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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": "As of March 2020, 45% of LSPD's revenues were tied to the hospitality industry. In speaking with a former employee, Toast was mentioned as a formidable competitor. Toast's business was severely impacted during COVID-19, forcing it to layoff employees.",
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      "text": "As of March 2020, 45% of LSPD's revenues were tied to the hospitality industry.",
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      "text": "Toast's Fortunes Didn't Improve Until Midyear: CEO Chris Comparato wrote in a blog post in April that, in the previous month restaurant sales in most markets fell by 80%.",
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      "text": "Toast CEO During Peak COVID-19: With limited visibility into how quickly the industry may recover, and facing slower than anticipated growth, we now find ourselves in the unenviable position of reducing our headcount.",
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      "text": "Former Lightspeed Employee: In the restaurant space there are two that are very strong, Toast and Touchbistro. The offerings are very similar.",
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      "kind": "quote",
      "text": "\"In the restaurant space there are two that are very strong, Toast and Touchbistro. The offerings are very similar. I would say the restaurant products five years ago were not as strong. I think they made a lot of changes but originally, they had trouble competing against those businesses.\" — Former Lightspeed Employee. \"With limited visibility into how quickly the industry may recover, and facing slower than anticipated growth, we now find ourselves in the unenviable position of reducing our headcount.\" — Toast CEO Chris Comparato.",
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      "kind": "source-note",
      "text": "Source: \"Restaurant Management Platform Cuts 50% of staff\", TechCrunch, April 2020",
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      "kind": "source-note",
      "text": "Source: \"Restaurant tech start-up Toast soars to $8 billion valuation seven months after cutting half its staff\", CNBC, Nov 2020. Note: Per Toast's prospectus, revenues didn't bottom until June 30, 2020 at $145m",
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      "kind": "title",
      "text": "What About LSPD's Competitor Toast?",
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