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  "documentTitle": "Nuvei Corp (NVEI)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "We estimate that SafeCharge grew over 50% in 2020 with high exposure to gaming.",
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      "text": "YoY Growth: 51.1%",
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      "text": "We believe Nuvei has made it difficult to determine its organic growth. Under Nuvei, SafeCharge adjusted its revenue accounting to a net basis, consistent with Nuvei’s revenue recognition. We adjust SafeCharge’s historical revenue to conform to Nuvei’s. In 2020, we take the implied SafeCharge revenue from contributions to its geographic segment reporting (see earlier slide: North American revenue decline). We estimate that SafeCharge grew over 50% in 2020 with high exposure to gaming.",
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      "text": "I do believe that, but it's inflated by two customers and I know they won't tell you, but I know, they acquired a very large gambling contract (one of the biggest in the UK), which, contributed a lot more growth to it, but also, you know, where they are focused at the moment, enabling new gambling regions.",
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      "kind": "quote",
      "text": "We've been having a difficult time understanding SafeCharge's organic growth and revenue contributed, but we estimate it was over 50% in 2020. Do you believe this and what do you think drove this?",
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      "text": "“I do believe that, but it's inflated by two customers and I know they won't tell you, but I know, they acquired a very large gambling contract (one of the biggest in the UK), which, contributed a lot more growth to it, but also, you know, where they are focused at the moment, enabling new gambling regions.” — Former Nuvei Employee",
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      "kind": "source-note",
      "text": "Source: Nuvei IPO Prospectus at Sedar.com; 2020 Annual Report",
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      "text": "SafeCharge Estimated Growth 2019 - 2020 table",
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      "text": "SafeCharge Growth Significantly Benefitting Nuvei; But We Learned of Customer Concentration Risk",
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