In this article:
Savings from the reorganization to be redeployed across growth areas of Lightspeed's business
Lightspeed reaffirms financial outlook for fiscal 2025 revenue and Adjusted EBITDA1
MONTREAL, Dec. 2, 2024 /CNW/ - Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD) ("Lightspeed" or the "Company"), the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, today announced a reorganization to further optimize its operations toward executing on the Company's focused profitable growth strategy. This initiative is designed to prioritize resources for strategic areas of the business, maximizing the Company's long-term growth opportunity, and redefining the organizational structure and operations of other areas of the business.
The reorganization will impact approximately 200 individuals, with the resulting savings being redeployed across other areas of Lightspeed's business, in line with the Company's strategic objective of further driving profitable growth. Lightspeed expects that the majority of the restructuring charges will be incurred in the third quarter of fiscal 2025.
"As we discussed on our Second Quarter Earnings Call on November 7, Lightspeed is focused on growing where we have the strongest product-market fit and right-to-win, particularly in North American retail and EMEA hospitality. We will continue to deliver exceptional services and products to all our customers, with a focus on reducing the complexity of our business and strengthening our competitive positioning," said Lightspeed Founder and Chief Executive Officer, Dax Dasilva. "Since I returned as CEO, Lightspeed has been working harder to deliver on our profitable growth strategy. Today's announcement reaffirms our commitment to building an organization that can fulfill its true potential."
The Company continues to be engaged in its previously announced review of strategic alternatives. The reorganization announced today is part of Lightspeed's optimization efforts aimed at achieving profitable growth, and does not affect, or inhibit, the ongoing strategic review process. There can be no assurances given, at this time, as to the outcome of this strategic review.
Lightspeed reaffirms its previously-established revenue and Adjusted EBITDA financial outlook as set out in its press release dated November 7th, 2024.1
| ___________________________ |
| 1 The purpose of the financial outlook is to provide the reader with a description of management's expectations regarding our financial performance and may not be appropriate for other purposes. See the section entitled "Financial Outlook", "Financial Outlook Assumptions" and "Forward-Looking Statements" in the Company's earnings press release dated November 7, 2024, for the assumptions, risks and uncertainties related to Lightspeed's outlook, and the section entitled "Forward-Looking Statements" of this press release. The financial outlook is fully qualified by such sections. |
About Lightspeed
Powering the businesses that are the backbone of the global economy, Lightspeed's one-stop commerce platform helps merchants innovate to simplify, scale, and provide exceptional omnichannel customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions, and connection to supplier networks.