{ "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": 86, "pageCount": 125, "prevPage": 85, "nextPage": 87, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 12, "notes": "The slide uses a combination of narrative critique and a data table to support the 'greedy' and 'peaked' thesis.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "data_table", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/86", "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-86", "components": [ { "bbox": { "h": 0.25, "w": 0.14, "x": 0.07, "y": 0.36 }, "kind": "callout", "text": "Upserve Was Exposed By The Boston Globe For Not Being Fully Transparent About Charging Service Fees During The Pandemic", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ec5c763-263f-4ba0-91ea-346bee874fde", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Upserve was a net loser with GTV falling to just $6bn by the time of LSPD's acquisition.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64cf-7128-a31d-bf0c5561d543", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "GTV: $6bn", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-64cf-7128-a31d-c63a9247e7fd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.16 }, "kind": "paragraph", "text": "Upserve was founded in 2009 originally as Swipely. It acquired Groupon's Breadcrumb platform in 2016. Upserve reportedly raised over $100m from Vista Equity in 2017. Piecing together public information on the Company, we see that its GTV peaked somewhere between $11 - $12bn in the 2017 - 2018 period. Despite an uplift of online sales during the pandemic, it appears that Upserve was a net loser with GTV falling to just $6bn by the time of LSPD's acquisition. A Boston Globe expose shined a light on \"greedy\" practices by management to charge consumers added fees, while burying disclosures to restaurant owners. Upserve's CEO during the scandal, Sheryl Hoskins, is now GM of Global Hospitality at LSPD.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "86a9c6f0-d16e-43d3-93b3-94b2bf550f4d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.71, "x": 0.22, "y": 0.36 }, "kind": "quote", "text": "Many of Upserve's current users say that its development hasn't kept pace with other point-of-sale systems on the market. And now hundreds of frustrated restaurant owners across the country have been pushing back on the new service fees, saying Upserve is undermining them when they're at their weakest. It's a \"bad business practice and based on pure greed,\" one owner said. Now, he says he's planning to switch point-of-sale systems entirely...I was a loyal fan of Upserve,\" he said. \"Now we all feel betrayed. It's been very disappointing, I feel like they're taking advantage of the situation, and they're taking money from our customers,\" said Mayra Ramirez, the owner of Mexico City Taqueria", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f3daba5f-a61d-439e-b108-6b9d9380ee6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“It’s a “bad business practice and based on pure greed,” one owner said.” — Boston Globe", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64cf-7128-a31d-c2c628f060e3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "1) Competitor of R.I. restaurant tech firm Upserve raises $101M in financing, Providence Journal, July 26, 2017 2) LinkedIn profile", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3eea5e9c-5897-4993-91e4-e4263332e178", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.67 }, "kind": "table", "text": "Historical GTV Data Shows That Upserve Was In Decline", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "44abe6eb-4431-4203-9621-13b9c67d3e57", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Upserve: $411m For A \"Greedy\" Business That Peaked?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1a312eac-7310-4662-bea6-054703da8dad", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "9c2918d6-5e64-49ad-863f-7325cbf34cd6", "evidence": "Exposing management greed and declining metrics to justify a short thesis.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }