Nuvei Announces Second Quarter 2024 Results

Financial Performance - Total volume for the three months ended June 30, 2024, increased by 22% to $61.7 billion from $50.6 billion in 2023 [1] - Revenue for the same period rose by 13% to $345.5 million from $307.0 million [1] - Net income decreased by 54% to $5.3 million from $11.6 million [1] - Adjusted EBITDA increased by 6% to $116.8 million from $110.3 million [1] - Adjusted net income rose by 8% to $62.6 million from $58.1 million [1] - Net income per diluted share decreased to $0.02 from $0.07 [1] - Adjusted net income per diluted share increased by 5% to $0.41 from $0.39 [1] Six-Month Financial Overview - Total volume for the six months ended June 30, 2024, increased by 31% to $121.8 billion from $93.0 billion in 2023 [2] - Revenue increased by 21% to $680.6 million from $563.5 million [2] - Net income decreased by 84% to $0.5 million from $3.3 million [2] - Adjusted EBITDA rose by 12% to $231.6 million from $206.6 million [2] - Adjusted net income increased by 2% to $125.1 million from $122.5 million [2] - Net loss per diluted share was $0.02 compared to net income per diluted share of $0.00 [2] - Adjusted net income per diluted share remained stable at $0.83 [2] Proposed Transaction - The company entered into a definitive arrangement agreement to be taken private by Advent International, valuing the company at approximately $6.3 billion [4] - Advent will acquire all issued and outstanding shares for a price of $34.00 per share, representing a premium of approximately 56% to the closing price on March 15, 2024 [4] - The transaction was approved by shareholders on June 18, 2024, and received court approval on June 20, 2024 [5] - The transaction is expected to close in late 2024 or the first quarter of 2025, subject to customary closing conditions [6] Cash Dividends - The Board of Directors declared a cash dividend of $0.10 per share, payable on September 5, 2024, to shareholders of record on August 20, 2024 [9] - The total amount of the dividend is expected to be approximately $14 million, funded from the company's existing cash [9] Company Overview - Nuvei is a Canadian fintech company that provides technology for payment processing, risk management, and fraud prevention services [13] - The company operates in over 200 markets, offering local acquiring in 50 markets and supporting 150 currencies and 716 alternative payment methods [13]