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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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      "kind": "callout",
      "text": "LSPD Payments is so critical to the investment story, yet LSPD doesn't disclose how many paying customers it actually has, and quickly introduced and then abandoned a KPI called \"Payments Adoption Rate\". Now suddenly, LSPD talks about \"Payments Penetration\" as a % of GTV processed. However, there is no defined KPI around this metric.",
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      "text": "LSPD Payments is so critical to the investment story, yet LSPD doesn't disclose how many paying customers it actually has, and quickly introduced and then abandoned a KPI called \"Payments Adoption Rate\".",
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      "text": "Q3 2020 Earnings Press Release snippet defining Payments Adoption Rates.",
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      "text": "There are a ton of competitors in payments. There are so many third-party providers. Their main competitor I would say is Square... People are very rate sensitive so there is an initial sticker shock.",
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      "text": "\"There are a ton of competitors in payments. There are so many third-party providers. Their main competitor I would say is Square, who is very transaction and for the small merchants that do not need inventory management. You are really competing against third-party venders who have all these hidden fees behind what they say the rate is. People are very rate sensitive so there is an initial sticker shock. The other approach that Lightspeed takes is offering a flat rate, you know what to expect every month. There is a big portion of education that I believe they need to do a lot of work on in order to help the product take off.\" — Former Employee Interview; \"It's several hundred, Todd, that we signed in the quarter. It's still pretty early on. So, yeah, less than 1,000.\" — CFO Nussey, Q4 2019 Earnings Conf Call; \"Payments penetration continues to increase with approximately 10% of our GTV processed through our payment solutions.\" — CEO Dasilva, Q1 2022 Earnings Conf Call",
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      "text": "Management Abruptly Suspends A KPI Called Payments Adoption Rates, Wont Disclose Paying Users",
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