{
  "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": 82,
  "pageCount": 125,
  "prevPage": 81,
  "nextPage": 83,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a red flag icon and red underlining to highlight the contradiction between the zero-valuation and the potential $10M+ payout.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/82",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-82",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.88,
        "x": 0.06,
        "y": 0.00195
      },
      "kind": "callout",
      "text": "With great promise, LSPD announced the acquisition of Gastrofix on Jan 7, 2020. LSPD paid approximately $100m including $54m in cash, and $44m in stock. Yet, LSPD marked the value of this contingent consideration valued at zero at inception, ascribing it at no value. Does this suggest LSPD expected the future performance targets to fall short from the very onset of the transaction closing?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4110b82a-a255-4ef3-b9fe-1de33ba06876",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Does this suggest LSPD expected the future performance targets to fall short from the very onset of the transaction closing?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31c-bc43e0589922",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.13,
        "x": 0.35,
        "y": 0.0078
      },
      "kind": "other",
      "text": "Deal Press Release Ascribes Higher Value",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e518527-b51d-4b28-b967-8e43e1308fcf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.88,
        "x": 0.06,
        "y": 0.0046
      },
      "kind": "paragraph",
      "text": "Contingent consideration: On January 7, 2020, the Company acquired Gastrofix... The amount included in the purchase price related to the estimated fair value of contingent consideration was nil. The contingent consideration was valued by the Company using a discounted cash flow model under the income approach. The maximum potential contingent consideration payout is $10,030 over the next two years.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b3b363e-ff3c-47fb-8b12-c4237379d577",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.44,
        "x": 0.5,
        "y": 0.0078
      },
      "kind": "paragraph",
      "text": "An additional amount of up to US$10.6 million in deferred cash consideration along with the issuance of up to 250,598 subordinate voting shares in the capital of Lightspeed at a value of US$28.16 per share, are payable or issuable to the selling shareholders of the company if revenues overperform the planned revenue from the German market in each of the next 2 years.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2fa0af5e-daa2-4db8-91f4-ec75be3c76af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.06,
        "y": 0.0076
      },
      "kind": "source-note",
      "text": "Source: Q1 2021 Financial Statements, p. 14",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e85e74d3-c8e7-496f-8d88-5dafe5294775",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.29,
        "y": 0.03
      },
      "kind": "title",
      "text": "Gastrofix: Expecting A Deal To Fail From The Onset?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3004486-c2a3-40a1-b47f-9ff999965673",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "b0cc5587-b237-4f59-a02c-96df325eb2e2",
      "evidence": "Contrasts public deal announcement with internal financial accounting treatment.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}