Lightspeed Commerce Inc (LSPD) 2025 Q4 法說會逐字稿

Good morning, and welcome. My name is Aaron, and I'll be your conference operator for today. At this time, I'd like to welcome everyone to the Lightspeed fourth-quarter 2025 earnings call. (Operator Instructions)

早上好，歡迎光臨。我叫 Aaron，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Lightspeed 2025 年第四季財報電話會議。（操作員指示）

We do ask that you please limit yourself to an initial question and then a single follow-up question when you're given the opportunity to speak. Thank you. With that, I am pleased to turn the call over to Gus Papageorgiou, Head of Investor Relations. Gus, please begin.

我們確實要求您將問題限制在一個初始問題上，然後在您有機會發言時再問一個後續問題。謝謝。說到這裡，我很高興將電話轉給投資者關係主管 Gus Papageorgiou。格斯，請開始。

Thank you, operator, and good morning, everyone. Welcome to Lightspeed's fiscal Q4 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 財年第四季電話會議。今天與我一起出席的還有 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 JD 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。

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、預測和預期應用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 fourth 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早些時候發布的收益新聞稿、我們網站上提供的 2025 財年第四季度業績報告以及我們向美國和加拿大證券監管機構提交的文件中所述的這些因素、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 Eclore 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 Eclore 系統上找到。

Note that because we report in US dollars, all amounts discussed today are in US dollars, unless otherwise indicated. With that, I will now turn the call over to Dax.

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。說完這些，我現在將電話轉給 Dax。

Thank you, Gus, and welcome, everyone. Fiscal 2025 was a pivotal year for Lightspeed. We exceeded $1 billion in annual revenue for the first time in company history, delivered $53.7 million in adjusted EBITDA, and realign the business around the focused strategy designed to drive long-term profitable growth. There were many things to be proud of in fiscal 2025.

謝謝你，格斯，歡迎大家。2025 財年對 Lightspeed 來說是關鍵的一年。我們的年收入在公司歷史上首次超過 10 億美元，調整後 EBITDA 達到 5,370 萬美元，並圍繞旨在推動長期盈利增長的重點戰略重新調整業務。2025財年有很多值得驕傲的事。

Revenue grew 18%, adjusted EBITDA rose substantially from $1.3 million to $53.7 million. We launched a series of industry-leading innovations such as retail insights and our kitchen display system. We refocused our efforts on two core growth markets, retail in North America and hospitality in Europe, where we have strong product market fit and a proven right to win.

營收成長 18%，調整後的 EBITDA 從 130 萬美元大幅成長至 5,370 萬美元。我們推出了一系列領先業界的創新，例如零售洞察和廚房展示系統。我們將精力重新集中在兩個核心成長市場，即北美的零售業和歐洲的酒店業，在這些市場中，我們擁有強大的產品市場契合度和已證明的獲勝能力。

We restructured the organization to better align with our new strategy and met our goal of profitable growth. And we completed a share repurchase program for 9.7 million shares, returning over $130 million of capital to investors.

我們重組了組織結構，以更好地適應我們的新策略並實現獲利成長的目標。我們完成了 970 萬股股票回購計劃，向投資者返還了超過 1.3 億美元的資本。

In addition, after the year-end, Lightspeed further executed share repurchase program. buying back an additional 9 million shares. In the last 12 months, Lightspeed repurchased approximately 18.7 million shares or about 12% of the shares previously outstanding at the end of last year for about $219 million.

此外，年末之後，Lightspeed進一步執行了股票回購計畫。回購另外900萬股。在過去的 12 個月中，Lightspeed 以約 2.19 億美元的價格回購了約 1,870 萬股，約佔去年年底流通股數的 12%。

In Q4, we continued to make meaningful progress towards our strategic priorities. Software ARPU grew 11% year over year reflecting strong adoption of our new modules and ongoing price optimization. Gross margin reached 44%, driven by disciplined cost management. We added quality customer locations in our growth markets, retail for North America and hospitality for Europe, supported by the growing effectiveness of our outbound sales teams.

第四季度，我們在戰略重點方面繼續取得有意義的進展。軟體 ARPU 年增 11%，反映了我們新模組的廣泛採用和持續的價格優化。在嚴格的成本管理推動下，毛利率達到44%。我們在成長市場中增加了優質客戶地點，北美的零售業和歐洲的酒店業，這得益於我們外向銷售團隊效率的不斷提高。

Importantly, March was a record month for outbound sales. These achievements reflect not only strong execution, but the foundational transformation we undertook this year. With many of the hard decisions behind us, fiscal 2026 will be a year of executing on our plan and delivering on our potential.

重要的是，三月是出口銷售創紀錄的一個月。這些成就不僅體現了強大的執行力，也體現了我們今年進行的基礎性轉型。我們已經做出了許多艱難的決定，2026 財年將是我們執行計劃和發揮潛力的一年。

While macroeconomic conditions remain uncertain across our global footprint, our ongoing strategic execution and product capabilities position us well for continued resilience. From forecasting demand to sourcing inventory from the thousands of suppliers on our wholesale network, the Lightspeed Commerce platform is built to help merchants thrive no matter what conditions they face.

儘管我們全球業務範圍內的宏觀經濟條件仍然不確定，但我們持續的策略執行和產品能力使我們保持良好的持續韌性。從預測需求到從我們批發網路上的數千家供應商採購庫存，Lightspeed Commerce 平台旨在幫助商家無論面臨何種條件都能蓬勃發展。

In late March, we host our Capital Markets Day in New York City, where we outlined our new strategy and financial goals. I want to recap some of the highlights from that day. Lightspeed is concentrating efforts on its growth markets where we have a clear right to win. Our go-forward strategy is anchored in two high opportunity areas: North American Retail, where we serve complex high GTV retailers with differentiated tools and deep vertical expertise; European Hospitality, a fragmented market where Lightspeed is already a leader with workflow automation, local support and fiscal compliance.

三月下旬，我們在紐約舉辦了資本市場日，概述了我們的新策略和財務目標。我想回顧一下那一天的一些亮點。Lightspeed 正集中精力於其有明顯獲勝能力的成長市場。我們的未來策略以兩個高機會領域為基礎：北美零售業，我們透過差異化的工具和深厚的垂直專業知識為複雜的高 GTV 零售商提供服務；歐洲酒店業是一個分散的市場，Lightspeed 已經在工作流程自動化、本地支援和財政合規方面處於領先地位。

In these areas, we are doubling down on outbound sales capacity, product innovation and customer experience. Elsewhere, we are focused on efficiency, continuing to support existing customers while realigning our cost structure to maximize adjusted EBITDA for the whole business.

在這些領域，我們正加倍重視外向銷售能力、產品創新和客戶體驗。在其他方面，我們專注於效率，繼續支援現有客戶，同時重新調整我們的成本結構，以最大化整個業務的調整後 EBITDA。

The success of our efforts within these growth markets will be measured by our ability to grow customer locations and software ARPU while improving overall profitability. I want to highlight the progress we are making on the first two goals, and Ash will follow with a more thorough discussion on profitability in our financials.

我們在這些成長市場的努力是否成功，將取決於我們在提高整體獲利能力的同時，擴大客戶位置和軟體 ARPU 的能力。我想強調我們在前兩個目標上取得的進展，然後 Ash 將更深入地討論我們的財務獲利能力。

Go-to-market progress. Customer locations in our growth markets grew over 3% in fiscal '25 and GTV for these customers grew 6%. Notably, this growth came despite the strategic pivot only beginning to ramp in December 2024, when we realigned our organization to execute on our profitable growth strategy.

進入市場進展。25 財年，我們成長市場的客戶地點成長了 3% 以上，這些客戶的 GTV 成長了 6%。值得注意的是，儘管策略轉型在 2024 年 12 月才開始加速，當時我們重新調整了組織以執行我們的獲利成長策略，但仍實現了這一成長。

By making further investments in sales and product, we expect to accelerate net customer locations growth towards our targeted three-year CAGR of 10% to 15%. We're scaling our outbound sales organization rapidly. As of April, we filled over half of the 150 roles we committed to by fiscal '26.

透過進一步投資於銷售和產品，我們預計淨客戶地點的成長將加速，朝著我們目標的三年複合年增長率 10% 至 15% 邁進。我們正在迅速擴大我們的外向銷售組織。截至 4 月份，我們已招滿承諾在 26 財年招募的 150 名員工中的一半以上。

In Europe, field teams are now active across key cities in Germany, the UK, and France. In North America Retail, our AI-powered outbound engine is helping reps target and convert high-value merchants. We are leveraging AI to feed the top of the sales funnel through outbound cold calling and our salespeople then convert those leads into active customers. Our AI engine helps us prioritize outbound calling to the highest value leads.

在歐洲，實地團隊目前活躍於德國、英國和法國的主要城市。在北美零售業，我們的人工智慧驅動的出站引擎正在幫助銷售代表瞄準和轉換高價值商家。我們正在利用人工智慧透過外撥電話為銷售漏斗的頂端提供訊息，然後我們的銷售人員將這些潛在客戶轉化為活躍客戶。我們的人工智慧引擎幫助我們優先撥打最高價值的電話。

We are moving quickly to build all of our outbound positions. Outbound sales reps require some time to fully ramp, usually around six months, so we will see a lag between hiring and results. But thus far, the results are very encouraging. Outbound salespeople are much more efficient in targeting our ICP customers. And because these are generally more established customers, they tend to go live much faster because they do not need to clear hurdles such as financing or signing leases.

