{ "docId": "019dd923-622c-750b-8b99-20e88bb14fbb", "docSlug": "f2d2846f5efe", "documentTitle": "Lightspeed Commerce, Inc. (LSPD)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-09-29 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 60, "pageCount": 125, "prevPage": 59, "nextPage": 61, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "Uses a direct quote from an earnings call to highlight the contradiction.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/60", "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-60", "components": [ { "bbox": null, "kind": "callout", "text": "In fact, we believe many acquisitions have been companies that have peaked, restructured, and/or seen declining growth. Thus, we would classify many as \"legacy\" platforms that failed to scale.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64cf-7128-a31c-1f755f5b2e46", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.08, "y": 0.17 }, "kind": "paragraph", "text": "LSPD has claimed its acquisition strategy is based on acquiring \"high growth\" companies and not \"legacy\" platforms. After carefully reviewing many of its acquisitions, we fail to understand how its strategy has conformed to these objectives. In fact, we believe many acquisitions have been companies that have peaked, restructured, and/or seen declining growth. Thus, we would classify many as \"legacy\" platforms that failed to scale.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9a90e8bd-ec0a-4172-8549-253f039df63b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.13, "y": 0.38 }, "kind": "quote", "text": "\"When it comes to acquisitions, what are the key attributes you're sort of looking for here? Is it geographic reach and opportunity to up-sell existing products that you have in that base, technology, people? Just trying to get an understanding of what you're sort of prioritizing when it comes to acquisitions?\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2259022f-bc60-4445-a0e3-197f40d26f52", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.13, "y": 0.56 }, "kind": "quote", "text": "\"Yes. And so we've never changed our strategy there. We have 3 categories in which we acquire. But I think even before we go into those categories, first of all, the DNA of the company needs to be like Lightspeed. This means it needs to be a high-growth company, needs to be a cloud-based system. So we wouldn't acquire a legacy platform as an example. And we need to be sure that kind of culturally speaking, we're very aligned.\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d6b0f00d-cfb8-40f0-94c1-dbe55eddd9af", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"When it comes to acquisitions, what are the key attributes you're sort of looking for here? Is it geographic reach and opportunity to up-sell existing products that you have in that base, technology, people? Just trying to get an understanding of what you're sort of prioritizing when it comes to acquisitions?\" — Analyst Tse. \"Yes. And so we've never changed our strategy there. We have 3 categories in which we acquire. But I think even before we go into those categories, first of all, the DNA of the company needs to be like Lightspeed. This means it needs to be a high-growth company, needs to be a cloud-based system. So we wouldn't acquire a legacy platform as an example. And we need to be sure that kind of culturally speaking, we're very aligned.\" — LSPD President Jean-Paul Chauvet", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64cf-7128-a31c-23f03197d666", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.13, "y": 0.75 }, "kind": "source-note", "text": "Source: Q2 2021 (Nov 2020) Earnings Call", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "658dc0fd-84c9-490c-9952-977e5f39f2a1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.305, "y": 0.05 }, "kind": "title", "text": "LSPD's M&A Talk: Say One Thing, Do Another", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4456cc50-a368-4a81-b279-b6d2cd36b75c", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "c3ad869f-44d0-47aa-8cb9-5db5774fcd96", "evidence": "Contrasts management's stated strategy with the activist's findings.", "confidence": 1 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }