Lightspeed Commerce Inc.
(LSPD-T, LSPD-N) C$48.20 | US$38.33
Lightspeed's Merchants Perform Well Despite Headwinds Event
Lightspeed provided updates on same-store gross transaction volumes (GTV) growth.
Impact: POTENTIALLY POSITIVE
The metrics provided in the press release are a subset of what is reported on a quarterly basis. The same-store metrics provided in the press release do not include organic customer locations added throughout C2021, which is why we consider the impact to be potentially positive. Organic GTV growth could be better than the same- store GTV growth reported this morning.
Organic hospitality GTV growth could be accelerating despite headwinds. We are most impressed that Lightspeed's same-store global hospitality GTV grew 39% y/y in Q4/C21, despite renewed restrictions due to the Omicron variant. We believe this is positive considering that Q3/C21 organic hospitality y/y GTV growth was 40%. Adding organic customer location additions to the Q4/C21 same-store GTV growth of 39% implies that hospitality organic GTV growth could be accelerating. Lightspeed also noted that its same-store GTV through the January-November period from hospitality merchants in the U.S. grew 52% y/y compared to the industry average of 31% y/y. We believe that this suggests that Lightspeed's hospitality merchants are more resilient and better-prepared for the renewed lockdowns.
Lightspeed's U.S.-based retail merchants outperformed its peers in C2021.
Lightspeed's U.S. retail same-store GTV grew 35% y/y in the January-November period, more than double the industry average of 18% y/y. Specifically, U.S. same-store GTV from retail merchants grew 15% y/y in Q4/C21. We believe that Lightspeed's omnichannel solutions equipped its retail merchants well for the ongoing supply chain disruptions and lockdown restrictions.