{ "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": 33, "pageCount": 119, "prevPage": 32, "nextPage": 34, "slideType": "ceo_quote", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a 'Spruce Point Question' vs 'Former Nuvei Executive' format to frame the expert testimony.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/33", "deckHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-33", "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.082, "y": 0.182 }, "kind": "callout", "text": "Nuvei doesn’t give investors color on what is causing the apparent decline of North American revenue. As a result, we interviewed a former Nuvei executive who gave us his opinion of the dynamics in the marketplace.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6bcec8f2-5c9c-4a17-aa3f-cdfdaac4b30d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Nuvei doesn't give investors color on what is causing the apparent decline of North American revenue. As a result, we interviewed a former Nuvei executive who gave us his opinion of the dynamics in the marketplace.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ea-711e-a3e7-d37b6a7ffc78", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.867, "x": 0.115, "y": 0.452 }, "kind": "quote", "text": "It is about as competitive as wealth management is in the United States. The U.S. market is really crowded... Pivotal was not really a player in the ISV business and was just behind significantly in the technology delivery... I would say you would see a decline in those numbers because that market is being dominated by their competitors.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6877cabb-ecd7-4059-9a4e-ee51f50788b1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.867, "x": 0.115, "y": 0.332 }, "kind": "quote", "text": "What is happening that is causing the decline in North America?", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bab097c2-c71e-42e8-8da1-a36580a54684", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "It is about as competitive as wealth management is in the United States. There is a lot of margin to be made and because of that there is a lot of competition. The U.S. market is really crowded. Some get big and some get destroyed. Most grow small segments in market niches, and then sell the company as their primary strategy. Everywhere is less competitive than the U.S. market. Over the last 15 years there has been an evolution to integrated software, integrated payments, cards on file, mobile, online, all these things really being supported by software as a service or ISV. Pivotal was not really a player in the ISV business and was just behind significantly in the technology delivery, integration, flexibility and products and services offered to the ISV market. They were lagging in that business and using a gateway company, Worldnet, as their primary infrastructure. Most other payment products in the market owned their own infrastructure. When you own the infrastructure, you get to decide ultimately the product roadmap as opposed to when you use a third party, you have to compete for products, services and direction. I would say you would see a decline in those numbers because that market is being dominated by their competitors. — Former Nuvei Executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ea-711e-a3e7-d4f7a56c4ac7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.04, "y": 0.86 }, "kind": "source-note", "text": "Source: Spruce Point interview", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2a6b7b33-f199-4b57-b822-88043b035358", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.314, "y": 0.025 }, "kind": "title", "text": "Former Executive Insights On North American Marketplace For Nuvei", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dc36d177-372e-43d4-b15a-ae2840b57661", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expert-testimony", "slug": null, "matchId": "ab8123e0-e42c-4965-ab35-0067ff9ed1af", "evidence": "Use of former executive interview to validate investment thesis", "confidence": 0.9 } ], "arcBeats": [ { "to": 50, "from": 29, "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Challenges faced by Nuvei", "beatSlug": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }