Lightspeed Commerce Inc (LSPD) 2023 Q4 法說會逐字稿

Hello, and welcome to the Lightspeed Fourth Quarter 2023 Earnings Call. (Operator Instructions) I would now like to turn the call over to Gus Papageorgiou. Please go ahead.

您好，歡迎參加 Lightspeed 2023 年第四季度財報電話會議。 （接線員指示）我現在想將電話轉接給 Gus Papageorgiou。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Lightspeed's Fiscal Q4 2023 Conference Call. Joining me today are JP Chauvet, Lightspeed's Chief Executive Officer; and Asha Bakshani, our Chief Financial Officer. After prepared remarks, we will open it up for your questions.

謝謝接線員，大家早上好。歡迎參加 Lightspeed 2023 年第四季度財年電話會議。今天與我一起出席的還有 Lightspeed 首席執行官 JP Chauvet；以及我們的首席財務官阿莎·巴克沙尼 (Asha Bakshani)。準備好發言後，我們將開放供您提問。

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 to 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 earlier today.

我們將在今天的電話會議上做出前瞻性聲明，這些聲明存在風險和不確定性，可能導致實際結果與預測產生重大差異。這些陳述中所含的結論、預測和預測應用了某些重要因素和假設。除法律要求外，我們不承擔更新這些聲明的義務。您應該仔細審查今天早些時候我們的收益新聞稿中的這些因素、假設、風險和不確定性。

Our fourth 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 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.

我們的 2023 年第四季度業績演示可在我們的網站以及我們向美國和加拿大證券監管機構提交的文件中找到。此外，我們今天的評論將包括調整後的財務指標，即非國際財務報告準則指標和比率。這些應被視為國際財務報告準則財務措施的補充而不是替代。兩者之間的調節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。

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.

最後，請注意，由於我們以美元報告，因此今天討論的所有金額均以美元為單位，除非另有說明。現在，我將把電話轉給 JP。

Thank you, Gus, and welcome, everyone. Thanks for joining us this morning. Overall, I was very happy with our results this quarter. Revenue grew in line with our outlook. We achieved an organic revenue growth rate of 26%. Our GPE volumes were up by 70% year-over-year and our adjusted EBITDA loss of $4.3 million came in significantly better than expected.

謝謝格斯，歡迎大家。感謝您今天早上加入我們。總的來說，我對本季度的業績非常滿意。收入增長符合我們的預期。我們實現了 26% 的有機收入增長率。我們的 GPE 銷量同比增長 70%，調整後 EBITDA 損失為 430 萬美元，明顯好於預期。

As we enter fiscal '24, let me walk you through how we see this year unfolding. Since we went public on the Toronto Stock Exchange in 2019, we have been laser focused on becoming the go-to platform for sophisticated retailers and restauranteurs around the world. Delivering on the strategy meant building our Payments platform from ground up, it meant making key strategic acquisitions, it meant honing on our sales and marketing organization to better target higher GTV customers.

在我們進入 24 財年之際，讓我向您介紹我們如何看待今年的發展。自 2019 年在多倫多證券交易所上市以來，我們一直致力於成為世界各地成熟零售商和餐館的首選平台。實施該戰略意味著從頭開始構建我們的支付平台，意味著進行關鍵的戰略收購，意味著磨練我們的銷售和營銷組織，以更好地瞄準更高 GTV 的客戶。

And earlier this year, it meant reorganizing how we operate to become a more nimble and streamlined company. I would say that we have spent the last 4 years establishing the foundations of this formidable company.

今年早些時候，這意味著重組我們的運營方式，成為一家更加靈活和精簡的公司。我想說的是，我們在過去 4 年里為這家強大的公司奠定了基礎。

And now fiscal '24 will be our year of execution. As we look to better align ourselves to the rule of 40 metrics, this fiscal year Lightspeed expects two; one, reap the benefits of having our One Lightspeed flagship product in market. We expect this to show up as an increased platform adoption among high GTV merchants, higher ARPU and more efficient and rapid product innovation; two, accelerate revenue growth from financial services, including both Lightspeed Payments and Lightspeed Capital; three, continue building products that solve our customers' problems and help grow their businesses, particularly with our supplier network; and four, accomplish our goal of becoming adjusted EBITDA breakeven or better for the full fiscal year.

現在，24 財年將是我們的執行年。當我們希望更好地遵守 40 個指標的規則時，Lightspeed 本財年預計有兩個指標：第一，從我們的 One Lightspeed 旗艦產品上市中獲益。我們預計這將表現為高 GTV 商家的平台採用率增加、ARPU 更高以及產品創新更加高效和快速；二是加速金融服務收入增長，包括光速支付和光速資本；第三，繼續開發能夠解決客戶問題並幫助他們發展業務的產品，特別是通過我們的供應商網絡；第四，實現整個財年調整後 EBITDA 盈虧平衡或更好的目標。

In terms of One Lightspeed, I'm really happy to report that we have achieved our goal of going to market with our 2 flagship products, Lightspeed Retail and Lightspeed Restaurants by the end of fiscal '23. In fact, at the end of Q4, 70%of new customer locations were on these flagship platforms. And with very few exceptions, our entire go-to-market team is now exclusively selling these 2 products.

就 One Lightspeed 而言，我非常高興地向大家報告，我們已經實現了在 23 財年末將兩款旗艦產品 Lightspeed Retail 和 Lightspeed Restaurant 推向市場的目標。事實上，到第四季度末，70% 的新客戶地點都在這些旗艦平台上。除了極少數例外，我們整個市場營銷團隊現在專門銷售這兩種產品。

These industry-leading platforms are the best we've ever shipped and offer our merchants unique features that help simplify and scale their businesses. We've seen their added value reflected directly in our customer wins this quarter. A few examples. In retail, we are pleased to welcome Easter National, an entity that operates 127 locations across America's national parks.

這些行業領先的平台是我們迄今為止推出的最好的平台，為我們的商家提供了獨特的功能，有助於簡化和擴展他們的業務。我們已經看到他們的附加值直接反映在我們本季度贏得的客戶中。舉幾個例子。在零售業，我們很高興迎來 Easter National，該實體在美國國家公園經營著 127 個零售店。

We're also thrilled to call Apricot Lane, one of our own. With 150 locations is California-based women's fashion franchise will be using our flagship offering with Payments in 12 of their locations with plans to roll out across the entire network.

我們也很高興致電我們自己的 Apricot Lane 之一。總部位於加州的女性時尚特許經營店擁有 150 個門店，將在其中 12 個門店使用我們的旗艦支付產品，併計劃在整個網絡中推廣。

I'm super excited to announce a 4-year contract extension with Saks Fifth Avenue for our B2B platform, which Saks uses to automate their ordering and curating activities. In the world of hospitality, we were honored to sign 2 locations from Joel Robuchon Group, one in Morocco and one in their newest concepts in Monaco. The Joel Robuchon Group maintains more Mission Star restaurants than any other organization in the world.

我非常高興地宣布與 Saks Fifth Avenue 就我們的 B2B 平台續簽 4 年合同，Saks 使用該平台實現訂購和策劃活動的自動化。在酒店業領域，我們很榮幸與 Joel Robuchon 集團簽約 2 個地點，其中一處位於摩洛哥，另一處位於摩納哥，採用最新概念。 Joel Robuchon 集團擁有的 Mission Star 餐廳比世界上任何其他組織都多。

We also welcomed Rosie O'Grady's, one of the busiest restaurants in New York Times Square and Locanda Locatelli, a Michelin Star restaurant, located in a 5-star Churchill Hotel in London. Both of these customers adopted Lightspeed Restaurants with Payments.

我們還迎來了紐約時代廣場最繁忙的餐廳之一 Rosie O'Grady's 和位於倫敦五星級丘吉爾酒店內的米其林星級餐廳 Locanda Locatelli。這兩個客戶都採用了 Lightspeed Restaurants with Payments。

We're also thrilled that Sandals' all-inclusive Caribbean resort in Jamaica, St Lucia and the Bahamas, joined the Lightspeed family. The road to One Lightspeed was challenging but rewarding. Now that we're focused on 2 platforms instead of 9, Lightspeed is able to dedicate efforts to achieving more rapid innovation and more focused go-to-market output which gives me confidence that we'll continue to grow our high GTV customer base.

我們還很高興 Sandals 在牙買加、聖盧西亞和巴哈馬群島的全包式加勒比度假村加入了 Lightspeed 大家庭。通往 One Lightspeed 的道路充滿挑戰，但也頗有收穫。現在我們專注於 2 個平台而不是 9 個平台，Lightspeed 能夠致力於實現更快速的創新和更集中的上市輸出，這讓我相信我們將繼續擴大我們的高 GTV 客戶群。

Speaking of which, this quarter alone, we delivered several key product features. We enabled self-serve capital advances in our flagship products and expanded the offering to several new geographies, including the U.K. and New Zealand.

說到這裡，僅本季度，我們就交付了幾個關鍵產品功能。我們在旗艦產品中實現了自助資本墊款，並將產品範圍擴大到了幾個新的地區，包括英國和新西蘭。

In hospitality, we brought even more value to our U.S. customers with new features such as tip management and enhanced APIs but I'm most excited about the launch of Tap to Pay on iPhone. This removes the need for expensive payment terminals and allows restaurants to serve their customers better and turn tables faster. Our customers are thrilled with these features, which we believe is unmatched by our competition.

在酒店業，我們通過小費管理和增強的 API 等新功能為美國客戶帶來了更多價值，但我最興奮的是在 iPhone 上推出 Tap to Pay。這消除了對昂貴支付終端的需求，使餐廳能夠更好地為顧客服務並更快地轉盤。我們的客戶對這些功能感到非常興奮，我們相信這是我們的競爭對手無法比擬的。

In retail, we went up market with new features that facilitate repairs and installations, make it easier than ever for merchants to streamline their business. With our service modules, retailers can now create, schedule, track and self-services offering within the Lightspeed Retail. And we continue to roll out our Payments to all paid e-commerce stand-alone customers in the U.S. with plans to expand into Canada in Q2.

在零售業，我們向市場推出了便於維修和安裝的新功能，使商家比以往任何時候都更容易簡化業務。借助我們的服務模塊，零售商現在可以在 Lightspeed Retail 中創建、安排、跟踪和自助服務產品。我們繼續向美國所有付費電子商務獨立客戶推出支付服務，併計劃在第二季度擴展到加拿大。

Moving on to our financial services. It's been 4 years since we launched our initial Lightspeed Payments offering for retail customers in the U.S. And in that time, we've evolved into an exceptional global Payments platform now available across 3 continents. Today, we've reached a point where if we want to provide our customers the best possible experience to scale their businesses, it is important for us to think about Payments and POS platform as one unified product.

繼續我們的金融服務。自從我們為美國零售客戶推出最初的 Lightspeed Payments 產品以來，已經過去 4 年了。在這段時間裡，我們已經發展成為一個卓越的全球支付平台，現已覆蓋三大洲。如今，我們已經達到這樣一個階段：如果我們想要為客戶提供最佳體驗以擴展其業務，那麼將支付和 POS 平台視為一個統一的產品對我們來說非常重要。

We have heard from our merchants that they have seen noticeable uplift in their business operations when they use our entire suite of tools. That's why we launched Unified Payments and POS earlier this month.

我們從商家那裡得知，當他們使用我們的整套工具時，他們的業務運營得到了顯著的提升。這就是我們本月早些時候推出統一支付和 POS 的原因。

Moving forward, both new and existing customers will be asked to sign up for one cohesive and comprehensive product offering where Lightspeed Payment is embedded directly into their POS. For new customers globally, this change is immediate. For existing customers, this change will roll out gradually starting with our retail customers in North America, then expanding to hospitality and across all regions globally throughout the year.

展望未來，新客戶和現有客戶都將被要求註冊一項有凝聚力的綜合產品，其中 Lightspeed Payment 直接嵌入到他們的 POS 中。對於全球新客戶來說，這一變化是立竿見影的。對於現有客戶，這一變化將從北美的零售客戶開始逐步推出，然後擴展到酒店業以及全年全球所有地區。

We've spent considerable time understanding how best to streamline the onboarding process and have made it as easy and compelling as possible by offering free hardware, free installation, competitive rates and contract buyouts where necessary.

我們花費了大量時間來了解如何最好地簡化入職流程，並通過提供免費硬件、免費安裝、有競爭力的價格和必要時的合同買斷，使其盡可能簡單和引人注目。

In North America, Lightspeed Payments delivers lower rates than competing solutions, the vast majority of the time, giving me confidence that we can save our customers' money. But we also want to deliver a better service. One example of this is the fact that Lightspeed will now offer North American customers cash deposits within 1 business day, in contrast to some competitors typically taking twice as long.

在北美，絕大多數時候，Lightspeed Payments 提供的費率低於競爭解決方案，這讓我相信我們可以為客戶節省資金。但我們也希望提供更好的服務。其中一個例子是，Lightspeed 現在將在 1 個工作日內為北美客戶提供現金存款，而某些競爭對手通常需要兩倍的時間。

Merchants who currently use our embedded Payments in POS platforms have shown us the value we have added to their business. It saves them time and money, eliminates the need to reconcile separate systems, improves accuracy, reduces manual tasks and gives them far better debtor insights into their business. It's clear to us that trying to use a modern software platform with legacy payment systems and outdated terminals hold them back and limits their experience they provide to their own customers.

目前在 POS 平台中使用我們嵌入式支付的商家向我們展示了我們為其業務增加的價值。它節省了他們的時間和金錢，消除了協調單獨系統的需要，提高了準確性，減少了手動任務，並使他們能夠更好地了解債務人的業務。我們很清楚，嘗試使用帶有遺留支付系統和過時終端的現代軟件平台會阻礙他們並限制他們為自己的客戶提供的體驗。

I think it's important to understand how much our customers love Lightspeed Payments. So here's some direct feedback from Silo and Crate one of our restaurant customers in the U.K.

我認為了解我們的客戶對光速支付的喜愛程度非常重要。以下是我們英國餐廳客戶 Silo and Crate 的一些直接反饋。

(presentation)

（推介會）

There is no better endorsement than a happy customer. Asha will take you through the numbers behind this rollout, but first, let me reiterate that with our Unified Payments and POS offering we expect to accelerate our GPV as a percentage of GTV during fiscal '24. This year, we also expect to continue to grow our capital business. Lightspeed Capital is now easier to access and more widely available. Self-serve Capital is embedded directly into our products and has been expanded to more and more countries.

沒有比滿意的客戶更好的認可了。 Asha 將帶您了解此次推出背後的數字，但首先，讓我重申，通過我們的統一支付和 POS 產品，我們預計在 24 財年期間將加速我們的 GPV 佔 GTV 的百分比。今年，我們還期望繼續發展我們的資本業務。光速資本現在更容易獲得併且使用範圍更廣。自助資本直接嵌入到我們的產品中，並已擴展到越來越多的國家。

We also have a sales team dedicated to increasing awareness with our customers. Capital continues to be one of our highest gross margin businesses, even surpassing software and still maintains very low default rates. Many of you have expressed interest in our Lightspeed supplier network strategy, which connects our merchants with brands and consumers. Lightspeed supplier network is our key strategic initiative and represents one of the most significant R&D investments.

我們還有一支銷售團隊，致力於提高客戶的認知度。資本仍然是我們毛利率最高的業務之一，甚至超過了軟件，並且仍然保持著非常低的違約率。許多人對我們的 Lightspeed 供應商網絡戰略表示感興趣，該戰略將我們的商家與品牌和消費者聯繫起來。 Lightspeed 供應商網絡是我們的關鍵戰略舉措，也是最重要的研發投資之一。

Our supplier network will fundamentally revolutionize the retail industry and completely distinguish us from the competition. The ability to search for products, enter orders and automatically upload inventory from POS will save our merchants time and money. These features are currently rolled out to hundreds of customers, and we have received exceptional feedback on our efforts so far.

我們的供應商網絡將從根本上徹底改變零售業，並使我們在競爭中完全脫穎而出。搜索產品、輸入訂單並自動從 POS 上傳庫存的能力將為我們的商家節省時間和金錢。這些功能目前已向數百名客戶推出，到目前為止，我們已經收到了有關我們努力的出色反饋。

Although we will not see any direct financial contributions from Lightspeed supplier network this year, we do expect it will improve our close rates and lower customer acquisition costs. I look forward to keeping you updated on this initiative throughout the year.

儘管今年我們不會看到 Lightspeed 供應商網絡的任何直接財務貢獻，但我們確實預計它將提高我們的成交率並降低客戶獲取成本。我期待著全年向您通報這一舉措的最新情況。

I also believe we have significant opportunity to use AI and machine learning to improve our service offering. To date, AI has helped Lightspeed to reduce costs and better serve our customers. A lot of our customer chat sales are driven by AI. We have the ability to translate customer requests from any language into English and respond in a native language, meaning we can service our European customers from lower-cost regions.

我還相信我們有很大的機會使用人工智能和機器學習來改進我們的服務。迄今為止，人工智能已幫助 Lightspeed 降低成本並更好地服務客戶。我們的許多客戶聊天銷售都是由人工智能驅動的。我們有能力將任何語言的客戶請求翻譯成英語並以母語回复，這意味著我們可以為成本較低地區的歐洲客戶提供服務。

In product development, we are evaluating the use of AI to drive better efficiency in programming and lower costs. In the future, we are experimenting with using AI to help customers in creative ways like generating menus and item descriptions. We have a very large transactional data set, and we plan to use this to help our customers become more successful. We expect to be beneficiaries of AI, and we'll continue to explore how we can use it in other parts of the business to complement the exceptional work our teams are doing.

在產品開發中，我們正在評估人工智能的使用，以提高編程效率並降低成本。未來，我們正在嘗試使用人工智能以創造性的方式幫助客戶，例如生成菜單和商品描述。我們擁有非常大的交易數據集，我們計劃利用它來幫助我們的客戶取得更大的成功。我們希望成為人工智能的受益者，我們將繼續探索如何在業務的其他部分使用它來補充我們團隊正在做的出色工作。

In terms of profitability, last year, we committed to being adjusted EBITDA breakeven or better in our fiscal '24. I cannot stress this enough. Lightspeed will meet this goal in fiscal 2024. As I said earlier this year, it's about execution. And we intend to place this company in a position that highlights the sheer potential of our business model while still investing in our growth opportunities. I will now turn the call over to Asha to take us through the quarterly results and provide outlook.

在盈利能力方面，去年我們承諾在 24 財年實現調整後的 EBITDA 盈虧平衡或更好。我怎麼強調都不為過。 Lightspeed 將在 2024 財年實現這一目標。正如我今年早些時候所說，這與執行有關。我們打算讓這家公司凸顯我們商業模式的巨大潛力，同時仍然投資於我們的增長機會。我現在將把電話轉給阿莎，讓他向我們介紹季度業績並提供前景展望。

Thanks, JP I'm pleased to announce that Lightspeed was able to deliver revenue in line with our previously established outlook and an adjusted EBITDA loss better than expected. I'm going to provide a recap of the quarter, discuss the expected financial impact of our Unified Payments and POS launch and then provide an outlook for the upcoming quarter and full year.

謝謝，JP，我很高興地宣布，Lightspeed 能夠提供符合我們之前確定的前景的收入，並且調整後的 EBITDA 損失好於預期。我將回顧本季度，討論我們推出統一支付和 POS 的預期財務影響，然後提供對下一季度和全年的展望。

Given there were no acquisitions in this quarter or the prior year comparable, all growth numbers I will quote are organic. In the interest of time, I will focus most of my comments on the quarter versus the full fiscal year. But overall, for fiscal 2023, Lightspeed delivered revenues of $730.5 million, an increase of 33% year-over-year. On a constant currency basis, revenues were $743.4 million, increasing 36% year-over-year.

鑑於本季度或上一年沒有發生收購，我引用的所有增長數字都是有機增長。為了節省時間，我將把大部分評論集中在本季度與整個財年。但總體而言，2023 財年，Lightspeed 實現收入 7.305 億美元，同比增長 33%。按固定匯率計算，收入為 7.434 億美元，同比增長 36%。

Adjusted EBITDA loss came in at $33.9 million. And despite the impact of challenges and uncertainty in the macroeconomic environment, for fiscal 2023, we had an annual net retention rate of approximately 110%.

調整後 EBITDA 損失為 3390 萬美元。儘管受到宏觀經濟環境挑戰和不確定性的影響，2023 財年，我們的年度淨保留率約為 110%。

One of the highlights of our fourth quarter is our progress towards adjusted EBITDA profitability. We saw subscription gross margins improve to multi-quarter highs, transaction-based gross margins stabilize, and we were more disciplined with hardware subsidies. In addition, we began to see the benefits of the recent restructuring and now that we're focused on 2 core products, I expect we will recognize further cost savings, which we can use to invest in accelerating our product innovation.

第四季度的亮點之一是我們在調整後 EBITDA 盈利能力方面取得的進展。我們看到訂閱毛利率提高至多個季度的高位，基於交易的毛利率穩定，並且我們對硬件補貼更加嚴格。此外，我們開始看到最近重組的好處，現在我們專注於兩個核心產品，我預計我們將認識到進一步的成本節省，我們可以利用這些成本來投資加速我們的產品創新。

In the quarter, revenue came in at $184.2 million, an increase of 26% year-over-year and in line with our previously established outlook. On a constant currency basis, revenues increased 27%. Subscription and transaction-based revenues grew by 28% or 30% on a constant currency basis. Subscription revenue increased 8% year-over-year to $76.2 million and 11% on a constant currency basis.

本季度收入為 1.842 億美元，同比增長 26%，符合我們之前製定的預期。按固定匯率計算，收入增長了 27%。按固定匯率計算，訂閱和交易收入增長了 28% 或 30%。訂閱收入同比增長 8% 至 7,620 萬美元，按固定匯率計算增長 11%。

Gross margins on subscription revenue increased to 75%, the highest in over 2 years, thanks to a dedicated effort to consolidate cloud vendors and improve overall efficiency. Transaction-based revenue grew 49% to $99.6 million. In the quarter, we saw gross payment volumes increase 70% year-over-year to $3.8 billion as a greater portion of our GTV went through our Lightspeed Payments platform.

