Lightspeed Announces Fourth Quarter and Full Year 2020 Financial Results
Fourth Quarter Revenue Growth Accelerated to 70% YoY
Record adoption of Lightspeed eCommerce and Lightspeed Delivery to Power Customers' Omni-channel Needs
Over 60% of eligible new customers contracted for Lightspeed Payments
Average GTV processed by a Lightspeed customer is now >$600,000 per annum
Lightspeed reports in U.S. dollars and in accordance with IFRS.
MONTREAL, May 21, 2020 /PRNewswire/ - Lightspeed POS Inc. ("Lightspeed" or the "Company") (TSX: LSPD), a leading provider of omni-channel point of sale platforms, today announced financial results for the three- and twelve-month periods ended March 31, 2020.
In the month of March, Lightspeed saw record uptake of Lightspeed eCommerce, Lightspeed Delivery and Lightspeed Payments platforms as retailers and hospitality businesses worldwide adopted new sales channels to continue reaching customers amidst the outbreak of COVID-19. The need for an omni-channel cloud solution coupled with modern, integrated payment solutions is no longer a competitive differentiator, but a business imperative.
"We are witnessing a historic shift in the way small and medium-sized businesses, the businesses at the heart of our communities, engage in commerce. Being omni-channel has never been more important." said Dax Dasilva, Lightspeed Founder and CEO. "Our merchants are progressive, omni-channel thought-leaders that continuously reinvent the retail and hospitality landscapes. We are proud to be their key technology partner and are committed to powering their growth."
As the implications of the pandemic became clearer in March, Lightspeed swiftly transitioned staff worldwide to remote work and immediately rolled out initiatives designed to support merchants during this unprecedented time, including:
-- Affordable access to solutions, such as Lightspeed eCommerce, Lightspeed
Delivery, Lightspeed Loyalty and Lightspeed Payments, to help merchants
optimize their business models to continue reaching consumers.
-- Staff deployments to support the immediate onboarding of record numbers
of merchants seeking overnight adoption of digital sales channels.
-- Regularly updated resources to help merchants connect to government-led
relief programs.
-- Strategic private and municipal partnerships to extend discounted
solutions to communities in need of rapid transformation.
-- The #lightspeedlocal initiative, which reimburses employees who shop
through e-commerce or dine takeout or delivery from their local
Lightspeed retailers and restaurants, a tangible method of enabling the
global workforce to support small business.
"We delivered strong financial results to finish up our fiscal year, despite the difficult macro environment encountered through the back half of March," said Brandon Nussey, Lightspeed's CFO. "While the effects of COVID-19 will cause some uncertainty for the foreseeable future, we are encouraged by the signs we are seeing for Lightspeed's solutions and what it signals for our long-term potential. With over $210 million in unrestricted cash we are well positioned to invest smartly through this period and emerge as an even stronger global leader for our customers."
Fourth Quarter Financial Highlights
(All comparisons are relative to the three-month period ended March 31, 2019 unless otherwise stated):
-- Total revenue of $36.3 million, an increase of 70%
-- Recurring software and payments revenue of $31.8 million, an increase of
70%
-- Gross margin of 63%, with gross profit up by 58% versus the prior year
quarter
-- Net loss of $18.6 million as compared to a net loss of $96.1 million.
Last year's results were impacted by a non-cash charge of $132.1
million, offset by an associated $44.8 million deferred tax benefit,
each related to our preferred shares which converted into common shares
prior to our IPO
-- Adjusted EBITDA(1) of ($6.2) million, compared to Adjusted EBITDA of
($4.1) million,
-- At March 31, 2020, Lightspeed had $210 million in unrestricted cash and
cash equivalents, with additional borrowing capacity of $25 million
Full Fiscal Year Financial Highlights
(All comparisons are relative to the full fiscal year ended 2019 unless otherwise stated):
-- Total revenue of $120.6 million, an increase of 56%
-- Recurring software and payments revenue of $106.9 million, an increase
of 56%
-- Gross margin of 64% with gross profit up by 44% versus the prior year
-- Net loss of $53.5 million as compared to a net loss of $183.5 million.
Last year's results were impacted by a non-cash charge of $191.2
million, offset by an associated $30.8 million deferred tax benefit,
each related to our preferred shares which converted into common shares
prior to our IPO
-- Adjusted EBITDA of ($21.7) million compared to Adjusted EBITDA of
($13.1) million
(1) Non-IFRS measure. See "Non-IFRS
Measures" and the reconciliation
to the most directly comparable
IFRS measure included in this
news release.
(2) Key Performance Indicator. See
"Key Performance Indicators
Operational and Business Highlights
(All comparisons are relative to the full fiscal year ended 2019 unless otherwise stated):
-- Lightspeed powered approximately 76,500 customer locations(2) worldwide
as of March 31, 2020, an increase from 49,000 a year prior.
-- Achieved positive net dollar retention rates(2) again in Fiscal 2020
indicating ongoing customer success using Lightspeed and increased
customer appetite to grow their relationship with Lightspeed.
-- The number of customers (excluding customers from its three most recent
acquisitions) using more than one Lightspeed module grew from 33% at
March 31, 2019 to 40% at March 31, 2020 led in part by strong recent
adoption of Lightspeed eCommerce to power online stores for customers,
Lightspeed Delivery to better enable hospitality customers to launch
home delivery offerings, Lightspeed Loyalty to help customers stay in
touch with their patrons across multiple selling channels, and
Lightspeed Payments to help merchants save time and money and streamline
their operations.
-- Lightspeed's platforms enabled retailers such as Out There Outfitters,
in business for more than 25 years, to quickly establish an online
presence and enable curbside pick-up to drive sales and remain connected
to their community. Similarly, Montréal-based Editorial Boutique
rapidly designed a pop-up Lightspeed eCommerce site, complemented by
virtual sessions with in-store stylists, allowing boutique employees to
deliver highly personalized recommendations to customers. London-based
hospitality merchant Absurd Bird used Lightspeed to strategically
redesign menus in its six brick-and-mortar locations in bulk and alter
its kitchen layouts to be more delivery-friendly, while Ratcliffe Golf
Services, based in North Carolina, used online booking to eliminate
points of contact and keep courses operational.
-- GTV(2) processed by retailers and hospitality businesses on Lightspeed
platforms grew by more than 70% to over $6.1 billion in the three-month
period ended March 31, 2020 and to over $22.3 billion for the
twelve-month period ended March 31, 2020. The average GTV processed by a
Lightspeed customer is now >$600,000 per annum.
-- The portion of customers contracting for Lightspeed Payments alongside
their core software subscription increased again this quarter, eclipsing
60%. A record number of existing customers agreed to switch to
Lightspeed Payments as well.
-- Ongoing success of Lightspeed's omni-channel cloud offering to
mid-market customers and with a new team dedicated to that effort.
Lightspeed's solutions have proven capabilities in serving
multi-location customers, including the newly-signed Palmetto Dunes
Oceanfront Resort, a golf experience located on Hilton Head Island,
South Carolina and the Houston-based fashion and accessories retailer
Charming Charlie, who chose Lightspeed Retail, Lightspeed Analytics and
Lightspeed Loyalty for its 15 locations across the United States.
-- Released the latest Lightspeed Restaurant solution across Europe with
advancements around reporting and analytics, multi-location management,
centralized menu management, and new mobile capabilities
-- In late February, Lightspeed raised $130 million in capital through a
bought deal offering.
Subsequent to Fourth Quarter
The effects of the COVID-19 pandemic and related government shutdowns are impacting retailers and restaurants globally. We anticipate that customers' GTV and the demand for our services will be impacted and business failures in our customer base will increase so long as social distancing measures remain in place in the core markets we serve.
However, Lightspeed's solutions have been helping to offset the toll that the pandemic is taking on hospitality and retail industries around the world. The following trends have been apparent since the quarter end:
-- As of today, despite present economic conditions, approximately
three-quarters of Lightspeed's customers are actively trading, meaning
that they are processing volume through Lightspeed's omni-channel cloud
solutions.
