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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
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  "notes": "The slide uses a red box to highlight the cessation of 'ARPU (customer)' reporting and the shift to 'ARPU (locations)'.",
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      "kind": "callout",
      "text": "LSPD has not actively pointed out multiple changes to its ARPU KPI disclosure. We had to figure this out by close examination of its filings and statements.",
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      "text": "ARPU: $245",
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      "kind": "quote",
      "text": "If you can get $3,000 - $5,000 per account (or more)... you can actually be able hire people, build a team.",
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      "text": "If you can get $3,000 - $5,000 per account (or more),if you can get something like that, if you can find a product valuable enough for people to spend that kind of money, then you can actually be able hire people, build a team. You will be able to bootstrap and build your company to a point where investors will come to you. — CEO Interview 2016",
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      "text": "Source: LSPD filings and discussion",
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      "text": "ARPU data table comparing customer vs location metrics from Q3 2020 to Q1 2022.",
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      "text": "Multiple Changes To ARPU",
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