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  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
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  "pageNumber": 105,
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      "kind": "callout",
      "text": "We believe Nuvei's talk about having to \"accelerated investments\" that are being pulled forward from 2022 into 2021 is a negative development that dovetails with our research findings that many of its technology processes are dated, and that its easiest high risk, higher margin business that benefited results recently won't be repeated. In addition, on October 1st, Nuvei announced leadership team changes and that its long-time Chief Technology Officer would retire.(1)",
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      "kind": "callout",
      "text": "We believe Nuvei's talk about having to “accelerated investments” that are being pulled forward from 2022 into 2021 is a negative development that dovetails with our research findings that many of its technology processes are dated, and that its easiest high risk, higher margin business that benefited results recently won't be repeated.",
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      "kind": "quote",
      "text": "\"From the time of our IPO last year, we talked about having an under distributed business model, which has been an area of investment focus. We've accelerated investments originally scheduled for 2022 into 2021 expanding our commercial teams globally. Today, our commercial team has more than doubled from the first-half of last year, and we're extremely pleased with the talent we brought on board. The team is making real contribution and there's a lot of momentum which is both very exciting and an important inflection point.\"",
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      "kind": "quote",
      "text": "“From the time of our IPO last year, we talked about having an under distributed business model, which has been an area of investment focus. We've accelerated investments originally scheduled for 2022 into 2021 expanding our commercial teams globally. Today, our commercial team has more than doubled from the first-half of last year, and we're extremely pleased with the talent we brought on board. The team is making real contribution and there's a lot of momentum which is both very exciting and an important inflection point.” — CEO Fayer, Q3 2021 Conference Call",
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      "text": "Source: Q3 2021 Conference Call",
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      "kind": "source-note",
      "text": "1) \"Nuvei Strengthens Executive Leadership with Technology Industry Veteran\", Oct 1, 2021, Nuvei Press Release",
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      "kind": "title",
      "text": "We Believe \"Pulling Forward Investment\" And Recent Technology & Marketing Executive Changes Are Negative",
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      "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",
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      "description": "Quantify what happens if the audience does nothing"
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