Nuvei Q1 revenue up 43% year-on-year to $214.5m
Payments provider Nuvei has reported a revenue increase of 43% for Q1 2022 to $214.5m.
Its total volume also increased 42% to $29.2bn, with ecommerce representing 88% of the total volume number.
Nuvei works closely with the gaming sector but this accounted for only a small segment of overall revenue, given the dominance of ecommerce.
Organic revenue growth was 32%, too, increasing to $198m. Despite this growth, Nuvei notes that unfavourable changes in foreign exchange rates over the past year have cost the company approximately $7m.
Furthermore, the supplier’s net income decreased by $23.3m from the prior-year period, primarily due to a $33.1m increase in share-based payments.
However, adjusted EBITDA increased 40% to $91.6m, while adjusted net income was also up 35% to $69.1m.
Cash flow from operating activities was on the up as well (23%), while free cash flow increased by 36%.
Nuvei’s greatest Q1 revenue increases came in Europe, the Middle East and Africa, where revenue increased a combined 73%.
The lowest gains came from North America, at just 13%, although increases were seen worldwide, with none of Nuvei’s operating markets in decline.
Its CEO and Chairman, Philip Fayer, commented: “We had a strong start to the year, with financial results that exceeded our financial outlook for the quarter.
“Total volume, revenue, and adjusted EBITDA grew 42%, 43% and 40%, respectively over the first quarter of 2021, as we continued advancing our strategic initiatives. It was an excellent quarter despite a revenue headwind of $7 million.
“The prospects for our business are strong and we are very well-positioned for sustainable and profitable growth. We remain intently focused on our key priorities and reiterate both our financial outlook for 2022 and our medium and long-term targets.”
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