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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 18,
  "pageCount": 125,
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  "function": "expose_contradiction",
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  "notes": "Uses a red flag icon to draw attention to the contradiction.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/18",
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      "kind": "callout",
      "text": "Notice carefully that LSPD's prospectus cloud image (right) fails to disclose customers, instead focusing on 47,000+ \"Customer Locations\". However, LSPD left a clue that allows us to calculate implied customers from the $500,000 GTV per customer. We estimate LSPD had 27,200 customers at IPO. This is 46% fewer customers than it reported just 5 months earlier.",
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      "kind": "image",
      "text": "Last Customer Disclosure Pre-IPO Nov 2018",
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      "kind": "image",
      "text": "IPO Prospectus: March 7, 2019",
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      "text": "implied customers: 27,200",
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      "kind": "source-note",
      "text": "Source: Wayback Machine Nov 1, 2018",
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      "kind": "source-note",
      "text": "Source: SEDAR.com",
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      "text": "Spruce Point Estimated Customers table",
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      "kind": "title",
      "text": "Evidence Points To Lightspeed Having Massively Overstated Customers (Method #1)",
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      "evidence": "Contrasting historical disclosures with IPO prospectus data to identify potential misrepresentation.",
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