Nuvei annonce ses résultats pour le premier trimestre 2021

MONTRÉAL, le 10 mai 2021 - Nuvei Corporation (" Nuvei " ou la " Société ") (TSX : NVEI et NVEI.U), le partenaire technologique mondial de paiement de marques prospères, a publié aujourd'hui ses résultats financiers pour le premier trimestre clos le 31 mars 2021.

"Nous sommes très satisfaits de nos résultats pour le premier trimestre, avec à la fois la poursuite de la dynamique de l'activité principale et l'accélération de l'acquisition de nouveaux clients contribuant à une croissance de 132 % du volume total*, de 80 % du chiffre d'affaires et de 97 % de l'EBITDA ajusté** par rapport au premier trimestre 2020", a déclaré Philip Fayer, président du conseil d'administration et PDG de Nuvei. "Notre concentration sur la construction de solutions de pointe pour faciliter et aider nos clients à se connecter au mieux avec leurs clients s'est poursuivie au cours du premier trimestre alors que nous avons étendu notre portée avec de nouveaux marchés, ajouté de multiples méthodes de paiement alternatives ("APM") et introduit de nouvelles capacités comme la prise en charge du paiement en crypto-monnaies. Ces initiatives couplées à une croissance significative du volume de nos clients actuels et nouveaux nous positionnent extrêmement bien pour stimuler notre performance globale et notre croissance cette année et à l'avenir. Nous sommes fiers de nos résultats et relevons nos perspectives financières pour l'ensemble de l'année 2021."

Faits saillants financiers pour les trois mois terminés le 31 mars 2021.

• Le volume total* a augmenté de 132 %, passant de 8,9 milliards de dollars à 20,6 milliards de dollars.
• Le commerce électronique représente environ 87 % du volume total.
• Les recettes ont augmenté de 80 %, passant de 83,2 millions de dollars à 149,9 millions de dollars.
• Le bénéfice net s'est élevé à 27,8 millions de dollars, contre une perte nette de 62,3 millions de dollars
• Le BAIIA ajusté** a augmenté de 97 %, passant de 33,3 millions de dollars à 65,5 millions de dollars.
• Le bénéfice net ajusté** s'est élevé à 51,2 millions de dollars, contre 9,8 millions de dollars.
• Bénéfice net par action de 0,19 $ par rapport à une perte nette par action de 0,74 $.
• Bénéfice net ajusté** par action diluée de 0,35 $ par rapport à 0,11 $.

Faits saillants de l'exploitation

• La croissance du volume des clients marchands actuels et l'accélération des gains de nouveaux clients ont stimulé la performance de Nuvei au premier trimestre. Les nouvelles activités de commerce électronique ont plus que triplé au premier trimestre 2021 par rapport au premier trimestre 2020, en grande partie grâce à l'investissement continu de la société dans son canal de distribution direct et à l'expansion de ce dernier.
• Nuvei a étendu sa couverture en matière d'acquisition de cartes en lançant des solutions de traitement local en Argentine, au Chili, au Pérou et en Équateur, tout en développant ses capacités d'acquisition au Brésil, en Colombie et au Mexique. La société propose désormais l'acquisition locale dans 44 marchés, contre 35 à la fin de l'année 2020.
• La société a ajouté de multiples nouveaux APM, notamment Pix au Brésil, MoMo wallet au Vietnam, PagueloFacil au Panama, Mach au Chili, Kakao Pay en Corée du Sud, TrueMoney en Thaïlande et Alipay HK à Hong Kong, faisant passer le portefeuille d'APM de la société à 470 à la fin du premier trimestre 2021, contre 455 à la fin de l'année 2020.
• La société a récemment ajouté la prise en charge de l'encaissement et du décaissement pour près de 40 des principales crypto-monnaies du monde, notamment Bitcoin, Ethereum, Bitcoin Cash, Litecoin, NEO et XRP. Grâce à cette capacité, les commerçants peuvent désormais accepter les crypto-monnaies aussi facilement que toute autre forme de méthode de paiement alternative, à un moment où à la fois le nombre d'utilisateurs de crypto-monnaies continue de croître et l'adoption par le grand public augmente régulièrement.
• La société a conclu plusieurs nouveaux partenariats, dont un avec Universal Air Travel Plan ("UATP") pour commencer à offrir des services de paiement complets dans le cadre des efforts continus de l'UATP pour élargir ses offres aux compagnies aériennes, optimiser le traitement des paiements, enrichir l'expérience des clients et réduire les coûts de transaction. UATP est un réseau de paiement mondial détenu et exploité par les plus grandes compagnies aériennes du monde et accepté par des milliers de commerçants pour les paiements aériens, ferroviaires et des agences de voyage.
• Nuvei a poursuivi sa stratégie d'acquisition en annonçant des accords définitifs pour l'acquisition de Mazooma Technical Services Inc. ("Mazooma") et, plus récemment, de SimplexCC Ltd. ("Simplex").
• L'acquisition de Mazooma, un important fournisseur de paiements de compte à compte sur le marché américain des jeux en ligne et des paris sportifs, renforcera l'engagement et la présence de la société dans l'industrie américaine des jeux en ligne et des paris sportifs en améliorant et en élargissant le portefeuille de méthodes de paiement alternatives de Nuvei avec une plate-forme ACH de premier plan développée et utilisée exclusivement pour les jeux en ligne aux États-Unis et en fournissant la fonctionnalité du produit nécessaire, l'enregistrement du fournisseur, la conformité et l'infrastructure opérationnelle pour répondre aux exigences des marchands dans tout État américain réglementé.
• L'acquisition de Simplex, un fournisseur de solutions de paiement pour l'industrie des crypto-monnaies, élargira les capacités de Nuvei à offrir des solutions sur mesure de lutte contre le blanchiment d'argent / connaissance du client, des solutions de garantie des transactions et des services à valeur ajoutée à 190 fournisseurs de liquidités et partenaires. Cela se traduit par des taux de conversion plus élevés lorsque les utilisateurs finaux achètent/vendent des actifs numériques comme les crypto-monnaies et les jetons non fongibles. En outre, l'acquisition fournira à Nuvei une licence d'établissement de monnaie électronique pour offrir des comptes à numéro de compte bancaire international aux utilisateurs finaux et aux commerçants, ce qui ouvre des opportunités potentielles comme la banque en tant que service.

