Lightspeed Golf Operators in North America Outperform Industry in 2020

Rhea-AI Summary

Lightspeed (NYSE: LSPD) reports impressive growth for U.S. and Canadian golf operators, with course occupancy rising 23% and 26% year-over-year from January to September 2020. This surge is attributed to the rapid digital transformation driven by COVID-19. The company highlights its role in enabling clients to shift to a digital, contactless model, increasing online reservations significantly. Over 1000 golf courses globally now utilize Lightspeed's platform, showcasing its positive impact on sales and customer experiences. With key partnerships and growth prospects, Lightspeed positions itself as a leader in the evolving golf industry.

Positive

• 23% year-over-year increase in U.S. course occupancy.
• 26% year-over-year increase in Canadian course occupancy.
• Significant rise in online reservations from 20% to 90% within a week.
• Powers over 1000 golf courses worldwide, demonstrating substantial market presence.
• Positive impact on sales for independent golf businesses, enhancing brand loyalty.

Negative

• None.

Global commerce leader shares insights on the success of U.S. and Canadian clients throughout year marked by rapid digital transformation of golf industry

MONTREAL, Dec. 16, 2020 /PRNewswire/ - Lightspeed (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel platforms, today revealed customer growth insights for its clientele within the golf industry, highlighting operators in the United States and Canada have grown 23% and 26% respectively in course occupancy year-over-year for January to September 2020, a period marked by the digital revolution of golf operations similar to that witnessed in the retail and hospitality industries.

In contrast, according to the National Golf Foundation (NGF), industry average for rounds played increased by 8.7% (year-over-year, in the same time period). The data underscores the strategic role played by cloud-based technology in the operations of the golf industry's highest-performing businesses in order to capitalize on significant new interest in the game, driven in part by COVID-19 measures.

"The ease and ability to seamlessly transition our business to a digital, contactless model while driving online reservations from 20% to 90% in a week reveals how indispensable Lightspeed has become as a tool for sustaining SMBs in 2020," said Del Ratcliffe, owner of five North Carolina-based golf course management businesses and a Lightspeed customer. "It also showcases the strong prospects for golf's continued growth in 2021 as course owners remain agile and competitive in the evolving industry."

Lightspeed now powers more than 1000 golf courses worldwide. Following a year of signing landmark deals with prestigious courses such as Landscape Golf Management, this new set of data indicates how Lightspeed is positively impacting sales for independent businesses specifically within the golf and sports business sector, helping business owners create safe, unique and adjustable customer experiences that drive brand loyalty with solutions.

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

Headquartered in Montreal, Canada, Lightspeed is trusted by favorite local businesses worldwide, where communities go to shop, dine and play. Lightspeed has staff located in Canada, USA, Europe, and Australia.

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

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Forward-Looking Statements

This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of the Company's management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian Securities regulatory authorities and the U.S. Securities and Exchange Committee, all of which are available under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed's subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that the Company considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Lightspeed POS Inc.

FAQ

What growth did Lightspeed report for U.S. and Canadian golf operators?

Lightspeed reported a 23% increase in course occupancy for U.S. operators and a 26% increase for Canadian operators year-over-year from January to September 2020.

How has COVID-19 affected the golf industry according to Lightspeed?

COVID-19 has accelerated digital transformation in the golf industry, with Lightspeed enabling operators to transition to contactless models and significantly increase online reservations.

How many golf courses use Lightspeed's platform?

Lightspeed now powers over 1000 golf courses globally.

What is the stock symbol for Lightspeed?

The stock symbol for Lightspeed is LSPD.

What percentage increase did online reservations achieve with Lightspeed?

Online reservations increased from 20% to 90% in just one week, showcasing the effectiveness of Lightspeed's digital solutions.