-- eCommerce adoption remains robust with a 400% increase in eCommerce
volumes processed by Lightspeed retailers in April as compared to
February 2020 levels.
-- Overall GTV from Lightspeed retailers in April grew approximately 50%
from March 2020 levels.
-- Lightspeed Payments revenue had a record month in April, led by
increased online sales, the impact of new customer adoption, and good
performance across a subset of verticals such as home and garden, bike
and pet.
-- Hospitality customer volumes remain challenged due to the ongoing
government mandated shutdowns affecting most markets. Lightspeed's
hospitality revenue base is mainly subscription software revenue that is
not variable to underlying customer volumes, with the largest
concentration in countries like Australia, Germany, Belgium,
Switzerland, the UK, and France.
-- The number of hospitality customers now using home delivery and curbside
pickup options has increased sharply. In Australia, for example, there
has been 5x the volume through these channels versus a year ago.
-- New customer demand was encouraging through April with new retailers,
golf courses, restaurants and mid market opportunities all choosing
Lightspeed solutions. While churn and customers on reduced subscription
plans remained elevated compared to historical norms, Lightspeed ended
April with approximately 75,500 customer locations subscribed to
Lightspeed solutions.
Financial Outlook
Heightened uncertainty in the global economy is having an acute impact on everyone, including our customers, their consumers, our partners, our suppliers and our employees. The degree to which COVID-19 will affect our business, operating results and financial condition in upcoming quarters will depend on future developments that are highly uncertain and cannot currently be predicted. As such, Lightspeed is declining to provide a financial outlook at this time for both the quarter ending June 30, 2020 and the full year ending March 31, 2021. Above, however, we have given insight into trends we are witnessing in our business through April. In response to the present uncertainty, we have strategically re-directed discretionary spending and funding for certain go-to-market initiatives towards solution innovation. We believe we are witnessing an urgent and lasting paradigm shift in the needs of small and medium-sized retail and hospitality businesses and we believe strong fundamentals, including our broad omni-channel cloud solution set, geographically-diverse customer base balanced between retail and hospitality, subscription-based software business model, compelling payments offering, and strong balance sheet, position us well to capitalize on this shift.
Conference Call and Webcast Information
Lightspeed will host a conference call and webcast to discuss the Company's financial results at 8:30 am ET on Thursday, May 21, 2020. To access the conference call, dial 866.211.3060 for the U.S. or Canada, or 647.689.6576 for international callers and provide conference ID 9369136 or "Lightspeed". The webcast will be available live on the Investors section of the Company's website at https://investors.lightspeedhq.com.
An audio replay of the call will also be available to investors beginning at approximately 11:00 a.m. Eastern Time on May 21, 2020, until 11:59 p.m. Eastern Time on May 28, 2020, by dialing 800.585.8367 for the U.S. or Canada, or 416.621.4642 for international callers and provide conference ID 9369136. In addition, an archived webcast will be available on the Investors section of the Company's website at https://investors.lightspeedhq.com.
About Lightspeed
Lightspeed (TSX: LSPD) powers small and medium-sized businesses with its cloud-based, omni-channel commerce platforms in over 100 countries around the world. With smart, scalable, and dependable point of sale systems, Lightspeed provides all-in-one solutions that help restaurants and retailers sell across channels, manage operations, engage with consumers, accept payments, and grow their business.
Headquartered in Montréal, Canada, Lightspeed is trusted by favorite local businesses, where the community goes to shop and dine. Lightspeed has offices in Canada, USA, Europe, and Australia.
For more information, please visit: www.lightspeedhq.com
On social media: LinkedIn, Facebook, Instagram, YouTube, and Twitter
Non-IFRS Measures
The information presented herein includes certain financial measures such as "Adjusted EBITDA", "non-IFRS Gross Profit", "non-IFRS general and administrative expenses", "non-IFRS research and development expenses", and "non-IFRS sales and marketing expenses". These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus may highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Non-IFRS gross profit, non-IFRS general and administrative expenses, non-IFRS research and development expenses, and non-IFRS sales and marketing expenses are non-IFRS financial measures that exclude the effect of stock-based compensation expense and related payroll taxes, and in the case of non-IFRS general and administrative expenses and non-IFRS sales and marketing expenses, transaction-related costs.
