{
  "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": 33,
  "pageCount": 125,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a red arrow to visually connect the 'Omitted' text in the Post-IPO section to the original text in the At-IPO section.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/33",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-33",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.175
      },
      "kind": "callout",
      "text": "It appears that LSPD loosened its revenue recognition policies post IPO to allow for recognition “on the date the services are made available to customers”. Prior, it would recognize revenue when (5) five revenue recognition criteria were satisfied. This could allow LSPD to accelerate revenue recognition.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "676a40e6-f6cb-439a-ba39-dbe3e239782c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "It appears that LSPD loosened its revenue recognition policies post IPO to allow for recognition \"on the date the services are made available to customers\".",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a319-054a8bb2d617",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.02,
        "y": 0.915
      },
      "kind": "source-note",
      "text": "Source: IPO Prospectus, March 2019 at SEDAR.com",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "071907cd-5709-4ea0-b4e9-e0556c80327e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.55,
        "y": 0.695
      },
      "kind": "source-note",
      "text": "Source: 2019 Annual Report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99a2c28f-7874-4159-8cb0-7b4ff98b8612",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.315
      },
      "kind": "table",
      "text": "Comparison of revenue recognition policies At IPO vs Post IPO",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8b931d3-00cc-45de-a110-57cd3a64ad24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.29,
        "y": 0.03
      },
      "kind": "title",
      "text": "Subtle Change In Revenue Recognition Would Allow For Accelerated Recognition",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a957899-b3be-4a2b-a143-7ac58c3140d9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "28370482-23be-46c0-abed-65f8ac10bfb3",
      "evidence": "Highlights a change in accounting policy to accelerate revenue recognition",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 31,
      "beatId": "868ef399-7a62-4464-b254-cf79c8c5debb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Thesis Headline",
      "beatSlug": null,
      "evidence": "The document presents a clear thesis and supporting evidence",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}