Nuvei reports in U.S. dollars and in accordance with
International Financial Reporting Standards ("IFRS")
MONTREAL, March 5,
2024 /CNW/ -- Nuvei Corporation ("Nuvei" or the
"Company") (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech
company, today reported its financial results for the three months
and year ended December 31, 2023. The
Company's results are also included in a quarterly shareholder
letter which can be found in the "Events and presentations" and
"Financial information" sections of the Company's Investor
Relations website at https://investors.nuvei.com.
Financial Highlights for the Three Months Ended December 31, 2023
- Total volume(a) increased by 53% to $61.8 billion from $40.3
billion;
- Organic total volume growth at constant currency(a)
was 19% with Organic total volume at constant
currency(a) increasing to $47.9
billion from $40.3
billion;
- Revenue increased 46% to $321.5
million from $220.3 million;
- Revenue growth at constant currency(b) was 44% with
Revenue at constant currency(b) increasing to
$316.6 million from $220.3 million;
- Organic revenue growth at constant currency(b) was
7% with Organic revenue at constant currency(b)
increasing to $235.3 million from
$220.3 million;
- Net income increased by 51% to $14.1
million from net income of $9.4
million;
- Net income margin increased to 4.4% from 4.2% and increased
sequentially from a net loss margin of 5.9% in the three months
ended September 30, 2023;
- Adjusted EBITDA(b) increased by 40% to $120.1 million from $85.7
million;
- Adjusted EBITDA margin(b) decreased to 37.3% from
38.9% and increased sequentially from 36.3% in the three months
ended September 30, 2023;
- Adjusted net income(b) increased by 1% to
$68.6 million from $68.0 million;
- Net income per diluted share increased by 39% to $0.08 from $0.06;
- Adjusted net income per diluted share(b) was
unchanged at $0.47; and,
- Adjusted EBITDA less capital expenditures(b)
increased by 48% to $105.2 million
from $71.2 million.
Financial Highlights for the Year Ended December 31, 2023
- Total volume(a) increased by 59% to $203.0 billion from $127.7
billion;
- Organic total volume growth at constant currency(a)
was 23% with Organic total volume at constant
currency(a) increasing to $156.5
billion from $127.7
billion;
- Revenue increased 41% to $1,189.9
million from $843.3 million;
- Revenue growth at constant currency(b) was 41% with
Revenue at constant currency(b) increasing to
$1,186.5 million from $843.3 million;
- Organic revenue growth at constant currency(b) was
9% with Organic revenue at constant currency(b)
increasing to $922.0 million from
$843.3 million;
- Net loss was $0.7 million
compared to net income of $62.0
million;
- Results include an increase in net finance cost of $102.9 million mainly related to amounts drawn
under the Company's credit facilities;
- Net loss margin was 0.1% compared to a net income margin of
7.3%;
- Adjusted EBITDA(b) increased by 24% to $437.3 million from $351.3
million;
- Adjusted EBITDA margin(b) has decreased to 36.8%
from 41.7%;
- Adjusted net income(b) decreased by 10% to
$247.9 million from $274.2 million;
- Net loss per share was $0.06
compared to net income per diluted share of $0.39;
- Adjusted net income per diluted share(b) decreased
by 9% to $1.69 from $1.86;
- Adjusted EBITDA less capital expenditures(b)
increased by 26% to $382.3 million
from $303.0 million;
- Share repurchases totaled 1,350,000 shares for total cash
consideration of $56 million;
- Cash dividends declared and paid totaled $27.9 million; and,
- The Company repaid $127.8 million
in long term debt, lowering its combined leverage
ratio(b) to 2.5x as at December
31, 2023.
(a) Total
volume and Organic total volume at constant currency do not
represent revenue earned by the Company, but rather the total
dollar value of transactions processed by merchants under
contractual agreement with the Company. See "Non-IFRS and Other
Financial Measures".
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(b) Adjusted
EBITDA, Adjusted EBITDA margin, Revenue at constant currency,
Revenue growth at constant currency, organic revenue at constant
currency, organic revenue growth at constant currency, Adjusted net
income, Adjusted net income per diluted share, Adjusted EBITDA less
capital expenditures and combined leverage ratio are non-IFRS
measures and non-IFRS ratios. These measures are not recognized
measures under IFRS and do not have standardized meanings
prescribed by IFRS and therefore may not be comparable to similar
measures presented by other companies. See "Non-IFRS and Other
Financial Measures".
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Revenue by channel
- The Company distributes its products and technology through
three sales channels: (i) Global commerce, (ii)
Business-to-business ("B2B"), government and independent software
vendors ("ISV"), and (iii) Small and medium-sized businesses
("SMB"):
- Global commerce revenue increased 12% year over year on a pro
forma basis(g), to $181
million and represented 56% of total revenue in the fourth
quarter.
- B2B, government and ISV revenue increased 19% year over year on
a pro forma basis(g), to $59
million and represented 18% of total revenue in the fourth
quarter.
- SMB revenue increased 2% year over year on a pro
forma(g) basis, to $82
million and represented 26% of total revenue in the fourth
quarter.
- In summary, total revenue increased 11% year over year on a pro
forma(g) basis in the fourth quarter.
Revenue by region
- On a regional basis, revenue increased across all geographies.
In North America ("NA"),
Europe, Middle East, and Africa ("EMEA"), Latin America ("LATAM"), and Asia Pacific ("APAC"), revenue increased by
99%, 9%, 19% and 28% respectively for the fourth quarter. In NA,
EMEA, LATAM, APAC, revenue increased 91%, 5%, 55% and 5%,
respectively for the year ended December 31,
2023.
Cash Dividend
Nuvei today announced that its Board of Directors has authorized
and declared a cash dividend of $0.10 per subordinate voting share and multiple
voting share, payable on April 4,
2024 to shareholders of record as of March 19, 2024. The aggregate amount of the
dividend is expected to be approximately $14
million, to be funded from the Company's existing cash on
hand.
The Company, for the purposes of the Income Tax Act
(Canada) and any similar
provincial or territorial legislation, designates the dividend
declared for the quarter ended December 31,
2023, and any future dividends, to be eligible dividends.
The Company further expects to report such dividend as a dividend
to U.S. shareholders for U.S. federal income tax purposes. Subject
to applicable limitations, dividends paid to certain non-corporate
U.S. shareholders may be eligible for taxation as "qualified
dividend income" and therefore may be taxable at rates applicable
to long-term capital gains. A U.S. shareholder should talk to its
advisor regarding such dividend, including with respect to the
"extraordinary dividend" provisions of the Internal Revenue Code
(US).
The declaration, timing, amount and payment of future dividends
remain at the discretion of the Board of Directors, as more fully
described under the heading "Forward-Looking Information" of this
press release.
Financial Outlook(d)
For the three months ending March 31,
2024 and the fiscal year ending December 31, 2024, Nuvei anticipates Total
volume(a), Revenue, Revenue at constant
currency(b) and Adjusted EBITDA(b) to be in
the ranges below. The financial outlook includes the acquisition of
Till Payments from the date of acquisition (January 5, 2024).
Total volumes quarter-to-date have been encouraging.
Nevertheless, the Company has taken a prudent approach to building
its financial outlook for the current year, weighing optimism for
its business and prospects against macro uncertainties, and
applying more rigor around expected timing for new customer
implementations throughout the year
Nuvei generally expects for its underlying quarterly revenue
growth rates and Adjusted EBITDA margins to ramp up throughout the
year, with an objective to exit the year in line with the Company's
medium-term revenue growth target of 15 – 20%. While there are
near-term Adjusted EBITDA margin implications as the Company
integrates Till Payments, Nuvei is focused on achieving breakeven
or better on the acquisition before year-end.
Normalizing for the acquisition, the Company's underlying
Adjusted EBITDA margin expectation is between 36 – 37% for the
three months ending March 31, 2024,
which is consistent with the exit rate for the three months ending
December 31, 2023.
The financial outlook, including the various underlying
assumptions, constitute forward-looking information within the
meaning of applicable securities laws and is fully qualified and
based on a number of assumptions and subject to a number of risks
described under the headings "Forward-Looking Information" and
"Financial Outlook and Growth Targets Assumptions" of this press
release.
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Three months
ending
March 31,
|
Year ending
December
31,
|
|
2024
|
2024
|
|
Forward-looking
|
Forward-looking
|
(In US
dollars)
|
$
|
$
|
Total
volume(a) (in
billions)
|
57 -
58
|
246 -
252
|
Revenue
(in millions)
|
322 -
330
|
1,340 -
1,380
|
Revenue at constant
currency(b) (in
millions)
|
322 -
330
|
1,338 -
1,378
|
Adjusted
EBITDA(b) (in
millions)
|
110 -
116
|
480 -
510
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Growth Targets
Nuvei's medium-term(e) annual growth target for
revenue, as well as its medium-term(e) target for
capital expenditures (acquisition of intangible assets and property
and equipment) as a percentage of revenue and
long-term(e) target for Adjusted EBITDA
margin(c), are shown in the table below. In
addition, the Company believes it has a defined path to accelerate
the growth in its B2B, government and ISV channel(c) to
20%-plus over the medium term(e). Furthermore, the
Company believes its scaled global platform has reached an
inflection point whereby it can continue to expand Adjusted EBITDA
margin(c). Nuvei's targets are intended to provide
insight into the execution of its strategy as it relates to growth,
profitability and cash generation. These
medium(e) and long-term(e) targets should not
be considered as projections, forecasts or expected results but
rather goals that we seek to achieve from the execution of our
strategy over time, and at a further stage of business maturity,
through geographic expansion, product innovation, growing wallet
share with existing customers and new customer wins, as more fully
described under the heading "Summary of Factors Affecting our
Performance" of our most recent Management's Discussion and
Analysis of Financial Condition and Results of Operations. These
growth targets, including the various underlying assumptions,
constitute forward-looking information within the meaning of
applicable securities laws and are fully qualified and based on a
number of assumptions and subject to a number of risks described
under the headings "Forward-Looking Information" and "Financial
Outlook and Growth Targets Assumptions" of this press release. We
will review and revise these growth targets as economic, market and
regulatory environments change.
