TD new mid-day comments = BUY THE DIPBuy the dip. The stock is trading down 28% following a quarter where Lightspeed beat expectations. We believe the sell-off is largely a result of the quarter and guidance not exceeding expectations enough. F2022 revenue guidance increased by $7.5mm, while Q2/F22 revenue beat the midpoint of guidance by $11.2mm. While we understand the negative sentiment, especially following the short report, we believe the reaction is overdone. Following ecommerce peers reporting that consumer spending may have shifted back to in-store retail and services, expectations may have been elevated for Lightspeed. The lockdowns in Australia, where Lightspeed has 25k customer locations, may have impacted the quarter and guidance. Moreover, supply chain constraints are causing management to be cautious of their guidance. We believe that both of these factors are temporary and that management is being prudent. There is nothing material in the results or our conversations with management to change our thesis. We would be buying on the weakness. Management is baking some GTV caution into the guidance. The supply constraint is largely expected to create uncertainty around merchants' ability to source supplies to sell. The constraints are not expected to impact Lightspeed's rollout of its solutions. Our discussion with management suggested that they are baking in the following assumptions to their GTV: an APAC scenario similar to postlockdown last year; normalized seasonality following a strong summer for home, garden, and bicycles; and more normalized seasonality for the March quarter. We believe management is being understandably prudent. But payments has been rolled out globally. We would look beyond the potential supply chain challenges and lockdowns, and look to the payments opportunity that the rollout to Europe and APAC brings, where Lightspeed has a stronger hospitality footprint. While it will take time to gain adoption, we believe that growing adoption combined with increased consumer spending on services should drive considerable payments revenue growth.