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  "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",
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  "pageNumber": 29,
  "pageCount": 125,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
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  "notes": "Uses a contrast-pairs framework to highlight the discrepancy between LSPD's messaging and its peers.",
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      "kind": "callout",
      "text": "LSPD was the only Company among its close peers talking about \"quick\" and \"rapid\" growth starting in April 2020. Other peers gave a more muted perspective, with one saying it really took until late June/July to see an improvement.",
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      "kind": "quote",
      "text": "\"Lightspeed's customer base showed a quick rebound from April lows induced by the pandemic.\" — Press Release, 8/6/20; \"Lightspeed Payments continued its rapid growth trajectory in the quarter...\" — Conf Call, 8/6/20; \"So I'd say the way I look at it is last 2 weeks of March, April, extremely low set of installs. Everything is shut down.\" — PAR Conf Call, 8/7/20",
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      "kind": "table",
      "text": "Comparison of quotes from LSPD, PAR, and Agilysys regarding COVID-19 impact.",
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      "kind": "title",
      "text": "LSPD's Overly Bullish Tone During Peak COVID-19 Impact Is In Stark Contrast To Close Peers",
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      "matchId": "4c8f8a05-63d8-42c5-bac2-7bad21f4b9ce",
      "evidence": "Directly juxtaposing LSPD's bullish quotes against more cautious peer quotes.",
      "confidence": 0.95
    },
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      "matchId": "a572672a-c076-484d-8f5e-32613068eda4",
      "evidence": "Used by activist investors to highlight potential management dishonesty or misleading communication.",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Evidence",
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      "evidence": "The document presents evidence of LSPD's deteriorating business and financials",
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      "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"
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