Q: Can you comment on the level of debt carried by Nuvei. Is it high, moderate or low for their cash flows? Thanks.
5i Research Answer:
Debt and lease obligations are $1.1B now, net of cash of $118M. 12-month cash flow was $227M. 12-month interest expenses were $63M, less than 30% of cash flow. While debt becomes more of an issue with a reduced outlook, we would not view the level as overly problematic.