{ "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": 44, "pageCount": 119, "prevPage": 43, "nextPage": 45, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 7, "notes": "The slide uses a combination of data tables and CEO quotes to frame a narrative of scrutiny regarding leadership.", "elementsJson": [ "headline_text", "callout_box", "data_table", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/44", "deckHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-44", "components": [ { "bbox": null, "kind": "callout", "text": "As a result, we believe investors should carefully evaluate who is the person in charge of leading its eCommerce partnership expansion.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ea-711e-a3e7-207d925c82fd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "eCommerce volume mix: 87%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-e6ea-711e-a3e7-2839cb9c5f99", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.88, "x": 0.08, "y": 0.18 }, "kind": "paragraph", "text": "eCommerce has been a growing focus of Nuvei, and the Company regularly reports its growing percentage of volumes from this area. Furthermore, much of the growth is coming from North America according to Nuvei's recent investor presentation.(1) As a result, we believe investors should carefully evaluate who is the person in charge of leading its eCommerce partnership expansion.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "29330487-c3c0-42de-8319-d323ff103794", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.82, "x": 0.14, "y": 0.515 }, "kind": "quote", "text": "Looking at our mix, e-commerce represented approximately 80% of our total volume in the fourth quarter, which compares sequentially to 75% in the third quarter and 70% in the second quarter. For the full year 2020, e-commerce accounted for approximately 76% of our total volume.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b13dfe17-b9de-4bbf-87de-5dcf1fb7521f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.82, "x": 0.14, "y": 0.66 }, "kind": "quote", "text": "New e-commerce business nearly tripled in the fourth quarter of 2020 compared to last year's fourth quarter... I would point back into if you look at Q4 where 17% of the ecommerce volume was generated from new in new business...", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec3c6b50-5d8e-4721-901c-51d8209724ad", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Looking at our mix, e-commerce represented approximately 80% of our total volume in the fourth quarter, which compares sequentially to 75% in the third quarter and 70% in the second quarter. For the full year 2020, e-commerce accounted for approximately 76% of our total volume. — CEO Fayer, Q4 2020", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ea-711e-a3e7-274ed7b24544", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "1) Q3 2021 Investor Presentation, slide 18", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9f959e73-2050-44c9-8032-bd570d1c6e84", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.82, "x": 0.14, "y": 0.325 }, "kind": "table", "text": "eCommerce Mix of Volume table showing 2020 Q1-Q4 and 2021 Q1-Q3 percentages.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ef8ba91-c45a-4efd-8d38-f9e72da66b78", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "eCommerce Has Been A Growing Driver of Nuvei's Business; We Believe Investors Should Scrutinize Who Is Leading The Business For Nuvei", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "352ab7b8-e9f8-47b0-a46b-998d16ef726a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "01ef89ca-d29c-476b-9ed7-829636681bc6", "evidence": "The slide uses data and quotes to cast doubt on management's narrative regarding eCommerce growth.", "confidence": 0.8 } ], "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 }