Spruce Point Capital Management · activist-deck
Lightspeed Commerce, Inc. (LSPD)
125 pages · 5 arc beats · 3 loops
Lightspeed Commerce, Inc. (LSPD)
Spruce Point Capital Management · 2021-09 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 40 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Hook 5 slides 100% 5/5 slides 100% 5/5 slides · 21 hits — 0/5 slides
— 0/5 slides
40% 2/5 slides 100% 5/5 slides — 0/5 slides
Complication 5 slides 100% 5/5 slides 100% 5/5 slides · 33 hits — 0/5 slides
— 0/5 slides
40% 2/5 slides 100% 5/5 slides 100% 5/5 slides Expose Contradiction 10 slides 100% 10/10 slides 100% 10/10 slides · 71 hits — 0/10 slides
— 0/10 slides
90% 9/10 slides 100% 10/10 slides 100% 10/10 slides Evidence 10 slides 100% 10/10 slides 100% 10/10 slides · 61 hits — 0/10 slides
— 0/10 slides
90% 9/10 slides · 10 hits 100% 10/10 slides 100% 10/10 slides Thesis Headline 10 slides 100% 10/10 slides 100% 10/10 slides · 68 hits — 0/10 slides
10% 1/10 slides 70% 7/10 slides 100% 10/10 slides — 0/10 slides
Slide inventory
125 every slide · same image gating as the playbook
01
The slide uses a visual metaphor of a rat and a cockroach in a restaurant setting to imply a 'dirty' or failing business model, with the POS screen displaying afront_matter
Open slide detailBeat · Hook
03
The slide uses a table to establish credibility by showcasing a track record of successful activist interventions.cite_precedent
Open slide detailBeat · Hook
04
The slide uses a comparative table to establish credibility through past successful short-selling/activist campaigns.cite_precedent
Open slide detailBeat · Hook
05
The slide uses a numbered list format to structure the argument, with section 6 broken down into sub-points.front_matter
Open slide detailBeat · Hook
07
The slide uses a vertical arrow structure to categorize evidence into pre-IPO inflation and post-IPO deterioration.frame_problem
08
Uses a vertical process flow to highlight three distinct areas of concern.name_villain
09
Uses a vertical red arrow visual to connect three distinct areas of concern.name_villain
10
The slide uses a vertical list of red callout boxes on the left to summarize the key arguments, which are then expanded upon in the main body text.frame_problem
12
Uses a red flag icon to denote a warning or red flag finding.expose_contradiction
13
Uses a red flag icon to signal a warning/red flag in the activist report.expose_contradiction
14
Uses a red flag icon to denote a warning/red flag.expose_contradiction
15
Uses visual evidence from Wayback Machine screenshots to demonstrate shifting claims.expose_contradiction
16
Uses red arrows to point out specific discrepancies between press releases and presentation materials.expose_contradiction
17
Uses red arrows and a red callout box to emphasize the discrepancy between the $15B+ claim and the $13B+ / $14.5B figures.expose_contradiction
18
Uses a red flag icon to draw attention to the contradiction.expose_contradiction
19
Uses a red flag icon to denote the activist's 'warning' or 'contradiction' finding.expose_contradiction
20
The slide uses a red box to highlight the core thesis and red bars/annotations to emphasize the negative trends.expose_contradiction
21
Uses Wayback Machine screenshots as evidence of historical website changes.expose_contradiction
22
The slide uses a 'before-after' comparison to expose a contradiction in the company's market sizing narrative.expose_contradiction
23
Uses a red flag icon to signal a warning or contradiction.expose_contradiction
25
The slide uses a red box to highlight the cessation of 'ARPU (customer)' reporting and the shift to 'ARPU (locations)'.expose_contradiction
26
Uses a red flag icon to signal a warning or contradiction.expose_contradiction
27
Uses a red flag icon to signal a warning/red flag to investors.expose_contradiction
28
The slide uses a red flag icon to signal a warning or contradiction in the company's reported financial performance.expose_contradiction
29
Uses a contrast-pairs framework to highlight the discrepancy between LSPD's messaging and its peers.expose_contradiction
30
Uses a red flag icon and red arrows to draw attention to the discrepancy in the company's own investor presentation.expose_contradiction
31
Uses red-bordered callouts to highlight negative sentiment or critical data points regarding the competitor.compare_peers
Open slide detailBeat · Thesis Headline
32
Uses red callout boxes to highlight contradictory statements from executives.expose_contradiction
Open slide detailBeat · Thesis Headline
33
Uses a red arrow to visually connect the 'Omitted' text in the Post-IPO section to the original text in the At-IPO section.expose_contradiction
Open slide detailBeat · Thesis Headline
34
Uses red boxes and a blue arrow to visually connect the inconsistent data points.expose_contradiction
Open slide detailBeat · Thesis Headline
35
Uses red boxes and arrows to point out specific accounting changes in financial tables.expose_contradiction
Open slide detailBeat · Thesis Headline
36
Spruce Point Capital Management branding (pine tree logo).frame_problem
Open slide detailBeat · Thesis Headline
37
Uses a red flag icon to signal a critical finding.expose_contradiction
Open slide detailBeat · Thesis Headline
38
Uses a red flag icon to highlight the thesis and a testimonial to support the claim.compare_peers
Open slide detailBeat · Thesis Headline
39
Uses a Q&A format to present expert testimony.illustrate_case
Open slide detailBeat · Thesis Headline
40
Includes a screenshot of a tweet and a block quote from an interview.expose_contradiction
Open slide detailBeat · Thesis Headline
41
Uses a red flag icon and red bounding box to draw attention to the new migration guide.expose_contradiction
42
Uses a red flag icon to denote a warning or competitive threat.expose_contradiction
43
The slide uses a red flag icon to signal a warning or competitive threat.preempt_rebuttal
44
Uses news clippings from Reuters and Forbes to support the bearish thesis.preempt_rebuttal
46
Uses a quote from the Head of IR to prove management tracks metrics they do not report.expose_contradiction
47
The slide uses a red flag icon to signal a warning or contradiction in company reporting.expose_contradiction
49
Uses red callout box and red arrow to highlight discrepancies in executive tenure and acquisition counts.expose_contradiction
50
Uses a red flag icon and a red-bordered callout to emphasize the contradiction.expose_contradiction
52
Uses a stacked bar chart to show the shift in deferred revenue mix over time, alongside text excerpts to highlight a change in corporate disclosure.expose_contradiction
55
The slide uses a red box and arrows to draw attention to LSPD's high credit loss provisions compared to peers.compare_peers
56
The slide uses a red flag icon and red borders to draw attention to the discrepancy in DSO trends between the subject company and its peers.expose_contradiction
60
Uses a direct quote from an earnings call to highlight the contradiction.expose_contradiction
61
The slide uses a red callout box to frame the data as evidence of poor capital allocation.expose_contradiction
62
The slide uses a quote from a former manager to set up a contradiction with the empirical data in the table.expose_contradiction
63
The slide uses a red flag icon to signal a warning or red flag regarding the company's financial reporting (impairment charges).expose_contradiction
64
The slide uses red callout boxes to emphasize negative feedback from an anonymous source.expose_contradiction
65
The slide uses a Q&A format to highlight operational and product-market fit issues.expose_contradiction
66
The slide uses red callouts and circles to highlight specific aggressive assumptions in the company's financial disclosures.expose_contradiction
67
The slide uses a red box to highlight the negative values in the table and the corresponding footnote.expose_contradiction
68
The slide uses two side-by-side financial statement excerpts to point out an accounting anomaly.expose_contradiction
70
Uses red boxes to highlight missing data in financial tables.expose_contradiction
71
The slide uses a red box to highlight the zero/low values in the 'Transaction-related expenses' row of the financial table.expose_contradiction
72
Uses visual callouts (red boxes and arrows) to highlight specific discrepancies in legal filings and LinkedIn profile data.expose_contradiction
73
Uses visual evidence (screenshots) to undermine the credibility of the subject's professional background.expose_contradiction
76
Uses Wayback Machine screenshots to demonstrate pricing degradation.expose_contradiction
77
Uses direct quotes from company filings and CEO interviews to highlight discrepancies in growth and revenue metrics.expose_contradiction
