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Lightspeed Announces Third Quarter 2020 Financial Results, Updates Outlook

PR Newswire - Thu Feb 6, 6:00AM CST

Third Quarter Revenue Growth Accelerates to 61% YoY

LTM Gross Transaction Volume now ~$20B

Further Momentum in Payments Adoption, Offering now available to US Hospitality and Canada Retailer Customers

Lightspeed reports in U.S. dollars and in accordance with IFRS.

MONTREAL , Feb. 6, 2020 /PRNewswire/ - Lightspeed POS Inc. ("Lightspeed" or the "Company") (TSX: LSPD), a leading omnichannel point of sale platform, today announced financial results for the  three- and nine-month periods ended December 31, 2019 .

As small and medium-sized businesses continue to replace legacy point of sale systems with cloud-based alternatives, an increasingly diverse class of over 74,000 customer locations 1 now choose Lightspeed to streamline operations, increase profits and outperform competitors.

"Our ambition to create a category leader for the highly fragmented complex SMB space is grounded in our belief that communities are built on the success of the local independent SMB, and our desire to help those businesses thrive. In the year since going public, we've consistently demonstrated that Lightspeed is uniquely positioned to help retail and restaurant merchants across the world reach their full potential," said Dax Dasilva , CEO of Lightspeed.

Lightspeed's merchant base has expanded in the nearly one year since the company went public and now collectively processes ~$20 billion in GTV 1 , up 45% from $13.6 billion a year ago. Lightspeed is making significant progress towards its goal of becoming the global leader in serving complex SMBs, with hospitality merchants now representing 45% of Lightspeed's total customer locations and merchants outside of North America now comprising half of the company's customer locations.

"Lightspeed has achieved solid organic growth while simultaneously executing on an ambitious acquisition strategy to significantly increase the reach, diversity, and scale of the business," said Chief Financial Officer, Brandon Nussey . "This positions us well to further capitalize on the global market opportunity in front of us."

Third Quarter Financial Highlights

(All comparisons are relative to the three-month period ended December 31, 2018 unless otherwise stated):

  • Total revenue of $32.3 million , an increase of 61% and ahead of guidance in the range of $31.5 - 32 million
  • Recurring software and payments revenue of $28.4 million , an increase of 58%
  • Gross margin of 64%, with gross profit on revenue up by 46% versus the prior year quarter
  • Net loss of $15.8 million as compared to a net loss of $71.1 million
  • Adjusted EBITDA 2 of ($5.3) million , within guidance range of ($5) million - ($5.5) million , compared to Adjusted EBITDA of ($3.4) million ,
  • Cash flows used in operating activities of $7.9 million , exclusive of $2.9 million in cash used for acquisition-related costs and stock-based compensation. Including those items, cash used in operations was $10.7 million
  • At December 31, 2019 , Lightspeed had $126.7 million in cash and cash equivalents

Operational Highlights

(All comparisons are relative to the three-month period ended December 31, 2018 unless otherwise stated):

  • High-performing retail and restaurant merchants chose the Lightspeed platform. Top-selling whiskey brand Jack Daniels, premium Danish audio electronics company Bang and Olufsen, Dublin -based, Michelin-starred restaurant Cleaver East, the premier Canadian Bear Mountain golf resort and five-star Swiss Walliserhof Grand-Hotel and Spa are a sampling of the world-renowned brands that joined small and medium-sized businesses in trusting Lightspeed to run their operations.
  • GTV processed by retailers and restaurants on the Lightspeed platform grew by more than 63% to over $6.2 billion in the three-month period ended December 31, 2019 and to nearly $20 billion for the trailing twelve-months ended December 31, 2019 .
  • Lightspeed now powers over 74,000 customer locations worldwide, an increase from 47,000 a year ago. This is inclusive of approximately 8,000 customer locations added as part of the acquisition of Gastrofix on January 7, 2020 .
  • Lightspeed Payments adoption rates 1 increased again this quarter, exceeding 50%. A record number of existing customers agreed to switch to Lightspeed Payments as well.
  • Lightspeed Payments capabilities were extended in North America . U.S. retail customers now have the option of enhanced Payments capabilities, including a broader range of modern device types, improved reporting and an overall faster checkout experience. Lightspeed is also commencing the initial rollout of Lightspeed Payments to U.S. hospitality and Canadian retail customers.
  • On January 7, 2020 , Lightspeed closed the acquisition of Gastrofix, a premier cloud-based hospitality POS solution provider, providing Lightspeed with further global scale in Europe's largest economy.

