Lightspeed Commerce Inc (LSPD) 2025 Q3 法說會逐字稿

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

感謝您的支持。我叫蓋爾，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Lightspeed 2025 年第三季財報電話會議。（操作員指令）

I will now turn the call over to Gus Papageorgiou, Head of Investor Relations. Please go ahead.

現在我將把電話轉給投資者關係主管 Gus Papageorgiou。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Lightspeed's fiscal Q3 2025 conference call. Joining me today are Dax Dasilva, Lightspeed's Founder and CEO; Asha Bakshani, our CFO; and J.D. 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 財年第三季電話會議。今天與我一起參加的是 Lightspeed 的創辦人兼執行長 Dax Dasilva；我們的財務長 Asha Bakshani；以及我們的總裁 J.D. Saint-Martin。在 Dax 和 Asha 發表準備好的發言後，我們將開始回答大家的問題。

Before I provide some important information and disclaimers, please note that there will be a slide presentation that accompanies the initial portion of Dax's comments this morning. You can find the link to the webcast on our IR site.

在我提供一些重要資訊和免責聲明之前，請注意，今天早上 Dax 評論的最初部分將會有一個幻燈片演示。您可以在我們的 IR 網站上找到網路廣播的連結。

We will make forward-looking statements on our call today that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Certain material factors and assumptions were applied in respect of conclusions, forecasts and projections contained in these statements.

我們將在今天的電話會議上做出前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。這些聲明中的結論、預測和預期都考慮了某些重要因素和假設。

We undertake no obligation to update these statements, except as required by law. You should carefully review these factors, assumptions, risks and uncertainties in our earnings press release issued earlier today, our third quarter fiscal 2025 results presentation available on our website as well as in our filings with US and Canadian securities regulators.

除非法律要求，我們不承擔更新這些聲明的義務。您應該仔細閱讀我們今天稍早發布的收益新聞稿、我們網站上的 2025 財年第三季業績報告以及我們向美國和加拿大證券監管機構提交的文件中所述的這些因素、假設、風險和不確定性。

Also, our commentary today will include adjusted financial measures, which are non-IFRS measures and ratios. These should be considered as a supplement to and not a substitute for IFRS financial measures. Reconciliations between the two can be found in our earnings press release, which is available on our website, on SEDAR+ and on the SEC's EDGAR system.

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的指標和比率。這些應被視為 IFRS 財務指標的補充，而不是替代。兩者之間的對帳可以在我們的收益新聞稿中找到，該新聞稿可在我們的網站、SEDAR+ 和美國證券交易委員會的 EDGAR 系統上找到。

Note that because we report in US dollars, all amounts discussed today are in US dollars, unless otherwise indicated.

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。

With that, I'll now turn the call over to Dax.

說完這些，我現在將電話轉給達克斯。

Thank you, Gus, and welcome, everyone. This month will mark my one-year anniversary of returning as Lightspeed's CEO, and I'm very proud of the team's achievements during this time. We've accelerated software growth, dramatically improved payments adoption, established a solid foundation for profitability, maintained a very strong balance sheet, accelerated our innovation and focus the business on the areas where we have a proven right to win.

謝謝你，格斯，歡迎大家。這個月將是我重返 Lightspeed 擔任執行長一週年，我為團隊在這段時間的成就感到非常自豪。我們加速了軟體成長，大幅提高了支付採用率，為獲利奠定了堅實的基礎，保持了非常強勁的資產負債表，加快了創新，並將業務重點放在我們有能力取勝的領域。

Since our last earnings call in November, we've been very active across our portfolio, particularly in our key markets of retail in North America and hospitality in Europe. We've delivered yet another strong quarter, achieving 17% year-over-year revenue growth, in line with our previously established outlook, and adjusted EBITDA ahead of our previously established outlook.

自 11 月上次財報電話會議以來，我們一直非常活躍於我們的投資組合，特別是在北美零售業和歐洲酒店業等主要市場。我們又一個季度表現強勁，營收年增 17%，符合我們先前設定的預期，調整後的 EBITDA 也高於我們先前設定的預期。

At the same time, I'm also aware that many of you are keen to learn more about our strategic review process, and I'm very pleased to provide you with an update on that today. As you recall, we initiated a comprehensive strategic review of our business of operations to define the best path towards maximizing shareholder value and helping the company realize its full potential. The review included an in-depth evaluation of our portfolio, including market attractiveness, competitive dynamics and our right to win. This resulted in our conclusion to double our focus on growth in retail in North America and hospitality in Europe going forward, as well as to embark on a focused transformation plan, which we've started executing.

同時，我也知道你們很多人都渴望了解更多關於我們的戰略審查流程的信息，我很高興今天向你們提供最新信息。大家還記得，我們​​對我們的營運業務進行了全面的策略審查，以確定最大化股東價值和幫助公司充分發揮其潛力的最佳途徑。審查包括對我們的投資組合進行深入評估，包括市場吸引力、競爭動態和我們的獲勝權利。這促使我們得出結論，未來我們將加倍關注北美零售業和歐洲酒店業的成長，並著手製定有針對性的轉型計劃，目前我們已開始執行該計劃。

As part of this review, we also evaluated the best ownership structures to navigate Lightspeed through this transformation. We received strong engagement from multiple participants over the last several months. After this review, our Board of Directors, a committee of independent directors and our executive management team unanimously concluded that executing on our full transformation plan as a public company offers the best path to maximize value for the company and its shareholders.

作為此次審查的一部分，我們還評估了引導 Lightspeed 完成此次轉型的最佳所有權結構。在過去的幾個月裡，我們得到了許多參與者的積極參與。經過此次審查，我們的董事會、獨立董事委員會和執行管理團隊一致得出結論，作為一家上市公司執行我們的全面轉型計劃是實現公司及其股東價值最大化的最佳途徑。

I want to take the opportunity today to share a few highlights from our strategy and the company-wide transformation program we launched before going into our quarterly results.

今天，在公佈季度業績之前，我想藉此機會分享我們的策略和全公司轉型計劃的一些亮點。

First of all, as mentioned earlier, we are doubling down on two key markets: retail in North America and hospitality in Europe. Retail in North America is a leading growth engine. Our strategic focus is to expand locations and increase software and payments ARPU. We've built a strong track record with merchants that face operational complexities in their day-to-day business.

首先，如同前面提到的，我們正在加倍投資兩個關鍵市場：北美的零售業和歐洲的旅館業。北美零售業是領先的成長引擎。我們的策略重點是擴大地點並提高軟體和支付的 ARPU。我們與在日常業務中面臨營運複雜性的商家建立了良好的合作關係。

Our market leadership spends many of our focus verticals, which positions us to capture a much larger share of a thriving market where we are well equipped to succeed. As examples, in the sports and outdoor vertical, we've pioneered the software that bike stores use to run their retail and service operations. And for golf course operators, our offering is a clear market leader in North America. With our integrated supplier network, Lightspeed Retail is uniquely positioned to save our customers considerable time and resources, while providing a key differentiator in fashion, apparel and footwear.

我們的市場領導地位集中在許多垂直領域，這使我們能夠在蓬勃發展的市場中佔據更大的份額，並有能力取得成功。舉例來說，在運動和戶外垂直領域，我們率先推出了自行車店用來經營零售和服務業務的軟體。對於高爾夫球場經營者來說，我們提供的產品在北美市場佔據明顯的領先地位。憑藉我們整合的供應商網絡，Lightspeed Retail 具有獨特的優勢，可為客戶節省大量時間和資源，同時在時尚、服飾和鞋類領域提供關鍵的差異優勢。

Hospitality in Europe is another leading growth engine. Our market leadership is bolstered by local presence across major geographies such as Germany, UK, France, Switzerland and Benelux. We enable our customers to comply with a broad range of fiscalization rules, a key differentiator for the Lightspeed software offering.

歐洲的酒店業是另一個領先的成長引擎。我們在德國、英國、法國、瑞士和比荷盧三國等主要地區的本地業務增強了我們的市場領導地位。我們幫助客戶遵守廣泛的財務規則，這是 Lightspeed 軟體產品的關鍵區別因素。

We've recently rolled out Tableside, our handheld POS, and our Kitchen Display System, and are already seeing strong merchant adoption. Just as with retail in North America, our strategy centers on expanding locations and driving software and payments ARPU growth.

我們最近推出了 Tableside、手持 POS 和廚房顯示系統，並且已獲得商家的廣泛採用。與北美的零售業一樣，我們的策略中心是擴大門市規模並推動軟體和支付 ARPU 成長。

Lightspeed has a set of other strong assets across the globe that show immense potential to drive profitability for our company. With best-in-class account management and top-tier customer support, our remaining markets will maximize profitability for the whole business, resulting in meaningful growth in adjusted EBITDA.

Lightspeed 在全球擁有一系列其他強大資產，顯示出為我們公司帶來盈利的巨大潛力。憑藉一流的客戶管理和頂級的客戶支持，我們剩餘的市場將實現整個業務的盈利能力最大化，從而實現調整後 EBITDA 的顯著增長。

To support doubling down on our two leading growth engines, we aligned our organizational structure to our new legacy strategy with the reorganization last December, and plan to use these savings to hire in growth markets. Initiatives across pricing, packaging and cost optimization are showing results, and have freed up resources to invest into our leading growth engines.

為了支持我們兩大主要成長引擎的加倍發展，我們在去年 12 月進行了重組，調整了組織結構以適應新的傳統策略，並計劃利用這些節省的資金在成長市場招募人才。定價、包裝和成本優化等方面的舉措正在取得成效，並釋放了資源來投資我們領先的成長引擎。

From a go-to-market perspective, we continue to roll out our new sales motion designed to drive growth by focusing on targeted outbound strategies and sales efficiency. Across retail in North America, we are optimizing outbound marketing, deepening supplier integration and focused verticals and deploying AI-driven customer acquisition, all to accelerate location growth. In hospitality in Europe, we are scaling field sales teams and local marketing to support growing lead volume.

從市場進入角度來看，我們繼續推出新的銷售舉措，旨在透過專注於有針對性的外向型策略和銷售效率來推動成長。在北美零售業中，我們正在優化外向型行銷、深化供應商整合和重點垂直行業並部署人工智慧驅動的客戶獲取，所有這些都是為了加速門市成長。在歐洲的酒店業，我們正在擴大現場銷售團隊和本地行銷規模，以支援不斷增長的銷售線索量。

Moving forward, we are prioritizing product and technology investments in our two leading growth engines. For retail in North America, we are responding to the needs of our focused verticals by delivering enhanced capabilities across inventory management, forecasting and insights, online channels and supplier network integration. In hospitality in Europe, we are optimizing front and back-of-house operations, including mobile reporting, enhanced guest experience, insights and analytics and payroll solutions.

展望未來，我們將優先對兩大成長引擎進行產品與技術投資。對於北美的零售業，我們透過提供增強的庫存管理、預測和洞察、線上通路和供應商網路整合功能來滿足我們重點垂直行業的需求。在歐洲的酒店業，我們正在優化前台和後台運營，包括行動報告、增強客戶體驗、洞察和分析以及工資解決方案。

We've continued to grow the company since announcing the strategic review, having launched several new key initiatives, which have already made significant impact on our results, such as our software revenue growth of 9% year-over-year, the highest in the last nine quarters, and raising our adjusted EBITDA outlook for this fiscal year to over $53 million, more than 30% higher than the initial outlook of a minimum of $40 million at the start of the fiscal year.

自從宣布策略評估以來，我們一直在推動公司發展，並推出了多項新的關鍵舉措，這些舉措已經對我們的業績產生了重大影響，例如我們的軟體收入同比增長 9%，為過去 9 個季度以來的最高水平，並且我們將本財年的調整後 EBITDA 預期上調至 5300 萬美元年初，比財年最低 400 萬美元的初步預期上調至 300 萬美元最低，比財年最低。

We continue to accelerate toward positive free cash flow, and plan to allocate capital strategically to achieve desired returns. As part of this, I'm announcing a share repurchase program to return up to $400 million in cash to shareholders. We intend to immediately execute on all the remaining capacity of our current share repurchase authorization, approximately $100 million at yesterday's closing share price, plus an additional $300 million under our further authorization. In each case, subject to market conditions.

我們繼續加速實現正自由現金流，並計劃策略性地分配資本以實現預期回報。作為其中的一部分，我宣布了一項股票回購計劃，向股東返還高達 4 億美元的現金。我們打算立即執行目前股票回購授權的所有剩餘額度，以昨日收盤價計算約為 1 億美元，再加上我們進一步授權的另外 3 億美元。在每種情況下，均取決於市場條件。

I'm also excited to announce that our Capital Markets Day will be held on March 26, where our management team will provide you with a comprehensive update on our transformation strategy, operational and financial impact, products, go-to-market efforts and provide a long-term financial outlook. As founder, CEO and third largest shareholder, I've never been more excited about Lightspeed's future.

我還很高興地宣布，我們的資本市場日將於 3 月 26 日舉行，屆時我們的管理團隊將為您提供有關我們的轉型策略、營運和財務影響、產品、上市努力的全面更新，並提供長期財務前景。身為創辦人、執行長和第三大股東，我從未對 Lightspeed 的未來感到如此興奮。

Now on to some of the specific quarterly highlights. As mentioned earlier, revenue grew 17% year-over-year to approximately $280 million. This was driven by year-over-year software revenue growth of 9%. Additionally, we increased payments penetration across our base of merchants from 29% to 38% as compared to the same quarter last year. We also delivered quarterly adjusted EBITDA of $16.6 million, ahead of our previously established outlook of $14 million.

現在來看看一些具體的季度亮點。如前所述，營收年增 17%，達到約 2.8 億美元。這是由於軟體收入年增 9% 所致。此外，與去年同期相比，我們將商家支付滲透率從 29% 提高到 38%。我們也實現了季度調整後 EBITDA 1,660 萬美元，高於我們先前設定的 1,400 萬美元的預期。

Underpinning our transformation is a core focus on growing locations and increasing ARPU, specifically software. For retail in North America, our outbound go-to-market motion and investment in sales rep coverage are already yielding wins and healthy conversions. I'll mention a few examples in our focus verticals.

我們轉型的核心重點是擴大門市數量和提高 ARPU，特別是軟體。對於北美的零售業，我們的外向型市場行動和對銷售代表覆蓋範圍的投資已經取得了勝利並實現了健康的轉換。我將會提到我們關注的垂直領域的幾個例子。

We signed Soccer Master and Epoxy Depot, both of which are multi-location merchants with a need for omnichannel capabilities. [ITGB] merchants continue to choose Lightspeed over other solutions, given our differentiated ability to handle complex inventory management needs and our ability to support omnichannel in a multi-location environment.

我們簽約了 Soccer Master 和 Epoxy Depot，這兩家都是多地點商家，需要全通路功能。 [ITGB] 商家繼續選擇 Lightspeed 而不是其他解決方案，因為我們具有處理複雜庫存管理需求的差異化能力，以及在多地點環境中支援全通路的能力。

In our supplier network, we renewed contracts with three of the largest North American department stores. We also signed multiple new brands, including Chefdag, Anine Bing and ASW Group, which is a distributor for Tommy Hilfiger and Calvin Klein.

在我們的供應商網路中，我們與北美三家最大的百貨公司續簽了合約。我們也簽了多個新品牌，包括 Chefdag、Anine Bing 和 ASW Group（Tommy Hilfiger 和 Calvin Klein 的經銷商）。

In golf, we signed a legendary St Andrews Links Trust, the home of the Open.

在高爾夫領域，我們簽約了傳奇的聖安德魯斯林克斯信託基金，即英國公開賽的舉辦地。

On the product and technology front, I'll highlight how recently introduced software offerings are already contributing to our software revenue growth, as well as some of the newer releases this quarter. The Retail Insights module, which we launched last quarter, is already contributing to our software growth and is enabling merchants to improve their gross margins by a 16% reduction in out-of-stock days for popular items. Lightspeed Scanner gives sales associates the power to close sales on the move, improving the customer experience and eliminating the friction of in-store lineups.

在產品和技術方面，我將重點介紹最近推出的軟體產品以及本季發布的一些新產品如何促進我們的軟體收入成長。我們上個季度推出的零售洞察模組已經為我們的軟體成長做出了貢獻，並幫助商家透過將熱門商品的缺貨天數減少 16% 來提高毛利率。Lightspeed Scanner 使銷售人員能夠在移動中完成銷售，從而改善客戶體驗並消除店內排隊的摩擦。

Lightspeed also made significant advances in its supplier network, adding over 1 million new items across key verticals like home and garden, golf and pet, enabling automatic POS integration and saving retailers valuable time. Additionally, real-time supplier inventory visibility now allows retailers to check stock levels before ordering, eliminating supply chain uncertainty and improving efficiency.

Lightspeed 還在其供應商網路方面取得了重大進展，在家庭和花園、高爾夫和寵物等主要垂直領域增加了超過 100 萬種新商品，實現了自動 POS 整合並為零售商節省了寶貴的時間。此外，即時供應商庫存可見性現在允許零售商在訂購前檢查庫存水平，從而消除供應鏈的不確定性並提高效率。

Lastly, we are uniquely positioned in the market with our supplier network and see tremendous potential of enabling payments for B2B sales. Brands can now accept payments from retailers in many other countries in addition to the US and Canada, where this is already available, and we have dedicated resources focused on its expansion across our supplier network.

最後，我們憑藉供應商網路在市場上佔據獨特的地位，並看到了實現 B2B 銷售支付的巨大潛力。除了美國和加拿大以外，品牌現在還可以接受許多其他國家零售商的付款，這些國家已經提供這項服務，我們已投入專門資源致力於在整個供應商網路中擴展這項服務。

Moving to hospitality in Europe, our other leading growth engine. We are also building an outbound sales motion by strategically investing in field sales rep coverage across the key markets and cities in Europe. These efforts are starting to gain traction, and I'll share some highlights.

轉向歐洲的酒店業，這是我們的另一個主要成長引擎。我們也透過策略性地投資於歐洲主要市場和城市的現場銷售代表覆蓋範圍，建立了外向型銷售模式。這些努力開始取得進展，我將分享一些亮點。

We signed the three Michelin Star restaurant, AM par Alexandre Mazzia in Marseille, and Chefdag, a chain of Belgium-based restaurants with seven locations. In the hotel adjacent restaurant space, we signed Hôtel de Beaune, a five-star luxury hotel in the heart of Burgundy. We continue to see excellent product market fit for Lightspeed with full-service restaurants across our markets in Europe, and our key focus here is to accelerate growth with new investments in our go-to-market capabilities.

我們簽約了位於馬賽的米其林三星餐廳 AM par Alexandre Mazzia 和總部位於比利時、擁有 7 家分店的連鎖餐廳 Chefdag。在飯店鄰近的餐廳空間，我們簽了位於勃根地中心的五星級豪華飯店 Hôtel de Beaune。我們繼續看到 Lightspeed 在歐洲市場上擁有全方位服務的餐廳，其產品市場契合度極佳，而我們在這裡的重點是透過對我們的市場進入能力進行新的投資來加速成長。

On the product and technology front, our software ARPU growth reached 11% this quarter, driven in part by customer adoption of new software modules that help them manage and grow their businesses.

在產品和技術方面，本季我們的軟體 ARPU 成長率達到 11%，部分原因是客戶採用新的軟體模組來幫助他們管理和發展業務。

As mentioned, we launched our new Kitchen Display System, which seamlessly connects front-of-house and back-of-house operations, allowing restaurants to run more smoothly, even during peak hours. Customer adoption has been strong for this new offering. Additionally, we use Lightspeed Pulse, providing real-time access to a central operating metrics from a mobile device. Restaurateurs and managers can now view sales, daily order averages and even see live orders by location from anywhere.

如上所述，我們推出了新的廚房顯示系統，無縫連接前台和後台操作，使餐廳即使在高峰時段也能更順暢地運作。客戶對這項新產品的接受度非常高。此外，我們還使用 Lightspeed Pulse，可透過行動裝置即時存取中央營運指標。餐廳老闆和經理現在可以查看銷售情況、每日平均訂單量，甚至可以從任何地方查看按地點劃分的即時訂單。

Finally, we launched Instant Payouts for eligible hospitality customers in select markets, offering access to cash within 30 minutes of a transaction even on weekends.

最後，我們為特定市場的符合條件的酒店客戶推出了即時支付服務，即使在周末也可以在交易後 30 分鐘內獲得現金。

Reflecting on this quarter, we delivered against several key priorities: software and revenue growth accelerated, payments penetration is nearing our end-of-year target, Lightspeed revenues more than doubled year-to-date, and our adjusted EBITDA performance is well ahead of our initial outlook from the beginning of the fiscal year.

回顧本季度，我們實現了幾個關鍵優先事項：軟體和收入成長加速，支付滲透率接近我們的年底目標，Lightspeed 收入今年迄今增長了一倍以上，我們的調整後 EBITDA 表現遠超我們財年初的初步預期。

As we look into next year and beyond, my goal is to drive software growth by increasing our ICP location count through efficient go-to-market investments and expanding our software offering through innovation. I'm looking forward to our Capital Markets Day in March to provide a more comprehensive update on those.

展望明年及以後，我的目標是透過有效的市場投資增加我們的 ICP 位置數量並透過創新擴大我們的軟體產品，從而推動軟體成長。我期待著三月的資本市場日提供更全面的更新。

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展望。

Thanks, Dax, and welcome, everyone. I'm very pleased with Lightspeed's results in the third quarter. Our strong performance, coupled with prudent cost management, has resulted in positive adjusted EBITDA for the sixth consecutive quarter, and coming in ahead of our previously established outlook.

謝謝，達克斯，歡迎大家。我對 Lightspeed 第三季的業績非常滿意。我們強勁的業績，加上審慎的成本管理，使我們連續六個季度實現調整後 EBITDA 為正，且超出了我們先前設定的預期。

In addition, as Dax highlighted, our refocus on software revenue growth is starting to gain traction, with software revenue growing 9% year-over-year. As part of the transformation we launched, we are making targeted investments in both go-to-market and product development to fuel this growth, while also continuing to maintain a very healthy balance sheet.

此外，正如 Dax 所強調的那樣，我們對軟體收入成長的重新關注開始獲得關注，軟體收入年增 9%。作為我們啟動的轉型計劃的一部分，我們正在對市場進入和產品開發進行有針對性的投資以推動這一成長，同時繼續保持非常健康的資產負債表。

Thanks to our dedication towards profitable growth, we're raising our adjusted EBITDA outlook for the fiscal year to over $53 million, which is over 30% higher than the initial outlook of a minimum of $40 million at the start of the fiscal year.

由於我們致力於獲利性成長，我們將本財年的調整後 EBITDA 預期上調至 5,300 萬美元以上，比財年初初步預期的最低 4,000 萬美元高出 30% 以上。

I will now walk you through the details of our quarterly performance and key metrics, starting with our revenues, and then close with our outlook for the remaining fiscal year.

現在，我將向您介紹我們的季度業績和關鍵指標的詳細信息，首先介紹我們的收入，然後介紹我們對本財年剩餘時間的展望。

Total revenues increased 17% due to our growing software ARPU and unified payments efforts, despite impacts from weakening foreign currency. Software revenue grew 9% year-over-year to $88.1 million, supported by recent product releases as well as increased pricing on software plant.

儘管受到外幣貶值的影響，但由於我們軟體 ARPU 的成長和統一支付的努力，總收入仍成長了 17%。軟體收入年增 9% 至 8,810 萬美元，這得益於近期產品的發布以及軟體工廠價格的上漲。

GTV from our flagships for the quarter grew 23% year-over-year, indicating strong success in attracting our target customers. However, same-store sales in retail remain challenged across many verticals, although the rate of decline is easing. Overall GTV in the quarter, including non-flagship offerings, increased approximately 2% to $23.5 billion.

本季我們旗艦店的 GTV 年增 23%，顯示我們在吸引目標客戶方面取得了巨大成功。然而，儘管下滑速度正在減緩，但零售業的同店銷售額在多個垂直領域仍面臨挑戰。本季包括非旗艦產品在內的整體 GTV 成長約 2%，達到 235 億美元。

Sophisticated customer locations with GTV exceeding $500,000 and $1 million continued to increase as a proportion of our customer mix, while those with GTV under $200,000 continued to decline. With our focus on retail in North America and hospitality in Europe and the expanded outbound sales team in these regions, we expect to see an inflection point for growth in our ICP customers in fiscal 2026.

GTV 超過 50 萬美元和 100 萬美元的高端客戶在我們的客戶結構中所佔的比例持續增加，而 GTV 低於 20 萬美元的客戶所佔的比例持續下降。由於我們專注於北美的零售業和歐洲的酒店業以及在這些地區擴大的外向銷售團隊，我們預計在 2026 財年我們的 ICP 客戶將迎來成長的轉折點。

In the quarter, GPV as a percentage of GTV was 38%, up slightly from the previous quarter. The GPV mix in the quarter shifted away from verticals with higher payment penetration rate such as golf, which was largely a result of seasonality. We expect to end the year with GPV representing between 40% to 45% of GTV.

本季度，GPV佔GTV的比例為38%，較上一季略有上升。本季的 GPV 結構從高爾夫等支付滲透率較高的垂直產業轉移，這主要是季節性的影響。我們預計今年年底 GPV 將佔 GTV 的 40% 至 45%。

Transaction-based revenue grew 23% to $181.7 million. In the quarter, we saw GPV increased 34% year-over-year to $8.8 billion as we processed a greater portion of our GTV through our Lightspeed Payments platform.

基於交易的收入成長23%至1.817億美元。本季度，由於我們透過 Lightspeed Payments 平台處理了更大比例的 GTV，我們看到 GPV 年成長 34% 至 88 億美元。

Lightspeed Capital revenue grew to $10.2 million, almost doubling from $5.2 million in Q3 of last year as the program continues to be popular with our customers. Lightspeed Capital offers fast access to capital and automatic repayment through Lightspeed Payments. Merchants are leveraging this offering to finance inventory, upgrade equipment and expand their overall business.

由於該計劃繼續受到客戶的歡迎，Lightspeed Capital 的營收成長至 1,020 萬美元，幾乎比去年第三季的 520 萬美元翻了一番。Lightspeed Capital 提供快速獲取資金並透過 Lightspeed Payments 實現自動還款的功能。商家正在利用此項服務來融資庫存、升級設備並擴展整體業務。

Across payments and software, our total ARPU for the quarter, excluding (inaudible) customers, reached a record $533, an impressive 19% increase year-over-year. This improvement is the result of both unified payments as well as an 11% increase in software ARPU. Software ARPU is improving, thanks to our focus on flagship products, and shifting our customer base towards higher GTV locations, which typically adopt more software modules.

在支付和軟體方面，本季我們的總 ARPU（不包括（聽不清楚）客戶）達到了創紀錄的 533 美元，比去年同期成長了 19%。這項改善是統一支付和軟體 ARPU 成長 11% 的結果。由於我們專注於旗艦產品，並將客戶群轉向通常採用更多軟體模組的更高 GTV 位置，軟體 ARPU 正在提高。

Turning to gross profit. We delivered 14% year-over-year growth. Total gross margin was 41%, flat with the previous quarter and down only slightly year-over-year. Despite transaction-based revenues increasing from 62% of the sales mix in Q3 last year to 65% this year, we were able to maintain our gross margin at comparable levels through effective spend management and the growth in higher margin revenue from items such as capital.

轉向毛利。我們實現了 14% 的年成長。總毛利率為41%，與上一季持平，年比僅略有下降。儘管基於交易的收入從去年第三季度的銷售組合中的 62% 增長至今年的 65%，但我們仍能透過有效的支出管理和資本等項目的高利潤收入的增長，將毛利率維持在可比水平。

On the software side, I'm also incredibly pleased with our strong gross margins, which increased to 79% from 76% in the same quarter last year, reflecting our concentrated effort to manage costs. Excluding share-based compensation expense, gross margin on software revenue was 80%. Gross margins for transaction-based revenue were 28%, up slightly from the previous quarter and include gross margins from our capital program, which continues to deliver healthy margin of over 90%. As we convert customers to Lightspeed Payments, we increased our overall net gross profit dollars.

在軟體方面，我對我們的強勁毛利率感到非常滿意，毛利率從去年同期的 76% 上升至 79%，這反映了我們在控製成本方面所付出的集中努力。不包括股權激勵費用，軟體收入的毛利率為80%。基於交易的收入的毛利率為 28%，較上一季略有上升，其中包括來自我們資本計劃的毛利率，該計劃繼續提供超過 90% 的健康利潤率。隨著我們將客戶轉化為 Lightspeed Payments，我們的整體淨毛利增加。

Adjusted EBITDA in the quarter came in positive at $16.6 million and over 350% improvement from adjusted EBITDA of $3.6 million in the same quarter last year, driven partially by early successes from our transformation plan.

本季度調整後 EBITDA 為正 1,660 萬美元，較去年同期 360 萬美元的調整後 EBITDA 增長 350% 以上，部分原因是我們的轉型計劃取得了早期成功。

Total adjusted research and development, sales and marketing and general and administrative expenses in the quarter increased by 1% compared to the same quarter last year. As part of our continued push to drive profitable growth, we are driving cost reductions in many areas and reallocating savings to our growth engine.

本季調整後的研發、銷售與行銷以及一般及行政開支總額較去年同期增加了 1%。作為我們持續推動獲利成長的一部分，我們正在許多領域推動削減成本，並將節省的資金重新分配到我們的成長引擎中。

We continue to actively manage our share-based compensation and related payroll taxes, which at $13.6 million or 5% of revenue for the quarter, were down from $23.6 million or 10% in the same quarter last year. The decrease was partially a result of forfeitures due to the restructuring.

我們繼續積極管理我們的股權薪酬和相關工資稅，本季為 1,360 萬美元或占收入的 5%，低於去年同期的 2,360 萬美元或 10%。下降的部分原因是重組導致的沒收。

For the quarter, we had an adjusted income of $18.5 million compared to $11.8 million last year, largely as a result of the improvement in the items driving our adjusted EBITDA performance.

本季度，我們的調整後收入為 1850 萬美元，而去年同期為 1180 萬美元，這主要歸因於推動我們調整後 EBITDA 業績的項目的改善。

In terms of our balance sheet, Lightspeed closed the quarter with approximately $662 million in cash and cash equivalents, up from approximately $659 million in the previous quarter. The increase was driven primarily by improved adjusted EBITDA performance as well as an increase in merchant cash advances collected due to seasonality. Adjusted free cash flow used in the quarter was approximately $0.5 million.

從我們的資產負債表來看，Lightspeed 本季的現金和現金等價物約為 6.62 億美元，高於上一季的約 6.59 億美元。成長的主要原因是調整後 EBITDA 績效改善以及季節性因素導致商家現金預付款增加。本季調整後的自由現金流約為 50 萬美元。

As Dax announced in his opening remarks, we are announcing a share repurchase program to return up to $400 million in cash to shareholders. We intend to immediately execute on all the remaining capacity of our current share repurchase authorization, approximately $100 million at yesterday's closing share price plus an additional $300 million under a further authorization. In each case, subject to market conditions.

正如達克斯在開場白中宣布的那樣，我們宣布了一項股票回購計劃，向股東返還高達 4 億美元的現金。我們打算立即執行目前股票回購授權的所有剩餘額度，以昨日收盤價計算約為 1 億美元，再加上進一步授權下的額外 3 億美元。在每種情況下，均取決於市場條件。

In addition, we are forecasting meaningful improvement in our adjusted EBITDA performance in our next fiscal year, driven by the execution of our transformation plan.

此外，我們預計，在轉型計畫實施的推動下，下一財政年度的調整後 EBITDA 表現將顯著改善。

Now turning to our outlook for this fiscal year. Lightspeed is encouraged by its performance to date with strong revenue growth and adjusted EBITDA that is on track to surpass the outlook provided last quarter. We're particularly pleased with the success of our packaging and pricing initiatives and the velocity of popular software module launches contributing to our software growth.

現在來談談我們對本財年的展望。Lightspeed 迄今為止的業績令其備受鼓舞，其營收成長強勁，調整後的 EBITDA 預計將超過上個季度的預期。我們對包裝和定價舉措的成功以及流行軟體模組發布速度促進我們軟體成長感到特別高興。

In the near term, we are contending with two revenue headwinds. First, the strengthening US dollar is putting downward pressure on non-US dollar-denominated revenue. Second, Lightspeed's December restructuring impacted go-to-market position, with savings being reinvested in hiring for North American retail and European hospitality. It will take time to ramp up new hires, and we expect benefits to materialize in fiscal 2026.

