{"id":454538,"date":"2021-03-10T07:03:19","date_gmt":"2021-03-10T12:03:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454538"},"modified":"2021-03-10T07:03:19","modified_gmt":"2021-03-10T12:03:19","slug":"nuvei-announces-fourth-quarter-and-full-year-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nuvei-announces-fourth-quarter-and-full-year-2020-results\/","title":{"rendered":"Nuvei Announces Fourth Quarter and Full Year 2020 Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <strong><br \/>\n          <em>Nuvei reports in U.S. dollars and in accordance with International Financial Reporting <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Standards (\u201cIFRS\u201d)<\/em><br \/>\n        <\/strong><br \/>\n        \n      <\/p>\n<p align=\"justify\">MONTREAL, March  10, 2021  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8J-Gg7Bu7HtbKZfYotvofOFsiUi53snifetTtST6Zb0Tl-QJ0Mvfhd-jdfaQ8UsgN_MHx7x1AURYpG2vqzFSbg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Nuvei Corporation<\/a> (\u201cNuvei\u201d or the \u201cCompany\u201d) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, today reported its financial results for the fourth quarter and the full year ended December 31, 2020.<\/p>\n<p align=\"justify\">\u201cWe are very pleased with our fourth quarter results, including 53% total volume* growth, 46% revenue growth and 61% adjusted EBITDA** growth over the fourth quarter of 2019,\u201d said Philip Fayer, Nuvei\u2019s chairman and CEO. \u201cOur performance continues to be driven by strong momentum in the high-growth verticals we serve, as well as by our customizable, scalable, and feature-rich technology platform, which provides one of the industry\u2019s most complete payment technology solutions going well beyond merchant acquiring. As we look to 2021, we remain excited about the opportunity ahead of us with the momentum of our current customers and the strength of our new business pipeline which is reflected in our financial outlook.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Financial Highlights for the Three Months Ended December 31, 2020<\/strong>\n      <\/p>\n<ul>\n<li style=\"text-align:justify\">Total volume* increased 53%, to $13.9 billion from $9.1 billion<\/li>\n<\/ul>\n<p align=\"justify\">\u25cb\u00a0\u00a0eCommerce represented approximately 80% of total volume<\/p>\n<ul>\n<li style=\"text-align:justify\">Revenue increased 46%, to $115.9 million from $79.3 million<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Net income was $22.6 million compared to a net loss of $3.1 million<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Adjusted EBITDA** increased 61%, to $51.3 million from $31.9 million<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Adjusted net income** was $46.5 million compared to $5.4 million<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Net income per share of $0.16 compared to a net loss per share of $0.05<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Adjusted net income** per diluted share of $0.33 compared to $0.06<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Financial Highlights for the Year Ended December 31, 2020<\/strong>\n      <\/p>\n<ul>\n<li style=\"text-align:justify\">Total volume* increased 76%, to $43.2 billion from $24.6 billion<\/li>\n<\/ul>\n<p align=\"justify\">\u25cb\u00a0\u00a0eCommerce represented approximately 76% of total volume<\/p>\n<ul>\n<li style=\"text-align:justify\">Revenue increased 53%, to $375.0 million from $245.8 million<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Net loss was $103.7 million compared to a net loss of $69.5 million<\/li>\n<\/ul>\n<p align=\"justify\">\u25cb\u00a0\u00a0Net loss included $100.9 million in non-cash finance costs resulting from changes in redemption value of liability-classified common and preferred shares, as well as the acceleration of amortization of deferred transaction costs. Of this amount, $83.4 million of these non-cash costs resulted from the Company\u2019s initial public offering and associated valuation in the third quarter of 2020.<\/p>\n<ul>\n<li style=\"text-align:justify\">Adjusted EBITDA** increased 87%, to $163.0 million from $87.2 million<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Adjusted net income** was $89.0 million compared to $22.3 million<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Net loss per share of $1.08 compared to a net loss per share of $1.15<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Adjusted net income** per diluted share of $0.84 compared to $0.33<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Operational Highlights<\/strong>\n      <\/p>\n<ul>\n<li style=\"text-align:justify\">The fourth quarter represented the strongest growth in the Company\u2019s history driven by wallet share expansion from current merchants and the acceleration of new merchant wins driven by continued expansion and investment in Nuvei\u2019s direct distribution channel. New eCommerce business nearly tripled in the fourth quarter of 2020 compared to the fourth quarter of 2019 and the momentum has continued well into the current quarter with a deep and growing merchant pipeline providing visibility into the full year 2021.<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">The Company added several new merchants in our target high-growth verticals including regulated online gaming, social games, online retail, marketplaces, digital goods, financial services and travel.<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Nuvei expanded connectivity coverage and added alternative payment methods (\u201cAPMs\u201d) in Latin America (Brazil and Colombia, as well as certain voucher-based payment methods in Mexico), South Africa, Korea and Japan.<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">The Company introduced several significant product innovations to help merchants convert more sales and simplify back office reconciliation, including: enhancing our proprietary authorization platform to comply with PSD2 strong customer authentication requirements, upgrading our chargeback management tools to now provide early (pre-chargeback) warnings for merchants, expanding our payout capabilities to include Automated Clearing House (\u201cACH\u201d) payments and MasterCard MoneySend, simplifying Apple Pay enablement for our customers, and enhancing multi-currency services in Canada.<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">The Company launched its own authorization processing in the United States bringing some of that functionality and capability in-house, which over time will help reduce costs, improve efficiency and raise productivity.<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">The Company has been approved as a registered industry vendor in four U.S. states (Colorado, West Virginia, Indiana, and Tennessee) and is well-positioned to support the growing regulated online gaming and sports betting market in the U.S. The Company has applied for and is awaiting vendor approval in all other U.S. states that regulate online sports betting and gaming.<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align:justify\">Nuvei continued to execute on its acquisition strategy by completing the acquisition of Smart2Pay Technology &amp; Services B.V. (\u201cSmart2Pay\u201d) and announcing the acquisition of Base Commerce, LLC (\u201cBase Commerce\u201d).<\/li>\n<\/ul>\n<p align=\"justify\">\u25cb\u00a0\u00a0The acquisition of Smart2Pay (effective November 2, 2020) enhances Nuvei\u2019s vertical expertise in several high-growth digital commerce verticals including social gaming and online marketplaces, expands the Company\u2019s presence in some attractive and high-growth international markets with increasing adoption of APMs, and expands its global footprint.<\/p>\n<p align=\"justify\">\u25cb\u00a0\u00a0The acquisition of Base Commerce (effective January 1, 2021) expands Nuvei\u2019s product capabilities with a proprietary ACH processing platform, further diversifies its acquiring portfolio, enhances sponsor bank coverage, and enlarges the Company\u2019s distribution network.<\/p>\n<p>\u00a0<\/p>\n<p align=\"justify\">\n        <strong>Financial Outlook<\/strong>\n      <\/p>\n<p align=\"justify\">Nuvei\u00a0anticipates total volume, revenue and Adjusted EBITDA to be in the following ranges:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;text-align: justify;vertical-align: middle;vertical-align: middle\">(In U.S. dollars)<\/td>\n<td style=\"max-width:29%;width:29%;min-width:29%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Three months ending<br \/>March 31, 2021<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:29%;width:29%;min-width:29%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">Year ending <br \/>December 31, 2021<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">$<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Total Volume (in billions)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">19 &#8211; 20<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">81 &#8211; 87<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Revenue (in millions)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">136 &#8211; 142<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">570 &#8211; 600<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Adjusted EBITDA (in millions)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">60 &#8211; 63<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">252 &#8211; 265<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">The above financial outlook is based on a number of assumptions as described under \u201cForward-Looking Information\u201d in this press release.<\/p>\n<p align=\"justify\">\n        <sup>* Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by merchants under contractual agreement with the Company. Total volume is explained in further detail in the Company\u2019s most recent Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>** Adjusted EBITDA and Adjusted net income are non-IFRS measures. See \u201cNon-IFRS Measures\u201d.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <strong>Conference<\/strong>\u00a0<strong>Call Information<\/strong><\/p>\n<p align=\"justify\">Nuvei will host a conference call to discuss its fourth quarter and full year 2020 financial results today March 10, 2021 at 8:30 am ET. Hosting the call will be Philip Fayer, chairman and CEO, and David Schwartz, CFO.<\/p>\n<p align=\"justify\">The conference call will be webcast live from the Company\u2019s investor relations website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=44IawTrsvvBEVRKbuEWy9Vr3D1dXXy0YNvZjBdTktAJFC1Dm6DY5BmtnYV1eOCHNKTzHqdcfO5NiHsxa1680MNobzS1QCiZIbso88P8Jd18=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/investors.nuvei.com\/<\/a>\u00a0under the \u201cEvents &amp; Presentations\u201d section. The conference call can also be accessed live over the phone by dialing 877-425-9470 (US\/Canada toll-Free), or 201-389-0878 (international). A replay will be available approximately two hours after the call, and can be accessed by dialing 844-512-2921 (US\/Canada toll-Free), or 412-317-6671 (international); the conference ID is 13715172. The replay will be available until March 24, 2021. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.<\/p>\n<p align=\"justify\">\n        <strong>About Nuvei<\/strong>\n      <\/p>\n<p align=\"justify\">We are Nuvei (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration \u2013 propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes in over 200 markets worldwide, supports 455 local and alternative payment methods and nearly 150 currencies. Our purpose is to make our world a local marketplace. For more information, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=3vf_nU2LldxzvS5bRQDC6u8OfleJ7Hs2ntURkFo3n_nFSE2fZfU2wnIPos20Mq-HPK4FyBupJTiyPkkJywenDA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.nuvei.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>Non-IFRS Measures<\/strong>\n      <\/p>\n<p align=\"justify\">Nuvei\u2019s annual consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board. The information presented in this press release includes non-IFRS financial measures, namely Adjusted EBITDA, Adjusted net income, Adjusted net income per share, and Adjusted net income per diluted share. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company\u2019s results of operations from management\u2019s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company\u2019s financial information reported under IFRS. Adjusted EBITDA and Adjusted net income are used to provide investors with a supplemental measure of the Company\u2019s operating performance and thus highlight trends in Nuvei\u2019s core business that may not otherwise be apparent when relying solely on IFRS measures. The Company\u2019s management also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Nuvei\u2019s management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. The Company\u2019s management believes Adjusted EBITDA and Adjusted net income are important supplemental measures of Nuvei\u2019s performance, primarily because they and similar measures are used widely among others in the payments industry as a means of evaluating a company\u2019s underlying operating performance. Adjusted EBITDA is defined as net income (loss) before finance costs, finance income, depreciation and amortization, income tax expense\/recovery, acquisition, integration and severance costs, share-based payments, net gain\/loss on foreign currency exchange, and other. Adjusted net income is defined as net income (loss) before acquisition, integration and severance costs, share-based payments, net gain\/loss on foreign currency exchange, amortization of certain intangible assets created by business combinations, and the related income tax expense or recovery for these items. Adjusted net income also excludes change in redemption value of liability-classified common and preferred shares and accelerated amortization of deferred transaction costs and loss on debt modification.<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Information <\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains \u201cforward-looking information\u201d within the meaning of applicable securities laws, including Nuvei&#8217;s outlook on total volume, revenue and Adjusted EBITDA for the three months ending March 31, 2021 and the year ending December 31, 2021. Nuvei\u2019s outlook on revenue and Adjusted EBITDA also constitutes \u201cfinancial outlook\u201d within the meaning of applicable securities laws and is provided for the purposes of assisting the reader in understanding the Company\u2019s financial performance and measuring progress toward management\u2019s objectives and the reader is cautioned that it may not be appropriate for other purposes. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company\u2019s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to those described under \u201cRisk Factors\u201d in the Management\u2019s Discussion and Analysis of financial condition and results of operations dated March 10, 2021. Forward-looking information is based on management\u2019s beliefs and assumptions and on information currently available to management. Particularly, management&#8217;s assessments of, and outlook for, total volume, revenue and Adjusted EBITDA set out herein are generally based on the following assumptions: (a) Nuvei&#8217;s results of operations will continue as expected, (b) the Company will continue to effectively execute against its key strategic growth priorities, despite the current COVID-19 pandemic and measures taken to contain the virus, (c) the Company will continue to retain and grow its existing customer base while adding new customers, (d) the Company will not complete any acquisitions or divestitures, (e) economic conditions will remain relatively stable throughout the period, (f) the industries Nuvei operates in will continue to grow consistent with past experience, (g) there will be no fluctuations in currency exchange rates and volatility in financial markets, (h) there will be no changes in legislative or regulatory matters that negatively impact Nuvei&#8217;s business, and (i) current tax laws will remain in effect and will not be materially changed. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.<\/p>\n<p align=\"justify\">\n        <strong>Contact:<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Investors<\/strong>\n      <\/p>\n<p align=\"justify\">Anthony Gerstein<br \/>Vice President, Head of Investor Relations <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=xzepWQDOMBN1Wz2aeM8rlIzTojonci8yaGQuXKvB2wX4FneHDtenznk0iXSpMhaOPfotYQ4boux65grf1CJYX0uoHzwsW5urpc0ziVxslpoH1vQcX-6B2oJ-VtDw2Wj_\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">anthony.gerstein@nuvei.com<\/a><\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Consolidated Statements of Profit or Loss and Comprehensive Income or Loss<\/strong><br \/>\n        <br \/>(in thousands of U.S. dollars except for share and per share amounts)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three months ended<br \/>December 31<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Year ended<br \/><\/strong><br \/>\n            <strong>December 31<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:48%;width:48%;min-width:48%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">115,881<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">79,327<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">375,046<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">245,816<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cost of revenue<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23,519<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13,075<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">69,255<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">40,758<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Gross profit<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">92,362<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">66,252<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">305,791<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">205,058<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Selling, general and administrative expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">73,191<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">55,365<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">241,690<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">193,770<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Operating profit<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">19,171<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,887<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">64,101<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,288<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Finance income<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,257)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,130)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,427)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,188)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Finance costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,257)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">19,254<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">170,111<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">90,640<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net finance costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,514)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,124<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">164,684<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">85,452<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Income (loss) before income tax<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">21,685<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,237)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(100,583)<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(74,164)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income tax expense (recovery)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(892)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,160)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,087<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,699)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net income (loss)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">22,577<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,077)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(103,670)<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(69,465)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Other comprehensive income (loss) <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Foreign operations \u2013 foreign currency translation differences<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,394<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10,068)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">32,855<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(9,225)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total comprehensive income (loss)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>40,971<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(13,145<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(70,815<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(78,690<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net income (loss) attributable to:<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Common shareholders of the Company<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">21,726<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(3,587)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(106,230)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(70,502)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-controlling interest<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">851<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">510<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,560<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,037<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">22,577<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,077)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(103,670)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(69,465)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Comprehensive income (loss) attributable to<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Common shareholders of the