{ "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": 106, "pageCount": 119, "prevPage": 105, "nextPage": 107, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a red flag icon to emphasize the risk factor.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/106", "deckHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-106", "components": [ { "bbox": null, "kind": "callout", "text": "In light of our issues with various acquisitions (including: purchases from owners embroiled in litigation, limited deal costs and, unexplainable and quick post-acquisition financial improvement at Smart2Pay and SafeCharge), we find it curious that Nuvei recently added a new Risk Factor warning about information received from targets, and that it has not independently verified the accuracy or completeness of information received.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6eb-753a-a38c-012757e18a29", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.075, "w": 0.824, "x": 0.088, "y": 0.188 }, "kind": "paragraph", "text": "In light of our issues with various acquisitions (including: purchases from owners embroiled in litigation, limited deal costs and, unexplainable and quick post-acquisition financial improvement at Smart2Pay and SafeCharge), we find it curious that Nuvei recently added a new Risk Factor warning about information received from targets, and that it has not independently verified the accuracy or completeness of information received.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "09913be7-bbcf-40e4-bcf6-073b6dd6a30a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.824, "x": 0.088, "y": 0.395 }, "kind": "paragraph", "text": "The disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions included in this MD&A is based on information provided to the Company by the relevant sellers, and may not be accurate or complete", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "aff1d059-8937-4818-9dcd-bd0d11088f4e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.824, "x": 0.088, "y": 0.465 }, "kind": "quote", "text": "The disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions included in this MD&A is based on information provided to the Company by the relevant sellers, and may not be accurate or complete This MD&A contains disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions that is based on information provided to the Company by the relevant sellers. Although the Company conducts what it believes to be a sufficient level of investigation in connection with acquisitions, an unavoidable level of risk remains regarding the accuracy and completeness of the information provided to the Company by the relevant sellers. The Company has not independently verified the accuracy or completeness of such information, and there may be events which may have occurred with respect to the acquired businesses or which may affect the completeness or accuracy of the information provided by the relevant sellers which are unknown to the Company. The adjusted financial information contained in this MD&A in respect of recently completed acquisitions is presented for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that actually would have occurred had the relevant acquisitions been completed at the relevant times, nor is it indicative of the future operating results or financial position of the acquired companies being operated as a part of the Company. Such unaudited financial information reflects assumptions and adjustments that are based upon preliminary estimates. These estimates may be revised as additional information becomes available and as additional analyses are performed. Accordingly, the final acquisition-related adjustments may differ materially from the adjustments reflected therein.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5b1ee2d0-c92c-4131-848c-65e8dd715b83", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"The disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions in this MD&A is based on information provided to the Company by the relevant sellers. Although the Company conducts what it believes to be a sufficient level of investigation in connection with acquisitions, an unavoidable level of risk remains regarding the accuracy and completeness of the information provided to the Company by the relevant sellers. The Company has not independently verified the accuracy or completeness of such information, and there may be events which may have occurred with respect to the acquired businesses or which may affect the completeness or accuracy of the information provided by the relevant sellers which are unknown to the Company.\" — Q3 2021 MD&A, p. 29", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6eb-753a-a38c-06d8fe61530d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.25, "x": 0.088, "y": 0.965 }, "kind": "source-note", "text": "Source: Q3 2021 MD&A, p. 29 at Sedar.com", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a122c25c-6106-4d94-a14e-d38c57b1a34e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.386, "x": 0.307, "y": 0.063 }, "kind": "title", "text": "New Risk Factor Added", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ab218f9-43e3-422e-99b3-2013980e8236", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "66cdac3a-eb81-473b-84a3-60d15a8fbac0", "evidence": "The slide explicitly links acquisition issues to a new risk factor disclosure, framing it as a red flag for potential financial misrepresentation.", "confidence": 0.9 } ], "arcBeats": [ { "to": 119, "from": 101, "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "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.", "position": 4, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 119, "from": 101, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "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" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }