing geographically separated organizations, systems and facilities; 
• 
integrating personnel with diverse business backgrounds and organizational cultures; 
• 
complying with non-U.S. legal, tax, and regulatory requirements; 
• 
addressing financial and other impacts to our business resulting from fluctuations in currency exchange rates; 
• 
enforcing intellectual property rights in non-U.S. countries; 
• 
difficulty entering new markets due to, among other things, consumer acceptance and business knowledge of 
these markets; and 
• 
general economic and political conditions. 
The failure to avoid or mitigate the risks described above or other risks associated with acquisitions could have a material 
adverse effect on our business, results of operations, and financial condition. 
29 
In addition, we may not be able to successfully integrate businesses that we acquire or do so within the intended timeframe. 
We could face significant challenges in managing and integrating our acquisitions, including diversion of management’s 
attention, migrating services from third-parties to our own systems and infrastructure, and integrating operations and 
personnel. In addition, the expected cost synergies or new revenue associated with our acquisitions may not be fully 
realized in the anticipated amount or within the contemplated timeframe or cost expectations, which could result in 
increased costs and have an adverse effect on our business, results of operations, and financial condition.  
Further, there may be material risks we are unable to identify or quantify through due diligence. If significant liabilities, 
including those relating to violations of applicable law, arise at one of our joint ventures or acquired subsidiaries, we may 
be exposed to material liabilities or our business may be materially and adversely affected. 
Additional acquisitions may require us to incur additional debt through new or existing credit agreements or issue 
additional equity securities to fund the purchase price. The purchase price of a pending foreign acquisition will further be 
impacted by foreign exchange rate; however, we cannot predict whether future foreign currency exchange fluctuations 
will have a positive or negative impact on the final purchase price. If we are unable to obtain the required funding on 
acceptable terms, or at all, we may not be able to complete acquisitions, which could have an adverse impact on our growth.  
Finally, future acquisition opportunities may not be available on acceptable terms, or at all, and we may not be able to 
obtain necessary financing or regulatory approvals to complete potential acquisitions. If we are unable to continue to 
complete successful acquisitions, our growth prospects could be adversely impacted.  
Continued consolidation and other transactions in the banking industry could adversely affect our growth and financial 
results. 
The banking industry continues to experience consolidation regardless of overall economic conditions. In addition, in times 
of economic distress, various regulators in the markets we serve have acquired, and in the future may acquire, financial 
institutions, including banks with which we partner. If a current financial institution referral partner of ours is acquired by 
another bank, the acquiring bank may seek to terminate our agreement and impose its own merchant services program on 
the acquired bank. If a financial institution referral partner acquires another bank, our financial institution referral partner 
may take the opportunity to conduct a competitive bidding process to determine whether to maintain our merchant 
acquiring services or switch to another provider. In either situation, we may be unable to retain the relationship post-
acquisition, or may have to offer financial concessions to do so, which could adversely affect our results of operations or 
growth. In addition, if a current financial institution referral partner of ours is acquired or becomes subject to a consent 
decree or similar oversight by a regulator, the regulator may seek to alter the terms or terminate our existing agreement 
with the acquired financial institution. For example, in October of 2018, BNP Paribas Group acquired one of our financial 
institutional referral partners, Raiffeisen Bank Polska, in Poland. Under the terms of our contract, BNP Paribas Group 
elected not to continue the relationship with us in Poland and refunded certain fees to us that we had previously paid to the 
bank. In addition, our financial institution referral partners may sell certain of their business assets, restructure their 
business, or rebrand. Any such actions could negatively impact our commercial alliance with such financial institution 
partner. 
One of our financial institution referral partners, Grupo Banco Popular, was acquired by Grupo Santander (“Santander”) 
in June 2017, which has adversely impacted our business in Spain. Revenues from this channel have declined significantly 
due primarily to reduced merchant referrals following Santander’s consolidation of Grupo Banco Popular branches and 
the bank’s lack of performance of certain of its obligations under our agreements. See Note 19, “Commitments and 
Contingencies,” in the notes to the accompanying consolidated financial statements for additional information.   
Increased customer attrition could cause our financial results to decline. 
We experience attrition in merchant transaction processing volume due to several factors, including business closures, 
transfers of merchants’ accounts to our competitors, unsuccessful contract renewal negotiations, and account closures that 
we initiate for various reasons, such as heightened credit risks or contract breaches by merchants. We cannot predict the 

30 
level of attrition that may occur in the future and it could increase. Higher than expected attrition could adversely affect 
our business, financial condition, or results of operations. 
We incur a chargeback liability when our merchants refuse to or cannot reimburse chargebacks resolved in favor of 
their customers. Any increase in chargebacks not paid by our merchants may adversely affect our business, financial 
condition, or results of operations. 
In the event that a dispute between a cardholder and a merchant is not resolved in favor of the merchant, the transaction is 
normally charged back to the merchant and the purchase price is credited or otherwise refunded to the cardholder. If we 
are unable to collect such amounts from the merchant’s account or reserve account (if applicable), or if the merchant 
refuses or is unable, due to closure, bankruptcy, or other reasons, to reimburse us for a chargeback, we are responsible for 
the amount of the refund paid to the cardholder. The risk of chargebacks is typically greater with those merchants that 
promise future delivery of goods and services, rather than delivering goods or rendering services at the time of payment, 
as well as “card not present” transactions in which consumers are not physically present, such as eCommerce, telephonic, 
and mobile transactions. We may experience significant losses from chargebacks in the future. Any increase in chargebacks 
not paid by our merchants could have a material adverse effect on our business, financial condition, or results of operations.  
Notwithstanding our policies and procedures for managing credit risk, such as requiring merchant cash reserve accounts 
and monitoring transaction activity, it is possible that a default on such obligations by one or more of our merchants could 
adversely affect our business, financial condition, or results of operations. 
In addition, in certain cases, governmental authorities may seek to freeze or take possession of merchant cash reserves as 
part of an investigation or regulatory proceeding. In that event, we may be unable to satisfy chargeback losses from the 
merchant cash reserves and may experience significant losses if we are required to satisfy chargeback losses from our own 
funds.  
Failure to maintain or collect reimbursements from our financial institution referral partners could adversely affect 
our business. 
Certain of our long-term referral arrangements with financial institutions permit our partners to offer their merchant 
customers lower rates for processing services than we typically provide to the general market. If one of our bank partners 
elects to offer these lower rates, they are contractually required to reimburse us for the full amount of the discount provided 
to their merchant customers; however, there can be no assurance that these contractual provisions will fully protect us from 
potential losses should a bank partner default on its obligations to reimburse us or seek to discontinue such reimbursement 
obligations in the future. If we are unable to collect the full amount of any such reimbursements for any reason, we may 
incur losses. In addition, any discount provided by our financial institution partner may cause merchants in these markets 
to demand lower rates for our services in the future, which could further reduce our margins or cause us to lose merchants, 
either of which could adversely affect our business, financial condition, or results of operations. 
Fraud by merchants or others could adversely affect our business, financial condition, or results of operations. 
We may be liable for certain fraudulent transactions and credits initiated by merchants or others. For example, if we were 
to process payments for a merchant that engaged in unfair or deceptive trade practices, we may be subject to enforcement 
actions by the Federal Trade Commission, other consumer protection agencies, state attorneys general, regulators or other 
governmental agencies. Examples of merchant fraud include merchants or other parties knowingly using a stolen or 
counterfeit credit or debit card, card number, or other credentials to record a false sales or credit transaction, processing 
an invalid card, or intentionally failing to deliver goods or services sold in an otherwise valid transaction. Criminals are 
using increasingly sophisticated methods to engage in illegal activities such as counterfeiting and fraud, especially through 
eCommerce transactions. Failure to effectively manage risk and prevent fraud could increase our chargeback liability or 
cause us to incur other liabilities, including if we are subject to enforcement action by a regulatory authority. It is possible 
that incidents of fraud could increase in the future. Increases in chargebacks or other liabilities could adversely affect our 
business, financial condition, or results of operations. 
31 
Because we rely on third-party vendors to provide products and services, we could be adversely impacted if they fail to 
fulfill their obligations. 
We depend on third-party vendors and partners to provide us with certain products and services, including components of 
our computer systems, software, data centers, and telecommunications networks, to conduct our business. For example, 
we rely on third parties for services such as organizing and accumulating certain daily transaction data from each merchant 
and card issuer and forwarding the data to the relevant card network. We also rely on third parties for specific software 
and hardware used in providing our products and services. Some of these organizations and service providers are our 
competitors or provide similar services and technology to our competitors, and we do not have long-term or exclusive 
contracts with them. In addition, we rely on various financial institutions to provide clearing services in connection with 
our settlement activities. If these financial institutions stop providing clearing services, we would need to find other 
financial institutions to provide those services. If we were unable to do so we would no longer be able to provide processing 
services to certain merchants, which could adversely affect our business, financial condition, or results of operations. 
The systems and operations of our third-party vendors and partners, including our terminal manufacturers, could be 
exposed to damage or interruption from, among other things, fire, natural disaster, power loss, telecommunications failure, 
unauthorized access, computer viruses, denial-of-service attacks, acts of terrorism, human error, vandalism or sabotage, 
financial insolvency, bankruptcy, and similar events.  
In addition, we may be unable to renew our existing contracts with our most significant vendors and partners or our vendors 
and partners may stop providing or otherwise supporting the products and services we obtain from them, and we may not 
be able to obtain these or similar products or services on the same or similar terms as our existing arrangements, if at all. 
The failure of our vendors and partners to perform their obligations and provide the products and services we obtain from 
them in a timely manner for any reason could adversely affect our operations and profitability due to, among other 
consequences: (i) loss of revenues; (ii) loss of merchants and partners; (iii) loss of merchant and cardholder data; (iv) fines 
imposed by card networks; (v) reputational harm; (vi) exposure to fraud losses or other liabilities; (vii) additional operating 
and development costs; or (viii) diversion of management, technical and other resources. 
We depend, in part, on our merchant and strategic relationships with various financial institutions and referral partners 
to grow our business. If we are unable to maintain these relationships, our business may be adversely affected. 
We depend, in part, on our merchant relationships to grow our business. Our merchant processing agreements are our main 
source of revenue. Our failure to maintain or grow these relationships could adversely affect our business and result in a 
reduction of our revenue and profit.  
We also rely on our various financial institution relationships, including our partnerships with Deutsche Bank USA, 
Deutsche Bank Group, Grupo Santander, PKO Bank Polski, Bank of Ireland, Raiffeisenbank, Moneta, Citibanamex, 
Sabadell, Banco de Crédito e Inversiones, and Liberbank, among others, to grow our business. These relationships are 
structured in various ways, such as commercial alliance relationships, equity method investments, and joint ventures. We 
enter into long-term relationships with our bank partners where these partners typically provide exclusive referrals and 
credit facilities to fund our daily settlement obligations. These facilities are generally short term and at market interest 
rates. In some cases, our bank partners provide us with card network sponsorship, which enables us to route transactions 
under the bank’s control and identification numbers to clear card transactions through the card networks. Under the rules 
of the card networks, we are required to be a member of the network or sponsored through a member financial institution. 
In addition, we rely on our various referral partners to grow our business. Our sales divisions work with a diverse mix of 
referral partners including ISVs, software dealers, and independent sales agents. These relationships generally consist of 
non-exclusive referral arrangements pursuant to which we pay our partners a referral fee based on profit generated by the 
merchants attributable to their referral. If an existing sales partner switches to another payment processor, terminates our 
services, internalizes payment processing functions that we perform, merges with or is acquired by one of our competitors, 
seeks alternative product or integration capabilities, or shuts down or becomes insolvent, we may no longer receive new 
merchant referrals from the sales partner and we risk losing existing merchants that were originally enrolled by the sales 

32 
partner. In some jurisdictions, we are reliant on a small concentration of sales partners for a substantial portion of our 
merchant referrals. 
We rely on the growth of our financial institution and referral partner relationships, and our ability to maintain these 
relationships, to support and grow our business. In addition, in certain of the markets in which we conduct our business, a 
substantial portion of our revenue is derived from long-term contracts. If we fail to maintain or renew these relationships, 
or our financial institution partners fail to maintain their brands or decrease the size of their branded networks, or our 
referral partners fail to penetrate their target markets or fail to remain competitive in such markets, our business, financial 
condition or results of operations may be adversely affected. Furthermore, failure to maintain our financial institution 
relationships may prevent us from obtaining settlement facilities, and we may be forced to secure alternative arrangements 
on less favorable terms. The loss of financial institution relationships or referral partners could adversely affect our 
business and result in a reduction of our revenue and profit.  
Finally, we intend to grow our business by partnering with new financial institutions and tech-enabled partners in our 
existing markets, as well as new markets. The inability to partner with new financial organizations or tech-enabled partners 
may inhibit our growth prospects. 
A significant number of our merchants are small- and medium-sized businesses or small affiliates of large companies, 
which can be more difficult and costly to retain than larger enterprises and may increase the impact of economic 
fluctuations on our business. 
We market and sell our products and services to, among others, SMEs and small affiliates of large companies. To continue 
to grow our revenue, we must add merchants, sell additional services to existing merchants, and encourage existing 
merchants to continue doing business with us. However, retaining SMEs can be more difficult than retaining large 
enterprises because SME merchants often have higher rates of business failures and more limited resources; are typically 
less sophisticated in their ability to make technology-related decisions based on factors other than price; may have 
decisions related to the choice of payment processor dictated by their affiliated parent entity; and are more able to change 
their payment processors than larger organizations dependent on our services. 
SMEs are typically more susceptible to the adverse effects of economic fluctuations and have been disproportionately 
affected by the adverse effects of the COVID-19 pandemic and resulting government regulations. Adverse changes in the 
economic environment or business failures of our SME merchants may have a greater impact on us than on our competitors 
who do not focus on SMEs to the extent that we do. As a result, we may need to attract and retain new merchants at an 
accelerated rate or decrease our expenses to mitigate negative impacts in the event our SME merchants experience business 
declines due to economic trends or otherwise, failure of which may negatively impact our business, financial condition, or 
results operations.  
Our operating results and operating metrics are subject to seasonality and volatility, which could result in fluctuations 
in our quarterly revenues and operating results or in perceptions of our business prospects. 
We have experienced in the past, and expect to continue to experience, seasonal fluctuations in our revenue, which can 
vary by region. Our revenue has typically been strongest in our fourth quarter and weakest in our first quarter. Some 
variability results from seasonal retail events and the number of business days in a month or quarter. Our typical seasonality 
patterns have been disrupted by the ongoing COVID-19 pandemic and related government actions. We also experience 
volatility in certain other metrics, such as number of transactions processed and payment processing volumes. Volatility 
in our key operating metrics or their rates of growth could result in fluctuations in financial condition or results of 
operations and may lead to adverse inferences about our business prospects, which could result in declines in our stock 
price. 
33 
Our business may be adversely affected by geopolitical and other risks associated with operations outside of the United 
States and, as we continue to expand internationally, we may become more susceptible to these risks. 
We offer merchant acquiring and processing services in many geographies outside of the United States, including in 
Canada, the Czech Republic, Germany, Ireland, Mexico, Chile, Poland, Spain, and the United Kingdom. We are subject 
to risks associated with operations in international markets, including changes in foreign governmental policies and 
requirements applicable to our business. In particular, some countries where we operate lack well-developed legal systems 
or have not adopted clear regulatory frameworks for the payment services industry. This lack of legal certainty exposes 
our operations to increased risks, including difficulty enforcing our agreements in those jurisdictions and increased risks 
of adverse actions by local government authorities, such as expropriations. As we continue to expand internationally, we 
may face challenges due to the presence of more established competitors and our lack of experience in new markets.  
In addition, our current and future financial institution partners in foreign jurisdictions, particularly in Europe, may be 
acquired, reorganized, or otherwise disposed of in the event of further market turmoil or losses in their loan portfolio that 
result in such financial institutions becoming less than adequately capitalized. Our revenue derived from these and other 
non-U.S. operations is subject to additional risks, including those resulting from social and geopolitical instability and 
unfavorable political or diplomatic developments, all of which could adversely affect our business, financial condition, or 
results of operations. A possible slowdown in global trade caused by increasing tariffs or other restrictions could decrease 
consumer or corporate confidence and reduce consumer, government, and corporate spending in countries outside the 
United States, which could adversely affect our foreign operations. Certain of our partners in foreign jurisdictions are also 
state-controlled entities, which may adversely affect our ability to seek redress for any contractual breach to the extent 
these partners can successfully claim sovereign immunity. In addition, in the event ongoing or future sovereign debt 
concerns in a particular country impact any such partner, our business could be negatively impacted.  
We have significant operations in the United Kingdom and throughout Europe more generally. The United Kingdom’s 
withdrawal from the European Union and the continuing negotiations to determine the terms of the United Kingdom’s 
relationship with the EU has created significant uncertainty, including the nature of the transition, implementation, or 
successor arrangements, and future trading arrangements between the United Kingdom and the EU, and may in the future 
have a material adverse effect on global economic conditions and the stability of the global financial markets. Commencing 
in January 2021, we availed ourselves of the United Kingdom’s temporary permissions regime, which allows us to 
continue to operate in that market under our current regulatory permissions for a period of up to three years. In order to 
maintain our access to the United Kingdom market, we have applied to the United Kingdom regulatory authority for a 
stand alone PI license to operate in the United Kingdom. However, there is no guarantee that our application will be 
approved. We continue to closely monitor the impact of Brexit on our operations as further details emerge regarding the 
post-Brexit regulatory landscape. However, lack of clarity about applicable future laws, regulations, or treaties between 
the United Kingdom and the European Union could increase our costs and depress market activity. If we are unable to 
successfully manage the foregoing risks relating to our business outside the United States, our business, financial condition, 
or results of operations could be adversely impacted.  
A decline in the use of cards as a payment mechanism for consumers or other adverse developments with respect to the 
card industry in general may adversely impact us. 
In order to consistently increase and maintain our profitability, consumers and businesses must continue to use electronic 
payment methods that we process, including credit and debit cards, and various factors may impact levels of use. For 
example, consumer credit risk may make it more difficult or expensive for consumers to gain access to credit facilities 
such as credit cards. Financial institutions may seek to charge their customers additional fees for use of credit or debit 
cards which could result in decreased use of credit or debit cards. In addition, various technology alternatives to credit and 
debit cards, such as digital wallets, have been introduced to the market and we expect that additional alternatives will be 
developed. Any other development that impacts the cost, convenience, or quality of services of electronic payments could 
result in a decline in the use of credit and debit cards or other electronic payments. Any such decline may adversely impact 
our business, financial condition, or results of operations. 

34 
Increases in card network fees and other changes to fee arrangements may result in the loss of merchants or a reduction 
in our earnings. 
From time to time, card networks, including Visa and Mastercard, increase the fees that they charge processors. We could 
attempt to pass these increases along to our merchants but this strategy might result in the loss of merchants to our 
competitors who do not pass along the increases. If competitive practices prevent us from passing along the higher fees to 
our merchants in the future, we may have to absorb all or a portion of such increases, which may increase our operating 
costs and reduce our earnings. 
In addition, in certain of our markets, card issuers pay merchant acquirers fees based on debit card usage in an effort to 
encourage debit card use. If this practice were discontinued, our revenue and margins in jurisdictions where we receive 
these fees would be adversely affected. 
Further, governments in the markets in which we operate have and may continue to implement new laws or regulations 
that effectively limit our ability to provide DCC or set fees or foreign currency exchange spreads. In March 2018, the EU 
proposed additional regulations on cross-border transactions within the EU, including specific regulations on DCC. In 
December 2018, the European Commission, European Council, and European Parliament agreed to legislation that 
requires disclosure of foreign exchange margins applicable to DCC transactions and eventual comparability between 
foreign exchange rates offered by DCC providers and bank card issuers. The new legislation went into effect in April 2020. 
Such regulation could materially and adversely impact our financial results, by reducing the number of DCC transactions 
we process and the level of profit we generate from such transactions.  
In addition to government regulation and card network rules, it is possible that merchants alter their business practices to 
avoid payment of certain fees to payment processors, such as inactive fees, paper statements, and PCI non-compliance 
fees.  A significant decrease in these fees paid by merchants could have a material adverse effect on our business, financial 
condition, or results of operations.  
If we fail to comply with the applicable requirements of card networks, they could seek to fine us, suspend us or 
terminate our registrations. If our merchants or sales partners incur fines or penalties that we cannot collect from them, 
we may have to bear the cost of such fines or penalties. 
In order to provide our transaction processing services, several of our subsidiaries are registered with Visa and Mastercard 
and other card networks as members or service providers for member institutions. Visa, Mastercard and other card 
networks set rules and standards with which we must comply. Any failure to comply with the networks’ requirements or 
to pay the fines they impose could cause the termination of our registration or status as a certified service provider and 
require us to stop providing payment processing services. 
The card network rules subject us and our merchants to a variety of fines or penalties for certain acts or omissions by us 
or our merchants. The rules of card networks are set by their boards, which include members that are card issuers that 
directly or indirectly sell processing services to merchants in competition with us. There is a risk that these members could 
use their influence to enact changes to the card network rules or policies that are detrimental to us. Any changes in network 
rules or standards that increase the cost of doing business or limit our ability to provide processing services to our 
merchants will adversely affect the operation of our business. In addition, card networks and their member financial 
institutions regularly update, and generally expand, security expectations and requirements related to the security of 
cardholder data and environment. Under certain circumstances, we are required to report incidents to the card networks 
within a specified time frame. 
In addition, if a merchant or sales partner fails to comply with the applicable requirements of card networks, it could be 
subject to a variety of fines or penalties that may be levied by card networks. We may have to bear the cost of such fines 
or penalties if we are unable to collect them from the applicable merchant or sales partner. The termination of our member 
registration, any change in our status as a service provider or merchant processor, or any changes in network rules or 
standards could prevent us from providing processing services relating to the affected card network and could adversely 
affect our business, financial condition, or results of operations. 
35 
Risks related to our financial results and indebtedness 
Our results of operations may be adversely affected by changes in foreign currency exchange rates. 
We present our financial statements in U.S. dollars and have a significant proportion of net assets and earnings in non-
U.S. dollar currencies. Accordingly, we are exposed to foreign currency exchange rate risk arising from transactions in the 
normal course of business. 
Revenue and profit generated by our non-U.S. operations will increase or decrease compared to prior periods as a result 
of changes in foreign currency exchange rates and the impact may be significant. For example, revenue generated by our 
non-U.S. operations represented approximately 60% of our total revenue for the year ended December 31, 2021, and a 
hypothetical uniform 10% strengthening in the value of the U.S. dollar relative to the local currencies of our non-U.S. 
operations would result in a decrease of approximately $5.1 million in pretax income for the year ended 
December 31, 2021. In addition, currency variations can adversely affect the margins on our DCC product offerings. A 
greater portion of our revenue is generated outside the United States as compared to certain of our competitors and, as 
such, foreign currency exchange rates may have a more significant impact on our results.  
In addition, we may become subject to exchange control regulations that restrict or prohibit the conversion of our other 
revenue currencies into U.S. dollars. Any of these factors could decrease the value of revenues and earnings we derive 
from our non-U.S. operations and adversely affect our business. 
While we currently have some degree of diversification in foreign currency, we may seek to reduce our exposure to 
fluctuations in foreign currency exchange rates in the future through the use of hedging arrangements. To the extent that 
we hedge our foreign currency exchange rate exposure in the future, we will forgo the benefits we would otherwise 
experience if foreign currency exchange rates changed in our favor. No strategy can completely insulate us from risks 
associated with such fluctuations and our currency exchange rate risk management activities could expose us to substantial 
losses if such rates move materially differently from our expectations. 
Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant 
portion of these assets would negatively affect our business, financial condition, or results of operations. 
As a result of our prior acquisitions, a significant portion of our total assets consists of intangible assets (including 
goodwill). To the extent we engage in additional acquisitions, we may recognize additional intangible assets and goodwill. 
We evaluate on a regular basis whether all or a portion of our goodwill and other intangible assets may be impaired. Under 
current accounting rules, any determination that impairment has occurred would require us to record an impairment charge. 
An impairment of a significant portion of goodwill or intangible assets would adversely affect our business, financial 
condition, or results of operations. 
If our business does not perform well, we may be required to establish a valuation allowance against the deferred tax 
assets, which would negatively impact the results of our operations. 
We have substantial amounts of deferred tax assets on our balance sheet. The evaluation of realizability of these assets 
requires us to analyze historical taxable income and make significant assumptions related to forecasted revenues and 
taxable income in the appropriate tax jurisdiction. Estimated future taxable income can be sensitive to changes in the 
assumed revenue growth rate and expected operating margin, which are affected by expectations about future market 
conditions and are inherently uncertain due to their forward-looking nature. Future events could cause us to conclude that 
impairment indicators exist and may require us to record a valuation allowance. Any significant impairment loss would 
have an adverse impact on our reported earnings in the period in which the charge is recognized. 
Our indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability 
to react to changes in the economy or our industry, expose us to interest rate risk, and prevent us from meeting our debt 
obligations.  
Our indebtedness could have adverse consequences, including: 

36 
• 
increasing our vulnerability to adverse economic, industry, or competitive developments; 
• 
requiring a substantial portion of cash flow from operations to be dedicated to the payment of principal and 
interest on our indebtedness, thereby reducing our ability to use cash flow to fund our operations, capital 
expenditures, and future business opportunities; 
• 
making it more difficult for us to satisfy our obligations with respect to our indebtedness, including restrictive 
covenants and borrowing conditions, which could result in an event of default under the agreements governing 
such indebtedness; 
• 
restricting us from making strategic acquisitions, making it more difficult to structure new partnerships or joint 
ventures, or causing us to make non-strategic divestitures; 
• 
making it more difficult for us to obtain card network sponsorship and clearing services from financial institutions 
or to obtain or retain other business with financial institutions; 
• 
limiting our ability to obtain additional financing for working capital, capital expenditures, product development, 
debt service requirements, acquisitions, and general corporate or other purposes; or 
Successful execution of our business strategy is dependent in part upon our ability to manage our capital structure to reduce 
interest expense, have access to sufficient liquidity, and enhance free cash flow generation. We are party to a senior secured 
credit facility pursuant to a credit agreement dated November 1, 2021 (our “Senior Secured Credit Facilities”). The Senior 
Secured Credit Facilities consists of a revolver (the “Revolver”) and a term loan (the “Term Loan”). As of December 31, 
2021, our Senior Secured Credit Facilities include revolver commitments of $200.0 million and a term loan of $588.0 
million that are scheduled to mature in November 2026. We may not be able to refinance our Senior Secured Credit 
Facilities or our other existing indebtedness at or prior to their maturity at attractive rates of interest because of our high 
levels of debt, debt incurrence restrictions under our debt agreements, or because of adverse conditions in credit markets 
generally. We also have the ability to further increase our indebtedness by borrowing additional amounts on the Senior 
Secured Credit Facilities. 
In addition, certain of our borrowings, including borrowings under our Senior Secured Credit Facilities, are at variable 
rates of interest. If interest rates increase, the interest payment obligations under our variable rate indebtedness will increase 
even if the amount borrowed remains the same. The condition of the financial and credit markets and prevailing interest 
rates have fluctuated in the past and are likely to fluctuate in the future. In addition, developments in our business and 
operations could lead to a ratings downgrade for us. In 2020, we entered into an interest rate swap with a notional amount 
of $500.0 million that matures on December 31, 2022 to reduce a portion of exposure to fluctuations in LIBOR interest 
rates associated with our variable-rate debt. As of December 31, 2021, we had $588.0 million aggregate principal amount 
of variable rate indebtedness. As a result, as of December 31, 2021, the impact of a 100 basis point increase in interest 
rates would have increased our annual interest expense by approximately $0.9 million. 
Any such fluctuation in the financial and credit markets, or in the credit rating of us or our subsidiaries, may impact our 
ability to access debt markets in the future or increase our cost of current or future debt, which could adversely affect our 
business, financial condition, or results of operations. 
We may be required to purchase the remainder of our eService subsidiary in Poland. 
In December 2013, we acquired a 66% ownership interest in Centrum Elektronicznych Uslug Platniczych eService Sp. z 
o.o., or eService, from PKO Bank Polski. In connection with the purchase, we granted a put option to PKO Bank Polski 
that, if exercised, could force us to buy the remainder of the business at the then-current market price. The option expires 
on January 1, 2024. If we are forced to purchase the remainder of our eService subsidiary at a time in which it is not 
otherwise in our best interest to do so, our business, including our liquidity, could be adversely affected. 
37 
The phase-out, replacement or unavailability of the London Interbank Offered Rate (“LIBOR”) may adversely affect 
our results of operations. 
In July 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) publicly announced that it intends to stop 
persuading or compelling banks to submit LIBOR rates after 2021. In the United States, the Alternative Reference Rates 
Committee, which was convened by the Federal Reserve Board and the Federal Reserve Bank of New York, has identified 
the Secured Overnight Financing Rate (“SOFR”), a new index calculated by reference to short-term repurchase agreements 
for U.S. Treasury securities, as its preferred alternative rate for U.S. dollar LIBOR. Financial regulators in the United 
Kingdom, the European Union, Japan, and Switzerland also have formed working groups with the aim of recommending 
alternatives to LIBOR denominated in their local currencies.  
In March 2021, the FCA announced that LIBOR will no longer be provided for the one-week and two-month U.S. dollar 
settings after December 31, 2021 and that publication of the U.S. dollar settings for the overnight, one-month, three-month, 
six-month and 12-month LIBOR rates will cease after June 30, 2023. 
There is currently no definitive successor reference rate to LIBOR and various industry organizations are still working to 
develop transition mechanisms. SOFR is calculated based on overnight transactions under repurchase agreements, backed 
by Treasury securities. SOFR is observed on a daily basis and backward looking, which stands in contrast with LIBOR 
under the current methodology, which is an estimated forward-looking rate for specified tenors and relies, to some degree, 
on the expert judgment of submitting panel members. Given that SOFR is a secured rate backed by government securities, 
it is a rate that does not take into account bank credit risk (as is the case with LIBOR). Because of these and other 
differences, there is no assurance that SOFR will perform in the same way as LIBOR would have performed at any time, 
and there is no guarantee that it will be a comparable substitute for LIBOR. As of December 31, 2021, approximately 
$588.0 million of our outstanding indebtedness had interest rate payments determined directly or indirectly based on 
LIBOR or the U.S. prime rate. The terms of our Senior Secured Credit Facilities include provisions that provide for the 
eventual replacement of LIBOR as a reference rate with SOFR or otherwise an alternate benchmark rate.  However, 
uncertainty regarding the continued use and reliability of LIBOR as a benchmark interest rate could adversely affect the 
performance of LIBOR relative to its historic values prior to the replacement of LIBOR. Additionally, in 2020, the 
Company entered into an interest rate swap with a notional amount of $500.0 million to reduce a portion of the exposure 
to fluctuations in LIBOR interest rates associated with our variable-rate term loan. The interest rate swap has a fixed rate 
of 0.2025% and a maturity date of December 31, 2022. We may incur expenses to amend and adjust our indebtedness and 
interest rate swap to eliminate any differences between any alternative benchmark rate used by our interest rate hedge and 
our outstanding indebtedness. Any alternative benchmark rate may be calculated differently than LIBOR, may increase 
the interest expense associated with our existing or future indebtedness and may not align for our assets, liabilities, and 
hedging instruments. Any of these occurrences could adversely affect our borrowing costs, financial condition, or results 
of operations. 
Restrictions imposed by our Senior Secured Credit Facilities and our other outstanding indebtedness may materially 
limit our ability to operate our business and finance our future operations or capital needs. 
The terms of our Senior Secured Credit Facilities restrict us and our subsidiaries from engaging in specified types of 
transactions. These covenants impose certain limitations, subject to certain exceptions, on our ability, and that of our 
subsidiaries, to, among other things: 
• 
incur indebtedness; 
• 
create liens; 
• 
engage in mergers or consolidations; 
• 
make investments, loans and advances; 
• 
pay dividends and distributions and repurchase capital stock; 
• 
sell assets; 
• 
engage in certain transactions with affiliates; 
• 
enter into sale and leaseback transactions; 

38 
• 
make certain accounting changes; and 
• 
make prepayments on junior indebtedness. 
In addition, the credit agreement governing our Senior Secured Credit Facilities contain a financial covenant that requires 
us to remain under a maximum consolidated leverage ratio determined on a quarterly basis with step-downs over time. We 
may elect to increase the maximum consolidated leverage level with which we must comply by 0.5x up to two times during 
the term upon the consummation of a “material acquisition.” See Part II, Item 7, “Management’s Discussion and Analysis 
of Financial Condition and Results of Operations.” A breach of any of these covenants (or any other covenant in the 
documents governing our Senior Secured Credit Facilities) could result in a default or event of default under our Senior 
Secured Credit Facilities. If an event of default under our Senior Secured Credit Facilities occurred, the applicable lenders 
or agents could elect to terminate borrowing commitments and declare all borrowings and loans outstanding thereunder, 
together with accrued and unpaid interest and any fees and other obligations, to be immediately due and payable. In 
addition, or in the alternative, the applicable lenders or agents could exercise their rights under the security documents 
entered into in connection with our Senior Secured Credit Facilities. Subject to certain exceptions specified in our Senior 
Secured Credit Facilities, we have pledged substantially all of our U.S. assets as collateral securing our Senior Secured 
Credit Facilities and any such exercise of remedies on any material portion of such collateral would materially and 
adversely affect our financial condition and our ability to continue operations. 
If we were unable to repay or otherwise refinance these borrowings and loans when due, and the applicable lenders 
proceeded against the collateral granted to them to secure that indebtedness, we may be forced into bankruptcy or 
liquidation. In the event the applicable lenders accelerate the repayment of our borrowings, we may not have sufficient 
assets to repay that indebtedness. Any acceleration of amounts due under our Senior Secured Credit Facilities would likely 
have a material adverse effect our business. 
Accelerated funding programs increase our working capital requirements and expose us to incremental credit risk, and 
if we are unable to access or raise sufficient liquidity to address these funding programs we may be exposed to additional 
competitive risk. 
In response to demand from our merchants and competitive offerings, we offer certain of our merchants various accelerated 
funding programs which are designed to enable qualified participating merchants to receive their deposits from credit card 
transactions in an expedited manner. These programs increase our working capital requirements and expose us to 
incremental credit risk related to our merchants, which could constrain our ability to raise additional capital to fund our 
operations and adversely affect our business, financial condition, or results of operations. Our inability to access or raise 
sufficient liquidity to address our needs in connection with the anticipated expansion of such advance funding programs 
could put us at a competitive disadvantage by restricting our ability to offer programs to all of our merchants similar to 
those made available by our various competitors. 
Risks related to legal and regulatory requirements 
Failure to comply with anti-corruption, anti-money laundering, economic and trade sanctions regulations, and similar 
laws and regulations could subject us to penalties and other adverse consequences. 
We operate our business in various countries where certain business practices are prohibited by U.S., foreign, and other 
laws and regulations applicable to us. We are subject to anti-corruption laws and regulations, including the FCPA, the 
U.K. Bribery Act, and other laws that prohibit the making or offering of improper payments, including payments to foreign 
governments, officials, and business entities for the purpose of obtaining or retaining business. We have implemented 
policies, procedures, systems, and controls designed to identify and address potentially impermissible transactions under 
such laws and regulations; however, there can be no assurance that our employees, consultants, and agents, including those 
that may be based in or from countries where practices that violate U.S. or other laws may be customary, will not take 
actions in violation of our policies for which we may be ultimately responsible. 
In addition, we are subject to certain anti-money laundering laws and regulations. In some jurisdictions, we are directly 
subject to these regulations. In other cases, we are contractually required to comply with certain regulations to which our 
39 
bank partners are subject. These regulations, including the Bank Secrecy Act, as amended by the USA PATRIOT Act of 
2001, and the EU Anti-Money Laundering Directive typically require businesses to develop and implement risk-based 
anti-money laundering programs, report large cash transactions and suspicious activity, and maintain transaction records. 
We are also subject to certain economic and trade sanctions programs administered by OFAC and similar foreign 
governmental agencies, which prohibit or restrict transactions with specified countries, governments, and, in certain 
circumstances, nationals, as well as narcotics traffickers and terrorists or terrorist organizations. Other group entities may 
be subject to additional foreign or local sanctions requirements in other relevant jurisdictions. 
Similar anti-money laundering and counter terrorist financing and proceeds of crime laws apply to movements of currency 
and payments through electronic transactions and to dealings with persons specified in lists maintained by the country 
equivalents to OFAC lists in several other countries and require specific data retention obligations to be observed by 
intermediaries in the payment process. Our businesses in those jurisdictions are subject to those data retention obligations. 
Failure to comply with any of these laws or regulations or changes in this legal or regulatory environment, including 
changing interpretations and the implementation of new or varying regulatory requirements by the government, may result 
in significant financial penalties or reputational harm, or change the manner in which we currently conduct some aspects 
of our business, which could adversely affect our business, financial condition, or results of operations. 
We are subject to governmental regulation and other legal obligations, particularly related to privacy, data protection, 
and information security, as well as consumer protection laws across different markets where we conduct our business. 
Our actual or perceived failure to comply with such obligations could harm our business. 
Privacy and data security have become significant issues in North America, Europe, and in many other jurisdictions where 
we may conduct our operations in the future. As we receive, collect, process, use, and store personal and confidential data, 
we are subject to diverse laws and regulations relating to data privacy and security, including, in the United States, local 
state laws such as the CCPA which took effect on January 1, 2020, and the forthcoming California Privacy Rights and 
Enforcement Act of 2020 (the “CPRA”), which expands upon the CCPA and is scheduled to take effect on January 1, 2023 
(with a lookback to January 1, 2022), and, in the EU, the GDPR.  
The CCPA requires companies (regardless of their location) that collect personal information of California residents to 
notify consumers about their data collection, use, and sharing practices and grants consumers specific rights to access and 
delete their data and to opt out of certain types of data sharing. The California Attorney General is currently responsible 
for the enforcement of the CCPA and can impose statutory fines for violations. Consumers also have a limited private right 
of action for unauthorized access to certain categories of information. The CPRA expands the CCPA to create additional 
consumer privacy rights, such as the right of correction and the right to limit the use and disclosure of sensitive personal 
information, and establishes a new privacy enforcement agency. In addition, Virginia and Colorado have each passed data 
privacy legislation scheduled to take effect in 2023. Both laws emulate the CCPA and the CPRA in many respects, but 
despite similarities each law includes its own unique compliance requirements. Aspects of the interpretation and 
enforcement of these laws remain uncertain. Further, several other states, including Nevada and Maine, have introduced 
or passed similar legislation that may impose varying standards and requirements on our data collection, use, and 
processing activities and the Federal Trade Commission and many state attorneys general are interpreting federal and state 
consumer protection laws to impose standards for the online collection, use, dissemination, and security of data. The effects 
of such laws may require us to modify our data processing practices and policies and incur compliance-related costs and 
expense.   
GDPR is directly applicable in each EU member state and applies to companies established in the EU that process personal 
data as well as companies outside of the EU that collect and use personal data to offer goods or services to, or monitor the 
behavior of, individuals in the EU. GDPR applies stringent data protection obligations for processors and controllers of 
personal data. Data Protection Authorities in each European jurisdiction are responsible for the enforcement of GDPR and 
can impose significant penalties and fines for failure to comply with GDPR, including fines of up to €20 million, or 4% of 
total worldwide annual turnover (revenue), whichever is higher, as well as orders to curtail operations, such as orders to 
cease certain processing activities or data transfers. Additionally, post-Brexit, the United Kingdom has implemented the 

40 
GDPR into domestic law through the Data Protection Act and UK GDPR. As of January 2021, we are required to comply 
with the GDPR and also analogous UK laws, exposing us to two parallel regimes which may diverge in the future, each 
of which potentially authorizes similar fines and enforcement actions for certain violations.  
Compliance with these privacy and data security requirements is rigorous and time-intensive and may increase our cost of 
doing business. Failure to comply with these requirements, or any other laws or regulations applicable to our business, 
may expose us to fines and other penalties, litigation, or reputational harm, any of which could materially and adversely 
affect our business, financial condition, or results of operations.   
The regulatory framework for the receipt, collection, processing, use, safeguarding, and sharing and transfer of personal 
and confidential data is rapidly evolving and is likely to remain uncertain for the foreseeable future as new global privacy 
rules are enacted and existing ones are updated and strengthened. New or evolving regulations could require us to modify 
our systems, products, or processes, possibly in a material manner, and could limit our ability to develop new services and 
features. 
Failure to enforce and defend our intellectual property rights may diminish our competitive advantages or interfere 
with our ability to market and promote our products and services. 
Our trademarks, trade names, trade secrets, know-how, proprietary technology, and other intellectual property are 
important to our future success, including the rights associated with our EVO and certain of our operating subsidiaries’ 
trademarks and trade names, among others. We believe our trademarks and trade names are widely recognized and 
associated with quality and reliable service. While it is our policy to vigorously defend our intellectual property, there can 
be no assurance that the steps we have taken to protect our intellectual property will be adequate to prevent infringement, 
misappropriation, or other violations. We also cannot guarantee that others will not independently develop technology 
with the same or similar functions as the proprietary technology we rely on to conduct our business and differentiate 
ourselves from our competitors. Furthermore, we may face claims of infringement of third-party intellectual property that 
could interfere with our ability to market and promote our products and services. Any litigation to enforce our intellectual 
property rights or defend ourselves against claims of infringement of third-party intellectual property rights could be costly, 
divert attention of management, and may not ultimately be resolved in our favor. Moreover, if we are unable to successfully 
defend against claims that we have infringed the intellectual property rights of others, we may be prevented from using 
certain intellectual property and may be liable for damages, which in turn could have a material adverse effect on our 
business, financial condition, or results of operations. In addition, the laws of certain non-U.S. countries where we do 
business or may do business in the future may not recognize intellectual property rights or protect them to the same extent 
as do the laws of the United States. 
We may be adversely impacted by new or revised tax regulations or their interpretations, or by becoming subject to 
additional foreign or U.S. federal, state, or local taxes that cannot be passed through to our merchants or partners. 
We are subject to tax laws in each jurisdiction where we do business. Changes in tax laws or their interpretation could 
decrease the amount of revenues we receive, the value of any tax loss carry-forwards and tax credits recorded on our 
balance sheet, and the amount of our cash flow or net income, and adversely affect our business, financial condition, or 
results of operations. In addition, our financial results could be adversely impacted if we become subject to new or 
additional taxes that cannot be passed through to our merchants or partners. 
In addition to changes in tax regulations or interpretations, our future effective tax rates could be subject to volatility or 
adversely affected by a number of factors, including: 
• 
allocation of expenses to and among different jurisdictions; 
• 
changes in the valuation of our deferred tax assets and liabilities; 
• 
expected timing and amount of the release of any tax valuation allowances; 
• 
tax effects of stock-based compensation; and 
• 
mix of future earnings and tax liabilities recognized in foreign jurisdictions at varying rates versus U.S. federal, 
state, and local income taxes. 
41 
In addition, we may be subject to audits of our income, sales, and other taxes by U.S. federal, state, and local, as well as 
foreign taxing authorities. Outcomes from these audits could have an adverse effect on our business, financial condition, 
or results of operations. 
Failure to comply with, or changes in, laws, regulations, and enforcement activities may adversely affect our products, 
services, and the markets in which we operate. 
We and our merchants are subject to laws and regulations that affect the electronic payments industry in the many countries 
in which our services are used. Our merchants are subject to numerous laws and regulations applicable to banks, financial 
institutions, and card issuers in the United States and abroad, and, consequently, we are at times affected by these foreign, 
federal, state, and local laws and regulations. A number of our subsidiaries in our European segment hold a PI license, 
allowing them to operate in the EU member states in which such subsidiaries do business. As a PI, we are subject to 
regulation and oversight in the applicable EU member states, which includes, among other obligations, a requirement to 
maintain specific regulatory capital and adhere to certain rules regarding the conduct of our business, including PSD2. 
PSD2 contains a number of additional regulatory provisions, such as provisions relating to SCA, which required industry 
wide systems upgrades, and DCC, which requires additional disclosures to our customers. Failure to comply with SCA 
requirements may result in fines from card networks as well as declined payments from card issuers which could adversely 
impact our business.  
See “Item 1. Business—Regulatory” for more information on certain laws and regulations to which we are subject. In 
addition, the U.S. government has increased its scrutiny of a number of credit card practices from which some of our 
merchants derive significant revenue. Regulation of the payments industry, including regulations applicable to us and our 
merchants, has also increased significantly in recent years.  
We are also subject to U.S. and international financial services regulations, a myriad of consumer protection laws, 
including economic sanctions, laws and regulations, anticorruption laws, escheat regulations, and privacy and information 
security regulations. In addition, certain of our financial institution partners are subject to regulation by federal and state 
authorities and, as a result, could pass through some of those compliance obligations to us, which could adversely affect 
our business, financial condition, or results of operations. 
Failure to comply with laws and regulations could damage our reputation, result in the suspension or revocation of licenses 
and registrations (including our PI licenses), and subject us to enforcement or criminal actions or penalties, including fines. 
Post-Brexit, we are operating within the United Kingdom pursuant to the temporary permissions regime and have applied 
to the FCA for a stand alone PI license to operate long-term in the United Kingdom market.   
A loss of our PI licenses would prevent us from operating our business in the EU. In addition, we are subject to the rules 
of Mastercard, Visa, and other credit and debit networks. Any failure to comply with the networks’ requirements or to pay 
the fines they impose could cause the termination of our registrations and require us to stop providing payment processing 
services. Violations of law by our merchants and partners could impact our ability to operate our business and could 
threaten our licenses and registrations. Any of the foregoing could adversely affect our business, financial condition, or 
results of operations. 
Changes to regulations that are applicable to us, our merchants, our partners, or the card networks could require us to make 
capital investments to modify our processes or services and could reduce the fees we are able to charge our merchants. 
Regulations could also result in greater pricing transparency and increased price-based competition leading to lower 
margins and higher rates of merchant attrition. Furthermore, any regulatory change that results in modifications to our 
merchants’ business practices could change the demand for our services and alter the type or volume of transactions that 
we process on behalf of our merchants. Any of the foregoing could adversely impact our business, financial condition, or 
results of operations.  

42 
From time to time we are subject to various legal proceedings which could adversely affect our business, financial 
condition, or results of operations. 
We are involved in various litigation matters. We are also involved in, or are the subject of, governmental or regulatory 
agency inquiries or investigations and make voluntary self-disclosures to government or regulatory agencies from time to 
time. Our insurance or indemnities may not cover all claims that may be asserted against us and any claims asserted against 
us, regardless of merit or eventual outcome, may harm our reputation. If we are unsuccessful in our defense in these 
litigation matters, or any other legal proceeding, we may be forced to pay damages or fines, enter into consent decrees or 
change our business practices, any of which could adversely affect our business, financial condition, or results of 
operations. 
Risks related to our organizational structure 
Our principal asset is our interest in EVO, LLC, and, as a result, we depend on distributions from EVO, LLC to pay 
our taxes and expenses, including payments under the tax receivable agreement with the Continuing LLC Owners (the 
“TRA”). EVO, LLC’s ability to make such distributions may be subject to various limitations and restrictions. 
We are a holding company and have no material assets other than our ownership of LLC Interests. As such, we have no 
independent means of generating revenue or cash flow, and our ability to pay our taxes and operating expenses or declare 
and pay dividends in the future, if any, will be dependent upon the financial results and cash flows of EVO, LLC and its 
subsidiaries and distributions we receive from EVO, LLC. There can be no assurance that our subsidiaries will generate 
sufficient cash flow to distribute funds to us or that applicable state law and contractual restrictions, including negative 
covenants in our debt instruments, will permit such distributions. Although EVO, LLC is not currently subject to any debt 
instruments or other agreements that would restrict its ability to make distributions to EVO, Inc., the terms of our Senior 
Secured Credit Facilities restrict the ability of our subsidiary, EVO Payments International, LLC, and certain of its 
subsidiaries to pay dividends to EVO, LLC. 
EVO, LLC will continue to report as a partnership for U.S. federal income tax purposes and, as such, will not be subject 
to any entity-level U.S. federal income tax. Instead, any taxable income of EVO, LLC will be allocated to holders of LLC 
Interests, including us. Accordingly, we will incur income taxes on our allocable share of any net taxable income of EVO, 
LLC. Under the terms of its limited liability company agreement, EVO, LLC will be obligated to make tax distributions 
to holders of LLC Interests, including us. In addition to tax expenses, we may also incur expenses related to our operations. 
We intend, as its managing member, to cause EVO, LLC to make cash distributions to the owners of LLC Interests in an 
amount sufficient to (1) fund all or part of their tax obligations in respect of taxable income allocated to them, including 
as applicable, payments under the TRA, which could be significant, and (2) cover our operating expenses. However, EVO, 
LLC’s ability to make such distributions may be subject to various limitations and restrictions, such as restrictions on 
distributions that would violate applicable law or any agreement to which EVO, LLC is then a party, including debt 
agreements, or that would have the effect of rendering EVO, LLC insolvent. Payments required under the TRA are 
generally funded by taxable income and represent the tax benefit from the step-up in tax basis that is passed on to the TRA 
holders. If we do not have sufficient funds to pay taxes or other liabilities or to fund our operations, we may have to borrow 
funds, which could materially and adversely affect our liquidity and financial condition and subject us to various 
restrictions imposed by lenders. To the extent we are unable to make timely payments under the TRA for any reason, such 
payments generally will be deferred and will accrue interest until paid; provided, however, that nonpayment for a specified 
period may constitute a material breach that would accelerate payments due under the TRA. In addition, if EVO, LLC 
does not have sufficient funds to make distributions, our ability to declare and pay cash dividends will also be restricted 
or impaired. See “General Risks” and “Market for Registrant’s Common Equity and Related Stockholder Matters and 
Issuer Purchases of Equity Securities—Dividend policy.” 
The TRA requires us to make cash payments to the Continuing LLC Owners in respect of certain tax benefits to which 
we may become entitled, and we expect that those payments will be substantial. 
Under the TRA, we are required to make cash payments to the Continuing LLC Owners equal to 85% of the tax benefits, 
if any, that we actually realize, or in certain circumstances are deemed to realize, as a result of (1) the increases in our 
share of the tax basis of assets of EVO, LLC resulting from any purchases or redemptions of LLC Interests from the 
43 
Continuing LLC Owners or exchanges by the Continuing LLC Owners of LLC Interests (and paired Class D common 
stock) for Class A common stock, and (2) certain other tax benefits related to our making payments under the TRA. In 
general, we are obligated to fund these payments over time on a pro rata basis to the extent we have realized or are deemed 
to realize tax benefits. We expect that the amount of the cash payments required under the TRA will be significant, but 
only to the extent we have taxable income. Any payments made by us to the Continuing LLC Owners under the TRA will 
generally reduce the amount of overall cash flow that might have otherwise been available to us. Furthermore, our future 
obligation to make payments under the TRA could make us a less attractive target for an acquisition, particularly in the 
case of an acquirer that cannot use some or all of the tax benefits that are the subject of the TRA.  
The actual amount and timing of any payments under the TRA will vary depending upon a number of factors, including 
the timing of redemptions or exchanges by the holders of LLC Interests, the amount of gain recognized by such holders of 
LLC Interests, the amount and timing of the taxable income allocated to us or otherwise generated by us in the future, and 
the federal tax rates then applicable. 
Our organizational structure, including the TRA, confers certain benefits upon the Continuing LLC Owners that do 
not benefit holders of our Class A common stock to the same extent that they benefit the Continuing LLC Owners. 
Our organizational structure, including the TRA, confers certain benefits upon the Continuing LLC Owners that do not 
benefit the holders of our Class A common stock to the same extent, such as the payment by EVO, Inc. to the Continuing 
LLC Owners of 85% of the amount of certain tax benefits, discussed above. Although EVO, Inc. retains 15% of the amount 
of such tax benefits, this and other aspects of our organizational structure that benefit the Continuing LLC Owners may 
adversely impact the future trading market for the Class A common stock. 
In certain cases, payments under the TRA to the Continuing LLC Owners may be accelerated or significantly exceed 
any actual benefits we realize in respect of the tax attributes subject to the TRA. 
The TRA provides that, upon certain mergers, asset sales, business combinations, or changes of control transactions, or 
the early termination of the TRA at our election, payments to the Continuing LLC Owners under the TRA are based on 
certain assumptions, including an assumption that we will have sufficient taxable income to fully utilize the potential future 
tax benefits that are subject to the TRA. 
As a result, (1) we could be required to make payments under the TRA that are greater than the specified percentage of 
any actual tax benefits we ultimately realize and (2) if we elect to terminate the TRA early, we would be required to make 
an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the TRA, 
based on certain assumptions, which payment may occur significantly in advance of the actual realization of such future 
tax benefits, if any. In these situations, our obligations under the TRA could have a substantial negative impact on our 
liquidity and could have the effect of delaying, deferring, or preventing certain mergers, asset sales, other forms of business 
combinations, or other changes of control. There can be no assurance that we will be able to fund or finance our obligations 
under the TRA. 
We will not be reimbursed for any payments made to the Continuing LLC Owners under the TRA in the event that any 
tax benefits are disallowed. 
Payments under the TRA will be based on the tax reporting positions that we determine. The IRS or another tax authority 
may challenge all or part of the tax basis increases or other tax benefits we claim, as well as other related tax positions we 
take, and a court could sustain such challenge. If the outcome of any such challenge would reasonably be expected to 
materially affect a recipient’s payments under the TRA, then we will not be permitted to settle or fail to contest such 
challenge without the consent (not to be unreasonably withheld or delayed) of each Continuing LLC Owner that owns at 
least 10% of the outstanding LLC Interests. The interests of the Continuing LLC Owners in any such challenge may differ 
from or conflict with our interests or the interests of holders of our Class A common stock and therefore the exercise of 
their consent rights may be adverse to our interests and the interests of holders of our Class A common stock. We will not 
be reimbursed for any cash payments previously made to the Continuing LLC Owners under the TRA in the event that 
any tax benefits initially claimed by us and for which payment has been made to a Continuing LLC Owner are subsequently 
challenged by a taxing authority and are ultimately disallowed. Instead, any excess cash payments made by us to a 

44 
Continuing LLC Owner will be netted against any future cash payments that we might otherwise be required to make to 
such Continuing LLC Owner under the terms of the TRA. However, we may not determine that we have effectively made 
an excess cash payment to a Continuing LLC Owner for a number of years following the initial time of such payment and, 
if any of our tax reporting positions are challenged by a taxing authority, we will not be permitted to reduce any future 
cash payments under the TRA until any such challenge is finally settled or determined. Moreover, the excess cash payments 
we previously made under the TRA could be greater than the amount of future cash payments against which we would 
otherwise be permitted to net such excess. As a result, payments could be made under the TRA significantly in excess of 
any tax savings that we realize in respect of the tax attributes with respect to a Continuing LLC Owner that are the subject 
of the TRA. 
If we were deemed to be an investment company under the Investment Company Act of 1940, as amended (the “1940 
Act”), as a result of our ownership of EVO, LLC, applicable restrictions could make it impractical for us to continue 
our business as contemplated and could have a material adverse effect on our business. 
Under Sections 3(a)(1)(A) and (C) of the 1940 Act, a company generally will be deemed to be an “investment company” 
for purposes of the 1940 Act if it (1) is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in 
the business of investing, reinvesting, or trading in securities or (2) engages, or proposes to engage, in the business of 
investing, reinvesting, owning, holding, or trading in securities and it owns or proposes to acquire investment securities 
having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on 
an unconsolidated basis. We do not believe that we are an “investment company,” as such term is defined under the 1940 
Act. 
As the sole managing member of EVO, LLC, we control and operate EVO, LLC. On that basis, we believe that our interest 
in EVO, LLC is not an “investment security” as that term is used in the 1940 Act. However, if we were to cease 
participation in the management of EVO, LLC, our interest in EVO, LLC could be deemed an “investment security” for 
purposes of the 1940 Act. 
We and EVO, LLC intend to conduct our operations so that we will not be deemed an investment company. However, if 
we were to be deemed an investment company, restrictions imposed by the 1940 Act, including limitations on our capital 
structure and our ability to transact with affiliates, could make it impractical for us to continue our business as contemplated 
and could have a material adverse effect on our business. 
Risks related to our Series A Convertible Preferred Stock and the ownership interest of our Continuing LLC 
Owners 
Our Series A convertible preferred stock has rights, preferences, and privileges that are not held by, and are preferential 
to, the rights of holders of our Class A common stock, which could adversely affect our liquidity and financial condition, 
and could in the future substantially dilute the ownership interest of holders of our Class A common stock. 
In April 2020, the Company issued 152,250 shares of Series A convertible preferred stock (the “Preferred Stock”), all of 
which were purchased by an affiliate of MDP. 
The Preferred Stock ranks senior to the Company’s Class A common stock with respect to dividends and distributions on 
liquidation, winding-up and dissolution. Holders of Preferred Stock are entitled to cumulative, paid-in-kind (“PIK”) 
dividends, which will be payable semi-annually in arrears by increasing the liquidation preference for each outstanding 
share of Preferred Stock. These PIK dividends accrue at an annual rate of (i) 6.00% per annum for the first ten years and 
(ii) 8.00% per annum thereafter. Holders of Preferred Stock are also entitled to participate in and receive any dividends 
declared or paid on the Class A common stock on an as-converted basis, and no dividends may be paid to holders of Class 
A common stock unless full participating dividends are concurrently paid to holders of Series A Preferred Stock. See Note 
16, “Redeemable Preferred Stock,” in the notes to the accompanying consolidated financial statements for additional 
information.   
Under various circumstances defined in the Certificate of Designations, (a) holders of shares of our Preferred Stock may 
be entitled to convert such shares into shares of our Class A common stock, or (b) we may require all holders of such 
45 
shares to convert such shares to shares of our Class A common stock. Additionally, if the Company undergoes a change 
of control (as defined in the Certificate of Designations), each holder of Preferred Stock may require the Company to 
repurchase all or a portion of the Preferred Stock for cash consideration equal to up to 150% of the then-current liquidation 
preference per share plus accumulated and unpaid dividends, if any.  
The share repurchase obligations could adversely affect our liquidity and reduce the amount of cash available for working 
capital, capital expenditures, growth opportunities, acquisitions, and other general corporate purposes. Our obligations to 
the holders of Preferred Stock could also limit our ability to obtain additional financing and increase our borrowing costs, 
which could have an adverse effect on our financial condition. The preferential rights could also result in divergent interests 
between the holders of Preferred Stock and holders of shares of our Class A common stock. 
As holders of our Preferred Stock are entitled to vote, on an as-converted basis, together with holders of our Class A 
common stock, the issuance of the Preferred Stock effectively reduces the relative voting power of the holders of our Class 
A common stock. Any conversion of Preferred Stock into Class A common stock would dilute the ownership interest of 
existing holders of our Class A common stock, and any sales in the public market of the Class A common stock issuable 
upon such conversion could adversely affect prevailing market prices of our common stock.  
Holders of the Preferred Stock may exercise influence over us, including through their ability to designate a member 
of our board of directors. 
As of December 31, 2021, the outstanding shares of our Preferred Stock represented approximately 18.3% of our 
outstanding Class A common stock, on an as-converted basis. Holders of Preferred Stock generally will be entitled to vote 
with the holders of the shares of Class A common stock on all matters submitted for a vote of holders of shares of Class 
A common stock (voting together with the holders of shares of Class A common stock as one class) on an as-converted 
basis. The terms of the Preferred Stock grant holders of the Preferred Stock consent rights with respect to certain actions 
by us, including (1) the authorization, creation, increase in the authorized amount of, or issuance of any class or series of 
senior or parity equity securities or any security convertible into, or exchangeable or exercisable for, shares of senior or 
parity equity securities, (2) amendments, modifications or repeal of any provision of the Company’s charter or of the 
Certificate of Designations that would adversely affect the rights, preferences or voting powers of the Preferred Stock, and 
(3) certain business combinations and binding or statutory share exchanges or reclassification involving the Preferred 
Stock unless such events do not adversely affect the rights, preferences or voting powers of the Preferred Stock. As a 
result, holders of Preferred Stock have the ability to influence the outcome of certain matters affecting our governance and 
capitalization.  
In addition, under the terms of our director nomination agreement with MDP, which was amended and restated in 
connection with the issuance of the Preferred Stock, MDP has the right to designate for nomination up to two of our 
directors until MDP no longer holds at least 15% of the voting power of our outstanding voting stock. Thereafter, MDP 
will have the right to designate one director for nomination until such time as MDP no longer holds at least 5% of the 
voting power of our outstanding voting stock. Any director designated by MDP is entitled to serve on committees of our 
board of directors, subject to applicable law and stock exchange rules. Notwithstanding the fact that all directors will be 
subject to fiduciary duties to us and to applicable law, the interests of the director designated by MDP may differ from the 
interests of other stockholders. 
The Continuing LLC Owners have significant influence over us. 
The Continuing LLC Owners control a significant portion of the aggregate voting power represented by all our outstanding 
classes of stock. As a result, the Continuing LLC Owners exercise significant influence over all matters requiring 
stockholder approval, including the election of directors, amendment of our certificate of incorporation, and approval of 
significant corporate transactions, and will continue to have significant control over our management and policies. Four 
members of our board of directors are Continuing LLC Owners or are affiliated with our Continuing LLC Owners. The 
Continuing LLC Owners can take actions that have the effect of delaying or preventing a change of control of us or 
discouraging others from making tender offers for our shares, which could prevent stockholders from receiving a premium 
for their shares. These actions may be taken even if other stockholders oppose them. In addition, the concentration of 

46 
voting power with the Continuing LLC Owners may have an adverse effect on the price of our Class A common stock and 
the interests of the Continuing LLC Owners may not be consistent with the interests of our Class A stockholders.  
General Risks 
Certain provisions of Delaware law and antitakeover provisions in our organizational documents could delay or prevent 
a change of control. 
Certain provisions of Delaware law and our amended and restated certificate of incorporation and amended and restated 
bylaws may have an antitakeover effect and may delay, defer, or prevent a merger, acquisition, tender offer, takeover 
attempt, or other change of control transaction that a stockholder might consider in its best interest, including those attempts 
that might result in a premium over the market price for the shares held by our stockholders. These provisions provide for, 
among other things: 
• 
a multi-class common stock structure; 
• 
a classified board of directors with staggered three-year terms; 
• 
the ability of our board of directors to issue one or more series of preferred stock; 
• 
advance notice for nominations of directors by stockholders and for stockholders to include matters to be 
considered at our annual meetings; 
• 
certain limitations on convening special stockholder meetings; 
• 
a prohibition on cumulative voting in the election of directors; 
• 
the removal of directors only for cause and only upon the affirmative vote of the holders of at least 66 2/3% of 
the voting power represented by our then-outstanding common stock; and 
• 
amendment of certain provisions of our certificate of incorporation only by the affirmative vote of at least 66 2/3% 
of the voting power represented by our then-outstanding common stock. 
These provisions could make it more difficult for a third party to acquire us, even if the third party’s offer was considered 
beneficial by many of our stockholders. As a result, our stockholders may be limited in their ability to obtain a premium 
for their shares. 
In addition, we have opted out of Section 203 of the General Corporation Law of the State of Delaware (the “DGCL”), but 
our amended and restated certificate of incorporation provides that engaging in any of a broad range of business 
combinations with any “interested” stockholder (any stockholder with 15% or more of our voting stock) for a period of 
three years following the date on which the stockholder became an “interested” stockholder is prohibited, subject to certain 
exceptions.  
Because we have no current plans to pay regular cash dividends on our Class A common stock, you may not receive 
any return on investment unless you sell your Class A common stock for a price greater than that which you paid for 
it. 
We do not anticipate paying any regular cash dividends on our Class A common stock. Any decision to declare and pay 
dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, our 
results of operations, financial condition, cash requirements, contractual restrictions, and other factors that our board of 
directors may deem relevant. In addition, our ability to pay dividends is, and may be, limited by covenants of existing and 
any future outstanding indebtedness we or our subsidiaries incur, including under our existing Senior Secured Credit 
Facilities. Therefore, any return on investment in our Class A common stock is solely dependent upon the appreciation of 
the price of our Class A common stock on the open market, which may not occur. 
47 
Our amended and restated certificate of incorporation provides, subject to limited exceptions, that the Court of 
Chancery of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation matters, which 
could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, 
employees, or stockholders. 
Our amended and restated certificate of incorporation provides, subject to limited exceptions, that unless we consent to the 
selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by 
law, be the sole and exclusive forum for any (1) derivative action or proceeding brought on behalf of our Company, 
(2) claim of breach of a fiduciary duty owed by any director, officer, employee, or stockholder to the Company or the 
Company’s stockholders, (3) claim against the Company or any director or officer of the Company arising pursuant to any 
provision of the DGCL, our amended and restated certificate of incorporation, or our amended and restated bylaws or 
(4) action asserting a claim against the Company or any director or officer of the Company governed by the internal affairs 
doctrine. 
Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have 
notice of and consented to the forum provisions in our amended and restated certificate of incorporation. This choice of 
forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes 
with us or any of our directors, officers, other employees or stockholders which may discourage lawsuits with respect to 
such claims. Alternatively, if a court were to find the choice of forum provision contained in our amended and restated 
certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with 
resolving such action in another jurisdiction, which could adversely affect our business, financial condition, or results of 
operations. 
We have renounced the doctrine of corporate opportunity to the fullest extent permitted by applicable law. 
Our amended and restated certificate of incorporation provides that the corporate opportunity doctrine will not apply, to 
the extent permitted by applicable law, against any of our officers, directors, or stockholders or their respective affiliates 
(other than those officers, directors, stockholders, or affiliates acting in their capacity as our employee or director) in a 
manner that would prohibit them from investing or participating in competing businesses. To the extent any of our officers, 
directors or stockholders or their respective affiliates invest in such other businesses, they may have differing interests 
than our other stockholders. For example, subject to any contractual limitations, our officers, directors or stockholders or 
their respective affiliates’ funds may currently invest, and may choose in the future to invest, in other companies within 
the electronic payments industry which may compete with our business. Accordingly, in certain circumstances, the 
interests of our officers, directors, or stockholders or their respective affiliates may compete against us or pursue 
opportunities instead of us, for which we have no recourse. These actions on the part of our officers, directors, or 
stockholders or their respective affiliates could adversely impact our business, financial condition, or results of operations. 
If securities analysts do not publish research or reports about our business or if they downgrade our stock or our sector, 
the price and trading volume of our Class A common stock could decline. 
The trading market for our Class A common stock relies, in part, on the research and reports that industry or financial 
analysts publish about us or our business. We do not control these analysts. Furthermore, if one or more of the analysts 
who cover us downgrade our stock or our industry, or the stock of any of our competitors, or publish inaccurate or 
unfavorable research about our business, the price of our stock could decline. If one or more of these analysts stops 
covering us or fails to publish reports on us regularly, we could lose visibility in the market, which in turn could cause the 
stock price or trading volume of our Class A common stock to decline. 
As a public reporting company, we are subject to rules and regulations established from time to time by the SEC and 
Nasdaq regarding our internal control over financial reporting. 
We are a public reporting company subject to the rules and regulations established from time to time by the SEC and 
Nasdaq. These rules and regulations require, among other things, that we establish and periodically evaluate procedures 
with respect to our internal control over financial reporting. For example, we are required to assess the effectiveness of 
our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. If we identify deficiencies 

48 
in our internal control over financial reporting or if we are unable to comply with the requirements applicable to us as a 
public company, in a timely manner, we may be unable to accurately report our financial results, or report them within the 
timeframes required by the SEC. If this occurs, we could become subject to sanctions or investigations by the SEC or other 
regulatory authorities. In addition, if we are unable to assert that our internal control over financial reporting is effective, 
investors may lose confidence in the accuracy and completeness of our financial reports, we may face restricted access to 
the capital markets, and the market price for our Class A common stock may be adversely affected. 
Future sales of Class A common stock in the public market (including shares of Class A common stock issuable upon 
exchange of LLC Interests or upon conversion of our Series A convertible preferred stock), or the perception of future 
sales, by us or our existing stockholders could cause the market price for our Class A common stock to decline. 
The sale of a significant amount of shares of our Class A common stock in the public market, or the perception that such 
sales could occur, could harm the prevailing market price of shares of our Class A common stock. These sales, or the 
possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a 
time and at a price that we deem appropriate. 
As part of the Reorganization Transactions, the Continuing LLC Owners received certain sale and exchange rights. 
Specifically, Blueapple has a sale right providing that, upon our receipt of a sale notice from Blueapple, we will use our 
commercially reasonable best efforts to pursue a public offering of shares of our Class A common stock and use the net 
proceeds therefrom to purchase LLC Interests from Blueapple. In addition, pursuant to an exchange agreement (the 
“Exchange Agreement”) each Continuing LLC Owner (other than Blueapple) has an exchange right providing that, upon 
receipt of an exchange notice from such Continuing LLC Owner, we will exchange the applicable LLC Interests from such 
Continuing LLC Owner for newly issued shares of our Class A common stock on a one-for-one basis. Each Continuing 
LLC Owner (other than Blueapple) also received certain registration rights pursuant to a registration rights agreement, 
including customary piggyback registration rights, which include the right to participate on a pro rata basis in any public 
offering we conduct in response to our receipt of a sale notice from Blueapple. In addition, MDP received customary 
demand registration rights that require us to register shares of Class A common stock held by it, including any Class A 
common stock received upon our exchange of Class A common stock for its LLC Interests. These registration rights also 
cover the shares of Class A common stock issuable upon conversion of the Series A convertible preferred stock held by 
MDP. Blueapple has the right, in connection with any public offering we conduct (including any offering conducted as a 
result of an exercise by MDP of its registration rights), to request that we use our commercially reasonable best efforts to 
pursue a public offering of shares of our Class A common stock and use the net proceeds therefrom to purchase a pro rata 
portion of its LLC Interests. The market price of shares of our Class A common stock could decline, potentially 
significantly, if any of these stockholders exercise their registration, sale, or exchange rights.   
In the future, we may also issue securities in connection with investments, acquisitions, or capital raising activities. In 
particular, the number of shares of our Class A common stock issued in connection with an investment or acquisition, or 
to raise additional equity capital, could constitute a material portion of our then-outstanding shares of our Class A common 
stock. In addition, we have reserved shares of Class A common stock for issuance under our Amended and Restated 2018 
Omnibus Equity Incentive Plan to our employees, directors, officers, and consultants. Any issuance of additional securities 
in the future may result in additional dilution to the holders of our Class A common stock or may adversely impact the 
price of our Class A common stock. 
The market price for our Class A common stock may change significantly, and holders of our Class A common stock 
may not be able to resell shares at or above the price they paid or at all. 
It is possible that an active trading market for our Class A common stock will not be sustained, which could make it 
difficult for holders of our Class A common stock to sell their shares at an attractive price or at all. In addition, volatility 
in the market price of our Class A common stock may prevent shareholders from selling shares of our Class A common 
stock at or above the price they paid for them. Many factors, which are outside our control, may cause the market price of 
49 
our Class A common stock to fluctuate significantly, including those described elsewhere in this “Risk Factors” section 
and elsewhere in this Annual Report on Form 10-K, as well as the following: 
 
• 
results of operations that vary from those of our competitors or the expectations of securities analysts and 
investors; 
• 
changes in expectations as to our future financial performance, including financial estimates and investment 
recommendations by securities analysts and investors; 
• 
technology changes, changes in consumer behavior, or changes in merchant relationships in our industry; 
• 
security breaches related to our systems or those of our merchants, affiliates, or partners; 
• 
changes in market valuations of, or earnings and other announcements by, companies in our industry; 
• 
declines in the market prices of stocks generally, particularly those of payment companies; 
• 
market response to the ongoing COVID-19 pandemic and related government actions; 
• 
announcements by us, our competitors, or our partners of significant contracts, new products, acquisitions, joint 
ventures, other strategic relationships and partnerships, or capital commitments; 
• 
changes in business, regulatory, economic, or market conditions affecting our industry or the economy as a whole 
and, in particular, in the consumer spending environment; 
• 
investor perceptions of the investment opportunity associated with our Class A common stock relative to other 
investment alternatives; 
• 
announcements relating to litigation or governmental investigations; 
• 
guidance, if any, that we provide to the public, any changes in this guidance, or our failure to meet this guidance; 
• 
the development and sustainability of an active trading market for our Class A common stock; 
• 
changes in accounting principles; and 
• 
other events or factors, including those resulting from system failures and disruptions, pandemics, natural 
disasters, war, acts of terrorism, or responses to these events. 
Broad market and industry fluctuations may adversely affect the market price of our Class A common stock, regardless of 
our actual operating performance. Furthermore, the stock market may experience extreme volatility that, in some cases, 
may be unrelated or disproportionate to the operating performance of particular companies. For example, in 2021, our 
stock and the stock of many companies in the payments and financial services industries experienced significant volatility. 
In addition, price volatility may be greater if the public float and trading volume of our Class A common stock is low. 
 
ITEM 1B. UNRESOLVED STAFF COMMENTS 
 
None. 
 

50 
ITEM 2. PROPERTIES 
 
As of December 31, 2021, we leased 25 office locations in 12 countries around the world, including data centers and our 
corporate headquarters located in Atlanta, Georgia.   
 
We believe that these facilities are suitable and adequate to support our ongoing business needs. Refer to Note 7, “Leases" 
in the notes to the accompanying consolidated financial statements for further information on our leased real property. 
 
ITEM 3. LEGAL PROCEEDINGS 
 
The Company is party to various claims and lawsuits incidental to its business. The Company does not believe the ultimate 
outcome of such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial 
position, results of operations, or cash flows.  
 
ITEM 4. MINE SAFETY DISCLOSURES 
 
Not applicable. 
 
PART II 
 
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND 
ISSUER PURCHASES OF EQUITY SECURITIES 
 
Market information 
 
Our Class A common stock is traded on the Nasdaq Global Market system under the symbol “EVOP.” There is currently 
no established public trading market for our Class D common stock.  
 
Holders 
 
There were approximately five stockholders of record of our Class A common stock and nine stockholders of record of 
our Class D common stock as of January 31, 2022. The number of beneficial owners of our Class A common stock is 
substantially greater than the number of record holders because a large portion of our Class A common stock is held in 
“street name” by banks and brokers. 
 
Issuer purchases of equity securities 
 
The following table sets forth information regarding purchases of Class A common stock for the quarter ended 
December 31, 2021: 
 
 
  
  
 
 Total Number of Shares Approximate Dollar Value of Shares
 
     
Total 
    Average     Purchased as Part of      that May Yet Be Purchased Under
 
 
Number  
Price  
Publicly Announced  
the Plans or Programs 
Period 
 of Shares (1) per Share 
Plans or Programs 
 
 (in millions)  
 
 
 
 
 
 
 
 
 
 
October 1, 2021 to October 31, 2021 . . . . .    
20
$ 22.28
—
$ 
—
November 1, 2021 to November 30, 2021 .    
3,921
$ 22.55
—
$ 
—
December 1, 2021 to December 31, 2021 .    
1,131
$ 22.23
—
$ 
—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
5,072
$ 22.48
 
(1) Shares surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of 
restricted stock awards issued to employees. 
51 
Dividend policy 
Since our initial public offering (“IPO”), we have not declared or paid any cash dividends on our common stock, and we 
have no current plan to do so. Because a significant portion of our operations is through our subsidiaries, our ability to pay 
dividends depends in part on our receipt of cash dividends from our operating subsidiaries, which may further restrict our 
ability to pay dividends as a result of the laws of their jurisdiction of organization, agreements of our subsidiaries or 
covenants under any existing and future outstanding indebtedness we or our subsidiaries incur. The terms of our Senior 
Secured Credit Facilities restrict the ability of EVO Payments International, LLC (“EPI”), a controlled subsidiary of EVO, 
Inc. and certain of its subsidiaries from paying dividends to EVO, LLC. In addition, our ability to pay dividends may also 
be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of us or our 
subsidiaries. 
Recent sales of unregistered securities 
There were no unregistered sales of equity during the year ended December 31, 2021, except for shares of Class A common 
stock issued to the Continuing LLC Owners in satisfaction of the exchange rights granted to them in connection with the 
IPO. 
The Continuing LLC Owners (other than Blueapple) have the right to require us to exchange all or a portion of their LLC 
Interests for newly-issued shares of Class A common stock on a one-for-one basis (simultaneously cancelling an equal 
number of shares of Class D common stock of the exchanging member). We may, under certain circumstances, elect to 
redeem the LLC Interests from any exchanging holder under the terms of the EVO LLC Agreement in lieu of any such 
exchange. On May 25, 2021, pursuant to the Company’s amended and restated certificate of incorporation, each 
outstanding share of Class C common stock was automatically converted into one share of Class D common stock. 
Following the cancellation of our Class B common stock on May 25, 2021, Blueapple continues to hold 32,163,538 LLC 
Interests and maintains all of its rights under the EVO LLC Agreement, including the sale right under the EVO LLC 
Agreement that provides that, upon the receipt of a sale notice from Blueapple, the Company will use its commercially 
reasonable best efforts to pursue a public offering of shares of Class A common stock and use the net proceeds therefrom 
to purchase LLC Interest from Blueapple. Upon the Company’s receipt of such a sale notice, the Company may elect, at 
its option (determined solely by its independent directors (within the meaning of the rules of Nasdaq) who are 
disinterested), to cause EVO LLC to instead redeem the applicable LLC Interest for cash; provided that Blueapple consents 
to any election by the Company to cause EVO LLC to redeem the LLC Interests. 
Equity compensation plan information 
For information regarding securities authorized for issuance under our equity compensation plans, see Part III, Item 12, 
“Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” 
 

52 
Stock performance graph 
The following graph compares the total shareholder return from May 23, 2018, the date on which our Class A common 
shares commenced trading on the Nasdaq, through December 31, 2021 of (i) our Class A common stock, (ii) the Standard 
and Poor's 500 Stock Index (“S&P 500 Index”) and (iii) the Standard and Poor's 500 Information Technology Index (“S&P 
Information Technology”). The stock performance graph and table assume an initial investment of $100 on May 23, 2018. 
The performance graph and table are not intended to be indicative of future performance. The performance graph and table 
shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Securities 
Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, and shall not be deemed to 
be incorporated by reference into any of the Company’s filings under the Securities Act of 1933 or the Exchange Act.  
 
