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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
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      "text": "Extremely high credit loss provisions",
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      "text": "LSPD is a significant outlier to other POS and financial technology peers as it relates to the amount of receivables it carries on its balance sheet, and its allowance for doubtful accounts. First, gross receivables appear significantly under-reported on the balance sheet, relative to reported sales. Secondly, LSPD's allowance for bad debts is ~21% of gross receivables, or almost 5x peers.",
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      "text": "LSPD is a significant outlier to other POS and financial technology peers as it relates to the amount of receivables it carries on its balance sheet, and its allowance for doubtful accounts.",
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      "text": "Allowance As % Of Gross Receivable: 20.8%",
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      "text": "Source: Company financials and Spruce Point Analysis\n1) Financials specific to their restaurant and retail business",
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      "text": "Lightspeed's Low Quality Customers",
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