Lightspeed Commerce Inc. (LSPD) 2027 Q1 法說會逐字稿

Thank you for standing by. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lightspeed first quarter 2027 earnings call. (Operator Instructions) I would now like to turn the conference over to Gus Papageorgiou, Head of Investor Relations. You may begin.

感謝您耐心等候。我叫 Joe，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 2027 年第一季財報電話會議。(接線員指示) 現在我想把電話會議交給投資人關係主管 Gus Papageorgiou。您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Lightspeed's Fiscal Q1 2027 Conference Call. Joining me today are Dax Dasilva, Lightspeed's Founder and CEO; Ash Bakshani, Lightspeed's CFO; and Gabriel Benavides, Lightspeed's Chief Revenue Officer. 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 that could cause actual results to differ materially from those projected.

謝謝接線員，各位早安。歡迎參加 Lightspeed 2027 財政年度第一季電話會議。今天與我一同出席的有 Lightspeed 創辦人兼執行長 Dax Dasilva；Lightspeed 財務長 Ash Bakshani；以及 Lightspeed 首席營收長 Gabriel Benavides。在 Dax 與 Asha 的準備發言之後，我們將開放提問。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。

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 2027 results presentation available on our website as well as in our filings with US and Canadian securities regulators.

在這些陳述所包含的結論、預測與推估中，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、網站上提供的 2027 財政年度第一季業績簡報，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 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在我們的財報新聞稿中找到；該新聞稿可於我們的網站、SEDAR+ 以及美國證券交易委員會（SEC）的 EDGAR 系統取得。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. Before we get started, I would like to welcome Lightspeed's Chief Revenue Officer, Gabriel Benavides, on the call today. Six months into his new role, Gabe is having a tremendous impact on our go-to-market efforts. He's already signed one of the largest partnership deals in the company's history, brought on strong new talent and restructured our entire go-to-market team.

各位早安，感謝各位加入我們。在開始之前，我想先歡迎 Lightspeed 首席營收長 Gabriel Benavides 今天參與電話會議。在他上任新職務的六個月內，Gabe 對我們的市場進入（go-to-market）工作帶來了巨大的影響。他已經簽下公司史上規模最大的合作夥伴交易之一，延攬了優秀的新人才，並重整了我們整個市場進入團隊。

I thought it would be helpful to update in our Q&A session, so you can hear about our go-to-market momentum directly from him. Fiscal 2027 started off strong for Lightspeed with the company surpassing its revenue outlook. In Q1, on an organic year-over-year basis, we delivered revenue of $323 million, up 17% and gross profit of $139 million, up 12%.

我認為在問答環節更新這些內容會很有幫助，讓各位能直接從他口中了解我們的市場進入動能。Lightspeed 在 2027 財政年度開局強勁，公司營收超越先前展望。第一季以有機年增（year-over-year）計算，我們實現營收 3.23 億美元，年增 17%；毛利 1.39 億美元，年增 12%。

Adjusted EBITDA of $18 million came in within our outlook range. Software growth accelerated to 8% and payments penetration was very strong at 44%, up from 40% a year ago on an organic basis. Our performance was driven by strong execution in our growth engines, where we saw total revenue up 20%, GTV up 14%, customer locations up 10% and payments penetration at 49%, up from 45% last year.

調整後 EBITDA 為 1,800 萬美元，落在我們的展望區間內。軟體成長加速至 8%，支付滲透率表現非常強勁，達 44%，以有機基礎計算較一年前的 40% 提升。我們的表現來自於在成長引擎上的強力執行：總營收年增 20%、GTV 年增 14%、客戶據點年增 10%，支付滲透率為 49%，高於去年的 45%。

Thanks to our healthy performance and growing confidence in our strategy and operations, we returned approximately $86 million through share repurchases in the quarter as part of our commitment to return capital to shareholders. Last year, we launched our refreshed strategy, sharpening our focus and concentrating our product and go-to-market resources on our two growth markets, retail in North America and hospitality in Europe.

