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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",
  "orientation": "landscape",
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  "pageNumber": 32,
  "pageCount": 119,
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  "density": "dense",
  "nDataPoints": 20,
  "notes": "The slide uses a red box to highlight the negative growth percentages for Canada and the U.S. in 2020.",
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      "kind": "callout",
      "text": "Nuvei does not draw attention in its press releases to organic growth by region. However, by taking a close look at Nuvei's geographic revenue reporting, we find evidence of single digit organic growth decline in the U.S. and Canada. Its acquisition of SafeCharge in 2019 added Europe and Rest of World line item reporting.",
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    {
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      "kind": "callout",
      "text": "Nuvei does not draw attention in its press releases to organic growth by region. However, by taking a close look at Nuvei's geographic revenue reporting, we find evidence of single digit organic growth decline in the U.S. and Canada.",
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      "kind": "metric",
      "text": "YoY Growth: -7.6%",
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      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd952-e6ea-711e-a3e6-0696ce9687f5",
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      "kind": "source-note",
      "text": "Source: Nuvei IPO Prospectus at Sedar.com; 2020 Annual Report. 1) SafeCharge closed Aug 1, 2019 and its historical geographic reporting was UK, EU and RoW. 2) CreditGuard had $2.9m of sales in 2013 upon acquisition and was reported a mid single digit grower by SafeCharge. We estimate it had $3.7m of annual sales in 2020. We believe all the sales were to Israel and have classified them under Rest of World (RoW)",
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      "kind": "table",
      "text": "Estimating Recent North American Organic Growth table showing revenue by region for 2018, 2019, and 2020 with YoY growth calculations.",
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      "kind": "title",
      "text": "Evidence Nuvei Has Experienced Negative Organic Growth In North America (U.S. & Canada)",
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      "evidence": "The slide explicitly aims to expose negative organic growth that the company is not highlighting in its own reporting.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.",
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