{
  "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": 92,
  "pageCount": 125,
  "prevPage": 91,
  "nextPage": 93,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses Wayback Machine screenshots to highlight the discrepancy in customer count claims.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-20e88bb14fbb/92",
  "deckHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-20e88bb14fbb#slide-92",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.88,
        "x": 0.06,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Lightspeed announced the acquisition of Vend on March 11, 2021 and closed on April 16, 2021.(1) We have evidence that Vend's business was either losing customers or inflating customer counts. Looking carefully, we see that Vend's retailers were revised lower from 25,000+ to 20,000+ during the course of the acquisition.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92f08c7a-638a-487e-b687-a7ab753be363",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We have evidence that Vend’s business was either losing customers or inflating customer counts. Looking carefully, we see that Vend’s retailers were revised lower from 25,000+ to 20,000+ during the course of the acquisition.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31d-a9093555a856",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.38,
        "x": 0.56,
        "y": 0.43
      },
      "kind": "image",
      "text": "Post Acquisition: Vend / Lightspeed",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a266c30a-2299-4e75-b129-2b3a715a16b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.44,
        "x": 0.06,
        "y": 0.63
      },
      "kind": "image",
      "text": "Post-Acquisition Announcement (March 31, 2021): Vend",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5d137f4-fc1c-481b-bf60-7b20511150b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.44,
        "x": 0.06,
        "y": 0.27
      },
      "kind": "image",
      "text": "Pre-Acquisition (March 1, 2021): Vend",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bac30aa3-a0f3-4ab6-8862-a714040135fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "customer count: 25,000+",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a31d-aeb85b1e2868",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.38,
        "x": 0.56,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "1) Lightspeed to acquire Vend to power global retail expansion, press release",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ed5bda9-7c30-4fea-9541-a554f6b988e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.29,
        "y": 0.06
      },
      "kind": "title",
      "text": "Evidence Vend's Customers Were Overstated",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "320640d0-0fc0-487e-ba0a-7cbc9e7c3ec3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6a02ade9-5edb-4956-a601-44365e029eb2",
      "evidence": "The slide explicitly claims customer count inflation during an acquisition.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}