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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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  "pageNumber": 88,
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      "kind": "callout",
      "text": "As we previously illustrated, LSPD initially said operating cash flow was the best way to evaluate its business, and then subsequently stopped providing financial guidance on this metric. As acquisition intensity started to increase, LSPD started to heavily \"adjust\" its operating cash flow for acquisition items. One disclosure caught our attention related to \"transaction-related costs outside the regular course of business\". The explanation makes very little sense, and it is a large $31m add-back. Furthermore, it's unclear if these costs are stated on a pre- or post-tax basis. We believe they should be on a post-tax basis.",
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      "kind": "callout",
      "text": "\"These expenses relate to the settlement of transaction-related costs of the targets that were outside the regular course of business for our recent acquisitions of ShopKeep and Upserve that were assumed as liabilities on the respective acquisition dates. Lightspeed retained amounts in respect of these liabilities on the closing of each transaction that would otherwise have been paid to the sellers in the transactions. These amounts were not reflected in the net loss of Lightspeed given that they were already taken as expenses by the acquired companies prior to the closing of the respective transactions.\"",
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      "kind": "callout",
      "text": "The explanation makes very little sense, and it is a large $31m add-back.",
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      "text": "Adjusted Cash Flows Used in Operating Activities: $31m",
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      "text": "These expenses relate to the settlement of transaction-related costs of the targets that were outside the regular course of business for our recent acquisitions of ShopKeep and Upserve that were assumed as liabilities on the respective acquisition dates. Lightspeed retained amounts in respect of these liabilities on the closing of each transaction that would otherwise have been paid to the sellers in the transactions. These amounts were not reflected in the net loss of Lightspeed given that they were already taken as expenses by the acquired companies prior to the closing of the respective transactions. — Q3 2021 Press Release",
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      "text": "Source: Q3 2021 Press Release",
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      "text": "Reconciliation from IFRS to Non-IFRS Results table showing cash flow adjustments.",
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      "kind": "title",
      "text": "What Is This Gibberish?",
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