短期內，我們面臨兩大收入阻力。首先，美元走強對非美元計價的收入造成下行壓力。其次，Lightspeed 12 月的重組影響了其市場定位，節省下來的資金被重新投資於北美零售業和歐洲酒店業的招聘。增加新員工需要時間，我們預計收益將在 2026 財年實現。

Finally, note, the company's fiscal fourth quarter is seasonally the weakest for GTV performance. Based on our achievements to date and with the transformation plan in place, Lightspeed's outlook for the fiscal year is as follows: we expect revenue growth for fiscal 2025 to be approximately 20%. We are raising our adjusted EBITDA expectations for the fiscal year to over $53 million.

最後，請注意，該公司財政第四季是 GTV 表現季節性最弱的季度。根據我們迄今為止所取得的成就以及實施的轉型計劃，Lightspeed 對本財年的展望如下：我們預計 2025 財年的營收將成長約為 20%。我們將本財年的調整後 EBITDA 預期上調至 5,300 萬美元以上。

This quarter's results are proof that our strategic pivot to focus on growth in our leading markets and on efficiency everywhere else is working. I look forward to this momentum continuing into fiscal 2026.

本季的業績證明，我們專注於主要市場的成長和其他地方的效率的策略重點正在發揮作用。我期待這一勢頭能夠持續到 2026 財年。

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

說完這些，我會把電話交還給接線生。

(Operator Instructions)

（操作員指令）

Dan Perlin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Dan Perlin。

I was just going to start off maybe with a broader-based question of -- Dax, if you can maybe just talk about why the sale process was maybe not the right choice at this time? I certainly understand the outline that you gave for kind of the go forward, but I'm just wondering why the sale process maybe just didn't fit or failed?

我本來想從一個更廣泛的問題開始——達克斯，你能不能談談為什麼出售流程在當前可能不是正確的選擇？我當然了解您為前進所給出的概述，但我只是想知道為什麼銷售流程可能不合適或失敗了？

And then in terms of the strategy that you just laid out, are there things that -- it sounds very similar to the transformation that you had already laid out. I'm just wondering, in those nongrowth markets, are you going to be able to maybe accelerate the closures of those noncore locations or markets? Because it sounds like a continuation of what you've done and you just think at the sales completed. So anything around that would be really helpful.

那麼就您剛才提出的策略而言，有哪些事情聽起來與您已經提出的轉型非常相似。我只是想知道，在那些非成長市場中，您是否能夠加速關閉那些非核心地點或市場？因為這聽起來像是你已經做的事情的延續，而你只是考慮完成的銷售。因此，任何與此相關的事都會非常有幫助。

Yeah. Thanks for the question. So yes, it's all about the transformation plan, right? We started the strategic review by evaluating our portfolio and really looking at market attractiveness, competitive dynamics and our right to win. And we did preview, I think, our focus on North American retail and European hospitality on our last earnings call. And so we've built out more of the planning, and we're going into fiscal '26 with a rock-solid plan for execution.

是的。謝謝你的提問。是的，這都是關於轉型計劃的，對嗎？我們透過評估我們的投資組合併真正關注市場吸引力、競爭動態和我們的獲勝權利開始了策略審查。我認為，我們在上次財報電話會議上確實預覽了我們對北美零售業和歐洲酒店業的關注。因此，我們制定了更多的規劃，並且我們將帶著堅如磐石的執行計劃進入26財年。

As part of the strategic review, we ran a process to determine what is the best corporate structure for execution of the transformation plan. And the strategic review accomplished exactly what it was designed to do, which was to answer that question. What's the best way for us to maximize shareholder value.

作為策略審查的一部分，我們運行了一個流程來確定最適合執行轉型計劃的公司結構。戰略評估準確地完成了它預期的任務，即回答了這個問題。我們實現股東價值最大化的最佳方法是什麼？

And we didn't have a presupposed outcome that we were leading towards a sale. We wanted to know what were the options available, what were the different alternatives. But the objective how can we best execute the transformation plan and drive the most value. And after assessing multiple options, we concluded with our Board that continuing as a public company offers the best path to maximizing value.

我們並沒有預設銷售結果。我們想知道有哪些可用的選項，有哪些不同的替代方案。但我們的目標是如何才能最好地執行轉型計劃並實現最大的價值。在評估了多種選擇之後，我們與董事會得出結論：繼續作為上市公司是實現價值最大化的最佳途徑。

We did receive strong engagement to the five-month process, and we had extensive discussions with several participants. But our focus now that we've resolved this question of corporate structure is really executing on transformation plan and doubling down on the lead growth engines.

我們確實得到了大家對這個為期五個月的進程的積極參與，並且與多位參與者進行了廣泛的討論。但現在我們已經解決了公司結構問題，我們的重點是真正執行轉型計劃，並加倍努力發揮領先成長引擎的作用。

In regards to the efficiency market or all of the businesses where we are focused on them being a growth engine, what we're going to be doing is we're going to be maintaining those customers. Those are great customers for Lightspeed. They've contributed to the growing EBITDA picture that you're seeing quarter after quarter as we raised guidance on EBITDA.

對於效率市場或所有我們關注的業務作為成長引擎，我們要做的就是維護這些客戶。對於 Lightspeed 來說，這些都是很棒的客戶。隨著我們提高 EBITDA 指引，他們為 EBITDA 的成長做出了貢獻，您會看到每季 EBITDA 都在成長。

And it's an important part of our business, but we're not investing in the same kinds of things as we are for our two growth engines. We're not doing the outbound. We're not doing the marketing spend. We've actually reallocated head count and marketing spend to -- from that, from those markets to the growth markets so that we can double down and we can see accelerated progress on location count and software revenue, which we actually showed a little -- we showed some progress on software revenue this quarter because of that focus.

這是我們業務的重要組成部分，但我們對兩個成長引擎的投資並不相同。我們不進行出站業務。我們不進行行銷支出。我們實際上已經將員工數量和行銷支出重新分配到——從那些市場到成長市場，以便我們能夠加倍投入，我們可以看到地點數量和軟體收入的加速進展，我們實際上展示了一點——由於這一重點，我們本季度在軟體收入方面取得了一些進展。

Yeah. That was great to see. And then just a quick, I guess, second question to Asha. Any way to just help us with kind of the crossover period expected in '26, where -- obviously, the restructuring pulls in the go-to-market motion a little bit and then you have to put new people out. So I'm just trying to figure out like how long it takes to get salespeople fully productive to a level that's going to prove impactful to numbers and maybe where that crossover period might look in '26.

是的。看到這個真是太好了。然後我想，我只想快速地問阿莎第二個問題。有什麼方法可以幫助我們度過 26 年預計的交叉期，顯然，重組會稍微拉動一下上市動向，然後你必須招募新人。所以我只是想知道需要多長時間才能讓銷售人員充分發揮生產力，達到對數字產生影響的水平，以及'26 年的交叉期可能會是什麼樣子。

Thanks for the question, Dan. So we're going to give detailed guidance on fiscal '26 on our next earnings call. You'll get a nice preview at our Capital Markets Day next month.

謝謝你的提問，丹。因此，我們將在下次收益電話會議上提供有關 26 財年的詳細指導。您將在下個月的資本市場日上看到精彩的預覽。

Typically, our sales -- outbound sales folks take about 6 months to ramp up before we start seeing their impact in the financials. And as you know, we had a reorganization early December, and we are reallocating resources to our growth markets of North America Retail and EMEA hospitality.

通常，我們的銷售－外向型銷售人員需要大約 6 個月的時間來提升，然後我們才能開始看到他們對財務的影響。如您所知，我們在 12 月初進行了重組，我們正在將資源重新分配到北美零售和 EMEA 酒店等成長市場。

So what I will say is that we do expect EBITDA -- meaningful EBITDA expansion given the portfolio mix. And on the sales side, we do expect to see increase in ICP location count, and software continuing the momentum that you've seen started in Q3, we expect to see that continuing quite nicely in fiscal '26.

因此，我想說的是，考慮到投資組合，我們確實預計 EBITDA 將實現有意義的擴張。在銷售方面，我們確實預計 ICP 位置數量會增加，並且軟體將繼續保持從第三季度開始的勢頭，我們預計這種勢頭將在 26 財年繼續保持良好。

Andrew Bauch, Wells Fargo Securities.

富國證券的安德魯·鮑赫 (Andrew Bauch)。

Just wanted to hone in on payments penetration real quick. The pace that you had over the last couple of years where you're pushing payments pretty aggressively, you're taking up payment penetration roughly 3% sequentially each quarter and now it's kind of stalled. I hear you that you're still pointing to that 40% to 45%. Should we expect the low end of that range? Because it would seem that the high end of that range would be a pretty sizable step up. And what are the variables around this?

只是想快速了解支付滲透率。過去幾年，你們大力推進支付業務，每季支付滲透率大約成長 3%，但現在卻停滯了。我聽說您仍然強調那 40% 到 45% 這個數字。我們應該預期該範圍的低端嗎？因為看起來該範圍的高端將會是相當大的進步。那麼，這方面的變數有哪些呢？

Thanks for the question, Andrew. We are pleased with the pace of payment penetration. When you look at our progress, we increased GPV 34% year-over-year, and we had a 900 basis points increase year-over-year from Q3 to Q3. You're right on the quarter-to-quarter, it was closer to 1%, but that's really just the result of seasonality.

謝謝你的提問，安德魯。我們對支付普及的速度感到滿意。從我們的進展來看，我們的 GPV 年成長了 34%，並且從第三季到第三季同比增長了 900 個基點。您說得對，從季度環比來看，成長率接近 1%，但這實際上只是季節性的影響。

What we're seeing is now that more and more of our total GTV is penetrated, we're approaching 40%, you're going to see the impact of the seasonality on the underlying portfolios each quarter. And that's really all the Q3 penetration number is about, in particular, golf. Golf is a very highly penetrated vertical for Lightspeed, and Q3 is a seasonally slow quarter for golf. And so you just -- you're seeing the impact of that.

我們現在看到的是，我們的總 GTV 滲透率越來越高，已經接近 40%，您將看到季節性每季對基礎投資組合的影響。這實際上就是第三季滲透率數據的全部內容，特別是高爾夫。高爾夫是 Lightspeed 滲透率非常高的垂直產業，而第三季則是高爾夫的季節性淡季。所以你就——看到了它的影響。

We're still confident in the 40% to 45% exiting the year, could be closer to 40%, maybe even the midrange of that guide. But based on what we're seeing so far, we're quite confident we'll exit the year in that range.

我們仍然相信今年的銷售額將達到 40% 至 45%，甚至可能接近 40%，甚至可能是該指導範圍的中間值。但根據我們目前所看到的情況，我們非常有信心今年能夠實現這一目標。

That's good to hear. And maybe we can get a refresh on your views of the competitive environment and how your current strategy kind of layers up against that. We've had a lot of the different competitors in the marketplace, either moving from online to point of sale and vice versa or entering different verticals. So in your conversations with new locations and merchants, where do you think that Lightspeed continues to differentiate the most?

