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 […]
Quarterly Update
4 posts
We have updated our financial expectations for Spotify’s Q2/18 quarter, after accounting for June promo activities and stream counts in Spotify’s major markets. Our premium subscriber Q2/18 estimate increases from 82 million to 84.3 million versus guidance of 79 to 83 million. Our subscriber estimate accounts for: – Stream counts per country – New country launches – Promo activity per country – # of days per quarter We have also conducted a survey on Spotify’s U.S. market penetration and churn. The results will be discussed in a follow-up Spotify report. Similar to Netflix, churn will be an increasing factor in premium subscriber additions […]
With contributions from Saif Shah Medical marijuana licensed producer Aphria (APH.TO) reported in-line revenue and EBITDA. Below are APH’s fiscal Q1/18 results versus our expectations. Source: Company reports and Perspectec An unrealized gain with upside – Results were very much in-line with our expectations up until “unrealized gain on long-term investments”. Aphria has used the $200 million+ investor funds raised not only for it’s Leamington greenhouse expansion but also for a number of <20% ownership positions in public (Level 1) and private (Level 3) marijuana companies. APH’s long-term investments would have decreased in value the last three months if it wasn’t for their […]