0001765159-24-000007 | 40-F | XBRL Viewer

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Financial instruments and commitments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents	$ 170,435	$ 751,686	$ 748,576
Unused credit facilities	$ 800,000
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable (percent)	10.00%
Reasonably possible decrease in risk variable (percent)	10.00%
Currency risk \| Currencies other than US Dollar \| Revenues
Disclosure of nature and extent of risks arising from financial instruments [line items]
Concentration risk (percent)	46.00%
Currency risk \| Currencies other than US Dollar \| Expenses
Disclosure of nature and extent of risks arising from financial instruments [line items]
Concentration risk (percent)	36.00%
Currency risk \| EUR \| Revenues
Disclosure of nature and extent of risks arising from financial instruments [line items]
Concentration risk (percent)	10.00%
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible increase in risk variable (percent)	1.00%	1.00%
Reasonably possible decrease in risk variable (percent)	1.00%
Increase (decrease) in profit (loss) due increase in risk variable	$ (9,750)	$ 1,073
Increase (decrease) in profit (loss) due to reasonably possible decrease in risk variable	$ 9,750	$ (1,073)

Intangible assets and goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Schedule of intangible assets and goodwill


	Note	Technologies	Partner and merchant relationships	Development costs and software	Distributor commission buyouts	Trademarks	Total intangible assets	Goodwill
		$	$	$	$	$	$	$
Cost
Balance as at December 31, 2021		402,332	495,110	73,154	—	11,935	982,531	1,126,768
Acquisitions		173	—	34,405	2,597	—	37,175	—
Acquisition through business combinations		—	—	—	—	—	—	(1,359)
Settlement of advances to a third party		—	12,967	—	—	—	12,967	—
Transfer		—	137	(137)	—	—	—	—
Disposal		—	—	(36)	—	—	(36)	—
Fully amortized assets		(3,344)	(114,781)	—	—	(7,109)	(125,234)	—
Effect of movements in exchange rates		(3,478)	(6,504)	(1,221)	(59)	—	(11,262)	(10,816)
Balance as at December 31, 2022		395,683	386,929	106,165	2,538	4,826	896,141	1,114,593
Acquisitions		785	—	44,095	20,318	—	65,198	—
Acquisition through business combinations	4	185,081	455,364	3,131	—	16,607	660,183	867,365
Settlement of advances to a third party		—	2,047	—	—	—	2,047	—

Disposal		—	—	—	—	(4)	(4)	—
Fully amortized assets		—	(18,943)	(6,581)	—	—	(25,524)	—
Effect of movements in exchange rates		1,621	3,886	737	(114)	2	6,132	5,779
Balance as at December 31, 2023		583,170	829,283	147,547	22,742	21,431	1,604,173	1,987,737

Accumulated amortization
Balance as at December 31, 2021		44,762	148,056	33,310	—	8,803	234,931	—
Amortization		29,118	47,214	15,584	—	1,093	93,009	—

Disposal		—	—	(7)	—	—	(7)	—
Fully amortized assets		(3,344)	(114,781)	—	—	(7,109)	(125,234)	—
Effect of movements in exchange rates		(266)	(432)	(855)	—	—	(1,553)	—
Balance as at December 31, 2022		70,270	80,057	48,032	—	2,787	201,146	—
Amortization		40,312	55,342	20,376	3,192	2,753	121,975	—


Fully amortized assets		—	(18,943)	(6,581)	—	—	(25,524)	—
Effect of movements in exchange rates		341	745	378	64	—	1,528	—
Balance as at December 31, 2023		110,923	117,201	62,205	3,256	5,540	299,125	—

Carrying amounts

At December 31, 2022		325,413	306,872	58,133	2,538	2,039	694,995	1,114,593
At December 31, 2023		472,247	712,082	85,342	19,486	15,891	1,305,048	1,987,737

For the purposes of impairment testing, goodwill has been allocated to the Company’s CGUs, which represent the lowest level within the Company at which goodwill is monitored for internal management purposes, as follows:


		Nuvei Corporation 1	Digital Payments 2	LPP	Total
	Notes	$	$	$	$
Balance as at December 31, 2021		373,738	737,647	15,383	1,126,768
Acquisitions through business combinations		(1,359)	—	—	(1,359)

Effect of movements in exchange rates		—	(10,816)	—	(10,816)
Balance as at December 31, 2022		372,379	726,831	15,383	1,114,593

Acquisitions through business combinations	4	864,172	3,193	—	867,365
Effect of movements in exchange rates		—	5,779	—	5,779
Balance as at December 31, 2023		1,236,551	735,803	15,383	1,987,737

1 Includes the acquisition of Paya (note 4)

2 Includes the acquisition of a service provider (note 4)

Share-based payment arrangements - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangements [Abstract]
Share price (in dollars per share)	$ 31.49	$ 37.97
Exercise price (in dollars per share)	$ 19.71	$ 37.97
Risk free interest rate (percent)	4.00%	2.98%
Expected volatility (percent)	35.50%	41.30%
Dividend yield (percent)	0.00%	0.00%
Expected term (in years)	6.0	1.1

Other liabilities - Movement in Provision for Losses on Merchant Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in other provisions [abstract]
Provision for losses on merchant accounts, beginning	$ 2,693	$ 6,265
Provision made during the year	7,463	2,818
Provision used or reversed during the year	(4,899)	(6,390)
Effect of movements in exchange rates	23	0
Provision for losses on merchant accounts, ending	$ 5,280	$ 2,693

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities
Net income (loss)	$ (696)	$ 61,955
Adjustments for:
Depreciation of property and equipment	14,448	8,483
Amortization of intangible assets	121,975	93,009
Amortization of contract assets	1,618	1,941
Share-based payments	134,609	139,103
Net finance cost	112,051	9,147
Gain on foreign currency exchange	(10,101)	(15,752)
Income tax expense	15,643	25,582
Fair value remeasurement of investment	974	0
Loss on disposal	1,154	175
Changes in non-cash working capital items	(12,414)	(10,881)
Interest paid	(92,319)	(23,370)
Interest received	12,727	10,753
Income taxes paid - net	(36,664)	(32,482)
Cash flow from operating activities	263,005	267,663
Cash flow used in investing activities
Business acquisitions, net of cash acquired	(1,379,778)	0
Payment of acquisition-related contingent consideration	0	(2,012)
Acquisition of property and equipment	(10,200)	(13,744)
Disposal (acquisition) of other non-current assets	(32,225)	466
Issuance of loan receivable	(6,905)	0
Net decrease in advances to third parties	245	2,059
Cash flow used in investing activities	(1,494,061)	(50,235)
Cash flow from (used in) financing activities
Shares repurchased and cancelled	(56,042)	(166,609)
Transaction costs from issuance of shares	0	(903)
Proceeds from exercise of stock options	8,167	2,072
Repayment of loans and borrowings	(127,840)	(5,120)
Proceeds from loans and borrowings	898,548	0
Financing fees related to loans and borrowings	(39,438)	0
Payment of lease liabilities	(5,711)	(3,727)
Dividend paid to shareholders	(27,923)	0
Purchase of non-controlling interest	0	(39,751)
Dividend paid by subsidiary to non-controlling interest	0	(260)
Cash flow from financing activities	649,761	(214,298)
Effect of movements in exchange rates on cash	44	(20)
Net increase (decrease) in cash and cash equivalents	(581,251)	3,110
Cash and cash equivalents – Beginning of Year	751,686	748,576
Cash and cash equivalents – End of Year	170,435	751,686
Intangible assets
Cash flow used in investing activities
Acquisition of intangible assets and residual commission	(44,880)	(34,578)
Distributor commission buyouts
Cash flow used in investing activities
Acquisition of intangible assets and residual commission	$ (20,318)	$ (2,426)

Property and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Property and equipment

8. Property and equipment


	Note	Point-of-sale terminals	Computer equipment	Office equipment, furniture and fixtures	Leasehold improvements	Right-of-use assets – Office leases	Total
		$	$	$	$	$
Cost
Balance as at December 31, 2021		3,632	9,764	1,742	3,901	13,806	32,845
Acquisitions		1,182	10,810	529	1,223	8,376	22,120
Disposal		—	(2,038)	(24)	(220)	—	(2,282)

Fully depreciated assets		—	(945)	—	(196)	(424)	(1,565)
Effect of movements in exchange rates		(280)	(228)	(14)	7	(233)	(748)
Balance as at December 31, 2022		4,534	17,363	2,233	4,715	21,525	50,370
Acquisitions		1,078	8,683	89	350	1,194	11,394
Disposal		—	(1)	(59)	(398)	(1,828)	(2,286)
Acquisition through business combinations	4	—	1,530	194	386	3,321	5,431
Fully depreciated assets		—	(1,625)	—	(702)	—	(2,327)
Effect of movements in exchange rates		113	(102)	56	100	93	260
Balance as at December 31, 2023		5,725	25,848	2,513	4,451	24,305	62,842

Accumulated depreciation
Balance as at December 31, 2021		2,220	3,725	568	1,253	6,223	13,989
Depreciation		597	3,815	280	451	3,340	8,483
Disposal		—	(2,036)	(13)	(87)	—	(2,136)
Fully depreciated assets		—	(945)	—	(196)	(424)	(1,565)
Effect of movement in exchange rates		(163)	(48)	(8)	(16)	(47)	(282)
Balance as at December 31, 2022		2,654	4,511	827	1,405	9,092	18,489
Depreciation		703	7,794	397	694	4,860	14,448
Disposal		—	—	(30)	(1)	(1,101)	(1,132)
Fully depreciated assets		—	(1,625)	—	(702)	—	(2,327)
Effect of movement in exchange rates		110	47	—	71	42	270
Balance as at December 31, 2023		3,467	10,727	1,194	1,467	12,893	29,748

Carrying amounts

At December 31, 2022		1,880	12,852	1,406	3,310	12,433	31,881
At December 31, 2023		2,258	15,121	1,319	2,984	11,412	33,094

Share-based payment arrangements - Summary of Share-based Awards (Details)		12 Months Ended
	Feb. 22, 2023 shares	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
Stock Options [Abstract]
Stock options outstanding, beginning of year (in shares)		8,594,289	8,847,218
Stock options forfeited (in shares)		(190,687)	(194,517)
Replacement awards in a business combination (in shares)		414,606
Stock options granted (in shares)		49,068	41,845
Dividend equivalents (in shares)		0
Stock options exercised (in shares)		(719,853)	(100,257)
Stock options outstanding, end of year (in shares)		8,147,423	8,594,289
Stock options exercisable (in shares)		4,180,568	3,762,900
Weighted average grant date fair value, stock options (in dollars per share) \| $ / shares		$ 18.15	$ 7.01
Weighted average exercise price, stock options outstanding, beginning of year (in dollars per share) \| $ / shares		56.24	55.87
Weighted average exercise price, stock options forfeited (in dollars per share) \| $ / shares		70.28	53.96
Weighted average exercise price, stock options replacement awards in a business combination (in dollars per share) \| $ / shares		19.71
Weighted average exercise price, stock options granted (in dollars per share) \| $ / shares		28.75	37.97
Weighted average exercise price, stock options dividend equivalents (in dollars per share) \| $ / shares		0
Weighted average exercise price, stock options exercised (in dollars per share) \| $ / shares		11.28	20.69
Weighted average exercise price, stock options outstanding, end of year (in dollars per share) \| $ / shares		57.86	56.24
Weighted average exercise price, stock options exercisable (in dollars per share) \| $ / shares		$ 28.51	$ 22.30
Paya Inc.
Stock Options [Abstract]
Stock options granted (in shares)	414,606
Restricted share units
Share Units [Abstract]
Share units outstanding, beginning of year (in shares)		3,892,643	972,097
Share units forfeited (in shares)		(375,233)	(53,947)
Replacement awards in a business combination (in shares)		909,735
Share units granted (in shares)		3,410,312	3,067,155
Dividend equivalents (in shares)		52,081
Share units exercised (in shares)		(532,259)	(92,662)
Share units outstanding, end of year (in shares)		7,357,279	3,892,643
Share units exercisable (in shares)		1,289,637	241,732
Weighted average grant date fair value, share units (in dollars per share) \| $ / shares		$ 22.15	$ 38.45
Restricted share units \| Paya Inc.
Share Units [Abstract]
Share units granted (in shares)	909,735
Performance share units
Share Units [Abstract]
Share units outstanding, beginning of year (in shares)		1,778,431	1,395,169
Share units forfeited (in shares)		(454,132)	0
Replacement awards in a business combination (in shares)		0
Share units granted (in shares)		0	383,262
Dividend equivalents (in shares)		8,604
Share units exercised (in shares)		0	0
Share units outstanding, end of year (in shares)		1,332,903	1,778,431
Share units exercisable (in shares)		142,565	141,122
Weighted average grant date fair value, share units (in dollars per share) \| $ / shares		$ 19.62	$ 49.76
Deferred share units
Share Units [Abstract]
Share units outstanding, beginning of year (in shares)		48,596	10,371
Share units forfeited (in shares)		0	0
Replacement awards in a business combination (in shares)		0
Share units granted (in shares)		64,425	38,225
Dividend equivalents (in shares)		814
Share units exercised (in shares)		0	0
Share units outstanding, end of year (in shares)		113,835	48,596
Share units exercisable (in shares)		113,835	48,596
Weighted average grant date fair value, share units (in dollars per share) \| $ / shares		$ 24.41	$ 30.79

Income taxes - Changes In Deferred Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	$ (44,532)	$ (58,064)
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	27,948	12,945
Business combinations	(131,510)	1,299
Equity	(748)	(2,293)
Foreign currency exchange differences	1,257	1,581
Net deferred tax assets (liabilities)	(147,585)	(44,532)
Share-based payments
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	3,128	4,314
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	5,551	1,798
Business combinations	1,027	0
Equity	(748)	(2,887)
Foreign currency exchange differences	55	(97)
Net deferred tax assets (liabilities)	9,013	3,128
Net operating tax losses carried forward
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	6,432	4,018
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	(4,996)	468
Business combinations	6,863	1,272
Equity	0	594
Foreign currency exchange differences	(2,468)	80
Net deferred tax assets (liabilities)	5,831	6,432
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	6,460	3,925
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	(6,460)	2,526
Business combinations	0	0
Equity	0	0
Foreign currency exchange differences	0	9
Net deferred tax assets (liabilities)	0	6,460
Accrued liabilities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	3,830	2,924
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	3,358	883
Business combinations	1,399	27
Equity	0	0
Foreign currency exchange differences	(1,519)	(4)
Net deferred tax assets (liabilities)	7,068	3,830
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	0
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	17,079
Business combinations	2,955
Equity	0
Foreign currency exchange differences	3,610
Net deferred tax assets (liabilities)	23,644	0
Total deferred tax assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	19,850
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	14,532
Business combinations	12,244
Equity	(748)
Foreign currency exchange differences	(322)
Net deferred tax assets (liabilities)	45,556	19,850
Total deferred tax assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	19,850	15,181
Changes in deferred income taxes [abstract]
Recognized in net income (loss)		5,675
Business combinations		1,299
Equity		(2,293)
Foreign currency exchange differences		(12)
Net deferred tax assets (liabilities)		19,850
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	(62,535)	(70,043)
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	12,758	5,728
Business combinations	(142,620)	0
Equity	0	0
Foreign currency exchange differences	827	1,780
Net deferred tax assets (liabilities)	(191,570)	(62,535)
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	(661)	(1,800)
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	661	1,134
Business combinations	0	0
Equity	0	0
Foreign currency exchange differences	0	5
Net deferred tax assets (liabilities)	0	(661)
Property and equipment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	(413)	(905)
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	(21)	684
Business combinations	(1,134)	0
Equity	0	0
Foreign currency exchange differences	(1)	(192)
Net deferred tax assets (liabilities)	(1,569)	(413)
Deferred costs
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	(773)	(497)
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	18	(276)
Business combinations	0	0
Equity	0	0
Foreign currency exchange differences	753	0
Net deferred tax assets (liabilities)	(2)	(773)
Total deferred tax liabilities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	(64,382)
Changes in deferred income taxes [abstract]
Recognized in net income (loss)	13,416
Business combinations	(143,754)
Equity	0
Foreign currency exchange differences	1,579
Net deferred tax assets (liabilities)	(193,141)	(64,382)
Total deferred tax liabilities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax assets (liabilities)	$ (64,382)	(73,245)
Changes in deferred income taxes [abstract]
Recognized in net income (loss)		7,270
Business combinations		0
Equity		0
Foreign currency exchange differences		1,593
Net deferred tax assets (liabilities)		$ (64,382)

Income taxes - Schedule of Unused Tax Credits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Expire	$ 2,356	$ 515
Never expire	0	0
Total unused tax credits	$ 2,356	$ 515

Net finance costs (Details) - USD ($) $ in Thousands	12 Months Ended
Net finance costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance income
Interest on advances to third parties and interest income	$ (9,283)	$ (13,694)
Finance cost
Interest on loans and borrowings (excluding lease liabilities)	103,278	26,186
Change in fair value of share repurchase liability	571	(5,710)
Interest expense on lease liabilities	659	573
Other interest expense	1,732	1,792
Accelerated amortization of deferred financing fees	15,094	0
Finance cost	121,334	22,841
Net finance cost	$ 112,051	$ 9,147

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent events	26. Subsequent event On January 5, 2024, the Company acquired 100% of the shares of Till Payments, an independent software vendors ("ISV") focused payment technology company headquartered in Sydney, Australia, for a total consideration of $36,905, comprised of $30,000 in cash and $6,905 of a loan receivable that was considered part of the consideration transferred. Due to the limited period of time between the closing date of the acquisition of Till Payments and the filing of the Company's consolidated financial statements for the year ended December 31, 2023, it was impracticable to provide certain required disclosures for business acquisitions, including the preliminary purchase price allocation.

Subsequent events (Details) - USD ($) $ in Thousands	Jan. 05, 2024	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [line items]
Purchase price		$ 1,411,261
Cash paid		$ 1,401,435
Till Payments Inc. ("Till") \| Major business combination
Disclosure of non-adjusting events after reporting period [line items]
Percentage of equity interest acquired (in percent)	100.00%
Purchase price	$ 36,905
Cash paid	30,000
Loan receivable	$ 6,905

Income taxes - Deferred Income Taxes on Consolidated Statements of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Deferred tax assets	$ 4,336	$ 17,172
Deferred tax liabilities	(151,921)	(61,704)
Net deferred tax assets (liabilities)	$ (147,585)	$ (44,532)	$ (58,064)

Material accounting policies and new accounting standards - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2023
Development costs and software \| Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	3 years
Development costs and software \| Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	5 years
Trademarks \| Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	3 years
Trademarks \| Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	15 years
Technologies \| Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	3 years
Technologies \| Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	15 years
Distributor commission buyouts
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	7 years
Partner and merchant relationships \| Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	5 years
Partner and merchant relationships \| Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life (in years)	15 years

Net finance costs (Tables)

12 Months Ended

Dec. 31, 2023

Borrowing costs [abstract]

Schedule of net finance costs




	2023	2022
	$	$
Finance income
Interest on advances to third parties and interest income	(9,283)	(13,694)

Finance cost
Interest on loans and borrowings (excluding lease liabilities)	103,278	26,186
Change in fair value of share repurchase liability	571	(5,710)
Interest expense on lease liabilities	659	573
Other interest expense	1,732	1,792



Accelerated amortization of deferred financing fees	15,094	—
	121,334	22,841

Net finance cost	112,051	9,147

Determination of fair values (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurement [Abstract]

Schedule of fair value of financial liabilities

As at December 31, 2023 and December 31, 2022, financial instruments measured at fair value in the Consolidated Financial Statements of financial position were as follows:


	Notes	Fair value hierarchy	2023	2022
			$	$
Assets
Investments measured at fair value through profit or loss		Level 1	1,255	1,002
Derivative financial asset - Interest rate swap		Level 2	677	—
Investments measured at fair value through profit or loss		Level 3	2,444	2,148
Investment in equity instrument designated at fair value through other comprehensive income		Level 3	25,862	—
Advances to a third party independent sales organization		Level 3	—	2,154

Liabilities

Derivative financial liability - Interest rate swap		Level 2	7,780	—

Interest rate swap

In September 2023, the Company entered into an interest rate swap agreement with a notional amount of $300,000 and a fixed interest rate of 4.67% maturing September 30, 2026 to hedge a portion of its future variable interest payments. This derivative is carried at fair value and is presented in other current assets and liabilities and other non-current liabilities in the consolidated statements of financial position.

Fair value of the interest rate swap is calculated as the present value of the estimated future cash flows. Estimated future cash flows are discounted using a yield curve which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps.

Level 3 fair value measurement items

The following table presents the changes in level 3 items for the years ended December 31, 2023 and 2022:


	Advances to a third party independent sales organization	Investments measured at fair value through profit or loss	LPP put option liability	Contingent considerations	Investment measured at fair value through other comprehensive income
	$	$	$	$	$
Balance as at December 31, 2021	16,616	1,148	531	3,004	—
Settlement	—	—	—	(2,012)	—
Acquisition	—	1,000	—	—
Merchant residuals received, net of interest on advances to a third parties	(1,495)	—	—	—	—
Settlement of advances to a third party	(12,967)	—	—	—	—
Fair value remeasurement	—	—	(531)	(992)	—
Balance as at December 31, 2022	2,154	2,148	—	—	—

Acquisition	—	1,270	—	—	25,000

Merchant residuals received, net of interest on advances to a third parties	(108)	—	—	—	—
Settlement of advances to a third party	(2,046)	—	—	—	—
Effect of movements in exchange rates	—	—	—	—	862
Fair value remeasurement	—	(974)	—	—	—
Balance as at December 31, 2023	—	2,444	—	—	25,862

Schedule of fair value of financial assets

As at December 31, 2023 and December 31, 2022, financial instruments measured at fair value in the Consolidated Financial Statements of financial position were as follows:


	Notes	Fair value hierarchy	2023	2022
			$	$
Assets
Investments measured at fair value through profit or loss		Level 1	1,255	1,002
Derivative financial asset - Interest rate swap		Level 2	677	—
Investments measured at fair value through profit or loss		Level 3	2,444	2,148
Investment in equity instrument designated at fair value through other comprehensive income		Level 3	25,862	—
Advances to a third party independent sales organization		Level 3	—	2,154

Liabilities

Derivative financial liability - Interest rate swap		Level 2	7,780	—

Interest rate swap

Level 3 fair value measurement items

The following table presents the changes in level 3 items for the years ended December 31, 2023 and 2022:


	Advances to a third party independent sales organization	Investments measured at fair value through profit or loss	LPP put option liability	Contingent considerations	Investment measured at fair value through other comprehensive income
	$	$	$	$	$
Balance as at December 31, 2021	16,616	1,148	531	3,004	—
Settlement	—	—	—	(2,012)	—
Acquisition	—	1,000	—	—
Merchant residuals received, net of interest on advances to a third parties	(1,495)	—	—	—	—
Settlement of advances to a third party	(12,967)	—	—	—	—
Fair value remeasurement	—	—	(531)	(992)	—
Balance as at December 31, 2022	2,154	2,148	—	—	—

Acquisition	—	1,270	—	—	25,000

Merchant residuals received, net of interest on advances to a third parties	(108)	—	—	—	—
Settlement of advances to a third party	(2,046)	—	—	—	—
Effect of movements in exchange rates	—	—	—	—	862
Fair value remeasurement	—	(974)	—	—	—
Balance as at December 31, 2023	—	2,444	—	—	25,862

Income taxes - Details of Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Current tax expense (recovery)	$ 43,591	$ 38,527
Deferred tax expense (recovery)	(27,948)	(12,945)
Total tax expense	$ 15,643	$ 25,582

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Determination of fair values - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Assets at fair value	$ 5,135,267	$ 3,524,669
Liabilities at fair value	3,091,052	1,545,179
Level 1 \| Investments measured at fair value through profit or loss
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Assets at fair value	1,255	1,002
Level 2 \| Derivative financial liability - Interest rate swap
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Liabilities at fair value	7,780	0
Level 2 \| Investments measured at fair value through profit or loss
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Assets at fair value	677	0
Level 3 \| Investments measured at fair value through profit or loss
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Assets at fair value	2,444	2,148
Level 3 \| Investment in equity instrument designated at fair value through other comprehensive income
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Assets at fair value	25,862	0
Level 3 \| Advances to a third party independent sales organization
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Assets at fair value	$ 0	$ 2,154

Material accounting policies and new accounting standards - Narrative (Details)	Dec. 31, 2023 USD ($)
Disclosure Of Accounting Policies [Line Items]
Right-of-use assets	$ 0

Income taxes - Unrecognized Deferred Income Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Net operating tax losses carried forward	$ 41,838	$ 24,973
Unused tax credits	2,356	515
Deductible temporary differences, including capital losses	$ 22,715	$ 26,312

Other liabilities - Narrative (Details) - LPP NCI unitholders	Apr. 07, 2022 USD ($)	Feb. 04, 2022
Subclassifications Of Assets, Liabilities And Equities Line Items [Line Items]
Obligation to purchase remaining interest (percent)		40.00%
Completed purchase obligation (in percent)	0.40
Purchase obligation paid	$ 39,751,000

Financial instruments and commitments - Maturities of Financial Liabilities and Purchase Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying amount
Due to merchants	$ 1,455,376	$ 823,666
Carrying amount	1,260,544	510,754
Segregated funds	(1,455,376)	$ (823,666)
Liquidity risk
Carrying amount
Trade and other payables (excluding sales tax)	172,120
Due to merchants	1,455,376
Carrying amount	1,248,270
Lease liabilities	12,274
Other liabilities	18,233
Financial liabilities and purchase commitments	2,906,273
Segregated funds	(1,455,376)
Financial liabilities and purchase commitments, net of segregated funds	1,450,897
Contractual cash flows
Trade and other payables (excluding sales tax)	172,120
Due to merchants	1,455,376
Credit facility	2,029,633
Lease liabilities	13,032
Other liabilities	17,750
Contractual commitments	75,000
Financial liabilities and purchase commitments	3,762,911
Segregated funds	(1,455,376)
Financial liabilities and purchase commitments, net of segregated funds	2,307,535
Less than 1 year \| Liquidity risk
Contractual cash flows
Trade and other payables (excluding sales tax)	172,120
Due to merchants	1,455,376
Credit facility	128,042
Lease liabilities	4,859
Other liabilities	7,586
Contractual commitments	6,833
Financial liabilities and purchase commitments	1,774,816
Segregated funds	(1,455,376)
Financial liabilities and purchase commitments, net of segregated funds	319,440
1 to 5 years \| Liquidity risk
Contractual cash flows
Trade and other payables (excluding sales tax)	0
Due to merchants	0
Credit facility	604,105
Lease liabilities	6,897
Other liabilities	10,164
Contractual commitments	48,730
Financial liabilities and purchase commitments	669,896
Segregated funds	0
Financial liabilities and purchase commitments, net of segregated funds	669,896
More than 5 years \| Liquidity risk
Contractual cash flows
Trade and other payables (excluding sales tax)	0
Due to merchants	0
Credit facility	1,297,486
Lease liabilities	1,276
Other liabilities	0
Contractual commitments	19,437
Financial liabilities and purchase commitments	1,318,199
Segregated funds	0
Financial liabilities and purchase commitments, net of segregated funds	$ 1,318,199

Income taxes - Narrative (Details) $ in Millions	12 Months Ended
Income taxes - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Minimum
Schedule Of Income Taxes [Line Items]
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes	$ 7
Maximum
Schedule Of Income Taxes [Line Items]
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes	$ 10

Other assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets 1 [Abstract]

Other Assets

Other current assets comprise the following:


	Note	2023	2022
		$	$

Loan receivable	26	6,905	—
Derivative financial asset	21	677	—
		7,582	—

b)Other non-current assets

Other non-current assets comprise the following:


	Note	2023	2022
		$	$

Investment measured at fair value through profit or loss	21	3,699	2,004
Investment measured at fair value through other comprehensive income	21	25,862	—
Other		6,040	678
		35,601	2,682

Business combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 01, 2023	Feb. 22, 2023
Assets
Cash	$ 21,657
Segregated funds	244,798
Trade and other receivables	23,263
Inventory	293
Prepaid expenses	2,816
Property and equipment	5,431
Processor deposits	385
Software	3,131
Trademarks	16,607
Technologies	185,081
Partner and merchant relationships	455,364
Goodwill	867,365
Assets	1,826,191
Liabilities
Trade and other payables	(30,150)
Current portion of loans and borrowings	(1,142)
Other current liabilities	(3,142)
Due to merchants	(244,798)
Income taxes payable	(1,696)
Loans and borrowings	(2,492)
Deferred tax liabilities	(131,510)
Liabilities	(414,930)
Total consideration
Cash paid	1,401,435
Share-based payments (note 16)	9,826
Total	$ 1,411,261
Paya Inc.
Assets
Cash			$ 21,657
Segregated funds			244,798
Trade and other receivables			23,263
Inventory			293
Prepaid expenses			2,816
Property and equipment			5,419
Processor deposits			385
Software			3,131
Trademarks			16,607
Technologies			178,173
Partner and merchant relationships			455,364
Goodwill			864,172
Assets			1,816,078
Liabilities
Trade and other payables			(30,037)
Current portion of loans and borrowings			(1,142)
Other current liabilities			(3,142)
Due to merchants			(244,798)
Income taxes payable			(1,696)
Loans and borrowings			(2,492)
Deferred tax liabilities			(131,510)
Liabilities			(414,817)
Total consideration
Cash paid			1,391,435
Share-based payments (note 16)			9,826
Total			$ 1,401,261
Service Provider
Assets
Cash		$ 0
Segregated funds		0
Trade and other receivables		0
Inventory		0
Prepaid expenses		0
Property and equipment		12
Processor deposits		0
Software		0
Trademarks		0
Technologies		6,908
Partner and merchant relationships		0
Goodwill		3,193
Assets		10,113
Liabilities
Trade and other payables		(113)
Current portion of loans and borrowings		0
Other current liabilities		0
Due to merchants		0
Income taxes payable		0
Loans and borrowings		0
Deferred tax liabilities		0
Liabilities		(113)
Total consideration
Cash paid		10,000
Share-based payments (note 16)		0
Total		$ 10,000

Material accounting policies and new accounting standards - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
Point-of-sale terminals \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (in years)	3 years
Point-of-sale terminals \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (in years)	5 years
Computer equipment
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (in years)	3 years
Office equipment, furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (in years)	5 years

Subsequent events (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of non-adjusting events after reporting period [abstract]

Schedule of purchase price allocation

The following table summarizes the final amounts of assets acquired and liabilities assumed at the acquisition date for acquisitions in the year ended December 31, 2023:



	Paya $	Other $	Total $
Assets acquired
Cash	21,657	—	21,657
Segregated funds	244,798	—	244,798
Trade and other receivables	23,263	—	23,263
Inventory	293	—	293
Prepaid expenses	2,816	—	2,816
Property and equipment	5,419	12	5,431
Processor deposits	385	—	385
Intangible assets
Software	3,131	—	3,131
Trademarks	16,607	—	16,607
Technologies	178,173	6,908	185,081
Partner and merchant relationships	455,364	—	455,364
Goodwill1	864,172	3,193	867,365
	1,816,078	10,113	1,826,191
Liabilities assumed
Trade and other payables	(30,037)	(113)	(30,150)
Current portion of loans and borrowings	(1,142)	—	(1,142)
Other current liabilities	(3,142)	—	(3,142)
Due to merchants	(244,798)	—	(244,798)
Income taxes payable	(1,696)	—	(1,696)
Loans and borrowings	(2,492)	—	(2,492)
Deferred tax liabilities	(131,510)	—	(131,510)
	(414,817)	(113)	(414,930)
Total consideration
Cash paid	1,391,435	10,000	1,401,435
Share-based payments (note 16)	9,826	—	9,826
	1,401,261	10,000	1,411,261

1 Goodwill mainly consists of future growth, assembled workforce and expected synergies, which were not recorded separately since they did not meet the recognition criteria for identifiable intangible assets. Goodwill arising from the Paya acquisition is not deductible for income tax purposes.

Intangible assets and goodwill

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Intangible assets and goodwill

9. Intangible assets and goodwill

a)Intangible assets


	Note	Technologies	Partner and merchant relationships	Development costs and software	Distributor commission buyouts	Trademarks	Total intangible assets	Goodwill
		$	$	$	$	$	$	$
Cost
Balance as at December 31, 2021		402,332	495,110	73,154	—	11,935	982,531	1,126,768
Acquisitions		173	—	34,405	2,597	—	37,175	—
Acquisition through business combinations		—	—	—	—	—	—	(1,359)
Settlement of advances to a third party		—	12,967	—	—	—	12,967	—
Transfer		—	137	(137)	—	—	—	—
Disposal		—	—	(36)	—	—	(36)	—
Fully amortized assets		(3,344)	(114,781)	—	—	(7,109)	(125,234)	—
Effect of movements in exchange rates		(3,478)	(6,504)	(1,221)	(59)	—	(11,262)	(10,816)
Balance as at December 31, 2022		395,683	386,929	106,165	2,538	4,826	896,141	1,114,593
Acquisitions		785	—	44,095	20,318	—	65,198	—
Acquisition through business combinations	4	185,081	455,364	3,131	—	16,607	660,183	867,365
Settlement of advances to a third party		—	2,047	—	—	—	2,047	—

Disposal		—	—	—	—	(4)	(4)	—
Fully amortized assets		—	(18,943)	(6,581)	—	—	(25,524)	—
Effect of movements in exchange rates		1,621	3,886	737	(114)	2	6,132	5,779
Balance as at December 31, 2023		583,170	829,283	147,547	22,742	21,431	1,604,173	1,987,737

Accumulated amortization
Balance as at December 31, 2021		44,762	148,056	33,310	—	8,803	234,931	—
Amortization		29,118	47,214	15,584	—	1,093	93,009	—

Disposal		—	—	(7)	—	—	(7)	—
Fully amortized assets		(3,344)	(114,781)	—	—	(7,109)	(125,234)	—
Effect of movements in exchange rates		(266)	(432)	(855)	—	—	(1,553)	—
Balance as at December 31, 2022		70,270	80,057	48,032	—	2,787	201,146	—
Amortization		40,312	55,342	20,376	3,192	2,753	121,975	—


Fully amortized assets		—	(18,943)	(6,581)	—	—	(25,524)	—
Effect of movements in exchange rates		341	745	378	64	—	1,528	—
Balance as at December 31, 2023		110,923	117,201	62,205	3,256	5,540	299,125	—

Carrying amounts

At December 31, 2022		325,413	306,872	58,133	2,538	2,039	694,995	1,114,593
At December 31, 2023		472,247	712,082	85,342	19,486	15,891	1,305,048	1,987,737

Goodwill impairment test

For the years ended December 31, 2023 and 2022, the Company performed its annual impairment test of goodwill. For the purposes of impairment testing, goodwill has been allocated to the Company’s CGUs, which represent the lowest level within the Company at which goodwill is monitored for internal management purposes, as follows:


		Nuvei Corporation 1	Digital Payments 2	LPP	Total
	Notes	$	$	$	$
Balance as at December 31, 2021		373,738	737,647	15,383	1,126,768
Acquisitions through business combinations		(1,359)	—	—	(1,359)

Effect of movements in exchange rates		—	(10,816)	—	(10,816)
Balance as at December 31, 2022		372,379	726,831	15,383	1,114,593

Acquisitions through business combinations	4	864,172	3,193	—	867,365
Effect of movements in exchange rates		—	5,779	—	5,779
Balance as at December 31, 2023		1,236,551	735,803	15,383	1,987,737

1 Includes the acquisition of Paya (note 4)

2 Includes the acquisition of a service provider (note 4)

The Company determined the recoverable amounts of the CGUs based on the fair value less costs to sell method, estimated using an income approach and further validated using a market approach, which is the adjusted EBITDA multiple. The Company concluded that the recoverable amount of the CGUs subject to the annual test was greater than their carrying amount. As such, no impairment charge was recorded during 2023 and 2022.

The fair values were based on a discounted cash flows, which takes into account the most recent financial forecasts approved by management. The key assumptions for the fair value less costs to sell method include estimated revenue and EBITDA margin forecasts in determining future forecasted cash flows, as well as discount rates applied to forecasted cash flows. The values assigned to the key assumptions represent management’s assessment of future trends and have been based on historical data from external and internal sources. No reasonably possible change in the key assumptions used in determining the recoverable amount would result in any impairment of goodwill.

Revenue and expenses by nature (Tables)

12 Months Ended

Dec. 31, 2023

Analysis of income and expense [abstract]

Schedule of revenue and expenses by nature




	2023	2022
	$	$
Revenue
Merchant transaction and processing services revenue	1,177,881	835,093
Other revenue	8,892	8,230
Interest revenue	3,120	—
	1,189,893	843,323

Cost of revenue
Processing cost	218,063	166,995
Cost of goods sold	4,843	4,430
	222,906	171,425

Selling, general and administrative expenses
Commissions	221,720	113,287
Employee compensation	204,479	155,359
Share-based payments	134,609	139,103
Depreciation and amortization	136,423	101,492
Professional fees	56,079	32,387
Transaction losses (recovery)	7,928	(143)
Contingent consideration adjustment	—	(992)
Other	88,852	50,473
	850,090	590,966

Share-based payment arrangements

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangements [Abstract]

Share-based payment arrangements

16. Share-based payment arrangements

In connection with the TSX listing, on September 22, 2020, the Company closed new participation in its long-term incentive stock plan (the “Legacy Option Plan”) to directors, officers, employees and consultants. In its place, a new long-term incentive plan (the “Omnibus Incentive Plan”) was authorized.

Omnibus Incentive Plan

The Omnibus Incentive Plan permits the Company to grant awards of options, RSUs, PSUs and DSUs to eligible participants.

Vested RSUs, PSUs and DSUs will be settled by the issuance of shares at the settlement date. Stock options vest over a period of up to five years after being granted. DSUs vest immediately as they are granted for past services and settle on a deferred basis. RSUs and PSUs vest over a period of up to three years.

Paya Equity Plan

In connection with the Paya acquisition, the Company assumed the Paya Holdings Inc. Omnibus Incentive Plan, as amended (the "Paya Equity Plan"), and RSUs and stock options outstanding immediately prior to the Paya acquisition. Those outstanding RSUs and stock options were converted and replaced by 909,735 RSUs and 414,606 stock to be settled with Subordinate Voting Shares. Under the Paya equity plan, 1,324,341 Subordinate Voting Shares of the Company are reserved for issuance and issuable upon the exercise or settlement of such awards. RSU holders are eligible to receive dividends in cash, payable upon settlement if all vesting conditions are met. The Company cannot grant further awards under the Paya Equity Plan.

The portion of the replacement awards at the acquisition date relating to services rendered up to the acquisition date, representing an amount of $9,826 was included as part of the consideration transferred (note 4). At the acquisition date, the portion of the replacement awards' fair value relating to services to be rendered in the future was $11,937 and will be recognized as compensation expense over the remaining vesting period.

Legacy Option Plan

In 2017, the Company authorized the Legacy Option Plan which provided for the grant of stock options to directors, officers, employees and consultants. All stock options are to be settled by the delivery of shares. The shares subject to the Legacy Option Plan are exercisable for Subordinate Voting Shares. Under the Legacy Option Plan, the Company authorized for issuance the maximum of 11,704,100 stock options.

The stock options expire 10 years after the date of grant and are subject to possible earlier exercise and termination under certain circumstances. Under the Legacy Option Plan unless otherwise decided by the Company, stock options vest in equal installments over five years and the expense is recognized following the accelerated method as each installment is fair valued separately and recorded over the respective vesting periods.

Dividend

RSU, PSU and DSU holders are eligible to receive dividend equivalents in the form of additional RSUs, PSUs or DSUs with the same vesting conditions as the underlying awards.

Share-based payments continuity

The table below summarizes the changes in the outstanding RSUs, PSUs, DSUs, and stock options for the years ended December 31, 2023 and 2022:



				Stock options
	Restricted share units	Performance share units	Deferred share units	Quantity	Weighted average exercise price
					$
Outstanding, beginning of year 2022	972,097	1,395,169	10,371	8,847,218	55.87
Forfeited	(53,947)	—	—	(194,517)	53.96
Granted	3,067,155	383,262	38,225	41,845	37.97
Exercised	(92,662)	—	—	(100,257)	20.69
Outstanding, end of year 2022	3,892,643	1,778,431	48,596	8,594,289	56.24
Forfeited	(375,233)	(454,132)	—	(190,687)	70.28
Replacement awards in a business combination	909,735	—	—	414,606	19.71
Granted	3,410,312	—	64,425	49,068	28.75
Dividend equivalents	52,081	8,604	814	—	—
Exercised	(532,259)	—	—	(719,853)	11.28
Outstanding, end of year 2023	7,357,279	1,332,903	113,835	8,147,423	57.86

Exercisable, end of year 2022	241,732	141,122	48,596	3,762,900	22.30
Exercisable, end of year 2023	1,289,637	142,565	113,835	4,180,568	28.51

Granted - Weighted average grant date fair value1 2022	$38.45	$49.76	$30.79	$7.01	—
Granted - weighted average grant date fair value1 2023	$22.15	$19.62	$24.41	$18.15	—

1 Granted - weighted average grant date fair value includes units granted and replacement awards in a business combination.

The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:



	2023	2022
Share price	$31.49	$37.97
Exercise price	$19.71	$37.97
Risk-free interest rate	4.00%	2.98%
Expected volatility	35.5%	41.3%
Dividend yield	—	—
Expected term	6.0 years	1.1 years

The risk-free interest rate is based on the yield of a zero coupon US government security with a maturity equal to the expected life of the option from the date of the grant. Expected volatility is determined using the limited historical volatility of the Company's stock since its TSX and Nasdaq listing as well as the volatility of peer companies in the same industry over the expected term of the options granted. For the year ended December 31, 2023, the Company used an expected dividend yield of zero in the option-pricing model. In the third quarter of 2023, the Company started paying quarterly dividends. Since then, no stock options have been granted.

The PSUs, RSUs and DSUs grant date fair value was determined by using the quoted share price on the date of issuance. During the year ended December 31, 2022, 383,262 PSUs awarded included performance conditions and the right to these units will vest upon meeting the related performance criteria. These units had a maximum payout of 200% and could result in an additional 383,262 shares being issued. The performance conditions were not met and the units were forfeited in the year ended December 31, 2023.

Stock options outstanding by exercise price

The following table summarizes information about stock options outstanding and exercisable as at December 31, 2023:


	Options outstanding		Options exercisable
Exercise price $	Number of options	Weighted average remaining contractual term (in years)	Number of options	Weighted average remaining term (in years)
2.80	836,314	4.2	836,314	4.2
3.42 – 4.00	720,597	4.7	720,597	4.7
4.70 – 6.30	43,699	5.1	43,699	5.1
11.51 – 17.22	552,026	6.1	376,529	6.1
17.99 – 37.51	2,350,983	6.9	1,230,029	6.8
47.21 – 78.58	711,251	5.6	610,181	5.3
104.53 – 127.33	2,932,553	7.8	363,219	7.7
	8,147,423	6.6	4,180,568	5.7

Of the stock options outstanding as at December 31, 2023, a total of 4,361,589 (2022 - 4,368,267) are held by key management personnel.

Basis of preparation and consolidation	12 Months Ended
Basis of preparation and consolidation	Dec. 31, 2023
Basis Of Preparation And Consolidation [Abstract]
Basis of preparation and consolidation	2. Basis of preparation and consolidation Statement of compliance These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Consolidated Financial Statements as at and for the years ended December 31, 2023 and 2022, were authorized for issue by the Company’s Board of Directors on March 5, 2024. Basis of measurement The Consolidated Financial Statements have been prepared on the historical cost basis except for: •Contingent consideration, investments and derivative financial instruments, which are measured at fair value; and •Share-based compensation transactions, which are measured pursuant to IFRS 2, Share-based Payment (note 16). Operating segment The Company has one reportable segment for the provision of payment technology solutions to merchants and partners. Estimates, judgments and assumptions The preparation of these Consolidated Financial Statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates, judgements and assumptions. Judgments Critical judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements include the following: Revenue recognition (note 3) The identification of revenue-generating contracts with customers, the identification of performance obligations, the determination of the transaction price and allocations between identified performance obligations, the use of appropriate revenue recognition method for each performance obligation and the measure of progress for performance obligations satisfied over time are the main aspects of the revenue recognition process, all of which require the exercise of judgment and use of assumptions. In addition, the Company has applied judgment in assessing the principal versus agent considerations for its transaction and processing services. Determining the fair value of identifiable intangible assets following a business combination (note 4) The Company uses valuation techniques to determine the fair value of identifiable intangible assets acquired in a business combination, which are generally based on a forecast of total expected future net discounted cash flows. These valuations are linked closely to the assumptions made by management regarding the future performance of the related assets and the discount rate applied as it would be assumed by a market participant. Recognizing expense of share-based payments with performance conditions (note 16) The expense recognized for share-based payments for which the performance conditions have not yet been met is based on an estimation of the probability of achieving the performance conditions and the timing of their achievement, which is difficult to predict. The final expense is only determinable when the outcome is known. Determining the fair value of services rendered by an external party (note 16) When issuing share-based payments in exchange for services rendered under a contract with a third party, the Company records the fair value of the services provided by the third party by estimating the fair value of the services received under the contract, rather than using the fair value of the shares issued in exchange for the services. Management applied significant judgment in determining that the fair value of the services were more reliably measurable in the exchange. Assumptions and estimation uncertainties Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year include the following: •Estimating the recoverable amount of goodwill (note 9); •Estimating the provision for losses on merchant accounts (note 11); •Estimating the fair value of share-based payment transactions (note 16); •Estimating the recoverable amount of tax balances for recognition of tax assets (note 17); and •Estimating the fair value measurement of level 3 financial instruments (note 21).

