Mr. J.P. Chauvet reports
LIGHTSPEED COMMERCE STREAMLINES OPERATIONS WITH A CONTINUED FOCUS ON PROFITABLE GROWTH
Lightspeed Commerce Inc. has decided to streamline the company's operating model while continuing to focus on profitable growth.
After several years of strong performance, this
represents the next deliberate step in executing Lightspeed's strategy to unify all of its acquired companies and products. This new structure is expected to unlock efficiencies after absorbing employees, technology and processes through its most recent acquisitions.
The reorganization includes the reduction of approximately 300 roles, representing about 10 per cent of Lightspeed's headcount-related operating expenditures, with half of the cost reduction coming from management layers. Lightspeed will continue to hire core go-to-market and development roles that support profitable growth.
"We have done outstanding work to complete our goal of integrating each brand and rolling out our flagship products to market," said Lightspeed chief executive officer J.P. Chauvet. "This represents three years of hard, foundational work that is setting us up for long-term success."
Mr. Chauvet continued, "The launch of these flagship products, coupled with our new, leaner structure, will allow us to be more agile and responsive to our customers as we invest in innovations that will fuel our long-term growth."
Lightspeed expects to deliver third quarter results within its previously established range for revenue outlook and ahead of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) outlook. The company estimates the actions announced today will result in an incremental restructuring cash charge of $12-million to $14-million, primarily consisting of severance payments, employee benefits and related costs, and expects to incur these charges primarily in the company's fourth quarter.
Lightspeed will provide an update on its financial performance during its earnings call on Feb. 2, 2023.
About Lightspeed Commerce Inc.
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 customer experiences. Lightspeed's cloud commerce solution transforms and unifies on-line and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions, and connection to supplier networks.
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