我很高興聽到這個消息。也許我們可以重新了解您對競爭環境的看法，以及您目前的策略是如何應對這種競爭環境的。我們在市場上有很多不同的競爭對手，他們要么從線上轉向銷售點，反之亦然，要么進入不同的垂直市場。那麼，在您與新門市和商家的對話中，您認為 Lightspeed 最大的差異化體現在哪些方面？

And then a quick just like housekeeping note. Could you size up the FX headwinds you're calling out?

然後就像是家事記錄一樣快速。您能否評估一下您所指出的外匯逆風？

Yeah. So I'll take the first part of the question. This is J.D. From a competitive landscape perspective, it really highlights the strategy that Dax pointed out earlier. Our solution, our flagships, are really, really strong in NOAM retail and EMEA hospitality. In NOAM retail specifically, we are the market leader for industries that have high SKU density, deep inventory management needs, and that's really where our solution shines. And now particularly adding the supplier network to the mix, it's really putting ourselves in a position where we can really win in the fortress verticals where we're focused on.

是的。所以我將回答問題的第一部分。這是J.D。我們的解決方案、我們的旗艦產品在 NOAM 零售和 EMEA 酒店業方面確實非常強大。具體來說，在 NOAM 零售領域，我們是 SKU 密度高、庫存管理需求深度的行業的市場領導者，這正是我們的解決方案的優勢所在。現在特別是將供應商網路添加到組合中，這確實使我們處於一個可以在我們關注的堡壘垂直領域中真正獲勝的位置。

And then similarly, in hospitality, as you know, we've been in Europe for over a decade now with our solution. We have tremendous product market fit and also very strong go-to-market fit. And there too, we're a market leader in Continental Europe, and so we want to accelerate that growth in those two areas.

同樣，在酒店業，如您所知，我們已在歐洲推出我們的解決方案十多年了。我們的產品與市場契合度極高，進入市場的契合度也非常強。而且，我們也是歐洲大陸的市場領導者，因此我們希望加速這兩個地區的成長。

From an FX perspective, we did -- you did see in the results that, that was a headwind for us, both in the quarter we just reported and in the upcoming quarter. Lightspeed has significant international operation provided at the beginning of the year, and so it was a headwind. But despite that headwind, we're pleased with our results.

從外匯角度來看，您確實在結果中看到了這一點，這對我們來說是一個阻力，無論是在我們剛剛報告的本季還是即將到來的季度。Lightspeed 在年初就開展了大量國際業務，因此這對該公司而言是一個不利因素。儘管面臨阻力，我們仍然對結果感到滿意。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Can we hone in on the software performance one more time? Please, the -- if you look at the good progression there and good reacceleration, can you talk a little bit about what you're seeing like in terms -- like obviously, price held -- so but -- so maybe like help us understand like price, but also what are you seeing kind of in terms of early signs in terms of reengaging with the customers there? And how pipeline building is working on that part because that was kind of one of the highlights for the quarter.

完美的。我們能再一次關注軟體效能嗎？請問——如果您看到那裡的良好進展和良好的重新加速，您能否談談您所看到的——顯然，價格保持不變——但是——也許可以幫助我們了解價格，但同時您還看到了什麼早期跡象，即重新與那裡的客戶接觸？以及管道建設在這方面的進展情況，因為這是本季的亮點之一。

Yeah. Thank you for the question, J.D. here. We're really pleased with our progress on software revenue. As you know, this has been a focus of the company. And moving up to 9% growth year-over-year in Q3 is a strong sign, and we expect that trend will continue in the future.

是的。謝謝你的提問，我是 J.D.。我們對軟體收入的進展感到非常滿意。如您所知，這一直是公司的關注重點。第三季年增至 9% 是一個強勁訊號，我們預計這一趨勢將在未來持續下去。

As far as the why behind these strong results, ultimately, we're in this position, thanks to the innovation that we're bringing to the market and to our customers. We've had a lot of modules that have been delivered by our product team in the last quarters in hospitality, KDS, our Tableside devices are very well received by our customers. On the retail side our new Insights module as well as our ability to transform our scanner app into a mobile POS. That's a very strong value proposition. And so you see that impact our ARPU. You see our ability also with our outbound focus to target larger customers, which means larger deals and ultimately larger size of softer revenue.

至於這些強勁業績背後的原因，歸根究底，我們之所以能取得這樣的地位，要歸功於我們為市場和客戶帶來的創新。在過去幾季中，我們的產品團隊在飯店業、KDS 領域交付了許多模組，我們的 Tableside 設備也受到了客戶的一致好評。在零售方面，我們擁有新的 Insights 模組以及將掃描器應用程式轉變為行動 POS 的能力。這是一個非常強大的價值主張。因此您會看到這會影響我們的 ARPU。您還可以看到，我們有能力透過外向型關注瞄準更大的客戶，這意味著更大的交易，並最終帶來更大的軟收入。

And then lastly, as you've heard from us in the previous quarter, we rolled out some price adjustments on the front book, but also on the back book. And given the value and the innovation that we're providing our customers, we're in an ideal position to look at pricing and in some cases, reprice some words of customers that were on old pricing.

最後，正如您在上一季聽到的那樣，我們對前期帳本進行了一些價格調整，也對後期帳本進行了一些價格調整。考慮到我們為客戶提供的價值和創新，我們處於一個理想的位置來審視定價，在某些情況下，還可以對一些採用舊定價的客戶的產品重新定價。

And we've also had our account management team, which has been particularly focused on our payments offering and unifying our payment offering in the past quarters, come back to selling and upselling software and retention. So all of these dynamics are coming through, and that's why you're seeing that progress from Q2 to Q3, and you can expect that progress to continue next quarter and next fiscal year, of course.

我們也讓我們的客戶管理團隊在過去幾季特別關注我們的支付產品和統一我們的支付產品，然後重新開始銷售和追加銷售軟體和保留客戶。因此，所有這些動態都在顯現出來，這就是為什麼您會看到從第二季度到第三季度的進展，當然，您可以預期這種進展將在下個季度和下一個財年繼續。

Okay. Perfect. And then one follow-up, Asha. On the share repurchase, like it was great to see there, like I saw the first $100 million may be more aggressive. Like how do you think about the cadence there and how you kind of go about kind of finding the right kind of point in time to kind of go more aggressive or less aggressive on the share buybacks?

好的。完美的。接下來是阿莎 (Asha)。關於股票回購，我很高興看到這一點，就像我看到的第一個 1 億美元可能會更積極一樣。例如，您如何看待那裡的節奏，以及如何找到正確的時間點來更積極或更溫和地進行股票回購？

Yeah. Sure. So as you mentioned, we do have $100 million outstanding on the share repurchase we launched earlier this fiscal year, and we intend to start executing on that immediately. You'll hear an update on that at our Capital Markets Day next month as well.

是的。當然。正如您所說，我們在本財年早些時候啟動的股票回購中確實有 1 億美元的未償還金額，我們打算立即開始執行。您還將在下個月的資本市場日上聽到有關該問題的最新消息。

You're right, our Board has authorized repurchase of an additional $300 million. And so we do plan to -- in fiscal '26, continue the share repurchase. I mean, ultimately, we have high confidence in our plan, and we do want to return meaningful capital to our shareholders. So you should expect to see us executing on that through fiscal '26 as well.

您說得對，我們的董事會已批准額外回購 3 億美元。因此，我們確實計劃在 26 財年繼續回購股票。我的意思是，最終，我們對我們的計劃充滿信心，我們確實希望為股東帶來有意義的資本回報。因此您應該期望看到我們也能於 26 財年執行這一目標。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

(inaudible) focused on outbound sales. Any context you can give us just on how big the outbound sales force is today? And it sounds like there's still some more hiring you're planning on doing. So just how long do you think it takes to get you to the right steady-state size with the outbound sales force to kind of fully go after the 2 focused markets?

（聽不清楚）專注於外向銷售。您能告訴我們目前外向型銷售團隊的規模有多大嗎？聽起來您也計劃招募更多員工。那麼您認為需要多長時間才能讓外向型銷售團隊達到適當的穩定規模，以全面涵蓋這兩個重點市場？

Yeah. Thank you for your question, J.D. here. We're really pleased with our progress on outbound, and it's a cornerstone of our strategy going forward, as Dax highlighted.

是的。謝謝您的提問，我是 J.D.。正如達克斯所強調的，我們對出站業務的進展感到非常高興，這是我們未來策略的基石。

If you look at the quarter is again, a record-setting quarter for that motion. November, particularly was a record month. Overall, across our quota-carrying team, 19% of our reps are focused on this outbound motion. We expect that number to climb to about 25% by the end of this fiscal year.

如果你再看一下這個季度，你會發現這是一個創紀錄的季度。十一月尤其是一個創紀錄的月份。總體而言，在我們的配額執行團隊中，19％的代表專注於此外向動議。我們預計到本財年末這一數字將攀升至約 25%。

As you heard, we made some adjustments in January rightsizing the size of our team in the areas of the business that are more focused on efficiencies so that we can invest in growth, and a portion of that investment is going into increasing our mix of outbound reps relative to our overall quota-carrying team. And we intend to continue to do that next year as well, adding more to that motion.

正如您所聽到的，我們在一月份做出了一些調整，在更注重效率的業務領域中優化了團隊規模，以便我們能夠投資於成長，而這筆投資的一部分將用於增加相對於我們整體配額承載團隊的外向銷售代表組合。我們打算明年繼續這樣做，為該動議增添更多內容。

And the reason why we have strong confidence in that motion ultimately is our ability to really target our ICP, our target customer via outbound is very successful. And also, if you look at our unit economics or payback, we're really, really pleased with what we're seeing. So expect to see that mix continue to trend upward. And ultimately, that will pay dividends as far as profitability, as far as market share. And we also see a positive halo effect on our two other customer acquisition motions, inbound and partnerships as a result of our efforts in outbound. So all in all, very pleased with the progress.

我們之所以對這項動議充滿信心，最終是因為我們能夠真正瞄準我們的 ICP，我們透過出站的方式瞄準目標客戶，這非常成功。而且，如果你看看我們的單位經濟效益或回報，我們對所看到的結果真的非常滿意。因此，預計該組合將繼續呈上升趨勢。最終，這將為盈利能力和市場份額帶來紅利。而且，由於我們在外向型客戶行銷方面的努力，我們也看到對我們的另外兩項客戶獲取動議（內向型客戶行銷和合作夥伴關係）產生的正面光環效應。總的來說，我對進展非常滿意。

Okay. Great. And Asha, could you unpack just -- and I know it was slight, but just where the uptick in GTV growth came from this quarter? It sounds like there was just maybe some smaller same-store sales pressure in some of the retail verticals. But just with all the moving pieces around the transformation, I heard you guys say you expect ICP location growth to accelerate next year out of that. But how should we think of the mechanics and how that flows through GTV in kind of the nearer term?

