Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-40875 |
Entity Registrant Name | NUVEI CORPORATION |
Entity Incorporation, State or Country Code | Z4 |
Entity Tax Identification Number | 48-1298435 |
Entity Address, Address Line One | 1100 René-Lévesque Boulevard West |
Entity Address, Address Line Two | Suite 900 |
Entity Address, City or Town | Montreal |
Entity Address, State or Province | QC |
Entity Address, Postal Zip Code | H3B 4N4 |
City Area Code | 514 |
Local Phone Number | 313-1190 |
Title of 12(b) Security | Subordinate Voting Shares |
Trading Symbol | NVEI |
Security Exchange Name | NASDAQ |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Entity Central Index Key | 0001765159 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Subordinate Voting Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 63,461,608 |
Multiple Voting Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 76,064,619 |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Nuvei Technologies Inc. |
Entity Address, Address Line One | 1375 N Scottsdale Rd |
Entity Address, Address Line Two | Ste 400 |
Entity Address, City or Town | Scottsdale |
Entity Address, State or Province | AZ |
Entity Address, Postal Zip Code | 85257 |
City Area Code | 480 |
Local Phone Number | 285-2000 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Montréal, Canada |
Auditor Firm ID | 271 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Statement) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 751,686 | $ 748,576 |
Trade and other receivables | 61,228 | 39,262 |
Inventory | 2,117 | 1,277 |
Prepaid expenses | 12,254 | 8,483 |
Income taxes receivable | 3,126 | 3,702 |
Current portion of advances to third parties | 579 | 3,104 |
Current portion of contract assets | 1,215 | 1,354 |
Total current assets before segregated funds | 832,205 | 805,758 |
Segregated funds | 823,666 | 720,874 |
Total current assets | 1,655,871 | 1,526,632 |
Non-current assets | ||
Advances to third parties | 1,721 | 13,676 |
Property and equipment | 31,881 | 18,856 |
Intangible assets | 694,995 | 747,600 |
Goodwill | 1,114,593 | 1,126,768 |
Deferred tax assets | 17,172 | 13,036 |
Contract assets | 997 | 1,091 |
Processor deposits | 4,757 | 4,788 |
Other non-current assets | 2,682 | 3,023 |
Total Assets | 3,524,669 | 3,455,470 |
Current liabilities | ||
Trade and other payables | 125,533 | 101,848 |
Income taxes payable | 16,864 | 13,478 |
Current portion of loans and borrowings | 8,652 | 7,349 |
Other current liabilities | 4,224 | 13,226 |
Total current liabilities before due to merchants | 155,273 | 135,901 |
Due to merchants | 823,666 | 720,874 |
Total current liabilities | 978,939 | 856,775 |
Non-current liabilities | ||
Loans and borrowings | 502,102 | 501,246 |
Deferred tax liabilities | 61,704 | 71,100 |
Other non-current liabilities | 2,434 | 4,509 |
Total Liabilities | 1,545,179 | 1,433,630 |
Equity | ||
Share capital | 1,972,592 | 2,057,105 |
Contributed surplus | 202,435 | 69,943 |
Deficit | (166,877) | (108,749) |
Accumulated other comprehensive loss | (39,419) | (8,561) |
Equity attributable to shareholders | 1,968,731 | 2,009,738 |
Non-controlling interest | 10,759 | 12,102 |
Total Equity | 1,979,490 | 2,021,840 |
Total Liabilities and Equity | $ 3,524,669 | $ 3,455,470 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Comprehensive Income or loss (Statement) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | ||
Revenue | $ 843,323 | $ 724,526 |
Cost of revenue | 171,425 | 147,755 |
Gross profit | 671,898 | 576,771 |
Selling, general and administrative expenses | 590,966 | 431,303 |
Operating profit | 80,932 | 145,468 |
Finance income | (13,694) | (2,859) |
Finance cost | 22,841 | 16,879 |
Net finance cost | 9,147 | 14,020 |
Gain on foreign currency exchange | (15,752) | (513) |
Income before income tax | 87,537 | 131,961 |
Income tax expense | 25,582 | 24,916 |
Net income | 61,955 | 107,045 |
Other comprehensive income, net of tax | ||
Foreign operations – foreign currency translation differences | (30,858) | (31,031) |
Comprehensive income | 31,097 | 76,014 |
Net income attributable to: | ||
Common shareholders of the Company | 56,732 | 102,293 |
Non-controlling interest | 5,223 | 4,752 |
Net income | 61,955 | 107,045 |
Comprehensive income attributable to: | ||
Common shareholders of the Company | 25,874 | 71,262 |
Non-controlling interest | 5,223 | 4,752 |
Comprehensive income | $ 31,097 | $ 76,014 |
Net income per share | ||
Basic earnings (loss) per share (in dollars per share) | $ 0.40 | $ 0.73 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.39 | $ 0.71 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Statement) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow from operating activities | ||
Net income | $ 61,955 | $ 107,045 |
Adjustments for: | ||
Depreciation of property and equipment | 8,483 | 5,811 |
Amortization of intangible assets | 93,009 | 85,017 |
Amortization of contract assets | 1,941 | 2,180 |
Share-based payments | 139,103 | 53,180 |
Net finance cost | 9,147 | 14,020 |
Gain on foreign currency exchange | (15,752) | (513) |
Income tax expense | 25,582 | 24,916 |
Loss on disposal | 175 | 0 |
Changes in non-cash working capital items | (10,881) | 21,332 |
Interest paid | (23,370) | (14,351) |
Interest received | 10,753 | 272 |
Income taxes paid - net | (32,482) | (32,052) |
Cash flow from operating activities | 267,663 | 266,857 |
Cash flow used in investing activities | ||
Business acquisitions, net of cash acquired | 0 | (387,654) |
Payment of acquisition-related contingent consideration | (2,012) | 0 |
Acquisition of property and equipment | (13,744) | (5,728) |
Decrease in other non-current assets | 466 | 10,525 |
Net decrease in advances to third parties | 2,059 | 9,190 |
Cash flow used in investing activities | (50,235) | (395,108) |
Cash flow from (used in) financing activities | ||
Shares repurchased and cancelled | (166,609) | 0 |
Transaction costs from issuance of shares | (903) | (15,709) |
Proceeds from exercise of stock options | 2,072 | 8,994 |
Repayment of loans and borrowings | (5,120) | (2,560) |
Proceeds from loans and borrowings | 0 | 300,000 |
Transaction costs related to loans and borrowings | 0 | (5,529) |
Proceeds from issuance of shares | 0 | 424,833 |
Payment of lease liabilities | (3,727) | (2,594) |
Purchase of non-controlling interest | (39,751) | 0 |
Dividend paid by subsidiary to non-controlling interest | (260) | (1,360) |
Cash flow from financing activities | (214,298) | 706,075 |
Effect of movements in exchange rates on cash | (20) | (9,970) |
Net increase in cash and cash equivalents | 3,110 | 567,854 |
Cash and cash equivalents – Beginning of Year | 748,576 | 180,722 |
Cash and cash equivalents – End of Year | 751,686 | 748,576 |
Intangible assets | ||
Cash flow used in investing activities | ||
Acquisition of intangible assets and residual commission | (34,578) | (21,441) |
Distributor commission buyouts | ||
Cash flow used in investing activities | ||
Acquisition of intangible assets and residual commission | $ (2,426) | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Statement) - USD ($) $ in Thousands | Total | Share capital | Contributed surplus | Deficit | Accumulated other comprehensive income (loss) | Non- Controlling interest |
Equity at beginning of period at Dec. 31, 2020 | $ 1,457,889 | $ 1,625,785 | $ 11,966 | $ (211,042) | $ 22,470 | $ 8,710 |
Share issuance | 419,609 | 419,609 | ||||
Exercise of stock options/Exercise of equity-settled share-based payments arrangements | 8,994 | 11,711 | (2,717) | |||
Equity-settled share-based payments | 53,180 | 53,180 | ||||
Tax effect - equity-settled share-based payments | 7,514 | 7,514 | ||||
Dividend paid by subsidiary to non-controlling interest | (1,360) | (1,360) | ||||
Net income and comprehensive income | 76,014 | 102,293 | (31,031) | 4,752 | ||
Equity at end of period at Dec. 31, 2021 | 2,021,840 | 2,057,105 | 69,943 | (108,749) | (8,561) | 12,102 |
Exercise of stock options/Exercise of equity-settled share-based payments arrangements | 2,072 | 6,061 | (3,989) | |||
Equity-settled share-based payments | 139,103 | 139,103 | ||||
Tax effect - equity-settled share-based payments | (2,622) | (2,622) | ||||
Shares repurchased and cancelled | (129,835) | (75,902) | (53,933) | |||
Effect of share repurchase liability | (42,484) | (14,672) | (27,812) | |||
Dividend paid by subsidiary to non-controlling interest | (260) | (260) | ||||
Effect of purchase of non-controlling interest, net of tax | (39,421) | (33,115) | (6,306) | |||
Net income and comprehensive income | 31,097 | 56,732 | (30,858) | 5,223 | ||
Equity at end of period at Dec. 31, 2022 | $ 1,979,490 | $ 1,972,592 | $ 202,435 | $ (166,877) | $ (39,419) | $ 10,759 |
Reporting entity
Reporting entity | 12 Months Ended |
Dec. 31, 2022 | |
Reporting Entity [Abstract] | |
Reporting entity | 1. Reporting entity Nuvei Corporation (“Nuvei” or the “Company”) is a global payment technology provider to businesses across North America, Europe, Middle East and Africa, Latin America and Asia Pacific and is domiciled in Canada with its registered office located at 1100 René-Lévesque Blvd., 9th floor, Montreal, Quebec, Canada. Nuvei is the ultimate parent of the group and was incorporated on September 1, 2017 under the Canada Business Corporations Act (“CBCA”). The Company's Subordinate Voting Shares are listed on the Toronto Stock Exchange ("TSX") and on the Nasdaq Global Select Market ("Nasdaq") both under the symbol "NVEI". |
Basis of preparation and consol
Basis of preparation and consolidation | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Preparation And Consolidation [Abstract] | |
Basis of preparation and consolidation | 2. Basis of preparation and consolidation Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements as at and for the years ended December 31, 2022 and 2021, were authorized for issue by the Company’s Board of Directors on March 8, 2023. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for: • Advances to third parties (note 7), contingent consideration (note 11), and investments, which are measured at fair value; and • Share-based compensation transactions, which are measured pursuant to IFRS 2, Share-based Payment (note 16). Operating segment The Company has one reportable segment for the provision of payment technology solutions to merchants and partners. Estimates, judgments and assumptions The preparation of these consolidated financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates, judgments and assumptions. Judgments Critical judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements include the following: Revenue recognition (note 3 ) The identification of revenue-generating contracts with customers, the identification of performance obligations, the determination of the transaction price and allocations between identified performance obligations, the use of appropriate revenue recognition method for each performance obligation and the measure of progress for performance obligations satisfied over time are the main aspects of the revenue recognition process, all of which require the exercise of judgment and use of assumptions. In addition, the Company has applied judgment in assessing the principal versus agent considerations for its transaction and processing services. Determining the fair value of identifiable intangible assets following a business combination (note 4 ) The Company uses valuation techniques to determine the fair value of identifiable intangible assets acquired in a business combination, which are generally based on a forecast of total expected future net discounted cash flows. These valuations are linked closely to the assumptions made by management regarding the future performance of the related assets and the discount rate applied as it would be assumed by a market participant. Expense recognition of share-based payments with performance conditions (note 16) The expense recognized for share-based payments for which the performance conditions have not yet been met is based on an estimation of the probability of achieving the performance conditions and the timing of their achievement, which is difficult to predict. The final expense is only determinable when the outcome is known. Fair value of services rendered (note 16) When issuing share-based payments in exchange for services rendered by an external party, the Company estimates the fair value of the instruments granted by reference to the fair value of services rendered by the external party, if the services can be measured reliably, instead of the fair value of the equity instrument granted. Assumptions and estimation uncertainties Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year include the following: • Estimating the recoverable amount of goodwill (note 9); • Estimating the provision for losses on merchant accounts (note 11); • Estimating the fair value of share-based payment transactions (note 16); • Estimating the recoverable amount of tax balances for recognition of tax assets (note 17); and • Estimating the fair value measurement of level 3 financial instruments (note 21). COVID-19 impact on judgments, assumptions and estimation uncertainties The COVID-19 pandemic has disrupted the economy and put unprecedented strains on governments, health care systems, businesses and individuals around the world. The impact and duration of the COVID-19 pandemic are difficult to assess or predict. The spread of COVID-19 has caused us to modify our business practices to help minimize the risk of the virus to our employees, our partners, our customers and their customers, and the communities in which we do business. The negative impact of the COVID-19 pandemic on our business and the consolidated financial statements for the years ended December 31, 2022 and 2021 has been limited. |
Significant accounting policies
Significant accounting policies and new accounting standards | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant accounting policies and new accounting standards | 3. Significant accounting policies and new accounting standards The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, and have been applied consistently by the Company’s subsidiaries, unless otherwise indicated. Foreign currency Functional and presentation currency These consolidated financial statements are presented in US dollars, which is also the Company’s functional currency. Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of entities of the Company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are recognized in profit or loss. Foreign operations The assets and liabilities of foreign operations whose functional currency is not the US dollar, including goodwill and fair value adjustments arising on acquisition, are translated to US dollars at the exchange rates at the reporting date. The revenue and expenses of foreign operations are translated into US dollars at the average exchange rate for the period. Foreign currency differences are recognized in other comprehensive income (loss) in the cumulative translation reserve (accumulated other comprehensive income (loss)), except to the extent that the translation difference is allocated to the non-controlling interest. Business combinations Business combinations are accounted for using the acquisition method at the acquisition date. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, and any liability and equity interests issued by the Company on the date control of the acquired company is obtained. The consideration transferred includes the fair value of any asset or a liability resulting from a contingent consideration arrangement. Contingent consideration is subsequently remeasured at fair value, with any resulting gain or loss recognized and included in the consolidated statements of profit or loss and comprehensive income or loss. Contingent consideration that is payable contingent upon key employees’ continued employment with the Company is expensed over the service period. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date. The Company measures goodwill as the fair value for the consideration transferred including the recognized amount of any non controlling interest in the acquiree, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at the acquisition date. If this consideration is lower than the fair value of the net assets of the business acquired, the difference is recognized immediately in the consolidated statements of profit or loss and comprehensive income or loss as a gain from a bargain purchase. To estimate the fair value of the intangible assets, management uses the excess earnings method to value partner and merchant relationships and the royalty relief method to value technologies using discounted cash flow models. Management developed assumptions related to revenue and gross margin forecasts, partner and merchant attrition rates, royalty rates and discount rates. If the final purchase price allocation for a business combination is incomplete, the Company reports provisional amounts for the items for which the accounting is incomplete. Provisional amounts are adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amount recognized at that date. The measurement period is the period from the acquisition date to the date the Company obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year. Transaction costs, other than those associated with the issue of debt or equity securities, and other direct costs of a business combination are not considered part of the business acquisition transaction and are expensed as incurred and recorded under selling, general and administrative expenses in the consolidated statements of profit or loss and comprehensive income or loss. Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Company has control. Control exists when the Company is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through the power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The Company’s principal subsidiaries, their jurisdiction of incorporation and the Company’s percentage ownership share of each are as follows: Subsidiary Jurisdiction of Ownership Loan Payment Pro ("LPP") United States 100% (60% in 2021) Nuvei Commerce LLC United States 100% Nuvei Consulting Services Ltd. Israel 100% Nuvei International Group Limited Guernsey 100% Nuvei Ltd. Cyprus 100% Nuvei Technologies Corp. Canada 100% Nuvei Technologies Inc. United States 100% Nuvei Technology & Services B.V. Netherlands 100% Nuvei US LLC United States 100% SimplexCC Ltd. Israel 100% Non-controlling interest In the case of a business combination involving less than 100% of ownership interests, a non-controlling interest is measured either at fair value or at the non-controlling interest’s share of the identifiable net assets of the acquiree. The basis of measurement is determined on a transaction-by-transaction basis. Changes in the Company’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Transactions eliminated on consolidation Intercompany balances and transactions, and any revenue and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. Revenue from contracts with customers Performance obligations and revenue recognition policies Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for these goods and services. The following describes the nature and timing of the satisfaction of performance obligation in contracts with customers, including significant payment terms, and the related revenue recognition policies. Merchant transaction and processing services Revenue from the Company’s merchant transaction and processing services revenues are derived primarily from e-commerce and retail point-of-sale payment processing services, and stem from relationships with individual merchants. Additionally, transaction and processing services revenues stem from contracts with financial services institutions and other merchant acquirers. The contracts stipulate the types of services and set forth how fees will be incurred and calculated. Merchant transaction and processing services revenues are generated from processing electronic payment transactions for merchants. The Company’s transaction and processing revenues primarily comprise (a) fees calculated based on a percentage of monetary value of transactions processed; (b) fees calculated based on number of transactions processed; (c) service fees; or (d) some combination thereof that are associated with transaction and processing services. The Company’s promise to its customers is to stand ready to process transactions the customer requests on a daily basis over the contract term. The Company has determined that the merchant transaction and processing services represent a stand-ready series of distinct days of service that are substantially the same and have the same pattern of transfer to the customer. As a result, the Company has determined that merchant arrangements for transaction and processing services represent one performance obligation. Substantially all of the Company’s revenues are recognized over time as a daily series over the term of the contracts. To provide the transaction and processing services, the Company routes and clears each transaction, and obtains authorization for the transaction and requests funds settlement from the applicable financial institution, through the applicable payment network. When third parties are involved in the transfer of goods or services to a customer, the Company considers the nature of each specific promised good or service and applies judgment to determine whether it controls the good or service before it is transferred to a customer or whether it is acting as an agent of the third party. To determine whether or not it controls the good or service before it is transferred to the customer, the Company assesses a number of indicators including whether it or the third party is primarily responsible for fulfillment and which party has discretion in determining pricing for the good or service. Based on the Company’s assessment of these indicators, it has concluded that its promise to the customer to provide transaction and processing services is distinct from the services provided by the card issuing financial institutions and payment networks in connection with payment transactions. When the Company does not have the ability to direct the use of and obtain substantially all of the benefits of the services provided by the card issuing financial institutions and payment networks before these services are transferred to the customer, and on that basis, it does not control these services prior to being transferred to the customer, the Company presents revenues net of the interchange fees charged by the card issuing financial institutions and the fees charged by the payment networks. In all other instances, the transaction and processing services revenue is reported on a gross basis, as the Company has determined it is the principal in the arrangement. Since the timing and quantity of transactions to be processed by the Company is not determinable in advance, and the consideration received is contingent upon the customers’ uses (e.g. a percentage of the transaction value or a fixed fee per transaction, number of payment transactions processed, or number of cards on file), the total transaction price is variable. The Company has determined that the performance obligation to provide merchant transaction and processing services meets the allocation of variable consideration exception criteria in that (a) the terms of the variable payment relate specifically to the entity’s efforts to satisfy the performance obligation or transfer the distinct service and (b) allocating the variable amount of consideration entirely to the performance obligation or the distinct good or service is consistent with the allocation objective when considering all of the performance obligations and payment terms in the contract. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. Other revenues The Company may sell hardware (“point-of-sale equipment”) as part of its contracts with customers. Hardware consists of terminals or gateway devices. The Company does not manufacture hardware but purchases hardware from third-party vendors and holds the hardware in inventory until purchased by a customer. The Company accounts for sales of hardware as a separate performance obligation and recognizes the revenue at its stand-alone selling price when a customer obtains control of the hardware, which is generally when the hardware is shipped. Cash and cash equivalents Cash and cash equivalents comprise deposits in banks and highly liquid investments having an original maturity of three months or less. Segregated funds and due to merchants Segregated funds represent amounts held in segregated bank accounts, which are held on behalf of merchants where the Company is in the flow of funds in the settlement transaction cycle. A corresponding liability (due to merchants) is recognized for the amounts to be settled to merchants. The segregated bank accounts are held with the Company’s banks and are segregated from operating funds. Both the segregated funds and the due to merchants are derecognized when the transaction is settled with the merchant. Contract assets Contract assets consist of costs to obtain contracts with customers, including employee sales commissions and fees to third party agents. At contract inception, the Company capitalizes such costs that it expects to recover and that would not have been incurred if the contract had not been obtained. Consistent with the basis of transfer of the processing services to the customer, contract assets are amortized on a straight-line basis, over the expected period of contract benefit (ranging from three Inventory Inventory consists of point-of-sale terminals and is measured at the lower of cost and net realizable value. Cost includes purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the first-in, first-out method. Net realizable value is defined as the estimated selling price in the ordinary course of business, less selling expenses. Property and equipment Recognition and measurement Property and equipment are recorded at cost, less accumulated depreciation and accumulated impairment losses. If significant parts of an item of property and equipment have different useful lives, then they are accounted for as separate items (major components) of property and equipment. Depreciation Depreciation is calculated to write off the cost of items of property and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognized in the consolidated statements of profit or loss as follows: Assets Period Point-of-sale terminals 3 to 5 years Computer equipment 3 years Office equipment, furniture and fixtures 5 years Leasehold improvements Lease term Right-of-use assets – Buildings Lease term Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Intangible assets and goodwill Recognition and measurement Goodwill Goodwill represents the excess of the purchase price over the fair values of the net assets of entities acquired at their respective dates of acquisition. Goodwill is carried at cost less accumulated impairment losses. Research and development of software The Company develops software that is used in providing processing services to customers. Expenditure on research activities is recognized in the consolidated statements of profit or loss as incurred. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in the consolidated statements of profit or loss as incurred. Subsequent to initial recognition, development expenditure is carried at cost less accumulated amortization and any accumulated impairment losses. Other intangible assets Other intangible assets, including trademarks, technologies, distributor commission buyouts and partner and merchant relationships, that are acquired by the Company and have finite useful lives are carried at cost less accumulated amortization and any accumulated impairment losses. Distributor commission buyouts represent amounts paid to an independent sales organization to buy out their rights to future residual commission payments. When a portion of the consideration paid is variable, it is carried at fair value with changes in value recognized as an adjustment to the cost of the intangible assets. Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are recognized in the consolidated statements of profit or loss as incurred. Amortization Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognized in the consolidated statements of profit or loss. Goodwill is not amortized. The estimated useful lives for current and comparative periods are as follows: Assets Period Technologies 3 - 15 years Partner and merchant relationships 5 - 15 years Development costs and software 3 - 5 years Distributor commission buyouts 7 years Trademarks 3 - 15 years Amortization methods, useful lives and residual values are reviewed at each reporting date and are adjusted if appropriate. Impairment of non-financial assets At each reporting date, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested for impairment annually as at October 1 and whenever an impairment trigger is identified. For impairment testing purposes, assets that cannot be tested individually are grouped to form the smallest group of assets generating cash inflows that are largely independent of the cash inflows from other assets or groups of assets (“cash-generating units” or “CGUs”). Goodwill is allocated to the CGU or CGU group that is expected to benefit from the synergies resulting from the business combination. Each unit or group of units to which goodwill is allocated is not to be larger than an operating segment. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. Fair value is determined through various valuation techniques including discounted cash flow models, valuation multiples, quoted market values and third party independent appraisals, as considered necessary. The discounted cash flow models take into consideration management's estimates of future cash flows for each asset or CGU, which are then discounted using a pre-tax discount rate that reflects current market appraisals of the time value of money and of risks of the specific asset. The data used for the impairment tests are directly related to the most recent forecast approved by the management and are adjusted as needed to exclude the impact of future restructuring and improvements to assets. Impairment losses are recognized in the consolidated statements of profit and loss. When recognized as CGUs, impairment losses are first allocated to reduce the carrying amount of goodwill allocated to the CGU, and then to reduce the carrying amount of the other assets of the CGU on a pro rata basis on the basis of the carrying amount of each asset in the CGU. Goodwill impairment losses are not reversed. Impairment losses on non-financial assets other than goodwill are assessed at each reporting date for any indications that the loss has decreased or has been eliminated. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is only reversed to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recorded. Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. A contingent liability is a possible obligation that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the Company; or a present obligation that arises from past events (and therefore exists), but is not recognized because it is not probable that a transfer or use of assets, provision of services or any other transfer of economic benefits will be required to settle the obligation, or the amount of the obligation cannot be estimated reliably. Provision for losses on merchant accounts Disputes between a cardholder and a merchant arise periodically, primarily as a result of customer dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction amount is refunded to the customer by the card issuing financial institution, but the financial institution is refunded by the Company. The Company then charges back to the merchant the amount refunded to the financial institution. As such, the Company is exposed to credit risk in relation to the merchant since the Company assumes the repayment to the merchant’s customer for the full amount of the transaction even if the merchant has insufficient funds to reimburse the Company. The Company also offers transaction guarantee solutions to certain merchants. A provision for losses on merchant accounts is maintained to absorb unrecoverable chargebacks for merchant transactions that have been previously processed and on which revenues have been recorded. The provision for losses on merchant accounts specifically comprises identifiable provisions for merchant transactions for which losses can be estimated. Management evaluates the risk for such transactions and estimates the loss for disputed transactions based primarily on historical experience and other relevant factors. Management analyzes the adequacy of its provision for losses on merchant accounts in each reporting period. The net charge for the provision for merchant losses is presented in selling, general and administrative expenses in the consolidated statements of profit or loss and comprehensive income or loss. When a transaction guarantee solution is provided in the merchant agreement, the related provision for merchant losses is presented in cost of revenue. Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right of use assets are presented within property and equipment. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Lease terms are up to ten years for facilities. In addition, the right-of-use asset is periodically assessed for impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate unless the interest rate implicit in the lease can be readily determined. Lease payments included in the measurement of the lease liability comprise: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the consolidated statements of profit or loss if the carrying amount of the right-of-use asset has been reduced to nil. At commencement or on modification of a contract that contains a lease component, the Company has elected not to separate non-lease components and instead to account for the lease and non-lease components as a single lease component. Short-term leases and leases of low-value assets The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets. The Company recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term. Financial instruments Recognition and initial measurement Financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. Classification and subsequent measurement Financial instruments are classified into the following specified categories: amortized cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”). The classification depends on the nature and purpose of the financial instrument and is determined at the time of initial recognition. The Company’s financial instruments have been classified as follows: Financial instruments Classification Financial assets Cash and cash equivalents Amortized cost Trade and other receivables Amortized cost Segregated funds Amortized cost Advances to third parties FVTPL Processor deposits Amortized cost Investments 1 FVTPL Financial liabilities Trade and other payables Amortized cost Put option liability 2 FVTPL Contingent consideration 3 FVTPL Due to merchants Amortized cost Loans and borrowings Amortized cost 1 Investments are presented as Other non-current assets in the Consolidated Statements of Financial Position 2 Put option liability is presented as Other liabilities in the Consolidated Statements of Financial Position 3 Contingent considerations are presented as Other liabilities in the Consolidated Statements of Financial Position Financial assets classified and measured at amortized cost are initially recorded at fair value plus any directly attributable transaction costs and are subsequently measured using the effective interest method, less any impairment loss if: • The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and/or interest. Interest income or expense is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Financial assets that do not meet the above conditions are classified and measured at FVTPL and any transaction costs are expensed as incurred. A financial liability is classified at FVTPL if it is classified as held-for-trading, it is a contingent consideration in a business combination, it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value are measured at fair value and net gains and losses, including interest expense, are recognized in the consolidated statements of profit or loss. Derecognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in the consolidated statements of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount presented in the consolidated statements of financial position only when the Company has a legal right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Impairment of non-derivative financial assets At each reporting date, the Company recognizes loss allowances for expected credit losses (“ECL”) on financial assets carried at amortized cost. The Company’s trade and other receivables are accounts receivable with no financing component and have maturities of less than 12 months, and as such the Company applies the simplified approach for ECLs. As a result, the Company does not track changes in credit risk related to its trade and other receivables, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: • debt securities that are determined to have low credit risk at the reporting date; and • other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. The Company’s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. The Company uses the provision matrix as a practical expedient to measure ECLs on accounts receivable, based on days past due for groupings of receivables with similar loss patterns. Accounts receivable are grouped based on their nature. The provision matrix is based on historical and experience observed loss rates over the expected life of the receivables with merchants and processors, and is adjusted for forward-looking estimates. The Company also considers collection experience and makes estimates regarding collectability based on trends and aging. Share capital Common shares Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of tax effects. Share c |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | 4. Business combinations Transactions for the year ended December 31, 2021 Base Commerce LLC On January 1, 2021, the Company acquired substantially all of the net assets of Base Commerce LLC (“Base”), a technology-driven payment processing company specializing in bank card and automated clearing house payment processing solutions. The purchase price for this acquisition totaled $92,678 of which $89,674 was paid in cash at closing. The remaining amount consists of a contingent consideration of $3,004, estimated on the date of acquisition, which was contingent upon meeting certain performance metrics. During the year ended December 31, 2022, the contingent consideration was settled in cash and a gain on final remeasurement of $992 was recognized in the consolidated statements of profit and loss (note 21). Mazooma Technical Services Inc. On August 3, 2021, the Company acquired 100% of the shares of Mazooma Technical Services Inc. (“Mazooma”), a North American payments provider with instant bank-to-bank payments for pay-ins and payouts and real time payments for accelerated withdrawals. The purchase price including closing adjustment for this acquisition totaled $68,342 thousands Canadian dollars ($54,503). The initial consideration included a cash amount of $54,063 thousands Canadian dollars ($43,116) and $14,278 thousands Canadian dollars ($11,387) paid with the issuance of 138,522 Subordinate Voting Shares to the sellers. The purchase price also included contingent consideration of up to a total maximum consideration, including the initial consideration of $400,000 thousands Canadian dollars ($316,531). The contingent consideration is subject to meeting certain performance metrics over a three-year period. At the acquisition date, the fair value of the contingent consideration was estimated to be nil. As at and up to December 31, 2022, no contingent consideration has been recognized or paid. Since the initial purchase price allocation was estimated, additional tax losses that can be used against future taxable income have been recognized, decreasing the deferred tax liability by $1,299 and income tax payable by $60, with a corresponding decrease of $1,359 to goodwill. SimplexCC Ltd. On September 1, 2021, the Company acquired 100% of the shares of SimplexCC Ltd. (“Simplex”), a payment solution provider to the digital asset industry connecting market participants including exchanges, brokers, wallet and liquidity providers, for a total cash consideration of $290,574 including $40,574 relating to working capital and closing adjustments. Paymentez LLC. On September 1, 2021, the Company acquired 100% of the shares of Paymentez LLC (“Paymentez”), a South American payments providers, for a total cash consideration of $24,459. To finance the cash consideration of the Mazooma, Simplex and Paymentez acquisitions noted above, on June 18, 2021, the Company increased its credit facility by amending its credit agreement to add a term loan of $300,000 (note 12). Purchase Price Allocation The following table summarizes the final amounts of assets acquired and liabilities assumed at the acquisition date for acquisitions in 2021: Base Mazooma Simplex Paymentez Total Assets acquired Cash 744 5,369 52,832 1,224 60,169 Segregated funds 122,139 18,506 3,632 94 144,371 Trade and other receivables 6,860 809 3,641 323 11,633 Prepaid expenses 42 238 — — 280 Property and equipment 160 — 428 29 617 Processor deposits 1,385 — — — 1,385 Other non-current assets — — — 1,109 1,109 Intangible assets Trademarks 2,396 — — 222 2,618 Technologies 8,809 22,076 105,435 10,878 147,198 Partner and merchant relationships 47,232 15,158 55,422 4,420 122,232 Goodwill 1 32,109 26,710 103,098 9,196 171,113 Deferred tax assets — — 24 — 24 221,876 88,866 324,512 27,495 662,749 Liabilities assumed Trade and other payables (7,059) (290) (6,104) (1,287) (14,740) Other current liabilities — (1,763) — — (1,763) Due to merchants (122,139) (18,506) (3,632) (94) (144,371) Income taxes payable — (5,505) (4,678) (156) (10,339) Deferred tax liabilities — (8,299) (19,524) — (27,823) Other non-current liabilities — — — (1,499) (1,499) 92,678 54,503 290,574 24,459 462,214 Total consideration Cash paid 89,674 43,116 290,574 24,459 447,823 Equity issuance — 11,387 — — 11,387 Contingent consideration 3,004 — — — 3,004 92,678 54,503 290,574 24,459 462,214 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | 5. Trade and other receivables 2022 2021 $ $ Trade receivables 36,298 29,315 Due from processing banks 19,133 5,450 Other receivables 5,797 4,497 Total 61,228 39,262 A discussion of the Company’s exposure to credit and market risks and impairment losses for trade receivables is included in note 20. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Inventory | 6. Inventory For the year ended December 31, 2022, the cost of revenue includes inventory costs of $2,041 (2021 – $2,202) and there was no write-down to net realizable value (nil in 2021). |
Advances to third parties
Advances to third parties | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Advances to third parties | 7. Advances to third parties Advances to third parties comprise the following: 2022 2021 $ $ Advances to a third party independent sales organization 2,154 16,616 Other 146 164 2,300 16,780 Current portion (579) (3,104) Long-term portion 1,721 13,676 Commencing in 2018, 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 of merchant contracts. Under the agreements, the Company is entitled to receive payments, equivalent to a specified percentage of the processing fee, directly from financial institutions when a merchant uses the payment processing services of the third party independent sales organization. The agreements provide for minimum guaranteed payments for the first three years of the arrangement, which is achieved by the third party independent sales organization providing for merchant replacements in order to meet those minimum guaranteed payments. Subsequent to three years, the portfolio of merchants is fixed, and the cash flows are no longer guaranteed. The Company has accounted for the transaction in two parts: 1) the acquisition of a loan portfolio, which will be settled through merchant residuals over the first three years of the agreements; and 2) a deposit paid on the right to acquire a fixed portfolio of merchant contracts at the end of the third year. Both components of this acquisition are recognized initially at fair value and are subsequently accounted for at FVTPL with the fair value of each unit of account being determined by calculating the present value of the future estimated cash flows over the term of the agreements using an appropriate market discount rate. The future cash flows are estimated based on historical experience and expected attrition using known information as well as current and forecasted economic conditions. At the end of the minimum guarantee period of three years, in accordance with the agreements, these advances to a third party are settled in exchange for a fixed portfolio of merchants contracts. The portfolio of merchant contracts is recognized at the fair value of the advance to a third party on the date of settlement as an intangible asset, under partner and merchant relationships. The movement in the advances to a third party independent sales organization is as follows: Note 2022 2021 $ $ Balance, beginning of year 16,616 46,680 Interest on advances to a third party 546 2,568 Merchant residuals received (2,041) (9,036) Settlement of advances to a third party 9 (12,967) (23,687) Fair value remeasurement — 91 Balance, end of year 2,154 16,616 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property and equipment | 8. Property and equipment Note Point-of-sale terminals Computer equipment Office equipment, furniture and fixtures Leasehold improvements Right-of-use Total $ $ $ $ $ Cost Balance as at December 31, 2020 2,949 4,796 1,181 3,665 11,994 24,585 Acquisitions 649 4,452 374 253 1,747 7,475 Acquisition through business combinations 4 41 446 111 19 — 617 Effect of movements in exchange rates (7) 70 76 (36) 65 168 Balance as at December 31, 2021 3,632 9,764 1,742 3,901 13,806 32,845 Acquisitions 1,182 10,810 529 1,223 8,376 22,120 Disposal — (2,038) (24) (220) — (2,282) Fully depreciated assets — (945) — (196) (424) (1,565) Effect of movements in exchange rates (280) (228) (14) 7 (233) (748) Balance as at December 31, 2022 4,534 17,363 2,233 4,715 21,525 50,370 Accumulated depreciation Balance as at December 31, 2020 1,664 1,252 327 920 3,885 8,048 Depreciation 556 2,373 223 341 2,318 5,811 Effect of movement in exchange rates — 100 18 (8) 20 130 Balance as at December 31, 2021 2,220 3,725 568 1,253 6,223 13,989 Depreciation 597 3,815 280 451 3,340 8,483 Disposal — (2,036) (13) (87) — (2,136) Fully depreciated assets — (945) — (196) (424) (1,565) Effect of movement in exchange rates (163) (48) (8) (16) (47) (282) Balance as at December 31, 2022 2,654 4,511 827 1,405 9,092 18,489 Carrying amounts At December 31, 2021 1,412 6,039 1,174 2,648 7,583 18,856 At December 31, 2022 1,880 12,852 1,406 3,310 12,433 31,881 |
Intangible assets and goodwill
Intangible assets and goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Intangible assets and goodwill | 9. Intangible assets and goodwill a) Intangible assets Note Technologies Partner and merchant relationships Development cost and software Distributor commission buyouts Trademarks Total intangible assets Goodwill $ $ $ $ $ $ $ Cost Balance as at December 31, 2020 260,002 357,332 48,115 — 9,323 674,772 969,820 Acquisitions 95 — 25,217 — — 25,312 — Acquisition through business combinations 4 147,198 122,232 — — 2,618 272,048 172,472 Settlement of advances to a third party 7 — 23,687 — — — 23,687 — Effect of movements in exchange rates (4,963) (8,141) (178) — (6) (13,288) (15,524) Balance as at December 31, 2021 402,332 495,110 73,154 — 11,935 982,531 1,126,768 Acquisitions 173 — 34,405 2,597 — 37,175 — Acquisition through business combinations 4 — — — — — — (1,359) Settlement of advances to a third party 7 — 12,967 — — — 12,967 — Transfer — 137 (137) — — — — Disposal — — (36) — — (36) — Fully amortized assets (3,344) (114,781) — — (7,109) (125,234) — Effect of movements in exchange rates (3,478) (6,504) (1,221) (59) — (11,262) (10,816) Balance as at December 31, 2022 395,683 386,929 106,165 2,538 4,826 896,141 1,114,593 Accumulated amortization Balance as at December 31, 2020 22,444 99,016 21,334 — 7,746 150,540 — Amortization 22,589 49,395 11,976 — 1,057 85,017 — Effect of movements in exchange rates (271) (355) — — — (626) — Balance as at December 31, 2021 44,762 148,056 33,310 — 8,803 234,931 — Amortization 29,118 47,214 15,584 — 1,093 93,009 — Disposal — — (7) — — (7) — Fully amortized assets (3,344) (114,781) — — (7,109) (125,234) — Effect of movements in exchange rates (266) (432) (855) — — (1,553) — Balance as at December 31, 2022 70,270 80,057 48,032 — 2,787 201,146 — Carrying amounts At December 31, 2021 357,570 347,054 39,844 — 3,132 747,600 1,126,768 At December 31, 2022 325,413 306,872 58,133 2,538 2,039 694,995 1,114,593 For the years ended December 31, 2022 and 2021, the Company performed its annual impairment test of goodwill. For the purposes of impairment testing, goodwill has been allocated to the Company’s CGUs, which represent the lowest level within the Company at which goodwill is monitored for internal management purposes, as follows: Nuvei 1 Digital 2 LPP Total Notes $ $ $ $ Balance as at December 31, 2020 313,560 640,877 15,383 969,820 Acquisitions through business combinations 4 60,178 112,294 — 172,472 Effect of movements in exchange rates — (15,524) — (15,524) Balance as at December 31, 2021 373,738 737,647 15,383 1,126,768 Acquisitions through business combinations 4 (1,359) — — (1,359) Effect of movements in exchange rates — (10,816) — (10,816) Balance as at December 31, 2022 372,379 726,831 15,383 1,114,593 1 Includes the acquisitions of Base and Mazooma (note 4) 2 Includes the acquisitions of Simplex and Paymentez (note 4) The Company determined the recoverable amounts of the CGUs based on the fair value less costs to sell method, estimated using an income approach and validated using a market approach, which is the adjusted EBITDA multiple. The Company concluded that the recoverable amount of the CGUs subject to the annual test was greater than their carrying amount. As such, no impairment charge was recorded during 2022 and 2021. The fair values were based on a discounted cash flows, which takes into account the most recent financial forecasts approved by management. The key assumptions for the fair value less costs to sell method include estimated sales volumes, input costs, and selling, general and administrative expenses in determining future forecasted cash flows, as well as a pre-tax discount rate applied to forecasted cash flows. The values assigned to the key assumptions represent management’s assessment of future trends and have been based on historical data from external and internal sources. No reasonably possible change in the key assumptions used in determining the recoverable amount would result in any impairment of goodwill. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Trade and other payables | 10. Trade and other payables Trade and other payables comprise the following: 2022 2021 $ $ Trade payables 43,813 29,720 Accrued bonuses and other compensation-related liabilities 36,379 30,460 Sales tax payable 8,007 10,358 Interest payable 458 262 Due to processors 6,923 6,497 Due to merchants not related to segregated funds 20,076 14,991 Other accrued liabilities 9,877 9,560 125,533 101,848 Information about the Company's exposure to currency and liquidity risk is included in note 20. |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other liabilities | 11. Other liabilities a) Other current liabilities Other current liabilities comprise the following: Note 2022 2021 $ $ Provision for losses on merchant accounts 2,693 6,265 Contingent consideration 21 — 3,004 LPP put option liability 21 — 531 Other 1,531 3,426 4,224 13,226 The movements in the provision for losses on merchant accounts are as follows: 2022 2021 $ $ Balance – Beginning of year 6,265 6,694 Provision made during the year 2,818 2,199 Provision used or reversed during the year (6,390) (2,628) Balance – End of year 2,693 6,265 The LPP put option liability obligated the Company, under certain circumstances, and on demand after January 2022, to purchase a number of units held by the non-controlling interest (“NCI”) unit holders equal to (but not less than) (i) the product of the total number of units held by the NCI unit holders multiplied by (ii) the total number of units in the capital of the NCI unit holders held by the concerned NCI unit holder divided by (iii) the total issued and outstanding units of NCI unit holders. On February 4, 2022, the Company received a put option exercise notice from the LPP NCI unit holders which obligated the Company to purchase the remaining 40% interest in LPP at fair market value. On April 7, 2022, the Company completed the purchase of the remaining 40% interest in LPP for a cash consideration of $39,751. |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Loans and borrowings | 12. Loans and borrowings The terms and conditions of the Company’s loans and borrowings are as follows: December 31, December 31, Notes Facility Carrying Facility Carrying $ $ $ $ Amended and Restated Credit Facility (a), (b) First lien credit facilities Term loan facilities 504,292 498,199 511,971 500,282 Revolving credit facility 385,000 — 385,000 — Total credit facilities 498,199 500,282 Lease liabilities (c) 12,555 8,313 510,754 508,595 Current portion of loans and borrowings (8,652) (7,349) Loans and borrowings 502,102 501,246 Loans and borrowings are presented net of unamortized transaction costs. Transaction costs relating to the issuance of loans and borrowings are amortized over the term of the debt using the effective interest rate method. a) Amended and restated credit facility On June 18, 2021, the Company amended the terms of its credit facility to reduce the interest rate and increase the total financing capacity available under that facility from $211,971 to $511,971 in the form of term loans and from $100,000 to $350,000 in the form of a revolving facility. The outstanding principal of the term loan is payable quarterly at an annual rate of 1.00% and the remaining balance is payable at maturity which remained unchanged at September 28, 2025. The maturity of the revolving facility was extended by one year to September 28, 2024. There was no change to the guarantees and covenants of the credit facility arrangement. This amendment was treated as a debt modification and did not result in any gain or loss on debt modification. Concurrently with the agreement, the Company borrowed $300,000 under the amended term loan facility, which was recorded net of the associated transaction costs of $5,373. i) Loans drawn in US dollars under the First Lien Credit facilities bear interest at the ABR 1 plus 1.50% or the adjusted eurocurrency 2 rate plus 2.50%. As at December 31, 2022, the outstanding Term loan facilities interest rate was 6.89% (December 31, 2021 – 3.00%). ii) Loans drawn in Canadian dollars under the First Lien Credit facilities bear interest at the Canadian prime rate plus 1.50% or banker’s acceptance rate plus 2.50%. As at December 31, 2022 and December 31, 2021 there was no loan denominated in Canadian dollars. iii) In case the LIBOR is no longer available following the benchmark reform and if the LIBOR is replaced by the Term Secured Overnight Financing Rate (“SOFR”), the LIBOR for the interest computation shall be replaced by the sums of: a) Term SOFR; and b) 0.11% for interest period of one-month, 0.26% for interest period of three months or 0.43% for interest period of six months; or if the LIBOR is replaced by the Daily SOFR, by the sums of: a) Daily simple SOFR; and b) 0.26%. On September 28, 2021 the Company amended the terms of its credit facility to increase the total financing capacity available under the revolving credit facility from $350,000 to $385,000. 1 The Alternate Base Rate is defined as a rate per annum equal to the higher of a) Federal funds effective rate + 0.5%; b) LIBOR plus 1%; c) Prime rate; and d) 1.50%. 