受惠於健康的營運表現，以及對策略與營運的信心提升，本季我們透過庫藏股回購返還約 8,600 萬美元，作為我們回饋股東資本承諾的一部分。去年我們推出更新後的策略，進一步聚焦，並將產品與市場進入資源集中於兩個成長市場：北美零售與歐洲餐旅。

With the foundations of that transformation now firmly in place, year two is about pressing our advantage and executing with even greater discipline to drive stronger results. I'll walk through the progress we made this quarter and lay out some of the initiatives we're driving to accelerate our performance further. As always, I'll organize my comments around our three stated priorities: one, growing customer locations in our growth engines; two, expanding subscription ARPU; and three, improving adjusted EBITDA and free cash flow.

隨著這項轉型的基礎如今已穩固到位，第二年將著重於擴大優勢，並以更高的紀律執行，以推動更強勁的成果。我將說明本季取得的進展，並概述我們正在推動的一些措施，以進一步加速表現。一如既往，我將圍繞我們三項既定優先事項來說明：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。

Let me start with customer locations and our growth engines. Total growth engine customer locations increased by approximately 10% year-over-year to a total of 99,000. Our strategy to create durable growth by focusing on higher-quality agreements with ICP customers extends to our partner ecosystem. In Q1, a legacy white label partnership agreement was terminated, resulting in the removal of approximately 500 low ARPU locations from our customer base.

我先從客戶據點與我們的成長引擎談起。成長引擎的客戶據點總數年增約 10%，達到 99,000 個。我們透過聚焦於與 ICP 客戶簽訂更高品質合約以打造可持續成長的策略，也延伸至我們的合作夥伴生態系。第一季，一項既有的白標（white label）合作協議終止，導致我們的客戶基礎中移除約 500 個 ARPU 較低的據點。

Total customer locations, including growth and efficiency markets, were 146,000 at the end of the quarter after giving effect to the divestiture of the noncore Upserve US hospitality product line. We remain focused on winning more sophisticated, multi-location SMBs with complex needs. The customer is best positioned to take advantage of Lightspeed's full software suite.

本季末的客戶據點總數（包含成長市場與效率市場）為 146,000 個，並已反映出售非核心 Upserve 美國餐旅產品線的影響。我們仍專注於贏得需求更複雜、具多據點的中小企業（SMB）客戶。這類客戶最能充分運用 Lightspeed 的完整軟體套件。

Examples include a [Adorn] boutique, which required advanced inventory management across multiple locations in Texas and Synergy Sportswear, which operates seven locations and was already a user of NuORDER by Lightspeed before recognizing the benefit of the Lightspeed POS with wholesale built right in. Attracting existing NuORDER customers to the Lightspeed POS has become a leading driver of new retail customer locations for our recently expanded outbound sales teams.

例如，[Adorn] 精品店需要在德州多個據點進行進階庫存管理；Synergy Sportswear 則營運七個據點，且在認識到 Lightspeed POS 內建批發功能的效益之前，就已是 Lightspeed 旗下 NuORDER 的用戶。吸引既有 NuORDER 客戶採用 Lightspeed POS，已成為我們近期擴編的外呼銷售團隊帶動零售新客戶據點的主要驅動因素之一。

Also during the quarter, we are pleased to add brands, including Lafayette 148, Slowtide and Head Golf to NuORDER, providing them with a modern collaborative wholesale experience while enhancing their product discoverability across thousands of Lightspeed retailers.

此外，本季我們也很高興將多個品牌納入 NuORDER，包括 Lafayette 148、Slowtide 與 Head Golf，為其提供現代化、協作式的批發體驗，同時提升其產品在數千家 Lightspeed 零售商中的可被發現度。

As we continue to expand the number of brands on NuORDER, we deepen the value of our Lightspeed wholesale network for retail customers by making it easier to discover and purchase from the brands that matter most to them, all within a single platform. This strengthens our flywheel. More brands attract more retailers and more retailers attract more brands.

隨著我們持續擴大 NuORDER 上的品牌數量，我們也透過讓零售客戶更容易在單一平台內發現並向其最重視的品牌採購，進一步提升 Lightspeed 批發網路的價值。這強化了我們的飛輪效應。更多品牌吸引更多零售商，而更多零售商也會吸引更多品牌。

In Europe, we continue to build on our leading position in hospitality, driven by a product offering and go-to-market motion that we believe are unmatched. We added 19 locations of the Dutch chain Vlaamsch Broodhuys, which needed a platform that could support table service, bakery and kitchen workflows while centralizing management.