我們正在迅速建立所有出站職位。外向型銷售代表需要一些時間才能完全勝任，通常約為六個月，因此我們會看到招募和結果之間存在滯後。但迄今為止，成果非常令人鼓舞。外向型銷售人員在瞄準我們的 ICP 客戶方面效率更高。而且由於這些客戶一般都是比較老的客戶，他們往往能夠更快地上線，因為他們不需要清除融資或簽訂租約等障礙。

March was our best month yet for outbound revenue, which was driven by faster go-live times, higher average GTV per location and higher productivity per rep. Here are a few examples of such well-established customers signed in the quarter.

三月是我們迄今為止外撥收入最好的一個月，這得益於更快的上線時間、更高的每個地點的平均 GTV 和更高的每個代表的生產力。以下是本季簽約的幾個知名客戶的例子。

Runners Roost in Colorado with seven locations, carrying one of the most complete selections of fitness shoes and apparel in the USA. They have previously relied on separate POS and payment providers and were able to deliver an integrated solution.

Runners Roost 在科羅拉多州擁有七家門市，是美國最齊全的健身鞋和服裝供應商之一。他們以前依賴單獨的 POS 和支付提供商，並且能夠提供整合解決方案。

Tennis Plaza with nine locations in Florida, frequently ranked as the number one tennis specialty store in America. They have considered several cloud-based competitors that chose Lightspeed due to our inventory management, B2B, and the ability to sell on the Lightspeed scanner app that we announced last quarter.

Tennis Plaza 在佛羅裡達州擁有 9 家分店，經常被評為美國第一大網球專賣店。他們考慮過幾家基於雲端的競爭對手，這些競爭對手之所以選擇 Lightspeed，是因為我們擁有庫存管理、B2B 以及上個季度發布的 Lightspeed 掃描器應用程式上的銷售能力。

Woodstock with seven locations in New York and New Jersey, a streetwear retailer known for its premium sneakers, apparel, and accessories, they chose Lightspeed as their end-to-end solution provider. Half Moon Bay Golf Links in California with two world-class championship golf courses connected to a luxury resort.

伍德斯托克 (Woodstock) 在紐約和新澤西州擁有 7 家分店，是一家以高端運動鞋、服裝和配件而聞名的街頭服飾零售商，他們選擇 Lightspeed 作為其端到端解決方案提供商。加州的半月灣高爾夫球場擁有兩個世界級的錦標賽高爾夫球場，並連接著豪華度假村。

Finally, within Lightspeed new order, we signed several new brands, including Birkenstock Australia, Crew Clothing in the UK, and the children's wear brand, Tea Collection. In EMEA Hospitality, we also had great success during this quarter and funded a number of notable customers.

最後，在Lightspeed新訂單中，我們簽下了幾個新品牌，包括澳洲的Birkenstock、英國的Crew Clothing，以及童裝品牌Tea Collection。在歐洲、中東和非洲地區的酒店業，我們在本季也取得了巨大的成功，並為許多知名客戶提供了資金。

We continued our winning streak amongst Michelin star restaurants and chefs by adding Levie in Düsseldorf, Zet'Joe in Bruges, and Restaurant Julia in Rotterdam. High GDP restaurants with complex operations turn to Lightspeed to seamlessly power their operational flow.

我們繼續在米其林星級餐廳和廚師中保持連勝，增加了杜塞爾多夫的 Levie、布魯日的 Zet'Joe 和鹿特丹的 Restaurant Julia。經營複雜的高 GDP 餐廳選擇 Lightspeed 來無縫支援其營運流程。

We added Groupe Éclore, with eight restaurants in Paris, five of which have Michelin stars. They switched to Lightspeed from their legacy system with an impressive seven of them going live on the same day. We signed Le Relais de Chambord located within a luxury hotel in the Loire Valley. They chose Lightspeed for a centralized management system modern tools, and integration with key partners.

我們增加了 Groupe Ãclore，它在巴黎有 8 家餐廳，其中 5 家擁有米其林星級。他們從舊系統轉向 Lightspeed，令人印象深刻的是，其中七個系統在同一天上線。我們簽約的是位於盧瓦爾河谷豪華飯店內的 Le Relais de Chambord。他們選擇 Lightspeed 作為集中管理系統的現代工具，並與主要合作夥伴進行整合。

Finally, we also saw traction amongst multi-location chains signing Burger & Sauce with 18 restaurants in the UK. They were impressed with the flexibility of our platform and wanted a reliable partner to help them pursue their aggressive expansion plans.

最後，我們也看到，與英國 18 家餐廳簽署 Burger & Sauce 協議的多店連鎖店也表現出色。他們對我們平台的靈活性印象深刻，並希望有一個可靠的合作夥伴來幫助他們實現積極的擴張計劃。

The second key metric by which we measure the success of our strategy is ARPU expansion, driven by product innovation and retention within our core markets. In Q4, software ARPU grew 11% year over year, driven by deeper module adoption and recent pricing initiatives, proof that our flagship platforms are resonating the right customers.

我們衡量策略成功與否的第二個關鍵指標是 ARPU 擴張，這由產品創新和核心市場的保留所驅動。第四季度，軟體 ARPU 年增 11%，這得益於更深入的模組採用和最近的定價舉措，證明我們的旗艦平台引起了正確客戶的共鳴。

As part of our strategic pivot, in fiscal 2026, we are investing over 35% more in product development than in fiscal 2025 to accelerate innovation across our offerings for retail customers in North America and hospitality customers in Europe. These capabilities are now being translated into modular features that help complex merchants scale efficiently.

作為我們策略轉型的一部分，在 2026 財年，我們在產品開發方面的投資將比 2025 財年增加 35% 以上，以加速我們為北美零售客戶和歐洲飯店客戶提供的產品創新。這些功能現在被轉化為模組化功能，幫助複雜的商家有效地擴展規模。

In retail, we shipped several key innovations to improve operational control and online reach for our customers, including seasonal trends to enhance inventory planning and insight for retailers to ensure accurate inventory level; sales visualization, so retailers can view data in the interactive graphic form to better understand their business; a generative AI-powered web builder, which allows our customers to simply show a screenshot of what they want their website to look like and our web builder will deliver a fully integrated professional looking online store with no quoting required; Omni gift cards, so retailers can sell and redeem gift cards across in-store and online selling channels; and the NuORDER Catalog Portal, which creates a self-service portal for brands who want to share their catalogs with the thousands of merchants using the Lightspeed POS.

在零售領域，我們推出了幾項關鍵創新，以改善客戶的營運控制和線上覆蓋範圍，包括季節性趨勢，以增強零售商的庫存計劃和洞察力，確保準確的庫存水平；銷售可視化，零售商可以以交互式圖形形式查看數據，以更好地了解他們的業務；一個生成式人工智能網頁構建器，它允許我們的客戶無需簡單地展示他們想要的外觀禮品卡，零售商可以透過店內和線上銷售管道銷售和兌換禮品卡；以及 NuORDER 目錄門戶，它為想要與使用 Lightspeed POS 的數千名商家共享其目錄的品牌創建了一個自助服務門戶。

In hospitality, we shipped several key features, including Google integration with order anywhere. Restaurants can now make sure they're showing up in Google searches increasing order volume and offering a convenient ordering experience. And we launched advanced production instructions and consolidated items. These releases allow kitchen staff to adjust menu items for variations such as allergens and it automatically cures multiple orders of identical items to minimize prep time.

在酒店業，我們推出了幾項關鍵功能，包括與 Google 的整合以及隨處訂購。餐廳現在可以確保它們出現在 Google 搜尋中，從而增加訂單量並提供便利的訂購體驗。並推出了先進的生產指導和合併項目。這些版本允許廚房工作人員根據過敏原等變化調整菜單項，並自動處理多個相同項目的訂單，以最大限度地縮短準備時間。

As we enter fiscal 2026 with our renewed focus on our growth engines, we expect even further acceleration in product innovation, which along with our aggressive outbound strategy, will drive improved sales velocity. Our goals for 2026 are clear: increased customer locations within our growth markets, expand software ARPU, and enhance profitability for the entire business. I look forward to reporting on our progress throughout the year, and we'll now turn the call over to Asha.

隨著我們進入 2026 財年並重新關注我們的成長引擎，我們預計產品創新將進一步加速，再加上我們積極的外向型策略，將推動銷售速度的提高。我們 2026 年的目標很明確：增加成長市場內的客戶位置、擴大軟體 ARPU 並提高整個業務的獲利能力。我期待著報告我們全年的進展情況，現在我們將電話交給 Asha。

Thanks, Dax, and welcome, everyone. Fiscal 2025 was a milestone year for Lightspeed, not only in hitting $1 million in revenue for the first time, but in laying the financial and operational groundwork for sustained profitable growth. We realigned the company around markets with the strongest unit economics, increased pricing to better reflect the value of our platform, and double down on our payments and capital initiatives. As a result, we entered fiscal 2026 with a leaner, more focused business and significantly improved profitability.

謝謝，達克斯，歡迎大家。2025 財年對 Lightspeed 來說具有里程碑意義，不僅首次實現 100 萬美元的收入，也為持續獲利成長奠定了財務和營運基礎。我們圍繞著單位經濟效益最強的市場對公司進行了調整，提高了定價以更好地反映我們平台的價值，並加倍了我們的支付和資本計劃。因此，我們以更精簡、更專注的業務和顯著提高的獲利能力進入了 2026 財年。

My comments today will walk through our financial performance for the year and our fiscal Q4, outline our progress on capital return as well as margin expansion, and finally, I will provide our outlook for the upcoming quarter and full fiscal year.

我今天的評論將介紹我們今年和第四季度的財務業績，概述我們在資本回報和利潤率擴張方面的進展，最後，我將提供我們對下一季和整個財政年度的展望。

Total annual revenue of $1.077 billion grew 18% year over year, with a positive retention rate and surpassing the $1 billion milestone on a fiscal year basis for the first time. Annual gross margins held steady at 42% despite an increase in transaction-based revenue from 60% to 65% of our total revenue.

年度總營收 10.77 億美元，年增 18%，留存率為正，並且首次在財年基礎上突破 10 億美元的里程碑。儘管交易收入佔總收入的比例從 60% 增加到 65%，但年毛利率仍穩定在 42%。

Adjusted EBITDA grew from $1.3 million a year ago to $53.7 million in fiscal 2025, reflecting both revenue growth and discipline cost control. Gross payments volume increased by 40% in the year and GPV as a percentage of GTV increased from 32% in Q4 of last year to 38% in Q4 of this year, demonstrating growing adoption of Lightspeed payments.

調整後的 EBITDA 從一年前的 130 萬美元增長到 2025 財年的 5,370 萬美元，反映了收入成長和嚴格的成本控制。今年的總支付額成長了 40%，GPV 佔 GTV 的百分比從去年第四季的 32% 上升到今年第四季的 38%，顯示 Lightspeed 支付的採用率正在不斷提高。

We ended the year with $558 million in cash after repurchasing 9.7 million shares and funding a net amount of $45 million in merchant cash advances in the year. Excluding these two outflows, our cash position increased year over year. These results illustrate our commitment to profitable growth and our focus on opportunistically returning capital to our shareholders.

我們在回購了 970 萬股股票並為商家現金預付款提供了 4,500 萬美元的淨額後，年底時現金餘額為 5.58 億美元。除這兩次資金流出外，我們的現金狀況年增。這些結果體現了我們對獲利成長的承諾以及我們致力於向股東提供機會性資本回報的重點。

With respect to fiscal Q4, total revenue grew 10%, driven by software ARPU expansion and continued payments penetration. Despite macro headwinds impacting same-store sales and transaction-based revenue in a subset of our portfolio, gross margin performance was strong at 44%.

就第四財季而言，總營收成長了 10%，這得益於軟體 ARPU 的擴大和支付滲透的持續。儘管宏觀不利因素影響了我們投資組合中部分產品的同店銷售額和基於交易的收入，但毛利率表現強勁，達到 44%。

Software ARPU grew 11% year over year, driven by new module adoption, price optimization, and our continued shift towards high GTV customers. Software revenue was $87.9 million, up 8% year over year, supported by new software releases and fiscal Q4 pricing action.

軟體 ARPU 年增 11%，這得益於新模組的採用、價格優化以及我們持續向高 GTV 客戶轉變。軟體收入為 8,790 萬美元，年增 8%，這得益於新軟體的發布和第四季的定價行動。

Transaction-based revenue was $157.8 million, up 14% year over year. GTV rose 19% year over year to $7.9 billion. and capital grew 28%, benefiting from our unique visibility into merchant cash flow and real-time repayments through IC payments.

基於交易的收入為 1.578 億美元，年增 14%。GTV 年成長 19%，達到 79 億美元。資本增加了 28%，這得益於我們對商家現金流的獨特洞察以及透過 IC 支付實現的即時還款。

GTV from our growth engines grew 6% year over year. despite the strategic pivot only beginning to run in December 2024, validating our go-forward strategy to focus on North America retail and European hospitality.

我們成長引擎產生的 GTV 年成長 6%。儘管這項策略轉變在 2024 年 12 月才開始實施，但這驗證了我們專注於北美零售和歐洲酒店業的未來策略。

Overall, GTV remained flat at $20.6 billion due to same-store sales softness primarily in our rest of world markets. In line with our strategy, our customer mix continued to shift toward higher GTV merchants, locations with over $1 million in GTV increased while locations with sub $200,000 in GTV declined.

總體而言，GTV 保持穩定在 206 億美元，主要原因是同店銷售額疲軟（主要發生在世界其他市場）。按照我們的策略，我們的客戶結構繼續向 GTV 更高的商家轉變，GTV 超過 100 萬美元的地點有所增加，而 GTV 以下 20 萬美元的地點有所減少。

Importantly, customer locations in our growth markets of North America retail and European hospitality grew over 3% year over year. We primarily target ICP, although many customers are opening new locations and it takes time for them to ramp to higher GTV. Despite this ramp, on average, customer locations across our customer base, excluding e-commerce sites, process in excess of $500,000 a year in annual GTV, which is evidence of our successful move of markets. All of our go-to-market and product development efforts are focused on these customers.

重要的是，我們北美零售和歐洲酒店等成長市場的客戶位置年增超過 3%。我們主要針對 ICP，儘管許多客戶正在開設新店，並且需要時間來提高 GTV。儘管出現了這樣的成長，但平均而言，我們客戶群中的客戶地點（不包括電子商務網站）每年處理的 GTV 超過 50 萬美元，這證明了我們成功進入市場。我們所有的行銷和產品開發工作都集中在這些客戶。

GPV as a percentage of GTV remained flat to last quarter at 38%, given same-store softness in certain highly penetrated verticals such as hospitality customers in North America. We expect total GPV as a percentage of GTV to continue to trend upward as our customer location adds in our growth markets accelerate.

由於北美酒店業等某些滲透率較高的垂直行業的同店銷售疲軟，GPV 佔 GTV 的百分比與上一季持平，為 38%。我們預計，隨著客戶位置的增加和成長市場的加速，總 GPV 佔 GTV 的百分比將繼續呈上升趨勢。

In April of this year, we saw total GPV as a percentage of GTV rise to 40%, and we expect this will continue to improve throughout the year. ARPU excluding Ecwid standalone, reached a record $489, up 13% year over year, driven by both higher software and payments monetization. With respect to profitability and operating leverage, in fiscal Q4, gross profit grew 12% year over year, outpacing revenue growth. Total gross margin was 44%, up from both the same quarter last year as well as our fiscal Q3.

今年 4 月，我們看到 GPV 佔 GTV 的比例上升至 40%，我們預計這一比例將在全年持續提高。不包括 Ecwid 獨立業務的 ARPU 達到創紀錄的 489 美元，年增 13%，這得益於軟體和支付貨幣化的提高。在獲利能力和經營槓桿方面，第四財季毛利年增12%，超過營收成長。總毛利率為 44%，高於去年同期及本財年第三季。

Despite transaction-based revenue increasing from 60% to 62% of sales compared to last year, we were able to improve our gross margin through effective spend management, targeted price increases, and the growth in higher margin revenue from items such as Lightspeed Capital.

儘管與去年相比，基於交易的收入從銷售額的 60% 增長到了 62%，但我們還是能夠透過有效的支出管理、有針對性的價格上漲以及光速資本等項目帶來的高利潤收入的增長來提高毛利率。

We delivered strong software gross margins at 81%, up from 77% a year ago, driven by pricing uplift and cost discipline. Our customer churn remained in line with historical levels despite our price increases, demonstrating the strength of our platform and the value it brings to our customers.

受價格上漲和成本控制的推動，我們的軟體毛利率從一年前的 77% 上升至 81%。儘管我們的價格有所上漲，但客戶流失率仍然與歷史水準保持一致，這證明了我們平台的實力及其為客戶帶來的價值。

Gross margins for transaction-based revenue were at 29%, up slightly from the previous quarter and flat to the same quarter last year and includes gross margins from our capital program which continues to deliver healthy margins of over 90%. As we convert customers to Lightspeed payments, we increased our overall net gross profit dollars. And in the quarter, we saw transaction-based gross profit grew 11% year over year.

交易收入的毛利率為 29%，較上一季略有上升，與去年同期持平，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使用 Lightspeed 支付方式，我們的整體淨毛利增加。本季度，我們發現基於交易的毛利年增了 11%。

Adjusted EBITDA in the quarter came in at $12.9 million. nearly triple the $4.4 million delivered in Q4 of last year, driven partially by early successes from our transformation plan. Total adjusted research and development, sales and marketing, and general and administrative expenses rose just 3% year over year, well below gross profit growth. As we scale within our growth engine, we expect this leverage to continue.

本季調整後的 EBITDA 為 1,290 萬美元。幾乎是去年第四季 440 萬美元的三倍，部分原因是我們的轉型計畫取得了早期成功。調整後的研發、銷售和行銷以及一般和行政費用總額較去年同期僅成長 3%，遠低於毛利成長。隨著我們擴大成長引擎，我們預計這種槓桿作用將會持續下去。

We continue to actively manage our share-based compensation and related payroll taxes, which were $11.8 million or 5% of revenue for the quarter versus $10.1 million or 4% in the same quarter last year. We continue to manage equity usage prudently. Adjusted income rose to $15 million from $8.5 million last year.

我們繼續積極管理我們的股權激勵和相關工資稅，本季為 1,180 萬美元，佔收入的 5%，而去年同期為 1,010 萬美元，佔收入的 4%。我們繼續審慎管理股權使用。調整後收入從去年的 850 萬美元增加到 1500 萬美元。

With respect to capital allocation and our balance sheet, we executed aggressively on our buyback program, as you heard from Dax. Since March 31, 2024, we have repurchased 18.7 million shares, approximately 12% of outstanding shares as of March 31, 2024, for $219 million. $84 million of these share repurchases were made after the quarter.

關於資本配置和資產負債表，正如您從 Dax 聽到的那樣，我們積極執行了回購計劃。自 2024 年 3 月 31 日以來，我們已回購 1,870 萬股，約佔 2024 年 3 月 31 日流通股的 12%，回購金額為 2.19 億美元。其中 8,400 萬美元的股票回購是在本季後進行的。

As of now, approximately $200 million remains under our broader Board authorization to repurchase up to $400 million in Lightspeed shares, and we continue to remain opportunistic on further share repurchases. We ended Q4 with $558 million in cash, down from $662 million in the prior quarter, almost entirely due to the $92 million used for buybacks in the quarter and $7.6 million used to fund our merchant cash advances. Adjusted free cash flow used was $9.3 million in Q4.

截至目前，我們董事會仍授權約 2 億美元用於回購價值高達 4 億美元的 Lightspeed 股票，我們將繼續尋找進一步股票回購的機會。在第四季結束時，我們的現金餘額為 5.58 億美元，低於上一季的 6.62 億美元，幾乎完全是由於本季用於回購的 9,200 萬美元和用於支付商家現金預支的 760 萬美元。第四季調整後的自由現金流為 930 萬美元。

We had a goodwill impairment charge in the quarter of $556 million. I'll walk you through the mechanics of this. Goodwill is required to be tested for impairment at least annually. Given the recent volatility in the valuations of technology companies broadly and Lightspeed's share price specifically, our net assets exceeded our market cap at March 31, 2025. This was a goodwill impairment trigger for us on our test resulted in a $556 million charge in the quarter. This goodwill charge is a noncash accounting entry that has no impact on our liquidity or execution capability.

本季我們的商譽減損費用為 5.56 億美元。我將向您介紹其中的機制。商譽必須至少每年進行一次減損測試。鑑於近期科技公司估值普遍波動，尤其是 Lightspeed 的股價，我們的淨資產在 2025 年 3 月 31 日超過了我們的市值。在我們的測試中，這對我們來說是一個商譽減損觸發因素，導致本季產生 5.56 億美元的費用。此商譽費用為非現金會計分錄，對我們的流動性或執行能力沒有影響。

Our balance sheet remains healthy and positions us well for this upcoming year of profitable growth. With respect to our efficiency market, while our core focus is on retail in North America and hospitality in Europe, we maintain many happy customers in other markets, with the revenue from our efficiency markets increasing year over year in fiscal 2025 and GPV as a percentage of GTV in our efficiency market increasing from our fiscal Q3 to Q4. We will continue to add software value, drive adoption of financial services such as payments and capital, and of course, continue to drive efficiency in these markets while minimizing the distraction from our core.

我們的資產負債表依然健康，為我們來年實現獲利成長做好了準備。關於我們的效率市場，雖然我們的核心重點是北美的零售業和歐洲的酒店業，但我們在其他市場也擁有許多滿意的客戶，2025 財年我們效率市場的收入同比增長，而 GPV 占我們效率市場 GTV 的百分比從第三財季到第四財季不斷增加。我們將繼續增加軟體價值，推動支付和資本等金融服務的採用，當然，繼續提高這些市場的效率，同時盡量減少對我們核心業務的干擾。

Before I move on to outlook, I would like to draw everyone's attention to the fact that going forward, from a total locations perspective, we are changing the definition of what constitutes a customer location. We have historically emphasized that a single unique customer can have multiple customer locations, including physical and e-commerce sites. So e-commerce sites used by customers alongside a physical site have been counted as separate customer locations from the POS. As our POS and e-commerce solutions are bundled as a single omnichannel product, we believe this distinction has become less meaningful.

在談到展望之前，我想提請大家注意這樣一個事實：從整體位置的角度來看，我們正在改變客戶位置的定義。我們一直強調，單一唯一客戶可以擁有多個客戶位置，包括實體店和電子商務網站。因此，客戶使用的電子商務網站與實體網站一起被視為與 POS 分開的客戶位置。由於我們的 POS 和電子商務解決方案捆綁為單一全通路產品，我們認為這種差異變得不那麼重要了。

Going forward, we consider this bundled product to be a single customer location. The end result is that the total number of customer locations changes from approximately 162,000 to approximately 144,000 as of March 31, 2025, while the monthly ARPU moved from $489 to $545.

展望未來，我們將此捆綁產品視為單一客戶位置。最終結果是，截至 2025 年 3 月 31 日，客戶地點總數從約 162,000 個變為約 144,000 個，而每月 ARPU 從 489 美元變為 545 美元。

Going forward, we will consider standalone e-comm sites, those that are not bundled with any physical site separately as we have always done for equity e-commerce stand-alone sites. Please see our MD&A or press release for details.

展望未來，我們將考慮獨立的電子商務網站，即那些不與任何實體網站單獨捆綁的網站，就像我們一直以來對股權電子商務獨立網站所做的那樣。請參閱我們的 MD&A 或新聞稿以了解詳情。

Now turning to our outlook. Despite continued macro volatility, we enter fiscal 2026 with strong conviction in our strategy and in our ability to execute. We're on track to scale our outbound team to 150 reps by year-end and expect the continued rollout of new features to support both software and transaction-based revenue growth. This financial outlook reflects our most recent view of the macroeconomic environment and is consistent with our three-year gross profit CAGR of approximately 15% to 18% and three-year adjusted EBITDA CAGR of approximately 35% that we presented at our Capital Markets Day in March.

現在轉向我們的展望。儘管宏觀經濟波動持續，但我們在進入 2026 財年時仍對我們的策略和執行能力充滿信心。我們計劃在年底前將外撥團隊規模擴大到 150 名代表，並期望繼續推出新功能來支援軟體和基於交易的收入成長。這項財務展望反映了我們對宏觀經濟環境的最新看法，與我們在 3 月份資本市場日上提出的三年毛利複合年增長率約 15% 至 18% 和三年調整後 EBITDA 複合年增長率約 35% 一致。

For fiscal 2026, we expect total revenue growth of approximately 10% to 12% year over year, total gross profit growth of approximately 14%, total adjusted EBITDA to be in the range of approximately $68 million to $72 million.

對於 2026 財年，我們預計總營收年增約 10% 至 12%，總毛利成長約 14%，調整後 EBITDA 總值約為 6,800 萬美元至 7,200 萬美元。

For the first quarter, we expect total revenue in the range of approximately $285 million to $290 million; total gross profit growth of approximately 13%, total adjusted EBITDA to be in the range of approximately $14 million to $16 million. With that, I'll turn the call back to the operator.

對於第一季度，我們預計總營收約為 2.85 億美元至 2.9 億美元；總毛利成長約13%，調整後EBITDA總額約為1,400萬美元至1,600萬美元。說完這些，我就把電話轉回接線生。

(Operator Instructions) Trevor Williams, Jefferies.

（操作員指示）特雷弗威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

Thanks very much. I wanted to go back to the full year guide, if we could, and just the embedded acceleration in revenue growth beyond the first quarter. If you guys just can talk to kind of the primary drivers behind that, the level of visibility, just kind of -- and then any kind of underlying macro assumptions that we should be aware of within that? Thank you.

非常感謝。如果可以的話，我想回顧一下全年指南，以及第一季之後營收成長的加速。如果你們能談談這背後的主要驅動因素，可見性水平，那麼我們應該注意其中的任何潛在的宏觀假設嗎？謝謝。

Yeah. Trevor, thanks for the question. What's built in our fiscal 2026 guide is, as you know, we're investing quite a bit in go-to-market. We're hiring 250 outbound reps. We're over half of the way there already. And so once those outbound reps ramp, we expect them to start showing acceleration on both software and locations and then the payments revenue that comes with that.

是的。特雷弗，謝謝你的提問。如您所知，我們在 2026 財政年度指南中提出了在市場進入方面投入大量資金的目標。我們正在招募 250 名外派代表。我們已經走了一半以上的路程。因此，一旦這些外向型銷售代表人數增加，我們預計他們將開始在軟體和位置方面表現出加速，然後隨之而來的支付收入也隨之增加。

In addition to that, what's built in fiscal '26 is the incremental 35% of OpEx that we've -- 35% growth on total R&D spend that we've baked into fiscal '26 for product innovation that's going to start to be reflected in additional modules being released and upsell as well. So that is really what's baked into fiscal '26 from a revenue acceleration perspective and gross profit -- growth acceleration perspective.

除此之外，我們在 26 財年還增加了 35% 的營運支出——總研發支出增加了 35%，這些支出已融入到 26 財年的產品創新中，這將開始反映在發布的額外模組和追加銷售中。所以，從營收加速角度和毛利（成長加速角度）來看，這確實是 26 財年所包含的內容。

With respect to the macro, we have some softness in the fourth quarter, as you know, from a same-store sales perspective. And we do expect or we are baking into our guide (technical difficulty) that macro that we saw in Q4.

就宏觀而言，從同店銷售額的角度來看，第四季我們的業績有些疲軟。我們確實預期，或者說我們正在將第四季度看到的宏觀因素融入我們的指南（技術難度）中。

Now we did see the same-store sales stabilize in April and in early May, but we're still being conservative on the guide just given the uncertainty that's out there. Today, we want to put a guide out that we're very confident that we can hit.

現在我們確實看到同店銷售額在 4 月和 5 月初趨於穩定，但考慮到存在的不確定性，我們對該指引仍持保守態度。今天，我們想發布一份我們非常有信心能夠實現的指南。

Okay. Got it. And then on the payments penetration rate, Asha, I heard you give the 40% number for April and the expectation for that to go up over the course of the year. if you could just put a finer point on maybe the range we should be thinking about by the end of the fiscal year and of key variables within that? Thank you.

好的。知道了。然後關於支付滲透率，Asha，我聽說您給出了 4 月份的支付滲透率 40% 這個數字，並且預計這一數字在全年會上升。您能否更詳細地說明一下我們在財政年度結束時應該考慮的範圍以及其中的關鍵變數？謝謝。

Yeah, for sure. So I'll start with talking about payments penetration overall in the quarter. There was a slight growth from Q3 to our fiscal Q4. And the reason penetration didn't rise more sharply is really just a mix shift. We saw the same-store softness that I talked about but that happened in certain highly penetrated verticals, such as hospitality in North America.

是的，當然。因此，我首先要談的是本季的整體支付滲透率。從第三季到第四財季，我們的業績略有成長。滲透率沒有大幅上升的原因其實只是混合轉變。我們看到了我之前提到的同店銷售疲軟，但這發生在某些滲透率較高的垂直行業，例如北美的酒店業。

But overall, payment penetration is really not a concern for us. The underlying trend is very healthy, as you mentioned. And as we said in our prepared remarks, we're already up 40% in the month of April.

但整體而言，支付滲透率確實不是我們關心的問題。正如您所說，潛在的趨勢非常健康。正如我們在準備好的發言中所說，四月我們的銷售額已經成長了 40%。

And so as we scale our go-to-market reps and continue to focus on payments attach, we have a pretty high attach rate, given that we sell the product as an integrated solution today. We do expect penetration to continue trending upward.

因此，隨著我們擴大市場代表規模並繼續專注於支付附加功能，考慮到我們今天將產品作為整合解決方案銷售，我們的附加率相當高。我們確實預期滲透率將持續呈上升趨勢。

We're not guiding on payments penetration because, as you know, with the uncertain macro and the impact on same-store sales, that goes up and down. We use -- we really use payments penetration more as a --there's tons of opportunity out there for us. If we're at 40% in April, there's still a lot of upside for us there. And we expect that 40% to continue to grow through fiscal '26 and (technical difficulty)

我們沒有對支付滲透率進行指導，因為如你所知，由於宏觀經濟的不確定性以及對同店銷售額的影響，支付滲透率會上下波動。我們確實更多地將支付滲透率用作——這對我們來說有大量的機會。如果 4 月的成長率達到 40%，那麼我們還有很大的上升空間。我們預計 2026 財年將持續成長 40%，（技術難度）

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah. Hey guys, thanks so much for taking the question. I wanted to go back to that prior question about the guide. And it sounds like there's two key levers here that are kind of informing your guidance for 2026, ramping sales capacity balanced against an uncertain macro. And so thinking about those two levers, are both of those levers be tuned meaningfully for the guide? Or is one of those factors more conservative versus the other? Thank you.

是的。嘿夥計們，非常感謝你們回答這個問題。我想回到之前關於該指南的問題。聽起來這裡有兩個關鍵槓桿可以為您對 2026 年的指導提供參考，即在不確定的宏觀經濟條件下提高銷售能力。那麼考慮一下這兩個槓桿，這兩個槓桿是否都可以為指南進行有意義的調整？或者其中一個因素相對於其他因素來說更為保守？謝謝。

Yeah. Thanks for the question, Koji. If we go back to the guide, when we look at outbound -- if we take the catalyst for revenue acceleration and we start with that, when we look at outbound, we have very encouraging signs to date. These are the reps that give us the highest unit economics, the lowest payback period. And so scaling the outbound is something that we have high confidence in, and that's what's baked into the plan.

是的。謝謝你的提問，Koji。如果我們回顧指南，當我們看出站時 - 如果我們採取收入加速的催化劑並從那裡開始，當我們看出站時，我們迄今為止有非常令人鼓舞的跡象。這些銷售代表為我們帶來了最高的單位經濟效益和最短的回報期。因此，我們對擴大出站業務充滿信心，這也是我們計劃中的一部分。

From a macro perspective, as I mentioned, there is a fair bit of conservatism baked in just given that there is still a fluid macro out there. And like I said, we want to put a guide out there that we're confident we can hit. The macro is less in our control. So we've baked more conservatism into that factor whereas the outbound, the hiring is going very well, we feel that, that is very much in our control. And so we're being -- we're very confident in the outbound in that ramp that we've assumed in our guide.

從宏觀角度來看，正如我所提到的，由於宏觀經濟仍然存在流動性，因此存在相當多的保守主義。正如我所說的，我們希望提供一份我們有信心能夠實現的指南。宏觀層面不太受我們控制。因此，我們在這個因素中融入了更多的保守主義，而對外招募進展順利，我們認為，這完全在我們的控制範圍內。因此，我們對指南中假設的那個坡道的出站情況非常有信心。

Got it. And then when looking at the guide, it looks like gross profit is growing faster than revenue. So maybe walk us through what are the levers there for that for 2026. And then how to think about gross profit growth versus revenue in 2026 and beyond? Just thinking, is this a onetime faster growth in '26 and it will normalize after that? Or is this something we could continue seeing in the out years? Thank you.

知道了。然後，當查看指南時，看起來毛利的成長速度快於收入的成長速度。那麼請您向我們介紹一下 2026 年可以採取哪些措施來達到這一目標。那麼該如何看待 2026 年及以後的毛利成長與營收？只是想想，這是 26 年的較快成長，之後會恢復正常嗎？或者這是我們在未來幾年內會繼續看到的事情？謝謝。

Yeah. Thanks for the question. Great question, Koji. We do expect, and you see that in our guide that gross profit growth outpaced topline growth. And that's really coming from the fact that the majority of the growth that you're going to see from Lightspeed in fiscal '26 and beyond is from location ads and some software.

是的。謝謝你的提問。好問題，Koji。我們確實預期，而且您可以在我們的指南中看到，毛利成長將超過營業額成長。事實上，Lightspeed 在 26 財年及以後的大部分成長將來自地點廣告和一些軟體。

And that's because the big ramp of unified payments and getting the back book on to payments is behind us. There's still some opportunity there for sure because we're only 40% penetrated as that April. But the majority of the growth that you're going to see is going to come from very high-margin software, which, as you've seen from us, comes in at over 80%.

這是因為統一支付和支付後台帳簿的大規模推廣已經過去了。肯定還存在一些機會，因為截至 4 月我們的滲透率僅為 40%。但您將看到的大部分成長將來自利潤率非常高的軟體，正如您從我們這裡看到的，該成長將超過 80%。

And so we actually expect the gross profit growth to outpace topline growth. And as consistent with what we said at Capital Markets Day, overall gross profit growth we expect to be growing at a CAGR of 15% to 18% between now and fiscal '28. And so you should expect to see the 13% we outlined in Q1 to continue to grow every quarter into F26 and even F27 and beyond.

因此，我們實際上預計毛利成長將超過營業收入成長。正如我們在資本市場日所說的那樣，我們預計從現在到 28 財年，整體毛利成長將以 15% 至 18% 的複合年增長率成長。因此，您應該會看到我們在第一季概述的 13% 的增長將在 F26 甚至 F27 及以後的每個季度繼續增長。

Andrew Bauch, Wells Fargo Securities.

富國證券的安德魯·鮑赫 (Andrew Bauch)。

Hey, thanks for taking the question. In the press release, you talked about product and technology development investments being up, I think, 35% this year. Can you help us understand -- better understand the places that you are investing maybe a finer point on what is being enhanced and how that translates to your confidence in the software uptake over time.

嘿，謝謝你回答這個問題。在新聞稿中，您談到產品和技術開發投資今年將增加 35%。您能否幫助我們理解—更了解您所投資的地方，也許更詳細地了解正在增強的內容，以及這如何轉化為您對軟體採用率的信心。

Yeah. So thanks for the question. These are the two best platforms for retail and hospitality that didn't like you to history. As you've seen from the last quarters. We've had a tremendous amount of product velocity, adding software modules and software value on our retail on our retail flagship and then on our hospitality flagship. And of course, those products play extremely well in our two growth markets, NoAm Retail and EMEA hospital.

是的。感謝您的提問。這是零售和酒店業的兩個最佳平台，它們不喜歡你的歷史。正如您從上個季度所看到的那樣。我們的產品速度非常快，在我們的零售旗艦店和酒店旗艦店上增加了軟體模組和軟體價值。當然，這些產品在我們的兩個成長市場——北美零售和歐洲、中東和非洲醫院——表現非常出色。

Our focus is for retailer to go deeper into the -- an add software value for our key verticals, make sure that we are going deep into inventory management, deep into connections to the brands that those verticals rely on and increasing the online presence aspect for these businesses, which are -- many are physical first.

我們的重點是讓零售商更深入地了解我們的關鍵垂直行業，增加軟體價值，確保我們深入庫存管理，深入與這些垂直行業所依賴的品牌的聯繫，並增加這些業務的在線影響力，其中許多業務都是先有實體的。

On the hospitality side, front of house, back of house and administrative tools, we have an incredible suite of products that works seamlessly together. So enhancing that and making sure that, that is a great fit for hospitality businesses that are pan-European.

在接待方面，前台、後台和管理工具方面，我們擁有一套可以無縫協作的令人難以置信的產品。因此，加強這一點並確保它非常適合泛歐的酒店業務。

We are the best pan-European solution for hospitality businesses with big ambition. So that's sort of the focus. But as you see in Q4, delivering a lot of value along those themes very, very aggressively.

對於雄心勃勃的飯店企業來說，我們是最佳的泛歐解決方案。這就是重點。但正如您在第四季度看到的那樣，我們非常積極地圍繞這些主題提供了很多價值。

That's great. And maybe if you could just give a refresh on the mix between the flagship businesses, retail and restaurant? And how should we think about the growth across each of those verticals into '26. Is this one kind of trending stronger than the other? And how do you think that progresses?

那太棒了。您能否重新審視一下旗艦業務、零售和餐飲之間的組合？我們該如何看待 26 年各個垂直領域的成長？這種趨勢是否比另一種趨勢更強？您認為進度如何？

Yeah, I'll take that one. From a mix perspective, retail is about 60% of our portfolio, hospitality is about 40%. As you know, our new focus is -- our new strategy focus is on NoAm Retail and EMEA Hospitality. We are -- when we talk about outbound 150 reps that we're hiring in the year, that does contemplate both retail and hospitality. They're different outbound motions, but they're outbound reps nevertheless.

