The first-quarter results ending on March 31, 2022, have been released for Nuvei. Total volume increased 42% to $29.2bn from $20.6bn, with ecommerce representing 88% of total volume.
Nuvei also increased revenue by 43% to $214.5m from $150.5m. Foreign exchange rates impacted the increase year-over-year of approximately $7m.
Net income decreased by $23.3m to $4.5m compared to net income of $27.8m, primarily due to a $33.1 million increase in share-based payments to employees who joined the Company as part of acquisitions completed in 2021 and employee incentive grants.
At the end of March, the company's cash balance was $735.0m compared to $748.6m on December 31, 2021. The repurchase and cancellation of approximately 1.2 million Subordinate Voting Shares for total consideration, including transaction costs, of $74.8m is said to be responsible for the decrease.
Revenue for the first quarter of 2022 increased 73% to $124.6m in Europe, the Middle East, and Africa (“EMEA”), increasing 13% to $80.7m in North America.
Philip Fayer, Nuvei’s Chair and CEO said: "We had a strong start to the year, with financial results that exceeded our financial outlook for the quarter."
He continued: "Total volume(1), revenue, and Adjusted EBITDA(2) grew 42%, 43%, and 40%, respectively over the first quarter of 2021, as we continued advancing our strategic initiatives. It was an excellent quarter despite revenue headwind of $7 million from unfavorable changes in foreign exchange rates year-over-year."
In the first quarter of 2022, the company added 100 new employees, bringing the total to 1,468 employees on March 31, 2022, compared with 1,368 employees on December 31, 2021.
The Board of Directors was expanded as well, totaling six members. Samir Zabaneh was appointed as an additional independent director due to his experience in financial services and technology.
