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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
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  "notes": "Includes a quote from the CEO and a table highlighting low revenue per merchant.",
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      "text": "Based on our conversation with a former Lightspeed employee, Ecwid is likely to replace Lightspeed's current ecommerce solution. We believe the benefits of integrating Ecwid's smaller customers into Lightspeed will not capture the potential growth of Lightspeed Payments. Given the vast distribution of Ecwid customers, with a majority being small merchants with low GTVs (average revenue per merchant ~$3,500), the impact on Lightspeed Payments will likely be insignificant.",
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      "text": "We believe low revenue per merchant reduces the opportunity for cross-selling",
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      "text": "$ 5,185,037,120",
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      "text": "Revenue Per Merchant: ~$3,500",
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      "kind": "quote",
      "text": "Right now getting the typical Ecwid customers smaller than our own, but we do plan to serve both plan to serve, that customer that fits into our are typical, and also, I think that the typical Ecwid customers interesting, because they are the ones that will potentially grow into leads to customers that use more of the suite.",
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      "text": "\"Right now getting the typical Ecwid customers smaller than our own, but we do plan to serve both plan to serve, that customer that fits into our are typical, and also, I think that the typical Ecwid customers interesting, because they are the ones that will potentially grow into leads to customers that use more of the suite.\" — Dax Dasilva, Lightspeed CEO, BMO Conference Aug. 24, 2021",
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      "text": "Ecwid website recently removed merchant revenue disclosure",
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      "text": "Ecwid Merchant Revenue ~$5.2 billion; Total Number of Merchants 1.5 million; Revenue Per Merchant ~$3,500",
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      "text": "Ecwid: Potential Challenges To Growth",
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