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  "documentTitle": "Nuvei Corp (NVEI)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-12-09 00:00:00",
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      "text": "We estimate that Smart2Pay's net profit margins ballooned from 28.5% (pre-acquisition 2019) to 49.2% (post close 2020). This is despite Smart2Pay having a higher processing cost (cost of revenue) than Nuvei.",
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      "text": "2019 Results (Pre-Deal): $30.1m of revenue, $8.6m of net income, =28.5% profit margin in 2019",
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      "text": "2020 Post Close: $9.7m of revenue, $2.0m of net income =20.8% profit margin post acquisition in 2020 +$2.8m intangible amort =Adj. Net Income $4.8m 49.2% Adj. profit margin",
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      "text": "We estimate that Smart2Pay's net profit margins ballooned from 28.5% (pre-acquisition 2019) to 49.2% (post close 2020).",
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      "text": "net profit margin: 49.2%",
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      "text": "Smart2Pay contributed revenues of $9,753 and net income of $2,029 to the Company for the period from the acquisition date to December 31, 2020.",
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      "text": "Source: 2020 Annual Report. 1) As disclosed in the annual report MD&A... 2) Using Wayback Machine... 3) Based on Netherlands filings... 4) $166m of intangibles added...",
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      "text": "We Estimate Smart2Pay's Profit Margins Materially Expanded In 2020 Without Explanation",
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