Nuvei Corporation (TSX: NVEI) announced this morning its Q2 2021 financial results, which saw the company post US$178.2 million in revenue. This is an increase from Q2 2020’s revenue of US$83.3 billion.
The quarterly revenue also exceeds Canaccord Genuity’s outlook ranging between US$153 million and US$159 million. The e-payment platform attributes the growth to the increase in quarterly volume from US$8.9 billion last year to US$21.9 billion this year, 84% of which comes from e-commerce.
The company recorded US$38.9 million in net income for the quarter, up from last year’s US$14.0 million. This translates to US$0.26 earnings per diluted share.
Corollary, adjusted EBITDA for the quarter came in at US$79.4 million, an increase from last year’s US$37.4 million. This figure also exceeded the previously announced outlook that ranged between US$66 million and US$70 million.
The firm ended the quarter with US$533.7 million in cash from a balance of US$180.7 million at the start of the quarter. The quarterly inflow is heavily influenced by US$300.0 million in proceeds from loans and borrowings. The balance sheet also recorded a total current liabilities balance of US$734.7 million.
The fintech firm also upsized its full-year 2021 financial outlook: total annual volume between US$88 billion and US$91 billion, annual revenue between US$690 million and US$705 million, and adjusted EBITDA between US$295 million and US$305 million. To date, the company has US$42.5 billion in total volume, US$328.7 million in revenue, and US$144.8 million in adjusted EBITDA.
Nuvei Corp last traded at $103.51 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.