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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
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  "pageNumber": 56,
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  "notes": "The slide uses a red flag icon and red borders to draw attention to the discrepancy in DSO trends between the subject company and its peers.",
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      "text": "LSPD has a focus on SMBs but its DSOs at 15 are significantly lower than comparable sized peers at 70+ and actually improved during peak COVID-19 whereas peer DSOs worsened. How is this possible? On the next slide, we show that allowance for bad debts was even increasing.",
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      "text": "Days Sales Outstanding: 15",
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      "text": "1) Financials specific to their restaurant and retail business",
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      "text": "Peer DSO Analysis table comparing LTM Sales, A/R, Turnover, and DSO for Lightspeed, PAR Technology, and Agilysys across 7 periods.",
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