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Growth
Targets
|
Revenue
|
15% -
20% annual year-over-year growth in the
medium-term(e)
|
Adjusted EBITDA
margin(b)
|
50%+ over the
long-term(e)
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Capital
expenditures(f)
|
4% - 6%
of Revenue over the medium-term(e)
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This is the performance of the Company with respect to these
metrics over the last three years:
(in US dollars except
the percentages)
|
2021
|
2022
|
2023
|
Revenue (in
thousands)
|
724,526
|
843,323
|
1,189,893
|
Revenue annual
year-over-year growth (%)
|
93 %
|
16 %
|
41 %
|
Adjusted
EBITDA(b) (in thousands)
|
317,234
|
351,317
|
437,341
|
Adjusted EBITDA
margin(b) (%)
|
43.8 %
|
41.7 %
|
36.8 %
|
Capital
expenditures(f) (in thousands)
|
27,169
|
48,322
|
55,080
|
Capital
expenditures(f) as a percentage of revenue
(%)
|
3.7 %
|
5.7 %
|
4.6 %
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In addition, for the year ended December
31, 2023, Organic revenue growth excluding digital assets
and cryptocurrencies at constant
currency(b) was 17% and pro forma B2B, government and
ISV channel revenue growth(g) was 16%.
(a) Total
volume does not represent revenue earned by the Company, but rather
the total dollar value of transactions processed by merchants under
contractual agreement with the Company. See "Non-IFRS and Other
Financial Measures", including the definition of Nuvei pro forma
revenue growth, on an aggregate basis and by channel.
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(b) Adjusted
EBITDA, Adjusted EBITDA margin, Revenue at constant currency,
Revenue growth at constant currency, Organic revenue excluding
digital assets and cryptocurrencies at constant currency, Organic
revenue growth excluding digital assets and cryptocurrencies at
constant currency, Adjusted net income, Adjusted net income per
diluted share and Adjusted EBITDA less capital expenditures are
non-IFRS measures and non-IFRS ratios. These measures are not
recognized measures under IFRS and do not have standardized
meanings prescribed by IFRS and therefore may not be comparable to
similar measures presented by other companies. See "Non-IFRS and
Other Financial Measures".
|
(c) In
its Global commerce channel, the Company supports mid-market to
large enterprise customers across multiple verticals with domestic,
regional, international, and cross-border payments; leveraging its
deep industry expertise and utilizing its modern scalable modular
technology stack that is purpose-built for businesses whose
operations span multi-location, multi-country, and multi-currency.
In its B2B, government and ISV channel, the Company embeds its
global payment capabilities and proprietary software into
enterprise resource planning ("ERP") solutions and software
platforms. The Company's SMB channel consists of its North American
based traditional SMB customers that utilize Nuvei for card
acceptance.
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(d) Other than with respect to
revenue and capital expenditures as a percentage of revenue, the
Company only provides guidance on a non-IFRS basis. The Company
does not provide a reconciliation of forward-looking revenue at
constant currency (non-IFRS), Organic revenue growth excluding
digital assets and cryptocurrencies at constant currency (non-IFRS)
to revenue, and Adjusted EBITDA (non-IFRS) to net income (loss) due
to the inherent difficulty in forecasting and quantifying certain
amounts that are necessary for such reconciliation such as
predicting the future impact and timing of acquisitions and
divestitures, foreign exchange rates and the volatility in digital
assets. In periods where significant acquisitions or divestitures
are not expected, the Company believes it might have a basis for
forecasting the IFRS equivalent for certain costs, such as employee
benefits, commissions and depreciation and amortization. However,
because other deductions such as share-based payments, net finance
costs, gain (loss) on financial instruments carried at fair market
value and current and deferred income taxes used to calculate
projected net income (loss) can vary significantly based on actual
events, the Company is not able to forecast on an IFRS basis with
reasonable certainty all deductions needed in order to provide an
IFRS calculation of projected net income (loss). The amount of
these deductions may be material and, therefore, could result in
projected IFRS net income (loss) being materially less than
projected Adjusted EBITDA (non-IFRS). These statements represent
forward-looking information and may represent a financial outlook,
and actual results may vary. See the risk and assumptions described
under the headings "Forward-looking information" and "Financial
Outlook and Growth Targets Assumptions" of this press
release.
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(e) The
Company defines "Medium-term" as between three and five years and
"long-term" as five to seven years.
|
(f) Capital
expenditures means acquisition of property and equipment and
acquisition of intangible assets.
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(g) Pro
forma revenue growth by channel is calculated as (i) Nuvei's
reported revenue for the relevant channel for the three months and
year ended December 31, 2023 divided by (ii) Nuvei pro forma
revenue for the relevant channel for the three months and year
ended December 31, 2022. Nuvei pro forma revenue for the three
months and year ended December 31, 2022 consists of (x) Nuvei's
reported revenue for the relevant channel for the three months and
year ended December 31, 2022, plus (y) Paya's reported revenue for
the three months and year ended December 31, 2022, net of
interchange fees in order to align with Nuvei's presentation of
revenue calculated in accordance with the accounting policies used
to prepare the revenue line item presented in the Company's
financial statements under IFRS. See "Supplemental Financial
Measures" for more detail.
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Conference Call Information
Nuvei will host a conference call to discuss its fourth quarter
financial results Wednesday, March 6,
2024 at 8:30 am ET. Hosting
the call will be Philip Fayer, Chair
and CEO, and David Schwartz,
CFO.
The conference call will be webcast live from the Company's
investor relations website at https://investors.nuvei.com under the
"Events & presentations" section. A replay will be available on
the investor relations website following the call. The Company's
results are also included in a quarterly shareholder letter posted
in the "Events & presentations" and "Financial information"
sections of its investor relation website at
https://investors.nuvei.com
The conference call can also be accessed live over the phone by
dialing 877-425-9470 (US/Canada
toll-free), or 201-389-0878 (international). A replay will be
available one hour after the call and can be accessed by dialing
844-512-2921 (US/Canada
toll-free), or 412-317-6671 (international); the conference ID is
13743233. The replay will be available through Wednesday, March 20, 2024.
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company
accelerating the business of clients around the world. Nuvei's
modular, flexible and scalable technology allows leading companies
to accept next-gen payments, offer all payout options and benefit
from card issuing, banking, risk and fraud management
services. Connecting businesses to their customers in more than 200
markets, with local acquiring in 50 markets, 150
currencies and 680 alternative payment methods, Nuvei provides the
technology and insights for customers and partners to succeed
locally and globally with one integration.
For more information, visit www.nuvei.com
Non-IFRS and Other Financial Measures
Nuvei's Consolidated Financial Statements have been prepared in
accordance with IFRS as issued by the IASB. The information
presented in this press release includes non-IFRS financial
measures, non-IFRS financial ratios and supplementary financial
measures, namely Adjusted EBITDA, Paya Adjusted EBITDA, Adjusted
EBITDA margin, Revenue at constant currency, Revenue growth at
constant currency, Organic Revenue at constant currency, Organic
revenue growth at constant currency, Organic revenue excluding
digital assets and cryptocurrencies at constant
currency, Organic revenue growth excluding digital assets and
cryptocurrencies at constant currency, Nuvei pro forma
revenue and Nuvei pro forma revenue growth, Combined trailing
twelve months Adjusted EBITDA, Combined leverage ratio, Adjusted
net income, Adjusted net income per basic share, Adjusted net
income per diluted share, Adjusted EBITDA less capital
expenditures, Adjusted EBITDA less capital expenditures conversion,
Total volume, Organic total organic volume at constant currency and
eCommerce volume. These measures are not recognized measures under
IFRS and do not have standardized meanings prescribed by IFRS and
therefore may not be comparable to similar measures presented by
other companies. Rather, these measures are provided as additional
information to complement IFRS measures by providing further
understanding of our results of operations from our perspective.
Accordingly, these measures should not be considered in isolation
nor as a substitute for analysis of the Company's financial
statements reported under IFRS. These measures are used to provide
investors with additional insight of our operating performance and
thus highlight trends in Nuvei's business that may not otherwise be
apparent when relying solely on IFRS measures. We also believe that
securities analysts, investors and other interested parties
frequently use these non-IFRS and other financial measures in the
evaluation of issuers. We also use these measures to facilitate
operating performance comparisons from period to period, to prepare
annual operating budgets and forecasts and to determine components
of management compensation. We believe these measures are important
additional measures of our performance, primarily because they and
similar measures are used widely among others in the payment
technology industry as a means of evaluating a company's underlying
operating performance.
The information in this press release also includes a non-U.S.
GAAP financial measure, namely Paya Adjusted EBITDA, for periods
prior to Nuvei's acquisition of Paya on February 22, 2023. This measure is not a
recognized measure under U.S. GAAP and does not have standardized
meaning prescribed by U.S. GAAP and therefore may not be comparable
to similar measures presented by other companies, including
Nuvei's. Rather, this measure is provided as additional information
to complement U.S. GAAP measures by providing further understanding
of Paya's results of operations. Prior to its acquisition by Nuvei,
Paya's financial statements were prepared in accordance with
accounting principles generally accepted in the United States ("U.S. GAAP"), and Paya
Adjusted EBITDA has been derived from Paya's annual or interim
financial statements for the period prior to the acquisition. IFRS
differs in certain material respects from U.S. GAAP. Paya adjusted
EBITDA presented in this press release has not been adjusted to
give effect to the differences between U.S. GAAP and IFRS or to
accounting policies that comply with IFRS and as applied by Nuvei,
nor has such financial information been conformed from accounting
principles under U.S. GAAP to IFRS as issued by the IASB, and thus
may not be directly comparable to Nuvei's presentation of Adjusted
EBITDA. However, we have assessed the differences between U.S. GAAP
and IFRS and have determined the impact to be immaterial on the
combined financial metrics presented in this press release, such
that no adjustments would be necessary. Paya Adjusted EBITDA is not
a financial measure calculated in accordance with U.S. GAAP and
should not be considered as a substitute for net income, income
before income taxes, or any other operating performance measure
calculated in accordance with U.S. GAAP.