好的。偉大的。還有 Asha，您能否解釋一下——我知道這很小，但本季 GTV 成長的上升來自於哪裡？這聽起來好像某些零售垂直行業的同店銷售壓力可能較小。但是，隨著轉型過程中所有活動的進行，我聽到你們說，預計明年 ICP 位置成長將會加速。但是我們應該如何看待這種機制，以及它在近期內如何在 GTV 中運作？

Yeah, sure. Thanks for the question, Trevor. So if I start with GTV growth for Q3, I mean that's really coming from retail. When you look at retail, although some of the verticals still remain depressed, what you heard from us in the prepared remarks is that rate of decline is easing, right? And that is helping the overall GTV growth. And Q3 is our best quarter for retail, and so you're seeing GTV growth there as well.

是的，當然。謝謝你的提問，特雷弗。因此，如果我從第三季的 GTV 成長開始，我的意思是這確實來自零售業。當您看零售業時，儘管一些垂直行業仍然處於低迷狀態，但您在準備好的發言中聽到我們說下降速度正在減緩，對嗎？這有助於整體 GTV 的成長。第三季度是我們零售業務最好的季度，因此您也會看到 GTV 的成長。

In addition, J.D. talked a little bit about our flagships, but our flagships are a bigger and bigger part of our overall portfolio, really approaching 50%. And the GTV growth on our flagship was over 20%. And so as the flagship, which is where we're attracting the right customers and majority of that is in the growth portfolio. So as that mix grows, you should start to see that reflected in the overall GTV growth for the company as well.

此外，京東剛才談了一些我們的旗艦產品，但我們的旗艦產品在我們整體產品組合中所佔的比例越來越大，實際上接近 50%。我們旗艦產品的GTV成長率超過20％。作為旗艦產品，我們吸引的是合適的客戶，其中大部分都在成長組合中。因此，隨著這種組合的成長，您應該開始看到這也反映在公司的整體 GTV 成長中。

Josh Baer, Morgan Stanley.

摩根士丹利的喬許貝爾 (Josh Baer)。

Wanted to clarify with this shift in strategy and the focus on North America Retail and Rest of World Hospitality, how should we think about your prior focus on the larger GTV merchants? Like I'm wondering if this new focus is opening up to smaller complex SMB merchants that fit into these target markets now?

想要澄清的是，隨著這一戰略轉變以及對北美零售和世界其他地區酒店業的關注，我們應該如何看待您之前對大型 GTV 商家的關注？就像我想知道這個新的焦點是否對現在適合這些目標市場的小型複雜 SMB 商家開放？

Thank you for the question, J.D. here. It goes hand-in-hand with our focus on higher GTV customers. Again, as a reminder, that definition is customers doing north of [500,000] in annual turnover per location.

謝謝你的提問，我是 J.D.。這與我們對更高 GTV 客戶的關注相輔相成。再次提醒一下，該定義是每個地點每年營業額超過 [500,000] 的客戶。

If you think about it, another way to frame it is to look at our progress with our flagship products. Our flagship products are really dominating in NOAM retail and EMEA hospitality. And there, you can see that we've made some serious progress on location count. We're up 25% year-over-year GTV, our flagship is up 23% year-over-year. And our focus there with those products from a product market fit and go-to-market perspective is really targeting those more complex SMBs doing north of (inaudible) and GTV, complex inventory management on the retail side, Tableside restaurants on the hospitality side. So all in all, this is flowing nicely with our strategy of going into those regions and focusing on (inaudible) customers.

如果你仔細想想，另一個表達方式就是看看我們的旗艦產品所取得的進展。我們的旗艦產品在 NOAM 零售和 EMEA 酒店業佔據主導地位。您可以看到我們在位置數量方面取得了重大進展。我們的 GTV 年成長 25%，我們的旗艦產品年增 23%。從產品市場契合度和市場進入角度來看，我們專注於這些產品，真正針對的是那些在（聽不清楚）和 GTV 北部開展業務的更複雜的中小型企業、零售方面的複雜庫存管理以及酒店方面的 Tableside 餐廳。總而言之，這與我們進入這些地區並專注於（聽不清楚）客戶的策略非常契合。

Okay. Great. That's helpful. I was hoping you could just give a little bit of transparency into how much of your business of your revenue is coming from the over 500,000 GTV North America Retail Rest of World Hospitality group, the new focus, and what that mix is and what the growth is of that business?

好的。偉大的。這很有幫助。我希望您能稍微透明地介紹一下你們業務的收入有多少來自超過 500,000 GTV 的北美零售世界其他地區酒店集團，新的重點是什麼，這個組合是什麼，以及這項業務的增長情況如何？

Josh. So in the growth verticals, no, I'm retailing EMEA hospitality. The majority of our revenue is already in that portfolio. I say approximately 70%, and the majority of our growth as well. And so this strategic pivot was quite natural.

喬希。因此，在垂直成長領域，不，我經營的是歐洲、中東和非洲地區的旅館業零售。我們的大部分收入已在該投資組合中。我說大約是 70%，這也是我們成長的大部分。因此這一戰略轉變是非常自然的。

What we did was having recognized that the highest growth is coming from this portfolio, we're just reallocating resources from the efficiency portfolio, which is essentially the rest of the world portfolio, and doubling down in resources on both product and go-to-market in this growth portfolio. But today, that portfolio is about 70% of our revenues already.

我們所做的是，認識到最高成長來自於這個投資組合，我們只是從效率投資組合（本質上是世界其他地區的投資組合）重新分配資源，並在這個成長投資組合中加倍投入產品和上市資源。但今天，該投資組合已占我們收入的70%左右。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

I guess firstly for Asha, can you remind us regarding the timing, the price increases, was Q3 sort of a partial quarter of price increases, and we'll see the full benefit in Q4?

我想首先對於 Asha 來說，您能否提醒我們關於時間的問題，價格上漲，第三季度只是價格上漲的部分季度，我們會在第四季度看到全部收益嗎？

Yeah, Thanos. Thanks for the question. We -- Q3 is still going to be a partial quarter even though three out of four waves the price increases that we're executing this year is behind us. But it's really in Q4 and actually even in Q1 of '26 when you're going to see the full impact because we do have one more wave coming out in Q4. So Q1 F'26 is when you really see the full impact of all the price increases.

是的，薩諾斯。謝謝你的提問。儘管我們今年執行的四波漲價中三波已經過去，但第三季仍將是一個部分季度。但實際上，只有在第四季度，甚至是 26 年第一季度，你才會看到全面的影響，因為第四季確實會出現又一波疫情。因此，2026 年第一季是我們真正看到所有價格上漲的全部影響的時候。

Great. And if we look at your two core markets, North American retail and Europe hospitality, everything you've called out as far as, I guess, the growth prospects of those businesses over the upcoming year. So when you look at some of the bets under the hood, be it (inaudible), be it CAC, be it a serviceable TAM, just near-term growth, churn rates, all that kind of stuff. Like any key differences you called out in those two segments as we think about fiscal '26?

偉大的。如果我們看看您的兩個核心市場，北美零售業和歐洲酒店業，我想您提到的這些業務在未來一年的成長前景都很不錯。因此，當您查看一些幕後的賭注時，無論是（聽不清楚），是 CAC，是可用的 TAM，還是近期的成長、客戶流失率，所有這些東西。當我們考慮 26 財年時，您指出了這兩個部分之間的任何主要差異嗎？

Yeah. We'll get into -- we'll unpack a lot of that in our Investor Day next month, Thanos. But ultimately, we have a proven right to win in these growth markets. And that was really the catalyst behind our decision to focus and double down on growth there. Our LTV to CAC ratios are highest in those markets because of the competitive moat that we have in retail now and hospitality in Europe, in particular, in our fortress verticals.

是的。我們將在下個月的投資者日上深入探討其中的許多問題，Thanos。但最終，事實證明我們有能力在這些成長型市場中獲勝。這實際上是我們決定集中精力並加倍努力在那裡發展的催化劑。由於我們目前在零售業和歐洲酒店業（尤其是在我們的堡壘垂直領域）擁有競爭優勢，我們的 LTV 與 CAC 比率在這些市場中最高。

From a revenue opportunity TAM perspective, I mean, there's an $80 billion revenue opportunity when we look at the North America retail and hospitality and verticals, and so lots of room to grow there. And given that we have the highest right to win in those markets, the LTV to CAC there far outweighs the LTV to CAC in the rest of the world. So our return on every dollar invested is highest there. So that really made most sense for us. So this pivot actually changes the financial profile of the company quite nicely, and we will unpack a lot of that at our Capital Markets Day.

從收入機會 TAM 的角度來看，當我們放眼北美零售、酒店和垂直行業時，存在 800 億美元的收入機會，因此那裡有很大的成長空間。鑑於我們在這些市場擁有最高的獲勝權利，那裡的 LTV 與 CAC 比率遠遠超過世界其他地區的 LTV 與 CAC 比率。因此我們在那裡投資的每一美元的回報都是最高的。所以這對我們來說確實是最有意義的。因此，這項轉變實際上很好地改變了公司的財務狀況，我們將在資本市場日上詳細闡述這一轉變。

Dominic Ball, Redburn.

多明尼克‧鮑爾 (Dominic Ball)，雷德伯恩。

I think one to start with for Dax. I mean, in the US retail space, there's a lot of rapid change going on when you can sell an everywhere through multiple in-store channels, lots of online channels. Can you give us any color on the way Lightspeed is helping its merchant in these regards and then the nature of competition?

我認為這是 Dax 的起點。我的意思是，在美國零售領域，當你可以透過多種店內管道和大量線上管道在任何地方進行銷售時，就會發生很多快速的變化。您能否向我們介紹 Lightspeed 在這方面幫助其商家的方式以及競爭的本質？

And just for the second question, in terms of the transformation plan, you mentioned transformation initiatives to free up capital for investment in growth areas. Does this sort of mean that you've been looking to divest any part of your business outside of the retail hospitality vertical?

就第二個問題而言，在轉型計劃方面，您提到了轉型舉措，以釋放資本用於投資成長領域。這是否意味著您一直在尋求剝離零售酒店垂直行業以外的業務部分？

I'll take the first question. Asha will take the second. So in regards to Lightspeed Retail, we serve that medium and high complexity retailer. This is -- a portion of SMEs, the portion that actually transacts and has the highest transaction volume, they were more at scale. They have more complexity of the business, and they need essentially a light ERP. So they're not at the scale where they need enterprise software, but they need a substantial system that's going to manage all elements of operations, inventory across multiple locations.

我來回答第一個問題。阿莎將獲得第二名。因此就 Lightspeed Retail 而言，我們服務於中高複雜度的零售商。這是一部分中小企業，也就是實際進行交易且交易量最高的一部分，它們的規模更大。他們的業務更加複雜，因此他們需要本質上輕量級的 ERP。因此，他們的規模還未達到需要企業軟體的程度，但他們需要一個能夠管理所有營運要素和跨多個地點的庫存的大型系統。

And in 2025, they also need to be able to manage inventory across multiple physical and online channels, in addition to integrating with many different kinds of online services and potentially ERP accounting systems on the back end. And so we are tailoring our -- both our software and our service model, our go-to-market model and our support model to their needs.

到 2025 年，他們還需要能夠管理跨多個實體和線上管道的庫存，此外還要與後端的多種不同類型的線上服務和潛在的 ERP 會計系統整合。因此，我們正在根據他們的需求客製化我們的軟體、服務模式、市場進入模式和支援模式。

Like I said, they're medium to high complexity SMBs. They're not quite enterprise customers, and so we're a perfect fit for answering what they need at that level of complexity. And I think that benefit to Lightspeed is that they drive a lot of transaction volume, there's less churn. And so for us, the economics are very favorable.

正如我所說，他們是中到高複雜程度的中小型企業。他們不完全是企業客戶，因此我們非常適合滿足他們在這種複雜程度下的需求。我認為 Lightspeed 的優勢在於他們能夠推動大量交易，客戶流失較少。因此對我們來說，經濟情勢非常有利。

Dominic, from a divestiture perspective, I mean, I'll start by saying that return on capital or capital allocation, these are always top of mind for us as we evaluate all our options, and that's why you see the increased share repurchase that we announced today. So a divestiture perspective, while there are no immediate plans for any divestitures, we do remain focused on maximizing value and overall capital efficiency. And so we continue to assess any opportunities that would align with this strategy.

多明尼克，從資產剝離的角度來看，我首先要說的是，資本回報率或資本配置，在我們評估所有選擇時，這些始終是我們最關心的問題，這就是為什麼你會看到我們今天宣布增加股票回購。因此從資產剝離的角度來看，雖然目前還沒有任何資產剝離計劃，但我們仍然專注於最大化價值和整體資本效率。因此，我們將繼續評估任何符合此策略的機會。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

On the software side, the growth of 9%, given the focus on raising locations, is it fair to assume that this 9% is a floor and you're targeting double-digit growth ahead? I'm not sure if we could assume a dip from here, but it feels like this is a floor. Is that reasonable?

在軟體方面，考慮到增加地點的重點，9% 的成長率是否可以合理地假設這 9% 是一個底線，而您的目標是未來實現兩位數的成長？我不確定我們是否可以假設從這裡開始出現下降，但感覺這是一個底線。這樣合理嗎？

Yeah. Tien-Tsin, I think that's the right way to look at it. I think, overall, we're expecting the strategic pivot will definitely accelerate growth in our growth markets and overall in the company. And so we're looking at that 9% as a floor as well. In F'26, we actually do expect double-digit growth in subscription software. And so yes, we're looking forward to that. But I think that's the right way to look at it.

是的。Tien-Tsin，我認為這是正確的看待問題的方式。我認為，總的來說，我們預期策略轉型肯定會加速我們成長市場和整個公司的成長。因此我們也將 9% 視為底線。在 2026 年，我們確實預計訂閱軟體將實現兩位數的成長。是的，我們期待這一點。但我認為這是正確的看待問題的方式。

Okay. Great. And I understand the share repurchase, but looking ahead, now that you know what your focus on that density will be, does M&A come back into the equation again for Lightspeed to build out capabilities? I think I heard Dax, you mentioned payroll, for example. Just curious what your thinking is on the acquisition front?

好的。偉大的。我理解股票回購，但展望未來，既然您知道了對密度的關注點，那麼併購是否會再次成為 Lightspeed 構建能力的考慮因素？我想我聽到了 Dax，例如你提到了工資單。只是好奇您對收購方面的想法是什麼？

Yeah. I'll take that one. We have no intention on large strategic M&A at this time, Tien-Tsin, but we remain opportunistic. And like you heard from Dax on payroll, if we see tuck-in acquisitions that really further our mold or accelerate our road maps, or actually provide any immediate software uplift through modules, then yes, that would be something we would look at. We're always -- the dialogue with our customers is always open. And so we're always looking for how do we accelerate road maps to put functionality in the hands of our customers that they're seeking. And so if we were to find tuck-ins like that, we would definitely be open to it.

是的。我要那個。天津，我們目前沒有進行大規模策略併購的打算，但我們仍抓住機會。正如您從 Dax 的薪資問題上聽到的那樣，如果我們看到附加收購確實進一步推進了我們的模式或加速了我們的路線圖，或者實際上通過模組提供了任何即時的軟體提升，那麼是的，那將是我們會考慮的事情。我們與客戶的對話始終是開放的。因此，我們一直在尋找如何加速路線圖，以便將客戶所尋求的功能交到他們手中。所以，如果我們找到這樣的小店，我們一定會接受的。

Timothy Chiodo, UBS.

瑞銀的提摩西‧奇奧多 (Timothy Chiodo)。

Given the focus on the retail in North America, you mentioned the right to win there. I was hoping you could dig in a little bit on the competitive environment there and any updates there? Just noting that Shopify's retail point of sale globally, that's now approaching roughly $35 billion or so in volumes starting to scale. And then this past fall, Clover released some new SaaS packages, including those for retail verticals. So I was just hoping you could provide a little bit of color on Lightspeed Retail differentiation versus those and/or any other broader competitive environment updates?

鑑於對北美零售業的關注，您提到了在那裡獲勝的權利。我希望您能深入了解那裡的競爭環境以及有哪些最新動態？值得注意的是，Shopify 在全球的零售點，目前的銷售量已開始擴大至約 350 億美元左右。去年秋天，Clover 發布了一些新的 SaaS 套件，其中包括針對零售垂直領域的套件。所以我只是希望您能提供一些關於 Lightspeed Retail 與其他產品的差異化資訊以及/或任何其他更廣泛的競爭環境更新？

Yeah. Thank you for the question, J.D. here. Some of the names that you mentioned there, ultimately, their strategy is to be broad and shallow. And our difference at Lightspeed is that we go deep in specific verticals. We call them fortress verticals internally, where our solution really differentiates relative to the competitive landscape.

是的。謝謝你的提問，我是 J.D.。您提到的一些名字，最終他們的策略是寬而淺的。Lightspeed 的不同之處在於我們深入研究特定的垂直領域。我們在內部將它們稱為堡壘垂直產業，我們的解決方案相對於競爭格局確實存在差異。

So in sports and outdoors, bike, golf and apparel and footwear, in home & garden, and vape and smoke, these are categories where really, our solution has the depth that these retailers are looking for, particularly around inventory management. That's a very strong moat for us and now coupled with our supplier network, again, a strong differentiator.

因此，在運動和戶外、自行車、高爾夫和服裝和鞋類、家居和花園以及電子煙和煙霧方面，這些是我們的解決方案真正具有零售商所尋求的深度的類別，特別是在庫存管理方面。對我們來說，這是一個非常強大的護城河，現在加上我們的供應商網絡，又是一個強大的差異化因素。

And so there, what you see from a competitive landscape are more legacy solutions that have been around for a long time or subscale players that are focused on those verticals. And really ultimately for us, we see an opportunity to consolidate a lot of market share in those areas and continue to grow at a healthy pace.

因此，從競爭格局來看，您會看到更多已經存在很長時間的傳統解決方案或專注於這些垂直市場的次要參與者。最終對我們來說，我們看到了鞏固這些領域大量市場份額並繼續以健康的速度成長的機會。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

I had a follow-up on the strategic review. I know you talked about high levels of engagement, but are you able to disclose whether there were any offers for the company?

我對策略評估進行了跟進。我知道您談到了高水準的參與度，但您能否透露是否有任何針對該公司的報價？

We're not going into the details of the process, unfortunately. But yes, we had strong engagement, and we did have extensive discussions with several participants in the process. I mean, ultimately, we determined and concluded that the best way to drive maximum shareholder value is to continue as a public company and execute our transformation plan in that context.

不幸的是，我們不會深入討論這個過程的細節。但是，是的，我們參與度很高，並且在過程中與多位參與者進行了廣泛的討論。我的意思是，最終，我們確定並得出結論，實現股東價值最大化的最佳方法是繼續作為一家上市公司，並在此背景下執行我們的轉型計劃。

Great. And then on the buyback, I'm not sure of the exact structure. Is it just a plain buyback? Or have you contemplated other options such as substantial issuer bids? Just give us a little color on that.

偉大的。關於回購，我不確定具體的結構。這只是普通的回購嗎？或者您是否考慮過其他選擇，例如大規模發行人競標？請給我們一些相關資訊。

Todd, thanks for the question. For the $100 million that we plan to start executing on immediately, that's under the NCIB, the normal course issuer bid that we filed in the fiscal year. And then for the additional authorization, we are looking at all our options. We do plan to return capital in this upcoming fiscal year as well, in addition to the $100 million, but you'll hear more from us on the structure at our Investor Day next month.

托德，謝謝你的提問。對於我們計劃立即開始執行的 1 億美元，這是根據 NCIB 的規定，即我們在本財政年度提交的正常發行人出價。對於額外的授權，我們正在考慮所有的選擇。除了 1 億美元之外，我們確實計劃在即將到來的財政年度返還資本，但您將在下個月的投資者日上聽到我們有關結構的更多信息。

Richard Tse, National Bank Financial.

Richard Tse，國家銀行金融公司。

Yes. Just quickly on new order and the supplier network. Can you talk about how that's scaling? And is this sort of B2B payments, the way of monetizing that? Or do you have another sort of monetization plan for it?

是的。只需快速登入新訂單和供應商網路即可。你能談談這是如何擴大的嗎？這種 B2B 支付方式是否可以獲利？或者你有其他的獲利計劃嗎？

Thank you for the question. I mean there are multiple ways you can really see how our supplier network is materializing. First and foremost, as you pointed out, our wholesale platform, you order continues to make really solid progress. We announced some customers that were closing in the quarter. As a reminder, brands, amazing brands like Arterix, Tom's, Taker are using that platform.

感謝您的提問。我的意思是，您可以透過多種方式真正看到我們的供應商網路是如何實現的。首先，正如您所指出的，我們的批發平台、您的訂單持續取得真正紮實的進展。我們宣布了一些在本季即將結束營業的客戶。需要提醒的是，像 Arterix、Tom's、Taker 這樣的知名品牌都在使用這個平台。

Second, as you know, we've connected effectively our new order wholesale platform with our point of sale. And so at the point of sale level now, you can actually see the inventory of your suppliers, which is really a unique proposition that no one is able to offer. And we're really pleased with the progress there. We've seen over 2,000 POS customers connecting to the supplier network, and that number is growing significantly.

第二，如您所知，我們已經將我們的新訂單批發平台與我們的銷售點有效地連接起來。因此現在在銷售點層面，您實際上可以看到供應商的庫存，這確實是一個無人能夠提供的獨特主張。我們對那裡的進展感到非常高興。我們已經看到超過 2,000 個 POS 客戶連接到供應商網絡，而且這個數字還在大幅增加。

And then lastly, if you think of how we're monetizing this offering, you're really seeing it in our close rates. Our close rates have increased significantly in the verticals where we have a strong coverage with our supplier network. An example of that is in the pet segment where we released our wholesale supplier catalog. We've seen close rates go up by 40%, which is really encouraging.

