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  "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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      "kind": "callout",
      "text": "Despite SafeCharge's CEO describing the market as saturated... we estimate that SafeCharge's profit margins materially expanded from 24.5% to 45.1%... We call on Nuvei's management to explain how this is possible?",
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      "text": "We call on Nuvei's management to explain how this is possible?",
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      "text": "profit margin: 45.1%",
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      "kind": "quote",
      "text": "SafeCharge and Smart2Pay have a higher relative cost of revenue than Nuvei's operation in the North American market due to costs associated with its merchant servicing model. — Nuvei 2020 Annual Report",
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      "text": "1) From gross to net revenue adjustment. Should not impact ultimate profitability. Note: Between 2017 and 2018, SafeCharge reported revenue growth of 24%, but profit margin fell by 340 basis points. Under Nuvei, we estimate SafeCharge's revenue grew 20% in 2019, yet profit margins expanded 2,060 basis points. Note: Ignores tax effect on amortization expense because Nuvei was reporting net income losses",
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      "text": "SafeCharge Estimated Profit Margin Change: Pre and Post-Acquisition By Nuvei",
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      "text": "How Did SafeCharge's Profitability Mysteriously Explode Under Nuvei?",
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