Non-IFRS Financial Measures
Revenue at constant currency: Revenue at constant
currency means revenue, as reported in accordance with IFRS,
adjusted for the impact of foreign currency exchange fluctuations.
This measure helps provide insight on comparable revenue growth by
removing the effect of changes in foreign currency exchange rates
year-over-year. Foreign currency exchange impact in the current
period is calculated using prior period quarterly average exchange
rates applied to the current period foreign currency amounts.
Organic revenue at constant currency: Organic
revenue at constant currency means revenue, as reported in
accordance with IFRS, adjusted to exclude the revenue attributable
to acquired businesses for a period of 12 months following their
acquisition and excluding revenue attributable to divested
businesses, adjusted for the impact of foreign currency exchange
fluctuations. Foreign currency exchange impact in the current
period is calculated using prior period quarterly average exchange
rates applied to the current period foreign currency amounts. This
measure helps provide insight on organic and acquisition-related
growth and presents useful information about comparable revenue
growth.
Organic revenue excluding digital assets and
cryptocurrencies at constant currency: Organic
revenue excluding digital assets and cryptocurrencies
at constant currency means revenue excluding the revenue
attributable to acquired businesses for a period of 12 months
following their acquisition and excluding revenue attributable to
divested businesses and digital assets and
cryptocurrencies, and adjusted for the impact of
foreign currency exchange fluctuations. This measure helps provide
insight on comparable revenue growth by removing the effect of
volatility in digital assets and cryptocurrencies and
changes in foreign currency exchange rates year-over-year. Foreign
currency exchange impact in the current period is calculated using
prior period quarterly average exchange rates applied to the
current period foreign currency amounts. The revenue attributable
to digital assets and cryptocurrencies is calculated
in accordance with the accounting policies used to prepare the
revenue line item presented in the Company's financial statements
under IFRS.
Adjusted EBITDA: We use Adjusted EBITDA as a means to
evaluate operating performance, by eliminating the impact of
non-operational or non-cash items. Adjusted EBITDA is defined as
net income (loss) before finance costs (recovery), finance income,
depreciation and amortization, income tax expense, acquisition,
integration and severance costs, share-based payments and related
payroll taxes, loss (gain) on foreign currency exchange, and legal
settlement and other.
Paya Adjusted EBITDA: Paya Adjusted EBITDA represents
earnings before interest and other expense, income taxes,
depreciation, and amortization, or EBITDA and further adjustments
to EBITDA to exclude certain non-cash items and other non-recurring
items that Paya believes are not indicative of ongoing operations.
Prior to its acquisition by Nuvei, Paya was disclosing Paya
Adjusted EBITDA because this non-U.S. GAAP measure was a key
measure used by it to evaluate its business, measure its operating
performance and make strategic decisions. Nuvei is disclosing Paya
Adjusted EBITDA in order to show Combined trailing twelve months
Adjusted EBITDA and Combined leverage ratio.
Combined trailing twelve months Adjusted EBITDA: Combined
trailing twelve months Adjusted EBITDA represents the summation for
the trailing twelve months of Nuvei's Adjusted EBITDA with Paya's
Adjusted EBITDA for the period prior to the acquisition. Prior to
its acquisition by Nuvei, Paya's financial statements were prepared
in accordance with U.S. GAAP, and Paya Adjusted EBITDA has been
derived from Paya's annual or interim financial statements
for periods prior to the acquisition. IFRS differs in certain
material respects from U.S. GAAP. Paya Adjusted EBITDA presented in
this press release has not been adjusted to give effect to the
differences between U.S. GAAP and IFRS or to accounting policies
that comply with IFRS and as applied by Nuvei, nor has such
financial information been conformed from accounting principles
under U.S. GAAP to IFRS as issued by the IASB, and thus may not be
directly comparable to Nuvei's presentation of Adjusted EBITDA. The
presentation of financial information on a combined basis does not
comply with IFRS. The combined financial information included in
this press release is unaudited and does not purport to be
indicative of the Company's results of operations and financial
condition had Nuvei and Paya operated as a combined entity during
the periods presented, and should not be considered as a prediction
of the financial information that will result from the operations
of the Company on a consolidated basis following the acquisition.
We use Combined trailing twelve months Adjusted EBITDA because we
believe it provides insight into the operations of the combined
company for the periods presented.
Adjusted EBITDA less capital expenditures: We use
Adjusted EBITDA less capital expenditures (which we define as
acquisition of intangible assets and property and equipment) as a
supplementary indicator of our operating performance.
Adjusted net income: We use Adjusted net income as
an indicator of business performance and profitability with our
current tax and capital structure. Adjusted net income is defined
as net income (loss) before acquisition, integration and severance
costs, share-based payments and related payroll taxes, loss (gain)
on foreign currency exchange, amortization of acquisition-related
intangible assets, and the related income tax expense or recovery
for these items. Adjusted net income also excludes change in
redemption value of liability-classified common and preferred
shares, change in fair value of share repurchase liability and
accelerated amortization of deferred financing fees and legal
settlement and other.
Non-IFRS Financial Ratios
Revenue growth at constant currency: Revenue growth
at constant currency means the year-over-year change in Revenue at
constant currency divided by reported revenue in the prior period.
We use Revenue growth at constant currency to provide better
comparability of revenue trends year-over-year, without the impact
of fluctuations in foreign currency exchange rates.
Organic revenue growth at constant currency: Organic
revenue growth at constant currency means the year-over-year change
in Organic revenue at constant currency divided by comparable
Organic revenue in the prior period. We use Organic revenue growth
at constant currency to provide better comparability of revenue
trends year-over-year, without the impact of acquisitions,
divestitures and fluctuations in foreign currency exchanges
rates.
Organic revenue growth excluding digital assets and
cryptocurrencies at constant currency: Organic
revenue growth excluding digital assets and
cryptocurrencies at constant currency means the
year-over-year change in Organic revenue excluding digital assets
and cryptocurrencies at constant currency divided by
comparable Organic revenue excluding digital assets and
cryptocurrencies in the prior period. We use Organic
revenue growth excluding digital assets and
cryptocurrencies at constant currency to provide
better comparability of revenue trends year-over-year, without the
impact of acquisitions, divestitures, volatility in digital assets
and cryptocurrencies and fluctuations in foreign
currency exchange rates.
Adjusted EBITDA margin: Adjusted EBITDA margin means
Adjusted EBITDA divided by revenue.
Adjusted EBITDA less capital expenditures
conversion: Adjusted EBITDA less capital expenditures
conversion means Adjusted EBITDA less capital expenditures divided
by Adjusted EBITDA. We use Adjusted EBITDA less capital
expenditures conversion to measure our capacity to convert Adjusted
EBITDA into Adjusted EBITDA less capital expenditures.
Combined leverage ratio: Combined leverage ratio
means net debt divided by Combined trailing twelve months adjusted
EBITDA. Net debt represents the carrying amount of Nuvei's Total
credit facilities excluding unamortized transaction costs less Cash
and cash equivalents. We use Combined leverage ratio as an
additional measure to monitor our financial leverage.
Adjusted net income per basic share and per diluted
share: We use Adjusted net income per basic share and per
diluted share as an indicator of performance and profitability of
our business on a per share basis. Adjusted net income per basic
share and per diluted share means Adjusted net income less net
income attributable to non-controlling interest divided by the
basic and diluted weighted average number of common shares
outstanding for the period. The number of share-based awards used
in the diluted weighted average number of common shares outstanding
in the Adjusted net income per diluted share calculation is
determined using the treasury stock method as permitted under
IFRS.
Supplementary Financial Measures
We monitor the following key performance indicators to help us
evaluate our business, measure our performance, identify trends
affecting our business, formulate business plans and make strategic
decisions. Our key performance indicators may be calculated in a
manner that differs from similar key performance indicators used by
other companies.
Total volume: We believe Total volume is an indicator of
performance of our business. Total volume and similar measures are
used widely among others in the payments industry as a means of
evaluating a company's performance. We define Total volume as the
total dollar value of transactions processed in the period by
customers under contractual agreement with us. Total volume does
not represent revenue earned by us. Total volume includes acquiring
volume, where we are in the flow of funds in the settlement
transaction cycle, gateway/technology volume, where we provide our
gateway/technology services but are not in the flow of funds in the
settlement transaction cycle, as well as the total dollar value of
transactions processed relating to APMs and payouts. Since our
revenue is primarily sales volume and transaction-based, generated
from merchants' daily sales and through various fees for
value-added services provided to our customers, fluctuations in
Total volume will generally impact our revenue.
Organic total volume at constant currency: Organic
total volume at constant currency is used as an indicator of
performance of our business on a more comparable basis. This
measure helps provide insight on organic and acquisition-related
growth and presents useful information about comparable Total
volume growth. This measure also helps provide better comparability
of business trends year-over-year, without the impact of
fluctuations in foreign currency exchange rates. Organic total
volume at constant currency means Total volume excluding Total
volume attributable to acquired businesses for a period of 12
months following their acquisition and excluding Total volume
attributable to divested businesses, adjusted for the impact of
foreign currency exchange fluctuations. Foreign currency exchange
impact in the current period is calculated using prior period
quarterly average exchange rates applied to the current period
foreign currency amounts.
