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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": "Per the CFO's response, despite not fully integrating Upserve and ShopKeep from a technical perspective, it appears that LSPD increased its obligation to take on more responsibility in the payments process (i.e. more risk). Becoming a principal obligor is a factor in recognizing revenue under a “Gross Basis”. This provides strong evidence that LSPD accelerated revenue recognition, perhaps faster than it should have.",
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      "text": "This provides strong evidence that LSPD accelerated revenue recognition, perhaps faster than it should have.",
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      "text": "Yes. We didn't - so I think as we mentioned, there was going to be a period of technical integration with these newly acquired businesses that was going to take us some quarters. So we haven't completed that. That work still remains ahead as my earlier comments, hopefully, reflect it. And our intention is to, obviously, not just with Payments, but with everything we do is to get all of these customers on the Lightspeed core offerings. But recognizing that that was going to take some time, what we did is approach payments partners and say, you know, look, we've got this infrastructure. We're happy to take on more of the obligation historically it had been. And that - and then also leveraged kind of the scale of the business to encourage folks to give us better economics on the overall transactions as well. So it just allows us better customer control. It got us better economics, which is really important. And we were able to do it all on a much quicker pace than we otherwise would have. So that makes sense. — CFO Nussey, May 2021",
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