Lightspeed Commerce Inc. (LSPD) 2026 Q4 法說會逐字稿

Good morning, and thank you for standing by. My name is John, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Lightspeed fiscal fourth quarter 2026 conference call. (Operator Instructions)

早安，感謝各位稍候。我叫 John，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Lightspeed 2026 會計年度第四季財報電話會議。（接線員指示）

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

接下來我想把電話會議交給 Lightspeed 投資人關係主管 Gus Papageorgiou。請開始。

Thank you, operator, and good morning, everyone. Welcome to Lightspeed's fiscal Q4 2026 conference call. Joining me today are Dax Dasilva, Lightspeed's Founder and CEO; and Asha Bakshani, Lightspeed's CFO. After prepared remarks from Dax and Asha, we will open it up for your questions.

謝謝，接線員，各位早安。歡迎參加 Lightspeed 2026 會計年度第四季財報電話會議。今天與我一同出席的有 Lightspeed 創辦人暨執行長 Dax Dasilva，以及 Lightspeed 財務長 Asha Bakshani。在 Dax 與 Asha 發表準備好的談話後，我們將開放提問。

We will make forward-looking statements on our call today that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Certain material factors and assumptions were applied in respect 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 fourth quarter fiscal 2026 results presentation available on our website as well as in our filings with US and Canadian securities regulators.

我們今天的電話會議將包含前瞻性陳述，該等陳述受風險與不確定性影響，可能導致實際結果與預期有重大差異。在這些陳述所包含的結論、預測與推估方面，我們採用了若干重大因素與假設。除法律要求外，我們不承擔更新這些陳述的任何義務。請您仔細審閱我們今日稍早發布的財報新聞稿、我們網站上的 2026 會計年度第四季業績簡報，以及我們向美國與加拿大證券監理機關提交的文件中所載之相關因素、假設、風險與不確定性。

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 it is 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含調整後的財務衡量指標，這些屬於非 IFRS 的衡量指標與比率。這些指標應視為 IFRS 財務衡量指標的補充，而非替代。兩者之間的調節表可見於我們的財報新聞稿，該新聞稿可於我們網站、SEDAR+ 以及美國證券交易委員會（SEC）的 EDGAR 系統查閱。請注意，由於我們以美元報告，除非另有說明，今天討論的所有金額均以美元計。

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

接下來，我把電話會議交給 Dax。

Good morning, everyone, and thank you for joining us. Fiscal 2026 was a pivotal year for Lightspeed. We pursued a disciplined strategy and focused our organization on the two areas where we have a proven right to win, retail in North America and hospitality in Europe. Results today show unequivocally, the strategy is working. Lightspeed delivered revenue and gross profit growth ahead of expectations and gained momentum in the crucial areas, customer location and GTV growth.

各位早安，感謝各位加入我們。2026 會計年度對 Lightspeed 而言是關鍵的一年。我們採取嚴謹自律的策略，並將組織聚焦於兩個我們已證明具備勝出優勢的領域：北美零售與歐洲餐旅（hospitality）。今天的成果清楚顯示，這項策略正在奏效。Lightspeed 的營收與毛利成長均優於預期，並在關鍵領域——客戶據點與 GTV 成長——取得動能。

In Q4, we delivered another strong quarter with total revenue of USD291 million and gross profit of USD129 million, both up 15% year-over-year and coming in ahead of our previously established outlook. Adjusted EBITDA of USD15 million was up 17% year-over-year. Our performance was bolstered by the strength of our growth engines, where we saw total revenue up 24%, GTV up 19% and locations up 11%. After the divestment of Upserve, our growth engines now comprise approximately 75% of total revenues, and we expect them to grow towards 80% during the course of fiscal 2027.

在第四季，我們再度交出強勁的一季，總營收為 2.91 億美元、毛利為 1.29 億美元，兩者皆年增 15%，並高於我們先前提出的展望。調整後 EBITDA 為 1,500 萬美元，年增 17%。我們的表現受惠於成長引擎的強勁動能：總營收年增 24%、GTV 年增 19%、據點數年增 11%。在出售 Upserve 之後，我們的成長引擎目前約占總營收的 75%，並預期在 2027 會計年度期間提升至接近 80%。

Our accomplishments for fiscal 2026 were on track to meet the 3-year targets we initially presented at our Capital Markets Day in March of last year. In the first year of our transformation, we delivered the following results relative to our CMD commitments. Gross profit growth of 17% versus a target 3-year CAGR of 15% to 18%. The gross margin of 43% versus a target gross margin of 42% to 45%. Adjusted EBITDA growth of 35%, in line with our target 3-year CAGR. 24% gross profit growth in our growth engines versus a target 3-year CAGR of 20% to 25% and 11% customer location growth within our growth engines versus a target 3-year CAGR of 10% to 15%.

我們在 2026 會計年度的成果，正按計畫朝向我們去年 3 月資本市場日（CMD）最初提出的三年目標邁進。在轉型的第一年，我們相較於 CMD 承諾交出了以下成果：毛利成長 17%，相較於三年目標年複合成長率（CAGR）15% 至 18%。毛利率 43%，相較於目標毛利率 42% 至 45%。調整後 EBITDA 成長 35%，符合我們三年目標 CAGR；成長引擎毛利成長 24%，相較於三年目標 CAGR 20% 至 25%；成長引擎內客戶據點成長 11%，相較於三年目標 CAGR 10% 至 15%。

Underpinning these targets are three priorities that will drive long-term value at Lightspeed. These are: one, growing customer locations in our growth engines; two, expanding subscription ARPU; and three, improving adjusted EBITDA and free cash flow.

支撐這些目標的是三項優先事項，將推動 Lightspeed 的長期價值。分別是：第一，提升成長引擎中的客戶據點數；第二，擴大訂閱 ARPU；第三，改善調整後 EBITDA 與自由現金流。

In Q4, we continue to make solid progress. Let me start with customer location in our growth engines. We added approximately 3,200 net new locations in the quarter, growing 11% year-over-year. Q4 marks the fourth quarter in a row where customer location growth has accelerated. Total customer locations, including growth and efficiency markets, grew to 150,000.

在第四季，我們持續取得穩健進展。我先從成長引擎中的客戶據點談起。本季我們新增約 3,200 個淨新據點，年增 11%。第四季是客戶據點成長連續第四季加速。包含成長市場與效率市場在內的總客戶據點數增至 150,000。

We were very proud to welcome a host of new customers. Within retail, we added the luxury lifestyle brand, AERIN, with locations in New York and Palm Beach. We also added Oshima Surf & Skate, a multi-location Hawaii-based retailer and an avid user of Lightspeed wholesale.

我們非常自豪地迎來一批新客戶。在零售方面，我們新增奢華生活風格品牌 AERIN，其據點位於紐約與棕櫚灘。我們也新增 Oshima Surf & Skate——一家以夏威夷為基地、擁有多個據點的零售商，且是 Lightspeed Wholesale 的熱衷使用者。

Lightspeed Wholesale connects retailers using our Lightspeed retail POS to brands using our NuORDER by Lightspeed platform. With this integration, retailers can discover and order over 5 million products from over 4,000 brands all on one platform.

Lightspeed Wholesale 透過我們的 NuORDER by Lightspeed 平台，將使用 Lightspeed 零售 POS 的零售商與品牌端連結起來。透過此整合，零售商可在同一平台上探索並訂購來自超過 4,000 個品牌、逾 500 萬項產品。

In this quarter, we continue to add world-class wholesale brands such as Sorel, Nixon, Proenza Schouler and BBC International footwear to the Lightspeed wholesale ecosystem. Within Golf, we added RedWater Golf, which utilizes our specialized tools across 8 courses and 5 indoor simulators in Michigan.

本季我們持續為 Lightspeed wholesale 生態系新增世界級批發品牌，例如 Sorel、Nixon、Proenza Schouler 以及 BBC International footwear。在高爾夫領域，我們新增 RedWater Golf，其在密西根州 8 座球場與 5 個室內模擬器場館使用我們的專業工具。

In European Hospitality, we are becoming the standard for full-service dining. We added 19 locations with Gaucho, the iconic Argentinian steakhouse chain across the UK. (inaudible) in London has also joined us to manage its complex 3-in-1 restaurant concept. And we added (inaudible), the highly acclaimed modern Turkish restaurants in Berlin.

在歐洲餐旅業務方面，我們正逐步成為全服務餐飲的標準。我們新增 Gaucho（英國境內具代表性的阿根廷牛排館連鎖）19 個據點。（聽不清）位於倫敦的（聽不清）也加入我們，以管理其複雜的 3 合 1 餐廳概念。我們也新增（聽不清）——位於柏林、備受讚譽的現代土耳其餐廳。

Turning to software revenue and ARPU. We continue to innovate across our flagship platforms of Lightspeed Retail and Lightspeed Restaurants, which is key for long-term software ARPU growth. Within Lightspeed wholesale, we launched an integration with Faire, a B2B marketplace that will give Lightspeed retailers direct access to over 100,000 lifestyle, home decor, apparel and jewelry brands.

接著談軟體營收與 ARPU。我們持續在 Lightspeed Retail 與 Lightspeed Restaurants 兩大旗艦平台上創新，這是推動長期軟體 ARPU 成長的關鍵。在 Lightspeed wholesale 方面，我們推出與 Faire 的整合；Faire 是一個 B2B 市集，將讓 Lightspeed 零售商可直接接觸超過 100,000 個生活風格、家居裝飾、服飾與珠寶品牌。

Also, within Lightspeed Wholesale, we launched AI-driven brand recommendations in our recently released marketplace, which services personalized brand suggestions based on the buyer's profile expanding discovery and opening new revenue opportunities for brands on Lightspeed Marketplace. We also launched our AI-powered OCR tool that automates the tedious task of product data entry helping merchants onboard new inventory, reduce stock discrepancies and improve accuracy.

