{
  "docId": "019dd923-622c-750b-8b99-20e88bb14fbb",
  "docSlug": "f2d2846f5efe",
  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 27,
  "pageCount": 125,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a red flag icon to signal a warning/red flag to investors.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/27",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.88,
        "x": 0.08,
        "y": 0.17
      },
      "kind": "callout",
      "text": "LSPD touted early on that CFO was “the best indicator” to follow its path to profitability. However, it quickly ceased providing quarterly and annual CFO guidance. In fact, the Company did not call out this key change to investors of this suspension until a quarter later in the MD&A.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "881c4dbe-124b-4a61-be89-0220ea54150a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "LSPD touted early on that CFO was \"the best indicator\" to follow its path to profitability. However, it quickly ceased providing quarterly and annual CFO guidance. In fact, the Company did not call out this key change to investors of this suspension until a quarter later in the MD&A.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31b-847316a7025e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.86,
        "x": 0.1,
        "y": 0.44
      },
      "kind": "quote",
      "text": "Business at key inflection point with recent launch of Lightspeed Payments.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31833dd0-5e12-42b0-8c6b-32ffdb1cf4fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.86,
        "x": 0.1,
        "y": 0.29
      },
      "kind": "quote",
      "text": "As a growing SaaS Company, we believe cash flow represents the best indicator to our path to profitability.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59e0d72d-a274-4df6-9cd6-29c8930b73cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.86,
        "x": 0.1,
        "y": 0.6
      },
      "kind": "quote",
      "text": "In our press release dated August 7, 2019, we updated the full year 2020 outlook with respect to cash flows used in operating activities... As a result, we are withdrawing the previous outlook that cash flows used in operating activities will be in the range of $9.5 to $11 million.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6f47cdc-8129-4f2b-bc8e-afdf8aa3c598",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"As a growing SaaS Company, we believe cash flow represents the best indicator to our path to profitability.\" — Q4 2019 Conf Call; \"Business at key inflection point with recent launch of Lightspeed Payments.\" — Q4 2019 Earnings Presentation; \"In our press release dated August 7, 2019, we updated the full year 2020 outlook with respect to cash flows used in operating activities... As a result, we are withdrawing the previous outlook that cash flows used in operating activities will be in the range of $9.5 to $11 million.\" — Q3 2020 MD&A",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31b-8bd8ca602ef9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.86,
        "x": 0.1,
        "y": 0.76
      },
      "kind": "table",
      "text": "CFO Guidance table showing transition from disclosure to stopped disclosure",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "178c6b4c-f7d6-4e7c-8ade-e5bc22035193",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Suspension of Cash Flow Guidance Which Lightspeed Said Was The “Best Indicator”",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6409df2c-17c0-4f15-b978-a61595e22cca",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "ec055528-83df-4b84-b390-69bf0ce8708a",
      "evidence": "Contrasts past CEO/Company statements with subsequent actions (suspending guidance).",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 21,
      "beatId": "0cb38d05-3e6b-4863-b721-4ede226677f9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document presents evidence of LSPD's deteriorating business and financials",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 30,
      "from": 21,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "40325051-d002-47ed-b1e9-770bb7cee7d2",
      "evidence": "The document presents evidence of LSPD's deteriorating business and financials",
      "position": 2,
      "objective": "Show hidden risks in LSPD's business",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}