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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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  "notes": "Uses screenshots of website archives to demonstrate the discrepancy.",
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      "kind": "callout",
      "text": "How does the NZ$10bn claim not change with 5,000 fewer retailers (customer locations)?",
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      "text": "Recall, a former Lightspeed employee knowledgeable about its payments business warned of “smoke and mirrors” as it relates to its GTV claims.",
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      "text": "Post Acquisition: Vend / Lightspeed website",
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      "text": "Pre-Acquisition: Vend website archive",
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      "text": "GTV: $7 billion",
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      "text": "Recall, a former Lightspeed employee knowledgeable about its payments business warned of \"smoke and mirrors\" as it relates to its GTV claims. Lightspeed says that Vend contributes $7 billion of GTV.(1) Looking carefully, Vend's current website says its 20,000 customer locations have annual sales of NZ$ 10bn (=US$7bn). This is an identical amount to the GTV claim. Moreover, this US$ 7bn claim is identical to the claim made earlier when it had 25,000+ customers. We believe this illustrates that Vend had at least 5,000 customers that either weren't transacting with Vend, or not real customers.",
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      "text": "“smoke and mirrors” — Former Lightspeed employee",
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      "text": "1) \"Lightspeed to acquire Vend\", press release",
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      "text": "Caution With Vend's GTV Claims",
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