World News – CA – Lightspeed Reports Second Quarter 2021 Financial Results and Third Quarter Outlook

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MONTREAL, nov Jan. 5, 2020 / CNW Telbec / – Lightspeed POS Inc (“Lightspeed” or the “Company”) (TSX: LSPD) (NYSE: LSPD), a leading provider of omnichannel commerce platforms, today announced hui its financial results for the three and six month period ended September 30, 2020

Lightspeed delivered results for the quarter ahead of previously set expectations, characterized by growing customer base, increased adoption of software modules, strong GTV2 growth, and increased payments penetration as small and midsize businesses continue to abandon the starting point of inadequate inheritance -sales systems for lightspeed’s modern cloud-based omnichannel solutions

COVID-19 continues to present challenges for small and midsize businesses, but Lightspeed’s omnichannel platform remains an effective tool in helping independent businesses keep operating during the global pandemic Lightspeed customers have been able to accelerate GTV’s 56% year-over-year growth, driven in part by higher e-commerce volumes, the acquisition of Kounta and Gastrofix, and strong seasonal performance in verticals such as cycling and golf Increased demand for our omnichannel commerce platform pushed customer locations2 to over 80,000 at the end of September, driving another record quarter of Lightspeed Payments processed volumes

1 Non-IFRS measure See “Non-IFRS measures” and the reconciliation to the most directly comparable IFRS measure included in this press release

« We are honored to grow alongside our merchants as they continue to adapt and serve their customers in a safe and creative way through our technology, » said Dax Dasilva, Founder and CEO of Lightspeed  » Our drive to deliver products quickly to help our merchants respond to changing consumer behavior has been an innovation multiplier « 

“Today we reported one of the most exceptional quarters in Lightspeed history, demonstrating not only that the business model is working, but also our long-term potential,” said Brandon Nussey, Managing Director financial « The digital transformation induced by the pandemic has resulted in strong demand for new customers, increasing the number of our customers to over 80,000 »

Lightspeed’s second quarter results have been strong, but we remain cautious in the near term given the increase in government-imposed closures in several of our key geographies in North America and Europe Reflecting our vision COVID-19 risks and uncertainties, Lightspeed expects revenue and Adjusted EBITDA to fall within the following ranges:

The above guidelines do not provide for the acquisition of ShopKeep, as the time of closing of the transaction is not currently known

Due to continued uncertainty regarding the duration and scale of the COVID-19 pandemic and the possibility of a resurgence, Lightspeed will not provide guidance for a full year at this time

When calculating adjusted EBITDA included in our financial outlook for the third quarter of fiscal 2021, we have taken into account IFRS measures, including revenues, direct cost of revenues and operating expenses Our financial outlook rests on a number of assumptions, including that the jurisdictions in which Lightspeed has significant operations do not drastically strengthen or tighten the stringent measures in place to help slow the transmission of COVID-19 or put in place new or additional measures in response to the resurgence of the virus; requests for subscription breaks and churn rates due to business failures remain in line with current trends; our ability to develop our clients’ locations in accordance with historical rates; our continued receipt of partner referrals in line with historical referral rates (particularly in light of the continued expansion of Lightspeed Payments to compete with solutions offered by some of these referral partners); Customers adopting Lightspeed Payments with an average GTV equal to or greater than our average customer; future adoption of Lightspeed Payments remains in line with past rates and expectations; our ability to value Lightspeed Payments according to our expectations and to achieve appropriate margins; our ability to be successful in the continued expansion of Lightspeed Payments beyond US and Canadian retail customers and US restaurant customers; continued success in expanding module adoption across our customer base; our ability to successfully integrate the companies we have acquired and derive the benefits we expect from their acquisition; our ability to manage the customer churn rate; and Exchange Rate Assumptions Our financial outlook, including the various underlying assumptions, is forward-looking information and should be read in conjunction with the forward-looking information caution below. There are many factors that could cause our actual results, level of activity, performance or achievements differ materially from those expressed or implied by such forward-looking information, including, but not limited to, risks and uncertainties related to: COVID-19, risk of new or continuing resurgence in our core geographies and the resulting impact on SMEs, including increased levels of churn due to business failures, requests for subscription breaks and delayed purchase decisions; attract and retain customers; increase customer sales; implement our growth strategy; the continued acceleration of the deployment of Lightspeed Payments; our reliance on a small number of vendors for parts of Lightspeed Payments technology; improve and improve the functionality, performance, reliability, design, security and scalability of our platform; our ability to compete with our competitors; strategic relationships with third parties; our reliance on the integration of third-party payment processing solutions; compatibility of our solutions with third-party applications and systems; changes to the technologies on which our platform is based; obtain, maintain and protect our intellectual property; international sales and use of our platform in various countries; our liquidity and capital resources; litigation and regulatory compliance; changes in tax laws and their application; expand our sales capacity; maintain our levels of customer service and our reputation; macroeconomic factors affecting small and medium enterprises; and fluctuations in currency exchange rates The purpose of forward-looking information is to provide the reader with a description of management’s expectations regarding our financial performance and may not be appropriate for other purposes.