此外，在 Lightspeed Wholesale 中，我們在近期發布的市集中推出 AI 驅動的品牌推薦功能，會依買家的檔案提供個人化品牌建議，擴大探索並為 Lightspeed Marketplace 上的品牌開啟新的營收機會。我們也推出 AI 驅動的 OCR 工具，自動化繁瑣的產品資料輸入工作，協助商家上架新庫存、降低庫存差異並提升準確性。

Within Lightspeed restaurant, we released AI menu imports, which significantly reduces the setup time for new restaurants by allowing business owners to easily digitize and upload venues using photos, online documents or even sketch notes. And the new promotion engine within Order Anywhere, our take-out and delivery offering with buy one get one free functionality, enabling restaurants to create time-limited offers to drive order volume and repeat visits.

在 Lightspeed 餐飲業務中，我們推出了 AI 菜單匯入功能，讓業主可透過照片、線上文件甚至手繪筆記輕鬆將場館內容數位化並上傳，從而大幅縮短新餐廳的建置時間。此外，Order Anywhere（我們提供外帶與外送的解決方案）中的全新促銷引擎具備「買一送一」功能，讓餐廳能建立限時優惠，以帶動訂單量並提升回訪率。

We also saw strong adoption of our more recent product launches. Almost 30% of our restaurant customers adopted Lightspeed Pulse, which provides live data on restaurant operations right to your mobile device. Since its recent release, over 20,000 reservations were made using Lightspeed reservations. Approximately 20% of our target restaurant locations have now adopted Lightspeed Restaurant AI and the number of customers using retail insights has increased over 3x year-over-year. We add popular features to our top tier plans that help drive higher software ARPU.

我們也看到近期推出的產品獲得強勁採用。近 30% 的餐廳客戶採用了 Lightspeed Pulse，可將餐廳營運的即時數據直接呈現在您的行動裝置上。自近期推出以來，透過 Lightspeed 訂位已完成超過 20,000 筆訂位。目前約有 20% 的目標餐廳據點已採用 Lightspeed Restaurant AI，而使用零售洞察（retail insights）的客戶數較去年同期增加逾 3 倍。我們在最高階方案中加入受歡迎的功能，以協助推動更高的軟體 ARPU。

I am very proud of the innovations that have come out of our product teams this year, particularly around AI. Customers are using our AI agents to drive more productivity out of the Lightspeed platform by delivering tangible results such as getting started faster with seamless onboarding, curating which products to carry an inventory, building an online showroom or receiving on-the-fly reporting and insights to better understand business trends and opportunities.

我為今年產品團隊推出的創新感到非常自豪，尤其是在 AI 方面。客戶正在使用我們的 AI 代理（AI agents）來提升 Lightspeed 平台的生產力，並帶來具體成果，例如：透過順暢的導入流程更快上手、協助策劃應備庫存商品、建立線上展示間，或即時取得報表與洞察，以更好理解業務趨勢與機會。

AI gives Lightspeed the capacity to deliver real product differentiation and sustainable competitive advantage. Every restaurant or retailer has a context and a complexity that is unique to their business. AI helps them solve problems that were previously too tough or too expensive to address. But in order to do so, requires deep native foundational data to solve complex issues such as wholesale buying inventory management, omnichannel selling and business operations.

AI 讓 Lightspeed 具備提供真正產品差異化與可持續競爭優勢的能力。每一家餐廳或零售商都有其獨特的營運情境與複雜度。AI 能協助他們解決過去過於困難或成本過高而無法處理的問題。但要做到這一點，需要深厚且原生的基礎數據，才能解決如批發採購、庫存管理、全通路銷售與營運管理等複雜議題。

We are in a very unique and advantageous position because we have the data derived from billions of dollars in transactions to build AI agents that can solve for these complex issues at scale. That secure, fiscalized and proprietary data, stating wholesale, the merchant and the consumer comes from businesses that operate in physical spaces and use Lightspeed POS solutions that integrate physical hardware and complex workflows seamlessly as their system of record. These businesses were engaged and onboarded by a scaled go-to-market motion specifically crafted to make them successful on our platform.

我們處於非常獨特且有利的位置，因為我們擁有源自數十億美元交易的數據，可用來打造能以規模化方式解決這些複雜議題的 AI 代理。這些安全、符合財稅規範（fiscalized）且具專有性的數據，涵蓋批發端、商戶端與消費者端，來自於在實體場域營運、並使用 Lightspeed POS 解決方案的企業；該解決方案可將實體硬體與複雜工作流程無縫整合，作為其系統紀錄（system of record）。這些企業透過一套可規模化的市場推進（go-to-market）模式完成接觸與導入，該模式專為協助他們在我們的平台上取得成功而設計。

No one is better positioned to deliver AI-backed solutions that can help our customers run and grow their businesses. In the end, our SMB and mid-market merchants' priority is to build better businesses, not build their own software.

在提供 AI 支援的解決方案、協助客戶經營並成長其業務方面，沒有任何人比我們更具優勢。歸根結底，我們的中小企業與中型市場商戶的優先事項是打造更好的企業，而不是自己打造軟體。

Now turning to profitability. In fiscal 2026, we achieved a landmark accomplishment as a company. For the full fiscal year, our operations generated USD18 million in adjusted free cash flow, a milestone that underscores our commitment to profitable growth. I think this accomplishment is even more impressive when you consider that we did this while meaningfully scaling the business in our focus areas and launching a series of new product innovations, demonstrating our capacity for disciplined investment that results in enhanced financial performance.

接著談獲利能力。在 2026 財年，我們達成了公司的一項里程碑成就。就全年而言，我們的營運產生了 1,800 萬美元的調整後自由現金流，這一里程碑凸顯我們對獲利性成長的承諾。我認為這項成就更令人印象深刻，因為我們是在重點領域大幅擴張業務、並推出一系列新產品創新的同時完成的，展現了我們具備紀律性投資、並帶來更佳財務表現的能力。

I also want to take a minute to highlight the changes we have made to our executive leadership within Lightspeed to drive the next phase of growth. Gabriel Benavides joined us as Chief Revenue Officer. Gabe brings a wealth of experience in scaling global sales organizations and will be instrumental in refining our go-to-market productivity.

我也想花一點時間強調我們在 Lightspeed 的高階管理團隊所做的調整，以推動下一階段的成長。Gabriel Benavides 加入我們擔任首席營收長（Chief Revenue Officer）。Gabe 在擴大全球銷售組織方面擁有豐富經驗，將在提升並精進我們的市場推進效率方面扮演關鍵角色。

We have also appointed Leslie Martin as our new Chief Strategy and Transformation Officer. Leslie joined us from Boston Consulting Group with 18 years of experience advising on strategy, operational transformation and performance improvement.

我們也任命 Leslie Martin 為新的首席策略與轉型長（Chief Strategy and Transformation Officer）。Leslie 來自波士頓顧問公司（Boston Consulting Group），擁有 18 年在策略、營運轉型與績效改善方面的諮詢經驗。

And finally, we recently welcomed Bhawna Singh as our Chief Technology Officer. Bhawna is a veteran technology executive with over 25 years of experience in scaling global engineering organizations and leading platform transformations at major firms like (inaudible) and Okta, where she pioneered AI adoption within the organization. She specializes in aligning technical strategy with business growth. I look forward to working with our entire executive team as we continue executing in fiscal '27 and beyond.

最後，我們近期也迎來 Bhawna Singh 擔任首席技術長（Chief Technology Officer）。Bhawna 是資深科技高階主管，擁有超過 25 年擴大全球工程組織與推動平台轉型的經驗，曾在（聽不清）與 Okta 等大型企業任職，並在其中率先推動組織內的 AI 採用。她專長於將技術策略與業務成長對齊。我期待與整個高階管理團隊合作，持續在 2027 財年及未來推進執行。

At the beginning of this fiscal year, we launched a corporate transformation aimed at sharpening our focus, improving our execution and delivering results. We laid out our clear 3-year growth targets for locations, gross profit and adjusted EBITDA. In fiscal 2026, we delivered against these goals on all fronts, and we are entering fiscal 2027 with growing momentum.

在本財年初，我們啟動了一項企業轉型，旨在更聚焦、提升執行力並交付成果。我們提出了清晰的三年成長目標，涵蓋據點數、毛利與調整後 EBITDA。在 2026 財年，我們在各方面都達成了這些目標，並以持續增強的動能邁入 2027 財年。

With that, I will pass it over to Asha.

接下來，我把時間交給 Asha。

Thanks, Dax, and good morning, everyone. As you've seen in our results today, fiscal 2026 was a defining year for Lightspeed. By focusing the business on our highest conviction growth opportunities, we delivered strong performance across GTV, location growth, payments penetration, profitability and cash flow.

謝謝你，Dax，各位早安。如同大家今天從我們的業績所看到的，2026 財年對 Lightspeed 而言是具有指標性的一年。透過將業務聚焦在我們最有把握的成長機會上，我們在 GTV、據點成長、支付滲透率、獲利能力與現金流等方面都交出強勁表現。

After the close of our fiscal year, we accelerated our transformation by divesting the Upserve US hospitality product line. The transaction has made Lightspeed a more streamlined company with our operations now even more tightly aligned to our growth engine. After the divestiture of Upserve, our growth engine where we are highly focused now accounts for approximately 75% of our total revenue versus approximately 67% in fiscal 2026.

在財年結束後，我們透過出售 Upserve 美國餐旅產品線，加速推進轉型。這筆交易使 Lightspeed 成為更精簡的公司，且我們的營運如今與成長引擎更加緊密對齊。在剝離 Upserve 後，我們目前高度聚焦的成長引擎約占總營收的 75%，相較於 2026 財年的約 67% 有所提升。

We are now a more focused, more scalable and more efficient business. Before I review the financials, I want to highlight the two key trends we experienced in fiscal 2026. First, our strategy to focus on our growth engines, retail customers in North America and hospitality customers in Europe is clearly working. These are regions characterized by tight product market fit, strong close rates and a proven right to win.