 
*S&P 500 Index and S&P Information Technology assume reinvestment of all dividends. 
 
 
 
 
 
 
    
EVO  
Payments,
Inc. 
    
S&P 500 
Index 
     
S&P  
Information
Technology 
May 23, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
100.00
$
100.00  $ 
 100.00
December 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . .
129.71
92.82   
 89.61
December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . .
138.85
122.04   
 134.67
December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . .
142.01
144.49   
 193.78
December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . .
134.60
185.97   
 260.69
 
 
 
ITEM 6. RESERVED 
 
 
 
53 
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS 
 
Introduction 
 
This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) is intended 
to provide an understanding of our financial condition, cash flow, liquidity and results of operations. This MD&A should 
be read in conjunction with our consolidated financial statements and the notes to the accompanying consolidated 
financial statements appearing elsewhere in this Form 10-K and the Risk Factors included in Part I, Item 1A of this 
Form 10-K, as well as other cautionary statements and risks described elsewhere in this Form 10-K. 
 
The comparison of results for the years ended December 31, 2020 and 2019 that are not included in this Form 10-K are 
included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 
of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. 
 
Company background 
 
We are a leading payments technology and services provider offering an array of payment solutions to merchants ranging 
from small and mid-size enterprises to multinational companies and organizations across the Americas and Europe. As a 
fully integrated merchant acquirer and payment processor across more than 50 markets and 150 currencies worldwide, we 
provide competitive solutions that promote business growth, increase customer loyalty, and enhance data security in the 
markets we serve.  
 
Founded in 1989 as an individually owned, independent sales organization in the United States, we have transformed into 
a publicly traded company that today derives approximately 60% of its revenues from markets outside of the United States. 
Our revenue consists primarily of transaction and volume based fees, as well as fixed fees for certain services we perform. 
 
We classify our business into two segments: the Americas and Europe. The alignment of our segments is designed to 
establish lines of business that support the various geographical markets we operate in and allow us to further globalize 
our solutions while working seamlessly with our teams across these markets. In both of our segments, we provide our 
customers with merchant acquiring solutions, including integrated solutions for retail transactions at the physical and 
virtual POS, as well as B2B transactions. Refer to Part I, Item 1 “Business” contained in Part I of this Annual Report for 
information related to our operating segments and sales distribution channels. 
 
We plan to continue to grow our business and improve our operations by expanding market share in our existing markets 
and entering new markets. In our current markets, we seek to grow our business through broadening our distribution 
network, leveraging our innovative payment technology solutions and direct sales force, and acquiring additional merchant 
portfolios and tech-enabled businesses. We seek to enter new markets through acquisitions and partnerships in Latin 
America, Europe, and certain other markets. 
 
Executive overview 
 
We delivered solid financial performance in the year ended December 31, 2021, as demonstrated by the highlights below: 
 
• 
Revenue for the year ended December 31, 2021 was $496.6 million, an increase of 13.1% compared to the year 
ended December 31, 2020. The increase was primarily due to the growth in our merchant portfolio, processing 
volumes, and transactions, increased card adoption, sales-related activity, including the expansion of our tech-
enabled partners, and the recovery from COVID-19. 
• 
Americas segment profit for the year ended December 31, 2021 was $135.1 million, 27.4% higher than the year 
ended December 31, 2020. The increase was primarily due to the increase in revenue, growth in our merchant 
portfolio, processing volumes, and transactions, and sales-related activity, including the expansion of tech-
enabled partners, which was partially offset by the normalization of employee compensation expenses that were 

54 
reduced in 2020 in reaction to the onset of the pandemic. By the end of 2020, base salaries were returned to pre-
pandemic levels and no employees remained on furlough. 
• 
Europe segment profit for the year ended December 31, 2021 was $63.6 million, 2.8% lower than the year ended 
December 31, 2020. The decrease was primarily due to a gain of $17.6 million recognized from our investment 
in Visa Series A preferred stock in 2020, which decreased the year over year growth rate by 35.2%, and the 
normalization of employee compensation expenses that were reduced in 2020 in reaction to the onset of the 
pandemic. By the end of 2020, base salaries were returned to pre-pandemic levels and no employees remained 
on furlough. These decreases were partially offset by an increase in segment profit due to the increase in revenue, 
growth in our merchant portfolio, processing volumes, and transactions, and sales-related activity, including the 
expansion of tech-enabled partners.  
• 
We processed approximately 4.2 billion transactions in the year ended December 31, 2021, an increase of 17.9% 
from the year ended December 31, 2020. 
 
COVID-19  
 
Global economic conditions may continue to be volatile as long as COVID-19 (and its variants) remains a public health 
threat, which volatility could negatively impact our business. Due to the continuing impact of the COVID-19 pandemic 
on the global economy, certain of our vendors have indicated that they may be exposed to potential incidents of supply 
chain disruption, constraint, or other difficulties, including as it relates to their ability to meet the POS terminal delivery 
needs for our merchants. While we are seeking to mitigate the impact of any such potential incidents, including, in some 
cases, by entering into terminal purchase agreements with vendors which provides us with prioritized allocation of their 
available supply, disruption in the delivery of POS terminals in the future could impact our ability to service our merchants 
or add new merchants. 
 
The ongoing impact of the pandemic on our business will largely depend on the progression of the vaccine rollout, the 
emergence of, and response to, virus variants, improvements in global supply chain outlook, and the extent of government 
restrictions across our markets. Although volatile, we began to see signs of economic recovery in 2021 that positively 
impacted our operating results. We are confident in our continued ability to manage through the challenges posed by the 
pandemic.  Longer term, we believe the pandemic will serve as a catalyst for greater utilization of digital payments, a trend 
we are continuing to see in our markets. 
 
Factors impacting our business and results of operations 
 
In general, our revenue is impacted by factors such as global consumer spending trends, foreign exchange rates, the pace 
of adoption of commerce-enablement and payment solutions, acquisitions and dispositions, types and quantities of 
products and services provided to merchants, timing and length of contract renewals, new merchant wins, retention rates, 
mix of payment solution types employed by consumers, and changes in card network fees, including interchange rates and 
size of merchants served. In addition, we may pursue acquisitions from time to time. These acquisitions could result in 
redundant costs, such as increased interest expense resulting from indebtedness incurred to finance such acquisitions, or 
could require us to incur additional costs as we restructure or reorganize our operations following these acquisitions. 
 
Seasonality 
 
We have experienced in the past, and expect to continue to experience, seasonality in our revenues as a result of consumer 
spending patterns. Historically, in both the Americas and Europe, our revenue has been strongest in our fourth quarter and 
weakest in our first quarter as many of our merchants experience a seasonal lift during the traditional vacation and holiday 
months. Operating expenses do not typically fluctuate seasonally. 
 
Foreign currency translation impact on our operations 
 
We present our financial statements in U.S. dollars and have a significant proportion of net assets and earnings in non-
U.S. dollar currencies. Accordingly, we are exposed to foreign currency exchange rate risk arising from transactions in the 
55 
normal course of business. It is difficult to predict the future fluctuations of foreign currency exchange rates and how those 
fluctuations will impact our consolidated statements of operations and comprehensive (loss) income in the future. As a 
result of the relative size of our international operations, these fluctuations may be material on individual balances. Our 
revenues and expenses from our international operations are generally denominated in the local currency of the country in 
which they are derived or incurred. Therefore, the impact of currency fluctuations on our operating results and margins is 
partially mitigated. 
 
Financial institution partners 
 
We maintain referral partnerships with a number of leading financial institutions, including Deutsche Bank USA, Deutsche 
Bank Group, Grupo Santander, PKO Bank Polski, Bank of Ireland, Raiffeisenbank, Moneta, Citibanamex, Sabadell, BCI, 
and Liberbank, among others. We commenced operations in Chile through our joint venture with BCI at the end of the 
second quarter in 2021. Our pending joint venture and exclusive referral relationship with the National Bank of Greece is 
expected to be completed in the second half of 2022, subject to regulatory approvals and other customary conditions.  
 
In November 2021, the Company and the Bank of Ireland entered into an agreement to extend the parties’ commercial 
alliance. Under the partnership, EVO and the bank will continue to provide payment services to merchants throughout 
Ireland and the United Kingdom and the bank will continue to exclusively refer its merchants to the Company.   
 
We rely on our various financial institution relationships to grow and maintain our business. These relationships are 
structured in various ways, such as commercial alliance relationships and joint ventures. We enter into long-term 
relationships with our bank partners where these partners typically provide exclusive merchant referrals and credit facilities 
to support the settlement process. Our relationships with our financial institution partners may be impacted by, among 
other things, consolidations and other transactions in the banking and payments industries.  
 
In January 2022, Citigroup Inc. announced its decision to exit the consumer, small-business and middle-market banking 
operations of Citibanamex, our financial institution partner in Mexico. The details of the proposed transaction are 
unknown, including structural complexity and anticipated timing of the consummation. While our long term, exclusive 
commercial agreement with Citibanamex remains in place, at this time, we cannot estimate the potential impact of this 
development to our referral relationship with Citibanamex or our Mexican business. 
 
One of our Spanish financial institution referral partners, Banco Popular, was acquired by Santander in June 2017. As 
reported previously and reflected in our previous years’ financial statements, Santander’s acquisition of Banco Popular has 
adversely impacted our business in Spain. Revenues from this channel have declined significantly due primarily to reduced 
merchant referrals following the acquisition and the bank’s failure to perform certain of its other obligations under our 
agreements. See Note 19, “Commitments and Contingencies,” in the notes to the accompanying consolidated financial 
statements for additional information.   
 
Increased regulations and compliance 
 
We, our partners, and our merchants are subject to various laws and regulations that affect the electronic payments industry 
in the many countries in which our services are used, including numerous laws and regulations applicable to banks, 
financial institutions, and card issuers. A number of our subsidiaries in our Europe segment hold a PI license, allowing 
them to operate in the EU member states in which such subsidiaries do business. As a PI, we are subject to regulation and 
oversight, which include, among other obligations, a requirement to maintain specific regulatory capital and adhere to 
certain rules regarding the conduct of our business, including PSD2.  
 
PSD2 contains a number of additional regulatory mandates, such as provisions relating to SCA, which aim to increase the 
security of electronic payments by requiring multi-factor user authentication. Failure to comply with SCA requirements 
may result in fines from card networks as well as declined payments from card issuers. The EU has also enacted legislation 
relating to the offering of DCC services, which went into effect in April 2020. These new rules require additional 
disclosures of foreign exchange margins in connection with our DCC product offerings. 
 

56 
We are currently operating in the United Kingdom within the scope of its temporary permissions regime pending approval 
of our application for a stand alone PI license. In addition, we continue to closely monitor the impact of Brexit on our 
operations as further details emerge regarding the post-Brexit regulatory landscape.  
 
Key performance indicators 
 
Transactions Processed 
 
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 and/or value 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. 
 
For the year ended December 31, 2021, we processed approximately 4.2 billion transactions, which included 
approximately 1.1 billion transactions in the Americas and approximately 3.1 billion transactions in Europe. This 
represents an increase of 9.5% in the Americas and an increase of 21.1% in Europe for an aggregate increase of 17.9% 
compared to the year ended December 31, 2020. Transactions processed in the Americas and Europe accounted for 25.4% 
and 74.6%, respectively, of the total transactions we processed for the year ended December 31, 2021. 
 
The increase in the transactions processed during the year ended December 31, 2021 compared to the prior year was 
primarily driven by the growth in our merchant portfolio, increased card adoption, sales-related activity, including the 
expansion of our tech-enabled partners, and the recovery from COVID-19. 
 
For the year ended December 31, 2020, we processed approximately 3.6 billion transactions, which included 
approximately 1.0 billion transactions in the Americas and approximately 2.6 billion transactions in Europe. This 
represents a decrease of 9.5% in the Americas and an increase of 1.8% in Europe for an aggregate decrease of 1.6% 
compared to the year ended December 31, 2019. Transactions processed in the Americas and Europe accounted for 27.0% 
and 73.0%, respectively, of the total transactions we processed for the year ended December 31, 2020. 
 
57 
Comparison of results for the years ended December 31, 2021 and 2020 
 
The following table sets forth the consolidated statements of operations in dollars and as a percentage of revenue for the 
period presented. 
 
 
 
Year Ended 
 
 
Year Ended 
 
 
  
 
 
(dollar amounts in thousands) 
 December 31, 2021 % of revenue December 31, 2020 % of revenue  
$ change 
 % change
Segment revenue: 
  
 
 
 
    
 
 
Americas . . . . . . . . . . . . . . . . . . . .   $ 
 307,183
61.9%
$
275,233
62.7%  $
 31,950
11.6%
Europe . . . . . . . . . . . . . . . . . . . . . .    
 189,462
38.1%
163,868
37.3%   
 25,594
15.6%
Revenue  . . . . . . . . . . . . . . . . . . .   $ 
 496,645
100.0%
$
439,101
100.0%  $
 57,544
13.1%
 
  
 
 
 
    
 
Operating expenses: 
  
 
 
 
    
 
 
Cost of services and products . . . .   $ 
 75,765
15.3%
$
84,336
19.2%  $
 (8,571)
(10.2)%
Selling, general, and 
administrative  . . . . . . . . . . . . . .    
 266,117
53.6%
250,676
57.1%   
 15,441
6.2%
Depreciation and amortization  . .    
 83,389
16.8%
85,924
19.6%   
 (2,535)
(3.0)%
Impairment of intangible assets . .    
—
0.0%
802
0.2%   
 (802) (100.0)%
Total operating expenses  . . . . . .    
 425,271
85.6%
421,738
96.1%   
 3,533
0.8%
Income from operations . . . . . . . .   $ 
 71,374
14.4%
$
17,363
4.0%  $
 54,011
311.1%
 
  
 
 
 
    
 
 
Segment profit:  
  
 
 
 
    
 
 
Americas . . . . . . . . . . . . . . . . . . . .   $ 
 135,081
27.2%
$
106,052
24.2%  $
 29,029
27.4%
Europe . . . . . . . . . . . . . . . . . . . . . .   $ 
 63,588
12.8%
$
65,448
14.9%  $
 (1,860)
(2.8)%
 
Revenue 
 
Revenue was $496.6 million for the year ended December 31, 2021, an increase of $57.5 million, or 13.1% compared to 
the year ended December 31, 2020.  
 
Americas segment revenue was $307.2 million for the year ended December 31, 2021, an increase of $32.0 million, or 
11.6%, compared to the year ended December 31, 2020. 
 
Europe segment revenue was $189.5 million for the year ended December 31, 2021, an increase of $25.6 million, or 15.6%, 
compared to the year ended December 31, 2020. 
 
The increase in both Americas and Europe segment revenue for the year ended December 31, 2021 was primarily due to 
the growth in our merchant portfolio, processing volumes, and transactions, increased card adoption, sales-related activity, 
including the expansion of our tech-enabled partners, and the recovery from COVID-19. 
 
Operating expenses 
 
Cost of services and products 
Cost of services and products was $75.8 million for the year ended December 31, 2021, a decrease of $8.6 million, or 
10.2%, compared to the year ended December 31, 2020, primarily due to the decline in merchant loss reserves and third-
party costs as we work to further leverage our proprietary processing technology. 
 
Selling, general, and administrative expenses 
Selling, general, and administrative expenses were $266.1 million for the year ended December 31, 2021, an increase of 
$15.4 million, or 6.2%, compared to the year ended December 31, 2020. The increase was primarily due to the 
normalization of employee compensation expenses that were reduced in 2020 in reaction to the onset of the pandemic. 
 

58 
Depreciation and amortization 
Depreciation and amortization was $83.4 million for the year ended December 31, 2021, a decrease of $2.5 million, or 
3.0%, compared to the year ended December 31, 2020. The decrease was primarily driven by lower amortization due to 
the accelerated amortization method of merchant contract portfolios acquired in prior periods. 
 
Impairment of intangible assets 
There was no impairment of intangible assets for the year ended December 31, 2021, a decrease of $0.8 million, compared 
to the year ended December 31, 2020. The 2020 impairment charge primarily related to the retirement of certain trademarks 
driven by an internal reorganization.  
 
Interest expense 
Interest expense was $23.2 million for the year ended December 31, 2021, a decrease of $7.0 million, or 23.2%, compared 
to the year ended December 31, 2020. The decrease was due to lower variable interest rates as well as the paydown of our 
revolving credit facility and a portion of the outstanding balance on the first lien term loan in 2020. 
 
Income tax expense  
Income tax expense represents federal, state, local and foreign taxes based on income in multiple domestic and foreign 
jurisdictions. Historically, as a limited liability company treated as a partnership for U.S. federal income tax purposes, 
EVO, LLC’s income was not subject to corporate tax in the United States, but only on income earned in foreign 
jurisdictions. In the United States, our members were taxed on their proportionate share of income of EVO, LLC. However, 
following the Reorganization Transactions, we incur corporate tax on our share of taxable income of EVO, LLC. Our 
income tax expense reflects such U.S. federal, state and local income tax as well as taxes payable in foreign jurisdictions 
by certain of our subsidiaries. For the year ended December 31, 2021, we recorded a tax expense of $22.0 million, which 
included a tax benefit of $1.5 million primarily related to the true up of the deferred taxes due to an increase in the state 
effective tax rate offset by a valuation allowance recorded to reduce the deferred tax assets not expected to be realized in 
Spain. For the year ended December 31, 2020, we recorded a tax expense of $13.1 million, which included a tax benefit 
of $2.6 million from a release of the U.S. interest limitation valuation allowance. 
 
Segment performance  
 
Americas segment profit for the year ended December 31, 2021 was $135.1 million, compared to $106.1 million for the 
year ended December 31, 2020, an increase of 27.4%. The increase was primarily due to the increase in revenue, growth 
in our merchant portfolio, processing volumes, and transactions, and sales-related activity, including the expansion of tech-
enabled partners, which was partially offset by the normalization of employee compensation expenses that were reduced 
in 2020 in reaction to the onset of the pandemic. By the end of 2020, base salaries were returned to pre-pandemic levels 
and no employees remained on furlough. Americas segment profit margin was 44.0% for the year ended 
December 31, 2021, compared to 38.5% for the year ended December 31, 2020. 
 
Europe segment profit was $63.6 million for the year ended December 31, 2021, compared to $65.4 million for the year 
ended December 31, 2020, a decrease of 2.8%. The decrease was primarily due to a gain of $17.6 million recognized from 
our investment in Visa Series A preferred stock in 2020, which decreased the year over year growth rate by 35.2%, and 
the normalization of employee compensation expenses that were reduced in 2020 in reaction to the onset of the pandemic. 
By the end of 2020, base salaries were returned to pre-pandemic levels and no employees remained on furlough. These 
decreases were partially offset by an increase in profit due to the increase in revenue, growth in our merchant portfolio, 
processing volumes, and transactions, and sales-related activity, including the expansion of tech-enabled partners. Europe 
segment profit margin was 33.6% for the year ended December 31, 2021, compared to 39.9% for the year ended 
December 31, 2020.  
 
Corporate expenses not allocated to a segment were $35.6 million for the year ended December 31, 2021, compared to 
$34.2 million for the year ended December 31, 2020.  
 
59 
Comparison of results for the years ended December 31, 2020 and 2019 
 
The comparison of results for the years ended December 31, 2020 and 2019 that are not included in this Form 10-K are 
included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 
of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. 
 
 
Liquidity and capital resources for the years ended December 31, 2021 and 2020 
 
Overview 
 
We have historically funded our operations primarily with cash flow from operations and, when needed, with borrowings, 
including under our Senior Secured Credit Facilities. Our principal uses for liquidity have been debt service, capital 
expenditures, working capital, and funds required to finance acquisitions.  
 
We expect to continue to use capital to innovate and advance our products as new technologies emerge and to 
accommodate new regulatory requirements in the markets in which we operate. We expect these strategies to be funded 
primarily through cash flow from operations and borrowings from our Senior Secured Credit Facilities. Short-term 
liquidity needs will primarily be funded through the revolving credit facility portion of our Senior Secured Credit Facilities.  
 
To the extent that additional funds are necessary to finance future acquisitions, and to meet our long-term liquidity needs 
as we continue to execute on our strategy, we anticipate that they will be obtained through additional indebtedness, equity, 
or debt issuances, or both. 
 
As of December 31, 2021, our capacity under the revolving credit facility portion of our Senior Secured Credit Facilities 
was $200.0 million, with availability of $198.6 million for additional borrowings and utilization of $1.4 million in standby 
letters of credit. 
 
We have structured our operations in a manner to allow for cash to be repatriated through tax-efficient methods using 
dividends from foreign jurisdictions as our main source of repatriation. We follow local government regulations and 
contractual restrictions on cash as well as how much and when dividends can be repatriated. As of December 31, 2021, 
cash and cash equivalents of $410.4 million includes cash in the United States of $151.4 million and $259.0 million in 
foreign jurisdictions, respectively. Of the United States cash balances, $43.0 million is available for general purposes, and 
the remaining $108.4 million is considered merchant reserves and settlement-related cash and is therefore unavailable for 
our general use. Of the foreign cash balances, $132.5 million is available for general purposes, and the remaining $126.5 
million is considered merchant reserves and settlement-related cash and is therefore unable to be repatriated. Refer to Note 
1, “Description of Business and Summary of Significant Accounting Policies,” in the notes to the accompanying 
consolidated financial statements for additional information on our cash and cash equivalents. 
 
We do not intend to pay cash dividends on our Class A common stock in the foreseeable future. EVO, Inc. is a holding 
company that does not conduct any business operations of its own. As a result, EVO, Inc.’s ability to pay cash dividends 
on its common stock, if any, is dependent upon cash dividends and distributions and other transfers from EVO, LLC. The 
amounts available to EVO, Inc. to pay cash dividends are subject to the covenants and distribution restrictions in our Senior 
Secured Credit Facilities. Further, EVO, Inc. may not pay cash dividends to holders of Class A common stock unless it 
concurrently pays full participating dividends to holders of the Preferred Stock on an “as converted” basis. 
 
In connection with our IPO, we entered into the Exchange Agreement with certain of the Continuing LLC Owners, under 
which these Continuing LLC Owners have the right, from time to time, to exchange their units in EVO, LLC and related 
Class D common shares of EVO, Inc. for shares of our Class A common stock or, at our option, cash.  If we choose to 
satisfy the exchange in cash, we anticipate that we will fund such exchange through cash from operations, funds available 
under the revolving portion of our Senior Secured Credit Facilities, equity, or debt issuances or a combination thereof. 
 

60 
In addition, in connection with the IPO, we entered into the TRA with the Continuing LLC Owners. Payments required 
under the TRA are generally funded by taxable income and represent the tax benefit from the step-up in tax basis that is 
passed on to the TRA holders. Although the actual timing and amount of any payments that may be made under the TRA 
will vary, we expect that the payments we will be required to make to the Continuing LLC Owners will be significant. 
Any payments made by us to non-controlling LLC owners under the TRA will generally reduce the amount of overall cash 
flow that might have otherwise been available to us and, to the extent that we are unable to make payments under the TRA 
for any reason, the unpaid amounts generally will be deferred and will accrue interest in accordance with the terms of the 
TRA until paid by us. Refer to Note 5, “Tax Receivable Agreement,” in the notes to the accompanying consolidated 
financial statements for additional information on the TRA. 
 
The following table sets forth summary cash flow information for the years ended December 31, 2021, 2020, and 2019: 
 
 
 
 
 
 
 
Year Ended December 31,  
(in thousands) 
   
2021 
    
2020 
     
2019 
Net cash provided by operating activities . . . . . . . . . . . . . . .
$ 103,597
$ 116,020  $  27,889
Net cash used in investing activities. . . . . . . . . . . . . . . . . . . .
(74,704)
(25,967)    (76,643)
Net cash (used in) provided by financing activities . . . . . . .
(24,382)
9,763    
 3,920
Effect of exchange rate changes on cash, cash equivalents, 
and restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(12,435)
14,634     (1,774)
Net (decrease) increase  in cash, cash equivalents, and 
restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(7,924)
$ 114,450  $ (46,608)
 
Operating activities 
 
Net cash provided by operating activities was $103.6 million for the year ended December 31, 2021, a decrease of $12.4 
million compared to net cash provided by operating activities of $116.0 million for the year ended December 31, 2020. 
This decrease was primarily due to changes in working capital, including the timing of settlement-related assets and 
liabilities. Excluding the impact of settlement-related assets and liabilities, net cash provided by operating activities 
increased $71.3 million. 
 
Investing activities 
 
Net cash used in investing activities was $74.7 million for the year ended December 31, 2021, an increase of $48.7 million 
compared to net cash used in investing activities of $26.0 million for the year ended December 31, 2020. The increase was 
primarily due to the acquisitions, higher capital expenditures, and the acquisition of intangible assets. 
 
Capital expenditures were $33.4 million for the year ended December 31, 2021, an increase of $12.9 million compared to 
$20.5 million for the year ended December 31, 2020. The increase was primarily due to the higher POS terminal purchases 
and software licenses related to our European payment processing platform. 
 
Financing activities 
 
Net cash used in financing activities was $24.4 million for the year ended December 31, 2021, a decrease of $34.2 million, 
compared to net cash provided by financing activities of $9.8 million for the year ended December 31, 2020. The decrease 
was primarily due to a change in net activity of long-term debt and proceeds from the issuance of Preferred Stock in 2020.  
 
Liquidity and capital resources for the years ended December 31, 2020 and 2019  
 
The discussion of cash flow activities for the year ended December 31, 2020 as compared to the year ended 
December 31, 2019 that are not included in this Form 10-K are included in “Management’s Discussion and Analysis of 
Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year 
ended December 31, 2020. 
 
61 
Senior Secured Credit Facilities 
 
The Company (through its subsidiary EPI) entered into the Restatement Agreement in November 2021 to amend and 
restate our senior secured credit facilities (as amended and restated by the Restatement Agreement, the “Senior Secured 
Credit Facilities”). The Senior Secured Credit Facilities are comprised of a $200.0 million revolving credit facility 
maturing in November 2026, and a $588.0 million term loan maturing in November 2026. In addition, our Senior Secured 
Credit Facilities also provide us with the option to access incremental credit facilities, refinance the loans with debt 
incurred outside our Senior Secured Credit Facilities, and extend the maturity date of the revolving loans and term loans, 
subject to certain limitations and terms. In connection with the Senior Secured Credit Facilities refinanced under the 
Restatement Agreement, a loss of $5.7 million was presented within other (expense) income in the consolidated statements 
of operations and comprehensive (loss) income for the year ended December 31, 2021. The total loss of $5.7 million 
includes a debt extinguishment loss of $2.2 million and a loss of $3.5 million related to unamortized deferred financing 
costs.  
 
Borrowings under the Senior Secured Credit Facilities bear interest at an annual rate equal to, at EPI’s option, (a) a base 
rate, plus an applicable margin or (b) LIBOR, plus an applicable margin. The applicable margin for base rate loans ranges 
from 0.75% to 1.75% per annum and for LIBOR loans ranges from 1.75% to 2.75% per annum, in each case based upon 
achievement of certain consolidated leverage ratios. In addition to paying interest on outstanding principal, EPI is required 
to pay a commitment fee to the lenders in respect of the unutilized revolving commitments thereunder ranging from 0.25% 
to 0.375% per annum based upon achievement of certain consolidated leverage ratios. The Senior Secured Credit Facilities 
include provisions that provide for the eventual replacement of LIBOR as a reference rate with the Secured Overnight 
Financing Rate (as defined in the credit agreement) or otherwise an alternate benchmark rate that has been selected by the 
administrative agent and EPI and not objected to by a majority of the lenders. 
 
The Senior Secured Credit Facilities require prepayment of outstanding loans, subject to certain exceptions, with: (1) 100% 
of the net cash proceeds of non-ordinary course asset sales or other dispositions of assets (including casualty events) by 
EPI and its restricted subsidiaries, subject to reinvestment rights and certain other exceptions (subject to step-downs to 
50% and 0% based on achievement of certain consolidated leverage ratios), and (2) 50% of the excess cash flow (subject 
to certain exceptions and step-downs to 25% and 0% based on achievement of certain consolidated leverage ratios). 
 
EPI may voluntarily repay outstanding loans under the Senior Secured Credit Facilities at any time without a premium. 
 
All obligations under the Senior Secured Credit Facilities are unconditionally guaranteed by most of EPI’s direct and 
indirect, wholly-owned domestic subsidiaries, subject to certain exceptions. 
 
• 
a first-priority lien on the capital stock owned by EPI or by any guarantor in each of EPI’s or their respective 
subsidiaries (limited, in the case of capital stock of foreign subsidiaries and first tier domestic subsidiaries 
substantially all the assets of which are the capital stock of foreign subsidiaries, to 65% of the voting stock and 
100% of the non-voting stock of such subsidiaries); and 
• 
a first-priority lien on substantially all of EPI’s and each guarantor’s present and future intangible and tangible 
assets (subject to customary exceptions). 
The Senior Secured Credit Facilities contain a number of significant negative covenants. These covenants, among other 
things, restrict, subject to certain exceptions, EPI and its restricted subsidiaries ability to: 
 
• 
incur indebtedness; 
• 
create liens; 
• 
engage in mergers or consolidations; 
• 
make investments, loans and advances; 
• 
pay dividends and distributions and repurchase capital stock; 
• 
sell assets; 
• 
engage in certain transactions with affiliates; 
• 
enter into sale and leaseback transactions; 

62 
• 
make certain accounting changes; and 
• 
make prepayments on junior indebtedness. 
The Senior Secured Credit Facilities also contain a financial covenant that requires EPI to remain under a maximum 
consolidated leverage ratio determined on a quarterly basis with step-downs over time. The Borrower may elect to increase 
the maximum consolidated leverage ratio with which it must comply by 0.5x up to two times during the term upon the 
consummation of a “material acquisition.” 
 
In addition, the Senior Secured Credit Facilities contain certain customary representations and warranties, affirmative 
covenants and events of default. If an event of default occurs, the lenders under the Senior Secured Credit Facilities will 
be entitled to take various actions, including the acceleration of amounts due thereunder and exercise of remedies on the 
collateral. 
 
Refer to Note 13, “Long-Term Debt and Lines of Credit,” in the notes to the accompanying consolidated financial 
statements for additional information on our long-term debt and settlement lines of credit. 
 
Settlement lines of credit 
 
We have specialized lines of credit which are restricted for use in funding settlement. The settlement lines of credit 
generally have variable interest rates and are subject to annual review. As of December 31, 2021, we had $8.0 million 
outstanding under these lines of credit with additional capacity of $142.6 million to fund settlement.  
 
Contractual obligations 
 
Our purchase obligations consists of agreements to purchase goods and services, including POS terminals, software 
licenses, and software maintenance support, entered into in the ordinary course of business.  
 
We lease certain facilities under non-cancellable operating lease arrangements that expire at various dates in the future. 
As of December 31, 2021, the value of our obligations under operating leases was $43.8 million. Refer to Note 7, “Leases,” 
in the notes to the accompanying consolidated financial statements for additional information.  
 
Our tax receivable agreement requires us to make payments to the Continuing LLC Owners in the amount equal to 85% 
of the applicable cash tax savings, if any.  Refer to Note 5, “Tax Receivable Agreement,” in the notes to the accompanying 
consolidated financial statements for additional information. 
 
Inflation 
 
While inflation may impact our revenue and expenses, we believe the effects of inflation, if any, on our results of operations 
and financial condition have not been significant. However, there can be no assurance that our results of operations and 
financial condition will not be materially impacted by inflation in the future. 
 
Critical accounting policies and estimates 
 
Our discussion and analysis of our financial condition and results of operations for the periods described is based on our 
consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these 
financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments 
in certain circumstances that affect the reported amounts of assets, liabilities, and contingencies as of the date of the 
consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. We 
evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical information and various 
other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making 
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results 
may differ from these estimates under different assumptions or conditions. We have provided a summary of our significant 
accounting policies, as well as a discussion of our evaluation of the impact of recent accounting pronouncements in Note 
1, “Description of Business and Summary of Significant Accounting Policies,” in the notes to the accompanying 
63 
consolidated financial statements. The following discussion pertains to accounting policies management believes are most 
critical to the portrayal of our historical financial condition and results of operations and that require significant, difficult, 
subjective, or complex judgments. Other companies in similar businesses may use different estimation policies and 
methodologies, which may impact the comparability of our financial condition, results of operations, and cash flows to 
those of other companies. 
 
Revenue recognition 
  
Our primary revenue source consists of fees for payment processing services and revenue from the sale and rental of 
electronic POS equipment. Payment processing service revenue is primarily based on a percentage of transaction value or 
on a specified amount per transaction or related services. 
 
When third parties are involved in the Company’s merchant acquiring arrangements and processing services, we apply 
judgment to determine whether we are acting as a principal or an agent of the third party. We follow the requirements of 
Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, which states that the 
determination of whether an entity should recognize revenue based on the gross amount billed to a customer or the net 
amount retained is a matter of judgment that depends on the facts and circumstances of the arrangement. To determine 
whether we are acting as a principal or an agent, we assess indicators including: 1) whether we or the third party is primarily 
responsible for fulfillment; 2) which party has discretion in establishing pricing for the service; and 3) other considerations 
deemed to be applicable to the specific situation.  
 
Refer to Note 1, “Description of Business and Summary of Significant Accounting Policies,” and Note 2, “Revenue,” in 
the notes to the accompanying consolidated financial statements for further information. 
 
Goodwill and intangible assets 
  
We evaluate our goodwill for impairment annually, or more frequently, if events or changes in circumstances indicate the 
carrying amount of goodwill may not be recoverable. Goodwill is tested for impairment at the reporting unit level. Our 
reporting units are consistent with our segments: the Americas and Europe. 
  
Factors we consider in the qualitative assessment include macroeconomic conditions, industry and market considerations, 
changes in certain costs, overall financial performance of each reporting unit, and other relevant entity-specific events. If 
we elect to bypass the qualitative assessment or if we determine, on the basis of qualitative factors, that the fair value of 
the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. 
 
The quantitative impairment test involves a comparison of the estimated fair value of a reporting unit to its carrying 
amount. We estimate the fair value of our reporting units using both an income approach and a market approach. Under 
the income approach, we estimate the fair value of a reporting unit based on the present value of estimated future cash 
flows. Cash flow projections are based on our estimates of revenue growth rates, operating margins, and other factors, 
such as working capital and capital expenditures. The discount rate is based on the weighted-average cost of capital 
adjusted for the relevant risks associated with business specific characteristics and the uncertainty related to the reporting 
unit's ability to execute on the projected cash flows. Under the market approach, we estimate the fair value based on market 
multiples of revenue and earnings derived from comparable publicly traded companies with characteristics similar to the 
reporting unit. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and 
assumptions, which include revenue growth rates and operating margins used to calculate projected future cash flows, risk 
adjusted discount rates, and the selection of appropriate market multiples. 
  
Finite-lived intangible assets include merchant contract portfolios and customer relationships, marketing alliance 
agreements, trademarks, internally developed and acquired software, and non-competition agreements.  
 
The acquired intangible assets were recorded at their estimated fair value at the date of acquisition. Determination of the 
fair value of our acquired merchant contract portfolios, customer relationships, marketing alliance agreements, and 
acquired software involves significant estimates and assumptions related to revenue growth rates, discount rates, merchant 
attrition rates, and expected merchant referrals from our referral partners. Determination of the fair value of our acquired 

64 
trademarks involves significant estimates and assumptions related to revenue growth rates, royalty rates, and discount 
rates.  
 
We also develop software that is used in providing services to our customers. Capitalization of internal-use software occurs 
when we have completed the preliminary project stage. Costs incurred during the preliminary project stage are expensed 
as incurred.   
 
Finite-lived intangible assets are amortized over their estimated useful lives ranging from 2 to 21 years using either 
accelerated or straight-line method. Determination of estimated useful lives of intangible assets requires significant 
judgment. The useful lives for customer-related intangible assets are based primarily on forecasted cash flows, which 
include estimates for the revenues, expenses, and customer attrition associated with the assets. The useful lives of contract-
based intangible assets are based on the terms of the agreements. The useful lives of trademarks are based on our 
assumptions regarding the period of time during which a significant portion of the economic value of such assets is 
expected to be realized. The useful lives of internally developed and acquired software are based on various factors, 
including analysis of potential obsolescence due to new technology, competition, and other economic factors. We regularly 
evaluate whether events and circumstances have occurred that indicate the useful lives of finite-lived intangible assets may 
warrant revision. 
 
Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the 
carrying amount of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount 
of an asset to estimated undiscounted future cash flows expected to be generated from use of the asset and its eventual 
disposition. If the total of the undiscounted future cash flows is less than the carrying amount of those assets, we recognize 
an impairment loss based on the excess of the carrying amount over the fair value of the assets. 
 
Refer to Note 1, “Description of Business and Summary of Significant Accounting Policies,” and Note 9, “Goodwill and 
Intangible Assets,” in the notes to the accompanying consolidated financial statements for further information. 
 
Income taxes 
 
EVO, LLC is considered a pass-through entity for U.S. federal and most applicable state and local income tax purposes. 
As a pass-through entity, taxable income or loss is passed through to and included in the taxable income of its members. 
 
