Nuvei (NVEI) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 rose 13% year-over-year to $345.5 million, with total volume up 22% to $61.7 billion.

• Net income for Q2 2024 fell 54% year-over-year to $5.3 million, while adjusted EBITDA increased 6% to $116.8 million.

• For the first half of 2024, revenue grew 21% to $680.6 million, but net income dropped 84% to $0.5 million.

• A proposed take-private transaction by Advent International values the company at $6.3 billion and is expected to close late 2024 or early 2025.

Financial highlights

• Q2 2024 adjusted net income rose 8% year-over-year to $62.6 million; adjusted net income per diluted share increased 5% to $0.41.

• Adjusted EBITDA less capital expenditures for Q2 2024 was $96.4 million, up from $95.9 million.

• For the six months ended June 30, 2024, adjusted EBITDA increased 12% to $231.6 million; adjusted net income per diluted share was stable at $0.83.

• Cash dividends declared for the first half of 2024 totaled $28.2 million.

Significant events and developments

• Advent International, with key Canadian shareholders, will acquire all outstanding shares at $34.00 per share, a 56% premium to the pre-announcement price.

• Shareholders and court approvals for the transaction have been obtained; regulatory approvals are pending.

• Upon completion, shares will be delisted from TSX and Nasdaq, and the company will cease to be a reporting issuer.

• A $0.10 per share dividend was declared, payable September 5, 2024.