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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "We also use LPD's $200 per month ARPU claim to back into an estimate of unique customers. We calculate 26,664 which is close to the 27,200 estimate in Method #1.",
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      "text": "We also use LSPD’s $200 per month ARPU claim to back into an estimate of unique customers. We calculate 26,664 which is close to the 27,200 estimate in Method #1.",
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      "text": "Pre-IPO disclosure metrics (20% growth, 50,000+ customers, $15B+ transactions, 24/7 support).",
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      "text": "Implied Unique Customers: 26,664",
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      "kind": "quote",
      "text": "ARPU defined: “Average Revenue Per User” or “ARPU” represents the total software and payments revenue of the Company in the period divided by the number of unique customers of the Company in the period. — Company Disclosure",
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      "kind": "source-note",
      "text": "Source: Wayback Machine Nov 1, 2018; SEDAR.com",
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      "kind": "title",
      "text": "Evidence Points To Lightspeed Having Massively Overstated Customers (Method #2)",
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