Lightspeed Commerce Inc.
(LSPD-T, LSPD-N) C$26.02 | US$20.19
Q4/F22 First Take: In-Person Shopping and Dining Drive Beat
Event
Q4/F22 results.
Conference Call: 8:00 a.m. ET; 888-330-2513. Impact: MIXED
Revenue and EBITDA beat. Revenue of $146.6mm was ahead of expectations for $138.8mm (TD)/$141.2mm (consensus) and represented 78% y/y growth. Subscription and transaction-based revenue of $137.3mm grew by 82% y/y, and was above expectations of $131.5mm (TD)/$133.1mm (consensus). Organic subscription and transactions revenue y/y growth was 48% in the quarter. EBITDA of ($19.7mm), was above expectations of ($20.9mm) (TD)/($20.1mm) (consensus).
Healthy KPIs. The total number of customer locations grew to ~163,000, up from ~159,000 q/q. Lightspeed also registered GTV of $18.4bln, up ~71% y/y. Hospitality GTV grew 67% y/y, while omnichannel retail GTV grew 74% y/y. Organic GTV grew by 39% y/y, with organic hospitality GTV growing 67% and omni-channel retail GTV growing 17%. We believe that the strong GTV is driven by consumers continuing to return to in-person shopping and dining.
Payments revenue continues to pick up. Transaction-based revenue grew to $66.7mm, up 88% y/y. Strong performance was driven by strong GTV and a growing proportion of GTV being processed through Lightspeed Payments, which was ~12% in the quarter, up from ~9% y/y.
Revenue guidance in-line, but EBITDA slightly below expectations. F2023 revenue guidance of $740mm-$760mm is in-line with expectations. F2023 EBITDA guidance of ($40mm)-($35mm) was below expectations. However, management did note that they expect to reach EBITDA breakeven in F2024, while continuing to deliver strong 35%-40% y/y organic subscription and transaction-based revenue growth.