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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
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  "notes": "Uses a quote from the Head of IR to prove management tracks metrics they do not report.",
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      "text": "Spruce Point believes LSPD is opaque and does not give investors enough information to evaluate its business model. For example, management admits it tracks CAC, LTV, monthly retention and churn. Yet, why doesn't it disclose these metrics to investors?",
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      "kind": "quote",
      "text": "So you mentioned integration. I think, you know, when I talk to investors, that's a topic that comes up a lot... They all measure the same things that we measure, like CAC, LTV, monthly retention rates, churn, ARPU.",
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      "text": "\"So you mentioned integration. I think, you know, when I talk to investors, that's a topic that comes up a lot. We've done quite a few acquisitions here in the last year. And so there's always the concern of, have we done too much? How do we integrate them? Just before you touch on that topic, I've noticed that the companies that we have acquired, like ShopKeep and Upserve, they all have the same technology approach as we do. So they're all cloud based. They all have the same go-to-market strategy as we do. You know, it's all centralized sales and marketing with inbound and they all measure the same things that we measure, like CAC, LTV, monthly retention rates, churn, ARPU. So it seems to me that the integration of these companies has been pretty seamless because we're all, everybody, seems to be on the same page. Would you not agree?\" — LSPD Head of IR, Inside Lightspeed podcast, August 30, 2021",
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      "text": "Source: LSPD Podcast, “Inside Lightspeed podcast: a conversation with JP Chauvet on the reinvention of commerce”, August 30, 2021",
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      "text": "Incomplete KPI Disclosures To Investors",
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