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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-09-29 00:00:00",
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      "text": "In periods where acquisitions added businesses with lower ARPUs, LSPD reported stable ARPU. At Q1 June 2020, LSPD reported 51,000 locations. iKentoo added 3,800 customer locations, and Kounta 7,000 or 10,800 total, or nearly 20% of locations growth came from acquisitions. Using the Wayback Machine, we see evidence that iKentoo and Kounta's mid range pricing was generally ~$125 per month, or 37% lower than LSPD's $200 ARPU. We also know from an early interview of iKentoo's CEO in 2017 that its ARPU was ~$100, or 50% lower than LSPD's. Yet, LSPD reported stable $200 ARPU in its MD&A in Q2 and Q3 – a feat that could only be accomplished by a material organic increase in its ARPU from its prior customer base.",
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