Nuvei pro forma revenue: Nuvei pro forma revenue
represents Nuvei's reported revenue after giving effect to the
acquisition of Paya as though such acquisition had occurred at the
beginning of the period presented. Nuvei pro forma revenue is
presented both on an aggregated basis and by channel. In order to
align with the Company's presentation of revenue calculated in
accordance with the accounting policies used to prepare the revenue
line item presented in the Company's financial statement under
IFRS, Paya's revenue contribution amounts are presented net of
interchange fees, which was not the case for a small portion of
fees prior to the acquisition of Paya by the Company. This
presentation is consistent with the pro forma disclosure required
under IFRS in Nuvei's Consolidated Financial Statements for the
year ended December 31, 2023. This
measure helps provide insight on the combined revenue of the Nuvei
and Paya businesses.
Nuvei pro forma revenue growth: Nuvei pro forma revenue
growth represents Nuvei reported revenue divided by Nuvei pro forma
revenue in the comparative year. This ratio is presented both on an
aggregated basis and by channel. This ratio helps provide a better
understanding of the additional contribution of the Paya business
on Nuvei's year-over-year revenue growth. Nuvei pro forma revenue
is used as a component of this ratio only until the completion of a
full financial year following the acquisition of Paya.
Forward-Looking Information
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "Forward-looking
information") within the meaning of applicable securities laws,
including Nuvei's outlook on Total volume, Revenue, Revenue at
constant currency and Adjusted EBITDA for the three months ending
March 31, 2024 and the year ending
December 31, 2024 as well as medium
and long-term targets on Revenue, channel revenue growth, Capital
expenditures as a percentage of revenue, and Adjusted EBITDA
margin. This forward-looking information is identified by the use
of terms and phrases such as "may", "would", "should", "could",
"expect", "intend", "estimate", "anticipate", "plan", "foresee",
"believe", or "continue", the negative of these terms and similar
terminology, including references to assumptions, although not all
forward-looking information contains these terms and phrases.
Particularly, information regarding our expectations of future
results, performance, achievements, prospects or opportunities or
the markets in which we operate, expectations regarding industry
trends and the size and growth rates of addressable markets, our
business plans and growth strategies, addressable market
opportunity for our solutions, expectations regarding growth and
cross-selling opportunities and intention to capture an increasing
share of addressable markets, the costs and success of our sales
and marketing efforts, intentions to expand existing relationships,
further penetrate verticals, enter new geographical markets, expand
into and further increase penetration of international markets,
intentions to selectively pursue and successfully integrate
acquisitions, and expected acquisition outcomes, cost saving
synergies and benefits, including with respect to the acquisition
of Paya, future investments in our business and anticipated capital
expenditures, our intention to continuously innovate, differentiate
and enhance our platform and solutions, expected pace of ongoing
legislation of regulated activities and industries, our competitive
strengths and competitive position in our industry, expectations
regarding our revenue, revenue mix and the revenue generation
potential of our solutions, expectations regarding our margins and
future profitability, our financial outlook and guidance as well as
medium and long-term targets in various financial metrics is
forward-looking information. Economic and geopolitical
uncertainties, including regional conflicts and wars, may also
heighten the impact of certain factors described herein.
In addition, any statements that refer to expectations,
intentions, projections or other characterizations of future events
or circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances.
Forward-looking information is based on management's beliefs and
assumptions and on information currently available to management,
regarding, among other things, assumptions regarding foreign
exchange rate, competition, political environment and economic
performance of each region where the Company operates and general
economic conditions and the competitive environment within our
industry. See also "Financial Outlook and Growth Targets
Assumptions".
Unless otherwise indicated, forward-looking information does not
give effect to the potential impact of any mergers, acquisitions,
divestitures or business combinations that may be announced or
closed after the date hereof. Although the forward-looking
information contained herein is based upon what we believe are
reasonable assumptions, investors are cautioned against placing
undue reliance on this information since actual results may vary
from the forward-looking information. Nuvei's financial outlook
also constitutes financial outlook within the meaning of applicable
securities laws and is provided for the purposes of assisting the
reader in understanding management's expectations regarding our
financial performance and the reader is cautioned that it may not
be appropriate for other purposes. Our medium and long-term growth
targets serve as guideposts as we execute on our strategic
priorities in the medium to long term and are provided for the
purposes of assisting the reader in measuring progress toward
management's objectives, and the reader is cautioned that they may
not be appropriate for other purposes.
The Company's dividend policy is at the discretion of the Board.
Any future determination to declare cash dividends on our
securities will be made at the discretion of our Board, subject to
applicable Canadian laws, and will depend on a number of factors,
including our financial condition, results of operations, capital
requirements, contractual restrictions (including covenants
contained in our credit facilities), general business conditions
and other factors that our Board may deem relevant. Further, the
ability of the Company to pay dividends, as well as make share
repurchases, will be subject to applicable laws and contractual
restrictions contained in the instruments governing its
indebtedness, including its credit facility. Any of the foregoing
may have the result of restricting future dividends or share
repurchases.
Forward-looking information involves known and unknown risks and
uncertainties, many of which are beyond our control, that could
cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking information. These
risks and uncertainties include, but are not limited to, the risk
factors described in greater detail under "Risk Factors" of the
Company's annual information form filed on March 5, 2024 (the "AIF"). In particular, our
financial outlook and medium and long-term targets are subject to
risks and uncertainties related to:
- risks relating to our business and industry, such as wars such
as the Russia-Ukraine and Middle
East conflicts and related economic sanctions, and overall
economic uncertainty;
- changes in foreign currency exchange rates, inflation, interest
rates, consumer spending and other macroeconomic factors affecting
our customers and our results of operations;
- the rapid developments and change in our industry;
- substantial and increasing competition both within our industry
and from other payments methods;
- challenges implementing our growth strategy;
- challenges to expand our product portfolio and market
reach;
- challenges in expanding into new geographic regions
internationally and continuing our growth within our markets;
- regulatory compliance in the jurisdictions in which we operate,
due to complex, conflicting and evolving local laws and
regulations;
- challenges in retaining existing customers, increasing sales to
existing customers and attracting new customers;
- managing our growth effectively;
- difficulty to maintain the same rate of revenue growth as our
business matures and to evaluate our future prospects;
- history of net losses and additional significant investments in
our business;
- our level of indebtedness;
- risks associated with future acquisitions, partnerships or
joint-ventures, some of which may be material in size or result in
significant integration difficulties or expenditures;
- challenges related to a significant number of our customers
being SMBs; our certain degree of concentration of customers and
customer sectors; compliance with the requirements of payment
networks;
- challenges related to the reimbursement of chargebacks from our
customers;
- financial liability related to the inability of our customers
(merchants) to fulfill their requirements;
- our bank accounts being located in multiple territories and
relying on banking partners to maintain those accounts;
- reliance on acquiring banks;
- decline in the use of electronic payment methods;
- loss of key personnel or difficulties hiring qualified
personnel;
- deterioration in the quality of the products and services
offered;
- impairment of a significant portion of intangible assets and
goodwill;
- increasing fees from payment networks;
- challenges related to economic and political conditions,
business cycles and credit risks of our customers;
- reliance on third-party partners to distribute some of our
products and services;
- misappropriation of end-user transaction funds by our
employees;
- frauds by customers, their customers or others;
- coverage of our insurance policies;
- the degree of effectiveness of our risk management policies and
procedures in mitigating our risk exposure;
- the integration of a variety of operating systems, software,
hardware, web browsers and networks in our services;
- the costs and effects of pending and future litigation; various
claims such as wrongful hiring of an employee from a competitor,
wrongful use of confidential information of third parties by our
employees, consultants or independent contractors or wrongful use
of trade secrets by our employees of their former employers;
- challenges to secure financing on favorable terms or at
all;
- challenges from seasonal fluctuations on our operating
results;
- risk associated with less than full control rights of one of
our subsidiaries;
- change in accounting standards; estimates and assumptions in
the application of accounting policies;
- the occurrence of a natural disaster, a widespread health
epidemic or pandemic or other similar events; impacts of climate
change;
- risks related to data security incidents, including
cyber-attacks, computer viruses, or otherwise which may result in a
disruption of services or liability exposure;
- challenges related to our holding company structure,
development of AI and its integration in our operations; as well as
risks relating to intellectual property and technology, risks
relating to regulatory and legal proceedings and risks relating to
our subordinate voting shares; and,
- measures determined in accordance with IFRS may be affected by
unusual, extraordinary, or non-recurring items, or by items which
do not otherwise reflect operating performance, making
period-to-period comparisons less relevant.
Consequently, all of the forward-looking information contained
herein is qualified by the foregoing cautionary statements, and
there can be no guarantee that the results or developments that we
anticipate will be realized or, even if substantially realized,
that they will have the expected consequences or effects on our
business, financial condition or results of operation. Unless
otherwise noted or the context otherwise indicates, the
forward-looking information contained herein represents our
expectations as of the date hereof or as of the date it is
otherwise stated to be made, as applicable, and is subject to
change after such date. However, we disclaim any intention or
obligation or undertaking to update or amend such forward-looking
information whether as a result of new information, future events
or otherwise, except as may be required by applicable law.
Financial Outlook and Growth Targets Assumptions
The financial outlook for the three months ending March 31, 2024, and the year ending December 31, 2024, and specifically the Adjusted
EBITDA, as well as the Adjusted EBITDA margin long-term growth
target, reflect the Company's strategy to accelerate its investment
in distribution, marketing, innovation, and technology. When
measured as a percentage of revenue, these expenses are expected to
decrease as our investments in distribution, marketing, innovation,
and technology normalize over time.
