Lightspeed Commerce Inc. - LSPD STOCK NEWS

Lightspeed Commerce Inc. (NYSE: LSPD) announced the impending departure of Chief Operating Officer Brandon Nussey, effective May 2023. Nussey will remain during this transition period to ensure a smooth handover of responsibilities among other executives. Company CEO JP Chauvet praised Nussey for his leadership and contributions, including his role in the company's IPOs and global financial services expansion.

Founded in 2005 and headquartered in Montréal, Lightspeed offers a cloud commerce platform that supports various businesses. The company serves over 100 countries, helping merchants innovate and enhance customer experiences.

Stayntouch has expanded its partnership with Lightspeed by integrating its cloud hotel management solutions with Lightspeed Restaurant, enhancing restaurant operations for hotels. This integration allows Stayntouch PMS users to manage multiple restaurant locations seamlessly with mobile flexibility. Key benefits include centralized sales data, streamlined operations, easy multi-property management, and a personalized dining experience for guests. The integration aims to simplify hotel operations and improve guest experiences through features like contactless payments and customizable menus. This strategic move aligns with Stayntouch's goal to leverage technology for better hospitality management.

Lightspeed Commerce reported a 24% YoY revenue growth to $188.7 million, achieving the high end of its previously established outlook. The Gross Payments Volume increased by 75% YoY to $3.9 billion, with customer locations processing over $500,000 annually growing 15% YoY. Despite an Adjusted EBITDA loss of ($5.4 million), the loss was significantly better than projected. Lightspeed aims for Adjusted EBITDA break-even or better in fiscal 2024. The company maintains a strong cash position with $838.1 million available as of December 31, 2022.

Lightspeed Commerce Inc. has released its 2022 Global State of the Hospitality Industry report, highlighting how hospitality businesses are leveraging technology to address economic challenges, including inflation and staffing issues. The report surveyed 1,100 industry professionals and 7,000 consumers globally, revealing that 61% of restaurateurs are raising prices to tackle inflation, while 57% noted technology adoption as critical for survival. Sustainability is also emerging as a key focus, with 47% of owners recognizing it as a customer attractor. The findings underscore the importance of operational efficiency through digital tools amid rising costs and changing consumer behavior.

Lightspeed Commerce Inc. (NYSE: LSPD) released its 2023 State of the Golf Industry Report, showing continued growth in North American golf courses despite expectations of a downturn post-pandemic. Key findings include a 9.6% average increase in rounds played compared to 2021, with notable year-over-year gains of 11.5% in the U.S. and 7.5% in Canada. Total Gross Transaction Volume (GTV) grew 11.4%, driven by a 28% rise in food & beverage sales. The younger demographic is significantly engaged, with 83% of 18-34 year-olds influenced by golf content. These insights underscore the potential for sustained growth in the golf sector.

Lightspeed Commerce (NYSE: LSPD) has announced a significant reorganization, reducing its workforce by about 10%, equating to approximately 300 roles, as part of its strategy to streamline operations and achieve profitable growth. The company expects its Q3 revenue results to meet previous forecasts and is projecting an incremental restructuring cash charge of $12 million to $14 million, primarily due to severance and related costs. CEO JP Chauvet highlighted the importance of this leaner structure in enhancing agility and customer responsiveness, following the successful launch of flagship products.

Lightspeed Commerce Inc. will announce its third quarter 2023 financial results on February 2, 2023, before the market opens. A conference call is scheduled for 8:00 am ET the same day to discuss financial outcomes. Lightspeed provides a one-stop commerce platform for merchants worldwide, enhancing customer experiences across various sectors. Founded in 2005 in Montréal, the company operates globally, serving clients in over 100 countries.

Lightspeed Commerce Inc. (NYSE: LSPD) announced that Merline Saintil will step down from its Board of Directors, effective December 31, 2022. Saintil has served on the Board for over two years and noted that her decision was made to focus on her responsibilities with other public companies. The company's founder, Dax Dasilva, expressed gratitude for Saintil's contributions to Lightspeed during her tenure. Lightspeed continues to support merchants globally through its cloud commerce platform.

Lightspeed Commerce Inc. (NYSE: LSPD) has appointed Kady Srinivasan, a former executive from Klaviyo and Dropbox, as its new Chief Marketing Officer. Reporting to CEO JP Chauvet, Srinivasan brings over 15 years of experience in marketing and SaaS company growth. Her role will focus on enhancing brand awareness and driving strategic growth, particularly in serving complex SMBs. Srinivasan expressed excitement about joining at a time when technology is crucial for business success, aiming to position Lightspeed as a leading commerce platform globally.