2 The adjusted Eurocurrency rate is defined as an interest rate per annum equal to the greater of: a) the Eurocurrency rate multiplied by the Statutory Reserve rate and b) 0.50%. b) Guarantees and covenants Borrowings under the facilities are secured by all current and future assets of the Company and its existing and future subsidiaries. The continued availability of the first lien credit facilities is subject to the Company’s ability to maintain a total leverage ratio of less than or equal to 7.00 : 1.00 as of December 31, 2022 (7.50 : 1.00 as of December 31, 2021), and with the ratio decreasing year over year every October 1, until it reaches 6.50 : 1.00 for the period after September 30, 2023. The total leverage ratio considers the Company’s consolidated net debt, calculated as long-term debt less unrestricted cash, to consolidated adjusted EBITDA, calculated in accordance with the terms of the agreement. The Company is in compliance with all applicable covenants as at December 31, 2022 and December 31, 2021. As at December 31, 2022, the Company had letter of credit facilities issued totaling $46,125 (2021 - $46,125). The Company enters into lease arrangements for the use of office space. The weighted average of incremental borrowing rates used to discount the outstanding leases as at December 31, 2022 was 4.37% (2021 – 4.74%). Amounts recognized in the consolidated statements of profit or loss and comprehensive income or loss relating to lease liabilities are as follow: Leases under IFRS 16 2022 2021 $ $ Interest expense on lease liabilities 573 382 Foreign exchange gain (560) (45) Variable lease payments 782 1,859 795 2,196 |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital | 13. Share capital The Company has authorized the following classes of share capital: ▪ Multiple Voting shares – unlimited number without par value - voting rights at 10 votes per share, entitled to receive dividends on a share‑for‑share basis from time to time as approved by the board, and convertible on a share-for-share basis into subordinate voting share ▪ Subordinate Voting shares – unlimited number without par value - voting rights at 1 vote per share, entitled to receive dividends on a share‑for‑share basis from time to time as approved by the board, non-convertible into any other class of shares ▪ Preferred shares – unlimited number without par value - non-voting, entitled to preference over Subordinate Voting Shares, Multiple Voting Shares and any other shares with respect to payment of dividends and distribution of assets The Company had the following share capital transactions: 2022 On March 7, 2022, the Board approved a NCIB to purchase for cancellation a maximum of 6,617,416 Subordinate Voting Shares, representing approximately 10% of the Company’s Subordinate Voting Shares as at February 28, 2022. The Company is authorized to make purchases under the NCIB during the period from March 10, 2022 to March 9, 2023 in accordance with the requirements of the TSX and the Nasdaq and applicable securities laws. During the year ended December 31, 2022, the Company repurchased and cancelled 3,660,743 Subordinate Voting Shares for a total consideration, including transaction costs, of $166,609. There were 76,064,619 Multiple Voting Shares and 63,461,608 Subordinate Voting Shares outstanding as at December 31, 2022. 2021 The Company also issued 138,522 Subordinate Voting Shares as a partial consideration for the Mazooma acquisition (note 4) for a fair value of $11,387. On October 8, 2021, The company issued 3,450,000 Subordinate Voting Shares for a consideration of $424,833 as part of its Nasdaq listing. The Company also recognized $16,611 of related share issuance costs. There were 16,183,189 Multiple Voting Shares converted to Subordinate Voting Shares during the year ended December 31, 2021 as a result of two bought deal secondary offerings. Classified as equity 2022 2021 Quantity Value Quantity Value Shares $ Shares $ Company’s share capital Subordinate Voting Shares Balance – Beginning of year 66,929,432 1,656,314 45,924,637 1,139,723 Conversion of Multiple Voting Shares — — 16,183,189 85,271 Exercise of equity-settled share-based payments 192,919 6,061 1,233,084 11,711 Issuance under Nasdaq listing — — 3,450,000 424,833 Share repurchase under NCIB (3,660,743) (90,574) — — Issuance for acquisition — — 138,522 11,387 Issuance fees — — — (16,611) Balance – End of year 63,461,608 1,571,801 66,929,432 1,656,314 Multiple Voting Shares Balance – Beginning of year 76,064,619 400,791 92,247,808 486,062 Conversion into Subordinate Voting Shares — — (16,183,189) (85,271) Balance – End of year 76,064,619 400,791 76,064,619 400,791 Total 139,526,227 1,972,592 142,994,051 2,057,105 Share repurchase liability On March 18, 2022, the Company entered into an ASPP with a third-party broker for the Company to allow for the purchase of Subordinate Voting Shares under the NCIB during the Company's blackout periods. Under this agreement, the broker was authorized to repurchase Subordinate Voting Shares, without consultation with the Company, subject to predefined share price and other limitations imposed by the Company and subject to TSX regulation and the Nasdaq and applicable securities laws, such as a daily purchase restriction. The fair value of the share repurchase liability was determined using the Company's quoted share price. The change in share repurchase liability during the year ended December 31, 2022 was as follows: 2022 $ Balance - beginning of year — Initial fair value of share repurchase liability 43,923 Shares repurchased under the ASPP (36,774) Change in fair value of share repurchase liability (5,710) Other (1,439) Balance - end of year — |
Revenue and expenses by nature
Revenue and expenses by nature | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Revenue and expenses by nature | 14. Revenue and expenses by nature 2022 2021 $ $ Revenue Merchant transaction and processing services revenue 835,093 715,769 Other revenue 8,230 8,757 843,323 724,526 Cost of revenue Processing cost 166,995 143,261 Cost of goods sold 4,430 4,494 171,425 147,755 Selling, general and administrative expenses Commissions 113,287 125,531 Employee compensation 155,359 109,798 Share-based payments 139,103 53,180 Depreciation and amortization 101,492 90,828 Professional fees 32,387 24,532 Transaction losses (recovery) (143) 2,662 Contingent consideration adjustment (992) — Other 50,473 24,772 590,966 431,303 |
Net finance costs
Net finance costs | 12 Months Ended |
Dec. 31, 2022 | |
Borrowing costs [abstract] | |
Net finance costs | 15. Net finance cost 2022 2021 $ $ Finance income Interest on advances to third parties and interest income (13,694) (2,859) Finance cost Interest on loans and borrowings (excluding lease liabilities) 26,186 16,380 Change in fair value of share repurchase liability (5,710) — Interest expense on lease liabilities 573 382 Other interest expense 1,792 117 22,841 16,879 Net finance cost 9,147 14,020 |
Share-based payment arrangement
Share-based payment arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment arrangements | 16. Share-based payment arrangements In connection with the TSX listing, on September 22, 2020, the Company closed new participation in its long-term incentive stock plan (the “Legacy Option Plan”) to directors, officers, employees and consultants. In its place, a new long-term incentive plan (the “Omnibus Incentive Plan”) was authorized. Omnibus Incentive Plan The Omnibus Incentive Plan permits the Company to grant awards of options, RSUs, PSUs and DSUs to eligible participants. Vested RSUs, PSUs and DSUs will be settled by the issuance of shares at the settlement date. Stock options vest over a period of up to five years after being granted. DSUs vest immediately as they are granted for past services. RSUs and PSUs vest over a period of up to three years. Legacy Option Plan On September 21, 2017, the Company authorized the Legacy Option Plan which provides for the grant of stock options to directors, officers, employees and consultants. All stock options are to be settled by the delivery of shares. The shares subject to the Legacy Option Plan are exercisable for Subordinate Voting Shares. Under the Legacy Option Plan, the Company authorized for issuance the maximum of 11,704,100 stock options. The stock options expire 10 years after the date of grant and are subject to possible earlier exercise and termination under certain circumstances. Under the Legacy Option Plan unless otherwise decided by the Company, stock options vest in equal installments over five years and the expense is recognized following the accelerated method as each installment is fair valued separately and recorded over the respective vesting periods. Share-based payments continuity The table below summarizes the changes in the outstanding RSUs, PSUs, DSUs, and stock options for the years ended December 31, 2022 and 2021: Stock options Restricted share units Performance share units Deferred share units Quantity Weighted $ Outstanding, beginning of year 2021 — — 3,076 6,970,505 16.59 Forfeited (617) — — (264,395) 30.06 Granted 972,714 1,395,169 7,295 3,374,192 117.25 Exercised — — — (1,233,084) 7.29 Outstanding, end of year 2021 972,097 1 1,395,169 10,371 8,847,218 55.87 Forfeited (53,947) — — (194,517) 53.96 Granted 3,067,155 383,262 38,225 41,845 37.97 Exercised (92,662) — — (100,257) 20.69 Outstanding, end of year 2022 3,892,643 1 1,778,431 48,596 8,594,289 56.24 Exercisable, end of year 2021 — — 10,371 2,656,976 8.95 Exercisable, end of year 2022 241,732 141,122 48,596 3,762,900 22.30 Granted - Weighted average grant date fair value 2021 $97.11 $92.74 $71.65 $31.48 — Granted - Weighted average grant date fair value 2022 $38.45 $49.76 $30.79 $7.01 — 1 484,590 RSUs outstanding were granted in 2021 to a third party consultant. However the Company and the third party consultant only reached a mutual understanding of the services to be rendered by the consultant in 2022. As a result, the accounting grant date of the 484,590 RSUs was met in March 2022. The fair value of the services of $25,000 was estimated at the grant date. Share-based payments by exercise price The table below summarizes the share-based payments units outstanding based on the greater of the exercise price and the share price to be reached under the market performance conditions: As at December 31, 2022 For the year ended December 31, 2022 Units outstanding Unrecognized share-based payments Share-based payments $ $ $0.00 - $37.51 9,908,931 121,004 78,388 $47.21 - $78.58 727,407 1,582 3,546 $104.53 and above 3,677,621 71,519 57,169 Total 14,313,959 194,105 139,103 As at December 31, 2022, unrecognized share-based payments expense was approximately $194,105. The period over which such expense will be recognized is 4 years (0.9 year on a weighted average basis). Grant date fair value The fair value of stock options granted during the years ended December 31, 2022 and 2021, was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: 2022 2021 Share price $37.97 $117.25 Exercise price $37.97 $117.25 Risk-free interest rate 2.98% 1.08% Expected volatility 41.3% 33.4% Expected term 1.1 years 5.9 years The PSUs, RSUs and DSUs grant date fair value was determined by using the quoted share price on the date of issuance. During the year ended December 31, 2022, 383,262 PSUs awarded included performance conditions and the right to these units will vest upon meeting the related performance criteria. These units had a maximum payout of 200% and could result in an additional 383,262 shares being issued. In 2021, the market conditions associated with PSUs or options were considered using a Monte Carlo simulation to estimate the Company’s potential future share price. The main assumption of the simulation is the expected volatility of the share price which was determined to be 32.5%. The fair value of the options with non-market performance conditions is determined using a Black-Scholes option pricing model and are included in the weighted average assumptions above. Stock options outstanding by exercise price The following table summarizes information about stock options outstanding and exercisable as at December 31, 2022: Options outstanding Options exercisable Exercise price Number Weighted Number Weighted 2.80 1,059,719 5.1 1,059,719 5.1 3.42 – 4.00 827,740 5.7 827,740 5.7 4.70 – 6.30 96,794 6.2 96,794 6.2 11.51 – 17.22 556,312 7.1 276,742 7.0 26.00 – 47.21 2,743,506 7.8 1,036,602 7.8 56.75 – 78.58 297,597 4.7 245,637 3.9 104.53 – 127.33 3,012,621 8.7 219,666 8.7 8,594,289 7.4 3,762,900 6.3 Of the stock options outstanding as at December 31, 2022, a total of 4,368,267 (2021 - 5,351,140) are held by key management personnel. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income taxes | 17. Income taxes Variations of income tax expense (recovery) from the basic Canadian federal and provincial combined tax rates applicable to income before income taxes are as follows: 2022 2021 $ % $ % Income before income taxes 87,537 131,961 Statutory tax rates 26.5 26.5 Income taxes expense at statutory rate 23,197 34,970 Add (deduct) effect of Permanent difference items 2,564 103 Rate differential (22,071) (20,116) Prior year adjustments (2,385) (4,280) Change in unrecognized deductible temporary differences (2,600) 3,975 Share-based payments 26,984 9,566 Other (107) 698 Total tax expense 25,582 24,916 The details of income tax expense (recovery) are as follows: 2022 2021 $ $ Income tax expense (recovery) Current 38,527 34,914 Deferred (12,945) (9,998) 25,582 24,916 The components of current income tax expense are as follows: 2022 2021 $ $ Current income tax expense Current 38,139 34,635 Adjustment of prior year income tax expense 388 279 38,527 34,914 The components of deferred income tax expense (recovery) are as follows: 2022 2021 $ $ Deferred income tax expense (recovery) Origination and reversal of temporary differences (7,571) (9,417) Change in unrecognized deductible temporary differences (2,600) 3,975 Adjustment of prior year income tax recovery (2,774) (4,556) (12,945) (9,998) The details of changes of deferred income taxes are as follows for the year ended December 31, 2022: Deferred tax assets (liabilities) as at December 31, 2021 Recognized in net income Business combinations Equity Foreign currency exchange differences Deferred tax assets (liabilities) as at December 31, 2022 $ $ $ $ $ $ Deferred tax assets Share-based payments 4,314 1,798 — (2,887) (97) 3,128 Net operating tax losses carried forward 4,018 468 1,272 594 80 6,432 Intangible assets 3,925 2,526 — — 9 6,460 Accrued liabilities 2,924 883 27 — (4) 3,830 Total deferred tax assets 15,181 5,675 1,299 (2,293) (12) 19,850 Deferred tax liabilities Intangible assets (70,043) 5,728 — — 1,780 (62,535) Other (1,800) 1,134 — — 5 (661) Property and equipment (905) 684 — — (192) (413) Deferred costs (497) (276) — — — (773) Total deferred tax liabilities (73,245) 7,270 — — 1,593 (64,382) Total net deferred tax assets (liabilities) (58,064) 12,945 1,299 (2,293) 1,581 (44,532) The details of changes of deferred income taxes are as follows for the year ended December 31, 2021: Deferred tax assets (liabilities) as at December 31, 2020 Recognized in net loss Business combination Equity Foreign currency exchange differences Deferred tax assets (liabilities) as at December 31, 2021 $ $ $ $ $ $ Deferred tax assets Share-based payments — 551 — 3,763 — 4,314 Net operating tax losses carried forward 2,286 1,708 24 — — 4,018 Intangible assets 3,117 4,637 (3,829) — — 3,925 Accrued liabilities 1,810 665 374 — 75 2,924 Total deferred tax assets 7,213 7,561 (3,431) 3,763 75 15,181 Deferred tax liabilities Intangible assets (54,267) 7,588 (26,740) — 3,376 (70,043) Other 1,899 (4,916) 1,073 — 144 (1,800) Property and equipment (773) (132) — — — (905) Deferred costs (392) (103) — — (2) (497) Total deferred tax liabilities (53,533) 2,437 (25,667) — 3,518 (73,245) Total net deferred tax assets (liabilities) (46,320) 9,998 (29,098) 3,763 3,593 (58,064) The deferred income taxes are presented on the consolidated statements of financial position as follows: 2022 2021 $ $ Deferred tax assets 17,172 13,036 Deferred tax liabilities (61,704) (71,100) (44,532) (58,064) Unrecognized deferred income tax assets balances are as follows: 2022 2021 $ $ Net operating tax losses carried forward 24,973 24,865 Unused tax credits 515 — Deductible temporary differences, including capital losses 26,312 12,132 The net operating tax losses carried forward for which no deferred income tax asset was recognized expire as follows: As at December 31, 2022 Gross amount of net operating tax losses carried forward Tax-effected Expiry Period $ $ Expire 91,163 24,165 2031 to 2042 Never expire 4,586 808 N/A 95,749 24,973 As at December 31, 2021 Gross amount of net operating tax losses carried forward Tax-effected Expiry Period $ $ Expire 92,412 24,436 2031 to 2041 Never expire 2,413 429 N/A 94,825 24,865 The unused tax credits for which no deferred income tax asset was recognized expire as follows: As at December 31, 2022 Unused tax credits Expiry period $ $ Expire 515 2031 to 2032 Never expire 0 N/A 515 The deductible temporary differences and capital losses do not expire under current tax legislation. Deferred tax assets have not been recognized in respect of those items because it is not probable that future taxable profit will be available in those jurisdictions against which the Company can utilize these benefits. The Company has not recognized deferred tax liabilities for the undistributed earnings of its subsidiaries in the current or prior years since the Company does not expect to sell or repatriate funds from those investments, in which case the undistributed earnings may become taxable. Upon distribution of these earnings in the form of dividends or otherwise, the Company may be subject to income and/or withholding taxes. |
Net income per share
Net income per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Net income per share | 18. Net income per share Diluted net income per share excludes all dilutive potential shares if their effect is anti-dilutive as well as all potential shares for which performance conditions have not yet been met as of the reporting date. For the year ended December 31, 2022 and 2021, anti-dilutive stock options, RSUs and PSUs were excluded from the calculation of diluted net income per share because the effect was anti-dilutive. Years ended 2022 2021 $ $ Net income attributable to common shareholders of the Company (basic and diluted) 56,732 102,293 Weighted average number of common shares outstanding – basic 141,555,788 139,729,116 Effect of dilutive securities 3,047,697 4,712,386 Weighted average number of common shares outstanding – diluted 144,603,485 144,441,502 Net income per share attributable to common shareholders of the Company: Basic 0.40 0.73 Diluted 0.39 0.71 |
Operating segments
Operating segments | 12 Months Ended |
Dec. 31, 2022 | |
Operating Segments [Abstract] | |
Operating segments | 19. Operating segments The Company has one reportable segment, the provision of technology solutions to merchants and partners. Geographic information The Company provides payment processing services in North America, Europe, Middle East and Africa, Latin America and Asia-Pacific. In presenting the geographic information, revenue has been based on the billing location of merchants and non-current assets were based on the geographic location of the assets. 2022 2021 $ $ Revenue North America 336,563 301,257 Europe, Middle East and Africa 465,935 394,758 Latin America 33,105 22,841 Asia Pacific 7,720 5,670 843,323 724,526 Non-current assets exclude financial assets and deferred tax assets, when applicable. 2022 2021 $ $ Non-current assets Canada 1,005,845 1,083,594 United States 207,948 252,577 European Union 625,411 552,372 Rest of the world 3,262 5,772 1,842,466 1,894,315 In prior periods, United Kingdom was presented on a separate line with the non-current assets by geography. In the year ended December 31, 2022, the United Kingdom is presented with the rest of the world. Non‑current assets relating to the United Kingdom amounted to $225 as at December 31, 2021. |
Financial instruments and commi
Financial instruments and commitments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Financial instruments and commitments | 20. Financial instruments and commitments The Company’s main financial risk exposure is detailed as follows: a) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company is therefore exposed to liquidity risk with respect to all of the financial liabilities recognized on the consolidated statements of financial position. The Company manages its liquidity risk by monitoring its operating requirements. The Company prepares budget and cash forecasts to ensure it has sufficient funds to fulfill its obligations. The following are the contractual maturities of financial liabilities and purchase commitments, including estimated interest payments, as at December 31, 2022: Contractual cash flows Carrying amount Total Less than 1 year 1 to 5 years More than 5 years $ $ $ $ $ Trade and other payables (excluding sales tax) 117,526 117,526 117,526 — — Due to merchants 823,666 823,666 823,666 — — Credit facilities 498,199 595,425 38,182 557,243 — Lease liabilities 12,555 14,133 4,109 7,743 2,281 Other liabilities (a) 6,658 5,731 3,851 1,880 — Contractual commitments — — — — — 1,458,604 1,556,481 987,334 566,866 2,281 Segregated funds (823,666) (823,666) (823,666) — — 634,938 732,815 163,668 566,866 2,281 (a) Other liabilities includes deferred revenue which will not require contractual cash flows. As at December 31, 2022, the Company had $751,686 of cash and unused credit facilities of $385,000. b) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises principally from the Company’s cash, trade and other receivables, advances to third parties and processor deposits. The carrying amounts of these financial assets represent the maximum credit exposure. Trade receivables The Company provides credit to its customers in the normal course of business. The Company evaluates the creditworthiness of the corresponding counterparties at least at the end of each reporting period and on a specific circumstance basis. The Company’s extension of credit to customers involves considerable judgment and is based on an evaluation of each customer’s financial condition and payment history. The Company has established various internal controls designed to mitigate credit risk, including credit limits and payment terms that are reviewed and approved by the Company. The company does not have material provision on trade receivables recognized on the consolidated statements of financial position as at December 31, 2022 and 2021. There is a significant concentration of credit risk as of December 31, 2022, with respect to the Company’s trade receivables from its main processors, which represented approximately 26% (2021 – 37%) of trade and other receivables. Advances to third parties The credit risk associated with the advances to third parties is limited because the advances are repaid by financial institutions when the Company becomes entitled to payment under the agreements. c) Market risks Market risk is the risk that the Company will incur losses arising from adverse changes in underlying market factors, including interest and foreign currency exchange rates. Foreign currency risk The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates and the degrees of volatility of those rates. Foreign currency risk is limited to the portion of the Company’s business transactions denominated in currencies other than the US dollar. Fluctuations related to foreign exchange rates could cause unforeseen fluctuations in the Company’s operating results. Approximately 56% of the Company’s revenues and approximately 37% of its expenses are in currencies other than the US dollar. The Company does not enter into arrangements to hedge its foreign currency risk. There is no other currency other than the US dollar that represents more than 10% of the Company's revenues. The following table provides an indication of the Company’s significant foreign exchange currency exposures as stated in US dollars at the following dates: CAD EUR GBP ILS Other Total $ $ $ $ $ $ December 31, 2022 Cash 1,735 43,691 6,267 1,482 18,313 71,488 Trade and other receivables 16,035 3,759 1,659 804 10,270 32,527 Trade and other payables (18,560) (27,141) (2,973) (12,529) (18,323) (79,526) Lease liabilities — (1,589) (941) (2,389) (1,803) (6,722) Net financial position exposure (790) 18,720 4,012 (12,632) 8,457 17,767 December 31, 2021 Net financial position exposure (8,398) 17,359 8,752 (14,356) 3,948 7,305 A 10% strengthening of the above currencies against the US dollar would have affected the measurement of financial instruments denominated in these currencies and affected equity and net income by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. CAD EUR GBP ILS Other Total $ $ $ $ $ $ 2022 Increase (decrease) on equity and net income (79) 1,872 401 (1,263) 846 1,777 2021 Increase (decrease) on equity and net loss (840) 1,736 875 (1,435) 395 731 A 10% weakening of the foreign currencies against the US dollar would have an equal but opposite effect. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market rates. The Company’s exposure to interest rate risk as at December 31, 2022 and 2021 is as follows: Cash and cash equivalents Variable interest rate Advances to third parties Note 7 Processor deposits Variable interest rate Loans and borrowings Note 12 Other liabilities Note 11 The Company does not account for any fixed interest-rate financial assets or financial liabilities at FVTPL. All other loans and borrowings bear interest at floating rates, and the Company is therefore exposed to the cash flow risk resulting from interest rate fluctuations. This risk is partially offset by the Company's cash balance which also bears interest at floating rates. |
Determination of fair values
Determination of fair values | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Determination of fair values | 21. Determination of fair values Certain of the Company’s accounting policies and disclosures require the determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes using the following methods. Financial assets and financial liabilities In establishing fair value, the Company uses a fair value hierarchy based on levels as defined below: • Level 1: defined as observable inputs such as quoted prices in active markets. • Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3: defined as inputs that are based on little or no observable market data, therefore requiring entities to develop their own assumptions. The Company has determined that the carrying amounts of its current financial assets and financial liabilities approximate their fair value given the short-term nature of these instruments. The fair value of the variable interest rate non-current liabilities approximates the carrying amount as the liabilities bear interest at a rate that varies according to the market rate. As at December 31, 2022 and December 31, 2021, financial instruments measured at fair value in the consolidated statements of financial position were as follows: Notes Fair value hierarchy December 31, December 31, $ $ Assets Investments Level 1 1,002 1,112 Investments Level 3 2,148 1,148 Advances to a third party independent sales organization 7 Level 3 2,154 16,616 Liabilities Contingent considerations 4, 11 Level 3 — 3,004 LPP put option liability 11 Level 3 — 531 The following table presents the changes in level 3 items for the years ended December 31, 2022 and 2021: Advances to a Investments LPP put Contingent $ $ $ $ Balance at December 31, 2020 46,680 1,148 1,036 — Business combinations — — — 3,004 Merchant residuals received, net of interest on advances to a third parties (6,468) — — — Settlement of advances to a third party (23,687) — — — Fair value remeasurement 91 — (505) — Balance at December 31, 2021 16,616 1,148 531 3,004 Acquisition — 1,000 — — Settlement — — — (2,012) Merchant residuals received, net of interest on advances to a third parties (1,495) — — — Settlement of advances to a third party (12,967) — — — Fair value remeasurement — — (531) (992) Balance at December 31 2022 2,154 2,148 — — Fair value remeasurement of level 3 instrument is recognized in selling, general and administrative expenses. Below are the assumptions and valuation methods used in the level 3 fair value measurements: • The fair value assumptions and method for the advances to a third party independent sales organization are disclosed in note 7. • Contingent consideration outstanding as at December 31, 2022 represents Mazooma contingent consideration. The fair value of the contingent consideration is determined using a formula specified in the purchase agreement. The main assumption is the forecast of financial performance. The fair value of the contingent consideration was nil as at December 31, 2022. The maximum contingent consideration that could be paid if the future financial targets are met is $331,658 thousands Canadian dollars ($244,315). |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Related party transactions | 22. Related party transactions Transactions with key management personnel Key management personnel compensation comprises the following: 2022 2021 $ $ Salaries and short-term employee benefits 6,007 5,861 Share-based payments 71,286 23,895 77,293 29,756 Other related party transactions Transaction value Balance outstanding December 31, 2022 2021 2022 2021 $ $ $ $ Expenses – Travel (i) 1,139 305 137 28 (i) In the normal course of operations, the Company receives services from a company owned by a shareholder of the Company. The services received consist of travel services. |
Supplementary cash flow disclos
Supplementary cash flow disclosure | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
Supplementary cash flow disclosure | 23. Supplementary cash flow disclosure 2022 2021 $ $ Changes in non-cash working capital items: Trade and other receivables 1 (19,714) 4,154 Inventory (840) (1,197) Prepaid expenses (3,771) (3,476) Contract assets (1,769) (1,720) Trade and other payables 24,266 24,951 Other current and non-current liabilities (9,053) (1,380) (10,881) 21,332 1 Interest received on cash and cash equivalents has been presented separately within cash flows from operating activities (previously was presented within cash flow movements on trade and other receivables). The comparative amount was $272 for the year ended December 31, 2021. |