我們現在是一家更聚焦、更可規模化且更高效率的企業。在我回顧財務數據之前，我想先強調 2026 財年我們經歷的兩個關鍵趨勢。第一，我們聚焦成長引擎的策略——北美的零售客戶與歐洲的餐旅客戶——顯然正在奏效。這些地區具備高度的產品市場契合度、強勁的成交率，以及已被驗證的致勝能力。

Our results for the year clearly demonstrate this momentum. Within our growth engines in fiscal 2026, we saw total revenue grow 24%, software revenue grow 15%, GTV increased 15%, Payment penetration reached 46%, up from 41% last year and we added approximately 9,400 net customer locations for the year, driving an 11% year-over-year increase in ending location counts. And importantly, we are still early in monetization, which gives us a long runway ahead.

我們全年的業績清楚展現了這股動能。在 2026 財年的成長引擎中，我們看到總營收成長 24%、軟體營收成長 15%、GTV 增加 15%、支付滲透率達到 46%（高於去年的 41%），且全年新增約 9,400 個淨客戶據點，使期末據點數較去年同期增加 11%。更重要的是，我們在變現方面仍處於早期階段，這讓我們未來仍有很長的成長跑道。

Second, thanks to our disciplined execution, we're seeing the model become more predictable, more profitable and more scalable for the full fiscal year across the company. We saw gross margin expand to 43% up more than 100 basis points from fiscal 2025, adjusted EBITDA grew 35% to USD72.5 million, positive adjusted free cash flow of USD18.2 million and payment penetration increased to 42% from 37% a year ago.

第二，得益於我們有紀律的執行，我們看到公司整體的商業模式在全年變得更可預測、更具獲利性且更可規模化。我們看到毛利率擴張至 43%，較 2025 財年提升超過 100 個基點；調整後 EBITDA 成長 35% 至 7,250 萬美元；調整後自由現金流轉正至 1,820 萬美元；支付滲透率也由一年前的 37% 提升至 42%。

I will now discuss the quarter in more detail and then provide our outlook for Q1 and fiscal 2027. Total revenue grew 15% to USD290.8 million, exceeding our outlook driven by an expanding location count, higher software ARPU and increased year-over-year payment penetration. Notably, we achieved 24% revenue growth within our growth engine.

接下來我將更詳細說明本季度表現，並提供我們對第一季與 2027 財年的展望。總營收成長 15% 至 2.908 億美元，受益於據點數增加、更高的軟體 ARPU 以及支付滲透率的年增提升，並超出我們的展望。值得注意的是，我們在成長引擎內實現了 24% 的營收成長。

Software revenue for the quarter was USD93.3 million, up 6% year-over-year and up 9% within our growth engine with softer ARPU rising 4% year-over-year. As anticipated, software revenue growth moderated from the first half of the year due to lapping last year's price increases and our continued focus on annual contracts. Annual contracts result in modest upfront discount but attract higher-quality merchants with lower churn and higher lifetime value. This reflects a deliberate shift toward higher quality revenue and long-term value creation.

本季軟體營收為9,330萬美元，年增6%；在我們的成長引擎內年增9%，ARPU 較為疲弱但仍年增4%。如預期，受去年調價基期效應以及我們持續聚焦年度合約影響，軟體營收成長較上半年放緩。年度合約雖帶來適度的前期折扣，但能吸引品質更高的商戶，具備較低流失率與較高終身價值。這反映我們刻意轉向更高品質的營收與長期價值創造。

Transaction-based revenue for the quarter was USD185.3 million, up 17% year-over-year. GTV grew 22% year-over-year. GTV as a percentage of GTV came in at 42%, up from 38% in the same quarter last year. Capital revenue grew 73% year-over-year, while merchant cash advances outstanding grew a more modest 12% year-over-year, thanks to a payback period that declined to seven months, a 13% improvement over last year. Overall, Q4 GTV grew 11% to USD22.9 million, and total average GTV per location continued to increase as we signed more higher-value customers.

本季以交易為基礎的營收為1.853億美元，年增17%。GTV 年增22%。GTV 佔 GTV 的百分比為42%，高於去年同期的38%。資本營收年增73%；同時，商戶現金預支（MCA）未償餘額年增較溫和的12%，主要受惠於回收期縮短至7個月，較去年改善13%。整體而言，第四季 GTV 年增11%至2,290萬美元，且隨著我們簽下更多高價值客戶，每個據點的平均 GTV 持續提升。

Same-store sales were up in both retail and hospitality and across all of our main geographies. Within our growth engine, GTV grew 19%. Total monthly ARPU reached approximately USD602, up 10% year-over-year, driven by both higher software and payments monetization.

同店銷售在零售與餐旅（hospitality）皆呈成長，且涵蓋我們所有主要地理市場。在我們的成長引擎內，GTV 成長19%。每月總 ARPU 約達602美元，年增10%，主要由更高的軟體與支付變現所帶動。

With respect to our efficiency markets, overall revenue in Q4 was essentially flat year-over-year. When we adjust for the sale of Upserve, Q4 revenue was up modestly. Payment penetration in our efficiency markets increased to 36% in the quarter from 33% in the same quarter last year, but remains below the overall business, giving us plenty of room to further increase payments revenue.

就我們的效率市場而言，第四季整體營收與去年同期基本持平。若調整出售 Upserve 的影響，第四季營收小幅成長。效率市場的支付滲透率本季提升至36%，高於去年同期的33%，但仍低於整體業務水準，讓我們在進一步提升支付營收方面仍有很大空間。

Turning now to profitability and operating leverage. Total gross profit for the quarter was strong, growing 15% year-over-year, in line with revenue growth of 15%, driven by strong top line performance and expanding gross margins in both subscription and transaction-based revenues. Total gross margins for the quarter were 44% (inaudible) to last year, even with transaction-based revenue increasing to 64% of total revenue from 62% last year.

接下來談獲利能力與營運槓桿。本季總毛利表現強勁，年增15%，與營收年增15%一致，主要受惠於強勁的營收表現，以及訂閱與交易型營收兩者的毛利率擴張。本季總毛利率為44%（聽不清），即使交易型營收占總營收比重由去年的62%提升至64%。

For the quarter, we delivered strong software margins of 87% up from 81% a year ago. Software gross margins benefited from a nonrecurring rebate from a cloud provider. Normalized software gross margins would have been more in line with the first three quarters of the year at approximately 82%. This improvement was largely driven by increased cost efficiency consolidating our cloud vendors to renegotiate better terms and using AI to dramatically reduce the cost of support and service delivery.

本季我們交出強勁的軟體毛利率87%，高於一年前的81%。軟體毛利率受惠於來自雲端供應商的一次性回饋（rebate）。若以常態化口徑，軟體毛利率將更接近今年前三季水準，約為82%。此改善主要來自成本效率提升：整併雲端供應商以重新協商更佳條款，並運用 AI 大幅降低支援與服務交付成本。

AI now resolves over 80% of our support tickets. This is not theoretical. It is already embedded in our cost structure to date, and we're only just getting started.

AI 現在已能解決超過80%的支援工單。這不是理論推演。它至今已嵌入我們的成本結構中，而我們才剛剛開始。

Gross margins for transaction-based revenue were 31%, up from 29% last year. This improvement reflects increased payment penetration in our international markets, where margins exceed those in North America as well as growth in our Lightspeed Capital revenue. 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 26% year-over-year.

交易型營收的毛利率為31%，高於去年的29%。此改善反映國際市場支付滲透率提升（其毛利率高於北美），以及 Lightspeed Capital 營收成長。隨著我們將客戶轉換至 Lightspeed Payments，我們提升了整體淨毛利金額。且在本季，交易型毛利年增26%。

Total adjusted R&D, sales and marketing and G&A expenses grew 15% year-over-year. This was primarily driven by meaningful investments in field and outbound sales as well as product innovation within our growth engine. In Q4, we made a conscious decision to pull forward additional hiring for our outbound team. And as we move into fiscal 2027, we will leverage the investments made last year by deploying AI solutions to further enhance productivity across both R&D and sales and marketing.

本季調整後的研發、銷售與行銷以及一般與行政（G&A）費用年增15%。主要由於我們在成長引擎中對外勤與外撥銷售，以及產品創新的重大投資。在第四季，我們有意提前為外撥團隊進行額外招募。隨著我們邁入2027會計年度，我們將透過部署 AI 解決方案，進一步提升研發與銷售及行銷兩方面的生產力，以發揮去年投資的效益。

Adjusted EBITDA in the quarter came in at USD15.1 million, increasing 17% from USD12.9 million in Q4 last year. This was driven by continued success from our strategic shift and our focus on AI and automation to accelerate operating efficiency. As a percentage of gross profit, adjusted EBITDA was 12%. This level of profitability enables us to continue investing in our growth engines, while maintaining strong capital discipline, including funding product innovation, scaling outbound sales and supporting our capital return priority.

本季調整後 EBITDA 為1,510萬美元，較去年第四季的1,290萬美元成長17%。這主要受惠於我們策略轉向的持續成效，以及我們聚焦 AI 與自動化以加速營運效率提升。以毛利百分比計，調整後 EBITDA 為12%。此獲利水準使我們得以在維持嚴謹資本紀律的同時，持續投資成長引擎，包括資助產品創新、擴大外撥銷售規模並支持我們的資本回饋優先事項。

For the year, we generated positive adjusted free cash flow of USD18.2 million. We delivered negative adjusted free cash flow in the quarter of USD13 million due almost entirely to timing of working capital. We continue to actively manage our share-based compensation and related payroll taxes, which were USD11 million for the quarter versus USD11.8 million in the prior year quarter, slightly declining as a percentage of revenue compared to Q4 last year.

全年而言，我們產生了正的調整後自由現金流1,820萬美元。本季調整後自由現金流為負1,300萬美元，幾乎完全是由於營運資金時點所致。我們持續積極管理以股份為基礎的薪酬及相關薪資稅；本季為1,100萬美元，較去年同期的1,180萬美元下降，且占營收比重亦較去年第四季略降。

Turning now to capital allocation and our balance sheet. Our balance sheet remains exceptionally healthy. We ended Q4 with approximately USD454 million in cash. Approximately USD200 million remains under our broader Board authorization to repurchase up to 400 million in Lightspeed share. Lightspeed's Board has approved the renewal of our normal course issuer bid for the repurchase of an additional 8.5 million shares, representing approximately 10% of the public float.

