We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nuvei Corporation | TSX:NVEI.U | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 125.39 | 122.22 | 129.11 | 0 | 00:00:00 |
“We’re very pleased with our results for the first quarter with both continuing momentum in the core business and the acceleration of new client wins contributing to 132% total volume* growth, 80% revenue growth and 97% Adjusted EBITDA** growth over the first quarter of 2020,” said Philip Fayer, Nuvei’s Chair and CEO. “Our focus on building leading-edge solutions to facilitate and help our clients best connect with their clients continued during the first quarter as we expanded our reach with new markets, added multiple alternative payment methods (“APMs”) and introduced new capabilities like supporting payment in cryptocurrencies. These initiatives coupled with significant volume growth from current and new clients position us extremely well to drive our overall performance and growth this year and into the future. We are proud of our results and raising our financial outlook for the full year 2021.”
Financial Highlights for the Three Months Ended March 31, 2021
Operational Highlights
Financial Outlook
For the three months ending June 30, 2021 and year ending December 31, 2021, Nuvei anticipates total volume, revenue and Adjusted EBITDA to be in the ranges below. Considering the strong performance during the three months ended March 31, 2021, where Nuvei exceeded the previously anticipated total volume, revenue and Adjusted EBITDA outlook, as well as continuing momentum in the business, management is raising the financial outlook for the year ending December 31, 2021.
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 acquisitions of Mazooma or Simplex.
(In U.S. dollars) | Three months endingJune 30, 2021 | Year ending December 31, 2021 | ||
$ | $ | |||
Previous | Updated | |||
Total volume* (in billions) | 21 – 22 | 81 – 87 | 83 – 89 | |
Revenue (in millions) | 153 – 159 | 570 – 600 | 610 – 640 | |
Adjusted EBITDA** (in millions) | 66 – 70 | 252 - 265 | 264 – 277 |
*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.
**Adjusted EBITDA and Adjusted net income are non-IFRS measures. See “Non-IFRS Measures”.
Conference Call Information
Nuvei will host a conference call to discuss its first quarter 2021 financial results today May 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. 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 approximately two hours 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 13718591. The replay will be available until May 24, 2021. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
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 connects merchants in 200 markets worldwide with local acquiring in 44 markets, supports 470 local and alternative payment methods, nearly 150 currencies and 40 cryptocurrencies. 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 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 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 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 outlook on total volume, revenue and Adjusted EBITDA for the three months ending June 30, 2021 and the year ending December 31, 2021. Nuvei’s outlook on revenue and Adjusted EBITDA 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, and outlook for, total volume, revenue and Adjusted EBITDA 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 agerstein@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 ended March 31 | ||||
2021 | 2020 | |||
$ | $ | |||
Revenue | 149,895 | 83,239 | ||
Cost of revenue | 28,979 | 15,168 | ||
Gross profit | 120,916 | 68,071 | ||
Selling, general and administrative expenses | 86,056 | 54,866 | ||
Operating profit | 34,860 | 13,205 | ||
Finance income | (859 | ) | (1,346 | ) |
Finance costs | 3,315 | 31,259 | ||
Net finance costs | 2,456 | 29,913 | ||
Loss (gain) on foreign currency exchange | (445 | ) | 45,719 | |
Income (loss) before income tax | 32,849 | (62,427 | ) | |
Income tax expense (recovery) | 5,059 | (84 | ) | |
Net income (loss) | 27,790 | (62,343 | ) | |
Other comprehensive income (loss) | ||||
Foreign operations – foreign currency translation differences | (14,849 | ) | 39,667 | |
Total comprehensive income (loss) | 12,941 | (22,676 | ) | |
Net income (loss) attributable to: | ||||
Common shareholders of the Company | 26,814 | (62,593 | ) | |
Non-controlling interest | 976 | 250 | ||
27,790 | (62,343 | ) | ||
Comprehensive income (loss) attributable to | ||||
Common shareholders of the Company | 11,965 | (22,926 | ) | |
Non-controlling interest | 976 | 250 | ||
12,941 | (22,676 | ) | ||
Net income (loss) per share attributable to common shareholders of the Company - Basic and diluted | 0.19 | (0.74 | ) | |
Weighted average number of common shares outstanding(a) | ||||
Basic | 138,201,970 | 84,604,769 | ||
Diluted | 142,741,312 | 84,604,769 |
Reconciliation of Adjusted EBITDA to net income (loss) (In thousands of U.S. dollars)
Three months ended March 31 | ||||
2021 | 2020 | |||
$ | $ | |||
Net income (loss) | 27,790 | (62,343 | ) | |
Finance cost | 3,315 | 31,259 | ||
Finance income | (859 | ) | (1,346 | ) |
Depreciation and amortization | 20,998 | 17,313 | ||
Income tax expense (recovery) | 5,059 | (84 | ) | |
Acquisition, integration and severance costs(a) | 5,340 | 1,670 | ||