Company<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">40,120<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(13,655)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(73,375)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(79,727)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-controlling interest<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">851<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">510<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,560<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,037<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>40,971<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(13,145<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(70,815<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(78,690<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net income (loss) per share attributable to common shareholders of the Company &#8211; Basic and diluted<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.16<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.05)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1.08)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1.15)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Weighted average number of common shares outstanding<\/strong><br \/>\n            <sup><br \/>\n              <strong>(a)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Basic<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">135,837,128<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">75,751,716<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">98,681,060<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">61,483,675<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Diluted<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">139,929,183<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">75,751,716<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">98,681,060<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">61,483,675<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <sup>a. The weighted average number of common shares outstanding previous to the IPO has been adjusted to take into consideration the Reorganization discussed in Note 17 of the Consolidated Financial Statements.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Reconciliation of Adjusted EBITDA to net income (loss)<\/strong><br \/>\n        <br \/>(In thousands of U.S. dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three months ended<br \/>December 31<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Year ended<br \/><\/strong><br \/>\n            <strong>December 31<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:48%;width:48%;min-width:48%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net income (loss)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>22,577<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3,077<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(103,670<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(69,465<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Finance cost (recovery)<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,257)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,254<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">170,111<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">90,640<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Finance income<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,257)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,130)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,427)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,188)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,410<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17,041<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">69,673<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">51,125<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Income tax expense (recovery)<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(892)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,160)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,087<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,699)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Acquisition, integration and severance costs<sup>(a)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,673<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,785<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,970<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,914<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Share-based payments<sup>(b)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,200<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">227<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,407<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">994<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Net loss (gain) on foreign currency exchange<sup>(c)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,780<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,018<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,898<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,620<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Legal settlement costs and other<sup>(d)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,079<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(16)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">933<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">259<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>Adjusted EBITDA<\/strong><br \/>\n            <sup><br \/>\n              <strong>(e)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>51,313<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>31,942<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>162,982<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>87,200<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Advance from third party &#8211; merchant residual received<sup>(f)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,946<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,303<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,469<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11,671<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <sup>a. These expenses relate to:<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>(i) professional, legal, consulting, accounting and other fees and expenses related to our acquisition\u00a0activities\u00a0and financing activities\u00a0during the period\u00a0and our\u00a0IPO,\u00a0which were\u00a0$5,669\u00a0and $10,852\u00a0for the\u00a0three months and year ended December 31, 2020, respectively,\u00a0(December\u00a031,\u00a02019 &#8211;\u00a0$2,328\u00a0and $19,881, respectively). These\u00a0costs\u00a0are presented\u00a0in\u00a0the professional fees\u00a0line item\u00a0of\u00a0the selling, general and administrative expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>(ii) acquisition-related compensation, which was\u00a0$80\u00a0and\u00a0$803\u00a0for the\u00a0three months and\u00a0year ended December 31, 2020, respectively,\u00a0(December\u00a031,\u00a02019 \u2013\u00a0$241\u00a0and\u00a0$964, respectively). These\u00a0costs are presented in the employee compensation line item of the selling, general and administrative expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>(iii) change in\u00a0deferred purchase consideration for previously acquired businesses,\u00a0which was\u00a0a gain of $1,200\u00a0and $2,470\u00a0for the three months and year ended December 31, 2020, respectively,\u00a0(December\u00a031, 2019 &#8211;\u00a0$117\u00a0and\u00a0$2,415, respectively). These\u00a0adjustments\u00a0are presented in the contingent\u00a0consideration adjustment\u00a0line item of the selling, general and administrative expenses.\u00a0\u00a0<\/sup><br \/>\n        \n      <\/p>\n<p align=\"justify\">\n        <sup>(iv) severances, which\u00a0were\u00a0$121\u00a0and\u00a0$741\u00a0for the three months and\u00a0year ended December 31, 2020,\u00a0respectively (December\u00a031,\u00a02019 \u2013\u00a0$296\u00a0and\u00a0$1,187, respectively), and integration expenses.\u00a0Severance costs are presented in\u00a0the\u00a0employee compensation\u00a0line item of the selling, general and administrative expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>b. These expenses represent non-cash expenses recognized in connection with stock options and other awards issued under share-based plans.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>c. This includes losses\u00a0on foreign\u00a0currency\u00a0exchange\u00a0included\u00a0in selling, general and administration\u00a0expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>d. This line item primarily represents legal settlements and associated legal costs reached outside of the normal course of business, which were\u00a0$203 and $589 for the three months and year ended December 31, 2020, respectively (December 31, 2019 &#8211; $292 and $716, respectively),\u00a0as well as non-cash gains, losses and provisions and certain other costs.\u00a0These costs are presented in the other\u00a0line item of the selling, general and administrative expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>e.\u00a0Adjusted EBITDA is a non-IFRS measure that the Company uses to assess its operating performance and cash flows.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>f. Commencing\u00a0in\u00a02018, the Company entered into various agreements with a single third-party independent sales organization to acquire the rights to future cash flows from a portfolio\u00a0of merchant contracts.\u00a0\u00a0<\/sup>\n      <\/p>\n<p>\n        <strong><br \/>\n          <br \/>\n        <\/strong>\n      <\/p>\n<p>\n        <strong>Reconciliation of Adjusted net income to net income (loss)<br \/><\/strong>(In thousands of U.S. dollars except for per share amounts)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three months ended<br \/>December 31<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Year ended<br \/><\/strong><br \/>\n            <strong>December 31<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:48%;width:48%;min-width:48%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net income (loss)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>22,577<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3,077<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(103,670<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(69,465<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Change in redemption value of liability-classified common and preferred shares<sup>(a)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,616<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">76,438<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">41,744<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accelerated amortization of deferred transaction costs \/ loss on debt modification<sup>(b)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24,491<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,830<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Amortization of acquisition-related intangible assets<sup>(c)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,008<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14,612<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59,219<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">42,846<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Acquisition, integration and severance costs<sup>(d)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,673<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,785<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,970<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,914<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Share-based payments<sup>(e)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,200<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">227<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,407<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">994<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Net loss (gain) on foreign currency exchange<sup>(f)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,029<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10,725)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,918<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(11,680)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Legal settlement costs and other<sup>(g)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,079<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(16)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">933<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">259<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25,989<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,499<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">200,376<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">98,907<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income tax expense related to adjustments<sup>(h)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,074)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,058)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(7,720)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(7,096)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <strong>Adjusted net income (loss)<\/strong><br \/>\n            <sup><br \/>\n              <strong>(i)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>46,492<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5,364<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>88,986<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>22,346<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Adjusted net income per share attributable to common shareholders of the Company<\/strong><br \/>\n            <sup><br \/>\n              <strong>(j)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Basic<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.34<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.06<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.88<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.35<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Diluted<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.33<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.06<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.84<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.33<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <sup>a. This line item represents change in redemption value related to shares classified as liabilities prior to the IPO. As part of the IPO, the shares were converted into equity as Subordinate Voting Shares. These expenses are included in finance costs.\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>b. With the repayment of long-term debt from the IPO proceeds, the associated deferred transaction costs were recognized in finance costs on an accelerated pro-rata basis. Additionally, in 2019 a loss on debt modification was recognized because of the incremental debt taken to fund the\u00a0SafeCharge\u00a0acquisition.