EVO, Inc. is subject to U.S. federal, state, and local income taxes with respect to our allocable share of taxable income of 
EVO, LLC and is taxed at the prevailing corporate tax rates. In addition to incurring actual tax expense, we also may make 
payments under the TRA. We account for the income tax effects and corresponding TRA effects resulting from future 
taxable purchases of LLC Interests of the Continuing LLC Owners or exchanges of LLC Interests for Class A common 
stock at the date of the purchase or exchange by recognizing an increase in our deferred tax assets based on enacted tax 
rates at that time. Further, we evaluate the likelihood that we will realize the benefit represented by the deferred tax assets 
and, to the extent that we estimate that it is more likely than not that we will not realize the benefit, we reduce the carrying 
amount of the deferred tax assets with a valuation allowance. The amounts to be recorded for both the deferred tax assets 
and the liability for our obligations under the TRA are estimated at the time of any purchase or exchange and are recorded 
as an increase to shareholders’ equity; the effects of changes in any of our estimates after this date are included in net 
earnings. Similarly, the effects of subsequent changes in the enacted tax rates are included in net earnings. 
 
The Company recognizes deferred tax assets to the extent that it is expected that these assets are more likely than not to 
be realized. The Company evaluates the realizability of the deferred tax assets, and to the extent that the Company estimates 
that it is more likely than not that a benefit will not be realized, the carrying amount of the deferred tax assets is reduced 
with a valuation allowance. As a part of this evaluation, the Company assesses all available positive and negative evidence, 
including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning 
strategies, and results of recent operations (including cumulative losses in recent years), to determine whether sufficient 
future taxable income will be generated to realize existing deferred tax assets. 
 
The Company has identified objective and verifiable negative evidence in the form of cumulative losses on an unadjusted 
basis in certain jurisdictions over the preceding twelve quarters ended December 31, 2021. The Company evaluated both 
65 
its actual forecasts of future taxable income and its historical core earnings by jurisdiction over the prior twelve quarters, 
adjusted for certain nonrecurring items. On the basis of this assessment, and after considering future reversals of existing 
taxable temporary differences, and its actual forecasts of future taxable income, the Company determined that valuation 
allowances are needed in certain European jurisdictions to reduce the carrying amount of deferred tax assets to an amount 
that is more likely than not to be realized. In the United States jurisdiction, however, the Company concluded that its 
indefinite lived deferred tax assets will be realizable and recorded no valuation allowance. In arriving at this determination, 
the Company considered both (i) historical core earnings, after adjusting for certain nonrecurring items, and (ii) the 
projected future profitability of its core operations and the impact of enacted changes in the application of the interest 
expense limitation rules beginning in 2022. 
 
In the United States jurisdiction, the Company’s future taxable income projections are derived from historical core 
operations adjusted for certain non-recurring items, which indicate that the Company will move out of a period of 
cumulative losses as taxable loss periods are replaced by taxable income periods. The amount of the deferred tax asset 
considered realizable, however, could be adjusted if the Company’s estimates of the projected future profitability of its 
core operations are reduced by a level significantly different than the Company’s historical revenues and expenses adjusted 
for certain nonrecurring items. As a secondary measure, the Company compares its adjusted historical core earnings to its 
actual forecast to ensure that adjusted core earnings are realizable. The Company also evaluates the realizability of the 
deferred tax assets, and to the extent that the Company estimates that it is more likely than not that a benefit will not be 
realized, the carrying amount of the deferred tax assets would be offset with a valuation allowance and the related TRA 
liability would be reduced. The future taxable income projections are subject to a high degree of uncertainty and could be 
impacted, both positively and negatively, by changes in our business or the markets in which we operate. A change in the 
assessment of the realizability of its deferred tax assets could materially impact our results of operations. 
 
Refer to Note 5, “Tax Receivable Agreement,” and Note 12, “Income Taxes,” in the notes to the accompanying 
consolidated financial statements for further information. 
 
Redeemable non-controlling interest in eService 
  
Redeemable non-controlling interest (“RNCI”) in eService relates to the portion of equity in our consolidated subsidiary 
in Poland, not attributable, directly or indirectly, to us, which is realizable upon the occurrence of an event that is not solely 
within our control. We adjust the RNCI at each balance sheet date to reflect our estimate of the maximum redemption 
amount with changes recognized as an adjustment to our additional paid-in capital or, in the absence of additional paid-in 
capital, to shareholders’ deficit. Such estimate is based on projected operating performance of the subsidiary and the key 
assumptions used in estimating the fair value include, but are not limited to, revenue growth rates and weighted-average 
cost of capital.  
 
Refer to Note 17, “Redeemable Non-controlling Interests,” for further information. 
New accounting pronouncements 
For information regarding new accounting pronouncements, and the impact of these pronouncements on our consolidated 
financial statements, if any, refer to Note 1, “Description of Business and Summary of Significant Accounting Policies,” 
in the notes to the accompanying consolidated financial statements. 
 
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 
 
Our future income, cash flows and fair values of the financial instruments are subject to risks relating to interest rates and 
foreign currency exchange rates. 
 
Interest rate risk 
 
We are subject to interest rate risk in connection with our long-term debt and settlement facilities, which have variable 
interest rates. The interest rates on these facilities are based on a fixed margin plus a market interest rate, which can 

66 
fluctuate but is subject to a minimum rate. Interest rate changes could impact the amount of our interest payments, and 
accordingly, our future earnings and cash flows, assuming other factors are held constant. 
 
As of December 31, 2021, we had approximately $588.0 million of debt outstanding, net of accrued interest, of which 
$500.0 million was subject to an interest rate hedge. The Company entered into the interest rate hedge in 2020 to reduce a 
portion of the exposure to market rate risk associated with its variable-rate debt. Refer to Note 14, “Derivatives,” in the 
notes to the accompanying consolidated financial statements. 
 
In the future, interest rates may fluctuate and we may be subject to interest rate risk. Based on the amount outstanding on 
our Senior Secured Credit Facilities on December 31, 2021, an increase or a decrease of 100 basis points in the applicable 
interest rate (assuming such reduction would not be below the minimum rate) would increase or decrease our annual 
interest expense by approximately $0.9 million. 
 
Foreign currency risk 
 
We are exposed to changes in foreign currency rates as a result of our significant foreign operations. Revenue and income 
generated by international operations will increase or decrease compared to prior periods as a result of changes in foreign 
currency exchange rates related to certain foreign intercompany balances. A hypothetical uniform 10% weakening or 
strengthening in the value of the U.S. dollar relative to all the currencies in which our revenue and income are denominated 
would result in an increase or decrease to pretax income of approximately $5.1 million on an annual basis. The change 
results from revenue and income earned in foreign currencies, primarily denominated in the Euro, Polish Zloty and 
Mexican Peso. There are inherent limitations in the sensitivity analysis presented, primarily due to the assumption that 
foreign exchange rate movements are linear and instantaneous. As a result, the analysis is unable to reflect the potential 
effects of more complex market changes that could arise, which may positively or negatively affect our income. 
 
The Company uses foreign currency swaps and window forward contracts to help mitigate exposure to fluctuations in 
foreign currency exchange rates related to certain foreign intercompany balances. As of December 31, 2021, the Company 
had no open foreign currency swaps or window forward positions. The impact of the foreign currency swaps and window 
forward contracts that settled in 2021 were immaterial to the consolidated financial statements. Refer to Note 1, 
“Description of Business and Summary of Significant Accounting Policies,” in the notes to the accompanying consolidated 
financial statements. 
 
 
 
 
 
67 
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 
 
Index to Consolidated Financial Statements 
 
     
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34)
68
Consolidated Balance Sheets as of December 31, 2021 and 2020
71
Consolidated Statements of Operations and Comprehensive (Loss) Income for each of the years ended 
December 31, 2021, 2020, and 2019 
 
72
Consolidated Statements of Changes in Equity (Deficit) for each of the years ended December 31, 2021, 2020, 
and 2019 
 
73
Consolidated Statements of Cash Flows for each of the years ended December 31, 2021, 2020, and 2019 
76
Notes to Consolidated Financial Statements 
77
Schedule I – Condensed Financial Information of Registrant
118
Schedule II – Valuation and Qualifying Accounts
123
 
 
 

 
68 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the shareholders and the Board of Directors of EVO Payments, Inc. 
Opinion on Internal Control over Financial Reporting 
We have audited the internal control over financial reporting of EVO Payments, Inc. and subsidiaries (the “Company”) as 
of December 31, 2021, based on criteria established in Internal Control—Integrated Framework (2013) issued by the 
Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, 
in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria 
established in Internal Control—Integrated Framework (2013) issued by COSO. 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the consolidated financial statements of the Company as of and for the year ended December 31, 2021, 
and our report dated February 23, 2022, expressed an unqualified opinion on those consolidated financial statements. 
Basis for Opinion 
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s 
Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal 
control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained 
in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, 
assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal 
control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. 
We believe that our audit provides a reasonable basis for our opinion. 
Definition and Limitations of Internal Control over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with 
accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). A 
company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the 
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets 
of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of 
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the 
company are being made only in accordance with authorizations of management and directors of the company; and 
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition 
of the company’s assets that could have a material effect on the financial statements. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
/s/ Deloitte & Touche LLP 
 
New York, New York  
February 23, 2022 
 
 
 
69 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the shareholders and the Board of Directors of EVO Payments, Inc.  
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of EVO Payments, Inc. and subsidiaries (the "Company") 
as of December 31, 2021 and 2020, the related consolidated statements of operations and comprehensive (loss) income, 
changes in equity (deficit), and cash flows, for each of the three years in the period ended December 31, 2021, and the 
related notes and the schedules listed in the Index to Consolidated Financial Statements (collectively referred to as the 
"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position 
of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the 
three years in the period ended December 31, 2021, in conformity with accounting principles generally accepted in the 
United States of America. 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2021, based on criteria 
established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of 
the Treadway Commission and our report dated February 23, 2022, expressed an unqualified opinion on the Company's 
internal control over financial reporting.  
Basis for Opinion 
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion 
on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB 
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and 
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, 
whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of 
the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such 
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. 
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well 
as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for 
our opinion. 
Critical Audit Matter 
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements 
that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or 
disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex 
judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, 
taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinion on the 
critical audit matter or on the accounts or disclosures to which it relates. 
Revenue—Refer to Notes 1 and 2 to the consolidated financial statements 
Critical Audit Matter Description 
The Company’s revenue primarily consists of transaction-based fees that are made up of a significant volume of low-dollar 
transactions, sourced from multiple systems, platforms, and applications. The Company’s payment processing services are 

 
70 
highly automated and are based on contractual terms with merchants. Because of the nature of the payment processing 
services, the Company relies on automated systems to process and record its revenue transactions. Netting against the 
Company’s revenue are commissions for referral partners and third-party processing and assessment costs such as 
interchange fees and card network fees. 
We identified revenue as a critical audit matter because the Company’s multiple systems to process and record revenue 
are highly automated with multiple platforms, including systems to record commissions cost. This required an increased 
extent of effort, including the need for us to involve professionals with expertise in information technology (IT), to identify, 
test, and evaluate the Company’s systems, applications, and automated controls. 
How the Critical Audit Matter Was Addressed in the Audit 
Our audit procedures related to the Company’s systems to process revenue transactions, including commissions cost, 
included the following, among others:  
• 
With the assistance of our IT specialists, we: 
– 
Identified the significant systems used to process revenue transactions and tested the general IT controls over 
each of these systems, including testing of user access controls, change management controls, and IT operations 
controls. 
– 
Performed testing of interface controls and automated controls relevant to revenue processes. 
• 
We tested internal controls within the relevant revenue processes, including those in place to reconcile the various 
systems to the Company’s general ledger. 
• 
For certain components of revenue, we developed an independent expectation of revenue and compared it to the 
amount recorded by the Company. 
• 
For certain components of revenue, we performed detail transaction testing for a sample of such revenue transactions, 
by agreeing the amounts recognized to source documents, and tested the mathematical accuracy of the recorded 
revenue. 
• 
For commissions to referral partners, we developed an independent expectation for commissions cost and compared 
it to the commissions cost recorded by the Company. 
/s/ Deloitte & Touche LLP 
 
New York, New York   
February 23, 2022  
 
We have served as the Company's auditor since 2016. 
 
 
 
71 
EVO PAYMENTS, INC. AND SUBSIDIARIES 
Consolidated Balance Sheets 
 (In thousands, except share data) 
 
December 31,  
 
December 31,
 
 
2021 
     
2020
Assets 
 
 
Current assets: 
 
 
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
 410,368  
$ 
418,439
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 16,065  
  
17,052
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 18,087  
  
20,128
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 4,210  
  
5,221
Settlement processing assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 311,681  
  
285,705
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 20,514  
  
15,284
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 780,925  
  
761,829
Equipment and improvements, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 68,506  
  
83,606
Goodwill, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 385,651  
  
383,108
Intangible assets, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 200,726  
  
217,077
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 238,261  
  
234,749
Operating lease right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 34,704  
 
35,124
Investment in equity securities, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 25,398  
 
25,526
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 19,214  
  
16,702
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
 1,753,385  
$ 
1,757,721
 
 
 
Liabilities and Shareholders' Equity (Deficit) 
 
 
Current liabilities: 
 
 
Settlement lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
 7,887  
$ 
13,718
Current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 14,058  
 
4,628
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 6,889  
  
9,482
Accrued expenses and other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 127,060  
  
118,251
Settlement processing obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 422,109  
  
446,344
Current portion of operating lease liabilities, inclusive of related party liability of $1.3 million and
$1.1 million at December 31, 2021 and December 31, 2020, respectively . . . . . . . . . . . . . . . . . . . . .
 7,122  
 
6,614
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 585,125  
  
599,037
Long-term debt, net of current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 568,632  
  
579,162
Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 22,207  
  
13,957
Tax receivable agreement obligations, inclusive of related party liability of $169.4 million and
$164.3 million at December 31, 2021 and December 31, 2020, respectively . . . . . . . . . . . . . . . . . . . .
 180,143  
  
173,890
Operating lease liabilities, net of current portion, inclusive of related party liability of $1.0 million and 
$2.2 million at December 31, 2021 and December 31, 2020, respectively . . . . . . . . . . . . . . . . . . . . . .
 28,948  
 
30,968
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 7,891  
 
10,174
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 1,392,946  
  
1,407,188
Commitments and contingencies 
 
 
Redeemable non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 1,029,090  
  
1,055,633
Redeemable preferred stock (par value, $0.0001 per share), Authorized, Issued and Outstanding –
152,250 shares at December 31, 2021 and December 31, 2020. Liquidation preference: $168,309 and 
$158,647 at December 31, 2021 and December 31, 2020, respectively . . . . . . . . . . . . . . . . . . . . . . . .
 164,007  
 
154,118
Shareholders' equity (deficit): 
 
 
Class A common stock (par value, $0.0001 per share), Authorized - 200,000,000 shares, Issued and 
Outstanding - 47,446,061 and 46,401,607 shares at December 31, 2021 and December 31, 2020, 
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 5  
 
5
Class B common stock (par value, $0.0001 per share), Authorized - 40,000,000 shares, Issued and 
Outstanding - 0 and 32,163,538 shares at December 31, 2021 and December 31, 2020, respectively .
 —  
 
3
Class C common stock (par value, $0.0001 per share), Authorized - 4,000,000 shares, Issued and 
Outstanding - 0 and 1,720,425 shares at December 31, 2021 and December 31, 2020, respectively . .
 —  
 
—
Class D common stock (par value, $0.0001 per share), Authorized - 32,000,000 shares, Issued and 
Outstanding - 3,783,074 and 2,390,870 shares at December 31, 2021 and December 31, 2020, 
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 —  
 
—
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 —  
 
—
Accumulated deficit attributable to Class A common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (652,871) 
  
(675,209)
Accumulated other comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (9,154) 
  
1,045
Total EVO Payments, Inc. shareholders' deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (662,020) 
  
(674,156)
Nonredeemable non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (170,638) 
  
(185,062)
Total deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (832,658) 
  
(859,218)
Total liabilities, redeemable non-controlling interests, redeemable preferred stock, and
shareholders’ deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
 1,753,385  
$ 
1,757,721
 
See accompanying notes to consolidated financial statements. 
 

 
72 
EVO PAYMENTS, INC. AND SUBSIDIARIES 
Consolidated Statements of Operations and Comprehensive (Loss) Income  
 (In thousands, except share and per share data) 
 
    
Year Ended December 31,  
 
 
2021 
 
2020 
 
2019 
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
496,645
$ 
 439,101 
$
485,778
Operating expenses: 
 
Cost of services and products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75,765
  
 84,336 
96,365
Selling, general, and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
266,117
  
 250,676 
267,926
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83,389
  
 85,924 
92,059
Impairment of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
 
 802 
13,101
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
425,271
  
 421,738 
469,451
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71,374
  
 17,363 
16,327
Other expense: 
 
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,651
  
 1,172 
2,872
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(23,161)
  
 (30,160)
(44,011)
Gain on investment in equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
237
 
 17,574 
—
Other (expense) income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10,375)
  
 3,007 
5,994
Total other expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(31,648)
  
 (8,407)
(35,145)
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39,726
  
 8,956 
(18,818)
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(22,037)
  
 (13,122)
(4,548)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,689
  
 (4,166)
(23,366)
Less: Net income attributable to non-controlling interests in  
consolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,003
  
 7,189 
7,877
Less: Net income (loss) attributable to non-controlling interests of 
EVO Investco, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
 
 (9,679)
(21,138)
Net income (loss) attributable to EVO Payments, Inc. . . . . . . . . . . . . . . . . . . . .
8,653
 
 (1,676)
(10,105)
Less: Accrual of redeemable preferred stock paid-in-kind dividends . . . .
9,889
 
 6,528 
—
Net loss attributable to Class A common stock . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(1,236)
$ 
 (8,204)
$
(10,105)
 
 
Earnings per share 
 
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(0.03)
$ 
 (0.20)
$
(0.31)
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(0.03)
$ 
 (0.20)
$
(0.31)
 
 
Weighted-average Class A common stock outstanding 
 
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47,092,937
  41,980,163 
32,720,370
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47,092,937
  41,980,163 
32,720,370
 
 
Comprehensive (loss) income: 
 
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
17,689
$ 
 (4,166)
$
(23,366)
Change in fair value of interest rate swap, net of  tax(1) . . . . . . . . . . . . . .
1,591
  
 (465)
—
Unrealized (loss) gain on foreign currency translation adjustment, net 
of tax (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(28,336)
  
 8,774 
324
Other comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(26,745)
  
 8,309 
324
Comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9,056)
  
 4,143 
(23,042)
Less: Comprehensive income attributable to non-controlling interests 
in consolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,237
 
 8,774 
7,513
Less: Comprehensive loss attributable to non-controlling interests of 
EVO Investco, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10,747)
 
 (5,948) 
(21,258)
Comprehensive (loss) income attributable to EVO Payments, Inc. . . . . . . . . . . .
$
(1,546)
$ 
 1,317  $
(9,297)
 
(1) 
Net of tax (expense) benefit of $(0.2) million and $0.1 million for the years ended December 31, 2021 and 2020, respectively.  
(2) 
Net of tax benefit (expense) of $4.1 million, $(2.5) million, and $(0.1) million for the years ended December 31, 2021, 2020, and 2019, respectively. 
See accompanying notes to consolidated financial statements. 
 
 
73
EVO PAYMENTS, INC. AND SUBSIDIARIES 
Consolidated Statements of Changes in Equity (Deficit) 
(In thousands) 
 
 
Shareholders' Equity (Deficit) 
   
 
 
 
  
 
 
 
 
 
 
 
  
 
 Accumulated  
 
 
Total 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
deficit 
 Accumulated
 
EVO 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 Additional  attributable to  
other 
 
Payments,  Nonredeemable  
 
 
Redeemable 
 
 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 
 
capital 
 common stock  
loss 
 
(deficit) 
 
interests 
 
(deficit) 
 
interests 
Balance, January 1, 2019 . . . . .      26,025    $ 
 3  
35,914  $
4  
2,461  $
—  
16,786  $
1  $  178,176   $
(223,799)  $
(2,993)  $
(48,608)  $
(814,074)  $ (862,682)  $
1,010,093 
 
 
  
 
 
Prior period adjustment* . . . . . .   
 —  
 —
—
—
—
—
—
—
 (20,629) 
—
—
(20,629)
20,629
—
 —
Net loss . . . . . . . . . . . . . . . . .   
 —  
 —
—
—
—
—
—
—
 — 
(10,105)
—
(10,105)
(6,549)
(16,654)
(6,712)
Cumulative translation 
adjustment  . . . . . . . . . . . . .   
 —  
 —
—
—
—
—
—
—
 — 
—
1,045
1,045
(378)
667
(229)
Distributions  . . . . . . . . . . . . .   
 —  
 —
—
—
—
—
—
—
 — 
—
—
—
(297)
(297)
(9,475)
Sale of Class A common stock in 
secondary offerings(1) . . . . . .   
 14,250   
 1
(1,750)
(1)
—
—
(11,750)
(1)
 (470,830) 
—
—
(470,831)
538,262
67,431
(48,447)
Fair value adjustment in 
connection with purchase of 
Blueapple Class B shares . . . .   
 —  
 —
—
—
—
—
—
—
 — 
2,020
2,020
823
2,843
(2,843)
Share-based compensation 
expense . . . . . . . . . . . . . . . .   
 —  
 —
—
—
—
—
—
—
 10,921  
—
—
10,921
—
10,921
 —
Vesting of equity awards . . . . . .   
 78   
 —
—
—
—
—
—
—
 (1,819) 
—
—
(1,819)
—
(1,819)
 —
Stock options exercised . . . . . .   
 61   
 —
—
—
—
—
—
—
 1,010  
—
—
1,010
—
1,010
 —
Exchanges of Class C and Class 
D common stock for Class A 
common stock . . . . . . . . . . .   
 820   
 —
—
—
(139)
—
(681)
—
 (37,533) 
—
—
(37,533)
37,533
—
 —
Deferred taxes in connection 
with share exchanges and 
secondary offerings(1) . . . . . .   
 —  
 —
—
—
—
—
—
—
 8,001  
—
—
8,001
—
8,001
 —
Tax receivable agreement in 
connection with share 
exchanges and secondary 
offerings(1) . . . . . . . . . . . . . .   
 —  
 —
—
—
—
—
—
—
 17,993  
—
—
17,993
—
17,993
 —
eService redeemable non-
controlling interest fair value 
adjustment . . . . . . . . . . . . . .   
 —  
 —
—
—
—
—
—
—
 — 
(12,561)
—
(12,561)
(3,655)
(16,216)
16,216 
Blueapple redeemable non-
controlling interest fair value 
adjustment . . . . . . . . . . . . . .   
 —  
 —
—
—
—
—
—
—
 — 
(28,203)
—
(28,203)
(65,642)
(93,845)
93,845 
Reclassification of additional 
paid-in capital to 
accumulated deficit . . . . . . . .   
 —  
 —
—
—
—
—
—
—
 314,710  
(314,710)
—
—
—
—
 —
Balance, December 31, 2019 . . .   
 41,234  $ 
 4
34,164
$
3
2,322
$
—
4,355
$
—
$ 
 — $
(587,358)
$
(1,948)
$ (589,299)
$
(293,348)
$ (882,647)
$
1,052,448 
 
*The prior period adjustment relates to the nonredeemable non-controlling interests, which are the portion of equity in a consolidated subsidiary not attributable, directly or indirectly, to the Company as of 
December 31, 2018, that were retrospectively adjusted to reflect the exchange of certain Class C and D shares to Class A shares. This immaterial adjustment decreased the previously reported amounts of 
additional paid-in capital and nonredeemable non-controlling interests, as reported in the consolidated balance sheet and consolidated statement of changes in equity as of December 31, 2018, by $20.6 million. 
(1) Secondary offerings refers to the sale of Class A common stock and the purchase of an equivalent number of LLC Interests and shares of Class D and Class B common stock in connection with the April 2019 
Secondary Offering, the August 2019 Secondary Offering, and the December 2019 Secondary Offering. 
 
See accompanying notes to consolidated financial statements. 

 
74
EVO PAYMENTS, INC. AND SUBSIDIARIES 
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, 2020 . . . . . . . .   
 —  $
 —  
 41,234
$
4
34,164
$
3
2,322
$
—
4,355
$ 
 —  $
—
$
(587,358) $
(1,948) $ (589,299) $
(293,348) $ (882,647) $
1,052,448 
 
 
  
 
  
Net loss . . . . . . . . . . . . . . . . . .   
 —   
 —  
—
—
—
—
—
—
—
 —   
—
(1,676)
—
(1,676)
(1,341)
(3,017)
(1,149)
Cumulative translation adjustment  .   
 —   
 —  
—
—
—
—
—
—
—
 —   
—
—
3,190
3,190
341
3,531
5,243 
Contributions . . . . . . . . . . . . . . .   
 —   
 —  
—
—
—
—
—
—
—
 —   
—
—
—
—
—
—
505 
Distributions  . . . . . . . . . . . . . . .   
 —   
 —  
—
—
—
—
—
—
—
 —   
—
—
—
—
24
24
(4,537)
Sale of Class A common stock 
in secondary offerings . . . . . . . .   
 —   
 —  
 4,152
1
(2,000)
—
—
—
(2,152)
 —   
(34,540)
(8,945)
—
(43,484)
94,834
51,350
(51,350)
Fair value adjustment in connection 
with purchase of Blueapple Class 
B shares . . . . . . . . . . . . . . . .   
 —   
 —  
—
—
—
—
—
—
—
 —   
—
(1,436)
—
(1,436)
(214)
(1,650)
1,650 
Share-based compensation expense .   
 —   
 —  
—
—
—
—
—
—
—
 —   
20,664
—
—
20,664
—
20,664
 — 
Vesting of equity awards . . . . . . . .   
 —   
 —  
197
—
—
—
—
—
—
 —   
(1,345)
—
—
(1,345)
—
(1,345)
 — 
Exercise of stock options . . . . . . . .   
 —   
 —  
405
—
—
—
—
—
—
 —   
6,145
—
—
6,145
—
6,145
 — 
Exchanges of Class C and Class D 
common stock for 
Class A common stock . . . . . . .   
 —   
 —  
414
—
—
—
(602)
—
188
 —   
(16,658)
—
—
(16,658)
16,658
—
 — 
Deferred taxes in connection 
with increase in ownership 
of EVO Investco, LLC . . . . . . .   
 —   
 —  
—
—
—
—
—
—
—
 —   
2,995
—
—
2,995
—
2,995
 — 
Tax receivable agreement in 
connection with share exchanges .   
 —   
 —  
—
—
—
—
—
—
—
 —   
4,548
—
—
4,548
—
4,548
 — 
Issuance of redeemable 
preferred stock, net of 
issuance costs . . . . . . . . . . . . .  
 
 152    147,590  
—
—
—
—
—
—
—
 —   
—
—
—
—
—
—
 — 
Accrual of redeemable preferred stock 
paid-in-kind dividends . . . . . . .   
 —   
 6,528  
—
—
—
—
—
—
—
 —   
(6,528)
—
—
(6,528)
—
(6,528)
 — 
Change in fair value of interest rate 
swap . . . . . . . . . . . . . . . . . .   
 —   
 —  
—
—
—
—
—
—
—
 —   
—
—
(197)
(197)
(45)
(242)
(223)
eService redeemable non-controlling 
interest fair value adjustment . . .   
 —   
 —  
—
—
—
—
—
—
—
 —   
(43,105)
25,069
—
(18,036)
(1,628)
(19,664)
19,664 
Blueapple redeemable non-
controlling interest fair value 
adjustment . . . . . . . . . . . . . . .   
 —   
 —  
—
—
—
—
—
—
—
 —    (353,175)
320,136
—
(33,039)
(343)
(33,382)
33,382 
Reclassification of additional paid-in 
capital to accumulated deficit . . .   
 —   
 —  
—
—
—
—
—
—
—
 —   
420,999
(420,999)
—
—
—
—
 — 
Balance, December 31, 2020 . . . . .   
 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 
 
See accompanying notes to consolidated financial statements. 
 
75
EVO PAYMENTS, INC. AND SUBSIDIARIES 
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 income . . . . . . . . . . . . . . . . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
—
8,653
—
8,653
255
8,908
8,781 
Cumulative translation adjustment  . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
—
—
(10,999)
(10,999)
(1,258)
(12,257)
(16,079)
Contributions . . . . . . . . . . . . . . . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
—
—
—
—
—
—
1,487 
Distributions  . . . . . . . . . . . . . . . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
—
—
—
—
(213)
(213)
(13,655)
Share-based compensation expense . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
27,419
—
—
27,419
—
27,419
 — 
Vesting of equity awards . . . . . . . . . . . . .   
 —   
 — 
266
—
—
—
—
—
—   
 —
(4,577)
—
—
(4,577)
—
(4,577)
 — 
Exercise of stock options . . . . . . . . . . . . .   
 —   
 — 
450
—
—
—
—
—
—   
 —
7,866
—
—
7,866
—
7,866
 — 
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 . . . . . .   
 —   
 — 
328
—
—
—
(121)
—
(207)  
 —
(15,038)
—
—
(15,038)
15,038
—
 — 
Deferred taxes in connection with increase in 
ownership of EVO Investco, LLC . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
255
—
—
255
—
255
 — 
Tax receivable agreement in connection with 
share exchanges . . . . . . . . . . . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
380
—
—
380
—
380
 — 
Accrual of redeemable preferred stock paid-in-
kind dividends . . . . . . . . . . . . . . . . .   
 —   
 9,889 
—
—
—
—
—
—
—   
 —
(9,889)
—
—
(9,889)
—
(9,889)
 — 
Change in fair value of interest rate swap. . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
—
—
800
800
84
884
707 
eService redeemable non-controlling interest 
fair value adjustment . . . . . . . . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
(22,331)
10,638
—
(11,693)
(904)
(12,597)
12,597 
Chile redeemable non-controlling interest 
fair value adjustment . . . . . . . . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
(4,285)
—
—
(4,285)
(343)
(4,628)
4,628 
Blueapple redeemable non-controlling 
interest fair value adjustment . . . . . . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
(75,616)
98,860
—
23,244
1,765
25,009
(25,009)
Reclassification of additional  
paid-in capital to accumulated deficit . . .   
 —   
 — 
—
—
—
—
—
—
—   
 —
95,813
(95,813)
—
—
—
—
 — 
Balance, December 31, 2021 . . . . . . . . . .    152  $  164,007 
47,446
$
5
—
$
—
—
$
—
3,783  $ 
 — $
— $
(652,871) $
(9,154) $ (662,020) $
(170,638) $ (832,658) $
1,029,090 
 
See accompanying notes to consolidated financial statements. 
 

 
76 
EVO PAYMENTS, INC. AND SUBSIDIARIES 
Consolidated Statements of Cash Flows  
 (In thousands) 
 
Year Ended December 31,
  
2021
 
2020 
2019
Cash flows from operating activities: 
     
  
 
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
17,689   $ 
 (4,166)
$
(23,366)
Adjustments to reconcile net income (loss) to net cash provided by operating 
activities: 
      
  
 
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83,389     
 85,924
92,059
Gain on sale of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—     
 (336)
(250)
Gain on investment in equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(237)  
 (17,574)
—
Amortization of deferred financing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,427     
 2,675
2,680
Loss on unamortized deferred financing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,471     
 —
—
Loss on extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,196   
 —
—
Loss on disposal of equipment and improvements. . . . . . . . . . . . . . . . . . . . . . . . .
1,308   
 1,741
3,014
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27,419     
 20,664
10,921
Impairment of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 802
13,101
Accrued interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 (3,935)
3,492
Deferred taxes, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,258     
 2,599
(9,182)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,983     
 (1,740)
1,703
Changes in operating assets and liabilities, net of effect of acquisitions:
  
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
293     
 (267)
(1,719)
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,652     
 4,020
27,474
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
801     
 3,993
(276)
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,610)    
 (1,413)
152
Operating lease right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,554   
 7,825
7,335
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,802)    
 3,466
(449)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,475     
 (8,326)
(35,962)
Accrued expenses and other current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . .
10,728     
 (895)
3,135
Settlement processing funds, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(49,566)    
 34,157
(59,077)
Operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,584)  
 (8,571)
(6,745)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,247)  
 (4,623)
(151)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103,597      116,020
27,889
Cash flows from investing activities: 
      
  
 
Acquisition of businesses, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(18,809)    
 —
(38,832)
Purchase of equipment and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(33,395)    
 (20,481)
(36,808)
Acquisition of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(22,550)    
 (6,821)
(8,013)
Net proceeds from sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 —
250
Return of capital on equity method investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 906
—
Collection of deferred cash consideration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 —
4,882
Collections of notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50     
 429
1,878
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(74,704)    
 (25,967)
(76,643)
Cash flows from financing activities: 
      
  
 
Net repayments of settlement lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,584)  
 (19,896)
(8,597)
Proceeds from long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
725,600      185,250
571,150
Repayments of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(728,769)     (301,843)
(559,843)
Deferred financing costs paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,927)    
 —
(2)
Deferred and contingent consideration paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(610)  
 (2,130)
(7,191)
Secondary offering proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 115,538
381,619
Purchase of LLC Interests, Class B and Class D common stock in connection with 
the secondary offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—    (115,538)
(362,635)
Repurchases of shares to satisfy minimum tax withholding . . . . . . . . . . . . . . . . . . .
(4,577)  
 (1,345)
(1,819)
Proceeds from issuance of redeemable preferred stock. . . . . . . . . . . . . . . . . . . . . . .
—   
 149,250
—
Redeemable preferred stock issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 (1,660)
—
Proceeds from exercise of common stock options . . . . . . . . . . . . . . . . . . . . . . . . . .
7,866   
 6,145
1,010
Distributions to non-controlling interest holders . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(13,868)   
 (4,513)
(9,772)
Contribution from non-controlling interest holders. . . . . . . . . . . . . . . . . . . . . . . . . .
1,487   
 505
—
Net cash (used in) provided by financing activities. . . . . . . . . . . . . . . . . . . . . .
(24,382)    
 9,763
3,920
Effect of exchange rate changes on cash, cash equivalents, and restricted cash . . . . .
(12,435)    
 14,634
(1,774)
Net (decrease) increase  in cash, cash equivalents, and restricted cash. . . . . . .
(7,924)     114,450
(46,608)
Cash, cash equivalents, and restricted cash, beginning of year . . . . . . . . . . . . . . . . . .
418,539      304,089
350,697
Cash, cash equivalents, and restricted cash, end of year . . . . . . . . . . . . . . . . . . . . . . .
$
410,615   $  418,539
$
304,089
 
See accompanying notes to consolidated financial statements. 
 
EVO PAYMENTS, INC. AND SUBSIDIARIES 
 
77 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
(1) 
Description of Business and Summary of Significant Accounting Policies 
(a) 
Description of Business 
EVO, Inc. is a Delaware corporation whose primary asset is its ownership of approximately 56.9% of the 
membership interests of EVO, LLC as of December 31, 2021. EVO, Inc. was incorporated on April 20, 2017 
for the purpose of completing the Reorganization Transactions in order to consummate the IPO and to carry 
on the business of EVO, LLC. EVO, Inc. is the sole managing member of EVO, LLC and operates and 
controls all of the businesses and affairs conducted by EVO, LLC and its subsidiaries (the “Group”). The 
Company is a leading payment technology and services provider, offering an array of innovative, reliable, 
and secure payment solutions to merchants across the Americas and Europe and servicing more than 550,000 
merchants across more than 50 markets. The Company supports all major card types in the markets it serves. 
 
The Company provides card-based payment processing services to small and middle market merchants, 
multinational corporations, government agencies, and other business and nonprofit enterprises located 
throughout the Americas and Europe. These services enable merchants to accept credit and debit cards and 
other electronic payment methods as payment for their products and services by providing terminal devices, 
card authorization, data capture, funds settlement, risk management, fraud detection, and chargeback 
services. The Company also offers value-added solutions such as gateway solutions, online hosted payments 
page capabilities, mobile-based SMS integrated payment collection services, security tokenization and 
encryption solutions at the physical and virtual POS, DCC, ACH, Level 2 and Level 3 data processing, 
management reporting solutions, loyalty programs, and Visa Direct, among other ancillary solutions. Other 
industry-specific processing capabilities are also in our product suite, such as recurring billing, multi-
currency authorization, and cross-border processing and settlement. The Company operates two reportable 
segments: the Americas and Europe.  
 
(b) 
Basis of Presentation and Use of Estimates 
Certain prior period amounts have been reclassified to conform to the current year presentation where 
applicable. 
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires 
management to make certain estimates and assumptions that affect the reported assets and liabilities, as of 
the date of the consolidated financial statements, and the reported amounts of revenue and expenses during 
the period. Actual results could differ from those estimates. Estimates used for accounting purposes include, 
but are not limited to, valuation of redeemable non-controlling interests (“RNCI”), evaluation of realizability 
of deferred tax assets, determination of liabilities under the tax receivable agreement, determination of 
liabilities and corresponding right-of-use assets arising from lease agreements, determination of assets or 
liabilities arising from derivative transactions, determination of fair value of share-based compensation, 
establishment of severance liabilities, establishment of allowance for doubtful accounts, and assessment of 
impairment of goodwill and intangible assets. 
(c) 
Principles of Consolidation 
The accompanying consolidated financial statements include the accounts of the Company. As the sole 
managing member of EVO, LLC, the Company exerts control over the Group. In accordance with ASC 810, 
Consolidation, EVO, Inc. consolidates the Group’s financial statements and records the interests in EVO, 
LLC that it does not own as non-controlling interests. All intercompany accounts and transactions have been 
eliminated in consolidation. The Company accounts for investments over which it has significant influence, 
but not a controlling financial interest using the equity method of accounting. 
 

 
78 
(d) 
Cash and Cash Equivalents, Restricted Cash, Settlement Related Cash and Merchant Reserves 
Cash and cash equivalents include all cash balances and highly liquid securities with original maturities of 
three months or less. Cash balances often exceed federally insured limits; however, concentration of credit 
risk is limited due to the payment of funds on the same day or the day following receipt in satisfaction of the 
settlement process. Included in cash and cash equivalents are settlement-related cash and merchant reserves. 
 
Settlement-related cash represents funds that the Company holds when the incoming amount from the card 
networks precedes the funding obligation to the merchant. Settlement-related cash balances are not restricted, 
however these funds are generally paid out in satisfaction of settlement processing obligations and therefore 
are not available for general purposes. As of December 31, 2021 and 2020, settlement-related cash balances 
were $133.3 million and $163.5 million, respectively. 
 