接下來談資本配置與資產負債表。我們的資產負債表仍然非常健康。我們在第四季末持有約4.54億美元現金。在董事會更廣泛的授權下，仍有約2億美元可用於回購最多4億股 Lightspeed 股票。Lightspeed 董事會已核准續期一般常規發行人投標（NCIB），以回購額外850萬股，約占流通在外股份（public float）的10%。

Total shares outstanding in the quarter were down 6% versus the same quarter last year due primarily to the USD86 million in shares repurchased and canceled over the last 12-month period. Aside from potential buyback, our largest use of cash will be growing our merchant cash advance program. There were USD118 million in MCAs outstanding at year-end and we intend to continue growing this high-margin program over time.

本季流通在外股數較去年同期下降6%，主要因過去12個月期間回購並註銷了8,600萬美元的股份。除潛在回購外，我們最大的現金用途將是擴大商戶現金預支（MCA）計畫。年末 MCA 未償餘額為1.18億美元，我們打算隨時間持續擴大這項高毛利計畫。

With respect to M&A, we remain opportunistic in evaluating small tuck-in acquisitions to help accelerate product development. However, large-scale acquisitions are not a strategic priority for us. Our balance sheet remains healthy and positions us well as we continue executing against our strategic focus.

就併購（M&A）而言，我們仍會把握機會評估小型補強式收購，以協助加速產品開發。然而，大型收購並非我們的策略優先事項。我們的資產負債表仍然健康，並使我們在持續落實策略重點時具備良好條件。

Looking ahead to fiscal 2027, divesting Upserve allows us to better focus on our growth engines, expand our gross margin and has relatively minor impact on adjusted EBITDA. This is structural improvement in the business, not short-term optimization. Before turning to our fiscal 2027 outlook, please note that the only update we are making to our 3-year target is to incorporate the divestiture of Upserve. You can refer to the outlook section of our press release for more details.

展望2027會計年度，出售 Upserve 使我們能更專注於成長引擎、擴大毛利率，且對調整後 EBITDA 的影響相對有限。這是業務的結構性改善，而非短期最佳化。在談到我們2027會計年度展望之前，請注意我們對三年目標所做的唯一更新，是納入出售 Upserve 的影響。更多細節請參閱我們新聞稿的展望（outlook）章節。

On a consolidated basis, we expect our 3-year fiscal '25 to fiscal '28 gross profit CAGR of 15% to 18% to remain intact, but we will report numbers excluding Upserve for comparability going forward. With the Upserve divestiture, we expect total gross profit of approximately USD665 million to USD685 million in fiscal 2028 versus our initial guide of USD700 million before the divestiture. Excluding Upserve from historical financials results in a target gross profit CAGR between fiscal 2025 and fiscal 2028 of 16% to 17%. We also expect gross margins to now be in the range of 43% to 46% and an improvement from our original estimate of 42% to 45%.

在合併口徑下，我們預期 2025 會計年度至 2028 會計年度三年毛利年複合成長率（CAGR）15% 至 18% 的目標仍將維持不變，但為了未來可比性，我們將改以排除 Upserve 的數字來揭露。隨著出售 Upserve，我們預期 2028 會計年度的總毛利約為 6.65 億至 6.85 億美元，相較於出售前我們最初指引的 7.00 億美元。將 Upserve 自歷史財務數據中排除後，2025 會計年度至 2028 會計年度的目標毛利 CAGR 為 16% 至 17%。我們也預期毛利率目前將落在 43% 至 46% 的區間，較我們原先估計的 42% 至 45% 有所改善。

We expect adjusted EBITDA to be approximately 20% of gross profit by fiscal 2028. Excluding Upserve from historical financials results in an adjusted EBITDA CAGR between fiscal '25 and fiscal '28 of over 50% versus the 35% we presented at Capital Markets Day.

我們預期至 2028 會計年度，調整後 EBITDA 約為毛利的 20%。將 Upserve 自歷史財務數據中排除後，2025 會計年度至 2028 會計年度的調整後 EBITDA CAGR 超過 50%，高於我們在資本市場日所呈現的 35%。

In terms of free cash flow for fiscal 2028, we now expect adjusted free cash flow of approximately USD95 million, a slight decrease from our original outlook of USD100 million. Again, due to the divestiture of Upserve.

就 2028 會計年度的自由現金流而言，我們目前預期調整後自由現金流約為 9,500 萬美元，較我們原先展望的 1.00 億美元略為下調。同樣地，這是因為出售 Upserve。

Our outlook for our growth engines does not change. We continue to expect gross profit to grow at a 3-year CAGR between fiscal '25 and fiscal '28 of 20% to 25% and locations to grow at a 3-year CAGR of 10% to 15%.

我們對成長引擎的展望不變。我們仍預期 2025 會計年度至 2028 會計年度三年毛利 CAGR 為 20% 至 25%，據點數三年 CAGR 為 10% 至 15%。

Now turning to fiscal 2027 outlook. For the full fiscal 2027 year, we expect total revenue of USD1.225 billion to USD1.265 billion, representing organic growth of 12% to 15%; total gross profit of USD565 million to USD585 million, representing organic growth of 12% to 16%; and adjusted EBITDA of USD75 million to USD95 million. For Q1 of fiscal 2027, we expect total revenue of USD305 million to USD350 million representing organic growth of 10% to 14%; total gross profit of USD136 million to USD141 million, representing organic growth of 10% to 14%; and adjusted EBITDA of USD15 million to USD20 million.

接著談 2027 會計年度展望。就 2027 會計年度全年而言，我們預期總營收為 12.25 億至 12.65 億美元，代表有機成長 12% 至 15%；總毛利為 5.65 億至 5.85 億美元，代表有機成長 12% 至 16%；調整後 EBITDA 為 7,500 萬至 9,500 萬美元。就 2027 會計年度第一季而言，我們預期總營收為 3.05 億至 3.50 億美元，代表有機成長 10% 至 14%；總毛利為 1.36 億至 1.41 億美元，代表有機成長 10% 至 14%；調整後 EBITDA 為 1,500 萬至 2,000 萬美元。

With that, we will now take your questions.

接下來我們將開始回答各位的提問。

(Operator Instructions) Dan Perlin, RBC Capital Markets.

(接線員指示) Dan Perlin，RBC Capital Markets。

Asha, if you could just maybe talk a little bit about the cadence of revenue growth throughout the year. Obviously, the 1Q guide kind of points to an organic growth of 10% to 14% and the full year is 12% to 15%. So there's an accelerant there. And I'm just wondering what those key drivers are going to be?

Asha，能否請你談一下全年營收成長的節奏？顯然，第一季指引大致指向有機成長 10% 至 14%，而全年則是 12% 至 15%。所以中間有加速的空間。我想了解主要驅動因素會是哪些？

You're absolutely right. When you think about the revenue growth, we are expecting uplift as we move throughout the year. There's quite a bit of work that we continue to put into growing the growth engines retail in North America and hospitality in Europe.

你說得完全正確。談到營收成長，我們預期隨著年度推進會有所提升。我們持續投入相當多的工作來推動成長引擎：北美的零售以及歐洲的餐旅。

You've heard about all the product releases Dax talked about as well. So that coming to fruition throughout the quarter should drive top line growth, continued payments penetration as well. So all the things that you've seen from us as before, baked into the accelerating growth as we move into the quarters of fiscal '27 and into '28.

你也聽到 Dax 提到的所有產品發布。因此，這些在本季逐步落地應會帶動營收成長，同時也會持續提升支付滲透率。所以，你之前看到我們所做的一切，都已納入我們在 2027 會計年度各季以及進入 2028 會計年度的加速成長假設之中。

Okay. And then just quickly as a follow-up on Lightspeed Capital. I mean, it was up 73% this quarter, so it's clearly growing very quickly. You talked about using some of the proceeds from Upserve to maybe accelerate that growth. I'm just wondering how much are you thinking about pointing towards Lightspeed Capital? And how should we be thinking about potential acceleration there?

好的。接著快速追問一下 Lightspeed Capital。本季成長 73%，顯然成長非常快。你提到可能會用部分 Upserve 的處分所得來加速那邊的成長。我想了解你們打算把多少資源投向 Lightspeed Capital？我們應該如何看待那邊可能的加速？

We expect Capital to continue to accelerate into fiscal '27. We do need to keep in mind that Upserve was an entity that was heavy on usage of Lightspeed Capital. But when we look at the growth of Lightspeed Capital on a pro forma basis, we still see about 35-plus percent growth in that business.

我們預期 Capital 在 2027 會計年度將持續加速。但我們也需要記住，Upserve 是一個高度使用 Lightspeed Capital 的實體。不過，當我們以備考（pro forma）基礎來看 Lightspeed Capital 的成長時，我們仍看到該業務約 35% 以上的成長。

What we have to keep in mind at the end of the day, Dan, is we want to make sure that our default rates remain in the low single digits. We've done a really good job at accelerating ROI on Lightspeed Capital, reducing the months payback with which we get repaid, and that's resulted in very low default rates, the lowest we've seen in the industry, to be honest. So what's important to us is to grow this business prudently and we expect to continue to do that with some nice 35-plus percent growth in fiscal '27.

Dan，歸根結底我們必須記住的是，我們希望違約率維持在低個位數。我們在加速 Lightspeed Capital 的投資報酬率（ROI）、縮短回收款項的回收月數方面做得非常好，這也帶來非常低的違約率；坦白說，是我們在業界看到最低的。因此，對我們而言重要的是審慎地擴張這項業務，我們預期在 2027 會計年度仍能以不錯的 35% 以上成長持續推進。

Kevin Krishnaratne, Scotiabank.

Kevin Krishnaratne，Scotiabank。

First, just a question on the growth engine net adds. Good to see the acceleration. I think you mentioned four quarters in a row there. I'm wondering if there's any difference that you'd want to call out between what you're seeing in North America retail and European hospitality? And do we expect another quarter of acceleration in the coming quarter?

首先想問成長引擎的淨新增（net adds）。很高興看到加速。我想你提到已經連續四個季度了。我想了解，在北美零售與歐洲餐旅這兩塊，你們看到的情況是否有任何差異值得特別指出？以及我們是否預期下一季還會再加速？

Yes, we're obviously super pleased with the acceleration in location growth from 5% to 7% to 9% to now 11% growth, 3,200 locations in Q4. We have doubled down on our growth strategies and our growth engines, outbound sales. Field motions in Europe, we're seeing a lot of new customers come on board in Europe through the field motions. We're also really excited about the progress we've made with the new order-led outbound motions that are outbound remote.

是的，我們對據點成長從 5% 到 7% 到 9% 再到現在 11% 的加速感到非常滿意，第四季新增 3,200 個據點。我們加碼投入成長策略與成長引擎，包括外呼銷售（outbound sales）。在歐洲的實地拓展（field motions）方面，我們看到透過實地拓展帶來許多新客戶加入。我們也對新推出、以訂單為導向的外呼拓展（order-led outbound motions）且採遠端外呼的進展感到非常振奮。

So in call centers but doing outbound for retail. That's -- it's grown from a nascent motion. So that's one that has a large contribution now on the retail side. So very enthusiastic about that. We are projecting that both of those motions will continue to bear fruit and become even more efficient and more productive throughout the year. I would think about growth in FY27 as staying in that 10% to 15% CAGR and yes, continuing on this path through in this range.

也就是在客服中心進行零售端的外呼。這項模式——它從一個萌芽階段開始成長。因此，這一塊現在在零售端已經有相當大的貢獻。所以我們對此非常有信心。我們預期這兩種拓展方式都將持續開花結果，並在全年變得更有效率、更具生產力。我會把 2027 會計年度的成長視為維持在 10% 至 15% 的 CAGR，並且是的，會持續沿著這條路徑、維持在這個區間內。

Still on the growth engine, but specifically the software growth, I think you saw the 9% this quarter, it was 13% in the previous quarter. One, was that within your expectations? And just broadly, how do we think about software growth trends in 2027?

仍然是關於成長引擎，但更具體是軟體成長。我想你們本季看到 9%，前一季是 13%。第一，這是否符合你們的預期？以及更廣泛地，我們該如何看待 2027 年的軟體成長趨勢？

So software grew 6% year-over-year this quarter, 8% for the year. In the growth engines, it was -- I think it was 15% for the full year. Yes, we are really focused on building up the software business, the software growth in the growth engines is a strong point, but we're -- we brought on Gabe as our new CRO, we're really building out the capability in our cross-sell, upsell and account management as well as new business growth has always been very strong. That's supported by a lot of the product innovation that you're seeing.

因此，本季軟體年增 6%，全年年增 8%。在成長引擎方面，我認為全年是 15%。是的，我們非常專注於擴大軟體業務；成長引擎中的軟體成長是一大強項，但我們——我們延攬 Gabe 擔任新的 CRO，我們也正在大幅強化交叉銷售、加購與客戶帳戶管理的能力，同時新業務成長一向非常強勁。這也受到你所看到的大量產品創新所支持。

There's a strong cadence of product release velocity, a lot of innovation on AI. We published some adoption stats in -- along with we shared those in the script, and that was -- I think that's really landing with customers. So we're seeing that the outcome of that and the location growth, but we'll also see that in software growth through the year.

產品發布速度的節奏很強，AI 方面也有大量創新。我們在——並且我們在講稿中也分享了——發布了一些採用統計數據，我認為這確實正在打動客戶。因此，我們正在看到其帶來的成果與據點成長，而我們也會在今年的軟體成長中看到這一點。

We're also really looking doubling down on the partner and channel strategies. We have a great partner channel, great channel strategy, but we're going to be putting even more effort into that as the year goes on.

我們也確實在加碼合作夥伴與通路策略。我們有很棒的合作夥伴通路、很好的通路策略，但隨著今年推進，我們會投入更多力道在這上面。

Josh Baer, Morgan Stanley.

Josh Baer，摩根士丹利。

One topic, a couple of parts to it, on the divestiture. I thought it was interesting. Not that you'd potentially sell like US hospitality or rest of world retail assets, but that you were able to package Upserve just given timing of the deal. So I guess I'm wondering, first, are there any acquired companies from that 2018 to 2020 that still operate under the legacy brand and operations and not integrated Lightspeed?

一個主題，分成幾個部分，關於資產剝離。我覺得這很有意思。不是說你們可能會出售像是美國餐旅（hospitality）或世界其他地區的零售資產，而是考量到交易時點，你們竟然能把 Upserve 打包在一起。所以我想問，第一，2018 到 2020 年間收購的公司裡，是否還有任何公司仍以原有品牌與營運方式運作，尚未整合進 Lightspeed？

And then second, was there any potential for this deal to be expanded to broader US hospitality? And then just last, like running through some of the acquisitions, it seems like (inaudible) are all in the growth engines. If you could just correct me if I'm off there. But then I'm wondering, if there's parts of ShopKeep as far as US restaurants and Vend, which had a large retail presence in Asia and Europe, which could potentially be divested?

第二，這筆交易是否有可能擴大到更廣泛的美國餐旅業務？最後，回顧一些收購案，看起來（聽不清）都在成長引擎裡。如果我理解有誤，請幫我更正。但我也想問，ShopKeep 中與美國餐廳相關的部分，以及 Vend（在亞洲與歐洲有很大的零售版圖）是否有可能被剝離？

Then, of course, is our -- the foundation of our flagship X Series in retail. So that's a core part of our strategy. It's sold, of course, in our growth engines, and we also sell it in the international efficiency markets as well. We're always looking -- evaluating all options for future divestitures through that lens of creating long-term shareholder value.

此外，Vend 當然是我們零售旗艦 X Series 的基礎。因此這是我們策略的核心部分。它當然在我們的成長引擎中銷售，我們也在國際效率市場中銷售。我們一直在——透過「創造長期股東價值」這個視角，評估未來所有可能的剝離選項。

So Upserve, I think, was a great accounting participant divestiture. We're not focused on US hospitality. And so, that made a lot of sense that they can grow that business. The new buyer has a lot more -- able to give it the focus, whereas for us, our priority is European hospitality where we are a clear leader.

至於 Upserve，我認為這是一筆很好的會計參與者（accounting participant）剝離案。我們並不聚焦於美國餐旅。因此，讓他們能夠把那個業務做大是很合理的。新的買方能投入更多——能給予它更專注的資源；而對我們而言，我們的優先事項是歐洲餐旅市場，在那裡我們是明確的領導者。

Martin Toner, ATB Cormark Capital Markets.

Martin Toner，ATB Cormark 資本市場。

Just looking at the '25 to 2028 targets. Can you kind of walk us through the change to 20% growth in gross profit? Is it just a function of the divestiture? And can you kind of talk about how location growth being stronger helps you guys meet those goals?

我想就 2025 到 2028 年的目標請教。你能否帶我們了解一下，毛利 20% 成長的變動是怎麼來的？這只是剝離的影響嗎？另外，你能否談談據點成長更強勁如何幫助你們達成這些目標？

Yes, all of the Capital Markets Day guide adjustments we made are solely to take into account the divestiture. So the 20% of gross profit target that we outlined for adjusted EBITDA is only simply factored to remove the gross profit and the EBITDA contribution of Upserve. So that's totally accurate.

是的，我們在資本市場日（Capital Markets Day）所做的所有指引調整，完全只是為了反映這次剝離。因此，我們所提出的調整後 EBITDA 目標（以毛利的 20% 為目標）只是單純把 Upserve 的毛利與 EBITDA 貢獻移除後的結果。所以你的理解完全正確。

When I look at that location growth in the quarter, it makes your 2027 rev target based on the organic growth look kind of conservative. Can you guys talk a little bit about that? And if you agree, it's conservative, why were you conservative?

當我看本季的據點成長時，你們以有機成長為基礎的 2027 年營收目標看起來有點保守。你們能否談談這點？如果你們也同意它偏保守，為什麼要這麼保守？

There are several factors at play here, Martin. The -- as you heard from us in our prepared remarks, the macro was strong in fiscal '26 both from a same-store sales perspective and from an FX perspective. And EMEA hospitality specifically, we have a pretty thriving business there. Our guide takes into account the factors that are in our control, which means that if the macro continues strong, that will land well for us. And if it doesn't, we're confident that we're going to hit those numbers in the guide. I think that's really the main factor that's causing a slight discrepancy in what you're looking at.

Martin，這裡有幾個因素在起作用。——如同你在我們事先準備的發言中所聽到的，2026 財年整體宏觀環境很強，不論是同店銷售角度或匯率角度。而 EMEA 的餐旅業務特別是，我們在那裡的業務相當蓬勃。我們的指引納入了我們可控的因素；也就是說，如果宏觀環境持續強勁，對我們會很有利。如果沒有，我們也有信心能達成指引中的數字。我認為這就是你所看到的些微落差的主要原因。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通。

I wanted to ask two questions. First on go-to-market and quota-carrying salespeople. Just curious if there's been any change in your growth plan on head count on go-to-market and if you're seeing any changes in ROI there? Then I have a follow-up.

我想問兩個問題。第一個關於 go-to-market 與承擔配額的業務人員（quota-carrying salespeople）。我想了解你們在 go-to-market 的人力成長計畫是否有任何變化，以及你們是否看到 ROI 有任何變化？然後我還有一個追問。

We're continuing to double down on growth in our growth engines in Retail North America, hospitality in Europe. Outbound is a big part of that strategy as we open new markets we're looking to grow our head count in those markets. We are very, very prudent on the metrics that we track, however, to ensure salesperson effectiveness so that we can ensure profitable growth, and you see that in the growth in EBITDA.

我們會持續在成長引擎加碼成長：北美零售、歐洲餐旅。當我們開拓新市場時，外呼（outbound）是該策略的重要部分，我們也會在那些市場擴增人力。不過，我們在追蹤的指標上非常、非常審慎，以確保業務人員的有效性，從而確保獲利性成長；你也能從 EBITDA 的成長中看到這點。

Some of the key metrics we track from a sales perspective are per seller productivity quota achievement, cap, payback, all the things that you would imagine. We even look at customer outreach volume, demos, booked leads, disposition. And we have seen a swift impact from the launch of these outbound motions in our growth markets. And where that seller effectiveness is going super well, we will double down and pivot from areas where they're less effective. We're definitely optimizing these motions as part of the foundation for sustainable growth.

從銷售角度，我們追蹤的一些關鍵指標包括：每位銷售的人均產出、配額達成率、cap、回收期（payback），以及你能想像到的所有指標。我們甚至會看客戶觸達量、demo、預約線索（booked leads）、處置/轉化狀態（disposition）。而我們已經看到在成長市場推出這些外呼動作後帶來的快速影響。在銷售有效性表現非常好的地方，我們會加碼；在效果較差的地方，我們會轉向調整。我們確實正在優化這些動作，作為可持續成長基礎的一部分。

And then maybe for Dax just thinking about product road map and velocity. I'm curious with all this AI stuff changing and definitely seems like a bigger focus on product velocity, especially from the larger incumbent processors. Has that changed your strategy in any way? I'm curious just to hear you if -- on big picture product road map, product velocity and where you're focused.

接著也許給 Dax：談到產品路線圖與發布速度。我很好奇，在 AI 的各種變化之下，而且看起來產品速度成為更大的焦點，尤其是大型既有處理商（incumbent processors）。這是否在任何方面改變了你們的策略？我想聽你談談——從大方向來看——產品路線圖、產品速度，以及你們的重點放在哪裡。

If you look at the products released this quarter, almost all of them are AI-powered. Lightspeed AI has been a really big launch for us across retail and hospitality, we're seeing great adoption. We're starting to really double down on building the agentic workflows, particularly as we build out wholesale buying within new order within the wholesale platform. We brought on Bhawna Singh as our new CTO. She's built -- done incredible agentic work at Okta and is going to be working with John Shapiro, to really build out that AI road map.

如果你看本季發布的產品，幾乎全部都是 AI 驅動。Lightspeed AI 對我們而言是在零售與餐旅領域的一次非常重大的發布，我們看到很好的採用率。我們開始真正加碼打造代理式（agentic）工作流程，特別是在我們於批發平台中擴展批發採購、建立新訂單（new order）之際。我們延攬 Bhawna Singh 擔任新的 CTO。她在 Okta 做過——完成了非常出色的代理式工作，並將與 John Shapiro 一起，真正把 AI 路線圖建構起來。

I think the reality is that the complex SMBs and mid-market merchants that we serve, they have laborious tedious workflows that require a lot of time, a lot of staff like wholesale buying, we're sitting with customers now, watching them in their buying processes. It can be well served by agents that we're doing, offering them options for assortment for negotiation for all the different aspects that are -- that require all of the data that Lightspeed brings together, all the foundational data across wholesale, the merchant and the consumer.

我認為現實是，我們所服務的複雜中小企業（SMB）與中型市場商戶，他們有繁重、冗長的工作流程，需要大量時間與大量人力，例如批發採購；我們現在正與客戶坐在一起，觀察他們的採購流程。這些流程可以由我們正在打造的代理（agents）很好地支援，為他們在選品組合、議價，以及所有不同面向提供選項——而這些面向都需要 Lightspeed 匯整的所有資料，也就是橫跨批發、商戶與消費者的所有基礎資料。

We have a view across all of that, which is very, very unique in the market since we have all those components with the wholesale platform with the retail POS platform and with all of the consumer payments piece. And so, we can bring that together in a unique way and craft a workflow that benefits from the visibility across all of that proprietary and unique data. and in addition, provide value back to the brands that are fueling all that wholesale buying.

我們對上述所有環節都有全局視角；由於我們同時具備批發平台、零售 POS 平台，以及消費者支付的所有組件，因此在市場上這是非常、非常獨特的。因此，我們能以獨特方式把它們整合起來，打造一套工作流程，受益於對所有專有且獨特資料的可視性；此外，也能把價值回饋給推動所有批發採購的品牌方。

So yes, I think we're really excited, and I think that we're in a really unique position to be able to build really, really differentiated agentic workflows on retail and as well on hospitality. We've got a really unique network. We're the number -- we're the leading player for full-service hospitality in Europe. And so, therefore, tools like benchmark and trends where we really draw upon that density we have per city to be able to benchmark and offer restaurants insights into what's trending at restaurants and what time of days to offer different kinds of items and when to staff, we can do that because of the density of restaurants that we have and all that data. So all of these elements offer us a very -- a lot of exciting possibilities for road map that's driven by AI.

所以是的，我認為我們非常興奮，而且我認為我們處於非常獨特的位置，能在零售以及餐旅（hospitality）領域打造非常、非常具差異化的代理式工作流程。我們擁有非常獨特的網路。我們是——我們是在歐洲全服務型餐旅領域的領先玩家。因此，像是基準（benchmark）與趨勢（trends）這類工具，我們能真正利用我們在各城市的密度來做基準比較，並為餐廳提供洞察：餐廳目前流行什麼、一天中哪些時段適合提供不同品項、以及何時該配置人力；我們之所以能做到，是因為我們擁有大量餐廳的密度與所有那些資料。因此，所有這些要素為我們帶來非常——帶來許多令人振奮的可能性，形成一個由 AI 驅動的產品路線圖。

Matt Bullock, Bank of America.

Matt Bullock，美國銀行（Bank of America）。

Great to see the continued acceleration of core location growth. it sounds like we can expect that to be in the 10% to 15% range for the year. But given the pull forward in some of the outbound hiring, I was hoping you could provide some color on the expected glide path of year-over-year growth for core location. Should we expect that to level out throughout the back half of the year? Or how should we think about it?

很高興看到核心據點（core location）成長持續加速。聽起來我們可以預期今年會落在 10% 到 15% 的區間。但考量到部分外呼（outbound）招募有所提前，我希望你能提供一些說明，談談核心據點年對年成長的預期走勢。我們是否應該預期在下半年會趨於平穩？或者我們該如何看待？

So there's certainly -- it's -- like I said earlier, we're going to stay within that 10% to 15%. I'm really proud that we -- that's a 3-year CAGR, 10% to 15%. We reached that within year one of the transformation. So this is going well for Lightspeed. And just spoke about some of the product things that we're releasing.

所以確實——就像我先前說的，我們會維持在 10% 到 15% 的區間內。我非常自豪的是——那是 3 年複合年成長率（CAGR）10% 到 15%。我們在轉型的第一年就達成了。所以這對 Lightspeed 來說進展得很順利。而且我剛剛也談到一些我們正在推出的產品事項。

We have a compelling platform for folks in our growth engines. So that, I think is, for us, a lot of wind in our sales. So what I will say though is that as we go through the quarters of next year, there is seasonality. So the number of locations will fluctuate. There's definitely some stronger quarters in the raw location number, but the percentage, the growth rate will -- we're expecting it to stay within the 10% to 15%.

我們在成長引擎（growth engines）領域為客戶提供了一個很有吸引力的平台。所以我認為，對我們而言，這為銷售帶來了很大的助力。不過我要說的是，當我們進入明年各個季度時，會有季節性因素。因此，據點數會有所波動。在原始據點數（raw location number）上，確實有些季度會更強，但百分比、成長率——我們預期會維持在 10% 到 15% 的區間內。

Richard Tse, National Bank Capital Markets.

Richard Tse，加拿大國家銀行資本市場（National Bank Capital Markets）。

Good work on the locations here. I was wondering if you could maybe help us understand what the mix of those wins from let's say, new logos versus expansions or anything related to sort of price, just to give us a sense of what that would be?

據點表現做得很好。我想請問你是否能幫我們理解一下這些勝利的組成，例如新客戶（new logos）相較於擴張（expansions）的占比，或任何與價格相關的因素，讓我們對其結構有個概念？

So as I was saying earlier, new business is a very, very strong point for the company. We're bringing a lot of new logos. We shared some of them in the earlier remarks. Of course, a lot of our customers are multi-location. And so, it's restaurants adding additional locations, it's retail stores, adding additional locations. But I believe the vast majority of locations is coming from new business, new logos.

如我先前所說，新業務是公司非常、非常強的一個面向。我們帶來了很多新客戶（new logos）。我們在前面的談話中也分享了一些。當然，我們很多客戶是多據點（multi-location）。因此，會有餐廳新增更多據點，也有零售店新增更多據點。但我相信，絕大多數的據點來自新業務、新客戶（new logos）。

Okay. And then with respect to sort of the outbound, I think last quarter, you had like 150 reps. As you sort of look at these new wins relative to the installed base, how is that sort of LTV to CAC trending kind of in contrast? Like are you seeing increasing efficiencies by the numbers you're putting up here? Or maybe give us some sense of how that's playing out.

好的。接著關於外呼（outbound），我記得上季你們大概有 150 位業務代表。當你們看這些新贏單相對於既有客群（installed base），LTV 對 CAC 的趨勢對比如何？也就是說，從你們現在交出的數字來看，是否看到效率在提升？或者能否分享一下目前的情況？

As I said earlier, we do track LTV to CAC very closely. And as you would expect, our outbound motion drives better LTV to CAC than any other motion inside the company. if you think of feet on the street, an outbound rep is walking into a restaurant, and choosing the restaurant, based on the lifetime value or the GTV of that restaurant. And so, definitely the best motion from an LTV to CAC perspective. So we're really happy with the progress we're seeing there. And in Europe, hospitality in particular, where feet on the street is popular, we are entering new cities, et cetera, with that motion.

如我先前所說，我們確實非常密切地追蹤 LTV 對 CAC。而且如你所預期，我們的外呼模式（outbound motion）帶來的 LTV 對 CAC 優於公司內任何其他模式。若你想像「走上街頭」（feet on the street），外呼業務代表走進一家餐廳，並根據該餐廳的終身價值（lifetime value）或 GTV 來選擇目標餐廳。因此，從 LTV 對 CAC 的角度來看，這絕對是最好的模式。所以我們對目前看到的進展非常滿意。而在歐洲，特別是餐旅業，走上街頭的模式很普遍；我們也透過這種模式進入新的城市等等。

Andrew Harte, BTIG.

Andrew Harte，BTIG。

Asha, could you just kind of get the latest thoughts on payment penetration? Just thinking about where it can get to this year and longer term. I know in the past, there's been some contractual hold-ups on the ability for people to take Lightspeed payments. So I would just like to hear where you see opportunities to continue pushing the payments penetration number higher.

Asha，你能否分享一下對支付滲透率（payment penetration）的最新看法？我在想今年可以提升到什麼程度，以及更長期的目標。我知道過去在讓客戶使用 Lightspeed Payments 方面，曾有一些合約上的阻礙。所以我想聽聽你認為有哪些機會可以持續把支付滲透率推得更高。

Yes, payment penetration increased to 42% in Q4, up from 38% a year ago. For the full year, payment penetration was in the 42% range versus 37% the year before.

是的，第四季支付滲透率提升至 42%，高於一年前的 38%。以全年來看，支付滲透率約在 42% 左右，對比前一年的 37%。

Something to keep in mind is that once we remove Upserve, which we did divest at the beginning of this quarter, payment penetration is slightly under 40% for the company, still 46% in the growth engines. So when we think of opportunity, there's opportunity everywhere, still a ways to go which is we expect quite a nice uplift in payments revenue from that opportunity.

需要留意的是，一旦我們移除 Upserve（我們已在本季初完成剝離），公司的支付滲透率會略低於 40%，但在成長引擎（growth engines）中仍為 46%。因此，當我們思考機會時，機會無所不在；仍有一段路要走，而我們預期這個機會將帶來相當可觀的支付營收提升。

When I think about the efficiency portfolio or the rest of the world portfolio, that's where the biggest opportunity lies. The payment penetration is lower than the growth portfolio. And so, when we think about things like the nonsolicit, et cetera, that we've been talking about, we're seeing a lot of those things come up to the end of their contracts and are ripe for the taking from a payment's perspective.

當我想到效率組合（efficiency portfolio）或「世界其他地區」組合（rest of the world portfolio）時，最大的機會就在那裡。其支付滲透率低於成長組合（growth portfolio）。因此，當我們想到例如我們一直在談的禁止招攬（nonsolicit）等事項時，我們看到其中很多合約即將到期，從支付的角度來看正是可趁之機。

We're undertaking several efforts in fiscal '27 to convert both the back book and continuing to add new locations on payments, going after the back book more aggressively. We've taken care of a lot of the friction points that merchants had in the past through product enhancement. So we're really confident that we're going to move the needle on that in the coming quarters and years.

我們在 27 財年正推動多項工作，將既有客戶（back book）轉換到支付功能，同時也持續在新據點導入支付，並且更積極地推進既有客戶。我們已透過產品強化，解決了商戶過去遇到的許多摩擦點。因此，我們非常有信心在接下來幾季與未來幾年能在這方面帶來明顯進展。

And then Dax, following up on some of the questions earlier about bringing AI to your customers. I guess, can you just talk a bit about what the appetite of these SMBs are to add AI? Are they curious to do it themselves? Or do they want to look to you as their POS provider to integrate around that? And then if you could also talk about like is there any ROI or tangible evidence or return you can point us to of why they want to be adopting it? And then how do you plan to really think about monetizing it longer term as well?

接著 Dax，延續先前一些關於把 AI 帶給客戶的問題。我想請你談談這些中小企業（SMB）導入 AI 的意願如何？他們會想自己嘗試嗎？還是他們希望你們作為 POS 供應商來協助整合？另外，你能否談談是否有任何 ROI、具體證據或可量化的回報，能說明他們為何想採用？以及你們長期又打算如何思考其變現（monetize）？

I think it's -- because we house all that proprietary data, we can give insights that other AI tools wouldn't be able to. And it's not just that we have visibility into their retail POS data, we have also all that data from the wholesale buying piece with the brands as well as all the payments transactions and then we have comparative data with all the other merchants that are similar or in other verticals or geographically. So we can do -- we can provide a lot more insight than a general AI tool can, it's looking at general information out in the Internet so we can provide compelling reasons to want to use AI.

我認為——因為我們掌握所有那些專有資料，我們能提供其他 AI 工具無法提供的洞察。而且不只是我們能看見他們的零售 POS 資料，我們也有與品牌端批發採購相關的所有資料，以及所有支付交易資料；此外，我們還有與其他相似商戶、不同垂直領域或不同地理區域商戶的比較資料。因此我們能做——我們能提供比一般 AI 工具更多的洞察；一般 AI 工具是看網路上的通用資訊，而我們能提供更有說服力的理由，讓人想使用 AI。

And I think what we're seeing is -- I'll just give you one example, we've seen a threefold increase in the use of our insights tools, which we're now extending with AI and people are starting to use reporting in a very different way and access those insights in a very different way. They can do that in a natural language way. So if they're a newer business owner or they don't know how to ask for -- or they don't know how to look for a type of report, they can ask that in a natural language way, and we can create a visualization for them that's exactly what they had in mind as opposed to knowing how to navigate a reporting product or knowing how to build a customer report.

我認為我們看到的是——我舉一個例子，我們的洞察工具使用量增加了三倍，而我們現在正用 AI 來延伸它，人們開始以非常不同的方式使用報表，並以非常不同的方式取得那些洞察。他們可以用自然語言來做到這點。所以如果他們是較新的企業主，或不知道該怎麼提出——或不知道該怎麼找某一類報表，他們可以用自然語言提問，我們就能為他們建立一個視覺化呈現，正好符合他們心中所想，而不必知道如何操作報表產品或如何建立客戶報表。

So it really goes from maybe an administrator being able -- having to navigate that or knowing how to do that to more actionable insights being at everybody who has the permissions to query the system and get immediate results, maybe there's an immediate action that needs to be taken. Maybe their stock that needs to be bought in a timely way for which they might need to initiate a conversation with our capital department to bring that stock in right away.

因此，這真的會從可能需要管理員才能——必須去操作或知道怎麼做，轉變為只要有權限查詢系統的每個人都能取得更可行動的洞察並立即得到結果；也許需要立刻採取行動。也許他們需要及時採購庫存，為此可能需要與我們的資本部門啟動對話，以便立即把庫存進來。

So I think it's going to allow businesses to become a lot more competitive because they've got the insights at their fingertips and then they've got access to everything on the platform like capital, so they can order inventory that's being recommended to them because they can be that much more profitable. So I think that we're going to see the activation of a lot of the elements of the product suite that come from the fact that people are using reporting and insights in a whole different way and it's allowing them to do all new things at their business or generate a lot of new ideas on how to generate revenue.

所以我認為這將讓企業更具競爭力，因為洞察唾手可得，而且他們也能在平台上取得所有資源，例如資本，因此他們可以依照系統建議下單採購庫存，因為他們能因此更有利潤。所以我認為，我們會看到產品套件中許多元素被啟用，這源自於人們以完全不同的方式使用報表與洞察，並讓他們能在企業中做全新的事情，或產生許多關於如何創造營收的新點子。

And remember, we are -- of course, we're going to be able to sell upgraded plans that include more and more AI-driven features. But if any of these new functionalities generate more income and more revenue for the business, we are an outcomes-based business. We generate more revenue for these businesses, and they generate more payments volume and potentially more capital volume.

而且請記得，我們——當然，我們將能銷售包含越來越多 AI 驅動功能的升級方案。但如果這些新功能能為企業帶來更多收入與營收，我們是一家以成果為導向（outcomes-based）的公司。我們為這些企業創造更多營收，他們就會帶來更多支付量，並且可能帶來更多資本量。

So there's a lot of discussion about the new model for software is going to be outcomes-based for us. We are an outcomes-based business. 70% of our revenue is payments, payments and financial services. So we drive more success for our customers through AI-driven tools and will drive more payments revenue.

因此，大家對於軟體新模式有很多討論，對我們而言將會是以成果為導向。我們本來就是以成果為導向的企業。我們 70% 的營收來自支付、支付與金融服務。因此我們透過 AI 驅動工具為客戶帶來更大的成功，也將帶動更多支付營收。

(inaudible), BMO Capital Markets.

（聽不清楚），BMO 資本市場。

This is (inaudible) on behalf of (inaudible). My first question is for your wins in the growth markets for situations where you are displacing legacy or other modern solutions. What are some of the top reasons you heard why merchants are picking Lightspeed over other options? Is it pricing? Is it features, better support and all of the above? Maybe if you could speak to that, please?

我是（聽不清楚），代表（聽不清楚）。我的第一個問題是關於你們在成長市場的贏單，尤其是在你們取代傳統舊系統或其他現代解決方案的情境下。你們聽到商戶選擇 Lightspeed 而非其他選項的主要原因有哪些？是價格嗎？是功能、更好的支援，還是以上皆是？如果可以的話，請談談。

I think it's all of the above. You've got legacy systems where it's very hard to manage multiple locations. That's a basic benefit of the cloud. But now, when you think about the AI era in an era where a lot of the value of the business is driven through data, which relates to my last answer around how important it is for that foundational data in your core platform or your operating platform, your system of record, to be able to provide you value to be able to give you the ability to drive your business to the next level.

我認為是以上皆是。你會看到一些舊系統很難管理多個據點。這是雲端的基本優勢。但現在，當你想到 AI 時代——在一個企業價值很大部分由資料驅動的時代——這也呼應我上一題的回答：你的核心平台或營運平台、你的記錄系統（system of record）中的基礎資料有多重要，因為它必須能提供價值，讓你有能力把企業推向下一個層級。

No business wants to lose that competitive advantage that they're seeing other businesses enjoy, right? And so, -- and that's how we think about how we want to build new modules and new functionality into Lightspeed is accelerating different revenue opportunities for these businesses. It's a competitive economy. It's got all kinds of challenges around cost. And if they don't have a platform where their data is actually benefiting them to be able to navigate that and also generate opportunity then the system is just merely recording transactions. It's just a cash register replacement.

沒有任何企業想失去他們看到其他企業正在享有的那種競爭優勢，對吧？因此——這也是我們思考如何在 Lightspeed 中打造新模組與新功能的方式：加速這些企業不同的營收機會。這是一個競爭激烈的經濟環境。在成本方面有各種挑戰。如果他們沒有一個平台能讓資料真正為他們帶來效益，幫助他們在其中航行並同時創造機會，那麼這個系統就只是單純在記錄交易。它就只是收銀機的替代品。

And that's not what Lightspeed is. We're a high-powered light ERP for these businesses to be able to accelerate. And so, that's -- that matches the ambition of the customers that we're talking to and that's the whole rationale for everything that we do.

而 Lightspeed 不是那樣。我們為這些企業提供的是高效能、輕量級的 ERP，讓他們能加速成長。因此，這——與我們正在對話的客戶的企圖心相匹配，而這也是我們所做一切事情的整體理由。

Perfect. That's great. And just switching to a question that's maybe a bit topical for the coming months. With the World Cup coming up, how are you thinking that may impact your hospitality GTV for the summer months? And just generally, how is the health of your end markets?

很好。太棒了。接著換一個可能與接下來幾個月較相關的問題。世界盃即將到來，你們認為這可能會如何影響你們夏季月份的餐旅（hospitality）GTV？以及更一般地說，你們終端市場的健康狀況如何？

Sorry, the World Cup in L.A.?

抱歉，洛杉磯的世界盃？

Yes. Like -- so if you have a lot of the European crowd coming over to North America, how will you think that may impact your hospitality GTV in Europe?

是的。像是——如果有很多歐洲人潮前往北美，你會如何看待這可能對你們在歐洲的餐旅 GTV 造成的影響？

Listen, European hospitality has had a lot -- several really great seasons since COVID. We've seen -- it's a major, major tourist destination for the world. I mean, it's -- there's a lot of commentary that there's too many tourists in Europe.

聽著，歐洲餐旅業自 COVID 以來已經有好幾個非常、非常好的旺季。我們看到——它是全球非常、非常重要的觀光目的地。我的意思是——外界有很多評論說歐洲的觀光客太多了。

And I think we have a very, very privileged position that one of the main -- one of the main reasons to go to Europe is to eat at some of the best places in the world. Some of the best Michelin star restaurants. And these are on Lightspeed. These restaurants and resorts are by and large on our platform. And I don't think that this is going to be a disappointing summer in terms of those restaurants doing -- those hospitality business doing very, very well.

我認為我們處於非常、非常有利的位置，因為前往歐洲的主要原因之一——其中一個主要原因——就是到世界上一些最棒的地方用餐。一些最頂級的米其林星級餐廳。而這些都在 Lightspeed 上。這些餐廳與度假村大多都在我們的平台上。我不認為就這些餐廳——這些餐旅業務——表現非常、非常好而言，這會是一個令人失望的夏天。

Lemar Clarke, Freedom Capital Markets.

Lemar Clarke，Freedom Capital Markets。

Some of your competitors have called low pressured margins from rising memory costs and broader tariff exposure. And you've been in this negative 70% hardware gross profit margins in the last two quarters versus negative 50% or so on average in previous quarter. So maybe provide some color on the negative drivers there? Is this a deliberate loss (inaudible) strategy tied to payments attached or tariffs compressed in that line? And if so, could you quantify the headwind to margins?

你們的一些競爭對手提到，記憶體成本上升以及更廣泛的關稅曝險，導致毛利率承壓。而你們在過去兩個季度的硬體毛利率為負 70%，相較於先前季度平均約負 50%。所以能否就其中的負面驅動因素提供一些說明？這是否是與綁定支付（inaudible）相關的刻意虧損策略，或是該產品線因關稅而被壓縮？如果是的話，你們能否量化對毛利率的逆風影響？

We have not actually seen a big impact inside our business from a tariff perspective. The negative margins are really due to discounts and incentives that we provide to encourage new business just given the competitive nature of our industry and also the payment terminals that we provide to assist customers in transitioning to our unified payments and POS offering. So it's quite normal for hardware to be generally discounted to facilitate the adoption of our other revenue streams.

從關稅角度來看，我們其實沒有在業務內部看到很大的影響。負毛利主要是因為我們提供折扣與激勵以鼓勵新業務，這是基於我們產業的競爭性；同時也因為我們提供支付終端，協助客戶轉換到我們的整合式支付與 POS 方案。因此，為了促進我們其他營收來源的採用，硬體通常會以折扣方式提供，這是相當正常的。

But having said that, we are not happy with the level of discounting that we saw in the last couple of quarters. And we are implementing and have already actually implemented measures that we expect will improve those margins in F '27, but no real impact felt inside the company from a tariff perspective.

但話雖如此，我們對過去幾個季度看到的折扣幅度並不滿意。我們正在實施、而且其實已經實施了一些措施，我們預期這些措施將在 F '27 改善那些毛利率；但從關稅角度來看，公司內部並未感受到實質影響。

Suthan Sukumar, Stifel.

Suthan Sukumar，Stifel。

For the first one, I wanted to touch on new order. I believe you mentioned some progress on the outbound side of that business. But it does feel like there are a number of early day levers here with this opportunity. Can you speak a little bit about what your priorities are for investment this year? And how should we think about impact and contribution from new order over fiscal '27?

第一個問題我想談談新訂單（new order）。我相信你提到在該業務的外呼（outbound）端有一些進展。但感覺在這個機會上，仍有不少早期的槓桿可以運用。你能否談談今年投資的優先順序是什麼？以及我們應該如何看待新訂單在 2027 財年（fiscal '27）的影響與貢獻？

The new order effort is really firing on all fronts. If you looked at some of the product announcements that were in this quarter, integrating FAIRE, bringing 100,000 new brands to the new -- to the platform, millions of products as well as AI-driven recommendations. The outbound has just been a star.

新訂單的推進其實在各個面向都火力全開。如果你看本季度的一些產品公告，包括整合 FAIRE、為平台帶來 100,000 個新品牌、數百萬項產品，以及 AI 驅動的推薦。外呼表現一直非常亮眼。

I think we talked about last quarter how we were pulling but you're pulling some dollars from this quarter into last to higher ahead for those retail outbound folks. They're highly efficient. They're calling some of the leads provided from some of the brands, new brands that we're signing, like (inaudible), and we've signed a number of great new brands this quarter like Sorel and Nixon. So a lot of amazing progress, and I think that we really believe in that outbound model for retail.

我想我們上季談到過，我們把本季的一些預算提前到上一季，用於提前招募那些零售外呼人員。他們效率非常高。他們會聯繫我們簽下的新品牌所提供的一些潛在名單，例如（inaudible）；而且本季我們也簽下了多個很棒的新品牌，例如 Sorel 和 Nixon。所以進展非常驚人，我們也確實相信零售的外呼模式。

And yes, I think that we'll continue to monitor it, continue to monitor all the metrics and all the seller metrics around it. And I think that we'll continue to grow this team and grow investment in that new order-led outbound motion.

是的，我認為我們會持續觀察，持續監控所有指標，以及與之相關的所有賣家指標。我也認為我們會持續擴大這個團隊，並增加對這種由新訂單帶動的外呼推進方式的投資。

And just on the growth engines, it looks like you guys are hitting your stride there with the improving organic growth visibility. How do you look at market expansion overall from that lens? Do you see opportunity to expand into net new deals and verticals over time?

另外關於成長引擎，看起來你們在那方面正進入佳境，且有機成長的能見度正在改善。從這個角度，你們如何看待整體市場擴張？你們是否看到隨時間推進，擴展到全新交易與垂直領域的機會？

Yes, absolutely. Our growth engine growth, honestly, is what we're seeing is structural. It's not cyclical. We had revenue growth of 24% in the growth engines for both the quarter and the year. And we're really excited about the traction we're seeing there in both of those markets, (inaudible) retail and European hospitality.

是的，絕對有。坦白說，我們看到的成長引擎成長是結構性的。不是週期性的。本季度與全年，成長引擎的營收成長都是 24%。我們對在這兩個市場——（inaudible）零售與歐洲餐旅——所看到的動能感到非常興奮。

We have strong product market fit, the highest close rates across the company and increasing attach of both payments and capital. So lots of opportunity, like I said in the prepared remarks, we're still early in monetization, and we expect that we're going to continue to take advantage of that TAM. And yes, we are growing -- opening a couple of new [geos] this year.

我們有很強的產品市場契合度、全公司最高的成交率，以及支付與資金（capital）兩者的附加採用率（attach）也在提升。所以機會很多；正如我在事先準備的發言中提到的，我們在變現方面仍處於早期階段，我們預期將持續把握那個 TAM。而且是的，我們今年正在擴張——會開拓幾個新的[地理市場]。

Thank you. Ladies and gentlemen, that concludes our Q&A session. I will now turn the call back over to Gus for closing remarks.

謝謝。各位女士、先生，問答環節到此結束。我現在把電話交回給 Gus 作結語。

Great. Thanks, everyone, for joining us today. We will be around all day if anyone has any follow-up questions. And we look forward to speaking to everyone on our next call when we report our fiscal Q1. Have a great day, everyone.

很好。謝謝大家今天加入我們。如果有人有任何後續問題，我們今天一整天都會在。我們也期待在下一次電話會議、當我們公布 2027 財年第一季（fiscal Q1）業績時，與各位交流。祝大家有美好的一天。

This concludes today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。你們現在可以掛斷電話。