Our financial outlook and growth targets are based on a number
of additional assumptions, including the following:
- our results of operations and ability to achieve suitable
margins will continue in line with management's expectations;
- our mix of channels and their expected contribution to
consolidated revenue growth, with Global commerce channel revenue
growth in a range of 20%-30%; B2B, government and ISV channel
revenue growth of 20%+; and improvement in SMB channel from
negative mid-single digit revenue growth;
- we will continue to effectively execute against our key
strategic growth priorities, and expanded end market and
distribution opportunities, without any material adverse impact
from macroeconomic trends on our or our customers' business,
financial condition, financial performance, liquidity nor any
significant reduction in demand for our products and services;
- losses owing to business failures of merchants and customers
will remain in line with anticipated levels;
- existing customers growing their business and expanding into
new markets within selected high-growth eCommerce end-markets,
including online retail, online marketplaces, digital goods and
services, regulated online gaming, social gaming, financial
services and travel;
- economic conditions in our core markets, geographies and
verticals, including resulting consumer spending and employment,
remaining at close to current levels;
- that our operations, business and employees in Israel will not be materially disrupted or
impacted by the Middle East
conflict;
- assumptions as to the value of digital assets, foreign exchange
and interest rates, as well as inflation;
- higher volatility and lower volume in digital assets; Nuvei
expects the contribution of digital assets will continue to decline
and to represent no more than 5% of revenue going forward;
- Nuvei's ability to retain and attract new business, achieve
synergies and strengthen its market position arising from
successful integration plans relating to the Paya acquisition;
- management's estimates and expectations in relation to future
economic and business conditions and other factors, and resulting
impact on growth in various financial metrics;
- assumptions regarding competition, political environment and
economic performance of each region where Nuvei operates;
- our ability to cross-sell and up-sell new and existing products
and services to our existing customers with limited incremental
sales and marketing expenses;
- our customers increasing their daily sales, and in turn their
business volume of our solutions, at growth rates at or above
historical levels for the past few years;
- our ability to maintain existing customer relationships and to
continue to expand our customers' use of more solutions from our
proprietary integrated modular platform at or above historical
levels for the past few years;
- our ability to leverage our sales and marketing experience in
capturing and serving customers in North
America and large enterprises in Europe and enable customer base expansion by
targeting large enterprises in North
America, with a focus in Core global commerce channel;
- our sales and marketing efforts and continued investment in our
direct sales team and account management driving future growth by
adding new customers adopting our technology processing
transactions in existing and new geographies at or above historical
levels and in the timeframe anticipated;
- our ability to further leverage our broad and diversified
network of partners;
- our ability to expand and deepen our footprint and to add new
customers adopting our technology processing transactions in
geographies where we have an emerging presence, such as
Asia Pacific and Latin America;
- our ability to expand and keep our portfolio of services
technologically current through continued investment in our
proprietary integrated modular platform and to design and deliver
solutions that meet the specific and evolving needs of our
customers;
- our ability to maintain and/or expand our relationships with
acquiring banks and payment networks;
- our continued ability to maintain our competitiveness relative
to competitors' products or services, including as to changes in
terms, conditions and pricing;
- our ability to expand profit margins by reducing variable costs
as a percentage of total expenses, and leveraging fixed costs with
additional scale and as our investments in, for example, direct
sales and marketing normalize;
- increases in volume driving profitable revenue growth with
limited additional overhead costs required, as a result of the
highly scalable nature of our business model and the inherent
operating leverage;
- our continued ability to manage our growth effectively;
- we will continue to attract and retain key talent and personnel
required to achieve our plans and strategies, including sales,
marketing, support and product and technology operations, in each
case both domestically and internationally,
- our ability to successfully identify, complete, integrate and
realize the expected benefits of past and future acquisitions and
manage the associated risks;
- the absence of adverse changes in legislative or regulatory
matters;
- our continued ability to upskill and modify our compliance
capabilities as regulations change or as we enter new markets, such
as our customer underwriting, risk management, know your customer
and anti-money laundering capabilities, with minimal disruption to
our customers' businesses;
- our liquidity and capital resources, including our ability to
secure debt or equity financing on satisfactory terms; and,
- the absence of adverse changes in current tax laws.
Contact:
Investors
Chris Mammone, Head of Investor
Relations
IR@nuvei.com
Statements of Profit
or Loss and Comprehensive Income or Loss Data
|
(in thousands of US
dollars except for shares and per share amounts)
|
|
Three months
ended
December
31
|
Years
ended
December
31
|
|
2023
|
2022
|
2023
|
2022
|
|
$
|
$
|
$
|
$
|
Revenue
|
321,517
|
220,339
|
1,189,893
|
843,323
|
Cost of
revenue
|
58,734
|
50,166
|
222,906
|
171,425
|
Gross
profit
|
262,783
|
170,173
|
966,987
|
671,898
|
Selling, general and
administrative expenses
|
216,435
|
148,465
|
850,090
|
590,966
|
Operating
profit
|
46,348
|
21,708
|
116,897
|
80,932
|
Finance
income
|
(234)
|
(7,267)
|
(9,283)
|
(13,694)
|
Finance cost
|
43,495
|
9,214
|
121,334
|
22,841
|
Net finance
cost
|
43,261
|
1,947
|
112,051
|
9,147
|
Gain on foreign
currency exchange
|
(10,621)
|
4,663
|
(10,101)
|
(15,752)
|
Income before income
tax
|
13,708
|
15,098
|
14,947
|
87,537
|
Income tax
expense
|
(388)
|
5,746
|
15,643
|
25,582
|
Net income
(loss)
|
14,096
|
9,352
|
(696)
|
61,955
|
|
|
|
|
|
Other comprehensive
income (loss), net of tax
|
|
|
|
|
Items that may be
reclassified subsequently to profit and loss:
|
|
|
|
|
Foreign operations –
foreign currency translation differences
|
5,818
|
33,196
|
3,065
|
(30,858)
|
Change in fair value of
financial instruments designated as cash flow hedges
|
(5,600)
|
—
|
(6,608)
|
—
|
Comprehensive income
(loss)
|
13,820
|
42,548
|
(4,733)
|
31,097
|
Net income (loss)
attributable to:
|
|
|
|
|
Common shareholders of
the Company
|
11,834
|
8,040
|
(7,835)
|
56,732
|
Non-controlling
interest
|
2,262
|
1,312
|
7,139
|
5,223
|
|
14,096
|
9,352
|
(696)
|
61,955
|
Comprehensive income
(loss) attributable to:
|
|
|
|
|
Common shareholders of
the Company
|
11,558
|
41,236
|
(11,872)
|
25,874
|
Non-controlling
interest
|
2,262
|
1,312
|
7,139
|
5,223
|
|
13,820
|
42,548
|
(4,733)
|
31,097
|
Net income (loss)
per share
|
|
|
|
|
Net income (loss) per
share attributable to common shareholders
of the Company
|
|
|
|
|
Basic
|
0.08
|
0.06
|
(0.06)
|
0.40
|
Diluted
|
0.08
|
0.06
|
(0.06)
|
0.39
|
Weighted average number
of common shares outstanding
|
|
|
|
|
Basic
|
139,363,673
|
140,633,277
|
139,248,530
|
141,555,788
|
Diluted
|
141,961,168
|
142,681,178
|
139,248,530
|
144,603,485
|
Consolidated
Statements of Financial Position Data
(in thousands of US
dollars)
|
|
|
|
December 31,
2023
|
December 31,
2022
|
|
$
|
$
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
170,435
|
751,686
|
Trade and other
receivables
|
105,755
|
61,228
|
Inventory
|
3,156
|
2,117
|
Prepaid
expenses
|
16,250
|
12,254
|
Income taxes
receivable
|
4,714
|
3,126
|
Current portion of
advances to third parties
|
—
|
579
|
Current portion of
contract assets
|
1,038
|
1,215
|
Other current
assets
|
7,582
|
—
|
|
|
|
Total current assets
before segregated funds
|
308,930
|
832,205
|
Segregated
funds
|
1,455,376
|
823,666
|
Total current
assets
|
1,764,306
|
1,655,871
|
|
|
|
Non-current
assets
|
|
|
Advances to third
parties
|
—
|
1,721
|
Property and
equipment
|
33,094
|
31,881
|
Intangible
assets
|
1,305,048
|
694,995
|
Goodwill
|
1,987,737
|
1,114,593
|
Deferred tax
assets
|
4,336
|
17,172
|
Contract
assets
|
835
|
997
|
Processor and other
deposits
|
4,310
|
4,757
|
Other non-current
assets
|
35,601
|
2,682
|
Total
Assets
|
5,135,267
|
3,524,669
|
Liabilities
|
|
|
|
|
|
Current
liabilities
|
|
|
Trade and other
payables
|
179,415
|
125,533
|
Income taxes
payable
|
25,563
|
16,864
|
Current portion of
loans and borrowings
|
12,470
|
8,652
|
Other current
liabilities
|
7,859
|
4,224
|
|
|
|
Total current
liabilities before due to merchants
|
225,307
|
155,273
|
Due to
merchants
|
1,455,376
|
823,666
|
|
|
|
Total current
liabilities
|
1,680,683
|
978,939
|
|
|
|
Non-current
liabilities
|
|
|
Loans and
borrowings
|
1,248,074
|
502,102
|
Deferred tax
liabilities
|
151,921
|
61,704
|
Other non-current
liabilities
|
10,374
|
2,434
|
|
|
|
Total
Liabilities
|
3,091,052
|
1,545,179
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Equity attributable
to shareholders
|
|
|
Share
capital
|
1,969,734
|
1,972,592
|
Contributed
surplus
|
324,941
|
202,435
|
Deficit
|
(224,902)
|
(166,877)
|
Accumulated other
comprehensive loss
|
(43,456)
|
(39,419)
|
|
|
|
|
2,026,317
|
1,968,731
|
Non-controlling
interest
|
17,898
|
10,759
|
|
|
|
Total
Equity
|
2,044,215
|
1,979,490
|
|
|
|
Total Liabilities
and Equity
|
5,135,267
|
3,524,669
|
Consolidated
Statements of Cash Flow Data
(in thousands of U.S.
