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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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      "kind": "callout",
      "text": "Our observations about misstated customers, GTV, and questionable ARPU should be put in context with a quote given by the CEO and Founder Dax Dasilva from an interview in 2015. When asked about major challenges growing the business, he pinpointed the fact LSPD failed multiple times in an attempt to implement Salesforce. We also now know from a recent disclosure statement in LSPD's Annual Report that PwC was appointed auditor in 2015. This supports our belief that LSPD had lingering problems with its financial accounting and reporting.(1)",
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      "text": "This supports our belief that LSPD had lingering problems with its financial accounting and reporting.",
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      "text": "Any major challenges along the way, anything that stands out?",
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      "kind": "quote",
      "text": "Systems. Implementing a system of Salesforce took us four attempts. It was really complicated with all the resellers and all the different ways our different products are sold. And we bought two companies, so how do we integrate licenses for all those things in Salesforce? We spent a ton of money and failed many times.",
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      "text": "\"Systems. Implementing a system of Salesforce took us four attempts. It was really complicated with all the resellers and all the different ways our different products are sold. And we bought two companies, so how do we integrate licenses for all those things in Salesforce? We spent a ton of money and failed many times.\" — Dax Dasilva",
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      "text": "Source: Dax Dasilva interview - Startup Grind Ottawa - Feb 26, 2015",
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      "text": "1) FY 2021 Annual Report, p. 41 discloses PwC 2015 appointment",
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      "text": "CEO Quote For Context",
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