"Adjusted EBITDA" is calculated as net loss excluding interest, taxes, depreciation and amortization, or EBITDA, as adjusted for stock-based compensation expense and related payroll taxes, loss on the increase in fair value of redeemable preferred shares, compensation expenses relating to acquisitions complete, foreign exchange gains and losses, and transaction-related expenses.
Key Performance Indicators
We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.
Customer Locations. "Customer Location" means a billing customer location for which the term of services has not ended, or with which we are negotiating a renewal contract. A single unique customer can have multiple Customer Locations including physical and eCommerce sites.
Gross Transaction Volume. "Gross Transaction Volume" or "GTV" means the total dollar value of transactions processed through our cloud-based SaaS platform in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes.
Net Dollar Retention Rate. "Net Dollar Retention Rate" is calculated as of the end of each month by considering the cohort of customers on our commerce platforms as of the beginning of the month and dividing our subscription and payments revenue attributable to this cohort in the then-current month by total subscription and payments revenue attributable to this cohort in the immediately preceding month.
Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward looking information may relate to our financial outlook, including Adjusted EBITDA, and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information.
In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward?looking information, including but not limited to the risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations and under "Risk Factors" in our most recent Annual Information Form, both of which are available under our profile on SEDAR at www.sedar.com. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information.
Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents our expectations as of the date of hereof (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Condensed Consolidated Statements of Loss and Comprehensive Loss
(expressed in thousands
of US dollars, except
per share amounts) Fiscal year Three months
ended March 31, ended March 31,
2020 2019 2020 2019
$
$
$
$
Revenues 120,637 77,451 36,271 21,285
Direct cost of revenues 43,199 23,573 13,595 6,962
Gross profit 77,438 53,878 22,676 14,323
Operating expenses
General and
administrative 24,486 13,790 7,350 4,793
Research and development 31,812 18,283 10,100 5,074
Sales and marketing 55,388 39,043 15,239 11,362
Depreciation of property
and equipment 1,749 1,389 550 415
Depreciation of right-
of-use assets 2,492 821
Foreign exchange loss
(gain) (395) 987 (300) 637
Acquisition-related
compensation 11,087 454 5,138 188
Amortization of
intangible assets 9,226 3,148 4,260 649
Total operating expenses 135,845 77,094 43,158 23,118
Operating loss (58,407) (23,216) (20,482) (8,795)
Fair value loss on
Redeemable Preferred
Shares (191,219) (132,135)
Interest income net of
interest expense 1,766 181 (226) 81
Loss before income taxes (56,641) (214,254) (20,708) (140,849)
Income tax expense
(recovery)
Current 49 59 (46) 64
Deferred (3,159) (30,788) (2,065) (44,837)
Total income tax expense
(recovery) (3,110) (30,729) (2,111) (44,773)
Net loss (53,531) (183,525) (18,597) (96,076)
Other comprehensive loss
Items that may be
reclassified to net loss
Foreign currency
differences on
translation of foreign
operations (6,271) (6,271)
Total comprehensive loss (59,802) (183,525) (24,868) (96,076)
Net loss per share -
basic and diluted (0.62) (5.53) (0.21) (2.21)
Condensed
Consolidated
Balance
Sheets
(expressed
in
thousands
of US
dollars)
2020 2019
Assets
$
$
Current
assets
Cash and
cash
equivalents 210,969 207,703
Trade and
other
receivables 10,879 8,424
Inventories 932 269
Other
current
assets 10,427 5,204
Total
current
assets 233,207 221,600
Lease
right-of-
use assets 15,957
Property
and
equipment,
net 7,989 5,372
Intangible
assets,
net 62,819 2,618
Goodwill 146,598 22,536
Restricted
cash and
other
long-term
assets 11,749 3,499
Deferred
tax assets 109 186
Total
assets 478,428 255,811
Liabilities
and
Shareholders'
Equity
Current
liabilities
Accounts
payable
and
accrued
liabilities 30,810 16,183
Lease
liabilities 3,301
Income
taxes
payable 76 135
Current
portion of
deferred
revenue 36,622 32,317
Total
current
liabilities 70,809 48,635
Deferred
tax
liabilities 6,578 706
Deferred
revenue 5,472 8,025
Lease
liabilities 13,546
Long-term
debt 29,687
Other long-
term
liabilities 8,198 1,779
Total
liabilities 134,290 59,145
Shareholders'
equity
Share
capital 852,115 652,336
Additional
paid-in
capital 11,773 4,278
Accumulated
other
comprehensive
loss (6,271)
Accumulated
deficit (513,479) (459,948)
Total
shareholders'
equity 344,138 196,666
Total
liabilities
and
shareholders'
equity 478,428 255,811
Condensed Consolidated
Statements of Cash Flows
(expressed in thousands of US
dollars)
2020 2019
$
$
Cash flows from (used in)
operating activities
Net loss (53,531) (183,525)
Items not affecting cash and
cash equivalents
Acquisition-related
compensation 11,087 454
Fair value loss on Redeemable
Preferred Shares 191,219
Amortization of intangible
assets 9,226 3,148
Depreciation of property and
equipment and lease right-of-
use assets 4,241 1,389
Deferred income taxes (3,159) (30,788)
Stock-based compensation
expense 8,870 1,693
Unrealized foreign exchange loss
(gain) 475 929
(Increase)/decrease in
operating assets and increase/
(decrease) in operating
liabilities
Trade and other receivables 2,071 (546)
Inventories (401) (31)
Other assets (3,440) (335)
Accounts payable and accrued
liabilities (1,329) 5,647
Income taxes payable (59) (9)
Deferred revenue (433) 3,309
Other long-term liabilities (402) 71
Interest income net of interest
expense (1,766) (181)
Total operating activities (28,550) (7,556)
Cash flows from (used in)
investing activities
Additions to property and
equipment (3,609) (2,030)
Payment of liabilities related
to acquisition of business (5,116)
Acquisition of businesses, net
of cash acquired (115,048) (1,389)
Interest income 3,480
Total investing activities (120,293) (3,419)
Cash flows from (used in)
financing activities
Proceeds from exercise of stock
options 3,546 536
Proceeds from issuance of share
capital 130,933 207,547
Proceeds from draw-down of
long-term debt 30,000
Share issuance costs (6,893) (12,372)
Payment of lease liabilities and
movement in restricted deposits (3,401)
Financing costs (653)
Repurchase of Common Shares (792)
Total financing activities 153,532 194,919
Effect of foreign exchange rate
changes on cash and cash
equivalents (1,423) (892)
Net increase in cash and cash
equivalents during the year 3,266 183,052
Cash and cash equivalents -
Beginning of year 207,703 24,651
Cash and cash equivalents - End
of year 210,969 207,703
Interest paid 320 26
Income taxes paid 113 124
Reconciliation from IFRS
to Non-IFRS Results
Fiscal year Three months
ended March 31, ended March 31,
(In thousands of US
dollars) 2020 2019 2020 2019
$
$
$
$
Net loss (53,531) (183,525) (18,597) (96,076)
Fair value loss on
Redeemable Preferred
Shares(1) 191,219 132,135
Stock-based
compensation and
related payroll
taxes(2) 9,930 3,110 2,676 2,043
Depreciation and
amortization(3) 13,467 4,537 5,631 1,064
Foreign exchange loss
(gain)(4) (395) 987 (300) 637
Interest income net of
interest expense(3) (1,766) (181) 226 (81)
Acquisition-related
compensation(5) 11,087 454 5,138 188
Transaction-related
expenses(6) 2,658 1,023 1,159 718
Income tax recovery (3,110) (30,729) (2,111) (44,773)
Adjusted EBITDA (21,660) (13,105) (6,178) (4,145)
(1) This loss is with respect to the
change in valuation of our
Redeemable Preferred Shares from
period to period, which is a non-
cash item. Prior to the completion
of our initial public offering on
March 15, 2019, all of our
Redeemable Preferred Shares were
converted and the liability was
reduced to $Nil with a
corresponding increase in share
capital. There will be no further
impact on our results of operations
from these shares.
(2) These expenses represent non-cash
expenditures recognized in
connection with issued stock
options and other awards under our
stock option plans to our employees
and directors as well as related
payroll taxes given that they are
directly attributable to
stock?based compensation, are
estimates and therefore subject to
change. For the three months and
fiscal year ended March 31, 2020,
the stock-based compensation
expense was $4,060 and $8,870
respectively (March 31, 2019 -
$706 and $1,693) and the related
payroll taxes were a recovery of
$1,384 and an expense of $1,060
respectively (March 31, 2019 -
expense of $1,337 and $1,417).
(3) In connection with the adoption of
IFRS 16 - Leases, on a modified
retrospective basis, with no
restatement of comparatives, for
the three months ended March 31,
2020, net loss includes
depreciation of $821 related to
amortization of right-of-use
assets, interest expense of $246 on
lease liabilities, and excludes an
amount of $954 relating to rent
expense ($2,492, $852, and $2,894
respectively for the fiscal year
ended March 31, 2020).
(4) These non-cash losses (gains)
relate to foreign exchange
translation.
(5) These costs represent a portion of
the consideration paid to acquired
businesses that is associated with
the ongoing employment obligations
for certain key employees of such
acquired businesses.
(6) These expenses relate to
professional, legal, consulting and
accounting fees relating to our
initial public offering, our
acquisitions, our secondary
offering in August 2019 and our
bought deal in February 2020 that
would otherwise not have been
incurred.
Reconciliation from IFRS to Non-IFRS Results
The following table outlines stock-based compensation and the related payroll taxes as well as transaction-related
costs associated with the Company's acquisitions and capital raises included with these expenses included in the
results of operations.
Fiscal year Three months
ended March 31, ended March 31,
(In thousands of US
dollars, except
percentages) 2020 2019 2020 2019
$
$
$
$
Gross profit 77,438 53,878 22,676 14,323
% of revenue 64.2 % 69.6 % 62.5 % 67.3 %
add: Stock-based
compensation and
related payroll taxes 731 260 170 151
---
Non-IFRS gross profit 78,169 54,138 22,846 14,474
---
% of revenue 64.8 % 69.9 % 63.0 % 68.0 %
General and
administrative
expenses 24,486 13,790 7,350 4,793
% of revenue 20.3 % 17.8 % 20.3 % 22.5 %
less: Stock-based
compensation and
related payroll taxes 3,196 1,030 606 647
less: Transaction-
related costs 2,328 1,023 829 718
---
Non-IFRS general and
administrative
expenses 18,962 11,737 5,915 3,428
---
% of revenue 15.7 % 15.2 % 16.3 % 16.1 %
Research and
development expenses 31,812 18,283 10,100 5,074
% of revenue 26.4 % 23.6 % 27.8 % 23.8 %
less: Stock-based
compensation and
related payroll taxes 3,101 245 1,400 350
---
Non-IFRS research and
development expenses 28,711 18,038 8,700 4,724
---
% of revenue 23.8 % 23.3 % 24.0 % 22.2 %
Sales and marketing
expenses 55,388 39,043 15,239 11,362
% of revenue 45.9 % 50.4 % 42.0 % 53.4 %
less: Stock-based
compensation and
related payroll taxes 2,902 1,575 500 895
less: Transaction-
related costs 330 330 -
Non-IFRS sales and
marketing expenses 52,156 37,468 14,409 10,467
---
% of revenue 43.2 % 48.4 % 39.7 % 49.2 %
View original content to download multimedia:http://www.prnewswire.com/news-releases/lightspeed-announces-fourth-quarter-and-full-year-2020-financial-results-301063338.html
SOURCE Lightspeed POS Inc.
