Lightspeed Commerce Inc (LSPD) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Lightspeed first-quarter 2025 earnings call. (Operator Instructions)

謝謝你的支持。我叫伊恩，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Lightspeed 2025 年第一季財報電話會議。（操作員說明）

Thank you. I will now hand things over to Gus Papageorgiou, Head of Investor Relations. You may begin.

謝謝。我現在將把事情交給投資者關係主管 Gus Papageorgiou。你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Lightspeed's fiscal Q1 2025 conference call. Joining me today are Dax Dasilva, Lightspeed's founder and CEO; Asha Bakshani, our CFO; and JD Saint-Martin, our President. After prepared remarks from Dax and Asha, we will open it up for your questions.

謝謝接線員，大家早安。歡迎參加 Lightspeed 2025 年第一季財年電話會議。今天加入我的是 Lightspeed 創辦人兼執行長 Dax Dasilva；阿莎‧巴克沙尼 (Asha Bakshani)，我們的財務長；以及我們的總裁 JD Saint-Martin。在 Dax 和 Asha 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.

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有重大差異。這些陳述中包含的結論、預測和推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。

You should carefully review these factors, assumptions, risks, and uncertainties in our earnings press release issued today, our first-quarter 2025 results presentation available on our website, as well as in our filings with US 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.

您應該仔細審查我們今天發布的收益新聞稿、我們網站上提供的 2025 年第一季業績演示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。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。

Reconciliations between the two can be found in our earnings press release, which is available on our website, on SEDAR+, and on the SEC's EDGAR system. And finally, note that because we report in US dollars, all amounts discussed today are in US dollars unless otherwise indicated.

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+ 和 SEC 的 EDGAR 系統上找到。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。

Before I hand the call over to Dax, I just want to remind everyone that we will be hosting our Capital Markets Day the morning of Wednesday, November 20, at the New York Stock Exchange. Please mark your calendars and more details will follow.

在將電話轉交給 Dax 之前，我想提醒大家，我們將於 11 月 20 日星期三上午在紐約證券交易所舉辦資本市場日。請標記您的日曆，隨後將提供更多詳細資訊。

With that, I will turn it over to Dax.

這樣，我就把它交給 Dax。

Thanks, Gus, and welcome, everyone. This is my first full quarter returning as Lightspeed's CEO, and I'm happy to report that we are delivering on our goal of profitable growth. Our first-quarter results were characterized by strong revenue growth, increased payments adoption, and improved profitability, a trend that I expect to continue through fiscal 2025.

謝謝格斯，歡迎大家。這是我作為 Lightspeed 執行長回歸的第一個完整季度，我很高興地向大家報告，我們正在實現獲利成長的目標。我們第一季業績的特點是營收強勁成長、支付採用率提高以及獲利能力提高，我預計這一趨勢將持續到 2025 財年。

We have also put measures in place to accelerate growth in our software revenue and customer locations that will largely be seen in the second half of our year. In Q1, we delivered revenue of $266.1 million, up 27% year over year and significantly higher than our previously established outlook of between $255 million and $260 million. We delivered adjusted EBITDA of $10.2 million, again, well ahead of our previously established outlook of $7 million and significantly better than an adjusted EBITDA loss of $7 million in the same quarter last year.

我們還採取了措施來加速軟體收入和客戶位置的成長，這將在今年下半年看到。第一季度，我們實現營收 2.661 億美元，年增 27%，顯著高於我們先前設定的 2.55 億至 2.6 億美元的預期。我們再次實現了 1020 萬美元的調整後 EBITDA，遠高於我們先前設定的 700 萬美元的預期，並且明顯好於去年同期 700 萬美元的調整後 EBITDA 虧損。

Payments penetration came in at 36% this past quarter, up meaningfully from 22% in the same quarter last year. Our growing payments penetration, along with a concentrated effort to control costs, allowed us to demonstrate leverage in our business model and deliver record quarterly adjusted EBITDA results. These strong financial results demonstrate Lightspeed's success in fulfilling our mission of empowering independent retail and hospitality businesses with technology that was previously limited to large enterprises.

上個季度的支付滲透率為 36%，較去年同期的 22% 顯著上升。我們不斷增長的支付滲透率，以及控製成本的集中努力，使我們能夠展示我們業務模式的槓桿作用，並實現創紀錄的季度調整後 EBITDA 業績。這些強勁的財務表現表明 Lightspeed 成功地履行了我們的使命，即利用以前僅限於大型企業的技術為獨立零售和酒店業務提供支援。

Our focus remains on attracting our ideal customer profile or ICP being sophisticated high GTV merchants with complex needs. This quarter, we were honored to add a host of compelling new customers, including Google Bike in California, a set of three bike shops on the Google campus. Gbike allows employees to service and tune their bikes while at work. These three locations and the warehouse will use Lightspeed Retail to help serve their customers.

我們的重點仍然是吸引理想的客戶檔案或 ICP，即具有複雜需求的成熟高 GTV 商家。本季度，我們很榮幸地增加了許多引人注目的新客戶，其中包括加州的 Google Bike，這是 Google 園區內的三家自行車店。Gbike 讓員工在工作時維修和調整自行車。這三個地點和倉庫將使用 Lightspeed Retail 來幫助服務客戶。

Horkans in Dublin, Ireland, with three brands across 17 locations. This well-known home garden and pet retailer adopted Lightspeed's offering in all 17 locations after a successful 3 location pilot.

Horkans 位於愛爾蘭都柏林，在 17 個地點擁有三個品牌。這家著名的家庭花園和寵物零售商在 3 個地點試點取得成功後，在所有 17 個地點採用了 Lightspeed 的產品。

Karavel Shoes, this ICP customer with complex inventory management needs and high sales volumes, saw the benefit of the unified Lightspeed Retail solution to replace its separate POS and payments solutions.

Karavel Shoes 是一家具有複雜庫存管理需求和高銷售量的 ICP 客戶，他們看到了統一的 Lightspeed Retail 解決方案取代其單獨的 POS 和支付解決方案的好處。

Foodmaker, a well-known health food restaurant group Benelux, France, with over 20 locations. Foodmaker was unhappy with their current POS provider and looking for a solution that can better handle their multi-location requirements. After a successful one location pilot, they plan to start rolling out Lightspeed Restaurant across other locations.

Foodmaker，法國比荷盧經濟聯盟知名健康食品餐飲集團，擁有20多家門市。Foodmaker 對其目前的 POS 提供者並不滿意，並正在尋找能夠更好地滿足其多地點要求的解決方案。在一個地點試點成功後，他們計劃開始在其他地點推出光速餐廳。

Northgate Resorts. With over 20 locations across the US, Northgate was looking for a more sophisticated cloud-based offering to manage their multi-location needs. They undertook a one-month pilot Lightspeed Restaurant's tableside and order anywhere and so far have onboarded 10 locations with great success.

北門度假村。Northgate 在美國擁有 20 多個地點，一直在尋找更複雜的基於雲端的產品來管理其多地點需求。他們對 Lightspeed Restaurant 進行了為期一個月的桌邊點餐試點，目前已在 10 個地點開展業務，並取得了巨大成功。

Dineen Coffee, a highly successful boutique coffee house chain in Downtown Toronto with five locations processing millions in annual GDP has signed on for Lightspeed Restaurant. Dineen plans to onboard its locations over the next few months to help them compete against the giants in the coffee industry.

Dineen Coffee 是多倫多市中心一家非常成功的精品連鎖咖啡館，擁有五個分店，年 GDP 達數百萬美元，已與 Lightspeed Restaurant 簽約。Dineen 計劃在未來幾個月內開設其門市，以幫助他們與咖啡業的巨頭競爭。

And for our supplier network, we added several new brands such as Tommy Hilfiger, Calvin Klein, and Bally, the well-known Swiss luxury footwear and handbag provider. I am always happy to welcome new customers to Lightspeed, but it is sometimes even more satisfied to welcome back customers that have previously left for one of our competitors.

對於我們的供應商網絡，我們添加了幾個新品牌，例如 Tommy Hilfiger、Calvin Klein 和瑞士著名奢華鞋類和手袋供應商 Bally。我總是很高興歡迎新客戶來到 Lightspeed，但有時更滿意的是歡迎以前離開我們競爭對手之一的客戶回來。

Having initially lost wedding dress retailer, Emilia Wickstead, to one of our cloud-based competitors, we are happy to see them returning to Lightspeed given the depth of inventory management, reporting, and multi-location functionality found within Lightspeed Retail. As many of you know, I developed the original Lightspeed offering about 20 years ago, and I have always been very product focused.

最初，婚紗零售商 Emilia Wickstead 輸給了我們基於雲端的競爭對手之一，但考慮到 Lightspeed Retail 中的庫存管理、報告和多地點功能的深度，我們很高興看到他們重返 Lightspeed。正如你們許多人所知，我大約 20 年前開發了最初的 Lightspeed 產品，而且我一直非常注重產品。

And in this area I am thrilled with the innovations that our R&D teams are delivering. The One Lightspeed initiative gave us two compelling flagships. And now that the integration is done, I'm encouraged with the pace of innovation that we are seeing. We launched visionary new functionality this quarter saw great traction for some of our recently released innovations with our teams delivering amazing features that I believe are going to delight and impress our existing customers and help us win many more.

在這個領域，我對我們的研發團隊所提供的創新感到興奮。One Lightspeed 計畫為我們帶來了兩款引人注目的旗艦產品。現在整合已經完成，我對我們所看到的創新步伐感到鼓舞。本季我們推出了富有遠見的新功能，我們最近發布的一些創新受到了巨大的關注，我們的團隊提供了令人驚嘆的功能，我相信這些功能將使我們現有的客戶感到高興和印象深刻，並幫助我們贏得更多客戶。

In retail, we launched our omni-loyalty program, which allows customers to earn and redeem loyalty credits, both in-store and online. And for store owners and managers, the loyalty program can be managed directly from the POS without having to learn a new UI.

在零售領域，我們推出了全方位忠誠度計劃，該計劃允許客戶在店內和線上賺取和兌換忠誠度積分。對於商店所有者和經理來說，可以直接從 POS 管理忠誠度計劃，而無需學習新的 UI。

Launched this quarter, we've already seen very strong uptake of this feature from our flagship customers. Our efforts in retail are focused on widening the moat between ourselves and other cloud-based competitors and displacing legacy players currently serving our ICP customers. This quarter, we released three new advanced inventory management features, which we believe are unique amongst our cloud-based competitors and especially useful for our ICP customers. These include landed costs, which incorporate items such as shipping and duties, its total product costs, bin location, which allows merchants to identify where products are located within warehouses and storage areas, and inventory adjustments, which allows merchants to record stock adjustments when and where they find them so that they can keep inventory records up-to-date.

本季推出後，我們已經看到我們的旗艦客戶對該功能的強烈採用。我們在零售領域的努力重點是擴大我們與其他基於雲端的競爭對手之間的護城河，並取代目前為我們的 ICP 客戶提供服務的傳統參與者。本季度，我們發布了三項新的高級庫存管理功能，我們相信這些功能在我們基於雲端的競爭對手中是獨一無二的，並且對我們的 ICP 客戶特別有用。其中包括到岸成本（其中包括運輸和關稅等項目）、產品總成本、箱位（允許商家識別產品在倉庫和儲存區域內的位置）以及庫存調整（允許商家在何時何地記錄庫存調整） 。 他們在哪裡找到它們，以便他們可以保持最新的庫存記錄。

Last quarter we announced improvements in inventory replenishing forecasts, which significantly improves the availability of previously out-of-stock products. This feature will be generally available this month, and we expect it will help merchants improve their sales.

上季我們宣布改進庫存補充預測，這顯著提高了先前缺貨產品的可用性。該功能將於本月全面上線，我們預計它將幫助商家提高銷售額。

Another feature that saw great adoption was payment links. Here we are seeing GTV process for payment links grow by over 30% month over month.

另一個受到廣泛採用的功能是支付連結。在這裡，我們看到支付連結的 GTV 流程逐月成長超過 30%。

A popular module in hospitality is our analytics product called Lightspeed Advanced Insights. Insights allows hospitality customers to determine which menu items drive the most repeat business so they can promote the items that are proven to increase sales and remove items that are underperforming.

酒店業的一個熱門模組是我們名為 Lightspeed Advanced Insights 的分析產品。Insights 讓飯店客戶能夠確定哪些菜單項目能夠帶來最多的回頭客，以便他們可以推廣經證明可以增加銷售額的項目並刪除表現不佳的項目。

In retail, the challenge is maintaining the right amount of inventory on hand to maximize sales. Retailers want to have more stock of what is selling and less stock of what is not. Our teams have been working to deliver a retail Insight solution that can help our merchants solve this problem. And I look forward to making an announcement on this release in the weeks to come.

在零售業，面臨的挑戰是維持適量的庫存以最大限度地提高銷售額。零售商希望增加銷售商品的庫存，減少滯銷商品的庫存。我們的團隊一直致力於提供零售洞察解決方案，幫助我們的商家解決這個問題。我期待在未來幾週內發布有關此版本的公告。

For our e-commerce offering, we recently released a high-powered product photo enhancements. Taking professional-looking photographs of products can be challenging for our merchants. Our AI tools can remove the background from photos, insert a colored backdrop, and create photo realistic shadows to enhance product images. Image quality can have a significant impact on boosting sales for our merchants. And we saw a tremendous uptake of this feature.

對於我們的電子商務產品，我們最近發布了高效能的產品照片增強功能。對於我們的商家來說，拍攝專業的產品照片可能具有挑戰性。我們的人工智慧工具可以刪除照片中的背景，插入彩色背景，並創建照片般逼真的陰影以增強產品影像。影像品質可以對促進商家的銷售產生重大影響。我們看到這個功能得到了極大的採用。

And for our supplier network, I'm very excited to announce that we have started to open up the pet vertical by adding 12,000 new pet products and over 20 brands, including popular brands such as Yeti and Farmina. Merchants can now automatically upload product descriptions and images into their Lightspeed POS by simply typing in the product name, eliminating hours of tedious manual data entry. We expect to add even more products to the retail catalogs this quarter, and we will be adding more catalogs from new and existing partnerships in the fashion and apparel and pet verticals.

對於我們的供應商網絡，我非常高興地宣布，我們已經開始開拓寵物垂直領域，增加了 12,000 種新寵物產品和 20 多個品牌，其中包括 Yeti 和 Farmina 等熱門品牌。商家現在只需輸入產品名稱即可自動將產品描述和影像上傳到其 Lightspeed POS，從而消除了數小時繁瑣的手動資料輸入。我們預計本季將在零售目錄中添加更多產品，並且我們將從時尚、服裝和寵物垂直領域的新的和現有的合作夥伴關係中添加更多目錄。

We also launched the order intense feature for our supplier network that allows brands to better understand what buyers tend to order from their product catalog, allowing brands to have better product planning for the upcoming season to ensure popular items remain in high supply.

我們還為供應商網路推出了訂單密集功能，使品牌能夠更好地了解買家傾向於從其產品目錄中訂購什麼，從而使品牌能夠為即將到來的季節制定更好的產品規劃，以確保熱門商品保持充足供應。

In hospitality, we announced the recent partnership with Uber. With simple flat rate pricing, this partnership will give our restaurant customers the ability to offer their own delivery service without hiring a single person or owning a vehicle and also avoid more costly alternative of using one of the many food delivery platforms.

在酒店業，我們最近宣布與 Uber 建立合作關係。透過簡單的統一費率定價，這種合作夥伴關係將使我們的餐廳客戶能夠提供自己的送貨服務，而無需僱用一個人或擁有一輛車，並且還可以避免使用眾多食品送貨平台之一的更昂貴的替代方案。

We continue to rollout our Tableside and tap to pay offerings in more countries within hospitality, which gives you the power of a full POS right in the palm of a server's hands. Tableside with tap to pay launched for Lightspeed Restaurants in the UK and Canada and tap to pay on iPhone launched in France and Australia. Our data shows that our Tableside customers have higher average cheque sizes, see better tips, and turn tables faster.

我們繼續在更多國家的酒店業中推出 Tableside 和點擊支付服務，讓您可以在服務員的手中享受完整 POS 的強大功能。Lightspeed Restaurants 在英國和加拿大推出了 Tableside 觸碰支付功能，並在法國和澳洲推出了 iPhone 觸碰支付功能。我們的數據顯示，我們的 Tableside 客戶的平均支票金額更高，看到的提示更好，轉盤速度更快。

Given its productivity improvements, we believe Tableside will encourage customers to adopt multiple Tableside terminals, which can boost overall software ARPU per restaurant. Tableside in and of itself is a fantastic offering. But we believe that when coupled with our soon-to-be released kitchen display technology, we will demonstrate a level of productivity improvement that restaurants have never seen before.

鑑於其生產力的提高，我們相信 Tableside 將鼓勵客戶採用多個 Tableside 終端，這可以提高每家餐廳的整體軟體 ARPU。桌邊本身就是一個很棒的產品。但我們相信，與我們即將發布的廚房顯示技術相結合，我們將展示餐廳以前從未見過的生產力提高水平。

Now I would like to take some time to discuss the year ahead. I will remind everyone that for fiscal 2025, we are focused on three key operational objectives aimed at achieving our goal of profitable growth, and these are continuing to advance adoption of our financial services, controlling costs and finding operational efficiencies, and accelerating software revenue growth and gaining market share.

現在我想花一些時間討論未來的一年。我要提醒大家的是，對於2025 財年，我們將重點放在三個關鍵營運目標，以實現獲利成長的目標，這些目標將繼續推動我們的金融服務的採用、控製成本和提高營運效率，以及加速軟體收入成長並獲得市場份額。

In terms of advancing adoption of our financial services, we saw great momentum in payments adoption this quarter and expect payments penetration to continue its upward trajectory. Lightspeed Capital also had a great quarter with revenues of $7.8 million, up from $1.6 million in the same quarter last year. And in terms of controlling costs, we are also seeing great progress here on the back of some tough decisions. The combination of a growing top line and control costs are delivering improved operating leverage in our business.

在推進金融服務的採用方面，我們看到本季支付採用的強勁勢頭，並預計支付滲透率將繼續保持上升趨勢。Lightspeed Capital 的季度營收也很出色，達到 780 萬美元，高於去年同期的 160 萬美元。在控製成本方面，在一些艱難的決定的支持下，我們也看到了巨大的進步。不斷增長的收入和控製成本相結合，提高了我們業務的營運槓桿。

Having spent the last year focused on improving payments adoption, we are now turning our primary attention back to software growth, and we are both putting in necessary measures to grow that business to launch pilot initiatives.

去年我們專注於提高支付採用率，現在我們將主要注意力重新轉向軟體成長，並且我們都採取了必要的措施來發展該業務以啟動試點計劃。

Our efforts include increasing our outbound sales motion with the expanded team, gradually returning our account managers to their traditional roles of upselling software, previously many were deployed to accelerate payments adoption; updating pricing across our portfolio of products for which we have recently started execution -- this will impact revenues in the back half of the year; protecting all aspects of our customer journey in terms of how we land, launch, manage, and support our customers; growing our brand awareness in key retail and hospitality verticals; and finally, launching new software modules that allow us to continue to expand software ARPU. We are already starting to execute these initiatives and expect them to land as we approach the second half of the year.

我們的努力包括透過擴大的團隊來增加我們的對外銷售活動，逐漸讓我們的客戶經理回歸到追加銷售軟體的傳統角色，此前許多角色被部署來加速支付的採用；更新我們最近開始執行的產品組合的定價——這將影響今年下半年的收入；保護我們客戶旅程的各個方面，包括我們如何登陸、啟動、管理和支援客戶；提高我們在主要零售和酒店業的品牌知名度；最後，推出新的軟體模組，使我們能夠繼續擴展軟體 ARPU。我們已經開始執行這些舉措，並預計它們將在今年下半年落地。

Before I hand it over to Asha, I just want to highlight that we released our sustainability report last week. I'm very proud for Lightspeed offering can help improve our customers' sustainability efforts. Lightspeed Restaurant allows our customers to reduce their reliance on paper. Our supplier network helps optimize supply chains and reduce waste. And our capital offering can help independent entrepreneurs grow and thrive.