Financial Outlook

Incorporating the impact of recently acquired businesses, Lightspeed now anticipates revenue and Adjusted EBITDA to be in the following ranges:

Fourth Quarter 2020

  • Revenues of $35 - $35.7 million , representing year-over-year growth of 64% - 68%, bringing the full year revenue to approximately $120 million , or growth of ~55%
  • Adjusted EBITDA of approximately ( $7 million )

 

1

Key Performance Indicator. See "Key Performance Indicators"

2

Non-IFRS measure. See "Non-IFRS Measures" and the reconciliation to the most directly comparable IFRS measure included in this press release

 

When calculating the Adjusted EBITDA   included in our financial outlook for fourth quarter 2020 and full year 2020, we considered IFRS measures including revenues, direct cost of revenues, and operating expenses. Our financial outlook is based on a number of assumptions, including our ability to grow our customer locations in line with historical rates; our continued receipt of partner referrals in line with historical referral rates (particularly after having launched Lightspeed Payments which competes with the solutions offered by some of these referral partners); customers adopting Lightspeed Payments having an average GTV at or above that of our average customer; future attach rates for Lightspeed Payments remaining in line with past attach rates and expectations; our ability to price Lightspeed Payments in line with our expectations and to achieve suitable margins; our ability to achieve success in expanding of Lightspeed Payments beyond our U.S. retail customers; continued success in module adoption expansion throughout our customer base; our ability to successfully integrate the companies we have acquired and to derive the benefits we expect from the acquisition thereof; and our ability to manage customer churn; and assumptions as to foreign exchange rates. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information below. Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including but not limited to the risks and uncertainties related to: attracting and retaining customers; increasing customer sales; implementing our growth strategy; accelerating the rollout of Lightspeed Payments; our reliance on a single supplier for parts of the technology in Lightspeed Payments; improving and enhancing the functionality, performance, reliability, design, security and scalability of our platform; our ability to compete against competitors; strategic relations with third parties; our reliance on integration of third-party payment processing solutions; compatibility of our solutions with third-party applications and systems; changes to technologies on which our platform is reliant; obtaining, maintaining and protecting 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; expanding our sales capability; maintaining our customer service levels and reputation; macroeconomic factors affecting small and medium sized businesses; and exchange rate fluctuations. The purpose of the 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.

In our press release dated August 7, 2019 , we updated the full year 2020 outlook with respect to cash flows used in operating activities. In light of the continuing success the Company has achieved with respect to its launch of Lightspeed Payments, Lightspeed has updated its marketing strategy to further encourage Payments adoption rates.  The Company now expects more of its customers to opt for monthly payment plans within their contract period instead of annual payments.  As a result, we are withdrawing the previous outlook that cash flows used in operating activities will be in the range of $9.5 to $11 million .

Amended Shelf Registration

Today, Lightspeed announced the filing of an amended and restated short form base shelf prospectus (the "Shelf Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada, subject to issuance of a receipt therefor by the Autorité des marchés financiers, which amends and restates the short form base shelf prospectus filed on August 6 , 2019, to allow Lightspeed to offer up to an aggregate of C$1,000,000,000 of subordinate voting shares, preferred shares, debt securities, warrants, subscription receipts, units, or any combination thereof, during the 25-month period beginning August 6, 2019 during which the that the Shelf Prospectus is effective.

Conference Call and Webcast Information

Lightspeed will host a conference call and webcast to discuss the Company's financial results at 8:30 am ET on Thursday, February 6, 2020 . To access the conference call, dial 866.211.3060 for the U.S. or Canada , or 647.689.6576 for international callers and provide conference ID 7487694 or "Lightspeed". The webcast will be available live on the Investors section of the Company's website at https://investors.lightspeedhq.com .

An audio replay of the call will also be available to investors beginning at approximately 11:00 a.m. Eastern Time on February 6, 2020 , until 11:59 p.m. Eastern Time on February 13, 2020 , by dialing 800.585.8367 for the U.S. or Canada , or 416.621.4642 for international callers and provide conference ID 7487694. In addition, an archived webcast will be available on the Investors section of the Company's website at https://investors.lightspeedhq.com .

About Lightspeed

Lightspeed (TSX: LSPD) is a cloud-based commerce platform powering small and medium-sized businesses in over 100 countries around the world. With smart, scalable, and dependable point of sale systems, it's an all-in-one solution that helps restaurants and retailers sell across channels, manage operations, engage with consumers, accept payments, and grow their business.

Headquartered in Montréal, Canada , Lightspeed is trusted by favorite local businesses, where the community goes to shop and dine. Lightspeed has offices in Canada , USA , Europe , and Australia .

For more information, please visit: www.lightspeedhq.com

On social media: LinkedIn, Facebook, Instagram, YouTube, and Twitter

Non-IFRS Measures

The information presented herein includes certain financial measures such as "Adjusted EBITDA", "non-IFRS Gross Profit", "non-IFRS general and administrative expenses", "non-IFRS research and development expenses", and "non-IFRS sales and marketing expenses". These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus may highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

Non-IFRS gross profit, non-IFRS general and administrative expenses, non-IFRS research and development expenses, and non-IFRS sales and marketing expenses are non-IFRS financial measures that exclude the effect of stock-based compensation expense and related payroll taxes , and in the case of non-IFRS general and administrative expenses, transaction-related costs.

"Adjusted EBITDA" is calculated as net loss excluding interest, taxes, depreciation and amortization, or EBITDA, as adjusted for stock-based compensation expense and related payroll taxes, loss on the increase in fair value of redeemable preferred shares, compensation expenses relating to acquisitions complete, foreign exchange gains and losses, and transaction-related expenses.

Key Performance Indicators

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 key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

Customer Locations . " Customer Location " means a billing customer location for which the term of services have not ended, or with which we are negotiating a renewal contract. A single unique customer can have multiple Customer Locations including physical and eCommerce sites.

Gross Transaction Volume . " Gross Transaction Volume " or " GTV " means the total dollar value of transactions processed through our cloud-based SaaS platform in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes.

Payments Adoption Rates . "Payments Adoption Rate" means, as the context dictates, the number of eligible new Lightspeed customers who contracted for Lightspeed Payments in addition to the core offering during a given period, or the number of eligible existing Lightspeed customers who contracted for Lightspeed Payments during a given period.

Forward-Looking Statements

This news 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 revenues, cash flows from (used in) operating activities, and Adjusted EBITDA), and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information.

In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead 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 considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the 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 most recent Management's Discussion and Analysis of Financial Condition and Results of Operations and under "Risk Factors" in our most recent Annual Information Form, both of which are available under our profile on SEDAR at www.sedar.com . If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that 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 materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents our expectations as of the date of hereof (or as of the date they are otherwise stated to be made), and are 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 under applicable securities laws. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

 

Condensed Consolidated Statements of Loss and Comprehensive Loss

(expressed in thousands of US dollars, except per share amounts, unaudited)

Three months ended

December 31,

Nine months ended

December 31,



2019

2018

2019

2018



$

$

$

$









Revenues

32,275

20,097

84,366

56,166









Direct cost of revenues

11,716

5,970

29,604

16,611









Gross profit

20,559

14,127

54,762

39,555









Operating expenses







General and administrative

7,198

3,443

17,136

8,997

Research and development

8,070

5,001

21,712

13,209

Sales and marketing

15,049

9,995

40,149

27,681

Depreciation of property and equipment

386

378

1,199

974

Depreciation of right-of-use assets

648

1,671

Foreign exchange loss (gain)

315

240

(95)

350

Acquisition-related compensation

3,187

158

5,949

266

Amortization of intangible assets

2,154

644

4,966

2,499









Total operating expenses

37,007

19,859

92,687

53,976









Operating loss

(16,448)

(5,732)

(37,925)

(14,421)









Fair value loss on Redeemable Preferred Shares

(52,489)

(59,084)

Interest income net of interest expense

283

9

1,992

100









Loss before income taxes

(16,165)

(58,212)

(35,933)

(73,405)









Income tax expense (recovery)







Current

56

95

(5)

Deferred

(459)

12,916

(1,094)