Perspectives financières

Pour les trois mois se terminant le 30 juin 2021 et l'année se terminant le 31 décembre 2021, Nuvei prévoit que le volume total, les revenus et l'EBITDA ajusté se situeront dans les fourchettes ci-dessous. Compte tenu de la solide performance au cours des trois mois se terminant le 31 mars 2021, où Nuvei a dépassé les perspectives de volume total, de revenus et d'EBITDA ajusté précédemment prévues, ainsi que de l'élan continu de l'entreprise, la direction relève les perspectives financières pour l'année se terminant le 31 décembre 2021.

Les perspectives financières sont entièrement nuancées et reposent sur un certain nombre d'hypothèses décrites dans la rubrique "Informations prévisionnelles" de ce communiqué de presse, et n'incluent pas les acquisitions en cours de Mazooma ou de Simplex. 

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*Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by merchants under contractual agreement with the Company. Total volume is explained in further detail in the Company’s most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations.

**Adjusted EBITDA and Adjusted net income are non-IFRS measures. See “Non-IFRS Measures”.

Conference Call Information

Nuvei will host a conference call to discuss its first quarter 2021 financial results today May 10, 2021 at 8:30 am ET. Hosting the call will be Philip Fayer, Chair and CEO, and David Schwartz, CFO.

The conference call will be webcast live from the Company’s investor relations website at https://investors.nuvei.com/ under the “Events & Presentations” section. The conference call can also be accessed live over the phone by dialing 877-425-9470 (US/Canada toll-Free), or 201-389-0878 (international). A replay will be available approximately two hours after the call, and can be accessed by dialing 844-512-2921 (US/Canada toll-Free), or 412-317-6671 (international); the conference ID is 13718591. The replay will be available until May 24, 2021. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.

À propos de Nuvei

We are Nuvei (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform connects merchants in 200 markets worldwide with local acquiring in 44 markets, supports 470 local and alternative payment methods, nearly 150 currencies and 40 cryptocurrencies. Our purpose is to make our world a local marketplace. For more information, visit www.nuvei.com.

Non-IFRS Measures

Nuvei’s unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board. The information presented in this press release includes non-IFRS financial measures, namely Adjusted EBITDA, Adjusted net income, Adjusted net income per basic share, and Adjusted net income per diluted share. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. Adjusted EBITDA, Adjusted net income, Adjusted net income per basic share, and Adjusted net income per diluted share are used to provide investors with a supplemental measure of the Company’s operating performance and thus highlight trends in Nuvei’s core business that may not otherwise be apparent when relying solely on IFRS measures. The Company’s management also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Nuvei’s management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. The Company’s management believes Adjusted EBITDA, Adjusted net income, Adjusted net income per basic share and Adjusted net income per diluted share are important supplemental measures of Nuvei’s performance, primarily because they and similar measures are used widely among others in the payment technology industry as a means of evaluating a company’s underlying operating performance.

