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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": "Bad debts double, yet LSPD experienced organic revenue growth?",
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      "text": "The pandemic had a material impact on LSPD's customers. We observe that its allowance for doubtful accounts more than doubled to approximately 46% of receivables. It has since declined, but it is impossible to know if this has been on an organic basis. LSPD embarked on a large acquisition spree in late 2020.",
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      "text": "Allowance For Doubtful Accounts As % of Gross Trade Receivables",
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      "text": "allowance for doubtful accounts: 46%",
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      "text": "Source: LSPD financials",
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      "text": "Lightspeed's Low Quality Customers",
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