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  "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",
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  "pageNumber": 17,
  "pageCount": 125,
  "prevPage": 16,
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  "density": "overcrowded",
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  "notes": "Uses red arrows and a red callout box to emphasize the discrepancy between the $15B+ claim and the $13B+ / $14.5B figures.",
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      "kind": "callout",
      "text": "Notice carefully that the last disclosure on Nov 2018 made pre-IPO was $15bn+ of annual transactions processed. This was revised to $13bn+ at the time of the IPO on the website and disclosed at $14.5bn to investors.(1) Also notice that the claim of 50,000+ customers in 100+ countries was omitted.",
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      "kind": "callout",
      "text": "Notice carefully that the last disclosure on Nov 2018 made pre-IPO was $15bn+ of annual transactions processed. This was revised to $13bn+ at the time of the IPO on the website and disclosed at $14.5bn to investors.",
      "attrs": null,
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        "x": 0.63,
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      "kind": "chart",
      "text": "GTV (in $bn) Fiscal 2016-2019",
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      "componentId": "a5495326-38da-4911-b67d-7c98d36a0e00",
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      "kind": "disclaimer",
      "text": "1) We believe the $15B+ reference is in US$ as this was also cited in an article from May 2018 discussing the new CFO and referencing US$15 bn/yr. Note the IPO prospectus shows $13.6bn GTV as of LTM Dec 31, 2018",
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      "kind": "list",
      "text": "March 2019 metrics: $13B+ GTV, 700+ employees, 14 offices",
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      "kind": "list",
      "text": "Nov 2018 metrics: 20% growth, 50,000+ customers, $15B+ GTV, 24/7 support",
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    {
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      "kind": "metric",
      "text": "GTV: $15bn+",
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      "toolName": "Quantification",
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      },
      "kind": "source-note",
      "text": "Source: Wayback Machine Nov 1, 2018; March 27, 2019; 2019 Annual Report",
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      },
      "kind": "title",
      "text": "Lightspeed GTV Leading Up To The IPO Revised Materially Lower",
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      "evidence": "Direct comparison of conflicting public disclosures to suggest misleading investor information.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
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      "evidence": "The document highlights several contradictions and inconsistencies in LSPD's financials and business",
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  "loops": [
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      "name": "Aha Moment",
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      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
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