Nuvei reports in U.S. dollars and in accordance with International Financial Reporting Standards (“IFRS”). All amounts in this press release are in U.S. dollars.
MONTREAL, Feb. 05, 2021 (GLOBE NEWSWIRE) —Nuvei Corporation(“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, today announced preliminary unaudited financial results for the fourth quarter and the full year ended December 31, 2020.
Based on preliminary results, the Company anticipates:
- Total volume* between $13.8 billion and $14.1 billion in the fourth quarter of 2020, an increase of more than 50% compared to the fourth quarter of 2019. Total volume between $43.1 billion and $43.4 billion for the full year of 2020, an increase of more than 70% compared to the full year of 2019.
- eCommerce representing approximately 80% and 76% of total volume in the fourth quarter and full year of 2020, respectively.
- Revenue between $114 million and $118 million in the fourth quarter of 2020, an increase of more than 40% compared to the fourth quarter of 2019. Revenue between $373 million and $377 million for the full year of 2020, an increase of more than 50% compared to the full year of 2019.
- Adjusted EBITDA** between $50 million and $52 million in the fourth quarter of 2020, an increase of more than 50% compared to the fourth quarter of 2019. Adjusted EBITDA between $162 million and $164 million for the full year of 2020, an increase of more than 80% compared to the full year of 2019.
- Operating profit between $16.5 million and $19.5 million in the fourth quarter of 2020, and between $61.4 million and $64.4 million for the full year of 2020. In addition to those expenses deducted to arrive at adjusted EBITDA, operating profit also includes expenses relating to depreciation and amortization, acquisition, integration and severance costs, share-based payments, and gains/losses on foreign currency exchange included in selling, general and administration expenses.
“I am very pleased with our preliminary financial results for the fourth quarter and the full year,” said Philip Fayer, Nuvei’s chairman and CEO. “We made progress on our strategic initiatives, executed on multiple growth opportunities, enhanced our product offerings and capabilities, allowing our merchants to connect further with their customers regardless of country, currency, or payment type. Through our single integrated platform, Nuvei provides one the industry’s most complete technology solutions, simplifying our merchants’ needs and requirements, improving conversions, reducing fraud, and driving sales, in addition to servicing 200 markets globally with a full set of payment capabilities including the ability to accept more than 450 different payment methods in nearly 150 different currencies. We are well-positioned for the future and I want to thank all of Nuvei’s team members for their contributions.”
The preliminary results included in this press release, including key performance indicators, are based on information available to the Company as of the date of this release and are subject to revision upon finalizing the audit of Nuvei’s annual consolidated financial statements. The Company will report and host a conference call including a Q&A session for its financial results for the fourth quarter and fiscal year ended December 31, 2020 on Wednesday, March 10, 2021.
*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 is a non-IFRS measure. See “Non-IFRS Measures”.
ConferenceCall Information for Today’s Announcement Friday, February 5, 2021
Nuvei will host a conference call to discuss its preliminary fourth quarter and full year 2020 financial results today February 5, 2021 at 8:30 am ET. Hosting the call will be Philip Fayer, chairman and CEO, and David Schwartz, CFO. There will be no Q&A session.
The conference call will be webcast live from the Company’s investor relations website athttps://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 13716079. The replay will be available until February 19, 2021. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
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 offers direct connections to all major payment card schemes in over 200 markets worldwide, supports 450 local and alternative payment methods and nearly 150 currencies. Our purpose is to make our world a local marketplace. For more information, visitwww.nuvei.com.
Nuvei’s annual consolidated financial statements will be prepared in accordance with IFRS as issued by the International Accounting Standards Board. The information presented in this press release includes a non-IFRS financial measure, namely Adjusted EBITDA. This measure is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to a similar measure presented by other companies. Rather, this measure is provided as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. Adjusted EBITDA is 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 is an important supplemental measure of Nuvei’s performance, primarily because it and similar measures are used widely among others in the payments industry as a means of evaluating a company’s underlying operating performance. Adjusted EBITDA is defined as net income (loss) before finance costs, finance income, depreciation and amortization, income taxes expense/recovery, acquisition, integration and severance costs, share-based payments, net gain/loss on foreign currency exchange, and other.
This press release contains “forward-looking information” within the meaning of applicable securities laws, including statements with regard to anticipated results. 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 “Risk Factors” in Nuvei’s final short form shelf prospectus dated December 7, 2020. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. 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.
Anthony GersteinVice President, Head of Investor Relations[email protected]