For the quarter, Lightspeed's customers processed GTV of $22.3 billion, up 18% year-over-year (15% on an organic basis).Selected customer wins include: L'Osteria, with over 130 locations in Germany and expanding throughout Europe, has signed up for Lightspeed Restaurant and Lightspeed Payments Spa L'Occitane, a five star resort and spa in France, is also adopting Lightspeed Restaurant and Lightspeed Payments The Consulate in Manhattan's Upper West side, a French casual dining restaurant, chose Lightspeed for its strong analytics functionality Everytable, with 53 locations serving grab and go delivery meals will be adopting Lightspeed Retail and Payments and Anheuser-Busch InBev has chosen Lightspeed's e-commerce solution for their headless commerce initiatives in South America.The above Customer Location and ARPU numbers exclude ~153,000 Customer Locations attributable to the Ecwid eCommerce standalone product, which Customer Locations carry a monthly ARPU of approximately $15 per Customer Location. Total Customer Locations increased to approximately 167,000 from approximately 166,000 in the previous quarter. Customer Locations with GTV of over $500,000/year have a substantially lower churn rate and higher lifetime value for Lightspeed compared to lower GTV/year customers. Conversely, the number of Customer Locations processing under $200,000/year in GTV shrank on a year-over-year basis. Lightspeed's customer base continued to shift towards higher GTV Customer Locations with the number of Customer Locations with GTV of over $500,000/year increasing by approximately 25% year-over-year, and Customer Locations with over $1 million/year in GTV increasing by approximately 30%. Subscription ARPU increased to $136 from $128 a year earlier.

As a result, monthly ARPU for Customer Locations grew by 25% to approximately $337 compared to approximately $270 in the same quarter last year.

In the quarter, Lightspeed remained focused on attracting the right customer profile, those with higher GTV and more complex needs - customers for which we believe the Company's industry-leading solutions are ideally suited.

GPV 3 increased approximately 86% to $3.7 billion from $2.0 billion in the same period last year. The strong performance was a result of continued growth in GTV and an increasing portion of that GTV being processed through the Company's payments solutions.

Transaction-based revenue of $101.3 million grew by 56% year-over-year.

Subscription revenue was positively impacted by the acquisition of Ecwid along with a growing Customer Location base and expanding ARPU.

Subscription revenue increased 25% year-over-year to $74.5 million.

Organic 4 growth in subscription and transaction-based revenues was 35% year-over-year.

Subscription and transaction-based revenue grew 41% year-over-year to $175.8 million.

On a constant currency basis 1 revenue grew 41%.

Total revenue of $183.7 million was up 38% year-over-year due primarily to strong organic growth and $7.5 million in revenue from our acquisition of Ecwid.

These efforts were evident in our strong Gross Payment Volume and ARPU performance, and significantly improved Adjusted EBITDA margins, striking a balance between growth and the pursuit of profitability.' 'The Company has been focused on attracting the right profile of customer, and on expanding Lightspeed Payments adoption. 'Lightspeed was able to continue to deliver strong revenue growth of 41% on a constant currency basis in the quarter while delivering Adjusted EBITDA performance that was better than our outlook given our focus on operating discipline across the business.' said Asha Bakshani, Chief Financial Officer of Lightspeed. In addition to strong financial performance, the Company also moved to strengthen its senior management team with the hiring of former Google executive Ryan Tabone as Chief Product and Technology Officer and the promotion of JD Saint-Martin to President.

Strong GTV and ARPU performance were a result of the Company's purposeful pursuit of the right customers whose higher GTV and more complex needs make them an ideal fit for Lightspeed's industry leading solutions. In the quarter, Lightspeed delivered revenue ahead of previously established outlook despite headwinds from foreign exchange fluctuations. Lightspeed's omni-channel commerce platform helps SMBs automate mundane tasks, better connect with consumers and act on compelling data insights, which is why we continue to see strong demand for our technology solutions.' 'They are recognizing that technology is the key to evolving their businesses. 'This is a critical moment in time for our customers in retail and hospitality.' said JP Chauvet, CEO of Lightspeed.

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