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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": 96,
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  "notes": "Uses red boxes to highlight negative YoY changes and map financial line items to EBIT/Gross Margin concepts.",
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      "kind": "callout",
      "text": "As of the last financial statements filed by Smart2Pay in the Netherlands, we see that it was experiencing double digit declines in key profitability metrics through 2019, and before the impact of COVID-19. The ratio of EBIT to Gross Margin contracted by 680 basis points.",
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      "text": "EBIT to Gross Margin ratio: 680 bps",
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      "text": "Source: Dutch Corporate Registry",
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      "text": "Consolidated income statement with 2019 and 2018 columns and YoY change column.",
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      "kind": "title",
      "text": "Smart2Pay's Profitability In Decline Leading Up To Nuvei's Acquisition",
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