Canadian fintech company Nuvei Corporation (TSX:NVEI) today reported its financial results for the three months ended March 31, 2023.
Revenue increased 20% to $256.5 million from $214.5 million a year earlier. Revenue in North America increased 55% to $124.7 million in the first quarter of 2023, decreased by 4% to $119.8 million in Europe, the Middle East and Africa (EMEA), increased 68% to $10.8 million in Latin America (LATAM), and decreased 60% to $1.1 million in Asia Pacific (APAC).
The company reported a net loss was $8.3 million for the first three months of 2023. This compares to net income of $4.5 million registered in the first quarter of 2022.
Results include Paya-related integration and one-time acquisition costs of approximately $20 million.
As it relates to Paya, Nuvei has identified between $50 million and $100 million of new revenue synergy opportunities above Paya’s standalone “base-case” by 2027; and started to execute on its estimated $21 million cost synergies target, the majority of which is expected to be recognized towards the end of the 24-month period following the completion of the acquisition.
Nuvei expanded its executive leadership team with the promotion of Scott Calliham to the newly created position of Chief Strategy Officer, and welcomed Caitlin Shetter as its new global Chief People Officer.
Including the addition of new team members from Paya, the Company added 359 new team members in the first quarter of 2023, ending with 2,049 employees at March 31, 2023 compared with 1,690 employees at December 31, 2022.
For the three months ending June 30, 2023 and the fiscal year ending December 31, 2023, Nuvei anticipates Total volume, Revenue, Revenue at constant currency and Adjusted EBITDA to be in the ranges below.
The Company has raised the low end of its prior financial outlook for fiscal 2023 by the amount of the first quarter’s outperformance. Nuvei continues to expect Organic revenue growth excluding digital assets and cryptocurrencies at constant currency to be between 23% and 28% for the fiscal year ending December 31, 2023.
“Nuvei is off to a strong start in 2023, delivering first quarter results ahead of our financial outlook, as we execute on our strategic initiatives, grow our market share, drive innovation, and extend our geographic reach,“ said Philip Fayer, Nuvei Chair and CEO. “I am confident that Nuvei’s growing leadership position within the payment ecosystem and global platform advantages will allow us to continue to deliver sustainable and durable growth. We are raising the low end of our prior full year 2023 financial outlook by the amount of the first quarter’s outperformance and reiterating the high end of the range.”
