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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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      "kind": "callout",
      "text": "In the recent quarter, the President talked about seeing customers who removed modules (during peak COVID-19 a year earlier) are coming back because of the reopening. Removing modules would negatively affect ARPU. In the prior year, the CFO was talking about customers adding modules. Curiously, Lightspeed has never reported a decline in ARPU.",
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      "text": "Curiously, Lightspeed has never reported a decline in ARPU.",
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      "text": "\"We've seen ARPU continue to grow historically double digits a year. That was true through Q4 as well. As we look into Q1, there's kind of two competing things overall. We do have some customers on reduced subscription plans. And offsetting that, we've got increased module uptake of things like delivery and e-commerce and so on as well, that's helping to offset that.\"",
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      "text": "\"Absolutely. And I think also here what we saw is a lot of customers who have removed some of the modules, went back to buying more modules from Lightspeed because of the reopening.\"",
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      "text": "\"We've seen ARPU continue to grow historically double digits a year. That was true through Q4 as well. As we look into Q1, there's kind of two competing things overall. We do have some customers on reduced subscription plans. And offsetting that, we've got increased module uptake of things like delivery and e-commerce and so on as well, that's helping to offset that.\" — CFO Nussey, Q4 2020 Conf Call, May 21, 2020; \"Absolutely. And I think also here what we saw is a lot of customers who have removed some of the modules, went back to buying more modules from Lightspeed because of the reopening.\" — JP Chauvet, President, Q1 2022 Conf Call, Aug 5, 2021",
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      "text": "ARPU Back Tracking: Did Customers Add or Delete Modules During Peak COVID-19 Lockdown?",
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