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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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  "notes": "The slide highlights the divergence between accounts receivable and accounts payable growth rates.",
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      "text": "A close look at Nuvei's working capital and balance sheet reveals that payables are being increased at a faster rate than receivables. Working capital is turning more negative. We believe this is helping to generate cash flow in the near term which may not be sustainable.",
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      "text": "Working Capital: 264%",
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      "text": "Source: Nuvei Financials and Spruce Point Analysis",
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      "text": "Nuvei Working Capital Analysis table showing quarterly data from 6/30/20 to 9/30/21",
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      "text": "Cash Flow From Stretching Payables",
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