makinezmoney
5年前
$NUVCF: Holy CRAP.... MONSTER Quarterly REVENUES
Doubled its quarterly revenue to $178Milly ????????
$139Milly CASH FLOW ??????????????????????
WOW
Thats INSANE.
How did I ever miss this one.
https://nuvei.com/en-us/
Now at $127/sh
GO $NUVCF
*******************************************************************
Nuvei Announces Second Quarter 2021 Results
7:00 AM ET 8/10/21 | GlobeNewswire
Nuvei Announces Second Quarter 2021 Results
Nuvei reports in U.S. dollars and in accordance with International Financial Reporting Standards ("IFRS")
MONTREAL, Aug. 10, 2021 (GLOBE NEWSWIRE) -- 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 ending Year ending
September 30, 2021 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.
2021-08-10 11:00:00 GMT Nuvei Announces Second Quarter 2021 Results -2-
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 Gerstein
Vice 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 ended Six months ended
June 30, June 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
---------------------- ----------- ---------- ----------- ----------
2021-08-10 11:00:00 GMT Nuvei Announces Second Quarter 2021 Results -3-
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 months Six months
ended June 30, ended 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 months Six months
ended June 30 ended June 30
---------------- -----------------
2021 2020 2021 2020
-----------------------------
(In thousands of U.S.
dollars except for per
share amounts) $ $ $ $
----------------------------- ------ ------- ------- -------
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
2021-08-10 11:00:00 GMT Nuvei Announces Second Quarter 2021 Results -4-
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, December 31,
2021 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)
------------------------------------------- ------- -------
2021-08-10 11:00:00 GMT Nuvei Announces Second Quarter 2021 Results -5-
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
---------------------------------------------- ------- -------
> Dow Jones Newswires
August 10, 2021 07:00 ET (11:00 GMT)
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