Lightspeed Commerce Inc.

Good morning. My name is Angela and I'll be your conference operator today. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. I would now like to introduce Gus Papagorgiou. I do apologize for your name. You may now begin your conference.

Thank you, Operator, and good morning, everyone. Welcome to Lightspeed's fiscal Q1 2023 conference call. Joining me today are J.P. Chauvet, Lightspeed's Chief Executive Officer, Brandon Nussie, Lightspeed's Chief Operating Officer, and Asha Bhakshani, our Chief Financial Officer. After prepared remarks, we will open it up for your questions. We will make forward-looking statements in our call today that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Certain material factors and assumptions were applied in respect of conclusions, forecasts, and projections contained in these statements. We undertake no obligation to update these statements except as required by law. You should carefully review these factors, assumptions, risks, and uncertainties in our earnings press release issued earlier today, our first quarter 2023 results presentation available on our website, as well as in our filings with U.S. and Canadian securities regulators. Also, our commentary today will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not a substitute for IFRS financial measures. Reconciliations between the two can be found in our earnings press release, which is available on our website, on cedar.com, and on the SEC's EDGAR system. And finally, note that because we report in U.S. dollars, all amounts discussed today are in U.S. dollars unless otherwise indicated. Before I turn it over to JP, I would like to remind everyone that we will be hosting a webcast on our new flagship retail offering, Lightspeed Retail, scheduled on August 30th at 2 p.m. Eastern Standard Time. Please go to our IR website to register. With that, I will now turn the call over to JP.

Thank you, Gus, and welcome, everyone. Thank you for joining us this morning. Lightspeed reported another strong quarter today, our 14th as a public company, delivering revenues of $174 million, which was ahead of our previously established outlook of $165 to $170 million. Overall revenue grew 50% and GTV grew by 36%. Revenues were strong this quarter as the return to in-person shopping and dining drove demand for omnichannel solutions. We continue to see success in our target markets of complex SMBs, especially among higher GTV customers. And thanks to our strong travel market, Our European region, which is heavily slanted towards hospitality, also had a strong quarter. We saw GTV of EMEA growing faster than any other region. In hospitality, we signed several multi-location and marquee customers, including Panos, one of the leading bakery groups in Belgium, with 100 locations, which will adopt Lightspeed's flagship restaurant platform. The Parker Palm Springs in Palm Springs, California, one of the premier independent luxury hotels in North America, which will adopt Lightspeed's flagship restaurant platform with payments, and the Holland Group in Covington, Kentucky, secured using our outbound sales force, which will use a host of Lightspeed's offering in their five locations, including payments. In retail, we were happy to find the following customers. Kaloa Ranch in Hawaii, where many of the Jurassic Park movies were filmed, they will adopt our retail offering in addition to e-commerce, analytics, and payments. Longstanding Lightspeed Footwear customer, The One, will be adopting Lightspeed payments across their 40 locations in Australia. And within Lightspeed B2B, we were happy to add a world-renowned luxury brand, Michael Kors. We were also very encouraged by the reception of our new flagship product this quarter. I believe we have the most compelling products in the market, particularly for our target customer base. Lightspeed Retail and Lightspeed Restaurant are the result of thoughtful integration of some of the leading solutions in the market built by developers with extensive experience in hospitality and retail software. Lightspeed Retail and Lightspeed Restaurant are both modern, modular software platforms with advanced APIs which allow for expanded features that can either be developed internally or through our development partners. Our new products are fast, stable, and easy to use, and I believe this is why we are seeing strong reception from our end customers. I recognize that, like ourselves, many of you are concerned over the macroeconomic environment. As you'll have noticed from our press release and as Asha will outline in greater detail, we continue to be confident in the annual outlook which we provided at our earnings goal last quarter. We are not immune to macroeconomic conditions and are not downplaying the risks. However, I believe it's important to emphasize that the return to in-person shopping and dining are positive influences for Lightspeed that should at least partially help to offset any challenging macroeconomic conditions. With an increased focus on execution, and because of the various growth levers at our disposal, we believe Lightspeed can maintain strong growth through challenging conditions. Even in the scenario of an economic downturn, our approach to market does not change. We will remain focused on adding higher GTV locations of complex SMBs that can take full advantage of our comprehensive software platform and adopt payments. These customers generally deliver higher ARPU, lower churn, and superior lifetime value. And in addition, they're in a much better position to weather any economic downturn. I will also remind investors that the proportion of our GTV that is going through payments remains in the low double-digit range. With payments today available to the majority of our customer locations, our focus is to get as many of these locations onto our payment solution as possible. Brandon will discuss this shortly. In addition to executing our payments opportunity, I believe Lightspeed is benefiting from two other strong trends in the industry, which is currently dominated by legacy systems. The first is that merchants are turning to technology to help them do more with less. With supply chain issues and labor shortages causing disruptions in every industry, Lightspeed's technology can help merchants automate and simplify their operations, better manage their inventory, and improve their profitability. Lightspeed can help merchants and their employees become more productive so they can better serve their customers and drive growth for their businesses. The second is that we believe merchants are increasingly looking for a one-stop shop for all of their needs. And this will likely become more important if economic conditions deteriorate. If merchants are relying on separate vendors for their POS, e-commerce and payment solution as an example, they can create unnecessary complexity in their operations lose valuable insights because of siloed data, generate extra work to reconcile these disparate systems, and can end up paying more for them. Lightspeed can deliver a comprehensive platform where the shared data can deliver valuable insights, remove the need for manual reconciliation of these systems, simplify operations, and generally do so for a lower price. We are increasingly seeing both new and existing customers come to us for this reason, and again, I believe this is part of the reason we are experiencing solid demand for our software solutions. I will now pass it over to Brandon to take us through some operating highlights. Asha will then take us through the financials and outlook, and I'll wrap it up before we go into Q&A.