Sean St-Louis

Account Operations Director

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Sean St-Louis

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	Three months ending December 31,	Year ending December 31,
	2022	2022
	Forward-looking	Forward-looking	Forward-looking
		Previous	Revised
(In U.S. dollars)	$	$	$
Total volume⁽¹⁾ (in billions)	33 – 35	117 – 121	120 – 122
Revenue (in millions)	197 – 227	820 – 850	820 – 850
Revenue at constant currency⁽²⁾(in millions)	210 – 234	855 – 885	861 – 885
Adjusted EBITDA⁽²⁾(in millions)	75 – 84	335 – 350	341 – 350

	Growth Targets
Total volume⁽¹⁾	30%+ annual year-over-year growth in the medium-term⁽⁴⁾
Revenue	30%+ annual year-over-year growth in the medium-term⁽⁴⁾
Adjusted EBITDA margin⁽²⁾	50%+ over the long-term⁽⁴⁾

	Three months ended September 30		Nine months ended September 30
	2022	2021	2022	2021
	$	$	$	$
Revenue	197,146	183,932	622,984	512,651
Cost of revenue	38,363	38,332	121,259	98,640
Gross profit	158,783	145,600	501,725	414,011
Selling, general and administrative expenses	149,184	106,076	442,501	290,382
Operating profit	9,599	39,524	59,224	123,629
Finance income	(4,131)	(538)	(6,427)	(2,309)
Finance cost	7,859	5,131	13,627	11,878
Net finance cost	3,728	4,593	7,200	9,569
Loss (gain) on foreign currency exchange	(12,528)	727	(20,415)	1,973
Income before income tax	18,399	34,204	72,439	112,087
Income tax expense	5,393	6,202	19,836	17,381
Net income	13,006	28,002	52,603	94,706
Other comprehensive income (loss)
Items that may be reclassified subsequently to profit and loss
Foreign operations – foreign currency translation differences	(33,599)	(9,572)	(64,054)	(20,111)
Comprehensive income (loss)	(20,593)	18,430	(11,451)	74,595
Net income attributable to:
Common shareholders of the Company	11,710	26,841	48,692	91,485
Non-controlling interest	1,296	1,161	3,911	3,221
	13,006	28,002	52,603	94,706
Comprehensive income (loss) attributable to:
Common shareholders of the Company	(21,889)	17,269	(15,362)	71,374
Non-controlling interest	1,296	1,161	3,911	3,221
	(20,593)	18,430	(11,451)	74,595
Net income per share
Net income per share attributable to common shareholders of the Company
Basic	0.08	0.19	0.34	0.66
Diluted	0.08	0.19	0.34	0.64
Weighted average number of common shares outstanding
Basic	141,311,785	139,252,523	141,866,671	138,728,421
Diluted	143,716,424	144,006,451	145,186,798	143,452,170

Consolidated Statements of Cash Flow Data (in thousands of U.S. dollars)
For the nine months ended September 30,	2022	2021
	$	$
Cash flow from operating activities
Net income	52,603	94,706
Adjustments for:
Depreciation of property and equipment	5,936	4,276
Amortization of intangible assets	73,822	60,614
Amortization of contract assets	1,425	1,585
Share-based payments	103,666	20,245
Net finance cost	7,200	9,569
Loss (gain) on foreign currency exchange	(20,415)	1,973
Income tax expense	19,836	17,381
Changes in non-cash working capital items	(17,050)	15,269
Interest paid	(15,152)	(9,559)
Interest received	4,577	117
Income taxes paid (net)	(23,295)	(14,291)
	193,153	201,885
Cash flow used in investing activities
Business acquisitions, net of cash acquired	—	(387,654)
Payment of acquisition-related contingent consideration	(2,027)	—
Acquisition of property and equipment	(8,681)	(3,564)
Acquisition of intangible assets	(25,130)	(13,963)
Decrease in other non-current assets	726	9,756
Net decrease in advances to third parties	1,884	7,924
	(33,228)	(387,501)
Cash flow from (used in) financing activities
Shares repurchased and cancelled	(109,158)	—
Transaction costs from issuance of shares	(903)	(74)
Proceeds from exercise of stock options	1,474	6,499
Repayment of loans and borrowings	(3,840)	—
Proceeds from loans and borrowings	—	300,000
Transaction costs related to loans and borrowings	—	(5,373)
Payment of lease liabilities	(2,674)	(1,962)
Purchase of non-controlling interest	(39,751)	—
Dividend paid by subsidiary to non-controlling interest	(260)	(880)
	(155,112)	298,210
Effect of movements in exchange rates on cash	223	(4,582)
Net increase in cash and cash equivalents	5,036	108,012
Cash and cash equivalents – Beginning of period	748,576	180,722
Cash and cash equivalents – End of period	753,612	288,734

