Lightspeed Commerce Inc (LSPD) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Van and I will be your conference operator today. At this time, I would like to welcome everyone to the Lightspeed first-quarter 2026 earnings call. (Operator Instructions) Thank you.

感謝您的支持。我叫範，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Lightspeed 2026 年第一季財報電話會議。（操作員指示）謝謝。

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

現在我想將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 Q1 2026 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. We will make forward-looking statements on our call today that are subject to risks and uncertainties and that could cause actual results to differ materially from those projected.

謝謝接線員，大家早安。歡迎參加 Lightspeed 2026 財年第一季電話會議。今天與我一起出席的還有 Lightspeed 創辦人兼執行長 Dax Dasilva、財務長 Asha Bakshani 和總裁 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。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，可能會導致實際結果與預測結果有重大差異。

Certain material factors and assumptions were applied in respect of conclusions, forecasts and projections contained in these statements. We undertake no obligation to update these statements, except as required by law. You should carefully review these factors, assumptions, risks, and uncertainties in our earnings press release issued earlier today, our first quarter fiscal 2026 results presentation available on our website, as well as in our filings with US and Canadian securities regulators.

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。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 2026 財年第一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. Note that because we report in US dollars, all amounts discussed today are in US dollars unless otherwise indicated.

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。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 will now turn the call over to Dax.

說完這些，我現在將電話轉給 Dax。

Thank you, Gus, and good morning, everyone. Last year, we made the strategic decision to focus Lightspeed on two core growth engines: retail in North America and hospitality in Europe. These are markets where we have a proven right to win, strong product market fit and significant headroom for growth. We refocused our product roadmap, reduced our go-to-market strategy, and aligned our organization to execute on that strategy. That strategy is working.

謝謝你，格斯，大家早安。去年，我們做出了策略決策，將 Lightspeed 的重點放在兩個核心成長引擎：北美的零售業和歐洲的旅館業。在這些市場上，我們已證明自己有能力取勝，擁有強大的產品市場契合度和巨大的成長空間。我們重新調整了產品路線圖，減少了市場進入策略，並調整了組織以執行該策略。這一策略正在發揮作用。

Our Q1 results speak for themselves. Revenue of $305 million increased 15% year over year and exceeded the high end of our outlook. Gross profit of $129 million increased 19%, also significantly above our outlook of 13%.

我們的第一季業績不言而喻。3.05 億美元的營收年增 15%，超過了我們預期的最高水準。毛利成長 1.29 億美元，達到 19%，也大大高於我們預期的 13%。

Payments penetration reached 41%, up from 36% in the same quarter last year. Adjusted EBITDA came in at $16 million, up 55% year over year, and we added approximately 1,700 net new customer locations in our growth engines in the quarter with total growth engine locations up 5% year over year.

支付滲透率達 41%，高於去年同期的 36%。調整後的 EBITDA 達到 1,600 萬美元，年增 55%，本季我們的成長引擎新增了約 1,700 個淨新客戶地點，總成長引擎地點年增 5%。

Total locations at the end of the quarter were approximately $145,000 and were up year over year. This morning, I want to share how we are progressing against the three strategic priorities we laid out at our Capital Markets Day. As a reminder, those priorities are: one, growing customer locations and our growth engines. Two, expanding subscription ARPU; and three, improving adjusted EBITDA and free cash flow.

本季末的總地點數約為 145,000 美元，較去年同期成長。今天上午，我想分享我們在資本市場日提出的三個策略重點方面取得的進展。提醒一下，這些優先事項是：第一，擴大客戶地點和我們的成長引擎。二是擴大訂閱 ARPU；三是改善調整後的 EBITDA 和自由現金流。

On growing customer locations, at Capital Markets Day, we committed to growing customer locations in our core growth engines. North American retail and European hospitality was a targeted three-year customer allocation CAGR of 10% to 15%.

在擴大客戶位置方面，在資本市場日，我們致力於擴大核心成長引擎的客戶位置。北美零售業和歐洲酒店業的目標客戶分配三年複合年增長率為 10% 至 15%。

In Q1, total growth engine locations were up 5% year over year with approximately 1,700 net new customer locations added in the quarter, a clear acceleration from 3% last quarter. As our go-to-market and product investments continue to scale, dislocation growth will converge towards the 10% to 15% target we laid out during the CMD. Overall, customer location count was net positive for the quarter. Location growth was driven by a go-to-market engine that's becoming best-in-class, anchored and disciplined funnel management across both outbound and inbound channels.

第一季度，成長引擎網點總數年增 5%，本季新增客戶網點約 1,700 個，較上一季的 3% 大幅加速。隨著我們的市場進入和產品投資不斷擴大，錯位成長將趨近於我們在 CMD 期間設定的 10% 至 15% 的目標。整體而言，本季客戶位置數量為淨正數。位置成長是由市場進入引擎推動的，該引擎正在成為跨出站和入站管道的一流、穩定和規範的漏斗管理。

Outbound-driven bookings more than doubled year over year for our growth engines, and we now have over 130 of our 150 planned outbound reps in seat, the majority of which are still ramping as it takes approximately six months for an outbound rep to become fully productive. We also had a strong quarter in vertical brand marketing, growing our presence in trade shows and customer events. Thanks to our strong outbound and vertical brand marketing efforts, we are seeing a halo effect on inbound with inbound bookings up 15% year over year.

對於我們的成長引擎來說，外撥驅動的預訂量同比增長了一倍以上，我們計劃的 150 名外撥代表中，現在已有 130 多名到位，其中大多數仍在增加，因為一名外撥代表需要大約六個月的時間才能完全投入工作。本季我們在垂直品牌行銷方面也表現強勁，在貿易展覽會和客戶活動中的影響力不斷擴大。由於我們強大的外向型和垂直品牌行銷力度，我們看到了入境旅遊的光環效應，入境旅遊預訂量同比增長了 15%。

We had many notable customer wins this quarter. In retail, we added premium street wear retailer Last Stop, with 10 locations in Maryland and Virginia. Shades of Charleston, a four-location eyewear retailer in South Carolina. Within NuORDER Lightspeed, we added Neiman Marcus and Bergdorf Goodman and marquee brands Fabletics and Tory Burch, displacing key competitors and reinforcing our position as a dominant B2B platform in retail. And in Gulf, we signed Western Gulf properties with 11 locations in California and Nevada.

本季我們贏得了許多值得關注的客戶。在零售方面，我們增加了高端街頭服飾零售商 Last Stop，在馬裡蘭州和維吉尼亞州擁有 10 家分店。Shades of Charleston 是南卡羅來納州一家擁有四家門市的眼鏡零售商。在 NuORDER Lightspeed 中，我們加入了 Neiman Marcus 和 Bergdorf Goodman 以及知名品牌 Fabletics 和 Tory Burch，取代了主要競爭對手，並鞏固了我們作為零售業主導 B2B 平台的地位。在海灣地區，我們簽署了西海灣房地產協議，在加州和內華達州擁有 11 個地點。

In hospitality, we added La Petite Chaise, the oldest restaurant in Paris; Aan de Poel, a two-Michelin Star restaurant in Amsterdam; and the Corrigan Collection with seven locations across the UK and Ireland by Michelin starred chef, Richard Corrigan.

在旅館業，我們新增了巴黎最古老的餐廳 La Petite Chaise、阿姆斯特丹的米其林兩星餐廳 Aan de Poel 以及由米其林星級主廚 Richard Corrigan 在英國和愛爾蘭開設的七家分店的 Corrigan Collection。

On driving software revenue and ARPU, Q1 software revenue grew 9% year over year, and software ARPU increased 10%, driven by product innovation as well as sales of our flagships, primarily to retail customers in North America and hospitality customers in Europe. In retail, we launched customer inventory adjustments, allowing for detailed tracking of stock changes. We added inventory turns and a gross margin return on investment metric within Retail Insights.

在推動軟體收入和 ARPU 方面，第一季軟體營收年增 9%，軟體 ARPU 成長 10%，這得益於產品創新以及旗艦產品的銷售，主要針對北美的零售客戶和歐洲的飯店客戶。在零售領域，我們推出了客戶庫存調整，可以詳細追蹤庫存變化。我們在零售洞察中加入了庫存週轉率和投資毛利率回報率指標。

We further improved the Lightspeed Scanner app to allow for product search, inventory checks and pricing. And within NuORDER by Lightspeed, we launched Order Trends that helps merchants identify the top-selling products by brand. Early adopters have seen a 10% increase in average order value.

我們進一步改進了 Lightspeed Scanner 應用程序，以便進行產品搜尋、庫存檢查和定價。在 Lightspeed 的 NuORDER 中，我們推出了訂單趨勢功能，幫助商家按品牌識別最暢銷的產品。早期採用者已經看到平均訂單價值增加了 10%。

In hospitality, we launched our AI-powered Benchmarks & Trends in Europe, giving restauranteurs visibility into how their performance compares to peers by region, cuisine and price points, a feature already proven in North America. We rolled out Mobile Tap on Lightspeed Tableside in the UK, Netherlands, and Belgium, improving table turnover and service speed.

在旅館業，我們在歐洲推出了基於人工智慧的基準與趨勢，讓餐廳老闆可以了解他們的業績與同行在地區、菜系和價格方面的比較情況，這一功能已在北美得到驗證。我們在英國、荷蘭和比利時的 Lightspeed Tableside 上推出了 Mobile Tap，提高了餐桌週轉率和服務速度。

We further enhance Kitchen Display System with features such as prep insights and menu updates and added deeper insights to the Lightspeed Pulse app, such as bestsellers and top staff. And we introduced a new sales report dashboard, consolidating all key metrics into a customizable real-time view to help operators plan smarter and optimize margins. This kind of innovation tailored to high-value merchant needs helps drive higher win rates, ARPU expansion, and grow customer lifetime value.

我們進一步增強了廚房顯示系統，增加了準備洞察和菜單更新等功能，並為 Lightspeed Pulse 應用程式添加了更深入的洞察，例如暢銷書和頂級員工。我們推出了新的銷售報告儀表板，將所有關鍵指標整合到可自訂的即時視圖中，以幫助營運商更聰明地規劃並優化利潤。這種針對高價值商家需求而客製化的創新有助於提高贏單率、擴大 ARPU 並增加客戶終身價值。

On expanding profitability, Ash will walk through the numbers in more detail, but I want to underscore a few things. First, Lightspeed continues to deliver strong software gross margins of 81%, a reflection of the mission-critical nature of our platform. Our customers run established businesses and they value technology that helps them manage their inventory, organize staff, access capital, and improve the customer experience. That value is evident in both our industry-leading software margins and our other growth metrics.

關於擴大獲利能力，Ash 將更詳細地介紹這些數字，但我想強調幾點。首先，Lightspeed 繼續實現 81% 的強勁軟體毛利率，這反映了我們平台的關鍵任務性質。我們的客戶經營成熟的企業，他們重視能夠幫助他們管理庫存、組織員工、獲取資金和改善客戶體驗的技術。這一價值在我們行業領先的軟體利潤率和其他成長指標中都有所體現。

Second, our adjusted EBITDA performance in Q1 of $16 million increased 55% year over year and is a clear sign that our model is working. Importantly, we were able to significantly improve adjusted EBITDA while continuing to invest in outbound sales, vertical marketing, and in-product and technology. We're proving that Lightspeed can invest meaningfully in growth while improving profitability.

其次，我們第一季的調整後 EBITDA 業績為 1,600 萬美元，年增 55%，這清楚地表明我們的模式正在發揮作用。重要的是，我們能夠大幅提高調整後的 EBITDA，同時繼續投資於外向銷售、垂直行銷以及產品和技術。我們正在證明 Lightspeed 可以在提高獲利能力的同時，對成長進行有意義的投資。

In closing, we laid out a bold strategy, and in Q1, we delivered. I want to thank the entire -- Lightspeed team for a strong start to fiscal '26. With that, I'll turn it over to Asha.

最後，我們制定了一項大膽的策略，並在第一季實現了這一目標。我要感謝整個 Lightspeed 團隊為 26 財年帶來了強勁開局。說完這些，我就把麥克風交給阿莎 (Asha)。

Thanks, Dax, and welcome, everyone. Lightspeed had a great start to the year with revenue and gross profit coming in well ahead of our initial outlook, thanks largely to expanding locations within our growth markets, increasing software ARPU, strong payment penetration, and relentless operating efficiency, which is now a part of the Lightspeed DNA. I will walk you through a detailed look at our financials and then provide our Q2 and fiscal 2026 outlook.

謝謝，達克斯，歡迎大家。Lightspeed 今年開局良好，營收和毛利遠超我們最初的預期，這主要歸功於我們在成長市場中不斷擴張的門市、不斷提高的軟體 ARPU、強大的支付滲透率以及不懈的營運效率，這些現在已成為 Lightspeed DNA 的一部分。我將向您詳細介紹我們的財務狀況，然後提供我們第二季和 2026 財年的展望。

Total revenue grew 15% ahead of our outlook, driven by software ARPU expansion and increasing payments penetration. Revenue growth was primarily generated by our growth markets of North America retail and European hospitality as more and more customers move on to our platforms and attach new software module.

受軟體 ARPU 擴張和支付滲透率提高的推動，總收入成長 15%，超出我們的預期。隨著越來越多的客戶轉向我們的平台並附加新的軟體模組，收入成長主要來自北美零售和歐洲酒店業的成長市場。

In addition, we benefited from improving same-store sales, thanks to a more stable macro environment. Software revenue was $90.9 million, up 9% year over year, with software ARPU up 10% year over year. Software ARPU increased due to new software releases, along with the benefit of pricing actions taken last year.

此外，由於宏觀環境更加穩定，同店銷售額也得到改善，這也讓我們受益匪淺。軟體營收為 9,090 萬美元，較去年同期成長 9%，軟體 ARPU 較去年同期成長 10%。由於新軟體的發布以及去年採取的定價措施，軟體 ARPU 有所增加。

Transaction-based revenue was $204.6 million, up 18% year over year. Gross payments volume grew 21% year over year and capital revenue grew 34% year over year. Gross payments volume as a percentage of gross transaction volume came in at 41%, up from last quarter and year over year.

基於交易的收入為 2.046 億美元，年增 18%。總支付金額較去年同期成長21%，資本收入較去年同期成長34%。總支付量佔總交易量的百分比為 41%，比上一季和去年同期都有所上升。

Overall GTV grew by 4% to $24.6 billion, and total average GTV per location continues to climb as we continue to sign more high-value customers. We saw GTV in our growth engines accelerate this quarter to 12% year over year, with gross engine locations up by 5% year over year.

整體 GTV 成長了 4%，達到 246 億美元，隨著我們繼續簽約更多高價值客戶，每個地點的平均 GTV 總值持續攀升。我們看到，本季成長引擎的 GTV 年增 12%，總引擎位置年增 5%。

ARPU reached a record $655, up 16% year over year, driven by both higher software and payments monetization. ARPU grew across both our growth and efficiency markets with growth markets outpacing the overall average. ARPU in our growth markets is higher than our efficiency market. And as those locations grow, I expect it to have a positive influence on overall ARPU.

受軟體和支付貨幣化推動，ARPU 達到創紀錄的 655 美元，年增 16%。我們的成長市場和效率市場的 ARPU 均有所成長，其中成長市場的 ARPU 超過了整體平均值。我們成長市場的 ARPU 高於效率市場。隨著這些地點的擴大，我預計它將對整體 ARPU 產生積極影響。

With respect to profitability and operating leverage, total gross profit grew 19% year over year, exceeding both revenue growth and our 13% outlook, driven by strong top line performance and expanding gross margins in both subscription and transaction-based revenues. Q1 gross profit benefited from new software modules released last year as well as the price increases that were put through mid last year.

就獲利能力和經營槓桿而言，總毛利年增 19%，超過了收入成長和我們 13% 的預期，這得益於強勁的營收表現以及訂閱和交易收入的毛利率不斷擴大。Q1 毛利受益於去年發布的新軟體模組以及去年年中實施的價格上漲。

Total gross margin was 42%, up from 41% last year. Despite transaction-based revenue increasing to 67% of sales from 65% of sales last year, gross margins improved through initiatives, including effective spend management and the growth in higher margin revenue, such as Lightspeed Capital. We delivered strong software margins of 81%, up from 79% a year ago, largely driven by cost discipline.

總毛利率為42%，高於去年的41%。儘管基於交易的收入從去年的 65% 增至 67%，但毛利率透過有效的支出管理和 Lightspeed Capital 等高利潤收入的成長等措施得到了改善。我們的軟體利潤率從一年前的 79% 上升至 81%，這主要得益於成本控制。

Gross margins for transaction-based revenue were 29%, up from 26% last year. This improvement reflects growth in our capital business and the expansion of payments in international markets, where margins exceed those in North America. As we convert customers to Lightspeed payments, we increased our overall net gross profit dollars. And in the quarter, we saw a transaction-based gross profit grew 30% year over year.

