{
  "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": 124,
  "pageCount": 125,
  "prevPage": 123,
  "nextPage": 125,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 225,
  "notes": "The slide uses a red callout box to highlight the activist thesis, contrasting Lightspeed with Shopify.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/124",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-124",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.88,
        "x": 0.06,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Lightspeed commands a lofty valuation rivaling best-of-breed peer Shopify, despite an inferior business, that since inception in 2005, has shown no evidence of generating economic profits.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "168efe4d-5112-430d-b668-bf8c158a0441",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / EBITDA: 205.7x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a321-9d411305fb18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "management provides dubious KPIs, such as GTV, that even one former employee described as \"smoke and mirrors\".",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a321-9b564260e64d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.1,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company financials, Wall St. and Spruce Point estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f319ffcc-c421-4c10-b69a-274d075e5bf0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.8,
        "x": 0.1,
        "y": 0.37
      },
      "kind": "table",
      "text": "Trading comparables table showing Stock Price, Adj Ent. Value, Margins, Growth, and Multiples for 15 companies plus Lightspeed.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46d83985-bff2-4132-995f-163d4299c499",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.44,
        "x": 0.28,
        "y": 0.06
      },
      "kind": "title",
      "text": "Trading Comparables",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9410bd7-3af9-4de4-b4f3-aff7e35ad9b3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "17ca26c0-87d7-42b8-863b-ec917ef26463",
      "evidence": "Direct comparison of valuation multiples between target and peer group.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}