Nuvei Announces Third Quarter 2023 Results
Financial Highlights for the Three Months Ended
- Total volume(a) increased by 72% to
$48.2 billion from$28.0 billion ;- eCommerce represented 88% of Total volume(a);
- Organic total volume growth at constant currency(a) was 20% with Organic total volume at constant currency(a) increasing to
$33.7 billion from$28.0 billion ;
- Revenue increased 55% to
$304.9 million from$197.1 million ;- Revenue growth at constant currency(b) was 52% with Revenue at constant currency(b) increasing to
$299.9 million from$197.1 million ; - Organic revenue growth at constant currency(b) was 13% with Organic revenue at constant currency(b) increasing to
$223.3 million from$197.1 million ;
- Revenue growth at constant currency(b) was 52% with Revenue at constant currency(b) increasing to
- Net loss was
$18.1 million compared to net income of$13.0 million ;- Results include an increase in net finance cost of
$23.6 million mainly related to amounts drawn under the Company's Reducing revolving credit facility as well as an unfavorable change in foreign currency exchange of$25.6 million ; - Net loss margin was 5.9% compared to a net income margin of 6.6%;
- Results include an increase in net finance cost of
- Adjusted EBITDA(b) increased by 36% to
$110.7 million from$81.2 million ;- Adjusted EBITDA margin(b) was 36.3%, an increase of 40 basis points sequentially, compared to an Adjusted EBITDA margin(b) of 35.9% in the three months ended
June 30, 2023 and compared to an Adjusted EBITDA margin(b) of 41.2% in the three months endedSeptember 30, 2022 .
- Adjusted EBITDA margin(b) was 36.3%, an increase of 40 basis points sequentially, compared to an Adjusted EBITDA margin(b) of 35.9% in the three months ended
- Adjusted net income(b) decreased by 9% to
$56.8 million from$62.4 million ; - Net loss per share was
$0.14 compared to net income per share of$0.08 ; - Adjusted net income per diluted share(b) decreased by 9% to
$0.39 from$0.43 ; and, - Adjusted EBITDA less capital expenditures(b) increased by 42% to
$97.5 million from$68.5 million .
Financial Highlights for the Nine Months Ended
- Total volume(a) increased by 62% to
$141.2 billion from$87.4 billion ;- eCommerce represented 89% of Total volume(a);
- Organic total volume growth at constant currency(a) was 24% with Organic total volume at constant currency(a) increasing to
$108.7 billion from$87.4 billion ;
- Revenue increased 39% to
$868.4 million from$623.0 million ;- Revenue growth at constant currency(b) was 40% with Revenue at constant currency(b) increasing to
$869.9 million from$623.0 million ; - Organic revenue growth at constant currency(b) was 10% with Organic revenue at constant currency(b) increasing to
$686.7 million from$623.0 million ;
- Revenue growth at constant currency(b) was 40% with Revenue at constant currency(b) increasing to
- Net loss was
$14.8 million compared to net income of$52.6 million ;- Results include an increase in net finance cost of
$61.6 million mainly related to amounts drawn under the Company's Reducing revolving credit facility;
- Results include an increase in net finance cost of
- Adjusted EBITDA(b) increased by 19% to
$317.3 million from$265.6 million ; - Adjusted net income(b) decreased by 13% to
$179.3 million from$206.2 million ; - Net loss per share was
$0.14 compared to net income per share of$0.34 ; - Adjusted net income per diluted share(b) decreased by 13% to
$1.21 from$1.39 ; - Adjusted EBITDA less capital expenditures(b) increased by 20% to
$277.0 million from$231.8 million ; and, - Share repurchases totaled 1,350,000 shares for total cash consideration of $56 million.
(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". |
(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 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". |
Revenue by channel
- The Company operates its commercial organization and distributes its products and technology through three distinct sales channels: Global commerce, Business-to-business ("B2B"), government and independent software vendors ("ISV"), and Small and medium-sized businesses ("SMB"):
- Global commerce revenue increased 25% year over year on a pro forma basis(g), to
$170 million and represented 56% of total revenue in the third quarter. Sequentially, pro forma revenue growth(g) accelerated 890 basis points compared to the second quarter's pro forma revenue growth(g) rate. - B2B, government and ISV revenue increased 16% year over year on a pro forma basis(g), to
$55 million and represented 18% of total revenue in the third quarter. Sequentially, pro forma revenue growth(g) accelerated by more than 360 basis points compared to the second quarter's pro forma revenue growth(g) rate. - SMB revenue declined 4% year over year on a pro forma(g) basis, to
$80 million and represented 26% of total revenue in the third quarter. Sequentially, pro forma revenue growth(g) improved by 170 basis points compared to the second quarter's pro forma revenue growth(g) rate. - In summary, total revenue increased 14% year over year on a pro forma(g) basis in the third quarter. Sequentially, pro forma revenue growth(g) improved by 550 basis points compared to the second quarter's pro forma revenue growth(g) rate.
- Global commerce revenue increased 25% year over year on a pro forma basis(g), to
Revenue by region
- From a regional perspective, revenue for the third quarter of 2023 increased 100% to
$166.5 million inNorth America , increased 17% to$123.0 million inEurope , theMiddle East andAfrica , increased 81% to$13.8 million inLatin America , and increased 67% to$1.6 million inAsia Pacific .
Cash Dividend
The Company, for the purposes of the Income Tax Act (
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)
We continue to see momentum in the business, and we are raising our outlook for the full year. Daily average volumes in October and early November have remained consistent with our expectations, and we are not seeing any signs that the near-term spending environment has changed. In terms of our updated ranges for the full year, we are raising our outlook range for Total volume(a) and Adjusted EBITDA(b), and we are narrowing our outlook range by raising the low end for Revenue and Revenue at constant currency(b). These updates to our outlook ranges reflect our view of consistent execution into year end in driving margin expansion.
For the three months ending
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.
Three months ending |
Year ending |
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2023 |
2023 |
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Forward-looking |
Forward-looking |
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Revised |
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(In US dollars) |
$ |
$ |
$ |
Total volume(a) (in billions) |
57 - 59 |
193 - 197 |
198 - 200 |
Revenue (in millions) |
307 - 327 |
1,170 - 1,195 |
1,175 - 1,195 |
Revenue at constant currency(b) (in millions) |
293 - 312 |
1,157 - 1,182 |
1,163 - 1,182 |
Adjusted EBITDA(b) (in millions) |
111 - 119 |
417 - 432 |
427 - 435 |
Growth Targets
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) |
Capital expenditures(f) |
4% - 6% of Revenue over the medium-term(e) |
(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 definitions of |
(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. Since acquiring Paya earlier this year, the Company has applied its commercial playbook, expanded integrations into nearly all relevant ERP platforms as well as a growing number of software partners, accelerated new business wins, and is taking its business globally by utilizing its technology stack around the world. The Company's SMB channel consists of its North American based traditional SMB customers that utilize |
(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. |
(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. |
(g) Pro forma revenue growth by channel is calculated as (i) |
Conference Call Information
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/
The shareholder letter is available to read and download at https://nuvei.com/shl-q3-2023.
About
For more information, visit www.nuvei.com
Non-IFRS and Other Financial Measures
The information in this press release also includes a non-
Non-IFRS Financial Measures
Revenue at constant currency: Revenue at constant currency means revenue, as determined by 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 determined under 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
Combined trailing twelve months Adjusted EBITDA: Combined trailing twelve months Adjusted EBITDA represents the summation for the trailing twelve months of
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 transaction costs 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
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 and eCommerce volume: We believe Total volume and eCommerce volume are indicators 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. eCommerce volume is the portion of Total volume for which the transaction did not occur at a physical location. Total volume and eCommerce volume do 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.
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
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 related to the Paya acquisition (including the Company'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); the Company's ability to otherwise complete the integration of the Paya business within anticipated time periods and at expected cost levels; the Company's ability to attract and retain key employees in connection with the Paya acquisition; management's estimates and expectations in relation to future economic and business conditions and other factors in relation to the Paya acquisition and resulting impact on growth in various financial metrics; assumptions regarding foreign exchange rate, competition, political environment and economic performance of each region where the Company operates; the realization of the expected strategic, financial and other benefits of the Paya acquisition in the timeframe anticipated; and the absence of significant undisclosed costs or liabilities associated with the Paya acquisition; 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.
