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  "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",
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  "pageNumber": 30,
  "pageCount": 119,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "Uses Wayback Machine screenshots to demonstrate historical merchant count claims.",
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      "kind": "callout",
      "text": "Nuvei’s prospectus still warns it has a significant percentage of SMB merchants, but it does not quantity how many. The CEO’s prior biography emphasized SMBs, but now on references “large scale” merchants. At worst, there is evidence of substantial merchant customer decline in Nuvei’s business. Using the Wayback Machine, we see it claimed 90,000 merchants starting from Nov 2015 – July 2017.(1) This figure declined to 70,000 merchants in March 2019. Currently, it claims 50,000+ merchants as of 12/31/20 and does not provide quarterly updates.",
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      "kind": "callout",
      "text": "Notice the language difference of 70,000 merchants on the CEO's bio while the website said 50,000+",
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    {
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      "kind": "callout",
      "text": "At worst, there is evidence of substantial merchant customer decline in Nuvei's business.",
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      "kind": "image",
      "text": "Nov 2015 to July 2017: 90,000 Merchants",
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      "kind": "image",
      "text": "March 2019: 70,000 Merchants",
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      "kind": "list",
      "text": "Jan 2019-Today: 50,000+ Merchants",
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    {
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      "kind": "metric",
      "text": "merchant count: 50,000+",
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      "kind": "source-note",
      "text": "1) Prior to this, Pivotal was claiming 70,000 merchants and $12 billon of annual transaction volume",
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      "kind": "title",
      "text": "Evidence of Significant Decline In Merchants Served By Nuvei",
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      "evidence": "Contrasting historical data with current claims to suggest misleading disclosures.",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Challenges faced by Nuvei",
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