We have published our updated view on Lightspeed (LSPD.TO – SELL). A change in their product bundling, free products, lowered pricing and go to market strategy are helping to reduce churn from restaurant and retail store shutdowns in the short-term. The most recent quarter saw a larger than expected impact from Lightspeed Payments driven by bundling Payments with their basic plans in the U.S.
However, we believe the company provided some misleading statements during their conference call. We believe real, organic gross margin dollar growth excluding Payments (which is benefiting from having just started over a year ago and being bundled with their lowest priced package) was in the low-teens.
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