是的，我要那個。從組合角度來看，零售業約占我們投資組合的 60%，而旅館業約佔 40%。如您所知，我們的新重點是—我們的新策略重點是北美零售和歐洲、中東和非洲酒店業。當我們談到今年要招募的 150 名外派銷售代表時，我們確實考慮到了零售業和酒店業。它們是不同的出站動作，但它們仍然是出站代表。

So when we think about fiscal '26 and beyond, that 60-40 mix stays relatively the same from a retail versus hospitality perspective. And when we think about the growth markets, we are expecting gross profit to grow at a CAGR of 20% to 25% as we outlined at Capital Markets Day. And from an overall business, the gross profit growth to be in the 15% to 18%. And so we are maintaining that guide.

因此，當我們考慮 26 財年及以後時，從零售業和酒店業的角度來看，60-40 的組合保持相對不變。當我們考慮成長市場時，我們預計毛利將以 20% 至 25% 的複合年增長率成長，正如我們在資本市場日所概述的那樣。從整體業務來看，毛利成長將在15%至18%之間。因此我們將繼續維護該指南。

Sounds pretty balanced. Thank you.

聽起來很平衡。謝謝。

Dominic Ball, Redburn Rothschild & Company.

多明尼克‧鮑爾 (Dominic Ball)，雷德本‧羅斯柴爾德公司 (Redburn Rothschild & Company)。

Hey guys, thank you very much for the question. And I think the guidance and the cadence is quite clear. When it comes to Lightspeed Capital, this offers quite attractive gross margins. Can you sort of remind us or clarify how this is currently funded? Is it on balance sheet? How much of your cash balance sort of combo deploying here? And looking forward, would you ever consider a forward flow arrangement.

嘿夥計們，非常感謝你們的提問。我認為指導和節奏非常明確。對於 Lightspeed Capital 來說，這提供了相當有吸引力的毛利率。您能否提醒我們或說明目前的資金來源？它在資產負債表上嗎？您的現金餘額中有多少是以組合形式部署在這裡的？展望未來，您是否會考慮前向流動安排？

Hey Dominic, thanks for the question. Yeah, Lightspeed Capital is fully funded on our balance sheet today. As you can imagine, the economics are quite a lot different when we off-balance sheet. The economics are very favorable today. We have a take rate of between 12% to 15% on these merchant cash advances, and our payback is 6 to 7 months.

嘿，多米尼克，謝謝你的提問。是的，Lightspeed Capital 今天的資產負債表上已完全注資。你可以想像，當我們進行表外業務時，經濟狀況會大不相同。當今的經濟情勢十分良好。我們對這些商家現金預支的收取率為 12% 至 15%，而我們的回報期為 6 至 7 個月。

So from an APR perspective, the take rate is well over 20%. And given that we've got pretty good insight into our customers, into their cash flows into what folks in their demographic are doing from a sales perspective, and we pay ourselves back through Lightspeed payments, we actually have a very low default rate in the low single-digit percent.

因此從 APR 角度來看，利率遠超過 20%。鑑於我們對客戶、他們的現金流以及他們所在人群的銷售行為有著相當深入的了解，並且我們透過 Lightspeed 支付償還貸款，因此我們的違約率實際上非常低，僅為個位數百分比。

And so for today, that is funded on our own balance sheet. We have $560 million on loss of cash still on the balance sheet, and we're nearing cash flow breakeven. So from a cash flow perspective, we can afford to keep it on our balance sheet.

所以就今天而言，這是由我們自己的資產負債表提供資金的。我們的資產負債表上仍有 5.6 億美元的現金損失，而且我們已接近現金流損益兩平。因此，從現金流的角度來看，我們可以將其保留在資產負債表上。

However, from a risk perspective, there is a point at which we will contemplate pulling this off the balance sheet or at least a part of it. But for now, if I look at the end of Q4, we have about $69 million outstanding at the end of the quarter. So still very palatable from where we sit. As that grows, we're definitely looking at how we off-balance sheet that and still keep some of the economics for ourselves.

然而，從風險角度來看，我們會考慮將其從資產負債表中剔除，或將其至少部分剔除。但就目前而言，如果我看第四季末，我們在本季末有大約 6900 萬美元的未償還金額。所以從我們的角度來看，它仍然非常可口。隨著這一規模的成長，我們肯定會研究如何將其從資產負債表中剔除，同時仍為自己保留一些經濟利益。

Yeah, that makes it seems like there's plenty of growth there. And just one on maybe Lightspeed Payments adoption. When that's been expanded to Europe, has this adoption curve being a little bit different to the US? And is there a higher or lower structural ceiling into Lightspeed payments in the European markets?

是的，這看起來那裡有很大的成長空間。也許還有一項是關於 Lightspeed Payments 的採用。當這項技術擴展到歐洲時，其採用曲線與美國是否有些不同？歐洲市場對 Lightspeed 支付的結構性限制是否較高或較低？

Thank you for the question. From a payments in Europe from an attach rate perspective, is as strong as we see in North America. So when we go to market in our key markets in Europe, we really lead with the combined solution of software and payments. And we're really pleased to see that our attach rate remains as high as what we've seen in North America.

謝謝你的提問。從附加率的角度來看，歐洲的支付情況與北美一樣強勁。因此，當我們進入歐洲主要市場時，我們真正以軟體和支付的組合解決方案為主導。我們非常高興地看到，我們的附加率仍然與北美一樣高。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Hi, good morning. With respect to same-store sales growth, can you provide some color in terms of the dynamic across the different end markets and verticals and how that's been impacted by the macro?

嗨，早安。關於同店銷售額成長，您能否提供一些關於不同終端市場和垂直市場的動態以及宏觀因素對其的影響？

Yes. Thanos, thanks for the question. We did see same-store sales pressure pretty much across the Board when we think about the high-level geography and vertical. Of course, there were some same-store sales -- there was more softening in certain verticals, in particular, North America hospitality, which, as you know, is a very highly penetrated vertical. And so when we see softness in a highly penetrated vertical, that impacts our overall revenue, the impact is quite significant.

是的。薩諾斯，謝謝你的提問。當我們考慮高層地理和垂直領域時，我們確實看到同店銷售壓力幾乎全面存在。當然，同店銷售額也有一些下降——某些垂直行業的銷售額下降幅度更大，特別是北美酒店業，正如你所知，這是一個滲透率很高的垂直行業。因此，當我們看到高度滲透的垂直行業出現疲軟時，這會影響我們的整體收入，影響是相當顯著的。

But I would say, outside of North America Hospitality, which is where we saw the highest level of softness, we did see softness in Retail North America and European hospitality as well. That said, however, trends did begin to stabilize in April and in early May. And while it's too early to call a rebound, we're really not seeing further deterioration either. But as I said earlier, we did plan for fiscal '26 quite conservatively so that we have guidance despite the macro uncertainty.

但我想說的是，除了疲軟程度最高的北美酒店業之外，北美零售業和歐洲酒店業也出現了疲軟現象。儘管如此，趨勢確實在四月和五月初開始穩定下來。雖然現在說反彈還為時過早，但我們實際上也沒有看到進一步的惡化。但正如我之前所說，我們確實為 26 財年制定了相當保守的計劃，以便儘管存在宏觀不確定性，我們仍能獲得指導。

Great. And with respect to software ARPU, obviously, a combination of your pricing adjustments and to get some expansion and upsell. I know you've leased new modules recently. So maybe just speak to what you're seeing from an upsell perspective and the trajectory you're anticipating on that over the coming year?

偉大的。至於軟體 ARPU，顯然是結合價格調整以及擴張和追加銷售。我知道您最近租賃了新的模組。那麼，也許您只是從追加銷售的角度談談您所看到的情況以及您對未來一年的發展軌蹟的預期？

Yeah. Thank you for the question, Thanos. I think overall, we're really pleased with the progress we're making here. We've seen significant improvement from where we were in the first half of the fiscal year. And the momentum that you see in the back half, we expect to see continue in fiscal year '26.

是的。謝謝你的提問，薩諾斯。我認為總的來說，我們對我們在這裡取得的進展感到非常滿意。與本財年上半年相比，我們已經取得了顯著的進步。我們預計下半年所看到的勢頭將在 2026 財年繼續保持。

From a software module perspective, the new modules that we released on the hospitality side, KDS table-side devices, what we have upcoming on the benchmark and trend side, we expect that this will continue to be very strong from an attach rate perspective. And then similarly, on retail, whether it's Insights or the evolution of our mobile scanner to become a true mobile POS, we also see significant improvement there. And that's contributed to our softer ARPU growing 11% year over year in Q4. So we're really pleased with the progress there.

從軟體模組的角度來看，我們在酒店方面發布的新模組、KDS 桌邊設備、我們在基準和趨勢方面即將推出的產品，我們預計從附加率的角度來看，這些產品將繼續保持強勁。同樣，在零售方面，無論是 Insights 還是我們的行動掃描器演變為真正的行動 POS，我們都看到了顯著的改進。這導致我們第四季的 ARPU 年增 11%。所以我們對那裡的進展感到非常高興。

And as you highlighted, we had some core of customers that had to be adjusted from a pricing perspective, those ways have gone through now, and we're pleased with the progress on that front as well. So what you can expect from us is continued momentum going into fiscal year '26 from that point of view.

正如您所強調的，我們有一些核心客戶需要從定價角度進行調整，這些方式現在已經通過，我們對這方面的進展也感到滿意。因此，從這個角度來看，您可以期待我們在 26 財年繼續保持良好的發展勢頭。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Hey, thank you so much. I ask my two questions just together. The 35% more in product development, is that just investments in people or tools back? I heard the detail across the two platforms. So just want to understand what exactly you're investing in? And if that continues on a run rate basis.

嘿，非常感謝。我把兩個問題放在一起問。產品開發方面增加的 35% 只是對人員或工具的投資嗎？我在兩個平台上聽到了詳細資訊。所以只是想了解您到底投資了什麼？如果這種情況繼續以運行率為基礎。

And just on the location growth side in the growth markets, is that -- any change in where that's coming from? Is it more new business starts? Or are you seeing more flips of legacy, any interesting call-outs as you grow your go-to-market? Thanks.

那麼就成長市場中的地點成長而言，這有什麼變化嗎？是否有更多新業務開始？或者，隨著您擴大市場規模，您是否看到了更多遺留問題的轉變，有任何有趣的跡象嗎？謝謝。

Yeah, on product development, it is increasing headcounts on both our retail and hospitality development teams so that we can have more squads to be building out different product modules and enhance the product. On locations?

是的，在產品開發方面，我們正在增加零售和酒店開發團隊的員工數量，以便我們能夠擁有更多的團隊來建立不同的產品模組並增強產品。在地點上？

Yeah. As you know, we guided at our Capital Markets Day, customer location count growing at 10% to 15% from a CAGR perspective. So we're really excited for that, and we're already seeing some really strong momentum in that direction. To answer your question specifically, it continues to be about one-third, one-third, one-third.

是的。如您所知，我們在資本市場日指導，從複合年增長率的角度來看，客戶地點數量將增長 10％ 至 15％。因此，我們對此感到非常興奮，並且我們已經看到了這方面的強勁勢頭。具體回答你的問題，它仍然大約是三分之一，三分之一，三分之一。

So one-third are brand new businesses opening going with us, about one-third are switching from legacy and about one-third are switching from more modern platforms that our merchants or prospects have outgrown because two basic and functionality, and they need something more robust that Lightspeed can provide. So we continue to see that trend.

因此，三分之一是與我們一起開設的全新企業，約三分之一是從舊平台轉換過來的，約三分之一是從我們的商家或潛在客戶已經不再需要的更現代的平台轉換過來的，因為這兩個基本功能，他們需要 Lightspeed 可以提供的更強大的功能。因此我們繼續看到這種趨勢。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Thanks for the question. One on strategy, one quick one on financials. Just on strategy. I was hoping you could talk through some of the advantages of being a pan -- your pan-European when it comes to EMEA hospitality. Just wondering any sense for the number of restaurant groups that would fit into the pan-European category versus more country-specific or independent?

謝謝你的提問。一個是關於策略，另一個是關於財務。只是策略方面。我希望您能談談作為泛歐洲酒店集團在 EMEA 酒店業方面的優勢。我只是想知道有多少餐飲集團適合泛歐類別，而不是更針對特定國家或獨立的類別？

Yeah, we really say thank you for the question, Josh. We see the diversification that Lightspeed has playing in multiple markets as a key strength for us. And specifically in hospitality in Europe, as you heard from us at Capital Markets Day, we see the revenue opportunity to be in the $3 billion range from a TAM perspective in the direct markets where we operate today with an additional $2 billion in revenue for adjacent countries that we intend to expand into in the coming years.

是的，我們真的很感謝你提出這個問題，喬希。我們認為 Lightspeed 在多個市場中的多元化經營是我們的關鍵優勢。特別是在歐洲的酒店業，正如您在資本市場日聽到的，從 TAM 的角度來看，在我們目前運營的直接市場中，我們看到的收入機會在 30 億美元左右，而我們打算在未來幾年擴展到的鄰近國家的收入則為 20 億美元。

So there's a lot of TAM to capture for us. And we really have an amazing product in Europe in hospitality. It is the best product for the market. And we're hearing it from our customers. We're hearing from our reps. And so we're really stepping on the gas there. So quite excited for the revenue that we can tap into in the coming years.

因此我們需要捕獲大量的 TAM。我們在歐洲的酒店業確實擁有令人驚嘆的產品。這是市場上最好的產品。我們從客戶那裡也聽到了這一點。我們正在聽取我們的代表的意見。所以我們確實在加大力度。因此，我們對未來幾年能夠獲得的收入感到非常興奮。

Okay. Got it. And just on the financial side, I was hoping we could talk about free cash flow for this year. Maybe a review of the gap between EBITDA and free cash flow in fiscal '25 and how -- what we should expect for fiscal '26? Thanks.

好的。知道了。就財務方面而言，我希望我們可以談談今年的自由現金流。也許是對 25 財年 EBITDA 和自由現金流之間的差距進行回顧，以及我們對 26 財年的預期是什麼？謝謝。

Yeah. Thanks for the question, Josh. When we think about free cash flow, you saw us nearing breakeven in fiscal 2025, and you should see that improve even further in fiscal 2026. As you mentioned, it's really driven by the majority of the items driving the improvement in adjusted EBITDA, where we're forecasting we're going from about $54 million in fiscal '25 to about $70 million in fiscal '26. And so we do expect to see the free cash flow of fiscal '25 of minus 11% improve.

是的。謝謝你的提問，喬希。當我們考慮自由現金流時，您會看到我們在 2025 財年接近收支平衡，並且您應該會看到我們在 2026 財年進一步改善。正如您所提到的，這實際上是由推動調整後 EBITDA 改善的大多數項目推動的，我們預測調整後 EBITDA 將從 25 財年的約 5400 萬美元增長至 26 財年的約 7000 萬美元。因此，我們確實預期 25 財年的自由現金流將有所改善，下降 11%。

With respect to the items that are driving the difference, the typical working capital type items, prepayments, accounts payable and receivable, obviously, they don't hit the P&L at the same rate as they hit the cash flow. We have other things like taxes on the large buybacks that we did recently, but it's nothing out of the ordinary that are the reconciling items between adjusted EBITDA and free cash flow. And we do expect with the improvements in adjusted EBITDA that we're going to near breakeven or better in fiscal '26.

對於造成差異的項目，典型的營運資本類型項目、預付款、應付帳款和應收帳款，顯然，它們對損益表的影響速度與對現金流的影響速度不同。我們還有其他事情，例如最近進行的大規模回購所徵收的稅款，但調整後的 EBITDA 和自由現金流之間的調節項目並不罕見。我們確實預計，隨著調整後 EBITDA 的改善，我們將在 26 財年實現收支平衡或更好。

Richard Tse, National Bank.

Richard Tse，國家銀行。

This is Mike Stevens on for Rich. Just wanted to revisit. You guys have talked in the past about new order payments opportunity and the volume that's running through that platform. Just wondering if we could revisit that and how efforts are going to monetize that? And are there any challenges in doing so on that platform?

我是 Mike Stevens，代替 Rich 報道。只是想再去看看。你們過去曾談論過新的訂單支付機會以及透過該平台運行的交易量。只是想知道我們是否可以重新審視這個問題以及如何努力將其貨幣化？在該平台上這樣做會面臨什麼挑戰嗎？

Mike, thanks for the question. I'll take that one. You're right, there is a pretty large payments opportunity for the B2B volume that we have today. There's about $10 billion of B2B volume that flows through our new order and that's not in the $90 billion of GTV that we talk about for Lightspeed.

麥克，謝謝你的提問。我要那個。您說得對，就我們今天的 B2B 交易量而言，存在相當大的支付機會。大約有 100 億美元的 B2B 交易量透過我們的新訂單流動，這並不在我們為 Lightspeed 談論的 900 億美元的 GTV 中。

We have started the monetization, although on a small scale. I would say, today, it's low single digit millions in terms of revenue, and we expect that's going to be growing in fiscal '26 and beyond. So still at the beginning of that journey. But we have started the monetization, and we expect that to continue in the coming quarters.

我們已經開始貨幣化，儘管規模較小。我想說的是，今天，它的收入已經達到了數百萬，我們預計在 26 財年及以後，它還會繼續增長。所以，旅程才剛開始。但我們已經開始貨幣化，我們預計這將在未來幾季繼續下去。

Okay. Great. And then just wanted to dig in a little further on the Lightspeed Capital. You kind of touched on some of the puts and takes on that business. What -- generated about $35 million this year, what can we maybe expect in near term as a target for that business? I know I think you guys are launching some other high-margin financial products as well. But yeah, any kind of near-term growth targets that we can gather.

好的。偉大的。然後只是想進一步深入了解 Lightspeed Capital。您似乎觸及了該業務的一些優缺點。今年創造了約 3500 萬美元的收入，我們可以預期該業務的短期目標是什麼？我知道我認為你們也正在推出一些其他高利潤的金融產品。但是是的，我們可以收集任何類型的近期成長目標。

Yeah. Thanks, Mike. I'll take that one. So when we think about Lightspeed Capital and what's baked in fiscal '26, around 30% or more growth on the top line that comes in at about 95% gross margin and quite a bit of that falls down to the EBITDA line.

是的。謝謝，麥克。我要那個。因此，當我們考慮 Lightspeed Capital 及其 26 財年的業績時，我們發現營收成長率約為 30% 或更多，毛利率約為 95%，其中相當一部分歸結於 EBITDA。

There is a lot of opportunity. We can move faster if we wanted to. When we look at our peers, for example, they're giving out 1% of their GTV in merchant cash advance. Lightspeed is well below that. 1% of our GTV would be almost $1 billion in merchant cash advance.

有很多機會。如果我們願意的話，我們可以行動得更快。例如，當我們觀察我們的同行時，他們將其 GTV 的 1% 用於商家現金預付。光速遠低於這個速度。我們的 GTV 的 1% 相當於商家現金預付近 10 億美元。

So when we think about the opportunity, it's there. It's just that in this macro, we want them all on a product like capital. Like I mentioned earlier, our default rates are in the very low single digits, and we want to keep it there. So while there is a lot of opportunity, what we are baking into our fiscal '26 guide is about 30% growth on the top.