dollars)
|
|
|
For the years ended
December 31,
|
2023
|
2022
|
|
$
|
$
|
Cash flow from
operating activities
|
|
|
Net income
(loss)
|
(696)
|
61,955
|
Adjustments
for:
|
|
|
Depreciation of
property and equipment
|
14,448
|
8,483
|
Amortization of
intangible assets
|
121,975
|
93,009
|
Amortization of
contract assets
|
1,618
|
1,941
|
Share-based
payments
|
134,609
|
139,103
|
Net finance
cost
|
112,051
|
9,147
|
Gain on foreign
currency exchange
|
(10,101)
|
(15,752)
|
Income tax
expense
|
15,643
|
25,582
|
Fair value
remeasurement of investment
|
974
|
—
|
Loss on
disposal
|
1,154
|
175
|
Changes in non-cash
working capital items
|
(12,414)
|
(10,881)
|
Interest
paid
|
(92,319)
|
(23,370)
|
Interest
received
|
12,727
|
10,753
|
Income taxes paid -
net
|
(36,664)
|
(32,482)
|
|
263,005
|
267,663
|
Cash flow used in
investing activities
|
|
|
Business acquisitions,
net of cash acquired
|
(1,379,778)
|
—
|
Payment of
acquisition-related contingent consideration
|
—
|
(2,012)
|
Acquisition of property
and equipment
|
(10,200)
|
(13,744)
|
Acquisition of
intangible assets
|
(44,880)
|
(34,578)
|
Acquisition of
distributor commissions
|
(20,318)
|
(2,426)
|
Disposal (acquisition)
of other non-current assets
|
(32,225)
|
466
|
Issuance of loan
receivable
|
(6,905)
|
—
|
Net decrease in
advances to third parties
|
245
|
2,059
|
|
(1,494,061)
|
(50,235)
|
Cash flow from (used
in) financing activities
|
|
|
Shares repurchased and
cancelled
|
(56,042)
|
(166,609)
|
Transaction costs from
issuance of shares
|
—
|
(903)
|
Proceeds from exercise
of stock options
|
8,167
|
2,072
|
Repayment of loans and
borrowings
|
(127,840)
|
(5,120)
|
Proceeds from loans and
borrowings
|
898,548
|
—
|
Financing fees related
to loans and borrowings
|
(39,438)
|
—
|
Payment of lease
liabilities
|
(5,711)
|
(3,727)
|
Dividend paid to
shareholders
|
(27,923)
|
—
|
Purchase of
non-controlling interest
|
—
|
(39,751)
|
Dividend paid by
subsidiary to non-controlling interest
|
—
|
(260)
|
|
649,761
|
(214,298)
|
Effect of movements
in exchange rates on cash
|
44
|
(20)
|
Net increase
(decrease) in cash and cash equivalents
|
(581,251)
|
3,110
|
Cash and cash
equivalents – Beginning of Year
|
751,686
|
748,576
|
Cash and cash
equivalents – End of Year
|
170,435
|
751,686
|
Reconciliation of
Adjusted EBITDA and Adjusted EBITDA less capital expenditures to
Net Income (Loss)
|
(In thousands of US
dollars)
|
|
Three months
ended
December 31
|
Years ended
December 31
|
|
2023
|
2022
|
2023
|
2022
|
|
$
|
$
|
$
|
$
|
|
|
|
|
|
Net income
(loss)
|
14,096
|
9,352
|
(696)
|
61,955
|
Finance cost
|
43,495
|
9,214
|
121,334
|
22,841
|
Finance
income
|
(234)
|
(7,267)
|
(9,283)
|
(13,694)
|
Depreciation and
amortization
|
36,298
|
21,734
|
136,423
|
101,492
|
Income tax expense
(recovery)
|
(388)
|
5,746
|
15,643
|
25,582
|
Acquisition,
integration and severance costs(a)
|
4,330
|
6,923
|
41,330
|
28,413
|
Share-based payments
and related payroll taxes(b)
|
29,145
|
35,546
|
135,568
|
139,309
|
Loss (gain) on foreign
currency exchange
|
(10,621)
|
4,663
|
(10,101)
|
(15,752)
|
Legal settlement and
other(c)
|
3,931
|
(226)
|
7,123
|
1,171
|
Adjusted
EBITDA
|
120,052
|
85,685
|
437,341
|
351,317
|
Acquisition of property
and equipment, and intangible assets
|
(14,830)
|
(14,511)
|
(55,080)
|
(48,322)
|
Adjusted EBITDA less
capital expenditures
|
105,222
|
71,174
|
382,261
|
302,995
|
|
|
|
|
|
Adjusted EBITDA less
capital expenditures conversion(d)
|
88 %
|
83 %
|
87 %
|
86 %
|
|
|
|
|
|
Adjusted
EBITDA
|
120,052
|
85,685
|
437,341
|
351,317
|
Revenue
|
321,517
|
220,339
|
1,189,893
|
843,323
|
Adjusted EBITDA
margin(d)
|
37.3 %
|
38.9 %
|
36.8 %
|
41.7 %
|
Net Income
margin
|
4.4 %
|
4.2 %
|
(0.1) %
|
7.3 %
|
|
|
|
(a)
|
These expenses relate
to:
|
|
(i)
|
professional, legal,
consulting, accounting and other fees and expenses related to our
acquisition and financing activities. For the three months and year
ended December 31, 2023, these expenses were $1.5 million and $24.4
million ($6.9 million and $13.1 million for the three months and
year ended December 31, 2022). These costs are presented in the
professional fees line item of selling, general and administrative
expenses.
|
|
(ii)
|
acquisition-related
compensation was $0.6 million and $4.1 million for the three months
and year ended December 31, 2023 and nil and $14.3 million for the
three months and year ended December 31, 2022. These costs are
presented in the employee compensation line item of selling,
general and administrative expenses.
|
|
(iii)
|
change in deferred
purchase consideration for previously acquired businesses. No
amount was recognized for the three months and year ended December
31, 2023, nil and a gain of $1.0 million were recognized for the
three months and year ended December 31, 2022. These amounts are
presented in the contingent consideration adjustment line item of
selling, general and administrative expenses.
|
|
(iv)
|
severance and
integration expenses, which were $2.2 million and $12.8 million for
the three months and year ended December 31, 2023 ( nil and $2.0
million for the three months and year ended December 31, 2022).
These expenses are presented in selling, general and administrative
expenses and cost of revenue.
|
(b)
|
These expenses
represent expenses recognized in connection with stock options and
other awards issued under share-based plans as well as related
payroll taxes that are directly attributable to share-based
payments. For the three months and year ended December 31, 2023,
the expenses consisted of non-cash share-based payments of $29.1
million and $134.6 million ($35.4 million and $139.1 million for
three months and year ended December 31, 2022), nil and $1.0
million for related payroll taxes ($0.1 million and $0.2 million
for the three months and year ended December 31, 2022).
|
(c)
|
This line item
primarily represents legal settlements and associated legal costs,
as well as non-cash gains, losses and provisions and certain other
costs. These costs are presented in selling, general and
administrative expenses.
|
(d)
|
Adjusted EBITDA less
capital expenditures conversion represents Adjusted EBITDA less
capital expenditures as a percentage of Adjusted EBITDA.
Adjusted EBITDA margin represents Adjusted EBITDA as a percentage
of revenue.
|
Reconciliation of
Combined leverage ratio to Combined trailing twelve months Adjusted
EBITDA and Net debt
|
(In millions of US
dollars except Combined leverage ratio)
|
|
December
31,
2023
|
|
September
30,
2023
|
|
June
30,
2023
|
|
March
31,
2023
|
|
Paya(a)(c)
|
Nuvei
|
Combined
|
|
Paya(a)(c)
|
Nuvei
|
Combined
|
|
Paya(a)(c)
|
Nuvei
|
Combined
|
|
Paya(a)(c)
|
Nuvei
|
Combined
|
|
$
|
$
|
$
|
|
$
|
$
|
$
|
|
$
|
$
|
$
|
|
$
|
$
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA for the
three months ended:
|
|
|
|
|
|
|
|
|
June 30,
2022
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
19.2
|
92.9
|
112.1
|
September 30,
2022
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
18.6
|
81.2
|
99.8
|
|
18.6
|
81.2
|
99.8
|
December 31,
2022
|
—
|
—
|
—
|
|
19.9
|
85.7
|
105.6
|
|
19.9
|
85.7
|
105.6
|
|
19.9
|
85.7
|
105.6
|
March 31,
2023
|
8.6
|
96.3
|
104.9
|
|
8.6
|
96.3
|
104.9
|
|
8.6
|
96.3
|
104.9
|
|
8.6
|
96.3
|
104.9
|
June 30,
2023
|
—
|
110.3
|
110.3
|
|
—
|
110.3
|
110.3
|
|
—
|
110.3
|
110.3
|
|
—
|
—
|
—
|
September 30,
2023
|
—
|
110.7
|
110.7
|
|
—
|
110.7
|
110.7
|
|
—
|
—
|
—
|
|
—
|
—
|
—
|
December 31,
2023
|
—
|
120.1
|
120.1
|
|
—
|
—
|
—
|
|
—
|
—
|
—
|
|
—
|
—
|
—
|
Trailing twelve
months Adjusted EBITDA
|
8.6
|
437.3
|
445.9
|
|
28.5
|
403.0
|
431.5
|
|
47.1
|
373.5
|
420.6
|
|
66.3
|
356.0
|
422.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total credit facilities
excluding
unamortized transaction costs
|
|
1,275.0
|
|
|
|
1,243.5
|
|
|
|
1,279.7
|
|
|
|
1,335.0
|
Cash and cash
equivalents
|
|
170.4
|
|
|
|
121.0
|
|
|
|
118.4
|
|
|
|
132.8
|
Net
debt
|
|
|
1,104.6
|
|
|
|
1,122.5
|
|
|
|
1,161.4
|
|
|
|
1,202.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined leverage
ratio(b)
|
|
2.48x
|
|
|
|
2.60x
|
|
|
|
2.76x
|
|
|
|
2.85x
|
|
|
(a)
|
Represents Paya's
Adjusted EBITDA before the acquisition date. See reconciliation of
Paya Adjusted EBITDA to Paya net income. See non-IFRS
measures.