	Three months ended September 30		Nine months ended September 30
	2022	2021	2022	2021
	$	$	$	$

Net income	13,006	28,002	52,603	94,706
Finance cost	7,859	5,131	13,627	11,878
Finance income	(4,131)	(538)	(6,427)	(2,309)
Depreciation and amortization	26,269	23,152	79,758	64,890
Income tax expense	5,393	6,202	19,836	17,381
Acquisition, integration and severance costs^(a)	11,324	7,218	21,490	17,058
Share-based payments and related payroll taxes ^(b)	33,819	11,187	103,763	20,245
Loss (gain) on foreign currency exchange	(12,528)	727	(20,415)	1,973
Legal settlement and other^(c)	190	(138)	1,397	(42)
Adjusted EBITDA	81,201	80,943	265,632	225,780
Acquisition of property and equipment, and intangible assets	(12,724)	(6,402)	(33,811)	(17,527)
Adjusted EBITDA less capital expenditures	68,477	74,541	231,821	208,253

	Three months ended September 30		Change		Nine months ended September 30		Change
(In thousands of U.S. dollars, except for percentages)	2022	2021			2022	2021
(In thousands of U.S. dollars, except for percentages)	$	$	$	%	$	$	$	%
Revenue
Europe, Middle East and Africa	105,520	101,335	4,185	4 %	350,039	266,902	83,137	31 %
North America	83,087	76,020	7,067	9 %	247,170	225,028	22,142	10 %
Latin America	7,588	5,929	1,659	28 %	20,924	16,437	4,487	27 %
Asia Pacific	951	648	303	47 %	4,851	4,284	567	13 %
	197,146	183,932	13,214	7 %	622,984	512,651	110,333	22 %

(In thousands of U.S. dollars except for percentages)	Three months ended September 30, 2022			Three months ended September 30, 2021
	Revenue as reported	Foreign currency exchange impact on revenue	Revenue at constant currency	Revenue as reported	Revenue growth	Revenue growth at constant currency
	$	$	$	$

Revenue	197,146	11,490	208,636	183,932	7 %	13 %

(In thousands of U.S. dollars except for percentages)	Three months ended September 30, 2022					Three months ended September 30, 2021
	Revenue as reported	Revenue from acquisitions (a)	Revenue from divestitures	Foreign currency exchange impact on organic revenue	Organic revenue at constant currency	Revenue as reported	Revenue from divestitures	Comparable organic revenue	Revenue growth	Organic revenue growth at constant currency
	$	$	$		$	$	$	$

Revenue	197,146	(7,345)	—	10,999	200,800	183,932	—	183,932	7 %	9 %

(In thousands of U.S. dollars except for percentages)	Nine months ended September 30, 2022					Nine months ended September 30, 2021
	Revenue as reported	Revenue from acquisitions (a)	Revenue from divestitures	Foreign currency exchange impact on organic revenue	Organic revenue at constant currency	Revenue as reported	Revenue from divestitures	Comparable organic revenue	Revenue growth	Organic revenue growth at constant currency
	$	$	$	$	$	$		$

Revenue	622,984	(37,608)	—	26,712	612,088	512,651	—	512,651	22 %	19 %

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Financial Outlook⁽³⁾