Capital disclosures
Capital disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Capital Disclosures [Abstract] | |
Capital disclosures | 24. Capital disclosures The Company’s objective in managing capital is to ensure sufficient liquidity to pursue its organic growth strategy and undertake selective acquisitions, while maintaining a strong credit profile and a capital structure that maintains total leverage ratio within the limits set in the Company’s credit facilities. The Company’s capital is composed of net debt and shareholders’ equity. Net debt consists of interest-bearing debt less cash. The Company’s use of capital is to finance working capital requirements, capital expenditures and business acquisitions. The Company funds those requirements out of its internally generated cash flows and funds drawn from its long-term credit facilities. The primary measure used by the Company to monitor its financial leverage is its total leverage ratio, defined as the ratio of consolidated net debt outstanding, calculated as long-term debt less unrestricted cash, to consolidated adjusted EBITDA, calculated in accordance with the terms of the credit agreement. Under its first lien credit facilities (note 12), the Company must maintain a total leverage ratio of less than or equal to 7.00 : 1.00 on December 31, 2022. As at December 31, 2022, the Company was in compliance with this requirement. In order to maintain or adjust its capital structure, the Company may issue or repay loans and borrowings, issue shares, repurchase shares or undertake other activities as deemed appropriate in specific circumstances. The Company does not currently pay dividends. Currently, the Company’s general policy is to retain cash to finance future growth. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Contingencies [Abstract] | |
Contingencies | 25. Contingencies From time to time, the Company is involved in various litigation matters arising in the ordinary course of its business. The Company is also exposed to possible uncertain tax positions in certain jurisdictions. Management does not expect that the resolution of those matters, either individually or in the aggregate, will have a material effect on the Company’s Consolidated Financial Statements. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | 26. Subsequent events On February 22 2023, the Company acquired all of the issued and outstanding common shares of Paya Holdings Inc ("Paya"), for a total cash consideration of $1,344,080, excluding transaction fees, comprised of cash on hand and cash from its new revolving credit facilities. Paya is a provider of integrated payment and commerce solutions in the United States. On February 22, 2023, the Company entered into a new revolving credit facility in an amount of $800 million. Until the delivery of the Company's financial statements for the quarter ending September 30, 2023, borrowings under the new revolving credit facility bear interest, at our option, at either (a) Term SOFR (including a 10 bps credit spread adjustment) plus a margin of 300 bps or (b) an alternate base rate plus a margin of 200 basis points. Thereafter, borrowings under the new revolving credit facility will bear interest, at our option, at either (a) Term SOFR (including a 10 bps credit spread adjustment) plus a margin ranging from 250 basis points to 325 basis points or (b) an alternate base rate plus a margin ranging from 150 to 225 basis points, in each case, based on a first lien leverage ratio. Commencing on June 30, 2023, the commitments in respect of the new revolving credit facility will automatically be permanently reduced by $10,000 on the last day of each fiscal quarter. The maturity of the new revolving credit facility is September 28, 2025. Due to the limited period of time between the closing date of the acquisition of Paya and the filing of the Company's consolidated financial statements for the year ended December 31, 2022, it was impracticable to provide certain required disclosures for business acquisitions, including the preliminary purchase price allocation. |
Significant accounting polici_2
Significant accounting policies and new accounting standards (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Statement of compliance and Basis of measurement | Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for: • Advances to third parties (note 7), contingent consideration (note 11), and investments, which are measured at fair value; and • Share-based compensation transactions, which are measured pursuant to IFRS 2, Share-based Payment (note 16). |
Operating segment | Operating segmentThe Company has one reportable segment for the provision of payment technology solutions to merchants and partners |
Use of estimates, judgments and assumptions | Estimates, judgments and assumptions The preparation of these consolidated financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates, judgments and assumptions. Judgments Critical judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements include the following: Revenue recognition (note 3 ) The identification of revenue-generating contracts with customers, the identification of performance obligations, the determination of the transaction price and allocations between identified performance obligations, the use of appropriate revenue recognition method for each performance obligation and the measure of progress for performance obligations satisfied over time are the main aspects of the revenue recognition process, all of which require the exercise of judgment and use of assumptions. In addition, the Company has applied judgment in assessing the principal versus agent considerations for its transaction and processing services. Determining the fair value of identifiable intangible assets following a business combination (note 4 ) The Company uses valuation techniques to determine the fair value of identifiable intangible assets acquired in a business combination, which are generally based on a forecast of total expected future net discounted cash flows. These valuations are linked closely to the assumptions made by management regarding the future performance of the related assets and the discount rate applied as it would be assumed by a market participant. Expense recognition of share-based payments with performance conditions (note 16) The expense recognized for share-based payments for which the performance conditions have not yet been met is based on an estimation of the probability of achieving the performance conditions and the timing of their achievement, which is difficult to predict. The final expense is only determinable when the outcome is known. Fair value of services rendered (note 16) When issuing share-based payments in exchange for services rendered by an external party, the Company estimates the fair value of the instruments granted by reference to the fair value of services rendered by the external party, if the services can be measured reliably, instead of the fair value of the equity instrument granted. Assumptions and estimation uncertainties Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year include the following: • Estimating the recoverable amount of goodwill (note 9); • Estimating the provision for losses on merchant accounts (note 11); • Estimating the fair value of share-based payment transactions (note 16); • Estimating the recoverable amount of tax balances for recognition of tax assets (note 17); and • Estimating the fair value measurement of level 3 financial instruments (note 21). COVID-19 impact on judgments, assumptions and estimation uncertainties The COVID-19 pandemic has disrupted the economy and put unprecedented strains on governments, health care systems, businesses and individuals around the world. The impact and duration of the COVID-19 pandemic are difficult to assess or predict. The spread of COVID-19 has caused us to modify our business practices to help minimize the risk of the virus to our employees, our partners, our customers and their customers, and the communities in which we do business. The negative impact of the COVID-19 pandemic on our business and the consolidated financial statements for the years ended December 31, 2022 and 2021 has been limited. |
Foreign currency | Foreign currency Functional and presentation currency These consolidated financial statements are presented in US dollars, which is also the Company’s functional currency. Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of entities of the Company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are recognized in profit or loss. Foreign operations The assets and liabilities of foreign operations whose functional currency is not the US dollar, including goodwill and fair value adjustments arising on acquisition, are translated to US dollars at the exchange rates at the reporting date. The revenue and expenses of foreign operations are translated into US dollars at the average exchange rate for the period. Foreign currency differences are recognized in other comprehensive income (loss) in the cumulative translation reserve (accumulated other comprehensive income (loss)), except to the extent that the translation difference is allocated to the non-controlling interest. |
Business combinations | Business combinations Business combinations are accounted for using the acquisition method at the acquisition date. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, and any liability and equity interests issued by the Company on the date control of the acquired company is obtained. The consideration transferred includes the fair value of any asset or a liability resulting from a contingent consideration arrangement. Contingent consideration is subsequently remeasured at fair value, with any resulting gain or loss recognized and included in the consolidated statements of profit or loss and comprehensive income or loss. Contingent consideration that is payable contingent upon key employees’ continued employment with the Company is expensed over the service period. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date. The Company measures goodwill as the fair value for the consideration transferred including the recognized amount of any non controlling interest in the acquiree, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at the acquisition date. If this consideration is lower than the fair value of the net assets of the business acquired, the difference is recognized immediately in the consolidated statements of profit or loss and comprehensive income or loss as a gain from a bargain purchase. To estimate the fair value of the intangible assets, management uses the excess earnings method to value partner and merchant relationships and the royalty relief method to value technologies using discounted cash flow models. Management developed assumptions related to revenue and gross margin forecasts, partner and merchant attrition rates, royalty rates and discount rates. If the final purchase price allocation for a business combination is incomplete, the Company reports provisional amounts for the items for which the accounting is incomplete. Provisional amounts are adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amount recognized at that date. The measurement period is the period from the acquisition date to the date the Company obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year. Transaction costs, other than those associated with the issue of debt or equity securities, and other direct costs of a business combination are not considered part of the business acquisition transaction and are expensed as incurred and recorded under selling, general and administrative expenses in the consolidated statements of profit or loss and comprehensive income or loss. |
Basis of consolidation | Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Company has control. Control exists when the Company is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through the power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Non-controlling interest In the case of a business combination involving less than 100% of ownership interests, a non-controlling interest is measured either at fair value or at the non-controlling interest’s share of the identifiable net assets of the acquiree. The basis of measurement is determined on a transaction-by-transaction basis. Changes in the Company’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Transactions eliminated on consolidation Intercompany balances and transactions, and any revenue and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. |
Revenue from contracts with customers | Revenue from contracts with customers Performance obligations and revenue recognition policies Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for these goods and services. The following describes the nature and timing of the satisfaction of performance obligation in contracts with customers, including significant payment terms, and the related revenue recognition policies. Merchant transaction and processing services Revenue from the Company’s merchant transaction and processing services revenues are derived primarily from e-commerce and retail point-of-sale payment processing services, and stem from relationships with individual merchants. Additionally, transaction and processing services revenues stem from contracts with financial services institutions and other merchant acquirers. The contracts stipulate the types of services and set forth how fees will be incurred and calculated. Merchant transaction and processing services revenues are generated from processing electronic payment transactions for merchants. The Company’s transaction and processing revenues primarily comprise (a) fees calculated based on a percentage of monetary value of transactions processed; (b) fees calculated based on number of transactions processed; (c) service fees; or (d) some combination thereof that are associated with transaction and processing services. The Company’s promise to its customers is to stand ready to process transactions the customer requests on a daily basis over the contract term. The Company has determined that the merchant transaction and processing services represent a stand-ready series of distinct days of service that are substantially the same and have the same pattern of transfer to the customer. As a result, the Company has determined that merchant arrangements for transaction and processing services represent one performance obligation. Substantially all of the Company’s revenues are recognized over time as a daily series over the term of the contracts. To provide the transaction and processing services, the Company routes and clears each transaction, and obtains authorization for the transaction and requests funds settlement from the applicable financial institution, through the applicable payment network. When third parties are involved in the transfer of goods or services to a customer, the Company considers the nature of each specific promised good or service and applies judgment to determine whether it controls the good or service before it is transferred to a customer or whether it is acting as an agent of the third party. To determine whether or not it controls the good or service before it is transferred to the customer, the Company assesses a number of indicators including whether it or the third party is primarily responsible for fulfillment and which party has discretion in determining pricing for the good or service. Based on the Company’s assessment of these indicators, it has concluded that its promise to the customer to provide transaction and processing services is distinct from the services provided by the card issuing financial institutions and payment networks in connection with payment transactions. When the Company does not have the ability to direct the use of and obtain substantially all of the benefits of the services provided by the card issuing financial institutions and payment networks before these services are transferred to the customer, and on that basis, it does not control these services prior to being transferred to the customer, the Company presents revenues net of the interchange fees charged by the card issuing financial institutions and the fees charged by the payment networks. In all other instances, the transaction and processing services revenue is reported on a gross basis, as the Company has determined it is the principal in the arrangement. Since the timing and quantity of transactions to be processed by the Company is not determinable in advance, and the consideration received is contingent upon the customers’ uses (e.g. a percentage of the transaction value or a fixed fee per transaction, number of payment transactions processed, or number of cards on file), the total transaction price is variable. The Company has determined that the performance obligation to provide merchant transaction and processing services meets the allocation of variable consideration exception criteria in that (a) the terms of the variable payment relate specifically to the entity’s efforts to satisfy the performance obligation or transfer the distinct service and (b) allocating the variable amount of consideration entirely to the performance obligation or the distinct good or service is consistent with the allocation objective when considering all of the performance obligations and payment terms in the contract. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. Other revenues The Company may sell hardware (“point-of-sale equipment”) as part of its contracts with customers. Hardware consists of terminals or gateway devices. The Company does not manufacture hardware but purchases hardware from third-party vendors and holds the hardware in inventory until purchased by a customer. The Company accounts for sales of hardware as a separate performance obligation and recognizes the revenue at its stand-alone selling price when a customer obtains control of the hardware, which is generally when the hardware is shipped. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise deposits in banks and highly liquid investments having an original maturity of three months or less. |
Segregated funds and due to merchants | Segregated funds and due to merchants Segregated funds represent amounts held in segregated bank accounts, which are held on behalf of merchants where the Company is in the flow of funds in the settlement transaction cycle. A corresponding liability (due to merchants) is recognized for the amounts to be settled to merchants. The segregated bank accounts are held with the Company’s banks and are segregated from operating funds. Both the segregated funds and the due to merchants are derecognized when the transaction is settled with the merchant. |
Contract assets | Contract assets Contract assets consist of costs to obtain contracts with customers, including employee sales commissions and fees to third party agents. At contract inception, the Company capitalizes such costs that it expects to recover and that would not have been incurred if the contract had not been obtained. Consistent with the basis of transfer of the processing services to the customer, contract assets are amortized on a straight-line basis, over the expected period of contract benefit (ranging from three |
Inventory | InventoryInventory consists of point-of-sale terminals and is measured at the lower of cost and net realizable value. Cost includes purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the first-in, first-out method. Net realizable value is defined as the estimated selling price in the ordinary course of business, less selling expenses. |
Property and equipment | Property and equipment Recognition and measurement Property and equipment are recorded at cost, less accumulated depreciation and accumulated impairment losses. If significant parts of an item of property and equipment have different useful lives, then they are accounted for as separate items (major components) of property and equipment. Depreciation Depreciation is calculated to write off the cost of items of property and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognized in the consolidated statements of profit or loss as follows: Assets Period Point-of-sale terminals 3 to 5 years Computer equipment 3 years Office equipment, furniture and fixtures 5 years Leasehold improvements Lease term Right-of-use assets – Buildings Lease term Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Intangible assets and goodwill | Intangible assets and goodwill Recognition and measurement Goodwill Goodwill represents the excess of the purchase price over the fair values of the net assets of entities acquired at their respective dates of acquisition. Goodwill is carried at cost less accumulated impairment losses. Research and development of software The Company develops software that is used in providing processing services to customers. Expenditure on research activities is recognized in the consolidated statements of profit or loss as incurred. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in the consolidated statements of profit or loss as incurred. Subsequent to initial recognition, development expenditure is carried at cost less accumulated amortization and any accumulated impairment losses. Other intangible assets Other intangible assets, including trademarks, technologies, distributor commission buyouts and partner and merchant relationships, that are acquired by the Company and have finite useful lives are carried at cost less accumulated amortization and any accumulated impairment losses. Distributor commission buyouts represent amounts paid to an independent sales organization to buy out their rights to future residual commission payments. When a portion of the consideration paid is variable, it is carried at fair value with changes in value recognized as an adjustment to the cost of the intangible assets. Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are recognized in the consolidated statements of profit or loss as incurred. Amortization Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognized in the consolidated statements of profit or loss. Goodwill is not amortized. The estimated useful lives for current and comparative periods are as follows: Assets Period Technologies 3 - 15 years Partner and merchant relationships 5 - 15 years Development costs and software 3 - 5 years Distributor commission buyouts 7 years Trademarks 3 - 15 years Amortization methods, useful lives and residual values are reviewed at each reporting date and are adjusted if appropriate. |
Impairment of non-financial assets | Impairment of non-financial assets At each reporting date, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested for impairment annually as at October 1 and whenever an impairment trigger is identified. For impairment testing purposes, assets that cannot be tested individually are grouped to form the smallest group of assets generating cash inflows that are largely independent of the cash inflows from other assets or groups of assets (“cash-generating units” or “CGUs”). Goodwill is allocated to the CGU or CGU group that is expected to benefit from the synergies resulting from the business combination. Each unit or group of units to which goodwill is allocated is not to be larger than an operating segment. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. Fair value is determined through various valuation techniques including discounted cash flow models, valuation multiples, quoted market values and third party independent appraisals, as considered necessary. The discounted cash flow models take into consideration management's estimates of future cash flows for each asset or CGU, which are then discounted using a pre-tax discount rate that reflects current market appraisals of the time value of money and of risks of the specific asset. The data used for the impairment tests are directly related to the most recent forecast approved by the management and are adjusted as needed to exclude the impact of future restructuring and improvements to assets. Impairment losses are recognized in the consolidated statements of profit and loss. When recognized as CGUs, impairment losses are first allocated to reduce the carrying amount of goodwill allocated to the CGU, and then to reduce the carrying amount of the other assets of the CGU on a pro rata basis on the basis of the carrying amount of each asset in the CGU. Goodwill impairment losses are not reversed. Impairment losses on non-financial assets other than goodwill are assessed at each reporting date for any indications that the loss has decreased or has been eliminated. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is only reversed to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recorded. |
Provisions | Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. A contingent liability is a possible obligation that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the Company; or a present obligation that arises from past events (and therefore exists), but is not recognized because it is not probable that a transfer or use of assets, provision of services or any other transfer of economic benefits will be required to settle the obligation, or the amount of the obligation cannot be estimated reliably. Provision for losses on merchant accounts Disputes between a cardholder and a merchant arise periodically, primarily as a result of customer dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction amount is refunded to the customer by the card issuing financial institution, but the financial institution is refunded by the Company. The Company then charges back to the merchant the amount refunded to the financial institution. As such, the Company is exposed to credit risk in relation to the merchant since the Company assumes the repayment to the merchant’s customer for the full amount of the transaction even if the merchant has insufficient funds to reimburse the Company. The Company also offers transaction guarantee solutions to certain merchants. A provision for losses on merchant accounts is maintained to absorb unrecoverable chargebacks for merchant transactions that have been previously processed and on which revenues have been recorded. The provision for losses on merchant accounts specifically comprises identifiable provisions for merchant transactions for which losses can be estimated. Management evaluates the risk for such transactions and estimates the loss for disputed transactions based primarily on historical experience and other relevant factors. Management analyzes the adequacy of its provision for losses on merchant accounts in each reporting period. The net charge for the provision for merchant losses is presented in selling, general and administrative expenses in the consolidated statements of profit or loss and comprehensive income or loss. When a transaction guarantee solution is provided in the merchant agreement, the related provision for merchant losses is presented in cost of revenue. |
Leases | Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right of use assets are presented within property and equipment. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Lease terms are up to ten years for facilities. In addition, the right-of-use asset is periodically assessed for impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate unless the interest rate implicit in the lease can be readily determined. Lease payments included in the measurement of the lease liability comprise: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the consolidated statements of profit or loss if the carrying amount of the right-of-use asset has been reduced to nil. At commencement or on modification of a contract that contains a lease component, the Company has elected not to separate non-lease components and instead to account for the lease and non-lease components as a single lease component. Short-term leases and leases of low-value assets The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets. The Company recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term. |
