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  "docSlug": "062cb2b9b6a4",
  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
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  "pageNumber": 87,
  "pageCount": 119,
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  "notes": "The slide uses historical data from 2018 to contrast with the current lack of disclosure under Nuvei.",
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      "kind": "callout",
      "text": "SafeCharge provided better disclosures around where its revenues came from. In particular, notice that it classified revenues by industry and customer concentration. Under Nuvei, these disclosures are not provided. However, after conducting interviews of former employees, we believe SafeCharge/Nuvei did have high exposures to gambling and recent revenue growth came from increased exposure to a select few customers.",
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      "text": "SafeCharge provided better disclosures around where its revenues came from. In particular, notice that it classified revenues by industry and customer concentration. Under Nuvei, these disclosures are not provided.",
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      "text": "2018 Diversified customer base",
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      "text": "Source: SafeCharge Presentation",
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      "kind": "title",
      "text": "SafeCharge Had Better Disclosures As A Standalone Company",
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