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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-09-29 00:00:00",
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      "kind": "callout",
      "text": "Spruce Point interviewed a former employee that had been with the Company over 5 years and left over a year ago. When we asked him about trends in hardware margins, he responded by saying that ARPU as a whole had “dropped significantly”. This is a completely different picture than management tells investors.",
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      "text": "When we asked him about trends in hardware margins, he responded by saying that ARPU as a whole had \"dropped significantly\". This is a completely different picture than management tells investors.",
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      "text": "Former Lightspeed Employee on Why Margins Are Declining",
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      "text": "“It is because and Square give free hardware. Lightspeed is going to have to change, and they are going to have to give away free hardware. They are still using printers that haven’t changed in the last two and a half decades. When you look at the decrease in software ARPU and take into account the negative margin on the hardware, ARPU as a whole has dropped significantly.”",
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      "kind": "quote",
      "text": "\"It is because and Square give free hardware. Lightspeed is going to have to change, and they are going to have to give away free hardware. They are still using printers that haven't changed in the last two and a half decades. When you look at the decrease in software ARPU and take into account the negative margin on the hardware, ARPU as a whole has dropped significantly.\" — Former Lightspeed Employee",
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