交易收入的毛利率為29%，高於去年的26%。這項改善反映了我們資本業務的成長和國際市場支付的擴張，國際市場的利潤率超過了北美。隨著我們將客戶轉化為 Lightspeed 支付，我們的整體淨毛利增加。本季度，我們看到基於交易的毛利年增了 30%。

Total adjusted R&D, sales and marketing, and G&A expenses grew 15% year over year, primarily due to meaningful investments we are making in field and outbound sales as well as product innovation in our growth engine. Adjusted EBITDA in the quarter came in at $15.9 million, increasing 55% from the $10.2 million we delivered in Q1 last year, driven by continued success from our strategic shift and our relentless focus on operating efficiency.

調整後的研發、銷售和行銷以及一般行政費用總額年增 15%，這主要歸功於我們在現場和對外銷售以及成長引擎的產品創新方面進行的大量投資。本季調整後的 EBITDA 為 1,590 萬美元，較去年第一季的 1,020 萬美元成長 55%，這得益於我們策略轉變的持續成功以及對營運效率的不懈關注。

Adjusted free cash flow is nearing breakeven and came in at $1.7 million used in the quarter. Free cash flow adjusted for cash related to our merchant cash advance business and includes our capital expenditures. We continue to actively manage our share-based compensation and related payroll taxes which were $14 million or 5% of revenue for the quarter versus $11.7 million or 4% of revenue in the same quarter last year.

調整後的自由現金流接近損益兩平，本季使用量為 170 萬美元。自由現金流根據與我們的商家現金預付業務相關的現金進行調整，並包括我們的資本支出。我們繼續積極管理我們的股權激勵和相關工資稅，本季為 1,400 萬美元，佔營收的 5%，而去年同期為 1,170 萬美元，佔營收的 4%。

We continue to manage equity usage prudently. With respect to capital allocation and our balance sheet, we completed our fiscal 2026 normal course issuer bid of approximately 9 million shares, returning $85 million back to shareholders in our first quarter. In addition, we opportunistically used $30 million to repurchase our stock in the open market to fund future RSU settlement obligations, limiting share dilution upon settlement. Excluding these two items, which were elective, our cash balance would have increased over the previous quarter.

我們繼續審慎管理股權使用。關於資本配置和資產負債表，我們完成了 2026 財年的正常發行人要約，發行了約 900 萬股，並在第一季向股東返還了 8,500 萬美元。此外，我們也抓住機會，利用 3,000 萬美元在公開市場上回購股票，為未來的 RSU 結算義務提供資金，從而限制結算時的股份稀釋。除去這兩項可選項目，我們的現金餘額將比上一季增加。

We ended Q1 with approximately $448 million in cash. Approximately $200 million remains under our broader Board authorization to repurchase up to $400 million in Lightspeed shares, and we continue to be opportunistic on further share repurchases. Our balance sheet remains healthy and positions us well as we continue our strategic focus.

我們在第一季結束時擁有約 4.48 億美元的現金。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，我們將繼續尋找機會進行進一步的股票回購。我們的資產負債表依然健康，為我們繼續保持策略重點做好了準備。

With respect to our efficiency market, we continue to retain revenue with location churn largely offset by continued strength in payments penetration, capital revenue growth, and higher ARPU. It's worth highlighting that payments penetration for these markets is 35% below our global average, which we view as a meaningful opportunity. We believe there's strong potential to increase adoption amongst these customers.

就我們的效率市場而言，我們繼續保持收入，但位置流失在很大程度上被支付滲透率、資本收入成長和更高的 ARPU 的持續強勁所抵消。值得強調的是，這些市場的支付滲透率比我們的全球平均值低 35%，我們認為這是一個有意義的機會。我們相信，這些客戶的採用率有大幅提升的潛力。

Now turning to our outlook. Despite a fluid macro environment, we maintain strong conviction in our strategy and ability to execute. This financial outlook is consistent with our targeted three-year gross profit CAGR of approximately 15% to 18% and our 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。儘管宏觀環境不穩定，我們仍然堅信我們的策略和執行能力。這項財務前景與我們在 3 月資本市場日上提出的三年毛利複合年增長率約為 15% 至 18% 的目標以及三年調整後 EBITDA 複合年增長率約為 35% 的目標一致。

For the second quarter, we expect total revenue in the range of approximately $305 million to $310 million; total gross profit growth of approximately 14% year over year, total adjusted EBITDA to be in the range of approximately $17 million to $19 million. For fiscal 2026, we continue to expect revenue growth of approximately 10% to 12% year over year; gross profit growth of approximately 14% year over year, and adjusted EBITDA to be in the range of approximately $68 million to $72 million.

對於第二季度，我們預計總營收將在約 3.05 億美元至 3.1 億美元之間；總毛利年增約 14%，總調整後 EBITDA 將在約 1,700 萬美元至 1,900 萬美元之間。對於 2026 財年，我們繼續預期營收年增約 10% 至 12%；毛利年增約 14%，調整後 EBITDA 約為 6,800 萬美元至 7,200 萬美元。

With that, I'll turn the call back to the operator.

說完這些，我就把電話轉回接線生。

(Operator Instructions)

（操作員指示）

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Good morning and good to see the results kind of trending in line with strategy here. The question I have around subscription revenue growth of 9%, I think subscription ARPU kind of 10% growth. It sounds like the pricing initiatives from last year were a part of that incremental growth versus, let's say, location growth. So I'm wondering if you could just speak to come much of an opportunity that you might still see within the pricing metrics that you have when you think about incremental new signings as well as maybe some of the backlog. Thank you.

早安，很高興看到結果與這裡的策略趨勢一致。我的問題是關於訂閱收入成長 9%，我認為訂閱 ARPU 成長 10%。聽起來去年的定價措施是增量成長的一部分，而不是地點成長。所以我想知道您是否可以談談當您考慮增量新簽約以及一些積壓訂單時，您可能仍然會在定價指標中看到哪些機會。謝謝。

Thanks for the question. So yes, we view the 9% software growth in Q1 as a solid result. We saw a 7% last fiscal year. Ultimately, subscription revenues is tied to new customer adds, where we showed location growth in our growth engines this quarter. Really excited to show that momentum as well as product adoption and both of these are trending in the right direction.

謝謝你的提問。所以是的，我們認為第一季 9% 的軟體成長是一個可靠的結果。上個財政年度我們的成長率為 7%。最終，訂閱收入與新客戶的增加息息相關，本季我們的成長引擎顯示了地點的成長。真的很高興能夠展示這種勢頭以及產品採用率，而且這兩者都朝著正確的方向發展。

So we did see the impact of price increases this quarter from last fiscal year that are rolling through this fiscal year. But that said, our growth engines are growing. We're seeing stronger ARPU and we made large investments in sales and product. And so we will see software growth continue to grow. It won't be overnight, but we're definitely headed in the right direction.

因此，我們確實看到了上一財年本季價格上漲的影響，這種影響將持續到本財年。但話雖如此，我們的成長引擎正在成長。我們看到了更強勁的 ARPU，並且我們在銷售和產品方面進行了大量投資。因此我們將看到軟體成長持續成長。這不會是一朝一夕的事，但我們肯定正朝著正確的方向前進。

And then just a quick follow-up, in particular, on the new location growth. Also very good to see that 5% year over year. You did talk about, I guess, expecting that to continue to ramp towards, let's say, a 10% growth rate over time. I'm wondering if you have any kind of contextual expectations about the duration it might take in order to achieve kind of the double-digit growth rates there. Thank you.

然後只是快速跟進，特別是關於新地點的增長。看到同比增長 5% 也非常好。我想，您確實談到了預計成長率會隨著時間的推移繼續攀升，比如說達到 10%。我想知道您是否對實現兩位數成長率所需的時間有任何具體預期。謝謝。

Yeah. The CAGR is for three years. So we'll see that growth rate for locations converge towards 10% to 15% towards fiscal '28. But yeah, I believe we're off to a strong start in the growth engine. And this is our first quarter of the transformation.