78
Uses a deductive table to isolate iKentoo revenue from other acquisitions (Kounta, Gastrofix).expose_contradiction
79
Uses a 'math-buildup' approach to expose poor performance hidden in consolidated financial statements.expose_contradiction
81
The slide uses the Spruce Point Capital Management logo (the tree) as a visual anchor.transition
82
Uses a red flag icon and red underlining to highlight the contradiction between the zero-valuation and the potential $10M+ payout.expose_contradiction
83
Uses red flag icon to signal warning/contradiction. Two distinct 'Limitation on Scope of Design' text blocks are used as evidence for the calculations on the riexpose_contradiction
84
The slide features the Spruce Point Capital Management logo (the pine tree).transition
85
Uses a 'red flag' visual metaphor to highlight the going concern warning.expose_contradiction
86
The slide uses a combination of narrative critique and a data table to support the 'greedy' and 'peaked' thesis.expose_contradiction
87
The slide uses a red flag icon to highlight the negative trend.expose_contradiction
88
Uses a red flag icon to draw attention to the contradiction. Includes a specific excerpt from a press release to critique the company's accounting logic.expose_contradiction
89
Uses a red flag icon to signal suspicious activity; contrasts 'Did Not Hit Income Statement' vs 'Hit Income Statement' categories.expose_contradiction
90
Uses a red flag icon and red arrows to emphasize the contradiction.expose_contradiction
92
Uses Wayback Machine screenshots to highlight the discrepancy in customer count claims.expose_contradiction
93
Uses direct quotes from press releases and conference calls to demonstrate inconsistent reporting.expose_contradiction
94
Uses screenshots of website archives to demonstrate the discrepancy.expose_contradiction
95
Uses red boxes to highlight contradictions between management claims and reality.expose_contradiction
97
Includes a quote from the CEO and a table highlighting low revenue per merchant.expose_contradiction
98
The slide uses a Q&A format to validate the activist thesis regarding NuORDER's operational and market challenges.expose_contradiction
101
Uses red flag icons to highlight contradictions between management quotes and subsequent financial data.expose_contradiction
103
Uses a combination of analyst call transcripts and company disclosure screenshots to build a case of obfuscation.expose_contradiction
105
The slide uses a dialogue-style format to present expert testimony.expose_contradiction
106
Uses a Q&A format to highlight the discrepancy between official risk factors and market reality.expose_contradiction
109
Uses a red flag icon to signal a warning/red flag in the activist report.expose_contradiction
111
Uses red boxes and arrows to visually highlight the discrepancy between 'singular' and 'plural' language.expose_contradiction
113
Uses red arrows and boxes to draw attention to discrepancies in historical records.expose_contradiction
114
Uses red underlining in the source text to emphasize specific job responsibilities.introduce_nominees
115
The slide uses a direct quote from a 2004 Descartes Annual Report to establish a precedent of financial restatements.expose_contradiction
116
Uses red flag imagery and side-by-side comparison of auditor credentials to imply governance concerns.expose_contradiction
117
Uses a red flag icon and a red arrow to draw attention to the contradiction between stated fiscal responsibility and actual compensation metrics.expose_contradiction
119
The slide uses a red flag icon to signal a warning/activist stance.preempt_rebuttal
120
The slide uses a table and a line chart to visualize the dilution of insider ownership.expose_contradiction
121
The slide uses a table to show analyst ratings and price targets, highlighting the outlier status of Veritas.preempt_rebuttal
122
The slide uses a red flag icon and a yellow callout box to emphasize the activist thesis of data inaccuracy.expose_contradiction
123
The table demonstrates the impact of M&A and capital raises on the company's pro forma enterprise value.show_valuation_bridge
124
The slide uses a red callout box to highlight the activist thesis, contrasting Lightspeed with Shopify.compare_peers
125
The slide uses a red flag icon, a signature of Spruce Point activist decks.show_valuation_bridge