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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": "LSPD spent $372m to acquire Vend. We are baffled how LSPD talks about organic growth, when absent the contribution of receivables to its balance sheet from the Vend acquisition, they declined quarter-over-quarter by 20%.",
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      "text": "QoQ Change in Trade Receivables: -20%",
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      "text": "\"Total revenue of $115.9 million was up 220% year-over-year thanks to a combination of strong organic growth and the recent acquisitions of ShopKeep, Upserve and Vend, which added $50.5 million in revenue.\"",
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      "text": "\"Total revenue of $115.9 million was up 220% year-over-year thanks to a combination of strong organic growth and the recent acquisitions of ShopKeep, Upserve and Vend, which added $50.5 million in revenue.\" — Q1 2022 Conf Call",
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      "text": "Source: Q1 2022 Conf Call; LSPD financial filings and deal allocations",
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      "text": "Organic Receivables Growth table showing Q1'22 Trade and Receivables, Less Vend Addition, Pro Forma Q1'22, Q4'21, and QoQ Change.",
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      "kind": "title",
      "text": "Evidence of Declining Business Prior To Large Vend Acquisition",
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