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Lightspeed Commerce Inc. (NYSE: LPSD, TSX: LSPD) is a leading provider of unified point-of-sale (POS) and payments platforms designed for ambitious entrepreneurs aiming to deliver top-tier omnichannel customer experiences. Established in 2005 in Montréal, Canada, Lightspeed has grown remarkably and is now dual-listed on both the New York Stock Exchange and the Toronto Stock Exchange.
The company's robust cloud commerce solutions seamlessly integrate online and physical operations, enabling merchants to streamline multichannel sales, expand to new locations, manage global payments, and connect to supplier networks. Lightspeed's comprehensive platform is tailored for retail, hospitality, and golf businesses across over 100 countries, simplifying the complexities of modern commerce while enhancing customer experiences.
Recently, Lightspeed announced a significant reorganization and cost reduction initiative aimed at facilitating the next phase of its growth strategy. This plan impacts approximately 280 roles, representing about 10% of Lightspeed's headcount-related operating expenses. The reorganization is expected to improve financial performance and allow for greater investment in key areas such as product development and customer experiences.
In addition, the company's Board of Directors has authorized the repurchase of up to 10% of Lightspeed's public float, nearly $140 million based on recent closing prices. This repurchase initiative is designed to create value for shareholders and reduce dilution from employee equity grants. Over the twelve-month period commencing on April 5, 2024, the company aims to purchase and cancel up to 9,722,677 subordinate voting shares, subject to regulatory approvals and market conditions.
Lightspeed continues to drive forward with its strategic plans, reaffirming its revenue and Adjusted EBITDA outlooks. The company will provide updates on its financial performance for Q4 and fiscal 2024 during its earnings call in May 2024, where it will also unveil its fiscal 2025 outlook and strategic plans.
For more information about Lightspeed Commerce Inc., visit www.lightspeedhq.com and follow their social media channels: LinkedIn, Facebook, Instagram, YouTube, and Twitter.
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