1 1st Quarter 2022 Presentation May 10th, 2022 Disclaimer Forward Looking Statements Certain statements made in this presentation are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this presentation, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "outlook," "plan," "possible," "potential," "predict," "project," "seek," "shou ...

Condensed Interim Consolidated Financial Statements This section presents the unaudited interim financial statements, including the statements of financial position, profit or loss, cash flows, and changes in equity, along with their detailed explanatory notes [Consolidated Statements of Financial Position](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) This statement details Nuvei's financial position, showing a slight asset increase, a rise in liabilities, and a decrease in total equity as of March 31, 2022 Consolidated Statements of Financial Position (in thousands of US dollars) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$3,467,121** | **$3,455,470** | | Total Current Assets | $1,555,181 | $1,526,632 | | Total Non-current Assets | $1,911,940 | $1,928,838 | | **Total Liabilities** | **$1,563,132** | **$1,433,630** | | Total Current Liabilities | $989,323 | $856,775 | | Total Non-current Liabilities | $573,809 | $576,855 | | **Total Equity** | **$1,903,989** | **$2,021,840** | [Consolidated Statements of Profit or Loss and Comprehensive Income or Loss](index=5&type=section&id=Consolidated%20Statements%20of%20Profit%20or%20Loss%20and%20Comprehensive%20Income%20or%20Loss) This statement presents Nuvei's Q1 2022 financial performance, showing strong revenue growth but a significant decline in operating profit and net income due to increased expenses Q1 2022 vs Q1 2021 Performance (in thousands of US dollars) | Metric | Q1 2022 | Q1 2021 | Change | | :--- | :--- | :--- | :--- | | Revenue | $214,544 | $150,480 | +42.6% | | Gross Profit | $167,628 | $123,296 | +36.0% | | Operating Profit | $20,816 | $34,860 | -40.3% | | Net Income | $4,514 | $27,790 | -83.8% | | Diluted EPS | $0.02 | $0.19 | -89.5% | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement outlines Nuvei's Q1 2022 cash flows, showing increased operating cash flow, reduced investing cash outflow, and significant cash usage in financing activities, resulting in an overall cash decrease Cash Flow Summary (in thousands of US dollars) | Cash Flow Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Cash flow from operating activities | $65,734 | $53,403 | | Cash flow used in investing activities | ($9,148) | ($90,281) | | Cash flow from (used in) financing activities | ($76,337) | $336 | | **Net decrease in cash** | **($13,538)** | **($36,258)** | | **Cash – End of period** | **$735,038** | **$144,464** | [Consolidated Statements of Changes in Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) This statement details the changes in Nuvei's total equity during Q1 2022, primarily driven by share repurchases and the purchase of non-controlling interests, partially offset by share-based payments Changes in Equity for Q1 2022 (in thousands of US dollars) | Item | Amount | | :--- | :--- | | Balance as at January 1, 2022 | $2,021,840 | | Share repurchased and cancelled | ($72,384) | | Share repurchase liability | ($43,923) | | Effect of purchase of non-controlling interests | ($39,751) | | Equity-settled share-based payments | $37,187 | | Net income and comprehensive loss | ($348) | | **Balance as at March 31, 2022** | **$1,903,989** | [Notes to Condensed Interim Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed explanations for the primary financial statements, covering accounting policies, business combinations, asset and liability breakdowns, share-based payments, and subsequent events [Note 1: Reporting entity](index=8&type=section&id=1%20Reporting%20entity) This note identifies Nuvei Corporation as a global payment solutions company domiciled in Canada, with shares traded on the TSX and Nasdaq - Nuvei is a global payment company providing solutions across North America, Europe, Middle East and Africa, Latin America, and Asia Pacific[9](index=9&type=chunk) - The company's shares are listed on the **TSX** and **Nasdaq** under the symbol 'NVEI'[10](index=10&type=chunk) [Note 2: Basis of preparation and consolidation](index=8&type=section&id=2%20Basis%20of%20preparation%20and%20consolidation) This note explains that the financial statements are prepared under IFRS (IAS 34) and that the company operates as a single reportable segment - Financial statements are prepared according to **IFRS** applicable to interim statements (IAS 34)[11](index=11&type=chunk) - The company has one reportable segment: the provision of payment technology solutions[13](index=13&type=chunk) - The impact of the **COVID-19 pandemic** on the financial statements for Q1 2022 and 2021 has been limited, though future uncertainty remains[17](index=17&type=chunk)[18](index=18&type=chunk) [Note 3: Significant accounting policies and new accounting standards](index=9&type=section&id=3%20Significant%20accounting%20policies%20and%20new%20accounting%20standards) This note details the consistent accounting policies with 2021, highlighting a new policy for share capital repurchases following a normal course issuer bid - A new accounting policy was adopted for share capital repurchases following the approval of a **normal course issuer bid (NCIB)** on March 7, 2022[21](index=21&type=chunk) - Contractual obligations to repurchase shares are recorded as a financial liability at fair market value, with changes in fair value recognized in finance costs[22](index=22&type=chunk) [Note 4: Business combinations and disposals](index=10&type=section&id=4%20Business%20combinations%20and%20disposals) This note describes the acquisition of Base Commerce LLC on January 1, 2021, and the resulting goodwill recognized from the transaction - Acquired **Base Commerce LLC** on January 1, 2021, for a total consideration of **$92,678 thousand**[26](index=26&type=chunk) - The acquisition resulted in goodwill of **$32,109 thousand**, which is deductible for tax purposes[28](index=28&type=chunk) [Note 5: Trade and other receivables](index=11&type=section&id=5%20Trade%20and%20other%20receivables) This note details the increase in total trade and other receivables as of March 31, 2022, primarily driven by a rise in trade receivables Trade and Other Receivables (in thousands of US dollars) | Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Trade receivables | $38,873 | $34,765 | | Other receivables | $5,824 | $4,461 | | **Total** | **$44,733** | **$39,262** | [Note 6: Advances to third parties](index=12&type=section&id=6%20Advances%20to%20third%20parties) This note explains the significant decrease in advances to a third-party independent sales organization due to a settlement for merchant contracts - Advances to a third-party were settled for **$7,663 thousand** in exchange for a portfolio of merchant contracts, which was recognized as an intangible asset[30](index=30&type=chunk) [Note 7: Trade and other payables](index=12&type=section&id=7%20Trade%20and%20other%20payables) This note outlines the slight increase in trade and other payables as of March 31, 2022, with trade payables and accrued bonuses as major components Trade and Other Payables (in thousands of US dollars) | Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Trade payables | $31,037 | $29,720 | | Accrued bonuses and other compensation-related liabilities | $31,726 | $30,460 | | Due to merchants not related to segregated funds | $13,881 | $14,991 | | **Total** | **$104,873** | **$101,848** | [Note 8: Share repurchase liability](index=13&type=section&id=8%20Share%20repurchase%20liability) This note details the establishment of an Automatic Share Purchase Plan (ASPP) and the initial recording of a share repurchase liability in Q1 2022 - The company established an **Automatic Share Purchase Plan (ASPP)** to buy back shares during blackout periods[32](index=32&type=chunk) Change in Share Repurchase Liability Q1 2022 (in thousands of US dollars) | Item | Amount | | :--- | :--- | | Initial fair value of share repurchase liability | $43,923 | | Shares repurchased under the ASPP | ($2,371) | | Fair value remeasurement | $2,174 | | **Balance, end of period** | **$43,726** | [Note 9: Share capital](index=13&type=section&id=9%20Share%20capital) This note describes the share repurchases and cancellations under the Normal Course Issuer Bid (NCIB) in Q1 2022, along with shares issued from stock option exercises - In Q1 2022, the company repurchased and cancelled **1,208,766 Subordinate Voting Shares** for a total of **$74,754 thousand** under its NCIB program[34](index=34&type=chunk) [Note 10: Revenue and expenses by nature](index=14&type=section&id=10%20Revenue%20and%20expenses%20by%20nature) This note provides a breakdown of revenue, primarily from merchant transaction services, and highlights the significant increase in selling, general, and administrative expenses Revenue and Expense Breakdown (in thousands of US dollars) | Category | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | **Revenue** | **$214,544** | **$150,480** | | Merchant transaction and processing services | $212,412 | $148,290 | | **Cost of revenue** | **$46,916** | **$27,184** | | **Selling, general and administrative expenses** | **$146,812** | **$88,436** | | Share-based payments (within SG&A) | $37,187 | $4,105 | [Note 11: Net finance costs](index=14&type=section&id=11%20Net%20finance%20costs) This note explains the increase in net finance costs in Q1 2022, primarily due to higher interest on borrowings and the new share repurchase liability expense Net Finance Costs Breakdown (in thousands of US dollars) | Category | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Interest on loans and borrowings | $4,893 | $3,170 | | Change in fair value of share repurchase liability | $2,174 | — | | **Total Finance costs** | **$7,741** | **$3,315** | | **Net finance costs** | **$7,110** | **$2,456** | [Note 12: Share-based payment arrangements](index=15&type=section&id=12%20Share-based%20payment%20arrangements) This note details the various share-based awards granted under the Omnibus Incentive Plan, including outstanding options, RSUs, PSUs, and DSUs Outstanding Share-Based Awards as of March 31, 2022 | Award Type | Quantity Outstanding | | :--- | :--- | | Restricted share units (RSUs) | 1,633,168 | | Performance share units (PSUs) | 1,778,431 | | Deferred share units (DSUs) | 12,530 | | Stock options | 8,734,657 | - PSUs awarded in Q1 2022 have a maximum payout of **200%**, potentially resulting in an additional **383,262 shares** being issued[42](index=42&type=chunk) [Note 13: Net income per share](index=15&type=section&id=13%20Net%20income%20per%20share) This note presents the calculation of basic and diluted net income per share for Q1 2022, showing a significant decrease compared to the prior year Net Income Per Share Calculation (Q1 2022 vs Q1 2021) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net income attributable to common shareholders ($'000) | $3,003 | $26,814 | | Weighted average shares outstanding – basic (in '000s) | 142,863 | 138,202 | | Weighted average shares outstanding – diluted (in '000s) | 146,605 | 142,741 | | **Basic Net Income Per Share** | **$0.02** | **$0.19** | | **Diluted Net Income Per Share** | **$0.02** | **$0.19** | [Note 14: Determination of fair values](index=16&type=section&id=14%20Determination%20of%20fair%20values) This note explains the company's use of a three-level hierarchy for fair value measurement of financial instruments, identifying Level 1 and Level 3 items - The company uses a fair value hierarchy for financial instruments, with **Level 1** based on quoted prices, **Level 2** on observable inputs, and **Level 3** on unobservable inputs[45](index=45&type=chunk)[47](index=47&type=chunk) Financial Instruments at Fair Value as of March 31, 2022 (in thousands of US dollars) | Instrument | Fair Value Hierarchy | Amount | | :--- | :--- | :--- | | Share repurchase liability | Level 1 | $43,726 | | Advances to a third party | Level 3 | $8,250 | | Contingent considerations | Level 3 | $3,004 | [Note 15: Related party transactions](index=18&type=section&id=15%20Related%20party%20transactions) This note details the significant increase in transactions with key management personnel in Q1 2022, primarily driven by higher share-based payments Key Management Personnel Compensation (in thousands of US dollars) | Compensation Type | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Salaries and short-term benefits | $1,350 | $1,367 | | Share-based payments | $17,866 | $1,451 | | **Total** | **$19,216** | **$2,818** | [Note 16: Supplementary cash flow disclosure](index=18&type=section&id=16%20Supplementary%20cash%20flow%20disclosure) This note provides a detailed breakdown of changes in non-cash working capital items, which resulted in a net cash use in Q1 2022 Changes in Non-Cash Working Capital Items (in thousands of US dollars) | Item | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Trade and other receivables | ($5,471) | ($2,010) | | Prepaid expenses | ($1,916) | ($446) | | Trade and other payables | ($3,298) | ($323) | | **Total** | **($13,618)** | **($3,198)** | [Note 17: Contingencies](index=19&type=section&id=17%20Contingencies) This note addresses the company's involvement in various litigation matters and exposure to uncertain tax positions, which are not expected to materially affect financial statements - Management does not expect that the resolution of ordinary course litigation or uncertain tax positions will have a material effect on the Company's financial statements[53](index=53&type=chunk) [Note 18: Subsequent events](index=19&type=section&id=18%20Subsequent%20events) This note describes events occurring after the quarter-end, including the purchase of remaining interest in LPP and the accounting grant date for RSUs to a consultant - On April 7, 2022, the Company purchased the remaining **40% interest in LPP** for a cash consideration of **$39,751 thousand**[54](index=54&type=chunk) - On May 9, 2022, the accounting grant date for **484,590 RSUs** granted to a consultant was met, allowing for the fair value of the services to be estimated[55](index=55&type=chunk)

nuvei Payment Technology Partner Fourth Quarter and Full Year 2021 Earnings Supplement March 8, 2022 Disclain General All references in this presentation to 'Nove', the' "Compary, " we," "ours," "ust" as similar tenns refer to Nuvei Corporation, bogetherwith its subsitianes. All reference United States dollars and all references to "C$" are to Canadian dollars. Supplementary Financial Information Nuvel is today providing one-line Supplementary Firancial information for the lisaca years 2020 and 2021 with th ...

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Q4 2021 Financial Highlights](index=1&type=section&id=Q4%202021%20Financial%20Highlights) Nuvei reported strong top-line growth in Q4 2021, with an 83% increase in revenue to $211.9 million and a 127% rise in total volume to $31.5 billion, though net income decreased to $12.3 million primarily due to increased share-based payments Q4 2021 Key Financial Metrics | Metric | Q4 2021 | Q4 2020 | Change | | :--- | :--- | :--- | :--- | | Total Volume | $31.5B | $13.9B | +127% | | Revenue | $211.9M | $115.9M | +83% | | Organic Revenue Growth | 55% | N/A | N/A | | Net Income | $12.3M | $22.6M | -45% | | Adjusted EBITDA | $91.5M | $51.3M | +78% | | Adjusted Net Income | $70.6M | $46.5M | +52% | | Net Income per Diluted Share | $0.07 | $0.16 | -56% | | Adjusted Net Income per Diluted Share | $0.47 | $0.33 | +42% | - eCommerce transactions constituted **88%** of the total volume processed during the fourth quarter[6](index=6&type=chunk) - The decrease in net income was primarily driven by a **$29.7 million** increase in share-based payments to employees from acquisitions completed in the third quarter and other incentive grants[6](index=6&type=chunk) [Fiscal Year 2021 Financial Highlights](index=1&type=section&id=Fiscal%20Year%202021%20Financial%20Highlights) For the full fiscal year 2021, Nuvei demonstrated exceptional performance with revenue growing 93% to $724.5 million and total volume increasing 121% to $95.6 billion, achieving a significant turnaround in profitability with a net income of $107.0 million Fiscal Year 2021 Key Financial Metrics | Metric | FY 2021 | FY 2020 | Change | | :--- | :--- | :--- | :--- | | Total Volume | $95.6B | $43.2B | +121% | | Revenue | $724.5M | $376.2M | +93% | | Organic Revenue Growth | 61% | N/A | N/A | | Net Income (Loss) | $107.0M | ($103.7M) | +$210.7M | | Adjusted EBITDA | $317.2M | $163.0M | +95% | | Adjusted Net Income | $248.6M | $89.0M | +179% | | Net Income (Loss) per Diluted Share | $0.71 | ($1.08) | +$1.79 | | Adjusted Net Income per Diluted Share | $1.69 | $0.85 | +99% | - eCommerce transactions represented **86%** of the total volume for the full year[6](index=6&type=chunk) - Cash flow from operating activities surged by **182%** to **$266.9 million** from **$94.8 million** in 2020[7](index=7&type=chunk) [Operational Highlights](index=3&type=section&id=Operational%20Highlights) Nuvei significantly expanded its global capabilities and product offerings in Q4 2021, adding local acquiring in the UAE, securing licenses in Hong Kong and Singapore, and enhancing payment routing in Europe, while also growing support for cryptocurrencies and alternative payment methods - Expanded global footprint by adding local card acquiring in the UAE (now in **46 countries**) and securing Visa licenses in Hong Kong and Singapore[10](index=10&type=chunk) - Enhanced product capabilities, including smart payment routing in the UK and Europe, and expanded crypto on-ramp/off-ramp solutions to support **109 coins** and **89 fiat currencies**[10](index=10&type=chunk) - Increased support for alternative payment methods (APMs), ending the year with **528 APMs** available on the platform[10](index=10&type=chunk) [Financial Outlook and Growth Targets](index=3&type=section&id=Financial%20Outlook%20and%20Growth%20Targets) [2022 Financial Outlook](index=3&type=section&id=2022%20Financial%20Outlook) Nuvei projects revenue for fiscal year 2022 to be between $940 million and $980 million, representing 30% to 35% year-over-year growth, reflecting accelerated investments in distribution, marketing, innovation, and technology Financial Outlook for 2022 | Metric | Three months ending March 31, 2022 | Year ending December 31, 2022 | | :--- | :--- | :--- | | Total Volume | $28B - $29B | $127B - $132B | | Revenue | $208M - $214M | $940M - $980M | | Adjusted EBITDA | $82M - $85M | $407M - $425M | - The financial outlook reflects the company's strategy to accelerate its investment in distribution, marketing, innovation, and technology[9](index=9&type=chunk) [Medium and Long-Term Growth Targets](index=5&type=section&id=Medium%20and%20Long-Term%20Growth%20Targets) The company has set ambitious medium-term annual growth targets of over 30% for both Total Volume and Revenue, with a long-term goal of achieving an Adjusted EBITDA margin of 50%, which are strategic goals rather than formal projections Growth Targets | Metric | Target | Timeframe | | :--- | :--- | :--- | | Total Volume | 30%+ annual YoY growth | Medium term | | Revenue | 30%+ annual YoY growth | Medium term | | Adjusted EBITDA margin | 50% | Long term | - These targets are presented as goals the company seeks to achieve through strategic execution, not as formal financial forecasts[12](index=12&type=chunk)[13](index=13&type=chunk) [Corporate Actions](index=7&type=section&id=Corporate%20Actions) [Normal Course Issuer Bid (NCIB)](index=7&type=section&id=Normal%20Course%20Issuer%20Bid%20(NCIB)) Nuvei has authorized a Normal Course Issuer Bid (NCIB) to repurchase up to 6,617,416 of its subordinate voting shares, representing approximately 10% of the public float, from March 10, 2022, to March 9, 2023, based on the belief that its shares may be undervalued - The company has authorized the purchase of up to **6,617,416** subordinate voting shares, representing approximately **10%** of the public float[14](index=14&type=chunk) - The NCIB will be active for a twelve-month period from **March 10, 2022**, to **March 9, 2023**[14](index=14&type=chunk) - The rationale for the share repurchase is the belief that the market price may not reflect the underlying value of Nuvei's business[17](index=17&type=chunk) [Supplementary Financial Information (FY 2021 vs FY 2020)](index=7&type=section&id=Supplementary%20Financial%20Information%20(FY%202021%20vs%20FY%202020)) [Revenue Breakdown](index=9&type=section&id=Revenue%20Breakdown) This section provides a detailed breakdown of Nuvei's $724.5 million revenue for FY2021, showing significant growth across various channels, verticals, technology types, and geographies, with Global eCommerce direct, Digital Assets & Cryptocurrencies, and EMEA being standout performers [By Channel](index=9&type=section&id=By%20Channel) The Global eCommerce direct channel was the primary growth driver, with revenue increasing 130% to $486.5 million, accounting for approximately 67% of total revenue in 2021 Revenue by Channel (in thousands USD) | Channel | 2021 | 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Global eCommerce direct | $486,511 | $211,667 | $274,844 | 130% | | Small and medium-sized businesses | $136,682 | $116,627 | $20,055 | 17% | | eCommerce reseller | $101,333 | $47,932 | $53,401 | 111% | | **Total Revenue** | **$724,526** | **$376,226** | **$348,300** | **93%** | [By Vertical](index=10&type=section&id=By%20Vertical) Revenue from Digital Assets & Cryptocurrencies experienced explosive growth of 1626%, while Regulated Online Gaming remained the largest vertical by revenue, growing 93% to $180.8 million, and Social Gaming also saw substantial growth of 504% Top 5 Revenue Verticals by 2021 Growth % (in thousands USD) | Vertical | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Associations & co-operatives | $23,293 | $1,000 | 2229% | | Digital assets and cryptocurrencies | $80,486 | $4,664 | 1626% | | Social gaming | $52,144 | $8,627 | 504% | | Energy & utilities | $2,792 | $1,240 | 125% | | Regulated online gaming | $180,843 | $93,502 | 93% | [By Acquiring and Modular Technology](index=10&type=section&id=By%20Acquiring%20and%20Modular%20Technology) Modular technology revenue grew faster at 138% compared to acquiring revenue at 73%, indicating strong adoption of the company's value-added platform services like gateway, global processing, and APMs Revenue by Technology Type (in thousands USD) | Type | 2021 | 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Acquiring | $451,413 | $261,376 | $190,037 | 73% | | Modular technology | $273,113 | $114,850 | $158,263 | 138% | | **Total Revenue** | **$724,526** | **$376,226** | **$348,300** | **93%** | [By Geography](index=38&type=section&id=By%20Geography) Europe, Middle East and Africa (EMEA) is the largest and fastest-growing region, with revenue increasing 123% to $394.8 million, while North America also showed strong growth of 64%, and Latin America grew 112% Revenue by Geography (in thousands USD) | Geography | FY 2021 | FY 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Europe, Middle East and Africa | $394,758 | $176,771 | $217,987 | 123% | | North America | $301,257 | $183,803 | $117,454 | 64% | | Latin America | $22,841 | $10,771 | $12,070 | 112% | | Asia Pacific | $5,670 | $4,881 | $789 | 16% | | **Total** | **$724,526** | **$376,226** | **$348,300** | **93%** | [Customer Cohort and Retention Analysis](index=12&type=section&id=Customer%20Cohort%20and%20Retention%20Analysis) The analysis highlights Nuvei's ability to effectively grow revenue from existing customers and successfully onboard new ones, with the 2020 merchant cohort growing its revenue contribution by 364% in 2021 and the overall net revenue retention rate improving significantly to 146% [Revenue by Annual Cohort](index=12&type=section&id=Revenue%20by%20Annual%20Cohort) Revenue from the 2020 merchant cohort grew by 364% in 2021, demonstrating strong 'land and expand' execution, while the pre-2019 cohort also grew by a healthy 38%, and the new 2021 cohort contributed $71.3 million in its first year Revenue by Cohort (in thousands USD) | Cohort Year | 2021 Revenue | 2020 Revenue | Change (%) | | :--- | :--- | :--- | :--- | | 2019 and before | $460,542 | $334,710 | 38% | | 2020 | $192,657 | $41,516 | 364% | | 2021 | $71,327 | N/A | N/A | [Net Revenue Retention Rate](index=12&type=section&id=Net%20Revenue%20Retention%20Rate) The overall Net Revenue Retention Rate increased substantially to 146% in 2021 from 101% in 2020, with the rate for the Global eCommerce direct channel being even stronger, improving to 179% from 152% Net Revenue Retention Rate | Category | 2021 | 2020 | | :--- | :--- | :--- | | Net revenue retention rate - Global eCommerce direct | 179% | 152% | | Net revenue retention rate | 146% | 101% | [Transaction Metrics](index=14&type=section&id=Transaction%20Metrics) Total transaction count grew 77% to 1.18 billion in 2021, propelled by a 285% surge in transactions from alternative payment methods (APMs), indicating a significant shift in payment preferences and Nuvei's successful capture of this trend [Transaction Count by Tender Type](index=14&type=section&id=Transaction%20Count%20by%20Tender%20Type) While credit card transactions remain the largest by volume, the number of transactions using alternative payment methods grew 285% year-over-year, highlighting a key area of growth and diversification Transaction Count by Tender Type (in millions) | Tender Type | 2021 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Credit | 832.6 | 552.5 | 51% | | Alternative payment methods | 305.2 | 79.2 | 285% | | Debit | 42.4 | 34.9 | 21% | | **Total transaction count** | **1,180.2** | **666.6** | **77%** | [Consolidated Financial Statements](index=25&type=section&id=Consolidated%20Financial%20Statements) [Statements of Profit or Loss](index=25&type=section&id=Statements%20of%20Profit%20or%20Loss) For fiscal year 2021, Nuvei reported revenue of $724.5 million, a 93% increase from 2020, with gross profit growing to $576.8 million, and the company achieving a net income of $107.0 million, a significant turnaround from a net loss of $103.7 million in the prior year Consolidated Statement of Profit or Loss (in thousands USD) | Line Item | FY 2021 | FY 2020 | | :--- | :--- | :--- | | Revenue | $724,526 | $376,226 | | Gross profit | $576,771 | $306,971 | | Operating profit | $145,468 | $71,999 | | Net income (loss) | $107,045 | ($103,670) | | Net income (loss) per diluted share | $0.71 | ($1.08) | [Statements of Financial Position (Balance Sheet)](index=27&type=section&id=Statements%20of%20Financial%20Position%20(Balance%20Sheet)) As of December 31, 2021, Nuvei's financial position strengthened significantly, with total assets increasing to $3.46 billion from $2.25 billion in 2020, driven by growth in goodwill, intangible assets, and a more than fourfold increase in cash to $748.6 million, resulting in total equity growing to $2.02 billion Key Balance Sheet Items (in thousands USD) | Line Item | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Cash | $748,576 | $180,722 | | Total Current Assets | $1,526,632 | $677,775 | | Total Assets | $3,455,470 | $2,247,769 | | Total Liabilities | $1,433,630 | $789,880 | | Total Equity | $2,021,840 | $1,457,889 | [Statements of Cash Flow](index=30&type=section&id=Statements%20of%20Cash%20Flow) Cash flow from operating activities increased by 182% to $266.9 million in fiscal year 2021, while the company used $395.1 million in investing activities, primarily for business acquisitions, and generated $706.1 million from financing activities, mainly through share issuance, resulting in a net increase in cash of $567.9 million for the year Consolidated Statement of Cash Flow (in thousands USD) | Line Item | FY 2021 | FY 2020 | | :--- | :--- | :--- | | Cash flow from operating activities | $266,857 | $94,752 | | Cash flow used in investing activities | ($395,108) | ($58,617) | | Cash flow from financing activities | $706,075 | $82,702 | | **Net increase in cash** | **$567,854** | **$120,650** | [Reconciliation of Non-IFRS Measures](index=32&type=section&id=Reconciliation%20of%20Non-IFRS%20Measures) [Reconciliation of Adjusted EBITDA and Free Cash Flow](index=32&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20and%20Free%20Cash%20Flow) Adjusted EBITDA for fiscal year 2021 was $317.2 million, up 95% from $163.0 million in 2020, and free cash flow doubled to $290.1 million from $145.1 million, with key adjustments from net income including depreciation & amortization ($90.8M), share-based payments ($54.9M), and acquisition-related costs ($25.8M) Reconciliation to Adjusted EBITDA and Free Cash Flow (in thousands USD) | Line Item | FY 2021 | FY 2020 | | :--- | :--- | :--- | | Net income (loss) | $107,045 | ($103,670) | | (+) Depreciation and amortization | $90,828 | $69,673 | | (+) Share-based payments | $54,919 | $10,407 | | (+) Acquisition, integration and severance costs | $25,831 | $9,970 | | (+) Other adjustments | $40,611 | $176,602 | | **Adjusted EBITDA** | **$317,234** | **$162,982** | | (-) Acquisition of property/intangible assets | ($27,169) | ($17,843) | | **Free cash flow** | **$290,065** | **$145,139** | [Reconciliation of Adjusted Net Income](index=35&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income) Adjusted net income for fiscal year 2021 increased 179% to $248.6 million, resulting in an adjusted diluted EPS of $1.69, up from $0.85 in 2020, with major adjustments to net income including adding back amortization of acquisition-related intangible assets ($79.0M) and share-based payments ($54.9M) Reconciliation to Adjusted Net Income (in thousands USD) | Line Item | FY 2021 | FY 2020 | | :--- | :--- | :--- | | Net income (loss) | $107,045 | ($103,670) | | (+) Amortization of acquisition-related intangible assets | $78,979 | $59,219 | | (+) Share-based payments | $54,919 | $10,407 | | (+) Other adjustments | $26,506 | $130,750 | | (-) Income tax expense related to adjustments | ($17,867) | ($7,720) | | **Adjusted net income** | **$248,582** | **$88,986** | | **Adjusted net income per diluted share** | **$1.69** | **$0.85** | [Reconciliation of Organic Revenue](index=38&type=section&id=Reconciliation%20of%20Organic%20Revenue) Organic revenue for fiscal year 2021 was $600.9 million, representing 61% year-over-year growth, derived by subtracting $123.7 million in revenue from businesses acquired in the last 12 months from the total reported revenue of $724.5 million Reconciliation to Organic Revenue (in thousands USD) | Line Item | FY 2021 | FY 2020 | | :--- | :--- | :--- | | Revenue | $724,526 | $376,226 | | (-) Adjustments for acquired or divested businesses | ($123,659) | ($2,524) | | **Organic revenue** | **$600,867** | **$373,702** | | **Revenue growth** | **93%** | N/A | | **Organic revenue growth** | **61%** | N/A |

[Condensed Interim Consolidated Financial Statements](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) [Consolidated Statements of Financial Position](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of September 30, 2021, Nuvei's total assets grew to $2.89 billion from $2.25 billion at the end of 2020, primarily driven by a significant increase in intangible assets and goodwill from recent acquisitions, while total liabilities rose to $1.32 billion from $790 million, mainly due to increased loans and borrowings to finance these acquisitions, consequently increasing total equity from $1.46 billion to $1.58 billion Consolidated Statement of Financial Position Highlights (in thousands of US dollars) | Financial Metric | September 30, 2021 | December 31, 2020 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$2,893,408** | **$2,247,769** | **+28.7%** | | Intangible assets | $756,593 | $524,232 | +44.3% | | Goodwill | $1,133,864 | $969,820 | +16.9% | | **Total Liabilities** | **$1,316,256** | **$789,880** | **+66.6%** | | Loans and borrowings (Non-current) | $501,385 | $212,726 | +135.7% | | **Total Equity** | **$1,577,152** | **$1,457,889** | **+8.2%** | [Consolidated Statements of Profit or Loss and Comprehensive Income or Loss](index=5&type=section&id=Consolidated%20Statements%20of%20Profit%20or%20Loss%20and%20Comprehensive%20Income%20or%20Loss) For the nine months ended September 30, 2021, Nuvei reported a significant turnaround, posting a net income of $94.7 million compared to a net loss of $126.2 million in the same period of 2020, driven by 97% year-over-year revenue growth to $512.7 million and a dramatic reduction in net finance costs Performance Highlights (in thousands of US dollars, except per share) | Metric | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | **$512,651** | **$260,319** | **+97.0%** | | Gross Profit | $414,011 | $214,583 | +92.9% | | Operating Profit | $123,629 | $48,048 | +157.3% | | Net Finance Costs | $9,569 | $152,427 | -93.7% | | **Net Income (Loss)** | **$94,706** | **($126,247)** | **Turnaround to Profit** | | **Diluted EPS** | **$0.64** | **($1.49)** | **Turnaround to Profit** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2021, the company generated $201.9 million in cash from operating activities, a significant increase from $49.0 million in the prior year period, while cash used in investing activities was $387.5 million, primarily for business acquisitions, and financing activities provided $298.2 million, largely from new loans, resulting in an overall increase in cash and cash equivalents of $108.0 million Cash Flow Summary (in thousands of US dollars) | Cash Flow Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | **$201,885** | **$48,969** | | Net Cash from (used in) Investing Activities | ($387,501) | $7,821 | | Net Cash from (used in) Financing Activities | $298,210 | ($18,822) | | **Net Increase in Cash** | **$108,012** | **$39,354** | | Cash - End of period | $288,734 | $99,426 | [Consolidated Statements of Changes in Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased from $1.46 billion as of January 1, 2021, to $1.58 billion by September 30, 2021, primarily driven by a net income of $91.5 million attributable to shareholders and equity-settled share-based payments of $20.2 million, partially offset by a $20.1 million loss from foreign currency translation differences - Total equity grew by **$119.3 million** in the first nine months of 2021[10](index=10&type=chunk) Reconciliation of Total Equity (in thousands of US dollars) | Description | Amount | | :--- | :--- | | **Balance as at January 1, 2021** | **$1,457,889** | | Net income and comprehensive income | $74,595 | | Equity-settled share-based payments | $20,245 | | Share issuance & option exercises | $16,460 | | **Balance as at September 30, 2021** | **$1,577,152** | [Notes to Condensed