Lightspeed will host a conference call and webcast to discuss the company’s financial results at 7:30 a.m. ET on Thursday, November 5, 2020 To access the phone version of the conference call, visit http: // wwwdirecteventregcom / registration / event / 4437375 After registration, instructions will be shared on how to join the call, including login information as well as a unique access code and registrant ID At the time of the call, registered participants will connect using the numbers provided in the confirmation email and, after entering their unique access code and identifier, they will be directly registered for the conference. Alternatively, the webcast will be available live in the Investors section of the Company’s website at https: // investorslightspeedhqcom

An audio replay of the call will also be available to investors from approximately 11:00 a.m. Eastern Time on November 5, 2020, until 11:59 p.m. Eastern Time on November 12, 2020, by dialing 8555892056 for US or Canada, or 4045373406 for international callers and provide conference ID 4437375 In addition, an archived webcast will be available in the Investors section of the Company’s website at https: // investorslightspeedhqcom

Lightspeed (NYSE and TSX: LSPD) powers complex small and mid-sized businesses with its cloud-based omnichannel commerce platforms in over 100 countries With smart, scalable and reliable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation in the retail, hospitality and golf industries Its product suite enables SMEs to sell across channels, manage operations , engage with consumers, accept payments and ultimately grow their business

Headquartered in Montreal, Canada, Lightspeed enjoys the trust of favorite local businesses around the world, where their communities go to shop and dine Lightspeed has staff in Canada, the United States, Europe and Australia

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The information presented here includes certain financial measures such as “Adjusted EBITDA”, “Non-IFRS gross profit”, “Non-IFRS general and administrative expenses”, “Non-IFRS research and development costs” and “IFRS sales and marketing expenses” These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by others Rather, these measures are provided as additional information to complement these IFRS measures by providing a better understanding of our operating results from management’s perspective. Therefore, these measures should not be considered in isolation or as a substitute for the analysis of our financial information published under IFRS. These non-IFRS measures are used to provide investors with additional measures of our operating performance and therefore may highlight trends in our core businesses that might otherwise not be apparent based on IFRS measures alone. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the valuation of issuers. Our management also uses non-IFRS measures to facilitate period-to-period comparisons of operating performance, prepare operating budgets and forecasts, and determine components of management compensation.

Non-IFRS gross profit, non-IFRS general and administrative expenses, non-IFRS research and development expenses, and non-IFRS selling and marketing expenses are non-IFRS financial measures. IFRS that exclude the effect of stock-based compensation expense and related social charges, and in the case of non-IFRS general and administrative expenses and non-IFRS selling and marketing expenses, costs related to transactions

“Adjusted EBITDA” corresponds to the net loss excluding interest, taxes, depreciation and amortization or EBITDA, adjusted for stock-based compensation and related social charges, compensation costs related to acquisitions made, earnings and exchange losses, and transaction expenses

We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions Our KPIs can be calculated in a different way from similar KPIs used by other companies