Financial instruments | Financial instruments Recognition and initial measurement Financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. Classification and subsequent measurement Financial instruments are classified into the following specified categories: amortized cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”). The classification depends on the nature and purpose of the financial instrument and is determined at the time of initial recognition. The Company’s financial instruments have been classified as follows: Financial instruments Classification Financial assets Cash and cash equivalents Amortized cost Trade and other receivables Amortized cost Segregated funds Amortized cost Advances to third parties FVTPL Processor deposits Amortized cost Investments 1 FVTPL Financial liabilities Trade and other payables Amortized cost Put option liability 2 FVTPL Contingent consideration 3 FVTPL Due to merchants Amortized cost Loans and borrowings Amortized cost 1 Investments are presented as Other non-current assets in the Consolidated Statements of Financial Position 2 Put option liability is presented as Other liabilities in the Consolidated Statements of Financial Position 3 Contingent considerations are presented as Other liabilities in the Consolidated Statements of Financial Position Financial assets classified and measured at amortized cost are initially recorded at fair value plus any directly attributable transaction costs and are subsequently measured using the effective interest method, less any impairment loss if: • The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and/or interest. Interest income or expense is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Financial assets that do not meet the above conditions are classified and measured at FVTPL and any transaction costs are expensed as incurred. A financial liability is classified at FVTPL if it is classified as held-for-trading, it is a contingent consideration in a business combination, it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value are measured at fair value and net gains and losses, including interest expense, are recognized in the consolidated statements of profit or loss. Derecognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in the consolidated statements of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount presented in the consolidated statements of financial position only when the Company has a legal right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Impairment of non-derivative financial assets At each reporting date, the Company recognizes loss allowances for expected credit losses (“ECL”) on financial assets carried at amortized cost. The Company’s trade and other receivables are accounts receivable with no financing component and have maturities of less than 12 months, and as such the Company applies the simplified approach for ECLs. As a result, the Company does not track changes in credit risk related to its trade and other receivables, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: • debt securities that are determined to have low credit risk at the reporting date; and • other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. The Company’s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. The Company uses the provision matrix as a practical expedient to measure ECLs on accounts receivable, based on days past due for groupings of receivables with similar loss patterns. Accounts receivable are grouped based on their nature. The provision matrix is based on historical and experience observed loss rates over the expected life of the receivables with merchants and processors, and is adjusted for forward-looking estimates. The Company also considers collection experience and makes estimates regarding collectability based on trends and aging. |
Share capital | Share capital Common shares Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of tax effects. Share capital repurchase When the Company implements a normal course issuer bid ("NCIB") and it controls the amount and timing of the repurchase being made, the Company recognizes the share capital repurchase on the trade date. For each share repurchased and cancelled, the Company reduces share capital by the weighted average cost of the related category of shares and any difference between the amount paid, including transaction costs, and the weighted average cost of the related category of shares is recorded directly in retained earnings or deficit. When the Company enters into an agreement, such as an automatic share purchase plan ("ASPP"), under which it has a contractual obligation to purchase its own shares, subject to certain pre-determined limitations, the Company initially records this obligation as a financial liability at fair value with a corresponding reduction of equity. The share repurchase liability is carried at fair value until it is settled or upon termination of the agreement, with any change in fair value being recorded in the finance costs line item in the consolidated statements of profit or loss. |
Share-based payment arrangements | Share-based payment arrangements The Company has authorized long-term incentive plans under which options, Restricted Share Units ("RSUs"), Performance Share Units ("PSUs") and Deferred Share Units ("DSUs") can be granted. The grant date fair value of equity-settled share-based arrangements granted to directors, officers, employees and consultants is recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards with which the related service is expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service at the vesting date. When the Company grants share-based arrangements that vest upon reaching certain performance conditions, the Company assesses, at the grant date, whether those performance conditions are market or non-market conditions. Market conditions are considered in the fair value estimate on the grant date and this fair value is not revised subsequently. For non-market conditions, the Company estimates the expected outcome of the performance targets and how many options and PSUs are expected to vest. The Company revises those estimates and related expense until the final outcome is known. When share-based arrangements have been communicated and service inception date is deemed to have occurred but a shared understanding of the terms and conditions of the arrangement has not been reached, an expense, with a corresponding increase in equity, is recognized over the vesting period of the awards based on the best estimate of fair value at grant date. A shared understanding of the terms and conditions is not met if the outcome of the arrangement is based primarily on subjective factors. The fair value at grant date will be revised at every reporting period until the outcome is known. |
Net income (loss) per share | Net income (loss) per share Basic income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders of the Company, adjusted as necessary for the impact of potentially dilutive securities, by the weighted average number of common shares outstanding during the period and the impact of securities that would have a dilutive effect on income (loss) per share. |
Income taxes | Income taxes Income tax expense comprises current and deferred taxes. Current and deferred taxes are recognized in the consolidated statements of profit or loss except to the extent that they relate to a business combination, or items recognized directly in equity or in other comprehensive income (loss). The Company recognizes the tax benefit from an uncertain tax position only if it is probable that the tax position will be sustained based on its technical merits. The Company measures and records the tax benefits from such a position based on the largest benefit that is probable of being realized upon ultimate settlement. The Company’s estimated liabilities related to these matters are adjusted in the period in which the uncertain tax position is effectively settled, the statute of limitations for examination expires or when additional information becomes available. Current income taxes Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income taxes Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity or on different tax entities, but the entities intend to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Investment tax credits and other government grants | Investment tax credits and other government grants Government grants, consisting of grants and investment tax credits, are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Company has met or will meet the requirements of the approved grant program and there is reasonable assurance that the grant will be received. Grants that compensate the Company for expenses incurred are recognized in the consolidated statements of profit or loss in reduction thereof on a systematic basis in the same years in which the expenses are recognized. Grants that compensate the Company for the cost of an asset are recognized in the consolidated statements of profit or loss on a systematic basis over the useful life of the asset. The Company incurs research and development expenditures which are eligible for scientific research and experimental development ("SR&ED") tax credit in certain jurisdictions. Refundable investment tax credits are recorded as SR&ED tax credits in the consolidated statements of profit or loss and comprehensive income or loss when there is reasonable assurance that the credits will be realized. Non-refundable SR&ED tax credits, which are deductible against income taxes otherwise payable, are recorded in income as a reduction of the related research and development expenses when there is reasonable assurance that the credits will be realized. The SR&ED tax credits recorded are based on management’s best estimate of amounts expected to be recovered and are subject to audit by taxation authorities. To the extent that actual SR&ED tax credits differ from the estimate, those differences are recorded in the period of assessment by taxation authorities as an adjustment of the items to which they relate. |
New accounting standards and interpretations adopted and issued but not yet adopted | New accounting standards and interpretations adopted The following amendments were adopted on January 1, 2021: Interest rate benchmark reform - Phase 2 The Company adopted the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. These amendments provide temporary relief which address the financial reporting effects when an interbank offered rate is replaced with an alternative nearly risk-free interest rate. The amendments provide two key reliefs which are applicable to changes undertaken as a direct consequence of the reform and where the change in rate are transacted on an economically equivalent basis: • Modification of financial instruments carried at amortized cost resulting from the reform are reflected prospectively as a change in the effective interest rate of the instrument rather than as an immediate gain or loss. • Upon certain criteria, hedging relationships that are directly impacted by the reform would be able to continue hedge accounting upon the transition to the new rate. The following amendments were adopted on January 1, 2022: Amendments to references to conceptual framework in IFRS Standards This amendment replaces references to the 2010 Conceptual Framework for Financial Reporting with references to the 2018 Conceptual Framework for Financial Reporting in order to determine what constitutes an asset or liability in a business combination, adds a new exception for certain liabilities and contingent liabilities to refer to IAS 37, Provisions, Contingent Liabilities and Contingent Assets , or IFRIC 21, Levies , rather than to the 2018 Conceptual Framework, and clarifies that an acquirer should not recognize contingent assets at the acquisition date. The amendments are effective for business combinations occurring in reporting periods starting on or after January 1, 2022. The amendments described above had no impact on these consolidated financial statements. New accounting standards and interpretations issued but not yet adopted The IASB has issued new standards and amendments to existing standards which are applicable to the Company in future periods. Management is not expecting that these amendments will have any material impact on the consolidated financial statements. Amendments to liability classification On October 31, 2022, the IASB issued new amendments to IAS 1 in addition to the previous amendment issued in 2020 that clarify requirements when classifying liabilities as non-current and extend the application period to January 1, 2024. When an entity classifies a liability arising from a loan arrangement as non-current and that liability is subject to the covenants which an entity is required to comply with within twelve months of the reporting date, this amendment requires the entity to disclose information in the notes that enables users of financial statements to understand the risk that the liability could become repayable within twelve months of the reporting period, including: (a) the carrying amount of the liability; (b) information about the covenants; (c) facts and circumstances, if any, that indicate the entity may have difficulty complying with the covenants. Such facts and circumstances could also include the fact that the entity would not have complied with the covenants based on its circumstances at the end of the reporting period. |
Significant accounting polici_3
Significant accounting policies and new accounting standards (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Schedule of subsidiaries | The Company’s principal subsidiaries, their jurisdiction of incorporation and the Company’s percentage ownership share of each are as follows: Subsidiary Jurisdiction of Ownership Loan Payment Pro ("LPP") United States 100% (60% in 2021) Nuvei Commerce LLC United States 100% Nuvei Consulting Services Ltd. Israel 100% Nuvei International Group Limited Guernsey 100% Nuvei Ltd. Cyprus 100% Nuvei Technologies Corp. Canada 100% Nuvei Technologies Inc. United States 100% Nuvei Technology & Services B.V. Netherlands 100% Nuvei US LLC United States 100% SimplexCC Ltd. Israel 100% |
Schedule of estimated useful lives of property and equipment | Depreciation is calculated to write off the cost of items of property and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognized in the consolidated statements of profit or loss as follows: Assets Period Point-of-sale terminals 3 to 5 years Computer equipment 3 years Office equipment, furniture and fixtures 5 years Leasehold improvements Lease term Right-of-use assets – Buildings Lease term |
Schedule of estimated useful lives of intangible assets | The estimated useful lives for current and comparative periods are as follows: Assets Period Technologies 3 - 15 years Partner and merchant relationships 5 - 15 years Development costs and software 3 - 5 years Distributor commission buyouts 7 years Trademarks 3 - 15 years |
Schedule of financial instruments classification | The Company’s financial instruments have been classified as follows: Financial instruments Classification Financial assets Cash and cash equivalents Amortized cost Trade and other receivables Amortized cost Segregated funds Amortized cost Advances to third parties FVTPL Processor deposits Amortized cost Investments 1 FVTPL Financial liabilities Trade and other payables Amortized cost Put option liability 2 FVTPL Contingent consideration 3 FVTPL Due to merchants Amortized cost Loans and borrowings Amortized cost |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of purchase price allocation | The following table summarizes the final amounts of assets acquired and liabilities assumed at the acquisition date for acquisitions in 2021: Base Mazooma Simplex Paymentez Total Assets acquired Cash 744 5,369 52,832 1,224 60,169 Segregated funds 122,139 18,506 3,632 94 144,371 Trade and other receivables 6,860 809 3,641 323 11,633 Prepaid expenses 42 238 — — 280 Property and equipment 160 — 428 29 617 Processor deposits 1,385 — — — 1,385 Other non-current assets — — — 1,109 1,109 Intangible assets Trademarks 2,396 — — 222 2,618 Technologies 8,809 22,076 105,435 10,878 147,198 Partner and merchant relationships 47,232 15,158 55,422 4,420 122,232 Goodwill 1 32,109 26,710 103,098 9,196 171,113 Deferred tax assets — — 24 — 24 221,876 88,866 324,512 27,495 662,749 Liabilities assumed Trade and other payables (7,059) (290) (6,104) (1,287) (14,740) Other current liabilities — (1,763) — — (1,763) Due to merchants (122,139) (18,506) (3,632) (94) (144,371) Income taxes payable — (5,505) (4,678) (156) (10,339) Deferred tax liabilities — (8,299) (19,524) — (27,823) Other non-current liabilities — — — (1,499) (1,499) 92,678 54,503 290,574 24,459 462,214 Total consideration Cash paid 89,674 43,116 290,574 24,459 447,823 Equity issuance — 11,387 — — 11,387 Contingent consideration 3,004 — — — 3,004 92,678 54,503 290,574 24,459 462,214 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other receivables | 2022 2021 $ $ Trade receivables 36,298 29,315 Due from processing banks 19,133 5,450 Other receivables 5,797 4,497 Total 61,228 39,262 |
Advances to third parties (Tabl
Advances to third parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of advances to third parties | Advances to third parties comprise the following: 2022 2021 $ $ Advances to a third party independent sales organization 2,154 16,616 Other 146 164 2,300 16,780 Current portion (579) (3,104) Long-term portion 1,721 13,676 |
Schedule of movement in advances to third parties | The movement in the advances to a third party independent sales organization is as follows: Note 2022 2021 $ $ Balance, beginning of year 16,616 46,680 Interest on advances to a third party 546 2,568 Merchant residuals received (2,041) (9,036) Settlement of advances to a third party 9 (12,967) (23,687) Fair value remeasurement — 91 Balance, end of year 2,154 16,616 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Schedule of property and equipment | Note Point-of-sale terminals Computer equipment Office equipment, furniture and fixtures Leasehold improvements Right-of-use Total $ $ $ $ $ Cost Balance as at December 31, 2020 2,949 4,796 1,181 3,665 11,994 24,585 Acquisitions 649 4,452 374 253 1,747 7,475 Acquisition through business combinations 4 41 446 111 19 — 617 Effect of movements in exchange rates (7) 70 76 (36) 65 168 Balance as at December 31, 2021 3,632 9,764 1,742 3,901 13,806 32,845 Acquisitions 1,182 10,810 529 1,223 8,376 22,120 Disposal — (2,038) (24) (220) — (2,282) Fully depreciated assets — (945) — (196) (424) (1,565) Effect of movements in exchange rates (280) (228) (14) 7 (233) (748) Balance as at December 31, 2022 4,534 17,363 2,233 4,715 21,525 50,370 Accumulated depreciation Balance as at December 31, 2020 1,664 1,252 327 920 3,885 8,048 Depreciation 556 2,373 223 341 2,318 5,811 Effect of movement in exchange rates — 100 18 (8) 20 130 Balance as at December 31, 2021 2,220 3,725 568 1,253 6,223 13,989 Depreciation 597 3,815 280 451 3,340 8,483 Disposal — (2,036) (13) (87) — (2,136) Fully depreciated assets — (945) — (196) (424) (1,565) Effect of movement in exchange rates (163) (48) (8) (16) (47) (282) Balance as at December 31, 2022 2,654 4,511 827 1,405 9,092 18,489 Carrying amounts At December 31, 2021 1,412 6,039 1,174 2,648 7,583 18,856 At December 31, 2022 1,880 12,852 1,406 3,310 12,433 31,881 |
Intangible assets and goodwill
Intangible assets and goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets and goodwill | Note Technologies Partner and merchant relationships Development cost and software Distributor commission buyouts Trademarks Total intangible assets Goodwill $ $ $ $ $ $ $ Cost Balance as at December 31, 2020 260,002 357,332 48,115 — 9,323 674,772 969,820 Acquisitions 95 — 25,217 — — 25,312 — Acquisition through business combinations 4 147,198 122,232 — — 2,618 272,048 172,472 Settlement of advances to a third party 7 — 23,687 — — — 23,687 — Effect of movements in exchange rates (4,963) (8,141) (178) — (6) (13,288) (15,524) Balance as at December 31, 2021 402,332 495,110 73,154 — 11,935 982,531 1,126,768 Acquisitions 173 — 34,405 2,597 — 37,175 — Acquisition through business combinations 4 — — — — — — (1,359) Settlement of advances to a third party 7 — 12,967 — — — 12,967 — Transfer — 137 (137) — — — — Disposal — — (36) — — (36) — Fully amortized assets (3,344) (114,781) — — (7,109) (125,234) — Effect of movements in exchange rates (3,478) (6,504) (1,221) (59) — (11,262) (10,816) Balance as at December 31, 2022 395,683 386,929 106,165 2,538 4,826 896,141 1,114,593 Accumulated amortization Balance as at December 31, 2020 22,444 99,016 21,334 — 7,746 150,540 — Amortization 22,589 49,395 11,976 — 1,057 85,017 — Effect of movements in exchange rates (271) (355) — — — (626) — Balance as at December 31, 2021 44,762 148,056 33,310 — 8,803 234,931 — Amortization 29,118 47,214 15,584 — 1,093 93,009 — Disposal — — (7) — — (7) — Fully amortized assets (3,344) (114,781) — — (7,109) (125,234) — Effect of movements in exchange rates (266) (432) (855) — — (1,553) — Balance as at December 31, 2022 70,270 80,057 48,032 — 2,787 201,146 — Carrying amounts At December 31, 2021 357,570 347,054 39,844 — 3,132 747,600 1,126,768 At December 31, 2022 325,413 306,872 58,133 2,538 2,039 694,995 1,114,593 Nuvei 1 Digital 2 LPP Total Notes $ $ $ $ Balance as at December 31, 2020 313,560 640,877 15,383 969,820 Acquisitions through business combinations 4 60,178 112,294 — 172,472 Effect of movements in exchange rates — (15,524) — (15,524) Balance as at December 31, 2021 373,738 737,647 15,383 1,126,768 Acquisitions through business combinations 4 (1,359) — — (1,359) Effect of movements in exchange rates — (10,816) — (10,816) Balance as at December 31, 2022 372,379 726,831 15,383 1,114,593 1 Includes the acquisitions of Base and Mazooma (note 4) 2 Includes the acquisitions of Simplex and Paymentez (note 4) |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Schedule of trade and other payables | Trade and other payables comprise the following: 2022 2021 $ $ Trade payables 43,813 29,720 Accrued bonuses and other compensation-related liabilities 36,379 30,460 Sales tax payable 8,007 10,358 Interest payable 458 262 Due to processors 6,923 6,497 Due to merchants not related to segregated funds 20,076 14,991 Other accrued liabilities 9,877 9,560 125,533 101,848 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of other current liabilities | Other current liabilities comprise the following: Note 2022 2021 $ $ Provision for losses on merchant accounts 2,693 6,265 Contingent consideration 21 — 3,004 LPP put option liability 21 — 531 Other 1,531 3,426 4,224 13,226 |
Schedule of movements in provision for losses on merchant accounts | The movements in the provision for losses on merchant accounts are as follows: 2022 2021 $ $ Balance – Beginning of year 6,265 6,694 Provision made during the year 2,818 2,199 Provision used or reversed during the year (6,390) (2,628) Balance – End of year 2,693 6,265 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of loans and borrowings | The terms and conditions of the Company’s loans and borrowings are as follows: December 31, December 31, Notes Facility Carrying Facility Carrying $ $ $ $ Amended and Restated Credit Facility (a), (b) First lien credit facilities Term loan facilities 504,292 498,199 511,971 500,282 Revolving credit facility 385,000 — 385,000 — Total credit facilities 498,199 500,282 Lease liabilities (c) 12,555 8,313 510,754 508,595 Current portion of loans and borrowings (8,652) (7,349) Loans and borrowings 502,102 501,246 |
Schedule of lease amounts recognized in profit or loss and comprehensive income or loss | Amounts recognized in the consolidated statements of profit or loss and comprehensive income or loss relating to lease liabilities are as follow: Leases under IFRS 16 2022 2021 $ $ Interest expense on lease liabilities 573 382 Foreign exchange gain (560) (45) Variable lease payments 782 1,859 795 2,196 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Schedule of outstanding share capital | Classified as equity 2022 2021 Quantity Value Quantity Value Shares $ Shares $ Company’s share capital Subordinate Voting Shares Balance – Beginning of year 66,929,432 1,656,314 45,924,637 1,139,723 Conversion of Multiple Voting Shares — — 16,183,189 85,271 Exercise of equity-settled share-based payments 192,919 6,061 1,233,084 11,711 Issuance under Nasdaq listing — — 3,450,000 424,833 Share repurchase under NCIB (3,660,743) (90,574) — — Issuance for acquisition — — 138,522 11,387 Issuance fees — — — (16,611) Balance – End of year 63,461,608 1,571,801 66,929,432 1,656,314 Multiple Voting Shares Balance – Beginning of year 76,064,619 400,791 92,247,808 486,062 Conversion into Subordinate Voting Shares — — (16,183,189) (85,271) Balance – End of year 76,064,619 400,791 76,064,619 400,791 Total 139,526,227 1,972,592 142,994,051 2,057,105 |
Schedule of share repurchase liability | The fair value of the share repurchase liability was determined using the Company's quoted share price. The change in share repurchase liability during the year ended December 31, 2022 was as follows: 2022 $ Balance - beginning of year — Initial fair value of share repurchase liability 43,923 Shares repurchased under the ASPP (36,774) Change in fair value of share repurchase liability (5,710) Other (1,439) Balance - end of year — |
Revenue and expenses by nature
Revenue and expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of revenue and expenses by nature | 2022 2021 $ $ Revenue Merchant transaction and processing services revenue 835,093 715,769 Other revenue 8,230 8,757 843,323 724,526 Cost of revenue Processing cost 166,995 143,261 Cost of goods sold 4,430 4,494 171,425 147,755 Selling, general and administrative expenses Commissions 113,287 125,531 Employee compensation 155,359 109,798 Share-based payments 139,103 53,180 Depreciation and amortization 101,492 90,828 Professional fees 32,387 24,532 Transaction losses (recovery) (143) 2,662 Contingent consideration adjustment (992) — Other 50,473 24,772 590,966 431,303 |
Net finance costs (Tables)
Net finance costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowing costs [abstract] | |
Schedule of net finance costs | 2022 2021 $ $ Finance income Interest on advances to third parties and interest income (13,694) (2,859) Finance cost Interest on loans and borrowings (excluding lease liabilities) 26,186 16,380 Change in fair value of share repurchase liability (5,710) — Interest expense on lease liabilities 573 382 Other interest expense 1,792 117 22,841 16,879 Net finance cost 9,147 14,020 |
Share-based payment arrangeme_2
Share-based payment arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Schedule of outstanding stock options | The table below summarizes the changes in the outstanding RSUs, PSUs, DSUs, and stock options for the years ended December 31, 2022 and 2021: Stock options Restricted share units Performance share units Deferred share units Quantity Weighted $ Outstanding, beginning of year 2021 — — 3,076 6,970,505 16.59 Forfeited (617) — — (264,395) 30.06 Granted 972,714 1,395,169 7,295 3,374,192 117.25 Exercised — — — (1,233,084) 7.29 Outstanding, end of year 2021 972,097 1 1,395,169 10,371 8,847,218 55.87 Forfeited (53,947) — — (194,517) 53.96 Granted 3,067,155 383,262 38,225 41,845 37.97 Exercised (92,662) — — (100,257) 20.69 Outstanding, end of year 2022 3,892,643 1 1,778,431 48,596 8,594,289 56.24 Exercisable, end of year 2021 — — 10,371 2,656,976 8.95 Exercisable, end of year 2022 241,732 141,122 48,596 3,762,900 22.30 Granted - Weighted average grant date fair value 2021 $97.11 $92.74 $71.65 $31.48 — Granted - Weighted average grant date fair value 2022 $38.45 $49.76 $30.79 $7.01 — 1 484,590 RSUs outstanding were granted in 2021 to a third party consultant. However the Company and the third party consultant only reached a mutual understanding of the services to be rendered by the consultant in 2022. As a result, the accounting grant date of the 484,590 RSUs was met in March 2022. The fair value of the services of $25,000 was estimated at the grant date. |
Schedule of outstanding RSUs, PSUs, and DSUs | The table below summarizes the changes in the outstanding RSUs, PSUs, DSUs, and stock options for the years ended December 31, 2022 and 2021: Stock options Restricted share units Performance share units Deferred share units Quantity Weighted $ Outstanding, beginning of year 2021 — — 3,076 6,970,505 16.59 Forfeited (617) — — (264,395) 30.06 Granted 972,714 1,395,169 7,295 3,374,192 117.25 Exercised — — — (1,233,084) 7.29 Outstanding, end of year 2021 972,097 1 1,395,169 10,371 8,847,218 55.87 Forfeited (53,947) — — (194,517) 53.96 Granted 3,067,155 383,262 38,225 41,845 37.97 Exercised (92,662) — — (100,257) 20.69 Outstanding, end of year 2022 3,892,643 1 1,778,431 48,596 8,594,289 56.24 Exercisable, end of year 2021 — — 10,371 2,656,976 8.95 Exercisable, end of year 2022 241,732 141,122 48,596 3,762,900 22.30 Granted - Weighted average grant date fair value 2021 $97.11 $92.74 $71.65 $31.48 — Granted - Weighted average grant date fair value 2022 $38.45 $49.76 $30.79 $7.01 — 1 484,590 RSUs outstanding were granted in 2021 to a third party consultant. However the Company and the third party consultant only reached a mutual understanding of the services to be rendered by the consultant in 2022. As a result, the accounting grant date of the 484,590 RSUs was met in March 2022. The fair value of the services of $25,000 was estimated at the grant date. |
Schedule of stock options outstanding and exercisable weighted average remaining term | The table below summarizes the share-based payments units outstanding based on the greater of the exercise price and the share price to be reached under the market performance conditions: As at December 31, 2022 For the year ended December 31, 2022 Units outstanding Unrecognized share-based payments Share-based payments $ $ $0.00 - $37.51 9,908,931 121,004 78,388 $47.21 - $78.58 727,407 1,582 3,546 $104.53 and above 3,677,621 71,519 57,169 Total 14,313,959 194,105 139,103 The following table summarizes information about stock options outstanding and exercisable as at December 31, 2022: Options outstanding Options exercisable Exercise price Number Weighted Number Weighted 2.80 1,059,719 5.1 1,059,719 5.1 3.42 – 4.00 827,740 5.7 827,740 5.7 4.70 – 6.30 96,794 6.2 96,794 6.2 11.51 – 17.22 556,312 7.1 276,742 7.0 26.00 – 47.21 2,743,506 7.8 1,036,602 7.8 56.75 – 78.58 297,597 4.7 245,637 3.9 104.53 – 127.33 3,012,621 8.7 219,666 8.7 8,594,289 7.4 3,762,900 6.3 |
Schedule of stock options outstanding and exercisable by exercise price | The table below summarizes the share-based payments units outstanding based on the greater of the exercise price and the share price to be reached under the market performance conditions: As at December 31, 2022 For the year ended December 31, 2022 Units outstanding Unrecognized share-based payments Share-based payments $ $ $0.00 - $37.51 9,908,931 121,004 78,388 $47.21 - $78.58 727,407 1,582 3,546 $104.53 and above 3,677,621 71,519 57,169 Total 14,313,959 194,105 139,103 The following table summarizes information about stock options outstanding and exercisable as at December 31, 2022: Options outstanding Options exercisable Exercise price Number Weighted Number Weighted 2.80 1,059,719 5.1 1,059,719 5.1 3.42 – 4.00 827,740 5.7 827,740 5.7 4.70 – 6.30 96,794 6.2 96,794 6.2 11.51 – 17.22 556,312 7.1 276,742 7.0 26.00 – 47.21 2,743,506 7.8 1,036,602 7.8 56.75 – 78.58 297,597 4.7 245,637 3.9 104.53 – 127.33 3,012,621 8.7 219,666 8.7 8,594,289 7.4 3,762,900 6.3 |
Schedule of stock options weighted average assumptions | The fair value of stock options granted during the years ended December 31, 2022 and 2021, was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: 2022 2021 Share price $37.97 $117.25 Exercise price $37.97 $117.25 Risk-free interest rate 2.98% 1.08% Expected volatility 41.3% 33.4% Expected term 1.1 years 5.9 years |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Schedule of variations of income tax (expense) recovery from rates applicable to income before income taxes | Variations of income tax expense (recovery) from the basic Canadian federal and provincial combined tax rates applicable to income before income taxes are as follows: 2022 2021 $ % $ % Income before income taxes 87,537 131,961 Statutory tax rates 26.5 26.5 Income taxes expense at statutory rate 23,197 34,970 Add (deduct) effect of Permanent difference items 2,564 103 Rate differential (22,071) (20,116) Prior year adjustments (2,385) (4,280) Change in unrecognized deductible temporary differences (2,600) 3,975 Share-based payments 26,984 9,566 Other (107) 698 Total tax expense 25,582 24,916 |
Schedule of details and components of income tax expense (recovery) | The details of income tax expense (recovery) are as follows: 2022 2021 $ $ Income tax expense (recovery) Current 38,527 34,914 Deferred (12,945) (9,998) 25,582 24,916 The components of current income tax expense are as follows: 2022 2021 $ $ Current income tax expense Current 38,139 34,635 Adjustment of prior year income tax expense 388 279 38,527 34,914 The components of deferred income tax expense (recovery) are as follows: 2022 2021 $ $ Deferred income tax expense (recovery) Origination and reversal of temporary differences (7,571) (9,417) Change in unrecognized deductible temporary differences (2,600) 3,975 Adjustment of prior year income tax recovery (2,774) (4,556) (12,945) (9,998) |
Schedule of deferred income taxes | The details of changes of deferred income taxes are as follows for the year ended December 31, 2022: Deferred tax assets (liabilities) as at December 31, 2021 Recognized in net income Business combinations Equity Foreign currency exchange differences Deferred tax assets (liabilities) as at December 31, 2022 $ $ $ $ $ $ Deferred tax assets Share-based payments 4,314 1,798 — (2,887) (97) 3,128 Net operating tax losses carried forward 4,018 468 1,272 594 80 6,432 Intangible assets 3,925 2,526 — — 9 6,460 Accrued liabilities 2,924 883 27 — (4) 3,830 Total deferred tax assets 15,181 5,675 1,299 (2,293) (12) 19,850 Deferred tax liabilities Intangible assets (70,043) 5,728 — — 1,780 (62,535) Other (1,800) 1,134 — — 5 (661) Property and equipment (905) 684 — — (192) (413) Deferred costs (497) (276) — — — (773) Total deferred tax liabilities (73,245) 7,270 — — 1,593 (64,382) Total net deferred tax assets (liabilities) (58,064) 12,945 1,299 (2,293) 1,581 (44,532) The details of changes of deferred income taxes are as follows for the year ended December 31, 2021: Deferred tax assets (liabilities) as at December 31, 2020 Recognized in net loss Business combination Equity Foreign currency exchange differences Deferred tax assets (liabilities) as at December 31, 2021 $ $ $ $ $ $ Deferred tax assets Share-based payments — 551 — 3,763 — 4,314 Net operating tax losses carried forward 2,286 1,708 24 — — 4,018 Intangible assets 3,117 4,637 (3,829) — — 3,925 Accrued liabilities 1,810 665 374 — 75 2,924 Total deferred tax assets 7,213 7,561 (3,431) 3,763 75 15,181 Deferred tax liabilities Intangible assets (54,267) 7,588 (26,740) — 3,376 (70,043) Other 1,899 (4,916) 1,073 — 144 (1,800) Property and equipment (773) (132) — — — (905) Deferred costs (392) (103) — — (2) (497) Total deferred tax liabilities (53,533) 2,437 (25,667) — 3,518 (73,245) Total net deferred tax assets (liabilities) (46,320) 9,998 (29,098) 3,763 3,593 (58,064) The deferred income taxes are presented on the consolidated statements of financial position as follows: 2022 2021 $ $ Deferred tax assets 17,172 13,036 Deferred tax liabilities (61,704) (71,100) (44,532) (58,064) |
Schedule of unrecognized deferred income tax assets | Unrecognized deferred income tax assets balances are as follows: 2022 2021 $ $ Net operating tax losses carried forward 24,973 24,865 Unused tax credits 515 — Deductible temporary differences, including capital losses 26,312 12,132 |
Schedule of net operating tax losses carried forward with no deferred tax asset | The net operating tax losses carried forward for which no deferred income tax asset was recognized expire as follows: As at December 31, 2022 Gross amount of net operating tax losses carried forward Tax-effected Expiry Period $ $ Expire 91,163 24,165 2031 to 2042 Never expire 4,586 808 N/A 95,749 24,973 As at December 31, 2021 Gross amount of net operating tax losses carried forward Tax-effected Expiry Period $ $ Expire 92,412 24,436 2031 to 2041 Never expire 2,413 429 N/A 94,825 24,865 |
Disclosure of unused tax credits | The unused tax credits for which no deferred income tax asset was recognized expire as follows: As at December 31, 2022 Unused tax credits Expiry period $ $ Expire 515 2031 to 2032 Never expire 0 N/A 515 |
Net income per share (Tables)
Net income per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Schedule of net income (loss) per share | Years ended 2022 2021 $ $ Net income attributable to common shareholders of the Company (basic and diluted) 56,732 102,293 Weighted average number of common shares outstanding – basic 141,555,788 139,729,116 Effect of dilutive securities 3,047,697 4,712,386 Weighted average number of common shares outstanding – diluted 144,603,485 144,441,502 Net income per share attributable to common shareholders of the Company: Basic 0.40 0.73 Diluted 0.39 0.71 |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Segments [Abstract] | |
Schedule of geographic information | In presenting the geographic information, revenue has been based on the billing location of merchants and non-current assets were based on the geographic location of the assets. 2022 2021 $ $ Revenue North America 336,563 301,257 Europe, Middle East and Africa 465,935 394,758 Latin America 33,105 22,841 Asia Pacific 7,720 5,670 843,323 724,526 Non-current assets exclude financial assets and deferred tax assets, when applicable. 2022 2021 $ $ Non-current assets Canada 1,005,845 1,083,594 United States 207,948 252,577 European Union 625,411 552,372 Rest of the world 3,262 5,772 1,842,466 1,894,315 |
Financial instruments and com_2
Financial instruments and commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Schedule of contractual maturities of financial liabilities and purchase commitments | The following are the contractual maturities of financial liabilities and purchase commitments, including estimated interest payments, as at December 31, 2022: Contractual cash flows Carrying amount Total Less than 1 year 1 to 5 years More than 5 years $ $ $ $ $ Trade and other payables (excluding sales tax) 117,526 117,526 117,526 — — Due to merchants 823,666 823,666 823,666 — — Credit facilities 498,199 595,425 38,182 557,243 — Lease liabilities 12,555 14,133 4,109 7,743 2,281 Other liabilities (a) 6,658 5,731 3,851 1,880 — Contractual commitments — — — — — 1,458,604 1,556,481 987,334 566,866 2,281 Segregated funds (823,666) (823,666) (823,666) — — 634,938 732,815 163,668 566,866 2,281 (a) Other liabilities includes deferred revenue which will not require contractual cash flows. |
Schedule of foreign exchange currency exposures and effects on equity and net income | The following table provides an indication of the Company’s significant foreign exchange currency exposures as stated in US dollars at the following dates: CAD EUR GBP ILS Other Total $ $ $ $ $ $ December 31, 2022 Cash 1,735 43,691 6,267 1,482 18,313 71,488 Trade and other receivables 16,035 3,759 1,659 804 10,270 32,527 Trade and other payables (18,560) (27,141) (2,973) (12,529) (18,323) (79,526) Lease liabilities — (1,589) (941) (2,389) (1,803) (6,722) Net financial position exposure (790) 18,720 4,012 (12,632) 8,457 17,767 December 31, 2021 Net financial position exposure (8,398) 17,359 8,752 (14,356) 3,948 7,305 A 10% strengthening of the above currencies against the US dollar would have affected the measurement of financial instruments denominated in these currencies and affected equity and net income by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. CAD EUR GBP ILS Other Total $ $ $ $ $ $ 2022 Increase (decrease) on equity and net income (79) 1,872 401 (1,263) 846 1,777 2021 Increase (decrease) on equity and net loss (840) 1,736 875 (1,435) 395 731 |
Schedule of exposure to interest rate risk | The Company’s exposure to interest rate risk as at December 31, 2022 and 2021 is as follows: Cash and cash equivalents Variable interest rate Advances to third parties Note 7 Processor deposits Variable interest rate Loans and borrowings Note 12 Other liabilities Note 11 |
Determination of fair values (T
Determination of fair values (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Schedule of fair value of financial liabilities | As at December 31, 2022 and December 31, 2021, financial instruments measured at fair value in the consolidated statements of financial position were as follows: Notes Fair value hierarchy December 31, December 31, $ $ Assets Investments Level 1 1,002 1,112 Investments Level 3 2,148 1,148 Advances to a third party independent sales organization 7 Level 3 2,154 16,616 Liabilities Contingent considerations 4, 11 Level 3 — 3,004 LPP put option liability 11 Level 3 — 531 The following table presents the changes in level 3 items for the years ended December 31, 2022 and 2021: Advances to a Investments LPP put Contingent $ $ $ $ Balance at December 31, 2020 46,680 1,148 1,036 — Business combinations — — — 3,004 Merchant residuals received, net of interest on advances to a third parties (6,468) — — — Settlement of advances to a third party (23,687) — — — Fair value remeasurement 91 — (505) — Balance at December 31, 2021 16,616 1,148 531 3,004 Acquisition — 1,000 — — Settlement — — — (2,012) Merchant residuals received, net of interest on advances to a third parties (1,495) — — — Settlement of advances to a third party (12,967) — — — Fair value remeasurement — — (531) (992) Balance at December 31 2022 2,154 2,148 — — |
Schedule of fair value of financial assets | As at December 31, 2022 and December 31, 2021, financial instruments measured at fair value in the consolidated statements of financial position were as follows: Notes Fair value hierarchy December 31, December 31, $ $ Assets Investments Level 1 1,002 1,112 Investments Level 3 2,148 1,148 Advances to a third party independent sales organization 7 Level 3 2,154 16,616 Liabilities Contingent considerations 4, 11 Level 3 — 3,004 LPP put option liability 11 Level 3 — 531 The following table presents the changes in level 3 items for the years ended December 31, 2022 and 2021: Advances to a Investments LPP put Contingent $ $ $ $ Balance at December 31, 2020 46,680 1,148 1,036 — Business combinations — — — 3,004 Merchant residuals received, net of interest on advances to a third parties (6,468) — — — Settlement of advances to a third party (23,687) — — — Fair value remeasurement 91 — (505) — Balance at December 31, 2021 16,616 1,148 531 3,004 Acquisition — 1,000 — — Settlement — — — (2,012) Merchant residuals received, net of interest on advances to a third parties (1,495) — — — Settlement of advances to a third party (12,967) — — — Fair value remeasurement — — (531) (992) Balance at December 31 2022 2,154 2,148 — — |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Schedule of transactions between related parties | Transactions with key management personnel Key management personnel compensation comprises the following: 2022 2021 $ $ Salaries and short-term employee benefits 6,007 5,861 Share-based payments 71,286 23,895 77,293 29,756 Other related party transactions Transaction value Balance outstanding December 31, 2022 2021 2022 2021 $ $ $ $ Expenses – Travel (i) 1,139 305 137 28 (i) In the normal course of operations, the Company receives services from a company owned by a shareholder of the Company. The services received consist of travel services. |
Supplementary cash flow discl_2
Supplementary cash flow disclosure (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
Schedule of supplementary cash llow disclosure | 2022 2021 $ $ Changes in non-cash working capital items: Trade and other receivables 1 (19,714) 4,154 Inventory (840) (1,197) Prepaid expenses (3,771) (3,476) Contract assets (1,769) (1,720) Trade and other payables 24,266 24,951 Other current and non-current liabilities (9,053) (1,380) (10,881) 21,332 1 Interest received on cash and cash equivalents has been presented separately within cash flows from operating activities (previously was presented within cash flow movements on trade and other receivables). The comparative amount was $272 for the year ended December 31, 2021. |
Basis of preparation and cons_2
Basis of preparation and consolidation (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Basis Of Preparation And Consolidation [Abstract] | |
Number of reportable segments | 1 |
Significant accounting polici_4
Significant accounting policies and new accounting standards - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Sep. 30, 2023 | Dec. 31, 2021 | |
Disclosure Of Accounting Policies [Line Items] | |||
Right-of-use assets | $ 0 | ||
Total leverage ratio | 7 | 7.50 | |
Forecast | |||
Disclosure Of Accounting Policies [Line Items] | |||
Total leverage ratio | 6.50 | ||
Minimum | |||
Disclosure Of Accounting Policies [Line Items] | |||
Contract assets amortization period (in years) | 3 years | ||
Maximum | |||
Disclosure Of Accounting Policies [Line Items] | |||
Contract assets amortization period (in years) | 5 years | ||
Facilities lease term (in years) | 10 years |
Significant accounting polici_5
Significant accounting policies and new accounting standards - Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loan Payment Pro ("LPP") | United States | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 60% |
Nuvei Commerce LLC | United States | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
Nuvei Consulting Services Ltd. | Israel | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
Nuvei International Group Limited | Guernsey | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
Nuvei Ltd. | Cyprus | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
Nuvei Technologies Corp. | Canada | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
Nuvei Technologies Inc. | United States | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
Nuvei Technology & Services B.V. | Netherlands | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
Nuvei US LLC | United States | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | |
SimplexCC Ltd. | Israel | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% |
Significant accounting polici_6
Significant accounting policies and new accounting standards - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Point-of-sale terminals | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (in years) | 3 years |
Point-of-sale terminals | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (in years) | 5 years |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (in years) | 3 years |
Office equipment, furniture and fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (in years) | 5 years |
Significant accounting polici_7
Significant accounting policies and new accounting standards - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Development cost and software | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 3 years |
Development cost and software | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 5 years |
Trademarks | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 3 years |
Trademarks | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 15 years |
Technologies | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 3 years |
Technologies | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 15 years |
Distributor commission buyouts | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 7 years |
Partner and merchant relationships | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 5 years |
Partner and merchant relationships | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life (in years) | 15 years |
Business combinations - Acquisi
Business combinations - Acquisitions Narrative (Details) $ in Thousands | 12 Months Ended | 17 Months Ended | ||||||
Aug. 03, 2021 USD ($) shares | Jun. 18, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Sep. 01, 2021 USD ($) | Aug. 03, 2021 CAD ($) shares | Jan. 01, 2021 USD ($) | |
Disclosure of detailed information about business combination [line items] | ||||||||
Purchase price | $ 462,214,000 | |||||||
Cash paid | 447,823,000 | |||||||
Contingent consideration | 3,004,000 | |||||||
Equity issuance | 11,387,000 | |||||||
Payment of acquisition-related contingent consideration | $ 2,012,000 | 0 | ||||||
Proceeds from loans and borrowings | 0 | $ 300,000,000 | ||||||
Term loan facilities | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Proceeds from loans and borrowings | $ 300,000,000 | |||||||
Base | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Purchase price | $ 92,678,000 | |||||||
Cash paid | 89,674,000 | |||||||
Contingent consideration | 3,004,000 | |||||||
Gain (loss) arising from difference between carrying amount of financial liability extinguished and consideration paid | 992,000 | |||||||
Equity issuance | $ 0 | |||||||
Mazooma | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Purchase price | $ 54,503,000 | $ 68,342 | ||||||
Cash paid | 43,116,000 | $ 54,063 | ||||||
Contingent consideration | $ 0 | 0 | $ 0 | |||||
Percentage of equity interest acquired (in percent) | 100% | 100% | ||||||
Equity issuance | $ 11,387,000 | $ 14,278 | ||||||
Number of equity shares issued | shares | 138,522 | 138,522 | ||||||
Total maximum consideration, including contingent consideration and initial consideration | $ 316,531,000 | $ 400,000 | ||||||
Contingent consideration performance metric term (in years) | 3 years | |||||||
Payment of acquisition-related contingent consideration | $ 0 | |||||||
Increase (decrease) in deferred tax liability (asset) | (1,299,000) | |||||||
Increase (decrease) in income taxes payable | (60,000) | |||||||
Acquisitions through business combinations | $ (1,359,000) | |||||||
Simplex | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Purchase price | $ 290,574,000 | |||||||
Cash paid | 290,574,000 | |||||||
Contingent consideration | $ 0 | |||||||
Percentage of equity interest acquired (in percent) | 100% | |||||||
Equity issuance | $ 0 | |||||||
Cash paid relating to working capital and closing adjustments | 40,574,000 | |||||||
Paymentez | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Purchase price | 24,459,000 | |||||||
Cash paid | 24,459,000 | |||||||
Contingent consideration | $ 0 | |||||||
Percentage of equity interest acquired (in percent) | 100% | |||||||
Equity issuance | $ 0 |
Business combinations - Purchas
Business combinations - Purchase Price Allocation (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 01, 2021 USD ($) | Aug. 03, 2021 USD ($) | Aug. 03, 2021 CAD ($) | Jan. 01, 2021 USD ($) |
Assets | ||||||
Cash | $ 60,169,000 | |||||
Segregated funds | 144,371,000 | |||||
Trade and other receivables | 11,633,000 | |||||
Prepaid expenses | 280,000 | |||||
Property and equipment | 617,000 | |||||
Processor deposits | 1,385,000 | |||||
Other non-current assets | 1,109,000 | |||||
Trademarks | 2,618,000 | |||||
Technologies | 147,198,000 | |||||
Partner and merchant relationships | 122,232,000 | |||||
Goodwill | 171,113,000 | |||||
Deferred tax assets | 24,000 | |||||
Assets | 662,749,000 | |||||
Liabilities | ||||||
Trade and other payables | (14,740,000) | |||||
Other current liabilities | (1,763,000) | |||||
Due to merchants | (144,371,000) | |||||
Income taxes payable | (10,339,000) | |||||
Deferred tax liabilities | (27,823,000) | |||||
Other non-current liabilities | (1,499,000) | |||||
Net assets acquired | 462,214,000 | |||||
Total consideration | ||||||
Cash paid | 447,823,000 | |||||
Equity issuance | 11,387,000 | |||||
Contingent consideration | 3,004,000 | |||||
Total | $ 462,214,000 | |||||
Base | ||||||
Assets | ||||||
Cash | $ 744,000 | |||||
Segregated funds | 122,139,000 | |||||
Trade and other receivables | 6,860,000 | |||||
Prepaid expenses | 42,000 | |||||
Property and equipment | 160,000 | |||||
Processor deposits | 1,385,000 | |||||
Other non-current assets | 0 | |||||
Trademarks | 2,396,000 | |||||
Technologies | 8,809,000 | |||||
Partner and merchant relationships | 47,232,000 | |||||
Goodwill | 32,109,000 | |||||
Deferred tax assets | 0 | |||||
Assets | 221,876,000 | |||||
Liabilities | ||||||
Trade and other payables | (7,059,000) | |||||
Other current liabilities | 0 | |||||
Due to merchants | (122,139,000) | |||||
Income taxes payable | 0 | |||||
Deferred tax liabilities | 0 | |||||
Other non-current liabilities | 0 | |||||
Net assets acquired | 92,678,000 | |||||
Total consideration | ||||||
Cash paid | 89,674,000 | |||||
Equity issuance | 0 | |||||
Contingent consideration | 3,004,000 | |||||
Total | $ 92,678,000 | |||||
Mazooma | ||||||
Assets | ||||||
Cash | $ 5,369,000 | |||||
Segregated funds | 18,506,000 | |||||
Trade and other receivables | 809,000 | |||||
Prepaid expenses | 238,000 | |||||
Property and equipment | 0 | |||||
Processor deposits | 0 | |||||
Other non-current assets | 0 | |||||
Trademarks | 0 | |||||
Technologies | 22,076,000 | |||||
Partner and merchant relationships | 15,158,000 | |||||
Goodwill | 26,710,000 | |||||
Deferred tax assets | 0 | |||||
Assets | 88,866,000 | |||||
Liabilities | ||||||
Trade and other payables | (290,000) | |||||
Other current liabilities | (1,763,000) | |||||
Due to merchants | (18,506,000) | |||||
Income taxes payable | (5,505,000) | |||||
Deferred tax liabilities | (8,299,000) | |||||
Other non-current liabilities | 0 | |||||
Net assets acquired | 54,503,000 | |||||
Total consideration | ||||||
Cash paid | 43,116,000 | $ 54,063 | ||||
Equity issuance | 11,387,000 | 14,278 | ||||
Contingent consideration | $ 0 | 0 | ||||
Total | $ 54,503,000 | $ 68,342 | ||||
Simplex | ||||||
Assets | ||||||
Cash | $ 52,832,000 | |||||
Segregated funds | 3,632,000 | |||||
Trade and other receivables | 3,641,000 | |||||
Prepaid expenses | 0 | |||||
Property and equipment | 428,000 | |||||
Processor deposits | 0 | |||||
Other non-current assets | 0 | |||||
Trademarks | 0 | |||||
Technologies | 105,435,000 | |||||
Partner and merchant relationships | 55,422,000 | |||||
Goodwill | 103,098,000 | |||||
Deferred tax assets | 24,000 | |||||
Assets | 324,512,000 | |||||
Liabilities | ||||||
Trade and other payables | (6,104,000) | |||||
Other current liabilities | 0 | |||||
Due to merchants | (3,632,000) | |||||
Income taxes payable | (4,678,000) | |||||
Deferred tax liabilities | (19,524,000) | |||||
Other non-current liabilities | 0 | |||||
Net assets acquired | 290,574,000 | |||||
Total consideration | ||||||
Cash paid | 290,574,000 | |||||
Equity issuance | 0 | |||||
Contingent consideration | 0 | |||||
Total | 290,574,000 | |||||
Paymentez | ||||||
Assets | ||||||
Cash | 1,224,000 | |||||
Segregated funds | 94,000 | |||||
Trade and other receivables | 323,000 | |||||
Prepaid expenses | 0 | |||||
Property and equipment | 29,000 | |||||
Processor deposits | 0 | |||||
Other non-current assets | 1,109,000 | |||||
Trademarks | 222,000 | |||||
Technologies | 10,878,000 | |||||
Partner and merchant relationships | 4,420,000 | |||||
Goodwill | 9,196,000 | |||||
Deferred tax assets | 0 | |||||
Assets | 27,495,000 | |||||
Liabilities | ||||||
Trade and other payables | (1,287,000) | |||||
Other current liabilities | 0 | |||||
Due to merchants | (94,000) | |||||
Income taxes payable | (156,000) | |||||
Deferred tax liabilities | 0 | |||||
Other non-current liabilities | (1,499,000) | |||||
Net assets acquired | 24,459,000 | |||||
Total consideration | ||||||
Cash paid | 24,459,000 | |||||
Equity issuance | 0 | |||||
Contingent consideration | 0 | |||||
Total | $ 24,459,000 |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | $ 36,298 | $ 29,315 |
Due from processing banks | 19,133 | 5,450 |
Other receivables | 5,797 | 4,497 |
Total | $ 61,228 | $ 39,262 |
Inventory (Details)
Inventory (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Inventories costs included in cost of revenue | $ 2,041,000 | $ 2,202,000 |
Inventory write-down | $ 0 | $ 0 |
Advances to third parties - Sch
Advances to third parties - Schedule of advances to third parties (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Advances to Third Parties [Line Items] | |||
Advances to third parties | $ 2,300 | $ 16,780 | |
Current portion | (579) | (3,104) | |
Long-term portion | 1,721 | 13,676 | |
Advances to a third party independent sales organization | |||
Advances to Third Parties [Line Items] | |||
Advances to third parties | 2,154 | 16,616 | $ 46,680 |
Other | |||
Advances to Third Parties [Line Items] | |||
Advances to third parties | $ 146 | $ 164 |
Advances to third parties - Nar
Advances to third parties - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Minimum guaranteed payments term (in years) | 3 years |
Advances to third parties - Rol
Advances to third parties - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Advances to Third Parties [Line Items] | ||
Balance, beginning of year | $ 16,780 | |
Balance, end of year | 2,300 | $ 16,780 |
Advances to a third party independent sales organization | ||
Advances to Third Parties [Line Items] | ||
Balance, beginning of year | 16,616 | 46,680 |
Interest on advances to a third party | 546 | 2,568 |
Merchant residuals received | (2,041) | (9,036) |
Settlement of advances to a third party | (12,967) | (23,687) |
Fair value remeasurement | 0 | 91 |
Balance, end of year | $ 2,154 | $ 16,616 |
Property and equipment (Details
Property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | $ 18,856 | |
Property and equipment, ending | 31,881 | $ 18,856 |
Point-of-sale terminals | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 1,412 | |
Property and equipment, ending | 1,880 | 1,412 |
Computer equipment | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 6,039 | |
Property and equipment, ending | 12,852 | 6,039 |
Office equipment, furniture and fixtures | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 1,174 | |
Property and equipment, ending | 1,406 | 1,174 |
Leasehold improvements | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 2,648 | |
Property and equipment, ending | 3,310 | 2,648 |
Right-of-use assets – Buildings | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 7,583 | |
Property and equipment, ending | 12,433 | 7,583 |