在將其交給 Asha 之前，我只想強調一下，我們上週發布了永續發展報告。我對 Lightspeed 產品能夠幫助改善我們客戶的永續發展工作感到非常自豪。Lightspeed Restaurant 幫助我們的客戶減少對紙張的依賴。我們的供應商網路有助於優化供應鏈並減少浪費。我們的資本提供可以幫助獨立企業家成長和繁榮。

We've gone even further, for example, creating the carbon-friendly dining program, which helped plant to over 1.8 million trees. And finally, we have created a culture that values diversity, where 86% of our employees feel that they can be their authentic self of work and where women represent half of the executive leadership team.

例如，我們更進一步，創建了碳友善餐飲計劃，幫助種植了超過 180 萬棵樹。最後，我們創造了一種重視多元化的文化，86% 的員工認為他們可以在工作中展現真實的自我，而女性在執行領導團隊中佔一半。

I will now let Asha take us through the quarterly results and provide our outlook.

現在我將讓 Asha 向我們介紹季度業績並提供我們的展望。

Thanks, Dan, and welcome, everyone. Fiscal 2025 is off to a great start with revenues and adjusted EBITDA coming in ahead of our previously established outlook. I am particularly encouraged by the leverage of our business model and the tangible results of our efficiency initiatives, which have contributed to a significant improvement in both revenue and gross profit growth as well as adjusted EBITDA compared to the previous year.

謝謝丹，歡迎大家。2025 財年有一個良好的開端，收入和調整後的 EBITDA 都超過了我們之前所製定的預期。我對我們的業務模式的影響力和效率舉措的實際成果感到特別鼓舞，這些成果使得收入和毛利增長以及調整後的 EBITDA 與上一年相比都有顯著改善。

Highlights for the quarter included revenue growth accelerated to 27% year over year. Gross profit dollars grew 23% year over year, up from 15% growth last quarter. Adjusted EBITDA came in at $10.2 million, up from a loss of $7 million in the same quarter last year. Gross payments volume as a percentage of GTV came in at 36%, up from 22% in the same quarter last year, reflecting growing monetization of our trailing 12 month GTV of $90.8 billion.

該季度的亮點包括營收年增率加速至 27%。毛利年增 23%，高於上季 15% 的增幅。調整後 EBITDA 為 1,020 萬美元，高於去年同期的 700 萬美元虧損。總支付量佔 GTV 的比例為 36%，高於去年同期的 22%，反映出我們過去 12 個月的 GTV 貨幣化程度不斷增長，達到 908 億美元。

We began executing our share repurchase program in the quarter, repurchasing approximately 2.7 million shares for approximately $39.9 million. With our total share count down from the previous year, this buyback has offset any share dilution arising from stock-based compensation in the prior 12-month period.

我們在本季開始執行股票回購計劃，以約 3,990 萬美元的價格回購了約 270 萬股股票。由於我們的股份總數較上一年有所減少，此次回購抵消了前 12 個月期間因股票薪酬而產生的任何股份稀釋。

Cash flows used in operations improved significantly. Beyond cash flows used in operations, when excluding cash used for the buyback and to fund our capital business, we had positive cash flow in the quarter.

營運中使用的現金流顯著改善。除了營運中使用的現金流之外，當不包括用於回購和為我們的資本業務提供資金的現金時，我們本季的現金流為正。

I will walk you through our latest quarter's performance, our key metrics, and finally, provide an outlook for the upcoming quarter and fiscal year. Total revenues increased 27% and gross profit dollars increased 23%, thanks largely to our Unified Payments efforts and growing software ARPU. Subscription revenue increased 6% year over year to $83.3 million. Gross margins on subscription revenue came in at 79%, an increase from 75% in the same quarter last year.

我將向您介紹我們最新季度的業績、關鍵指標，最後提供對下一季和財年的展望。總收入成長了 27%，毛利成長了 23%，這主要歸功於我們的統一支付努力和不斷增長的軟體 ARPU。訂閱收入年增 6%，達到 8,330 萬美元。訂閱收入毛利率為 79%，高於去年同期的 75%。

When removing the impact of share-based compensation expense, gross margin on subscription revenue was 80%, a notable improvement and up from last quarter, thanks to our continued effort to find cost savings across the business. I am very happy with our strong performance in software gross margin. As many of you are aware, last year, our strategic efforts were centered on Unified Payments. As part of that effort, our account management team, which is usually focused on upselling our customers on software was temporarily assigned to onboard new payments customers.

在消除基於股份的薪酬費用的影響後，訂閱收入的毛利率為 80%，比上季度有了顯著改善，這要歸功於我們在整個業務中不斷努力節省成本。我對我們在軟體毛利率方面的強勁表現感到非常滿意。正如你們許多人所知，去年我們的策略工作集中在統一支付上。作為這項工作的一部分，我們的客戶管理團隊（通常專注於向客戶追加銷售軟體）被暫時分配給新的支付客戶。

Our account management team historically accounts for approximately half of our new subscription revenue in any given quarter. Although that team has started to return to their roles about selling software, many account managers will still be focused on Unified Payments until the end of fiscal Q2 2025, and we expect this to impact our subscription revenue growth. As outlined in our last earnings call, at the start of our financial year, we expect software revenue to improve this fiscal year, with most of the growth acceleration expected in the back half of the fiscal year. Transaction-based revenue grew 44% to $174.1 million.

從歷史上看，我們的客戶管理團隊在任何特定季度的新訂閱收入中約佔一半。儘管該團隊已開始回歸銷售軟體的角色，但許多客戶經理在 2025 財年第二季末之前仍將專注於統一支付，我們預計這將影響我們的訂閱收入成長。正如我們在上一次財報電話會議中所述，在本財年開始時，我們預計本財年的軟體收入將有所改善，預計大部分成長加速將在本財年後半段實現。基於交易的收入成長了 44%，達到 1.741 億美元。

In the quarter, we saw gross payments volume increased 64% year over year to $8.4 billion as we processed a greater portion of our GTV through our Lightspeed Payments platform. Lightspeed Capital experienced remarkable growth with revenue growing to $7.8 million from $1.6 million in Q1 of last year as the service continues to be popular with our customers. Lightspeed Capital offers fast access to capital and an automatic repayment method through Lightspeed Payments. Merchants are leveraging this offering to finance inventory purchases, upgrade equipment, and expand their overall business.

本季度，我們的總支付額年增 64%，達到 84 億美元，因為我們透過 Lightspeed Payments 平台處理了更大一部分的 GTV。由於該服務繼續受到客戶的歡迎，光速資本經歷了顯著的增長，收入從去年第一季的 160 萬美元增長到 780 萬美元。Lightspeed Capital 透過 Lightspeed Payments 提供快速資金取得和自動還款方式。商家正在利用此產品為庫存採購提供資金、升級設備並擴展其整體業務。

Gross margins for transaction-based revenue came in at 26%, flat to the same quarter last year, despite a greater portion of revenue coming from Lightspeed Payments. Capital continues to grow with healthy margin, which helped offset declining referral fees. As we convert customers to Lightspeed Payments, we increased our overall net gross margin dollars. And in the quarter, we saw transaction-based gross profit grew 44% year over year.

儘管大部分收入來自 Lightspeed Payments，但基於交易的收入毛利率為 26%，與去年同期持平。資本繼續以健康的利潤率增長，這有助於抵消推薦費的下降。當我們將客戶轉變為 Lightspeed Payments 時，我們的整體淨毛利率有所增加。在本季度，我們看到基於交易的毛利年增 44%。

Total gross margin came in at 41%, slightly down from the previous quarter and year over year. Gross profit dollars came in at $108.2 million, an increase of 23% year over year. Despite transaction based revenues increasing in the sales mix from 58% in Q1 last year to 65% this year, we were able to maintain our gross margins at comparable levels to last year, thanks to the growth of higher-margin revenue from items such as capital.

總毛利率為 41%，比上一季和去年同期略有下降。毛利為 1.082 億美元，年增 23%。儘管銷售組合中基於交易的收入從去年第一季的58% 增加到今年的65%，但我們仍能夠將毛利率維持在與去年相當的水平，這要歸功於來自以下項目的高利潤收入的成長：首都。

Adjusted EBITDA in the quarter came in positive at $10.2 million. This marks a significant improvement from the adjusted EBITDA loss of $7 million in the same quarter last year. This positive trend is attributed to our growing gross profit and our unwavering focus on prudent spend across the organization.

本季調整後 EBITDA 為正值，達 1,020 萬美元。這標誌著與去年同期 700 萬美元的調整後 EBITDA 虧損相比有了顯著改善。這一積極趨勢歸功於我們不斷增長的毛利以及我們對整個組織審慎支出的堅定不移的關注。

Total adjusted research and development, sales and marketing, and general and admin expenses increased by 2% to the previous year. This increase includes operating expenses related to the growth of our capital program. We've strategically invested in risk mitigation tools to scale this business effectively. As a percentage of revenue and gross profit, our adjusted R&D, sales and marketing, and G&A expenses declined significantly year over year. This reduction reflects our intensified cost management efforts, including the workforce reductions we announced earlier this year.

調整後的研發、銷售和行銷以及一般和管理費用總額比上年增長了 2%。這一增長包括與我們資本計劃增長相關的營運費用。我們對風險緩解工具進行了策略性投資，以有效擴展這項業務。調整後的研發、銷售和行銷以及一般管理費用佔收入和毛利的百分比比去年同期大幅下降。這項減少反映了我們加強成本管理的努力，包括我們今年稍早宣布的裁員。

We're continuing to examine and right size our cost base. Our ongoing efforts include renegotiating significant contracts, reviewing global locations to consolidate, and reduce our footprint and scrutinizing corporate overhead such as travel and software licenses. Offsetting these cost reductions in part, we have been making investments in product and go-to-market.

我們正在繼續檢查並調整我們的成本基礎。我們正在進行的努力包括重新談判重要合約、審查全球地點以鞏固和減少我們的足跡以及審查差旅和軟體許可等公司管理費用。我們一直在產品和上市方面進行投資，部分抵消了這些成本的降低。

As we have mentioned, we do plan to continue to grow our outbound sales teams as they are more effective at winning merchants in our ideal customer profile. And as Dax mentioned, we will continue to invest in product innovation to ensure we maintain our lead for complex high GTV brick-and-mortar merchants.

正如我們所提到的，我們確實計劃繼續擴大我們的對外銷售團隊，因為他們能夠更有效地贏得我們理想客戶檔案中的商家。正如 Dax 所提到的，我們將繼續投資於產品創新，以確保我們在複雜的高 GTV 實體商家中保持領先地位。

We had an adjusted income of $16.1 million compared to an adjusted loss of $2.2 million last year, thanks largely to the improvement in the items driving our adjusted EBITDA performance. We continue to actively manage our share-based compensation and related payroll taxes, which were $11.7 million or 4% of revenue for the quarter, down from $18.7 million or 9% in the same quarter last year due to the ongoing prudent management of our equity pool as well as certain forfeitures in the quarter due to our recent workforce reductions.

我們的調整後收入為 1,610 萬美元，而去年調整後虧損為 220 萬美元，這主要歸功於推動調整後 EBITDA 業績的項目的改善。我們繼續積極管理我們的股權激勵和相關工資稅，由於我們對股權的持續審慎管理，本季度的薪酬為1,170 萬美元，佔收入的4%，低於去年同期的1,870 萬美元，佔收入的9 %由於我們最近裁員，本季出現了人員池以及某些人員的沒收。

GTV from our flagships continues to be strong this quarter, up 24% year over year, demonstrating that for our target customers and with our flagship products, we are seeing good success with attracting the right customer base. However, in retail, same-store sales remained challenged, particularly in certain verticals, including bike and home and garden. And traffic in US restaurants was down overall. As a result, our overall same-store sales were down year over year.

本季我們旗艦產品的 GTV 繼續強勁，年成長 24%，這表明，對於我們的目標客戶和我們的旗艦產品，我們在吸引合適的客戶群方面取得了良好的成功。然而，在零售領域，同店銷售仍面臨挑戰，特別是在某些垂直領域，包括自行車、家居和花園。美國餐館的客流量整體下降。因此，我們的整體同店銷售額較去年同期下降。

Overall, GTV in the quarter, including non-flagship offerings, came in at $23.6 billion, up 1% year over year. In fiscal 2025, our focus remains on increasing our high GTV customer base and accelerating software revenue growth in both retail and hospitality. As Dax mentioned, we're optimizing our customer onboarding management and support processes, increasing our outbound sales efforts, implementing targeted price adjustments, and reorienting our account managers back to up-selling software.

總體而言，本季 GTV（包括非旗艦產品）營收為 236 億美元，年增 1%。2025 財年，我們的重點仍然是增加 GTV 客戶群並加速零售和酒店業的軟體收入成長。正如 Dax 所提到的，我們正在優化客戶入職管理和支援流程，增加對外銷售力度，實施有針對性的價格調整，並將我們的客戶經理重新定位為向上銷售軟體。

Sophisticated customer locations with GTV exceeding $500,000 and $1 million per year grew by 4% year over year, while those with GTV under $200,000 a year continued to decline. Excluding Ecwid customers, our total ARPU for the quarter reached a record $502, an impressive 31% increase year over year. This improvement is the result of both Unified Payments as well as an increase in software ARPU, given our focus on our flagship products and on shifting our customer base towards higher GTV locations, which typically adopt more software.

每年 GTV 超過 50 萬美元和 100 萬美元的複雜客戶地點年增 4%，而每年 GTV 低於 20 萬美元的客戶地點持續下降。不包括 Ecwid 客戶，我們本季的 ARPU 總額達到創紀錄的 502 美元，年增 31%，令人印象深刻。這項改進是統一支付和軟體 ARPU 增加的結果，因為我們專注於我們的旗艦產品，並將我們的客戶群轉移到更高的 GTV 位置，這些位置通常會採用更多的軟體。

Retention rate for our ideal customer profile continued to improve. While there was a slight uptick in churn among non-flagship customers that was associated with the launch of our Unified Payments initiative, we believe this challenge is largely behind us with the vast majority of churn occurring in lower GTV cohorts. In terms of our balance sheet, Lightspeed closed the quarter with just under $674 million in cash and cash equivalents, down from approximately $722 million in the previous quarter.

我們理想客戶檔案的保留率持續提高。雖然與我們推出統一支付計畫相關的非旗艦客戶流失率略有上升，但我們相信這項挑戰基本上已過去，因為絕大多數流失發生在 GTV 較低的群體中。就我們的資產負債表而言，Lightspeed 本季末的現金和現金等價物略低於 6.74 億美元，低於上一季的約 7.22 億美元。

Merchant cash advances used $15.4 million of capital during the quarter, and we used approximately $39.9 million to buy back approximately 2.7 million shares. Excluding cash used for our capital offering and the share buyback, Lightspeed generated positive overall cash flow in the quarter, which was good to see as we position the company to deliver sustainable free cash flow in the future.

本季度，商家預付現金使用了 1,540 萬美元的資本，我們使用了約 3,990 萬美元回購了約 270 萬股股票。不包括用於我們的資本發行和股票回購的現金，Lightspeed 在本季度產生了正的整體現金流，這是一件好事，因為我們定位該公司在未來提供可持續的自由現金流。

We continued our efforts with Unified Payments in the quarter and GPV as a percentage of GTV came in at 36%. Now that it's been a full year since a Unified Payments launch, I can say with confidence that this effort has been invaluable for us in terms of improvements, in our ability to sell, onboard, and get customers transactional on payments.

本季我們繼續努力推進統一支付，GPV 佔 GTV 的比例達到 36%。自從統一支付推出以來已經過去了一整年，我可以充滿信心地說，這項努力對於我們改進銷售、吸引客戶以及讓客戶進行支付交易的能力來說是無價的。

From the time we launched Unified Payments in May 2023, slightly over a year ago, our Payments penetration has grown from 22% to 36%. We will continue to benefit from those improvements. And we expect the proportion of GTV flowing through our payments offering to continue to increase as all new eligible customers onboarded must take payments. The LTV to CAC ratios of our customers improves when they add payments, and we are seeing that in our results today.

自從我們在 2023 年 5 月推出統一支付以來，即一年多前，我們的支付滲透率已從 22% 增長至 36%。我們將繼續從這些改進中受益。我們預計流經我們支付服務的 GTV 比例將繼續增加，因為所有新加入的合格客戶都必須接受付款。當我們的客戶增加付款時，LTV 與 CAC 的比率會提高，我們在今天的結果中看到了這一點。

Now turning to our outlook. Q1 results provide us with increased confidence towards achieving our goals of improving adjusted EBITDA profitability and increasing adoption of our financial service offering. In addition, as Dax mentioned earlier, we have put in place measures that we expect to increase software revenue growth in the second half of the fiscal year. For Q2, we will likely see similar trends to Q1, with sales growth coming predominantly from transaction-based revenue as we continue to expand adoption of our payments and capital offerings.

現在轉向我們的展望。第一季的業績使我們更有信心實現提高調整後 EBITDA 獲利能力和提高金融服務產品採用率的目標。此外，正如 Dax 之前提到的，我們已經採取了措施，預計將在本財年下半年提高軟體收入的成長。對於第二季度，我們可能會看到與第一季類似的趨勢，隨著我們繼續擴大支付和資本發行的採用，銷售成長主要來自基於交易的收入。

It is worth noting that for Q2 year-over-year growth, we are lapping a significant revenue uplift due to the surge of Unified Payments customers becoming live last year. Furthermore, our initiatives aimed at growing software sales will only partially impact the upcoming quarter.

值得注意的是，對於第二季的年成長，由於去年上線的統一支付客戶激增，我們的收入大幅成長。此外，我們旨在增加軟體銷售的措施只會對下一季產生部分影響。

For the second quarter, we expect revenue between $270 million to $275 million and an adjusted EBITDA of approximately $12 million. For fiscal 2025, we are increasing our expectations for adjusted EBITDA from a minimum of $40 million to a minimum of $45 million. And we remain confident that we will deliver overall revenue growth of at least 20%.

我們預計第二季營收在 2.7 億至 2.75 億美元之間，調整後 EBITDA 約為 1,200 萬美元。對於 2025 財年，我們將調整後 EBITDA 的預期從最低 4,000 萬美元提高到最低 4,500 萬美元。我們仍然有信心實現至少 20% 的整體收入成長。

With that, I will hand the call back to Dax.

這樣，我會將電話轉回 Dax。

Growing our software reviews and ICP locations will be the next step towards our goal of profitable growth. I wanted to highlight that this company has had a long history of taking bold steps forward. In 2013, we decided to move to the cloud. And today, all of our software revenues are cloud-based subscriptions. In 2014, we decided to expand beyond North America and into the restaurant vertical. And today, excluding Ecwid customers, almost 40% of our locations are in hospitality and approximately half of our locations are outside of North America.

擴大我們的軟體評論和 ICP 地點將是我們實現獲利成長目標的下一步。我想強調的是，這家公司長期以來一直大膽地向前邁進。2013年，我們決定遷移到雲端。如今，我們所有的軟體收入都是基於雲端的訂閱。2014 年，我們決定將業務擴展到北美以外的領域，進入垂直餐廳領域。如今，除 Ecwid 客戶外，我們近 40% 的營業點位於酒店業，大約一半營業點位於北美以外地區。

In 2019, we launched payments, and today transaction-based revenues account for 65% of sales. Our focus now is on expanding our ICP locations and accelerating growth in our software business. I believe we will approach these initiatives with the same enthusiasm and determination that has worked for us in the past, and that we will achieve similar levels of success.

2019 年，我們推出了支付業務，目前基於交易的收入佔銷售額的 65%。我們現在的重點是擴大 ICP 地點並加速軟體業務的成長。我相信，我們將以過去為我們所做的同樣的熱情和決心來對待這些舉措，並且我們將取得類似的成功。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) Dan Perlin, RBC.

（操作員說明）Dan Perlin，RBC。

Thanks. Good morning. I just wanted to just delve in a little bit deeper on the decision to keep the account managers a little more focused on payments to 2Q. I mean it sounds like that was kind of the game plan originally. To me, it felt like it's a little extended.

謝謝。早安.我只是想更深入地探討讓客戶經理更專注於第二季付款的決定。我的意思是，聽起來這就是最初的遊戲計劃。對我來說，感覺有點延長了。

But I just wanted to know, was there anything that was incrementally driving that, maybe the success that you're having, you want to just kind of prolong that? Or maybe there was just timing differences in terms of what you had anticipated in terms of what you were going to pivot back toward subscription based?

但我只是想知道，是否有什麼因素可以逐漸推動你所取得的成功，你想延長這種成功？或者，也許只是時間上的差異，與您對轉向基於訂閱的預期的預期不同？

Yeah. Thanks for the question. JD here. No, look we've been following the game plan that we've given ourselves for this fiscal year. Obviously, we're on the tail end of the Unified Payments program that came from last year, which as you remember, we started in Q1 in -- on retail, but then we progressed throughout the rest of the regions that we operate in throughout the year.

是的。謝謝你的提問。JD來了不，我們一直在遵循本財年制定的遊戲計劃。顯然，我們正處於去年開始的統一支付計劃的尾聲，正如您所記得的那樣，我們從零售業的第一季開始，但隨後我們在我們經營的其他地區取得了進展那一年。

And really for us, this year, it's really a story of two halves. Ultimately, our AM team, as you know, as you pointed out, is a big driving force of our software revenue. And so in that context, they're going back as the year progresses through to cross-selling and upselling software as well as payments, but really a balanced approach and also mitigating churn. So really, as the second half starts to come through, we're going to start to see software revenue growth come back above 10% and beyond which we're really confident with. And all the leading indicators that we see, the pipeline that we're building is pointing in that direction.

對我們來說，今年確實是一個分成兩部分的故事。最終，如您所知，正如您所指出的，我們的積層製造團隊是我們軟體收入的重要推動力。因此，在這種情況下，隨著時間的推移，他們將重新開始交叉銷售和追加銷售軟體以及付款，但實際上是一種平衡的方法，同時也能減少客戶流失。事實上，隨著下半年的到來，我們將開始看到軟體收入成長回升至 10% 以上，並且我們對此非常有信心。我們看到的所有領先指標、我們正在建造的管道都指向這個方向。

That's great to hear. Just a quick follow-up. Any color you can give us or flavor around this updated pricing strategy that you got going into the second half? Is it on products that are kind of in back book? Or are these just kind of as net new clients come on, they're coming in a little bit higher pricing? Thank you.

聽到這個消息我很高興。只是快速跟進。您可以為我們提供有關下半年更新的定價策略的任何顏色或風味嗎？是在舊書裡的產品上嗎？或者這些只是隨著淨新客戶的出現，他們的價格會更高一些？謝謝。

Yeah, for sure. It's actually both. So we've done a lot of benchmarking. We even use external consultants to compare the value that we provide to our peers. And given the value that we offer to our merchants with our software modules, we really see opportunities for price increases and we expect little disruption and we actually started executing on that. And again, here too, we expect to see the impact of that from Q3 onwards.

耶，當然了。實際上兩者都是。所以我們做了很多基準測試。我們甚至聘請外部顧問來比較我們為同行提供的價值。考慮到我們透過軟體模組為商家提供的價值，我們確實看到了價格上漲的機會，我們預計不會造成任何干擾，我們實際上已經開始執行這一點。同樣，我們預計從第三季開始就會看到這一影響。

Andrew Bauch, Wells Fargo.

安德魯·鮑赫，富國銀行。

Thanks for taking the question. Just wanted to touch upon quickly the gross margin dynamics in the quarter. It came in a little bit lighter than what we were expecting, particularly with capital contributing that $8 million in the quarter. So maybe just trying to understand how we should think about that for the remainder of the year?

感謝您提出問題。只是想快速了解本季的毛利率動態。它比我們的預期要少一些，特別是在本季度資本貢獻了 800 萬美元的情況下。那麼也許只是想了解我們在今年剩下的時間裡應該如何考慮這個問題？

Hey, Andrew. Yeah, this is Asha. Thanks for your question. So from a gross margin perspective, the quarter came in at close to 41%, which is relatively in line with our gross margin a year ago, 42%. And you know that slight delta that you see there is really coming from the fact that our residuals, which as you know, the payments revenue that we would get from integrated partners, that's declining, and those come in at 100% margin.

嘿，安德魯。是的，這是阿莎。謝謝你的提問。因此，從毛利率角度來看，本季接近 41%，與一年前 42% 的毛利率相對一致。你知道，你看到的微小的增量實際上來自於這樣一個事實：我們的殘差，如你所知，我們從整合夥伴那裡獲得的支付收入正在下降，而且這些殘差的利潤率為100%。

Those are declining as we take those cohorts of customers and bring them over to Lightspeed Payments. So the net dollars that we get are higher, the net take is also higher. But from a gross margin perspective, you know that would come in at 100% gross margin whereas Lightspeed Payments is 20% to 25% gross margin. And in Europe, actually, they're over 30% gross margin.

隨著我們將這些客戶群引入 Lightspeed Payments，這些客戶數量正在下降。因此，我們獲得的淨美元更高，淨收益也更高。但從毛利率的角度來看，你知道這將是 100% 的毛利率，而 Lightspeed Payments 的毛利率是 20% 到 25%。事實上，在歐洲，他們的毛利率超過 30%。

Where our capital is concerned, you're right, capital did very well in the quarter, and that does help our gross margins. Lightspeed Capital comes in at over 95% gross margins. But we have to keep in mind that that is still a nascent business. You know, the single-digit millions that we saw in the capital revenue in the quarter is helping. But until we grow that business more meaningfully, that's when we'll start to see a more significant impact on the overall gross margin.

就我們的資本而言，你是對的，本季資本表現非常好，這確實有助於我們的毛利率。光速資本的毛利率超過95%。但我們必須記住，這仍然是一項新生業務。您知道，我們在本季看到的數百萬個位數的資本收入正在發揮作用。但在我們更有意義地發展該業務之前，我們將開始看到對整體毛利率的更重大影響。

Got it. That's helpful detail. And then maybe more of a thematic question. You had a couple of highlights around the supplier network and building the brands that are participating in that endeavor. I guess, are we getting closer to a point where we can start seeing supplier network contributions in the model? And if so, where would we kind of anticipate those revenues to come in?

知道了。這是有用的細節。然後也許更多的是一個主題問題。您在供應商網路和參與這項努力的品牌建立方面有一些亮點。我想，我們是否已經接近可以開始在模型中看到供應商網路貢獻的時刻了？如果是這樣，我們預計這些收入會來自哪裡？

Yeah. Thank you for the question. You're absolutely right. On the supplier network side, we continued to sign notable brands. Actually in Q1, we signed Imperial and Bally amongst others. As Dax mentioned as well in the opening, we unlocked the pet vertical through a point of sale catalog that is powered by our supplier network, adding 12,000 new pet products.

是的。感謝你的提問。你是絕對正確的。在供應商網路方面，我們繼續簽約知名品牌。實際上，在第一季度，我們簽下了 Imperial 和 Bally 等公司。正如 Dax 在開頭提到的那樣，我們透過由我們的供應商網路提供支援的銷售點目錄解鎖了寵物垂直市場，並添加了 12,000 種新的寵物產品。

And then our integration between our flagship retail point of sale and our supplier network is coming out of beta with record high NPS from customers that have connected their B2B account with our point of sales. We're really proud of that.

然後，我們的旗艦零售銷售點和供應商網路之間的整合即將結束測試，將 B2B 帳戶與我們的銷售點連接起來的客戶的 NPS 創下歷史新高。我們對此感到非常自豪。

Now we're stepping forward to monetizing the supplier network, and we expect to start to see meaningful impact as of next fiscal year. This quarter particularly, in light of the strong feedback on the point of sale integration, we started to outbound retailers that use our B2B solution to order from their favorite brands, brands that are in our network like our Arc’teryx, Tom's, Brunello Cucinelli, Canada Goose, and many others.

現在，我們正在努力將供應商網路貨幣化，我們預計從下一財年開始會看到有意義的影響。特別是本季度，鑑於對銷售點整合的強烈回饋，我們開始向使用我們的 B2B 解決方案的外向零售商從他們最喜歡的品牌（我們網絡中的品牌，如 Arcâteryx、Tom's、Brunello）進行訂購Cucinelli 、加拿大鵝等等。

Retailers can now pair their point of sale with our B2B accounts. And these orders that they place from B2B products flow through to our point of sale, our product, which is really exciting. It shaves hours off their work week and that value prop is really resonating with those retailers. So we expect to see really some upside from that point of view as well going forward.

零售商現在可以將他們的銷售點與我們的 B2B 帳戶配對。他們從 B2B 產品下的這些訂單流向我們的銷售點、我們的產品，這確實令人興奮。它減少了他們每週的工作時間，而這種價值支撐確實引起了這些零售商的共鳴。因此，我們預計從這個角度來看，未來也會看到一些真正的好處。

The only thing I'll add there, Andrew, on monetization is just as a reminder, we have about $10 billion of GTV. That's not included in our GTV numbers. That's an annual GTV number that comes from the supplier network. And we have started monetization of that $10 billion of GTV in a negligible way. We should see more meaningful monetization in fiscal 2026.

安德魯，關於貨幣化，我唯一要補充的是，我們有大約 100 億美元的 GTV。這不包括在我們的 GTV 數字中。這是來自供應商網路的年度 GTV 數字。我們已經開始以微不足道的方式將這 100 億美元的 GTV 貨幣化。我們應該會在 2026 財年看到更有意義的貨幣化。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Hi. Good morning. Can you update us on the progress you're making in migrating the existing base to the flagship platforms? Are you getting more aggressive in using carrots and sticks in order to drive that migration? Or where do we stand in that process?

你好。早安.您能否向我們介紹一下您在將現有基礎遷移到旗艦平台方面取得的最新進展？您是否會更積極地使用胡蘿蔔加大棒來推動遷移？或者說我們在這個過程中處於什麼位置？

Yeah, so Dax here. So our non-flagship platforms are profitable. There's very little R&D costs, low-support costs. Customers are very familiar with them after the many years that they've been on them. So we are creating pathways for folks to migrate to the flagships, given that all the exciting innovation that I shared in the opening remarks are happening on the flagship. So lots of incentive, especially for those businesses that have big ambitions that are a good fit for the flagships.

是的，達克斯在這裡。所以我們的非旗艦平台是獲利的。研發成本非常低，支援成本也很低。經過多年的使用，客戶對它們非常熟悉。因此，鑑於我在開場白中分享的所有令人興奮的創新都發生在旗艦產品上，我們正​​在為人們遷移到旗艦產品創造途徑。如此多的激勵措施，特別是對於那些雄心勃勃、非常適合旗艦店的企業。

Yeah, the upgrade program is great for retention, and that's also a great path for them. But we will detail more of what we'll do in terms of large customer base shifts at Capital Markets Day.

是的，升級計畫非常有助於留住員工，這對他們來說也是一條很好的道路。但我們將在資本市場日詳細介紹我們在大規模客戶群轉變方面將採取的措施。

And with respect to payments penetration, as we march from the 36% this quarter to the 50% that you're targeting, should we assume that the sequential pace of migration starts to accelerate as you're refocusing the sales force? Or how should we think about that slope over the near term?

至於支付滲透率，當我們從本季的 36% 提高到您目標的 50% 時，我們是否應該假設隨著您重新專注於銷售隊伍，遷移的連續速度開始加快？或者我們應該如何看待近期的斜率？

Hey, Thanos. It's Asha. Thanks for the question. I think, you know, obviously payments penetration is impacted quite significantly by the puts and takes of GTV. So Q3, which is our strongest selling quarter for retail, which is our biggest cohort, you're going to see GTV increase, and that's going to impact payments penetration. I wouldn't say we expect it to decelerate because our AMs are now refocused on software because, you know, ultimately, every net new eligible customer is forced to take payments. And that's going to continue to march our payments penetration on this upward trajectory.

嘿，薩諾斯。是阿莎。謝謝你的提問。我認為，你知道，顯然支付滲透率受到 GTV 的賣出和賣出的影響相當大。因此，第三季度是我們零售業銷售最強勁的季度，也是我們最大的群體，您將看到 GTV 增加，這將影響支付滲透率。我不會說我們預計它會減速，因為我們的 AM 現在重新專注於軟體，因為，你知道，最終，每個新的合格客戶都被迫接受付款。這將繼續推動我們的支付滲透率沿著上升的軌道前進。

So I don't think that the AMs or we don't think that the AMs coming back to selling software will really impact that payment penetration in a significant way, just given what's happening on the new book. But the payments penetration is impacted by just the puts and takes of GTV.

因此，考慮到新書中發生的情況，我認為 AM 或我們認為 AM 重新開始銷售軟體不會真正對支付滲透率產生重大影響。但支付滲透率僅受 GTV 的賣出和賣出影響。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Great. Thanks a lot for taking the question. I know we touched on this a little bit earlier with front book, back book on the pricing that is already starting and rolling out a little bit more as we go through the year. But maybe we could look at it in a different way in terms of trying to quantify.

偉大的。非常感謝您提出問題。我知道我們早些時候在前書和後書中談到了這一點，這些書已經開始定價，並在今年推出更多內容。但也許我們可以從不同的角度來看它，試著量化。

Can you talk about portion of customers that might receive such a price increase on the subscription side, and the relative levels, so kind of X percent of locations receive a Y percent on average price increase so that we can get at least a rough sense or a range of what it could mean to subscription revenue, once fully rolled out in terms of the pricing? Thanks a lot.

您能否談談可能會在訂閱方面收到此類價格上漲的客戶部分以及相對水平，因此 X% 的地點平均價格上漲 Y%，以便我們至少可以粗略地了解或一旦定價全面​​推出，這對訂閱收入意味著什麼？多謝。

Yes, thank you for the question. The challenge is I don't think we believe -- I mean it's tricky to share the exact numbers. In some ways, it is sensitive nature and we want to be conscious of how we share this. But what I can say for sure is that it is a significant number of customers that where we see an opportunity to make a meaningful price adjustments. But again, we want to be careful how we communicate this. We want to communicate with our customers first and foremost, and that will make its way through.

是的，謝謝你的提問。挑戰是我認為我們不相信——我的意思是分享確切的數字是很棘手的。在某些方面，這是敏感的本質，我們希望意識到我們如何分享這一點。但我可以肯定地說，我們看到了對大量客戶進行有意義的價格調整的機會。但同樣，我們要小心我們如何傳達這一點。我們首先希望與客戶進行溝通，這將會實現。

No problem. I think that's helpful. Significant and meaningful on the X and the Y. That works for me.

沒問題。我認為這很有幫助。在 X 和 Y 上顯著且有意義。這對我行得通。

If you don't mind, a brief follow-up. The payments links, you mentioned a strong growth month over month. I think when we talk, this is a product that you're leveraging the Stripe links capability, I believe. If you could just talk a little bit about this card-not-present offering, I'm guessing, as far as payments gross margin go, maybe this is a little bit higher. And just talk about maybe some of the use cases there, what the merchants are using it for?

如果您不介意，請進行簡短的跟進。在付款連結方面，您提到了逐月強勁成長。我認為，當我們交談時，我相信這是您正在利用 Stripe 連結功能的產品。如果您能簡單談談這種無卡產品，我猜，就支付毛利率而言，也許這個數字會高一點。只談談那裡的一些用例，商家可以用它來做什麼？

It's still low, but this is a theme that's important for us, which is anything around quoting and invoicing. We see an opportunity to capture GTV that historically would sit outside of our rails on the point-of-sale side on the e-commerce side because these transactions are settled, call it, after the fact such as on account transactions. And so with these payment links and this new feature that we launch, we are seeing incredible adoption. So from a numbers perspective, year-over-year wise, impressive growth. But in relative terms, it's still early days. But this continues to help us monetize the overall GTV ultimately, which as you can see, continues to trend in the right direction.

它仍然很低，但這對我們來說是一個重要的主題，它涉及報價和發票。我們看到了捕捉 GTV 的機會，而在歷史上，GTV 在電子商務方面的銷售點方面一直處於我們的軌道之外，因為這些交易是在事後結算的，稱之為帳戶交易。因此，透過這些支付連結和我們推出的新功能，我們看到了令人難以置信的採用。因此，從數字的角度來看，年成長令人印象深刻。但相對而言，現在還處於早期階段。但這繼續幫助我們最終將整體 GTV 貨幣化，正如您所看到的，它繼續朝著正確的方向發展。

Dominic Ball, Redburn Atlantic.

多明尼克鮑爾，雷德伯恩大西洋公司。

Hey, Dax, Asha, Gus, JD. Thanks for the question. Great job on EBITDA. But looking at organic GTV trends, this quarter was 1% year over year. I think the larger cohorts were up 4%. This is slightly below US retail growth and somewhat in line with nominal consumption in Europe.

嘿，達克斯、阿莎、格斯、JD。謝謝你的提問。EBITDA 表現出色。但從自然 GTV 趨勢來看，本季年增 1%。我認為較大的群體成長了 4%。這略低於美國的零售成長，與歐洲的名義消費有些一致。

So I guess my question is, why are we not seeing market share gains from Lightspeed, given the higher quality of product over (inaudible) and when can we expect this reacceleration of GTV? Thank you.

所以我想我的問題是，鑑於產品品質更高（聽不清楚），為什麼我們沒有看到 Lightspeed 的市佔率成長？謝謝。

Hey, Dominic. Thanks for the question. So you're right. When we look at total GTV, the year-over-year growth was 1%. Same-store sales were down. But when we think about our flagships, which is really where we are focused as a business -- just as a reminder, it's been about 1.5 year that we've gone to market exclusively with our flagship products, and our flagships, the GTV has grown 24%. Same store sales are in mid-single-digit growth. And that's really where we're focused on as a business.

嘿，多明尼克。謝謝你的提問。所以你是對的。當我們查看總 GTV 時，同比增長了 1%。同店銷售下降。但當我們想到我們的旗艦產品時，這確實是我們作為一家企業所關注的重點——提醒一下，我們專門將我們的旗艦產品推向市場已經大約 1.5 年了，而我們的旗艦產品 GTV 已經增長了24%。同店銷售額呈現中位數個位數成長。這確實是我們作為一家企業所關注的領域。

From an overall GTV perspective, there are certain non-flagship products where we've seen some elevated churn as a result of our Unified Payments launch in Europe. The trend is still lower than what we had forecasted, but nevertheless, there was a slight uptick in churn and that's impacting the overall GTV.

從整體 GTV 的角度來看，由於我們在歐洲推出統一支付，我們發現某些非旗艦產品的客戶流失率上升。這一趨勢仍然低於我們的預測，但儘管如此，客戶流失率略有上升，這影響了整體 GTV。

In addition to that, however, we've talked in our prepared remarks about how we plan to grow our ICP locations, verticalize brand marketing, our outbound is ramping up, and we've already implemented these initiatives, and we expect these initiatives will start to bear fruit in the back half of the year. And so you should expect -- with the software acceleration that we talked about in the back half of the year, you should also expect an improvement in ICP locations as well.

然而，除此之外，我們在準備好的發言中談到了我們計劃如何擴大我們的 ICP 地點、垂直化品牌行銷、我們的出站正在增加，並且我們已經實施了這些舉措，我們預計這些舉措將下半年開始見成效。因此，您應該期待 - 隨著我們在今年下半年討論的軟體加速，您也應該期待 ICP 位置的改進。

That's great. That makes sense. And on that point, so given the weakness, shall we say, in some of your European peers and how far behind Continental Europe is for integrated payments hardware and software, can you give us more color on your plans to grow and try and win more share in Europe?

那太棒了。這就說得通了。在這一點上，我們可以說，考慮到你們的一些歐洲同行的弱點，以及歐洲大陸在集成支付硬體和軟體方面落後的程度，你們能否給我們更多關於你們的發展計劃和嘗試贏得更多的機會？

So from a win more share in Europe perspective, it's really the same initiatives. We have outbound and feet on the street. JD talked about that being up year over year quite significantly and outbound works well for us at winning our ICP location, and that's going very well. We launched it earlier this year, and we're already starting to see the result of that. But when you sign new ICP locations. It takes time for them to get up and running and start showing up in the sophisticated GTV cohort, which is our ICP. And so really outbound verticalized marketing, you know, these are the different -- some of the different initiatives that we've already implemented, including in Europe and APAC as well as North America. And we should start to see acceleration from that as the quarters go by.

因此，從在歐洲贏得更多份額的角度來看，這實際上是相同的舉措。我們有出站，也有在街上行走的。京東表示，年成長非常顯著，出境對於我們贏得 ICP 位置非常有效，而且進展非常順利。我們在今年早些時候推出了它，我們已經開始看到它的結果。但是當你簽署新的ICP地點時。他們需要時間來啟動和運行並開始出現在複雜的 GTV 隊列中，這就是我們的 ICP。因此，真正的出站垂直行銷，你知道，這些是不同的——我們已經實施了一些不同的舉措，包括在歐洲、亞太地區以及北美。隨著季度的過去，我們應該開始看到這種趨勢的加速。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

Great. Thanks a lot. If I could just follow up on the software outlook. I just wanted to clarify for 2Q, Asha, you're saying growth should be similar to where it was in Q1, plus or minus. And then for the back half, among those three levers that you're talking to, the outbound sales, the account managers pivoting back to upsell, and then pricing, which you guys already spoke to. Can you give us a sense for the relative contribution from each of those? Just anything more on kind of the level of visibility into the back half would be great. Thanks.

偉大的。多謝。如果我能跟進軟體前景就好了。我只是想澄清第二季的情況，阿莎，你說成長應該與第一季相似，無論是加還是減。然後對於後半部分，在您正在談論的這三個槓桿中，對外銷售，客戶經理轉向追加銷售，然後是定價，你們已經談過了。您能否讓我們了解一下每個人的相對貢獻？只要能提高後半部的可見度就太好了。謝謝。

You heard, Trevor, I'll take that one. So you're absolutely right. As we said in the prepared remarks, the initiatives that you just talked about will bear fruit in the back half of the year.

你聽到了，特雷弗，我會接受那個。所以你是完全正確的。正如我們在準備好的發言中所說，你剛才談到的措施將在下半年取得成果。

To be honest, when we think about the relative contribution, I would say pretty similar across AMs coming back. Pricing and packaging, which JD touched on a little bit earlier. The verticalized brand marketing, that one is more difficult in terms of quantifying the ROI. But what we're expecting in the back half of the year is definitely an acceleration in software. And I would say relative weight between the AMs and the pricing initiatives and what's going to drive that uplift in the back half.

老實說，當我們考慮相對貢獻時，我會說回來的 AM 非常相似。定價和包裝，京東早些時候談到。垂直化的品牌行銷，在量化投資報酬率方面是比較困難的。但我們預計今年下半年肯定會出現軟體方面的加速發展。我想說的是 AM 和定價措施之間的相對權重，以及推動後半段成長的因素。

Okay. Thanks. And it sounds like with more of the focus on outbound, you should see some reacceleration in the higher GTV location growth as we go through the year. I mean, is that -- do you think enough to offset continued churn at the lower end where we should see kind of net GTV growth accelerating from here? Thanks.

好的。謝謝。聽起來，隨著​​出境遊的關注度越來越高，您應該會在這一年中看到更高的 GTV 位置增長再次加速。我的意思是，您認為這是否足以抵消低端市場的持續流失，我們應該看到 GTV 淨成長從這裡開始加速？謝謝。

Yes, 100%. I mean that's always been our game plan. Again, these initiatives are starting to bear fruit already from a leading indicator perspective. And it will start to show up in the overall as we get into the back half and beyond. And again, I think Asha touched on it earlier, but if you think about outbound, we lead with our flagship products on outbound. And if you look at our flagship products, GTV being up 24% year over year.

是的，100%。我的意思是，這一直是我們的遊戲計劃。同樣，從領先指標的角度來看，這些措施已經開始取得成果。當我們進入後半場及之後的時候，它就會開始出現在整體中。再說一遍，我認為 Asha 早些時候曾提到過這一點，但如果你考慮出站，我們會以我們的旗艦產品在出站方面領先。如果你看看我們的旗艦產品，GTV 年成長 24%。

As a reminder, our flagship products represent 40% of our overall location. So it's a meaningful base and that base is growing 24% year over year. So this is a promising figure and it should be a good indication for you of what you can expect in the future as that is lapping, call it, the legacy product.

提醒一下，我們的旗艦產品占我們整體位置的 40%。所以這是一個有意義的基數，而該基數每年增長 24%。因此，這是一個充滿希望的數字，它應該很好地表明您對未來的期望，因為這就是研磨，稱之為遺留產品。

Richard Tse, National Bank Financial Markets.

Richard Tse，國家銀行金融市場部。

Hi. This is James sitting on for Richard. Congrats on the quarter. I was just wondering if you guys could talk a bit more about the competitive environment on both the retail and restaurant side. And then maybe kind of what your win rate is looking like against some of those top competitors in each of the respective verticals? Thanks.

你好。這是詹姆斯坐在理查旁邊。恭喜本季。我只是想知道你們是否可以多談談零售和餐廳方面的競爭環境。然後，也許您在各個垂直領域與一些頂級競爭對手相比的勝率是多少？謝謝。

Yeah, I'll take the product side. This is Dax. As you saw, this Q1 was just an incredible quarter for innovation for ICPs. We're building for the specific needs of our ICPs in their verticals on retail, hospitality, e-comm, omnichannel, as well as on the B2B side. So I think that having that very, very targeted approach instead of the generalized approach that a lot of our competitors have across multiple parts of -- multiple sections of retail and hospitality. I think we've got that focused approach that really gets to their specific needs and actually helps us to displace the legacy players that actually still run the business of many ICPs. So I think from a competitive lens, being focused in our verticals and being focused with functionality that satisfies their needs is makes us highly competitive.

是的，我會選擇產品方面。這是達克斯。正如您所看到的，第一季對 ICP 來說是令人難以置信的創新季度。我們正在根據 ICP 在零售、飯店、電子商務、全通路以及 B2B 等垂直領域的特定需求進行建置。因此，我認為採用非常非常有針對性的方法，而不是我們的許多競爭對手在零售和酒店業的多個部分採用的通用方法。我認為我們已經採取了集中的方法，真正滿足了他們的特定需求，並實際上幫助我們取代了實際上仍在經營許多 ICP 業務的傳統參與者。因此，我認為從競爭的角度來看，專注於我們的垂直領域並專注於滿足他們需求的功能使我們具有高度競爭力。

And on win rates, I'll pass to JD?

至於勝率，我會交給JD嗎？

I mean, if you think of our close rates overall, we don't really break it apart across specific competitors. But if you think about overall close rates, we typically are in the 32%, 33% range. And what's particularly exciting, I think, for me is when I look at our focus on ICPs and our focus on sub-verticals, that's where you actually see that close rate climb. And in certain sub-verticals, we see close rate it climbing to 45%, even 50% from demo to close, which is quite exciting to see. So we continue to make progress there as Dax highlighted, as the product gets more mature and we pump out new features that really help our customers win. It's making its way through to the funnel.

我的意思是，如果你考慮我們整體的接近率，我們並沒有真正將其分成特定的競爭對手。但如果考慮整體成交率，我們通常在 32% 到 33% 的範圍內。我認為，對我來說特別令人興奮的是，當我看到我們對 ICP 和次垂直領域的關注時，你實際上會看到接近的利率攀升。在某些子垂直領域，我們看到從演示到結束的成交率攀升至 45%，甚至 50%，這是非常令人興奮的。因此，正如 Dax 所強調的那樣，隨著產品變得更加成熟，我們將繼續在這方面取得進展，並且我們將推出真正幫助客戶獲勝的新功能。它正在進入漏斗。

Yeah. And just to finish, I think on the retail side, really what you want to think about is how deep we go in inventory management and how that inventory management is now connecting into that supplier network strategy.

是的。最後，我認為在零售方面，您真正想要考慮的是我們在庫存管理方面的深入程度以及庫存管理現在如何與供應商網路策略連結。

On hospitality, there's incredible innovation happening on tools like Tableside as well as analytics and Insights. And of course, last quarter, we shipped a direct integration with Uber, and I'm seeing -- and we're seeing great uptake on that for saving our restaurant customers' money as well.

在酒店業方面，Tableside 以及分析和洞察等工具正在發生令人難以置信的創新。當然，上個季度，我們與 Uber 進行了直接整合，我看到，我們看到這一點也得到了很大的採用，這也為我們的餐廳客戶節省了錢。

Okay. Great. Thanks. And if I could just get one more. Obviously, you've made some meaningful buybacks this quarter. Just wondering if you could elaborate on what the capital allocation priorities are moving forward?

好的。偉大的。謝謝。如果我能再得到一件就好了。顯然，您本季進行了一些有意義的回購。只是想知道您能否詳細說明未來的資本配置優先事項是什麼？

Yeah. Hey, James. I'll take that one. Thanks for the question. As you know, our Board authorizes share repurchase program for up to 10% of our public float, which is actually the maximum we're allowed. So that represents $140 million. And in terms of what we've executed on in the quarter, we actually repurchased about 2.7 million of our shares. We spent about $40 million.

是的。嘿，詹姆斯。我會接受那個。謝謝你的提問。如您所知，我們的董事會批准了高達 10% 公眾持股的股票回購計劃，這實際上是我們允許的最高限額。這相當於 1.4 億美元。就我們本季的執行情況而言，我們實際上回購了約 270 萬股股票。我們花了大約 4000 萬美元。

We haven't disclosed what we plan specifically to buy back in the upcoming quarters. But what I can say is, you know, we take -- we'll always take a very prudent approach to capital allocation, and we plan to be opportunistic with our NCIB.

我們尚未透露未來幾季具體回購的計畫。但我能說的是，我們將始終採取非常謹慎的資本配置方式，並且我們計劃對 NCIB 採取機會主義態度。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Thanks for the question. A couple on locations. There were some comments in the prepared remarks about churn sort of stabilizing or being more in the past, plus the ramping outbound and some other initiatives. Is the right takeaway here that we could see location growth in the key cohorts start to accelerate?

謝謝你的提問。一對夫婦在地點。在準備好的評論中，有一些關於客戶流失趨於穩定或已成為過去的評論，以及不斷增加的出站和其他一些舉措。我們可以看到關鍵群體的位置成長開始加速，這是正確的結論嗎？

Yes, I think that's the main message we want to share. Particularly in our ICP locations, we've launched a great deal of initiatives across our go-to-market motion, whether it's how we attract new customers, how we onboard customers, how we manage and support them. And yeah, it's starting to show in our leading indicators. And it'll show in the overall numbers. Yeah, so that's how you have to think about it, 100%.

是的，我認為這是我們想要分享的主要訊息。特別是在我們的 ICP 地點，我們在進入市場的過程中推出了大量舉措，無論是如何吸引新客戶、如何吸引客戶、如何管理和支持他們。是的，它開始在我們的領先指標中顯現出來。它會顯示在總數中。是的，所以這就是你必須考慮的，100%。

Got it. And any -- whether it's this quarter's results or sort of your expectations in the next few quarters, like how will that growth in locations be broken down between new merchant, formations, competitive wins, expansion from existing customers?