ARPU « Average Revenue Per User » or « ARPU » represents the total software and payments revenue of the company during the period divided by the number of customer locations of the company during the period

Customer Locations “Customer Location” means a Customer billing site for which the term of services has not ended or with which we are negotiating a renewal contract. A single Customer may have multiple Customer locations, including physical and e-commerce sites

Gross Transaction Volume “Gross Transaction Volume” or “GTV” refers to the total dollar value of transactions processed through our cloud-based SaaS platform during the period, less any refunds, including fees. ‘shipping and handling, customs duties and value added taxes

This press release contains « forward-looking information » and « forward-looking statements » (collectively, « forward-looking information ») within the meaning of applicable securities laws. Forward-looking information may relate to our financial outlook (including income and Adjusted EBITDA) and expected events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividends policy, plans and objectives In particular, information regarding our expectations regarding future results, performance, achievements, prospects or opportunities or the markets in which we operate and the impact of the COVID-19 pandemic declared by the World Health Organization March 11, 2020 is forward-looking information

In some cases, forward-looking information can be identified by the use of forward-looking terms such as « plans », « targets », « expects » or « does not expect », « is expected »,  » an opportunity exists « , » budget « , » planned « , » estimates « , » suggests « , » outlook « , » forecast « , » projection « , » outlook « , » strategy « , » intends « , » anticipates  » « , » do not anticipate « , » believe « or variations of these words and expressions or statements that certain actions, events or results » could « , » could « , » would be « , » could « , » will « , » will be carried out « , » to occur « or » to be achieved « , the negative of these terms and similar terminology In addition, any statement that refers to expectations, intentions, projections or other characterizations of future events or circumstances contains forward-looking information Statements containing forward-looking information are not historical facts, but rather represent management’s expectations, estimates and projections regarding future events or circumstances

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we have considered appropriate and reasonable at the date on which such statements are made, are subject to risks, uncertainties, assumptions and other known and unknown factors cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the risk factors identified in our more recent MD&A on financial condition and results of operations, under “Risk Factors” in our most recent annual information form and in our other filings with Canadian securities regulators and the US Securities and Exchange Committee, all available under our profile on SEDAR at wwwsedarcom and on EDGAR at wwwsecondegov If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove to be incorrect, actual results or future events may differ materially from those anticipated in the forward-looking information

While we have attempted to identify material risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors that are not known to us. currently or which we currently believe to be immaterial which could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ significantly from those anticipated in this information No forward-looking statement guarantees future results Therefore, you should not place undue reliance on forward-looking information, which is only valid as of the date of publication. Forward-looking information contained in this press release represents our expectations as of the date hereof (or the date on which it is otherwise indicated as being made), and is subject to change after such date.However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws All forward-looking information contained in this press release is expressly qualified by the foregoing caveats.

These expenses represent non-cash expenses recognized in connection with stock options issued and other awards under our stock-based incentive plans for our employees and directors, as well as social charges since they are directly attributable to stock-based compensation, are estimates and therefore subject to change For the quarter and six-month period ended September 30, 2020, stock-based compensation expense was 6,594 $ and $ 12,123 respectively (September 2019 – $ 1,564 and $ 2,476) and related payroll taxes were $ 1,431 and $ 3,118 respectively (September 2019 – recovery of $ 723 of $ 1,244)

These costs represent a portion of the consideration paid to the acquired businesses that is associated with the ongoing employment obligations of certain key employees of these acquired businesses

These expenses relate to professional, legal, consulting, accounting and other fees relating to our initial public offering, our acquisitions, our secondary offering in August 2019 and our underwriting in February 2020 which otherwise did not would not have been engaged

The following table presents stock-based compensation and related social charges, as well as transaction costs associated with acquisitions and capital increases of the company included with these expenses in operating results

Lightspeed, ShopKeep, TSX, Cision PR Newswire, Stock, Finance

World News – CA – Lightspeed Reports Second Quarter 2021 Financial Results and Third Quarter Outlook
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