得益於整合雲供應商和提高整體效率的努力，訂閱收入的毛利率增長至 75%，為兩年多來的最高水平。基於交易的收入增長了 49%，達到 9960 萬美元。本季度，我們的總支付額同比增長 70%，達到 38 億美元，因為我們的 GTV 中有很大一部分是通過我們的 Lightspeed Payments 平台進行的。

Expanding our Payments offering to more locations and industries helped offset the weakness we saw in certain retail verticals. Because of the growing number of customers on payment, coupled with a strong quarter in hospitality, we saw healthy growth in Payments revenue.

將我們的支付服務擴展到更多地點和行業有助於抵消我們在某些​​零售垂直領域看到的弱點。由於支付客戶數量不斷增加，加上酒店業季度表現強勁，我們看到支付收入健康增長。

In Q4, gross payments volume as a percent of GTV came in at 19% versus 13% in March of fiscal 2022.

第四季度，支付總額佔 GTV 的百分比為 19%，而 2022 財年 3 月為 13%。

Gross margin for transaction-based revenue came in at 33%, flat to the previous quarter and down only slightly year-over-year. Lightspeed Capital had its strongest quarter yet with revenue growth of over 200% versus our fourth quarter of last year. Total adjusted gross margin, which excludes the impact of share-based compensation, came in at 48%, a slight increase from the previous quarter and roughly flat to last year.

基於交易的收入毛利率為 33%，與上一季度持平，同比僅略有下降。光速資本迎來了迄今為止最強勁的季度，與去年第四季度相比，收入增長超過 200%。調整後毛利率總額（不包括股權激勵的影響）為 48%，比上一季度略有增長，與去年基本持平。

Adjusted gross profit dollars came in at $87.8 million, an increase of 22% year-over-year. Despite the growing proportion of Payments revenue, Lightspeed was able to maintain its gross margin given improving subscription margin and significant growth in capital, which carries gross margins of over 90%.

調整後毛利潤為 8780 萬美元，同比增長 22%。儘管支付收入佔比不斷增加，但由於認購利潤率提高和資本顯著增長，光速仍能維持毛利率，毛利率超過90%。

Adjusted EBITDA in the quarter came in at a loss of $4.3 million. This has much improved from a loss of $19.7 million in the same quarter last year. This improvement is the result of our continued focus on prudent spend across our organization, including the efficiencies we identified and implemented through actions like our reorganization done in our fourth quarter.

本季度調整後 EBITDA 虧損 430 萬美元。這比去年同季度 1970 萬美元的虧損有了很大改善。這一改進是我們持續關注整個組織審慎支出的結果，包括我們通過第四季度進行的重組等行動確定和實施的效率。

We had an adjusted loss of $0.4 million versus a loss of $22.9 million last year. Thanks largely to the improvement in the items driving our adjusted EBITDA loss performance and growing interest income in the quarter, which increased by approximately $8 million from a year ago.

我們的調整後虧損為 40 萬美元，而去年虧損為 2,290 萬美元。這主要歸功於推動調整後 EBITDA 虧損業績的項目的改善以及本季度利息收入的增長，較上年同期增加了約 800 萬美元。

Excluding the impact of equity acceleration included in restructuring, share-based compensation came in at $16 million, down substantially year-over-year from $41.6 million, coming in at approximately 9% as a percentage of revenue, down from 28% in the same quarter last year and down from 18% in our previous quarter.

剔除重組中股權加速的影響，股權薪酬為 1600 萬美元，較去年同期的 4160 萬美元大幅下降，佔收入的比例約為 9%，較去年同期的 28% 有所下降。去年第四季度的增長率比上一季度的 18% 有所下降。

Although we expect our share-based compensation to be higher on a quarterly basis than it was in our fourth quarter, we expect our annual share-based compensation to decline over time from historical level.

儘管我們預計我們的季度股權薪酬將高於第四季度，但我們預計我們的年度股權薪酬將隨著時間的推移從歷史水平下降。

GTV in the quarter came in at $20.2 billion, up 10% year-over-year and 13% on a constant currency basis. Omnichannel GTV was up 3% whereas hospitality grew by 20%. We continue to see some of our verticals within retail, face challenging conditions as consumers continue to prioritize experiences.

本季度 GTV 收入為 202 億美元，同比增長 10%，按固定匯率計算增長 13%。全渠道 GTV 增長了 3%，而酒店業增長了 20%。隨著消費者繼續優先考慮體驗，我們繼續看到零售業的一些垂直行業面臨著挑戰​​。

Hospitality GTV remains strong as consumers continue to dine out and travel. This quarter, we also continued to grow our complex customers with higher GTV tiers. For example, customer locations with over $500,000 in annual GTV grew by 13% in the quarter, whereas those with under $200,000 in annual GTV, fell by 6%. Again, in this quarter, the fastest-growing cohort was locations with over $1 million in annual GTV, which grew 16% year-over-year.

隨著消費者繼續外出就餐和旅行，酒店業 GTV 依然強勁。本季度，我們還通過更高的 GTV 等級繼續擴大復雜客戶的規模。例如，年度 GTV 超過 50 萬美元的客戶地點在本季度增長了 13%，而年度 GTV 低於 20 萬美元的客戶地點則下降了 6%。同樣，本季度增長最快的群體是年度 GTV 超過 100 萬美元的地區，同比增長 16%。

Overall customer locations increased by 1,000 from last quarter. As we focus on more complex, higher GTV merchants, we expect the under 200,000 cohort to continue to decline. As a reminder, this cohort of customers represents only 5% of our overall GTV.

總體客戶位置比上季度增加了 1,000 個。隨著我們關注更複雜、GTV 更高的商戶，我們預計 20 萬以下的群體將繼續下降。提醒一下，這群客戶僅占我們整體 GTV 的 5%。

The annual net retention rate I outlined earlier is testament to the fact that we are successfully monetizing more GTV from our existing customer base. As you've heard from us before, our focus remains on adding the right customers and monetizing GTV, not on maximizing our total location count.

我之前概述的年度淨保留率證明了我們正在成功地從現有客戶群中實現更多 GTV 貨幣化。正如您之前從我們那裡聽到的，我們的重點仍然是增加合適的客戶和通過 GTV 貨幣化，而不是最大化我們的總位置數量。

As a result, we will only be disclosing location count on an annual basis. Churn rates in the quarter remained consistent with last quarter despite challenging macroeconomic conditions. And similar to last quarter, the vast majority of our overall customer churn is in the under $200,000 cohort.

因此，我們只會每年披露地點數量。儘管宏觀經濟條件充滿挑戰，但本季度的客戶流失率仍與上季度保持一致。與上季度類似，我們整體客戶流失的絕大多數都在 20 萬美元以下的群體中。

In terms of our balance sheet, Lightspeed closed the quarter with just over $800 million in cash and cash equivalents, down from approximately $838 million in the previous quarter. The most significant use of cash was the reorganization we announced early in the quarter, which led to approximately $18 million in cash charges along with the increase in our merchant cash advances by approximately $13 million.

就我們的資產負債表而言，Lightspeed 本季度末的現金和現金等價物略高於 8 億美元，低於上一季度的約 8.38 億美元。最重要的現金使用是我們在本季度初宣布的重組，這導致了約 1800 萬美元的現金費用，同時我們的商戶預支現金增加了約 1300 萬美元。

Turning now to our Unified Payments and POS efforts. Before I get into the details, let me share some general comments. As JP mentioned, we are confident that combining our products into one powerful suite of tools will save our customers time and money and provide a superior service. Although we are forecasting a short-term increase in churn as a result of this initiative, largely with lower GTV customers, overall, we believe it will have a favorable impact on our financials, particularly in the second half of the year.

現在談談我們的統一支付和 POS 工作。在詳細介紹之前，讓我先分享一些一般性評論。正如 JP 提到的，我們相信將我們的產品整合到一套強大的工具中將為我們的客戶節省時間和金錢，並提供優質的服務。儘管我們預計這一舉措會導致短期客戶流失率增加（主要是 GTV 客戶數量較低），但總體而言，我們相信這將對我們的財務狀況產生有利影響，特別是在今年下半年。

Put simply, embedding Payments to a customer's POS system doubles the lifetime value of that customer at almost the same cost of acquisition. Second, on the cost of this initiative, there will be some accelerated spending on items such as contract buyouts, hardware and implementation support as we help make this change as smooth as possible for our customers. We will pay for existing contracts where it is reasonable to do so.

簡而言之，將支付嵌入到客戶的 POS 系統中可以使該客戶的終生價值翻倍，而獲取成本幾乎相同。其次，就這一舉措的成本而言，我們將在合同買斷、硬件和實施支持等項目上加速支出，因為我們幫助客戶盡可能順利地進行這一變革。在合理的情況下，我們將支付現有合同的費用。

Payment terminals will be provided at no cost to our customers, and we will be sending people into the field to help our merchants get up and running on Lightspeed Payments. These upfront costs have a payback of a few months once a customer is transactional which justifies the investment on our part.

我們將免費向我們的客戶提供支付終端，我們將派人員到現場幫助我們的商家啟動並運行 Lightspeed Payments。一旦客戶進行交易，這些前期成本就會在幾個月內得到回報，這證明了我們的投資是合理的。

Finally, on timing. As of May 1, 2023, all new eligible customers are required to sign up for Payments with their subscription service, significantly improving unit economics for new customers going forward. For existing customers, this initiative has already launched in retail in North America. Next month, we plan to roll it out to our hospitality customers in the region as well. We then plan to further roll out this initiative to the U.K. and Australia and then on to the rest of EMEA.

最後，關於時機。自 2023 年 5 月 1 日起，所有符合條件的新客戶都必須通過其訂閱服務註冊付款，從而顯著提高新客戶未來的單位經濟效益。對於現有客戶，該舉措已在北美零售業推出。下個月，我們還計劃向該地區的酒店客戶推出該服務。然後，我們計劃進一步將這一舉措推廣到英國和澳大利亞，然後推廣到歐洲、中東和非洲其他地區。

Now on to outlook. With unified POS and Payment, we are making the right investment and strategic decisions to drive durable long-term and profitable growth, positioning us to accelerate towards the rule of 40 financial metric as we exit this fiscal year.

現在談談展望。借助統一的 POS 和支付，我們正在做出正確的投資和戰略決策，以推動持久的長期盈利增長，使我們能夠在本財年退出時加速實現 40 財務指標規則。

In the first half of the year, however, we will be impacted by the launch cost associated to our Unified Payments offering, which we estimate will total approximately $12 million for the year, $7 million of which is expected to occur in the first half of the year. These launch costs include free hardware, technical support and contract buyouts were necessary to ensure as smooth a transition as possible for our customers.

然而，在今年上半年，我們將受到與統一支付產品相關的啟動成本的影響，我們估計今年的總成本約為 1200 萬美元，其中 700 萬美元預計將發生在今年上半年。那一年。這些啟動成本包括免費硬件、技術支持和合同買斷，這是確保我們的客戶盡可能順利過渡所必需的。

In light of this, our account management teams that are usually upselling our customer base will be focused on successfully onboarding customers to Unified Payment, and we do expect some customer disruption as we roll through this, particularly amongst our lower GTV customers, all of which may negatively impact revenue growth in the first half of the year but accelerate revenue growth in the back half of the year.

有鑑於此，我們的客戶管理團隊通常會向我們的客戶群進行追加銷售，他們將專注於成功地讓客戶加入統一支付，我們確實預計在我們實施這一過程時會出現一些客戶中斷，特別是在我們較低的 GTV 客戶中，所有這些可能會對上半年的收入增長產生負面影響，但會加速下半年的收入增長。

Taking all of these factors into consideration, we are approaching our outlook with a heightened level of caution. For the full year of fiscal 2024, we expect total revenues of between $875 million and $900 million with breakeven adjusted EBITDA. Because of the launch costs associated with unified POS and Payments I referred to earlier, we expect adjusted EBITDA performance in the second half of the year to be significantly better than the first half.

考慮到所有這些因素，我們對前景持高度謹慎的態度。對於 2024 財年全年，我們預計總收入在 8.75 億美元至 9 億美元之間，且經盈虧平衡調整後的 EBITDA。由於我之前提到的與統一 POS 和支付相關的啟動成本，我們預計下半年調整後的 EBITDA 業績將明顯好於上半年。

For the first quarter of fiscal 2024, we expect revenues between $195 million to $200 million. We saw weakness in many of our retail verticals in Q4, and as such, we're being cautious on our GTV forecast. We expect an adjusted EBITDA loss of approximately $10 million. This expected adjusted EBITDA loss includes the first quarter impact of the launch costs on Unified Payments as well as approximately $4 million of costs associated with our in-person Sales and Customer Summit, which takes place in June each year. With that, I will pass the call back to JP.

2024 財年第一季度，我們預計收入在 1.95 億美元至 2 億美元之間。我們在第四季度看到許多零售垂直行業的疲軟，因此，我們對 GTV 預測持謹慎態度。我們預計調整後的 EBITDA 損失約為 1000 萬美元。這一預期的調整後 EBITDA 損失包括第一季度統一支付啟動成本的影響以及與每年 6 月舉行的現場銷售和客戶峰會相關的約 400 萬美元的成本。這樣，我會將電話轉回給 JP。

Thanks, Asha. As I said, 2024 will be a year of execution for Lightspeed. I expect to exit the year with strong momentum. We will accelerate Payments penetration, we will win more complex high GTV customers, and we will innovate like never before. We are very excited for our Unified Payments and POS initiative and our 2 flagship platforms; Lightspeed Retail and Lightspeed Restaurant. With that, I will turn it over to the operator to take your questions.

謝謝，阿莎。正如我所說，2024年將是光速的執行年。我預計今年將以強勁的勢頭結束。我們將加速支付滲透，我們將贏得更複雜的高 GTV 客戶，我們將進行前所未有的創新。我們對我們的統一支付和 POS 計劃以及我們的 2 個旗艦平台感到非常興奮；光速零售店和光速餐廳。這樣，我將把它交給接線員來回答您的問題。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Daniel Chan of TD Cowen.

你的第一個問題來自 TD Cowen 的 Daniel Chan。

You mentioned that you expect some churn in your larger customers as you roll out the Unified Payment strategy. Can you just talk about what you saw with your North American retail customers as you roll this out? Where did they go? And what was the feedback that they provided to you on why they were leaving the POS system as you rolled out those payments -- Unified Payment solution?

您提到，在推出統一支付策略時，預計大客戶會出現一些流失。您能否談談在推出此產品時您在北美零售客戶中看到的情況？他們去哪兒了？當您推出這些支付（統一支付解決方案）時，他們向您提供的關於為什麼離開 POS 系統的反饋是什麼？

Yes. So maybe just to clarify, we expect lower churn in the higher GTV. So we expect that the initiative will churn actually to lower customers and not the larger ones. So just being clear there.

是的。因此，也許只是為了澄清一下，我們預計 GTV 越高，客戶流失率就越低。因此，我們預計該舉措實際上會流失到較低的客戶，而不是較大的客戶。所以只是在那裡說清楚。

For me, there's 2 big blocks to the Unified Payment strategy. The first one is on new business. So when you look at the new business customers, we -- every customer now everywhere in the world where we have payments cannot buy Lightspeed without Lightspeed Payments. And for now, we've seen actually no close -- no change in the close rates. And we've seen, of course, higher ARPU because customers are all buying payments. So I think there, we're very confident and feeling good about good about the strategy.

對我來說，統一支付策略有兩大障礙。第一個是新業務。因此，當你看看新的商業客戶時，我們——現在世界各地有付款方式的每個客戶都無法在沒有 Lightspeed Payments 的情況下購買 Lightspeed。目前，我們實際上沒有看到收盤價——收盤價沒有變化。當然，我們已經看到了更高的 ARPU，因為客戶都在購買付款。所以我認為我們對此戰略非常有信心並且感覺良好。

And then the second fold to this are existing customers and existing customers for now we're launching in the U.S. on retail. And as we get to the end of the fiscal year, we'll be launching everywhere in the world. And on that front, I mean, it's very much in line with what our beliefs were.

第二個方面是現有客戶和現有客戶，目前我們正在美國推出零售業務。當我們到本財年結束時，我們將在世界各地推出。我的意思是，在這方面，它非常符合我們的信念。

We do not believe that people are going to change their point of sale and core business platform for the Payment terminal. And actually, we have strong belief that on the other side of this journey, we're getting extremely good feedback from customers who are using the payment Platform. And what we're getting from them is, of course, Unified reporting makes their lives much easier, less errors because the customers have an integrated payment platform, better customer experience because these are not -- I mean, old terminals, we're giving them state-of-the-art brand-new terminals.

我們不相信人們會改變支付終端的銷售點和核心業務平台。事實上，我們堅信，在這段旅程的另一邊，我們從使用支付平台的客戶那裡得到了非常好的反饋。當然，我們從他們那裡得到的是，統一報告使他們的生活變得更加輕鬆，錯誤更少，因為客戶擁有集成的支付平台，更好的客戶體驗，因為這些不是 - 我的意思是，舊終端，我們是為他們提供最先進的全新終端。

And maybe the last thing I want to add on this is we're making it as easy as possible for them. So we're giving them free terminals, we're buying out their contracts, we're sending people on site to help them install. And of course, we'll be -- and I think we shared the statistic before, but in the majority of the cases, I think it's 70% of the cases, we always have lower rates than the rest of the market. So it should be a full net positive for our customers. And that's why we're deciding to do it now. We think it's going to be a really good initiative.

也許我想補充的最後一件事是我們要讓他們盡可能簡單。因此，我們為他們提供免費終端，我們買斷他們的合同，我們派人到現場幫助他們安裝。當然，我們會——我想我們之前分享過統計數據，但在大多數情況下，我認為是 70% 的情況下，我們的利率總是低於市場其他公司。因此，這對我們的客戶來說應該是完全積極的。這就是我們現在決定這樣做的原因。我們認為這將是一個非常好的舉措。

I noticed that your Lightspeed capital deployment has increased significantly. How do you plan on scaling that business as payments adoption is expected to accelerate following this Unified Payments initiatives?

我注意到你們的 Lightspeed 資本部署顯著增加。隨著統一支付計劃的實施，預計支付的採用將會加速，您打算如何擴展該業務？

Yes, I'll take that, Daniel. So the majority of our customers that we offer capital to are actually Lightspeed payments customers. And as we mentioned in the prepared remarks, we have now self-serve on capital in several of our regions.

是的，我會接受的，丹尼爾。因此，我們提供資金的大多數客戶實際上都是 Lightspeed 支付客戶。正如我們在準備好的發言中提到的，我們現在在幾個地區實現了資本自助服務。

And so what that means is as more and more customers come on to Lightspeed Payments, we've already underwritten those customers. So as a result, those customers will be offered capital. We have algorithms that determine the amount of merchant cash that we advance to each merchant that they're eligible for. So we definitely expect that business to continue to scale as we get more and more customers on to Lightspeed Payments because then they by default become eligible for Lightspeed Capital.

這意味著隨著越來越多的客戶使用 Lightspeed Payments，我們已經為這些客戶提供了承保。因此，這些客戶將獲得資金。我們有算法來確定我們向每個有資格獲得的商家預付的商家現金金額。因此，我們肯定希望隨著越來越多的客戶使用 Lightspeed Payments，業務將繼續擴大，因為這樣他們默認就有資格獲得 Lightspeed Capital 的資格。

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

您的下一個問題來自 Truist 證券公司的安德魯·杰弗裡 (Andrew Jeffrey)。

I guess on the unified payments, just so I understand, is this -- can you just detail how it sort of changes from what you've been doing to date with payments that's gotten the payment attach up to 19%. Are there pricing changes that are part of this? Does this look like other competitors in the market? I just kind of want to understand some of the nuance behind this shift? And then I've got a follow-up.

我猜想關於統一付款，據我所知，是這樣的——您能否詳細說明一下，與您迄今為止所做的付款相比，它有何變化，付款附加率高達 19%。其中是否有價格變化？這看起來像市場上的其他競爭對手嗎？我只是想了解這種轉變背後的一些細微差別？然後我有一個後續行動。

Yes. So look, until now, payments was not mandatory. I think that's the best way to say it. So we were in a way kind of more with the Carat and kind of Switzerland. So we would go to see the customers and say, "Hey, if you want there is Lightspeed Payments. And so it was not mandatory for new customers, and it was not mandatory for existing.

是的。所以看，到目前為止，付款並不是強制性的。我認為這是最好的表達方式。所以我們在某種程度上更喜歡克拉和瑞士。因此，我們會去見客戶並說：“嘿，如果您想要的話，可以使用光速支付。因此，這對於新客戶來說不是強制性的，對於現有客戶來說也不是強制性的。

So here, what we've done is we've spent the last 3 years really developing one service that could work everywhere in the world. And as you know, we have one payment service that works all across Europe, that works in Asia and in the U.S. on hospitality and retail. And so we didn't want to be too aggressive because we wanted to reach scale and ensure that all of our customers were happy, ensure that we know -- we knew sorry, how to onboard customers. And so we're very happy with the results there.

因此，我們所做的是在過去三年裡真正開發了一項可以在世界各地使用的服務。如您所知，我們擁有一項適用於整個歐洲、亞洲和美國的酒店和零售業的支付服務。因此，我們不想過於激進，因為我們希望達到規模並確保所有客戶都滿意，確保我們知道 - 抱歉，我們知道如何吸引客戶。所以我們對那裡的結果非常滿意。

We've reached scale everywhere in the world now in terms of Lightspeed Payments, and we're getting close to 20% penetration as we end the quarter, not 19% but 20%. And so here, for us, we felt it's the right time to do this because we know -- I mean, I think we have our process internally that work and we also know that there is a lot of value.

就光速支付而言，我們現在已經在世界各地達到了規模，到本季度末我們的滲透率接近 20%，不是 19%，而是 20%。因此，對於我們來說，我們覺得現在是這樣做的正確時機，因為我們知道——我的意思是，我認為我們的內部流程是有效的，而且我們也知道這有很多價值。

And frankly, I think that's the most exciting part for the market and our customers is when they use Lightspeed Payments, they save time, they have a much better experience with our customers. And when you look at the market today with cost of labor going up and interest rates and everything, for them, the only way out is doing more with less. And that's why we feel now is the right time to say, well, you know what, we cannot consider any more payments in software as being associated.

坦率地說，我認為這對市場和我們的客戶來說最令人興奮的部分是，當他們使用光速支付時，他們節省了時間，他們與我們的客戶有更好的體驗。當你看看今天的市場，勞動力成本上升，利率上升等等，對他們來說，唯一的出路就是用更少的錢做更多的事。這就是為什麼我們覺得現在是時候說，好吧，你知道嗎，我們不能再考慮將軟件中的任何付款關聯起來。

They are one platform, and it's actually going to simplify our business going forward because every customer now is going to follow the exact same onboarding flow where everybody is on payments. Every new customer and every existing customer is going to move to Lightspeed Payments. And that means we will only develop one version of our software instead of having all these integrations with all these different partners, one version of our software that will provide value to every single one of our customers.

它們是一個平台，它實際上會簡化我們未來的業務，因為現在每個客戶都將遵循完全相同的入職流程，每個人都在付款。每個新客戶和每個現有客戶都將轉向 Lightspeed Payments。這意味著我們只會開發一種版本的軟件，而不是與所有這些不同的合作夥伴進行所有這些集成，我們的軟件的一種版本將為我們的每一位客戶提供價值。

So it becomes an attach rate function primarily is what it sounds like. And then just Asha, when I look at 1Q and the guide, you had a very nice ARPU. The subscription yield was up really nicely in 4Q. Is the implication the GTV on a reported basis could be down in 1Q year-on-year?

所以它變成了一個附著率函數，就像它聽起來的那樣。然後是阿莎，當我查看 1Q 和指南時，您的 ARPU 值非常好。第四季度的訂閱收益率增長非常好。這是否意味著第一季度報告的 GTV 可能同比下降？

Yes. So we're forecasting. We're being very cautious on GTV. As we exit Q4 and start Q1 in the new fiscal year, we are seeing GTV in several of the retail verticals where Lightspeed thrived, continue to be down year-over-year, such as bike and home improvement. So we are being cautious on GTV and that's what you're seeing come through in the Q1 guide.

是的。所以我們正在預測。我們對 GTV 非常謹慎。隨著我們退出第四季度並開始新財年的第一季度，我們看到 Lightspeed 蓬勃發展的幾個零售垂直領域的 GTV 繼續同比下降，例如自行車和家居裝修。因此，我們對 GTV 持謹慎態度，這就是您在第一季度指南中看到的內容。

However, in addition to that, the account management teams inside Lightspeed who typically focus on upselling our base on software is going to be 100% focused in the first couple of quarters on onboarding 5x to 6x the number of customers that we typically onboard on Lightspeed Payments. So there's that, that impacts 1Q as well in the softer revenue growth.

然而，除此之外，Lightspeed 內部的客戶管理團隊通常專注於對我們的軟件基礎進行追加銷售，他們將在前幾個季度 100% 專注於吸引我們通常在 Lightspeed 上吸引的客戶數量的 5 到 6 倍付款。因此，這也會影響第一季度以及收入增長疲軟。

Over the year, though, you see that given the guide for the year, it's evident that we expect very strong revenue acceleration in the back half of the year as the initial launch of Unified Payments is behind us. And in addition, we start seeing the extra volume on those additional customers getting up and running on to Lightspeed Payments.

不過，從今年的情況來看，鑑於今年的指導，很明顯，我們預計今年下半年的收入將出現非常強勁的增長，因為統一支付的首次推出已經過去。此外，我們開始看到這些額外的客戶開始使用 Lightspeed Payments，從而帶來額外的交易量。

Your next question comes from the line of Martin Toner of ATB Capital Markets.

您的下一個問題來自 ATB Capital Markets 的 Martin Toner。

At what pace do you think you can move existing customers over to Unified POS and Payments? And how successful are you being at implementing a third-party processing fee?

您認為可以以什麼速度將現有客戶轉移到統一 POS 和支付？您在實施第三方處理費方面有多成功？

Yes. So I'll take this one. So the plan is very simply put, that we believe we can move the majority of our customers between now and the end of the fiscal year on to Lightspeed Payments. As I said, we're going to start with retail in the U.S., which is our biggest vertical and the biggest concentration of customers and we'll move to hospitality in the U.S., and then we're going to move to Europe and APAC.

是的。所以我就拿這個吧。因此，該計劃非常簡單，我們相信從現在到本財年末，我們可以將大多數客戶轉移到光速支付。正如我所說，我們將從美國的零售業開始，這是我們最大的垂直行業和客戶最集中的地方，我們將轉向美國的酒店業，然後我們將轉向歐洲和亞太地區。

So this is the year for me of -- we take all of our existing customers and we bring them to Lightspeed Payments. We've done a number of initiatives there, and we know what it's going to take to get there. And I think that's why going back to what Asha was saying. Normally, when you sell software, you recognize the revenues immediately.

所以今年對我來說——我們將所有現有客戶帶到 Lightspeed Payments。我們已經在那裡採取了許多舉措，並且我們知道要實現這一目標需要採取哪些措施。我想這就是為什麼要回到阿莎所說的話。通常，當您銷售軟件時，您會立即確認收入。

But we're going to take the majority of our go-to-market people and say, instead of selling software to our customers, we're going to move them to payments. But there is a delay between the moment they say I'm coming to Payments and then we got to get them onboarded, transactional, shipped all the hardware. And so that's why you see a softer kind of guide on revenues in the first half of the year.

但我們將讓大多數市場人員表示，我們將不再向客戶銷售軟件，而是將他們轉向支付領域。但從他們說我要進入支付部門到我們讓他們加入、進行交易、運送所有硬件之間有一段延遲。這就是為什麼你會看到今年上半年的收入指南較為溫和。

But if this works well and according to what we have planned.,, That means we're going to end the year with profitability and high growth. And that's really -- and for me, these are all the sequences we've been putting together for the last few years, and we knew this was the final step of Lightspeed Payments. When we always said that we believe we could get to 50% penetrated, we knew there was a step in there, which is, okay, now we know it's working, we know our customers love it. So now we have to go into, okay, now let's bring the majority of our customers on to the platform.

但如果這一切順利並且按照我們的計劃進行。，，這意味著我們將在今年結束時實現盈利和高增長。這確實是——對我來說，這些都是我們在過去幾年中組合在一起的所有序列，我們知道這是光速支付的最後一步。當我們總是說我們相信我們可以達到 50% 的滲透率時，我們知道其中有一個步驟，那就是，好吧，現在我們知道它正在發揮作用，我們知道我們的客戶喜歡它。所以現在我們必須進入，好吧，現在讓我們將大多數客戶引入該平台。

Can you talk a little bit about the -- a little more about the implementation? Are there limitations to the pace that you guys can move based on people and availability of hardware?

您能多談談實施嗎？根據人員和硬件的可用性，你們的移動速度是否受到限制？

No, I think it's just gradual. It's just -- I mean we have a lot of customers in every country. So I think for us, we want to be cautious again in how we do it. We want to be sure that it's a successful outcome. And so that's why we're starting and we're going to be learning all year long as we continue to deploy.

不，我認為這只是漸進的。只是——我的意思是我們在每個國家都有很多客戶。所以我認為對我們來說，我們要再次謹慎行事。我們希望確保這是一個成功的結果。這就是我們開始的原因，並且隨著我們繼續部署，我們將全年學習。

But for now, just very clearly, the process is, you're going to speak to all of our account managers now are just focused on calling the customers, reaching the customers. And as you know, we're going to be accommodating the rate. So we need to take their current statements. We need to look at the rate that they have. We need to get back to them with what is the real rate versus your legacy systems are always very smoke and mirror when it comes to rate.

但就目前而言，非常清楚的是，流程是，您將與我們所有的客戶經理交談，現在只專注於致電客戶，接觸客戶。如您所知，我們將適應這個價格。所以我們需要接受他們目前的陳述。我們需要看看他們的比率。我們需要向他們反饋實際費率是多少，而您的遺留系統在費率方面總是非常霧裡看花。

So we give them the same rate. We accommodate the same rate. And then from there, we send them to our onboarding teams. From there, the onboarding team needs to ship the hardware. We have planned for all of the hardware, just being very clear, we've been working with our partners there to be sure we have the right volumes.

所以我們給他們同樣的費率。我們提供相同的價格。然後從那裡，我們將它們發送給我們的入職團隊。從那裡開始，入職團隊需要運送硬件。我們已經規劃了所有硬件，非常明確的是，我們一直在與合作夥伴合作，以確保我們擁有合適的數量。

And then when they reach -- when the hardwares are shipped, and this is where it's going to be obviously kind of costing us a lot of money in the first half of the year, is we're then going to be sending people on site who are going to be kind of holding the hand of the customer all the way and are going to be plugging in the terminals, getting in the -- and so then it's as simple as plugging in the terminals, getting the -- putting the right code number, and then the customers are up and running. So it's well-understood repeatable process we've been doing.

然後當他們到達時——當硬件發貨時，這顯然會在今年上半年花費我們很多錢，然後我們會派人到現場嗎？他們將一直握著客戶的手，插入終端，進入——所以就像插入終端，得到——把正確的東西一樣簡單代碼號，然後客戶就可以啟動並運行。所以這是我們一直在做的易於理解的可重複過程。

But now the idea is in the first half of the year, we're going to put as many people as we can at Lightspeed to do what I just described, which is going on site, which is shipping those terminals and holding the hands of the customers because the one thing we know about retailers and restauranteurs, they don't really like change. So we're doing everything we can to make this change as seamless as possible.

但現在的想法是在今年上半年，我們將在 Lightspeed 安排盡可能多的人員來做我剛才描述的事情，即在現場進行，運送這些終端並與顧客，因為我們對零售商和餐館老闆了解的一件事是，他們並不真正喜歡變化。因此，我們正在盡一切努力使這一變化盡可能順利。

We're giving the terminals, we're buying out the contracts we're accommodating the same rates. We're sending people on site because we want the experience to be good because we know that once they use it, they will love it.

我們提供終端，我們買斷合同，我們提供相同的費率。我們派人到現場是因為我們希望獲得良好的體驗，因為我們知道一旦他們使用它，他們就會喜歡它。

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

您的下一個問題來自 BMO 資本市場的 Thanos Moschopoulos。

If you look at your retail versus hospitality mix, as you're shifting towards the higher GTV locations, is there any shift in that dynamic? Are you having more traction on signing up one of those verticals versus the other when we talk about higher locations?

如果您看看零售業與酒店業的組合，當您轉向更高的 GTV 地點時，這種動態是否有任何變化？當我們談論更高的位置時，您是否對簽約其中一個垂直行業更有興趣？

Yes. So Thanos, I think, again, we're seeing what we've seen for the past year. So we're seeing the under 200,000 cohort. We're seeing that shrink actually now about 6% year-over-year, and we're seeing the higher GMV or GTV cohorts grow. And I think that's kind of been happening all year round. But I think the good news here is when you look at the 200,000 cohort that represents 5% of our GMV and represents, I think, 80% of our churn.

是的。所以，我認為滅霸，我們再次看到了過去一年所看到的情況。所以我們看到的是 20 萬以下的人群。我們現在看到這一數字實際上同比下降了 6% 左右，而且 GMV 或 GTV 較高的群體也在增長。我認為這種情況全年都在發生。但我認為，好消息是，當你看看這 200,000 個群體時，他們占我們 GMV 的 5%，並且我認為占我們流失率的 80%。

So we're seeing good adoption from new customers. We're seeing ARPU grow. We announced a few very large retailers and restauranteurs that have been moving to Lightspeed that we acquired in the quarter. And the flip side of that is we're seeing this flow of low GMV customers just churn at a higher rate. And I think even if you look at the macro environment, and we have planned for that.

因此，我們看到新客戶的良好採用。我們看到 ARPU 不斷增長。我們宣布了一些非常大的零售商和餐館已經轉向我們在本季度收購的 Lightspeed。另一方面，我們看到低 GMV 客戶流的流失率更高。我認為即使你看看宏觀環境，我們也已經為此做好了計劃。

I kept saying the whole year, hey, we think that with what's happening in the economy, that cohort is not going to be a good one. And we're seeing heightened churn in that -- in those cohorts. And we're actually seeing really good adoption on the higher cohorts.

一整年我都在說，嘿，我們認為，隨著經濟形勢的發展，這個群體不會是一個好人。我們看到這些群體的流失率在增加。事實上，我們看到較高級別人群的採用率非常高。

The only thing I would add to that, Thanos, is from a vertical perspective, we were made in the 60% retail, 40% hospitality markets despite the move up market. The split by vertical is still 60% retail, 40% hospitality.

滅霸，我唯一要補充的是，從垂直角度來看，我們是在 60% 的零售市場和 40% 的酒店市場中製造的，儘管市場有所提升。按垂直行業劃分，零售業佔 60%，酒店業佔 40%。

And in terms of your approach to outbound sales to date, it's been explicitly in North America, as you launched the payments initiative globally, given some of the handholding you might need to do, might you start deploying direct sales in other geographies as well?

就迄今為止的對外銷售方法而言，當您在全球範圍內啟動支付計劃時，這在北美是明確的，考慮到您可能需要做的一些操作，您是否也可以開始在其他地區部署直接銷售？

Yes. So just -- we are -- you're right. And more and more as we look at the higher GMV merchants, we're doing more and more outbound and not just for existing customers with terminals and everything, but also even to try and attract customers. And we're taking a very hyper geography -- very focused approach in all the different countries and all the different -- so we have teams, as you know, all over the world.

是的。所以只是 - 我們是 - 你是對的。隨著我們越來越多地關注GMV較高的商家，我們正在做越來越多的出站業務，不僅是為了擁有終端和一切的現有客戶，甚至還試圖吸引客戶。我們正在採取一種非常超地理的方式——在所有不同的國家和所有不同的地方採取非常集中的方法——所以如你所知，我們的團隊遍布世界各地。

So that is one of the blends that we're seeing is that we're seeing more and more outbound. And again, I think that's very much in line with the cautiousness that we have. We want to be sure that our unit economics are strong. So we are really focusing on the right customer base. And I think for me, the other data, maybe that I think is interesting is our cohorts are growing at 110% year-over-year.

因此，我們看到的混合之一是我們看到越來越多的出境游。再說一次，我認為這非常符合我們的謹慎態度。我們希望確保我們的單位經濟效益強勁。因此，我們真正關注的是正確的客戶群。我認為對我來說，其他數據可能很有趣，因為我們的群組正以 110% 的速度逐年增長。

And that's because the customers that stay on the platform are buying more and are buying more modules and more from Lightspeed. So that's why we really have to continue on this strategy of focusing on the higher GMV. And you're right, that means a higher blend of outbound versus what we would have historically had in the company.

這是因為留在該平台上的客戶正在購買更多的產品，並從 Lightspeed 購買更多的模塊和更多產品。這就是為什麼我們必須繼續實施專注於更高 GMV 的戰略。你是對的，這意味著與我們公司歷史上的情況相比，出站的融合程度更高。

Your next question comes from the line of Tien-Tsin Huang of JPMorgan.

你的下一個問題來自摩根大通的黃天欽。

I know a lot of hard work went into getting to this point. So -- it feels like JP very big bet, obviously, on the product and fitness and that clients are going to love it. I guess my question is as you go out into the field and you face resistance, whether it's businesses aren't ready to do it now, they're too busy or they're happy with what they have or the price matching from other peers. Is there a plan B?

我知道為了達到這一點付出了很多努力。所以，顯然，JP 在產品和健身方面下了很大的賭注，而且客戶會喜歡它。我想我的問題是，當你進入這個領域時，你會遇到阻力，無論是企業現在還沒有準備好這樣做，他們太忙了，還是他們對自己擁有的東西或其他同行的價格匹配感到滿意。有B計劃嗎？

I'm just curious how much force are you going to put in to effectuate the plan. Because, again, I'm sure you're confident in the product and what not. I'm just curious as a Plan B.

我只是好奇你會投入多少力量來實現這個計劃。因為，我再次確信您對產品充滿信心，但又不自信。作為 B 計劃，我只是好奇。

Yes. So look, we we're going to -- if you do not want to move to Lightspeed, we will be charging a transaction fee. And like all the other companies, actually in our space that are the newer generation. So I think nothing new there. But we really have strong confidence. And we did a few tests before we launched the initiative on cohorts of customers.

是的。所以看，我們將 - 如果您不想轉移到 Lightspeed，我們將收取交易費。和所有其他公司一樣，實際上在我們的領域是新一代的公司。所以我認為這沒什麼新鮮的。但我們確實有很強的信心。在針對客戶群推出該計劃之前，我們做了一些測試。

And what we're seeing is -- I mean -- and that's where we feel strongly is -- first of all, the new platforms we've just launched, and I don't know if you saw, but yesterday, we launched our new hospitality are probably the best products we've ever built.

我們所看到的是——我的意思是——這就是我們強烈感受到的——首先，我們剛剛推出的新平台，我不知道你是否看到了，但昨天，我們推出了我們的新接待服務可能是我們迄今為止打造的最好的產品。

And creating a lot of value and with a very clear understanding of where we bring value to customers. And I think we just have very strong confidence that people are not going to replace the core platform that runs everything in their business for the Payment terminal. We think everybody is going to see this once they've -- and change of the -- I think the most difficult piece is, how do I make change as simple as possible. But once they're on the other side, we're very confident that they're going to like what they see.

創造大量價值，並且非常清楚地了解我們為客戶帶來的價值。我認為我們非常有信心，人們不會取代支付終端運行其業務中所有內容的核心平台。我們認為，一旦發生變化，每個人都會看到這一點，我認為最困難的部分是，如何使變化盡可能簡單。但一旦他們到達另一邊，我們非常有信心他們會喜歡他們所看到的。

And if the customers do not want to, well, we will be charging them a transaction fee. But when we've modeled the year, we've modeled all the scenarios, and it is a net positive anyway you look at it for Lightspeed.

如果客戶不願意，我們將向他們收取交易費。但當我們對這一年進行建模時，我們已經對所有場景進行了建模，無論如何，這對光速來說都是一個淨積極的結果。

No, I appreciate the confidence in doing it now. I think it makes sense with the Unified Platform being done. Last quick question. Just on the marketing, the branding. In this moment now, right, to take advantage of it? Are you going to do anything unique on the sales and marketing front here beyond the outreach that you described?

不，我很欣賞現在這樣做的信心。我認為統一平台的完成是有意義的。最後一個快速問題。就營銷、品牌而言。現在這個時刻，對吧，好好利用一下吧？除了您所描述的外展活動之外，您還會在銷售和營銷方面做一些獨特的事情嗎？

Well, look, we've hired a new Chief Marketing Officer. She was a client here before in Dropbox. So we've hired somebody that's definitely going to step up our game. I think for me, when I look at marketing, and that's where I get probably very emotionally excited is if you actually look at our restaurants and our retailers and how they use the platform, they use us for everything.

好吧，看，我們聘請了一位新的首席營銷官。她之前是 Dropbox 的客戶。所以我們聘請了一個肯定會加強我們的遊戲的人。我認為對我來說，當我考慮營銷時，如果你真正看看我們的餐廳和零售商，以及他們如何使用這個平台，他們在一切方面都使用我們，我可能會感到非常興奮。

They use us to run their e-mail campaigns, to manage their food, to manage their menus, to manage their kitchens, to manage back office, to manage -- and I've always said it's the hidden side of the iceberg. We truly are the core platform running their businesses. And I think we need to do a better job at being the go-to brand and making that very clear that we are not just a cash register, we're not just a POS. We run their businesses.

他們利用我們來開展電子郵件活動，管理他們的食物，管理他們的菜單，管理他們的廚房，管理後台，管理——我總是說這是冰山隱藏的一面。我們確實是運營他們業務的核心平台。我認為我們需要做得更好，成為首選品牌，並明確表明我們不僅僅是收銀機，我們不僅僅是 POS。我們經營他們的生意。

And yes, so the big mandate here for Kady who's joined us, is twofold is, one, to ensure that we become the go-to platform globally for the call it, the higher GMV SMBs and ensuring that -- I think we need to develop the brand in a much stronger way.

是的，所以對於加入我們的 Kady 來說，這裡的重大任務是雙重的，一是確保我們成為全球首選平台，即更高 GMV 的中小企業，並確保——我認為我們需要以更強大的方式發展品牌。

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

你的下一個問題來自摩根士丹利的喬什·貝爾。

Just wanted to clarify, which of the location disclosures will be moved to annual disclosures?

只是想澄清一下，哪些地點披露將轉移到年度披露？

Josh, we won't disclose annual total location count quarterly, but we will on an annual basis. So you'll get that from us yearly. We did disclose it this quarter at the year-end that the total location count was 168,000 locations outside for (inaudible) at the end of March 2023.

喬什，我們不會每季度披露年度總位置數，但我們會每年披露一次。所以您每年都會從我們這裡得到這個。我們確實在本季度年底披露了截至 2023 年 3 月末（聽不清）的外部地點總數為 168,000 個。

And then we will -- I'm assuming we'll still get ARPU on a quarterly basis?

然後我們會——我假設我們仍然會按季度獲得 ARPU？

So what we want to make sure is that everyone has all the pieces to model the business. And so we expect subscription revenue, as we've said in the past, to grow annually at a rate of about 10%. GPV to continue to grow 50-plus percent year-over-year. And we also expect overall gross margins in the 40% to 45% range. And so between those components and ARPU, we will ensure that you have what you need to continue to model our business.

因此，我們要確保每個人都擁有構建業務模型的所有條件。因此，正如我們過去所說，我們預計訂閱收入每年將以 10% 左右的速度增長。 GPV 繼續同比增長 50% 以上。我們還預計整體毛利率在 40% 至 45% 範圍內。因此，在這些組件和 ARPU 之間，我們將確保您擁有繼續為我們的業務建模所需的一切。

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

您的下一個問題來自美國銀行證券公司的池田浩司。

A couple from me here. And I wanted to kind of go back to the Unified Payments and the POS initiative. So just digging in -- wondering if you could talk a little bit more about if customers opt out. Can you talk a little bit more about what sort of fee is involved if the customer does not -- or decide not to use Unified Payments. Is that going to be the same around the world? Is it a monthly fee, percent of transaction? And then how do you think about churn assumptions or longer sales cycles due to this initiative that is embedded in the guidance?

我這裡有一對。我想回到統一支付和 POS 計劃。因此，請深入研究 - 想知道您是否可以更多地談論客戶是否選擇退出。您能否多談談如果客戶不這樣做或決定不使用統一支付會涉及哪些費用。世界各地都會如此嗎？是按月收費，按交易百分比計算嗎？那麼，您如何看待由於指南中包含的這一舉措而導致的客戶流失假設或更長的銷售週期？

Okay. So let's start -- I'll start with the easy one, which is sales cycles. We have already launched Payments now, and we have a couple of months behind our -- under our belt, sorry, globally. And here, we have seen 0 change in length, 0 change in close rates, and we've seen higher ARPU. So on that front, extremely confident that this is not going to be an impairment to growth and to attracting the right customers. Yes, on that front, so feeling very confident there.

好的。那麼，讓我們開始吧——我將從最簡單的開始，即銷售週期。我們現在已經推出了支付服務，抱歉，在全球範圍內，我們已經落後了幾個月。在這裡，我們看到了長度的 0 變化、成交率的 0 變化，並且我們看到了更高的 ARPU。因此，在這方面，我們非常有信心這不會損害增長和吸引合適的客戶。是的，在這方面，所以感覺非常有信心。

Going back to churn assumptions. We do not believe that churn will be high as we launched unified payments to our existing customers on the cohorts that matter. We believe that the high GMV merchants will actually love what we're doing because the bigger the merchant, the more they need automation, the more they need speed of transactions to check out, the more they're going to like unified payments because it is the best way to provide the best experience to our customers in a very fast and efficient way.

回到流失假設。我們認為客戶流失率不會很高，因為我們向重要群體的現有客戶推出了統一支付。我們相信，高 GMV 商家實際上會喜歡我們所做的事情，因為商家越大，他們越需要自動化，他們越需要交易速度來結賬，他們就越喜歡統一支付，因為它是以非常快速有效的方式為我們的客戶提供最佳體驗的最佳方式。

We think that those that might not are -- we see them as the more emotional customers, which are the lower GMV ones. And those we think that churn is going to be high, but it's not that important to us, given that 5% of our total GMV comes from the customers under $200,000, and that is a significant amount of customers still. So I don't know how to answer this differently, but we're feeling really confident around bringing the customers that matter that are going to have a really big impact on revenue for Lightspeed and growth in ARPU.

我們認為那些可能不是的——我們將他們視為更情緒化的客戶，也就是 GMV 較低的客戶。我們認為客戶流失率會很高，但這對我們來說並不那麼重要，因為我們總 GMV 的 5% 來自 20 萬美元以下的客戶，而這仍然是相當大的客戶數量。所以我不知道如何以不同的方式回答這個問題，但我們非常有信心吸引重要的客戶，這些客戶將對 Lightspeed 的收入和 ARPU 的增長產生巨大的影響。

If they don't, just being very clear, if they do not want to -- at the end of all of this, they've all received communication and they're going to continue throughout the year in all the other regions that says that they have a grace period, but at the end of this grace period, if they don't use Lightspeed, they have 2 options.

如果他們不這樣做，只是非常明確，如果他們不想 - 在這一切結束時，他們都收到了溝通，並且他們將在所有其他地區繼續全年進行他們有一個寬限期，但是在這個寬限期結束時，如果他們不使用 Lightspeed，他們有 2 個選擇。

They have 1 option is to go and find another vendor, which is okay for that cohort of customers. And then the second option is they can use likely payments, but they're going to be charged a transaction fee. And in the U.S., it's going to be about 50 basis points which is again very much in line with other vendors who are proposing this to their customers.

他們有一個選擇是去找另一家供應商，這對於這群客戶來說是可以的。第二個選擇是他們可以使用可能的付款方式，但他們將被收取交易費。在美國，這一數字約為 50 個基點，這與向客戶提出這一建議的其他供應商非常一致。

So that's -- just being very clear, that's the scenario, but we do not believe that there are many customers who are going to go with the transaction fee, and we've modeled the churn assumptions to levels that I think we've been very conservative. And even in those scenarios, when we look at our guidance for the year, we're very confident in it.

所以，非常清楚，這就是情況，但我們不相信有很多客戶會接受交易費用，而且我們已經將客戶流失假設建模到了我認為我們已經達到的水平非常保守。即使在這些情況下，當我們查看今年的指導時，我們對此也非常有信心。

And then my follow-up here, and it's really on the withdrawal of the 35% to 40% organic revenue growth guide. I'm trying to really reconcile here the positive comments, the long-term strategy, the payments rollout. And I do understand the caution with the macro and maybe just a tilt of caution with the payments initiative just because it's so new. But it does sound so long-term positive for the business. What other factors are coming into play or anything else to specifically call out for the reason to withdraw this -- the medium-term guide here, the 35% to 40%?

然後我的後續行動，實際上是關於撤銷 35% 至 40% 的有機收入增長指南。我試圖在這裡真正協調積極的評論、長期戰略和付款的推出。我確實理解對宏觀經濟的謹慎態度，也許只是對支付計劃的謹慎態度，因為它太新了。但這聽起來確實對企業來說是長期積極的。還有哪些其他因素正在發揮作用，或者有什麼其他因素需要特別指出來取消這一目標——這裡的中期指導是 35% 到 40%？

Yes, absolutely. The main factor for the withdrawing the 35% to 40% are actually the 20%, 23% outlook that we're providing for the year is actually that the company will be focused on Unified Payments in the first half of the year, and you're seeing that come through in the revenue guide for the first quarter.

是的，一點沒錯。撤回35％至40％的主要因素實際上是我們為今年提供的20％，23％的前景實際上是公司將在今年上半年專注於統一支付，並且您我們在第一季度的收入指南中看到了這一點。

For example, our account management team that are typically focused on upselling our base will be focused fully on onboarding 5x to 6x the number of customers that we typically onboard. And so you're seeing the impact of that in the first half of the year as the company is gearing up to onboard, underwrite 5x to 6x the number of customers that we typically would.

例如，我們的客戶管理團隊通常專注於追加銷售我們的基礎，但現在將完全專注於吸引我們通常吸引的客戶數量的 5 到 6 倍。因此，您會在今年上半年看到這一影響，因為該公司正在準備好，承保的客戶數量是我們通常承保的客戶數量的 5 到 6 倍。

However, in the back half of the year, as the company -- that launch of unified payments is behind us, the initial launch, and we get the benefit of the added volumes of all these customers coming on to Unified Payments and using Lightspeed Payments we start to see very strong momentum and strong revenue growth in -- as we exit fiscal 2024.

然而，在今年下半年，隨著公司統一支付的推出已經過去，最初的推出，我們受益於所有這些客戶使用統一支付和使用 Lightspeed Payments 的增加量隨著 2024 財年結束，我們開始看到非常強勁的勢頭和強勁的收入增長。

Yes. Just maybe just clarifying, the difference between software and payments is -- and I know I said it, but in software when you sell and the customer buys your software, it immediately translates into revenues. On Payments and especially with the Unified Payments approach, in some cases, we're giving our customers a quarter to move because the larger ones takes a lot of time to deploy. And so that's why -- yes, it's a year of 2 halves, basically.

是的。也許只是澄清一下，軟件和付款之間的區別是——我知道我說過，但在軟件中，當你銷售並且客戶購買你的軟件時，它會立即轉化為收入。在支付方面，尤其是統一支付方法，在某些情況下，我們會給客戶四分之一的時間來移動，因為較大的支付需要花費大量時間來部署。這就是為什麼——是的，基本上，今年分為兩個半年。

First half is -- and that's why, again, going back to why we withdrew is -- for this year, we're certainly not giving the guidance that we had historically given. And that's because it's 2 halves. And even though we think we'll end the second half in a very strong position.

上半年——這就是為什麼，再次回到我們退出的原因——今年，我們肯定不會給出我們歷史上給出的指導。那是因為它是兩半。儘管我們認為下半場結束時我們會處於非常有利的位置。

Your next question comes from the line of Suthan Sukumar of Stifel.

您的下一個問題來自 Stifel 的 Suthan Sukumar。

A couple of questions from me. Firstly, on the go-to-market piece. It sounds like your sales model has been evolving to more direct sales I found to go after the higher [GMV] merchants, which obviously makes sense. How are you thinking about your CAC? I'm just kind of curious how that's been trending given the higher LTV potential. And do you also see opportunity for more focused investment from a sales and marketing standpoint to drive more impact with these large merchants?

我有幾個問題。首先，關於上市部分。聽起來你們的銷售模式已經演變為更直接的銷售，我發現這是為了追求更高 [GMV] 的商家，這顯然是有道理的。您如何看待您的 CAC？我只是好奇考慮到更高的生命週期價值潛力，這種趨勢是如何的。您是否也看到了從銷售和營銷角度進行更集中投資的機會，以對這些大型商家產生更大的影響？

Yes. So just again, being very clear, the CAC hasn't changed. And I think that's the good news, is your CAC hasn't changed, but now we have all customers who are buying payments. So on a unit economics front, we've seen really good progress there. I think going back to the -- of course, outbound is slightly more expensive than inbound, as we can all imagine.

是的。再次強調，CAC 沒有改變。我認為這是個好消息，您的 CAC 沒有改變，但現在我們所有的客戶都在購買付款。因此，在單位經濟學方面，我們已經看到了非常好的進展。我想回到——當然，出境比入境稍貴，正如我們都可以想像的那樣。

But here, again, if you're attracting high GMV customers and they're all attaching payments, you can easily afford a slightly higher CAC because your payback is going to be shorter because your customers are on Payments. And if you go for the right segment of customers, you're actually going to have better unit economics. So that's how we run the business. That's always -- it's always going to be how we run it.

但在這裡，再次強調，如果您吸引高 GMV 客戶並且他們都附加付款，您可以輕鬆承受稍高的 CAC，因為您的投資回收期會更短，因為您的客戶使用付款方式。如果你瞄準正確的客戶群，你實際上會獲得更好的單位經濟效益。這就是我們經營業務的方式。這始終是我們的運營方式。

And I think for us, we're just obsessed around unit economics. But that's why we do believe, and again, if I have to adjust on a macro map the year. As we end the year and we have more and more customers on Unified Payments, we will be investing more in go-to-market just because our LTV is going to be stronger and just because we'll have Unified Payments with everyone.

我認為對我們來說，我們只是癡迷於單位經濟學。但這就是為什麼我們再次相信，如果我必須在今年的宏觀地圖上進行調整。隨著年底的到來，我們有越來越多的客戶使用統一支付，我們將在進入市場方面投入更多資金，因為我們的生命週期價值將會更強，也因為我們將與每個人一起使用統一支付。

So I think here, going back to description of the year, first half of the year is about execution, bringing as many customers as possible on payment. Second half of the year is tailwinds of payments, and we will see high growth in revenues, and it will also enable us to invest way more in attracting more customers.

所以我認為，回到今年的描述，上半年是關於執行，為盡可​​能多的客戶帶來付款。下半年是支付的順風車，我們將看到收入的高速增長，這也將使我們能夠投入更多資金來吸引更多客戶。

So that's how we view it right now. But I think just being clear, the CAC over the last year has really gone in the right direction. So it's actually not increased. It's been declining.

這就是我們現在的看法。但我認為，要明確的是，CAC 去年確實朝著正確的方向發展。所以實際上並沒有增加。它一直在下降。

Next, I wanted to touch on the competitive landscape. Just kind of curious what you're seeing in terms of the competitive intensity in the market today? Are you seeing competition or rather competitive intensity increase as you move up market? Or is it largely consistent with what you've been seeing in the prior periods?

接下來，我想談談競爭格局。只是有點好奇您所看到的當今市場的競爭強度如何？隨著您進入市場，您是否發現競爭或競爭強度會增加？或者它與您之前所看到的情況基本一致嗎？

Yes. So I think -- so we have 2 big categories of products, and I'm just going to go through both of them. On the retail front, we now have our new platform. We are extremely competitive everywhere in the world. I think we already go to everywhere in the world for more established merchants. We're even seeing customers actually move from other platforms because they scale off the other cloud-based systems.

是的。所以我想——我們有兩大類產品，我將分別介紹一下它們。在零售方面，我們現在有了新平台。我們在世界各地都極具競爭力。我認為我們已經到世界各地尋找更成熟的商家。我們甚至看到客戶實際上從其他平台轉移，因為他們擴展了其他基於雲的系統。

And actually, we are very excited because what they're telling us is even our e-commerce capabilities are now they would arguably say better than competition because we've been hard at work for 2 years. I mean, rebuilding from scratch, our retail platform. And it's brand new, no technical debt, state-of-the-art. And really what we're hearing from our customers, it's better than it's ever been, and it's extremely competitive. I mean I think we are to go to globally for retail.

事實上，我們非常興奮，因為他們告訴我們的是，甚至我們的電子商務能力現在可以說比競爭對手更好，因為我們已經努力工作了兩年。我的意思是，從頭開始重建我們的零售平台。而且它是全新的、沒有技術債務、最先進的。事實上，我們從客戶那裡聽到的消息是，它比以往任何時候都更好，而且極具競爭力。我的意思是，我認為我們將走向全球零售業。

Now unfortunately, GMV in that segment and retail has not been as good as hospitality, but that is really the strongest suit for Lightspeed globally. When you take hospitality, I think hospitality, we have basically 2 large markets, and I'll start with what I call outside of the U.S., the rest of the world.

不幸的是，該領域和零售業的 GMV 並不如酒店業那麼好，但這確實是 Lightspeed 在全球範圍內最擅長的領域。當你談到酒店業時，我認為我們基本上有兩個大市場，我將從美國以外的世界其他地區開始。

Rest of the world, we are the global dominating go-to merchant for established. So if you go to London, you go to Paris, you go to Germany in any city.,, We are the kind of go-to platform, and we're not seeing any competition there. And really, we spent a lot of time just making this better.

在世界其他地區，我們是全球領先的知名商家。因此，如果你去倫敦、巴黎、德國的任何一個城市。,,我們是那種首選平台，我們在那裡沒有看到任何競爭。事實上，我們花了很多時間來讓它變得更好。

We've launched actually -- you might have read yesterday, we've launched a new version of our hospitality. And really, we think that's really good. Now in the U.S. -- in the U.S., we have a competitor called Toast that's doing really well. And in the U.S., we don't want to own everything in the U.S. What we want to own are the fine-dine Michelin Star, more established merchants, and actually very excited about the launch we did yesterday because that launch is a bundle of basically hardware, software, analytics and it's very, very adaptive. I mean that was focused really on the U.S. market.

實際上，我們已經推出了——您可能昨天已經讀到，我們推出了新版本的待客之道。真的，我們認為這真的很好。現在在美國——在美國，我們有一個叫做Toast的競爭對手，它做得非常好。在美國，我們不想擁有美國的一切。我們想要擁有的是精緻的米其林星級餐廳、更成熟的商家，而且實際上對我們昨天所做的發布感到非常興奮，因為該發布是一系列基本上是硬件、軟件、分析，而且它的適應性非常非常強。我的意思是，我們真正關注的是美國市場。

And maybe just as an example here, the point of sale which is on the iPhone is also your payment terminal and that is major for the larger restaurants because now mobility comes at no cost. You don't have to now buy an extra payment terminal, your iPhone is your payment terminal. And I think we're one of the only ones out there now that has launched this and it's just much slicker than anybody on the market.

也許只是舉個例子，iPhone 上的銷售點也是您的支付終端，這對於大型餐廳來說很重要，因為現在移動性是免費的。您現在不必購買額外的支付終端，您的 iPhone 就是您的支付終端。我認為我們是目前唯一推出此產品的公司之一，而且它比市場上的任何產品都要光滑得多。

That's why I'm not saying we want to own the entire market. We want to own the more established Michelin Star, fine dine market and also all restaurants associated to hotels and resorts, and you probably read the announcement there.

這就是為什麼我並不是說我們想要擁有整個市場。我們希望擁有更成熟的米其林星級餐廳、美食市場以及與酒店和度假村相關的所有餐廳，您可能會在那裡閱讀公告。

So that's the strategy. But in those segments that I just described, we're feeling really good about the product. And I think the most important part, my background is really product. The most important part is that these products are brand new. This means it's new code. This means there is no technical debt, and that means that as we go into the next year, we will be delivering at a much faster rate than we have historically because we now have 2 products that are brand new and that are extremely competitive. And that means our velocity in terms of development is going to be really strong.

這就是策略。但在我剛才描述的那些部分中，我們對該產品的感覺非常好。我認為最重要的部分是我的背景確實是產品。最重要的是這些產品是全新的。這意味著它是新代碼。這意味著不存在技術債務，也意味著當我們進入明年時，我們的交付速度將比歷史上快得多，因為我們現在擁有兩種全新且極具競爭力的產品。這意味著我們的發展速度將會非常快。

We'll take one last question. I'll try to make it quick, please.

我們將回答最後一個問題。我會盡力快點，拜託。

Your last question comes from the line of Richard Tse. of National Bank Financial.

你的最後一個問題來自理查德·謝（Richard Tse）。國家銀行金融部。

So in the release, you talked about sort of the rule of 40. I'm kind of curious to see what's your ideal balance of sort of growth and profitability as you look forward over the next couple of years? And if I can kind of just slip another one in. I'm kind of also curious to see of the proportion of your customers that have adopted Payments, how many of those on a percentage basis have taken on capital?

因此，在新聞稿中，您談到了 40 法則。我很好奇，當您展望未來幾年時，您的增長和盈利能力之間的理想平衡是什麼？如果我可以再插入一個。我也很好奇採用付款方式的客戶比例，按百分比計算，其中有多少客戶接受了資本？

So I'll maybe start with capital. Capital is very small right now. We're just getting it launched we just recently released it in the product. And the story around capital is you need to surface the right offer at the right time. So we're putting a lot of efforts into that. And as Asha said, we preapprove a lot of our customers. And so when they're in a workflow of reordering or that's when you pop up the offer, and it's great for them because it's just easy access to funds.

所以我可能會從資本開始。現在資本很小。我們剛剛推出它，我們最近剛剛在產品中發布了它。圍繞資本的故事是​​，你需要在正確的時間提出正確的報價。所以我們為此付出了很多努力。正如阿莎所說，我們預先批准了很多客戶。因此，當他們處於重新訂購的工作流程中或者當您彈出報價時，這對他們來說非常好，因為這可以輕鬆獲得資金。

And for us, it's great because we withhold on the sales side. So default rates are very low. And we know everything about our merchants given we run their businesses. Sorry, I forgot the first question.

對於我們來說，這很好，因為我們在銷售方面扣留。因此違約率非常低。鑑於我們經營商家的業務，我們了解他們的一切。抱歉，我忘了第一個問題。

Rich, what was the first part of the question?

Rich，問題的第一部分是什麼？

Sorry about that.

對於那個很抱歉。

Between growth and profitability as you sort of...

在增長和盈利能力之間...

Oh, yes. I'm sorry. So look, we are going to run the business this year really focusing on trying to be as close as possible as we end the year to the rule of 40 and we are going to run the business on looking at sales efficiency. I think we got to do better there. And naturally, as we deploy Payments, that's going to look much better.

哦是的。對不起。所以看，今年我們將在經營業務時真正專注於在年底時盡可能接近 40 規則，並且我們將在經營業務時著眼於銷售效率。我認為我們必須在那裡做得更好。當然，當我們部署支付時，情況會看起來好得多。

I think for us -- and again, I don't think we have any significant market share. I think the market is up for grabs. And so for me, it's going to be the balance between how much do we reinvest. And if the unit economics are good. And I guess the other way to say it is we know -- I'll put it differently, we know that our cohorts grow 110% year-over-year. We know that our customers in the right segment are going to stay with us forever and continue buying more. And we know that we have no significant market share for now.

我認為對我們來說——再說一次，我認為我們沒有任何重要的市場份額。我認為市場是有待爭奪的。所以對我來說，這將是我們再投資之間的平衡。如果單位經濟效益良好。我想換句話來說，我們知道——我會用不同的方式表達，我們知道我們的群組同比增長了 110%。我們知道，正確細分市場的客戶將永遠留在我們身邊並繼續購買更多產品。我們知道我們目前沒有很大的市場份額。

So I think we need to show that we can be breakeven or better, show we can be profitable, but then I want to be able to, if we define to double down on getting the market because I think there's a real opportunity out there to build a much larger company than we have today.

所以我認為我們需要證明我們可以實現盈虧平衡或更好，證明我們可以盈利，但是如果我們決定加倍努力獲得市場，我希望能夠做到這一點，因為我認為那裡有一個真正的機會建立一家比我們今天更大的公司。

And I think if the units are strong, we need to double down on going after the market. So that's how we're looking at it right now, is the rule of 40 is going to be always weighted towards growth, but we need to be able, if we want to, to show that we can be profitable as an organization.

我認為，如果這些單位很強大，我們就需要加倍努力追趕市場。這就是我們現在的看法，40 的規則將始終以增長為重，但如果我們願意的話，我們需要能夠證明我們作為一個組織可以盈利。

There are no further questions at this time. I would now like to turn the call back to Gus Papageorgiou for closing remarks.

目前沒有其他問題。現在，我想將電話轉回給格斯·帕帕喬治奧 (Gus Papageorgiou)，讓其致閉幕詞。

Thanks, everyone, for joining us today. If there are any follow-up questions, please reach out to the IR team. And we look forward to speaking to you again after our next quarter. Have a great day, everyone.

謝謝大家今天加入我們。如果有任何後續問題，請聯繫 IR 團隊。我們期待在下個季度後再次與您交談。祝大家有個美好的一天。

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。