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related Party [Abstract]

Schedule of transactions between related parties

Transactions with key management personnel

Key management personnel compensation comprises the following:




	2023	2022
	$	$
Salaries and short-term employee benefits	8,733	6,007
Share-based payments	71,730	71,286
	80,463	77,293

Other related party transactions



		Transaction value		Balance outstanding December 31,


			2023	2022	2023	2022
			$	$	$	$
Expenses – Travel	(i)		1,976	1,139	745	137

(i)In the normal course of operations, the Company receives services from a company owned by a shareholder of the Company. The services received consist of travel services.

Material accounting policies and new accounting standards (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Significant Accounting Policies [Abstract]

Schedule of subsidiaries

The Company’s principal subsidiaries, their jurisdiction of incorporation and the Company’s percentage ownership share of each are as follows:



Subsidiary	Jurisdiction of incorporation	Ownership percentage
Loan Payment Pro ("LPP")	United States	100%
Nuvei Commerce LLC	United States	100%
Nuvei Consulting Services Ltd.	Israel	100%
Nuvei International Group Limited	Guernsey	100%
Nuvei Ltd.	Cyprus	100%
Nuvei Technologies Corp.	Canada	100%
Nuvei Technologies Inc.	United States	100%
Nuvei Technology & Services B.V.	Netherlands	100%
Nuvei US LLC	United States	100%
Paya Holdings Inc.	United States	100%
Paya Inc.	United States	100%
SimplexCC Ltd.	Israel	100%

Schedule of estimated useful lives of property and equipment

Depreciation is calculated to expense the cost of items of property and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognized in the consolidated statements of profit or loss as follows:


Assets			Period
Point-of-sale terminals			3 to 5 years
Computer equipment			3 years
Office equipment, furniture and fixtures			5 years
Leasehold improvements			Lease term
Right-of-use assets – office leases			Lease term

Schedule of estimated useful lives of intangible assets

The estimated useful lives for current and comparative years are as follows:



Assets			Period
Technologies			3 - 15 years
Partner and merchant relationships			5 - 15 years
Development costs and software			3 - 5 years
Distributor commission buyouts			7 years
Trademarks			3 - 15 years

Schedule of financial instruments classification

The Company’s financial instruments have been classified as follows:



Financial instruments			Classification
Financial assets
Cash and cash equivalents			Amortized cost
Trade and other receivables			Amortized cost
Segregated funds			Amortized cost
Advances to third parties			FVTPL
Processor and other deposits			Amortized cost
Loan receivable 1			Amortized cost
Derivative financial asset 1			FVOCI
Investments 2			FVTPL
Investments 2			FVOCI

Financial liabilities
Trade and other payables			Amortized cost
Derivative financial liability 3			FVOCI
Due to merchants			Amortized cost
Loans and borrowings			Amortized cost

1 Loan receivable and derivative financial asset are presented as Other current assets in the consolidated statements of financial position

2 Investments are presented as Other non-current assets in the consolidated statements of financial position

3 Derivative financial liability is presented as Other current liabilities and Other non-current liabilities in the consolidated statements of financial position

Other liabilities - Other Non-current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Derivative financial liability	$ 7,152	$ 0
Other	3,222	2,434
Total other non-current liabilities	$ 10,374	$ 2,434

Material accounting policies and new accounting standards

12 Months Ended

Dec. 31, 2023

Disclosure Of Significant Accounting Policies [Abstract]

Material accounting policies and new accounting standards

3. Material accounting policies and new accounting standards

The material accounting policies set out below have been applied consistently to all periods presented in these Consolidated Financial Statements, and have been applied consistently by the Company’s subsidiaries, unless otherwise indicated.

Foreign currency

Functional and presentation currency

These Consolidated Financial Statements are presented in US dollars, which is also the Company’s functional currency.

Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of entities of the Company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.

Foreign currency differences are recognized in profit or loss.

Foreign operations

The assets and liabilities of foreign operations whose functional currency is not the US dollar, including goodwill and fair value adjustments arising on acquisition, are translated to US dollars at the exchange rates at the reporting date. The revenue and expenses of foreign operations are translated into US dollars at the average exchange rate for the period.

Foreign currency differences are recognized in other comprehensive income (loss) in the cumulative translation reserve (accumulated other comprehensive income (loss)), except to the extent that the translation difference is allocated to the non-controlling interest.

Business combinations

Business combinations are accounted for using the acquisition method at the acquisition date. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, and any liability and equity interests issued by the Company on the date control of the acquired company is obtained. The consideration transferred includes the fair value of any asset or a liability resulting from a contingent consideration arrangement. Contingent consideration is subsequently remeasured at fair value, with any resulting gain or loss recognized and included in the consolidated statements of profit or loss and comprehensive income or loss. Contingent consideration that is payable contingent upon key employees’ continued employment with the Company is expensed over the service period. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date. The Company measures goodwill as the fair value for the consideration transferred including the recognized amount of any non controlling interest in the acquiree, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at the acquisition date. If this consideration is lower than the fair value of the net assets of the business acquired, the difference is recognized immediately in the consolidated statements of profit or loss and comprehensive income or loss as a gain from a bargain purchase.

To estimate the fair value of the intangible assets, management uses the excess earnings method to value partner and merchant relationships and the royalty relief method to value technologies using discounted cash flow models. Management developed assumptions related to revenue and EBITDA margin forecasts, partner and merchant attrition rates, royalty rates and discount rates.

If the final purchase price allocation for a business combination is incomplete, the Company reports provisional amounts for the items for which the accounting is incomplete. Provisional amounts are adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amount recognized at that date. The measurement period is the period from the acquisition date to the date the Company obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year.

Transaction costs, other than those associated with the issue of debt or equity securities, and other direct costs of a business combination are not considered part of the business acquisition transaction and are expensed as incurred and recorded under selling, general and administrative expenses in the consolidated statements of profit or loss and comprehensive income or loss.

Basis of consolidation

Subsidiaries

Subsidiaries are all entities over which the Company has control. Control exists when the Company is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through the power over the entity. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases.

The Company’s principal subsidiaries, their jurisdiction of incorporation and the Company’s percentage ownership share of each are as follows:



Subsidiary	Jurisdiction of incorporation	Ownership percentage
Loan Payment Pro ("LPP")	United States	100%
Nuvei Commerce LLC	United States	100%
Nuvei Consulting Services Ltd.	Israel	100%
Nuvei International Group Limited	Guernsey	100%
Nuvei Ltd.	Cyprus	100%
Nuvei Technologies Corp.	Canada	100%
Nuvei Technologies Inc.	United States	100%
Nuvei Technology & Services B.V.	Netherlands	100%
Nuvei US LLC	United States	100%
Paya Holdings Inc.	United States	100%
Paya Inc.	United States	100%
SimplexCC Ltd.	Israel	100%

Non-controlling interest

In the case of a business combination involving less than 100% of ownership interests, a non-controlling interest is measured either at fair value or at the non-controlling interest’s share of the identifiable net assets of the acquiree. The basis of measurement is determined on a transaction-by-transaction basis. Changes in the Company’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Transactions eliminated on consolidation

Intercompany balances and transactions, and any revenue and expenses arising from intercompany transactions, are eliminated in preparing the Consolidated Financial Statements.

Revenue from contracts with customers

Performance obligations and revenue recognition policies

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for these goods and services. The following describes the nature and timing of the satisfaction of performance obligation in contracts with customers, including significant payment terms, and the related revenue recognition policies.

Merchant transaction and processing services

Revenue from the Company’s merchant transaction and processing services revenues are derived primarily from e-commerce and retail point-of-sale payment processing services, and stem from relationships with individual merchants and partners. Additionally, transaction and processing services revenues are governed by contracts with financial services institutions and other merchant acquirers. The contracts stipulate the types of services and set forth how fees will be incurred and calculated. Merchant transaction and processing services revenues are generated from processing electronic payment transactions for merchants.

The Company’s transaction and processing revenues primarily comprise (a) fees calculated based on a percentage of monetary value of transactions processed; (b) fees calculated based on number of transactions processed; (c) service and subscription fees; or (d) some combination thereof that are associated with transaction and processing services.

The Company’s promise to its customers is to stand ready to process transactions the customer requests on a daily basis over the contract term. The Company has determined that the transaction and processing services represent a stand-ready series of distinct days of service that are substantially the same and have the same pattern of transfer to the customer. As a result, the Company has determined that merchant arrangements for transaction and processing services represent one performance obligation. Substantially all of the Company’s revenues are recognized over time as a daily series over the term of the contracts.

To provide the transaction and processing services, the Company routes and clears each transaction, and obtains authorization for the transaction and requests funds settlement from the applicable financial institution, through the applicable payment network. When third parties are involved in the transfer of goods or services to a customer, the Company considers the nature of each specific promised good or service and applies judgment to determine whether it controls the good or service before it is transferred to a customer or whether it is acting as an agent of the third party. To determine whether or not it controls the good or service before it is transferred to the customer, the Company assesses a number of indicators including whether it or the third party is primarily responsible for fulfillment and which party has discretion in determining pricing for the good or service. Based on the Company’s assessment of these indicators, it has concluded that its promise to the customer to provide transaction and processing services is distinct from the services provided by the card issuing financial institutions and payment networks in connection with payment transactions. When the Company does not have the ability to direct the use of and obtain substantially all of the benefits of the services provided by the card issuing financial institutions and payment networks before these services are transferred to the customer, and on that basis, it does not control these services prior to being transferred to the customer, the Company presents revenues net of the interchange fees charged by the card issuing financial institutions and the fees charged by the payment networks. In all other instances, the transaction and processing services revenue is reported on a gross basis, as the Company has determined it is the principal in the arrangement.

Since the timing and quantity of transactions to be processed by the Company is not determinable in advance, and the consideration received is contingent upon the customers’ uses (e.g. a percentage of the transaction value or a fixed fee per transaction, number of payment transactions processed, or number of cards on file), the total transaction price is variable. The Company has determined that the performance obligation to provide merchant transaction and processing services meets the allocation of variable consideration exception criteria in that (a) the terms of the variable payment relate specifically to the entity’s efforts to satisfy the performance obligation or transfer the distinct service and (b) allocating the variable amount of consideration entirely to the performance obligation or the distinct good or service is consistent with the allocation objective when considering all of the performance obligations and payment terms in the contract. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer.

Other revenue

The Company may sell hardware (“point-of-sale equipment”) as part of its contracts with customers. Hardware consists of terminals or gateway devices. The Company does not manufacture hardware but purchases hardware from third-party vendors and holds the hardware in inventory until purchased by a customer. The Company accounts for sales of hardware as a separate performance obligation and recognizes the revenue at its stand-alone selling price when a customer obtains control of the hardware, which is generally when the hardware is shipped.

Interest revenue

Interest revenue may be earned on funds held on behalf of customers. While this is not revenue earned from contracts with customers, the Company presents interest revenue on customer funds in revenue since it is earned on funds that are held as part of the Company’s revenue generating activities.

Cash and cash equivalents

Cash and cash equivalents comprise deposits in banks and highly liquid investments having an original maturity of three months or less.

Segregated funds and due to merchants

Segregated funds are comprised of both settlements' receivable and amounts held in segregated bank accounts, which are held on behalf of merchants where the Company is in the flow of funds in the settlement transaction cycle. A corresponding liability (due to merchants) is recognized for the amounts to be settled to merchants. The segregated bank accounts are held with the Company’s banks and are segregated from operating funds. Both the segregated funds and the due to merchants are derecognized when the transaction is settled with the merchant.

Property and equipment

Recognition and measurement

Property and equipment are recorded at cost, less accumulated depreciation and accumulated impairment losses. If significant parts of an item of property and equipment have different useful lives, then they are accounted for as separate items (major components) of property and equipment.

Depreciation


Assets			Period
Point-of-sale terminals			3 to 5 years
Computer equipment			3 years
Office equipment, furniture and fixtures			5 years
Leasehold improvements			Lease term
Right-of-use assets – office leases			Lease term

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Intangible assets and goodwill

Recognition and measurement

Goodwill

Goodwill represents the excess of the purchase price over the fair values of the net assets of entities acquired at their respective dates of acquisition. Goodwill is carried at cost less accumulated impairment losses.

Research and development of software

The Company develops software that is used in providing processing services to customers.

Expenditure on research activities is recognized in the consolidated statements of profit or loss as incurred.

Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in the consolidated statements of profit or loss as incurred. Subsequent to initial recognition, development expenditure is carried at cost less accumulated amortization and any accumulated impairment losses.

Other intangible assets

Other intangible assets, including trademarks, technologies, distributor commission buyouts and partner and merchant relationships, that are acquired by the Company and have finite useful lives are carried at cost less accumulated amortization and any accumulated impairment losses. Distributor commission buyouts represent amounts paid to an independent sales organization to buy out their rights to future residual commission payments. When a portion of the consideration paid is variable, it is carried at fair value with changes in value recognized as an adjustment to the cost of the intangible assets.

Subsequent expenditure

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are recognized in the consolidated statements of profit or loss as incurred.

Amortization

Amortization is calculated to expense the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognized in the consolidated statements of profit or loss. Goodwill is not amortized.

The estimated useful lives for current and comparative years are as follows:



Assets			Period
Technologies			3 - 15 years
Partner and merchant relationships			5 - 15 years
Development costs and software			3 - 5 years
Distributor commission buyouts			7 years
Trademarks			3 - 15 years

Amortization methods, useful lives and residual values are reviewed at each reporting date and are adjusted if appropriate.

Impairment of non-financial assets

At each reporting date, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested for impairment annually as at October 1 and whenever an impairment trigger is identified.

For impairment testing purposes, assets that cannot be tested individually are grouped to form the smallest group of assets generating cash inflows that are largely independent of the cash inflows from other assets or groups of assets (“cash-generating units” or “CGUs”). Goodwill is allocated to the CGU or CGU group that is expected to benefit from the synergies resulting from the business combination. Each unit or group of units to which goodwill is allocated is not to be larger than an operating segment.

An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. The recoverable amount is the higher of an asset or a CGU's fair value less costs to sell and its value in use. Fair value is determined through various valuation techniques including discounted cash flow models, valuation multiples, quoted market values and third party independent appraisals, as considered necessary. The discounted cash flow models take into consideration management's estimates of future cash flows for each asset or CGU, which are then discounted using a discount rate that reflects current market appraisals of the time value of money and of risks of the specific asset. The data used for the impairment tests are directly related to the most recent forecast approved by the management and are adjusted as needed to exclude the impact of future restructuring and improvements to assets.

Impairment losses are recognized in the consolidated statements of profit and loss. When recognized as CGUs, impairment losses are first allocated to reduce the carrying amount of goodwill allocated to the CGU, and then to reduce the carrying amount of the other assets of the CGU on a pro rata basis on the basis of the carrying amount of each asset in the CGU.

Goodwill impairment losses are not reversed. Impairment losses on non-financial assets other than goodwill are assessed at each reporting date for any indications that the loss has decreased or has been eliminated. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is only reversed to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recorded.

Provisions

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.

A contingent liability is a possible obligation that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the Company; or a present obligation that arises from past events (and therefore exists), but is not recognized because it is not probable that a transfer or use of assets, provision of services or any other transfer of economic benefits will be required to settle the obligation, or the amount of the obligation cannot be estimated reliably.

Provision for losses on merchant accounts

Disputes between a cardholder and a merchant arise periodically, primarily as a result of customer dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction amount is refunded to the customer by the card issuing financial institution, but the financial institution is refunded by the Company. The Company then charges back to the merchant the amount refunded to the financial institution. As such, the Company is exposed to credit risk in relation to the merchant since the Company assumes the repayment to the merchant’s customer for the full amount of the transaction even if the merchant has insufficient funds to reimburse the Company. The Company also offers transaction guarantee solutions to certain merchants.

A provision for losses on merchant accounts is maintained to absorb unrecoverable chargebacks for merchant transactions that have been previously processed and on which revenues have been recorded. The provision for losses on merchant accounts specifically comprises identifiable provisions for merchant transactions for which losses can be estimated. Management evaluates the risk for such transactions and estimates the loss for disputed transactions based primarily on historical experience and other relevant factors. Management analyzes the adequacy of its provision for losses on merchant accounts in each reporting period.

The net charge for the provision for merchant losses is presented in selling, general and administrative expenses in the consolidated statements of profit or loss and comprehensive income or loss. When a transaction guarantee solution is provided in the merchant agreement, the related provision for merchant losses is presented in cost of revenue.

Leases

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right of use assets are presented within property and equipment.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the right-of-use asset is periodically assessed for impairment losses, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate unless the interest rate implicit in the lease can be readily determined.

Lease payments included in the measurement of the lease liability comprise:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

•amounts expected to be payable under a residual value guarantee; and

•the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the consolidated statements of profit or loss if the carrying amount of the right-of-use asset has been reduced to nil.

At commencement or on modification of a contract that contains a lease component, the Company has elected not to separate non-lease components and instead to account for the lease and non-lease components as a single lease component.

Short-term leases and leases of low-value assets

The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets. The Company recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term.

Financial instruments

Recognition and initial measurement

Financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument.

Classification and subsequent measurement

Financial instruments are classified into the following specified categories: amortized cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”). The classification depends on the nature and purpose of the financial instrument and is determined at the time of initial recognition. The Company’s financial instruments have been classified as follows:



Financial instruments			Classification
Financial assets
Cash and cash equivalents			Amortized cost
Trade and other receivables			Amortized cost
Segregated funds			Amortized cost
Advances to third parties			FVTPL
Processor and other deposits			Amortized cost
Loan receivable 1			Amortized cost
Derivative financial asset 1			FVOCI
Investments 2			FVTPL
Investments 2			FVOCI

Financial liabilities
Trade and other payables			Amortized cost
Derivative financial liability 3			FVOCI
Due to merchants			Amortized cost
Loans and borrowings			Amortized cost

1 Loan receivable and derivative financial asset are presented as Other current assets in the consolidated statements of financial position

2 Investments are presented as Other non-current assets in the consolidated statements of financial position

3 Derivative financial liability is presented as Other current liabilities and Other non-current liabilities in the consolidated statements of financial position

Financial assets classified and measured at amortized cost are initially recorded at fair value plus any directly attributable transaction costs and are subsequently measured using the effective interest method, less any impairment loss if:

•The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and

•The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and/or interest.

Interest income or expense is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial.

Financial assets that do not meet the above conditions are classified and measured at FVTPL and any transaction costs are expensed as incurred.

A financial liability is classified at FVTPL if it is classified as held-for-trading, it is a contingent consideration in a business combination, it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value are measured at fair value and net gains and losses, including interest expense, are recognized in the consolidated statements of profit or loss.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. The Company reviews quantitative and qualitative factors in determining if the terms of the modified liability are substantially different. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in the consolidated statements of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount presented in the consolidated statements of financial position only when the Company has a legal right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

Impairment of non-derivative financial assets

At each reporting date, the Company recognizes loss allowances for expected credit losses (“ECL”) on financial assets carried at amortized cost.

The Company’s trade and other receivables are accounts receivable with no financing component and have maturities of less than 12 months, and as such the Company applies the simplified approach for ECLs. As a result, the Company does not track changes in credit risk related to its trade and other receivables, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date.

For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs:

•debt securities that are determined to have low credit risk at the reporting date; and

•other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

The Company’s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.

The Company uses the provision matrix as a practical expedient to measure ECLs on accounts receivable, based on days past due for groupings of receivables with similar loss patterns. Accounts receivable are grouped based on their nature. The provision matrix is based on historical and experience observed loss rates over the expected life of the receivables with merchants and processors, and is adjusted for forward-looking estimates. The Company also considers collection experience and makes estimates regarding collectability based on trends and aging.

Hedging and derivative financial instruments

Hedging relationships

The Company may enter into derivative financial instruments to hedge its market risk exposures. On initial designation of new hedges, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objective and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated.

For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported net income (loss).

Derivative financial instruments are recognized initially at fair value, and attributable transaction costs are recognized in net income as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below.

Cash flow hedges

When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect net income (loss), the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income (loss) and presented in accumulated other comprehensive income (loss) as part of equity. The amount recognized in other comprehensive income (loss) is removed and included in net income (loss) under the same line item in the consolidated statements profit or loss as the hedged item, in the same period that the hedged cash flows affect net income (loss). Any ineffective portion of changes in the fair value of the derivative is recognized immediately in net income (loss). If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the forecasted transaction is no longer expected to occur, then the balance in accumulated other comprehensive income (loss) is recognized immediately in net income (loss).

Share capital

Common shares

Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of tax effects.

Share capital repurchase

When the Company implements a normal course issuer bid ("NCIB") and it controls the amount and timing of the repurchase being made, the Company recognizes the share capital repurchase on the trade date. For each share repurchased and cancelled, the Company reduces share capital by the weighted average cost of the related category of shares and any difference between the amount paid, including transaction costs, and the weighted average cost of the related category of shares is recorded directly in retained earnings or deficit.

When the Company enters into an agreement, such as an automatic share purchase plan ("ASPP"), under which it has a contractual obligation to purchase its own shares, subject to certain pre-determined limitations, the Company initially records this obligation as a financial liability at fair value with a corresponding reduction of equity. The share repurchase liability is carried at fair value until it is settled or upon termination of the agreement, with any change in fair value being recorded in the finance costs line item in the consolidated statements of profit or loss.

Share-based payment arrangements

The Company has authorized long-term incentive plans under which options, Restricted Share Units ("RSUs"), Performance Share Units ("PSUs") and Deferred Share Units ("DSUs") can be granted. The grant date fair value of equity-settled share-based arrangements granted to directors, officers, employees and consultants is recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards with which the related service is expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service at the vesting date.

When the Company grants share-based arrangements that vest upon reaching certain performance conditions, the Company assesses, at the grant date, whether those performance conditions are market or non-market conditions. Market conditions are considered in the fair value estimate on the grant date and this fair value is not revised subsequently. For non-market conditions, the Company estimates the expected outcome of the performance targets and how many options and PSUs are expected to vest. The Company revises those estimates and related expense until the final outcome is known.

When share-based arrangements have been communicated and service inception date is deemed to have occurred but a shared understanding of the terms and conditions of the arrangement has not been reached, an expense, with a corresponding increase in equity, is recognized over the vesting period of the awards based on the best estimate of fair value at grant date. A shared understanding of the terms and conditions is not met if the outcome of the arrangement is based primarily on subjective factors. The fair value at grant date will be revised at every reporting period until the outcome is known.

Net income (loss) per share

Basic income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders of the Company, adjusted as necessary for the impact of potentially dilutive securities, by the weighted average number of common shares outstanding during the period and the impact of securities that would have a dilutive effect on income (loss) per share.

Income taxes

Income tax expense comprises current and deferred taxes. Current and deferred taxes are recognized in the consolidated statements of profit or loss except to the extent that they relate to a business combination, or items recognized directly in equity or in other comprehensive income (loss).

The Company recognizes the tax benefit from an uncertain tax position only if it is probable that the tax position will be sustained based on its technical merits. The Company measures and records the tax benefits from such a position based on the largest benefit that is probable of being realized upon ultimate settlement. The Company’s estimated liabilities related to these matters are adjusted in the period in which the uncertain tax position is effectively settled, the statute of limitations for examination expires or when additional information becomes available.

Current income taxes

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable with respect to previous years.

Deferred income taxes

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity or on different tax entities, but the entities intend to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

New accounting standards and interpretations adopted

The following amendments were adopted on January 1, 2023:

Amendments to IAS 12 Income taxes

The amendments provide a temporary exception from the requirement to recognise and disclose deferred income taxes arising from substantively enacted or enacted tax legislation that implements the Pillar Two model rules, as published by the Organization for Economic Development and Co-operation (“OECD”). The amendments also introduce targeted disclosure requirements in the notes for affected entities to enable users of financial statements to understand the extent to which an entity will be affected by the minimum tax, particularly before these rules are applicable. The Company has applied these amendments and updated its disclosures in the Consolidated Financial Statements (Note 17).

Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policy Information

The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The Company has applied these amendments.

New accounting standards and interpretations issued but not yet adopted

The IASB has issued new standards and amendments to existing standards which are applicable to the Company in future periods. Management does not expect that these amendments will have a material impact on the consolidated financial statements.

Amendments to liability classification

On October 31, 2022, the IASB issued new amendments to IAS 1 in addition to the previous amendment issued in 2020 that clarify requirements when classifying liabilities as non-current and extend the application period to January 1, 2024.

When an entity classifies a liability arising from a loan arrangement as non-current and that liability is subject to the covenants which an entity is required to comply with within twelve months of the reporting date, this amendment requires the entity to disclose information in the notes that enables users of financial statements to understand the risk that the liability could become repayable within twelve months of the reporting period, including:

(a) the carrying amount of the liability;

(b) information about the covenants;

(c) facts and circumstances, if any, that indicate the entity may have difficulty complying with the covenants. Such facts and circumstances could also include the fact that the entity would not have complied with the covenants based on its circumstances at the end of the reporting period.

Operating segments - Narrative (Details)	12 Months Ended
Operating segments - Narrative (Details)	Dec. 31, 2023 segment
Operating Segments [Abstract]
Number of reportable segments	1

Trade and other receivables

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Trade and other receivables

5. Trade and other receivables



	2023	2022
	$	$
Trade receivables	74,409	36,298
Due from processing banks	21,403	19,133
Other receivables	9,943	5,797
Total	105,755	61,228

Determination of fair values - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Sep. 30, 2023 USD ($)	Mar. 15, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 07, 2022 USD ($)	Feb. 04, 2022	Dec. 31, 2021 USD ($)
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items]
Purchase price	$ 1,411,261,000
Fair value of contingent consideration	3,091,052,000				$ 1,545,179,000
LPP NCI unitholders
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items]
Obligation to purchase remaining interest (percent)							40.00%
Completed purchase obligation (in percent)						0.40
Purchase obligation paid						$ 39,751,000
Equity investments
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items]
Purchase price				$ 25,000,000
Interest rate swap contract
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items]
Notional amount			$ 300,000,000
Interest rate swap contract \| Fixed interest rate [member]
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items]
Interest rate (as a percent)			4.67%
Contingent considerations \| Level 3
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items]
Fair value of contingent consideration	0
Maximum contingent consideration that could be paid	0				$ 0			$ 3,004,000
Contingent considerations \| Level 3 \| Maximum
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items]
Maximum contingent consideration that could be paid	$ 250,365,000	$ 331,658

Financial instruments and commitments

12 Months Ended

Dec. 31, 2023

Financial Instruments [Abstract]

Financial instruments and commitments

20. Financial instruments and commitments

The Company’s main financial risk exposure is detailed as follows:

a)Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company is therefore exposed to liquidity risk with respect to all of the financial liabilities recognized on the consolidated statements of financial position.

The Company manages its liquidity risk by monitoring its operating and financing requirements. The Company prepares budget and cash forecasts to ensure it has sufficient funds to fulfill its obligations.

The following are the contractual maturities of financial liabilities and purchase commitments, including estimated interest payments, as at December 31, 2023:


	Contractual cash flows
	Carrying amount	Total	Less than 1 year	1 to 5 years	More than 5 years
	$	$	$	$	$
Trade and other payables (excluding sales tax)	172,120	172,120	172,120	—	—
Due to merchants	1,455,376	1,455,376	1,455,376	—	—
Credit facility	1,248,270	2,029,633	128,042	604,105	1,297,486
Lease liabilities	12,274	13,032	4,859	6,897	1,276
Other liabilities (a)	18,233	17,750	7,586	10,164	—
Contractual commitments	N/A	75,000	6,833	48,730	19,437
	2,906,273	3,762,911	1,774,816	669,896	1,318,199
Segregated funds	(1,455,376)	(1,455,376)	(1,455,376)	—	—
	1,450,897	2,307,535	319,440	669,896	1,318,199

(a) Other liabilities includes deferred revenue which will not require contractual cash flows.

As at December 31, 2023, the Company had $170,435 of cash and an unused revolving credit facility of $800,000.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises principally from the Company’s cash, segregated funds, trade and other receivables, other current assets and processor deposits. The carrying amounts of these financial assets represent the maximum credit exposure.

Trade receivables

The Company provides credit to its customers in the normal course of business. The Company evaluates the creditworthiness of the corresponding counterparties at least at the end of each reporting period and on a specific circumstance basis. The Company’s extension of credit to customers involves considerable judgment and is based on an evaluation of each customer’s financial condition and payment history. The Company has established various internal controls designed to mitigate credit risk, including credit limits and payment terms that are reviewed and approved by the Company. The Company does not have material provisions on trade receivables recognized on the consolidated statements of financial position as at December 31, 2023 and 2022.

Market risks

Market risk is the risk that the Company will incur losses arising from adverse changes in underlying market factors, including interest and foreign currency exchange rates.

Foreign currency risk

The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates and the degrees of volatility of those rates. Foreign currency risk is limited to the portion of the Company’s business transactions denominated in currencies other than the US dollar. Fluctuations related to foreign exchange rates could cause unforeseen fluctuations in the Company’s operating results.

Approximately 46% of the Company’s revenues and 36% of its expenses are in currencies other than the US dollar. The Company has not entered into arrangements to hedge its foreign currency risk. There is no other currency other than the US dollar that represents more than 10% of the Company's revenues.

The following table provides an indication of the Company’s significant foreign exchange currency exposures as stated in US dollars at the following dates:


	CAD	EUR	MXN	ILS	Other	Total
	$	$	$	$	$	$
December 31, 2023
Cash	2,106	19,525	15,532	3,311	17,512	57,986
Trade and other receivables	19,819	3,954	1,618	425	5,837	31,653
Trade and other payables	(20,958)	(24,435)	(26,487)	(12,548)	(9,802)	(94,230)
Lease liabilities	—	(1,511)	—	(918)	(1,234)	(3,663)
Net financial position exposure	967	(2,467)	(9,337)	(9,730)	12,313	(8,254)

December 31, 2022
Net financial position exposure	(790)	18,720	—	(12,632)	12,469	17,767

A 10% strengthening of the above currencies against the US dollar would have affected the measurement of financial instruments denominated in these currencies and affected equity and net income by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.


	CAD	EUR	MXN	ILS	Other	Total
	$	$	$	$	$	$
2023
Increase (decrease) on equity and net loss	97	(247)	(934)	(973)	1,231	(826)

2022
Increase (decrease) on equity and net income	(79)	1,872	—	(1,263)	1,247	1,777

A 10% weakening of the foreign currencies against the US dollar would have an equal but opposite effect.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market rates. The Company’s exposure to interest rate risk as at December 31, 2023 and 2022 is as follows:


Cash and cash equivalents			Variable interest rate
Segregated funds			Variable interest rate

Loan receivable			Fixed interest rate
Derivative financial asset and financial liability - Interest rate swap			Note 21




Loans and borrowings			Note 12

The Company does not account for any fixed interest rate financial assets or financial liabilities at FVTPL.

All other loans and borrowings bear interest at floating rates, and the Company is therefore exposed to the cash flow risk resulting from interest rate fluctuations. This risk is partially offset by the Company's cash balance which also bears interest at floating rates. In September 2023, the Company also entered into an interest rate swap agreement to hedge a portion of its future variable interest payments.

Based on currently outstanding loans and borrowings at floating rates, cash equivalents and interest rate swap, an increase of 100 basis points in interest rates at the reporting date would have resulted in an increase of $9,750 in net loss in 2023 (2022 – increase in net income of $1,073). A decrease of 100 basis points in 2023 would have resulted in an increase of $9,750 in net income in 2023 (2022 – decrease in net income of $1,073). This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.

Material accounting policies and new accounting standards (Policies)

12 Months Ended

Dec. 31, 2023

Disclosure Of Significant Accounting Policies [Abstract]

Statement of compliance and Basis of measurement

Statement of compliance

These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Basis of measurement

The Consolidated Financial Statements have been prepared on the historical cost basis except for:

•Contingent consideration, investments and derivative financial instruments, which are measured at fair value; and

•Share-based compensation transactions, which are measured pursuant to IFRS 2, Share-based Payment (note 16).

Operating segment

The Company has one reportable segment for the provision of payment technology solutions to merchants and partners

Estimates, judgments and assumptions

The preparation of these Consolidated Financial Statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates, judgements and assumptions.

Judgments

Critical judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements include the following:

Revenue recognition (note 3)

The identification of revenue-generating contracts with customers, the identification of performance obligations, the determination of the transaction price and allocations between identified performance obligations, the use of appropriate revenue recognition method for each performance obligation and the measure of progress for performance obligations satisfied over time are the main aspects of the revenue recognition process, all of which require the exercise of judgment and use of assumptions. In addition, the Company has applied judgment in assessing the principal versus agent considerations for its transaction and processing services.

Determining the fair value of identifiable intangible assets following a business combination (note 4)

The Company uses valuation techniques to determine the fair value of identifiable intangible assets acquired in a business combination, which are generally based on a forecast of total expected future net discounted cash flows. These valuations are linked closely to the assumptions made by management regarding the future performance of the related assets and the discount rate applied as it would be assumed by a market participant.

Recognizing expense of share-based payments with performance conditions (note 16)

The expense recognized for share-based payments for which the performance conditions have not yet been met is based on an estimation of the probability of achieving the performance conditions and the timing of their achievement, which is difficult to predict. The final expense is only determinable when the outcome is known.

Determining the fair value of services rendered by an external party (note 16)

When issuing share-based payments in exchange for services rendered under a contract with a third party, the Company records the fair value of the services provided by the third party by estimating the fair value of the services received under the contract, rather than using the fair value of the shares issued in exchange for the services. Management applied significant judgment in determining that the fair value of the services were more reliably measurable in the exchange.

Assumptions and estimation uncertainties

Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year include the following:

•Estimating the recoverable amount of goodwill (note 9);

•Estimating the provision for losses on merchant accounts (note 11);

•Estimating the fair value of share-based payment transactions (note 16);

•Estimating the recoverable amount of tax balances for recognition of tax assets (note 17); and

•Estimating the fair value measurement of level 3 financial instruments (note 21).

Hedging and derivative financial instruments

Hedging relationships

Cash flow hedges

Foreign currency

Functional and presentation currency

These Consolidated Financial Statements are presented in US dollars, which is also the Company’s functional currency.

Foreign currency transactions

Foreign currency differences are recognized in profit or loss.

Foreign operations

Business combinations

Basis of consolidation

Subsidiaries

The Company’s principal subsidiaries, their jurisdiction of incorporation and the Company’s percentage ownership share of each are as follows:



Subsidiary	Jurisdiction of incorporation	Ownership percentage
Loan Payment Pro ("LPP")	United States	100%
Nuvei Commerce LLC	United States	100%
Nuvei Consulting Services Ltd.	Israel	100%
Nuvei International Group Limited	Guernsey	100%
Nuvei Ltd.	Cyprus	100%
Nuvei Technologies Corp.	Canada	100%
Nuvei Technologies Inc.	United States	100%
Nuvei Technology & Services B.V.	Netherlands	100%
Nuvei US LLC	United States	100%
Paya Holdings Inc.	United States	100%
Paya Inc.	United States	100%
SimplexCC Ltd.	Israel	100%

Non-controlling interest

Transactions eliminated on consolidation

Intercompany balances and transactions, and any revenue and expenses arising from intercompany transactions, are eliminated in preparing the Consolidated Financial Statements.

Revenue from contracts with customers

Performance obligations and revenue recognition policies

Merchant transaction and processing services

Other revenue

Interest revenue

Cash and cash equivalents

Cash and cash equivalents comprise deposits in banks and highly liquid investments having an original maturity of three months or less.

Segregated funds and due to merchants

Property and equipment

Recognition and measurement

Depreciation


Assets			Period
Point-of-sale terminals			3 to 5 years
Computer equipment			3 years
Office equipment, furniture and fixtures			5 years
Leasehold improvements			Lease term
Right-of-use assets – office leases			Lease term

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Intangible assets and goodwill

Recognition and measurement

Goodwill

Research and development of software

The Company develops software that is used in providing processing services to customers.

Expenditure on research activities is recognized in the consolidated statements of profit or loss as incurred.

Other intangible assets

Subsequent expenditure

Amortization

The estimated useful lives for current and comparative years are as follows:



Assets			Period
Technologies			3 - 15 years
Partner and merchant relationships			5 - 15 years
Development costs and software			3 - 5 years
Distributor commission buyouts			7 years
Trademarks			3 - 15 years

Amortization methods, useful lives and residual values are reviewed at each reporting date and are adjusted if appropriate.

Impairment of non-financial assets

Provisions

Provision for losses on merchant accounts

Leases

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right of use assets are presented within property and equipment.

Lease payments included in the measurement of the lease liability comprise:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

•amounts expected to be payable under a residual value guarantee; and

Short-term leases and leases of low-value assets

Financial instruments

Recognition and initial measurement

Financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument.

Classification and subsequent measurement



Financial instruments			Classification
Financial assets
Cash and cash equivalents			Amortized cost
Trade and other receivables			Amortized cost
Segregated funds			Amortized cost
Advances to third parties			FVTPL
Processor and other deposits			Amortized cost
Loan receivable 1			Amortized cost
Derivative financial asset 1			FVOCI
Investments 2			FVTPL
Investments 2			FVOCI

Financial liabilities
Trade and other payables			Amortized cost
Derivative financial liability 3			FVOCI
Due to merchants			Amortized cost
Loans and borrowings			Amortized cost

1 Loan receivable and derivative financial asset are presented as Other current assets in the consolidated statements of financial position

2 Investments are presented as Other non-current assets in the consolidated statements of financial position

3 Derivative financial liability is presented as Other current liabilities and Other non-current liabilities in the consolidated statements of financial position

•The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and

•The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and/or interest.

Interest income or expense is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial.

Financial assets that do not meet the above conditions are classified and measured at FVTPL and any transaction costs are expensed as incurred.

Derecognition

Offsetting of financial instruments

Impairment of non-derivative financial assets

At each reporting date, the Company recognizes loss allowances for expected credit losses (“ECL”) on financial assets carried at amortized cost.

For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs:

•debt securities that are determined to have low credit risk at the reporting date; and

Share capital

Common shares

Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of tax effects.

Share capital repurchase

Share-based payment arrangements

Net income (loss) per share

Income taxes

Current income taxes

Deferred income taxes

New accounting standards and interpretations adopted and issued but not yet adopted

New accounting standards and interpretations adopted

The following amendments were adopted on January 1, 2023:

Amendments to IAS 12 Income taxes

Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policy Information

New accounting standards and interpretations issued but not yet adopted

Amendments to liability classification

(a) the carrying amount of the liability;

(b) information about the covenants;

Financial instruments and commitments - Currency Risk Effect on Equity and Net Income (Details) - Currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss)	$ (826)	$ 1,777
CAD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss)	97	(79)
EUR
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss)	(247)	1,872
MXN
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss)	(934)	0
ILS
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss)	(973)	(1,263)
Other
Disclosure of nature and extent of risks arising from financial instruments [line items]
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss)	$ 1,231	$ 1,247

Loans and borrowings - Amounts Recognized Related to Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Interest expense on lease liabilities	$ 659	$ 573
Foreign exchange loss (gain)	(10,101)	(15,752)
Lease liabilities
Disclosure of detailed information about borrowings [line items]
Interest expense on lease liabilities	659	573
Foreign exchange loss (gain)	151	(560)
Amounts recognized in statements of profit or loss and comprehensive income or loss related to lease liabilities	$ 810	$ 13

Income taxes - Net Operating Tax Losses Carried Forward by Expiration (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Gross amount of net operating tax losses carried forward, expire	$ 148,354	$ 91,163
Gross amount of net operating tax losses carried forward, never expire	14,685	4,586
Gross amount of net operating tax losses carried forward	163,039	95,749
Tax-effected, expire	39,314	24,165
Tax-effected, never expire	2,524	808
Tax-effected	$ 41,838	$ 24,973

Share capital (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]

Schedule of outstanding share capital


		2023		2022
	Quantity	Value	Quantity	Value
	Shares	$	Shares	$
Company’s share capital
Subordinate Voting Shares
Balance – Beginning of year	63,461,608	1,571,801	66,929,432	1,656,314




Exercise of equity-settled share-based payments	1,252,112	30,520	192,919	6,061

Share repurchase under NCIB	(1,350,000)	(33,378)	(3,660,743)	(90,574)



Balance – End of year	63,363,720	1,568,943	63,461,608	1,571,801

Multiple Voting Shares
Balance – Beginning and end of year	76,064,619	400,791	76,064,619	400,791




Total	139,428,339	1,969,734	139,526,227	1,972,592

Schedule of share repurchase liability

The fair value of the share repurchase liability was determined using the Company's quoted share price.


	2023	2022
	$	$
Balance - Beginning of year	—	—
Initial fair value of share repurchase liability	55,471	43,923
Shares repurchased under the ASPP	(56,042)	(36,774)
Change in fair value of share repurchase liability	571	(5,710)
Other	—	(1,439)
Balance - end of year	—	—

Other liabilities

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Other liabilities

11. Other liabilities

a)Other current liabilities

Other current liabilities comprise the following:


	Note	2023	2022
		$	$
Provision for losses on merchant accounts		5,280	2,693

Derivative financial liability	21	628	—
Other		1,951	1,531
		7,859	4,224

The movements in the provision for losses on merchant accounts are as follows:


	2023	2022
	$	$
Balance – Beginning of year	2,693	6,265
Provision made during the year	7,463	2,818
Provision used or reversed during the year	(4,899)	(6,390)
Effect of movements in exchange rates	23	—
Balance – End of year	5,280	2,693

b)Other non-current liabilities

Other non-current liabilities comprise the following:


	Note	2023	2022
		$	$

Derivative financial liability	21	7,152	—
Other		3,222	2,434
		10,374	2,434

Capital disclosures (Details)	Dec. 31, 2023	Dec. 31, 2022
Capital Disclosures [Abstract]
Total leverage ratio	5.00	7.00

Share-based payment arrangements - Summary of Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	8,147,423	8,594,289	8,847,218
Weighted average remaining contractual term of options outstanding (in years)	6 years 7 months 6 days
Number of options exercisable (in shares)	4,180,568	3,762,900
Weighted average remaining contractual term of options exercisable (in years)	5 years 8 months 12 days
2.80
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 2.80
Number of options outstanding (in shares)	836,314
Weighted average remaining contractual term of options outstanding (in years)	4 years 2 months 12 days
Number of options exercisable (in shares)	836,314
Weighted average remaining contractual term of options exercisable (in years)	4 years 2 months 12 days
3.42 – 4.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	720,597
Weighted average remaining contractual term of options outstanding (in years)	4 years 8 months 12 days
Number of options exercisable (in shares)	720,597
Weighted average remaining contractual term of options exercisable (in years)	4 years 8 months 12 days
3.42 – 4.00 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 3.42
3.42 – 4.00 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 4.00
4.70 – 6.30
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	43,699
Weighted average remaining contractual term of options outstanding (in years)	5 years 1 month 6 days
Number of options exercisable (in shares)	43,699
Weighted average remaining contractual term of options exercisable (in years)	5 years 1 month 6 days
4.70 – 6.30 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 4.70
4.70 – 6.30 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 6.30
11.51 – 17.22
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	552,026
Weighted average remaining contractual term of options outstanding (in years)	6 years 1 month 6 days
Number of options exercisable (in shares)	376,529
Weighted average remaining contractual term of options exercisable (in years)	6 years 1 month 6 days
11.51 – 17.22 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 11.51
11.51 – 17.22 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 17.22
17.99 – 37.51
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	2,350,983
Weighted average remaining contractual term of options outstanding (in years)	6 years 10 months 24 days
Number of options exercisable (in shares)	1,230,029
Weighted average remaining contractual term of options exercisable (in years)	6 years 9 months 18 days
17.99 – 37.51 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 17.99
17.99 – 37.51 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 37.51
47.21 – 78.58
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	711,251
Weighted average remaining contractual term of options outstanding (in years)	5 years 7 months 6 days
Number of options exercisable (in shares)	610,181
Weighted average remaining contractual term of options exercisable (in years)	5 years 3 months 18 days
47.21 – 78.58 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 47.21
47.21 – 78.58 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 78.58
104.53 – 127.33
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares)	2,932,553
Weighted average remaining contractual term of options outstanding (in years)	7 years 9 months 18 days
Number of options exercisable (in shares)	363,219
Weighted average remaining contractual term of options exercisable (in years)	7 years 8 months 12 days
104.53 – 127.33 \| Minimum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 104.53
104.53 – 127.33 \| Maximum
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (in dollars per share) \| $ / shares	$ 127.33

Loans and borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Schedule of loans and borrowings

The terms and conditions of the Company’s loans and borrowings are as follows:



			2023		2022
	Notes	Facility	Carrying amount	Facility	Carrying amount
		$	$	$	$
Amended and restated credit facilities	(a), (b)
Term loan		1,275,000	1,248,270	504,292	498,199
Revolving credit facility		800,000	—	385,000	—

Total			1,248,270		498,199

Lease liabilities	(c)		12,274		12,555
			1,260,544		510,754
Current portion of loans and borrowings			(12,470)		(8,652)
Loans and borrowings			1,248,074		502,102

Facility amount represents the principal amount of each credit facility. The carrying amount of loans and borrowings is presented net of unamortized deferred financing fees. Financing fees relating to the issuance of loans and borrowings are amortized over the term of the debt using the effective interest rate method.

