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  "docSlug": "f2d2846f5efe",
  "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": 89,
  "pageCount": 125,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
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  "notes": "Uses a red flag icon to signal suspicious activity; contrasts 'Did Not Hit Income Statement' vs 'Hit Income Statement' categories.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/89",
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      "kind": "callout",
      "text": "Something appears very shady. How is it possible that ShopKeep and Upserve recognized $31.4m of transaction expenses pre deal-closing, while LSPD only recognized $6.5m of expenses post-closing? Furthermore, why was LSPD then obligated to pay these expenses post-closing? Since the costs were recognized by the targets, they did not reduce LSPD's earnings.",
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    {
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      "kind": "callout",
      "text": "Something appears very shady. How is it possible that ShopKeep and Upserve recognized $31.4m of transaction expenses pre deal-closing, while LSPD only recognized $6.5m of expenses post-closing?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
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      "kind": "paragraph",
      "text": "Hit LSPD's Income Statement",
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      "kind": "paragraph",
      "text": "Did Not Hit LSPD's Income Statement But Were Paid Post Closing And Reduce Cash Flow",
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      "kind": "quote",
      "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. — Lightspeed's financials",
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      "kind": "source-note",
      "text": "Source: Lightspeed's financials",
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      "kind": "title",
      "text": "Evidence Suggests LSPD Used Deal Costs To Conduct Expense Shifting",
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      "evidence": "The slide explicitly frames accounting practices as 'shady' and 'expense shifting' to expose potential financial manipulation.",
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