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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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  "notes": "Uses a 'math-buildup' approach to expose poor performance hidden in consolidated financial statements.",
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      "kind": "callout",
      "text": "FY 20 Sales = $120.6m; 3% = $3.6m. But Q3 was estimated at $2.4m. So we estimate Q4 sales of $3.6m - $1.6m = $2.0m. Therefore, we estimate Kounta's sales actually decline in the quarter after it was acquired. Following a similar math, losses doubled",
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      "text": "Q3'20 quarterly sales = $32.3m; 5% = $1.6m. But the deal closed on Nov 1st capturing only 66% of the quarter. Therefore, we estimate $1.6 / 66% = $2.4m estimated Q3 Kounta quarterly sales",
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      "text": "Kounta was acquired for $42m and the deal closed on 11/1/2019. At the very bottom of its filings, LSPD provided disclosures that allow us to piece together a view of how Kounta performed. We estimate that its quarterly sales declined by 17% and losses doubled from Q3 to Q4 2020.",
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      "text": "quarterly sales: 17%",
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      "text": "Limitation on scope of design... [text regarding Q3 2020 MD&A]",
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      "kind": "title",
      "text": "Figuring Out How Kounta Performed",
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