{
  "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": 35,
  "pageCount": 125,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses red boxes and arrows to point out specific accounting changes in financial tables.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/35",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-35",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.88,
        "x": 0.07,
        "y": 0.16
      },
      "kind": "callout",
      "text": "The COGS software and payment line quickly collapsed and became less transparent after its IPO. Support costs clearly changed, and were revised lower, while “other third-party” costs increased and include Lightspeed Payments. Payments is a big growth story for management, but it doesn’t disclose granular cost details.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "472a5bf1-0edc-4eda-a38f-ae701ea7f9df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.18,
        "x": 0.79,
        "y": 0.5
      },
      "kind": "callout",
      "text": "Support: Language change removes “mostly salaries”",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f4e29b3-33c7-4262-b71a-8184c3b1c97d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.18,
        "x": 0.79,
        "y": 0.81
      },
      "kind": "callout",
      "text": "“Other” now includes costs of Lightspeed Payments, a key growth driver where LSPD obscures costs",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2028612-a8e8-4d1a-9dd6-029a8a485c31",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.2,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: SEDAR.com",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b27bdf7-a619-4cca-a9d7-d155f7d6118e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.55,
        "x": 0.2,
        "y": 0.27
      },
      "kind": "table",
      "text": "At IPO financial table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11d7a5d5-187c-46f3-8bda-c91bdba65711",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.55,
        "x": 0.2,
        "y": 0.63
      },
      "kind": "table",
      "text": "Post-IPO financial table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15025e5b-c320-4ec6-83d9-d03cd40d2334",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.28,
        "y": 0.05
      },
      "kind": "title",
      "text": "COGS Revisions Provide Less Transparency",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8585a620-25c5-4092-9588-73a031547b02",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a7743c3b-6a25-48f7-ac9c-98939370a212",
      "evidence": "Highlights intentional obfuscation of financial costs post-IPO",
      "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
}