{
  "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": 15,
  "pageCount": 125,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses visual evidence from Wayback Machine screenshots to demonstrate shifting claims.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/15",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In the same period of suspiciously increasing its GTV claims, LSPD materially changed its number of “Certified Resellers” from 200+ to 150+ in the month of Feb 2014.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a318-6cb29da4644a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.96,
        "x": 0.02,
        "y": 0.45
      },
      "kind": "image",
      "text": "Three screenshots of website metrics over time",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d5c0594-1abc-454d-9120-dd378f6e691b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "In prior years 2011 and 2012, Lightspeed made Profit's magazine fastest growing revenue list, and highlighted it on its website (see below on right). However, it did not make the top 500 list based on 2012 or 2013 revenue, where the minimum growth rate to be on the list was 37% and 43%, respectively.(1) Yet, on LSPD's website it claimed 60% revenue growth (which would have qualified it for the Profit list), and then later removed the statement.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73260dfb-8f12-4c00-bb31-471b4781c5f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "In the same period of suspiciously increasing its GTV claims, LSPD materially changed its number of “Certified Resellers” from 200+ to 150+ in the month of Feb 2014. In May 2014, it then showed 250+ “Certified Partners”. In addition, it removed its claim of 60%+ revenue growth, in favor of showing 120%+ growth in transactions processed.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd8a2172-35a7-4571-93a1-8eead60316e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Wayback Machine, Lightspeed Retail, Feb 2, 2014; Feb 21, 2014; May 9, 2014",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "437379e3-5c0f-406c-aee8-dddde05dfcc9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "1) 2013 Profit 500 ranking based on 2012 revenue and 2014 Profit 500 ranking based on 2013 revenue both exclude Lightspeed",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "981d5c5b-449a-4dcb-9244-729ad44b4d62",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.29,
        "y": 0.04
      },
      "kind": "title",
      "text": "2014: Early Indicators of Revenue Misstatement",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3e812c7-241b-437f-afaf-ba8947c16d68",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "2eda4e8d-69bd-4a0d-973a-26631078a4c9",
      "evidence": "Contradictory public claims used to suggest revenue misstatement",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "0b78c10f-efb7-4e2a-a276-b6c27607937d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document highlights several contradictions and inconsistencies in LSPD's financials and business",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 11,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "dfd15051-3ecc-4998-8373-c8701b30f397",
      "evidence": "The document highlights several contradictions and inconsistencies in LSPD's financials and business",
      "position": 1,
      "objective": "Reveal contradictions in LSPD's financials",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}