{
  "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": 119,
  "pageCount": 125,
  "prevPage": 118,
  "nextPage": 120,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 30,
  "notes": "The slide uses a red flag icon to signal a warning/activist stance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/119",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-119",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.08,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Analysts seem blind to the fact that as Lightspeed scales, its gross margins are not only getting worse, but by a much larger factor than consensus is forecasting.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9406f3e6-7939-48f7-9f33-5d3f71858615",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.18,
        "x": 0.71,
        "y": 0.92
      },
      "kind": "callout",
      "text": "Getting much worse!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da3da1a2-3520-4916-a142-fa8dbb7016ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Gross Margin: -710",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a320-d4cf0a8a9a6f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.12,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Spruce Point analysis, Company financials and Bloomberg consensus",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5afdcb10-633c-48fb-9c7d-bb45992c30b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.78,
        "x": 0.12,
        "y": 0.45
      },
      "kind": "table",
      "text": "Lightspeed's Actual vs. Expected Revenues and Gross Margin",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f029b38-aba8-487d-9efe-fa28b096393b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.29,
        "y": 0.03
      },
      "kind": "title",
      "text": "Hear And See No Evil: Analysts Ignore Worsening Margins At Scale",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5334f615-c706-44fa-a038-214e25ec85c4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6f41c7bc-c555-44be-9d7a-5ec7578743a7",
      "evidence": "The slide explicitly frames the company's financial reporting as misleading to investors.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}