是的。CAGR 為三年。因此，我們將看到，到 28 財年，各個地點的成長率將趨於 10% 至 15%。但是的，我相信我們的成長引擎已經有一個強勁的開端。這是我們轉型的第一季。

We are ramping our sales organization, so we have 130 of the 150 outbound reps in seat. Many of them are ramping towards being -- going towards full quota. We're also seeing from the outbound, all the outbound efforts and vertical brand marketing efforts, a halo effect on inbound. So we're feeling positive about location growth.

我們正在擴大我們的銷售組織，因此我們有 150 名外派銷售代表中的 130 名在崗位。他們中的許多人正在努力實現全部配額。我們也看到，從外向型行銷，所有外向型行銷努力和垂直品牌行銷努力，都對內向型行銷產生了光環效應。因此，我們對地點成長持樂觀態度。

In addition to the investments we're making in the sales organization, we're making significant investment in product and technology in the growth engines. That's being funded by efficiency and funds from the efficiency market. So that all -- is going to pay off in the quarters to come and result in further location growth.

除了對銷售組織的投資之外，我們還對成長引擎的產品和技術進行了大量投資。這是由效率和效率市場資金資助的。所以，所有這一切將在未來幾季獲得回報，並帶來進一步的地點成長。

Ben, can we go to the next question, please?

本，我們可以進入下一個問題嗎？

Trevor Williams, Jefferies.

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

I just want to go back, maybe we could revisit some of the upside drivers for Q1, both on revenue and gross profit. And then -- just in terms of the shape of the year, I think last quarter, at least with how the year had been laid out, we're kind of building to a progressive acceleration over the course of the year and then just based on the Q1 outperformance and keeping kind of the full-year guide where it is.

我只是想回顧一下，也許我們可以重新審視第一季的一些上行驅動因素，包括營收和毛利。然後 - 就今年的情況而言，我認為上個季度，至少按照今年的規劃，我們正在全年逐步加速，然後僅基於第一季度的優​​異表現，並保持全年指南的水平。

It's just a slightly different shape with kind of what's implied deceleration wise off of Q1. So -- just curious if there was anything unsustainable in the first quarter. Or if maybe now there's maybe a bit more embedded conservatism for the balance of the year. That would be helpful. Thanks.

它只是形狀略有不同，這與 Q1 所暗示的減速有點相似。所以——只是好奇第一季是否有任何不可持續的情況。或者也許現在對於今年的平衡可能會有更多根深蒂固的保守主義。那將會很有幫助。謝謝。

Yeah. Thanks for the question, Trevor. I'll take that one. Q1, you're right, we did see solid execution, and that's what you're seeing in the results. Our strategy is really starting to pay off.

是的。謝謝你的提問，特雷弗。我要那個。Q1，您說得對，我們確實看到了穩健的執行，這就是您在結果中看到的。我們的策略確實開始取得成效。

But with respect to the guide, what we need to keep in mind, as Dax just mentioned is we're very early days in our transformation. We're four months into the year. And as Doc said, we have 130 of 150 reps in seat, but less than half of them are fully ramped. So we just want to make sure that we give them the time to ramp before we start to increase the guide for the year.

但就指南而言，我們需要記住的是，正如達克斯剛才提到的，我們的轉型還處於早期階段。今年已經過去四個月了。正如 Doc 所說，我們在座位上做了 150 次練習，其中 130 次是完全伸展的，但其中不到一半。因此，我們只是想確保在開始增加年度指導之前給他們足夠的時間來提升。

The guide for the year is a range. While we're confident we're trending at the high end of that range, we're not going to increase the guide at this time. Outside of that, really no onetime things in Q1. I mean, Deck talked a little bit about the price increase, which we did midway through the year last year. You're seeing the full benefit of that in Q1. But as our outbound reps continue to ramp, we expect this solid execution to continue.

年度指南是一個範圍。雖然我們有信心我們處於該範圍的高端，但目前我們不會增加指導價。除此之外，第一季確實沒有一次性的事情。我的意思是，Deck 談到了價格上漲的問題，我們在去年年中就進行了價格上漲。您將在第一季看到它的全部好處。但隨著我們的外向代表不斷增加，我們預計這種穩健的執行將會持續下去。

Okay. I appreciate that. And then just any color on kind of how quarter-to-date trends have looked in July on some of the key drivers would be helpful. Thank you, guys.

好的。我很感激。然後，只要了解 7 月本季迄今為止的一些關鍵驅動因素的趨勢如何，就會有所幫助。謝謝你們。

Yeah. We did see the macro stabilize in April in Q1, and we continue to that in July. And then from an internal execution perspective, we're really excited and encouraged by what we're seeing. July continues to look a lot like the first quarter, and we're excited about the execution internally as well.

是的。我們確實看到宏觀經濟在第一季 4 月趨於穩定，並且這種趨勢在 7 月持續。從內部執行的角度來看，我們對所看到的結果感到非常興奮和鼓舞。七月份的情況與第一季非常相似，我們對內部的執行情況也感到興奮。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Can you talk about the same-store sales dynamic in retail versus hospitality? Was there a meaningful difference there? Or would they similar?

能談談零售業和旅館業的同店銷售額動態嗎？那裡有什麼有意義的區別嗎？或者它們會相似嗎？

Thanks, Thanos. Yeah, the same-store sales in European hospitality were better than North America retail. We actually saw double-digit growth in European hospitality and low single-digit growth in Nor Am retail. A part of that in Europe, however, is also FX. But from an FX neutral perspective, we did see stronger growth in same-store sales in Europe. But outside of that, no other major differences in both of those markets.

謝謝，薩諾斯。是的，歐洲旅館業的同店銷售額比北美零售業好。我們實際上看到歐洲酒店業實現了兩位數成長，而北美零售業則實現了個位數低成長。然而，歐洲的一部分也是外匯。但從外匯中性的角度來看，我們確實看到歐洲同店銷售額成長更強勁。但除此之外，這兩個市場並沒有其他重大差異。

Great. And then in terms of the vertical marketing strategy, any specific verticals you'd call out where that's especially resonating? Or would it just be across your main key verticals you've talked about historically?

偉大的。那麼就垂直行銷策略而言，您會指出哪些特定的垂直市場特別能引起共鳴？或者它只是涉及您過去談論過的主要關鍵垂直領域？

Yeah. I mean, we have our eight key verticals in retail. Some examples of some trade shows that we've done are the running shows, outdoor sports shows. We're integrated, of course, with the brands NuORDER in those verticals. So we're pitching Lightspeed solutions, both from the merchant side as well as the brand side. And it all comes together at these trade shows. So that's makes a ton of sense for Lighstpeed.

是的。我的意思是，我們在零售業有八個關鍵的垂直領域。我們舉辦過的一些貿易展覽會的例子有跑步展覽會、戶外運動展覽會。當然，我們與這些垂直領域的品牌 NuORDER 進行了整合。因此，我們正在從商家和品牌兩個角度推銷 Lightspeed 解決方案。所有這些都在這些貿易展會上匯聚在一起。所以這對 Lighstpeed 來說非常有意義。

In addition to doing trade shows as well for European hospitality -- we also did -- like Edge, which was a customer event. That's one of many customer events we have planned both sides of the pond for retail in EMEA hospital and just connecting with the thought leaders and influencers and prospects, customer prospects in these markets through vertical brand marketing. There's definitely a halo effect that's both for outbound and for inbound channels. And that's how we -- what's going to fuel our acceleration in customer location count over the coming quarters.

除了為歐洲酒店業舉辦貿易展覽會之外，我們還舉辦了諸如 Edge 這樣的客戶活動。這是我們為歐洲、中東和非洲地區醫院零售業在大西洋兩岸策劃的眾多客戶活動之一，旨在透過垂直品牌行銷與這些市場的思想領袖、影響者、潛在客戶建立聯繫。對於出站和入站通路來說，肯定存在光環效應。這就是我們在未來幾季加速增加客戶位置數量的動力。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Congrats on a great quarter. Dax, a two-parter on AI. I just wanted to ask how you expect AI to impact retail and hospitality at a high level? And then second, what is Lightspeed's AI strategy?

恭喜本季取得優異成績。Dax，一部關於人工智慧的兩集劇。我只是想問一下，您認為人工智慧將如何在高層次上影響零售和酒店業？第二，Lightspeed 的 AI 策略是什麼？

Yeah. So I think AI is certainly contributing to the progress that we've made in efficiency in Q1 and the continuation of what we saw last fiscal year. We use AI at Lightspeed primarily to automate the repetitive predictable tasks and also to drive insights for the business. So from a Lightspeed company perspective, we've deployed AI across support. Almost 70% of chat interactions are now answered by AI. It's being implemented across our sales funnels as we scale our sales organization. Development teams are using copilots to increase efficiency and velocity. So we've seen a lot of benefit from that with more to come.

是的。因此，我認為人工智慧肯定對我們在第一季取得的效率進步以及上一財年業績的延續做出了貢獻。我們在 Lightspeed 使用 AI 主要是為了自動執行重複的可預測任務，同時也為業務提供洞察力。因此，從 Lightspeed 公司的角度來看，我們已經在支援領域部署了 AI。現在幾乎 70% 的聊天互動都是人工智慧回答的。隨著我們擴大銷售組織規模，它正在我們的銷售管道中實施。開發團隊正在使用副駕駛來提高效率和速度。我們已經看到它帶來很多好處，未來還會有更多好處。

From the product side, we're excited to have released AI features all throughout last year. We have a very high velocity across our development teams. Some examples are AI Web Builder for our e-comm product, using generative AI, as well as Benchmarks & Trends, an AI-powered tool for hospitality as well as tools to enhance photos, configure menus, write product descriptions and e-comm.

從產品方面來看，我們很高興在去年發布了 AI 功能。我們的開發團隊的效率非常高。一些例子是我們的電子商務產品的 AI Web Builder，使用生成 AI，以及 Benchmarks & Trends，一種用於酒店業的 AI 驅動工具，以及增強照片、配置菜單、編寫產品描述和電子商務的工具。

Throughout the product, I think we can save merchants time. At the end of the day, retailers and restaurants go into these businesses because they're passionate about cuisine, they're passionate about the vertical that they're in retail and all of the back-end admin tasks.

在整個產品過程中，我認為我們可以節省商家的時間。歸根結底，零售商和餐廳進入這些行業是因為他們對美食充滿熱情，他們對零售業的垂直領域以及所有後端管理任務充滿熱情。

They didn't join these businesses or start these businesses to administrate Lightspeed's back office. And that's where AI can come in and really remove some of the some of the repetitive tasks and give them more leverage to add value where they best add value to their businesses.

他們加入這些企業或創辦這些企業並不是為了管理 Lightspeed 的後台辦公室。這就是人工智慧可以發揮作用的地方，它能真正消除一些重複性任務，並賦予他們更多的槓桿作用，以便在最能為他們的業務增值的地方增加價值。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Great. So Dax, I think you mentioned earlier that for the investment behind sales, you're already at $130 million of the $150 million. You also mentioned some of the timeline to get productive and many of those are ramping up and it takes about six months or so.

偉大的。所以 Dax，我想你之前提到過，對於銷售背後的投資，你已經達到了 1.5 億美元中的 1.3 億美元。您還提到了一些實現生產力的時間表，其中許多都在加快，大約需要六個月左右的時間。

To hit those quotas, I was wondering if you could talk a little bit about those quotas, meaning, are we talking about locations per month? And if you could put some rough numbers around what the expectations are? Is it based on volume broadening? Is it broad based on an expected lifetime value or gross profit levels or any other metrics that you could put around what the expectations are on a per sales representative basis? Thanks a lot.

為了達到這些配額，我想知道您是否可以稍微談談這些配額，也就是說，我們談論的是每個月的地點數嗎？您能否粗略地給出一些預期數字？它是基於成交量擴大嗎？它是否廣泛地基於預期終身價值或毛利水平或任何其他指標，您可以根據每個銷售代表的期望來製定？多謝。

Yeah. I'll just start by saying outbound is a super successful way for us to target and win those high GTV customers. We expect to see strong unit economics and payback ratios in our growth markets for reps that are fully ramped. I'll let J.D. jump into a little bit of the -- what we expect from each ramp.

是的。首先我想說的是，外向型行銷是我們瞄準並贏得高 GTV 客戶的一種非常成功的方式。我們期望在成長市場中，對於全面投入的銷售代表而言，能夠看到強勁的單位經濟效益和回報率。我會讓 J.D. 稍微介紹一下我們對每個坡道的期望。

Yeah, ultimately, every single outbound rep is measured in a very diligent way. We look at a number of demos booked, number of demos attended, and bookings per month. And then we triangulate the bookings back to the cost of the motion. And what we're really pleased to see is that we continue to see the same strong payback ratios that we saw last year. Even if we're hiring a lot more reps this year, we're very, very focused on that payback and efficiency metric, and we continue to see the progress there. So we're very, very enthusiastic with the progress we're making across the board, not just in EMEA hospitality, but also on retail with their outbound efforts.

是的，最終，我們會以非常嚴格的方式來衡量每位外向代表。我們查看預訂的演示數量、參加的演示數量以及每月的預訂。然後，我們將預訂量與動議成本進行三角測量。我們真正高興看到的是，我們繼續看到與去年一樣強勁的回報率。即使我們今年僱用了更多的銷售代表，我們也非常非常關注回報和效率指標，我們將繼續看到這方面的進步。因此，我們對所取得的全面進展感到非常興奮，不僅是在歐洲、中東和非洲地區的旅館業，還包括零售業的對外努力。

Perfect. Thank you. And as a related follow-up, can you just recap some of what those expected either payback periods are and/or the LTV to CAC levels that are sort of expected from this initiative?

完美的。謝謝。作為相關的後續問題，您能否簡單回顧一下這項計劃預期的投資回收期和/或 LTV 與 CAC 水平？

Yeah. We've seen last year high single-digit, low-double-digit payback ratios. So months payback on the cost the motion, and we continue to see that when we look at ramp preps. Best-in-class as far as what we see in SaaS. And so that's what we're hyper-focused on, and we continue to see that.

是的。我們看到去年的報酬率為高個位數，低兩位數。因此，該動議的成本需要數月才能得到回報，當我們查看坡道準備情況時，我們繼續看到這一點。就我們在 SaaS 領域所見，它是一流的。這就是我們高度關注的，我們將繼續關注這一點。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Good results here. I just wanted to ask for you, Dax. Just thinking about products and product velocity. I know it's a big theme for the sector right now. What products are attaching well from the last 12 months? What are you excited about next that's coming out? I'm just curious what's on the product pipeline.

這裡的結果很好。我只是想幫你問，達克斯。只考慮產品和產品速度。我知道這是目前該行業的一個重要主題。過去 12 個月內哪些產品的附著效果良好？您對接下來即將推出的產品有什麼期待嗎？我只是好奇產品線裡有什麼。

Yeah. I mean, we're really excited on both the retail front and the hospitality front. On retail, we've seen a lot of success with insights. These are insights into how to turn inventory so businesses can be more profitable. We approach that from the in-store level. But also from the ordering side, I mean, that's something really unique about the Lightspeed retail offering is what is how we integrate with NuORDER.

是的。我的意思是，我們對零售和酒店業都非常興奮。在零售方面，我們看到洞察取得了許多成功。這些是關於如何週轉庫存以使企業能夠獲得更多利潤的見解。我們從店內層級來解決這個問題。但從訂購方面來看，Lightspeed 零售產品的真正獨特之處在於我們如何與 NuORDER 整合。

We're really starting to see benefit from that integration with NuORDER our key eight verticals because no other competitor offers that end-to-end solution for inventory. And so there's -- you'll see a lot of acceleration in terms of our product roadmap around inventory from the store level and also from ordering for brands. A lot of our announcements this quarter around inventory and around NuORDER. And you'll see, we're attracting really, really big brands and really big retailers to the solution as a result.

我們確實開始看到與 NuORDER 的整合對我們八個主要垂直行業的好處，因為沒有其他競爭對手提供端到端的庫存解決方案。因此，您會看到，我們的產品路線圖在商店庫存和品牌訂購方面都有了很大的加速。本季我們發布的許多公告都與庫存和 NuORDER 有關。您會發現，我們因此吸引了非常大的品牌和大型零售商採用該解決方案。

And so expect to see more in that direction on the retail side. And more -- since we have a wealth of data, more AI-powered insights to capitalize on the unique position that Lightspeed has in this ecosystem for those verticals.

因此，我們期望在零售方面看到更多這樣的發展。而且，由於我們擁有豐富的數據和更多由人工智慧驅動的洞察力，因此可以利用 Lightspeed 在該生態系統中針對這些垂直領域的獨特地位。

On the hospitality side, we have an amazing suite effect. So that means we have a great tool to serve customers with Lightspeed Tableside, KDS, our Kitchen Display System coordinates the kitchen side and then our Pulse app the third part of the solution, and that's for the management administration layer. And that's a really unique set of features that we're building upon.