Merchant reserves represent funds collected from the Company’s merchants that serve as collateral to 
minimize contingent liabilities associated with any losses that may occur under the respective merchant 
agreements. While this cash is not restricted in its use, the Company believes that maintaining merchant 
reserves to collateralize merchant losses strengthens its fiduciary standings with its card network sponsors 
and is in accordance with the guidelines set by the card networks. As of December 31, 2021 and 2020, 
merchant reserves were $101.6 million and $109.9 million, respectively. 
 
Restricted cash represents funds held as a liquidity reserve at our Chilean subsidiary, as required by local 
regulations. 
 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the 
consolidated balance sheets to the total amount shown in the consolidated statements of cash flows: 
 
 
 
 
 
December 31, December 31,
 
2021 
   
2020 
 
(In thousands) 
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . $
410,368
$ 
 418,439 
Restricted cash included in other assets . . . . . . . . . . . . . . . .
247
  
 100 
Total cash, cash equivalents, and restricted cash shown in 
the consolidated statements of cash flows . . . . . . . . . . . . . $
410,615
$ 
 418,539 
 
(e) 
Accounts Receivable and Other Receivables 
Accounts receivable include amounts due from independent sales organizations (“ISO”) and merchants 
related to the transaction processing services and sale of point-of-sale (“POS”) equipment and peripherals. 
Other receivables include advances to merchants, amounts of foreign value-added taxes to be recovered 
through regular business operations, and other amounts due to the Company. 
 
Receivable balances are stated net of allowance for doubtful accounts. The Company regularly evaluates its 
receivables for collectability. The Company analyzes historical losses, the financial position of its customers 
and known or expected trends when estimating the allowance for doubtful accounts. As of 
December 31, 2021 and 2020, allowance for doubtful accounts was $7.2 million and $4.4 million, 
respectively. 
 
(f) 
Inventory 
Inventory consists primarily of electronic POS terminals and prepaid mobile phone cards and is stated at the 
lower of cost or net realizable value. Cost is determined based on the first-in, first-out (“FIFO”) method. 
 
 
79 
(g) 
Earnings Per Share 
Basic earnings per share of Class A common stock is calculated pursuant to the two-class method as a result 
of the issuance of 152,250 shares of Series A Convertible Preferred Stock (the “Preferred Stock”) on 
April 21, 2020. The Preferred Stock is considered a participating security because the holders of Preferred 
Stock are entitled, on an as-converted basis, to participate in and receive any dividends declared or paid on 
the Class A common stock, and no dividends may be paid to holders of Class A common stock unless full 
participating dividends are concurrently paid to holders of Preferred Stock. The two-class method is an 
earnings allocation formula that determines earnings per share for common stock and participating securities 
according to dividend and participation rights in undistributed earnings. Under this method, all earnings, 
distributed and undistributed, are allocated to common stock and participating securities based on their 
respective rights to receive dividends. The Preferred Stock is not included in the computation of basic 
earnings per share in periods in which the Company reports a net loss, as the Preferred Stock holders are not 
contractually obligated to share in the net losses. However, the cumulative dividends that accrete on the 
Preferred Stock for the period reduce the net income or increase the net loss allocated to common 
stockholders. Earnings per share is not separately presented for Class B common stock, Blueapple LLC 
Interests, Class C common stock, and Class D common stock since they have no economic rights to the 
earnings of the Company. 
 
Diluted earnings per share of Class A common stock is calculated using the more dilutive of the (a) treasury 
stock method and as-converted method or (b) the two-class method. Class B common stock, which was 
automatically cancelled on May 25, 2021, and Blueapple LLC Interests are not considered when calculating 
diluted earnings per share as this class of common stock and LLC Interests may not convert to Class A 
common stock. Class C common stock, which was automatically converted into one share of Class D 
common stock on May 25, 2021, and Class D common stock are considered in the calculation of diluted 
earnings per share on an if-converted basis as these classes, together with the paired LLC Interests, have 
exchange rights that could result in additional shares of Class A common stock being issued. Potentially 
dilutive shares issuable upon conversion of the Preferred Stock are considered in the calculation of diluted 
earnings per share on an if-converted basis. All other potentially dilutive securities are determined based on 
the treasury stock method. Refer to Note 4, “Earnings Per Share,” and Note 21, “Shareholders’ Equity,” for 
further information. 
 
(h) 
Settlement Processing Assets and Obligations 
Settlement processing assets and obligations represent intermediary balances arising in our settlement 
process. Refer to Note 3, “Settlement Processing Assets and Obligations,” for further information. 
(i) 
Equipment and Improvements 
Equipment and improvements are stated at cost less accumulated depreciation. Card processing equipment, 
office equipment, computer software, and furniture and fixtures are depreciated over their respective 
estimated useful lives on a straight-line basis. Leasehold improvements are depreciated over the lesser of the 
estimated useful life of the asset or the lease term. Maintenance and repairs, which do not extend the useful 
life of the respective assets, are recognized as expense when incurred. Refer to Note 8, “Equipment and 
Improvements,” for further information. 
(j) 
Deferred Financing Costs 
The costs associated with obtaining debt financing are capitalized and amortized over the term of the related 
debt. Such costs are presented as a reduction of the long-term debt. 
(k) 
Goodwill and Intangible Assets 
The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying 
amounts of goodwill and other intangible assets may not be recoverable. Goodwill represents the excess of 

 
80 
the consideration transferred over the fair value of identifiable net assets acquired through business 
combinations. The Company evaluates its goodwill for impairment annually as of October 1, or more 
frequently, if an event occurs or circumstances change that indicate the fair value of a reporting unit might 
be below its carrying amount. Our reporting units are consistent with our segments: the Americas and Europe. 
ASC 350, Intangibles - Goodwill and Other, allows the Company to conduct a qualitative assessment to 
determine whether it is necessary to perform a quantitative goodwill impairment test. 
As of October 1, 2021, the Company performed a qualitative assessment to evaluate the goodwill for 
indicators of impairment. A qualitative assessment includes consideration of macroeconomic conditions, 
industry and market considerations, changes in certain costs, overall financial performance of each reporting 
unit, and other relevant entity-specific events. In performing its qualitative assessment, the Company 
considered the results of its quantitative impairment test performed in 2020 and the financial performance of 
the reporting units during 2021 and 2020. Based upon such assessment, the Company determined that it was 
more likely than not that the fair values of these reporting units exceeded their carrying amounts as of the 
date of the impairment test. There were no significant events or changes in the circumstances since the date 
of the Company’s annual impairment test that would have required a reassessment of the results as of 
December 31, 2021. 
As of October 1, 2020, the Company utilized the quantitative approach to test goodwill for impairment by 
comparing the estimated fair value of the reporting units to the related carrying value. The fair value of the 
reporting units was estimated using a combination of discounted cash flow method, which is derived from 
the present value of future cash flows discounted at a risk-adjusted weighted-average cost of capital, and 
guideline public companies method, which is derived from revenue and earnings multiples of comparable 
companies. As of the date of the 2020 impairment test, the fair values of the Americas and Europe reporting 
units substantially exceeded their carrying values. There were no significant events or changes in the 
circumstances since the date of the Company’s annual impairment test that would have required a 
reassessment of the results as of December 31, 2020. 
As of December 31, 2021, there are no indefinite-lived intangible assets other than goodwill. 
Finite-lived assets include merchant contract portfolios and customer relationships, marketing alliance 
agreements, trademarks, internally developed and acquired software, and non-competition agreements, and 
are stated net of accumulated amortization and impairment charges and foreign currency translation 
adjustments. 
Merchant contract portfolios and customer relationships consist of merchant or customer contracts acquired 
from third parties that will generate revenue for the Company. The useful lives of these assets are determined 
using forecasted cash flows, which are based on, among other factors, the estimates of revenue, expenses, 
and attrition associated with the underlying portfolio of merchant or customer accounts. The useful lives are 
determined based upon the period of time over which a significant portion of the economic value of such 
assets is expected to be realized. The useful life of merchant contract portfolios and customer relationships 
ranges from 5 to 19 years. Amortization of these assets is recognized under an accelerated method, which 
approximates the expected distribution of the portfolios’ forecasted cash flows.  
Marketing alliance agreements are amortized on a straight-line basis over the term of the agreements, which 
range from 5 to 21 years. 
Trademarks are amortized on a straight-line basis over the period of time during which a significant portion 
of the economic value of such assets is expected to be realized, which ranges from 2 to 20 years. 
Internally developed and acquired software is amortized on a straight-line basis over the estimated useful 
lives, which range from 3 to 10 years. The estimated useful lives of the software are based on various factors, 
including obsolescence, technology, competition, and other economic factors. The costs related to the 
internally developed software are capitalized during the developmental phase of a project, and amortization 
 
81 
commences when the software is placed into use by the Company. The costs incurred during the preliminary 
project stage are expensed as incurred.  
Non-competition agreements are amortized on a straight-line basis over the term of the agreement, which 
ranges from 3 to 4 years. 
When factors indicate that a long-lived asset should be assessed for impairment, the Company evaluates 
whether the carrying value of the asset will be recovered through the future undiscounted cash flows from 
the ongoing use of the asset, and if applicable, its eventual disposition. When the carrying value exceeds its 
fair value, an impairment loss is recognized in an amount equal to the difference. Refer to Note 9, “Goodwill 
and Intangible Assets,” for further information. 
(l) 
Derivatives 
The Company recognizes derivatives on the consolidated balance sheets at fair value. The accounting for 
changes in the fair value of derivatives depends on the intended use of a particular derivative, whether the 
Company has elected to designate or not designate such derivative in a hedging relationship and apply hedge 
accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge 
accounting.  
 
Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, 
or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally 
provides for the matching of the timing of gain or loss recognition on the hedging instrument with the 
recognition of the changes in the fair value of the hedged asset or liability that are attributable to the earnings 
effect of the hedged forecasted transactions in a cash flow hedge.   
 
The Company uses foreign currency swaps and window forward contracts to mitigate its exposure to 
fluctuations in foreign currency exchange rates related to certain foreign intercompany balances. The 
Company elected not to designate the foreign currency swaps and window forward contracts as a cash flow 
hedge and are not subject to hedge accounting.  
 
Changes in the fair value of a derivative that is designated as, and meets all the required criteria for, a cash 
flow hedge are recorded in accumulated other comprehensive (loss) income and reclassified into earnings as 
the underlying hedged item affects earnings. Changes in the fair value of a derivative that is not designated 
as a cash flow hedge are recorded as a component of other (expense) income. 
 
Refer to Note 14, “Derivatives,” and Note 18, “Fair Value,” for further information on the interest rate swap. 
(m) 
Revenue Recognition 
The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue From Contracts With 
Customers (“ASC 606”) on January 1, 2019, using the modified retrospective method and applying the 
standard to all contracts not completed on the date of adoption.  
The Company primarily earns revenue from payment processing services. The payment processing services 
involve capturing, routing, and clearing transactions through the applicable payment network. The Company 
obtains authorization for each transaction and requests funds settlement from the card issuing financial 
institution through the payment network. In addition, the Company also earns revenue from the sale and 
rental of electronic POS equipment. 
The Company’s revenue consists primarily of transaction-based fees that are made up of a significant volume 
of low-dollar transactions, sourced from multiple systems, platforms, and applications. The payment 
processing is highly automated, and is based on contractual terms with merchants. Because of the nature of 
payment processing services, the Company relies on automated systems to process and record the revenue 

 
82 
transactions. Netting against the revenue is certain commissions for referral partners and third party 
processing and assessment costs such as interchange fees and card network fees. 
The Company’s core performance obligation is to provide continuous access to the Company’s processing 
services in order to be able to process as many transactions as its customers require on a daily basis over the 
contract term, as the timing and quantity of transactions to be processed is not determinable. Under a stand-
ready obligation, the Company’s performance is defined by each time increment rather than by the underlying 
activities satisfied over time based on days elapsed. Because the service of standing ready is substantially the 
same each day, and has the same pattern of transfer to the customer, the Company has determined that its 
stand-ready performance obligation comprises a series of distinct days of service.  
The Company’s contractual agreements outline the pricing related to payment processing services including 
fixed fees and pricing related to the sale or rental of POS equipment. Given the nature of the promise to stand 
ready to provide payment processing services and the fees which are based on unknown quantities of services 
to be performed over the contract term, the consideration related to the payment processing services is 
determined to be variable consideration. The variable consideration is usage-based and the variability is 
satisfied each day the services are provided to the customer. The Company allocates variable fees to the 
distinct day of service to which it relates, considering the services performed each day in order to allocate 
the appropriate amount of total fees to that day. Therefore, the Company recognizes revenue for payment 
processing services over time on a daily basis based on the services performed on that day. Revenue from 
the sale of POS equipment is recognized at a point in time when the POS equipment is shipped and title 
passes to the customer. Revenue recognized at a point in time is not material. Revenue from the rental of 
electronic POS equipment is recognized over time. 
ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied 
performance obligations; however, as permitted by the standard, the Company has elected to exclude from 
this disclosure any contracts with an original duration of one year or less and any variable consideration that 
meets specified criteria. As discussed above, the Company’s core performance obligation is a stand-ready 
obligation comprised of a series of distinct days of service, and revenue related to this performance obligation 
is generally billed and recognized as the services are performed. The variable consideration allocated to this 
performance obligation meets the specified criteria for disclosure exclusion. The aggregate fixed 
consideration portion of customer contracts with an initial contract duration greater than one year is not 
material. 
The Company follows the requirements of ASC 606-10, Principal Agent Considerations, which states that 
the determination of whether a company should recognize revenue based on the gross amount billed to a 
customer or the net amount retained is a matter of judgment that depends on the facts and circumstances of 
the arrangement. 
For payment processing services, the determination of gross versus net recognition for interchange, card 
network fees, and commissions depends on whether the Company controls the good or service before it is 
transferred to the merchant or whether the Company is acting as an agent of a third party. 
The Company frequently enters into agreements with third parties under which the third party engages the 
Company to provide payment processing services to all of their customers. Under these agreements the third 
party acts as supplier of products or services by achieving most of the shared risks and rewards of customer 
contracts and the Company passes the third party’s share of merchant receipts to them as commissions. The 
Company incurs interchange and card network fees from the card issuers and payment networks respectively, 
and does not have the ability to direct the use of or receive the benefits from the services provided by the 
card issuers or the payment networks. The Company has no discretion over which card issuing bank will be 
used to process a transaction and is unable to direct the activity of the merchant to another card issuing bank. 
Interchange and card network rates are pre-established by the card networks, and the Company has no latitude 
in determining these fees. Therefore, the Company is acting as an agent with respect to these services. 
Revenue generated from payment processing is presented net of interchange, card network fees, and certain 
commissions. Commissions payable to referral and reseller partners are recognized as incurred.  
 
83 
(n) 
Share-Based Compensation 
The Company follows ASC 718, Compensation: Stock Compensation (“ASC 718”), which requires that all 
share-based payments to employees, including stock options and restricted stock units (“RSUs”), be 
recognized as compensation expense in the consolidated financial statements based on their fair values and 
over the requisite service period. The fair value of the stock option awards is determined through the 
application of the Black-Scholes model. The fair value of RSUs is determined based on the market price at 
the time of grant. The Company has elected to recognize forfeitures at the time they occur. Refer to Note 22, 
“Stock Compensation Plans and Share-Based Compensation Awards,” for further information on the share-
based compensation awards. 
 
(o) 
Income Taxes 
Subsequent to consummation of the Reorganization Transactions and the IPO, the Company is subject to 
United States federal, state and local income taxes. The Company's subsidiaries are subject to income taxes 
in the respective jurisdictions in which they operate. Prior to the consummation of the Reorganization 
Transactions and the IPO, provision for United States federal, state, and local income tax was not material, 
as EVO, LLC is a limited liability company and is treated as a pass-through entity for United States federal, 
state, and local income tax purposes. 
 
Deferred Taxes 
The Company accounts for income taxes under the asset and liability method, which requires the recognition 
of deferred tax assets and liabilities for the expected future tax consequences of events that have been 
included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are 
determined on the basis of the differences between the consolidated financial statements and tax basis of 
assets and liabilities using enacted jurisdictional tax rates in effect for the year in which the differences are 
expected to reverse. The effect of a change in tax rates is recognized in the consolidated statements of 
operations and comprehensive (loss) income in the period that includes the enactment date. 
The Company recognizes deferred tax assets to the extent that it is expected that these assets are more likely 
than not to be realized. The Company evaluates the realizability of the deferred tax assets, and to the extent 
that the Company estimates that it is more likely than not that a benefit will not be realized, the carrying 
amount of the deferred tax assets is reduced with a valuation allowance. As a part of this evaluation, the 
Company assesses all available positive and negative evidence, including future reversals of existing taxable 
temporary differences, projected future taxable income, tax-planning strategies, and results of recent 
operations, to determine whether sufficient future taxable income will be generated to realize existing 
deferred tax assets. 
The Company has identified objective and verifiable negative evidence in the form of cumulative losses on 
an unadjusted basis in certain jurisdictions over the preceding twelve quarters ended December 31, 2021. 
The Company also evaluated its historical core earnings by jurisdiction, after adjusting for certain 
nonrecurring items. On the basis of this assessment, and after considering future reversals of existing taxable 
temporary differences, the Company established valuation allowances in the current and prior periods to 
reduce the carrying amount of deferred tax assets to an amount that is more likely than not to be realized in 
certain European jurisdictions.  In the United States jurisdiction, however, the Company concluded that its 
deferred tax assets will be realizable and recorded no valuation allowance based upon (i) the historical core 
earnings, after adjusting for certain nonrecurring items, and (ii) the projected future profitability of its core 

 
84 
operations and the impact of enacted changes in the application of the interest expense limitation rules 
beginning in 2022. 
As of December 31, 2021 and 2020, a valuation allowance of $11.6 million and $5.1 million, respectively, 
has been established to reduce the carrying amount of the deferred tax asset to an amount that is more than 
likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be 
adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if 
objective negative evidence in the form of cumulative losses is no longer present, and additional weight may 
be given to subjective evidence such as the Company’s projections for growth.  
Uncertain Tax Positions 
The Company records uncertain tax positions in accordance with ASC 740, Income Taxes (“ASC 740”), on 
the basis of a two-step process: (1) determine whether it is more likely than not that the tax positions will be 
sustained on the basis of the technical merits of the position, and (2) for those tax positions that meet the 
more-likely-than-not recognition threshold, recognize the largest amount of tax benefit that is more than 50 
percent likely to be realized upon ultimate settlement with the related tax authority.  
The Company is subject to tax audits in various jurisdictions and regularly assesses the likely outcome of 
such audits in order to determine the need for liabilities for uncertain tax benefits. The Company continually 
evaluates the appropriateness of liabilities for uncertain tax positions, considering factors such as statutes of 
limitations, audits, proposed settlements, and changes in tax law. Refer to Note 12, “Income Taxes,” for 
further information.   
 (p) 
Nonredeemable Non-controlling Interests and Redeemable Non-controlling Interests  
Non-controlling interests relate to the portion of equity in a consolidated subsidiary not attributable, directly 
or indirectly, to the Company. Where redemption of such non-controlling interests is solely within the control 
of the Company, such interests are reflected in the consolidated balance sheets as “Nonredeemable non-
controlling interests”. 
RNCI refers to non-controlling interests that are redeemable upon the occurrence of an event that is not solely 
within the Company’s control and is reported in the mezzanine section between total liabilities and 
shareholders’ deficit, as temporary equity in the Company’s consolidated balance sheets. The Company 
adjusts RNCI balance to reflect its estimate of the maximum redemption amount each reporting period. Refer 
to Note 17, “Redeemable Non-controlling Interests,” for further information. 
(q) 
Foreign-Currency Translation  
The Company has operations in foreign countries whose functional currency is the local currency. Gains and 
losses on transactions and monetary assets and liabilities, denominated in currencies other than the functional 
currency, are included in the net income or loss for the period. 
The assets and liabilities of subsidiaries whose functional currency is a foreign currency are translated at the 
period-end exchange rates. Income statement items are translated at the average monthly rates for the year. 
The resulting translation adjustment is recorded as a component of other comprehensive (loss) income and 
is included in shareholders’ deficit. 
 
85 
(r) 
Fair-Value Measurements  
The Company follows ASC 820, Fair Value Measurements (“ASC 820”), which defines fair value as the 
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between 
market participants at the measurement date. The determination of fair value is based on the principal or most 
advantageous market in which the Company could participate and considers assumptions that market 
participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk 
of nonperformance. Also, determination of fair value assumes that market participants will consider the 
highest and best use of the asset. 
The Company uses the hierarchy prescribed in ASC 820 for fair value measurements, based on the available 
inputs to the valuation and the degree to which they are observable or not observable in the market.  
The three levels of the hierarchy are as follows:  
Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities accessible to 
the reporting entity at the measurement date;  
Level 2 Inputs — Other than quoted prices included in Level 1 that are observable for the asset or liability, 
either directly or indirectly, for substantially the full term of the asset or liability, including: 
· quoted prices for similar assets or liabilities in active markets; 
· quoted prices for identical or similar assets or liabilities in markets that are not active; 
· inputs other than quoted prices that are observable for the asset or liability; or 
· inputs that are derived principally from or corroborated by observable market data by correlation or 
other means; 
Level 3 Inputs — Unobservable inputs for the asset or liability used to measure fair value allowing for inputs 
reflecting the Company’s assumptions about what other market participants would use in pricing the asset or 
liability, including assumptions about risk. 
(s) 
Investment in equity securities 
The Company’s accounting treatment for investments in equity securities differs for those with and without 
readily determinable fair values. Investments in equity securities with readily determinable fair values are 
recorded at fair value on the consolidated balance sheets with changes in fair value at each reporting period 
recognized on the consolidated statements of operations and comprehensive (loss) income. Investments in 
equity securities without readily determinable fair value are recorded at cost, less impairment, if any, plus or 
minus observable price changes in orderly transactions of an identical or similar investment of the same 
issuer. 
(t) 
Segment Reporting  
The Company has two operating segments: the Americas and Europe. The Company’s reportable segments 
are the same as its operating segments. The alignment of the Company’s segments is designed to establish 
lines of business that support the geographical markets in which the Company operates and allows the 
Company to further globalize its solutions while working seamlessly with teams across these markets.  
The America’s segment comprises the geographical markets of the United States, Canada, Mexico, and Chile. 
The Europe segment comprises the geographical markets of Western Europe (Spain, United Kingdom, 
Ireland, Germany, Gibraltar, and Malta) and Eastern Europe (Poland and Czech Republic). The Company 
also provides general corporate services to its segments through corporate functions, the cost of which is not 
allocated to segments. Such costs are reported as “Corporate.” Refer to Note 20, “Segment Information,” for 
further information on segment reporting. 

 
86 
(u) 
Leases  
The Company adopted ASU 2016-02, Leases, on January 1, 2019, using the optional modified retrospective 
method under which the prior period financial statements were not restated for the new guidance. 
At contract inception the Company determines whether an arrangement is, or contains a lease, and for each 
identified lease, evaluates the classification as operating or financing. Leased assets and obligations are 
recognized at the lease commencement date based on the present value of fixed lease payments to be made 
over the term of the lease. Renewal and termination options are factored into determination of the lease term 
only if the option is reasonably certain to be exercised. The Company’s leases do not provide a readily 
determinable implicit interest rate and the Company uses its incremental borrowing rate to measure the lease 
liability and corresponding right-of-use asset. The incremental borrowing rate is a fully collateralized rate 
that considers the Company’s credit rating, market conditions, and the term of the lease. The Company 
accounts for all components in a lease arrangement as a single combined lease component.  
Operating lease cost is recognized on a straight-line basis over the lease term. Total lease costs include 
variable lease costs, which are primarily comprised of costs of maintenance and utilities. Variable payments 
are expensed in the period incurred and not included in the measurement of lease assets and obligations. 
Refer to Note 7, “Leases,” for further information. 
(v) 
Preferred Stock 
On April 21, 2020, we issued 152,250 shares of Preferred Stock for approximately $149.3 million in total 
net proceeds. Holders of shares of Preferred Stock are entitled to cumulative, paid-in-kind dividends, and 
have the right, at their option, to convert the Preferred Stock, in whole or in part, into fully paid and non-
assessable shares of Class A Common Stock at any time. If the Company undergoes a change of control (as 
defined in the certificate of designations for the Preferred Stock), the holders of Preferred Stock may require 
us to repurchase all or a portion of its then-outstanding shares of Preferred Stock for cash consideration. 
Because the occurrence of a change of control may be outside of our control, we have classified the Preferred 
Stock as mezzanine equity on the consolidated balance sheets. Refer to Note 16, “Redeemable Preferred 
Stock,” for further discussion. 
(w) 
Recent Accounting Pronouncements 
New accounting pronouncements issued by the Financial Accounting Standards Board (the “FASB”) or other 
standards setting bodies are adopted as of the specified effective date. Unless otherwise discussed, the 
Company believes that the impact of recently issued standards that are not yet effective will not have a 
material impact on the Company’s consolidated financial statements upon adoption.  
Recently Adopted Accounting Pronouncements 
Simplifying the Accounting for Income Taxes 
 
In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the 
Accounting for Income Taxes. This update modifies ASC 740 to simplify the accounting for income taxes as 
part of the FASB’s simplification initiative. The Company adopted this ASU on January 1, 2021. The 
adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. 
 
 
87 
Investments, Joint Ventures, and Derivatives and Hedging 
 
In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - 
Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which is intended 
to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted 
for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and 
purchased options accounted for under Topic 815. The Company adopted this ASU on January 1, 2021. The 
adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. 
 
Recently Issued Accounting Pronouncements Not Yet Adopted 
Reference Rate Reform 
 
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform, with amendments in 2021. This 
update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging 
relationships, and other transactions affected by the discontinuation of London Interbank Offered Rate 
(“LIBOR”) or by another reference rate expected to be discontinued. The guidance in ASU 2020-04 is 
optional and may be elected over time as reference rate reform activities occur on a prospective basis no later 
than December 31, 2022. In June 2020, the Company elected to apply the hedge accounting expedients 
related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume 
that the index upon which future hedged transactions will be based matches the index on the corresponding 
derivatives. The Company will continue to evaluate the effect of the discontinuance of LIBOR on our 
outstanding debt and hedging instrument and the related effect of ASU 2020-04 on our consolidated financial 
statements, as applicable. 
 
Convertible Instruments and Contracts in an Entity’s Own Equity 
 
In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in 
an Entity’s Own Equity. This update simplifies the accounting for certain financial instruments with 
characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own 
equity. The ASU is effective for fiscal years, and interim periods within those years, beginning after 
December 15, 2021 with early adoption permitted. The Company does not expect that ASU 2020-06 will 
have a material impact on the Company’s consolidated financial statements. 
 
Acquired Contract Assets and Liabilities in Business Combinations 
 
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for 
Contract Assets and Contract Liabilities from Contracts with Customers. This update requires entities to 
recognize and measure contract assets and liabilities acquired in a business combination in accordance with 
ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is effective for fiscal periods 
beginning after December 15, 2022, including interim periods within those years, with early adoption 
permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. 
The Company will continue to evaluate the impact of this ASU, which will depend on the contract assets and 
liabilities acquired in future business combinations. 
 

 
88 
(x)      Correction to previously reported consolidated statements of cash flows 
The Company has revised the financing section of its consolidated statements of cash flows to separately 
classify net repayments on its settlement lines of credit of approximately $19.9 million and $8.6 million for 
the years ended December 31, 2020 and 2019, respectively. As a result, the accompanying consolidated 
statements of cash flows have been revised to correct this immaterial classification error by decreasing 
previously reported proceeds from long-term debt by approximately $1.0 million and $12.4 million, and 
decreasing previously reported repayments of long-term debt by approximately $20.9 million and $21.0 
million, for the years ended December 31, 2020 and 2019, respectively. This revision had no effect on our 
previously reported net cash flows from financing activities, or on any other previously reported amounts in 
our consolidated financial statements for the years ended December 31, 2020 and 2019.   
 
 
      
(2)      Revenue   
The Company primarily earns revenue from payment processing services, and has contractual agreements with its 
customers that set forth the general terms and conditions of the service relationship, including line item pricing, 
payment terms, and contract duration.  
The Company also earns revenue from the sale and rental of electronic POS equipment. The revenue recognized 
from the sale and rental of POS equipment totaled $38.9 million, $39.3 million, and $43.0 million for the years 
ended December 31, 2021, 2020, and 2019, respectively. 
The Company disaggregates revenue based on reporting segment and division. The Company’s divisions are as 
follows: 
• 
Direct – Represents the direct solicitation of merchants through referral relationships, including financial 
institutions and the Company’s direct sales channel. The Company has long-term, exclusive referral 
relationships with leading international financial institutions that represent thousands of branch locations 
which actively pursue new merchant relationships on the Company’s behalf. The Company also utilizes a 
direct sales team, including outbound telesales, to build and maintain relationships with its merchants and 
referral partners. The Company also has referral arrangements with ISOs that refer merchants to the 
Company. 
• 
Tech-enabled – Represents merchants requiring a technical integration at the point of sale between the 
Company and a third party software vendor whereby the third party passes information to our systems to 
enable payment processing. These merchant acquiring arrangements are supported by partnerships with 
independent software providers, integrated software dealers, and eCommerce gateway providers. In the 
United States, this division also supports B2B customers via proprietary solutions sold directly to merchants 
and via enterprise resource planning software dealers and integrators. 
• 
Traditional – Represents the Company’s heritage United States portfolio composed primarily of ISO 
relationships where the merchant portfolio is not actively managed by the Company. The Company is not 
focused on this sales model and it will represent an increasingly smaller portion of the business over time. 
 
89 
The table below presents a disaggregation of the Company’s revenue by segment and by division. Beginning in 
2021, the Company reclassified certain merchant portfolios from the Direct and Tech-enabled divisions into the 
Traditional division as part of strategic channel realignment. The Company adjusted the presentation of comparative 
results for the years ended December 31, 2020 and 2019 to reflect this reclassification. 
 
 
 
Year Ended December 31, 2021 
 
  Americas    
Europe 
   
Total 
 
 
(In thousands)  
Divisions: 
Direct . . . . . . . . . . . . . . . . .
$ 130,752
$ 148,538
$ 279,290 
Tech-enabled . . . . . . . . . . .
134,360
40,924
175,284 
Traditional . . . . . . . . . . . . .
42,071
—
42,071 
Totals . . . . . . . . . . . . . . .
$ 307,183
$ 189,462
$ 496,645 
 
 
 
 
Year Ended December 31, 2020 
 
  Americas    
Europe 
   
Total 
 
 
(In thousands)  
Divisions: 
 
Direct . . . . . . . . . . . . . . . . . .
$ 113,442
$ 128,458
$ 241,900 
Tech-enabled . . . . . . . . . . . .
117,882
35,410
153,292 
Traditional . . . . . . . . . . . . . .
43,909
—
43,909 
Totals . . . . . . . . . . . . . . . .
$ 275,233
$ 163,868
$ 439,101 
 
  
 
 
 
 
 
  
 
 
 
 
 
 
Year Ended December 31, 2019 
 
Americas    
Europe 
   
Total 
 
 
(In thousands)  
Divisions: 
 
Direct . . . . . . . . . . . . . . . . . .
$ 134,331
$ 142,313
$ 276,644 
Tech-enabled . . . . . . . . . . . .
114,990
39,625
154,615 
Traditional . . . . . . . . . . . . . .
54,519
—
54,519 
Totals . . . . . . . . . . . . . . . .
$ 303,840
$ 181,938
$ 485,778 
 
 
(3)       Settlement Processing Assets and Obligations 
Settlement processing assets and obligations represent intermediary balances within the settlement process 
involving the movement of funds between consumers, card issuers, card networks, the Company, and its merchants. 
The Company processes funds settlement through two models, the sponsorship model and the direct membership 
model.  
 
In certain markets, the Company operates under the sponsorship model whereby the Company has a sponsorship 
agreement with a bank that is a member of the various card networks (collectively, the “Member Banks”) providing 
for the funds settlement by such Member Banks on behalf of the Company related to the transactions processed by 
the Company through card networks, such as Visa and MasterCard. Under the sponsorship model, it is the 
responsibility of the Member Bank to ensure that the Company adheres to the standards of the card networks.  
 
In other markets, the Company operates under the direct membership model whereby the Company has direct 
membership with the various card networks for the funds settlement related to the transactions processed by the 
Company through the card networks. As a direct member under the direct membership model, it is the responsibility 
of the Company to adhere to the standards of the card networks.  
 

 
90 
The card networks operate as an intermediary between the card issuing banks, on the one hand, and, as applicable, 
either the Member Banks or the Company (under the sponsorship model or the direct membership model, 
respectively), on the other hand, whereby funds are received by the card issuing banks and remitted to the Member 
Bank or the Company, as applicable, via the card networks on a daily basis. The Company then remits these funds 
to its merchants, either through a Member Bank under the sponsorship model, or directly to merchants under the 
direct membership model. Incoming funds due from the card networks on behalf of the card issuing bank are 
classified as receivables from card networks in the table below, whereas the funds due from the Company to its 
merchants are classified as settlement liabilities due to merchants. 
 
The Company enters into agreements with its merchants which outline the fees charged by the Company for 
processing payment transactions and performing funds settlement. Fees are either settled daily or monthly on a net 
basis or monthly through an invoice arrangement. Receivables from merchants as presented below represent 
amounts to be either net settled or invoiced to the Company’s merchants related to the various fees associated with 
the payment processing and funds settlement services provided by the Company. 
 
As described in Note 1, “Description of Business and Summary of Significant Accounting Policies,” the Company 
collects funds from merchants that serve as collateral to mitigate potential future losses, and recognizes a 
corresponding liability which is presented as merchant reserves within the settlement processing obligations. Refer 
to the table below.  
 
While receivables from card networks and settlement liabilities due to merchants represent intermediary balances 
in the transaction settlement process, timing differences, interchange expense, merchant reserves and exception 
items cause differences between the amount the Company receives through the Member Banks from the card 
networks and the amount funded to merchants.  
 
A summary of settlement processing assets and obligations is as follows: 
 
 
 
 
 December 31,  December 31,
 
    
2021 
    
2020 
 
 
(In thousands) 
Settlement processing assets: 
   
  
Receivable from card networks. . . . . . . . . . . . . . . . . . . . . . .
$
209,734  $  198,053 
Receivable from merchants . . . . . . . . . . . . . . . . . . . . . . . . . .
101,947    
 87,652 
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
311,681  $  285,705 
 
  
Settlement processing obligations:
   
  
Settlement liabilities due to merchants. . . . . . . . . . . . . . . . .
$
(320,537)  $  (336,440)
Merchant reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(101,572)     (109,904)
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(422,109)  $  (446,344)
 
 
 
91 
(4) 
Earnings Per Share 
The following table sets forth the computation of the Company's basic and diluted earnings per share of Class A 
common stock, as well as the anti-dilutive shares excluded (in thousands, except share and per share data): 
 
 
Year Ended 
December 31,
   
Year Ended 
December 31,      
Year Ended 
December 31,
 
   
2021 
2020 
 
2019 
 
 
 
 
 
  
 
Numerator: 
 
 
 
  
 
Net income (loss) attributable to EVO 
Payments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
$
8,653
$
(1,676) $ 
 (10,105)
Less: Accrual of redeemable preferred stock 
paid-in-kind dividends . . . . . . . . . . . . . . . . . .
9,889
6,528   
—
Undistributed loss attributable to shares of 
Class A common stock . . . . . . . . . . . . . . . . . . . .
$
(1,236)
$
(8,204) $ 
 (10,105)
 
  
Denominator: 
  
Weighted-average Class A common stock 
outstanding  . . . . . . . . . . . . . . . . . . . . . . . . . . .
47,092,937
41,980,163    
 32,720,370
Effect of dilutive securities . . . . . . . . . . . . . . . .
—
 —    
—
Total dilutive securities . . . . . . . . . . . . . . . . . . . . . .
47,092,937
41,980,163   
 32,720,370
 
  
Earnings per share: 
  
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(0.03)
$
(0.20) $ 
(0.31)
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(0.03)
$
(0.20) $ 
(0.31)
 
   
Weighted-average anti-dilutive securities:
   
Redeemable preferred stock . . . . . . . . . . . . . . .
152,250
106,076   
—
Stock options . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,828,309
5,040,423   
 3,082,909
RSUs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,364,534
1,166,526   
 807,688
RSAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
418
4,256   
 19,903
Class C common stock . . . . . . . . . . . . . . . . . . . .
658,847
2,132,497   
 2,380,844
Class D common stock . . . . . . . . . . . . . . . . . . .
3,227,836
4,245,743 
 
 11,449,784
 
 
(5) 
Tax Receivable Agreement  
In connection with the IPO, the Company entered into a Tax Receivable Agreement (“TRA”) that requires the 
Company to make payments to the Continuing LLC Owners that are generally equal to 85% of the applicable cash 
tax savings, if any, realized as a result of favorable tax attributes that will be available to the Company as a result 
of the Reorganization Transactions, exchanges of LLC Interests and paired Class C common stock or paired Class 
D common stock for Class A common stock, purchases or redemptions of LLC Interests, and payments made under 
the TRA. Payments will occur only after the filing of U.S. federal and state income tax returns and realization of 
cash tax savings from the favorable tax attributes. Due to net losses attributable to the Company in prior years, there 
were no realized tax savings attributable to the TRA, therefore no payments have been made related to the TRA 
obligation. 
 

 
92 
As a result of the purchases of LLC Interests and the exchanges of LLC Interests and paired shares of Class C 
common stock and paired Class D common stock for shares of Class A common stock sold in connection with and 
following the IPO, through December 31, 2021, the Company’s deferred tax asset and payment liability pursuant 
to the TRA were approximately $211.9 million ($184.1 million net of amortization) and $180.1 million, respectively 
at December 31, 2021, and approximately $204.6 million ($188.4 million net of amortization) and $173.9 million, 
respectively at December 31, 2020. The Company recorded a corresponding increase to paid-in capital for the 
difference between the TRA liability and the related deferred tax asset. The amounts recorded as of 
December 31, 2021, approximate the current estimate of expected tax savings and are subject to change after the 
filing of the Company’s U.S. federal and state income tax returns. Future payments under the TRA with respect to 
subsequent exchanges would be in addition to these amounts. 
 
For the TRA, the cash savings realized by the Company are computed by comparing the actual income tax liability 
of the Company to the amount of such taxes the Company would have been required to pay had there been no 
increase to the tax basis of the assets from member exchanges or sales of LLC Interests, and no tax benefit as a 
result of the Net Operating Losses (“NOLs”) generated by the increase in the Company’s tax basis of the assets in 
EVO, LLC. Subsequent adjustments of the TRA obligations due to certain events (e.g., changes to the expected 
realization of NOLs or changes in tax rates) will be recognized within other (expense) income in the consolidated 
statements of operations and comprehensive (loss) income. 
 
On May 25, 2021, pursuant to the Company's amended and restated certificate of incorporation, each outstanding 
share of Class C common stock was automatically converted into one share of Class D common stock. Refer to 
Note 21, “Shareholders’ Equity,” for further information. 
 
(6)      Acquisitions 
 
The Company determined the pro forma impact of the acquisitions described below were not significant, 
individually or in the aggregate, to the Company's operating results and are, therefore, not separately presented. 
2021 Acquisitions 
(a) 
Anderson Zaks Limited 
In July 2021, a subsidiary of EVO, Inc. completed the acquisition of 100% of the outstanding shares of 
Anderson Zaks Ltd., an omni-channel payment gateway provider based in the United Kingdom. Anderson 
Zaks Ltd.is presented in the Company’s Europe segment. 
(a) 
Pago Fácil 
In June 2021, subsidiaries of EVO, Inc. completed the acquisition of 100% of the outstanding shares of Pago 
Fácil Tecnologia SpA and PST Pago Fácil SpA (together, “Pago Fácil”), a leading eCommerce payment 
gateway in Chile, in partnership with its joint venture partner Banco de Crédito e Inversiones (“BCI”). The 
total consideration paid for the acquisition was $20.9 million, which includes an upfront payment of $18.0 
million and deferred considerations of $0.9 million and $2.0 million payable 9 months and 18 months after 
the closing date, respectively. 
 
93 
The estimated acquisition date fair values as of December 31, 2021 of major classes of assets acquired and 
liabilities assumed are as follows:  
 
 
 
 
As of the 
 
Estimated 
 
    
acquisition date     Useful Life 
Definite-lived intangible assets 
 
(In thousands ) 
  
Acquired software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
9,400 
 
5 years 
Customer relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,000 
 
7 years 
Trademarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
440 
 
2 years 
Non-compete agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . .
150 
 
3 years 
Deferred tax liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,507)   
Other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
855 
  
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,562 
  
Total purchase price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
20,900 
 
 
The allocation of the purchase price above is preliminary and subject to further adjustment, pending 
additional refinement and final completion of valuations. Thus, the measurements of fair value set forth 
above are subject to change. The Company expects to finalize the valuations as soon as practical, but not 
later than one year from the acquisition date. Goodwill generated from the Pago Fácil acquisition is not 
deductible for tax purposes. Pago Fácil is presented in the Company’s Americas segment. 
(7)      Leases 
The Company’s leases consist primarily of real estate and personal property leases throughout the markets in which 
the Company operates. At contract inception, the Company determines whether an arrangement is or contains a 
lease, and for each identified lease, evaluates the classification as operating or financing. The Company had no 
finance leases as of December 31, 2021 and 2020. Leased assets and obligations are recognized at the lease 
commencement date based on the present value of fixed lease payments to be made over the term of the lease. 
Renewal and termination options are factored into determination of the lease term only if the option is reasonably 
certain to be exercised. The weighted-average remaining lease term was 6.36 years and 6.79 years as of 
December 31, 2021 and 2020, respectively. The Company had no significant short-term leases as of 
December 31, 2021 and 2020. 
 
The Company’s leases do not provide a readily determinable implicit interest rate and the Company uses its 
incremental borrowing rate to measure the lease liability and corresponding right-of-use asset. The incremental 
borrowing rates were determined based on a portfolio approach considering the Company’s current secured 
borrowing rate adjusted for market conditions and the length of the lease term. The weighted-average discount rates 
used in the measurement of lease liabilities were 5.81% and 6.45% as of December 31, 2021 and 2020, respectively. 
 
Operating lease cost is recognized on a straight-line basis over the lease term. Operating lease costs were $10.8 
million and $11.3 million, for the years ended December 31, 2021 and 2020, respectively. These costs are included 
in selling, general, and administrative expenses in the consolidated statements of operations and comprehensive 
(loss) income. Total lease costs include variable lease costs of approximately $2.1 million for each of the years 
ended December 31, 2021 and 2020, which in each case are primarily comprised of costs of maintenance and 
utilities, and are determined based on the actual costs incurred during the period. Variable payments are expensed 
in the period incurred and not included in the measurement of lease assets and liabilities.  
 
Cash paid for amounts included in the measurement of operating lease liabilities for the years 
ended  December 31, 2021 and 2020 was $9.4 million and $9.7 million, respectively, which is included as a 
component of cash provided by operating activities in the consolidated statements of cash flows.  
 

 
94 
As of December 31, 2021, maturities of lease liabilities are as follows: 
 
 
 
 
(In thousands) 
Years ending:  
  
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
 8,697 
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 7,078 
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 6,319 
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 5,527 
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 4,933 
2027 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 11,230 
Total future minimum lease payments (undiscounted) . . . . . . .
 43,784 
Less: present value discount . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (7,714)
Present value of lease liability . . . . . . . . . . . . . . . . . . . . . . . . . . $
 36,070 
 
(8) 
Equipment and Improvements 
Equipment and improvements consisted of the following:  
 
 
 
 
 
 
 
 
 
 
 
   Estimated    
 
     
 
 
Useful 
 
  
 
 
Lives in 
December 31,   December 31,
 
Years 
2021
 
2020 
 
 
 
 
(In thousands) 
Card processing equipment  . . . . . . . . . . . . . . . . . . . .
3-5
$
155,843  $
 143,514
Office equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3-5
44,393 
 44,049
Computer software . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
60,226   
 54,192
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . .
various
17,883   
 19,090
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . .
5-7
4,433   
 4,547
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
282,778   
 265,392
Less accumulated depreciation. . . . . . . . . . . . . . . . . .
(213,761)    (185,010)
Foreign currency translation adjustment . . . . . . . . . .
(511)   
 3,224
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
68,506   $ 
 83,606
 
Depreciation expense related to equipment and improvements was $37.8 million, $40.6 million, and $42.6 million 
for the years ended December 31, 2021, 2020, and 2019, respectively.  
 
In the year ended December 31, 2021, gross equipment and improvements, and accumulated depreciation were each 
reduced by $12.2 million and $10.9 million, respectively, and in the year ended December 31, 2020 by $12.7 million 
and $10.9 million, respectively, primarily related to asset retirements.  
 
 
95 
(9) 
Goodwill and Intangible Assets 
Intangible assets, net consist of the following: 
 
 
 
 
 
December 31, 2021 
 
 
Gross 
carrying 
value
 
Accumulated 
amortization  
Accumulated 
impairment 
charges
  
Translation 
and other 
adjustments  
Net 
 
(In thousands) 
Merchant contract portfolios and customer  
relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $
297,056
$
(197,187) $
(5,685)  $ 
 (30,713) $
63,471
Marketing alliance agreements . . . . . . . . . . . . . . . . . . .
197,412
(79,811)
(7,557)  
 (20,896)
89,148
Internally developed and acquired software . . . . . . . . .
110,396
(53,110)
(10,191)  
 (3,236)
43,859
Trademarks, definite-lived . . . . . . . . . . . . . . . . . . . . . . .
22,068
(13,427)
(901)  
 (3,596)
4,144
Non-compete agreements . . . . . . . . . . . . . . . . . . . . . . .
6,612
(6,487)
-   
 (21)
104
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
633,544
$
(350,022) $
(24,334) $ 
 (58,462) $
200,726
 
 
  
 
 
 
December 31, 2020 
 
Gross 
carrying 
value
Accumulated 
amortization
Accumulated 
impairment 
charges
 
Translation 
and other 
adjustments 
Net 
 
(In thousands) 
Merchant contract portfolios and customer  
relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
293,581
$
(181,062) $
(5,685) $ 
 (28,205) $
78,629
Marketing alliance agreements . . . . . . . . . . . . . . . . . . .
186,081
(69,446)
(7,557)  
 (18,104)
90,974
Internally developed and acquired software . . . . . . . . .
90,881
(38,828)
(10,191)  
 (871)
40,991
Trademarks, definite-lived . . . . . . . . . . . . . . . . . . . . . . .
21,629
(11,060)
(901)  
 (3,224)
6,444
Non-compete agreements . . . . . . . . . . . . . . . . . . . . . . .
6,462
(6,425)
-   
 2 
39
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
598,634
$
(306,821) $
(24,334) $ 
 (50,402) $
217,077
 
Amortization expense related to intangible assets was $45.6 million, $45.3 million, and $49.4 million for the years 
ended December 31, 2021, 2020, and 2019, respectively.  
 
Estimated amortization expense to be recognized during each of the five years subsequent to December 31, 2021: 
 
 
 
 
 
 
(In thousands)
Years ending: 
   
 
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$ 
 41,115
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
  
 36,374
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
  
 25,644
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
  
 19,433
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 
 16,634
2027 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
  
 61,526
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$ 
 200,726
 
For the year ended December 31, 2021, there were no impairments. For the year ended December 31, 2020, the 
Company recognized an impairment charge of $0.8 million related to the retirement of certain trademarks driven 
by internal reorganization.  
 
In the year ended December 31, 2021, gross intangible assets and accumulated depreciation were each reduced by 
$2.3 million, related to the expiration of a marketing alliance agreement. 
 

 
96 
The following represents intangible assets, net by segment: 
 
 
 
 
 
 
 
 
 
December 31,  
 
December 31, 
 
   
2021
     
2020 
 
 
(In thousands) 
Intangible assets, net: 
     
 
Americas 
     
 
Merchant contract portfolios and customer relationships. . . . .
$
49,435   $ 
 59,149
Marketing alliance agreements . . . . . . . . . . . . . . . . . . . . . . . . . .
56,996     
 63,946
Internally developed and acquired software . . . . . . . . . . . . . . .
28,812  
 
 24,615
Trademarks, definite-lived . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,497     
 1,582
Non-compete agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104  
 
22
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136,844     
 149,314
 
      
 
Europe 
      
 
Merchant contract portfolios and customer relationships. . . . .
14,036     
 19,480
Marketing alliance agreements . . . . . . . . . . . . . . . . . . . . . . . . . .
32,152     
 27,028
Internally developed and acquired software . . . . . . . . . . . . . . .
15,047  
 
 16,376
Trademarks, definite-lived . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,647     
 4,862
Non-compete agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—     
17
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63,882     
 67,763
 
 
  
Total intangible assets, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
200,726   $ 
 217,077
 
The change in the carrying amount of goodwill for the years ended December 31, 2021 and 2020, in total and by 
reportable segment, is as follows: 
 
 
 
 
 
 
Reportable Segment 
 
 
 
 
   
 
   
 
      
 
 
Americas 
Europe 
 
Total 
 
 
(In thousands) 
Goodwill, gross, as of December 31, 2019 . . . . . . . . .
$
268,049
$
135,080   $  403,129
Accumulated impairment losses . . . . . . . . . . . . . . . . . .
—
(24,291)    
 (24,291)
Goodwill, net, as of December 31, 2019 . . . . . . . . . . .
268,049
110,789     
 378,838
Business combinations . . . . . . . . . . . . . . . . . . . . . . . . . .
61
 —     
61
Foreign currency translation adjustment . . . . . . . . . . .
(1,262)
5,471     
 4,209
Goodwill, net, as of December 31, 2020 . . . . . . . . .
$
266,848
$
116,260   $  383,108
 
 
  
Goodwill, gross, as of December 31, 2020 . . . . . . . . .
$
266,848
$
140,551   $  407,399
Accumulated impairment losses . . . . . . . . . . . . . . . . . .
—
(24,291)    
 (24,291)
Goodwill, net, as of December 31, 2020 . . . . . . . . . . .
266,848
116,260     
 383,108
Business combinations . . . . . . . . . . . . . . . . . . . . . . . . . .
10,562
3,921     
 14,483
Foreign currency translation adjustment . . . . . . . . . . .
(2,480)
(9,460)    
 (11,940)
Goodwill, net, as of December 31, 2021 . . . . . . . . .
$
274,930
$
110,721   $  385,651
 
 
 
97 
(10) Accounts Payable, Accrued Expenses, and Other Current Liabilities 
The Company’s accounts payable, accrued expenses, and other current liabilities consisted of the following: 
 
 
 
 
   
December 31,  
 
December 31, 
 
2021
    
2020 
 
 
(In thousands) 
Compensation and related benefits . . . . . . . . . . . . . . . . .
$
23,205
$ 
 21,398
Third-party processing and payment network fees . . . .
43,529
  
 40,224
Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,089
  
 8,306
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,399
  
 14,504
Commissions payable to third parties . . . . . . . . . . . . . .
16,025
  
 15,759
Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,723
  
 4,627
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,979
  
 22,915
Total accounts payable, accrued expenses, and other 
current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
133,949
$ 
 127,733
 
 
(11)    Related Party Transactions 
Related party balances consist of the following: 
 
 
 
 
 
 
 
 
December 31,   December 31,
 
   
2021 
   
2020 
 
 
(In thousands) 
Due from related parties, current. . . . . . . . . . . . . . . . . . . . . . . . . .
$
782   $ 
 625
Due to related parties, current . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,207)   
 (5,124)
Due to related parties, long-term. . . . . . . . . . . . . . . . . . . . . . . . . .
(185)   
 (185)
 
Due from related parties, current, consists primarily of receivables due from a non-controlling interest holder of a 
consolidated subsidiary, which are included as a component of other current assets on the consolidated balance 
sheets. 
Due to related parties, current, consists of $3.0 million and $3.8 million as of December 31, 2021 and 2020, 
respectively, primarily due to a non-controlling interest holder of a consolidated subsidiary, and $1.2 million and 
$1.3 million as of December 31, 2021 and 2020, respectively, representing commissions payable to unconsolidated 
investees of the Company. The liability is included as a component of accrued expenses and other current liabilities 
on the consolidated balance sheets. 
Due to related parties, long-term, consists of ISO commission reserves in connection with an unconsolidated 
investee, which are included as a component of other long-term liabilities on the consolidated balance sheets. 
The Company leases office space located at 515 Broadhollow Road in Melville, New York from 515 Broadhollow, 
LLC. 515 Broadhollow, LLC is majority owned, directly and indirectly, by the Company’s founder and chairman. 
As of December 31, 2021 and 2020, the liability related to this lease amounted to $1.9 million and $3.1 million, 
respectively, and is included in the operating lease liabilities on the consolidated balance sheets. The Company 
subleased a portion of this office space to an unconsolidated investee. Sublease income was less than $0.1 million 
for the year ended December 31, 2021. Sublease income was $0.1 million for each of the years ended 
December 31, 2020 and 2019. The sublease was terminated in February 2021. 
 
The Company leases vehicles from a non-controlling interest holder of a consolidated subsidiary. As of 
December 31, 2021 and 2020, these lease liabilities amounted to $0.4 million and $0.3 million, respectively, and 
are included in the operating lease liabilities on the consolidated balance sheets. 

 
98 
A portion of the TRA obligation is payable to members of management and current employees. Refer to Note 5, 
“Tax Receivable Agreement,” for further information on the tax receivable agreement. 
Related party commission expense incurred with unconsolidated investees of the Company amounted to $13.1 
million, $15.3 million, and $20.0 million for the years ended December 31, 2021, 2020, and 2019, respectively, and 
is netted against revenue in the consolidated statements of operations and comprehensive (loss) income. The sale 
of equipment and services to these unconsolidated investees amounted to less than $0.1 million, less than $0.1 
million, and $0.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. 
 
The Company provides certain professional and other services to Blueapple Inc. (“Blueapple”), a member and 
holder of LLC interests of EVO, LLC. Blueapple is controlled by entities affiliated with the Company’s founder 
and chairman. The expense related to these services was $0.2 million for each of the years ended 
December 31, 2021, 2020, and 2019. 
The Company, through two wholly owned subsidiaries and one unconsolidated investee, conducts business under 
ISO agreements with a relative of the Company’s founder and chairman pursuant to which the relative of the 
Company’s founder and chairman provides certain marketing services and equipment in exchange for a commission 
based on the volume of transactions processed for merchants acquired by the relative of the Company’s founder 
and chairman. For the years ended December 31, 2021, 2020, and 2019, the Company paid commissions of $0.1 
million, $0.6 million, and $0.5 million related to this activity, respectively. 
 
NFP is the Company’s benefit and insurance broker and 401(k) manager. NFP is a portfolio company of MDP and 
one of the Company’s executive officers owns a minority interest in NFP. For each of the years ended 
December 31, 2021, 2020, and 2019, the Company paid $1.2 million, $0.7 million, and $0.3 million in brokerage 
fees and other expenses to NFP, respectively. 
On April 21, 2020, the Company issued 152,250 shares of Preferred Stock to an affiliate of MDP for a purchase 
price of $985.221685 per share. The Company also reimbursed MDP for $0.8 million of expenses in connection 
with the offer and sale of the Preferred Stock. Refer to Note 16, “Redeemable Preferred Stock,” for additional 
details regarding the transaction. 
On August 4, 2020, the Company sold the entirety of its 25% equity interest in Omega Processing Solutions, L.L.C., 
one of its unconsolidated investees, for cash proceeds of $1.6 million. The Company recognized a net gain of $0.3 
million on the sale of this investment. 
 
(12) Income Taxes 
Domestic and foreign income (loss) before income taxes is as follows for the years ended December 31: 
 
 
 
 
 
 
 
 
 
 
 
 
   
2021 
   
2020 
     
2019 
 
 
(In thousands) 
Domestic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (21,242)
$ (37,043) $ (66,850)
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60,968
45,999     48,032
Income (loss) before income taxes . . . . . . . . . . . . . . . . . .
$ 39,726
$
8,956  $ (18,818)
 
 
99 
Income tax expense (benefit) is comprised of the following for the years ended December 31: 
 
 
 
 
 
 
    
2021 
   
2020 
     
2019 
 
 
(In thousands) 
Current: 
   
    
     
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 13,978
$ 10,594   $  14,515
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(226)
 61     
 338
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(43)
(15)    
 61
Total current income tax expense . . . . . . . . . . . . . . . . . . . .
13,709
10,640      14,914
 
   
Deferred: 
 
      
 
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,399
2,637      (9,262)
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,769)
(96)    
 (973)
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(302)
(59)    
 (131)
Total deferred income tax expense (benefit). . . . . . . . . . . .
8,328
2,482      (10,366)
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 22,037
$ 13,122   $  4,548
 
The Company’s effective tax rate, as applied to income (loss) before income taxes, differ from federal statutory 
rates as follows for the years ended December 31: 
 
 
 
 
    
2021 
    
2020 
  
2019 
Federal statutory rate . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21.0%
21.0%  
21.0%
State taxes, net of federal benefit . . . . . . . . . . . . . . . . . .
(12.5)
26.3  
(10.9)
Foreign tax rate differential . . . . . . . . . . . . . . . . . . . . . .
(0.2)
 (0.4) 
(0.9)
Decrease in U.S. valuation allowance . . . . . . . . . . . . . .
—
(28.6) 
(13.6)
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . .
(9.9)
 1.2  
(11.5)
Other miscellaneous permanent differences . . . . . . . . .
(2.4)
(21.0) 
9.9
Remeasurement of deferred tax assets . . . . . . . . . . . . . .
(6.1)
 (4.4) 
11.4
Undistributed earnings of foreign subsidiaries . . . . . . .
0.1
 4.2  
43.6
U.S. federal tax related to foreign effectively 
connected income  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.1
 2.7  
(1.2)
Mexico income tax provision . . . . . . . . . . . . . . . . . . . . .
20.0
85.8  
(47.7)
Poland income tax provision . . . . . . . . . . . . . . . . . . . . .
18.0
75.7  
(21.8)
German income tax provision . . . . . . . . . . . . . . . . . . . .
8.9
 —  
—
Spain income tax provision . . . . . . . . . . . . . . . . . . . . . .
—
(29.1) 
(0.1)
Other foreign tax provisions . . . . . . . . . . . . . . . . . . . . . .
4.0
13.1  
(2.4)
Increase in Foreign valuation allowance . . . . . . . . . . . .
14.5
 —  
—
Effective tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55.5%
146.5%  
(24.2)%
 

 
100 
The primary components of deferred tax items were as follows as of December 31: 
 
 
 
 
 
   
2021 
    
2020 
 
(In thousands) 
Deferred tax assets: 
  
U.S. net operating losses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 29,569   $  21,365
Partnership basis adjustment(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
184,119    188,419
Other partnership basis items(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24,235      18,498
Foreign net operating losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,014   
 8,142
Foreign intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,345   
 3,090
Foreign accrued expenses and other temporary differences . . . . . . . .
5,653     
 5,710
 
256,935      245,224
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(11,634)     (5,090)
Deferred tax asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
245,301      240,134
 
   
Deferred tax liabilities: 
      
 
Acquisition related intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(23,656)     (14,946)
Foreign equipment and improvements . . . . . . . . . . . . . . . . . . . . . . . . .
(2,070)  
 (2,465)
Foreign accrued expenses and other temporary differences . . . . . . . .
(3,521)  
 (1,931)
Deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(29,247)     (19,342)
Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 216,054   $ 220,792
 
(1) U.S. jurisdiction deferred tax assets 
The following table includes the valuation allowance associated with the deferred tax assets recognized as tax 
expense in the consolidated statements of operations and comprehensive (loss) income for the years ended 
December 31, 2021, 2020, and 2019. 
 
 
 
 
 
     
Valuation 
 
 
Allowance 
 
 (In thousands)
  
   
Beginning balance, January 1, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 21,379
Addition for U.S. interest limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 2,558
Additions to other deferred tax assets in foreign jurisdictions . . . . . . . . . . . . . . . . . . . . . .    
 1,477
Reduction resulting from reassessments of available foreign net operating loss 
carryover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (17,262)
December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 8,152
 
   
Additions to deferred tax assets in foreign jurisdictions . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 1,097
Reduction of U.S. interest limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 (2,558)
Reductions to deferred tax assets in foreign jurisdictions . . . . . . . . . . . . . . . . . . . . . . . . . .     
 (1,601)
December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 5,090
 
   
Additions to deferred tax assets in foreign jurisdictions . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 8,389
Reductions to deferred tax assets in foreign jurisdictions . . . . . . . . . . . . . . . . . . . . . . . . . .     
 (1,845)
December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 11,634
 
 
 
101 
The following table includes the total net operating losses carryforwards by country and years which they are 
available to offset future taxable income as of December 31, 2021: 
 
 
 
 
Net Operating    
Available 
 
   
Losses 
 
Years 
 
  (In thousands)  
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
135,157   Indefinite
Spain  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26,180   Indefinite
Gibraltar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,586   Indefinite
Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,974   Indefinite
Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,876   2022-2026
Mexico  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,951  2022-2031
Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,740  
Indefinite
UK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
852  
Indefinite
 
Gross unrecognized tax benefits increased by $1.0 million during the year ended December 31, 2021. 
 
The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense 
line in the accompanying consolidated statements of operations and comprehensive (loss) income. Accrued interest 
and penalties are included within the other long-term liabilities line in the consolidated balance sheets. 
 
The following table reconciles the beginning and ending balance of gross unrecognized tax benefits: 
 
 
 
 
 
 
 
2021 
 
  (In thousands)
Beginning Balance at January 1, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
—
Lapses of statues of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
—
Increases in balances related to tax positions taken during prior periods (including  
those related to acquisitions made during the year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 1,027
Decreases in balances related to tax positions taken during prior periods. . . . . . . . . . . . .     
—
Increases in balances related to tax positions taken during current period . . . . . . . . . . . .     
—
Decreases in balances related to settlements with taxing authorities . . . . . . . . . . . . . . . . .    
—
Ending Balance at December 31, 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 1,027
 
 
The unrecognized tax benefits will affect our effective tax rate if they are recognized upon favorable resolution of 
the uncertain tax positions. As of December 31, 2021, approximately $1.0 million of the unrecognized tax benefits 
and accrued interest and penalties would affect our effective tax rate. It is possible that our existing unrecognized 
tax benefits may change up to $1.0 million as a result of audit examinations expected to be completed within the 
next 12 months. 
 
EVO, LLC’s domestic or foreign subsidiary’s income tax filings are periodically audited by the local tax authorities. 
EVO, LLC’s open tax years by major taxing jurisdictions are as follows: 
 
Jurisdiction 
     
Years 
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
2018-2021
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
2016-2021
Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
2016-2021
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
2016-2021
 
 
 

 
102 
(13) Long-Term Debt and Lines of Credit 
Credit Facility 
 
On November 1, 2021, EVO Payments International, LLC (“EPI”), a wholly-owned subsidiary of EVO, Inc., 
entered into a Second Restatement Agreement to Amended and Restated Credit Agreement (the “Restatement 
Agreement”) by and among EPI, as borrower, the subsidiaries of the borrower identified therein, as guarantors, 
Citibank, N.A., as administrative agent, Truist Bank, as the successor administrative agent and the lenders party 
thereto, to amend and restate our existing senior secured credit facilities (as amended and restated by the 
Restatement Agreement, the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities include 
revolver commitments of $200.0 million that mature in November 2026 and a $588.0 million term loan that matures 
in November 2026. In connection with the Senior Secured Credit Facilities refinanced under the Restatement 
Agreement, a loss of $5.7 million was presented within other (expense) income in the consolidated statements of 
operations and comprehensive (loss) income for the year ended December 31, 2021. The total loss of $5.7 million 
includes a debt extinguishment loss of $2.2 million and a loss of $3.5 million related to unamortized deferred 
financing costs. 
 
The Senior Secured Credit Facilities provide the Company with the capacity to support both domestic and 
international growth, as well as fund general operating needs. The loans under the Senior Secured Credit Facilities 
bear interest at an annual rate equal to, at EPI’s option, (a) a base rate, plus an applicable margin or (b) LIBOR, plus 
an applicable margin. The applicable margin for base rate loans ranges from 0.75% to 1.75% per annum and for 
LIBOR loans ranges from 1.75% to 2.75% per annum, in each case based upon achievement of certain consolidated 
leverage ratios. In addition to paying interest on outstanding principal, EPI is required to pay a commitment fee to 
the lenders in respect of the unutilized revolving commitments thereunder ranging from 0.25% to 0.375% per annum 
based upon achievement of certain consolidated leverage ratios. The Senior Secured Credit Facilities include 
provisions that provide for the eventual replacement of LIBOR as a reference rate with the Secured Overnight 
Financing Rate (as defined therein) or otherwise an alternate benchmark rate that has been selected by the 
administrative agent and EPI and not objected to by a majority of the lenders. 
 
As of December 31, 2021, the loans under the Senior Secured Credit Facilities had an interest rate of 4.50% for the 
first lien prime rate revolver and 2.36% for the first lien term loan. 
 
All amounts outstanding under the Senior Secured Credit Facilities are secured, subject to permitted liens and other 
exceptions, by a first-priority lien on the capital stock owned by EPI or by any guarantor in each of EPI’s or their 
respective subsidiaries (limited, in the case of capital stock of foreign subsidiaries and first tier domestic subsidiaries 
substantially all the assets of which are the capital stock of foreign subsidiaries, to 65% of the voting stock and 
100% of the non-voting stock of such subsidiaries) and a first-priority lien on substantially all of EPI’s and each 
guarantor’s present and future intangible and tangible assets (subject to customary exceptions). 
 
The Senior Secured Credit Facilities also contain a number of significant negative covenants. These covenants, 
among other things, restrict, subject to certain exceptions, EPI’s and its controlled subsidiaries ability to: incur 
indebtedness; create liens; engage in mergers or consolidations; make investments, loans and advances; pay 
dividends or other distributions and repurchase capital stock; sell assets; engage in certain transactions with 
affiliates; enter into sale and leaseback transactions; make certain accounting changes; and make prepayments on 
junior indebtedness.  
 
The Senior Secured Credit Facilities also contain a financial covenant that requires EPI to remain under a maximum 
consolidated leverage ratio determined on a quarterly basis with step-downs over time. The Borrower may elect to 
increase the maximum consolidated leverage level with which it must comply by 0.5x up to two times during the 
term upon the consummation of a “material acquisition.” 
 
 
103 
As a result of these restrictions, substantially all of the net assets of EPI at December 31, 2021 were restricted from 
distribution to EVO, LLC or any of its members. The Company currently intends to retain all available funds and 
any future earnings for use in the operation of its business. 
 
In addition, the Senior Secured Credit Facilities contain certain customary representations and warranties, 
affirmative covenants, and events of default. If an event of default occurs, the lenders under the Senior Secured 
Credit Facilities will be entitled to take various actions, including the acceleration of amounts due thereunder and 
exercise of the remedies on the collateral. As of December 31, 2021 and 2020, the Company was in compliance 
with all its financial covenants under the Senior Secured Credit Facilities. 
 
As of December 31, 2021 and 2020, the Company’s long-term debt consists of the following: 
 
 
 
 
 
December 31,       December 31,
 
2021 
 
2020
 
    
(In thousands) 
First lien term loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
588,000   $ 
 591,169
Less debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,310)   
(7,379)
Total long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
582,690   
 583,790
Less current portion of long-term debt, net of current portion of debt 
issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(14,058)   
(4,628)
Total long-term debt, net of current portion. . . . . . . . . . . . . . . . . . . . . . . . .
$
568,632   $ 
 579,162
 
Principal payment requirements on the above obligations in each of the years remaining subsequent to 
December 31, 2021 are as follows: 
 
 
 
Years ending: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
   (In thousands) 
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
 14,700 
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
 14,700 
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  
 29,400 
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
 44,100 
2026 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
   485,100 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$  588,000 
 
Settlement Lines of Credit 
 
The Company maintains intraday and overnight facilities to fund its settlement obligations. These facilities are 
short-term in nature, have variable interest rates, are subject to annual review and are denominated in local currency 
but may, in some cases, facilitate borrowings in multiple currencies. At December 31, 2021 and 
December 31, 2020, the Company had $8.0 million and $13.9 million outstanding under these lines of credit, 
respectively, with additional capacity of $142.6 million and $137.1 million, respectively, to fund its settlement 
obligations. The weighted-average interest rates on these borrowings were 5.2% and 2.6% as of December 31, 2021 
and 2020, respectively.  
 
(14)    Derivatives 
In 2020, the Company entered into an interest rate swap with a notional amount of $500.0 million to reduce a portion 
of the exposure to fluctuations in LIBOR interest rates associated with our variable-rate term loan. The interest rate 
swap has a fixed rate of 0.2025% and a maturity date of December 31, 2022. 
 
The interest rate swap is designated as an effective cash flow hedge involving the receipt of variable amounts from 
a counterparty in exchange for the Company making fixed-rate payments over the life of the agreement without 
exchange of the underlying notional amount.  
 

 
104 
The Company performed a regression analysis at inception of the hedging relationship in which it compared the 
historical monthly changes in the termination clean price of the actual designated interest rate swap to the historical 
monthly changes in the termination clean price of a hypothetically perfect interest rate swap with terms that exactly 
match the hedged transactions and a fair value of zero at its inception using 37 different forward curves. Based on 
the regression results, the Company determined that the hedging instrument was highly effective at inception. On 
an ongoing basis, the Company assesses hedge effectiveness prospectively and retrospectively. The hedge continued 
to be highly effective for the year ended December 31, 2021. 
 
The interest rate swap is recognized at fair value in the consolidated balance sheets. The table below presents the 
fair value of the interest rate swap and its classification on the consolidated balance sheets as of December 31, 2021 
and 2020, respectively:  
 
 
 
 
 
December 31, 2021 
 
Balance Sheet 
 
Fair Value 
 
Location 
 
(In thousands) 
 
 
 
 
 
Interest Rate Swap - current portion . . . . . . . . . . . . . . .
Other current assets
$
1,297
 
  
 
  
 
December 31, 2020 
 
Balance Sheet 
 
Fair Value 
 
Location 
 
(In thousands) 
 
 
 
 
 
Interest Rate Swap - current portion . . . . . . . . . . . . . . .
Accrued expenses
$
(341)
Interest Rate Swap - long-term portion. . . . . . . . . . . . .
Other long-term liabilities 
$
(192)
 
Since the Company designated the swap as an effective cash flow hedge that qualifies for hedge accounting, 
unrealized gains or losses resulting from adjusting the swap to fair value is recorded as a component of other 
comprehensive (loss) income and subsequently reclassified into interest expense in the same period during which 
the hedged transaction affects earnings. Cash flows resulting from settlements are presented as a component of cash 
flows from operating activities within the consolidated statements of cash flows. 
 
The table below presents the effect of hedge accounting on accumulated other comprehensive (loss) income for the 
years ended December 31, 2021 and 2020: 
 
 
 
 
 
 
Year Ended 
 
Year Ended 
 
   December 31, 2021    December 31, 2020
 
(In thousands) 
Beginning accumulated derivative loss in accumulated other 
comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(533)
$ 
—
Derivative gain (loss) recognized in the current period in 
accumulated other comprehensive (loss) income. . . . . . . . .
1,354 
 
(653)
Less: Derivative loss reclassified from accumulated other 
comprehensive (loss) income to interest expense . . . . . . . .
(476)
 
(120)
Ending accumulated derivative gain (loss) in accumulated  
other comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . .
$
1,297 
$ 
(533)
 
 
105 
The table below presents the effect of hedge accounting on the consolidated statements of operations and 
comprehensive (loss) income for the years ended December 31, 2021 and 2020: 
 
 
 
 
 
 
Year Ended 
 
Year Ended 
 
  December 31, 2021   December 31, 2020
 
(In thousands) 
Total interest expense including the effects of cash flow hedges . .
$
(23,161) $ 
(30,160)
Derivative loss reclassified from accumulated other 
comprehensive (loss) income into interest expense . . . . . . . . . . .
$
 (476) $ 
(120)
 
The Company estimates that an additional $1.3 million will be reclassified as a decrease to interest expense over 
the next 12 months. 
 
 
 
(15)     Supplemental Cash Flows Information 
Supplemental cash flow disclosures and non-cash investing and financing activities are as follows: 
 
 
 
 
 
 
Years Ended December 31, 
 
   
2021 
   
2020     
2019 
 
 
(In thousands) 
Supplemental disclosure of cash flow data: 
     
 
Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 20,917
$ 30,962   $  38,531
Income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,259
 13,429      10,860
 
  
Supplemental disclosure of non-cash investing and financing 
activities: 
 
      
 
Operating lease liabilities arising from obtaining new or modified 
right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 9,845
$  3,347  $  18,015
Decrease in operating lease liabilities and corresponding right-of-
use assets resulting from lease modifications . . . . . . . . . . . . . . . . .
(3,158)
 (6,801)  
(623)
Software assets acquired by assuming directly related liabilities. . .
—
 11,603   
—
Deferred consideration payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,439
 —   
 1,337
Contingent consideration payable . . . . . . . . . . . . . . . . . . . . . . . . . . . .
472
 —   
—
Accrual of redeemable preferred stock paid-in-kind-dividends . . . .
9,889
 6,528   
—
Exchanges of Class C and Class D common stock for Class A 
common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,038
 16,658    37,533
Secondary offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
 43,484    470,831
 
 
 
 
(16)    Redeemable Preferred Stock 
 
           On April 21, 2020, the Company issued 152,250 shares of Preferred Stock. The Company received approximately 
$149.3 million in total net proceeds from the sale of the Preferred Stock and incurred approximately $1.7 million 
in stock issuance costs as part of the sale. 
 
The Preferred Stock ranks senior to the Class A common stock with respect to dividends and distributions on 
liquidation, winding-up, and dissolution. Each share of Preferred Stock had an initial liquidation preference of 
$1,000 per share. Holders of shares of Preferred Stock are entitled to cumulative, paid-in-kind (“PIK”) dividends, 
which are payable semi-annually in arrears by increasing the liquidation preference for each outstanding share of 
Preferred Stock. These PIK dividends accrue at an annual rate of (i) 6.00% per annum for the first ten years and 
(ii) 8.00% per annum thereafter. At the 2021 annual meeting of stockholders, the Company’s stockholders voted to 
approve the elimination of the limitation on conversion of the Preferred Stock in the event the conversion results in 
Class A Common Stock ownership in excess of 19.99% if the aggregate voting power as required by Nasdaq Listing 

 
106 
Rule 5635. Holders of Preferred Stock are also entitled, on an as-converted basis, to participate in and receive any 
dividends declared or paid on the Class A Common Stock, and no dividends may be paid to holders of Class A 
Common Stock unless full participating dividends are concurrently paid to holders of Preferred Stock. 
 
The Preferred Stock’s initial carrying value is recorded at a discount to its liquidation preference. In accordance 
with the SEC’s Staff Accounting Bulletin Topic 5.Q, Increasing Rate Preferred Stock, the discount is considered 
an unstated dividend cost that must be amortized over the period preceding commencement of the perpetual 
dividend using the effective interest method, by charging the imputed dividend cost against retained earnings and 
increasing the carrying amount of the preferred stock by a corresponding amount. The discount is therefore being 
amortized over ten years using a 6.22% effective interest rate. The total PIK dividends and accretion of the discount 
combined represents a period’s total preferred stock dividend cost, which is subtracted from net income or added 
to net loss to arrive at net loss attributable to Class A common stockholders on the consolidated statements of 
operations and comprehensive (loss) income. For the years ended December 31, 2021 and 2020, the initial carrying 
value of the Preferred Stock has been increased by $9.9 million and $6.5 million, respectively, for the accretion of 
the PIK dividend. 
 
Each holder of Preferred Stock has the right, at its option, to convert its Preferred Stock, in whole or in part, into 
fully paid and non-assessable shares of Class A Common Stock, at any time. The number of shares of Class A 
Common Stock into which a share of Preferred Stock will convert at any time is equal to the product of (i) the then-
effective conversion rate and (ii) the quotient obtained by dividing the sum of the then-effective liquidation 
preference per share of Preferred Stock and the amount of any accrued and unpaid PIK dividends by the initial 
liquidation preference of $1,000. The conversion rate of the Preferred Stock was initially set at 63.2911 shares of 
Class A Common Stock, based on an implied conversion price of $15.80 per share of Class A Common Stock. The 
conversion rate is subject to customary anti-dilution adjustments, including in the event of any stock split, stock 
dividend, recapitalization or similar events. The Company has the right to settle any conversion at the request of a 
holder of Preferred Stock in cash based on the last reported sale price of the Class A Common Stock. 
 
