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  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
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  "notes": "Uses direct quotes from financial filings to expose management's lack of transparency regarding the net income impact of the acquisition.",
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      "kind": "callout",
      "text": "Nuvei reported $41.5m of revenue YTD 2021 from Base Commerce. However, commission costs have increased $47.8m YTD, and the first explanation in the MD&A cites the inclusion of Base Commerce.",
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      "kind": "source-note",
      "text": "Source: Nuvei Q3'21 Financials, p.9",
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      "text": "1) Nuvei say transaction adjusted volumes grew 57% YTD. With commission growing 97%, we estimate 47% or $23m of commission were attributable to Base Commerce",
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      "text": "Base Commerce Cost Disclosure: Cost of Revenue and Commissions excerpts from Nuvei Q3'21 Financials.",
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      "text": "Base Commerce Appears To Have A High Cost Structure While Organically Declining",
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