Interim Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, including the basis of preparation (IFRS), significant accounting policies, and impacts of the COVID-19 pandemic, covering four business acquisitions completed in 2021, a significant increase in debt to finance them, revenue and expense breakdowns, related party transactions, and important subsequent events, including a US IPO on the Nasdaq [Reporting entity](index=9&type=section&id=1%20Reporting%20entity) Nuvei Corporation is a global payment technology solutions provider based in Canada, with its Subordinate Voting Shares trading on the Toronto Stock Exchange (TSX) and, as of October 6, 2021, also on the Nasdaq Global Select Market under the symbol 'NVEI' - The company's shares were listed on the Nasdaq Global Select Market on October 6, 2021, under the symbol '**NVEI**'[11](index=11&type=chunk) [Basis of preparation and consolidation](index=9&type=section&id=2%20Basis%20of%20preparation%20and%20consolidation) The financial statements are prepared in accordance with IFRS (IAS 34), with certain 2020 comparative figures for foreign currency exchange gains/losses reclassified from net finance costs and SG&A to a separate line item to improve comparability, with no impact on net income - The company has one reportable segment: the provision of payment technology solutions[15](index=15&type=chunk) - The COVID-19 pandemic's impact on the business for the nine months ended September 30, 2021, was limited, but future impacts remain uncertain[19](index=19&type=chunk) [Business combinations](index=11&type=section&id=4%20Business%20combinations) During the first nine months of 2021, Nuvei completed four strategic acquisitions: Base Commerce, Mazooma, Simplex, and Paymentez, which significantly expanded the company's technology and market presence, adding total goodwill of $175.4 million and intangible assets of $268.6 million, financed in part by increasing its credit facility 2021 Acquisitions Summary | Company Acquired | Acquisition Date | Total Consideration (USD thousands) | Revenue Contribution (to Sep 30, 2021) | | :--- | :--- | :--- | :--- | | Base Commerce LLC | Jan 1, 2021 | $92,678 | $41,517 | | Mazooma Technical Services Inc. | Aug 3, 2021 | $54,503 | $395 | | SimplexCC Ltd. | Sep 1, 2021 | $290,574 | $3,606 | | Paymentez LLC. | Sep 1, 2021 | $24,459 | $236 | - In May 2020, the company disposed of its wholly-owned subsidiary, CreditGuard, for **$21.1 million**, resulting in net cash proceeds of **$19.0 million**[34](index=34&type=chunk) [Intangible assets and goodwill](index=16&type=section&id=7%20Intangible%20assets%20and%20goodwill) As of September 30, 2021, the carrying amount of intangible assets increased to $756.6 million and goodwill rose to $1.13 billion, primarily due to business combinations during the period, which added $268.6 million in intangible assets and $175.4 million in goodwill Changes in Intangible Assets and Goodwill (in thousands of US dollars) | Account | Balance at Dec 31, 2020 | Additions from Acquisitions | Balance at Sep 30, 2021 | | :--- | :--- | :--- | :--- | | **Intangible assets** | **$524,232** | **$268,629** | **$756,593** | | **Goodwill** | **$969,820** | **$175,385** | **$1,133,864** | [Loans and borrowings](index=17&type=section&id=9%20Loans%20and%20borrowings) The company significantly increased its debt to fund acquisitions, amending its credit facility on June 18, 2021, to increase term loans to $512.0 million and the revolving facility to $350.0 million (later increased to $385.0 million), which resulted in the carrying amount of total loans and borrowings (non-current) increasing to $501.4 million from $212.7 million at year-end 2020, while remaining in compliance with all debt covenants - On June 18, 2021, the company borrowed an additional **$300 million** under its amended term loan facility to finance acquisitions[32](index=32&type=chunk)[41](index=41&type=chunk) - The company is subject to a total leverage ratio covenant, which it was in compliance with as of September 30, 2021[42](index=42&type=chunk) [Revenue and expenses by nature](index=19&type=section&id=11%20Revenue%20and%20expenses%20by%20nature) For the nine months ended September 30, 2021, total revenue was $512.7 million, with the vast majority ($506.0 million) coming from merchant transaction and processing services, and key operating expenses included commissions ($97.1 million), employee compensation ($74.6 million), and depreciation & amortization ($64.9 million) Revenue and Key Expenses for Nine Months Ended Sep 30, 2021 (in thousands of US dollars) | Item | 2021 | 2020 | | :--- | :--- | :--- | | **Revenue** | **$512,651** | **$260,319** | | Merchant transaction and processing services | $506,007 | $253,559 | | **Cost of revenue** | **$98,640** | **$45,736** | | **SG&A Expenses** | **$290,382** | **$166,535** | | - Commissions | $97,108 | $49,307 | | - Employee compensation | $74,634 | $42,847 | | - Depreciation and amortization | $64,890 | $51,264 | [Net finance costs](index=20&type=section&id=12%20Net%20finance%20costs) Net finance costs for the nine months ended September 30, 2021, were $9.6 million, a stark decrease from $152.4 million in the prior-year period, as the 2020 figure was significantly inflated by costs related to liability-classified shares and convertible debentures that were settled or converted as part of the 2020 TSX listing Breakdown of Net Finance Costs (in thousands of US dollars) | Item | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Interest on loans and borrowings | $11,460 | $64,424 | | Change in redemption amount of liability classified shares | $0 | $73,429 | | Interest on unsecured debentures | $0 | $15,503 | | Interest on advances to third parties (income) | ($2,309) | ($4,170) | | **Total Net Finance Costs** | **$9,569** | **$152,427** | [Share-based