Subject to certain conditions, the Company may, at its option, require conversion of all (but not less than all) of the 
outstanding shares of Preferred Stock to Class A Common Stock if, for at least 20 trading days during the 30 
consecutive trading days immediately preceding notification of the election to convert, the last reported closing 
price of the Company’s Class A common stock is at least (i) 180% of the conversion price prior to the fourth semi-
annual PIK dividend payment date, (ii) 170% of the conversion price on or after the fourth and prior to the sixth 
semi-annual PIK dividend payment date, (iii) 160% of the conversion price on or after the sixth and prior to the 
eighth semi-annual PIK dividend payment date, or (iv) 150% of the conversion price on or after the eighth semi-
annual PIK dividend payment date. If the Company elects to mandatorily convert all outstanding shares of Preferred 
Stock prior to the sixth semi-annual PIK dividend payment date, then, for purposes of such conversion, the 
liquidation preference of each outstanding share of Preferred Stock will be increased by the compounded amount 
of all remaining scheduled PIK dividend payments on the Preferred Stock through, and including, the sixth semi-
annual PIK dividend payment date. 
 
The holders of the Preferred Stock are generally entitled to vote with the holders of the shares of Class A common 
stock on all matters submitted for a vote to the Class A common stockholders (voting together with the holders of 
shares of Class A common stock as one class) on an as-converted basis, subject to certain limitations.  
 
The Preferred Stock may be redeemed by the Company at any time after ten years for a cash purchase price equal 
to the liquidation preference as of the redemption date plus accumulated and unpaid regular PIK dividends. If the 
Company undergoes a change of control (as defined in the certificate of designations for the Preferred Stock), each 
holder of Preferred Stock may require the Company to repurchase all or a portion of its then-outstanding shares of 
Preferred Stock for cash consideration equal to 150% of the then-current liquidation preference per share of 
Preferred Stock plus accumulated and unpaid dividends, if any (or, if the repurchase date for such change of control 
is on or after the sixth semi-annual PIK dividend payment date, 100% of the liquidation preference per share of 
Series A Preferred Stock plus accumulated and unpaid dividends, if any). Because the occurrence of a change of 
control may be outside of the Company’s control, the Company has classified the Preferred Stock as mezzanine 
equity on the consolidated balance sheets. If a change of control were to occur as of December 31, 2021, the 
 
107 
Company might have been required to repurchase the Preferred Stock for $252.5 million. As of December 31, 2021, 
the Company believed that the occurrence of a change of control outside of the Company’s control that would 
trigger the right of the holder of Preferred Stock to require the Company to repurchase all or a portion of the 
Preferred Stock for cash was not probable. Therefore, the Preferred Stock is not accreted to the current redemption 
value. 
 
(17)     Redeemable Non-controlling Interests 
 
The Company owns 66% of eService, the Company’s Polish subsidiary. The eService shareholders’ agreement 
includes a provision whereby PKO Bank Polski, the owner of 34% of eService, has the option to compel the 
Company to purchase the shares of eService held by PKO Bank Polski, at a price per share based on the fair value 
of the shares. The option expires on January 1, 2024. Because the exercise of this option is not solely within the 
Company’s control, the Company has classified this interest as RNCI and presents the redemption value within the 
mezzanine equity section of the consolidated balance sheets. At each balance sheet date, the RNCI is reported at its 
redemption value, which represents the estimated fair value, with a corresponding adjustment to additional paid-in 
capital, or accumulated deficit in absence of additional paid-in capital. 
 
In October 2020, the Company, through its Mexican subsidiary, formed a joint venture with BCI, pursuant to which 
the Company owns 50.1% and BCI owns 49.9% of the equity of the Chilean subsidiary pursuant to the terms of a 
shareholders agreement between the parties. Under the shareholders agreement, BCI has the option to compel the 
Company to purchase BCI’s shares in the Chilean subsidiary at a price per share based on the fair value of the 
shares. The option becomes effective two years after the agreement date. Because the exercise of this option is not 
solely within the Company’s control, the Company has classified this interest as RNCI and presents the redemption 
value within the mezzanine equity section of the consolidated balance sheets. At each balance sheet date, the RNCI 
is reported at its redemption value, which represents the estimated fair value, with a corresponding adjustment to 
additional paid-in capital, or accumulated deficit in absence of additional paid-in capital.  
 
As of December 31, 2021, EVO, Inc. owns 56.9% of EVO, LLC. The EVO, LLC operating agreement includes a 
provision whereby Blueapple may deliver a sale notice to EVO, Inc., upon receipt of which EVO, Inc. will use its 
commercially reasonable best efforts to pursue a public offering of shares of its Class A common stock and use the 
net proceeds therefrom to purchase LLC Interests from Blueapple. Upon receipt of such a sale notice, the Company 
may elect, at the Company’s option (determined solely by its independent directors (within the meaning of the rules 
of the Nasdaq stock market) who are disinterested), to cause EVO, LLC to instead redeem the applicable LLC 
Interests for cash; provided that Blueapple consents to any election by the Company to cause EVO, LLC to redeem 
the LLC Interests based on the fair value of the Company’s Class A common shares on such date. Because this 
option is not solely within the Company’s control, the Company has classified this interest as RNCI and reports the 
RNCI at redemption value, which represents the fair value, as temporary within the mezzanine equity section of the 
consolidated balance sheets. The changes in redemption value are recorded with a corresponding adjustment to 
additional paid-in capital, or accumulated deficit in the absence of additional paid-in capital. 
 

 
108 
The following table details the components of RNCI for the years ended December 31, 2021 and 2020: 
 
 
 
 
 
 
  Blueapple
   
eService 
   
Chile 
   
Total 
 
 
(In thousands) 
Beginning balance, January 1, 2021 . . . . . . . . . . . . . . . . . . . . . .
$ 868,738
$ 186,436
$
 459 
$ 1,055,633
Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
 
 1,487 
1,487
Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(13,655)
 
 — 
(13,655)
Net income (loss) attributable to RNCI . . . . . . . . . . . . . . . . . . . .
47
10,329
 
 (1,595)
8,781
Unrealized loss on foreign currency translation adjustment . . .
(10,313)
(5,045)
 
 (721)
(16,079)
Unrealized gain on change in fair value of interest rate swap . .
707
—
 
 — 
707
(Decrease) Increase in the maximum redemption amount of 
RNCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(25,009)
20,466
 
 7,543 
3,000
Allocation of eService fair value RNCI adjustment to 
Blueapple . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,869)
—
 
 — 
(7,869)
Allocation of Chile fair value RNCI adjustment to Blueapple .
(2,915)
—
 
 — 
(2,915)
Ending balance, December 31, 2021 . . . . . . . . . . . . . . . . . . . . . .
$ 823,386
$ 198,531
$
 7,173 
$ 1,029,090
 
 
 
 
 
 
Blueapple 
 
eService 
 
Chile 
 
Total 
 
(In thousands) 
Beginning balance, January 1, 2020 . . . . . . . . . . . . . . . . . . . . . .  $ 902,258
$ 150,190
$
 — 
$ 1,052,448
Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
 
 505 
505
Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—
(4,537)
 
 — 
(4,537)
Net (loss) income attributable to RNCI . . . . . . . . . . . . . . . . . . . .
(8,068)
7,004
 
 (85)
(1,149)
Unrealized gain on foreign currency translation adjustment . . .  
3,658
1,546
 
 39 
5,243
Unrealized loss on change in fair value of interest rate swap . .  
(223)
—
 
 — 
(223)
Purchase of Blueapple Class B common stock in connection 
with secondary offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(51,350)
—
 
 — 
(51,350)
Increase in maximum redemption amount in connection with 
purchase of Blueapple Class B common stock. . . . . . . . . . . . .  
1,650
—
 
 — 
1,650
Increase in the maximum redemption amount of RNCI. . . . . . .  
33,382
32,233
 
 — 
65,615
Allocation of eService fair value RNCI adjustment to 
Blueapple . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(12,569)
—
 
 — 
(12,569)
Ending balance, December 31, 2020 . . . . . . . . . . . . . . . . . . . . . .  $ 868,738
$ 186,436
$
 459 
$ 1,055,633
 
 
 
 
109 
 
(18) Fair Value 
The table below presents information about items, which are carried at fair value on a recurring basis: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2021 
 
 
(In thousands) 
 
    
Level 1 
         Level 2         
Level 3 
            Total        
 
  
Cash equivalents . . . . . . . . . . . . . . . . . . . .
$
95,919
$
—
$
—   $ 
 95,919
Contingent consideration . . . . . . . . . . . . .
—
—
(611)    
 (611)
Blueapple RNCI . . . . . . . . . . . . . . . . . . . .
(823,386)
—
—    (823,386)
eService RNCI . . . . . . . . . . . . . . . . . . . . . .
—
—
(198,531)     (198,531)
Chile RNCI . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(7,173)    
 (7,173)
Interest rate swap. . . . . . . . . . . . . . . . . . . .
—
1,297
—   
 1,297
Investment in equity securities . . . . . . . . .
—
25,398
—   
 25,398
Total . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (727,467) $
26,695
$ (206,315)  $  (907,087)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2020 
 
 
(In thousands) 
 
         Level 1              Level 2         
Level 3 
            Total        
 
  
Cash equivalents . . . . . . . . . . . . . . . . . . . .
$
39,578
$
—
$
—   $ 
 39,578
Contingent consideration . . . . . . . . . . . . .
—
—
(1,000)    
 (1,000)
Blueapple RNCI . . . . . . . . . . . . . . . . . . . .
(868,738)
—
—    (868,738)
eService RNCI . . . . . . . . . . . . . . . . . . . . . .
—
—
(186,436)     (186,436)
Chile RNCI . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(459)  
 (459)
Interest rate swap. . . . . . . . . . . . . . . . . . . .
—
(533)
—    
 (533)
Investment in equity securities . . . . . . . . .
—
25,526
—    
 25,526
Total . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (829,160)
$
24,993
$ (187,895)  $  (992,062)
 
Cash equivalents consist of a money market fund that is valued using a market price in an active market (Level 1). 
Level 1 instrument valuations are obtained from real - time quotes for transactions in active exchange markets 
involving identical assets. 
 
Contingent consideration relates to potential payments that the Company may be required to make associated with 
acquisitions. The fair values are based on the present value of expected payments made to the acquired businesses 
in accordance with the provisions outlined in the respective purchase agreements. These estimates are based on 
inputs not observable in the market and thus represent a Level 3 measurement.  
 
The estimated fair value of Blueapple’s RNCI is derived from the closing stock price of the Company’s Class A 
common stock on the last day of the period. 
 
The estimated fair value of eService’s RNCI is determined utilizing an income approach, weighted at 50%, based 
on the forecasts of expected future cash flows, and the market approach, weighted at 50%, based on the guideline 
public company data. In applying the income approach, significant unobservable inputs included (i) the weighted-
average cost of capital (“WACC”) used to discount the future cash flows, which was 12.0%, based on the markets 
in which the business operates and (ii) growth rates used within the future cash flows, which were up to 12.3%, 
based on historic trends, current and expected market conditions, and management’s forecast assumptions. A future 
increase in the WACC would result in a decrease in the fair value of RNCI in eService. Conversely, a decrease in 
the WACC would result in an increase in the fair value of RNCI in eService. In applying the market approach, the 
ranges of the valuation multiples as of December 31, 2021 were 4.75x-5.25x and 9.25x-10.75x for revenue and 
EBITDA, respectively. 
 

 
110 
The estimated fair value of Chile’s RNCI is determined utilizing an income approach, weighted at 50%, based on 
the forecasts of expected future cash flows, and the market approach, weighted at 50%, based on the guideline 
public company data. In applying the income approach, significant unobservable inputs included (i) the WACC 
used to discount the future cash flows, which was 17.0%, based on the markets in which the business operates and 
(ii) growth rates used within the future cash flows, which were up to 17.9%, based on historic trends, current and 
expected market conditions, and management’s forecast assumptions. A future increase in the WACC would result 
in a decrease in the fair value of RNCI in Chile. Conversely, a decrease in the WACC would result in an increase 
in the fair value of RNCI in Chile. In applying the market approach, the valuation multiples as of December 31, 2021 
were 1.75x and 6.00x for revenue and EBITDA, respectively. The Company changed the valuation methodology 
for estimating the fair value of Chile’s RNCI as of December 31, 2021, as the fair value approximated its carrying 
amount in prior periods, given the proximity of the transaction date (i.e. formation of the joint venture) and its 
beginning of operations in early June 2021, after securing approval from the Comisién Para el Mercado Financiero 
(“CMF”)) and the measurement date. 
 
In May 2020, the Company entered into an interest rate swap to reduce a portion of the exposure to fluctuations in 
LIBOR interest rates associated with its variable-rate debt. The fair value of the interest rate swap was determined 
based on the present value of the estimated future net cash flows using the LIBOR forward rate curve as of 
December 31, 2021. The future interest rates are derived from observable market interest rate curves and thus fall 
within Level 2 of the valuation hierarchy. The credit valuation adjustment associated with the derivative, related to 
the likelihood of default by the Company and the counterparty, was not significant to the overall valuation. As a 
result, the fair value of the interest rate swap is classified as Level 2 of the fair value hierarchy. As described in 
Note 14, “Derivatives,” the fair value of the interest rate swap was a $1.3 million asset and $0.5 million liability at 
December 31, 2021 and 2020, respectively. 
 
The Company was a member of Visa Europe Limited (“Visa Europe”) through certain of the Company’s 
subsidiaries in Europe. In 2016, Visa Inc. (“Visa”) acquired all of the membership interests in Visa Europe. As part 
of the proceeds from the sale of its membership interests, one of the Company’s subsidiaries received shares of Visa 
Series C preferred stock and another subsidiary received economic rights relating to shares of Visa Series C 
preferred stock under a contractual arrangement with a former member of Visa Europe. 
 
The Visa Series C preferred stock is convertible into Visa Series A preferred stock at periodic intervals over the 12 
year period following the acquisition date at Visa’s discretion. In September 2020, Visa issued a partial conversion 
and conversion adjustment with respect to its Series C preferred stock. Pursuant to the partial conversion and 
conversion adjustment, holders of Series C preferred stock received shares of Series A preferred stock and the 
conversion ratio for such holder’s shares of Series C preferred stock was reduced. The Series A preferred stock is 
convertible into shares of Visa Class A common stock upon a transfer to any holder that is eligible to hold Visa 
Class A common stock. Holders of Series A preferred stock are able to effectuate a transfer to an eligible holder 
through a sales facility established by Visa’s transfer agent or through a third party broker.  
 
The Visa Series A preferred stock, which is presented in investments in equity securities on the consolidated balance 
sheets, is reported at fair value. In connection with the measurement of the investment in Visa Series A preferred 
stock at fair value, the Company recognized a gain of $0.2 million and a gain of $17.6 million for the years ended 
December 31, 2021 and 2020, respectively. The fair value of Visa Series A preferred stock is determined using a 
market approach based on the quoted market price of Visa Class A common stock, and as a result is classified as 
Level 2 of the fair value hierarchy. 
 
The remaining Visa Series C preferred stock is carried at cost in the amount of €6.5 million ($7.4 million based on 
the foreign exchange rate at the time of the acquisition) as of each of December 31, 2021 and 2020, and is presented 
in other assets on the consolidated balance sheets. The estimated fair value of the remaining Visa Series C preferred 
stock of $20.3 million and $20.4 million as of December 31, 2021 and 2020, respectively, is based upon inputs 
classified as Level 3 of the fair value hierarchy. These inputs include the fair value of Visa Class A common stock 
as of December 31, 2021, the conversion factor of Visa Series C preferred stock to Visa Class A common stock, 
and a discount due to the lack of liquidity, which represents a measure of fair value that is unobservable or requires 
management’s judgment.  
 
111 
The estimated fair value of receivables, settlement processing assets and obligations, due to and from related parties 
and settlement lines of credit approximate their respective carrying values due to their short term nature.  
 
The estimated fair value of long-term debt as of December 31, 2021 was $588.0 million, which approximated its 
carrying value as long-term debt bore interest based on prevailing variable market rates and as such was categorized 
as a Level 2 in the fair value hierarchy. The Company changed the valuation methodology for estimating the fair 
value of long-term debt due to the Restatement Agreement entered into on November 1, 2021. The Company 
previously estimated the fair value of long-term debt based on quoted bid-ask spreads within the lender syndicate. 
The estimated fair value of long-term debt as of December 31, 2020 was $592.6 million. Refer to Note 13, “Long-
Term Debt and Lines of Credit,” for further information on the Restatement Agreement. 
 
There were no transfers in or out of Level 3 from other levels in the fair value hierarchy for the years ended 
December 31, 2021 and 2020. 
 
(19) Commitments and Contingencies 
Litigation 
 
One of the Company’s financial institution referral partners, Grupo Banco Popular, was acquired by Santander in 
June 2017, which has adversely impacted the Company’s business in Spain. Revenues from this channel have 
declined significantly due primarily to reduced merchant referrals following Santander’s consolidation of Grupo 
Banco Popular branches and the bank’s lack of performance of certain of its obligations under our agreements. The 
Company believes that its agreements with Santander, including the bank’s referral obligations, remain in full force 
and effect and the Company is pursuing the contractual and legal remedies available to the Company as it works to 
resolve these and other matters. 
In December 2020, the Company filed a claim in the Court of First Instance in Madrid, Spain seeking recovery in 
connection with Santander’s breach of certain of its exclusivity, non-compete and merchant referral obligations 
under the commercial agreements between the parties. The litigation is at a preliminary stage and the Company 
cannot at this time determine the likelihood of any outcome or any damages that may be awarded to it. There can 
be no assurance as to when or if the Company will recover the amounts to which the Company believes it is entitled. 
The Company is also party to various claims and lawsuits incidental to its business. The Company does not believe 
the ultimate outcome of such matters, individually or in the aggregate, will have a material adverse effect on the 
Company’s financial position, results of operations, or cash flows. 
(20)     Segment Information 
Information on segments and reconciliations to revenue and net income (loss) attributable to the shareholders of 
EVO, Inc. and members of EVO, LLC are set forth below. Segment profit, which is the measure used by our chief 
operating decision maker to evaluate the performance of and allocate resources to our segments, is calculated as 
segment revenue less (1) segment expenses, plus (2) segment income from unconsolidated investees, plus 
(3) segment other income, net, less (4) segment non-controlling interests.  

 
112 
Certain corporate-wide governance functions, as well as depreciation and amortization, are not allocated to our 
segments. The Company does not evaluate performance or allocate resources based on segment assets, and 
therefore, such information is not presented.  
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,  
 
   
2021 
   
2020 
     
2019 
 
 
 
 
(In thousands) 
  
Segment revenue: 
   
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
307,183
$
275,233   $  303,840
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
189,462
163,868      181,938
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
496,645
$
439,101   $  485,778
 
   
Segment profit: 
 
      
 
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
135,081
$
106,052   $  96,587
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63,588
65,448     
 55,319
   Total segment profit . . . . . . . . . . . . . . . . . . . . . . . .
198,669
171,500      151,906
Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(35,628)
(34,157)     (34,482)
Depreciation and amortization . . . . . . . . . . . . . . . . .
(83,389)
(85,924)     (92,059)
Net interest expense . . . . . . . . . . . . . . . . . . . . . . . . . .
(21,510)
(28,988)     (41,139)
Provision for income tax expense . . . . . . . . . . . . . . .
(22,037)
(13,122)    
 (4,548)
Share-based compensation expense . . . . . . . . . . . . .
(27,419)
(20,664)    (10,921)
Less: Net income (loss) attributable to non-
controlling interests of EVO Investco, LLC. . . . .
33
(9,679)  
 (21,138)
Net income (loss) attributable to EVO Payments, 
Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
8,653
$
(1,676)  $  (10,105)
 
   
Capital expenditures: 
    
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
14,080
$
9,716   $  19,973
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,315
10,765     
 16,835
Consolidated total capital expenditures . . . . . . . . . .
$
33,395
$
20,481   $  36,808
The Company’s long-lived assets, which consist of equipment and improvements, net, and operating lease right-of-
use assets, by geographic location are as follows: 
 
 
 
 
 
 
December 31, 
 
December 31, 
 
2021 
     
2020 
 
(In thousands) 
Long-lived assets: 
   
Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
31,534  $ 
 40,945
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,228   
 30,334
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,554   
 20,862
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22,894   
 26,589
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
103,210  $ 
 118,730
Revenue is attributed to individual countries based on the location where the relationship is managed. For the year 
ended December 31, 2021, revenue in the United States, Mexico, and Poland, as a percentage of total consolidated 
revenue, was 38.0%, 20.5%, and 17.6%, respectively. For the year ended December 31, 2020, revenue in the United 
States, Mexico, and Poland, as a percentage of total consolidated revenue, was 41.2%, 18.5%, and 18.0%, 
respectively. For the year ended December 31, 2019, revenue in the United States, Mexico, and Poland, as a 
percentage of total consolidated revenue, was 40.2%, 20.1%, and 17.8%, respectively. For the years ended 
December 31, 2021, 2020, and 2019, there is no one customer that represents more than 10% of total revenue. 
 
113 
(21) Shareholders’ Equity 
EVO, Inc. was incorporated under the laws of the State of Delaware on April 20, 2017. On May 25, 2018, we 
completed the IPO and shares of our Class A common stock began trading on the Nasdaq stock exchange on 
May 23, 2018 under the symbol “EVOP.” In connection with the IPO, we completed the Reorganization 
Transactions to implement an “Up-C” capital structure. As a result of the Reorganization Transactions and the IPO, 
EVO, Inc. is the sole managing member of EVO, LLC and a holding company whose principal assets are the LLC 
Interests and the preferred membership interests (“Preferred LLC Interests”) in EVO, LLC. As the sole managing 
member of EVO, LLC, the Company operates and controls all of the business and affairs of EVO, LLC and its 
subsidiaries. The Company has the sole voting interest in, and controls the management of, EVO, LLC. Therefore, 
EVO, Inc. has consolidated the financial results of EVO, LLC and its subsidiaries. 
From the date of the Reorganization Transactions and the IPO until May 24, 2021, the Company had four classes 
of common stock: Class A common stock, Class B common stock (classified as redeemable non-controlling 
interest), Class C common stock (classified as non-redeemable non-controlling interest) and Class D common stock 
(classified as non-redeemable non-controlling interest).  
On May 25, 2021, pursuant to the Company’s amended and restated certificate of incorporation, all 32,163,538 
outstanding shares of Class B common stock were automatically cancelled for no consideration, and each 
outstanding share of Class C common stock was automatically converted into one share of Class D common stock. 
Following the cancellation of Class B common stock, Blueapple continues to hold 32,163,538 LLC Interests and 
maintains all of its rights under the EVO LLC Agreement.  
Following these changes in the Company’s equity capital structure, the Company has two classes of common stock 
outstanding: Class A common stock and Class D common stock.  
The Company has one class of preferred stock outstanding, which is convertible into shares of Class A common 
stock. The Preferred Stock was issued on April 21, 2020 in connection with an investment by MDP. Refer to Note 
16, “Redeemable Preferred Stock,” for additional details regarding the transaction.   
The voting and economic rights associated with our classes of common and preferred stock are summarized in the 
following table: 
 
 
 
 
 
 
 
Class of Common Stock  
    
Holders 
   
Voting rights 
    Economic rights
 
  
  
  
Class A common stock . . .   Public, MDP, Executive 
Officers, and Current and 
Former Employees
  One vote per 
share 
  Yes 
Class D common stock . . .    MDP and Current and 
Former Employees, and 
Executive Officers
  One vote per 
share 
  No 
Series A Preferred Stock . .   MDP 
 On an as-
converted basis
 Yes 
 
Following the cancellation of Class B common stock on May 25, 2021, Blueapple continues to hold 32,163,538 
LLC Interests and maintains all of its rights under the EVO LLC Agreement, including the sale right that provides 
that, upon the receipt of a sale notice from Blueapple, the Company will use its commercially reasonable best efforts 
to pursue a public offering of shares of Class A common stock and use the net proceeds therefrom to purchase LLC 
Interests from Blueapple. Upon the Company’s receipt of such a sale notice, the Company may elect, at its option 
(determined solely by its independent directors (within the meaning of the rules of Nasdaq) who are disinterested), 
to cause EVO, LLC to instead redeem the applicable LLC Interests for cash; provided that Blueapple consents to 
any election by the Company to cause EVO, LLC to redeem the LLC Interests. 

 
114 
Continuing LLC Owners (other than Blueapple) have an exchange right providing that, upon receipt of an exchange 
notice from such Continuing LLC Owners, the Company will exchange the applicable LLC Interests from such 
Continuing LLC Owners for newly issued shares of its Class A common stock on a one-for-one basis pursuant to 
an exchange agreement (the “Exchange Agreement”). Upon its receipt of such an exchange notice, the Company 
may elect, at its option (determined solely by its independent directors (within the meaning of the rules of Nasdaq) 
who are disinterested), to cause EVO, LLC to instead redeem the applicable LLC Interests for cash; provided that 
such Continuing LLC Owners consents to any election by the Company to cause EVO, LLC to redeem the LLC 
Interests. In the event that Continuing LLC Owners do not consent to an election by the Company to cause EVO, 
LLC to redeem the LLC Interests, the Company is required to exchange the applicable LLC Interests for newly 
issued shares of Class A common stock.  
 
If the Company elects to cause EVO, LLC to redeem LLC Interests for cash in lieu of exchanging LLC Interests 
for newly issued shares of its Class A common stock, the Company will offer the other Continuing LLC Owners 
the right to have their respective LLC Interests redeemed in an amount up to such person’s pro rata share of the 
aggregate LLC Interests to be redeemed. The Company is not required to redeem any LLC Interests from Blueapple 
or any other Continuing LLC Owners in response to a sale notice from Blueapple if the Company elects to pursue, 
but is unable to complete, a public offering of shares of its Class A common stock. 
Continuing LLC Owners also hold certain registration rights pursuant to a registration rights agreement. MDP holds 
demand registration rights that require the Company to register shares of Class A common stock held by it, including 
any Class A common stock received upon its exchange of Class A common stock for its LLC Interests, or upon 
conversion of any shares of Preferred Stock held by MDP. All Continuing LLC Owners (other than Blueapple) hold 
customary piggyback registration rights, which includes the right to participate on a pro rata basis in any public 
offering the Company conducts in response to its receipt of a sale notice from Blueapple. Blueapple also has the 
right, in connection with any public offering the Company conducts (including any offering conducted as a result 
of an exercise by MDP of its registration rights), to request that the Company uses its commercially reasonable best 
efforts to pursue a public offering of shares of its Class A common stock and use the net proceeds therefrom to 
purchase a like amount of Blueapple’s LLC Interests. 
 
(22) Stock Compensation Plans and Share-Based Compensation Awards  
The Company provides share-based compensation awards to its employees under the Amended and Restated 2018 
Omnibus Incentive Stock Plan (the “Amended and Restated 2018 Plan”). The original Omnibus Equity Incentive 
Plan (the “2018 Plan”) was adopted in conjunction with the Company’s IPO and became effective on May 22, 2018. 
In February 2020, the Company adopted the Amended and Restated 2018 Plan, which was approved by the 
Company’s stockholders at the Company’s 2020 annual meeting of stockholders held in June 2020. The Amended 
and Restated 2018 Plan amended and restated the 2018 Plan in its entirety and increased the number of shares of 
the Company’s Class A common stock available for grant and issuance under the 2018 Plan from 7,792,162 shares 
to 15,142,162 shares. The Amended and Restated 2018 Plan was further amended in November 2021 solely to 
clarify certain provisions in anticipation of the implementation of the Company’s performance-based equity awards. 
The Amended and Restated 2018 Plan provides for accelerated vesting under certain conditions. 
 
The following table summarizes share-based compensation expense, and the related income tax benefit recognized 
for share-based compensation awards. Share-based compensation expense is presented within selling, general, and 
administrative expenses within the consolidated statements of operations and comprehensive (loss) income: 
 
 
 
 
 
 
 
 
 
 
 
 
   
Year Ended December 31,  
 
2021
2020
 
2019 
 
 
 
 
 
 
  
Share-based compensation expense. .
$
27,419
$
20,664  
$ 
 10,921
Income tax benefit . . . . . . . . . . . . . . . .
$
(4,053)
$
(3,406) 
$ 
 (987)
 
 
 
115 
Restricted stock units 
 
The Company recognized share-based compensation expense for RSUs granted of $13.4 million, $8.5 million, and 
$4.8 million, for the years ended December 31, 2021, 2020, and 2019, respectively. 
 
A summary of RSUs activity is as follows (in thousands, except per share data): 
 
 
 
 
 
 
 
   
   
Number 
of RSUs  
Weighted-
average 
grant date 
fair value
 
   
Balance at December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
876  $ 
 22.30
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
624   
 23.22
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(258)  
 21.84
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(93)  
 22.13
Balance at December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,149  $ 
 22.92
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
711   
 25.74
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(428)  
 23.25
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(93)  
 22.36
Balance at December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,339  $ 
 24.35
 
As of December 31, 2021 and 2020, total unrecognized share-based compensation expense related to outstanding 
RSUs was $22.5 million and $19.6 million, respectively. RSUs settle in Class A common stock. RSUs granted in 
connection with the Company’s annual long-term incentive plan and off-cycle grants vest in equal annual vesting 
installments over a period of four years from the grant date. RSUs granted as part of a special, one-time grant on 
March 29, 2020 will cliff-vest upon the second anniversary of the grant date. RSUs granted to the Company’s 
executive officers as part of the annual 2021 grant vest in equal annual vesting installments over a period of three 
years from the grant date. The weighted-average remaining vesting period over which expense will be recognized 
for unvested RSUs is 2.0 years as of December 31, 2021 and 2.3 years as of December 31, 2020. The total fair value 
of shares vested during the year ended December 31, 2021 and 2020 was $10.0 million and $5.6 million, 
respectively.  
 
Stock options 
 
Service-Based Stock Options 
 
The Company recognized share-based compensation expense for the service-based stock options granted of $12.5 
million, $12.1 million, and $5.8 million, for the years ended December 31, 2021, 2020, and 2019, respectively. 

 
116 
A summary of service-based stock option activity is as follows (in thousands, except per share and term data): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
Number 
of 
Options    
Weighted-
average 
grant date 
fair value    
Weighted-
average 
exercise 
price
   
Weighted-
average 
remaining 
contractual 
term 
    
Total 
intrinsic 
value 
 
 
   
  
 
   
Balance at December 31, 2019 . . . . . . . . .
3,369
$
7.90
$
20.46
 8.77 
$ 20,312
Granted . . . . . . . . . . . . . . . . . . . . . . . . . .
2,469
6.86
20.87
 — 
 
—
Exercised . . . . . . . . . . . . . . . . . . . . . . . .
(405)
5.63
15.18
 — 
  4,864
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . .
(349)
7.61
20.77
 — 
 
—
Balance at December 31, 2020 . . . . . . . . .
5,084
$
7.60
$
21.06
 8.36 
$ 30,405
Granted . . . . . . . . . . . . . . . . . . . . . . . . . .
1,115
9.76
25.73
 — 
 
—
Exercised . . . . . . . . . . . . . . . . . . . . . . . .
(450)
6.27
17.48
 — 
  4,886
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . .
(258)
8.42
23.45
 — 
 
—
Balance at December 31, 2021 . . . . . . . . .
5,491
$
8.11
$
22.19
 7.67 
$ 19,802
 
 
Exercisable at December 31, 2021 . . . . . .
2,575
$
7.37
$
19.68
 7.17 
$ 15,623
 
As of December 31, 2021 and 2020, total unrecognized share-based compensation expense related to unvested 
service-based stock options was $17.7 million and $21.3 million, respectively. The weighted-average remaining 
vesting period over which expense will be recognized for unvested stock options is 2.0 years as of December 31, 
2021 and 2.2 years as of December 31, 2020. Stock options granted in connection with the Company’s annual long-
term incentive plan and off-cycle grants vest in equal annual installments over a period of four years from grant 
date. Fifty percent of stock options granted as part of a special, one-time grant on March 29, 2020 vested in 
August 2020 and the remaining 50% vested upon the first anniversary of the grant date. Stock options granted to 
the Company’s executive officers (excluding the Chief Executive Officer (“CEO”)) as part of the annual 2021 grant 
vest in equal annual vesting installments over a period of three years from the grant date. Stock options expire no 
later than 10 years from the date of grant. For the purpose of calculating share-based compensation expense, the 
fair value of the stock option grants was determined through the application of the Black-Scholes model with the 
following assumptions: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
Year Ended December 31,  
 
2021
 
2020 
 
   
   
   
   
Expected life (in years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.00   
7.00
Weighted-average risk-free interest rate. . . . . . . . . . . . . . . . .
1.16%   
0.85%
Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34.61%   
30.28%
Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.00%   
0.00%
Weighted-average fair value at grant date . . . . . . . . . . . . . . .
$
9.76  $ 
6.86
 
The risk-free interest rate is based on the yield of a zero coupon United States Treasury security with a maturity 
equal to the expected life of the stock option from the date of the grant. The assumption for expected volatility is 
based on the historical volatility of a peer group of market participants as the Company has limited historical 
volatility. It is the Company’s intent to retain all profits for the operations of the business for the foreseeable future, 
as such the dividend yield assumption is zero. The Company applies the simplified method in determining the 
expected life of the stock options as the Company has limited historical basis upon which to determine historical 
exercise periods. The Company’s assumption of the expected life is determined based on the general grant vesting 
 
 
 
117 
period plus half of the remaining life through expiration. All stock options exercised will be settled in Class A 
common stock. 
 
Market and Service-Based Stock Options 
 
During the quarter ended March 31, 2021, 287,395 stock options with a fair value of approximately $2.9 million 
were granted to the Company’s CEO. These options vest only upon the satisfaction of certain market-based and 
service-based vesting conditions. The market-based vesting condition, which was met in the second quarter of 2021, 
required that the twenty trading day trailing average price for the Company’s Class A common stock must equal or 
exceed 110% of the closing price of the Company’s Class A common stock on the grant date for a period 
of twenty consecutive trading days. In addition, the options are subject to a service-based vesting condition that is 
satisfied in three equal annual installments on the first, second and third anniversaries of the grant date.  
 
For the purpose of calculating share-based compensation expense, the fair value of this grant was determined 
through the application of the Monte-Carlo simulation model with the following assumptions: 
 
 
 
 
 
 
Year Ended 
December 31,  
 
2021 
 
   
Expected life (in years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.00
Weighted-average risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.15%
Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34.65%
Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.00%
Exercise price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
25.46
 
The Company recognizes share-based compensation expense related to this award with market-based and service-
based conditions over the derived service period of 3.0 years using the graded vesting method. The Company 
recognized share-based compensation expense for these stock options of $1.5 million for the year ended 
December 31, 2021. As of December 31, 2021, total unrecognized share-based compensation expense related to 
these stock options was $1.4 million. The weighted-average remaining vesting period over which expense will be 
recognized for these stock options is 1.5 years as of December 31, 2021. 
 
(23)    Employee Benefit Plans 
 
The Company maintains retirement plans for employees in various countries where the Company maintains an 
office. Each plan is subject to allowable contributions and limitations based on local country laws and regulations 
covering retirement plans. In each location and plan, the Company, at its discretion, may contribute to the plan and, 
depending on location, the Company may match a percentage of the employee contributions. The Company’s 
contributions are vested over time, at different rates depending on location. The Company recognized a contribution 
expense of $2.0 million, $1.4 million, and $1.8 million for the years ended December 31, 2021, 2020 and 2019, 
respectively. 
 
 
 

 
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF REGISTRANT 
EVO PAYMENTS, INC.  
(Parent Company Only) 
Condensed Statements of Balance Sheets 
 (In thousands) 
 
118 
 
 
 
 
 
 
 
 
 
December 31,   December 31, 
 
     
2021 
    
2020 
Assets 
   
 
Due from related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 
 223  $
119
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 59  
75
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 282  
194
Deferred tax asset, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 237,042  
227,914
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 —  
31
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 
 237,324  $
228,139
 
  
 
Liabilities and Shareholders' Deficit 
   
 
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 
 282  $
417
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 282  
417
Tax receivable agreement obligations, inclusive of related party liability of $169.4 million and  
$164.3 million at December 31, 2021 and 2020, respectively.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 180,143  
173,890
Net deficit in investment in a subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 554,912  
573,839
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 —  
31
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 735,337  
748,177
 
  
 
Redeemable preferred stock (par value, $0.0001 per share), Authorized, Issued and Outstanding – 
152,250 shares at December 31, 2021 and December 31, 2020. Liquidation preference: $168,309 
and $158,647 at December 31, 2021 and December 31, 2020, respectively . . . . . . . . . . . . . . . . . . .   
 164,007  
154,118
Shareholders' deficit: 
  
 
Class A common stock (par value, $0.0001 per share), Authorized - 200,000,000 shares, Issued 
and Outstanding - 47,446,061 and 46,401,607 shares at December 31, 2021 and 2020, 
respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 5  
5
Class B common stock (par value, $0.0001 per share), Authorized - 40,000,000 shares, Issued  
and Outstanding - 0 and 32,163,538 shares at December 31, 2021 and 2020, respectively . . . . .    
 —  
3
Class C common stock (par value, $0.0001 per share), Authorized - 4,000,000 shares, Issued and 
Outstanding - 0 and 1,720,425 shares at December 31, 2021 and 2020, respectively. . . . . . . . . .    
 —  
—
Class D common stock (par value, $0.0001 per share), Authorized - 32,000,000 shares, Issued  
and Outstanding - 3,783,074 and 2,390,870 shares at December 31, 2021 and 2020, respectively   
 —  
—
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —  
—
Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 (652,871) 
(675,209)
Accumulated other comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 (9,154) 
1,045
Total deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 (662,020) 
(674,156)
Total liabilities, redeemable preferred stock, and shareholders' deficit. . . . . . . . . . . . . . . . . . . .  $ 
 237,324  $
228,139
 
See accompanying notes to condensed financial statements. 
 
