Lightspeed announces reorganization, 10% workforce reduction

Lightspeed announced a reorganization to streamline the company’s operating model while continuing to focus on profitable growth. The reorganization includes the reduction of approximately 300 roles representing about 10% of Lightspeed’s headcount-related operating expenditures, with half of the cost reduction coming from management layers. Lightspeed will continue to hire core go-to-market and development roles that support profitable growth. Lightspeed expects to deliver third quarter results within its previously-established range for revenue outlook and ahead of Adjusted EBITDA outlook. The company estimates the actions announced will result in an incremental restructuring cash charge of $12M-$14M, primarily consisting of severance payments, employee benefits and related costs, and expects to incur these charges primarily in the company’s 4th quarter.