|
(b)
|
Combined leverage ratio
means net debt divided by Combined trailing twelve months Adjusted
EBITDA. See non-IFRS measures.
|
(c)
|
Information of Paya for
the period from January 1, 2023 to February 21, 2023 is derived
from internal financial statements before giving effect to the
acquisition of Nuvei on February 22, 2023. This information is
unaudited and has not been subject to the completion of any
financial closing procedures by Nuvei or Paya and has not been
reviewed by Nuvei's or Paya's independent accountant.
|
Reconciliation of
Paya Adjusted EBITDA to Paya Net income
|
(In millions of US
dollars)
|
|
Three months
ended
December 31,
2022
|
Three months
ended
September 30,
2022
|
Three months
ended
June 30, 2022
|
|
$
|
$
|
$
|
|
|
|
|
Paya Net income
(loss)
|
3.1
|
1.3
|
1.7
|
Depreciation &
amortization
|
7.7
|
8.4
|
7.9
|
Income tax
expense
|
1.9
|
1.4
|
0.9
|
Interest and other
expense
|
3.3
|
3.7
|
3.4
|
Paya
EBITDA
|
16.0
|
14.8
|
13.9
|
|
|
|
|
Transaction-related
expenses(a)
|
1.2
|
—
|
2.5
|
Stock-based
compensation(b)
|
1.6
|
2.1
|
2.0
|
Restructuring
costs(c)
|
0.1
|
1.2
|
0.3
|
Discontinued service
costs(d)
|
0.1
|
0.1
|
0.1
|
Contingent non-income
tax liability
|
0.4
|
—
|
—
|
Other
costs(e)
|
0.5
|
0.4
|
0.4
|
Total
adjustments
|
3.9
|
3.8
|
5.3
|
Paya Adjusted
EBITDA
|
19.9
|
18.6
|
19.2
|
|
|
(a)
|
Represents professional
service fees related to mergers and acquisitions such as legal
fees, consulting fees, accounting advisory fees, and other
costs.
|
(b)
|
Represents non-cash
charges associated with stock-based compensation expense, which has
been a significant recurring expense in Paya's business and an
important part of its compensation strategy.
|
(c)
|
Represents costs
associated with restructuring plans designed to streamline
operations and reduce costs including costs associated with the
relocation of facilities, certain staff restructuring charges
including severance, certain executive hires, and acquisition
related restructuring charges.
|
(d)
|
Represents costs
incurred to retire certain tools, applications and services that
are no longer in use.
|
(e)
|
Represents
non-operational gains or losses, non-standard project expense, and
non-operational legal expense.
|
Reconciliation of
Adjusted net income and Adjusted net income per basic share and per
diluted share to Net Income (Loss)
|
(In thousands of US
dollars except for share and per share amounts)
|
|
Three months
ended
December
31
|
Years
ended
December
31
|
|
2023
|
2022
|
2023
|
2022
|
$
|
$
|
$
|
$
|
|
|
|
|
|
Net income
(loss)
|
14,096
|
9,352
|
(696)
|
61,955
|
Change in fair value of
share repurchase liability
|
—
|
—
|
571
|
(5,710)
|
Accelerated
amortization of deferred financing fees
|
15,094
|
—
|
15,094
|
—
|
Amortization of
acquisition-related intangible assets(a)
|
26,703
|
14,957
|
101,599
|
83,861
|
Acquisition,
integration and severance costs(b)
|
4,330
|
6,923
|
41,330
|
28,413
|
Share-based payments
and related payroll taxes(c)
|
29,145
|
35,546
|
135,568
|
139,309
|
Loss (gain) on foreign
currency exchange
|
(10,621)
|
4,663
|
(10,101)
|
(15,752)
|
Legal settlement and
other(d)
|
3,931
|
(226)
|
7,123
|
1,171
|
Adjustments
|
68,582
|
61,863
|
291,184
|
231,292
|
Income tax expense
related to adjustments(e)
|
(14,049)
|
(3,179)
|
(42,552)
|
(19,061)
|
Adjusted net
income
|
68,629
|
68,036
|
247,936
|
274,186
|
Net income attributable
to non-controlling interest
|
(2,262)
|
(1,312)
|
(7,139)
|
(5,223)
|
Adjusted net income
attributable to the common shareholders of the Company
|
66,367
|
66,724
|
240,797
|
268,963
|
Weighted average number
of common shares outstanding
|
|
|
|
|
Basic
|
139,363,673
|
140,633,277
|
139,248,530
|
141,555,788
|
Diluted
|
141,961,168
|
142,681,178
|
142,538,349
|
144,603,485
|
|
|
|
|
|
Adjusted net income
per share attributable to common shareholders of the
Company(f)
|
|
|
|
|
Basic
|
0.48
|
0.47
|
1.73
|
1.90
|
Diluted
|
0.47
|
0.47
|
1.69
|
1.86
|
|
|
|
(a)
|
This line item relates
to amortization expense taken on intangible assets created from the
purchase price adjustment process on acquired companies and
businesses and resulting from a change in control of the
Company.
|
(b)
|
These expenses relate
to:
|
|
(i)
|
professional, legal,
consulting, accounting and other fees and expenses related to our
acquisition and financing activities. For the three months and year
ended December 31, 2023, these expenses were $1.5 million and $24.4
million ($6.9 million and $13.1 million for the three months and
year ended December 31, 2022). These costs are presented in the
professional fees line item of selling, general and administrative
expenses.
|
|
(ii)
|
acquisition-related
compensation was $0.6 million and $4.1 million for the three months
and year ended December 31, 2023 and nil and $14.3 million for the
three months and year ended December 31, 2022. These costs are
presented in the employee compensation line item of selling,
general and administrative expenses.
|
|
(iii)
|
change in deferred
purchase consideration for previously acquired businesses. No
amount was recognized for the three months and year ended December
31, 2023, nil and a gain $1.0 million were recognized for the three
months and year ended December 31, 2022. These amounts are
presented in the contingent consideration adjustment line item of
selling, general and administrative expenses.
|
|
(iv)
|
severance and
integration expenses, which were $2.2 million and $12.8 million for
the three months and year ended December 31, 2023 ( nil and $2.0
million for the three months and year ended December 31, 2022).
These expenses are presented in selling, general and administrative
expenses and cost of revenue.
|
(c)
|
These expenses
represent expenses recognized in connection with stock options and
other awards issued under share-based plans as well as related
payroll taxes that are directly attributable to share-based
payments. For the three months and year ended December 31, 2023,
the expenses consisted of non-cash share-based payments of $29.1
million and $134.6 million ($35.4 million and $139.1 million for
three months and year ended December 31, 2022), nil and $1.0
million for related payroll taxes ($0.1 million and $0.2 million
for the three months and year ended December 31, 2022).
|
(d)
|
This line item
primarily represents legal settlements and associated legal costs,
as well as non-cash gains, losses and provisions and certain other
costs. These costs are presented in selling, general and
administrative expenses.
|
(e)
|
This line item reflects
income tax expense on taxable adjustments using the tax rate of the
applicable jurisdiction.
|
(f)
|
The number of
share-based awards used in the diluted weighted average number of
common shares outstanding in the Adjusted net income per diluted
share calculation is determined using the treasury stock method as
permitted under IFRS.
|
Revenue by
geography
|
The following table
summarizes our revenue by geography based on the billing location
of the merchant:
|
|
Three months
ended
December 31
|
|
Change
|
|
Years ended
December 31
|
|
Change
|
(In thousands of US
dollars, except for percentages)
|
2023
|
2022
|
|
|
|
|
2023
|
2022
|
|
|
|
$
|
$
|
|
$
|
%
|
|
$
|
$
|
|
$
|
%
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
177,491
|
89,393
|
|
88,098
|
99 %
|
|
642,601
|
336,563
|
|
306,038
|
91 %
|
Europe, Middle East
and Africa
|
125,819
|
115,896
|
|
9,923
|
9 %
|
|
487,802
|
465,935
|
|
21,867
|
5 %
|
Latin
America
|
14,532
|
12,181
|
|
2,351
|
19 %
|
|
51,365
|
33,105
|
|
18,260
|
55 %
|
Asia
Pacific
|
3,675
|
2,869
|
|
806
|
28 %
|
|
8,125
|
7,720
|
|
405
|
5 %
|
|
321,517
|
220,339
|
|
101,178
|
46 %
|
|
1,189,893
|
843,323
|
|
346,570
|
41 %
|
Revenue by
channel
|
|
Three months
ended
December 31
|
|
Change
|
|
Years
ended December
31
|
|
Change
|
(In thousands of US
dollars, except for percentages)
|
2023
|
2022
|
|
|
|
|
2023
|
2022
|
|
|
|
$
|
$
|
|
$
|
%
|
|
$
|
$
|
|
$
|
%
|
Global
commerce
|
180,837
|
161,317
|
|
19,520
|
12 %
|
|
692,314
|
604,489
|
|
87,825
|
15 %
|
B2B, government and
independent software vendors
|
58,821
|
994
|
|
57,827
|
n.m.
|
|
190,216
|
3,906
|
|
186,310
|
n.m.
|
Small & medium
sized businesses
|
81,859
|
58,028
|
|
23,831
|
41 %
|
|
307,363
|
234,928
|
|
72,435
|
31 %
|
Revenue
|
321,517
|
220,339
|
|
101,178
|
46 %
|
|
1,189,893
|
843,323
|
|
346,570
|
41 %
|
The Company distributes its products and technology through
three sales channels: Global commerce, B2B, government and
independent software vendors and small and medium sized businesses.