\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>c. This line item relates to amortization expense taken on intangible assets created from the purchase price adjustment process on acquired companies and businesses and from the acquisition of all the outstanding shares of\u00a0Pivotal Holdings\u00a0Ltd.\u00a0by\u00a0Nuvei\u00a0in\u00a0September 2017, and\u00a0excludes\u00a0amortization expense related to capitalized\u00a0development costs\u00a0incurred in the normal\u00a0course of operations.\u00a0\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>d. These expenses relate to:\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>(i) professional, legal, consulting, accounting and other fees and expenses related to our acquisition activities and financing activities during the\u00a0period\u00a0and\u00a0our IPO, which were $5,669 and $10,852 for the three months and year ended December 31, 2020, respectively (December 31, 2019 &#8211; $2,328 and $19,881, respectively). These costs are presented in the professional fees line item of the selling, general and administrative expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>(ii) acquisition-related compensation, which was $80 and $803 for the three months and year ended December 31, 2020, respectively (December 31, 2019 \u2013 $241 and $964, respectively). These costs are presented in the employee compensation line item of the selling, general and administrative expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>(iii) change in deferred purchase consideration for previously acquired businesses, which was a gain of $1,200 and $2,470 for the three months and year ended December 31, 2020, respectively (December 31, 2019 &#8211;\u00a0$117\u00a0and\u00a0$2,415, respectively). These adjustments are presented in the contingent consideration adjustment line item of the selling, general and administrative expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>(iv) severances, which were $121 and $741 for the three months and year ended December 31, 2020, respectively (December 31, 2019 \u2013 $296 and $1,187, respectively), and integration expenses. Severance costs are presented in the employee compensation line item of the selling, general and administrative expenses.<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>e. These expenses represent non-cash expenses recognized in connection with\u00a0stock options and other awards\u00a0issued under share-based plans.\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>f. This includes gains\u00a0or losses\u00a0on foreign\u00a0currency\u00a0exchange\u00a0included\u00a0in finance costs\u00a0and selling, general and\u00a0administration\u00a0expenses.\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>g. This line item primarily represents legal settlements and associated legal costs reached outside of the normal course of business,\u00a0which were $203 and $589 for the three months and year ended December 31, 2020 (December 31, 2019 &#8211; $292 and $716),\u00a0as well as non-cash gains, losses and provisions and certain other costs.\u00a0These costs are presented in the other line item of the selling, general and administrative expenses.\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>h. This line item reflects\u00a0income\u00a0tax expense on taxable adjustments\u00a0using the\u00a0tax rate\u00a0of\u00a0the\u00a0applicable\u00a0jurisdiction.\u00a0\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>i. Adjusted net income is a non-IFRS measure that the Company uses to further assess its operating performance.\u00a0\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <sup>j. Adjusted net income per diluted share is calculated using stock options outstanding at the end of each period on a fully diluted basis\u00a0if they were in-the-money at that time.\u00a0\u00a0<\/sup>\n      <\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Consolidated Statements of Financial Position<\/strong><br \/>\n        <br \/>(in thousands of U.S. dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:66%;width:66%;min-width:66%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>December\u00a031,<\/strong>\n          <\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>December\u00a031,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cash<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">180,722<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">60,072<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Trade and other receivables<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">32,055<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">32,765<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Inventory<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">80<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">709<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Prepaid expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,727<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,268<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income taxes receivables<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,690<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Current portion of advances to third parties<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,520<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,901<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Current portion of contract assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,587<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,720<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total current assets before segregated funds<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">234,381<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">106,435<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Segregated funds<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">443,394<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">200,612<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total current assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">677,775<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">307,047<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Non-current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Advances to third parties<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">38,478<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">42,584<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Property and equipment<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,537<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">15,272<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Intangible assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">524,232<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">408,380<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Goodwill<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">969,820<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">768,497<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Contract assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,300<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,426<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Processor deposits<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13,898<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,478<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other non-current assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,944<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,088<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total Assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,243,984<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,558,772<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Consolidated Statements of Financial Position <em>(continued)<\/em><\/strong><br \/>\n        <br \/>(in thousands of U.S. dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:66%;width:66%;min-width:66%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>December\u00a031,<\/strong>\n          <\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>December\u00a031,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Current liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Trade and other payables<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">64,779<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">51,258<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income taxes payable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,558<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,866<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Current portion of loans and borrowings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,527<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,874<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other current liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,132<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,875<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Liability-classified common shares<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">58,262<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Liability-classified preferred shares<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">39,967<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total current liabilities before due to merchants<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">81,996<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">165,102<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Due to merchants<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">443,394<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">200,612<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total current liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">525,390<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">365,714<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Non-current liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Loans and borrowings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">212,726<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">722,166<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Deferred tax liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">46,320<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,976<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other non-current liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,659<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,875<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Unsecured convertible debentures due to shareholders<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">109,022<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total Liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">786,095<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,214,753<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Equity<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Equity attributable to shareholders<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Share capital<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,625,785<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">450,523<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Contributed surplus<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11,966<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,603<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Deficit<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(211,042)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(104,812)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accumulated other comprehensive income (loss)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22,470<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10,385)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,449,179<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">336,929<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Non-controlling interest<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,710<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,090<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total Equity<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,457,889<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">344,019<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total Liabilities and Equity <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,243,984<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,558,772<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Consolidated Statements of Cash Flows<\/strong><br \/>\n        <br \/>(in thousands of U.S. dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Year ended December 31<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:66%;width:66%;min-width:66%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash flows from (used in) operating activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net loss<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(103,670)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(69,465)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjustments for:<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Depreciation of property and\u00a0equipment<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,121<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,682<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Amortization of intangible assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">64,552<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">47,443<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Amortization of contract assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,114<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,323<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Share-based payments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,407<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">994<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Net finance costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">164,684<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">85,452<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Impairment on disposal of a subsidiary<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">338<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Write-down of inventory to net realizable value<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">513<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">134<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Income tax expense (recovery)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,087<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4,699)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Changes in non-cash working capital items<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,061<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,667<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest paid<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(43,788)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(43,197)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net