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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
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  "notes": "The slide uses a 'before-after' comparison to expose a contradiction in the company's market sizing narrative.",
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      "kind": "callout",
      "text": "LSPD has spent nearly $2.5 bn on acquisitions (including the pending Ecwid deal), and yet since its 2019 IPO, its Total Addressable Market (TAM) representation has shrunk from $113 to $16 billion.",
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      "text": "2021 TAM slide",
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      "text": "Notice now LSPD is talking about 6 million SMBs (bottom right slide)\nPrior TAM (bottom left slide) emphasized 226 million SMBs, focusing on 47 million retail and restaurants\nCurrent TAM calculation is on ARPU of $230 per location\nPrior TAM was based on ARPU per customer of $200",
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      "kind": "source-note",
      "text": "Source: LSPD Prospectus, dated Aug 9, 2021. Note: Red underline is Spruce Point emphasis",
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      "kind": "source-note",
      "text": "Source: August 2019 Investor Presentation at SEDAR.com",
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      "kind": "title",
      "text": "Shrinking TAM Just As Insiders Cash Out At Record High Prices?",
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      "evidence": "The document presents evidence of LSPD's deteriorating business and financials",
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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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