On December 19, 2023 the Company amended and restated the terms of its credit facilities to increase the total financing capacity available under that facility from $500,452 as of September 30, 2023 to $1,275,000 in the form of term loans and from $385,000 to $800,000 in the form of a revolving credit facility. The outstanding principal of the term loan is payable quarterly at an annual rate of 1.00% and the remaining balance is payable at maturity, which was extended by five years to December 19, 2030. The maturity of the revolving credit facility was extended by four years to December 19, 2028. This amendment and restatement was treated as a debt extinguishment and resulted in an accelerated amortization of deferred financing fees of $15,094. Concurrently with the agreement, the Company borrowed $1,275,000 under the amended and restated term loan facility, which was recorded net of the associated financing fees of $26,539.

a)Amended and restated credit facilities

i)Loans drawn in US dollars under the term loan facilities bear interest at the Term SOFR plus 3.00% per annum or the ABR1 rate plus 4.00% per annum. Loans drawn in US dollars under the revolving credit facility bear interest at the Term SOFR plus 2.50% per annum or the ABR1 rate plus 1.50% per annum until March 31, 2024 and, thereafter, at the rate per annum established based on the total leverage ratio for the most recently completed fiscal quarter. As at December 31, 2023, interest rate on the outstanding Term loan facilities was 8.46% (December 31, 2022 – 6.89%).

ii)Loans drawn in Canadian dollars under the credit facilities bear interest at the Canadian prime rate plus 1.50% per annum or Term Canadian Overnight Repo Rate Average ("CORRA") rate plus 2.50% per annum. As at December 31, 2023 and December 31, 2022 there was no loan denominated in Canadian dollars.

iii)Loans drawn in Euros under the credit facilities bear interest at the EURO InterBank Offered Rate ("EURIBOR") rate plus 2.50% per annum. As at December 31, 2023 and December 31, 2022 there was no loan denominated in Euros.

iv)Loans drawn in Sterling under the credit facilities bear interest at the Sterling OverNight Index Average ("SONIA") rate plus 2.50% per annum. As at December 31, 2023 and December 31, 2022 there was no loan denominated in Sterling.

1 The Alternate Base Rate is defined as a rate per annum equal to the higher of a) Federal funds effective rate + 0.50%; b) Adjusted Term SOFR for a one-month tenor plus 1%; c) Prime Rate; and d) 1.00%.

Schedule of lease amounts recognized in profit or loss and comprehensive income or loss

Amounts recognized in the consolidated statements of profit or loss and comprehensive income or loss relating to lease liabilities are as follow:



	2023	2022
	$	$
Interest expense on lease liabilities	659	573
Foreign exchange loss (gain)	151	(560)
	810	13

Business combinations - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 01, 2023	Feb. 22, 2023	Feb. 21, 2023
Disclosure of detailed information about business combination [line items]
Purchase price	$ 1,411,261
Cash paid	1,401,435
Share-based payments (note 16)	9,826
Paya Inc.
Disclosure of detailed information about business combination [line items]
Percentage of equity interest acquired (in percent)			100.00%
Purchase price			$ 1,401,261
Cash paid			1,391,435
Share-based payments (note 16)			$ 9,826
Cash paid, prior to acquisition closing				$ 51,876
Acquisition costs	15,470
Revenues of acquiree since acquisition date	262,640
Net income of acquiree since acquisition date	38,385
Revenue of combined entity as if combination occurred at beginning of period	302,558
Profit (loss) of combined entity as if combination occurred at beginning of period	39,105
Paya Inc. \| Goodwill
Disclosure of detailed information about business combination [line items]
Measurement period adjustments increase (decrease)	5,455
Paya Inc. \| Current Assets
Disclosure of detailed information about business combination [line items]
Measurement period adjustments increase (decrease)	(1,284)
Paya Inc. \| Contingent considerations
Disclosure of detailed information about business combination [line items]
Measurement period adjustments increase (decrease)	2,781
Paya Inc. \| Current Liabilities
Disclosure of detailed information about business combination [line items]
Measurement period adjustments increase (decrease)	359
Paya Inc. \| Deferred tax liabilities
Disclosure of detailed information about business combination [line items]
Measurement period adjustments increase (decrease)	(1,031)
Service Provider
Disclosure of detailed information about business combination [line items]
Purchase price		$ 10,000
Cash paid		10,000
Share-based payments (note 16)		$ 0
Acquisition costs	129
Revenues of acquiree since acquisition date	1,874
Net income of acquiree since acquisition date	3,237
Revenue of combined entity as if combination occurred at beginning of period	2,146
Profit (loss) of combined entity as if combination occurred at beginning of period	$ 3,973

Loans and borrowings - Terms and Conditions of Loans and Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 19, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Carrying amount	$ 1,260,544		$ 510,754
Current portion of loans and borrowings	(12,470)		(8,652)
Loans and borrowings	1,248,074		502,102
Total
Disclosure of detailed information about borrowings [line items]
Carrying amount	1,248,270		498,199
Term loan
Disclosure of detailed information about borrowings [line items]
Facility	1,275,000	$ 1,275,000	504,292
Carrying amount	1,248,270	1,275,000	498,199
Revolving credit facility
Disclosure of detailed information about borrowings [line items]
Facility	800,000	$ 800,000	385,000
Carrying amount	0		0
Lease liabilities
Disclosure of detailed information about borrowings [line items]
Carrying amount	$ 12,274		$ 12,555

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Montréal, Canada
Auditor Firm ID	271

Loans and borrowings

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Loans and borrowings

12. Loans and borrowings

The terms and conditions of the Company’s loans and borrowings are as follows:



			2023		2022
	Notes	Facility	Carrying amount	Facility	Carrying amount
		$	$	$	$
Amended and restated credit facilities	(a), (b)
Term loan		1,275,000	1,248,270	504,292	498,199
Revolving credit facility		800,000	—	385,000	—

Total			1,248,270		498,199

Lease liabilities	(c)		12,274		12,555
			1,260,544		510,754
Current portion of loans and borrowings			(12,470)		(8,652)
Loans and borrowings			1,248,074		502,102

a)Amended and restated credit facilities

Guarantees and covenants

Borrowings under the facilities, subject to customary exceptions, are secured by all current and future assets of the Company and its existing and future subsidiaries. The continued availability of the credit facilities is subject to the Company’s ability to maintain a total leverage ratio of less than or equal to 5.00 : 1.00 prior to March 31, 2025 (7.00 : 1.00 as of December 31, 2022), and with the ratio decreasing by 0.25 year over year every March 31, until it reaches 4.00 : 1.00 for the period on or after March 31, 2028. The total leverage ratio considers the Company’s consolidated net debt, calculated as long-term debt less certain unrestricted cash, to consolidated adjusted EBITDA, calculated in accordance with the terms of the credit facility. The Company is in compliance with all applicable covenants as at December 31, 2023 and December 31, 2022.

b) Reducing revolving credit facility

On February 22, 2023, concurrent with the completion of the Paya acquisition (Note 4), the Company entered into a reducing revolving credit facility in an amount of $800,000. Commencing on June 30, 2023, the commitments in respect of this facility were automatically permanently reduced by $10 million on the last day of each fiscal quarter. The maturity date of this facility was September 28, 2025. Borrowings under the reducing revolving credit facility bore interest, at the Company's option, at either (a) Term SOFR (including a 0.10% credit spread adjustment) plus a margin ranging from 2.50% to 3.25% per annum or (b) the ABR1 plus a margin ranging from 1.50% to 2.25% per annum, in each case, based on a first lien leverage ratio. The reducing revolving credit facility was paid in full and extinguished as part of the amended and restated credit facilities on December 19, 2023.

The reducing revolving credit facility was secured by all current and future assets of the Company and its existing and future subsidiaries, subject to customary exceptions. The continued availability of the reducing revolving facility was subject to the Company's ability to maintain a total leverage ratio of less than or equal to 4.50 : 1.00 for the test period before September 30, 2023, and with the ratio decreasing by 0.25 on October 1, 2023 and every six months thereafter, until it reaches 3.50 : 1.00 on March 31, 2025. The total leverage ratio considered the Company's consolidated net debt, calculated as long-term debt less certain unrestricted cash, to consolidated adjusted EBITDA, calculated in accordance with the terms of the credit facility. The Company had to also maintain its interest coverage ratio above 2.50 : 1.00 for any test period. The interest coverage ratio considered the Company's consolidated adjusted EBITDA, calculated in accordance with the terms of the agreement, to consolidated cash interest expense. The Company was in compliance with all applicable covenants through the extinguishment of the facility.

1 The Alternate Base Rate is defined as a rate per annum equal to the higher of a) Federal funds effective rate + 0.50%; b) Adjusted Term SOFR for a one-month tenor plus 1.00%; c) Prime Rate; and d) 1.00%.

As at December 31, 2023, the Company had letters of credit issued totaling $56,175 (2022 - $46,125). Letters of credit do not reduce the amount that can be drawn on the Company's revolving credit facility.

Lease liabilities

The Company enters into lease arrangements for the use of office space. The weighted average of incremental borrowing rates used to discount the outstanding leases as at December 31, 2023 was 4.30% (2022 – 4.37%).

Amounts recognized in the consolidated statements of profit or loss and comprehensive income or loss relating to lease liabilities are as follow:



	2023	2022
	$	$
Interest expense on lease liabilities	659	573
Foreign exchange loss (gain)	151	(560)
	810	13

Share capital - Outstanding Share Capital (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Changes in number of shares outstanding [abstract]
Balance - Beginning of year (in shares) \| shares	139,526,227
Exercise of equity-settled share-based payments arrangements (in shares) \| shares	719,853	100,257
Balance - End of year (in shares) \| shares	139,428,339	139,526,227
Changes in equity [abstract]
Balance - Beginning of year	$ 1,972,592
Exercise of equity-settled share-based payments	8,167	$ 2,072
Balance - End of year	$ 1,969,734	$ 1,972,592
Subordinate Voting Shares
Changes in number of shares outstanding [abstract]
Balance - Beginning of year (in shares) \| shares	63,461,608	66,929,432
Exercise of equity-settled share-based payments arrangements (in shares) \| shares	1,252,112	192,919
Share repurchase under NCIB (in shares) \| shares	(1,350,000)	(3,660,743)
Balance - End of year (in shares) \| shares	63,363,720	63,461,608
Changes in equity [abstract]
Balance - Beginning of year	$ 1,571,801	$ 1,656,314
Exercise of equity-settled share-based payments	30,520	6,061
Share repurchase under NCIB	(33,378)	(90,574)
Issuance for acquisition	8,167
Balance - End of year	$ 1,568,943	$ 1,571,801
Multiple Voting Shares
Changes in number of shares outstanding [abstract]
Balance - Beginning of year (in shares) \| shares	76,064,619	76,064,619
Balance - End of year (in shares) \| shares		76,064,619
Changes in equity [abstract]
Balance - Beginning of year	$ 400,791	$ 400,791
Balance - End of year		$ 400,791

Intangible assets and goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total intangible assets
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	$ 694,995
Intangible assets and goodwill at end of period	1,305,048	$ 694,995
Development costs and software
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	58,133
Intangible assets and goodwill at end of period	85,342	58,133
Trademarks
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	2,039
Intangible assets and goodwill at end of period	15,891	2,039
Technologies
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	325,413
Intangible assets and goodwill at end of period	472,247	325,413
Distributor commission buyouts
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	2,538
Intangible assets and goodwill at end of period	19,486	2,538
Partner and merchant relationships
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	306,872
Intangible assets and goodwill at end of period	712,082	306,872
Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	1,114,593	1,126,768
Acquisitions through business combinations	867,365	(1,359)
Effect of movements in exchange rates	5,779	(10,816)
Intangible assets and goodwill at end of period	1,987,737	1,114,593
Cost \| Total intangible assets
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	896,141	982,531
Acquisitions	65,198	37,175
Acquisitions through business combinations	660,183	0
Settlement of advances to a third party	2,047	12,967
Transfer		0
Disposal	4	36
Fully amortized assets	25,524	125,234
Effect of movements in exchange rates	6,132	(11,262)
Intangible assets and goodwill at end of period	1,604,173	896,141
Cost \| Development costs and software
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	106,165	73,154
Acquisitions	44,095	34,405
Acquisitions through business combinations	3,131	0
Settlement of advances to a third party	0	0
Transfer		(137)
Disposal	0	36
Fully amortized assets	6,581	0
Effect of movements in exchange rates	737	(1,221)
Intangible assets and goodwill at end of period	147,547	106,165
Cost \| Trademarks
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	4,826	11,935
Acquisitions	0	0
Acquisitions through business combinations	16,607	0
Settlement of advances to a third party	0	0
Transfer		0
Disposal	4	0
Fully amortized assets	0	7,109
Effect of movements in exchange rates	2	0
Intangible assets and goodwill at end of period	21,431	4,826
Cost \| Technologies
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	395,683	402,332
Acquisitions	785	173
Acquisitions through business combinations	185,081	0
Settlement of advances to a third party	0	0
Transfer		0
Disposal	0	0
Fully amortized assets	0	3,344
Effect of movements in exchange rates	1,621	(3,478)
Intangible assets and goodwill at end of period	583,170	395,683
Cost \| Distributor commission buyouts
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	2,538	0
Acquisitions	20,318	2,597
Acquisitions through business combinations	0	0
Settlement of advances to a third party	0	0
Transfer		0
Disposal	0	0
Fully amortized assets	0	0
Effect of movements in exchange rates	(114)	(59)
Intangible assets and goodwill at end of period	22,742	2,538
Cost \| Partner and merchant relationships
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	386,929	495,110
Acquisitions	0	0
Acquisitions through business combinations	455,364	0
Settlement of advances to a third party	2,047	12,967
Transfer		137
Disposal	0	0
Fully amortized assets	18,943	114,781
Effect of movements in exchange rates	3,886	(6,504)
Intangible assets and goodwill at end of period	829,283	386,929
Cost \| Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	1,114,593	1,126,768
Acquisitions through business combinations	867,365	(1,359)
Settlement of advances to a third party	0	0
Transfer		0
Disposal	0	0
Fully amortized assets	0	0
Effect of movements in exchange rates	5,779	(10,816)
Intangible assets and goodwill at end of period	1,987,737	1,114,593
Accumulated depreciation \| Total intangible assets
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	(201,146)	(234,931)
Disposal		(7)
Fully amortized assets	(25,524)	(125,234)
Amortization	121,975	93,009
Effect of movements in exchange rates	(1,528)	1,553
Intangible assets and goodwill at end of period	(299,125)	(201,146)
Accumulated depreciation \| Development costs and software
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	(48,032)	(33,310)
Disposal		(7)
Fully amortized assets	(6,581)	0
Amortization	20,376	15,584
Effect of movements in exchange rates	(378)	855
Intangible assets and goodwill at end of period	(62,205)	(48,032)
Accumulated depreciation \| Trademarks
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	(2,787)	(8,803)
Disposal		0
Fully amortized assets	0	(7,109)
Amortization	2,753	1,093
Effect of movements in exchange rates	0	0
Intangible assets and goodwill at end of period	(5,540)	(2,787)
Accumulated depreciation \| Technologies
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	(70,270)	(44,762)
Disposal		0
Fully amortized assets	0	(3,344)
Amortization	40,312	29,118
Effect of movements in exchange rates	(341)	266
Intangible assets and goodwill at end of period	(110,923)	(70,270)
Accumulated depreciation \| Distributor commission buyouts
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	0	0
Disposal		0
Fully amortized assets	0	0
Amortization	3,192	0
Effect of movements in exchange rates	(64)	0
Intangible assets and goodwill at end of period	(3,256)	0
Accumulated depreciation \| Partner and merchant relationships
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	(80,057)	(148,056)
Disposal		0
Fully amortized assets	(18,943)	(114,781)
Amortization	55,342	47,214
Effect of movements in exchange rates	(745)	432
Intangible assets and goodwill at end of period	(117,201)	(80,057)
Accumulated depreciation \| Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	0	0
Disposal		0
Fully amortized assets	0	0
Effect of movements in exchange rates	0	0
Intangible assets and goodwill at end of period	$ 0	$ 0

Operating segments - Revenue and Non-Current Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of geographical areas [line items]
Revenue	$ 1,189,893	$ 843,323
Non-current assets	3,326,714	1,842,466
North America
Disclosure of geographical areas [line items]
Revenue	642,601	336,563
Europe, Middle East and Africa
Disclosure of geographical areas [line items]
Revenue	487,802	465,935
Latin America
Disclosure of geographical areas [line items]
Revenue	51,365	33,105
Asia Pacific
Disclosure of geographical areas [line items]
Revenue	8,125	7,720
Canada
Disclosure of geographical areas [line items]
Non-current assets	1,015,658	1,005,845
United States
Disclosure of geographical areas [line items]
Non-current assets	1,672,611	207,948
European Union
Disclosure of geographical areas [line items]
Non-current assets	635,885	625,411
Rest of the world
Disclosure of geographical areas [line items]
Non-current assets	$ 2,560	$ 3,262

Income taxes - Variations of Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of tax expense
Income (loss) before income taxes	$ 14,947	$ 87,537
Statutory tax rates (in percent)	2650.00%	2650.00%
Income tax expense at statutory income tax rate	$ 3,961	$ 23,197
Permanent difference items	(3,974)	2,564
Foreign income tax rate differences	(23,692)	(22,071)
Adjustments in respect of prior year	426	(2,385)
Change in unrecognized deductible (taxable) temporary differences	14,675	(2,600)
Share-based payments	23,259	26,984
Other	988	(107)
Total tax expense	$ 15,643	$ 25,582

Operating segments

12 Months Ended

Dec. 31, 2023

Operating Segments [Abstract]

Operating segments

19. Operating segments

The Company has one reportable segment, the provision of payment technology solutions to merchants and partners.

Geographic information

The Company provides payment processing services in North America, Europe, Middle East and Africa, Latin America and Asia-Pacific.

In presenting the geographic information, revenue has been based on the billing location of merchants and non-current assets were based on the geographic location of the assets.


	2023	2022
	$	$
Revenue
North America	642,601	336,563
Europe, Middle East and Africa	487,802	465,935
Latin America	51,365	33,105
Asia Pacific	8,125	7,720
	1,189,893	843,323

Non-current assets exclude financial assets and deferred tax assets, when applicable.


	2023	2022
	$	$
Non-current assets
Canada	1,015,658	1,005,845
United States	1,672,611	207,948
European Union	635,885	625,411
Rest of the world	2,560	3,262
	3,326,714	1,842,466

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share capital	Contributed surplus	Deficit	Cumulative translation adjustments	Cash flow hedge reserve	Non- Controlling interest
Equity at beginning of period at Dec. 31, 2021	$ 2,021,840	$ 2,057,105	$ 69,943	$ (108,749)	$ (8,561)	$ 0	$ 12,102
Exercise of equity-settled share-based payments	2,072	6,061	(3,989)
Equity-settled share-based payments	139,103		139,103
Tax effect - equity-settled share-based payments	(2,622)		(2,622)
Shares repurchased and cancelled	(129,835)	(75,902)		(53,933)
Effect of share repurchase liability	(42,484)	(14,672)		(27,812)
Dividend paid by subsidiary to non-controlling interest	(260)						(260)
Effect of purchase of non-controlling interest, net of tax	(39,421)			(33,115)			(6,306)
Net loss and comprehensive loss	31,097			56,732	(30,858)		5,223
Equity at end of period at Dec. 31, 2022	1,979,490	1,972,592	202,435	(166,877)	(39,419)	0	10,759
Exercise of equity-settled share-based payments	8,167	30,520	(22,353)
Equity-settled share-based payments	144,435		144,435
Tax effect - equity-settled share-based payments	424		424
Effect of share repurchase liability	(55,471)	(33,378)		(22,093)
Dividends declared	(28,097)			(28,097)			0
Net loss and comprehensive loss	(4,733)			(7,835)	3,065	(7,102)	7,139
Equity at end of period at Dec. 31, 2023	$ 2,044,215	$ 1,969,734	$ 324,941	$ (224,902)	$ (36,354)	$ (7,102)	$ 17,898

Intangible assets and goodwill - Goodwill (Details) - Goodwill - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	$ 1,114,593	$ 1,126,768
Acquisitions through business combinations	867,365	(1,359)
Effect of movements in exchange rates	5,779	(10,816)
Intangible assets and goodwill at end of period	1,987,737	1,114,593
Nuvei Corporation
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	372,379	373,738
Acquisitions through business combinations	864,172	(1,359)
Effect of movements in exchange rates	0	0
Intangible assets and goodwill at end of period	1,236,551	372,379
Digital Payments
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	726,831	737,647
Acquisitions through business combinations	3,193	0
Effect of movements in exchange rates	5,779	(10,816)
Intangible assets and goodwill at end of period	735,803	726,831
Loan Payment Pro ("LPP")
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill at beginning of period	15,383	15,383
Acquisitions through business combinations	0	0
Effect of movements in exchange rates	0	0
Intangible assets and goodwill at end of period	$ 15,383	$ 15,383

Consolidated Statements of Profit or Loss and Comprehensive Income or loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Profit or loss [abstract]
Revenue	$ 1,189,893	$ 843,323
Cost of revenue	222,906	171,425
Gross profit	966,987	671,898
Selling, general and administrative expenses	850,090	590,966
Operating profit	116,897	80,932
Finance income	(9,283)	(13,694)
Finance cost	121,334	22,841
Net finance cost	112,051	9,147
Gain on foreign currency exchange	(10,101)	(15,752)
Income before income tax	14,947	87,537
Income tax expense	15,643	25,582
Net income (loss)	(696)	61,955
Other comprehensive income (loss), net of tax
Foreign operations – foreign currency translation differences	3,065	(30,858)
Change in fair value of financial instruments designated as cash flow hedges	(6,608)	0
Reclassification of change in fair value of financial instruments designated as cash flow hedges to profit and loss	(494)	0
Comprehensive income (loss)	(4,733)	31,097
Net income (loss) attributable to:
Common shareholders of the Company	(7,835)	56,732
Non-controlling interest	7,139	5,223
Net income (loss)	(696)	61,955
Comprehensive income (loss) attributable to:
Common shareholders of the Company	(11,872)	25,874
Non-controlling interest	7,139	5,223
Comprehensive income (loss)	$ (4,733)	$ 31,097
Net income (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.40
Diluted earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.39

Business combinations (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about business combination [abstract]

Schedule of purchase price allocation

The following table summarizes the final amounts of assets acquired and liabilities assumed at the acquisition date for acquisitions in the year ended December 31, 2023:



	Paya $	Other $	Total $
Assets acquired
Cash	21,657	—	21,657
Segregated funds	244,798	—	244,798
Trade and other receivables	23,263	—	23,263
Inventory	293	—	293
Prepaid expenses	2,816	—	2,816
Property and equipment	5,419	12	5,431
Processor deposits	385	—	385
Intangible assets
Software	3,131	—	3,131
Trademarks	16,607	—	16,607
Technologies	178,173	6,908	185,081
Partner and merchant relationships	455,364	—	455,364
Goodwill1	864,172	3,193	867,365
	1,816,078	10,113	1,826,191
Liabilities assumed
Trade and other payables	(30,037)	(113)	(30,150)
Current portion of loans and borrowings	(1,142)	—	(1,142)
Other current liabilities	(3,142)	—	(3,142)
Due to merchants	(244,798)	—	(244,798)
Income taxes payable	(1,696)	—	(1,696)
Loans and borrowings	(2,492)	—	(2,492)
Deferred tax liabilities	(131,510)	—	(131,510)
	(414,817)	(113)	(414,930)
Total consideration
Cash paid	1,391,435	10,000	1,401,435
Share-based payments (note 16)	9,826	—	9,826
	1,401,261	10,000	1,411,261

Net finance costs

12 Months Ended

Dec. 31, 2023

Borrowing costs [abstract]

Net finance costs

15. Net finance cost




	2023	2022
	$	$
Finance income
Interest on advances to third parties and interest income	(9,283)	(13,694)

Finance cost
Interest on loans and borrowings (excluding lease liabilities)	103,278	26,186
Change in fair value of share repurchase liability	571	(5,710)
Interest expense on lease liabilities	659	573
Other interest expense	1,732	1,792



Accelerated amortization of deferred financing fees	15,094	—
	121,334	22,841

Net finance cost	112,051	9,147

Intangible assets and goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets [Abstract]
Goodwill impairment charge	$ 0	$ 0

Business combinations

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about business combination [abstract]

Business combinations

4. Business combinations

Transactions for the year ended December 31, 2023

Paya Holdings Inc.

On February 22, 2023, the Company acquired 100% of the shares of Paya Holdings Inc. ("Paya"), a leading U.S. provider of integrated payment and frictionless commerce solutions, for a total consideration of $1,401,261, comprised of $1,391,435 in cash and $9,826 of the portion of replacement share-based awards that was considered part of the consideration transferred. The cash consideration included the settlement by the Company of seller-related payments of $51,876 paid by Paya immediately prior to closing and thereby increased the calculated purchase price. The Company determined that the transaction met the definition of a business combination. Acquisition costs of $15,470 have been expensed during the year ended December 31, 2023. For the period from the acquisition date to December 31, 2023, Paya contributed revenue of $262,640 and net income of $38,385. The net income includes the amortization of identifiable intangible assets acquired.

Assuming this business combination would have been completed on January 1, 2023, Paya would have contributed pro forma revenue of approximately $302,558 and pro forma net income of approximately $39,105 for the year ended December 31, 2023. In determining these amounts, the Company assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on January 1, 2023. To align with the Company's presentation, Paya's revenue contribution amounts are presented net of interchange fees, which was not the case for a small portion of fees prior to its acquisition by the Company.

Paya has become part of the Company's United States federal consolidated tax group. During the year ended December 31, 2023, this resulted in the offset of deferred tax assets of the Company with the deferred tax liabilities of Paya.

Since the initial purchase price allocation was recognized, the portion of replacement share-based awards that was considered part of the consideration transferred has been increased by $2,781, current assets decreased by $1,284, current liabilities increased by $359 and deferred tax liabilities increased by $1,031 relating to new information obtained about facts and circumstances that existed at the time of acquisition. Those adjustments to the provisional amounts have been recorded with a corresponding impact on goodwill of $5,455.

Other

On March 1, 2023, the Company acquired certain assets of a service provider. The Company determined that the transaction met the definition of a business combination. The total cash consideration for this acquisition was $10,000. Acquisition costs of $129 have been expensed during the year ended December 31, 2023. For the period from the acquisition date to December 31, 2023, those assets contributed revenue of $1,874 and net loss of $3,237. The net loss includes the amortization of identifiable intangible assets acquired resulting from the transaction on March 1, 2023.

Assuming this business combination would have been completed on January 1, 2023, the Company estimates that those assets would have contributed pro forma revenue of $2,146 and pro forma net loss of $3,973 for the year ended December 31, 2023. In determining these amounts, the Company has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on January 1, 2023.

Purchase Price Allocation

The following table summarizes the final amounts of assets acquired and liabilities assumed at the acquisition date for acquisitions in the year ended December 31, 2023:



	Paya $	Other $	Total $
Assets acquired
Cash	21,657	—	21,657
Segregated funds	244,798	—	244,798
Trade and other receivables	23,263	—	23,263
Inventory	293	—	293
Prepaid expenses	2,816	—	2,816
Property and equipment	5,419	12	5,431
Processor deposits	385	—	385
Intangible assets
Software	3,131	—	3,131
Trademarks	16,607	—	16,607
Technologies	178,173	6,908	185,081
Partner and merchant relationships	455,364	—	455,364
Goodwill1	864,172	3,193	867,365
	1,816,078	10,113	1,826,191
Liabilities assumed
Trade and other payables	(30,037)	(113)	(30,150)
Current portion of loans and borrowings	(1,142)	—	(1,142)
Other current liabilities	(3,142)	—	(3,142)
Due to merchants	(244,798)	—	(244,798)
Income taxes payable	(1,696)	—	(1,696)
Loans and borrowings	(2,492)	—	(2,492)
Deferred tax liabilities	(131,510)	—	(131,510)
	(414,817)	(113)	(414,930)
Total consideration
Cash paid	1,391,435	10,000	1,401,435
Share-based payments (note 16)	9,826	—	9,826
	1,401,261	10,000	1,411,261

Share capital - Share Repurchase Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Balance - Beginning of year	$ 0	$ 0
Initial fair value of share repurchase liability	55,471	43,923
Shares repurchased under the ASPP	56,042	36,774
Change in fair value of share repurchase liability	571	(5,710)
Other	0	(1,439)
Balance - end of year	$ 0	$ 0

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Miscellaneous Current Assets [Abstract]
Loan receivable	$ 6,905	$ 0
Derivative financial asset	677	0
Other current assets	7,582	0
Miscellaneous Noncurrent Assets [Abstract]
Investment measured at fair value through profit or loss	3,699	2,004
Investment measured at fair value through profit or loss	25,862	0
Other	6,040	678
Other non-current assets	$ 35,601	$ 2,682

Share capital

12 Months Ended

Dec. 31, 2023

Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]

Share capital

13. Share capital

The Company has authorized the following classes of share capital:

▪Multiple Voting shares – unlimited number without par value - voting rights at 10 votes per share, entitled to receive dividends on a share‑for‑share basis from time to time as approved by the board, and convertible on a share-for-share basis into subordinate voting share

▪Subordinate Voting shares – unlimited number without par value - voting rights at 1 vote per share, entitled to receive dividends on a share‑for‑share basis from time to time as approved by the board, non-convertible into any other class of shares

▪Preferred shares – unlimited number without par value - non-voting, entitled to preference over Subordinate Voting Shares, Multiple Voting Shares and any other shares with respect to payment of dividends and distribution of assets

The Company had the following share capital transactions:

2023

On March 20, 2023, the Board approved a normal-course issuer bid ("NCIB") to purchase for cancellation a maximum of 5,556,604 Subordinate Voting Shares, representing approximately 10% of the Company’s "public float" (as defined in the TSX Manual) of Subordinate Voting Shares as at March 8, 2023. The Company is authorized to make purchases under the NCIB during the period from March 22, 2023 to March 21, 2024 in accordance with the requirements of the TSX and the Nasdaq and applicable securities laws. During the year ended December 31, 2023, the Company repurchased and cancelled 1,350,000 Subordinate Voting Shares for a total consideration, including transaction costs, of $56,042.

The Company also issued 1,252,112 Subordinate Voting Shares for a cash consideration of $8,167 during the year ended December 31, 2023 following the exercise of stock options and the settlement of Restricted Share Units ("RSUs").

During the year ended December 31, 2023 the Board of Directors declared total cash dividends of $0.20 per subordinate voting share and multiple voting share.

On March 5, 2024, the Board of Directors approved and declared a regular cash dividend of $0.10 per subordinate voting share and multiple voting share payable on April 4, 2024 to shareholders of record on March 19, 2024.

2022

On March 7, 2022, the Board approved a NCIB to purchase for cancellation a maximum of 6,617,416 Subordinate Voting Shares, representing approximately 10% of the Company’s "public float" (as defined in the TSX Manual) of Subordinate Voting Shares as at February 28, 2022. The Company was authorized to make purchases under the NCIB during the period from March 10, 2022 to March 9, 2023 in accordance with the requirements of the TSX and the Nasdaq and applicable securities laws. During the year ended December 31, 2022, the Company repurchased and cancelled 3,660,743 Subordinate Voting Shares for a total consideration, including transaction costs, of 166,609.


		2023		2022
	Quantity	Value	Quantity	Value
	Shares	$	Shares	$
Company’s share capital
Subordinate Voting Shares
Balance – Beginning of year	63,461,608	1,571,801	66,929,432	1,656,314




Exercise of equity-settled share-based payments	1,252,112	30,520	192,919	6,061

Share repurchase under NCIB	(1,350,000)	(33,378)	(3,660,743)	(90,574)



Balance – End of year	63,363,720	1,568,943	63,461,608	1,571,801

Multiple Voting Shares
Balance – Beginning and end of year	76,064,619	400,791	76,064,619	400,791




Total	139,428,339	1,969,734	139,526,227	1,972,592

Share repurchase liability

In March 2023 and March 2022, the Company entered into an automatic share purchase plan ("ASPP") with a third-party broker for the Company to allow for the purchase of Subordinate Voting Shares under the NCIB during the Company's blackout periods. Under this agreement, the broker was authorized to repurchase Subordinate Voting Shares, without consultation with the Company, subject to predefined share price and other limitations imposed by the Company and subject to rules and policies of the TSX and the Nasdaq and applicable securities laws, such as daily purchase restrictions. The Company recognized a share repurchase liability on those dates. The fair value of the share repurchase liability was determined using the Company's quoted share price.


	2023	2022
	$	$
Balance - Beginning of year	—	—
Initial fair value of share repurchase liability	55,471	43,923
Shares repurchased under the ASPP	(56,042)	(36,774)
Change in fair value of share repurchase liability	571	(5,710)
Other	—	(1,439)
Balance - end of year	—	—

Net income (loss) per share

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Net income (loss) per share

18. Net income (loss) per share

Diluted net income (loss) per share excludes all dilutive potential shares if their effect is anti-dilutive as well as all potential shares for which performance conditions have not yet been met as of the reporting date. For the year ended December 31, 2023 and 2022, anti-dilutive stock options, RSUs and PSUs were excluded from the calculation of diluted net income (loss) per share when their effect was anti-dilutive.




	2023	2022
	$	$
Net income (loss) attributable to common shareholders of the Company (basic and diluted)	(7,835)	56,732
Weighted average number of common shares outstanding – basic	139,248,530	141,555,788
Effect of dilutive securities	—	3,047,697
Weighted average number of common shares outstanding – diluted	139,248,530	144,603,485
Net income (loss) per share attributable to common shareholders of the Company:
Basic	(0.06)	0.40
Diluted	(0.06)	0.39

Share-based payment arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangements [Abstract]

Schedule of outstanding stock options

The table below summarizes the changes in the outstanding RSUs, PSUs, DSUs, and stock options for the years ended December 31, 2023 and 2022:



				Stock options
	Restricted share units	Performance share units	Deferred share units	Quantity	Weighted average exercise price
					$
Outstanding, beginning of year 2022	972,097	1,395,169	10,371	8,847,218	55.87
Forfeited	(53,947)	—	—	(194,517)	53.96
Granted	3,067,155	383,262	38,225	41,845	37.97
Exercised	(92,662)	—	—	(100,257)	20.69
Outstanding, end of year 2022	3,892,643	1,778,431	48,596	8,594,289	56.24
Forfeited	(375,233)	(454,132)	—	(190,687)	70.28
Replacement awards in a business combination	909,735	—	—	414,606	19.71
Granted	3,410,312	—	64,425	49,068	28.75
Dividend equivalents	52,081	8,604	814	—	—
Exercised	(532,259)	—	—	(719,853)	11.28
Outstanding, end of year 2023	7,357,279	1,332,903	113,835	8,147,423	57.86

Exercisable, end of year 2022	241,732	141,122	48,596	3,762,900	22.30
Exercisable, end of year 2023	1,289,637	142,565	113,835	4,180,568	28.51

Granted - Weighted average grant date fair value1 2022	$38.45	$49.76	$30.79	$7.01	—
Granted - weighted average grant date fair value1 2023	$22.15	$19.62	$24.41	$18.15	—

1 Granted - weighted average grant date fair value includes units granted and replacement awards in a business combination.

Schedule of outstanding RSUs, PSUs, and DSUs

The table below summarizes the changes in the outstanding RSUs, PSUs, DSUs, and stock options for the years ended December 31, 2023 and 2022:



				Stock options
	Restricted share units	Performance share units	Deferred share units	Quantity	Weighted average exercise price
					$
Outstanding, beginning of year 2022	972,097	1,395,169	10,371	8,847,218	55.87
Forfeited	(53,947)	—	—	(194,517)	53.96
Granted	3,067,155	383,262	38,225	41,845	37.97
Exercised	(92,662)	—	—	(100,257)	20.69
Outstanding, end of year 2022	3,892,643	1,778,431	48,596	8,594,289	56.24
Forfeited	(375,233)	(454,132)	—	(190,687)	70.28
Replacement awards in a business combination	909,735	—	—	414,606	19.71
Granted	3,410,312	—	64,425	49,068	28.75
Dividend equivalents	52,081	8,604	814	—	—
Exercised	(532,259)	—	—	(719,853)	11.28
Outstanding, end of year 2023	7,357,279	1,332,903	113,835	8,147,423	57.86

Exercisable, end of year 2022	241,732	141,122	48,596	3,762,900	22.30
Exercisable, end of year 2023	1,289,637	142,565	113,835	4,180,568	28.51

Granted - Weighted average grant date fair value1 2022	$38.45	$49.76	$30.79	$7.01	—
Granted - weighted average grant date fair value1 2023	$22.15	$19.62	$24.41	$18.15	—

1 Granted - weighted average grant date fair value includes units granted and replacement awards in a business combination.

Schedule of stock options outstanding and exercisable weighted average remaining term

The following table summarizes information about stock options outstanding and exercisable as at December 31, 2023:


	Options outstanding		Options exercisable
Exercise price $	Number of options	Weighted average remaining contractual term (in years)	Number of options	Weighted average remaining term (in years)
2.80	836,314	4.2	836,314	4.2
3.42 – 4.00	720,597	4.7	720,597	4.7
4.70 – 6.30	43,699	5.1	43,699	5.1
11.51 – 17.22	552,026	6.1	376,529	6.1
17.99 – 37.51	2,350,983	6.9	1,230,029	6.8
47.21 – 78.58	711,251	5.6	610,181	5.3
104.53 – 127.33	2,932,553	7.8	363,219	7.7
	8,147,423	6.6	4,180,568	5.7

Schedule of stock options outstanding and exercisable by exercise price

The following table summarizes information about stock options outstanding and exercisable as at December 31, 2023:


	Options outstanding		Options exercisable
Exercise price $	Number of options	Weighted average remaining contractual term (in years)	Number of options	Weighted average remaining term (in years)
2.80	836,314	4.2	836,314	4.2
3.42 – 4.00	720,597	4.7	720,597	4.7
4.70 – 6.30	43,699	5.1	43,699	5.1
11.51 – 17.22	552,026	6.1	376,529	6.1
17.99 – 37.51	2,350,983	6.9	1,230,029	6.8
47.21 – 78.58	711,251	5.6	610,181	5.3
104.53 – 127.33	2,932,553	7.8	363,219	7.7
	8,147,423	6.6	4,180,568	5.7

Schedule of stock options weighted average assumptions

The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:



	2023	2022
Share price	$31.49	$37.97
Exercise price	$19.71	$37.97
Risk-free interest rate	4.00%	2.98%
Expected volatility	35.5%	41.3%
Dividend yield	—	—
Expected term	6.0 years	1.1 years

Trade and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade receivables	$ 74,409	$ 36,298
Due from processing banks	21,403	19,133
Other receivables	9,943	5,797
Total	$ 105,755	$ 61,228

Related party transactions - Key Management Personnel Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party [Abstract]
Salaries and short-term employee benefits	$ 8,733	$ 6,007
Share-based payments	71,730	71,286
Key management personnel compensation	$ 80,463	$ 77,293

Trade and other payables

12 Months Ended

Dec. 31, 2023

Trade and other payables [abstract]

Trade and other payables

10. Trade and other payables

Trade and other payables comprise the following:


	2023	2022
	$	$
Trade payables	70,125	43,813
Accrued bonuses and other compensation-related liabilities	52,155	36,379

Sales tax payable	7,295	8,007
Interest payable	3,982	458

Due to merchants not related to segregated funds	29,105	20,076

Other accrued liabilities	16,753	16,800
	179,415	125,533

Information about the Company's exposure to currency and liquidity risk is included in note 20.

Loans and borrowings - Narrative (Details) $ in Thousands	12 Months Ended
Loans and borrowings - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Mar. 31, 2028	Mar. 31, 2025	Oct. 01, 2023	Sep. 29, 2023	Jun. 30, 2023 USD ($)	Feb. 22, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Total leverage ratio	5.00							7.00
Carrying amount	$ 1,260,544							$ 510,754
Weighted average incremental borrowing rates used to discount outstanding leases (as a percent)	4.30%							4.37%
Increase (decrease) in leverage ratio	0.25
Term SOFR
Disclosure of detailed information about borrowings [line items]
Adjustment to ABR rate basis (as a percent)	1.00%
Federal funds effective rate
Disclosure of detailed information about borrowings [line items]
Adjustment to ABR rate basis (as a percent)	0.50%
Canadian prime rate
Disclosure of detailed information about borrowings [line items]
Adjustment to ABR rate basis (as a percent)	1.00%
Letter of Credit Facilities
Disclosure of detailed information about borrowings [line items]
Carrying amount	$ 56,175							$ 46,125
Reducing revolving credit facility
Disclosure of detailed information about borrowings [line items]
Line of credit, permanent quarterly reduction						$ 10,000
Increase (decrease) in leverage ratio				0.25
Reducing revolving credit facility \| Minimum
Disclosure of detailed information about borrowings [line items]
Interest coverage ratio	2.50
Reducing revolving credit facility \| Maximum
Disclosure of detailed information about borrowings [line items]
Total leverage ratio					4.50
Reducing revolving credit facility \| Entering Into Debt Agreement
Disclosure of detailed information about borrowings [line items]
Revolving credit facility amount							$ 800,000
Reducing revolving credit facility \| Entering Into Debt Agreement \| Term SOFR \| Minimum
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)							2.50%
Reducing revolving credit facility \| Entering Into Debt Agreement \| Term SOFR \| Maximum
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)							3.25%
Reducing revolving credit facility \| Entering Into Debt Agreement \| Adjusted Base Rate \| Term SOFR
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)							0.10%
Reducing revolving credit facility \| Entering Into Debt Agreement \| Alternate base rate \| Term SOFR \| Minimum
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)							1.50%
Reducing revolving credit facility \| Entering Into Debt Agreement \| Alternate base rate \| Term SOFR \| Maximum
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)							2.25%
Forecast
Disclosure of detailed information about borrowings [line items]
Total leverage ratio		4.00
Forecast \| Reducing revolving credit facility
Disclosure of detailed information about borrowings [line items]
Total leverage ratio			3.50

Material accounting policies and new accounting standards - Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2023
Loan Payment Pro ("LPP") \| United States
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Nuvei Commerce LLC \| United States
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Nuvei Consulting Services Ltd. \| Israel
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Nuvei International Group Limited \| Guernsey
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Nuvei Ltd. \| Cyprus
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Nuvei Technologies Corp. \| Canada
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Nuvei Technologies Inc. \| United States
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Nuvei Technology & Services B.V. \| Netherlands
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Nuvei US LLC \| United States
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
SimplexCC Ltd. \| Israel
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Paya Holdings Inc. \| United States
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%
Paya Inc. \| United States
Disclosure of subsidiaries [line items]
Ownership percentage	100.00%

Trade and other payables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables [abstract]
Trade payables	$ 70,125	$ 43,813
Accrued bonuses and other compensation-related liabilities	52,155	36,379
Sales tax payable	7,295	8,007
Interest payable	3,982	458
Due to merchants not related to segregated funds	29,105	20,076
Other accrued liabilities	16,753	16,800
Trade and other current payables	$ 179,415	$ 125,533

Share capital - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 05, 2024 $ / shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) shares	Mar. 20, 2023 shares	Mar. 08, 2023	Mar. 07, 2022 shares	Feb. 28, 2022
Disclosure of classes of share capital [line items]
Payments to acquire or redeem entity's shares \| $		$ 56,042	$ 166,609
Normal course issuer bid
Disclosure of classes of share capital [line items]
Number of shares for repurchase as a percentage of public float (percent)					10.00%		10.00%
Subordinate Voting Shares
Disclosure of classes of share capital [line items]
Number of votes per share \| vote		1
Maximum number of shares for repurchase (in shares)				5,556,604		6,617,416
Shares repurchased and cancelled (in shares)		1,350,000	3,660,743
Issuance for acquisitions (in shares)		1,252,112
Issuance for acquisition \| $		$ 8,167
Subordinate Voting Shares and Multiple Voting Shares
Disclosure of classes of share capital [line items]
Dividends, per share, declared (in usd per share) \| $ / shares		$ 0.20
Subordinate Voting Shares and Multiple Voting Shares \| Approval and Declaration of Dividend
Disclosure of classes of share capital [line items]
Dividends, per share, declared (in usd per share) \| $ / shares	$ 0.10
Multiple Voting Shares
Disclosure of classes of share capital [line items]
Number of votes per share \| vote		10

Trade and other receivables (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Schedule of trade and other receivables



	2023	2022
	$	$
Trade receivables	74,409	36,298
Due from processing banks	21,403	19,133
Other receivables	9,943	5,797
Total	105,755	61,228

Basis of preparation and consolidation (Details)	12 Months Ended
Basis of preparation and consolidation (Details)	Dec. 31, 2023 segment
Basis Of Preparation And Consolidation [Abstract]
Number of reportable segments	1

Income taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income taxes

17. Income taxes

Variations of income tax expense (recovery) from the basic Canadian federal and provincial combined income tax rates applicable to income before income taxes are as follows:


		2023		2022
	$	%	$	%
Income before income taxes	14,947		87,537
Statutory income tax rate		26.5		26.5
Income tax expense at statutory income tax rate	3,961		23,197

Changes resulting from:
Permanent difference items	(3,974)		2,564
Foreign income tax rate differences	(23,692)		(22,071)
Adjustments in respect of prior year	426		(2,385)
Change in unrecognized deductible (taxable) temporary differences	14,675		(2,600)
Share-based payments	23,259		26,984
Other	988		(107)
Total income tax expense	15,643		25,582

The details of income tax expense (recovery) are as follows:


	2023	2022
	$	$
Income tax expense (recovery)
Current	43,591	38,527
Deferred	(27,948)	(12,945)
	15,643	25,582

The components of current income tax expense are as follows:


	2023	2022
	$	$
Current income tax expense
Current	43,391	38,139
Adjustment of prior year income tax expense	200	388
	43,591	38,527

The components of deferred income tax recovery are as follows:


	2023	2022
	$	$
Deferred income tax recovery
Origination and reversal of temporary differences	(42,849)	(7,571)
Change in unrecognized deductible (taxable) temporary differences	14,675	(2,600)
Adjustment of prior year income tax expense (recovery)	226	(2,774)
	(27,948)	(12,945)

The details of changes of deferred income taxes are as follows for the year ended December 31, 2023:


	Deferred tax assets (liabilities) as at December 31, 2022	Recognized in net loss	Business combinations	Equity	Foreign currency exchange differences	Deferred tax assets (liabilities) as at December 31, 2023
	$	$	$	$	$	$
Deferred tax assets
Share-based payments	3,128	5,551	1,027	(748)	55	9,013
Net operating tax losses carried forward	6,432	(4,996)	6,863	—	(2,468)	5,831

Intangible assets	6,460	(6,460)	—	—	—	—
Accrued liabilities	3,830	3,358	1,399	—	(1,519)	7,068
Other	—	17,079	2,955	—	3,610	23,644
Total deferred tax assets	19,850	14,532	12,244	(748)	(322)	45,556

Deferred tax liabilities
Intangible assets	(62,535)	12,758	(142,620)	—	827	(191,570)
Other	(661)	661	—	—	—	—
Property and equipment	(413)	(21)	(1,134)	—	(1)	(1,569)
Deferred costs	(773)	18	—	—	753	(2)
Total deferred tax liabilities	(64,382)	13,416	(143,754)	—	1,579	(193,141)
Total net deferred tax assets (liabilities)	(44,532)	27,948	(131,510)	(748)	1,257	(147,585)

The details of changes of deferred income taxes are as follows for the year ended December 31, 2022:


	Deferred tax assets (liabilities) as at December 31, 2021	Recognized in net income	Business combination	Equity	Foreign currency exchange differences	Deferred tax assets (liabilities) as at December 31, 2022
	$	$	$	$	$	$
Deferred tax assets
Share-based payments	4,314	1,798	—	(2,887)	(97)	3,128
Net operating tax losses carried forward	4,018	468	1,272	594	80	6,432
Intangible assets	3,925	2,526	—	—	9	6,460
Accrued liabilities	2,924	883	27	—	(4)	3,830
Total deferred tax assets	15,181	5,675	1,299	(2,293)	(12)	19,850

Deferred tax liabilities
Intangible assets	(70,043)	5,728	—	—	1,780	(62,535)
Other	(1,800)	1,134	—	—	5	(661)
Property and equipment	(905)	684	—	—	(192)	(413)
Deferred costs	(497)	(276)	—	—	—	(773)
Total deferred tax liabilities	(73,245)	7,270	—	—	1,593	(64,382)
Total net deferred tax assets (liabilities)	(58,064)	12,945	1,299	(2,293)	1,581	(44,532)

The deferred income taxes are presented on the consolidated statements of financial position as follows:


	2023	2022
	$	$
Deferred tax assets	4,336	17,172
Deferred tax liabilities	(151,921)	(61,704)
	(147,585)	(44,532)

Unrecognized deferred income tax assets balances are as follows:


	2023	2022
	$	$
Net operating tax losses carried forward	41,838	24,973
Unused tax credits	2,356	515
Deductible temporary differences, including capital losses	22,715	26,312

The net operating tax losses carried forward for which no deferred income tax asset was recognized expire as follows:


As at December 31, 2023	Gross amount of net operating tax losses carried forward	Tax-effected	Expiry Period
	$	$
Expire	148,354	39,314	2031 to 2043
Never expire	14,685	2,524	N/A
	163,039	41,838


As at December 31, 2022	Gross amount of net operating tax losses carried forward	Tax-effected	Expiry Period
	$	$
Expire	91,163	24,165	2031 to 2042
Never expire	4,586	808	N/A
	95,749	24,973

The unused tax credits for which no deferred income tax asset was recognized expire as follows:


As at December 31, 2023	Unused tax credits	Expiry period
	$	$
Expire	2,356	2031 to 2033
Never expire	0	N/A
	2,356


As at December 31, 2022	Unused tax credits	Expiry period
	$	$
Expire	515	2031 to 2032
Never expire	0	N/A
	515

The deductible temporary differences and capital losses do not expire under current tax legislation. Deferred tax assets have not been recognized in respect of those items because it is not probable that future taxable profit will be available in those jurisdictions against which the Company can utilize these benefits.

The Company has not recognized deferred tax liabilities for the undistributed earnings of its subsidiaries in the current or prior years since the Company does not expect to sell or repatriate funds from those investments, in which case the undistributed earnings may become taxable. Upon distribution of these earnings in the form of dividends or otherwise, the Company may be subject to income and/or withholding taxes.

International Tax Reform — “Pillar Two” Model Rules (Amendments to IAS 12 Income Taxes)

The Company falls within the scope of the OECD’s Pillar Two model rules. As various jurisdictions enact domestic legislation that is generally equivalent to the Pillar Two model rules, the Company, as from January 1, 2024, may be liable to pay a top-up tax on its net income before income taxes for the difference between its effective income tax rate in a particular jurisdiction for Pillar Two purposes and a 15% minimum income tax rate.

Since domestic Pillar Two legislation is not yet effective in any jurisdiction that the Company operates in as at December 31, 2023, neither the Company nor any of its subsidiaries have a current income tax exposure that is related to the Pillar Two model rules as at that date.

On December 12, 2023, domestic Pillar Two legislation was enacted in Bulgaria, which is a main jurisdiction that Pillar Two income tax exposures may arise for the Company. The Company has subsidiaries in Bulgaria (a jurisdiction with a 10% statutory income tax rate) that have a combined effective income tax rate that is less than 15%. In addition, the Company has subsidiaries in Cyprus (a jurisdiction with a 12.5% statutory income tax rate) that also have a combined effective income tax rate that is less than 15%.

Had the substantively enacted and enacted domestic Pillar Two legislation, as at December 31, 2023, were effective for the full 2023 year, the Company estimates that the incremental top-up income tax expense could have been in the range of approximately $7 to 10 million.

This information does not reflect all the specific requirements of domestic Pillar Two legislation. Some information is not yet known, or reasonably estimable, as at the end of the year since the Company is still in the process of assessing its exposure. The Company is closely monitoring developments in the various jurisdictions in which it operates, including specific implementation details related to domestic Pillar Two legislation, in order to continue assessing the overall impact on the Company’s effective income tax rate and results.

Income taxes - Components of Current and Deferred Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current tax expense (recovery)
Current	$ 43,391	$ 38,139
Adjustment of prior year income tax expense	200	388
Current tax expense (recovery)	43,591	38,527
Deferred tax expense (recovery)
Origination and reversal of temporary differences	(42,849)	(7,571)
Change in unrecognized deductible (taxable) temporary differences	14,675	(2,600)
Adjustment of prior year income tax expense (recovery)	226	(2,774)
Deferred tax expense (recovery)	$ (27,948)	$ (12,945)

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 170,435	$ 751,686
Trade and other receivables	105,755	61,228
Inventory	3,156	2,117
Prepaid expenses	16,250	12,254
Income taxes receivable	4,714	3,126
Current portion of advances to third parties	0	579
Current portion of contract assets	1,038	1,215
Other current assets	7,582	0
Total current assets before segregated funds	308,930	832,205
Segregated funds	1,455,376	823,666
Total current assets	1,764,306	1,655,871
Non-current assets
Advances to third parties	0	1,721
Property and equipment	33,094	31,881
Intangible assets	1,305,048	694,995
Goodwill	1,987,737	1,114,593
Deferred tax assets	4,336	17,172
Contract assets	835	997
Processor and other deposits	4,310	4,757
Other non-current assets	35,601	2,682
Total Assets	5,135,267	3,524,669
Current liabilities
Trade and other payables	179,415	125,533
Income taxes payable	25,563	16,864
Current portion of loans and borrowings	12,470	8,652
Other current liabilities	7,859	4,224
Total current liabilities before due to merchants	225,307	155,273
Due to merchants	1,455,376	823,666
Total current liabilities	1,680,683	978,939
Non-current liabilities
Loans and borrowings	1,248,074	502,102
Deferred tax liabilities	151,921	61,704
Other non-current liabilities	10,374	2,434
Total Liabilities	3,091,052	1,545,179
Equity
Share capital	1,969,734	1,972,592
Contributed surplus	324,941	202,435
Deficit	(224,902)	(166,877)
Accumulated other comprehensive loss	(43,456)	(39,419)
Equity attributable to shareholders	2,026,317	1,968,731
Non-controlling interest	17,898	10,759
Total Equity	2,044,215	1,979,490
Total Liabilities and Equity	$ 5,135,267	$ 3,524,669

Cover	12 Months Ended
Cover	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40875
Entity Registrant Name	NUVEI CORPORATION
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	48-1298435
Entity Address, Address Line One	1100 René-Lévesque Boulevard West
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Montreal
Entity Address, State or Province	QC
Entity Address, Postal Zip Code	H3B 4N4
City Area Code	514
Local Phone Number	313-1190
Title of 12(b) Security	Subordinate Voting Shares
Trading Symbol	NVEI
Security Exchange Name	NASDAQ
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0001765159
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Subordinate Voting Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	63,363,720
Multiple Voting Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	76,064,619
Business Contact
Document Information [Line Items]
Contact Personnel Name	Nuvei Technologies Inc.
Entity Address, Address Line One	1375 N Scottsdale Rd
Entity Address, Address Line Two	Ste 400
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85257
City Area Code	480
Local Phone Number	285-2000

Property and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Schedule of property and equipment


	Note	Point-of-sale terminals	Computer equipment	Office equipment, furniture and fixtures	Leasehold improvements	Right-of-use assets – Office leases	Total
		$	$	$	$	$
Cost
Balance as at December 31, 2021		3,632	9,764	1,742	3,901	13,806	32,845
Acquisitions		1,182	10,810	529	1,223	8,376	22,120
Disposal		—	(2,038)	(24)	(220)	—	(2,282)

Fully depreciated assets		—	(945)	—	(196)	(424)	(1,565)
Effect of movements in exchange rates		(280)	(228)	(14)	7	(233)	(748)
Balance as at December 31, 2022		4,534	17,363	2,233	4,715	21,525	50,370
Acquisitions		1,078	8,683	89	350	1,194	11,394
Disposal		—	(1)	(59)	(398)	(1,828)	(2,286)
Acquisition through business combinations	4	—	1,530	194	386	3,321	5,431
Fully depreciated assets		—	(1,625)	—	(702)	—	(2,327)
Effect of movements in exchange rates		113	(102)	56	100	93	260
Balance as at December 31, 2023		5,725	25,848	2,513	4,451	24,305	62,842

Accumulated depreciation
Balance as at December 31, 2021		2,220	3,725	568	1,253	6,223	13,989
Depreciation		597	3,815	280	451	3,340	8,483
Disposal		—	(2,036)	(13)	(87)	—	(2,136)
Fully depreciated assets		—	(945)	—	(196)	(424)	(1,565)
Effect of movement in exchange rates		(163)	(48)	(8)	(16)	(47)	(282)
Balance as at December 31, 2022		2,654	4,511	827	1,405	9,092	18,489
Depreciation		703	7,794	397	694	4,860	14,448
Disposal		—	—	(30)	(1)	(1,101)	(1,132)
Fully depreciated assets		—	(1,625)	—	(702)	—	(2,327)
Effect of movement in exchange rates		110	47	—	71	42	270
Balance as at December 31, 2023		3,467	10,727	1,194	1,467	12,893	29,748

Carrying amounts

At December 31, 2022		1,880	12,852	1,406	3,310	12,433	31,881
At December 31, 2023		2,258	15,121	1,319	2,984	11,412	33,094

Share-based payment arrangements - Narrative (Details) $ in Thousands		12 Months Ended
	Feb. 22, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2017 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted (in shares)		49,068	41,845
Share-based payments (note 16) \| $		$ 9,826
Dividend yield (percent)		0.00%	0.00%
Number of options outstanding (in shares)		8,147,423	8,594,289	8,847,218
Paya Inc.
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock options granted (in shares)	414,606
Share-based payments (note 16) \| $	$ 9,826
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share units granted (in shares)		3,410,312	3,067,155
Restricted share units \| Paya Inc.
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share units granted (in shares)	909,735
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share units granted (in shares)		0	383,262
Maximum payout of units (in percent)		2
Potential additional shares that could be issued (in shares)		383,262
Omnibus Incentive Plan \| Options \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)		5 years
Omnibus Incentive Plan \| Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)		3 years
Omnibus Incentive Plan \| PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)		3 years
Legacy Option Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorized for issuance					11,704,100
Legacy Option Plan \| Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)		5 years
Equity award term (in years)		10 years
Paya Equity Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorized for issuance	1,324,341
Paya Equity Plan \| Paya Inc.
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions with employees \| $	$ 11,937
Key management personnel
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding (in shares)		4,361,589	4,368,267

Determination of fair values - Changes in Level 3 Items (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LPP put option liability
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	$ 0	$ 531
Settlement		0
Acquisition	0
Fair value remeasurement	0	(531)
Ending balance	0	0
Contingent considerations
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	0	3,004
Settlement		(2,012)
Acquisition	0
Fair value remeasurement	0	(992)
Ending balance	0	0
Advances to a third party independent sales organization
Changes in fair value measurement, assets [abstract]
Beginning balance	2,154	16,616
Acquisition	0	0
Merchant residuals received, net of interest on advances to a third parties	(108)	(1,495)
Settlement of advances to a third party	(2,046)	(12,967)
Fair value remeasurement	0	0
Ending balance	0	2,154
Investments measured at fair value through profit or loss
Changes in fair value measurement, assets [abstract]
Beginning balance	2,148	1,148
Acquisition	1,270	1,000
Fair value remeasurement	(974)	0
Ending balance	2,444	2,148
Investment measured at fair value through other comprehensive income
Changes in fair value measurement, assets [abstract]
Beginning balance	0	0
Acquisition	25,000
Effect of movements in exchange rates		862
Fair value remeasurement	0	0
Ending balance	$ 25,862	$ 0

Other assets

12 Months Ended

Dec. 31, 2023

Other Assets 1 [Abstract]

Other assets

7. Other assets

a)Other current assets

Other current assets comprise the following:


	Note	2023	2022
		$	$

Loan receivable	26	6,905	—
Derivative financial asset	21	677	—
		7,582	—

b)Other non-current assets

Other non-current assets comprise the following:


	Note	2023	2022
		$	$

Investment measured at fair value through profit or loss	21	3,699	2,004
Investment measured at fair value through other comprehensive income	21	25,862	—
Other		6,040	678
		35,601	2,682

Supplementary cash flow disclosure (Tables)

12 Months Ended

Dec. 31, 2023

Cash Flow Statement [Abstract]

Schedule of supplementary cash flow disclosure



	2023	2022
	$	$
Changes in non-cash working capital items:
Trade and other receivables	(25,085)	(19,714)
Inventory	(746)	(840)
Prepaid expenses	(1,180)	(3,771)
Contract assets	(1,263)	(1,769)
Trade and other payables	15,432	24,266
Other current and non-current liabilities	428	(9,053)
	(12,414)	(10,881)

Related party transactions

12 Months Ended

Dec. 31, 2023

Related Party [Abstract]

Related party transactions

22. Related party transactions

Transactions with key management personnel

Key management personnel compensation comprises the following:




	2023	2022
	$	$
Salaries and short-term employee benefits	8,733	6,007
Share-based payments	71,730	71,286
	80,463	77,293

Other related party transactions



		Transaction value		Balance outstanding December 31,


			2023	2022	2023	2022
			$	$	$	$
Expenses – Travel	(i)		1,976	1,139	745	137

(i)In the normal course of operations, the Company receives services from a company owned by a shareholder of the Company. The services received consist of travel services.

Revenue and expenses by nature - Schedule of Revenue and Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 1,189,893	$ 843,323
Cost of revenue	222,906	171,425
Selling, general and administrative expenses
Commissions	221,720	113,287
Employee compensation	204,479	155,359
Share-based payments	134,609	139,103
Depreciation and amortization	136,423	101,492
Professional fees	56,079	32,387
Transaction losses (recovery)	7,928	(143)
Contingent consideration adjustment	0	(992)
Other	88,852	50,473
Selling, general and administrative expenses	850,090	590,966
Processing cost
Disclosure of disaggregation of revenue from contracts with customers [line items]
Cost of revenue	218,063	166,995
Cost of goods sold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Cost of revenue	4,843	4,430
Merchant transaction and processing services revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	1,177,881	835,093
Other revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	8,892	8,230
Interest revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 3,120	$ 0

Reporting entity	12 Months Ended
Reporting entity	Dec. 31, 2023
Reporting Entity [Abstract]
Reporting entity	1. Reporting entity Nuvei Corporation (“Nuvei” or the “Company”) is a global payment technology provider to businesses across North America, Europe, Middle East and Africa, Latin America and Asia Pacific and is domiciled in Canada with its registered office located at 1100 René-Lévesque Blvd., 9th floor, Montreal, Quebec, Canada. Nuvei is the ultimate parent of the group and was incorporated on September 1, 2017 under the Canada Business Corporations Act (“CBCA”). The Company's Subordinate Voting Shares are listed on the Toronto Stock Exchange ("TSX") and on the Nasdaq Global Select Market ("Nasdaq") both under the symbol "NVEI".

Inventory	12 Months Ended
Inventory	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Inventory	6. Inventory For the year ended December 31, 2023, the cost of revenue includes inventory costs of $2,574 (2022 – $2,041) and there was no write-down to net realizable value (nil in 2022).

Determination of fair values

12 Months Ended

Dec. 31, 2023

Fair Value Measurement [Abstract]

Determination of fair values

21. Determination of fair values

Certain of the Company’s accounting policies and disclosures require the determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes using the following methods.

Financial assets and financial liabilities

In establishing fair value, the Company uses a fair value hierarchy based on levels as defined below:

•Level 1: defined as observable inputs such as quoted prices in active markets.

•Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable.

•Level 3: defined as inputs that are based on little or no observable market data, therefore requiring entities to develop their own assumptions.

The Company has determined that, excluding the derivative financial instrument, the carrying amounts of its current financial assets and financial liabilities approximate their fair value given the short-term nature of these instruments.

The fair value of the variable interest rate non-current liabilities approximates the carrying amount as the liabilities bear interest at a rate that varies according to the market rate.

As at December 31, 2023 and December 31, 2022, financial instruments measured at fair value in the Consolidated Financial Statements of financial position were as follows:


	Notes	Fair value hierarchy	2023	2022
			$	$
Assets
Investments measured at fair value through profit or loss		Level 1	1,255	1,002
Derivative financial asset - Interest rate swap		Level 2	677	—
Investments measured at fair value through profit or loss		Level 3	2,444	2,148
Investment in equity instrument designated at fair value through other comprehensive income		Level 3	25,862	—
Advances to a third party independent sales organization		Level 3	—	2,154

Liabilities

Derivative financial liability - Interest rate swap		Level 2	7,780	—

Interest rate swap

Level 3 fair value measurement items

The following table presents the changes in level 3 items for the years ended December 31, 2023 and 2022:


	Advances to a third party independent sales organization	Investments measured at fair value through profit or loss	LPP put option liability	Contingent considerations	Investment measured at fair value through other comprehensive income
	$	$	$	$	$
Balance as at December 31, 2021	16,616	1,148	531	3,004	—
Settlement	—	—	—	(2,012)	—
Acquisition	—	1,000	—	—
Merchant residuals received, net of interest on advances to a third parties	(1,495)	—	—	—	—
Settlement of advances to a third party	(12,967)	—	—	—	—
Fair value remeasurement	—	—	(531)	(992)	—
Balance as at December 31, 2022	2,154	2,148	—	—	—

Acquisition	—	1,270	—	—	25,000

Merchant residuals received, net of interest on advances to a third parties	(108)	—	—	—	—
Settlement of advances to a third party	(2,046)	—	—	—	—
Effect of movements in exchange rates	—	—	—	—	862
Fair value remeasurement	—	(974)	—	—	—
Balance as at December 31, 2023	—	2,444	—	—	25,862

Fair value remeasurement of level 3 instruments is recognized in selling, general and administrative expenses. Investments measured at fair value through profit and loss and through other comprehensive income are recognized on the statement of financial position in other non-current assets. Below are the assumptions and valuation methods used in the level 3 fair value measurements:

•On March 15, 2023, the Company acquired an equity interest in a private company for a total cash consideration of $25,000. The company designated this equity investment at fair value through other comprehensive income. The fair value is estimated using a market approach, which is the revenue multiple.

•As at December 31, 2023, the fair value of the contingent consideration for the Mazooma acquisition is nil (nil for December 2022). The fair value of the contingent consideration is determined using a formula specified in the purchase agreement. The main assumption is the forecast of financial performance. The maximum contingent consideration that could be paid if the future financial targets are met is $331,658 thousands Canadian dollars ($250,365).

LPP put option liability

On February 4, 2022, the Company received a put option exercise notice from the LPP NCI unit holders which obligated the Company to purchase the remaining 40% interest in LPP at fair market value. On April 7, 2022, the Company completed the purchase of the remaining 40% interest in LPP for a cash consideration of $39,751.