在酒店方面，我們擁有令人驚嘆的套房效果。這意味著我們擁有一個出色的工具來為客戶提供服務，即 Lightspeed Tableside、KDS，我們的廚房顯示系統可協調廚房方面，然後我們的 Pulse 應用程式是解決方案的第三部分，即管理層。這是我們正在建立的一組真正獨特的功能。

We're adding AI insights too that we have some really, really exciting things in the road map to really just take what we have, which is the industry-leading solution and pan- European solution, the only pattern of European solution for hospitality and just continue to build out that lead with further enhancements to this incredible suite.

我們還添加了人工智慧洞察，我們在路線圖中有一些非常令人興奮的東西，可以真正利用我們所擁有的東西，這是行業領先的解決方案和泛歐解決方案，也是歐洲酒店業唯一的解決方案模式，並且將繼續通過進一步增強這個令人難以置信的套件來鞏固領先地位。

Great. That's good. Thanks a lot. Just a quick follow-up. I know Tim asked about the sales growth and productivity. Just -- I'm curious, is there any update thoughts on leveraging indirect sales or selling through partners?

偉大的。那挺好的。多謝。只是一個快速的跟進。我知道蒂姆詢問了銷售成長和生產力的問題。只是——我很好奇，對於利用間接銷售或透過合作夥伴銷售有什麼最新想法嗎？

Yeah. I think partnerships is the third part of the puzzle. Inbound is where Lightspeed has been traditionally really, really strong. We're investing a lot in growing -- in outbound, but we're still growing inbound. Inbound has also seen a 15% halo effect from all of our investment in outbound and vertical brand marketing.

是的。我認為合作關係是這個難題的第三部分。入站是 Lightspeed 傳統上非常強大的領域。我們在外向型業務的成長上投入了大量資金，但我們的內向業務的成長仍在繼續。我們對出站和垂直品牌行銷的所有投資也為入站行銷帶來了 15% 的光環效應。

The partnership is a third part of the puzzle. That's an area of the business that will that over the coming years is going to see a big -- it will contribute a lot to the overall revenue. And I'll let J.D. talk a little bit more about what we're doing there.

合作關係是難題的第三部分。這是未來幾年將會出現巨大成長的業務領域——它將為整體收入做出巨大貢獻。我會讓 J.D. 再多談談我們在那裡所做的事情。

Yeah, to build on Dax's answer. We've always actually been strong in partnerships since day one when the product was originally built on the retail side. That was a big channel for us. And here, we leverage two types of partners. So we have referral partners that send leads to our team internally that we closed. And we also have a strong reseller network, particularly in Europe. Obviously, a strong focus this year is on outbound given our ability to target high GTV/ICP customers, but you can expect that we'll continue to see growth as well from partnerships, and that will be a story for years to come too.

是的，以 Dax 的回答為基礎。自從產品最初在零售端推出的第一天起，我們就一直保持著牢固的合作關係。這對我們來說是一個很大的管道。在這裡，我們利用兩種類型的合作夥伴。因此，我們有推薦合作夥伴將線索發送給我們內部的團隊，然後我們再合作。我們也擁有強大的經銷商網絡，尤其是在歐洲。顯然，鑑於我們能夠瞄準高 GTV/ICP 客戶，今年的重點將放在外向型業務上，但您可以預期，我們也將繼續看到合作夥伴關係的成長，這也將是未來幾年的故事。

Dominic Ball, Rothschild.

多明尼克鮑爾，羅斯柴爾德家族。

Great numbers on GTV growth and it's the best since -- seems to be around about Q2 2022. So as an understanding for sort of the balance for what's driving this growth. it seems to be a mixture of improved same-store sales, more outbound sales, which then also help inbound and then potential cross-selling from new orders as well. Is there any -- just to help us understand it best, there's any one channel there that's driving incremental GTV over the others?

GTV 成長數據非常好，是自 2022 年第二季以來的最佳水準。因此，作為對推動這一成長的平衡因素的理解，它似乎是同店銷售額提高、外向型銷售額增加的混合體，這也有助於內向型銷售額，然後還有新訂單帶來的潛在交叉銷售。有沒有——只是為了幫助我們更好地理解它，有沒有一個管道可以推動 GTV 的增量超過其他管道？

Well, I think overall GTV grows when we grow locations. And so that's, I think, one of the key drivers. We grew GTV 4% overall, but in the growth market, we grew GTV 12%. So in our growth engines, where we're adding locations and where we're investing, GTV is growing even faster. I'll let Asha dive a little bit deeper into some of the dynamics around GTV.

嗯，我認為當我們增加門市數量時，整體 GTV 也會成長。所以我認為這是關鍵驅動因素之一。我們的 GTV 整體成長了 4%，但在成長市場中，我們的 GTV 成長了 12%。因此，在我們的成長引擎中，在我們增加地點和投資的地方，GTV 的成長速度更快。我將讓 Asha 更深入地探討 GTV 的一些動態。

Yeah, sure. Thanks for the question, Dominic. So just to add on to what Dax said, the GTV growth is coming primarily from the growth portfolio given how well we're doing on locations there. If we look at North America retail versus EMEA hospitality, we're seeing stronger growth in EMEA hospitality, in particular, from a same-store source sales perspective, but there are also several verticals in retail that have been quite strong this quarter.

是的，當然。謝謝你的提問，多明尼克。因此，補充 Dax 所說的，鑑於我們在那裡的良好表現，GTV 成長主要來自於成長投資組合。如果我們比較北美零售業與歐洲、中東和非洲酒店業，我們會看到歐洲、中東和非洲酒店業的成長更為強勁，特別是從同店銷售額的角度來看，但本季零售業的幾個垂直行業也表現相當強勁。

So we're seeing bike come back to single digits -- positive single digits from being down for several quarters. We're seeing toys, for example, have a very strong same-store sales quarter in retail. So several verticals in Nor Am retail are doing very well, but quite a bit of the growth did also come from EMEA hospitality.

因此，我們看到自行車銷量從連續幾季的下滑中回升至個位數——正個位數。例如，我們看到玩具在零售業中同店銷售額本季非常強勁。北美零售業的幾個垂直行業表現都很好，但相當一部分增長也來自歐洲、中東和非洲地區的酒店業。

That's great. And if I can just sneak one more in, if that's okay. There seems to be maybe a little bit of a step-up in investment from peers right now. So in the US retail POS market, Clover stepping up the sales and market; Shopify has invested more in the European restaurant market. I mean, Shift4 and Global Blue, Toast, one day will probably expand there as well. So do you expect maybe a little bit of a higher cost of growth from here onwards as well?

那太棒了。如果我可以再偷偷帶進去一個，可以嗎？目前，同業的投資似乎有所增加。因此在美國零售POS市場，Clover加強了銷售和市場推廣力度；Shopify則加大了對歐洲餐飲市場的投入。我的意思是，Shift4、Global Blue、Toast 有一天可能也會在那裡擴張。那麼，您是否預計從現在開始成長成本可能會略有上升？

Yeah. Certainly, there's always going to be competition in the market. We're hyper focused on our particular verticals, the eight key verticals in North America retail and the key cities in Europe, where we're expanding our European hospitality customer base.

是的。當然，市場上總是存在著競爭。我們高度關注我們的特定垂直行業，北美零售業的八個關鍵垂直行業和歐洲的主要城市，我們正在擴大我們的歐洲酒店客戶群。

I think we have a good differentiated position in these markets, and we're going after a particular customer that's higher GTV than a lot of these competitors. There's a lot of names in the space, but there's a lot of different segmentation in retail and hospitality. And so that's -- that's what we built our strategy on, and that's where we have the ability to have real customer wins.

我認為我們在這些市場中擁有良好的差異化地位，並且我們正在追逐比許多競爭對手的 GTV 更高的特定客戶。該領域有很多公司，但零售和酒店業有很多不同的細分。這就是我們制定策略的基礎，也是我們能夠真正贏得客戶的基礎。

Kevin Krishnaratne, Scotia.

凱文·克里希納拉特納（Kevin Krishnaratne），來自蘇格蘭。

First question, you mentioned in the growth markets that ARPU outpaced the broader average. How about software ARPU? How is that trending?

第一個問題，您提到在成長市場中，ARPU 超過了整體平均值。軟體ARPU怎麼樣？這種趨勢如何？

And I guess, related to that, your 9% software revenue that you printed. How do you think about how that evolves over the coming quarters in the context of your 10% to 12% total revenue guidance?

我想，與此相關的是您所列印的 9% 的軟體收入。在您預計的 10% 至 12% 的總收入成長背景下，您認為未來幾季的情況將如何發展？

Yeah. Thanks for the question, Kevin. So yeah, software in the growth portfolio, software ARPU was higher than in the efficiency or the rest of world portfolio just by virtue of the fact that the primary product in our growth portfolio are our flagships in EMEA hospital, Nor Am retail, and that's where all the product innovation is happening.

是的。謝謝你的提問，凱文。所以是的，成長組合中的軟體、軟體 ARPU 高於效率或世界其他地區的組合，只是因為我們成長組合中的主要產品是我們在歐洲、中東和非洲地區醫院、北美零售業的旗艦產品，而所有產品創新都發生在那裡。

And so when you think from a software module attach perspective, we're seeing much higher soft our ARPU in the growth portfolio. But consolidated, we're seeing a 10% growth year over year, which is still very healthy.

因此，當您從軟體模組附加角度思考時，我們會看到成長組合中的 ARPU 值要高得多。但綜合來看，我們看到年增 10%，這仍然非常健康。

From a software growth perspective, the 9% year over year, we're very pleased with that growth. We do expect that growth to continue to improve. We just need to keep a few dynamics in mind, such as price increases midway through the year last year. But at the same time, we're expecting outbound to continue to ramp. So we expect software growth to continue. It's not going to happen overnight, as Dax mentioned earlier, but over time, absolutely.

從軟體成長的角度來看，年成長 9%，我們對這一成長感到非常滿意。我們確實預計成長將繼續改善。我們只需要記住一些動態，例如去年年中的價格上漲。但同時，我們預計出境旅遊數量將持續增加。因此我們預計軟體成長將會持續。正如達克斯之前提到的，這不會在一夜之間發生，但隨著時間的推移，絕對會發生。

Thank you for that, Asha. The second question you mentioned double-digit same-store sales growth in Europe, FX might have helped there. Just on your overall top-line revenue, 15%, you have a number of what your revenue growth would have been on a constant currency basis?

謝謝你，阿莎。第二個問題，您提到歐洲同店銷售額實現了兩位數成長，外匯可能對此有所幫助。僅就您的整體營業收入而言，即 15%，以固定匯率計算，您的收入成長率是多少？

Yeah. It was, I would say, a couple of points under that. It wasn't too much of an impact because European hospitality, when you think about 100% of the Lightspeed revenue is not the most significant part. But it definitely did help the top line. So I would say FX is a couple of percentage points on the 15%.

是的。我想說的是，這裡面有幾點。這並沒有造成太大的影響，因為當你考慮到 Lightspeed 100% 的收入時，歐洲的旅館業並不是最重要的部分。但它確實對營收產生了一定幫助。所以我認為外匯匯率在 15% 的基礎上上升了幾個百分點。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

I wanted to ask you maybe take a step back and ask you a bit of a more philosophical question of how you're thinking about growth and profitability, really your focus on profitable growth. And so it does feel like we're heading into a period of more certainty with regulatory noise, especially around tariffs and maybe even a potentially better macro over the next 12 months.

我想請您退一步思考，問您一個更哲學的問題，即您如何看待成長和獲利能力，您真正關注的是獲利成長。因此，我們確實感覺我們正進入一個監管聲音更加確定的時期，特別是在關稅方面，甚至可能在未來 12 個月內出現更好的宏觀經濟。

And so I know you're focused like hyper focused on profitable growth, but how do you balance that against the potentially improving demand environment? I mean, I guess the question here is how do you make sure you're not leaving anything on the table?

所以我知道您非常關注獲利成長，但您如何在潛在改善的需求環境中取得平衡？我的意思是，我想這裡的問題是，你如何確保你沒有留下任何東西？

Yeah. I think that's a great question. I think our strategy is designed so that we are not leaving anything on the table. We we're investing a tremendous amount in growing outbound, ramping outbound. It's going to take time, but we're already seeing results as well as product investments to grow that competitive moat.

是的。我認為這是一個很好的問題。我認為我們的策略設計是為了確保我們不會留下任何懸而未決的問題。我們正在投入巨資來擴大出站業務，並加快出站速度。這需要時間，但我們已經看到了成果以及產品投資，以增強競爭優勢。

I think that -- I think you're right. I think that we've seen the macro stabilize, although there is volatility and tariffs are a factor, but we've also seen the retailers in our customer base that order that imports their inventory. We've seen them have strategies often using Lightspeed NuORDER to manage their suppliers. They have strategies to manage that since the beginning of the year, right?

我認為——我認為你是對的。我認為我們已經看到宏觀經濟趨於穩定，儘管存在波動和關稅因素，但我們也看到客戶群中的零售商訂購進口庫存。我們看到他們經常使用 Lightspeed NuORDER 來管理他們的供應商。今年年初以來他們就有應對這一問題的策略，對嗎？

So I think that for us, we are -- we have an aggressive growth strategy from our perspective. I think what we're able to show with these results is that we're able to make those investments in the growth engines funded by our efficiency markets make significant investments. Our product and technology investments more than $50 million more this year and we've never ramped -- had a ramp like this in our sales organization in our history in this short amount of time.

所以我認為，對我們來說，從我們的角度來看，我們有一個積極的成長策略。我認為這些結果能夠表明，我們能夠對由我們的效率市場資助的成長引擎進行重大投資。我們今年在產品和技術方面的投資增加了 5,000 多萬美元，而且我們的銷售組織在這麼短的時間內從未出現過如此大的成長。

I think all of those exercises are new for Lightspeed in terms of their scale, but they're going to give us confidence to plan more -- to plan further growth initiatives that are as aggressive in future years. We're in a three-year transformation. This is our year one plan. And we're always cognizant that we want to capture as much demand as possible. We grow market share and have as many customer locations as we can.

我認為所有這些練習對於 Lightspeed 來說都是新的，因為它們的規模很大，但它們將給我們信心去規劃更多計劃——規劃未來幾年同樣積極的進一步增長計劃。我們正處於三年轉型期。這是我們的第一年計劃。我們始終清楚，我們希望滿足盡可能多的需求。我們擴大市場份額並盡可能擁有客戶。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

A lot of questions on growing the rep count. I'm just wondering when you get to the $150 million, and they are performing at your targeted levels, does that get you into that 10% to 15% location growth? Or would you need to build on that team?

關於增加代表數量有很多問題。我只是想知道，當您的收入達到 1.5 億美元，並且他們的業績達到您的目標水平時，您的地點增長率是否能達到 10% 到 15%？或者您需要在該團隊的基礎上進行建設？

Yeah. The 10% to 15% CAGR is a three-year CAGR. So yeah, we do expect that our 5% at the end of Q1 to converge to 10% to 15% over -- between now and fiscal '28. But yeah, as these reps ramp, you're going to see acceleration in the customer location growth and that growth number.

是的。10%至15%的複合年增長率是三年的複合年增長率。所以，是的，我們確實預計，從現在到 28 財年，第一季末的 5% 的成長率將收斂到 10% 到 15%。但是是的，隨著這些代表的增加，您將看到客戶位置成長和成長數量的加速。

Okay. And my second question has to do with payments attached and the very strong transaction growth. That seemed a little bit stronger than expected. Was that a favorable mix relative to where Lightspeed payments are attached or are you attaching at a higher rate and we should expect that to actually trend even higher as we go through the year? Just talk about expectations there. Thank s a lot.

好的。我的第二個問題與附加付款和非常強勁的交易成長有關。這似乎比預期的要強一些。相對於 Lightspeed 付款而言，這是一種有利的組合嗎？或者您是否以更高的利率附加，並且我們是否應該預期，隨著時間的推移，這種趨勢實際上會更高？只談那裡的期望。多謝。

Yeah. Thanks, Todd. I'll take that one. So the penetration rate at the end of Q1 or in Q1 was quite healthy. We saw a 6% growth year over year. That's really a result of solid execution on our part. Every eligible customer must take payments now, as you know, but also payments penetration is a function of what's happening in the underlying macro.

是的。謝謝，托德。我要那個。因此，第一季末或第一季的滲透率相當健康。我們看到了年增6%。這確實是我們認真執行的結果。如您所知，每個符合條件的客戶現在都必須接受付款，但付款滲透率也取決於底層宏觀情況。

And so the payments penetration rate rather than being a barometer -- a measurement barometer for performance is more an opportunity metric. Like that's the opportunity in front of us, what's not yet monetized. But we're very excited about where payment penetration is going. We expect that March upwards to continue depending on what's happening in the underlying macro. The rates vary quarter to quarter, but very, very confident in an upward trajectory here.