Cost | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 32,845 | 24,585 |
Acquisitions | 22,120 | 7,475 |
Disposal | 2,282 | |
Acquisition through business combinations | 617 | |
Fully depreciated assets | 1,565 | |
Effect of movements in exchange rates | (748) | 168 |
Property and equipment, ending | 50,370 | 32,845 |
Cost | Point-of-sale terminals | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 3,632 | 2,949 |
Acquisitions | 1,182 | 649 |
Disposal | 0 | |
Acquisition through business combinations | 41 | |
Fully depreciated assets | 0 | |
Effect of movements in exchange rates | (280) | (7) |
Property and equipment, ending | 4,534 | 3,632 |
Cost | Computer equipment | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 9,764 | 4,796 |
Acquisitions | 10,810 | 4,452 |
Disposal | 2,038 | |
Acquisition through business combinations | 446 | |
Fully depreciated assets | 945 | |
Effect of movements in exchange rates | (228) | 70 |
Property and equipment, ending | 17,363 | 9,764 |
Cost | Office equipment, furniture and fixtures | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 1,742 | 1,181 |
Acquisitions | 529 | 374 |
Disposal | 24 | |
Acquisition through business combinations | 111 | |
Fully depreciated assets | 0 | |
Effect of movements in exchange rates | (14) | 76 |
Property and equipment, ending | 2,233 | 1,742 |
Cost | Leasehold improvements | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 3,901 | 3,665 |
Acquisitions | 1,223 | 253 |
Disposal | 220 | |
Acquisition through business combinations | 19 | |
Fully depreciated assets | 196 | |
Effect of movements in exchange rates | 7 | (36) |
Property and equipment, ending | 4,715 | 3,901 |
Cost | Right-of-use assets – Buildings | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | 13,806 | 11,994 |
Acquisitions | 8,376 | 1,747 |
Disposal | 0 | |
Acquisition through business combinations | 0 | |
Fully depreciated assets | 424 | |
Effect of movements in exchange rates | (233) | 65 |
Property and equipment, ending | 21,525 | 13,806 |
Accumulated depreciation | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | (13,989) | (8,048) |
Disposal | (2,136) | |
Fully depreciated assets | (1,565) | |
Depreciation | 8,483 | 5,811 |
Effect of movements in exchange rates | 282 | (130) |
Property and equipment, ending | (18,489) | (13,989) |
Accumulated depreciation | Point-of-sale terminals | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | (2,220) | (1,664) |
Disposal | 0 | |
Fully depreciated assets | 0 | |
Depreciation | 597 | 556 |
Effect of movements in exchange rates | 163 | 0 |
Property and equipment, ending | (2,654) | (2,220) |
Accumulated depreciation | Computer equipment | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | (3,725) | (1,252) |
Disposal | (2,036) | |
Fully depreciated assets | (945) | |
Depreciation | 3,815 | 2,373 |
Effect of movements in exchange rates | 48 | (100) |
Property and equipment, ending | (4,511) | (3,725) |
Accumulated depreciation | Office equipment, furniture and fixtures | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | (568) | (327) |
Disposal | (13) | |
Fully depreciated assets | 0 | |
Depreciation | 280 | 223 |
Effect of movements in exchange rates | 8 | (18) |
Property and equipment, ending | (827) | (568) |
Accumulated depreciation | Leasehold improvements | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | (1,253) | (920) |
Disposal | (87) | |
Fully depreciated assets | (196) | |
Depreciation | 451 | 341 |
Effect of movements in exchange rates | 16 | 8 |
Property and equipment, ending | (1,405) | (1,253) |
Accumulated depreciation | Right-of-use assets – Buildings | ||
Changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning | (6,223) | (3,885) |
Disposal | 0 | |
Fully depreciated assets | (424) | |
Depreciation | 3,340 | 2,318 |
Effect of movements in exchange rates | 47 | (20) |
Property and equipment, ending | $ (9,092) | $ (6,223) |
Intangible assets and goodwil_2
Intangible assets and goodwill - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total intangible assets | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | $ 747,600 | |
Intangible assets and goodwill at end of period | 694,995 | $ 747,600 |
Development cost and software | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 39,844 | |
Intangible assets and goodwill at end of period | 58,133 | 39,844 |
Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 3,132 | |
Intangible assets and goodwill at end of period | 2,039 | 3,132 |
Technologies | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 357,570 | |
Intangible assets and goodwill at end of period | 325,413 | 357,570 |
Distributor commission buyouts | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | |
Intangible assets and goodwill at end of period | 2,538 | 0 |
Partner and merchant relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 347,054 | |
Intangible assets and goodwill at end of period | 306,872 | 347,054 |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 1,126,768 | 969,820 |
Acquisitions through business combinations | (1,359) | 172,472 |
Effect of movements in exchange rates | (10,816) | (15,524) |
Intangible assets and goodwill at end of period | 1,114,593 | 1,126,768 |
Cost | Total intangible assets | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 982,531 | 674,772 |
Acquisitions | 37,175 | 25,312 |
Acquisitions through business combinations | 0 | 272,048 |
Settlement of advances to a third party | 12,967 | 23,687 |
Transfer | 0 | |
Disposal | (36) | |
Fully amortized assets | 125,234 | |
Effect of movements in exchange rates | (11,262) | (13,288) |
Intangible assets and goodwill at end of period | 896,141 | 982,531 |
Cost | Development cost and software | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 73,154 | 48,115 |
Acquisitions | 34,405 | 25,217 |
Acquisitions through business combinations | 0 | 0 |
Settlement of advances to a third party | 0 | 0 |
Transfer | (137) | |
Disposal | (36) | |
Fully amortized assets | 0 | |
Effect of movements in exchange rates | (1,221) | (178) |
Intangible assets and goodwill at end of period | 106,165 | 73,154 |
Cost | Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 11,935 | 9,323 |
Acquisitions | 0 | 0 |
Acquisitions through business combinations | 0 | 2,618 |
Settlement of advances to a third party | 0 | 0 |
Transfer | 0 | |
Disposal | 0 | |
Fully amortized assets | 7,109 | |
Effect of movements in exchange rates | 0 | (6) |
Intangible assets and goodwill at end of period | 4,826 | 11,935 |
Cost | Technologies | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 402,332 | 260,002 |
Acquisitions | 173 | 95 |
Acquisitions through business combinations | 0 | 147,198 |
Settlement of advances to a third party | 0 | 0 |
Transfer | 0 | |
Disposal | 0 | |
Fully amortized assets | 3,344 | |
Effect of movements in exchange rates | (3,478) | (4,963) |
Intangible assets and goodwill at end of period | 395,683 | 402,332 |
Cost | Distributor commission buyouts | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Acquisitions | 2,597 | 0 |
Acquisitions through business combinations | 0 | 0 |
Settlement of advances to a third party | 0 | 0 |
Transfer | 0 | |
Disposal | 0 | |
Fully amortized assets | 0 | |
Effect of movements in exchange rates | (59) | 0 |
Intangible assets and goodwill at end of period | 2,538 | 0 |
Cost | Partner and merchant relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 495,110 | 357,332 |
Acquisitions | 0 | 0 |
Acquisitions through business combinations | 0 | 122,232 |
Settlement of advances to a third party | 12,967 | 23,687 |
Transfer | 137 | |
Disposal | 0 | |
Fully amortized assets | 114,781 | |
Effect of movements in exchange rates | (6,504) | (8,141) |
Intangible assets and goodwill at end of period | 386,929 | 495,110 |
Cost | Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 1,126,768 | 969,820 |
Acquisitions through business combinations | (1,359) | 172,472 |
Settlement of advances to a third party | 0 | 0 |
Transfer | 0 | |
Disposal | 0 | |
Fully amortized assets | 0 | |
Effect of movements in exchange rates | (10,816) | (15,524) |
Intangible assets and goodwill at end of period | 1,114,593 | 1,126,768 |
Accumulated depreciation | Total intangible assets | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (234,931) | (150,540) |
Disposal | 7 | |
Fully amortized assets | (125,234) | |
Amortization | 93,009 | 85,017 |
Effect of movements in exchange rates | 1,553 | 626 |
Intangible assets and goodwill at end of period | (201,146) | (234,931) |
Accumulated depreciation | Development cost and software | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (33,310) | (21,334) |
Disposal | 7 | |
Fully amortized assets | 0 | |
Amortization | 15,584 | 11,976 |
Effect of movements in exchange rates | 855 | 0 |
Intangible assets and goodwill at end of period | (48,032) | (33,310) |
Accumulated depreciation | Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (8,803) | (7,746) |
Disposal | 0 | |
Fully amortized assets | (7,109) | |
Amortization | 1,093 | 1,057 |
Effect of movements in exchange rates | 0 | 0 |
Intangible assets and goodwill at end of period | (2,787) | (8,803) |
Accumulated depreciation | Technologies | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (44,762) | (22,444) |
Disposal | 0 | |
Fully amortized assets | (3,344) | |
Amortization | 29,118 | 22,589 |
Effect of movements in exchange rates | 266 | 271 |
Intangible assets and goodwill at end of period | (70,270) | (44,762) |
Accumulated depreciation | Distributor commission buyouts | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Disposal | 0 | |
Fully amortized assets | 0 | |
Amortization | 0 | 0 |
Effect of movements in exchange rates | 0 | 0 |
Intangible assets and goodwill at end of period | 0 | 0 |
Accumulated depreciation | Partner and merchant relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (148,056) | (99,016) |
Disposal | 0 | |
Fully amortized assets | (114,781) | |
Amortization | 47,214 | 49,395 |
Effect of movements in exchange rates | 432 | 355 |
Intangible assets and goodwill at end of period | (80,057) | (148,056) |
Accumulated depreciation | Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Disposal | 0 | |
Fully amortized assets | 0 | |
Effect of movements in exchange rates | 0 | 0 |
Intangible assets and goodwill at end of period | $ 0 | $ 0 |
Intangible assets and goodwil_3
Intangible assets and goodwill - Goodwill (Details) - Goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | $ 1,126,768 | $ 969,820 |
Acquisitions through business combinations | (1,359) | 172,472 |
Effect of movements in exchange rates | (10,816) | (15,524) |
Intangible assets and goodwill at end of period | 1,114,593 | 1,126,768 |
Nuvei Corporation | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 373,738 | 313,560 |
Acquisitions through business combinations | (1,359) | 60,178 |
Effect of movements in exchange rates | 0 | 0 |
Intangible assets and goodwill at end of period | 372,379 | 373,738 |
Digital Payments | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 737,647 | 640,877 |
Acquisitions through business combinations | 0 | 112,294 |
Effect of movements in exchange rates | (10,816) | (15,524) |
Intangible assets and goodwill at end of period | 726,831 | 737,647 |
Loan Payment Pro ("LPP") | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 15,383 | 15,383 |
Acquisitions through business combinations | 0 | 0 |
Effect of movements in exchange rates | 0 | 0 |
Intangible assets and goodwill at end of period | $ 15,383 | $ 15,383 |
Intangible assets and goodwil_4
Intangible assets and goodwill - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets [Abstract] | ||
Goodwill impairment charge | $ 0 | $ 0 |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables [abstract] | ||
Trade payables | $ 43,813 | $ 29,720 |
Accrued bonuses and other compensation-related liabilities | 36,379 | 30,460 |
Sales tax payable | 8,007 | 10,358 |
Interest payable | 458 | 262 |
Due to processors | 6,923 | 6,497 |
Due to merchants not related to segregated funds | 20,076 | 14,991 |
Other accrued liabilities | 9,877 | 9,560 |
Trade and other current payables | $ 125,533 | $ 101,848 |
Other liabilities - Other Curre
Other liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Provision for losses on merchant accounts | $ 2,693 | $ 6,265 | $ 6,694 |
Contingent consideration | 0 | 3,004 | |
LPP put option liability | 0 | 531 | |
Other | 1,531 | 3,426 | |
Total other current liabilities | $ 4,224 | $ 13,226 |
Other liabilities - Movement in
Other liabilities - Movement in Provision for Losses on Merchant Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in other provisions [abstract] | ||
Provision for losses on merchant accounts, beginning | $ 6,265 | $ 6,694 |
Provision made during the year | 2,818 | 2,199 |
Provision used or reversed during the year | (6,390) | (2,628) |
Provision for losses on merchant accounts, ending | $ 2,693 | $ 6,265 |
Other liabilities - Narrative (
Other liabilities - Narrative (Details) - LPP NCI unitholders | Apr. 07, 2022 USD ($) | Feb. 04, 2022 |
Subclassifications Of Assets, Liabilities And Equities Line Items [Line Items] | ||
Obligation to purchase remaining interest (percent) | 40% | |
Completed purchase obligation (in percent) | 0.40 | |
Purchase obligation paid | $ 39,751 |
Loans and borrowings - Terms an
Loans and borrowings - Terms and Conditions of Loans and Borrowings (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 28, 2021 | Sep. 27, 2021 | Jun. 18, 2021 |
Disclosure of detailed information about borrowings [line items] | |||||
Carrying amount | $ 510,754,000 | $ 508,595,000 | |||
Current portion of loans and borrowings | (8,652,000) | (7,349,000) | |||
Loans and borrowings | 502,102,000 | 501,246,000 | |||
Total credit facilities | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Carrying amount | 498,199,000 | 500,282,000 | |||
Term loan facilities | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Facility | 504,292,000 | 511,971,000 | $ 511,971 | ||
Carrying amount | 498,199,000 | 500,282,000 | 300,000 | ||
Revolving credit facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Facility | 385,000,000 | 385,000,000 | $ 385,000,000 | $ 350,000,000 | $ 350,000 |
Carrying amount | 0 | 0 | |||
Lease liabilities | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Carrying amount | $ 12,555,000 | $ 8,313,000 |
Loans and borrowings - Narrativ
Loans and borrowings - Narrative (Details) | 12 Months Ended | |||||
Jun. 18, 2021 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2023 | Dec. 31, 2021 USD ($) | Sep. 28, 2021 USD ($) | Sep. 27, 2021 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 510,754,000 | $ 508,595,000 | ||||
Total leverage ratio | 7 | 7.50 | ||||
Weighted average incremental borrowing rates used to discount outstanding leases (as a percent) | 4.37% | 4.74% | ||||
Forecast | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total leverage ratio | 6.50 | |||||
Canadian prime rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to ABR rate basis (as a percent) | 1.50% | |||||
LIBOR | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to ABR rate basis (as a percent) | 1% | |||||
Federal funds effective rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to ABR rate basis (as a percent) | 0.50% | |||||
Statutory Reserve Rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to ABR rate basis (as a percent) | 0.50% | |||||
First Lien Credit Facilities | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 498,199,000 | $ 500,282,000 | ||||
First Lien Credit Facilities | CAD | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 0 | 0 | ||||
First Lien Credit Facilities | Alternate base rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 1.50% | |||||
First Lien Credit Facilities | Eurocurrency rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 2.50% | |||||
First Lien Credit Facilities | Canadian prime rate | CAD | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 1.50% | |||||
First Lien Credit Facilities | Banker's acceptance rate | CAD | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 2.50% | |||||
First Lien Credit Facilities | Term SOFR | One Month Period | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 0.11% | |||||
First Lien Credit Facilities | Term SOFR | Three Month Period | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 0.26% | |||||
First Lien Credit Facilities | Term SOFR | Six Month Period | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 0.43% | |||||
First Lien Credit Facilities | Daily simple SOFR | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 0.26% | |||||
Term loan facilities | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowing facility capacity available, minimum | 211,971 | |||||
Total financing capacity available | $ 511,971 | $ 504,292,000 | $ 511,971,000 | |||
Interest rate (as a percent) | 1% | 6.89% | 3% | |||
Term extension | 1 year | |||||
Borrowing costs incurred | $ 5,373 | |||||
Borrowings | 300,000 | $ 498,199,000 | $ 500,282,000 | |||
Revolving credit facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowing facility capacity available, minimum | 100,000 | |||||
Total financing capacity available | $ 350,000 | 385,000,000 | 385,000,000 | $ 385,000,000 | $ 350,000,000 | |
Borrowings | 0 | 0 | ||||
Letter of Credit Facilities | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 46,125 | $ 46,125 |
Loans and borrowings - Amounts
Loans and borrowings - Amounts Recognized Related to Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Interest expense on lease liabilities | $ 573 | $ 382 |
Foreign exchange gain | (15,752) | (513) |
Lease liabilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest expense on lease liabilities | 573 | 382 |
Foreign exchange gain | (560) | (45) |
Variable lease payments | 782 | 1,859 |
Amounts recognized in statements of profit or loss and comprehensive income or loss related to lease liabilities | $ 795 | $ 2,196 |
Share capital - Narrative (Deta
Share capital - Narrative (Details) | 12 Months Ended | |||||
Oct. 08, 2021 USD ($) shares | Dec. 31, 2022 USD ($) vote shares | Dec. 31, 2021 USD ($) offering shares | Mar. 07, 2022 shares | Feb. 28, 2022 | Dec. 31, 2020 shares | |
Disclosure of classes of share capital [line items] | ||||||
Payments to acquire or redeem entity's shares | $ | $ 166,609,000 | $ 0 | ||||
Number of shares outstanding | 139,526,227 | 142,994,051 | ||||
Number of bought deal secondary offerings | offering | 2 | |||||
Normal course issuer bid | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares for repurchase as a percentage of public float (percent) | 10% | |||||
Multiple Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of votes per share | vote | 10 | |||||
Number of shares outstanding | 76,064,619 | 76,064,619 | 92,247,808 | |||
Conversion of multiple voting shares to Subordinate Voting Shares | 0 | (16,183,189) | ||||
Subordinate Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of votes per share | vote | 1 | |||||
Maximum number of shares for repurchase (in shares) | 6,617,416 | |||||
Shares repurchased and cancelled (in shares) | 3,660,743 | |||||
Number of shares outstanding | 63,461,608 | 66,929,432 | 45,924,637 | |||
Issuance for acquisitions (in shares) | 0 | 138,522 | ||||
Issuance for acquisition | $ | $ 0 | $ 11,387,000 | ||||
Issuance under public listings (in shares) | 3,450,000 | 0 | 3,450,000 | |||
Issuance under Nasdaq listing | $ | $ 0 | $ 424,833,000 | ||||
Issuance fees | $ | $ 16,611 | $ 0 | $ 16,611,000 | |||
Conversion of multiple voting shares to Subordinate Voting Shares | 0 | 16,183,189 | ||||
Subordinate Voting Shares | Mazooma | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issuance for acquisitions (in shares) | 138,522 | |||||
Issuance for acquisition | $ | $ 11,387 |
Share capital - Outstanding Sha
Share capital - Outstanding Share Capital (Details) - USD ($) | 12 Months Ended | ||
Oct. 08, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in number of shares outstanding [abstract] | |||
Balance - Beginning of year (in shares) | 142,994,051 | ||
Exercise of equity-settled share-based payments arrangements (in shares) | 100,257 | 1,233,084 | |
Balance - End of year (in shares) | 139,526,227 | 142,994,051 | |
Changes in equity [abstract] | |||
Balance - Beginning of year | $ 2,057,105,000 | ||
Exercise of equity-settled share-based payments | 2,072,000 | $ 8,994,000 | |
Balance - End of year | $ 1,972,592,000 | $ 2,057,105,000 | |
Subordinate Voting Shares | |||
Changes in number of shares outstanding [abstract] | |||
Balance - Beginning of year (in shares) | 66,929,432 | 45,924,637 | |
Conversion of Multiple Voting Shares to Subordinate Voting Shares (in shares) | 0 | 16,183,189 | |
Exercise of equity-settled share-based payments arrangements (in shares) | 192,919 | 1,233,084 | |
Issuance under public listings (in shares) | 3,450,000 | 0 | 3,450,000 |
Share repurchase under NCIB (in shares) | (3,660,743) | 0 | |
Issuance for acquisitions (in shares) | 0 | 138,522 | |
Balance - End of year (in shares) | 63,461,608 | 66,929,432 | |
Changes in equity [abstract] | |||
Balance - Beginning of year | $ 1,656,314,000 | $ 1,139,723,000 | |
Conversion of Multiple Voting Shares to Subordinate Voting Shares | 0 | 85,271,000 | |
Exercise of equity-settled share-based payments | 6,061,000 | 11,711,000 | |
Issuance under Nasdaq listing | 0 | 424,833,000 | |
Share repurchase under NCIB | (90,574,000) | 0 | |
Issuance for acquisition | 0 | 11,387,000 | |
Issuance fees | $ (16,611) | 0 | (16,611,000) |
Balance - End of year | $ 1,571,801,000 | $ 1,656,314,000 | |
Multiple Voting Shares | |||
Changes in number of shares outstanding [abstract] | |||
Balance - Beginning of year (in shares) | 76,064,619 | 92,247,808 | |
Conversion of Multiple Voting Shares to Subordinate Voting Shares (in shares) | 0 | (16,183,189) | |
Balance - End of year (in shares) | 76,064,619 | 76,064,619 | |
Changes in equity [abstract] | |||
Balance - Beginning of year | $ 400,791,000 | $ 486,062,000 | |
Conversion of Multiple Voting Shares to Subordinate Voting Shares | 0 | (85,271,000) | |
Balance - End of year | $ 400,791,000 | $ 400,791,000 |
Share capital - Share Repurchas
Share capital - Share Repurchase Liability (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Balance - beginning of year | $ 0 |
Initial fair value of share repurchase liability | 43,923 |
Shares repurchased under the ASPP | (36,774) |
Change in fair value of share repurchase liability | (5,710) |
Other | (1,439) |
Balance - end of year | $ 0 |
Revenue and expenses by natur_2
Revenue and expenses by nature - Schedule of Revenue and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 843,323 | $ 724,526 |
Cost of revenue | 171,425 | 147,755 |
Selling, general and administrative expenses | ||
Commissions | 113,287 | 125,531 |
Employee compensation | 155,359 | 109,798 |
Share-based payments | 139,103 | 53,180 |
Depreciation and amortization | 101,492 | 90,828 |
Professional fees | 32,387 | 24,532 |
Transaction losses (recovery) | (143) | 2,662 |
Contingent consideration adjustment | (992) | 0 |
Other | 50,473 | 24,772 |
Selling, general and administrative expenses | 590,966 | 431,303 |
Processing cost | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Cost of revenue | 166,995 | 143,261 |
Cost of goods sold | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Cost of revenue | 4,430 | 4,494 |
Merchant transaction and processing services revenue | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 835,093 | 715,769 |
Other revenue | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 8,230 | $ 8,757 |
Net finance costs (Details)
Net finance costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance income | ||
Interest on advances to third parties and interest income | $ (13,694) | $ (2,859) |
Finance cost | ||
Interest on loans and borrowings (excluding lease liabilities) | 26,186 | 16,380 |
Change in fair value of share repurchase liability | (5,710) | 0 |
Interest expense on lease liabilities | 573 | 382 |
Other interest expense | 1,792 | 117 |
Finance cost | 22,841 | 16,879 |
Net finance cost | $ 9,147 | $ 14,020 |
Share-based payment arrangeme_3
Share-based payment arrangements - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Sep. 21, 2017 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Unrecognized share-based payments | $ | $ 194,105 | |||
Share-based payment expense, recognition period (in years) | 4 years | |||
Weighted average basis of share-based payment expense recognition period (in years) | 10 months 24 days | |||
Number of options outstanding (in shares) | 8,594,289 | 8,847,218 | 6,970,505 | |
Restricted share units | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share units granted (in shares) | 3,067,155 | 972,714 | ||
PSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share units granted (in shares) | 383,262 | 1,395,169 | ||
Maximum payout of units (in percent) | 2 | |||
Potential additional shares that could be issued (in shares) | 383,262 | |||
Expected volatility of share price (percent) | 32.50% | |||
Omnibus Incentive Plan | Options | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period (in years) | 5 years | |||
Omnibus Incentive Plan | Restricted share units | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period (in years) | 3 years | |||
Omnibus Incentive Plan | PSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period (in years) | 3 years | |||
Legacy Option Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares authorized for issuance | 11,704,100 | |||
Legacy Option Plan | Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period (in years) | 5 years | |||
Equity award term (in years) | 10 years | |||
Key management personnel | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options outstanding (in shares) | 4,368,267 | 5,351,140 |
Share-based payment arrangeme_4
Share-based payment arrangements - Summary of Share-based Awards (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2022 shares | Dec. 31, 2022 USD ($) shares share $ / shares | Dec. 31, 2021 shares $ / shares | |
Share Units [Abstract] | |||
Share units outstanding, end of year (in shares) | share | 14,313,959 | ||
Stock Options [Abstract] | |||
Stock options outstanding, beginning of year (in shares) | 8,847,218 | 6,970,505 | |
Stock options forfeited (in shares) | (194,517) | (264,395) | |
Stock options granted (in shares) | 41,845 | 3,374,192 | |
Stock options exercised (in shares) | (100,257) | (1,233,084) | |
Stock options outstanding, end of year (in shares) | 8,594,289 | 8,847,218 | |
Stock options exercisable (in shares) | 3,762,900 | 2,656,976 | |
Weighted average grant date fair value, stock options (in dollars per share) | $ / shares | $ 7.01 | $ 31.48 | |
Weighted average exercise price, stock options outstanding, beginning of year (in dollars per share) | $ / shares | 55.87 | 16.59 | |
Weighted average exercise price, stock options forfeited (in dollars per share) | $ / shares | 53.96 | 30.06 | |
Weighted average exercise price, stock options granted (in dollars per share) | $ / shares | 37.97 | 117.25 | |
Weighted average exercise price, stock options exercised (in dollars per share) | $ / shares | 20.69 | 7.29 | |
Weighted average exercise price, stock options outstanding, end of year (in dollars per share) | $ / shares | 56.24 | 55.87 | |
Weighted average exercise price, stock options exercisable (in dollars per share) | $ / shares | $ 22.30 | $ 8.95 | |
Restricted share units | |||
Share Units [Abstract] | |||
Share units outstanding, beginning of year (in shares) | 972,097 | 0 | |
Share units forfeited (in shares) | (53,947) | (617) | |
Share units granted (in shares) | 3,067,155 | 972,714 | |
Share units exercised (in shares) | (92,662) | 0 | |
Share units outstanding, end of year (in shares) | 3,892,643 | 972,097 | |
Share units exercisable (in shares) | 241,732 | 0 | |
Weighted average grant date fair value, share units (in dollars per share) | $ / shares | $ 38.45 | $ 97.11 | |
Share units granted to third party that have not met accounting grant date definition and will be cancelled (in shares) | 484,590 | 484,590 | |
Stock Options [Abstract] | |||
Fair value of services met for RSUs granted | $ | $ 25 | ||
Performance share units | |||
Share Units [Abstract] | |||
Share units outstanding, beginning of year (in shares) | 1,395,169 | 0 | |
Share units forfeited (in shares) | 0 | 0 | |
Share units granted (in shares) | 383,262 | 1,395,169 | |
Share units exercised (in shares) | 0 | 0 | |
Share units outstanding, end of year (in shares) | 1,778,431 | 1,395,169 | |
Share units exercisable (in shares) | 141,122 | 0 | |
Weighted average grant date fair value, share units (in dollars per share) | $ / shares | $ 49.76 | $ 92.74 | |
Deferred share units | |||
Share Units [Abstract] | |||
Share units outstanding, beginning of year (in shares) | 10,371 | 3,076 | |
Share units forfeited (in shares) | 0 | 0 | |
Share units granted (in shares) | 38,225 | 7,295 | |
Share units exercised (in shares) | 0 | 0 | |
Share units outstanding, end of year (in shares) | 48,596 | 10,371 | |
Share units exercisable (in shares) | 48,596 | 10,371 | |
Weighted average grant date fair value, share units (in dollars per share) | $ / shares | $ 30.79 | $ 71.65 |
Share-based payment arrangeme_5
Share-based payment arrangements - Range of Exercise Prices for Share-Based Payment Units (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) share $ / shares | Dec. 31, 2021 USD ($) | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of units outstanding (in shares) | share | 14,313,959 | |
Unrecognized share-based payments | $ 194,105 | |
Share-based payments | $ 139,103 | $ 53,180 |
$0.00 - $37.51 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of units outstanding (in shares) | share | 9,908,931 | |
Exercise price (in dollars per share) | $ / shares | $ 2.80 | |
Unrecognized share-based payments | $ 121,004 | |
Share-based payments | $ 78,388 | |
$0.00 - $37.51 | Minimum | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Exercise price (in dollars per share) | $ / shares | $ 0 | |
$0.00 - $37.51 | Maximum | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Exercise price (in dollars per share) | $ / shares | $ 37.51 | |
$47.21 - $78.58 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of units outstanding (in shares) | share | 727,407 | |
Unrecognized share-based payments | $ 1,582 | |
Share-based payments | $ 3,546 | |
$47.21 - $78.58 | Minimum | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Exercise price (in dollars per share) | $ / shares | $ 47.21 | |
$47.21 - $78.58 | Maximum | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Exercise price (in dollars per share) | $ / shares | $ 78.58 | |
$104.53 and above | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of units outstanding (in shares) | share | 3,677,621 | |
Exercise price (in dollars per share) | $ / shares | $ 104.53 | |
Unrecognized share-based payments | $ 71,519 | |
Share-based payments | $ 57,169 |
Share-based payment arrangeme_6
Share-based payment arrangements - Fair Value Assumptions (Details) - Omnibus Incentive Plan - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price (in dollars per share) | $ 37.97 | $ 117.25 |
Exercise price (in dollars per share) | $ 37.97 | $ 117.25 |
Risk free interest rate (percent) | 2.98% | 1.08% |
Expected volatility (percent) | 41.30% | 33.40% |
Expected term (in years) | 1.1 | 5.9 |
Share-based payment arrangeme_7
Share-based payment arrangements - Summary of Options Outstanding and Exercisable (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 8,594,289 | 8,847,218 | 6,970,505 |
Weighted average remaining contractual term of options outstanding (in years) | 7 years 4 months 24 days | ||
Number of options exercisable (in shares) | 3,762,900 | 2,656,976 | |
Weighted average remaining contractual term of options exercisable (in years) | 6 years 3 months 18 days | ||
2.80 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 2.80 | ||
Number of options outstanding (in shares) | 1,059,719 | ||
Weighted average remaining contractual term of options outstanding (in years) | 5 years 1 month 6 days | ||
Number of options exercisable (in shares) | 1,059,719 | ||
Weighted average remaining contractual term of options exercisable (in years) | 5 years 1 month 6 days | ||
3.42 – 4.00 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 827,740 | ||
Weighted average remaining contractual term of options outstanding (in years) | 5 years 8 months 12 days | ||
Number of options exercisable (in shares) | 827,740 | ||
Weighted average remaining contractual term of options exercisable (in years) | 5 years 8 months 12 days | ||
3.42 – 4.00 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 3.42 | ||
3.42 – 4.00 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | 4 | ||
4.70 – 6.30 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 104.53 | ||
Number of options outstanding (in shares) | 96,794 | ||
Weighted average remaining contractual term of options outstanding (in years) | 6 years 2 months 12 days | ||
Number of options exercisable (in shares) | 96,794 | ||
Weighted average remaining contractual term of options exercisable (in years) | 6 years 2 months 12 days | ||
4.70 – 6.30 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 4.70 | ||
4.70 – 6.30 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 6.30 | ||
11.51 – 17.22 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 556,312 | ||
Weighted average remaining contractual term of options outstanding (in years) | 7 years 1 month 6 days | ||
Number of options exercisable (in shares) | 276,742 | ||
Weighted average remaining contractual term of options exercisable (in years) | 7 years | ||
11.51 – 17.22 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 11.51 | ||
11.51 – 17.22 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 17.22 | ||
26.00 – 47.21 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 2,743,506 | ||
Weighted average remaining contractual term of options outstanding (in years) | 7 years 9 months 18 days | ||
Number of options exercisable (in shares) | 1,036,602 | ||
Weighted average remaining contractual term of options exercisable (in years) | 7 years 9 months 18 days | ||
26.00 – 47.21 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 26 | ||
26.00 – 47.21 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 47.21 | ||
56.75 – 78.58 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 297,597 | ||
Weighted average remaining contractual term of options outstanding (in years) | 4 years 8 months 12 days | ||
Number of options exercisable (in shares) | 245,637 | ||
Weighted average remaining contractual term of options exercisable (in years) | 3 years 10 months 24 days | ||
56.75 – 78.58 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 56.75 | ||
56.75 – 78.58 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 78.58 | ||
104.53 – 127.33 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 3,012,621 | ||
Weighted average remaining contractual term of options outstanding (in years) | 8 years 8 months 12 days | ||
Number of options exercisable (in shares) | 219,666 | ||
Weighted average remaining contractual term of options exercisable (in years) | 8 years 8 months 12 days | ||
104.53 – 127.33 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 104.53 | ||
104.53 – 127.33 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in dollars per share) | $ / shares | $ 127.33 |
Income taxes - Variations of In
Income taxes - Variations of Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of tax expense | ||
Income (loss) before income taxes | $ 87,537 | $ 131,961 |
Statutory tax rates (in percent) | 2,650% | 2,650% |
Income taxes expense at statutory rate | $ 23,197 | $ 34,970 |
Permanent difference items | 2,564 | 103 |
Rate differential | (22,071) | (20,116) |
Prior year adjustments | (2,385) | (4,280) |
Change in unrecognized deductible temporary differences | (2,600) | 3,975 |
Share-based payments | 26,984 | 9,566 |
Other | (107) | 698 |
Total tax expense | $ 25,582 | $ 24,916 |
Income taxes - Details of Incom
Income taxes - Details of Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Current tax expense (recovery) | $ 38,527 | $ 34,914 |
Deferred tax expense (recovery) | (12,945) | (9,998) |
Total tax expense | $ 25,582 | $ 24,916 |
Income taxes - Components of Cu
Income taxes - Components of Current and Deferred Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax expense (recovery) | ||
Current | $ 38,139 | $ 34,635 |
Adjustment of prior year income tax expense | 388 | 279 |
Current tax expense (recovery) | 38,527 | 34,914 |
Deferred tax expense (recovery) | ||
Origination and reversal of temporary differences | (7,571) | (9,417) |
Change in unrecognized deductible temporary differences | (2,600) | 3,975 |
Adjustment of prior year income tax recovery | (2,774) | (4,556) |
Deferred tax expense (recovery) | $ (12,945) | $ (9,998) |
Income taxes - Changes In Defer
Income taxes - Changes In Deferred Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | $ (58,064) | $ (46,320) |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 12,945 | 9,998 |
Business combinations | 1,299 | (29,098) |
Equity | (2,293) | 3,763 |
Foreign currency exchange differences | 1,581 | 3,593 |
Net deferred tax assets (liabilities) | (44,532) | (58,064) |
Share-based payments | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | 4,314 | 0 |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 1,798 | 551 |
Business combinations | 0 | 0 |
Equity | (2,887) | 3,763 |
Foreign currency exchange differences | (97) | 0 |
Net deferred tax assets (liabilities) | 3,128 | 4,314 |
Net operating tax losses carried forward | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | 4,018 | 2,286 |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 468 | 1,708 |
Business combinations | 1,272 | 24 |
Equity | 594 | 0 |
Foreign currency exchange differences | 80 | 0 |
Net deferred tax assets (liabilities) | 6,432 | 4,018 |
Intangible assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | 3,925 | 3,117 |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 2,526 | 4,637 |
Business combinations | 0 | (3,829) |
Equity | 0 | 0 |
Foreign currency exchange differences | 9 | 0 |
Net deferred tax assets (liabilities) | 6,460 | 3,925 |
Accrued liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | 2,924 | 1,810 |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 883 | 665 |
Business combinations | 27 | 374 |
Equity | 0 | 0 |
Foreign currency exchange differences | (4) | 75 |
Net deferred tax assets (liabilities) | 3,830 | 2,924 |
Other | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | (1,800) | 1,899 |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 1,134 | (4,916) |
Business combinations | 0 | 1,073 |
Equity | 0 | 0 |
Foreign currency exchange differences | 5 | 144 |
Net deferred tax assets (liabilities) | (661) | (1,800) |
Total deferred tax assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | 15,181 | |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 5,675 | |
Business combinations | 1,299 | |
Equity | (2,293) | |
Foreign currency exchange differences | (12) | |
Net deferred tax assets (liabilities) | 19,850 | 15,181 |
Total deferred tax assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | 15,181 | 7,213 |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 7,561 | |
Business combinations | (3,431) | |
Equity | 3,763 | |
Foreign currency exchange differences | 75 | |
Net deferred tax assets (liabilities) | 15,181 | |
Intangible assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | (70,043) | (54,267) |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 5,728 | 7,588 |
Business combinations | 0 | (26,740) |
Equity | 0 | 0 |
Foreign currency exchange differences | 1,780 | 3,376 |
Net deferred tax assets (liabilities) | (62,535) | (70,043) |
Property and equipment | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | (905) | (773) |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 684 | (132) |
Business combinations | 0 | 0 |
Equity | 0 | 0 |
Foreign currency exchange differences | (192) | 0 |
Net deferred tax assets (liabilities) | (413) | (905) |
Deferred costs | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | (497) | (392) |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | (276) | (103) |
Business combinations | 0 | 0 |
Equity | 0 | 0 |
Foreign currency exchange differences | 0 | (2) |
Net deferred tax assets (liabilities) | (773) | (497) |
Total deferred tax liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | (73,245) | |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 7,270 | |
Business combinations | 0 | |
Equity | 0 | |
Foreign currency exchange differences | 1,593 | |
Net deferred tax assets (liabilities) | (64,382) | (73,245) |
Total deferred tax liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax assets (liabilities) | $ (73,245) | (53,533) |
Changes in deferred income taxes [abstract] | ||
Recognized in net income (loss) | 2,437 | |
Business combinations | (25,667) | |
Equity | 0 | |
Foreign currency exchange differences | 3,518 | |
Net deferred tax assets (liabilities) | $ (73,245) |
Income taxes - Deferred Income
Income taxes - Deferred Income Taxes on Consolidated Statements of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | |||
Deferred tax assets | $ 17,172 | $ 13,036 | |
Deferred tax liabilities | (61,704) | (71,100) | |
Net deferred tax assets (liabilities) | $ (44,532) | $ (58,064) | $ (46,320) |
Income taxes - Unrecognized Def
Income taxes - Unrecognized Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Abstract] | ||
Net operating tax losses carried forward | $ 24,973 | $ 24,865 |
Unused tax credits | 515 | 0 |
Deductible temporary differences, including capital losses | $ 26,312 | $ 12,132 |
Income taxes - Net Operating Ta
Income taxes - Net Operating Tax Losses Carried Forward by Expiration (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Abstract] | ||
Gross amount of net operating tax losses carried forward, expire | $ 91,163 | $ 92,412 |
Gross amount of net operating tax losses carried forward, never expire | 4,586 | 2,413 |
Gross amount of net operating tax losses carried forward | 95,749 | 94,825 |
Tax-effected, expire | 24,165 | 24,436 |
Tax-effected, never expire | 808 | 429 |
Tax-effected | $ 24,973 | $ 24,865 |
Income taxes - Schedule of Unus
Income taxes - Schedule of Unused Tax Credits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Abstract] | ||
Expire | $ 515 | |
Never expire | 0 | |
Total unused tax credits | $ 515 | $ 0 |
Net income per share (Details)
Net income per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | ||
Net income attributable to common shareholders of the Company – basic | $ 56,732 | $ 102,293 |
Net income attributable to common shareholders of the Company – diluted | $ 56,732 | $ 102,293 |
Weighted average number of common shares outstanding – basic (in shares) | 141,555,788 | 139,729,116 |
Effect of dilutive securities (in shares) | 3,047,697 | 4,712,386 |
Weighted average number of common shares outstanding – diluted (in shares) | 144,603,485 | 144,441,502 |
Basic earnings (loss) per share (in dollars per share) | $ 0.40 | $ 0.73 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.39 | $ 0.71 |
Operating segments - Narrative
Operating segments - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
Disclosure of geographical areas [line items] | ||
Number of reportable segments | segment | 1 | |
Non-current assets | $ 1,842,466 | $ 1,894,315 |
UNITED KINGDOM | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 225 |
Operating segments - Revenue an
Operating segments - Revenue and Non-Current Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Revenue | $ 843,323 | $ 724,526 |
Non-current assets | 1,842,466 | 1,894,315 |
North America | ||
Disclosure of geographical areas [line items] | ||
Revenue | 336,563 | 301,257 |
Europe, Middle East and Africa | ||
Disclosure of geographical areas [line items] | ||
Revenue | 465,935 | 394,758 |
Latin America | ||
Disclosure of geographical areas [line items] | ||
Revenue | 33,105 | 22,841 |
Asia Pacific | ||
Disclosure of geographical areas [line items] | ||
Revenue | 7,720 | 5,670 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,005,845 | 1,083,594 |
United States | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 207,948 | 252,577 |
European Union | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 625,411 | 552,372 |
Rest of the world | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 3,262 | $ 5,772 |
Financial instruments and com_3
Financial instruments and commitments - Maturities of Financial Liabilities and Purchase Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying amount | ||
Due to merchants | $ 823,666 | $ 720,874 |
Carrying amount | 510,754 | 508,595 |
Segregated funds | (823,666) | $ (720,874) |
Liquidity risk | ||
Carrying amount | ||
Trade and other payables (excluding sales tax) | 117,526 | |
Due to merchants | 823,666 | |
Carrying amount | 498,199 | |
Lease liabilities | 12,555 | |
Other liabilities | 6,658 | |
Contractual commitments | 0 | |
Financial liabilities and purchase commitments | 1,458,604 | |
Segregated funds | (823,666) | |
Financial liabilities and purchase commitments, net of segregated funds | 634,938 | |
Contractual cash flows | ||
Trade and other payables (excluding sales tax) | 117,526 | |
Due to merchants | 823,666 | |
Credit facilities | 595,425 | |
Lease liabilities | 14,133 | |
Other liabilities | 5,731 | |
Contractual commitments | 0 | |
Financial liabilities and purchase commitments | 1,556,481 | |
Segregated funds | (823,666) | |
Financial liabilities and purchase commitments, net of segregated funds | 732,815 | |
Less than 1 year | Liquidity risk | ||
Contractual cash flows | ||
Trade and other payables (excluding sales tax) | 117,526 | |
Due to merchants | 823,666 | |
Credit facilities | 38,182 | |
Lease liabilities | 4,109 | |
Other liabilities | 3,851 | |
Contractual commitments | 0 | |
Financial liabilities and purchase commitments | 987,334 | |
Segregated funds | (823,666) | |
Financial liabilities and purchase commitments, net of segregated funds | 163,668 | |
1 to 5 years | Liquidity risk | ||
Contractual cash flows | ||
Trade and other payables (excluding sales tax) | 0 | |
Due to merchants | 0 | |
Credit facilities | 557,243 | |
Lease liabilities | 7,743 | |
Other liabilities | 1,880 | |
Contractual commitments | 0 | |
Financial liabilities and purchase commitments | 566,866 | |
Segregated funds | 0 | |
Financial liabilities and purchase commitments, net of segregated funds | 566,866 | |
More than 5 years | Liquidity risk | ||
Contractual cash flows | ||
Trade and other payables (excluding sales tax) | 0 | |
Due to merchants | 0 | |
Credit facilities | 0 | |
Lease liabilities | 2,281 | |
Other liabilities | 0 | |
Contractual commitments | 0 | |
Financial liabilities and purchase commitments | 2,281 | |
Segregated funds | 0 | |
Financial liabilities and purchase commitments, net of segregated funds | $ 2,281 |
Financial instruments and com_4
Financial instruments and commitments - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Cash and cash equivalents | $ 751,686,000 | $ 748,576,000 | $ 180,722,000 |
Unused credit facilities | $ 385,000,000 | ||
Credit risk | Trade and other receivables | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Concentration risk (percent) | 26% | 37% | |
Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Reasonably possible increase in risk variable (percent) | 10% | ||
Reasonably possible decrease in risk variable (percent) | 10% | ||
Currency risk | Currencies other than US Dollar | Revenues | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Concentration risk (percent) | 56% | ||
Currency risk | Currencies other than US Dollar | Expenses | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Concentration risk (percent) | 37% | ||
Currency risk | EUR | Revenues | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Concentration risk (percent) | 10% | ||
Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Reasonably possible increase in risk variable (percent) | 1% | 1% | |
Reasonably possible decrease in risk variable (percent) | 1% | ||
Increase (decrease) in profit (loss) due increase in risk variable | $ (1,073,000) | $ (3,719,000) | |
Increase (decrease) in profit (loss) due decrease in risk variable | $ 0 |
Financial instruments and com_5
Financial instruments and commitments - Foreign Currency Exposure (Details) - Currency risk - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 17,767 | $ 7,305 |
Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (79,526) | |
Lease liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (6,722) | |
Cash | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 71,488 | |
Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 32,527 | |
CAD | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (790) | (8,398) |
CAD | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (18,560) | |
CAD | Lease liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 0 | |
CAD | Cash | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1,735 | |
CAD | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 16,035 | |
EUR | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 18,720 | 17,359 |
EUR | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (27,141) | |
EUR | Lease liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (1,589) | |
EUR | Cash | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 43,691 | |
EUR | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 3,759 | |
GBP | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 4,012 | 8,752 |
GBP | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (2,973) | |
GBP | Lease liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (941) | |
GBP | Cash | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 6,267 | |
GBP | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1,659 | |
ILS | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (12,632) | (14,356) |
ILS | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (12,529) | |
ILS | Lease liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (2,389) | |
ILS | Cash | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1,482 | |
ILS | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 804 | |
Other | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 8,457 | $ 3,948 |
Other | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (18,323) | |
Other | Lease liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (1,803) | |
Other | Cash | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 18,313 | |
Other | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 10,270 |
Financial instruments and com_6
Financial instruments and commitments - Currency Risk Effect on Equity and Net Income (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss) | $ 1,777 | $ 731 |
CAD | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss) | (79) | (840) |
EUR | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss) | 1,872 | 1,736 |
GBP | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss) | 401 | 875 |
ILS | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss) | (1,263) | (1,435) |
Other | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Exposure analysis for 10% strengthening of currency: Increase (decrease) on equity and net income (loss) | $ 846 | $ 395 |
Determination of fair values -
Determination of fair values - Financial Instruments Measured at Fair Value (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets at fair value | $ 3,524,669,000 | $ 3,455,470,000 |
Liabilities at fair value | 1,545,179,000 | 1,433,630,000 |
Level 1 | Investments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets at fair value | 1,002,000 | 1,112,000 |
Level 3 | Contingent considerations | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities at fair value | 0 | 3,004,000 |
Level 3 | LPP put option liability | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities at fair value | 0 | 531,000 |
Level 3 | Investments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets at fair value | 2,148,000 | 1,148,000 |
Level 3 | Advances to a third party independent sales organization | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets at fair value | $ 2,154,000 | $ 16,616,000 |
Determination of fair values _2
Determination of fair values - Changes in Level 3 Items (Details) - Level 3 $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | |
LPP put option liability | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Beginning balance | $ 531 | $ 1,036 | |
Business combinations | 0 | ||
Acquisition | 0 | ||
Settlement | 0 | ||
Fair value remeasurement | (531) | (505) | |
Ending balance | 0 | 531 | |
Contingent considerations | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Beginning balance | 3,004 | 0 | |
Business combinations | 3,004 | ||
Acquisition | 0 | ||
Settlement | (2,012) | ||
Fair value remeasurement | (992) | 0 | |
Ending balance | 0 | 3,004 | |
Contingent considerations | Maximum | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Ending balance | 244,315 | $ 331,658 | |
Advances to a third party independent sales organization | |||
Changes in fair value measurement, assets [abstract] | |||
Beginning balance | 16,616 | 46,680 | |
Business combinations | 0 | ||
Acquisition | 0 | ||
Merchant residuals received, net of interest on advances to a third parties | (1,495) | (6,468) | |
Settlement of advances to a third party | (12,967) | (23,687) | |
Fair value remeasurement | 0 | 91 | |
Ending balance | 2,154 | 16,616 | |
Investments | |||
Changes in fair value measurement, assets [abstract] | |||
Beginning balance | 1,148 | 1,148 | |
Business combinations | 0 | ||
Acquisition | 1,000 | ||
Fair value remeasurement | 0 | 0 | |
Ending balance | $ 2,148 | $ 1,148 |
Determination of fair values _3
Determination of fair values - Narrative (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items] | ||||
Fair value of contingent consideration | $ 1,545,179,000 | $ 1,433,630,000 | ||
Contingent considerations | Level 3 | ||||
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items] | ||||
Fair value of contingent consideration | 0 | 3,004,000 | ||
Maximum contingent consideration that could be paid | 0 | $ 3,004,000 | $ 0 | |
Contingent considerations | Level 3 | Maximum | ||||
Disclosure Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs. Assets And Liabilities [Line Items] | ||||
Maximum contingent consideration that could be paid | $ 244,315,000 | $ 331,658 |
Related party transactions - Ke
Related party transactions - Key Management Personnel Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party [Abstract] | ||
Salaries and short-term employee benefits | $ 6,007 | $ 5,861 |
Share-based payments | 71,286 | 23,895 |
Key management personnel compensation | $ 77,293 | $ 29,756 |
Related party transactions - Ot
Related party transactions - Other Related Party Transactions (Details) - Other - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Transaction value | ||
Expenses – Travel | $ 1,139 | $ 305 |
Balance outstanding | ||
Expenses – Travel, balance outstanding | $ 137 | $ 28 |
Supplementary cash flow discl_3
Supplementary cash flow disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Statement [Abstract] | ||
Trade and other receivables | $ (19,714) | $ 4,154 |
Inventory | (840) | (1,197) |
Prepaid expenses | (3,771) | (3,476) |
Contract assets | (1,769) | (1,720) |
Trade and other payables | 24,266 | 24,951 |
Other current and non-current liabilities | (9,053) | (1,380) |
Changes in non-cash working capital items | (10,881) | 21,332 |
Interest received | $ 10,753 | $ 272 |
Capital disclosures (Details)
Capital disclosures (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Capital Disclosures [Abstract] | ||
Total leverage ratio | 7 | 7.50 |
Subsequent events (Details)
Subsequent events (Details) - USD ($) | Jun. 30, 2023 | Feb. 22, 2023 | Dec. 31, 2021 |
Disclosure of non-adjusting events after reporting period [line items] | |||
Purchase price | $ 462,214,000 | ||
Revolving Credit Facility | Forecast | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Line of credit, permanent quarterly reduction | $ 10,000,000 | ||
Major business combination | Paya Holdings | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Purchase price | $ 1,344,080 | ||
Entering Into Debt Agreement | Revolving Credit Facility | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Revolving credit facility amount | $ 800,000,000 | ||
Entering Into Debt Agreement | Revolving Credit Facility | Term SOFR | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Adjustment to interest rate basis (as a percent) | 3% | ||
Entering Into Debt Agreement | Revolving Credit Facility | Term SOFR | Minimum | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Adjustment to interest rate basis (as a percent) | 2.50% | ||
Entering Into Debt Agreement | Revolving Credit Facility | Term SOFR | Maximum | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Adjustment to interest rate basis (as a percent) | 3.25% | ||
Entering Into Debt Agreement | Revolving Credit Facility | Adjusted Base Rate | Term SOFR | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Adjustment to interest rate basis (as a percent) | 0.10% | ||
Entering Into Debt Agreement | Revolving Credit Facility | Alternate base rate | Term SOFR | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Adjustment to interest rate basis (as a percent) | 2% | ||
Entering Into Debt Agreement | Revolving Credit Facility | Alternate base rate | Term SOFR | Minimum | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Adjustment to interest rate basis (as a percent) | 1.50% | ||
Entering Into Debt Agreement | Revolving Credit Facility | Alternate base rate | Term SOFR | Maximum | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Adjustment to interest rate basis (as a percent) | 2.25% |