{
  "docId": "019dd923-622c-750b-8b99-265d3ab25ee2",
  "docSlug": "062cb2b9b6a4",
  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 103,
  "pageCount": 119,
  "prevPage": 102,
  "nextPage": 104,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "Uses red boxes and arrows to annotate a screenshot of the company's own slide.",
  "elementsJson": [
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    "footnote"
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/103",
  "deckHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2",
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      "kind": "callout",
      "text": "In Q3 2021, Nuvei made another modification to its “Focus on High Growth Verticals” slide. Looking carefully, we see it now removed the sales TAM per vertical in addition to the CAGR expectation. Furthermore, Nuvei no longer makes the statement of “tremendous upside from continuing to gain share in a massive market.”",
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      "bbox": {
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      "kind": "image",
      "text": "Screenshot of Nuvei's 'Focus on High Growth Verticals' slide",
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      "subkind": "screenshot",
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        "h": 0.12,
        "w": 0.26,
        "x": 0.37,
        "y": 0.855
      },
      "kind": "legend",
      "text": "Notice CAGR expectations and TAMs per “High Growth Verticals” have disappeared",
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      "componentId": "14ed5a58-1822-46d4-a29a-551a1f48b12e",
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      "kind": "legend",
      "text": "Notice prior version talked about upside from gaining share – no longer on the slide",
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        "h": 0.03,
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        "x": 0.06,
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      },
      "kind": "source-note",
      "text": "Source: Q3 2021 Presentation",
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      "componentId": "db031b87-7280-412b-b02c-5297f925b005",
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      "bbox": {
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        "x": 0.28,
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      },
      "kind": "title",
      "text": "Second Slide Modification Q3'21: Full Retraction of TAM and CAGR By High Growth Segment",
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  "metrics": [],
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      "matchId": "9f5a031e-bf7e-4e72-8cee-f471d13aeee4",
      "evidence": "Highlighting removal of key financial metrics to suggest management obfuscation.",
      "confidence": 0.9
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  "arcBeats": [
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The conclusion and call to action",
      "beatSlug": null,
      "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.",
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      "confidence": 0.8,
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  "loops": [
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      "from": 101,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.",
      "position": 1,
      "objective": "What are the consequences of not selling Nuvei Corp shares?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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}