realized loss on foreign currency exchange<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5,937)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income taxes paid<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(14,223)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,629)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">93,259<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">22,705<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash flows from (used in) investing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Business acquisitions, net of cash acquired<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(67,537)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(780,196)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Decrease (increase) in other non-current assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,683)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,158<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Proceeds from the sale of a subsidiary, net of cash<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,045<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Sale of equity investments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">28,600<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net decrease (increase) in advances to third\u00a0parties<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,401<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(14,531)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acquisition of property and\u00a0equipment<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(3,395)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1,825)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acquisition of intangible assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(14,448)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8,595)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(58,617)<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(775,389)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash flows from (used in) financing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Transaction costs related to loans and borrowings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(3,380)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(28,833)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Repayment of unsecured convertible debentures due to shareholders<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(93,384)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(100,500)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Issuance of Subordinate Voting Shares<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">758,447<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Equity issuance fees<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(42,966)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Issuance of common shares<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">150<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">187,295<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Proceeds from loans and borrowings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">110,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">629,509<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Repayment of loans and borrowings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(642,786)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(157,496)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Payment of lease liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(946)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(939)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Dividend paid to non controlling interest<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(940)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(360)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Redemption of preferred shares<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2,299)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Issuance of preferred shares<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">81,240<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Issuance of unsecured convertible debentures due to shareholders<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">199,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">84,195<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">806,617<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Effect of movements in exchange rates on cash <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,813<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">69<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net increase in cash <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">120,650<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">54,002<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash\u00a0\u2013 Beginning\u00a0of year<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">60,072<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,070<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash\u00a0\u2013 End\u00a0of\u00a0year<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">180,722<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">60,072<\/td>\n<\/tr>\n<\/table>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NzQ1MyM0MDU2NzUyIzIyMDM1NDI=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/d6699dc6-1e87-4ad3-a303-4377673322d7\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nuvei reports in U.S. dollars and in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) MONTREAL, March 10, 2021 (GLOBE NEWSWIRE) &#8212; Nuvei Corporation (\u201cNuvei\u201d or the \u201cCompany\u201d) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, today reported its financial results for the fourth quarter and the full year ended December 31, 2020. \u201cWe are very pleased with our fourth quarter results, including 53% total volume* growth, 46% revenue growth and 61% adjusted EBITDA** growth over the fourth quarter of 2019,\u201d said Philip Fayer, Nuvei\u2019s chairman and CEO. \u201cOur performance continues to be driven by strong momentum in the high-growth verticals we serve, as well as by our customizable, scalable, and feature-rich technology platform, which provides one &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/nuvei-announces-fourth-quarter-and-full-year-2020-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Nuvei Announces Fourth Quarter and Full Year 2020 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-454538","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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reported its financial results for the fourth quarter and the full year ended December 31, 2020. \u201cWe are very pleased with our fourth quarter results, including 53% total volume* growth, 46% revenue growth and 61% adjusted EBITDA** growth over the fourth quarter of 2019,\u201d said Philip Fayer, Nuvei\u2019s chairman and CEO. \u201cOur performance continues to be driven by strong momentum in the high-growth verticals we serve, as well as by our customizable, scalable, and feature-rich technology platform, which provides one &hellip; Continue reading &quot;Nuvei Announces Fourth Quarter and Full Year 2020 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/nuvei-announces-fourth-quarter-and-full-year-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-10T12:03:19+00:00\" \/>\n<meta property=\"og:image\" 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