最後，如果你想想我們如何將此項產品貨幣化，你就會在我們的收盤價中看到它。在我們供應商網路覆蓋範圍較廣的垂直產業中，我們的成交率大幅提升。例如，我們在寵物領域發布了批發供應商目錄。我們看到收盤率上漲了 40%，這確實令人鼓舞。

And also, we are leveraging that as a cornerstone for our outbound motion. We're reaching out to retailers that are carrying those brands in their store and highlighting the value proposition of using our point of sale to connect to those brands in a seamless way. And here, too, you can see the progress, from a bookings perspective or outbound motion in retail, is up 266% year-over-year, which is really encouraging. So all in all, those different vectors are contributing to the monetization, and you see now the impact on our overall revenue for our retail category.

而且，我們正在將其作為我們外向行動的基石。我們正在聯繫在商店中銷售這些品牌的零售商，並強調使用我們的銷售點以無縫方式連接這些品牌的價值主張。在這裡，您也可以看到，從預訂量或零售外向量來看，年增了 266%，這確實令人鼓舞。總而言之，這些不同的載體都有助於實現貨幣化，現在您可以看到它對我們零售類別整體收入的影響。

Okay. And my other question has to do with sort of competition as well. So when you look at the mix of your sort of new customer growth, what proportion is that from kind of new companies that are starting up versus compare displacements?

好的。我的另一個問題也與競爭有關。那麼，當您查看新客戶成長結構時，來自新成立的公司和比較替代公司的比例是多少？

Yeah. I mean, typically, what you see is about one-third of the customers we win are coming from legacy providers to existing -- existing businesses that are using legacy solutions.

是的。我的意思是，通常情況下，你會看到，我們贏得的客戶中大約有三分之一來自傳統供應商和使用傳統解決方案的現有企業。

The other one-third typically come from businesses that are outgrowing the more cloud-based solutions out there, some names that were mentioned earlier, they realized that with their growth, with their ambition, they can continue with those players, and they need something more robust and with more functionality and that's where Lightspeed shines.

剩下的三分之一通常來自那些不再適合使用雲端解決方案的企業，其中一些是前面提到的，他們意識到隨著他們的成長和雄心，他們可以繼續與這些參與者合作，他們需要一些更強大、功能更豐富的解決方案，而這正是 Lightspeed 的優勢所在。

And then lastly, about one-third remaining are brand new businesses that are not necessarily equipped with an existing solution.

最後，剩下的大約三分之一是全新的企業，不一定配備現有的解決方案。

Martin Toner, ATB Capital Markets.

ATB 資本市場公司的 Martin Toner。

Can you talk about the drivers of gross margin compression in the payment segment?

能談談支付領域毛利率壓縮的驅動因素嗎？

Yeah, absolutely. Thanks for the question, Martin. From a payments perspective, gross margin. What puts downward pressure on gross margin are two things in particular. The first one is residuals. Residuals come in at 100% gross margin. Just as a reminder, residuals is, before we had our own payment solution, we would refer customers to an integrated payment provider and we would get residuals on that revenue stream. That was recognized net in our books.

是的，絕對是如此。謝謝你的提問，馬丁。從支付角度來看，毛利率。具體來說，有兩件事會對毛利率造成下行壓力。第一個是殘差。殘值毛利率為 100%。提醒一下，殘值是指，在我們擁有自己的支付解決方案之前，我們會將客戶介紹給綜合支付供應商，並從該收入流中獲得殘值。這在我們的書中是被認可的。

And now as these non-solicit run out, we're taking those cohorts of customers and putting them on to Lightspeed Payments. So that is the biggest driver of the compression that you're seeing on gross margin. But overall, gross profit dollars increases when we do that. And so it's an overall net positive to Lightspeed, but you will see compression on gross margin as a result of that motion.

現在，隨著這些非招攬性付款方式用完，我們將把這些客戶群轉移到 Lightspeed Payments 上。所以這是導致毛利率下降的最大因素。但總體來說，當我們這樣做時，毛利就會增加。因此，這對 Lightspeed 來說總體來說是有利的，但是你會看到毛利率會因這一舉動而受到壓縮。

We're quite pleased with the fact that despite payments becoming such a big part of our overall revenue portfolio, we've been able to keep overall gross margins in the 40% to 45% range. And that's because of a couple of things. One is international expansion. So payments internationally carries a higher gross margin over 30% as compared to North America, which as you know, is in the 20%, 25% range. And in addition to that, we have some pretty high gross margin items such as capital instant payout (inaudible) and our overall gross margin remain in the 40% to 45% range.

我們非常高興的是，儘管支付已成為我們整體收入組合的重要組成部分，但我們仍能將整體毛利率保持在 40% 至 45% 的範圍內。這是因為以下幾件事。一是國際擴張。因此，與北美相比，國際支付的毛利率更高，超過 30%，而北美的毛利率在 20% 到 25% 之間。除此之外，我們還有一些毛利率相當高的項目，例如資本即時支付（聽不清楚），我們的整體毛利率保持在 40％ 到 45％ 的範圍內。

Is there an opportunity to consolidate support by end of lifing the -- some of the legacy acquired brands? And it is it material? And what type of -- where are you guys in terms of taking a look at that?

是否有機會透過終止某些傳統收購品牌來鞏固支持？它是物質的嗎？那麼，你們在哪裡觀察這種情況呢？

I mean I think it's -- we've provided commentary on a couple of (inaudible) at this stage on our legacy products. At the end of the day, these are products that are driving a lot of EBITDA for us. These are great customers that, for the most part, are happy to stay on that platform. And so we don't intend to sunset those platforms entirely.

我的意思是，我認為——我們目前已經就我們原有產品的一些（聽不清楚）提供了評論。總的來說，這些產品為我們帶來了大量的 EBITDA。這些都是很棒的客戶，大多數都樂意留在該平台上。因此我們並不打算完全淘汰這些平台。

We are encouraging some of these customers to move to our flagships because they see expanded features, expanded functionality, but we're not force migrating those customers. And so what you can expect from us is, over time, of course, those platforms are -- will have less and less of our base. And then you'll continue to see our flagship products take on more share of our overall base as of next year, that's across about 50% of our overall locations being on our flagships. But we're not force migrating these legacy products.

我們鼓勵部分客戶轉向我們的旗艦產品，因為他們看到了擴展的功能和功能，但我們不會強迫這些客戶遷移。因此，你可以預料到，隨著時間的推移，這些平台在我們的基礎中所佔的比例會越來越小。然後，您將繼續看到我們的旗艦產品從明年開始佔據我們整體產品線的更多份額，也就是說，我們整體產品線的約 50% 都將位於旗艦店。但我們不會強制遷移這些遺留產品。

And ultimately, support costs are low and R&D costs are low for these products. So that helps them contribute to profitability for the company.

最終，這些產品的支援成本和研發成本都很低。這有助於他們為公司獲利做出貢獻。

Daniel Chan, TD Cowen.

丹尼爾陳（Daniel Chan），TD Cowen 公司。

Asha, you talked about some of the mix and seasonality in your GTV affecting the pace penetration rate. Can you remind us how that seasonality changes in Q1 to give you confidence around the end of year payments penetration target? Just thought golf would continue to be soft into your Q4 quarter as well.

Asha，您談到了 GTV 中的一些混合和季節性對步速滲透率的影響。您能否提醒我們第一季的季節性變化如何讓您對年底支付滲透目標充滿信心？我只是覺得高爾夫業務在第四季仍會持續疲軟。

Yes. Yes. Thanks a lot for the question, Dan. If I give you just sort of the sequencing of what happens to GTV throughout the year, I think you'll get a nice idea. This quarter, as you know, our fiscal Q4 is a seasonally weakest quarter for GTV. And we see that across retail as well as hospitality.

是的。是的。非常感謝你提問，丹。如果我給你介紹 GTV 全年發生的事情的順序，我想你會有一個好主意。如您所知，本季是 GTV 季節性最弱的季度。我們在零售業和酒店業都看到了這一點。

As you move into Q1, you actually do see that GTV improving for both retail and hospitality. Q2, which is our fiscal Q2, which is the summer, is a very high seasonal quarter for hospitality. That's where everyone is dining out. And in particular, European hospitality were very strong. And then in Q3, the GTV typically remains very strong because it's a very high GTV quarter for retail given the holiday shopping season as well.

進入第一季度，你確實會看到零售業和酒店業的 GTV 都在提高。Q2，也就是我們的財政第二季度，也就是夏季，是旅館業的旺季。那是每個人都外出用餐的地方。尤其是歐洲人的熱情好客。在第三季度，GTV 通常保持強勁，因為考慮到假期購物季，對於零售業來說這是一個 GTV 非常高的季度。

So with Q4 being the seasonally slowest quarter, Q1, where we see a nice growth, and then Q2 and Q3 being our strongest GTV quarters, that's how you should look at it.

因此，第四季度是季節性最慢的季度，第一季我們看到了良好的成長，而第二季和第三季是我們 GTV 最強勁的季度，您應該這樣看待它。

Okay. And then on the increased fiscal '25 EBITDA guide, if I -- back into the Q4 EBITDA margin seems to indicate a sequential decline in the EBITDA margin. Any reason to expect that EBITDA to compress from the strength you saw this quarter?

好的。然後，根據增加的 25 財年 EBITDA 指南，如果我——回到第四季度的 EBITDA 利潤率似乎表明 EBITDA 利潤率連續下降。有什麼理由可以預測本季 EBITDA 的強勁成長將會壓縮嗎？

No, actually. When we -- we could talk about that in the one-on-one, but the sequential EBITDA margin stays the same and it actually improves a little bit when you think about overall adjusted EBITDA and the revenue for the quarter. And so you've seen us raise the EBITDA guide every quarter this year. The $53 million or the over $53 million that we just guided for the year is about 30% higher the guide at the initial start of the year. So we're pretty pleased with EBITDA progression, and we expect that EBITDA margin to improve each quarter from here on.

事實上不是。當我們——我們可以一對一地談論這個問題時，但連續的 EBITDA 利潤率保持不變，當你考慮整體調整後的 EBITDA 和本季度的收入時，它實際上會略有改善。因此，您會看到我們今年每個季度都提高了 EBITDA 指南。我們剛剛預計的今年銷售額為 5,300 萬美元或超過 5,300 萬美元，比年初預計的銷售額高出約 30%。因此，我們對 EBITDA 的進展非常滿意，我們預計 EBITDA 利潤率從現在開始每個季度都會提高。

And that concludes our Q&A session for today. I will now turn the call over back to Gus Papageorgiou, Head of Investor Relations. Please go ahead.

今天的問答環節到此結束。現在我將把電話轉回給投資者關係主管 Gus Papageorgiou。請繼續。

Thanks, Gail. Thanks, everyone, for joining us today. If anyone has any follow-up questions, we'll be around all day, and we look forward to seeing everybody at the New York Stock Exchange on March 26, for our Capital Markets Day. Have a great day, everyone.

謝謝，蓋爾。感謝大家今天的參與。如果有人有任何後續問題，我們將全天為您解答，我們期待在 3 月 26 日的資本市場日於紐約證券交易所見到大家。祝大家有個愉快的一天。

And that concludes, ladies and gentlemen, that concludes our call for today. Thank you all for joining. You may now disconnect. Have a nice day.

女士們、先生們，今天的通話到此結束。感謝大家的加入。您現在可以斷開連線。祝你今天過得愉快。