所以當我們想到機會時，它就在那裡。只是在這個宏觀層面上，我們希望它們都集中在像資本這樣的產品上。正如我之前提到的，我們的違約率處於非常低的個位數，我們希望保持這個水準。因此，儘管有許多機會，但我們在 26 財年指南中預期的最高成長率約為 30%。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Two quick questions. First of all, you obviously, as you mentioned, you're focused on like retail US hospitality, Europe but you still have the other businesses there. Like what is -- what are your planning assumptions in terms of stability rate of decline, et cetera, for the non-focused parts? That's question one.

兩個簡單的問題。首先，正如您所說，您顯然專注於美國零售酒店業、歐洲，但您在那裡還有其他業務。例如—對於非重點部分的穩定性下降率等方面，您的規劃假設是什麼？這是第一個問題。

Question two is on the 150 sales count. Obviously, there kind of was an option that was available to you like before. Like how do we go, and did we discover like the sales guys are so important? And how did you come up with that number there of 150, if they are kind of so amazing, why not hire more on that one? Thank you.

第二個問題是關於 150 份銷售量。顯然，您還是可以像以前一樣選擇一種方案。例如我們該怎麼做，我們是否發現銷售人員如此重要？您是怎麼得出 150 這個數字的？如果他們真的這麼優秀，為什麼不僱用更多人呢？謝謝。

Thanks, Raimo. I'll take the rest of the world markets, and then I'll hand it over to JD to talk about outbound. So our noncore areas do remain important for us. We call them the rest of the world market. We're not prioritizing them where growth capital is concerned. But ultimately, we're running them for efficiency. We're running them in a more streamlined way.

謝謝，雷莫。我會負責世界其他地區的市場，然後我會把出站業務交給京東來談。因此，非核心領域對我們來說仍然很重要。我們稱之為世界其他市場。在涉及成長資本時，我們不會優先考慮他們。但最終，我們運行它們是為了提高效率。我們正在以更精簡的方式運行它們。

We have very happy profitable customers in that rest of the world portfolio. And we've optimized our team support those regions and verticals so that these customers continue to be taken care of. These markets offer still lots of upside or growth opportunity from a net retention perspective.

在世界其他地區，我們擁有非常滿意且有獲利的客戶。我們優化了團隊對這些地區和垂直行業的支持，以便繼續照顧這些客戶。從淨保留的角度來看，這些市場仍然具有很大的上漲空間或成長機會。

For example, we're still rolling out capital in those markets. Payment penetration is still lower in those markets. Payments does come in at a 30%-plus margin in those markets as well. And we are happy with the progress there.

例如，我們仍在向這些市場投入資金。這些市場的支付滲透率仍然較低。在這些市場中，支付的利潤率也確實達到了 30% 以上。我們對那裡的進展感到滿意。

Revenue in the rest of the world markets grew year over year, our payment penetration grew year over year. Our GPV as well grew 22% year over year. So again, very profitable markets for us. We're just not focusing on those markets from a growth perspective, but we are growing that customer base through net retention, and it's going well.

世界其他市場的收入逐年增長，我們的支付滲透率逐年增長。我們的 GPV 也較去年同期成長了 22%。所以，這對我們來說是一個非常有利可圖的市場。我們不僅從成長角度關注這些市場，而且我們正在透過淨保留來擴大客戶群，而且進展順利。

As per outbound, thank you for the question. We dive into that in our presentation at Capital Markets Day. But to summarize, fiscal year '25 for us was really the first year where we did outbound at scale. And we're really happy with the results that we saw, as you pointed out as well in your question, and that's why we're really doubling down there.

至於出站，感謝您的提問。我們在資本市場日的演講中深入探討了這一點。總而言之，2025 財年對我們來說確實是我們大規模開展對外業務的第一年。正如您在問題中指出的那樣，我們對所看到的結果感到非常滿意，這就是我們加倍努力的原因。

We're effectively essentially tripling the sales force on that side in that funnel or in that motion. And if you look at our progress in Q4, it was a record quarter from a bookings perspective in outbound March as we highlighted in our prepared remarks, was really, really strong. So we're really happy with the momentum.

我們實際上正在將那個管道或那個動作中的銷售人員增加兩倍。如果你看一下我們第四季度的進展，你會發現，從 3 月出境旅遊預訂量的角度來看，這是一個創紀錄的季度，正如我們在準備好的發言中所強調的那樣，這真的非常強勁。所以我們對這種勢頭感到非常高興。

As far as why not hire more than that, there is about a six-month ramp from hire to full production from our outbound reps. And so while we see really strong unit economics, we see bookings relative to OpEx being very strong and stronger than all our acquisition motions. We also want to be conscious that there is a ramp, right? So we're taking that into account in our model and into our build for the year. But what you can expect from us going forward is that you'll see and you'll continue to see outbound becoming more and more of a driving force as far as how we acquire customers.

至於為什麼不僱用更多人，我們的外派代表從僱用到全面投入生產大約需要六個月的時間。因此，雖然我們看到了非常強勁的單位經濟效益，但我們發現相對於營運支出的預訂量非常強勁，而且比我們所有的收購動議都要強勁。我們還想意識到有一個坡道，對嗎？因此，我們在模型和年度構建中都考慮到了這一點。但您可以期待我們未來會看到，並且會繼續看到外向型行銷在我們獲取客戶的方式中越來越成為一種驅動力。

And why we like outbound as well is that we're able to be very targeted when we acquire customers via outbound, we acquire the right customer, the customer that's generating the right GTV, the right unit economics that are a great fit for our product. Churn is lower when we go through outbound. So for all of these reasons, we're really pleased with the progress that we're seeing here.

我們之所以喜歡外向型行銷，是因為當我們透過外向型行銷獲取客戶時，我們能夠非常有針對性，我們能夠獲得合適的客戶，能夠產生合適的 GTV 和合適的單位經濟效益的客戶，這些都非常適合我們的產品。當我們進行出站時，客戶流失率較低。因此，由於所有這些原因，我們對所看到的進展感到非常高興。

And I think as per why we didn't do it before, it's really the evolution of our product. Our product has really matured as Dax highlighted on both retail and hospitality and allows us now to offer a full suite that really caters to the more sophisticated retailers and restaurateurs out there and to really focus on those retailers and restaurateurs, outbound is the way to go. So it's really all these things are kind of coming to fruition and or clicking for us, and now we're doubling down on it.

我認為我們之前沒有這樣做的原因實際上是我們產品的演變。正如 Dax 在零售和酒店業所強調的那樣，我們的產品已經真正成熟，現在我們可以提供全套產品，真正滿足更成熟的零售商和餐館老闆的需求，而真正專注於這些零售商和餐館老闆，出站營銷才是正途。所以實際上所有這些事情都逐漸實現或對我們有利，現在我們正在加倍努力。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Great. I think all the answers, Asha, around capital were really, really helpful. A minor follow-up there. It looks like in the quarter, capital revenue growth decelerated from 90 into the high 20s, if I'm not mistaken. And I think it was really -- it was helpful that you gave the implied guidance for capital next year would be a little bit of an acceleration.

偉大的。阿莎，我認為有關資本的所有答案都非常非常有幫助。那裡有一個小小的後續行動。如果我沒記錯的話，本季資本收入成長率似乎從 90% 降至 20% 左右。我認為這確實很有幫助——你給出的隱含指導表明明年資本將會有所加速。

Was there any kind of nuance around this quarter's capital revenue growth, either just lapping dynamics or something else that would have made the growth decelerate to that extent this quarter?

本季的資本收入成長是否存在任何細微差別，要么只是重疊動態，要么是其他因素導致本季的成長減速到這種程度？

Yeah, for sure. Thanks, Tim. Thanks for the question. As we talked about, we did see the macro softness in Q4 on same-store sales, and that directly impacts capital revenue. As you know, capital revenue basically comes from the collections that we make from our customers sales. So we get paid back through Lightspeed payments.

是的，當然。謝謝，蒂姆。謝謝你的提問。正如我們所討論的，我們確實看到第四季度同店銷售額的宏觀疲軟，這直接影響了資本收入。如您所知，資本收入基本上來自於我們從客戶銷售中獲得的收益。因此我們透過 Lightspeed 支付獲得報酬。

So when our customer same-store sales are declining or lower in terms of GTV versus the prior quarter, we get paid on a slower pace and that directly impacts capital revenue. As I mentioned, though, in April and May, we started to see the same-store sales stabilize. So we should see that capital revenue come back in the first quarter.

因此，當我們的客戶同店銷售額與上一季相比下降或 GTV 較低時，我們獲得付款的速度就會變慢，這會直接影響資本收入。不過，正如我所提到的，四月和五月，我們開始看到同店銷售額趨於穩定。因此我們應該會看到資本收入在第一季回升。

Okay. Great. That really helps. I was -- it wasn't clear to mean that that would explain going from 90 to high 20s, but I was wondering if there was anything else there, but it sounds like no, but I appreciate the answer.

好的。偉大的。這確實有幫助。我——這是否能解釋從 90 到 20 多的原因並不清楚，但我想知道是否還有其他原因，但聽起來好像沒有，但我很感謝你的回答。

Thank you for your questions. And ladies and gentlemen, that will conclude our Q&A session for today's call. I'd like to turn it back over to Gus for any closing comments.

感謝您的提問。女士們、先生們，今天的電話會議問答環節到此結束。我想將發言權交還給 Gus，請他發表最後的評論。

That's it. Thanks for joining us this morning. The IR team will be around if anybody has any further questions, and we look forward to speaking to you at our next conference call. Thanks, everyone.

就是這樣。感謝您今天上午加入我們。如果有人有任何其他問題，IR 團隊將隨時為您服務，我們期待在下次電話會議上與您交談。謝謝大家。