Lightspeed Commerce Inc (LSPD) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lightspeed Third Quarter 2023 Earnings Conference Call. (Operator Instructions) It's now my pleasure to turn today's call over to Gus Papageorgiou, Head of Investor Relations. Please go ahead.

女士們，先生們，謝謝你們的支持。我叫布倫特，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Lightspeed 2023 年第三季度收益電話會議。 （操作員說明）現在我很高興將今天的電話轉給投資者關係主管 Gus Papageorgiou。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Lightspeed's Fiscal Q3 2023 Conference Call. Joining me today are JP Chauvet, Lightspeed's Chief Executive Officer; Brandon Nussey, Lightspeed's Chief Operating Officer; and Asha Bakshani, our Chief Financial Officer. After prepared remarks, we will open it up for your questions. We will make forward-looking statements on 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 third quarter 2023 results presentation available on our website as well as in our filings with U.S. and Canadian securities regulators.

謝謝接線員，大家早上好。歡迎來到 Lightspeed 的 2023 財年第三季度電話會議。今天加入我的是 Lightspeed 的首席執行官 JP Chauvet； Lightspeed 首席運營官 Brandon Nussey；和我們的首席財務官 Asha Bakshani。在準備好的評論之後，我們將打開它來回答您的問題。我們將在今天的電話會議上做出前瞻性陳述，這些陳述受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果存在重大差異。這些陳述中包含的結論、預測和預測應用了某些重大因素和假設。除非法律要求，否則我們不承擔更新這些聲明的義務。您應該仔細閱讀我們今天早些時候發布的收益新聞稿、我們網站上提供的 2023 年第三季度業績報告以及我們向美國和加拿大證券監管機構提交的文件中的這些因素、假設、風險和不確定性。

Also, our commentary today will include adjusted financial measures, which are non-IFRS measures and ratios. These should be considered as a supplement to and not a substitute for IFRS financial measures. Reconciliations between the 2 can be found in our earnings press release, which is available on our website, on sedar.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. With that, I will now turn the call over to JP.

此外，我們今天的評論將包括調整後的財務指標，這些指標是非 IFRS 指標和比率。這些應被視為對 IFRS 財務措施的補充而非替代。兩者之間的對賬可以在我們的收益新聞稿中找到，該新聞稿可以在我們的網站、sedar.com 和 SEC 的 EDGAR 系統上找到。最後請注意，因為我們以美元報告，所以今天討論的所有金額均以美元為單位，除非另有說明。有了這個，我現在將把電話轉給 JP。

Thank you, Gus, and welcome, everyone. Thank you for joining us this morning. Lightspeed reported another strong quarter to date. Our adjusted EBITDA loss of $5.4 million came in better than our expected loss of $9 million. Our revenue of $189 million came in at the higher end of our outlook range of $185 million to $190 million. GTV grew 75%, much higher than our GTV growth of 10% and on a constant currency basis, GTV grew 17%. I believe our results today reflect Lightspeed's commitment to profitable growth. [Prior] commitment is a deliberate effort to pursue larger, more profitable customers. Although customer locations were flat from the previous quarter, we continue to shift towards higher GTV locations.

謝謝你，格斯，歡迎大家。感謝您今天早上加入我們。 Lightspeed 報告了迄今為止另一個強勁的季度。我們調整後的 EBITDA 虧損 540 萬美元好於我們預期的 900 萬美元虧損。我們的收入為 1.89 億美元，處於我們 1.85 億美元至 1.9 億美元的預期範圍的較高端。 GTV 增長了 75%，遠高於我們 10% 的 GTV 增長，並且按固定匯率計算，GTV 增長了 17%。我相信我們今天的業績反映了 Lightspeed 對盈利增長的承諾。 [事先]承諾是為追求更大、更有利可圖的客戶而做出的有意識的努力。儘管客戶位置與上一季度持平，但我們繼續轉向更高 GTV 位置。

Excluding certain locations, as highlighted in our disclosures, customer locations with over $500,000 in annualized GTV grew by 15% over the same quarter last year and now represent 32% of total locations, up from 29% in the same quarter last year. Customer locations with over $1 million in annualized GTV were our fastest-growing cohort, both year-over-year and from the previous quarter and were up 19% year-over-year.

正如我們披露的那樣，不包括某些地點，年化 GTV 超過 500,000 美元的客戶地點比去年同期增長了 15%，現在佔地點總數的 32%，高於去年同期的 29%。年化 GTV 超過 100 萬美元的客戶地點是我們增長最快的群體，無論是同比還是與上一季度相比，同比增長 19%。

In this quarter, we signed several multi-locations in marquee customers, all with our latest flagship offering including. Soletrader, a British shoe retailer that operates 28 locations across the U.K., adopted our latest Lightspeed retail offering along with payments. CASETiFY, one of the fastest-growing tech accessory brands reaching 1 in 7 millennials chose Lightspeed retail with payments to power their first Australian flagship store.

在本季度，我們在大型客戶中籤署了幾個多地點，所有這些都提供我們最新的旗艦產品，包括。 Soletrader 是一家在英國經營 28 家門店的英國鞋類零售商，它採用了我們最新的 Lightspeed 零售產品和付款方式。 CASETiFY 是增長最快的科技配件品牌之一，千禧一代中有七分之一的人選擇 Lightspeed 零售支付來支持他們的第一家澳大利亞旗艦店。

Three Michelin-starred restaurants, [Laputinis], located in Provence, will be adopting Lightspeed restaurant and payments. [Moet NSC] will be using Lightspeed restaurants in its rollout of one of its initial restaurant projects. The Skyline Club, a Chicago fine dining institution delivering world-class cuisine since 1926 with adopt Lightspeed restaurants along with analytics and payments.

位於普羅旺斯的三家米其林星級餐廳 [Laputinis] 將採用 Lightspeed 餐廳和付款方式。 [Moet NSC] 將在推出其最初的餐廳項目之一時使用 Lightspeed 餐廳。 Skyline Club 是一家芝加哥高級餐飲機構，自 1926 年以來一直提供世界一流的美食，採用 Lightspeed 餐廳以及分析和支付服務。

In our B2B network, we were happy to add Santoni, the high-end handmade Italian shoe brand as well as Gerber Childrenswear. Earlier this fiscal year, I laid out 3 priorities for Lightspeed, which were: one, to finish the integration of our acquisitions into 2 core platforms and 1 company, an effort we refer to as One Lightspeed; two, expand payments across our global customer base; and three, position the company to reach profitability.

在我們的 B2B 網絡中，我們很高興加入了意大利高端手工鞋履品牌 Santoni 以及 Gerber Childrenswear。本財年早些時候，我為 Lightspeed 制定了 3 個優先事項，即：第一，完成將我們的收購整合到 2 個核心平台和 1 個公司中，我們將這一努力稱為 One Lightspeed；第二，擴大我們全球客戶群的支付；第三，定位公司以實現盈利。

Two weeks ago, we announced a reorganization that included eliminating approximately 10% of our headcount. The main catalyst for this reorganization was the near completion of our One Lightspeed initiative.

兩週前，我們宣布了一項重組計劃，其中包括裁員約 10%。此次重組的主要催化劑是我們的 One Lightspeed 計劃即將完成。

 As we focused on 2 flagship offerings, it was always our intention that this initiative would unlock considerable savings for the company. I believe our new structure gives more accountability and authority to our existing senior management team, while at the same time, removing costs and complexity from the organization.

由於我們專注於 2 項旗艦產品，因此我們始終希望這一舉措能為公司節省大量資金。我相信我們的新結構賦予我們現有的高級管理團隊更多的責任和權力，同時消除了組織的成本和復雜性。

Approximately 50% of the cost reduction will come from management roles. Under the new [org] structure, we expect to streamline our organization to leaner working models, focus on key projects and customers and continue to invest in our growth drivers. Deciding to reduce head count is never an easy decision. We are parting ways with many talented and dedicated employees that helped build Lightspeed into the company it is today, but it was a necessary decision that strengthens our foundations for future growth. In terms of payments, as I mentioned, we had another strong quarter.

大約 50% 的成本削減將來自管理角色。在新的 [org] 結構下，我們希望將我們的組織精簡為更精簡的工作模式，專注於關鍵項目和客戶，並繼續投資於我們的增長動力。決定裁員從來都不是一個容易的決定。我們正在與許多有才華和敬業的員工分道揚鑣，他們幫助 Lightspeed 成為今天的公司，但這是一個必要的決定，可以加強我們未來發展的基礎。正如我提到的，在支付方面，我們有另一個強勁的季度。

Although our GPV still heavily depends on North America, we continue to see strong momentum in APAC and EMEA where payments was launched just over a year ago. Before I discuss profitability, I want to touch on the current macroeconomic conditions and highlight the dispositions. Given the macro uncertainty, our focus has turned to running the business with a greater focus on profitability. This includes focusing on attracting the right customers, those with over $500,000 in annualized GTV and upselling our existing base, reducing our operating expenses and limiting marketing spend to areas with the highest returns.

儘管我們的 GPV 仍然嚴重依賴北美，但我們繼續看到亞太地區和 EMEA 的強勁勢頭，這些地區在一年多前才推出支付服務。在討論盈利能力之前，我想談談當前的宏觀經濟狀況並強調配置。鑑於宏觀不確定性，我們的重點已轉向運營業務，更加註重盈利能力。這包括專注於吸引合適的客戶，即年化 GTV 超過 500,000 美元的客戶，並追加銷售我們現有的客戶群，減少我們的運營費用並將營銷支出限制在回報最高的地區。

I know that the macro environment is presenting challenges for our customers, but these conditions only highlights the need for complex SMB to adopt technology. Lightspeed's cloud-based platform could help SMBs better manage their inventory, operate with fewer employees, eliminate mundane tasks, deliver data-driven insights and give managers and owners more time to dedicate to their customers.

我知道宏觀環境正在為我們的客戶帶來挑戰，但這些情況只會凸顯複雜的 SMB 採用技術的必要性。 Lightspeed 基於雲的平台可以幫助中小型企業更好地管理他們的庫存，以更少的員工進行運營，消除平凡的任務，提供數據驅動的洞察力，並讓經理和所有者有更多時間專注於他們的客戶。

Over the last 2 years, we have been building the most compelling offering for complex SMBs and have received very positive feedback from our customers. In my view, we have never had a stronger product market fit. In addition, we have a more agile, cost-effective and accountable organizational structure. With costs coming out and accountability increasing, I believe we will be in a better position to address the long-term opportunity ahead of us.