Other liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Provision for losses on merchant accounts	$ 5,280	$ 2,693	$ 6,265
Derivative financial liability	628	0
Other	1,951	1,531
Total other current liabilities	$ 7,859	$ 4,224

Inventory (Details) - USD ($)	12 Months Ended
Inventory (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Inventories costs included in cost of revenue	$ 2,574,000	$ 2,041,000
Inventory write-down	$ 0	$ 0

Supplementary cash flow disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flow Statement [Abstract]
Trade and other receivables	$ (25,085)	$ (19,714)
Inventory	(746)	(840)
Prepaid expenses	(1,180)	(3,771)
Contract assets	(1,263)	(1,769)
Trade and other payables	15,432	24,266
Other current and non-current liabilities	428	(9,053)
Changes in non-cash working capital items	$ (12,414)	$ (10,881)

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of variations of income tax (expense) recovery from rates applicable to income before income taxes

Variations of income tax expense (recovery) from the basic Canadian federal and provincial combined income tax rates applicable to income before income taxes are as follows:


		2023		2022
	$	%	$	%
Income before income taxes	14,947		87,537
Statutory income tax rate		26.5		26.5
Income tax expense at statutory income tax rate	3,961		23,197

Changes resulting from:
Permanent difference items	(3,974)		2,564
Foreign income tax rate differences	(23,692)		(22,071)
Adjustments in respect of prior year	426		(2,385)
Change in unrecognized deductible (taxable) temporary differences	14,675		(2,600)
Share-based payments	23,259		26,984
Other	988		(107)
Total income tax expense	15,643		25,582

Schedule of details and components of income tax expense (recovery)

The details of income tax expense (recovery) are as follows:


	2023	2022
	$	$
Income tax expense (recovery)
Current	43,591	38,527
Deferred	(27,948)	(12,945)
	15,643	25,582

The components of current income tax expense are as follows:


	2023	2022
	$	$
Current income tax expense
Current	43,391	38,139
Adjustment of prior year income tax expense	200	388
	43,591	38,527

The components of deferred income tax recovery are as follows:


	2023	2022
	$	$
Deferred income tax recovery
Origination and reversal of temporary differences	(42,849)	(7,571)
Change in unrecognized deductible (taxable) temporary differences	14,675	(2,600)
Adjustment of prior year income tax expense (recovery)	226	(2,774)
	(27,948)	(12,945)

Schedule of deferred income taxes

The details of changes of deferred income taxes are as follows for the year ended December 31, 2023:


	Deferred tax assets (liabilities) as at December 31, 2022	Recognized in net loss	Business combinations	Equity	Foreign currency exchange differences	Deferred tax assets (liabilities) as at December 31, 2023
	$	$	$	$	$	$
Deferred tax assets
Share-based payments	3,128	5,551	1,027	(748)	55	9,013
Net operating tax losses carried forward	6,432	(4,996)	6,863	—	(2,468)	5,831

Intangible assets	6,460	(6,460)	—	—	—	—
Accrued liabilities	3,830	3,358	1,399	—	(1,519)	7,068
Other	—	17,079	2,955	—	3,610	23,644
Total deferred tax assets	19,850	14,532	12,244	(748)	(322)	45,556

Deferred tax liabilities
Intangible assets	(62,535)	12,758	(142,620)	—	827	(191,570)
Other	(661)	661	—	—	—	—
Property and equipment	(413)	(21)	(1,134)	—	(1)	(1,569)
Deferred costs	(773)	18	—	—	753	(2)
Total deferred tax liabilities	(64,382)	13,416	(143,754)	—	1,579	(193,141)
Total net deferred tax assets (liabilities)	(44,532)	27,948	(131,510)	(748)	1,257	(147,585)

The details of changes of deferred income taxes are as follows for the year ended December 31, 2022:


	Deferred tax assets (liabilities) as at December 31, 2021	Recognized in net income	Business combination	Equity	Foreign currency exchange differences	Deferred tax assets (liabilities) as at December 31, 2022
	$	$	$	$	$	$
Deferred tax assets
Share-based payments	4,314	1,798	—	(2,887)	(97)	3,128
Net operating tax losses carried forward	4,018	468	1,272	594	80	6,432
Intangible assets	3,925	2,526	—	—	9	6,460
Accrued liabilities	2,924	883	27	—	(4)	3,830
Total deferred tax assets	15,181	5,675	1,299	(2,293)	(12)	19,850

Deferred tax liabilities
Intangible assets	(70,043)	5,728	—	—	1,780	(62,535)
Other	(1,800)	1,134	—	—	5	(661)
Property and equipment	(905)	684	—	—	(192)	(413)
Deferred costs	(497)	(276)	—	—	—	(773)
Total deferred tax liabilities	(73,245)	7,270	—	—	1,593	(64,382)
Total net deferred tax assets (liabilities)	(58,064)	12,945	1,299	(2,293)	1,581	(44,532)

The deferred income taxes are presented on the consolidated statements of financial position as follows:


	2023	2022
	$	$
Deferred tax assets	4,336	17,172
Deferred tax liabilities	(151,921)	(61,704)
	(147,585)	(44,532)

Schedule of unrecognized deferred income tax assets

Unrecognized deferred income tax assets balances are as follows:


	2023	2022
	$	$
Net operating tax losses carried forward	41,838	24,973
Unused tax credits	2,356	515
Deductible temporary differences, including capital losses	22,715	26,312

Schedule of net operating tax losses carried forward with no deferred tax asset

The net operating tax losses carried forward for which no deferred income tax asset was recognized expire as follows:


As at December 31, 2023	Gross amount of net operating tax losses carried forward	Tax-effected	Expiry Period
	$	$
Expire	148,354	39,314	2031 to 2043
Never expire	14,685	2,524	N/A
	163,039	41,838


As at December 31, 2022	Gross amount of net operating tax losses carried forward	Tax-effected	Expiry Period
	$	$
Expire	91,163	24,165	2031 to 2042
Never expire	4,586	808	N/A
	95,749	24,973

Disclosure of unused tax credits

The unused tax credits for which no deferred income tax asset was recognized expire as follows:


As at December 31, 2023	Unused tax credits	Expiry period
	$	$
Expire	2,356	2031 to 2033
Never expire	0	N/A
	2,356


As at December 31, 2022	Unused tax credits	Expiry period
	$	$
Expire	515	2031 to 2032
Never expire	0	N/A
	515

Supplementary cash flow disclosure

12 Months Ended

Dec. 31, 2023

Cash Flow Statement [Abstract]

Supplementary cash flow disclosure

23. Supplementary cash flow disclosure



	2023	2022
	$	$
Changes in non-cash working capital items:
Trade and other receivables	(25,085)	(19,714)
Inventory	(746)	(840)
Prepaid expenses	(1,180)	(3,771)
Contract assets	(1,263)	(1,769)
Trade and other payables	15,432	24,266
Other current and non-current liabilities	428	(9,053)
	(12,414)	(10,881)

Revenue and expenses by nature

12 Months Ended

Dec. 31, 2023

Analysis of income and expense [abstract]

Revenue and expenses by nature

14. Revenue and expenses by nature




	2023	2022
	$	$
Revenue
Merchant transaction and processing services revenue	1,177,881	835,093
Other revenue	8,892	8,230
Interest revenue	3,120	—
	1,189,893	843,323

Cost of revenue
Processing cost	218,063	166,995
Cost of goods sold	4,843	4,430
	222,906	171,425

Selling, general and administrative expenses
Commissions	221,720	113,287
Employee compensation	204,479	155,359
Share-based payments	134,609	139,103
Depreciation and amortization	136,423	101,492
Professional fees	56,079	32,387
Transaction losses (recovery)	7,928	(143)
Contingent consideration adjustment	—	(992)
Other	88,852	50,473
	850,090	590,966

Related party transactions - Other Related Party Transactions (Details) - Other - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Transaction value
Expenses – Travel	$ 1,976	$ 1,139
Expenses – Travel, balance outstanding	$ 745	$ 137

Net income (loss) per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Schedule of net income (loss) per share




	2023	2022
	$	$
Net income (loss) attributable to common shareholders of the Company (basic and diluted)	(7,835)	56,732
Weighted average number of common shares outstanding – basic	139,248,530	141,555,788
Effect of dilutive securities	—	3,047,697
Weighted average number of common shares outstanding – diluted	139,248,530	144,603,485
Net income (loss) per share attributable to common shareholders of the Company:
Basic	(0.06)	0.40
Diluted	(0.06)	0.39

Financial instruments and commitments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments [Abstract]

Schedule of contractual maturities of financial liabilities and purchase commitments

The following are the contractual maturities of financial liabilities and purchase commitments, including estimated interest payments, as at December 31, 2023:


	Contractual cash flows
	Carrying amount	Total	Less than 1 year	1 to 5 years	More than 5 years
	$	$	$	$	$
Trade and other payables (excluding sales tax)	172,120	172,120	172,120	—	—
Due to merchants	1,455,376	1,455,376	1,455,376	—	—
Credit facility	1,248,270	2,029,633	128,042	604,105	1,297,486
Lease liabilities	12,274	13,032	4,859	6,897	1,276
Other liabilities (a)	18,233	17,750	7,586	10,164	—
Contractual commitments	N/A	75,000	6,833	48,730	19,437
	2,906,273	3,762,911	1,774,816	669,896	1,318,199
Segregated funds	(1,455,376)	(1,455,376)	(1,455,376)	—	—
	1,450,897	2,307,535	319,440	669,896	1,318,199

(a) Other liabilities includes deferred revenue which will not require contractual cash flows.

Schedule of foreign exchange currency exposures and effects on equity and net income

The following table provides an indication of the Company’s significant foreign exchange currency exposures as stated in US dollars at the following dates:


	CAD	EUR	MXN	ILS	Other	Total
	$	$	$	$	$	$
December 31, 2023
Cash	2,106	19,525	15,532	3,311	17,512	57,986
Trade and other receivables	19,819	3,954	1,618	425	5,837	31,653
Trade and other payables	(20,958)	(24,435)	(26,487)	(12,548)	(9,802)	(94,230)
Lease liabilities	—	(1,511)	—	(918)	(1,234)	(3,663)
Net financial position exposure	967	(2,467)	(9,337)	(9,730)	12,313	(8,254)

December 31, 2022
Net financial position exposure	(790)	18,720	—	(12,632)	12,469	17,767


	CAD	EUR	MXN	ILS	Other	Total
	$	$	$	$	$	$
2023
Increase (decrease) on equity and net loss	97	(247)	(934)	(973)	1,231	(826)

2022
Increase (decrease) on equity and net income	(79)	1,872	—	(1,263)	1,247	1,777

Schedule of exposure to interest rate risk

The Company’s exposure to interest rate risk as at December 31, 2023 and 2022 is as follows:


Cash and cash equivalents			Variable interest rate
Segregated funds			Variable interest rate

Loan receivable			Fixed interest rate
Derivative financial asset and financial liability - Interest rate swap			Note 21




Loans and borrowings			Note 12

Capital disclosures	12 Months Ended
Capital disclosures	Dec. 31, 2023
Capital Disclosures [Abstract]
Capital disclosures	24. Capital disclosures The Company’s objective in managing capital is to ensure sufficient liquidity to pursue its organic growth strategy and undertake selective acquisitions, while maintaining a strong credit profile and a capital structure that maintains total leverage ratio within the limits set in the Company’s credit facilities. The Company’s capital is composed of net debt and shareholders’ equity. Net debt consists of interest-bearing debt less cash and cash equivalents. The Company’s use of capital is to finance working capital requirements, capital expenditures and business acquisitions. The Company funds those requirements out of its internally generated cash flows and funds drawn from its long-term credit facilities. The primary measure used by the Company to monitor its financial leverage is its total leverage ratio, defined as the ratio of consolidated net debt outstanding, calculated as long-term debt less unrestricted cash, to consolidated adjusted EBITDA, calculated in accordance with the terms of the credit agreement. Under its Amended and restated credit facilities (note 12), the Company must maintain a total leverage ratio of less than or equal to 5.00 : 1.00 on December 31, 2023 and until March 31, 2025. As at December 31, 2023, the Company was in compliance with this requirement. In order to maintain or adjust its capital structure, the Company may enter into or repay loans and borrowings, issue or repurchase shares, adjust dividends paid to shareholders or undertake other activities as deemed appropriate in specific circumstances.

Other liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Schedule of other current liabilities

Other current liabilities comprise the following:


	Note	2023	2022
		$	$
Provision for losses on merchant accounts		5,280	2,693

Derivative financial liability	21	628	—
Other		1,951	1,531
		7,859	4,224

Schedule of movements in provision for losses on merchant accounts

The movements in the provision for losses on merchant accounts are as follows:


	2023	2022
	$	$
Balance – Beginning of year	2,693	6,265
Provision made during the year	7,463	2,818
Provision used or reversed during the year	(4,899)	(6,390)
Effect of movements in exchange rates	23	—
Balance – End of year	5,280	2,693

Schedule of other noncurrent liabilities

Other non-current liabilities comprise the following:


	Note	2023	2022
		$	$

Derivative financial liability	21	7,152	—
Other		3,222	2,434
		10,374	2,434

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2023
Contingencies [Abstract]
Contingencies	25. Contingencies From time to time, the Company is involved in various litigation matters arising in the ordinary course of its business. The Company is also exposed to possible uncertain tax positions in certain jurisdictions. Management does not expect that the resolution of those matters, either individually or in the aggregate, will have a material effect on the Company’s Consolidated Financial Statements.

Operating segments (Tables)

12 Months Ended

Dec. 31, 2023

Operating Segments [Abstract]

Schedule of geographic information

In presenting the geographic information, revenue has been based on the billing location of merchants and non-current assets were based on the geographic location of the assets.


	2023	2022
	$	$
Revenue
North America	642,601	336,563
Europe, Middle East and Africa	487,802	465,935
Latin America	51,365	33,105
Asia Pacific	8,125	7,720
	1,189,893	843,323

Non-current assets exclude financial assets and deferred tax assets, when applicable.


	2023	2022
	$	$
Non-current assets
Canada	1,015,658	1,005,845
United States	1,672,611	207,948
European Union	635,885	625,411
Rest of the world	2,560	3,262
	3,326,714	1,842,466

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other payables [abstract]

Schedule of trade and other payables

Trade and other payables comprise the following:


	2023	2022
	$	$
Trade payables	70,125	43,813
Accrued bonuses and other compensation-related liabilities	52,155	36,379

Sales tax payable	7,295	8,007
Interest payable	3,982	458

Due to merchants not related to segregated funds	29,105	20,076

Other accrued liabilities	16,753	16,800
	179,415	125,533

Net income (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings per share [abstract]
Net income (loss) attributable to common shareholders of the Company - Basic	$ (7,835)	$ 56,732
Net income (loss) attributable to common shareholders of the Company - Diluted	$ (7,835)	$ 56,732
Weighted average number of common shares outstanding – basic (in shares)	139,248,530	141,555,788
Effect of dilutive securities (in shares)	0	3,047,697
Weighted average number of common shares outstanding – diluted (in shares)	139,248,530	144,603,485
Basic earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.40
Diluted earnings (loss) per share (in dollars per share)	$ (0.06)	$ 0.39

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	$ 31,881
Property, plant and equipment including right-of-use assets, ending balance	33,094	$ 31,881
Point-of-sale terminals
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	1,880
Property, plant and equipment including right-of-use assets, ending balance	2,258	1,880
Computer equipment
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	12,852
Property, plant and equipment including right-of-use assets, ending balance	15,121	12,852
Office equipment, furniture and fixtures
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	1,406
Property, plant and equipment including right-of-use assets, ending balance	1,319	1,406
Leasehold improvements
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	3,310
Property, plant and equipment including right-of-use assets, ending balance	2,984	3,310
Right-of-use  assets – Office leases
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	12,433
Property, plant and equipment including right-of-use assets, ending balance	11,412	12,433
Cost
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	50,370	32,845
Acquisitions	11,394	22,120
Disposal	2,286	2,282
Acquisition through business combinations	5,431
Fully depreciated assets	2,327	1,565
Effect of movements in exchange rates	260	(748)
Property, plant and equipment including right-of-use assets, ending balance	62,842	50,370
Cost \| Point-of-sale terminals
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	4,534	3,632
Acquisitions	1,078	1,182
Disposal	0	0
Acquisition through business combinations	0
Fully depreciated assets	0	0
Effect of movements in exchange rates	113	(280)
Property, plant and equipment including right-of-use assets, ending balance	5,725	4,534
Cost \| Computer equipment
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	17,363	9,764
Acquisitions	8,683	10,810
Disposal	1	2,038
Acquisition through business combinations	1,530
Fully depreciated assets	1,625	945
Effect of movements in exchange rates	(102)	(228)
Property, plant and equipment including right-of-use assets, ending balance	25,848	17,363
Cost \| Office equipment, furniture and fixtures
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	2,233	1,742
Acquisitions	89	529
Disposal	59	24
Acquisition through business combinations	194
Fully depreciated assets	0	0
Effect of movements in exchange rates	56	(14)
Property, plant and equipment including right-of-use assets, ending balance	2,513	2,233
Cost \| Leasehold improvements
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	4,715	3,901
Acquisitions	350	1,223
Disposal	398	220
Acquisition through business combinations	386
Fully depreciated assets	702	196
Effect of movements in exchange rates	100	7
Property, plant and equipment including right-of-use assets, ending balance	4,451	4,715
Cost \| Right-of-use  assets – Office leases
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	21,525	13,806
Acquisitions	1,194	8,376
Disposal	1,828	0
Acquisition through business combinations	3,321
Fully depreciated assets	0	424
Effect of movements in exchange rates	93	(233)
Property, plant and equipment including right-of-use assets, ending balance	24,305	21,525
Accumulated depreciation
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	(18,489)	(13,989)
Depreciation	14,448	8,483
Disposal	(1,132)	(2,136)
Fully depreciated assets	(2,327)	(1,565)
Effect of movements in exchange rates	(270)	282
Property, plant and equipment including right-of-use assets, ending balance	(29,748)	(18,489)
Accumulated depreciation \| Point-of-sale terminals
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	(2,654)	(2,220)
Depreciation	703	597
Disposal	0	0
Fully depreciated assets	0	0
Effect of movements in exchange rates	(110)	163
Property, plant and equipment including right-of-use assets, ending balance	(3,467)	(2,654)
Accumulated depreciation \| Computer equipment
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	(4,511)	(3,725)
Depreciation	7,794	3,815
Disposal	0	(2,036)
Fully depreciated assets	(1,625)	(945)
Effect of movements in exchange rates	(47)	48
Property, plant and equipment including right-of-use assets, ending balance	(10,727)	(4,511)
Accumulated depreciation \| Office equipment, furniture and fixtures
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	(827)	(568)
Depreciation	397	280
Disposal	(30)	(13)
Fully depreciated assets	0	0
Effect of movements in exchange rates	0	8
Property, plant and equipment including right-of-use assets, ending balance	(1,194)	(827)
Accumulated depreciation \| Leasehold improvements
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	(1,405)	(1,253)
Depreciation	694	451
Disposal	(1)	(87)
Fully depreciated assets	(702)	(196)
Effect of movements in exchange rates	(71)	16
Property, plant and equipment including right-of-use assets, ending balance	(1,467)	(1,405)
Accumulated depreciation \| Right-of-use  assets – Office leases
Changes in property, plant and equipment [abstract]
Property, plant and equipment including right-of-use assets, beginning balance	(9,092)	(6,223)
Depreciation	4,860	3,340
Disposal	(1,101)	0
Fully depreciated assets	0	(424)
Effect of movements in exchange rates	(42)	47
Property, plant and equipment including right-of-use assets, ending balance	$ (12,893)	$ (9,092)

Loans and borrowings - Footnote Narrative (Details) - USD ($)		12 Months Ended
	Dec. 19, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Disclosure of detailed information about borrowings [line items]
Accelerated amortization of deferred financing fees		$ 15,094,000	$ 0
Borrowings		$ 1,260,544,000	510,754,000
Canadian prime rate
Disclosure of detailed information about borrowings [line items]
Adjustment to ABR rate basis (as a percent)		1.00%
Term SOFR
Disclosure of detailed information about borrowings [line items]
Adjustment to ABR rate basis (as a percent)		1.00%
Federal funds effective rate
Disclosure of detailed information about borrowings [line items]
Adjustment to ABR rate basis (as a percent)		0.50%
First Lien Credit Facilities
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 1,248,270,000	498,199,000
First Lien Credit Facilities \| CAD
Disclosure of detailed information about borrowings [line items]
Borrowings		0	0
First Lien Credit Facilities \| Pound sterling
Disclosure of detailed information about borrowings [line items]
Borrowings		0	0
First Lien Credit Facilities \| EUR
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 0	0
First Lien Credit Facilities \| Canadian prime rate \| CAD
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)		1.50%
First Lien Credit Facilities \| Euro InterBank Offered Rate \| EUR
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)		2.50%
First Lien Credit Facilities \| Sterling Overnight Index Average \| Pound sterling
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)		2.50%
First Lien Credit Facilities \| Consolidated Omnibus Budget Reconciliation Act Rate \| CAD
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)		2.50%
Term loan
Disclosure of detailed information about borrowings [line items]
Borrowing facility capacity available, minimum				$ 500,452,000
Facility	$ 1,275,000,000	$ 1,275,000,000	$ 504,292,000
Interest rate (as a percent)	1.00%	8.46%	6.89%
Term extension	5 years
Accelerated amortization of deferred financing fees	$ 15,094,000
Borrowings	1,275,000,000	$ 1,248,270,000	$ 498,199,000
Borrowing costs incurred	26,539,000
Term loan \| Alternate base rate
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)		4.00%
Term loan \| Term SOFR
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)		3.00%
Revolving credit facility
Disclosure of detailed information about borrowings [line items]
Borrowing facility capacity available, minimum				$ 385,000,000
Facility	$ 800,000,000	$ 800,000,000	385,000,000
Term extension	4 years
Borrowings		$ 0	$ 0
Revolving credit facility \| Alternate base rate
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)		1.50%
Revolving credit facility \| Term SOFR
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)		2.50%

Financial instruments and commitments - Foreign Currency Exposure (Details) - Currency risk - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (8,254)	$ 17,767
Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(94,230)
Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(3,663)
Cash
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	57,986
Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	31,653
CAD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	967	(790)
CAD \| Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(20,958)
CAD \| Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0
CAD \| Cash
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	2,106
CAD \| Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,819
EUR
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(2,467)	18,720
EUR \| Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(24,435)
EUR \| Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(1,511)
EUR \| Cash
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	19,525
EUR \| Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	3,954
MXN
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(9,337)	0
MXN \| Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(26,487)
MXN \| Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0
MXN \| Cash
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	15,532
MXN \| Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	1,618
ILS
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(9,730)	(12,632)
ILS \| Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(12,548)
ILS \| Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(918)
ILS \| Cash
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	3,311
ILS \| Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	425
Other
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	12,313	$ 12,469
Other \| Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(9,802)
Other \| Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(1,234)
Other \| Cash
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	17,512
Other \| Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 5,837