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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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      "kind": "callout",
      "text": "In Q3 2021, LSPD shifted toward much larger acquisitions with deals to acquire ShopKeep ($545m) and Upserve ($412m). By backing out each acquisition's contributions to deferred revenue and receivables, we find evidence of substantial organic decline.",
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      "text": "By backing out each acquisition's contributions to deferred revenue and receivables, we find evidence of substantial organic decline.",
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      "text": "organic revenue growth: 47%",
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      "text": "\"Lightspeed delivered revenue ahead of our previously established guidance and reached Software and Payments organic revenue growth of 47% year-over-year, accelerating from the 42% we saw last quarter.\"",
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      "text": "\"Lightspeed delivered revenue ahead of our previously established guidance and reached Software and Payments organic revenue growth of 47% year-over-year, accelerating from the 42% we saw last quarter.\" — Q3 2021 Conf Call",
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      "text": "Source: LSPD financial filings and deal allocations. 1) Per Julian Teixeria's LinkedIn profile. He was a named executive",
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      "text": "Evidence of Declining Business Prior To Large Upserve and ShopKeep Acquisitions",
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