{
  "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": 63,
  "pageCount": 119,
  "prevPage": 62,
  "nextPage": 64,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "Uses a red flag icon to signal the contradiction.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/63",
  "deckHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-63",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.85,
        "x": 0.08,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Despite saying that contingent consideration was reduced by $4 million related to Base Commerce, Nuvei has reported two other different remeasurement amounts in the MD&A for YTD 2021.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9adb3e16-7482-4523-b513-32f9c0a6ed9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. Since the initial purchase price allocation was estimated, contingent consideration has been reduced by $4,000 and trade and other payables have increased by $650 and those adjustments have been reflected as an adjustment of $3,350 to goodwill.\" — Nuvei Q3'21 Financials, p.9; \"For the nine months ended September 30, 2021, other expenses increased by $8.5 million compared to the nine months ended September 30, 2020 primarily due to an increase in information technology and D&O insurance expenses in 2021 as well as a $2.1 million favorable adjustment to contingent consideration in the comparative period.\" — Nuvei Q3'21 MD&A, p.21; \"change in deferred purchase consideration for previously acquired businesses, which was nil for the three months and the nine months ended September 30, 2021 (nil for the three months ended September 30, 2020 and a gain of $1.3 million for the nine months ended September 30, 2020\" — Nuvei Q3'21 MD&A, p.9",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ea-711e-a3e8-fd75d64ff896",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.85,
        "x": 0.08,
        "y": 0.33
      },
      "kind": "table",
      "text": "Three rows comparing different financial notes and their respective quotes regarding contingent consideration.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b808a690-b8ec-4c04-85c5-bd21a520c422",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "Conflicting Remeasurement Gain Discussion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40f3918f-f781-442f-81ee-745203d6290a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "9d959a74-4583-4174-8144-69780ea45e29",
      "evidence": "The slide explicitly points out conflicting financial disclosures to suggest potential manipulation or error.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}