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
- geopolitical risks relating to our business and industry, such as the
Middle East conflict and theUkraine -Russia conflict, including the resulting global economic uncertainty and measures and sanctions taken in response thereto; - a declining level of volume activity and significant volatility in certain verticals, including digital assets, and the resulting negative impact on the demand for, and prices of, our products and services and the resulting effect on consumer spending trends;
- the rapid developments and change in our industry;
- intense competition both within our industry and from other payments providers and methods;
- changes in foreign currency exchange rates, inflation, interest rates, consumer spending trends, supply chain challenges and other macroeconomic factors affecting our customers and our results of operations;
Nuvei's inability to successfully integrate the Paya business;- legal proceedings that may be instituted, including related to the Paya acquisition, and the impact of significant demands placed on management as a result thereof;
- the potential failure to realize anticipated benefits from the Paya acquisition;
- potential undisclosed costs of liabilities associated with the Paya acquisition, which may be significant;
- the failure to retain Paya's personnel and customers;
- 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;
- 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;
- any potential acquisitions or other strategic opportunities, some of which may be material in size or result in significant integration difficulties or expenditures;
- challenges related to our customers being small-and-medium sized businesses ("SMBs");
- concentration of our revenue from payment services;
- reliance on, and compliance with, the requirements of acquiring banks and payment networks;
- challenges related to the reimbursement of chargebacks from our customers;
- decline in the use of electronic payment methods;
- loss of key personnel or difficulties hiring qualified personnel;
- impairment of a significant portion of intangible assets and goodwill;
- increasing fees from payment networks;
- reliance on third-party partners to sell some of our products and services;
- misappropriation of end-user transaction funds by our employees;
- risks related to data security incidents, including cyber-attacks, computer viruses, or otherwise which may result in a disruption of services or liability exposure;
- fraud by customers, their customers or others;
- 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;
- regulatory compliance in the jurisdictions in which we operate, due to complex, conflicting and evolving local laws and regulations;
- the costs and effects of pending and future regulatory proceedings and litigation;
- challenges to secure financing on favorable terms or at all; 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
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 theMiddle 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, including in relation to the Paya acquisition, and resulting impact on growth in various financial metrics;
- assumptions regarding competition, political environment and economic performance of each region where
Nuvei operates; - the realization of the expected strategic, financial and other benefits of the Paya acquisition in the timeframe anticipated;
- the absence of significant undisclosed costs or liabilities associated with the Paya acquisition;
- 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 Native Commerce 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 inEurope and enable customer base expansion by targeting large enterprises inNorth 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 andLatin America ; - our ability to expand and keep our portfolio of services technologically current through continued investment in our Native Commerce 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.
Moreover, and more specifically, our ability to achieve new revenue synergy opportunities from the Paya acquisition over the long term is based on a number of additional assumptions, including the following:
- the Paya standalone business achieving its projected annual revenue growth;
- our ability to leverage
Nuvei's regulatory licenses/exemptions and relationships to capture market share and win new business in Paya's existing U.S. market; - our ability to leverage
Nuvei's global distribution and capabilities to offer an integratedNuvei and Paya product offering outside of theU.S. ; and - our ability to continue to invest in expanding our
Nuvei and Paya integrated product offering to win new business.
Contact:
Investors
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) |
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Three months ended |
Nine months ended |
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2023 |
2022 |
2023 |
2022 |
|
$ |
$ |
$ |
$ |
|
Revenue |
304,852 |
197,146 |
868,376 |
622,984 |
Cost of revenue |
55,650 |
38,363 |
164,172 |
121,259 |
Gross profit |
249,202 |
158,783 |
704,204 |
501,725 |
Selling, general and administrative expenses |
217,282 |
149,184 |
633,655 |
442,501 |
Operating profit |
31,920 |
9,599 |
70,549 |
59,224 |
Finance income |
(2,713) |
(4,131) |
(9,049) |
(6,427) |
Finance cost |
30,053 |
7,859 |
77,839 |
13,627 |
Net finance cost |
27,340 |
3,728 |
68,790 |
7,200 |
Loss (gain) on foreign currency exchange |
13,033 |
(12,528) |
520 |
(20,415) |
Income (loss) before income tax |
(8,453) |
18,399 |
1,239 |
72,439 |
Income tax expense |
9,667 |
5,393 |
16,031 |
19,836 |
Net income (loss) |
(18,120) |
13,006 |
(14,792) |
52,603 |
Other comprehensive loss, net of tax |
||||
Item that may be reclassified subsequently to profit and loss: |
||||
Foreign operations – foreign currency translation differences |
1,257 |
(33,599) |
(2,753) |
(64,054) |
Change in fair value of financial instrument designated as cash flow hedge |
(1,008) |
— |
(1,008) |
— |
Comprehensive loss |
(17,871) |
(20,593) |
(18,553) |
(11,451) |
Net income (loss) attributable to: |
||||
Common shareholders of the Company |
(19,814) |
11,710 |
(19,669) |
48,692 |
Non-controlling interest |
1,694 |
1,296 |
4,877 |
3,911 |
(18,120) |
13,006 |
(14,792) |
52,603 |
|
Comprehensive loss attributable to: |
||||
Common shareholders of the Company |
(19,565) |
(21,889) |
(23,430) |
(15,362) |
Non-controlling interest |
1,694 |
1,296 |
4,877 |
3,911 |
(17,871) |
(20,593) |
(18,553) |
(11,451) |
|
Net income (loss) per share |
||||
Net income (loss) per share attributable to common shareholders of the Company |
||||
Basic |
(0.14) |
0.08 |
(0.14) |
0.34 |
Diluted |
(0.14) |
0.08 |
(0.14) |
0.34 |
Weighted average number of common shares outstanding |
||||
Basic |
139,138,382 |
141,311,785 |
139,209,728 |
141,866,671 |
Diluted |
139,138,382 |
143,716,424 |
139,209,728 |
145,186,798 |
Consolidated Statements of Financial Position Data (in thousands of US dollars) |
||
|
|
|
$ |
$ |
|
Assets |
||
Current assets |
||
Cash and cash equivalents |
120,999 |
751,686 |
Trade and other receivables |
100,730 |
61,228 |
Inventory |
2,313 |
2,117 |
Prepaid expenses |
17,369 |
12,254 |
Income taxes receivable |
5,966 |
3,126 |
Current portion of advances to third parties |
— |
579 |
Current portion of contract assets |
1,150 |
1,215 |
Total current assets before segregated funds |
248,527 |
832,205 |
Segregated funds |
1,019,538 |
823,666 |
Total current assets |
1,268,065 |
1,655,871 |
Non-current assets |
||
Advances to third parties |
— |
1,721 |
Property and equipment |
35,184 |
31,881 |
Intangible assets |
1,319,568 |
694,995 |
|
1,978,564 |
1,114,593 |
Deferred tax assets |
3,101 |
17,172 |
Contract assets |
801 |
997 |
Processor and other deposits |
4,480 |
4,757 |
Other non-current assets |
34,795 |
2,682 |
Total Assets |
4,644,558 |
3,524,669 |
Liabilities |
||
Current liabilities |
||
Trade and other payables |
175,372 |
125,533 |
Income taxes payable |
20,190 |
16,864 |
Current portion of loans and borrowings |
10,866 |
8,652 |
Other current liabilities |
9,073 |
4,224 |
Total current liabilities before due to merchants |
215,501 |
155,273 |
Due to merchants |
1,019,538 |
823,666 |
Total current liabilities |
1,235,039 |
978,939 |
Non-current liabilities |
||
Loans and borrowings |
1,229,298 |
502,102 |
Deferred tax liabilities |
162,037 |
61,704 |
Other non-current liabilities |
2,883 |
2,434 |
Total Liabilities |
2,629,257 |
1,545,179 |
Equity |
||
Equity attributable to shareholders |
||
Share capital |
1,961,116 |
1,972,592 |
Contributed surplus |
304,374 |
202,435 |
Deficit |
(222,645) |
(166,877) |
Accumulated other comprehensive loss |
(43,180) |
(39,419) |
1,999,665 |
1,968,731 |
|
Non-controlling interest |
15,636 |
10,759 |
Total Equity |
2,015,301 |
1,979,490 |
Total Liabilities and Equity |
4,644,558 |
3,524,669 |
Consolidated Statements of Cash Flow Data (in thousands of |
||
For the nine months ended |
2023 |
2022 |
$ |
$ |
|
Cash flow from operating activities |
||
Net income (loss) |
(14,792) |
52,603 |
Adjustments for: |
||
Depreciation of property and equipment |
10,739 |
5,936 |
Amortization of intangible assets |
89,386 |
73,822 |
Amortization of contract assets |
1,176 |
1,425 |
Share-based payments |
105,484 |
103,666 |
Net finance cost |
68,790 |
7,200 |
Loss (gain) on foreign currency exchange |
520 |
(20,415) |
Income tax expense |
16,031 |
19,836 |
Changes in non-cash working capital items |
(3,473) |
(17,050) |
Interest paid |
(69,298) |
(15,152) |
Interest received |
9,921 |
4,577 |
Income taxes paid - net |
(32,208) |
(23,295) |
182,276 |
193,153 |
|
Cash flow used in investing activities |
||
Business acquisitions, net of cash acquired |
(1,379,778) |
— |
Payment of acquisition-related contingent consideration |
— |
(2,027) |
Acquisition of property and equipment |
(7,879) |
(8,681) |
Acquisition of intangible assets |
(32,371) |
(25,130) |
Acquisition of distributor commissions |
(20,318) |
— |
Decrease (increase) in other non-current assets |
(31,223) |
726 |
Net decrease in advances to third parties |
245 |
1,884 |
(1,471,324) |
(33,228) |
|
Cash flow from (used in) financing activities |
||
Shares repurchased and cancelled |
(56,042) |
(109,158) |
Transaction costs from issuance of shares |
— |
(903) |
Proceeds from exercise of stock options |
7,728 |
1,474 |
Repayment of loans and borrowings |
(112,840) |
(3,840) |
Proceeds from loans and borrowings |
852,000 |
— |
Transaction costs related to loans and borrowings |
(14,650) |
— |
Payment of lease liabilities |
(3,965) |
(2,674) |
Purchase of non-controlling interest |
— |
(39,751) |
Dividend paid by subsidiary to non-controlling interest |
— |
(260) |
Dividend paid to shareholders |
(13,907) |
— |
658,324 |
(155,112) |
|
Effect of movements in exchange rates on cash |
37 |
223 |
Net increase (decrease) in cash and cash equivalents |
(630,687) |
5,036 |
Cash and cash equivalents – Beginning of period |
751,686 |
748,576 |
Cash and cash equivalents – End of period |
120,999 |
753,612 |
Reconciliation of Adjusted EBITDA and Adjusted EBITDA less capital expenditures to Net Income (Loss) (In thousands of US dollars) |
||||
Three months ended |
Nine months ended |
|||
2023 |
2022 |
2023 |
2022 |
|
$ |
$ |
$ |
$ |
|
Net income (loss) |
(18,120) |
13,006 |
(14,792) |
52,603 |
Finance cost |
30,053 |
7,859 |
77,839 |
13,627 |
Finance income |
(2,713) |
(4,131) |
(9,049) |
(6,427) |
Depreciation and amortization |
36,544 |
26,269 |
100,125 |
79,758 |
Income tax expense |
9,667 |
5,393 |
16,031 |
19,836 |
Acquisition, integration and severance costs(a) |
5,120 |
11,324 |
37,000 |
21,490 |
Share-based payments and related payroll taxes(b) |
34,102 |
33,819 |
106,423 |
103,763 |
Loss (gain) on foreign currency exchange |
13,033 |
(12,528) |
520 |
(20,415) |
Legal settlement and other(c) |
3,014 |
190 |
3,192 |
1,397 |
Adjusted EBITDA |
110,700 |
81,201 |
317,289 |
265,632 |
Acquisition of property and equipment, and intangible assets |
(13,205) |
(12,724) |
(40,250) |
(33,811) |
Adjusted EBITDA less capital expenditures |
97,495 |
68,477 |
277,039 |
231,821 |
Adjusted EBITDA less capital expenditures conversion(d) |
88 % |
84 % |
87 % |
87 % |
Adjusted EBITDA |
110,700 |
81,201 |
317,289 |
265,632 |
Revenue |
304,852 |
197,146 |
868,376 |
622,984 |
Adjusted EBITDA margin(d) |
36.3 % |
41.2 % |
36.5 % |
42.6 % |
Net Income margin |
(5.9) % |
6.6 % |
(1.7) % |
8.4 % |
(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 nine months ended |
|
(ii) |
acquisition-related compensation was |
|
(iii) |
change in deferred purchase consideration for previously acquired businesses. No amount was recognized for the three months and nine months ended |
|
(iv) |
severance and integration expenses, which were |
|
(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 nine months ended |
|
(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) |
|||||||||||
2023 |
2023 |
2023 |
|||||||||
Paya(a)(c) |
|
Combined |
Paya(a)(c) |
|
Combined |
Paya(a)(c) |
|
Combined |
|||
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||
Adjusted EBITDA for the three months ended: |
|||||||||||
|
— |
— |
— |
— |
— |
— |
19.2 |
92.9 |
112.1 |
||
|
— |
— |
— |
18.6 |
81.2 |
99.8 |
18.6 |
81.2 |
99.8 |
||
|
19.9 |
85.7 |
105.6 |
19.9 |
85.7 |
105.6 |
19.9 |
85.7 |
105.6 |
||
|
8.6 |
96.3 |
104.9 |
8.6 |
96.3 |
104.9 |
8.6 |
96.3 |
104.9 |
||
|
— |
110.3 |
110.3 |
— |
110.3 |
110.3 |
— |
— |
— |
||
|
— |
110.7 |
110.7 |
— |
— |
— |
— |
— |
— |
||
Trailing twelve months Adjusted EBITDA |
28.5 |
403.0 |
431.5 |
47.1 |
373.5 |
420.6 |
66.3 |
356.1 |
422.4 |
||
Total credit facilities excluding unamortized transaction costs |
1,243.5 |
1,279.7 |
1,335.0 |
||||||||
Cash and cash equivalents |
121.0 |
118.4 |
132.8 |
||||||||
Net debt |
1,122.5 |
1,161.3 |
1,202.2 |
||||||||
Combined leverage ratio(b) |
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 |
Reconciliation of Paya Adjusted EBITDA to (In millions of US dollars) |
|||
Three months ended 2022 |
Three months ended |
Three months ended |
|
$ |
$ |
$ |
|
|
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 |
Nine months ended |
|||
2023 |
2022 |
2023 |
2022 |
|
$ |
$ |
$ |
$ |
|
Net income (loss) |
(18,120) |
13,006 |
(14,792) |
52,603 |
Change in fair value of share repurchase liability |
— |
— |
571 |
(5,710) |
Amortization of acquisition-related intangible assets(a) |
27,356 |
22,427 |
74,896 |
68,904 |
Acquisition, integration and severance costs(b) |
5,120 |
11,324 |
37,000 |
21,490 |
Share-based payments and related payroll taxes(c) |
34,102 |
33,819 |
106,423 |
103,763 |
Loss (gain) on foreign currency exchange |
13,033 |
(12,528) |
520 |
(20,415) |
Legal settlement and other(d) |
3,014 |
190 |
3,192 |
1,397 |
Adjustments |
82,625 |
55,232 |
222,602 |
169,429 |
Income tax expense related to adjustments(e) |
(7,744) |
(5,803) |
(28,503) |
(15,882) |
Adjusted net income |
56,761 |
62,435 |
179,307 |
206,150 |
Net income attributable to non-controlling interest |
(1,694) |
(1,296) |
(4,877) |
(3,911) |
Adjusted net income attributable to the common shareholders of the Company |
55,067 |
61,139 |
174,430 |
202,239 |
Weighted average number of common shares outstanding |
||||
Basic |
139,138,382 |
141,311,785 |
139,209,728 |
141,866,671 |
Diluted |
142,386,834 |
143,716,424 |
143,632,801 |
145,186,798 |
Adjusted net income per share attributable to common shareholders of the Company(f) |
||||
Basic |
0.40 |
0.43 |
1.25 |
1.43 |
Diluted |
0.39 |
0.43 |
1.21 |
1.39 |
(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 nine months ended |
|
(ii) |
acquisition-related compensation was |
|
(iii) |
change in deferred purchase consideration for previously acquired businesses. No amount was recognized for the three months and nine months ended |
|
(iv) |
severance and integration expenses, which were |
|
(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 nine months ended |
|
(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 |
Change |
Nine months ended |
Change |
||||||||
(In thousands of US dollars, except for percentages) |
2023 |
2022 |
2023 |
2022 |
|||||||
$ |
$ |
$ |
% |
$ |
$ |
$ |
% |
||||
Revenue |
|||||||||||
|
166,513 |
83,087 |
83,426 |
100 % |
465,110 |
247,170 |
217,940 |
88 % |
|||
|
123,000 |
105,520 |
17,480 |
17 % |
361,983 |
350,039 |
11,944 |
3 % |
|||
|
13,750 |
7,588 |
6,162 |
81 % |
36,833 |
20,924 |
15,909 |
76 % |
|||
|
1,589 |
951 |
638 |
67 % |
4,450 |
4,851 |
(401) |
(8) % |
|||
304,852 |
197,146 |
107,706 |
55 % |
868,376 |
622,984 |
245,392 |
39 % |
Revenue by channel |
|||||||||||
Three months ended |
Change |
Nine months ended |
Change |
||||||||
(In thousands of US dollars, except for percentages) |
2023 |
2022 |
2023 |
2022 |
|||||||
$ |
$ |
$ |
% |
$ |
$ |
$ |
% |
||||
Global commerce |
169,872 |
136,060 |
33,812 |
25 % |
511,477 |
443,172 |
68,305 |
15 % |
|||
B2B, government and independent software vendors |
55,143 |
1,040 |
54,103 |
n.m. |
131,395 |
2,912 |
128,483 |
n.m. |
|||
Small & medium sized businesses |
79,837 |
60,046 |
19,791 |
33 % |
225,504 |
176,900 |
48,604 |
27 % |
|||
Revenue |
304,852 |
197,146 |
107,706 |
55 % |
868,376 |
622,984 |
245,392 |
39 % |
The Company operates its commercial organization and distributes its products and technology through three distinct 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
Reconciliation of |
||||||||
(In thousands of US dollars except for percentages) |
Three months ended |
Three months ended |
||||||
Revenue as reported |
reported |
Paya revenue as reported |
Adjustments(a) |
revenue |
Revenue growth |
revenue growth |
||
$ |
$ |
$ |
$ |
$ |
% |
% |
||
Revenue |
304,852 |
197,146 |
71,366 |
(2,102) |
266,410 |
55 % |
14 % |
(In thousands of US dollars except for percentages) |
Three months ended |
Three months ended |
|||||
Revenue as reported |
reported |
Paya revenue as adjusted(a) |
revenue |
Revenue growth |
revenue growth |
||
$ |
$ |
$ |
$ |
% |
% |
||
Global commerce |
169,872 |
136,060 |
— |
136,060 |
25 % |
25 % |
|
B2B, government and independent software vendors |
55,143 |
1,040 |
46,324 |
47,364 |
n.m. |
16 % |
|
Small & medium sized businesses |
79,837 |
60,046 |
22,940 |
82,986 |
33 % |
(4) % |
|
Revenue |
304,852 |
197,146 |
69,264 |
266,410 |
55 % |
14 % |
(a) Reflects adjustments to present Paya's revenue or Paya's revenue by channel net of interchange fees in order to align with |
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 |
Three months ended |
|||||
Revenue as reported |
Foreign currency exchange impact on revenue |
Revenue at constant currency |
Revenue as reported |
Revenue growth |
Revenue growth at constant currency |
||
$ |
$ |
$ |
$ |
||||
Revenue |
304,852 |
(5,001) |
299,851 |
197,146 |
55 % |
52 % |
(In thousands of US dollars except for percentages) |
Nine months ended |
Nine months ended |
|||||
Revenue as reported |
Foreign currency exchange impact on revenue |
Revenue at constant currency |
Revenue as reported |
Revenue growth |
Revenue growth at constant currency |
||
$ |
$ |
$ |
$ |
||||
Revenue |
868,376 |
1,532 |
869,908 |
622,984 |
39 % |
40 % |
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 |
Three months ended |
|||||||||
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 |
304,852 |
(76,535) |
— |
(5,001) |
223,316 |
197,146 |
— |
197,146 |
55 % |
13 % |
(In thousands of US dollars except for percentages) |
Nine months ended |
Nine months ended |
|||||||||
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 |
868,376 |
(183,215) |
— |
1,532 |
686,693 |
622,984 |
— |
622,984 |
39 % |
10 % |
(a) Revenue from acquisitions reflects revenue from Paya which was acquired on |
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