Informations prévisionnelles

This press release contains “forward-looking information” within the meaning of applicable securities laws, including Nuvei’s outlook on total volume, revenue and Adjusted EBITDA for the three months ending June 30, 2021 and the year ending December 31, 2021. Nuvei’s outlook on revenue and Adjusted EBITDA also constitutes “financial outlook” within the meaning of applicable securities laws and is provided for the purposes of assisting the reader in understanding the Company’s financial performance and measuring progress toward management’s objectives and the reader is cautioned that it may not be appropriate for other purposes. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include but are not limited to those described under the “Risks Factors” section of the Company’s annual information form filed on March 17, 2021. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Particularly, management’s assessments of, and outlook for, total volume, revenue and Adjusted EBITDA set out herein are generally based on the following assumptions: (a) Nuvei’s results of operations will continue as expected, (b) the Company will continue to effectively execute against its key strategic growth priorities, despite the current COVID-19 pandemic and measures taken to contain the virus, (c) the Company will continue to retain and grow its existing customer base while adding new customers, (d) the Company will not complete any acquisitions or divestitures (e) economic conditions will remain relatively stable throughout the period, (f) the industries Nuvei operates in will continue to grow consistent with past experience, (g) there will be no fluctuations in currency exchange rates and volatility in financial markets, (h) there will be no changes in legislative or regulatory matters that negatively impact Nuvei’s business, and (i) current tax laws will remain in effect and will not be materially changed. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Contact :

Investors

Anthony Gerstein

Vice-président, responsable des relations avec les investisseurs

agerstein@nuvei.com

Consolidated Statements of Profit or Loss and Comprehensive Income or Loss Data

(in thousands of U.S. dollars except for share and per share amounts) 

2020. The weighted average number of common shares outstanding previous to the IPO has been adjusted to take into consideration the Reorganization discussed in Note 17 of the Consolidated Financial Statements for the year ended December 31, 2020.

‍Reconciliation of Adjusted EBITDA to net income (loss)

(In thousands of U.S. dollars)

1. These expenses relate to:

• professional, legal, consulting, accounting and other fees and expenses related to our acquisition activities and financing activities during the period, which were $5.3 million for the three months ended March 31, 2021 (March 31, 2020 – $1.2 million). These costs are presented in the professional fees line item of selling, general and administrative expenses.
• acquisition-related compensation, which was nil for the three months ended March 31, 2021 (March 31, 2020 – $0.2 million). These costs are presented in the employee compensation line item of selling, general and administrative expenses.
• severances, which were immaterial for the three months ended March 31, 2021 (March 31, 2020 – $0.2 million), and integration expenses. Severance costs are presented in the employee compensation line item of selling, general and administrative expenses.

1. These expenses represent non-cash expenses recognized in connection with stock options and other awards issued under share-based plans.
2. This line item primarily represents legal settlements and associated legal costs reached outside of the normal course of business, as well as non-cash gains, losses and provisions and certain other costs. These costs are presented in the other line item of the selling, general and administrative expenses.
3. Adjusted EBITDA is a non-IFRS measure that the Company uses to assess its operating performance and cash flows.
4. Commencing in 2018, the Company entered into various agreements with a single third-party independent sales organization to acquire the rights to future cash flows from a portfolio of merchant contract.

Reconciliation of Adjusted net income to net income (loss)

(In thousands of U.S. dollars except for per share amounts)

1. This line item represents change in redemption value related to shares classified as liabilities prior to the IPO. As part of the IPO, the shares were converted into equity as Subordinate Voting Shares. These expenses are included in finance costs.
2. This line item relates to amortization expense taken on intangible assets created from the purchase price adjustment process on acquired companies and businesses and from the acquisition of all the outstanding shares of Pivotal Holdings Ltd. by Nuvei in September 2017 and excludes amortization expense related to capitalized development costs incurred in the normal course of operations.
3. These expenses relate to:

• professional, legal, consulting, accounting and other fees and expenses related to our acquisition activities and financing activities during the period, which were $5.3 million for the three months ended March 31, 2021 (March 31, 2020 – $1.2 million). These costs are presented in the professional fees line item of selling, general and administrative expenses.
• acquisition-related compensation, which was nil for the three months ended March 31, 2021 (March 31, 2020 – $0.2 million). These costs are presented in the employee compensation line item of selling, general and administrative expenses.
• severances, which were immaterial for the three months ended March 31, 2021 (March 31, 2020 – $0.2 million), and integration expenses. Severance costs are presented in the employee compensation line item of selling, general and administrative expenses.

1. These expenses represent non-cash expenses recognized in connection with stock options and other awards issued under share-based plans.
2. This line item primarily represents legal settlements and associated legal costs reached outside of the normal course of business, as well as non-cash gains, losses and provisions and certain other costs. These costs are presented in the other line item of the selling, general and administrative expenses.
3. This line item reflects income tax expense on taxable adjustments using the tax rate of the applicable jurisdiction.
4. Adjusted net income is a non-IFRS measure that the Company uses to further assess its operating performance.
5. Adjusted net income per diluted share is calculated using stock options outstanding at the end of each period on a fully diluted basis if they were in-the-money at that time.

Consolidated Statements of Financial Position Data

(in thousands of U.S. dollars)

Consolidated Statements of Financial Position Data

(in thousands of U.S. dollars)

‍Consolidated Statements of Cash Flows Data

(in thousands of U.S. dollars)