知道了。以及任何 - 無論是本季度的業績還是您對未來幾季的預期，例如新商家、組織、競爭勝利、現有客戶擴張之間的地點成長將如何細分？

Typically, as we -- if you look at new business locations relative to expansion of existing customers and add new locations, it typically break apart as 65%, 35%. 65%, new business; 35% coming from existing customers that open up new locations as they have success with our software and grow and gain ambition to open new locations.

通常情況下，如果您查看與現有客戶擴張相關的新業務地點並新增地點，通常會分為 65% 和 35%。 65%，新業務； 35% 來自開設新地點的現有客戶，因為他們使用我們的軟體取得了成功，並且不斷成長並有開設新地點的雄心壯志。

Got it. And just last, just trying to get a sense of the 4% growth in the key cohorts, any sense for how that trended quarter-over-quarter and if those moves were dictated by just merchants moving up or down based on their GTV or from a share perspective? Thanks.

知道了。最後，只是想了解關鍵群體 4% 的成長情況，了解季度環比趨勢如何，以及這些變動是否僅由商家根據其 GTV 或從 GTV 上升或下降決定。謝謝。

Yeah, quarter-over-quarter, that came up relative to last quarter and which again, that's why from a leading indicator perspective, we're confident that's going to start to show from a year-over-year perspective. The other thing I would highlight is, again, when you look at ICP locations, we're disclosing ICP locations across our entire portfolio, right, all of our products. But as we leaned in earlier, from all of our comments, really, if you look at ICP locations on our flagships, that growth is in plus 20% range as well. So both of those things are encouraging as far as what you can expect for the back half.

是的，季度環比，相對於上季而言，這也是為什麼從領先指標的角度來看，我們有信心從同比的角度開始顯示這一點。我要強調的另一件事是，當您查看 ICP 位置時，我們會揭露整個產品組合中的 ICP 位置，對吧，我們所有產品。但正如我們之前所了解到的，根據我們所有的評論，實際上，如果您查看我們旗艦店的 ICP 位置，您會發現增長也在 20% 以上。因此，就您對後半段的期望而言，這兩件事都是令人鼓舞的。

Todd Coupland, CIBC.

托德·庫普蘭，CIBC。

Great. Good morning, everyone. I wanted to ask about Lightspeed Capital. I think you gave the revenue from that business. Can you talk about how much capital was actually out in the quarter and how you expect that to trend as we go through the year?

偉大的。大家，早安。我想問一下光速資本。我認為您提供了該業務的收入。您能否談談本季實際流出了多少資本以及您預計這一年的趨勢如何？

Hey, Todd. It's Asha. Thanks for the question. When we think about -- if you look in our disclosure documents, you'll see about a $15 million delta on cash out in the quarter from capital. And I say delta because we have also receipts from merchant cash advances of the past offsetting all of the merchant cash advances that we've given out in the quarter. And that's a net cash out of about $15 million that impacts the quarter.

嘿，托德。是阿莎。謝謝你的提問。當我們考慮時，如果您查看我們的揭露文件，您會發現本季資本現金支出增量約為 1500 萬美元。我說增量是因為我們還有過去的商家現金預付款收入，抵銷了我們在本季發放的所有商家現金預付款。這是影響本季的約 1500 萬美元的淨現金。

From a revenue perspective, you would have seen we're up over 300% from Q1 of last year. And so we're very happy with that business, as I said earlier. However, it is still very nascent. Single-digit million-dollar revenue numbers are still pretty nascent, but I think -- what's important is we're super excited about the prospect. We're super excited about what our customers are saying. They love our product and the demand is there. And it's really just about us managing risk so that we can still stay in the very low-single-digit default rates. So we're excited about the prospects here, and we're very happy with the progress we've made so far.

從收入角度來看，您會發現我們比去年第一季成長了 300% 以上。正如我之前所說，我們對這項業務非常滿意。然而，它仍處於起步階段。百萬美元的個位數收入數字仍處於起步階段，但我認為 - 重要的是我們對這一前景感到非常興奮。我們對客戶的評價感到非常興奮。他們喜歡我們的產品並且需求就在那裡。這實際上只是我們管理風險，以便我們仍然可以保持在非常低的個位數違約率。因此，我們對這裡的前景感到興奮，並對迄今為止所取得的進展感到非常滿意。

Great. And then just on OpEx. So OpEx overall growing a little bit. So is the takeaway that, that should be the trend as we go through the year and the operating leverage will come from gross margin and top line?

偉大的。然後就是營運支出。因此，營運支出總體上略有增長。那麼，這應該是我們今年的趨勢，營運槓桿將來自毛利率和營收嗎？

Yeah, I think, Todd, you can look at it that way. For sure, we expect a lot of growth from top line and gross profit. But as we said in the opening remarks, we have an unwavering focus on prudent spend across the org. We're continuing to renegotiate our significant contracts such as our cloud contracts. We continue to negotiate our contracts with our payment service providers. And so for Lightspeed, it's an ongoing sort of renegotiation or an ongoing look at our cost base. And so you still should continue to see efficiencies from a cost perspective. But I would say a significant amount is going to come from the top line and the GP growth.

是的，我想，托德，你可以這樣看。當然，我們預計營收和毛利將大幅成長。但正如我們在開場白中所說，我們堅定不移地關注整個組織的審慎支出。我們正在繼續重新談判我們的重要合同，例如雲端合約。我們繼續與支付服務提供者協商合約。因此，對於 Lightspeed 來說，這是一種持續的重新協商或持續審視我們的成本基礎。因此，您仍然應該繼續從成本角度看待效率。但我想說，很大一部分將來自營收和總收入的成長。

Suthan Sukumar, Stifel.

蘇坦·蘇庫瑪，斯蒂菲爾。

Good morning. I wanted to touch on the -- from the early strength that you guys are seeing on the software ARPU side of the business. Can you talk about where you've been kind of seeing traction beyond the pricing on the flagship traction from a module upsell perspective so far?

早安.我想談談你們在軟體 ARPU 方面看到的早期實力。您能否談談到目前為止，從模組追加銷售的角度來看，您在哪些方面看到了除了旗艦產品定價之外的吸引力？

Yeah, I mean, so as I think you've heard from us before, first and foremost, if you think of our flagship products, our software ARPU is higher than our legacy products. That's why we've been able to move software ARPU upwards in the past quarters -- quarter over quarter and we keep that trend going. And that's as a result of software modules that we have on these flagship products being more significant than our legacy products.

是的，我的意思是，我想您之前已經聽過我們的消息，首先，如果您想到我們的旗艦產品，我們的軟體 ARPU 高於我們的傳統產品。這就是為什麼我們能夠在過去幾個季度逐季提高軟體 ARPU，並且我們將保持這一趨勢。這是因為我們在這些旗艦產品上擁有的軟體模組比我們的傳統產品更重要。

On the hospitality side, of course, our insights module is a significant one, and we're very excited with what's coming down the road map from new innovation perspective with KDS, benchmarking trends, precious things like that, that are also going to help.

當然，在酒店業方面，我們的見解模組非常重要，我們對 KDS 的新創新視角、基準趨勢、諸如此類的寶貴事物的路線圖感到非常興奮，這些也將有所幫助。

And then on the retail side, our inventory management and analytics module continues to be very strong, where we have a strong attach rates. So that's on the new business side.

然後在零售方面，我們的庫存管理和分析模組仍然非常強大，我們擁有很高的附加率。這就是新業務方面的情況。

And again, if you think about the overall software trend, our account management team is starting to generate a lot of pipeline that will make its way through and extending goals for our customers. And that's also going to continue to be a meaningful contributor for Lightspeed as it's always been in the past, right? So this has really been kind of a program that we launched with Unified Payments for a temporary amount of time. But as we go back to our usual formation, you can expect the usual software growth to come back as you have been accustomed to.

再說一遍，如果您考慮整體軟體趨勢，我們的客戶管理團隊正在開始產生大量管道，這些管道將貫穿並擴展我們客戶的目標。這也將繼續為 Lightspeed 做出有意義的貢獻，就像過去一樣，對吧？所以這其實是我們透過統一支付暫時推出的一項計畫。但當我們回到平常的陣型時，您可以預期通常的軟體成長會像您已經習慣的那樣恢復。

Okay, thank you. The next question, I just wanted to touch on, as you guys are making a push globally into Europe and beyond, can you speak a little bit about some of the differences and the changes in the competitive intensity as you start to increase your focus outside North America?

好的謝謝。下一個問題，我只是想談一談，當你們在全球範圍內向歐洲及其他地區推進時，當你們開始增加對外部的關注時，你們能談談競爭強度的一些差異和變化嗎？

Yeah, outside North America, actually, it's a very fragmented and region-focused competitive landscape. So in each country where we operate, we see a different ecosystem. And really, that's the driving force of Lightspeed. And I think we're well recognized in international markets as being a dominant player there because we span across multiple countries, across Continental Europe and UK, and same goes in APAC. Australia and New Zealand continue to be very strong markets for us.

是的，實際上，在北美之外，這是一個非常分散且以地區為中心的競爭格局。因此，在我們開展業務的每個國家，我們都會看到不同的生態系統。事實上，這就是光速的驅動力。我認為我們在國際市場上被公認為主導參與者，因為我們跨越多個國家，橫跨歐洲大陸和英國，在亞太地區也是如此。澳洲和紐西蘭仍然是我們非常強大的市場。

So I wouldn't say that there is a competitor that is as significant as we are in these markets and it's in each specific country where you see a different mix or a specific incumbent.

因此，我不會說在這些市場上有一個與我們一樣重要的競爭對手，而且在每個特定的國家/地區，您都會看到不同的組合或特定的現有企業。

This concludes our Q&A session. I will now hand it back over to Gus Papageorgiou for closing remarks.

我們的問答環節到此結束。現在我將把它交還給 Gus Papageorgiou 作結束語。

Hey. Thanks, everyone, for joining us today. The management team and I will be around, if there's any further questions. We'll speak to everybody on our next conference call in November and look forward to seeing everybody live at our Capital Markets Day. Have a great day, everyone.

嘿。謝謝大家今天加入我們。如果還有任何其他問題，我和管理團隊將會在場。我們將在 11 月的下一次電話會議上與大家交談，並期待在我們的資本市場日見到大家。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。您現在可以斷開連線。