在過去的 2 年中，我們一直在為複雜的 SMB 構建最引人注目的產品，並收到了來自客戶的非常積極的反饋。在我看來，我們從未有過如此強大的產品市場契合度。此外，我們擁有更靈活、更具成本效益和更負責任的組織結構。隨著成本的降低和問責制的增加，我相信我們將能夠更好地應對擺在我們面前的長期機遇。

And finally, we assembled an exceptionally strong management team with the right experience to take us forward. Through a combination of strong internally developed talent and the addition of experienced and distinguished external candidates, we have the right people in the right position to continue to build Lightspeed into the dominant platform for complex SMBs the world over. The macroeconomic conditions will likely present a challenge, but economic cycles come and go. I believe Lightspeed has never been better positioned.

最後，我們組建了一支非常強大的管理團隊，他們擁有正確的經驗來推動我們前進。通過結合強大的內部開發人才和經驗豐富、傑出的外部候選人，我們將合適的人選放在合適的位置，繼續將 Lightspeed 打造成全球複雜 SMB 的主導平台。宏觀經濟狀況可能會帶來挑戰，但經濟周期來來去去。我相信 Lightspeed 處於前所未有的有利地位。

Getting back to profitability. In the quarter, we delivered adjusted EBITDA loss ahead of our previously established outlook, and we took the hard but necessary decision to reduce our overall headcount and cost base. I believe we are on track to meet our commitment of adjusted EBITDA breakeven or better in fiscal 2024. I'm very proud of the company we are building. Our mission of igniting businesses everywhere in the world is an important one. And our suite of competitive products means we have never been in a stronger position to deliver on this mission. But in the end, profitability is a vital part of building a successful business. And to that end, profitable growth will be the key driving force for the company for the foreseeable future. And with that, I will hand the call over to Asha.

恢復盈利。在本季度，我們提前公佈了調整後的 EBITDA 虧損，我們做出了減少整體員工人數和成本基礎的艱難但必要的決定。我相信我們有望在 2024 財年實現調整後 EBITDA 收支平衡或更好的承諾。我為我們正在建設的公司感到非常自豪。我們的使命是點燃世界各地的業務，這是一項重要的使命。而我們的一系列有競爭力的產品意味著我們在履行這一使命方面處於前所未有的有利地位。但歸根結底，盈利能力是建立成功企業的重要組成部分。為此，在可預見的未來，盈利增長將成為公司的主要驅動力。有了這個，我會把電話交給阿莎。

Thanks, JP, and good morning, everyone. I will first provide an overview of our third quarter results, highlighting, in particular, our continued focus on operating discipline and profitable growth. Then I will discuss trends we are seeing across our global merchant base and finish with our outlook for the remainder of this fiscal year. Before getting into our third quarter results, I'd like to remind everyone that this quarter's total growth represents organic growth given that our latest acquisition was made at the very beginning of our third quarter in the prior fiscal year. Now turning to the quarter. Lightspeed delivered another strong quarter with adjusted EBITDA loss ahead of our previously established outlook and revenue of $188.7 million at the high end of our range, growing 24% from Q3 last year.

謝謝，JP，大家早上好。我將首先概述我們第三季度的業績，特別強調我們對運營紀律和盈利增長的持續關注。然後我將討論我們在全球商戶基礎上看到的趨勢，並以我們對本財年剩餘時間的展望作為結尾。在進入我們的第三季度業績之前，我想提醒大家，鑑於我們最近的收購是在上一財年第三季度伊始進行的，因此本季度的總增長代表了有機增長。現在轉向季度。 Lightspeed 在我們之前設定的預期和收入範圍的高端達到 1.887 億美元，比去年第三季度增長 24%，這是另一個強勁的季度，調整後的 EBITDA 虧損。

Subscription and transaction-based organic revenue growth was 28% year-over-year on a constant currency basis.

按固定匯率計算，基於訂閱和交易的有機收入同比增長 28%。

Recall that in Q3 of last year, we received a onetime payment of $5.5 million from one of our payment partners and in this quarter, an additional $3 million from a different partner. When excluding the impact of these one-time catch-ups, subscription and transaction-based revenue grew 31% year-over-year, again, on a constant currency basis. We exceeded our adjusted EBITDA loss outlook with an adjusted EBITDA loss of $5.4 million, ahead of our previously established outlook of $9 million, our lowest quarterly adjusted EBITDA loss in over 2 years.

回想一下，在去年第三季度，我們從我們的一個支付合作夥伴那裡收到了 550 萬美元的一次性付款，而在本季度，我們又從另一個合作夥伴那裡收到了 300 萬美元。如果排除這些一次性追趕的影響，訂閱和基於交易的收入同比增長 31%，同樣是在固定匯率的基礎上。我們調整後的 EBITDA 虧損為 540 萬美元，超過了我們調整後的 EBITDA 虧損預期，高於我們之前設定的 900 萬美元預期，這是我們兩年多來最低的季度調整後 EBITDA 虧損。

As you've heard from us before, we continue to exercise prudence in our spend. The result of this is continuous improvement in operational efficiency, which has been driving better-than-expected EBITDA margin. We are happy with our progress here. Turning more specifically to the market environment. We continue to see the impact of foreign exchange rates, inflation and shift in consumer spending on our merchants businesses. I will walk you through some of the specific trends we are seeing across our customer base.

正如您之前從我們那裡聽到的那樣，我們在支出方面繼續謹慎行事。其結果是運營效率不斷提高，這一直推動著 EBITDA 利潤率好於預期。我們對我們在這裡取得的進展感到滿意。更具體地轉向市場環境。我們繼續看到匯率、通貨膨脹和消費者支出變化對我們商家業務的影響。我將向您介紹我們在客戶群中看到的一些具體趨勢。

Last year, we saw third quarter GTV grew 124% and 53% organically over the previous year, driven by back to physical shopping and dining in many of our regions. This year, our total GTV in Q3 was $22.4 billion, which grew 10% year-over-year or 17% on a constant currency basis. Omnichannel retail GTV grew by 6%, whereas hospitality GTV grew by 16%. In retail, we saw average GTV per location decline in several of our verticals, with bike shops, home improvement and pet stores being particularly weak as these categories spiked (inaudible) Covid and are now coming back to more normal pre-pandemic level. Hospitality GTV growth was stronger year-over-year, given the impact of the Covid resurgences in the 3-month period ended December 31, 2021, but declined from our previous quarter. Helping to offset this macro weakness is our ongoing rollout of payments. We are fortunate to have a large customer base that remains underpenetrated with our payment solution.

去年，我們看到第三季度的 GTV 比上一年有機增長了 124% 和 53%，這主要得益於我們許多地區回歸實體購物和餐飲。今年，我們第三季度的 GTV 總額為 224 億美元，同比增長 10%，按固定匯率計算增長 17%。全渠道零售 GTV 增長了 6%，而酒店業 GTV 增長了 16%。在零售業，我們看到幾個垂直行業每個地點的平均 GTV 下降，自行車商店、家居裝修和寵物商店特別疲軟，因為這些類別在 Covid 期間飆升（聽不清），現在正在恢復到更正常的大流行前水平。鑑於 Covid 在截至 2021 年 12 月 31 日的 3 個月期間捲土重來的影響，酒店 GTV 同比增長強勁，但較上一季度有所下降。幫助抵消這一宏觀弱點的是我們持續推出的付款方式。我們很幸運擁有龐大的客戶群，而我們的支付解決方案仍未滲透到這些客戶群中。

Our payments uptake has resulted in our gross payment volume growing 75% year-over-year to $3.9 billion. We launched payments globally in our last fiscal year and although still early in our rollout, gross payments volume coming from outside North America is up 44% from the prior quarter. Turning to locations. We would like to remind everyone that Lightspeed remains focused on profitable growth. As you heard from JP, given the uncertain environment and the fact that we derive our highest ROI from upselling our base, our go-to-market focus has shifted to prioritizing high-value GTV customers from a net new perspective and growing our ARPU within our base, primarily through attaching payments.

我們的付款業務使我們的總付款額同比增長 75% 至 39 億美元。我們在上一財年在全球範圍內推出了支付服務，儘管仍處於推出初期，但來自北美以外地區的支付總額比上一季度增長了 44%。轉向地點。我們想提醒大家，Lightspeed 仍然專注於盈利增長。正如您從 JP 那裡聽到的那樣，鑑於不確定的環境以及我們通過追加銷售我們的基礎獲得最高投資回報率這一事實，我們的上市重點已轉移到從全新的角度優先考慮高價值 GTV 客戶並在內部增加我們的 ARPU我們的基地，主要是通過附加付款。

The result is a quarter where overall net new location count was flat from last quarter, but with larger GTV locations growing within the overall mix. Customers with annual GTV of $500,000 were up 15% year-over-year, and customers with under $200,000 in annualized GTV were our fastest declining cohort, down 4% year-over-year. I think it's worth repeating that not only do larger GTV customers tend to adopt more software and their payment potential is much greater, but they also exhibit less churn.

結果是一個季度的整體淨新地點數量與上一季度持平，但更大的 GTV 地點在整體組合中有所增長。年 GTV 為 500,000 美元的客戶同比增長 15%，年 GTV 低於 200,000 美元的客戶是我們下降最快的群體，同比下降 4%。我認為值得重申的是，更大的 GTV 客戶不僅傾向於採用更多軟件並且他們的支付潛力更大，而且他們的客戶流失率也更低。

As I mentioned last quarter, customer locations with over $500,000 in annualized GTV represent less than 10% of the churn of our overall base. The higher overall ARPU and lower churn from these customers results in our highest LTV to CAC ratios coming from this customer base. After excluding customer locations attributable to the equity e-commerce stand-alone product, ARPU continues to trend in the right direction, with total ARPU of $348, increasing 20% year-over-year. The bulk of the ARPU increase came from increased payments revenue.

正如我在上個季度提到的那樣，年化 GTV 超過 500,000 美元的客戶地點占我們整體客戶流失率的不到 10%。較高的總體 ARPU 和較低的客戶流失率導致我們來自該客戶群的 LTV 與 CAC 比率最高。在排除歸因於股權電子商務獨立產品的客戶位置後，ARPU 繼續朝著正確的方向發展，總 ARPU 為 348 美元，同比增長 20%。 ARPU 增長的大部分來自支付收入的增加。

The headwinds brought on by a strengthening U.S. dollar relative to foreign currencies was most felt in our subscription revenue line, which was flat quarter-over-quarter and grew 13% from the third quarter last year on a constant currency basis. Transaction-based gross margins improved over last quarter, thanks largely to the one-time catch-up payment of $3 million from one of our payments partners as well as to Lightspeed Capital. Our Merchant Cash Advance business is gaining traction with merchants globally, particularly in today's economy, where traditional lending institutions are becoming more and more selective with lending to smaller businesses.

美元相對於外幣走強帶來的逆風在我們的訂閱收入線中體現得最為明顯，按固定匯率計算，該收入環比持平，比去年第三季度增長 13%。基於交易的毛利率比上一季度有所改善，這在很大程度上要歸功於我們的支付合作夥伴之一以及 Lightspeed Capital 一次性追加支付的 300 萬美元。我們的商戶現金墊款業務越來越受到全球商戶的青睞，尤其是在當今經濟中，傳統貸款機構越來越有選擇性地向小型企業提供貸款。

Our Lightspeed capital revenue grew 26% from the last quarter and 221% from a year ago, with our default ratio continuing to remain under 2%. Hardware gross margins continue to bring down overall gross margins as rising costs and supply chain issues continue to drive the cost of our hardware up. We had a goodwill impairment charge in the quarter of $749 million. I'll walk you through the mechanics of this. Goodwill is required to be tested for impairment at least annually.

我們的 Lightspeed 資本收入比上一季度增長 26%，比去年同期增長 221%，我們的違約率繼續保持在 2% 以下。由於成本上升和供應鏈問題繼續推動我們的硬件成本上升，硬件毛利率繼續降低整體毛利率。本季度我們的商譽減值費用為 7.49 億美元。我將向您介紹其中的原理。商譽至少每年需要進行減值測試。

Our annual test date is December 31. Given the decline in the valuations of technology companies broadly and Lightspeed share price, specifically, our net assets exceeded our market cap at December 31, 2022. This was a goodwill impairment trigger for us. [BISCO] charge is a noncash accounting entry that does not reflect any current or future cash outlay for Lightspeed. We are also prudently managing our share-based compensation expense and have taken a number of actions to reduce it as a percentage of revenue. Our share-based compensation expense has declined as a percentage of revenue for every consecutive quarter this fiscal year from 22% in Q1 to 18% in Q3. And with the impact of the recent restructuring, we expect this ratio to decline even further.

我們的年度測試日期是 12 月 31 日。鑑於科技公司的估值普遍下降，特別是 Lightspeed 的股價，我們的淨資產在 2022 年 12 月 31 日超過了我們的市值。這對我們來說是商譽減值的觸發因素。 [BISCO] 費用是一種非現金會計分錄，不反映 Lightspeed 當前或未來的任何現金支出。我們還審慎地管理我們的股權補償費用，並採取了一系列措施來降低它佔收入的百分比。我們的股權補償費用佔本財年每個連續季度收入的百分比從第一季度的 22% 下降到第三季度的 18%。並且由於近期重組的影響，我們預計該比率將進一步下降。

We ended the quarter with approximately $838 million in cash. Our cash decreased by approximately $24 million in the quarter. The largest uses of cash were working capital movements, including the growth of our merchant cash advance business, which we fund from our own cash balances to date.

我們在本季度結束時擁有約 8.38 億美元的現金。我們的現金在本季度減少了約 2400 萬美元。現金的最大用途是營運資金流動，包括我們的商家現金墊款業務的增長，迄今為止，我們從自己的現金餘額中為該業務提供資金。

Now turning to our outlook. We expect consumer spending to remain challenged in the near term. And given that our transaction-based revenues are now over half of our total revenues, weaker growth in GTV presents a headwind for us in the months ahead. We expect to remain vigilant on spend and to continue to focus on profitable growth.

現在轉向我們的前景。我們預計消費者支出在短期內仍將面臨挑戰。鑑於我們基於交易的收入現在占我們總收入的一半以上，GTV 增長放緩將在未來幾個月對我們構成不利影響。我們預計將對支出保持警惕，並繼續關注盈利增長。

For the full year of fiscal 2023, Lightspeed now expects an adjusted EBITDA loss of approximately $37 million, improved from previously established outlook of approximately $40 million. The company now expects annual revenue to come in at the low end of the previously established outlook of $730 million to $740 million or approximately $740 million to $750 million on a constant currency basis. We remain committed to adjusted EBITDA breakeven or better in fiscal 2024. With that, I'll hand it over to JP for closing remarks.

對於 2023 財年全年，Lightspeed 現在預計調整後的 EBITDA 虧損約為 3700 萬美元，較之前設定的約 4000 萬美元的預期有所改善。該公司現在預計年收入將處於先前設定的 7.3 億至 7.4 億美元前景的低端，或按固定匯率計算約為 7.4 億至 7.5 億美元。我們仍然致力於在 2024 財年實現調整後的 EBITDA 盈虧平衡或更好。因此，我將把它交給 JP 作結束語。

Thanks, Asha. Before we go into Q&A, I want to welcome a new member to our senior executive team. Kady Srinivasan, Kady is our new Chief Marketing Officer, and comes to us with over 15 years of experience leading marketing efforts at organizations such as Dropbox and Electronic Arts. I'm thrilled to have Kady on our team as we continue to focus on our core customers of complex SMBs, raise our brand awareness and improve our go-to-market momentum. And with that, we'll take your questions.

謝謝，阿莎。在我們開始問答之前，我想歡迎一位新成員加入我們的高級管理團隊。 Kady Srinivasan，Kady 是我們的新任首席營銷官，她帶著超過 15 年在 Dropbox 和 Electronic Arts 等組織領導營銷工作的經驗來到我們這裡。我很高興 Kady 加入我們的團隊，因為我們將繼續專注於復雜的 SMB 的核心客戶，提高我們的品牌知名度並改善我們的上市勢頭。有了這個，我們會回答你的問題。

(Operator Instructions) Your first question comes from the line of Dan Perlin with RBC.

（操作員說明）您的第一個問題來自 Dan Perlin 與 RBC 的對話。

I just had a couple of questions here. Specifically around subscription ARPU being flat over the past several quarters, you kind of touched on it a little bit. But I guess my question is, as you're making this pivot to obviously more profitable clients. I'm wondering what the pricing environment is around subscription. And to what extent do you have to have discounts to incentivize certain merchants to want to take payments.

我在這裡有幾個問題。特別是關於訂閱 ARPU 在過去幾個季度持平，你有點觸及它。但我想我的問題是，當你把這個重點轉向顯然更有利可圖的客戶時。我想知道圍繞訂閱的定價環境是什麼。您必須在多大程度上提供折扣才能激勵某些商家想要收款。

Yes. So I think the last phrase you said that I think is very much in line is what we look at is net take rate, which is net payments and net software. And on that front, what we try and do is bundle a package that is going to be just positive for Lightspeed. So when you look at the bigger customers, especially the higher GMV, if I attach payments to the software, you'll realize that the bulk of the revenue on a net take basis is the software. So, again, what we try and do is we just try and ensure that we maximize our take rate from when we sell to customers.

是的。所以我覺得你說的最後一句話我覺得非常符合，就是我們看的net take rate，也就是net payments和net software。在這方面，我們嘗試做的是捆綁一個對 Lightspeed 有利的軟件包。因此，當您查看更大的客戶，尤其是更高的 GMV 時，如果我將付款附加到軟件上，您會發現淨收入的大部分收入來自軟件。因此，我們再次嘗試和做的是，我們只是嘗試並確保從我們向客戶銷售時最大限度地提高我們的採納率。

Got it. Okay. And then on the -- just quickly on the EBITDA guidance for '24. I look back, it looks like you tweaked the language a little bit. I think previously, it was breakeven, that's breakeven better. But you've got the $25 million now of incremental annualized savings from this workforce reduction. I'm just wondering -- are you suggesting that maybe you're more concerned about the top line to just kind of stay in that breakeven or slightly better range? Or should we be thinking about that $25 million actually potentially falling through as we think about 204 numbers?

知道了。好的。然後 - 快速了解 24 年的 EBITDA 指南。我回頭看，您似乎對語言進行了一些調整。我認為以前是收支平衡，收支平衡更好。但是你現在已經從這次裁員中獲得了 2500 萬美元的年度增量節省。我只是想知道 - 你是否建議你更關心頂線只是保持在盈虧平衡或稍微更好的範圍內？或者，我們是否應該像考慮 204 個數字一樣考慮實際可能跌破的 2500 萬美元？

Thanks for the question. The $25 million in the reorg, we had already contemplated that we would unlock operating efficiencies from the integration of our acquisitions when we committed to EBITDA breakeven next year. We do anticipate breakeven or better. We anticipate that that's going to happen somewhere in the mid-range of the year given that in Q1, we have our in-person sales and partner and customer Summit, which does drag down EBITDA. And as you know, Q4 is our seasonally weakest quarter. But we do expect adjusted EBITDA breakeven or better for the full year falling within those 2 quarters.

謝謝你的問題。重組中的 2500 萬美元，我們已經考慮過，當我們承諾明年實現 EBITDA 收支平衡時，我們將通過收購整合來提高運營效率。我們確實預計收支平衡或更好。鑑於在第一季度，我們有面對面的銷售、合作夥伴和客戶峰會，這確實拖累了 EBITDA，我們預計這將在今年中期的某個地方發生。如您所知，第四季度是我們季節性最弱的季度。但我們確實預計全年調整後的 EBITDA 盈虧平衡或更好將落在這兩個季度內。

Your next question is from the line of Daniel Chan with TD Securities.

你的下一個問題來自道明證券的 Daniel Chan。

Thanks for all the color on the customer locations. Just wanted to -- I hope you can help me reconcile your comments about targeting larger locations. But if we look at the xx Ecwid locations, those were flat quarter-over-quarter, and then the equity locations actually grew by 1,000 quarter-over-quarter. So just wondering if there's some strategic initiatives that still need to be rolled out or whether there was.

感謝客戶位置上的所有顏色。只是想 - 我希望你能幫助我協調你對定位更大位置的評論。但是，如果我們查看 xx Ecwid 地點，這些地點環比持平，然後股權地點實際上環比增長了 1,000 個。所以只是想知道是否還有一些戰略舉措需要推出，或者是否有。

Dan, you cut off there at the end.

丹，你最後打斷了。

Yes. Just wondering if you can just help provide some color on why the equity locations grew sequentially by 1,000 locations, whereas the non-equity locations stayed flat sequentially, whereas you guys are targeting to go after the larger locations?

是的。只是想知道您是否可以提供一些顏色說明為什麼股權地點連續增長 1,000 個地點，而非股權地點連續持平，而你們的目標是追求更大的地點？

Yes, when we look at Ecwid. Ecwid's part of Lightspeed omnichannel and inside of the omnichannel strategy, we're going after bigger customers, and we're selling them, call it, a channel-agnostic platform. So with that in mind, that has an impact when you upsell or you sell to existing customers, the omnichannel platform that creates new stores on equity. So maybe that's one of the reasons. But I think, ultimately, we are focused on attracting the larger, more sophisticated, and that's going to continue, and that's going to be the focus for the company, and that really brings us to profitability. And that's really what's the key message is profitable growth, as I said.

是的，當我們查看 Ecwid 時。 Ecwid 是 Lightspeed 全渠道的一部分，在全渠道戰略的內部，我們正在追求更大的客戶，我們正在銷售他們，稱之為渠道不可知的平台。因此，考慮到這一點，當你追加銷售或向現有客戶銷售時，這會產生影響，即創建新商店的全渠道平台。所以也許這就是原因之一。但我認為，最終，我們專注於吸引更大、更複雜的公司，而且這種情況將繼續下去，這將成為公司的重點，這真的會給我們帶來盈利。正如我所說，這真的是關鍵信息是盈利增長。

Okay. That's helpful. So is it fair to say that when you upsell a brick-and-mortar store to the omnichannel that one location gets counted for the brick-and-mortar store and then the other location gets accounted for the Ecwid?

好的。這很有幫助。那麼可以公平地說，當您向全渠道追加銷售一家實體店時，一個位置被計入實體店，然後另一個位置被計入 Ecwid？

Yes. When we say stores, these are storefronts. So digital is a store front and physical is store front.

是的。當我們說商店時，這些是店面。所以數字是店面，實體是店面。

Okay. And any update on getting restaurants traction in the U.S.?

好的。還有關於在美國吸引餐館的最新消息嗎？

Yes. Look, I think for the U.S. just being very clear. We are going after the more sophisticated segment. We're going off to the more established segment. We gave a few names here in our script. So again, we are going to be deploying marketing dollars and sales teams to ensure that we attract the customers in a profitable way. So, we will not be going off to the entire market, but going off to the more established and on that front, we're happy with the progress.

是的。看，我認為美國非常清楚。我們正在追求更複雜的細分市場。我們要去更成熟的部分。我們在腳本中給出了幾個名字。因此，我們將再次部署營銷資金和銷售團隊，以確保我們以有利可圖的方式吸引客戶。因此，我們不會轉向整個市場，而是轉向更成熟的市場，在這方面，我們對取得的進展感到滿意。

Your next question is from the line of Andrew Bauch with SMBC Nikko Securities.

你的下一個問題來自 SMBC 日興證券的 Andrew Bauch。

(technical difficulty) Nice to see the location disclosures. Looking at the $500,000 in about 15% year-over-year or 19% is those numbers relatively consistent with what you guys have seen in prior quarters and you see benefits from the shift away from the lower value merchants into those higher cohorts and meaning potentially more growth or a more centralized focus on that in better win rates in that segment.

（技術難度）很高興看到位置披露。看看 500,000 美元，同比增長約 15% 或 19%，這些數字與你們在前幾個季度看到的情況相對一致，你們看到了從低價值商家轉向高價值商家的好處，這意味著潛在更多的增長或更集中的關注可以提高該細分市場的贏率。

Yes. So I think I understood, but we could barely hear, but I'm going to address the question. So we are focusing more and more on the 500,000 and plus and 1 million plus. We talked about this at the Investor Day when you look at LTV over CAC and you look at profitable growth, you have to double down in that segment. So what we've been seeing this quarter, like all the other quarters is the vast majority of our churn comes from customers that are under 200,000 of GMV. And what we're seeing here, especially with the economic headwinds or the difficulties in the economy, the smaller ones are much more prone to churn than the larger customers.

是的。所以我想我明白了，但我們幾乎聽不見，但我要解決這個問題。所以我們越來越關注 50 萬以上和 100 萬以上的人群。我們在投資者日談到了這一點，當你查看 LTV 而不是 CAC 時，你會看到盈利增長，你必須在該領域加倍努力。因此，與其他所有季度一樣，我們在本季度看到的是，我們的絕大部分流失來自 GMV 低於 200,000 的客戶。我們在這裡看到的情況，尤其是在經濟逆風或經濟困難的情況下，較小的客戶比較大的客戶更容易流失。

So I think for us, this 15% and 19% growth is very much in line with what we've been seeing all year. And I think it's just a good reflection of our focus on that segment. So again, yes, this is going to be more and more a priority. And I don't know if you remember, but even at the Investor Day, I said if we have the same number of locations a few years from now, but all of these are within the right segments, Lightspeed will be in a really strong position. And of course, those are the fastest-growing cohorts for Lightspeed.

所以我認為對我們來說，這 15% 和 19% 的增長與我們全年所看到的非常一致。我認為這很好地反映了我們對該細分市場的關注。再次重申，是的，這將越來越成為優先事項。我不知道你是否還記得，但即使在投資者日，我說過如果幾年後我們擁有相同數量的地點，但所有這些都在正確的細分市場內，Lightspeed 將處於非常強大的地位位置。當然，這些是 Lightspeed 增長最快的群體。

You just touched upon the one Lightspeed initiative. Are we actually in there yet with the final restructuring announcements you made 2 weeks ago? Or is that still on the come in the months ahead? And maybe any updates on the benefits you're anticipating to see from that?

你剛剛談到了一個 Lightspeed 計劃。您兩週前發布的最終重組公告我們真的在那裡嗎？或者在接下來的幾個月裡還會繼續嗎？也許您希望從中看到的好處有任何更新嗎？

Yes. So the question, I guess, is with regards to One Lightspeed, are we on track? And we always said, as we hit the end of the fiscal year, the vast majority of all our sales are going to be on the new platforms. We did the restructuring early January because that was the right time because we now have very strong confidence in the product going forward. We are in the final steps of this. We are slightly more advanced with retail than we are with hospitality, but there are still a few little tweaks to do, but we are very much on track with what we said.

是的。所以我想，關於 One Lightspeed 的問題是，我們走上正軌了嗎？我們總是說，當我們到了財政年度末時，我們所有銷售的絕大部分都將在新平台上進行。我們在 1 月初進行了重組，因為那是正確的時間，因為我們現在對產品的未來發展充滿信心。我們正處於最後的步驟中。我們在零售方面比在酒店方面更先進一些，但仍有一些小的調整要做，但我們非常符合我們所說的。

With regards to the expectations here, and I mean we are going to see, well, we have seen leverage because now we restructured according to these 2 products. And we will continue to see leverage. It will just simplify the business everywhere. When you look at acquisition, when you look at onboarding of customers, support calls, it's going to just -- the fact will become a much simpler business because we'll be just selling one payment platform globally and on retail platform globally and 1 hospitality platform, same-code base.

關於這裡的期望，我的意思是我們將會看到，嗯，我們已經看到了槓桿作用，因為現在我們根據這兩種產品進行了重組。我們將繼續看到槓桿作用。它只會簡化各地的業務。當您查看收購時，當您查看客戶入職、支持電話時，這將是——事實將變得更加簡單，因為我們將只在全球銷售一個支付平台，在全球零售平台和 1 個酒店服務平台，相同的代碼庫。

Your next question comes from the line of Andrew Jeffrey with Truist Securities.

你的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

JP, I wonder if you could comment a little bit on sales cycle as you increase your focus, tighten the focus on bigger, more complex merchants and whether or not that's affecting payments attach or if the payments attach that kind of stalled out this quarter a little bit as a percent of total volume is more of a macro impact. And I've got a follow-up.

JP，我想知道您是否可以在增加關注度時對銷售週期發表一些評論，加強對更大、更複雜的商家的關注，以及這是否會影響支付附加費，或者支付附加費是否會在本季度停滯不前佔總量的百分比更多的是宏觀影響。我有後續行動。

Yes. So maybe sales cycles we've always had that we always have well understood the sales cycles with the larger segments. We've been doing this forever. I think that's the real -- when you look at the real value [prop] of Lightspeed, we really shine with the more sophisticated SMBs. And we know how to sell. We know how to onboard. So it doesn't change much in our sequence on that front. Second piece of the question, attach rates. We are seeing very good attach rates on new customers. And if you look on -- and I think what gets us excited is attach rates and new customers even outside of the U.S. are very strong. So we're not having any difficulties on that front. And maybe just to address the last piece of the question, which is penetration. That is purely a factor of industries and GMV per merchant.

是的。因此，也許我們一直都有銷售週期，我們一直很了解較大細分市場的銷售週期。我們一直在這樣做。我認為這是真實的——當你看到 Lightspeed 的真正價值 [prop] 時，我們真的與更複雜的 SMB 一起閃耀。我們知道如何銷售。我們知道如何入職。所以我們在這方面的順序沒有太大變化。第二題，附加費率。我們看到新客戶的附加率非常高。如果你看 - 我認為讓我們興奮的是附加率，即使在美國以外的新客戶也非常強大。所以我們在這方面沒有任何困難。也許只是為了解決問題的最後一部分，即滲透。這純粹是每個商家的行業和 GMV 的一個因素。

And just as a follow-up, if recognizing that nobody's macro crystal ball is particularly clear. It feels like perhaps we're coming to the end of this normalization period that has seen retail, especially in certain verticals to which light speed over samples perhaps get to a point of normalization and maybe start to bottom out as how do you think -- I understand you're taking an appropriately conservative approach to guidance. But how do you feel about returning to a more normal sort of consumer spend environment where we could see more balanced growth across our 2 primary verticals?

而作為後續，如果認識到沒有人的宏觀水晶球特別清晰。感覺也許我們即將結束這個零售業的正常化時期，特別是在某些垂直領域，樣本上的光速可能達到正常化點，並且可能開始觸底，就像你認為的那樣 -我了解您正在採取適當保守的指導方法。但是，您如何看待回到更正常的消費者支出環境，在這種環境中我們可以看到我們的 2 個主要垂直領域更加平衡的增長？

You're absolutely right. We are taking a conservative approach to guidance, especially given what we saw in the third quarter where you're seeing overall GMV pretty flat versus the quarter before. But we are in a position strength in terms of focusing on profitable growth. And if and when the macro does turn around, to your point, we're in a position to take advantage of those growth opportunities as they arise.

你是絕對正確的。我們對指導採取保守的方法，特別是考慮到我們在第三季度看到的情況，您看到總體 GMV 與前一季度持平。但我們在專注於盈利增長方面處於優勢地位。如果宏觀真的好轉，就你的觀點而言，我們能夠在這些增長機會出現時利用它們。

Your next question is from Josh Beck with KeyBanc.

您的下一個問題來自 KeyBanc 的 Josh Beck。

Thank you and I appreciate the disclosures on the locations by size. I'm just kind of wondering if we play this forward a couple of years, more or less how much of the change you expect or potentially you could see in the locations with greater than $500,000 of GMP.

謝謝你，我很欣賞按大小披露位置信息。我只是想知道我們是否將此向前推進了幾年，或多或少您期望或可能在 GMP 超過 500,000 美元的地點看到多少變化。

Yes. Well, look, again, just to talking about a big theme here, the company is focusing on this. So just maybe 2 years ago, we would probably be much broader in our fishing net with marketing. We would be much broader with sales, and this has changed. So right now, we are hyperfocused when it comes to every function in the company, even on our road maps, to creating more and more value to that segment. That segment is really important to us. And I think it's very important to the SMB space because when you look even at the GMV, the total GMV, it's hyper concentrated into the more established. And so because we are doing suppliers, we're doing payments. For us, it's just -- it's just going to continue to be the focus as we go forward. And so what we are hoping is that as we continue to focus on that segment, we will see the numbers in the segments that matter do better for like to be. Yes. So I don't know how much more do you want that.

是的。好吧，再看一次，只是在這裡談論一個大主題，公司正在專注於此。所以也許就在 2 年前，我們的漁網營銷可能會更廣泛。我們的銷售範圍會更廣，這已經改變了。所以現在，我們非常專注於公司的每一個職能部門，甚至在我們的路線圖上，為該部門創造越來越多的價值。該部分對我們來說非常重要。而且我認為這對 SMB 空間非常重要，因為即使你看 GMV，總 GMV，它也高度集中在更成熟的領域。因此，因為我們在做供應商，所以我們在做付款。對我們來說，它只是——它將繼續成為我們前進的重點。因此，我們希望的是，隨著我們繼續關注該細分市場，我們將看到重要細分市場中的數字做得更好。是的。所以我不知道你還想要多少。

Again, what is really great for us and when we look internally is we are attracting more of the established. We are looking at churn. The churn is decreasing in that front. When we look at payments attached. We're now focusing more and more. And even when we're looking at up selling the base, there's a lot of initiatives internally around getting the more established customers. And I think, finally, what you can expect is with what we're doing with suppliers and verticalization here, you can expect us to see better attach rates as we go forward and better close rates because we'll be helped by the brands and suppliers within those industries to sell. So yes, feeling good about the strategy and very happy with the results on that front and with the progress with the more established merchants.

同樣，對我們來說真正偉大的是，當我們從內部看時，我們正在吸引更多的老牌企業。我們正在研究流失率。在這方面，客戶流失正在減少。當我們查看附加付款時。我們現在越來越專注。即使我們正在考慮向上銷售基地，內部也有很多圍繞獲得更成熟客戶的舉措。我想，最後，你可以期待我們在供應商和垂直化方面所做的事情，你可以期待我們在前進的過程中看到更好的附加率和更好的成交率，因為我們會得到品牌的幫助和這些行業內的供應商進行銷售。所以是的，對戰略感覺良好，對這方面的結果以及與更成熟的商家的進展感到非常滿意。

Okay. Great to hear. And maybe just a related follow-up. So when you look at really the marketing and advertising budget, has it been fully recalibrated, which I imagine, involves a shift from digital and performance more so towards outbound and field sales and that type of thing. Has it been fully recalibrated? Or is that something that will continue maybe to shift as we exit fiscal '23 and go into fiscal '24?

好的。很高興聽到。也許只是相關的後續行動。因此，當你真正審視營銷和廣告預算時，它是否已經完全重新校準，我想這涉及從數字和績效轉向對外銷售和現場銷售等類型的事情。是否已完全重新校準？或者，隨著我們退出 23 財年並進入 24 財年，這種情況可能會繼續發生變化嗎？

Yes. So we are in the midst. We just hired a new CMO, and that is probably her #1 focus today is to try and recalibrate even you'll see updates on the messaging. But I think just to be clear, more established SMBs for Lightspeed doesn't mean field sales. The majority of our motion is still going to be inbound is going to be marketing led and is going to be -- I mean, the majority of our deals are still going to be closed with Zoom and onboarded with Zoom. It's -- and I think that's what's very exciting to Lightspeed is that even though these are much more established merchants, and you look at the cohorts and they're much more profitable. The good news is the cost of acquisition is very similar and most of it is done inbound and with a recipe that we understand very well.

是的。所以我們在中間。我們剛剛聘請了一位新的首席營銷官，這可能是她今天的第一要務是嘗試和重新校準，即使您會看到消息傳遞的更新。但我想明確一點，Lightspeed 更成熟的 SMB 並不意味著現場銷售。我們的大部分動議仍將以營銷為主導，並且將是——我的意思是，我們的大部分交易仍將通過 Zoom 完成並通過 Zoom 啟動。這是 - 我認為這對 Lightspeed 來說非常令人興奮的是，即使這些是更成熟的商人，而且你看看這些群體，他們的利潤要高得多。好消息是收購成本非常相似，而且大部分是在入境時完成的，並且採用我們非常了解的配方。

Your next question is from the line of Raimo Lenschow with Barclays.

你的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Obviously, you can only control what you can control in this environment, but can you talk a little bit about the churn levels on the lower end? Is it just what we're seeing now? Is that just kind of you deemphasizing a little bit? Or do you see elevated churn coming from the recession already? And how do you see that playing out?

顯然，在這種環境下你只能控制你能控制的東西，但你能談談低端的客戶流失水平嗎？只是我們現在看到的嗎？你是不是有點不重視了？或者您是否已經看到經濟衰退導致客戶流失率上升？您如何看待這種情況？

I think maybe just overall churn for the company is in line. And so there's no major changes there. But what we are continuing to see, and we started exposing this, is we are seeing very much higher levels of churn in the lower end. And under 200,000, that's really -- I think, if I remember correctly, was 84% of our churn coming from under $200,000, whereas if you go up and as you go to the 500 plus and 1 million plus, that's where your churn really becomes almost inexistent, and that's because there is no business failure.

我認為也許只是公司的整體流失符合預期。所以那裡沒有重大變化。但我們繼續看到的是，我們開始揭露這一點，我們看到低端客戶的流失率要高得多。在 200,000 美元以下，這真的 - 我認為，如果我沒記錯的話，我們 84% 的客戶流失來自 200,000 美元以下，而如果你上升到 500 美元以上和 100 萬美元以上，那才是你真正的流失變得幾乎不存在，那是因為沒有商業失敗。

Raimo, if I can just add on to that. JP used the fishing net analogy when you -- when that net isn't cast is why to catch that cohort of customer quite as much as we're now focused less on. You're not replacing that cohort in that churn as much as we would have in the past. So you're seeing it come through a little more. Does that make sense?

Raimo，如果我可以補充一下。 JP 在你使用漁網類比時 - 當不撒網時，為什麼要抓住那群客戶，就像我們現在不太關注的那樣。你並沒有像過去那樣頻繁地更換那個流失的人群。所以你看到它通過了一點。那有意義嗎？

Yes. Okay. Yes. No, makes sense. And then one follow-up on the -- so you adjusted the cost base now you're adjusting your program. Like how long will it -- like what do you anticipate like in terms of the impact that will have on the organization in terms of people in the right positions, people with the organization settling down? Is that part of your thinking as well? And when do you think we kind of done with that?

是的。好的。是的。不，有道理。然後是一個後續行動——所以你現在調整你的計劃來調整成本基礎。就像它會持續多長時間 - 就像你預計在正確職位的人，組織安定下來的人方面對組織產生的影響一樣？這也是你想法的一部分嗎？你認為我們什麼時候結束了？

Yes. So first of all, as you know, we did a big restructure and the goal of this restructure was to really remove a lot of management, remove a lot of overhead, become much leaner and also focusing on the right segment of customers. And so there's a number of initiatives that we now narrow to, okay, now we know this is what we're going after. What are we doing that is not in this segment that makes no sense. What part of our org chart has people working on this segment that is not vital to us.

是的。所以首先，正如你所知，我們進行了一次大的重組，這次重組的目標是真正去除大量的管理，去除大量的管理費用，變得更加精簡，同時專注於正確的客戶群。因此，我們現在將一些舉措縮小到，好吧，現在我們知道這就是我們要追求的目標。我們在做什麼，不在這個沒有意義的細分市場。我們的組織結構圖的哪一部分讓人們在這個對我們來說不重要的部分工作。

So I think highest level, we are going to be automating as much as possible for our existing smaller customers, and we're going to focus our people, focus our attention on in the segments that matter for us. So it is a journey, and we started the journey at the beginning of the year. We are now well progressed with this. But I think in my mind and that's the only way forward is to look at where is it profitable? And then you start digging there, and you remove the nice-to-have and you just focus on the must-have. The real answer is there.

所以我認為最高水平，我們將盡可能為現有的較小客戶實現自動化，並且我們將關注我們的人員，將注意力集中在對我們重要的細分市場上。所以這是一段旅程，我們在年初開始了這段旅程。我們現在在這方面進展順利。但我認為在我看來，這是唯一的前進方式，就是看看它在哪裡有利可圖？然後你開始在那裡挖掘，你去掉了可有可無的東西，你只專注於必備的東西。真正的答案就在那裡。

And so just a simple example is if I know that 50% of my customers are the more established, that means instead of having all my support agents just focus on every customer, I'm going to always privilege my highest GMV customers. When leads come in and they are under 200 and we know that, we we'll probably actually not even try to serve them and not onboard them. So I think we need to just remain hyper-focused. And as I said, for me, the store counts are not the driver. The driver is for every dollar of marketing and every dollar of spend, what is my return. And that's the only way for it. And so as we go forward, we're hoping to get better and better numbers in the more established and we're hoping that the entire company is just going to be focused on that.

舉個簡單的例子，如果我知道我的客戶中有 50% 是老客戶，這意味著我不會讓我所有的支持代理只關注每個客戶，我將始終優先考慮 GMV 最高的客戶。當潛在客戶進來並且他們少於 200 人並且我們知道這一點時，我們實際上可能甚至不會嘗試為他們提供服務，也不會接納他們。所以我認為我們需要保持高度專注。正如我所說，對我來說，商店數量不是驅動因素。驅動因素是每一美元的營銷和每一美元的支出，我的回報是什麼。這是唯一的方法。因此，在我們前進的過程中，我們希望在更成熟的領域獲得越來越好的數字，我們希望整個公司都專注於此。

Your next question is from Eugene Simuni with MoffettNathanson.

你的下一個問題來自 Eugene Simuni 和 MoffettNathanson。

I just wanted to come back to our macro headwinds for a minute. Can you elaborate a little bit on the, let's say, sources of the headwind, I can think of kind of 2 types, right? One is the normalization, which I think was already mentioned, so kind of the bike shop example. And the other is more fundamental weakness in consumer spending that might be related to kind of recessionary environment. Can you elaborate a little bit? Do you think both of those? Or is it more one versus the other?

我只想回到我們的宏觀逆風一分鐘。您能否詳細說明一下逆風的來源，我可以想到兩種類型，對嗎？一個是標準化，我認為已經提到過，比如自行車店的例子。另一個是消費者支出的更根本性疲軟，這可能與某種衰退環境有關。你能詳細說明一下嗎？你覺得這兩種？還是一個比另一個更多？

Yes. Thanks, Eugene. It is really both of those. You're right about the Covid normalization, but we're also seeing with rising interest rates and inflation, just consumer spending is shifting, shifting to groceries, gasoline, things that are not in our core verticals. And in addition to that, we're also seeing some FX headwinds about almost half of our customer locations are outside the U.S. And so that revenue is worth less in U.S. dollars. And so outside of what you mentioned, I would say those would be the other 2 headwinds that we're seeing.

是的。謝謝，尤金。兩者都是。你對 Covid 正常化的看法是對的，但我們也看到利率和通貨膨脹率上升，只是消費者支出正在轉移，轉向雜貨、汽油，以及不在我們核心垂直領域的東西。除此之外，我們還看到了一些外匯逆風，大約有一半的客戶地點在美國以外，因此以美元計算的收入價值較低。因此，除了您提到的內容之外，我想說的是我們看到的另外兩個不利因素。

Got it. Okay. That's helpful. And then related question, I wanted to ask about Lightspeed Capital, which you highlighted again and it sounds like doing very well. So yes, maybe you can elaborate a little bit on the traction you're seeing there and also in the more challenging economic environment, obviously, a product like that, could be a little trickier. So I would love to hear your philosophy on how you're managing through that kind of potential recessionary risk?

知道了。好的。這很有幫助。然後是相關的問題，我想問一下光速資本，你又強調了這一點，聽起來做得很好。所以是的，也許你可以詳細說明你在那裡看到的牽引力，以及在更具挑戰性的經濟環境中，顯然，像這樣的產品可能會有點棘手。所以我很想听聽您關於如何應對這種潛在衰退風險的理念？

Capital continues to go well. Revenue, I think, is up better than 200% this quarter. Advances, we continue to make it available to a broader base of our customers, and that advanced volume has been increasing as well. So far so good on losses remaining minimal for us as well. So we're seeing great returns there. The benefit we have, of course, and the impact of the macro is something we consider and we factor in as we see all the trends on a daily basis from our customer base and then it forms the offers we extend from a merchant cash advance. But because we have that line of sight and that visibility into these trends, we can make what we think are pretty far and good decisions on who to advance to and how much.

資本繼續順利。我認為本季度的收入增長超過 200%。進步，我們繼續將其提供給更廣泛的客戶群，並且進步的數量也一直在增加。到目前為止，我們的損失也保持在最低水平。所以我們在那裡看到了豐厚的回報。當然，我們擁有的好處以及宏觀的影響是我們考慮的因素，我們每天都會從客戶群中看到所有趨勢，然後形成我們從商家預付現金中提供的報價。但是因為我們有這樣的視線和對這些趨勢的可見性，我們可以做出我們認為相當遠和好的決定，決定向誰晉級以及晉級多少。

Your next question is from the line of Thanos Moschopoulos with BMO Capital Markets.

你的下一個問題來自 BMO Capital Markets 的 Thanos Moschopoulos。

With respect to becoming cash flow positive, how should we think about timing, you said profitability should be middle of fiscal '24, just given the working capital dynamics, should we think about cash flow being positive maybe a couple of quarters after or... How do we think about that?

關於現金流為正，我們應該如何考慮時機，你說盈利能力應該在 24 財年的中間，考慮到營運資本動態，我們是否應該考慮現金流為正可能在幾個季度後或...... . 我們如何看待這一點？

So for now, we're focused on adjusted EBITDA breakeven or better. We do manage our cash flows from operations very closely. But as Brandon just talked about, our merchant cash advance business is growing, and we are funding that from our own cash balances. And so as we see that business growing, we should expect to see cash from ops out of line with our adjusted EBITDA. As that business grows larger and larger, we are considering putting that off our balance sheet. But in the interim while it's on our balance sheet, we wouldn't expect cash from ops to be breakeven.

所以現在，我們專注於調整後的 EBITDA 收支平衡或更好。我們確實非常密切地管理我們的運營現金流。但正如布蘭登剛才所說，我們的商戶現金墊款業務正在增長，我們正在從我們自己的現金餘額中為其提供資金。因此，當我們看到業務增長時，我們應該期望看到來自運營的現金與我們調整後的 EBITDA 不一致。隨著該業務的規模越來越大，我們正在考慮將其從我們的資產負債表中剔除。但在此期間，當它在我們的資產負債表上時，我們預計來自運營的現金不會收支平衡。

And any update in terms of monetizing the supplier network, such as with B2B payments, will that be sort of the next focus now that you launched the provides retail and hospitality platforms? Or how should we think about timing?

在供應商網絡貨幣化方面的任何更新，例如 B2B 支付，既然您推出了零售和酒店平台，這將成為下一個重點嗎？或者我們應該如何考慮時機？

Yes, you're exactly right. So we are investing a lot in our B2B network. We do believe that's going to be the [moat] as we go forward and going into the verticals, working with the suppliers, ensuring that suppliers get the sell-through from the network. So that's a big piece of our strategy. But you're absolutely right. When you look at the sequences for us, the #1 sequence was to get one product globally, which is Lightspeed retail X Series integrating all of the greatest of e-com and omnichannel workflows.

是的，你完全正確。因此，我們在 B2B 網絡上投入了大量資金。我們確實相信，隨著我們前進並進入垂直領域，與供應商合作，確保供應商從網絡中獲得銷售，這將成為 [護城河]。所以這是我們戰略的重要組成部分。但你是絕對正確的。當您查看我們的序列時，第一序列是在全球範圍內獲得一種產品，即 Lightspeed 零售 X 系列，它集成了所有最出色的電子商務和全渠道工作流程。

And so that now is out or will be fully out by the end of this fiscal year, than the next step now, and we have a lot of initiatives, and we'll be announcing a lot on that front. We have now the B2B team working in conjunction with this launch to now create value for the suppliers. We have a number of beta customers on the suppliers. And every day, we're continuing to improve this. And next fiscal year, we'll be coming out with a lot of announcements on this and progress with suppliers within the industries that matter for us.

因此，現在已經結束或將在本財政年度結束時完全結束，而不是現在的下一步，我們有很多舉措，我們將在這方面宣布很多。我們現在有 B2B 團隊與此次發布合作，為供應商創造價值。我們有一些供應商的測試客戶。每一天，我們都在繼續改進這一點。下一個財政年度，我們將就此發布大量公告，並與對我們重要的行業內的供應商取得進展。

Your next question is from the line of Josh Baer with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Josh Baer。

I know that the inbound sales and virtual sales will remain the most important and dominant. I was wondering what the update is on the size and productivity of the outbound sales force? And I guess, more broadly, like just the update on the go-to-market in U.S. restaurants.

我知道入站銷售和虛擬銷售仍將是最重要和最主要的。我想知道對外銷售人員的規模和生產力有何更新？而且我想，更廣泛地說，就像美國餐館上市的最新情況一樣。

Cool. So maybe just again, being clear, the outbound is well. We progressed well. We've hired a lot of people and we are tracking very carefully LTV over CAC. And here in our mind, we are going to use a lot of the outbound for the more established because that's where we can afford to have that sequence. And we're happy there with what we're doing. And I think as we go forward, especially in the context of payments and especially in the context of geographical areas where we have a lot of concentration cities basically around the world, we will have teams that are going to be upselling customers on payments and installing customers with a pure outbound motion.

涼爽的。所以也許再次明確，出境很好。我們進展順利。我們僱傭了很多人，我們正在非常仔細地跟踪 LTV over CAC。在我們看來，我們將使用更多的出站服務來獲得更成熟的服務，因為那是我們可以負擔得起的順序。我們對我們正在做的事情很滿意。而且我認為隨著我們的前進，特別是在支付的背景下，尤其是在我們基本上在世界各地有很多集中城市的地理區域的背景下，我們將有團隊將在支付和安裝方面向客戶推銷具有純出站運動的客戶。

Now with regards to X Series and, sorry, K Series and hospitality, we're very pleased with the progress. We've signed a few really good marquee customers in the U.S., and that motion is going well. And again, for us, just being very clear we are optimizing every dollar we spend, and that's the theme. So, again, being very focused on hospitality on the more established those that really find the value I think a lot of you have seen the progress we did on that product. It's absolutely outstanding. But it is very well suited for established merchants. And so like all the other divisions at Lightspeed, coffee shops, small, medium, large coffees, quick-serve is not what we're going to be focusing on. We're going to be focusing on fine-dine table service, Michelin Stars because those are high GMV customers and give us a really good unit economic.

現在關於 X 系列，對不起，K 系列和款待，我們對進展感到非常滿意。我們已經在美國簽下了一些非常好的大客戶，而且這項議案進展順利。再一次，對我們來說，非常清楚我們正在優化我們花費的每一美元，這就是主題。因此，再次非常關注那些真正發現價值的更成熟的人的款待，我想你們中的很多人已經看到了我們在該產品上所做的進步。這絕對是傑出的。但它非常適合老牌商家。因此，與 Lightspeed 的所有其他部門、咖啡店、小型、中型、大型咖啡店一樣，快餐不是我們要關注的重點。我們將專注於精緻的餐桌服務，米其林星級，因為這些是高 GMV 客戶，給我們帶來了非常好的單位經濟效益。

Great. That's clear. And on hardware, I just want -- I know it's not a super important part of the financial statements, but the decline in hardware, was that also a function of discounting and just related to payments attach and sort of how you think about everything altogether or more reflective of new location additions or just a change in customer behavior?

偉大的。這很清楚。在硬件方面，我只想 - 我知道這不是財務報表中非常重要的部分，但硬件的下降也是折扣的一個功能，只與附加付款有關，以及你如何看待所有事情還是更能反映新地點的增加或只是客戶行為的改變？

You're absolutely right. It's really a result of the discounting, particularly in North America Hospitality, where that's what the customer base has come to expect given the competitive environment there. But as JP mentioned, we're laser focused on LTV to CAC and unit economics on a customer-by-customer basis, and these discounts are worth in the end for us because the LTV to CAC ratios of those customers, which, as you know, for us, is the larger, more established, the LTV to CAC ratios are very high. And so it makes sense for us, even though it requires discounting that hits our P&L immediately.

你是絕對正確的。這確實是折扣的結果，特別是在北美酒店業，鑑於那裡的競爭環境，這是客戶群所期望的。但正如 JP 所提到的，我們在逐個客戶的基礎上專注於 LTV 與 CAC 和單位經濟，這些折扣最終對我們來說是值得的，因為這些客戶的 LTV 與 CAC 比率，就像你一樣知道，對我們來說，越大、越成熟，LTV 與 CAC 的比率就非常高。所以這對我們來說很有意義，即使它需要立即影響我們的損益的折扣。

Your next question is from Clarke Jeffries with Piper Sandler.

你的下一個問題來自 Clarke Jeffries 和 Piper Sandler。

First is JP, what was the most meaningful change to you in the business environment since last quarter with all this discussion of the macro? I'm trying to get a sense of whether Q3 was really a continuation of the same trends we've been talking about for previous quarters? Or if there was really a change here that makes your view of the business environment worse or an improvement potentially. So I'd love to get your thoughts there.

首先是 JP，自上個季度以來所有這些宏觀討論對您來說，商業環境中最有意義的變化是什麼？我想了解一下第三季度是否真的是我們在前幾個季度討論過的相同趨勢的延續？或者，如果這裡確實發生了變化，使您對商業環境的看法變得更糟或可能有所改善。所以我很想听聽你的想法。

I think that's why, in my mind, I distinguish what we can't control versus what we can't control. And on what we can't control, the biggest driver, and I'm just going to try and give you a few numbers that are in my mind. Last year, if you look at GMV or GTV growth from Q1 to Q3 was about 25%. And if you look at this year, GMV growth from Q1 to Q3 was 0. We were $21 billion, $21 billion sorry, $22 billion, $22 billion, $22 billion.

我認為這就是為什麼在我看來，我會區分我們無法控制的和我們無法控制的。關於我們無法控制的，最大的驅動因素，我只是想嘗試給你一些我腦海中的數字。去年，如果你看一下 GMV 或 GTV，從第一季度到第三季度的增長率約為 25%。如果你看看今年，從第一季度到第三季度的 GMV 增長是 0。我們是 210 億美元，對不起，210 億美元，220 億美元，220 億美元，220 億美元。

So I think just there, this is for me the biggest headwind that is not related to Lightspeed just spending is not where it was. And so you compare to last year, a 25% growth on 2 quarters versus this year, flat. There's not much you can do against that. And so I think for me, the macro is confirming that our strategy is the right one. The strategy of profitable growth is the right one. The strategy on focusing on the larger customers is the right one because that's how we've been pairing well in a market that's been very difficult when you look at the consumer spend. And I think that's why I look at the -- it is a tough year for restauranteurs and retailers. No doubt, when you look at GMV globally, yet we can help them. And so that's why we're focusing on the higher GMV merchants and doing everything we can to help them automate and do more with less. I think that's the main answer.

所以我認為就在那裡，這對我來說是與 Lightspeed 無關的最大逆風，只是支出不在原來的地方。因此，與去年相比，2 個季度與今年相比增長 25%，持平。你對此無能為力。所以我認為對我來說，宏觀經濟正在確認我們的戰略是正確的。盈利增長戰略是正確的。專注於大客戶的策略是正確的，因為這就是我們在一個市場上很好地配對的方式，當你看消費者支出時，這個市場非常困難。而且我認為這就是為什麼我看到 - 對於餐館經營者和零售商來說，這是艱難的一年。毫無疑問，當您在全球範圍內查看 GMV 時，我們可以幫助他們。因此，這就是為什麼我們專注於 GMV 更高的商家，並竭盡所能幫助他們實現自動化並事半功倍。我認為這是主要的答案。

Really appreciate it. And then just a follow-up. As we think through the implied guide for Q4, Asha, could you just help us think through the different offsets? I think you mentioned the catch-up payment. There's a currency headwind here. And so when you think about the items that would grow sequentially versus being flat and potentially offsets that mean that the underlying growth may be up sequentially, but the reported number may be still flat. Could you help us think through the factors there to consider?

真的很感激。然後只是跟進。當我們思考第四季度的隱含指南時，阿莎，你能幫我們思考一下不同的抵消嗎？我想你提到了追加付款。這裡存在貨幣逆風。因此，當你考慮那些會連續增長而不是持平並可能抵消的項目時，這意味著潛在增長可能會連續上升，但報告的數字可能仍然持平。你能幫我們想清楚那裡要考慮的因素嗎？

Yes, absolutely. So the one time, as you mentioned, is something that we saw in Q3. That was about a $3 million one-time catch-up from a payment processor, which we don't see in Q4. But I think what's also important to keep in mind is that Q4 is seasonally our weakest quarter. And even in years where there are no macro headwinds, we typically see about a 20% decline from Q3 to Q4 in overall GMV. And so as we enter a seasonally slowest quarter of the year, that's what we're contemplating in terms of the Q4 guidance. We expect FX to remain around the same in terms of Q3 levels. But I think it's really more the GMV decline in the one-time. Those are the 2 biggest items that we're expecting to affect the sequential Q3 to Q4 revenue.

是的，一點沒錯。因此，正如您提到的，有一次是我們在第三季度看到的。這大約是來自支付處理商的 300 萬美元的一次性追趕，我們在第四季度沒有看到。但我認為同樣重要的是要記住，第四季度是我們季節性最弱的季度。即使在沒有宏觀逆風的年份，我們通常也會看到整體 GMV 從第三季度到第四季度下降約 20%。因此，當我們進入一年中季節性最慢的季度時，這就是我們在第四季度指導方面考慮的內容。我們預計外彙在第三季度的水平將保持不變。但我認為這更多的是 GMV 的一次性下降。這些是我們預計會影響第三季度至第四季度連續收入的兩個最大項目。

Your next question is from the line of Richard Tse with National Bank Financial Markets.

你的下一個問題來自國家銀行金融市場的 Richard Tse。

As you sort of move upmarket with these larger merchants, like how does the competitive environment change with respect to how you sort of go after those markets?

當您與這些較大的商家一起進入高端市場時，競爭環境如何改變您對這些市場的追求？

I think I think that's the good news, and that's why store count is growing well. And as you go up, there's fewer competition. I'm just going to give you a few examples here. If I'm a coffee shop, I have no real value in understanding Lightspeed analytics that gives you a magic quadrant of your menu items. Yet, if I'm a Michelin store, I see tons of value in this. If I'm a retailer and there's no value in our advanced analytics, if you're only selling a couple of hundred SKUs yet, if I have 10,000 SKUs, that's where I see. So I think as we go up market, just simply answering the question, it is a much better landscape for us, where

我認為我認為這是個好消息，這就是商店數量增長良好的原因。當你往上走時，競爭就會減少。我只是在這裡給你舉幾個例子。如果我是一家咖啡店，那麼理解為您提供菜單項魔力像限的 Lightspeed 分析就沒有真正的價值。然而，如果我是一家米其林商店，我會看到其中的巨大價值。如果我是零售商並且我們的高級分析沒有任何價值，如果您只銷售幾百個 SKU，如果我有 10,000 個 SKU，那我就會看到。所以我認為當我們進入市場時，只需簡單地回答這個問題，這對我們來說是一個更好的環境，在那裡

we provide a ton of value to customers.

我們為客戶提供大量價值。

And then in terms of capital allocation, clearly, you're focused on sort of efficiency here. If you sort of look at the stock and you sort of look at your cash balance, it's just under $1 billion would you ever sort of consider kind of a buyback program? It seems that as you get more efficient and approach breakeven at that cash will get a bit of relief. So what's your thinking on that, especially given where the stock or is today here?

然後在資本配置方面，很明顯，你關注的是效率。如果你看一下這隻股票，看看你的現金餘額，它不到 10 億美元，你會考慮某種回購計劃嗎？似乎隨著您變得更有效率並接近盈虧平衡點，現金會有所緩解。那麼你對此有何看法，特別是考慮到今天的股票或價格？

It's something we continue to evaluate and with the Board of Directors, obviously, we certainly still feel like we're early in the journey here. We've got a growing part of our business on the merchant cash advance program that we're leaning into lots of growth opportunities we still see and hopefully, the macro environment, we'll start to solidify at some point, these economic cycles do come and go. So to date, we haven't concluded to do anything specific there, but we will continue to evaluate it.

這是我們繼續評估的事情，並且與董事會一起，顯然，我們當然仍然覺得我們在這裡的旅程還處於早期階段。我們在商家現金墊款計劃中獲得了越來越多的業務，我們正在依靠我們仍然看到的許多增長機會，希望宏觀環境，我們會在某個時候開始鞏固，這些經濟周期確實如此來來去去。所以到目前為止，我們還沒有決定在那裡做任何具體的事情，但我們會繼續評估它。

Your next question is from the line of Koji Ikeda with Bank of America Securities.

你的下一個問題來自美國銀行證券公司的 Koji Ikeda。

I wanted to ask a question on payment attach rates. Doing the math, it looks like it's about flat quarter-over-quarter. Is that right? And I guess kind of thinking forward, how should we be thinking about payment attach rates over the next several quarters in a presumably tougher macro environment?

我想問一個關於付款附加費率的問題。計算一下，它看起來與上一季度持平。是對的嗎？而且我想有點前瞻性，在可能更艱難的宏觀環境中，我們應該如何考慮未來幾個季度的支付附加率？

I think -- so payment attach rates, when we speak to those, that means how many -- what percentage of our new customers take payments alongside the software when they buy it. I think based on your question, what you're probably referring to is how much of our GTV do we monetize through our GPV. And that continues to progress well for us. So a lot goes into the equation when you divide those 2 numbers, a lot of mixed things, both geographically and how specific verticals are performing at any given quarter. So you just have to be -- There's a lot of variability that goes into that when you start to divide those 2 numbers. Overall, what we focus on is our GPV and is it growing, and it's up 75% year-over-year, which is good, steady progress from our standpoint, and we'll work hard to keep that going in the right direction.

我認為 - 所以付款附加率，當我們談論這些時，這意味著有多少 - 我們的新客戶在購買軟件時會與軟件一起付款的百分比。我認為根據你的問題，你可能指的是我們有多少 GTV 通過我們的 GPV 獲利。這對我們來說繼續取得良好進展。因此，當您將這 2 個數字相除時，方程式中有很多東西，很多混合的東西，包括地理上的以及特定垂直行業在任何給定季度的表現。所以你只需要 - 當你開始劃分這 2 個數字時，會有很多可變性。總的來說，我們關注的是我們的 GPV，它是否在增長，同比增長 75%，從我們的角度來看，這是好的、穩步的進展，我們將努力保持它朝著正確的方向發展。

Got it. And just one follow-up here, if I may. When I look at the head count reduction and the $25 million in annual savings, 300 people being affected roughly shakes out to about $83,000 per employee. So with the prior commentary, 50% coming from managers of the headcount reduction, I was just looking for some more color maybe to reconcile the profile of the remaining 50% on what departments were affected there.

知道了。如果可以的話，這裡只有一個後續行動。當我查看裁員人數和每年節省的 2500 萬美元時，受影響的 300 人大致減少到每名員工約 83,000 美元。因此，根據之前的評論，50% 來自裁員的經理，我只是在尋找更多顏色，也許可以調和其餘 50% 的部門受影響的概況。

Just to simply put, I'm going to paint a story just so we can understand it. If I'm selling 7 products across multiple regions, in each of these products, I'm selling, I have many layers that have contributors, they have managers. And then at the top, I probably have somebody accountable for this globally. And so when you go from 7% to 2%, which is what we're preparing to go for as we go into the end of this fiscal year, you naturally just have layers of people in all groups that have been removed from the organization or replaced. And at the top, that means you need fewer leaders to run the business, and you have more accountability with fewer leaders and way less distortion in terms of focus points. So that's really what happened.

簡單地說，我要畫一個故事，這樣我們就可以理解它。如果我在多個地區銷售 7 種產品，在我銷售的每一種產品中，我都有很多層次，有貢獻者，他們有經理。然後在最高層，我可能會有人在全球範圍內對此負責。因此，當你從 7% 上升到 2%，這就是我們在本財政年度結束時準備實現的目標，自然而然地，所有團隊中的人員層級都已從組織中移除或更換。在高層，這意味著您需要更少的領導者來經營業務，並且您可以用更少的領導者承擔更多的責任，並且在關注點方面的扭曲更少。所以這真的發生了。

I think just answering your question is like it is, yes, unfortunately, contributors, managers, directors, VPs, Cs. So there's just a simplification of the business that impacts pretty much everybody. But I think for us now that we are in a much leaner organization, we now need to double down on hiring more sales people and hiring more on borders and hiring more support people in the right division, in the right geographies. And so that's what we're doing now is we're -- between now and call it the end of Q1 next year, we're building our go-to-market engine. We're building all the functions to double down on what matters now for Lightspeed.

我認為只是回答你的問題就像是，是的，不幸的是，貢獻者、經理、董事、副總裁、Cs。因此，這只是對幾乎每個人都有影響的業務簡化。但我認為，對於我們來說，現在我們處於一個更精簡的組織中，我們現在需要加倍努力，僱傭更多的銷售人員，僱傭更多的邊界人員，並在正確的地區、正確的部門僱傭更多的支持人員。所以這就是我們現在正在做的——從現在到明年第一季度末，我們正在構建我們的上市引擎。我們正在構建所有功能，以加倍處理 Lightspeed 現在重要的事情。

Your next question is from the line of Tim Chiodo with Credit Suisse.

你的下一個問題來自瑞士信貸的 Tim Chiodo。

Great. I know we touched on this a little bit, but it is a really important idiosyncratic driver for the company, the payments penetration -- but specific to the attach, meaning for new customers. So I know that we talked about this a little earlier in terms of some of the promotions that you've been doing. I believe those started 2 or 3 quarters ago. Could you just talk about what that has done to the payments attached. In other words, how much success has driven-- Meaning if the new customer attach for payments used to be x percent? How many points higher has it been as a result of these promotions? And do you expect to continue to offer these given maybe some success that you've seen or have not seen?

偉大的。我知道我們稍微談到了這一點，但這對公司來說是一個非常重要的特殊驅動因素，即支付滲透——但特定於附件，對新客戶來說意味著。所以我知道我們早些時候就你一直在做的一些促銷活動談到了這一點。我相信這些是在 2 或 3 個季度前開始的。你能談談對附加付款做了什麼嗎？換句話說，有多少成功推動了——意思是如果新客戶附加付款過去是 x%？由於這些促銷活動，它提高了多少分？考慮到您已經看到或沒有看到的一些成功，您是否希望繼續提供這些服務？

So I think there's 2 things in my mind when you look at these promotions. They have 2 objectives. The first objective was to attach more new customer payments. And the second objective was to reduce time to transact because you understand that the new economics for us is or previously when it was just software, I signed a customer, I started recognizing revenues. Now what happens is I sign a customer, I get the revenues on software, but I don't get the kick in on payments before they are transactional.

因此，當您查看這些促銷活動時，我認為有兩件事在我腦海中。他們有兩個目標。第一個目標是附加更多新客戶付款。第二個目標是減少交易時間，因為你知道我們的新經濟是或以前只是軟件，我簽了一個客戶，我開始確認收入。現在發生的事情是我簽了一個客戶，我獲得了軟件收入，但在交易發生之前我沒有得到付款。

So here, a lot of those promotions were really related to getting the customers' transaction. So if I tell the customer within the first 3 months, you're getting a better rate, that's going to give them an incentive to get the payment terminal up and running, plugged in, et cetera, as quickly as possible, which in returns for Lightspeed will give us a faster revenue recognition and for that will decrease greatly your payback. So on that front, maybe just again, looking at the 2 blocks, they've had a really good impact -- and that's why I think, for us, especially in markets outside of the U.S. that are much more conservative in terms of adopting payments.

所以在這裡，很多促銷活動都與獲得客戶的交易有關。因此，如果我在前 3 個月內告訴客戶，您將獲得更好的費率，這將激勵他們盡快啟動並運行支付終端、接通電源等，這反過來又會帶來回報對於 Lightspeed 將使我們更快地確認收入，並因此大大減少您的投資回報。所以在這方面，也許再一次，看看這兩個街區，它們產生了非常好的影響——這就是為什麼我認為，對我們來說，尤其是在美國以外的市場，在採用方面要保守得多付款。

We were very happy because these promotions have created attach rates for Lightspeed everywhere in the world from Australia to Europe to any country in Europe to the U.S., where we have very strong attach rates on new customers. And that's why for me, when I look at it medium term and you look at how churn works in our cohorts, just assuring that you have the majority of your new customers that are buying payments means that over time, you're going to end up with 50% of your -- at least 50% of your GMV that is on like speed payment. -- and -- or your GPV, sorry. And so that's why we're very happy with both. And the promotions really had a very strong impact on time to transact.

我們非常高興，因為這些促銷活動為 Lightspeed 在世界各地創造了附加率，從澳大利亞到歐洲，再到歐洲的任何國家再到美國，我們在這些國家對新客戶的附加率非常高。這就是為什麼對我來說，當我從中期來看，你看看客戶流失是如何發生的，只要確保你有大多數新客戶購買付款就意味著隨著時間的推移，你將結束高達 50% - 至少 50% 的 GMV 是在快速支付上。 - 和 - 或者你的 GPV，抱歉。這就是為什麼我們對兩者都非常滿意。促銷確實對交易時間產生了非常大的影響。

And actually, this is still the #1 focus in the company is removing the backlog between when someone signs and someone becomes transactional. And I think there, going back to the first question we had on the call, we will be probably also for the larger customers doubling down with people with foot on the ground that are actually going to physically go and plug the terminal in because it is a world where our customers have a number of priorities, and you've got to get them to plug in the terminal, make it work, et cetera. And so we're doing everything we can to reduce time to transact.

實際上，這仍然是公司的第一要務，即消除某人簽名和某人開始交易之間的積壓。我認為，回到我們在電話會議上提出的第一個問題，我們可能還會為更大的客戶加倍努力，讓腳踏實地的人實際去並插入終端，因為它是一個我們的客戶有許多優先事項的世界，你必須讓他們插入終端，讓它工作，等等。因此，我們正在竭盡所能減少交易時間。

Excellent. That's really helpful and the time to transact. The follow-up is around payments penetration. You mentioned earlier that some of the -- it was sort of flat quarter-over-quarter, and part of that was just related to the verticals that might have higher or lower payment penetration. Maybe you could just recap what those verticals were in the calendar Q4 and how that might change over the coming quarters? Clearly, golf is one, that's more seasonal. But also, correct me if I'm wrong, but U.S. retail was one of the earlier parts of the business to get Lightspeed Payments. And I would have expected the Q4 U.S. retail to have stronger volumes just due to holiday season, et cetera. But maybe just recap some of those various industries that are higher and lower and how that will look over the coming quarters.

出色的。這真的很有幫助，是時候進行交易了。後續是圍繞支付滲透。你之前提到過，其中一些 - 它有點環比持平，其中一部分只是與可能具有更高或更低支付滲透率的垂直行業有關。也許您可以回顧一下日曆 Q4 中的垂直方向是什麼，以及在接下來的幾個季度中可能會發生什麼變化？顯然，高爾夫就是其中之一，它更具季節性。但是，如果我錯了，請糾正我，但美國零售業是較早獲得 Lightspeed Payments 的業務之一。我原本預計第四季度美國零售業的銷量會因為假期等因素而增加。但也許只是回顧一下那些更高和更低的不同行業中的一些，以及它們將如何看待未來幾個季度。

It just comes back to the messages we've kind of outlined earlier. We're well penetrated in some of our strongest verticals like bike shops and sporting goods stores and things of that nature. And you're absolutely right that typically, during the holiday season, we see a nice bump there. As you heard from Asha earlier and JP earlier as well, this holiday season for those verticals due to a normalization of Covid; and b, weaker consumer spending just didn't have the bump that we would typically see. And that just all contributes to that mix thing when you're doing that math, Tim, of dividing GPV into GTV. So that's the macro. Again, as JP said, we focus on what we can control. And unfortunately, consumer spending isn't one of them right now.

它只是回到我們之前概述的消息。我們在一些我們最強大的垂直領域有很好的滲透，比如自行車商店和體育用品商店以及類似的東西。你是絕對正確的，通常在假期期間，我們會看到那裡有一個很好的顛簸。正如您早些時候從 Asha 和 JP 那裡聽到的那樣，由於 Covid 的正常化，這些垂直行業的這個假期； b，消費者支出疲軟並沒有出現我們通常會看到的增長。蒂姆，當你把 GPV 分成 GTV 時，這一切都有助於混合。這就是宏。同樣，正如 JP 所說，我們專注於我們可以控制的事情。不幸的是，消費者支出現在不是其中之一。

Perfect. And so if I heard that right, it's more or less -- yes, the calendar Q4 actually would have a better mix of payments penetration, but it was more just that those verticals with the higher penetration maybe were a little bit macro impacted and that left us with the overall number in that 17%-ish range.

完美的。因此，如果我沒聽錯的話，它或多或少——是的，日曆 Q4 實際上會有更好的支付滲透組合，但更多的是那些滲透率較高的垂直行業可能會受到一些宏觀影響，而且給我們留下的總數在 17% 左右的範圍內。

You got it. Yes. Perfect.

你說對了。是的。完美的。

I will now turn the call back to Mr. Gus Papageorgiou for closing remarks.

我現在將把電話轉回給 Gus Papageorgiou 先生作結束語。

Thank you, Brent. Okay. Thanks, everybody, for joining us today. We will speak to you all again after we release our Q4 results, and have a great day. Ladies and gentlemen, thank you for participating.

謝謝你，布倫特。好的。謝謝大家今天加入我們。發布第四季度業績後，我們將再次與大家交談，祝您度過愉快的一天。女士們，先生們，感謝你們的參與。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。