{
  "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": 109,
  "pageCount": 125,
  "prevPage": 108,
  "nextPage": 110,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a red flag icon to signal a warning/red flag in the activist report.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "donut_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/109",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-109",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.1,
        "y": 0.18
      },
      "kind": "callout",
      "text": "By changing accounting policies for acquisitions, LSPD's transaction-based ARPU would be artificially inflated. LSPD provided a chart showing how the transaction-based ARPU grew from 23% to 37%. However, it doesn't disclose how much of this increase came from changing from \"Net\" to \"Gross\" accounting from acquisitions.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2391022c-ba97-4a69-a6c9-5638091f9f2b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.6,
        "x": 0.2,
        "y": 0.46
      },
      "kind": "chart",
      "text": "Shifting Sales Mix - Growing ARPU",
      "attrs": null,
      "subkind": "donut",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8af6bf5-2bb6-4d3a-92e2-4c9cbe0d9d75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "ARPU: $215",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31f-9464fa70392f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.84,
        "x": 0.14,
        "y": 0.31
      },
      "kind": "quote",
      "text": "Subscription ARPU which excludes our transaction-based revenue stream increased by over 10% as more and more customers adopt functionality beyond the basic POS. And ARPU increase as a result of Payments grew significantly given the success we have had with driving Payments revenue.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1f40a3d-a05a-4c40-9555-c483739fca04",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Subscription ARPU which excludes our transaction-based revenue stream increased by over 10% as more and more customers adopt functionality beyond the basic POS. And ARPU increase as a result of Payments grew significantly given the success we have had with driving Payments revenue.\" — CFO Nussey, May 2021",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31f-924fff4486a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.82,
        "y": 0.42
      },
      "kind": "source-note",
      "text": "Source: FY 2021 Conf Call",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b13a697c-18a7-4f6d-a3d5-fc91010c63f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.65,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Investor Presentation",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca311400-5ac9-420f-88ef-8c6ae43a174e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.68,
        "x": 0.28,
        "y": 0.05
      },
      "kind": "title",
      "text": "ARPU Inflation With Payments Accounting Change",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d6cbf4a-b807-43a6-83cf-9427b4a58b56",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "4d49dfe4-dedd-4a47-872e-a7738fa1c554",
      "evidence": "Contrasts management quote with analyst's claim of accounting manipulation",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}