Nuvei sees 2021 revenue climb 93%
Payments company posts strong fourth quarter, offers 2022 guidance.
Global payments technology provider Nuvei on Wednesday reported its financial results for the three months and year ending December 31, 2021.
Highlights of the fourth quarter included revenue increasing 83% to $211.9m from $115.9m in the same period one year earlier, the company said.
Net income decreased to $12.3m from $22.6m, which Nuvei said was due primarily to a $29.7m increase in share-based payments to employees who joined the company as part of acquisitions completed during the third quarter, plus other employee incentive grants.
Adjusted EBITDA increased 78% to $91.5m from $51.3m in Q4 2020, while adjusted net income increased 52% to $70.6m from $46.5m.
The company’s net income per diluted share was $0.07 compared to $0.16, but its adjusted net income per diluted share was $0.47 compared to $0.33 one year earlier.
For full year 2021, revenue increased 93% to $724.5m from $376.2m in 2020.
The company’s net income increased by $210.7m to $107m, compared to a net loss of $103.7m, in the previous calendar year.
Adjusted EBITDA increased 95% to $317.2m from $163m, and adjusted net income increased 179% to $248.6m from $89m.
Net income per diluted share was $0.71 compared to a net loss per share of $1.08 in 2020.
Adjusted net income per diluted share was $1.69 compared to $0.85.
“Our team delivered an excellent quarter in which we exceeded our financial outlook, capping off an exceptional year,” Nuvei Chair and CEO Philip Fayer said in a statement. “We have made tremendous progress while investing in our flexible, scalable, modular technology platform to address the rapidly evolving global and local needs of our customers.”
As Nuvei’s addressable market increases, Fayer said four pillars underpin the company’s trajectory and remain central to its strategic priorities in driving the future of commerce: product innovation, growth with existing customers, attracting new customers, and acquisitions.
“These lay the foundation for us to build on our momentum, which is reflected in the financial outlook we are providing today of revenue between $940m and $980m, representing year-over-year growth of 30% to 35%,” Fayer added. “I am extremely pleased with our results and remain very excited about our future.”
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