Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and
NVEI.U), the global payment technology partner of thriving brands,
today reported its financial results for the second quarter ended
June 30, 2021.
“Our revenue and Adjusted EBITDA(1) results for
the second quarter of 2021 exceeded the financial outlook
previously provided, underscoring the strength and momentum in our
business,” said Philip Fayer, Nuvei’s Chair and CEO. “We achieved
total volume(2), revenue, and Adjusted EBITDA(1) growth of 146%,
114%, and 112%, respectively, over the second quarter of 2020, as
we continue advancing our strategic initiatives, expanding global
connectivity and market opportunity, delivering full-stack leading
edge payment technology solutions to help our merchants connect
with their customers by making the world a local marketplace. Our
accelerated investments in product, innovation, distribution and
talent are driving performance and laying the foundation for
sustainable growth. We are proud of our results and are
consequently raising our financial outlook for the full year 2021
and providing medium and long-term growth targets.”
Financial Highlights for the Three
Months Ended June 30, 2021
- Total volume(2)
increased 146% to $21.9 billion from $8.9 billion
- eCommerce
represented approximately 84% of total volume
- Revenue
increased 114% to $178.2 million from $83.3 million
- Net income was $38.9 million
compared to net income of $14.0 million
- Adjusted
EBITDA(1) increased 112% to $79.4 million from $37.4 million
- Adjusted net
income(1) was $64.5 million compared to $16.3 million
- Net income per
diluted share of $0.26 compared to $0.15
- Adjusted net
income(1) per diluted share of $0.44 compared to $0.18
- Cash of $533.7
million at June 30, 2021 compared to $180.7 million at December 31,
2020
Financial Highlights for the Six Months
Ended June 30, 2021
- Total volume(2)
increased 139% to $42.5 billion from $17.8 billion
- eCommerce
represented approximately 86% of total volume
- Revenue
increased 97% to $328.7 million from $166.6 million
- Net income was $66.7 million
compared to a net loss of $48.4 million
- Adjusted
EBITDA(1) increased 105% to $144.8 million from $70.7 million
- Adjusted net
income(1) was $115.7 million compared to $26.0 million
- Net income per
diluted share of $0.45 compared to a net loss per share of
$0.58
- Adjusted net
income(1) per diluted share of $0.79 compared to $0.29
- Cash flow from
operating activities of $139.0 million increased from $32.8
million
Operational Highlights
- Total volume(2) in the quarter
increased triple-digits in all four regions with North America up
160%, Europe, the Middle East and Africa (EMEA) up 135%,
Asia-Pacific (APAC) up 110%, and Latin America (LATAM) up
105%.
- Volume growth from current
customers and the acceleration of new client wins drove Nuvei’s
second quarter performance. Total volume(2) from new business
increased 114% in the six months period ended June 30, 2021 over
the same prior year period, largely as a result of the Company’s
ongoing investment in and expansion of its direct distribution
channel.
- Nuvei completed its previously
announced acquisition of Mazooma Technical Services Inc.
(“Mazooma”), on August 3, 2021. The acquisition enhances and
expands Nuvei’s portfolio of North American payment options with
instant bank-to-bank payments for pay-ins and payouts and real time
payments (“RTP”) for accelerated withdrawals, allowing customers to
receive payouts immediately into their bank accounts 24/7/365.
Nuvei will now offer Mazooma as an increasingly popular and
accepted payment method to its merchant customer base across all
industry verticals.
- Nuvei extended its card acquiring capabilities and global
payment solutions to now include coverage connecting merchants to
204 markets, providing local acquiring in 45 markets, and offering
480 alternative payment methods (APMs) as well as 40
cryptocurrencies, and supporting nearly 150 currencies.
- The Company launched several meaningful product innovations in
the quarter including the addition of Discover and Diners Club
International processing and acquiring, expanding our customers’
acceptance offerings; an enhanced version of our checkout SDK,
which gives our customer’s unparalleled customization to facilitate
their own customer checkout experience; and, the introduction of
instant payment through RTP for accelerated withdrawals.
- Nuvei was recently certified as an official payment solutions
provider for Salesforce Commerce Cloud, providing a comprehensive
suite of payment features for eCommerce merchants, offering easy
setup and customization for an optimized customer experience.
- The Company has accelerated its
investment in product, innovation, distribution and talent and is
looking to expand headcount by approximately 200 employees globally
across the organization by year end 2021.
- The Company
expects to complete its acquisition of SimplexCC Ltd. (“Simplex”)
in the second half of 2021.
Financial Outlook
For the three months ending September 30, 2021
and the year ending December 31, 2021, Nuvei anticipates total
volume(2), revenue and Adjusted EBITDA(1) to be in the ranges
below. Considering the strong performance during the three months
ended June 30, 2021, where Nuvei exceeded the previously
anticipated revenue and Adjusted EBITDA(1) outlook, as well as
continuing momentum in the business, management is raising the
financial outlook for the year ending December 31, 2021. The
updated financial outlook and specifically the Adjusted EBITDA(1)
reflects the Company’s strategy to accelerate its investment in
distribution, marketing, innovation, technology as well as the
infrastructure resulting from the recent acquisition of Mazooma.
The Company expects these investments will support its growth
plan.
The financial outlook is fully qualified and
based on a number of assumptions described under the heading
“Forward-Looking Information” of this press release, and does not
include the pending acquisition of Simplex.
|
Three months endingSeptember 30,
2021 |
|
Year ending December 31,
2021 |
(In U.S. dollars) |
$ |
|
$ |
$ |
|
|
|
Previous |
Updated |
Total Volume(2) (in billions) |
21.5 – 22.5 |
|
83 – 89 |
88 – 91 |
Revenue (in millions) |
174 – 180 |
|
610 - 640 |
690 - 705 |
Adjusted EBITDA(1) (in millions) |
71 – 75 |
|
264 - 277 |
295 - 305 |
Growth Targets
Nuvei’s medium-term(3) compound annual growth
rate (“CAGR”) targets for total volume(2) and revenue, as well as
its longer-term target for Adjusted EBITDA margin(1), are shown in
the table below. The Company expects to achieve its medium(3) and
long-term(3) targets through continuing momentum and performance of
its core business driven by geographic expansion, product
innovation, growing wallet share with its existing merchant
customers, new merchant customer wins through its direct sales
channel and growing sales pipeline, and the favorable tailwinds of
the industries it serves.
|
Growth Targets |
|
|
Total Volume(2) |
30%+ CAGR in the medium term(3) |
Revenue |
30%+ CAGR in the medium term(3) |
Adjusted EBITDA margin(1) |
50%+ over the long term(3) |
(1) Adjusted EBITDA, Adjusted EBITDA margin and
Adjusted net income are non-IFRS measures. See “Non-IFRS
Measures”.
(2) 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. Total volume is explained in further detail in
the Company’s most recent Management’s Discussion and Analysis of
Financial Condition and Results of Operations.
(3) “Medium-term” and “long term” have not been
defined by Nuvei nor does Nuvei intend to define them. These
targets should not be considered as projections, forecasts or
expected results but rather goals that may result from the
execution of our strategy. These growth targets are fully qualified
and based on a number of assumptions described under the heading
“Forward-Looking Information” of this press release.
Pursuing Additional Listing in the
United States on Nasdaq
Consistent with its growth strategy, Nuvei has
filed an application with Nasdaq to list its subordinate voting
shares. The listing application remains subject to satisfaction of
all applicable listing and regulatory requirements as well as the
approval of Nasdaq, and there is no certainty as to the timing of
any listing or that the listing will take place. Nuvei will
continue to be listed on the Toronto Stock Exchange. See
“Forward-looking information”.
Conference Call
Information
Nuvei will host a conference call to discuss its
second quarter 2021 financial results today August 10, 2021 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 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 13721533. The replay will be available through
Tuesday, August 24, 2021.
About Nuvei
We are Nuvei (TSX: NVEI and NVEI.U), the global
payment technology partner of thriving brands. We provide the
intelligence and technology businesses need to succeed locally and
globally, through one integration – propelling them further,
faster. Uniting payment technology and consulting, we help
businesses remove payment barriers, optimize operating costs and
increase acceptance rates. Our proprietary platform provides
seamless pay-in and payout capabilities, connecting merchants with
their customers in 204 markets worldwide, with local acquiring in
45 markets. With support for over 480 local and alternative payment
methods, nearly 150 currencies and 40 cryptocurrencies, merchants
can capture every payment opportunity that comes their way. Our
purpose is to make our world a local marketplace.
For more information, visit www.nuvei.com
Non-IFRS Measures
Nuvei’s unaudited condensed interim consolidated
financial statements have been prepared in accordance with IFRS as
issued by the International Accounting Standards Board. The
information presented in this press release includes non-IFRS
financial measures, namely Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted net income, Adjusted net income per basic share, and
Adjusted net income per diluted share. These measures are not
recognized measures under IFRS and do not have standardized
meanings prescribed by IFRS and are therefore unlikely to 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 the
Company’s results of operations from management’s perspective.
Accordingly, these measures should not be considered in isolation
nor as a substitute for analysis of the Company’s financial
information reported under IFRS. Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted net income, Adjusted net income per basic share,
and Adjusted net income per diluted share are used to provide
investors with a supplemental measure of the Company’s operating
performance and thus highlight trends in Nuvei’s core business that
may not otherwise be apparent when relying solely on IFRS measures.
The Company’s management also believes that securities analysts,
investors and other interested parties frequently use non-IFRS
measures in the evaluation of issuers. Nuvei’s management also uses
non-IFRS measures in order to facilitate operating performance
comparisons from period to period, to prepare annual operating
budgets and forecasts and to determine components of management
compensation. The Company’s management believes Adjusted EBITDA,
Adjusted EBITDA margin, Adjusted net income, Adjusted net income
per basic share and Adjusted net income per diluted share are
important supplemental measures of Nuvei’s 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.
Forward-Looking Information
This press release contains “forward-looking
information” within the meaning of applicable securities laws,
including Nuvei's (a) objective to expand headcount by
approximately 200 employees globally across the organization by
year end 2021, (b) expectation to complete the acquisition of
Simplex in the second half of 2021, (c) intention to explore a
listing in the United States on Nasdaq, (d) outlook on total
volume, revenue and Adjusted EBITDA for the three months ending
September 30, 2021 and the year ending December 31, 2021 as well as
medium and long-term targets on total volume, revenue and Adjusted
EBITDA margin. Nuvei’s outlook and targets, as the case may be, on
revenue, Adjusted EBITDA and Adjusted EBITDA margin also
constitutes “financial outlook” within the meaning of applicable
securities laws and is provided for the purposes of assisting the
reader in understanding the Company’s financial performance and
measuring progress toward management’s objectives and the reader is
cautioned that it may not be appropriate for other purposes.
Forward-looking information involves known and unknown risks and
uncertainties, many of which are beyond the Company’s 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 those
described under the “Risks Factors” section of the Company’s annual
information form filed on March 17, 2021. Forward-looking
information is based on management’s beliefs and assumptions and on
information currently available to management. Particularly,
management's assessments of, outlook for, and targets for, total
volume, revenue, Adjusted EBITDA and Adjusted EBITDA margin set out
herein are generally based on the following assumptions: (a)
Nuvei's results of operations will continue as expected, (b) the
Company will continue to effectively execute against its key
strategic growth priorities, despite the current COVID-19 pandemic
and measures taken to contain the virus, (c) the Company will
continue to retain and grow its existing customer base while adding
new customers, (d) the Company will not complete any acquisitions
or divestitures (e) economic conditions will remain relatively
stable throughout the period, (f) the industries Nuvei operates in
will continue to grow consistent with past experience, (g) there
will be no fluctuations in currency exchange rates and volatility
in financial markets, (h) there will be no changes in legislative
or regulatory matters that negatively impact Nuvei's business, and
(i) current tax laws will remain in effect and will not be
materially changed. Although the forward-looking information
contained in this press release is based upon what management
believes are reasonable assumptions, you are cautioned against
placing undue reliance on this information since actual results may
vary from the forward-looking information. Unless otherwise noted
or the context otherwise indicates, the forward-looking information
contained in this press release is provided as of the date of this
press release, and the Company does not undertake 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.
Contact:
Investors
Anthony GersteinVice President, Head of Investor
Relations anthony.gerstein@nuvei.com
Consolidated Statements of Profit or
Loss and Comprehensive Income or Loss Data(in thousands of
U.S. dollars except for share and per share amounts)
|
|
|
|
Three months endedJune 30, |
|
Six months endedJune 30, |
|
|
|
|
|
2021$ |
|
2020$ |
|
2021$ |
|
2020$ |
|
Revenue |
|
|
|
178,239 |
|
83,325 |
|
328,719 |
|
166,564 |
|
Cost of
revenue |
|
|
|
33,124 |
|
13,561 |
|
60,308 |
|
28,729 |
|
Gross
profit |
|
|
|
145,115 |
|
69,764 |
|
268,411 |
|
137,835 |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
95,870 |
|
50,893 |
|
184,306 |
|
105,759 |
|
Operating profit |
|
|
|
49,245 |
|
18,871 |
|
84,105 |
|
32,076 |
|
|
|
|
|
|
|
|
|
Finance income |
|
|
|
(912 |
) |
(1,449 |
) |
(1,771 |
) |
(2,795 |
) |
Finance
costs |
|
|
|
3,432 |
|
24,083 |
|
6,747 |
|
55,342 |
|
Net
finance costs |
|
|
|
2,520 |
|
22,634 |
|
4,976 |
|
52,547 |
|
Loss
(gain) on foreign currency exchange |
|
|
|
1,691 |
|
(18,286 |
) |
1,246 |
|
27,433 |
|
Income (loss) before
income tax |
|
|
|
45,034 |
|
14,523 |
|
77,883 |
|
(47,904 |
) |
|
|
|
|
|
|
|
|
Income
tax expense |
|
|
|
6,120 |
|
558 |
|
11,179 |
|
474 |
|
Net income
(loss) |
|
|
|
38,914 |
|
13,965 |
|
66,704 |
|
(48,378 |
) |
|
|
|
|
|
|
|
|
Other comprehensive
income (loss) |
|
|
|
|
|
|
|
Items that may be reclassified
subsequently to profit or loss |
|
|
|
|
|
|
|
Foreign operations – foreign currency translation differences |
|
|
|
4,310 |
|
(16,357 |
) |
(10,539 |
) |
23,310 |
|
Comprehensive income (loss) |
|
|
|
43,224 |
|
(2,392 |
) |
56,165 |
|
(25,068 |
) |
Net income (loss) attributable
to: |
|
|
|
|
|
|
|
Common shareholders of the Company |
|
|
|
37,830 |
|
13,216 |
|
64,644 |
|
(49,377 |
) |
Non-controlling interest |
|
|
|
1,084 |
|
749 |
|
2,060 |
|
999 |
|
|
|
|
|
38,914 |
|
13,965 |
|
66,704 |
|
(48,378 |
) |
Comprehensive income (loss)
attributable to |
|
|
|
|
|
|
|
Common shareholders of the Company |
|
|
|
42,140 |
|
(3,141 |
) |
54,105 |
|
(26,067 |
) |
Non-controlling interest |
|
|
|
1,084 |
|
749 |
|
2,060 |
|
999 |
|
|
|
|
|
43,224 |
|
(2,392 |
) |
56,165 |
|
(25,068 |
) |
Net income (loss) per
share |
|
|
|
|
|
|
|
Net income (loss) per share attributable to common
shareholders of the Company |
|
|
|
|
|
|
|
Basic |
|
|
|
0.27 |
|
0.16 |
|
0.47 |
|
(0.58 |
) |
Diluted |
|
|
|
0.26 |
|
0.15 |
|
0.45 |
|
(0.58 |
) |
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|
Basic |
|
|
|
138,719,227 |
|
84,606,171 |
|
138,462,027 |
|
84,605,470 |
|
Diluted |
|
|
|
143,265,259 |
|
86,992,447 |
|
142,991,370 |
|
84,605,470 |
|
Reconciliation of Adjusted EBITDA to net
income (loss)(In thousands of U.S. dollars)
|
Three monthsended June 30, |
|
|
Six monthsended June 30, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
(In thousands of U.S. dollars) |
$ |
|
$ |
|
|
$ |
|
$ |
|
|
|
|
|
|
|
Net income (loss) |
38,914 |
|
13,965 |
|
|
66,704 |
|
(48,378 |
) |
Finance cost |
3,432 |
|
24,083 |
|
|
6,747 |
|
55,342 |
|
Finance income |
(912 |
) |
(1,449 |
) |
|
(1,771 |
) |
(2,795 |
) |
Depreciation and amortization |
20,740 |
|
17,020 |
|
|
41,738 |
|
34,333 |
|
Income tax expense |
6,120 |
|
558 |
|
|
11,179 |
|
474 |
|
Acquisition, integration and severance costs (a) |
4,500 |
|
1,208 |
|
|
9,840 |
|
2,878 |
|
Share-based payments (b) |
4,953 |
|
402 |
|
|
9,058 |
|
735 |
|
Loss (gain) on foreign currency exchange |
1,691 |
|
(18,286 |
) |
|
1,246 |
|
27,433 |
|
Legal settlement and other (c) |
(63 |
) |
(111 |
) |
|
96 |
|
656 |
|
Adjusted EBITDA (d) |
79,375 |
|
37,390 |
|
|
144,837 |
|
70,678 |
|
Advance from third party - merchant residual received (e) |
3,138 |
|
2,719 |
|
|
5,866 |
|
5,668 |
|
(a) |
These expenses
relate to: |
|
(i) |
professional, legal, consulting, accounting and other fees and
expenses related to our acquisition activities and financing
activities. For the three months and the six months ended June 30,
2021, those expenses were $4.5 million and $9.8 million
respectively ($2.0 million and $3.2 million for the three months
and the six months ended June 30, 2020). These costs are presented
in the professional fees line item of selling, general and
administrative expenses. |
|
(ii) |
acquisition-related compensation. For the three months and the six
months ended June 30, 2021, those expenses were nil ($0.2 million
and $0.5 million for the three months and the six months ended June
30, 2020). 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, which was nil for the three and the six months ended
June 30, 2021 (gain of $1.3 million for the three and the six
months ended June 30, 2020). |
|
(iv) |
severances and integration expenses. For the three months and the
six months ended June 30, 2021, severances were immaterial ($0.2
million and $0.4 million for the three months and the six months
ended June 30, 2020). Severance expenses are presented in the
employee compensation line item of selling, general and
administrative expenses. |
(b) |
These
expenses represent non-cash expenses recognized in connection with
stock options and other awards issued under share-based plans. |
(c) |
This line item primarily represents legal settlements and
associated legal costs reached outside of the normal course of
business, as well as non-cash gains, losses and provisions and
certain other costs. These costs are presented in the other line
item of the selling, general and administrative expenses. |
(d) |
Adjusted EBITDA is a non-IFRS measure that the Company uses to
assess its operating performance and cash flows. |
(e) |
Commencing in 2018, the Company entered into various agreements
with a single third-party independent sales organization to acquire
the rights to future cash flows from a portfolio of merchant
contracts. |
Reconciliation of Adjusted net income to
net income (loss)(In thousands of U.S. dollars except for
per share amounts)
|
Three monthsended June 30 |
|
|
Six monthsended June 30 |
|
(In thousands of U.S. dollars except for per share amounts) |
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
|
|
|
|
|
Net income (loss) |
38,914 |
|
13,965 |
|
|
66,704 |
|
(48,378 |
) |
Change in redemption value of liability-classified
common and preferred shares (a) |
- |
|
5,850 |
|
|
- |
|
17,486 |
|
Amortization of acquisition-related intangible assets (b) |
17,897 |
|
14,875 |
|
|
36,109 |
|
29,050 |
|
Acquisition, integration and severance costs (c) |
4,500 |
|
1,208 |
|
|
9,840 |
|
2,878 |
|
Share-based payments (d) |
4,953 |
|
402 |
|
|
9,058 |
|
735 |
|
Loss
(gain) on foreign currency exchange |
1,691 |
|
(18,286 |
) |
|
1,246 |
|
27,433 |
|
Legal settlement and other (e) |
(63 |
) |
(111 |
) |
|
96 |
|
656 |
|
Adjustments |
28,978 |
|
3,938 |
|
|
56,349 |
|
78,238 |
|
Income tax expense related to adjustments(f) |
(3,386 |
) |
(1,644 |
) |
|
(7,386 |
) |
(3,820 |
) |
Adjusted net income (g) |
64,506 |
|
16,259 |
|
|
115,667 |
|
26,040 |
|
|
|
|
|
|
|
Adjusted net income per share attributable to
common shareholders of the Company (h) |
|
|
|
|
|
Basic |
0.46 |
|
0.18 |
|
|
0.82 |
|
0.30 |
|
Diluted |
0.44 |
|
0.18 |
|
|
0.79 |
|
0.29 |
|
(a) |
This line item represents change in redemption value related to
shares classified as liabilities prior to the Company’s initial
public offering (“IPO”). As part of the IPO, such shares were
converted into equity as Subordinate Voting Shares. These expenses
are included in finance costs. |
(b) |
This line item relates to amortization expense taken on intangible
assets created from the purchase price adjustment process on
acquired companies and businesses and from the acquisition of all
the outstanding shares of Pivotal Holdings Ltd. by Nuvei in
September 2017. |
(c) |
These expenses relate to: |
|
(i) |
professional, legal, consulting, accounting and other fees and
expenses related to our acquisition activities and financing
activities. For the three months and the six months ended June 30,
2021, those expenses were $4.5 million and $9.8 million
respectively ($2.0 million and $3.2 million for the three months
and the six months ended June 30, 2020). These costs are presented
in the professional fees line item of selling, general and
administrative expenses. |
|
(ii) |
acquisition-related compensation. For the three months and the six
months ended June 30, 2021, those expenses were nil ($0.2 million
and $0.5 million for the three months and the six months ended
June 30, 2020). 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, which was nil for the three and the six months ended
June 30, 2021 (gain of $1.3 million for the three and the six
months ended June 30, 2020). |
|
(iv) |
severances and integration expenses. For the three months and the
six months ended June 30, 2021, severances were immaterial ($0.2
million and $0.4 million for the three months and the six months
ended June 30, 2020). Severance expenses are presented in the
employee compensation line item of selling, general and
administrative expenses. |
(d) |
These
expenses represent non-cash expenses recognized in connection with
stock options and other awards issued under share-based plans. |
(e) |
This line item primarily represents legal settlements and
associated legal costs reached outside of the normal course of
business, as well as non-cash gains, losses and provisions and
certain other costs. These costs are presented in the other line
item of the selling, general and administrative expenses. |
(f) |
This
line item reflects income tax expense on taxable adjustments using
the tax rate of the applicable jurisdiction. |
(g) |
Adjusted net income is a non-IFRS measure that the Company uses to
further assess its operating performance. |
(h) |
Adjusted net income per diluted share is calculated using
share-based awards outstanding at the end of each period on a fully
diluted basis if they were in-the-money at that time. |
|
|
|
|
June
30,2021$ |
|
|
December 31,2020$ |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash |
|
|
|
533,688 |
|
|
180,722 |
|
Trade and other receivables |
|
|
|
40,806 |
|
|
32,055 |
|
Inventory |
|
|
|
344 |
|
|
80 |
|
Prepaid expenses |
|
|
|
5,186 |
|
|
4,727 |
|
Income taxes receivable |
|
|
|
8,779 |
|
|
6,690 |
|
Current portion of advances to third parties |
|
|
|
6,694 |
|
|
8,520 |
|
Current portion of contract assets |
|
|
|
1,698 |
|
|
1,587 |
|
|
|
|
|
|
|
|
Total current assets before
segregated funds |
|
|
|
597,195 |
|
|
234,381 |
|
Segregated funds |
|
|
|
610,347 |
|
|
443,394 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
|
1,207,542 |
|
|
677,775 |
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
Advances to third parties |
|
|
|
28,104 |
|
|
38,478 |
|
Property and equipment |
|
|
|
16,316 |
|
|
16,537 |
|
Intangible assets |
|
|
|
556,638 |
|
|
524,232 |
|
Goodwill |
|
|
|
995,155 |
|
|
969,820 |
|
Deferred tax assets |
|
|
|
9,517 |
|
|
3,785 |
|
Contract assets |
|
|
|
1,019 |
|
|
1,300 |
|
Processor deposits |
|
|
|
5,454 |
|
|
13,898 |
|
Other non-current assets |
|
|
|
1,987 |
|
|
1,944 |
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
2,821,732 |
|
|
2,247,769 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Trade and other payables |
|
|
|
91,906 |
|
|
64,779 |
|
Income taxes payable |
|
|
|
17,152 |
|
|
7,558 |
|
Current portion of loans and borrowings |
|
|
|
7,228 |
|
|
2,527 |
|
Other current liabilities |
|
|
|
8,067 |
|
|
7,132 |
|
|
|
|
|
|
|
|
Total current liabilities
before due to merchants |
|
|
|
124,353 |
|
|
81,996 |
|
Due to merchants |
|
|
|
610,347 |
|
|
443,394 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
|
734,700 |
|
|
525,390 |
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Loans and borrowings |
|
|
|
501,993 |
|
|
212,726 |
|
Deferred tax liabilities |
|
|
|
47,077 |
|
|
50,105 |
|
Other non-current liabilities |
|
|
|
6,478 |
|
|
1,659 |
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
|
1,290,248 |
|
|
789,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to
shareholders |
|
|
|
|
|
|
Share capital |
|
|
|
1,631,777 |
|
|
1,625,785 |
|
Contributed surplus |
|
|
|
24,084 |
|
|
11,966 |
|
Deficit |
|
|
|
(146,398 |
) |
|
(211,042 |
) |
Accumulated other comprehensive income |
|
|
|
11,931 |
|
|
22,470 |
|
|
|
|
|
|
|
|
|
|
|
|
1,521,394 |
|
|
1,449,179 |
|
Non-controlling interest |
|
|
|
10,090 |
|
|
8,710 |
|
|
|
|
|
|
|
|
Total Equity |
|
|
|
1,531,484 |
|
|
1,457,889 |
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
|
2,821,732 |
|
|
2,247,769 |
|
|
|
|
|
2021$ |
|
|
2020$ |
|
|
|
|
|
|
|
|
Cash flows from
operating activities |
|
|
|
|
|
|
Net income (loss) |
|
|
|
66,704 |
|
|
(48,378 |
) |
Adjustments for: |
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
|
2,780 |
|
|
2,702 |
|
Amortization of intangible assets |
|
|
|
38,958 |
|
|
31,631 |
|
Amortization of contract assets |
|
|
|
1,017 |
|
|
1,076 |
|
Share-based payments |
|
|
|
9,058 |
|
|
735 |
|
Net finance costs |
|
|
|
4,976 |
|
|
52,547 |
|
Loss on foreign currency exchange |
|
|
|
1,246 |
|
|
27,433 |
|
Impairment on disposal of a subsidiary |
|
|
|
- |
|
|
487 |
|
Income tax expense |
|
|
|
11,179 |
|
|
474 |
|
|
|
|
|
|
|
|
Changes in non-cash working
capital items |
|
|
|
14,265 |
|
|
(6,138 |
) |
|
|
|
|
|
|
|
Interest paid |
|
|
|
(5,435 |
) |
|
(29,424 |
) |
Income
taxes paid |
|
|
|
(5,754 |
) |
|
(304 |
) |
|
|
|
|
|
|
|
|
|
|
|
138,994 |
|
|
32,841 |
|
|
|
|
|
|
|
|
Cash flows from (used
in) investing activities |
|
|
|
|
|
|
Business acquisitions, net of
cash acquired |
|
|
|
(88,930 |
) |
|
- |
|
Proceeds from the sale of a
subsidiary, net of cash |
|
|
|
- |
|
|
18,896 |
|
Decrease in other non-current
assets |
|
|
|
9,787 |
|
|
321 |
|
Net decrease (increase) in
advances to third parties |
|
|
|
5,982 |
|
|
(473 |
) |
Acquisition of property
and equipment |
|
|
|
(2,419 |
) |
|
(1,292 |
) |
Acquisition of intangible assets |
|
|
|
(8,706 |
) |
|
(6,842 |
) |
|
|
|
|
|
|
|
|
|
|
|
(84,286 |
) |
|
10,610 |
|
|
|
|
|
|
|
|
Cash flows from (used
in) financing activities |
|
|
|
|
|
|
Transaction costs related to
loans and borrowings |
|
|
|
(5,373 |
) |
|
(452 |
) |
Proceeds from exercise of
stock options |
|
|
|
3,968 |
|
|
- |
|
Proceeds from issuance of
share capital |
|
|
|
- |
|
|
150 |
|
Proceeds from loans and
borrowings |
|
|
|
300,000 |
|
|
56,999 |
|
Repayment of loans and
borrowings |
|
|
|
- |
|
|
(84,185 |
) |
Payment of lease
liabilities |
|
|
|
(1,327 |
) |
|
(1,218 |
) |
Dividend paid by subsidiary to non-controlling interest |
|
|
|
(680 |
) |
|
(400 |
) |
|
|
|
|
|
|
|
|
|
|
|
296,588 |
|
|
(29,106 |
) |
|
|
|
|
|
|
|
Effect of movements in exchange rates on cash |
|
|
|
1,670 |
|
|
806 |
|
|
|
|
|
|
|
|
Net increase in
cash |
|
|
|
352,966 |
|
|
15,151 |
|
|
|
|
|
|
|
|
Cash – Beginning of period |
|
|
|
180,722 |
|
|
60,072 |
|
|
|
|
|
|
|
|
Cash – End of period |
|
|
|
533,688 |
|
|
75,223 |
|
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