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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "notes": "The slide uses a direct quote from a 2004 Descartes Annual Report to establish a precedent of financial restatements.",
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      "text": "Descartes and Lightspeed are both software roll-ups. The challenges at Descartes culminated in the departures of the CEO and CFO. Restatements were made to reduce receivables, revenues and assets. Goodwill was also impaired. Spruce Point questions why would Lightspeed hire Nussey, an executive who went through a financial scandal and turnaround experience, to lead it through an IPO into the public markets?",
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      "text": "Spruce Point questions why would Lightspeed hire Nussey, an executive who went through a financial scandal and turnaround experience, to lead it through an IPO into the public markets?",
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      "text": "Increase our allowance for doubtful accounts receivable by $5.0 million... Increase expenses by $1.3 million... Reduction of bad debt expense by $0.4 million...",
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      "text": "Based on the review of our 2004 financial statements following our initial release of unaudited financial statements on March 10, 2004, we announced on May 10, 2004 that we had determined to make adjustments to our 2004 financial statements, including the following:",
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      "text": "Based on the review of our 2004 financial statements following our initial release of unaudited financial statements on March 10, 2004, we announced on May 10, 2004 that we had determined to make adjustments to our 2004 financial statements, including the following: [list of adjustments] — Descartes 2004 Annual Report",
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      "text": "Similarities Between Descartes And Lightspeed",
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