Nuvei Results Presentation Deck
Reconciliation from IFRS to Non-IFRS Results – Adjusted Net Income
(In thousands of U.S. dollars except for per share amounts)
Net income (loss)
Change in redemption value of liability-classified common and preferred
sharesla
(a)
(b)
Amortization of acquisition-related intangible assets
Acquisition, integration and severance costs (c)
Share-based payments(d)
Loss (gain) on foreign currency exchange
Legal settlement costs and other(e)
Adjustments
Income tax expense related to adjustments()
Adjusted net income (8)
Adjusted net income per share attributable to common shareholders of
(h)
the Company"
Basic
Diluted
41
Three months ended
March 31
2021
$
27,790
18,212
5,340
4,105
(445)
159
27,371
(4,000)
51,161
0.36
0.35
2020
$
(62,343)
11,636
14,178
1,670
333
45,719
766
74,302
(2,179)
9,780
0.11
0.11
(a) 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.
(b) 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.
(c) These expenses relate to:
(i) 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.
(ii) 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.
(iii) severances, which were nil 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.
(d) These expenses represent non-cash expenses recognized in connection with stock options and
other awards issued under share-based plans.
(e) 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.
(f) This line item reflects income tax expense on taxable adjustments using the tax
rate of the applicable jurisdiction.
(g) Adjusted net income is a non-IFRS measure that the Company uses to further assess its operating
performance.
(h) Adjusted net income per diluted share is calculated using share-based awards outstanding at the
end of each period on a fully diluted basis if they were in-the-money at that time.
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