 
 
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF REGISTRANT 
EVO PAYMENTS, INC.  
(Parent Company Only) 
Condensed Statements of Operations and Comprehensive (Loss) Income 
(In thousands) 
 
119 
 
 
 
 
 
 
 
   
   
Year Ended December 31,  
 
2021 
     
2020 
   
2019 
Net revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
 —  $ 
 —
$
—
Operating expenses: 
  
Selling, general, and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 4,160     6,473
6,903
Loss from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,160)    (6,473)
(6,903)
Other income (expense): 
  
Income (loss) from investment in unconsolidated investee . . . . . . . . . . . . . . . . . . . . . . . . .
 128     (9,610)
(12,180)
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 9,889   
 6,528
—
Other (expense) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 (177)    8,255
8,362
Total other income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 9,840     5,173
(3,818)
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 5,680     (1,300)
(10,721)
Income tax benefit (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 2,973    
 (376)
616
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 8,653    (1,676)
(10,105)
Net income (loss) attributable to EVO Payments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
$
 8,653  $  (1,676)
$ (10,105)
 
 
Comprehensive (loss) income: 
 
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
 8,653  $  (1,676)
$ (10,105)
Change in fair value of interest rate swap, net of tax(1) . . . . . . . . . . . . . . . . . . . . . . . . . .
 800    
 (197)
—
Unrealized (loss) gain on foreign currency translation adjustment, net of tax(2) . . . . . . .
(10,999)  
 3,190
808
Other comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10,199)    2,993
808
Comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,546)  
 1,317
(9,297)
Comprehensive (loss) income attributable to EVO Payments, Inc. . . . . . . . . . . . . . . . . . . . . . .
$
(1,546) $  1,317
$
(9,297)
 
(1) 
Net of tax (expense) benefit of $(0.2) million and $0.1 million for the years ended December 31, 2021 and 2020, respectively. 
(2) 
Net of tax benefit (expense) of $4.1 million, $(2.5) million, and $(0.2) million for the years ended December 31, 2021, 2020, and 
2019, respectively. 
See accompanying notes to condensed financial statements. 
 
 
 

 
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF REGISTRANT 
EVO PAYMENTS, INC.  
(Parent Company Only) 
Condensed Statements of Cash Flows 
(In thousands) 
 
120 
 
 
 
 
 
 
 
Year Ended December 31,  
   
   
2021 
 
2020 
 
2019 
 
 
 
 
 
 
 
Cash flows from operating activities: 
 
 
 
 
 
 
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—   $ 
 —  
$
—
Cash flows from investing activities: 
     
   
 
Investment in unconsolidated investee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,289)  
 (152,390) 
(18,175)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,289)     (152,390) 
(18,175)
Cash flows from financing activities: 
     
   
 
Secondary offering proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—     
 115,538  
381,619
Purchase of LLC Interests, Class B and Class D common stock in connection 
with the secondary offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 (115,538) 
(362,635)
Proceeds from exercise of common stock options . . . . . . . . . . . . . . . . . . . . . . . .
7,866   
 6,145  
1,010
Proceeds from issuance of redeemable preferred stock. . . . . . . . . . . . . . . . . . . . .
—   
 149,250  
—
Redeemable preferred stock issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—   
 (1,660) 
—
Repurchases of shares to satisfy minimum tax withholding . . . . . . . . . . . . . . . . .
(4,577)    
 (1,345) 
(1,819)
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,289     
 152,390  
18,175
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . .
—     
 —  
—
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . .
—     
 —  
—
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—     
 —  
—
Cash and cash equivalents, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—   $ 
 —  $
—
 
See accompanying notes to condensed financial statements. 
 
 
 
 
 
 
 
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF REGISTRANT 
EVO PAYMENTS, INC.  
(Parent Company Only) 
Notes to the Condensed Financial Statements 
 
 
121 
(1) 
Basis of Presentation 
EVO Payments, Inc. (“EVO, Inc.”) is a Delaware corporation whose value is driven by its ownership of 
approximately 56.9% of the membership interests of EVO, LLC as of December 31, 2021. EVO, Inc. was 
incorporated on April 20, 2017 for the purpose of completing the Reorganization Transactions, in order to 
consummate the IPO, and to carry on the business of EVO, LLC. The accompanying condensed parent company-
only financial statements are required in accordance with Rule 5-04 of Regulation S-X. These condensed financial 
statements have been presented on a standalone basis for EVO Payments, Inc. The condensed financial statements 
of EVO, Inc. reflect the historical results of operations and the financial position of EVO, Inc., commencing on 
May 23, 2018. Prior to May 23, 2018, the condensed financial statements included herein represent the financial 
statements of EVO, LLC on a standalone basis. 
 
EVO, Inc. is a holding company that does not conduct any business operations of its own and therefore its assets 
consist primarily of investments in subsidiaries. In the ordinary course of business, EVO, Inc. will incur certain 
expenses which are paid on behalf of EVO, Inc. by EVO, LLC and recognized as guaranteed payments in other 
income. Additionally, EVO, Inc. anticipates the settlement of certain future tax liabilities will require future 
distributions from EVO, LLC. EVO, Inc. may not be able to access cash generated by its subsidiaries in order to 
fulfill cash commitments or to pay cash dividends on its common stock. The amounts available to EVO, Inc. to 
fulfill cash commitments or to pay cash dividends are also subject to the covenants and distribution restrictions in 
our Senior Secured Credit Facilities. For a discussion on the tax receivable agreements, see Note 5, “Tax Receivable 
Agreement,” in the notes to the accompanying consolidated financial statements. Net income (loss) attributable to 
EVO Payments, Inc. and comprehensive (loss) income attributable to EVO Payments, Inc. represent the amount of 
income (loss) and comprehensive (loss) income attributable to EVO, Inc. exclusive of losses incurred prior to the 
Reorganization Transactions, which is allocable to EVO, LLC and, therefore, the members of EVO, LLC. This loss 
has been excluded from net loss attributable to EVO Payments, Inc. as EVO, Inc. was not a member of EVO, LLC 
prior to the Reorganization Transactions. 
 
For the purposes of this condensed financial information, EVO, Inc.’s investment in its consolidated subsidiary is 
presented under the equity method of accounting. Under the equity method, investment in its subsidiary is stated at 
cost plus contributions and equity in undistributed income (loss) of subsidiary less distributions received. As of 
December 31, 2021 and 2020, EVO, Inc.’s investment in EVO, LLC was in a net deficit due to the accumulation 
of net losses to date, therefore it is presented as a liability on the condensed balance sheet. EVO, Inc.’s financial 
statements should be read in conjunction with the Company's consolidated financial statements appearing in this 
Annual Report on Form 10-K. 
 
(2) 
Distributions 
There were no distributions made to EVO, Inc. from EVO, LLC or its subsidiaries, for the years ended 
December 31, 2021, 2020, and 2019.  
 

 
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF REGISTRANT 
EVO PAYMENTS, INC.  
(Parent Company Only) 
Notes to the Condensed Financial Statements 
 
 
122 
(3) 
Long-term debt and credit facilities 
As of December 31, 2021 and 2020, EVO, Inc. held no debt. Certain subsidiaries of the Company are subject to 
debt agreements. The subsidiaries’ long-term debt, including accrued interest, consists of the following: 
 
 
 
 
 
 
 
 
 
2021 
     
2020 
 
    
(In thousands) 
Subsidiary debt: 
   
First lien term loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 588,000   $ 591,169 
Deferred financing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,310)   
 (7,379)
Total subsidiary debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 582,690  $ 583,790 
 
  
Settlement lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
7,887  $  13,718 
 
For further discussion on the nature and terms of these agreements and details regarding restricted net assets, refer 
to Note 13, “Long-Term Debt and Lines of Credit,” to the Company’s consolidated financial statements. 
 
(4) 
Redeemable Preferred Stock 
For further discussion on the issuance of preferred stock, refer to Note 16, “Redeemable Preferred Stock,” to the 
Company’s consolidated financial statements. 
 
(5) 
Commitments and Contingencies 
For a discussion of commitments and contingencies, see Note 19, “Commitments and Contingencies,” to the 
Company’s consolidated financial statements. 
 
 
 
SCHEDULE II 
EVO PAYMENTS, INC. AND SUBSIDIARIES 
 
 
123 
Valuation and Qualifying Accounts 
(In thousands) 
 
 
 
 
   
   
Balance at
   
Additions:
   
 
    
Balance at
 
Beginning of
Charged to Costs
 
 
End of
Description 
Period
and Expenses
Deductions(1)  
Period
 
 
 
 
Allowance for doubtful accounts 
 
 
Year ended December 31, 2021. . . . . . . . . . . . . . . . . . . . . . .
$
4,440
$
3,309
$ 
 (599) $
7,150
Year ended December 31, 2020. . . . . . . . . . . . . . . . . . . . . . .
3,736
935
 
 (231) 
4,440
Year ended December 31, 2019. . . . . . . . . . . . . . . . . . . . . . .
380
3,926
 
 (570) 
3,736
 
  
 
Deferred income tax asset valuation allowance 
 
 
Year ended December 31, 2021. . . . . . . . . . . . . . . . . . . . . . .
$
5,090
$
8,389
$ 
 (1,845) $
11,634
Year ended December 31, 2020. . . . . . . . . . . . . . . . . . . . . . .
8,152
1,097
 
 (4,159) 
5,090
Year ended December 31, 2019. . . . . . . . . . . . . . . . . . . . . . .
21,379
4,035
 
 (17,262) 
8,152
 
 
  
 
(1) Includes accounts receivable written off, the write-off or write-down of valuation allowances, and translation adjustments. 
 
 
 
 

 
124 
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
FINANCIAL DISCLOSURE 
 
None. 
 
ITEM 9A. CONTROLS AND PROCEDURES 
 
Evaluation of Disclosure Controls and Procedures 
 
The Company's management conducted an evaluation, under the supervision and with the participation of its CEO and 
CFO, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in 
Rule 13a-15(e) of the Exchange Act) at December 31, 2021. The Company’s disclosure controls and procedures are 
designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under 
the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and 
forms of the SEC, and that such information is accumulated and communicated to the Company’s management, including 
its CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. Based upon the evaluation, the 
CEO and CFO concluded that the Company’s disclosure controls and procedures were effective at December 31, 2021. 
 
Changes to Internal Control over Financial Reporting 
 
There have been no changes to the Company’s internal control over financial reporting during the year ended 
December 31, 2021 that have materially affected, or are reasonably likely to materially affect, the Company’s internal 
control over financial reporting. 
 
Management’s Report on Internal Control over Financial Reporting 
 
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined 
in Rule 13a-15(f) of the Exchange Act) for the Company. The Company’s internal control over financial reporting is a 
process designed under the supervision of the Company’s CEO and CFO to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of the Company’s financial statements for external purposes in 
accordance with U.S. GAAP. 
 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. Internal 
control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of 
its inherent limitations.  Internal control over financial reporting is a process that involves human diligence and compliance 
and is subject to lapses in judgment and breakdowns resulting from human failures.  Due to such limitations, there is a risk 
that material misstatements may not be prevented or detected on a timely basis by internal control over financial 
reporting.  However, these inherent limitations are known features of the financial reporting process.  Therefore, it is 
possible to design into the process safeguards to reduce, though not eliminate, such risk. 
 
Management has made a comprehensive review, evaluation, and assessment of the Company’s internal control over 
financial reporting at December 31, 2021. In making this assessment, management used the criteria set forth by the 
Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in the Internal Control — Integrated 
Framework (2013). Based on that assessment, management concluded that, at December 31, 2021, the Company’s internal 
control over financial reporting is effective. 
 
Deloitte & Touche LLP has issued an attestation report on our internal control over financial reporting, which is included 
herein as the Report of Independent Registered Public Accounting Firm under Item 8 - Financial Statements and 
Supplementary Data as of December 31, 2021.  
 
 
 
125 
ITEM 9B. OTHER INFORMATION 
 
On February 18, 2022, the Company entered into amendments to the employment agreements with each of (a) Mr. Kelly, 
the Company’s Chief Executive Officer; (b) Mr. Tansill, the Company’s President, the Americas; and (c) Mr. Panther, the 
Company’s Chief Financial Officer. Each amendment provides the executive with accelerated vesting of such executive’s 
unvested equity in the event (i) the executive retires after he has attained the age of 60 and completed at least 10 years of 
service with the Company (so long as he has provided at least 6 months’ advance notice); (ii) the Company elects to 
terminate executive’s employment without Cause (as defined in such executive’s employment agreement) and such 
executive has attained the age of 60 and completed at least 10 years of service with the Company or (iii) the executive 
elects to terminate his employment for Good Reason (as defined in such executive’s employment agreement). A copy of 
the amendment to each of Mr. Kelly’s, Mr. Tansill’s, and Mr. Panther’s employment agreement is filed as Exhibit 10.48, 
Exhibit 10.47, and Exhibit 10.46 to this Annual Report on Form 10-K, respectively. 
 
On February 23, 2022, the Company entered into an amended & restated employment agreement with Mr. Wilson, the 
Company’s President, International, to provide for the terms set forth above. The amended and restated employment 
agreement also generally aligns Mr. Wilson’s employment agreement with the provisions set forth in the Company’s 
employment agreements with the Company’s other executive officers, including aligning the definition of “Cause”, 
providing for “Good Reason” and “Termination without Cause” severance payments (in each case, as defined in 
Mr. Wilson’s amended & restated employment agreement), and updating the restrictive covenant provisions.  A copy of  
Mr. Wilson’s amended & restated employment agreement is filed as Exhibit 10.49 to this Annual Report on Form 10-K. 
 
PART III 
 
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 
 
Information relating to our executive officers is included in Part I, Item 1 of this Form 10-K. The other information with 
respect to this Item will be set forth in our proxy statement for the 2022 annual meeting of stockholders (the “2022 Proxy 
Statement”), which will be filed with the SEC no later than 120 days after December 31, 2021. For the limited purpose of 
providing the information necessary to comply with this Item 10, the 2022 Proxy Statement is incorporated herein by this 
reference.  
 
Our board of directors has adopted a Code of Business Conduct and Ethics applicable to all officers, directors and 
employees, which is available on our website (www.evopayments.com) under “Corporate Governance.” We intend to 
satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding amendment to, or waiver from, a provision of 
our Code of Business Conduct and Ethics by posting such information on our website at the address and location specified. 
 
ITEM 11. EXECUTIVE COMPENSATION 
 
Information with respect to this Item will be set forth in our 2022 Proxy Statement, which will be filed with the SEC no 
later than 120 days after December 31, 2021. For the limited purpose of providing the information necessary to comply 
with this Item 11, the 2022 Proxy Statement is incorporated herein by this reference. 
 
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND 
RELATED STOCKHOLDER MATTERS 
 
Information with respect to this Item will be set forth in our 2022 Proxy Statement, which will be filed with the SEC no 
later than 120 days after December 31, 2021. For the limited purpose of providing the information necessary to comply 
with this Item 12, the 2022 Proxy Statement is incorporated herein by this reference. 
 

 
126 
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR 
INDEPENDENCE 
 
Information with respect to this Item will be set forth in our 2022 Proxy Statement, which will be filed with SEC no later 
than 120 days after December 31, 2021. For the limited purpose of providing the information necessary to comply with 
this Item 13, the 2022 Proxy Statement is incorporated herein by this reference. 
 
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 
 
Information with respect to this Item will be set forth in our 2022 Proxy Statement, which will be filed with the SEC no 
later than 120 days after December 31, 2021. For the limited purpose of providing the information necessary to comply 
with this Item 14, the 2022 Proxy Statement is incorporated herein by this reference. 
 
PART IV 
 
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 
 
1. Consolidated Financial Statements 
 
Our consolidated financial statements are included in Part II, Item 8, “Financial Statements and Supplementary Data.” 
 
2. Financial Statement Schedules 
 
Schedules I and II to our consolidated financial statements are included in Part II, Item 8, “Financial Statements and 
Supplementary Data.” 
 
3. Exhibits 
 
aaw 
 
 
Exhibit 
  
No. 
 Description 
 
 
 
3.1 
 Amended and Restated Certificate of Incorporation of EVO Payments, Inc. (incorporated by reference to
Exhibit 3.1 to our Quarterly Report on Form 10-Q filed with the Commission on August 10, 2018). 
 
 
 
3.2 
 Certificate of Designations of Series A Convertible Preferred Stock of EVO Payments, Inc. (incorporated by
reference to Exhibit 3.1 to our Current Report on Form 8-K filed with the Commission on April 22, 2020).
 
 
 
3.3 
 Amended and Restated Bylaws of EVO Payments, Inc., effective as of May 25, 2018 (incorporated by
reference to Exhibit 3.2 to our Registration Statement on Form S-1/A filed with the Commission on May 7,
2018). 
 
 
 
4.1 
 Specimen Stock Certificate for Class A Common Stock of EVO Payments, Inc. (incorporated by reference to
Exhibit 4.1 to our Registration Statement on Form S-1/A filed with the Commission on May 7, 2018). 
 
 
 
4.2 
 Description of Capital Stock. 
 
  
10.1 
 Tax Receivable Agreement, dated as of May 25, 2018, by and among EVO Payments, Inc., EVO Investco,
LLC and the members of EVO Investco, LLC from time to time party thereto (incorporated by reference to
Exhibit 10.1 to our Quarterly Report on Form 10-Q filed with the Commission on August 10, 2018). 
 
 
 
10.2 
 LLC Agreement of EVO Investco, LLC, dated as of May 22, 2018, by and among EVO Investco, LLC and
its members (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q filed with the
Commission on August 10, 2018). 
 
 
 
 
127 
10.3 
 First Amendment to the Second Amended and Restated Limited Liability Company Agreement of EVO
Investco, LLC, effective as of April 21, 2020, by and among EVO Payments, Inc., EVO Investco, LLC and
its members (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the
Commission on April 22, 2020). 
 
  
10.4 
 Registration Rights Agreement, dated as of May 22, 2018, by and among EVO Payments, Inc., each of the
persons listed on Schedules I and II thereto, such other persons that from time to time become parties thereto
and Blueapple, Inc. (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q filed
with the Commission on August 10, 2018). 
 
 
 
10.5 
 First Amendment to Registration Rights Agreement, effective as of April 21, 2020, by and among EVO
Payments, Inc. and each of the undersigned stockholders of the Company (incorporated by reference to
Exhibit 10.2 to our Current Report on Form 8-K filed with the Commission on April 22, 2020) (incorporated
by reference to Exhibit 10.2 to our Current Report on Form 8-K filed with the Commission on April 22, 2020).
 
 
 
10.6 
 Exchange Agreement, dated as of May 22, 2018, by and among EVO Investco, LLC, EVO Payments, Inc.,
the holders of common units in EVO Investco, LLC and shares of Class C common stock or Class D common
stock of EVO Payments, Inc. and the Call Option Holder, as defined therein, from time to time party thereto
(incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q filed with the Commission
on August 10, 2018). 
 
 
 
10.7 
 Amendment Number One to Exchange Agreement, dated as of November 5, 2018, by and among EVO
Investco, LLC, EVO Payments, Inc., the holders of common units in EVO Investco, LLC and shares of Class
C common stock or Class D common stock of EVO Payments, Inc. and the Call Option Holder, as defined
therein, from time to time party thereto (incorporated by reference to Exhibit 10.1 to our Quarterly Report on
Form 10-Q filed with the Commission on November 8, 2018). 
 
 
 
10.8 
 Amended & Restated Director Nomination Agreement, dated as of April 21, 2020, by and among EVO
Payments, Inc., Madison Dearborn Partners, LLC, Madison Dearborn Partners VI-A&C, L.P., Madison
Dearborn Capital Partners VI-C, L.P., Madison Dearborn Partners VI-B, L.P., Madison Dearborn Capital
Partners VI-B, L.P., Madison Dearborn Capital Partners VI Executive-B, L.P., MDCP VI-C Cardservices
Splitter, L.P., MDCP Cardservices LLC, MDCP VI-C Cardservices Blocker Corp., Madison Dearborn Capital
Partners VI-A, L.P. and Madison Dearborn Capital Partners VI Executive-A, L.P (incorporated by reference
to Exhibit 10.3 to our Current Report on Form 8-K filed with the Commission on April 22, 2020).
 
 
 
10.9 
 First Lien Credit Agreement, dated as of December 22, 2016, among EVO Payments International, LLC, as
borrower, the subsidiaries of the borrower identified therein, as guarantors, SunTrust Bank, as Administrative
Agent, Swingline Lender and Issuing Bank, the lenders from time to time party thereto and Citibank, N.A.
and Regions Bank, as Co-Syndication Agents (incorporated by reference to Exhibit 10.14 to our Registration
Statement on Form S-1/A filed with the Commission on May 7, 2018). 
 
 
 
10.10 
 Incremental Amendment Agreement, dated as of October 24, 2017, among EVO Payments International, LLC
as borrower, the subsidiaries of the borrower identified therein, as guarantors, SunTrust Bank, as
Administrative Agent, Swingline Lender, and Issuing Bank, the lenders from time to time party thereto, and
Citibank N.A. and Regions Bank as Co-Syndication Agents (incorporated by reference to Exhibit 10.15 to
our Registration Statement on Form S-1/A filed with the Commission on May 7, 2018). 
 
 
 
10.11 
 Second Incremental Amendment Agreement, dated as of April 3, 2018, among EVO Payments International,
LLC as borrower, the subsidiaries of the borrower identified therein, as guarantors, SunTrust Bank, as
Administrative Agent, Swingline Lender, and Issuing Bank, the lenders from time to time party thereto and
Citibank, N.A. and Regions Bank as Co-Syndication Agents (incorporated by reference to Exhibit 10.16 to
our Registration Statement on Form S-1/A filed with the Commission on May 7, 2018). 
 
 
 

 
128 
10.12 
 First Repricing Amendment to First Lien Credit Agreement, dated as of December 22, 2017, among EVO
Payments International, LLC, as borrower, the subsidiaries of the borrower identified therein, as guarantors,
SunTrust Bank, as Administrative Agent, Swingline Lender and Issuing Bank, the lenders from time to time
party thereto and Citibank, N.A. and Regions Bank, as Co-Syndication Agents (incorporated by reference to
Exhibit 10.17 to our Registration Statement on Form S-1/A filed with the Commission on May 7, 2018). 
 
 
 
10.13 
 Restatement Agreement to First Lien Credit Agreement, dated as of June 14, 2018, among EVO Payments
International, LLC, as borrower, the subsidiaries of the borrower identified therein, as guarantors, SunTrust
Bank, as Existing Administrative Agent, Citibank, N.A., as a closing documentation agent and the lenders
from time to time party thereto (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-
K filed with the Commission on June 14, 2018).
 
 
 
10.14 
 Second Lien Credit Agreement, dated as of December 22, 2016, among EVO Payments International, LLC,
as borrower, the subsidiaries of the borrower identified therein, as guarantors, SunTrust Bank, as
Administrative Agent, Swingline Lender and Issuing Bank, the lenders from time to time party thereto and
Citibank, N.A. and Regions Bank, as Co-Syndication Agents (incorporated by reference to Exhibit 10.18 to
our Registration Statement on Form S-1/A filed with the Commission on May 7, 2018). 
 
 
 
10.15 
 First Amendment to First Lien Credit Agreement, dated as of December 22, 2017, among EVO Payments
International, LLC, as borrower, the subsidiaries of the borrower identified therein, as guarantors, SunTrust
Bank, as Administrative Agent, Swingline Lender and Issuing Bank, the lenders from time to time party
thereto and Citibank, N.A. and Regions Bank, as Co-Syndication Agents (incorporated by reference to Exhibit
10.19 to our Registration Statement on Form S-1/A filed with the Commission on May 7, 2018). 
 
  
10.16 
 Limited Waiver to Amended and Restated First Lien Credit Agreement, dated May 5, 2020, by and among
EVO Payments International, LLC, as borrower, Citibank, N.A., as administrative agent, and the lenders from
time to time party thereto (incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q
filed with the Commission on May 8, 2020).
 
 
 
10.17 
 Amended and Restated Employment Agreement, dated April 1, 2018, by and between EVO Investco, LLC
and James G. Kelly (incorporated by reference to Exhibit 10.20 to our Registration Statement on Form S-1
filed with the Commission on April 25, 2018).# 
 
 
 
10.18 
 Employment Agreement, as amended, dated January 1, 2015, by and between EVO Payments International
UK Ltd and Darren Wilson (incorporated by reference to Exhibit 10.21 to our Registration Statement on
Form S-1 filed with the Commission on April 25, 2018).# 
 
 
 
10.19 
 Employment Agreement, dated November 18, 2019, by and between EVO Payments, Inc. and Thomas E.
Panther (incorporated by reference to Exhibit 10.32 to our Annual Report on Form 10-K filed with the
Commission on February 27, 2020).#
 
 
 
10.20 
 Amended and Restated Employment Agreement, dated April 1, 2018, by and between EVO Investco, LLC
and Brendan F. Tansill (incorporated by reference to Exhibit 10.22 to our Registration Statement on Form S-
1 filed with the Commission on April 25, 2018).# 
 
 
 
10.21 
 Amended and Restated Employment Agreement, dated June 18, 2012, by and between EVO Investco, LLC
and Michael L. Reidenbach (incorporated by reference to Exhibit 10.34 to our Annual Report on Form 10-K
filed with the Commission on February 27, 2020).#
 
 
 
10.22 
 Form of Indemnification Agreement for Executive Officers and Directors (incorporated by reference to
Exhibit 10.23 to our Registration Statement on Form S-1/A filed with the Commission on May 21, 2018).# 
 
 
 
10.23 
 EVO Payments, Inc. 2018 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 99.1 to our
Registration Statement on Form S-8 filed with the Commission on May 23, 2018).# 
 
 
 
 
129 
10.24 
 Form of Restricted Stock Award for EVO Payments, Inc. 2018 Omnibus Equity Incentive Plan (incorporated
by reference to Exhibit 10.25 to our Registration Statement on Form S-1/A filed with the Commission on
May 7, 2018).# 
 
 
 
10.25 
 Form of Time-Based Restricted Stock Unit Award for EVO Payments, Inc. 2018 Omnibus Equity Incentive
Plan (Cash Settled (incorporated by reference to Exhibit 10.26 to our Registration Statement on Form S-1/A
filed with the Commission on May 7, 2018).# 
 
 
 
10.26 
 Form of Time-Based Restricted Stock Unit Award for EVO Payments, Inc. 2018 Omnibus Equity Incentive
Plan (Share Settled) (incorporated by reference to Exhibit 10.27 to our Registration Statement on Form S-1/A
filed with the Commission on May 7, 2018).# 
 
 
 
10.27 
 Form of Performance-Based Restricted Stock Unit for EVO Payments, Inc. 2018 Omnibus Equity Incentive
Plan (incorporated by reference to Exhibit 10.28 to our Registration Statement on Form S-1/A filed with the
Commission on May 7, 2018).# 
 
 
 
10.28 
 Form of Stock Option Award for EVO Payments, Inc. 2018 Omnibus Equity Incentive Plan (incorporated by
reference to Exhibit 10.29 to our Registration Statement on Form S-1/A filed with the Commission on May 7,
2018).# 
 
 
 
10.29 
 Form of Nonqualified Stock Option Award for EVO Payments, Inc. 2018 Omnibus Equity Incentive Plan
(incorporated by reference to Exhibit 10.30 to our Registration Statement on Form S-1/A filed with the
Commission on May 7, 2018).# 
 
 
 
10.30 
 Form of Restricted Stock Award for EVO Payments, Inc. 2018 Omnibus Equity Incentive Plan (with change
in control vesting provisions) (incorporated by reference to Exhibit 10.31 to our Registration Statement on
Form S-1/A filed with the Commission on May 21, 2018).# 
 
 
 
10.31 
 Form of Time-Based Restricted Stock Unit Award for EVO Payments, Inc. 2018 Omnibus Equity Incentive
Plan (share settled, with change in control vesting provisions) (incorporated by reference to Exhibit 10.32 to
our Registration Statement on Form S-1/A filed with the Commission on May 21, 2018).# 
 
 
 
10.32 
 Form of Nonqualified Stock Option Award for EVO Payments, Inc. 2018 Omnibus Equity Incentive Plan
(with change in control vesting provisions) (incorporated by reference to Exhibit 10.33 to our Registration
Statement on Form S-1/A filed with the Commission on May 21, 2018).# 
 
 
 
10.33 
 EVO Payments, Inc. Amended and Restated 2018 Omnibus Incentive Stock Plan (incorporated by reference
to Exhibit 99.1 to our Form S-8 Registration Statement filed with the Commission on June 12, 2020).#
 
 
 
10.34 
 EVO Investco, LLC Unit Appreciation Equity Plan (incorporated by reference to Exhibit 10.34 to our
Registration Statement on Form S-1/A filed with the Commission on May 21, 2018).# 
 
 
 
10.35 
 Assignment and Assumption Agreement of EVO Investco, LLC Unit Appreciation Equity Plan, dated as of
May 25, 2018, by and between EVO Investco, LLC and EVO Payments, Inc. (incorporated by reference to
Exhibit 10.7 to our Quarterly Report on Form 10-Q filed with the Commission on August 10, 2018).# 
 
 
 
10.36 
 Form of Conversion to Restricted Stock Award under EVO Investco, LLC Unit Appreciation Equity Plan
(incorporated by reference to Exhibit 10.36 to our Registration Statement on Form S-1/A filed with the
Commission on May 21, 2018).# 
 
 
 
10.37 
 Chairman and Consulting Agreement, dated as of May 25, 2018, by and between Rafik R. Sidhom and EVO
Payments, Inc. (incorporated by reference to Exhibit 10.6 to our Quarterly Report on Form 10-Q filed with
the Commission on August 10, 2018). 
 
 
 
10.38 
 First Amendment to Chairman and Consulting Agreement, effective as of April 21, 2020, by and between
EVO Payments, Inc. and Rafik R. Sidhom (incorporated by reference to Exhibit 10.6 to our Quarterly Report
on Form 10-Q filed with the Commission on May 8, 2020).

 
130 
 
 
 
10.39 
 Investment Agreement, dated March 29, 2020, by and among EVO Payments, Inc. and Madison Dearborn
Capital Partners VI-A, L.P., Madison Dearborn Capital Partners VI Executive-A, L.P. and Madison Dearborn
Capital Partners VI-C, L.P. (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K
filed with the Commission on March 30, 2020).
 
 
 
10.40 
 Amendment to Amended & Restated Employment Agreement, effective as of February 24, 2021, by and
between EVO Investco, LLC and Michael L. Reidenbach (incorporated by reference to Exhibit 10.40 to our
Annual Report on Form 10-K filed with the Commission on February 25, 2021).# 
 
 
 
10.41 
 Form of Performance-Based Stock Option Agreement (2021 Chief Executive Officer) for EVO Payments,
Inc. Amended and Restated 2018 Omnibus Incentive Stock Plan (incorporated by reference to Exhibit 10.41
to our Annual Report on Form 10-K filed with the Commission on February 25, 2021).# 
 
 
 
10.42 
 Second Restatement Agreement to Amended and Restated Credit Agreement, among EVO Payments
International, LLC, as borrower, the subsidiaries of the borrower identified therein, as guarantors, Citibank,
N.A., as the existing administrative agent, Truist Bank, as the successor administrative agent, and the lenders
from time to time party thereto (including the Second Amended and Restated Credit Agreement attached as
Exhibit A thereto) (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q filed with
the Commission on November 3, 2021).
 
 
 
10.43 
 EVO Payments, Inc. Amended and Restated 2018 Omnibus Incentive Stock Plan (incorporated by reference 
to Exhibit 10.1 to our Quarterly Report on Form 10-Q filed with the Commission on November 3, 2021).# 
 
 
 
10.44 
 Form of Performance-Based Stock Unit Award Agreement for EVO Payments, Inc. Amended and Restated
2018 Omnibus Equity Incentive Plan.#
 
 
 
10.45 
 Form of Performance-Based Stock Unit Award Agreement (stock price performance thresholds) for EVO
Payments, Inc. Amended and Restated 2018 Omnibus Equity Incentive Plan.#
 
 
 
10.46 
 Amendment to Employment Agreement, effective as of February 18, 2022, by and between EVO Payments,
Inc. and Thomas E. Panther.# 
 
 
 
10.47 
 Amendment to Amended and Restated Employment Agreement, effective as of February 18, 2022, by and
between EVO Investco, LLC and Brendan F. Tansill.#
 
 
 
10.48 
 Amendment to Amended and Restated Employment Agreement, effective as of February 18, 2022, by and
between EVO Investco, LLC and James G. Kelly.#
 
 
 
10.49 
 Amendment and Restated Employment Agreement, effective as of February 23, 2022, by and between EVO
Payments International UK Ltd. and Darren Wilson.# 
 
 
 
21.1 
 List of Subsidiaries of EVO Payments, Inc.
 
 
 
23.1 
 Consent of Deloitte & Touche LLP as to EVO Payments, Inc. 
 
 
 
31.1 
 Certification of Chief Executive Officer required by Rule 13a-14(a). 
 
 
 
31.2 
 Certification of Chief Financial Officer required by Rule 13a-14(a). 
 
 
 
32 
 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 
 
 
 
101.INS  Inline XBRL Instance Document
 
 
 
101.SCH  Inline XBRL Taxonomy Extension Schema Document
 
 
 
101.CAL  Inline XBRL Taxonomy Extension Calculation Linkbase Document
 
131 
 
 
 
101.DEF  Inline XBRL Extension Definition Linkbase Document
 
 
 
101.LAB  Inline XBRL Taxonomy Label Linkbase Document
 
 
 
101.PRE  Inline XBRL Taxonomy Extension Presentation Linkbase Document
 
 
 
104 
 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) 
 
#          Indicates management contract or compensatory plan. 
 
 
 
ITEM 16. FORM 10-K SUMMARY 
 
None. 
 
 

 
132 
SIGNATURES 
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly 
caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.  
 
 
 
Name 
 
Title
 
Date
/S/ JAMES G. KELLY 
 
Chief Executive Officer and Director
 
February 23, 2022
James G. Kelly 
 
(principal executive officer)
 
 
 
 
 
 
/S/ THOMAS E. PANTHER 
 
Executive Vice President, Chief Financial Officer 
 
February 23, 2022
Thomas E. Panther 
 
(principal financial officer)
 
 
 
 
 
/S/ ANTHONY J. RADESCA 
 
Senior Vice President, Chief Accounting Officer 
 
February 23, 2022
Anthony J. Radesca 
 
(principal accounting officer)
 
 
 
 
 
/S/ RAFIK R. SIDHOM 
 
Chairman of the Board and Director
 February 23, 2022
Rafik R. Sidhom 
 
 
 
 
 
/S/ MARK A. CHANCY 
 
Director
 February 23, 2022
Mark A. Chancy 
 
 
 
 
 
/S/ VAHE A. DOMBALAGIAN 
 
Director
 
February 23, 2022
Vahe A. Dombalagian 
 
 
 
 
 
 
 
/S/ JOHN S. GARABEDIAN 
 
Director
 
February 23, 2022
John S. Garabedian 
 
 
 
 
 
 
 
/S/ DAVID W. LEEDS 
 
Director
 
February 23, 2022
David W. Leeds 
 
 
 
 
 
 
 
/S/ LAURA M. MILLER 
 
Director
 
February 23, 2022
Laura M. Miller 
 
 
 
 
 
 
 
/S/ STACEY VALY PANAYIOTOU  
Director
 February 23, 2022
Stacey Valy Panayiotou 
 
 
 
 
 
/S/ GREGORY S. POPE 
 
Director
 
February 23, 2022
Gregory S. Pope 
 
 
 
 
 
 
 
/S/ MATTHEW W. RAINO 
 
Director
 
February 23, 2022
Matthew W. Raino 
 
 
 
 
STOCKHOLDER INFORMATION 
BOARD  OF  DIRECTORS 
Corporate Office 
 
EVO Payments, Inc. 
10 Glenlake Parkway 
South Tower, Suite 950 
Atlanta, Georgia 30328 
 
Stock Listing 
 
Exchange—Nasdaq 
Ticker—EVOP 
 
Notice of Annual Meeting 
 
Wednesday, June 8, 2022 
1:00 p.m. ET 
EVO Payments, Inc. 
10 Glenlake Parkway, South Tower 
Atlanta, Georgia 30328 
 
Investor Contact 
 
Inquiries from securities analysts and 
investors should be directed to Sarah Jane 
Schneider at 770-709-7365 or 
investor.relations@evopayments.com. 
 
Common Stock Transfer Agent and 
Registrar 
 
Computershare 
462 S 4th Street 
Suite 1600 
Louisville, Kentucky 40202 
Phone: (800) 962-4284 
Website: http://www.computershare.com 
 
 
Availability of Form 10-K and 
Other Investor Information 
 
Stockholders may obtain, at no charge, a copy 
of the Company’s Annual Report on Form 10-K 
filed with the Securities and Exchange 
Commission. In order to communicate 
information to interested individuals in an 
efficient manner, Streamline’s financial results, 
SEC filings and other important information 
can be requested through several channels: 
 
PHONE 770-709-7365 
E-MAIL investor.relations@evopayments.com 
MAIL Investor Relations at the Corporate 
Office 
 
Corporate Counsel 
 
King & Spalding LLP 
1180 Peachtree Street, N.E. 
Atlanta, Georgia 30309 
 
Independent Auditors 
 
Deloitte & Touche LLP 
30 Rockefeller Plaza 
New York, New York 10112 
 
Executive Officers 
 
James G. Kelly 
Chief Executive Officer and Director 
 
David L. Goldman  
Executive Vice President, Business 
Development and Strategy  
 
Catherine E. Lafiandra  
Executive Vice President, Chief Human 
Resources Officer 
 
Thomas E. Panther  
Executive Vice President and Chief Financial 
Officer 
 
Anthony J. Radesca 
Senior Vice President, Chief Accounting 
Officer 
 
Michael L. Reidenbach  
Executive Vice President, Chief Information 
Officer 
 
Kelli E. Sterrett  
Executive Vice President, General Counsel and 
Secretary  
 
Brendan F. Tansill  
President, the Americas 
 
Darren Wilson  
President, International 
Rafik R. Sidhom 
Chairman of the Board; 
Founder of EVO Payments, Inc. 
 
Mark A. Chancy 
Retired Vice Chairman and Co-Chief 
Operating Officer; SunTrust Banks, Inc. 
 
Vahe A. Dombalagian 
Managing Director and Co-Head of the 
Madison Dearborn Partners Financial & 
Transaction Services team 
 
Nikki T. Harland 
Chief Operating Officer; Paradies 
Lagardère 
 
John S. Garabedian 
General Partner; KB Partners 
Retired Senior Partner & Managing 
Director; The Boston Consulting Group  
 
James G. Kelly 
Chief Executive Officer; EVO Payments, Inc.  
 
David W. Leeds 
Retired Partner; Ernst & Young 
 
Laura M. Miller 
Chief Information Officer; Macy’s, Inc. 
 
Stacey Valy Panayiotou 
Executive Vice President, Human 
Resources, Ball Corporation 
 
Gregory S. Pope 
Partner, Portfolio Manager and Chief 
Operating Officer of Master Capital 
Management LLC 
 
Matthew W. Raino 
Managing Director and Co-Head of the 
Madison Dearborn Partners Financial & 
Transaction Services team