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  "docSlug": "062cb2b9b6a4",
  "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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  "notes": "Uses screenshots of IPO prospectus and LinkedIn data to challenge financial reporting.",
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      "kind": "callout",
      "text": "It appears that Smart2Pay’s approximately 50 employees were to join Nuvei. This further calls into question how could its margins increase so dramatically in the absence of significant cost reductions. LinkedIn employment trends also show no indication of employment attrition.",
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      "text": "employee count: 50",
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      "text": "Source: Smart2Pay Dutch Filings",
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      "text": "Source: IPO Prospectus at Sedar.com, p.45",
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      "text": "Source: LinkedIn Premium Smart2Pay",
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      "text": "How Did Margins Increase So Dramatically, When No Employees Appear To Have Been Terminated",
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