Nuvei marks 45% Y/Y increase in revenues in Q2 2023
Canadian fintech company Nuvei Corporation (TSX:NVEI) today reported its financial results for the three months ended June 30, 2023.
Revenue increased 45% to $307.0 million from $211.3 million.
Revenue growth in constant currency terms was 45%, increasing to $307.4 million from $211.3 million. Organic revenue growth excluding digital assets and cryptocurrencies at constant currency was 20%, with Organic revenue excluding digital assets and cryptocurrencies at constant currency increasing to $211.9 million from $176.3 million.
From a regional perspective, revenue for the second quarter of 2023 increased 108% to $173.9 million in North America, remained stable at $119.2 million in Europe, the Middle East and Africa (EMEA), increased 77% to $12.3 million in Latin America (LATAM), and increased 67% to $1.7 million in Asia Pacific (APAC).
The integration of Paya and achievement of the estimated $21 million cost synergies within 24 months post-closing is currently progressing according to plan. Additionally, the company has begun to execute on its strategy to realize between $50 million and $100 million of estimated new revenue synergy opportunities by 2027.
Net income was $11.6 million compared to net income of $35.1 million.
Results include an increase in finance cost of $31.3 million mainly related to amounts drawn under the Company’s new reducing revolving credit facility.
Net income per diluted share was $0.07 compared to net income per diluted share of $0.23.
Nuvei today announced that its Board of Directors has authorized and declared a cash dividend of $0.10 per subordinate voting share and multiple voting share, payable on September 5, 2023 to shareholders of record as of August 21, 2023. The aggregate amount of the dividend is expected to be approximately $15 million, to be funded from the company’s existing cash on hand.