payment arrangements](index=24&type=section&id=16%20Share-based%20payment%20arrangements) As of September 30, 2021, the company had 6.8 million stock options outstanding with a weighted average exercise price of $33.40, and during the first nine months of 2021, it granted approximately 1.2 million new stock options, 209k RSUs, and 730k PSUs under its Omnibus Incentive Plan Outstanding Awards as of September 30, 2021 | Award Type | Quantity Outstanding | | :--- | :--- | | Stock options | 6,804,452 | | Restricted share units (RSUs) | 208,948 | | Performance share units (PSUs) | 730,169 | | Deferred share units (DSUs) | 8,613 | [Subsequent events](index=25&type=section&id=19%20Subsequent%20events) After the quarter ended, Nuvei completed its initial public offering in the United States on October 8, 2021, issuing 3.45 million Subordinate Voting Shares for gross proceeds of $424.8 million, and additionally granted a significant special award of 665,000 PSUs and 2.2 million stock options to its founder, chair, and CEO, with vesting tied to substantial share price appreciation - On October 8, 2021, the company closed its US IPO, raising gross proceeds of **$424.8 million**[68](index=68&type=chunk) - The company's shares began trading on the Nasdaq on October 6, 2021, under the symbol '**NVEI**'[67](index=67&type=chunk) - A special award of **2.2 million** stock options and **665,000** PSUs was granted to the CEO, with vesting contingent on the share price increasing by **50%**, **100%**, and **150%**[69](index=69&type=chunk)

1 Third Quarter 2021 Presentation November 5th, 2021 Disclaimer Forward Looking Statements This presentation includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook ...

Paya Holdings Inc. (PAYA) Q3 2021 Earnings Conference Call November 5, 2021 8:00 AM ET Â Company Participants Matt Humphries - Head of IR Jeff Hack - CEO Glenn Renzulli - CFO Conference Call Participants Bob Napoli - William Blair David Togut - Evercore ISI John Davis - Raymond James Timothy Chiodo - Credit Suisse Peter Heckmann - Davidson Andrew Jeffrey - Truist Securities Joseph Vafi - Canaccord Genuity Mike Grondahl - Northland Securities Josh Siegler - Cantor Fitzgerald James Faucette - Morgan Stanley O ...

1 Second Quarter 2021 Presentation August 6th, 2021 Disclaimer Forward Looking Statements This presentation includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook, ...

Financial Data and Key Metrics Changes - Total volume increased by 146% to $21.9 billion, with revenue growing by 114% to $178.2 million and adjusted EBITDA rising by 112% to $79.4 million [11][31][35] - Gross margin decreased to 81.4% from 83.7% due to acquisitions with higher costs [34] - Net income for the quarter was $38.9 million or $0.26 per diluted share, compared to $14 million or $0.15 per diluted share in Q2 2020 [36] Business Line Data and Key Metrics Changes - E-commerce volume constituted approximately 84% of total volume, slightly down from 87% in Q1 2021 due to seasonality [32] - Small business customer volume grew 24% sequentially over Q1 2021 [32] Market Data and Key Metrics Changes - North America total volume was $10.2 billion, up 160%; EMEA was $10.9 billion, up 135%; APAC and LATAM were each $0.4 billion, up 110% and 105% respectively [11] Company Strategy and Development Direction - The company focuses on geographic expansion, product innovation, and increasing wallet share with existing customers [12][20] - Strategic partnerships, such as with Plaid, enhance connectivity to financial institutions and improve customer payment experiences [17] - The company is preparing to expand North American payout capabilities with Visa Direct and Mastercard Send [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth momentum and raised the financial outlook for 2021, expecting total volume between $88 billion and $91 billion [26][41] - The company is in an investment phase, expecting adjusted EBITDA margins to expand to over 50% in the long term [45] Other Important Information - The company completed the acquisition of Mazooma and is preparing for the acquisition of Simplex, which is expected to enhance capabilities and customer wallet share [27][43] - The company has filed an application with NASDAQ for a dual listing to increase brand awareness and market liquidity [27][28] Q&A Session Summary Question: Medium-term growth perspective - Management clarified that the 30% growth target is annualized and reflects internal targets [50][51] Question: M&A pipeline and outperformance - Management noted a selective approach to M&A and highlighted strong performance driven by new product adoption and customer engagement [52][56] Question: Medium-term revenue outlook - Management confirmed that the medium-term revenue outlook is fully organic [63] Question: EBITDA margins long-term outlook - Management expects EBITDA margins in the low 40s in the near term, with potential expansion beyond 50% in the long term [66] Question: Trends across geographies and verticals - Management indicated that travel is a vertical with potential growth, but overall momentum remains strong [85] Question: Overall financial leverage - Management reported a strong cash position and low leverage, with expectations of approximately one time post-acquisitions [39][128]

Nuvei Corp. (NUVCF) Q1 2021 Earnings Conference Call May 10, 2021 8:30 AM ET Company Participants Anthony Gerstein - Vice President & Head of Investor Relations Philip Fayer - Chair & Chief Executive Officer David Schwartz - Chief Financial Officer & Corporate Secretary Conference Call Participants Sanjay Sakhrani - KBW Georgios Mihalos - Cowen & Company Matthew O'Neill - Goldman Sachs Craig Maurer - Autonomous Research Timothy Chiodo - Credit Suisse Ashwin Shirvaikar - Citi John Davis - Raymond James Paul ...