14,049









Total income tax expense (recovery)

(403)

12,916

(999)

14,044









Net loss and comprehensive loss

(15,762)

(71,128)

(34,934)

(87,449)









Loss per share – Basic and diluted

(0.18)

(2.37)

(0.41)

(2.94)

 

Condensed Consolidated Balance Sheets



(expressed in thousands of US dollars, unaudited)

As at



December 31, 2019

March 31, 2019

Assets

$

$







Current assets





Cash and cash equivalents

126,662

207,703

Accounts receivable

10,069

8,424

Inventories

427

269

Prepaid expenses and deposits

4,110

1,527

Commission assets

3,939

3,677





Total current assets

145,207

221,600





Lease right-of-use assets

13,730

Property and equipment, net

7,336

5,372

Intangible assets, net

35,330

2,618

Goodwill

72,344

22,536

Commission assets

2,857

2,993

Other long-term assets

1,225

506

Deferred tax assets

127

186





Total assets

278,156

255,811





Liabilities and Shareholders' Equity







Current liabilities



Accounts payable and accrued liabilities

24,725

16,183

Lease liabilities

3,165

Income taxes payable

125

135

Current portion of deferred revenue

36,503

32,317





Total current liabilities

64,518

48,635





Deferred tax liabilities

1,485

706

Deferred revenue

5,896

8,025

Lease liabilities

12,336

Other long-term liabilities

1,471

1,779





Total liabilities

85,706

59,145





Shareholders' equity



Share capital

679,529

652,336

Additional paid-in capital

7,803

4,278

Accumulated deficit

(494,882)

(459,948)





Total shareholders' equity

192,450

196,666





Total liabilities and shareholders' equity

278,156

255,811

 

Condensed Consolidated Statements of Cash Flows





(expressed in thousands of US dollars, unaudited)

Nine months ended

December 31,



2019

2018



$

$

Cash flows from (used in) operating activities





Net loss

(34,934)

(87,449)

Items not affecting cash and cash equivalents



Acquisition-related compensation

5,949

266

Fair value loss on Redeemable Preferred Shares

59,084

Amortization of intangible assets

4,966

2,499

Depreciation of property and equipment and lease right-of-use assets

2,870

974

Deferred income taxes

(1,094)

14,049

Stock-based compensation expense

4,810

976

Unrealized foreign exchange loss (gain)

140

119

(Increase)/decrease in operating assets and increase/(decrease) in operating liabilities



Accounts receivable

1,099

1,575

Prepaid expenses and deposits

(2,425)

172

Inventories

(89)

32

Commission assets

(126)

(685)

Other long-term assets

(774)

92

Accounts payable and accrued liabilities

664

1,057

Income taxes payable

(10)

(120)

Deferred revenue

342

223

Other long-term liabilities

939

(82)

Interest income net of interest expense

(1,992)

(100)





Total operating activities

(19,665)

(7,318)





Cash flows from (used in) investing activities



Additions to property and equipment

(2,308)

(1,511)

Payment of liabilities related to acquisition of business

(1,215)

Acquisition of business, net of cash acquired

(60,721)

(1,106)

Interest income

2,980





Total investing activities

(61,264)

(2,617)





Cash flows from (used in) financing activities



Proceeds from exercise of stock options

3,340

296

Share issuance costs

(1,609)

Payment of lease liabilities

(1,940)





Total financing activities

(209)

296





Effect of foreign exchange rate changes on cash and cash equivalents

97

(140)





Net increase in cash and cash equivalents during the year

(81,041)

(9,779)





Cash and cash equivalents – Beginning of period

207,703

24,651





Cash and cash equivalents – End of period

126,662

14,872





Interest paid

16

Income taxes paid

113

124

 

Reconciliation from IFRS to Non-IFRS Results



(expressed in thousands of US dollars, unaudited)



Three months ended

December 31,



Nine months ended

December 31,



2019

2018



2019

2018



$

$



$

$













Net loss

(15,762)

(71,128)



(34,934)

(87,449)

Fair value loss on Redeemable Preferred Shares (1)

52,489



59,084

Stock-based compensation and related payroll taxes (2)

3,534

654



7,254

1,067

Depreciation and amortization (3)

3,188

1,022



7,836

3,473

Foreign exchange loss (gain) (4)