In its Global commerce channel, the Company supports mid-market to
large enterprise customers across multiple verticals with domestic,
regional, international, and cross-border payments; leveraging its
deep industry expertise and utilizing its modern scalable modular
technology stack that is purpose-built for businesses whose
operations span multi-location, multi-country, and multi-currency.
In its B2B, government and ISV channel, the Company embeds its
global payment capabilities and proprietary software into
enterprise resource planning ("ERP") solutions and software
platforms. The Company's SMB channel, consists of its North
American based traditional SMB customers that utilize Nuvei for
card acceptance.
Disaggregation of
revenue and interest revenue
|
(In thousands of US
dollars)
|
|
Three months ended
December 31
|
Years ended
December 31
|
|
2023
|
2022
|
2023
|
2022
|
|
$
|
$
|
$
|
$
|
|
|
|
|
|
Merchant transaction
and processing services revenue
|
315,817
|
218,322
|
1,177,881
|
835,093
|
Other
revenue
|
2,580
|
2,017
|
8,892
|
8,230
|
Interest
revenue
|
3,120
|
—
|
3,120
|
—
|
Revenue
|
321,517
|
220,339
|
1,189,893
|
843,323
|
Reconciliation of
Nuvei pro forma revenue and Nuvei pro forma revenue growth to
revenue and of Nuvei pro forma revenue by channel to revenue by
channel
|
|
(In thousands
of US dollars
except for
percentages)
|
Three months
ended December 31,
2023
|
|
Three months
ended December 31,
2022
|
|
|
Revenue as
reported
|
|
Nuvei revenue as
reported
|
Paya revenue as
reported
|
Adjustments(a)
|
Nuvei pro forma
revenue
|
Revenue
growth
|
Nuvei pro forma
revenue growth
|
$
|
|
$
|
$
|
$
|
$
|
%
|
%
|
|
|
|
|
|
|
|
|
|
Revenue
|
321,517
|
|
220,339
|
72,892
|
(2,273)
|
290,958
|
46 %
|
11 %
|
(In thousands
of US dollars
except for
percentages)
|
Three months
ended December 31,
2023
|
|
Three months
ended December 31,
2022
|
|
|
Revenue as
reported
|
|
Nuvei revenue as
reported
|
Paya revenue as
adjusted(a)
|
Nuvei pro forma
revenue
|
Revenue
growth
|
Nuvei pro forma
revenue growth
|
$
|
|
$
|
$
|
$
|
%
|
%
|
|
|
|
|
|
|
|
|
Global
commerce
|
180,837
|
|
161,317
|
—
|
161,317
|
12 %
|
12 %
|
B2B, government and
independent software vendors
|
58,821
|
|
994
|
48,507
|
49,501
|
n.m.
|
19 %
|
Small & medium
sized businesses
|
81,859
|
|
58,028
|
22,112
|
80,140
|
41 %
|
2 %
|
Revenue
|
321,517
|
|
220,339
|
70,619
|
290,958
|
46 %
|
11 %
|
|
(a) Reflects adjustments to present
Paya's revenue or Paya's revenue by channel net of interchange fees
in order to align with Nuvei's presentation of revenue calculated
in accordance with the accounting policies used to prepare the
revenue line item in the Company's financial statements under
IFRS.
|
Reconciliation of
Revenue at constant currency and Revenue growth at constant
currency to Revenue
|
The following table
reconciles Revenue to Revenue at constant currency and Revenue
growth at constant currency for the period indicated:
|
(In thousands of
US
dollars except for
percentages)
|
Three months
ended
December 31,
2023
|
|
Three months
ended
December 31, 2022
|
|
|
Revenue as
reported
|
Foreign currency
exchange
impact on revenue
|
Revenue at
constant
currency
|
|
Revenue as
reported
|
Revenue
growth
|
Revenue
growth at
constant
currency
|
$
|
$
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
321,517
|
(4,930)
|
316,587
|
|
220,339
|
46 %
|
44 %
|
|
|
|
|
|
|
(In thousands of US
dollars except for
percentages)
|
Years
ended
December 31,
2023
|
|
Years ended
December 31, 2022
|
|
|
Revenue as
reported
|
Foreign currency
exchange
impact on revenue
|
Revenue at
constant
currency
|
|
Revenue as
reported
|
Revenue
growth
|
Revenue
growth at
constant
currency
|
$
|
$
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
1,189,893
|
(3,398)
|
1,186,495
|
|
843,323
|
41 %
|
41 %
|
Reconciliation of
Organic revenue excluding digital assets and cryptocurrencies at constant currency and
Organic revenue growth excluding digital assets and cryptocurrencies at constant currency to
Revenue
|
The following table
reconciles Revenue to Organic revenue excluding digital assets and
cryptocurrencies at constant currency and Organic revenue growth
excluding digital assets and cryptocurrencies at constant currency
for the period indicated:
|
(In
thousands of
US dollars
except for
percentages)
|
Three months
ended
December 31,
2023
|
|
Three months
ended
December 31,
2022
|
|
|
Revenue as
reported
|
Revenue
from
acquisitions(1)
|
Revenue
from digital
assets and
cryptocurre
ncies(2)
|
Foreign
currency
exchange
impact on
revenue
|
Organic revenue
excluding digital
assets and
cryptocurrencies at
constant
currency
|
|
Revenue as
reported
|
Revenue from
digital assets and
cryptocurrencies
|
Comparable
organic
revenue excluding
digital assets and
cryptocurrencies
|
Revenue
growth
|
Organic revenue
growth
excluding digital
assets and
cryptocurrencies at
constant
currency
|
$
|
$
|
$
|
$
|
$
|
|
$
|
$
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
321,517
|
(81,298)
|
(17,249)
|
(4,525)
|
218,445
|
|
220,339
|
(19,198)
|
201,141
|
46 %
|
9 %
|
|
|
|
|
|
|
(In thousands of US
dollars except for percentages)
|
Years
ended December 31,
2023
|
|
Years
ended December 31,
2022
|
|
|
Revenue as
reported
|
Revenue from
acquisitions(1)
|
Revenue from digital
assets and cryptocurrencies(2)
|
Foreign currency
exchange impact on revenue
|
Organic revenue
excluding digital assets and cryptocurrencies at constant
currency
|
|
Revenue as
reported
|
Revenue from digital
assets and cryptocurrencies
|
Comparable organic
revenue excluding digital assets and cryptocurrencies
|
Revenue
growth
|
Organic revenue
growth excluding digital assets and cryptocurrencies at constant
currency
|
$
|
$
|
$
|
$
|
$
|
|
$
|
$
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
1,189,893
|
(264,513)
|
(71,875)
|
(3,730)
|
849,775
|
|
843,323
|
(118,879)
|
724,444
|
41 %
|
17 %
|
|
|
(1)
|
Revenue from
acquisitions reflects revenue from Paya, which was acquired on
February 22, 2023, as well as another immaterial acquisition
completed during the period, and revenue from divestitures was nil
in both periods presented.
|
(2)
|
Represent organic
revenue from digital assets and cryptocurrencies.
|
Reconciliation of
Organic revenue at constant currency and Organic revenue growth at
constant currency to Revenue
|
The following table
reconciles Revenue to Organic revenue at constant currency and
Organic revenue growth at constant currency for the period
indicated:
|
(In thousands
of US dollars
except for
percentages)
|
Three months
ended
December 31,
2023
|
|
Three months
ended
December 31, 2022
|
|
|
Revenue as
reported
|
Revenue
from
acquisitions
(a)
|
Revenue
from
divestitures
|
Foreign
currency
exchange
impact on
organic
revenue
|
Organic
revenue at
constant
currency
|
|
Revenue as
reported
|
Revenue
from
divestitures
|
Comparable
organic
revenue
|
Revenue
growth
|
Organic
revenue
growth at
constant
currency
|
$
|
$
|
$
|
|
$
|
|
$
|
$
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
321,517
|
(81,298)
|
—
|
(4,930)
|
235,289
|
|
220,339
|
—
|
220,339
|
46 %
|
7 %
|
|
|
|
|
|
|
(In thousands
of US dollars
except for
percentages)
|
Years
ended
December 31,
2023
|
|
Years ended
December 31, 2022
|
|
|
Revenue as
reported
|
Revenue
from
acquisitions
(a)
|
Revenue
from
divestitures
|
Foreign
currency
exchange
impact on
organic
revenue
|
Organic
revenue at
constant
currency
|
|
Revenue as
reported
|
Revenue
from
divestitures
|
Comparable
organic
revenue
|
Revenue
growth
|
Organic
revenue
growth at
constant
currency
|
$
|
$
|
$
|
$
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
1,189,893
|
(264,513)
|
—
|
(3,398)
|
921,982
|
|
843,323
|
—
|
843,323
|
41 %
|
9 %
|
|
|
(a)
|
Revenue from
acquisitions primarily reflects revenue from Paya which was
acquired on February 22, 2023.
|
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SOURCE Nuvei