{
  "docId": "019dd923-622c-750b-8b99-20e88bb14fbb",
  "docSlug": "f2d2846f5efe",
  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 107,
  "pageCount": 125,
  "prevPage": 106,
  "nextPage": 108,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "Uses a red flag icon to signal a warning/contradiction.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/107",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-107",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.09,
        "y": 0.18
      },
      "kind": "callout",
      "text": "LSPD's revenue recognition policies disclosed in its Annual Report say that it recognizes payment revenues on a “Gross Basis”. LSPD filed the financial statements of ShopKeep and Upserve at SEDAR in Canada, but did not file them in the US with the SEC. In this document, we see that both companies reported payments revenues on a “net basis”. LSPD talked about a $7m revenue uplift from a contract change. Was the uplift really from an accounting change too?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6e82056-4573-49ef-b48d-a13cf3272dd2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Was the uplift really from an accounting change too?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31f-a80360f3a37e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue: $7m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31f-b1a6698c0e6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.84,
        "x": 0.13,
        "y": 0.315
      },
      "kind": "quote",
      "text": "Included in transaction revenues was the impact of a newly negotiated contract with our Payments partner at Upserve and ShopKeep. This new contract did two things, provide us with better economics... realize an uplift in revenue of approximately $7 million",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96c2cecd-6bd3-43c8-a881-021e27837508",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Included in transaction revenues was the impact of a newly negotiated contract with our Payments partner at Upserve and ShopKeep. This new contract did two things, provide us with better economics than the businesses we're achieving on their own and also brought us better control over the end customer relationships. As a result of this we were able to realize an uplift in revenue of approximately $7 million in the quarter and greater gross margins as well, this is a great news story. — CFO Nussey, May 2021",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31f-afabb78f4349",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.13,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: SEDAR Business Acquisition Report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "997fe5b5-e281-4645-a9b6-4955285f657b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.12,
        "x": 0.85,
        "y": 0.435
      },
      "kind": "source-note",
      "text": "Source: FY 2021 Conf Call",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2e81aca-a22c-4045-a2e2-71a41aa6ef26",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.84,
        "x": 0.13,
        "y": 0.445
      },
      "kind": "table",
      "text": "Comparison of LSPD (Gross) vs ShopKeep/Upserve (Net) accounting disclosures.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a732eae1-2a41-48f1-86d1-5456182921d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe LSPD Wasn't Transparent About Its $7m “Revenue Uplift”",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06f00dd7-39fa-471d-8ded-66960d26a362",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6c7f73fd-4a5e-4456-af17-bedac8a3df4d",
      "evidence": "Contrasting public statements with underlying financial filings to suggest misleading revenue reporting.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}