因此，支付滲透率不是衡量績效的晴雨表，而是機會指標。就像我們面前的機會，尚未貨幣化。但我們對支付滲透的走向感到非常興奮。我們預計 3 月的漲勢將持續，具體取決於宏觀經濟情勢的變化。每個季度的利率都有所不同，但我們非常有信心這裡的利率會呈現上升趨勢。

One thing to add is that in our efficiency markets, we're only 35% penetrated due to non competes. And so we are going to focus on growing the payment penetration in that market. And so there's no real impediment to getting to the corporate average there. I think that will get some attention from us and drive the overall rate.

需要補充的是，在我們的效率市場中，由於沒有競爭，我們的滲透率僅為 35%。因此，我們將專注於提高該市場的支付滲透率。因此，達到企業平均並不存在真正的障礙。我認為這會引起我們的注意並推動整體利率的提高。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Can I stay on that one? If you think about that, it's -- as you said, payment penetration is more an output and the 35% is obviously like a low point that you can go further. How much of a -- if you think about it, like how should we think about then on a more quarterly level, like how to kind of drive that higher? Is that something we look at milestones where non competes come out and then there's going to be a step change? Or like how do you see that evolving this year and going forward?

完美的。我可以繼續待在那裡嗎？如果你考慮一下，就像你說的，支付滲透率更多的是一種產出，而 35% 顯然是一個可以進一步提升的低點。如果您考慮一下，我們應該如何在季度層級上考慮這個問題，如何推動這一成長？這是我們關注的里程碑，當非競爭出現時，就會有一個階躍變化嗎？或者您認為今年及未來將會如何發展？

Yeah. Thanks for the question, Raimo. I think we're -- the way we should think about it is a gradual improvement quarter to quarter. There's going to be non competes rolling off. There's going to be more opportunity in one region versus another and then there's the dynamics of the underlying GTV. So I would say from a modeling perspective, gradual improvement quarter to quarter is what we should expect.

是的。謝謝你的提問，Raimo。我認為我們應該這樣看待這個問題：每季都會逐步改善。將會有非競爭性行為發生。與另一個地區相比，一個地區會有更多的機會，而且還有潛在 GTV 的動態。因此，我想從建模的角度來看，我們應該預期季度間的逐步改善。

Okay. Perfect. And then one for Dax. Obviously, the world is changing with GenAI surge as a way for e-commerce guys to kind of get their business done is kind of maybe changing and we're doing more ChatGPT, et cetera. I mean, you talked earlier about like here, how you're kind of using AI, but it sounded more like internal. How do you think about like you need to change and your retailers need to change to kind of do well in this new world?

好的。完美的。然後是達克斯 (Dax) 的一個。顯然，隨著 GenAI 的興起，世界正在發生變化，電子商務人員完成業務的方式也正在改變，我們正在做更多的 ChatGPT 等等。我的意思是，你之前談過如何使用人工智慧，但這聽起來更像是內部的。您認為您和您的零售商需要做出哪些改變才能在這個新世界中取得良好的表現？

Yeah. I mean, certainly, I did cover a little bit about what we are doing on the product side. So that is really enabling our merchants, whether they're retailers or restauranteurs to save time in the back end. So that's being able to generate a website using AI that's already in our retail product as well as doing photo enhancement image -- sorry, product descriptions on the hospitality side, configuring menus, which can be onerous.

是的。我的意思是，當然，我確實介紹了一些我們在產品方面所做的事情。因此，這確實使我們的商家（無論他們是零售商還是餐廳老闆）能夠節省後端時間。因此，我們能夠使用零售產品中已有的人工智慧來產生網站，並進行照片增強圖像——抱歉，是飯店方面的產品描述、配置選單，這些工作可能很繁重。

And we have a tool called Benchmark & Trends in hospitality that's powered by AI that lets you as a restaurant compare your menus, your results, your staffing to other restaurants in the neighborhood so that you have the right pricing, the right staffing. So I think it's going to transform the way that retailers and restaurateurs or operate their business. I think it's going to give them more leverage, allow them to be more profitable and allow them to spend less time on the low-value portion of their business in terms of what takes up their time and in terms of admin and spend more time on the high-value differentiated things that they do in regards to curating product, curating menus and the things where they add the most value as entrepreneurs.

我們有一款名為「飯店業基準與趨勢」的工具，它由人工智慧驅動，可讓餐廳將您的菜單、業績和人員配置與附近的其他餐廳進行比較，以便您獲得合適的定價和合適的人員配置。所以我認為這將改變零售商和餐廳經營業務的方式。我認為這將賦予他們更多的槓桿作用，讓他們獲得更高的利潤，並讓他們減少在業務中低價值部分（例如佔用他們的時間和管理方面）上花費的時間，而將更多的時間花在高價值的差異化事物上，例如策劃產品、策劃菜單以及他們作為企業家能增加最多價值的事情。

Richard Tse, National Bank Financial.

Richard Tse，國家銀行金融。

With respect to your wins in your target markets, can you give us maybe a sense of the mix of those wins from newly formed businesses versus established merchants? And on the ladder here, is that still largely displacing the incumbents?

關於您在目標市場中取得的勝利，您能否向我們介紹一下新成立的企業和成熟商家在勝利方面的具體情況？那麼，就目前的體製而言，這是否仍然在很大程度上取代了現任者？

Yeah, I'll pass it to J.D.

是的，我會把它傳給 J.D.

Yeah. Honestly, Rich, thank you for the question, Richard. The trend remains very similar to answer last quarter. So as far as displacements, what we see is about a third, a third, a third. So we displace a third from legacy providers in the space, a third for more, let's say, modern peers. And then we also see a third coming from new business formation.

是的。說實話，Rich，謝謝你提出這個問題，Richard。這一趨勢與上一季的答案非常相似。就位移而言，我們看到的大約是三分之一、三分之一、三分之一。因此，我們將三分之一的供應商從該領域的傳統供應商中取代，將三分之一的供應商從更現代的供應商中取代。我們也看到三分之一來自新業務的形成。

And so we continue to see that trend. Obviously, as I highlighted with the strategy, we're hyper, hyper focused on the key verticals in our retail and EMEA hospitality. And so we expect that trend to continue as we continue to focus on those segment.

因此我們繼續看到這種趨勢。顯然，正如我在該策略中所強調的那樣，我們高度重視零售和歐洲、中東和非洲地區酒店業的關鍵垂直領域。因此，隨著我們繼續關注這些領域，我們預計這種趨勢將會持續下去。

Okay. And my second question, you've been incredibly aggressive on capital allocation on the buyback side, obviously, with the scaling profitability here. Should we expect that pace to continue through the rest of this year?

好的。我的第二個問題是，您在回購方面的資本配置非常積極，顯然，這裡的獲利能力也在不斷擴大。我們是否應該預期這種成長速度將在今年剩餘時間內持續下去？

Yeah. Thanks for the question. We've completed our NCIB, our normal course issuer bid for this fiscal year. That was done in the first quarter. We returned about $86 million to shareholders in the quarter.

是的。謝謝你的提問。我們已經完成了 NCIB，即本財年的正常發行人競標。這是在第一季完成的。本季我們向股東返還了約 8,600 萬美元。

With respect to future buybacks, we're going to continue to remain opportunistic. There are other avenues with which we can continue to buy back outside of an NCIB. We're going to remain opportunistic, and we still have $200 million left on our Board authorization. So we'll have a look at what's happening in the market and make sure that we take advantage of the opportunity when and if it arises.

對於未來的回購，我們將繼續保持機會主義。我們可以透過其他途徑在 NCIB 之外繼續回購。我們將繼續抓住機會，我們的董事會授權金額仍為 2 億美元。因此，我們會關注市場動態，並確保在機會出現時能夠抓住它。

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

現在我將把電話轉回給 Gus 做結束語。

Thank you, Van. Thanks, everyone, for joining us today. If anyone has any further questions, please reach out to myself; I'll be around all day. And we look forward to speaking to you at our next conference call, and have a great day, everyone.

謝謝你，範。感謝大家今天加入我們。如果有人還有其他問題，請聯絡我；我將全天為您服務。我們期待在下次電話會議上與您交談，並祝大家有個美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。