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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-09-29 00:00:00",
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      "text": "We believe investors buying LSPD at 23x and 47x 2022E sales and gross profit are failing to see the titanic competitive shifts happening in its business and industry.",
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      "text": "Poor Risk / Reward; Insiders Cashing Out; Analyst Have Poor Track Record Modeling Results; LSPD May Be Sandbagging Guidance; Analysts and Market Data Providers Mismodel Ent Value By >$1.0bn; Inflated Valuation With 60% - 80% Downside Potential",
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      "text": "LSPD is positioned by its bullish stock promoters as a best-of-breed commerce technology solution provider. However, we believe the promoters have taken management's story at face value without conducting a rigorous forensic review...",
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      "text": "\"They are very good at PR, and saying we're going to acquire this, this, this, but I don't know if there will be a breaking point where all these acquisitions are not going to play well together. It looks great on paper but when you go into practice, how is this going to operate beyond just numbers on a PR deck?\" — Former employee",
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      "text": "Spruce Point Estimates 60% - 80% Downside Risk To Lightspeed Commerce Inc (LSPD) Share Price",
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