315

240



(95)

350

Interest income net of interest expense (3)

(283)

(9)



(1,992)

(100)

Acquisition-related compensation (5)

3,187

158



5,949

266

Transaction-related expenses (6)

971

305



1,499

305

Income tax expense (recovery)

(403)

12,916



(999)

14,044









Adjusted EBITDA

(5,253)

(3,353)



(15,482)

(8,960)

 





(1)

This loss is with respect to the change in valuation of our redeemable preferred shares from period to period, which is a non-cash item. Prior to the completion of our Initial Public Offering, all of our redeemable preferred shares were converted and the liability was reduced to $Nil with a corresponding increase in share capital. There will be no further impact on our results of operations from these shares.

(2)

These expenses represent non-cash expenditures recognized in connection with issued stock options and other awards under our stock option plans to our employees and directors as well as related payroll taxes given that they are directly attributable to stock‑based compensation, are estimates and therefore subject to change, and don't reflect a current cash outlay. We do expect future cash outlays with respect to the payroll tax component of stock-based compensation. For the three and nine months ended December 31, 2019, the stock based compensation expense was $2,334 and $4,810 respectively (December 2018 - $657 and $976) and the related payroll taxes were $1,200 and $2,444 respectively (December 2018 - recovery of $3 and expense of $91).

(3)

In connection with the adoption of IFRS 16 - Leases, on a modified retrospective basis, with no restatement of comparatives, for the three months ended December 31, 2019, net loss includes depreciation of $648 related to amortization of right-of-use assets, interest expense of $212 on lease liabilities, and excludes an amount of $759 relating to rent expense ($1,671, $606, and $1,940 respectively for the nine months ended December 31, 2019).

(4)

These non-cash losses (gains) relate to foreign exchange translation. Prior to March 31, 2019 we did not exclude foreign exchange gains and losses from Adjusted EBITDA.

(5)

These costs represent a portion of the purchase price that is associated with the ongoing employment obligations for certain key employees of acquired businesses.

(6)

These expenses relate to professional, legal, consulting and accounting fees relating to our initial public offering, our acquisitions as well as our secondary offering in August 2019 that would otherwise not have been incurred.

 

Reconciliation from IFRS to Non-IFRS Results

The following table outlines stock-based compensation and the related payroll taxes as well as transaction-related costs associated with the company's acquisitions included with these expenses in the results of operations for the three and nine months ended December 31, 2019 and 2018:

(In thousands of US dollars, except percentages)

Three months ended

December 31,

Nine months ended

December 31,



2019

2018

2019

2018



$

$

$

$











Gross profit

20,559

14,127

54,762

39,555

% of revenue

63.7%

70.3%

64.9%

70.4%

add: Stock-based compensation and related payroll taxes

273

58

561

109











Non-IFRS gross profit

20,832

14,185

55,323

39,664

% of revenue

64.5%

70.6%

65.6%

70.6%











General and administrative expenses

7,198

3,443

17,136

8,997

% of revenue

22.3%

17.1%

20.3%

16.0%

less: Stock-based compensation and related payroll taxes

1,214

222

2,590

383

less: Transaction-related costs

971

305

1,499

305











Non-IFRS general and administrative expenses

5,013

2,916

13,047

8,309

% of revenue

15.5%

14.5%

15.5%

14.8%











Research and development expenses

8,070

5,001

21,712

13,209

% of revenue

25.0%

24.9%

25.7%

23.5%

less: Stock-based compensation and related payroll taxes

778

152

1,701

(105)











Non-IFRS research and development expenses

7,292

4,849

20,011

13,314

% of revenue

22.6%

24.1%

23.7%

23.7%











Sales and marketing expenses

15,049

9,995

40,149

27,681

% of revenue

46.6%

49.7%

47.6%

49.3%

less: Stock-based compensation and related payroll taxes

1,269

222

2,402

680











Non-IFRS sales and marketing expenses

13,780

9,773

37,747

27,001

% of revenue

42.7 %

48.6%

44.7%

48.1%



 

Cision View original content: http://www.prnewswire.com/news-releases/lightspeed-announces-third-quarter-2020-financial-results-updates-outlook-301000158.html

SOURCE Lightspeed POS Inc.

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