Share-based payments(b) | 4,105 | 333 | ||
Loss (gain) on foreign currency exchange | (445 | ) | 45,719 | |
Legal settlement costs and other(c) | 159 | 766 | ||
Adjusted EBITDA(d) | 65,462 | 33,287 | ||
Advance from third party - merchant residual received(e) | 2,728 | 2,948 |
Reconciliation of Adjusted net income to net income (loss) (In thousands of U.S. dollars except for per share amounts)
Three months ended March 31 | ||||
2021 | 2020 | |||
$ | $ | |||
Net income (loss) | 27,790 | (62,343 | ) | |
Change in redemption value of liability-classified common and preferred shares(a) | - | 11,636 | ||
Amortization of acquisition-related intangible assets(b) | 18,212 | 14,178 | ||
Acquisition, integration and severance costs(c) | 5,340 | 1,670 | ||
Share-based payments(d) | 4,105 | 333 | ||
Loss (gain) on foreign currency exchange | (445 | ) | 45,719 | |
Legal settlement costs and other(e) | 159 | 766 | ||
Adjustments | 27,371 | 74,302 | ||
Income tax expense related to adjustments(f) | (4,000 | ) | (2,179 | ) |
Adjusted net income (loss)(g) | 51,161 | 9,780 | ||
Adjusted net income per share attributable to common shareholders of the Company(h) | ||||
Basic | 0.36 | 0.11 | ||
Diluted | 0.35 | 0.11 |
Consolidated Statements of Financial Position Data(in thousands of U.S. dollars)
March 31, | December 31, | ||
2021 | 2020 | ||
$ | $ | ||
Assets | |||
Current assets | |||
Cash | 144,464 | 180,722 | |
Trade and other receivables | 42,546 | 32,055 | |
Inventory | 110 | 80 | |
Prepaid expenses | 5,214 | 4,727 | |
Income taxes receivables | 6,401 | 6,690 | |
Current portion of advances to third parties | 8,302 | 8,520 | |
Current portion of contract assets | 1,858 | 1,587 | |
Total current assets before segregated funds | 208,895 | 234,381 | |
Segregated funds | 540,018 | 443,394 | |
Total current assets | 748,913 | 677,775 | |
Non-current assets | |||
Advances to third parties | 36,690 | 38,478 | |
Property and equipment | 15,721 | 16,537 | |
Intangible assets | 561,115 | 524,232 | |
Goodwill | 995,935 | 969,820 | |
Deferred tax assets | 5,457 | 3,785 | |
Contract assets | 923 | 1,300 | |
Processor deposits | 14,804 | 13,898 | |
Other non-current assets | 1,902 | 1,944 | |
Total Assets | 2,381,460 | 2,247,769 |
Consolidated Statements of Financial Position Data(in thousands of U.S. dollars)
March 31, | December 31, | |||
2021 | 2020 | |||
$ | $ | |||
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | 69,964 | 64,779 | ||
Income taxes payable | 13,564 | 7,558 | ||
Current portion of loans and borrowings | 2,274 | 2,527 | ||
Other current liabilities | 8,098 | 7,132 | ||
Total current liabilities before due to merchants | 93,900 | 81,996 | ||
Due to merchants | 540,018 | 443,394 | ||
Total current liabilities | 633,918 | 525,390 | ||
Non-current liabilities | ||||
Loans and borrowings | 212,602 | 212,726 | ||
Deferred tax liabilities | 47,296 | 50,105 | ||
Other non-current liabilities | 11,731 | 1,659 | ||
Total Liabilities | 905,547 | 789,880 | ||
Equity | ||||
Equity attributable to shareholders | ||||
Share capital | 1,628,244 | 1,625,785 | ||
Contributed surplus | 14,790 | 11,966 | ||
Deficit | (184,228 | ) | (211,042 | ) |
Accumulated other comprehensive income | 7,621 | 22,470 | ||
1,466,427 | 1,449,179 | |||
Non-controlling interest | 9,486 | 8,710 | ||
Total Equity | 1,475,913 | 1,457,889 | ||
Total Liabilities and Equity | 2,381,460 | 2,247,769 |
Consolidated Statements of Cash Flows Data(in thousands of U.S. dollars)
Three months ended March 31 | ||||
2021 | 2020 | |||
$ | $ | |||
Cash flows from (used in) operating activities | ||||
Net income (loss) | 27,790 | (62,343 | ) | |
Adjustments for: | ||||
Depreciation of property and equipment | 1,350 | 1,841 | ||
Amortization of intangible assets | 19,648 | 15,472 | ||
Amortization of contract assets | 487 | 525 | ||
Share-based payments | 4,105 | 333 | ||
Net finance costs | 2,456 | 29,913 | ||
Loss (gain) on foreign currency exchange | (445 | ) | 45,719 | |
Income tax expense (recovery) | 5,059 | (84 | ) | |
Changes in non-cash working capital items | (3,198 | ) | (15,631 | ) |
Interest paid | (2,836 | ) | (16,299 | ) |
Income taxes paid | (1,013 | ) | (12 | ) |
53,403 | (566 | ) | ||
Cash flows used in investing activities | ||||
Business acquisitions, net of cash acquired | (88,930 | ) | - | |
Decrease in other non-current assets | 522 | 181 | ||
Net decrease (increase) in advances to third parties | 2,865 | (1,734 | ) | |
Acquisition of property and equipment | (593 | ) | (978 | ) |
Acquisition of intangible assets | (4,145 | ) | (3,034 | ) |
(90,281 | ) | (5,565 | ) | |
Cash flows from financing activities | ||||
Transaction costs related to loans and borrowings | - | (20 | ) | |
Proceeds from exercise of stock options | 1,178 | - | ||
Proceeds from loans and borrowings | - | 56,999 | ||
Repayment of loans and borrowings | - | (34,185 | ) | |
Payment of lease liabilities | (642 | ) | (631 | ) |
Dividend paid by subsidiary to non controlling interest | (200 | ) | (200 | ) |
336 | 21,963 | |||
Effect of movements in exchange rates on cash | 284 | (401 | ) | |
Net increase (decrease) in cash | (36,258 | ) | 15,431 | |
Cash – Beginning of period | 180,722 | 60,072 | ||
Cash – End of period | 144,464 | 75,503 |
1 Year Nuvei Chart |
1 Month Nuvei Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions