Full Fiscal Year Revenue Grew 36% to $77.5 Million
Gross Transaction Volume Grew by $4B,
now over $14.5B
Now publicly-traded (TSX: LSPD) Following March 2019 IPO
Lightspeed reports in U.S. dollars and in accordance with
IFRS.
MONTREAL, May 30, 2019 /CNW Telbec/ - Lightspeed POS Inc.
("Lightspeed" or the "Company") (TSX: LSPD), a leading provider of
software, solutions and support systems to small and medium size
retailers and restaurateurs, today announced financial results for
the fiscal fourth quarter and full fiscal year ended March 31,
2019.
"It's been a great year for Lightspeed and for our customers,"
commented Dax Dasilva, Chief
Executive Officer of Lightspeed. "Our revenue grew 36% for the full
fiscal year, and we completed our initial public offering. We also
added two significant new products to our overall offering. We
launched Lightspeed Loyalty to both our Retail and Restaurant
clients in North America and
Europe, and we made Lightspeed
Payments generally available to our US Retail client base in late
January. All of this creates momentum toward our main goal, which
is to help complex SMBs thrive in a world with rapidly changing
consumer expectations."
Fourth Quarter Financial Highlights
(All comparisons are relative to the fourth quarter of 2018
unless otherwise stated):
- Total revenue of $21.3 million,
an increase of 36%
- Recurring software and payments revenue of $18.7 million, an increase of 33%
- Gross profit grew to $14.3
million as compared to $10.8
million
- Net loss of $96.1 million as
compared to a net loss of $11.7
million. Net loss was 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 EBITDA1 of ($4.1)
million, compared to Adjusted EBITDA of ($4.3) million
- Cash flows used in operating activities of ($0.2) million, compared to cash flows used in
operating activities of ($0.9) million. Cash flows used in operating
activities included IPO-related transaction costs of $0.5 million in the quarter, which if
excluded, resulted in positive cash flows from operating activities
of $0.3 million for the
quarter
- At March 31, 2019, Lightspeed had
$207.7 million in cash and cash
equivalents, compared with $24.7 million at March 31, 2018
1
|
Non-IFRS measure. See
"Non-IFRS Measures" and the reconciliation to the most directly
comparable IFRS measure included in this press release.
|
Full Fiscal Year Financial Highlights
(All comparisons are relative to the full fiscal year 2018
unless otherwise stated):
- Total revenue of $77.5 million,
an increase of 36%
- Recurring Software and Payments revenue of $68.7 million, an increase of 34%
- Gross profit grew 36% to of $53.9
million as compared to $39.6
million
- Net loss of $183.5 million as
compared to a net loss of $96.2
million. Net loss was 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 improved to ($13.1)
million, compared to Adjusted EBITDA of ($14.9) million
- Cash flows used in operating activities of ($7.6) million, compared to ($10.0) million. Cash flows used in operating
activities included IPO related transaction costs of $0.7 million in the year, which if excluded,
would have been ($6.9) million
Full Fiscal Year 2019 Operational Highlights
(All comparisons are relative to the full fiscal year 2018
unless otherwise stated):
- Customer locations2 grew 20% to greater than 49,000
at March 31, 2019
- GTV2 grew by more than $4
billion to more than $14.5
billion
- Positive net dollar revenue retention2 further
reinforced the stickiness of the Lightspeed platform
- A record number of new customers signed in the quarter and
fiscal year was driven by strong customer momentum from complex
Retailers and Restauranteurs in North
America and around the world. New customers signed in the
quarter include a large outlet store chain spanning several dozen
locations, continued success in the bike segment with Brompton
Bicycle Ltd, a significant franchisee of the Five Guys restaurant
chain, and several Michelin star restaurants such as Aquavit in
London, and Restaurant de L'Hotel
Imperator in southern France. In
addition, we drove continued momentum with Lightspeed's platform
integrated into hotel operating systems with several five star and
luxury hotels signed in the quarter including Hacienda Na Xamena in
Ibiza, Powerscourt in Ireland and
Fife Arms in the Scottish Highlands
- Successful launch of Lightspeed Loyalty to the Company's retail
and restaurant customer base in North
America and Europe. Strong
early adoption with more than 1,500 customer locations using
Lightspeed Loyalty to better engage with their end consumers
- Strong initial adoption of Lightspeed Payments after launch on
January 30, 2019 to U.S. Retail
customers with demand coming from both new and existing clients of
Lightspeed
- Approximately one third of unique customers have now purchased
more than one Lightspeed module
2
|
Key Performance
Indicator. See "Key Performance Indicators".
|
Recent Business Highlights
- Lightspeed priced its initial public offering of 17,250,000
shares at a price of C$16 per share
for total proceeds of C$276 million.
The Company is listed on the Toronto Stock Exchange under the
symbol "LSPD".
- Lightspeed entered into new credit facilities with the Canadian
Imperial Bank of Commerce, which include a $25 million demand revolving operating credit
facility and a $30 million stand-by
acquisition term loan. The New Credit Facilities replace the
previous $15 million working capital
line of credit.
- Lightspeed completed the acquisition of a strategic software
partner, Chronogolf Inc. Chronogolf leverages Lightspeed's retail
and restaurant platform to offer a seamless golf course management
solution that includes booking and membership management
capabilities for more than 500 golf course operators, primarily in
North America. This subsegment
represents a compelling opportunity for our existing products – and
in particular provides an active funnel for Lightspeed
Payments.
"We are pleased with our fiscal fourth quarter and full year
performance which demonstrates continued progress across all of the
important areas of the business," stated Brandon Nussey, Chief Financial Officer of
Lightspeed. "The accelerated rate of customer additions, combined
with continued progress on module adoption is an encouraging sign
that our land and expand strategy in how we go to market is
successful and is demonstrating our ability to grow average revenue
per customer."
Financial Outlook
Lightspeed anticipates revenue, cash flows used in operating
activities and Adjusted EBITDA to be in the following ranges:
First Quarter 2020
- Revenue of $23.0 – $23.5 million
- Cash flows used in operating activities of approximately
$6 million
- Adjusted EBITDA in the range of ($6
million) – ($7 million)
Full Year 2020
- Revenue of $107 – $110 million, representing annual growth of
38-42%
- Cash flows used in operating activities of $7.5 million – $9
million
- Adjusted EBITDA in the range of ($16
million) – ($18 million)
Our financial outlook is based on a number of assumptions,
including our continued receipt of partner referrals in line with
historical referral rates (particularly after having launched
Lightspeed Payments which competes with the solutions offered by
some of these referral partners); customers adopting Lightspeed
Payments having an average GTV at or above that of our average
customer; future attach rates for Lightspeed Payments remaining in
line with past attach rates and expectations; our ability to price
Lightspeed Payments in line with our expectations and to achieve
suitable margins; our ability to achieve success in expanding of
Lightspeed Payments beyond our U.S. retail customers; continued
success in module adoption expansion throughout our customer base;
and our ability to manage customer churn. Our financial outlook,
including the various underlying assumptions, constitutes
forward-looking information and should be read in conjunction with
the cautionary statement on forward-looking information below. Many
factors may cause our actual results, level of activity,
performance or achievements to differ materially from those
expressed or implied by such forward-looking information, including
but not limited to the risks and uncertainties related to:
attracting and retaining customers; increasing customer sales;
implementing our growth strategy; accelerating the rollout of
Lightspeed Payments; our reliance on a single supplier for parts of
the technology in Lightspeed Payments; improving and enhancing the
functionality, performance, reliability, design, security and
scalability of our platform; our ability to compete against
competitors; strategic relations with third parties; our reliance
on integration of third-party payment processing solutions;
compatibility of our solutions with third-party applications and
systems; changes to technologies on which our platform is reliant;
obtaining, maintaining and protecting our intellectual property;
international sales and use of our platform in various countries;
our liquidity and capital resources; litigation and regulatory
compliance; changes in tax laws and their application; expanding
our sales capability; maintaining our customer service levels and
reputation; macroeconomic factors affecting small and medium sized
businesses; and exchange rate fluctuations. The purpose of the
forward-looking information is to provide the reader with a
description of management's expectations regarding our financial
performance and may not be appropriate for other purposes.
Conference Call and Webcast Information
Lightspeed will host a conference call and live webcast to
discuss its fourth quarter and full year 2019 financial results at
5:00 p.m. Eastern Time today,
May 30, 2019. 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 4599244. 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 7:00 p.m. Eastern
Time on May 30, 2019, until
11:59 p.m. Eastern Time on
June 7, 2019, by dialing 800.585.8367
for the U.S. or Canada, or
416.621.4642 for international callers. 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 is a cloud-based commerce platform powering small and
medium-sized businesses in over 100 countries around the
world. With smart, scalable, and dependable point of sale systems,
it's an all-in-one solution that helps 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 grown to over 700 employees, with 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". 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 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.
"Adjusted EBITDA" means 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 have 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 platform 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 revenues, cash flows from (used in) operating
activities, and 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
|
|
|
|
|
(In thousands of
US dollars, except share
and per share amounts, unaudited)
|
Fiscal year
ended March 31,
|
|
Three months
ended March 31,
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
Revenues
|
77,451
|
|
57,079
|
|
21,285
|
|
15,688
|
|
|
|
|
|
|
|
|
Direct cost of
revenues
|
23,573
|
|
17,479
|
|
6,962
|
|
4,842
|
|
|
|
|
|
|
|
|
Gross
profit
|
53,878
|
|
39,600
|
|
14,323
|
|
10,846
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
General and
administrative
|
13,790
|
|
9,225
|
|
4,793
|
|
2,523
|
Research and
development
|
18,283
|
|
13,295
|
|
5,074
|
|
3,820
|
Sales and
marketing
|
39,043
|
|
33,228
|
|
11,362
|
|
9,262
|
Depreciation of
property and equipment
|
1,389
|
|
1,188
|
|
415
|
|
351
|
Foreign exchange loss
(gain)
|
987
|
|
(287)
|
|
637
|
|
(31)
|
Acquisition-related
compensation
|
454
|
|
942
|
|
188
|
|
-
|
Amortization of
intangible assets
|
3,148
|
|
3,931
|
|
649
|
|
954
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
77,094
|
|
61,522
|
|
23,118
|
|
16,879
|
|
|
|
|
|
|
|
|
Operating
loss
|
(23,216)
|
|
(21,922)
|
|
(8,795)
|
|
(6,033)
|
|
|
|
|
|
|
|
|
Fair value loss on
Redeemable Preferred Shares
|
(191,219)
|
|
(59,985)
|
|
(132,135)
|
|
(4,644)
|
Interest income
(expense)
|
181
|
|
(26)
|
|
81
|
|
(7)
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(214,254)
|
|
(81,933)
|
|
(140,849)
|
|
(10,684)
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
|
|
|
|
|
Current
|
59
|
|
113
|
|
64
|
|
18
|
Deferred
|
(30,788)
|
|
14,133
|
|
(44,837)
|
|
986
|
|
|
|
|
|
|
|
|
Total income tax
expense
|
(30,729)
|
|
14,246
|
|
(44,773)
|
|
1,004
|
|
|
|
|
|
|
|
|
Net loss and
comprehensive loss
|
(183,525)
|
|
(96,179)
|
|
(96,076)
|
|
(11,688)
|
|
|
|
|
|
|
|
|
Loss per share –
basic and diluted
|
(5.53)
|
|
(3.30)
|
|
(2.21)
|
|
(0.40)
|
Condensed
Consolidated Balance Sheets
|
|
|
|
As at March
31,
|
(In thousands of
US dollars, except share and
per share amounts, unaudited)
|
2019
$
|
|
2018
$
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
207,703
|
|
24,651
|
Accounts
receivable
|
8,424
|
|
7,124
|
Inventories
|
269
|
|
238
|
Prepaid expenses and
deposits
|
1,527
|
|
1,800
|
Commission
assets
|
3,677
|
|
-
|
|
|
|
|
Total current
assets
|
221,600
|
|
33,813
|
|
|
|
|
Property and
equipment, net
|
5,372
|
|
4,731
|
Intangible
assets, net
|
2,618
|
|
4,087
|
Goodwill
|
22,536
|
|
20,404
|
Commission
assets
|
2,993
|
|
-
|
Other long-term
assets
|
506
|
|
714
|
Deferred tax
assets
|
186
|
|
276
|
|
|
|
|
Total
assets
|
255,811
|
|
64,025
|
|
|
|
|
Liabilities and
Shareholders' Equity (Deficiency)
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable and
accrued liabilities
|
16,183
|
|
8,953
|
Income taxes
payable
|
135
|
|
144
|
Current portion of
deferred revenue
|
32,317
|
|
25,211
|
|
|
|
|
Total current
liabilities
|
48,635
|
|
34,308
|
|
|
|
|
Deferred tax
liabilities
|
706
|
|
30,893
|
Deferred
revenue
|
8,025
|
|
11,793
|
Redeemable
Preferred Shares
|
-
|
|
250,884
|
Other long-term
liabilities
|
1,779
|
|
1,708
|
|
|
|
|
Total
liabilities
|
59,145
|
|
329,586
|
|
|
|
|
Shareholders'
equity (deficiency)
|
|
|
|
Share
capital
|
|
|
|
83,752,210
Common Shares issued and outstanding, unlimited shares authorized
(2018 –29,366,937)
|
652,336
|
|
14,325
|
Additional paid-in
capital
|
4,278
|
|
2,804
|
Accumulated
deficit
|
(459,948)
|
|
(282,690)
|
|
|
|
|
Total
shareholders' equity (deficiency)
|
196,666
|
|
(265,561)
|
|
|
|
|
Total liabilities
and shareholders' equity (deficiency)
|
255,811
|
|
64,025
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
Fiscal year
ended March 31,
|
(In thousands of
US dollars, except share and
per share amounts, unaudited)
|
2019
$
|
|
2018
$
|
|
|
|
|
Cash flows from
(used in) operating activities
|
|
|
|
Net loss
|
(183,525)
|
|
(96,179)
|
Items not affecting
cash and cash equivalents
|
|
|
|
Acquisition-related
compensation
|
454
|
|
942
|
Fair value loss on
Redeemable Preferred Shares
|
191,219
|
|
59,985
|
Amortization of
intangible assets
|
3,148
|
|
3,931
|
Depreciation of
property and equipment
|
1,389
|
|
1,188
|
Loss on disposal of
property and equipment
|
-
|
|
24
|
Deferred income
taxes
|
(30,788)
|
|
14,133
|
Stock-based
compensation expense
|
1,693
|
|
1,160
|
Unrealized foreign
exchange loss (gain)
|
929
|
|
(282)
|
(Increase)/decrease in
operating assets and increase/(decrease) in operating
liabilities
|
|
|
|
Accounts
receivable
|
(727)
|
|
(2,796)
|
Prepaid expenses and
deposits
|
287
|
|
49
|
Commission
assets
|
(953)
|
|
-
|
Inventories
|
(31)
|
|
28
|
Other long-term
assets
|
331
|
|
(312)
|
Accounts payable and
accrued liabilities
|
5,647
|
|
1,016
|
Income taxes
payable
|
(9)
|
|
54
|
Deferred
revenue
|
3,309
|
|
6,868
|
Other long-term
liabilities
|
71
|
|
168
|
|
|
|
|
Total operating
activities
|
(7,556)
|
|
(10,023)
|
|
|
|
|
Cash flows from
(used in) investing activities
|
|
|
|
Additions to property
and equipment
|
(2,030)
|
|
(937)
|
Additions to
intangible assets
|
-
|
|
(548)
|
Proceeds on disposal
of property and equipment
|
-
|
|
6
|
Acquisition of
business, net of cash acquired
|
(1,389)
|
|
-
|
|
|
|
|
Total investing
activities
|
(3,419)
|
|
(1,479)
|
|
|
|
|
Cash flows from
(used in) financing activities
|
|
|
|
Proceeds from
exercise of stock options
|
536
|
|
490
|
Proceeds from
issuance of share capital
|
207,547
|
|
20,000
|
Share issuance
costs
|
(12,372)
|
|
-
|
Repurchase of Common
Shares
|
(792)
|
|
-
|
|
|
|
|
Total financing
activities
|
194,919
|
|
20,490
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and
cash equivalents
|
(892)
|
|
354
|
|
|
|
|
Net increase in
cash and cash equivalents during the year
|
183,052
|
|
9,342
|
|
|
|
|
Cash and cash
equivalents – Beginning of year
|
24,651
|
|
15,309
|
|
|
|
|
Cash and cash
equivalents – End of year
|
207,703
|
|
24,651
|
|
|
|
|
Interest
paid
|
26
|
|
5
|
Income taxes
paid
|
124
|
|
60
|
Reconciliation
from IFRS to Non-IFRS Results
|
|
|
|
|
|
Fiscal year
ended March 31,
|
|
Three months
ended March 31,
|
|
|
|
|
|
|
|
|
(In thousands of
US dollars, except share and per share amounts, unaudited)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
Net
loss
|
(183,525)
|
|
(96,179)
|
|
(96,076)
|
|
(11,688)
|
Fair value loss on
Redeemable Preferred Shares(1)
|
191,219
|
|
59,985
|
|
132,135
|
|
4,644
|
Stock-based
compensation and related payroll taxes(2)
|
3,110
|
|
1,258
|
|
2,043
|
|
425
|
Depreciation and
amortization
|
4,537
|
|
5,119
|
|
1,064
|
|
1,305
|
Foreign exchange loss
(gain) (3)
|
987
|
|
(287)
|
|
637
|
|
(31)
|
Interest expense
(income)
|
(181)
|
|
26
|
|
(81)
|
|
7
|
Acquisition-related
compensation(4)
|
454
|
|
942
|
|
188
|
|
-
|
Transaction-related
expenses(5)
|
1,023
|
|
-
|
|
718
|
|
-
|
Income tax
expense
|
(30,729)
|
|
14,246
|
|
(44,773)
|
|
1,004
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
(13,105)
|
|
(14,890)
|
|
(4,145)
|
|
(4,334)
|
|
|
(1)
|
These costs include
costs with respect to the change in valuation of our Redeemable
Preferred Shares from period to period, which is a non-cash
expense. Prior to the completion of our initial public offering,
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 the
issuance of stock options under our stock option plans to our
employees and directors as well related payroll taxes given that
they are directly attributable to stock based compensation, are
estimates and therefore subject to change, and don't reflect a
current cash outlay. We do expect future cash outlays with respect
the payroll tax component of stock-based compensation.
|
(3)
|
These non-cash
losses(gains) relate to foreign exchange translation
|
(4)
|
These costs represent
a portion of the purchase price that is associated with the ongoing
employment obligations for certain key employees of acquired
businesses.
|
(5)
|
These expenses relate
to our initial public offering and include professional, legal,
consulting and accounting fees that are non-recurring and would
otherwise not have been incurred.
|
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SOURCE Lightspeed POS Inc.