Our view. LSPD reported strong F3Q24 results with adj. revenue and adj. EBITDA above Street estimates by ~$4M and ~$1.3M, respectively, with management inching up the low end of its guidance by ~$5M and reaffirming its adj. EBITDA guide for breakeven or better in FY24. Additionally, we call out Payments penetration of 29%, keeping LSPD on track to deliver on its 30% to 35% goal for the fiscal year.
Quick takeaways. LSPD reported $240M / $3.6M in revenue/adj. EBITDA compared to RBCe of $236M / $2.3M and Street at $236M / $2.3M. Gross profit totaled $101M, or a margin of 42.3%, compared to RBCe of $98.5M (41.7% margin), the Street at $99M and a margin of 45.6% last year. Gross transaction value (GTV) totaled $23.1B, +3% y/y, compared to 5.4% growth last quarter, while gross payment volume (GPV) increased 69% y/y to $6.6B. Subscription revenue increased 9% y/y, while transaction revenue increased 38%, compared to 9% and 36% last quarter, respectively. Growth in subscription and transaction-based revenues was 26% y/y, versus 24% last quarter.
FY24 guidance increased. FY24 guidance calls for revenue in a range of $895M–$905M (previously $890M–$905M) and breakeven or better adjusted EBITDA.
Conference call at 8:00 am ET.