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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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  "notes": "Uses a bridge-style calculation to isolate Smart2Pay revenue from Nuvei's consolidated figures.",
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      "text": "In the context of wildly increasing margins being reported by Smart2Pay following the close, we investigated its revenue post closing. Our analysis suggests that Smart2Pay's revenues declined by approximately 6% in Q1 2021.",
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      "text": "In the context of wildly increasing margins being reported by Smart2Pay following the close, we investigated its revenue post closing. Our analysis suggests that Smart2Pay’s revenues declined by approximately 6% in Q1 2021.",
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      "text": "revenue: -6%",
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      "text": "Source: Nuvei 2020 Annual Report. Spruce Point estimate based on two months of revenue contribution from Nov 2, 2020 closing to year end.",
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      "text": "Smart2Pay's Revenues Appear To Have Fallen Post Acquisition",
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