在歐洲，我們持續鞏固在餐旅領域的領先地位，這得益於我們的產品組合與市場進入模式；我們相信其在同業中無可匹敵。我們新增了荷蘭連鎖品牌 Vlaamsch Broodhuys 的 19 個據點；該客戶需要一個能支援桌邊服務、烘焙與廚房工作流程，同時集中化管理的平台。

Our product strength was reinforced by our robust partner ecosystem and advantage that carries across our European markets. In the UK, we welcomed 17 locations of Afrikana Peri Kitchen and Grill, a growing African-inspired restaurant chain. Golf also remains a strong vertical for Lightspeed. This quarter, we signed Encore Leisure Group, 16 locations across the US and the prestigious Royal Latem Golf Club in Belgium.

我們的產品優勢也因強健的合作夥伴生態系而更加鞏固，並在歐洲各市場形成可延伸的優勢。在英國，我們迎來 Afrikana Peri Kitchen and Grill 的 17 個據點，這是一家成長中的非洲風味餐廳連鎖。高爾夫也仍是 Lightspeed 的強勢垂直領域。本季我們簽下 Encore Leisure Group（在美國共 16 個據點），以及比利時享有盛名的 Royal Latem Golf Club。

Combining our two flagship platforms, Lightspeed Retail and Lightspeed Restaurant allows us to address this highly lucrative and significant growth market.

結合我們兩大旗艦平台 Lightspeed Retail 與 Lightspeed Restaurant，使我們能夠切入這個極具獲利性且意義重大的成長市場。

High-quality customer growth remains one of our top priorities, and we've launched several new initiatives to sharpen how we target, onboard and support the right customers for Lightspeed. The first is improving seller productivity. By modernizing our go-to-market systems and processes, rolling out better training and enablement and optimizing our organizational structure, we expect to increase seller productivity, which will allow us to drive revenue growth without scaling costs at the same rate.

高品質客戶成長仍是我們的首要優先事項之一，我們已推出數項新舉措，以更精準地鎖定、導入並支援適合 Lightspeed 的正確客戶。第一項是提升銷售人員生產力。透過現代化我們的上市（go-to-market）系統與流程、推出更完善的訓練與賦能（enablement），並優化組織架構，我們預期將提高銷售生產力，從而在不以同等速度擴張成本的情況下推動營收成長。

In addition, we are refreshing our partner and channel strategies. Strengthening and growing our ecosystem will help drive efficient revenue growth by expanding product availability, driving more value for our customers, partners and Lightspeed while improving retention and lowering churn.

此外，我們正在更新合作夥伴與通路策略。強化並擴大我們的生態系將有助於透過擴大產品可得性、為客戶、合作夥伴與 Lightspeed 創造更多價值，同時提升留存並降低流失，以推動更有效率的營收成長。

Turning to software revenue and ARPU. Organic year-over-year software revenue growth accelerated from 6% last quarter to 8% this quarter. It was encouraging to see software growth accelerate this quarter, driven by continued efforts on upselling, sharper focus on ICP customers, a stronger end-to-end customer journey and a continued stream of new software features.

接著談軟體營收與 ARPU。有機（organic）年對年軟體營收成長率由上季的 6% 加速至本季的 8%。令人鼓舞的是，本季軟體成長加速，主要受持續推動加購（upselling）、更聚焦於 ICP 客戶、更強的端到端客戶旅程，以及持續推出新軟體功能所帶動。

In this quarter, we continue to deliver new innovations across our flagship platforms of Lightspeed Retail and Lightspeed Restaurants, which is key for long-term software ARPU growth. In retail, we launched more AI enhancements, enabling our merchants to build blogs and websites faster and drive more traffic to their sites.

本季我們持續在 Lightspeed Retail 與 Lightspeed Restaurants 兩大旗艦平台推出創新，這對於長期軟體 ARPU 成長至關重要。在零售方面，我們推出更多 AI 強化功能，讓商家能更快速建立部落格與網站，並為其網站帶來更多流量。

Our new Klaviyo integration saves time building personalized marketing campaigns. And we simplified the omnichannel experience, enhanced Lightspeed scanners in-store checkout and rolled out better visibility into orders, revenue and the most popular SKUs on NuORDER by Lightspeed. In hospitality, the latest upgrades to Lightspeed AI allow merchants to simply ask a question and get instant reports, charts and insights about their restaurant as well as manage operational checklists.

我們新的 Klaviyo 整合可節省建立個人化行銷活動的時間。我們也簡化全通路體驗、強化 Lightspeed 掃描器的門市結帳流程，並在 NuORDER by Lightspeed 上推出更佳的訂單、營收與最受歡迎 SKU 的可視性。在餐旅業方面，Lightspeed AI 的最新升級讓商家只需提出問題，即可即時取得關於其餐廳的報表、圖表與洞察，並可管理營運檢核清單。

And for multi-location restaurants, our new locations manager manages menus and sync updates across every venue in just a few clicks. Our AI features have been well received by our customers. Of all the latest releases on Lightspeed Restaurant, Lightspeed AI is tracking as one of the fastest adopted by users, signaling an opportunity to expand agentic capabilities for restaurants.

而對於多據點餐廳，我們新的據點管理員（locations manager）只需點擊幾下即可管理菜單並在所有場館同步更新。我們的 AI 功能獲得客戶良好回饋。在 Lightspeed Restaurant 的所有最新版本中，Lightspeed AI 是使用者採用速度最快的功能之一，顯示我們有機會為餐廳擴展代理式（agentic）能力。

We are moving away from AI that just answers questions to specialized agents that can help run your business, to AI that can interpret and analyze data to actively suggest actions that can grow revenues or cut costs, such as reordering inventory of popular items, marking down inventory that is not selling and switching suppliers when prices increase.

我們正從僅回答問題的 AI，轉向可協助經營業務的專門代理（specialized agents）；也就是能解讀並分析資料、主動建議可提升營收或降低成本行動的 AI，例如補貨熱銷品庫存、對滯銷庫存進行降價，以及在價格上漲時更換供應商。

Imagine that our merchants could hire someone with decades of knowledge about what makes their business succeed. We have that data and that knowledge and our AI improvements are making it more accessible to our customers. We believe no one is better positioned to deliver AI-powered solutions that can help our customers run and grow their businesses.

想像一下，我們的商家能聘請一位擁有數十年關於其業務成功關鍵知識的人。我們擁有那些資料與知識，而我們的 AI 改進正讓這些更容易被客戶取得。我們相信，沒有人比我們更具備條件提供 AI 驅動的解決方案，協助客戶經營並成長其業務。

Our SMB and mid-market merchants priority is to build better businesses, not build their own software. Now turning to profitability. Ash will take you through the numbers in detail. But overall, I want to stress that in the second year of our transformation, we are very focused on improving profitability and in particular, increasing free cash flow. Our revenue growth remains strong, delivering on our profitability goals comes down to to disciplined execution.

我們的中小企業與中型市場商家優先事項是打造更好的企業，而不是自行開發軟體。接著談獲利能力。Ash 將帶各位詳細說明數字。但整體而言，我想強調，在我們轉型的第二年，我們非常專注於提升獲利能力，尤其是提高自由現金流。我們的營收成長仍然強勁，而達成獲利目標取決於嚴謹的執行。

To that end, we have undertaken some key initiatives. We are continuing to rationalize all of our costs across the organization. The deployment of AI tools and a more focused strategy have allowed us to concentrate our efforts and improve productivity. This has led to lower headcount requirements, particularly in product development. We've also stepped up our efforts to monetize our back book, which was a driver of our improvement in payments penetration, which reached 44% in Q1, up from 40% a year ago on an organic basis.

為此，我們已推動一些關鍵舉措。我們持續在整個組織範圍內合理化各項成本。AI 工具的導入與更聚焦的策略，使我們能集中資源並提升生產力。這使得人力需求降低，特別是在產品開發方面。我們也加大將既有客群（back book）變現的力度，這是我們支付滲透率提升的驅動因素之一；Q1 支付滲透率達到 44%，以有機口徑較一年前的 40% 提升。

Within our growth engines, payments penetration was even higher at 49%. Driving more revenue from existing customers is a significant opportunity to scale the business efficiently. The entire executive team and I are focused on improving our profitability and cash flow, which we see as essential to creating long-term shareholder value.

在我們的成長引擎中，支付滲透率更高，達到 49%。從既有客戶帶來更多營收，是以高效率擴大業務規模的重要機會。整個管理團隊與我都專注於提升獲利能力與現金流，我們認為這對創造長期股東價值至關重要。

With that, I will turn it over to Asha.

接下來我把時間交給 Asha。

Thanks, Dax, and good morning, everyone. Our first quarter results reflect a strong start to fiscal 2027. I want to highlight three key trends we saw in the quarter. First, the underlying drivers of profitability were strong. Software and payments gross margin continued to improve.

謝謝你，Dax，各位早安。我們第一季的結果反映出 2027 會計年度的強勁開局。我想強調本季我們看到的三個關鍵趨勢。第一，獲利能力的底層驅動因素表現強勁。軟體與支付的毛利率持續改善。

Software gross margins of 83% were up year-over-year from 81% in the same quarter last year, and transaction-based gross margins grew to 32% from 31% on an organic basis or 29% a year ago as reported.

軟體毛利率為 83%，較去年同期的 81% 年對年提升；而以交易為基礎的毛利率以有機口徑由 31% 提升至 32%，或按申報口徑較一年前的 29% 提升。

Second, our efficiency markets delivered stronger growth this quarter. Those markets saw organic revenue growth in the high single-digit range, which helps to improve our overall growth profile. Finally, payment penetration was 44% this quarter, driven by healthy uptake from new customers and continued conversion of our back book. Within our growth engine, payments penetration was up 49%.

第二，我們的效率市場（efficiency markets）本季帶來更強勁的成長。這些市場的有機營收成長落在高個位數區間，有助於改善我們整體的成長輪廓。最後，本季支付滲透率為 44%，主要由新客戶的健康採用，以及既有客群（back book）持續轉換所帶動。在我們的成長引擎中，支付滲透率上升至 49%。

Our growth engines represent approximately 75% of revenue, and that mix shift bodes well for long-term payments penetration. Overall, we believe there is significant runway for payments penetration to continue to grow in the coming years. I will discuss the quarter in more detail and then provide our outlook for Q2 and fiscal 2027.

我們的成長引擎約占營收的 75%，而這樣的組合轉移（mix shift）對長期支付滲透率有利。整體而言，我們相信未來幾年支付滲透率仍有顯著的成長空間。我將更詳細說明本季表現，並提供我們對 Q2 與 2027 會計年度的展望。

For year-over-year comparisons, I will reference organic figures that normalize the impact of the Upserve divestment. Total revenue grew 17% to $322.7 million, exceeding our outlook for organic growth of 10% to 14%, driven by growth in high GTV customer locations, higher software ARPU and increased year-over-year payments penetration. Notably, revenue in our growth engine increased 20%. Software revenue for the quarter was $95.4 million, up 8% year-over-year and up 12% in our growth engine.

在年對年比較方面，我將引用有機數據，以消除 Upserve 出售（divestment）的影響。總營收成長 17% 至 3.227 億美元，超出我們對有機成長 10% 至 14% 的展望，主要由高 GTV 客戶據點成長、更高的軟體 ARPU，以及支付滲透率年對年提升所帶動。值得注意的是，我們成長引擎的營收增加 20%。本季軟體營收為 9,540 萬美元，年對年成長 8%，而在我們的成長引擎中成長 12%。

Software ARPU increased 6% year-over-year, up from 4% last quarter. Software growth accelerated versus last quarter, driven by a higher location count in our growth engines, successfully landing high GTV customers who adopt more software and a continued focus on upsell across our back book. We also saw a much larger mix of annual deals this quarter versus the same quarter last year.

軟體 ARPU 年對年增加 6%，高於上季的 4%。相較上季，軟體成長加速，主要由我們成長引擎中更高的據點數、成功導入採用更多軟體的高 GTV 客戶，以及持續聚焦於既有客群（back book）的加購所帶動。我們也看到本季年度合約的占比，較去年同期大幅提高。

Transaction-based revenue for the quarter was $214.5 million, up 20% year-over-year. Gross payments volume also grew 20% year-over-year. GTV as a percentage of GTV came in at 44%, up from 40% in the same quarter last year on an organic basis. Our high-margin capital revenue had standout performance and grew 56% year-over-year. Customers who take Lightspeed Capital exhibit significantly lower churn and generate higher lifetime value.

本季以交易為基礎的營收為 2.145 億美元，年對年成長 20%。總支付金額（Gross Payments Volume）亦年對年成長 20%。支付滲透率為 44%，以有機口徑較去年同期的 40% 提升。我們高毛利的資本（capital）營收表現突出，年對年成長 56%。使用 Lightspeed Capital 的客戶呈現顯著較低的流失率，並帶來更高的終身價值。

Growing this high-margin offering is a key priority for the business.

擴大這項高毛利產品／服務供給是公司的一項關鍵優先事項。

Overall, Q1 GTV grew by 9% to $25.7 billion. We saw positive same-store sales overall with particular strength in retail. Within our growth engines, GTV grew by 14% year-over-year. Total monthly ARPU reached approximately $676, up 13% year-over-year, driven by both higher software and payments monetization. With respect to our efficiency market, revenue growth was in the high single-digit range, supported by strong payments adoption.

整體而言，第一季 GTV 成長 9% 至 257 億美元。我們整體同店銷售呈現正成長，其中零售表現尤為強勁。在我們的成長引擎中，GTV 年增 14%。每月 ARPU 總額約達 676 美元，年增 13%，主要由軟體與支付變現能力提升共同帶動。就我們的效率市場而言，營收成長落在高個位數區間，並受惠於支付採用率強勁。

Payments penetration in our efficiency market was 32% in the quarter, well below the overall business, which gives us meaningful room to grow payments revenue.

本季我們效率市場的支付滲透率為 32%，明顯低於整體業務水準，這讓我們在支付營收成長方面仍有相當大的空間。

Turning to profitability and operating leverage. For year-over-year comparisons, I will continue to reference organic figures that normalize for the impact of the Upserve divestment. Total gross profit for the quarter grew 12% year-over-year, driven by strong top line performance across both subscription and transaction-based revenue.

接著談獲利能力與營運槓桿。在年對年比較方面，我將持續引用已將 Upserve 出售影響標準化的有機數據。本季總毛利年增 12%，主要由訂閱與交易型營收兩者的強勁營收表現所帶動。

Total gross margin for the quarter was 43% compared to 45% a year ago on an organic basis. The decline was partially due to mix as transaction-based revenue increased to 67% of revenue from 65% in the same quarter last year. In addition, hardware gross margins declined due to supply chain constraints that resulted in higher freight costs. This is not a structural issue, and we are implementing programs to improve our hardware supply chain management.

本季總毛利率為 43%，相較於去年同期（以有機基礎計）為 45%。下滑部分原因來自組合影響，因交易型營收占比由去年同期的 65% 上升至 67%。此外，由於供應鏈限制導致運費成本上升，硬體毛利率下滑。這並非結構性問題，我們正在推動相關計畫以改善硬體供應鏈管理。

We expect hardware margins to improve in the second half of the fiscal year. Software gross margin was 83%, up from 81% a year ago. This improvement was largely driven by AI resolving 80% of our support ticket, reducing our cost of support and service delivery and driving efficiencies. Gross margins for transaction-based revenue were 32%, up from 31% a year ago on an organic basis. This improvement reflects increased payments penetration in our international markets where margins exceed those in North America and growth in our Lightspeed Capital revenue.

我們預期硬體毛利率將在本財年下半年改善。軟體毛利率為 83%，高於去年同期的 81%。此改善主要由 AI 解決了我們 80% 的支援工單所帶動，降低支援與服務交付成本並提升效率。交易型營收毛利率為 32%，以有機基礎計高於去年同期的 31%。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。

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 grow by 23% year-over-year. For operating expenses, adjusted EBITDA, adjusted free cash flow and share-based compensation, the year-over-year comparisons are on an as-reported basis. Total adjusted research and development, sales and marketing and general and administrative expenses grew 7% year-over-year. This is primarily driven by investment in field and outbound sales.

隨著我們將客戶轉換至 Lightspeed Payments，我們的整體淨毛利金額增加。本季交易型毛利年增 23%。在營運費用、調整後 EBITDA、調整後自由現金流與股份基礎給付方面，年對年比較係以申報口徑（as-reported basis）計算。調整後研發、銷售與行銷以及一般與行政費用合計年增 7%。這主要由對外勤與外撥銷售的投資所驅動。

At the same time, we are taking actions to improve productivity.

同時，我們也正採取行動以提升生產力。

In addition to rationalizing headcount, we are expanding our self-onboarding program for certain customer cohorts, which will fully automate onboarding and improve the overall merchant experience. Initial efforts have already delivered improved conversion at lower costs, and we are scaling this program further. Adjusted EBITDA in the quarter was $17.5 million, up from $15.9 million in Q1 last year, driven by continued execution against our strategic shift and our focus on AI and automation to improve operating efficiency.

除了精簡人力配置外，我們也正針對特定客群擴大自助導入（self-onboarding）計畫，將可全面自動化導入流程並改善整體商戶體驗。初期措施已在更低成本下帶來更佳的轉換率，我們正進一步擴大推行此計畫。本季調整後 EBITDA 為 1,750 萬美元，高於去年第一季的 1,590 萬美元，主要受惠於我們持續落實策略轉型，以及聚焦 AI 與自動化以提升營運效率。

It is noteworthy that divesting Upserve means that our fixed costs are absorbed over a lower revenue base. This impact will be offset by our growing revenue base, along with our efforts to reduce costs. As a percentage of gross profit, adjusted EBITDA was 13%. Our fiscal 2028 goal is for adjusted EBITDA to be at 20% of gross profit. Our net loss was $2.4 million or a loss of $0.02 per share compared to a net loss of $49.6 million or a loss of $0.35 per share a year ago, thanks to improved gross profit and having now fully amortized our acquisition-related intangibles.

值得注意的是，出售 Upserve 意味著我們的固定成本需由較低的營收基礎來吸收。此影響將隨著我們營收基礎擴大以及降本措施而被抵銷。以毛利百分比計，調整後 EBITDA 為 13%。我們在 2028 財年的目標是讓調整後 EBITDA 達到毛利的 20%。我們的淨損為 240 萬美元（每股虧損 0.02 美元），相較去年同期淨損 4,960 萬美元（每股虧損 0.35 美元）大幅改善，主要因毛利提升，且我們現已完全攤銷與收購相關的無形資產。

Adjusted free cash flow was negative $4.4 million in the quarter, which was impacted by working capital movements. The prior year period reflects the full quarter's contribution of Upserve to cash flows, whereas the current period reflects Upserve only up to its divestiture on April 28, 2026. We remain confident that the actions we are taking to grow quality locations and revenue while finding significant operating efficiencies have us on track to meet our three-year free cash flow target of $95 million for fiscal 2028.

本季調整後自由現金流為負 440 萬美元，主要受到營運資金變動影響。去年同期反映 Upserve 對現金流的整季貢獻，而本期僅反映 Upserve 截至 2026 年 4 月 28 日出售日為止的貢獻。我們仍有信心，透過我們正在採取的行動以成長高品質據點與營收，同時取得顯著營運效率提升，將使我們按計畫達成 2028 財年三年期自由現金流 9,500 萬美元的目標。

For fiscal 2027, we expect free cash flow to show significant growth over fiscal 2026. We continue to actively manage share-based compensation and related payroll taxes, which were $12.7 million for the quarter versus $14 million in the prior year quarter and declined as a percent of revenue versus Q1 last year from 5% to 4%. With respect to capital allocation and our balance sheet, our balance sheet remains very healthy. We ended Q1 with approximately $372 million in cash, down from $454 million in March.

就 2027 財年而言，我們預期自由現金流將較 2026 財年顯著成長。我們持續積極管理股份基礎給付及相關薪資稅，本季為 1,270 萬美元，低於去年同期的 1,400 萬美元；占營收比重亦由去年第一季的 5% 降至 4%。就資本配置與資產負債表而言，我們的資產負債表仍非常健康。第一季末我們持有約 3.72 億美元現金，較 3 月的 4.54 億美元下降。

That reduction was driven by discretionary actions to return capital to shareholders and reduce the dilutive impact of share-based compensation. In the quarter, we spent $66 million to buy back and cancel 7 million shares, reducing our issued and outstanding share count by 4% year-over-year. We also used $21 million to repurchase shares in the open market to fund future share award settlement obligations, which limits dilution upon settlement.

該下降主要由我們酌情採取的回饋股東資本措施，以及降低股份基礎給付稀釋影響的行動所致。本季我們投入 6,600 萬美元回購並註銷 700 萬股，使已發行在外股數年減 4%。我們亦使用 2,100 萬美元在公開市場回購股份，以因應未來股份獎勵交割義務，從而在交割時限制稀釋。

In addition, we received approximately $19 million from the sale of Upserve in the quarter. We will continue to be opportunistic with our remaining share buyback authorization. Approximately $150 million remains under our broader Board authorization to repurchase up to $400 million in Lightspeed shares. Aside from the potential share buyback, our largest use of cash will be the continued growth of our merchant cash advance program.

此外，我們本季自出售 Upserve 取得約 1,900 萬美元。我們將持續在剩餘的庫藏股回購授權下把握機會。在董事會更廣泛的授權（最多回購 4 億美元 Lightspeed 股票）之下，目前尚餘約 1.5 億美元額度。除潛在的股票回購外，我們最大的現金用途將是持續擴大我們的商戶現金預支（merchant cash advance）計畫。

There were $115 million in MCEs outstanding at the end of the quarter, and we intend to continue expanding this high-margin program over time. As we grow the program, we remain disciplined in our underwriting and default rates have stayed consistent in the low single-digit range, which gives us confidence to continue expanding.

本季末未償還的 MCE 為 1.15 億美元，我們計畫隨時間持續擴大這項高毛利計畫。在擴大計畫的同時，我們在承作審核上仍保持紀律，違約率持續維持在低個位數區間，這讓我們有信心繼續擴張。

Overall, our balance sheet remains strong and positions us well to continue executing against our strategic priorities. Now on to outlook. For fiscal 2027, our existing outlook remains unchanged and consistent with the company's 3-year target for gross profit, adjusted EBITDA and adjusted free cash flow presented in our Q4 earnings release in May 2026.

整體而言，我們的資產負債表仍然穩健，使我們能夠持續推進各項策略優先事項。接著談展望。就 2027 財年而言，我們既有展望維持不變，並與公司在 2026 年 5 月發布的第四季財報新聞稿中所提出的三年期毛利、調整後 EBITDA 與調整後自由現金流目標一致。

For fiscal 2027, we expect total revenue of $1.225 billion to $1.265 billion, representing organic growth of 12% to 15%. Total gross profit of $565 million to $585 million, representing organic growth of 12% to 16%; adjusted EBITDA of $75 million to $95 million. For Q2 of fiscal 2027, we expect total revenue of $316 million to $326 million, representing organic growth of 12% to 16% total gross profit of $141 million to $146 million, representing organic growth of 10% to 14% and adjusted EBITDA of $20 million to $25 million. With that, we will now take your questions.

就 2027 財年而言，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 財年第二季而言，我們預期總營收為 3.16 億至 3.26 億美元，代表有機成長 12% 至 16%；總毛利為 1.41 億至 1.46 億美元，代表有機成長 10% 至 14%；調整後 EBITDA 為 2,000 萬至 2,500 萬美元。接下來我們將開始回答各位的提問。

(Operator Instructions)

(接線員指示)

Dan Perlin, RBC.

Dan Perlin，RBC。

Asha, I just had a question in terms of subscription growth accelerated to 8% versus 6%. So that was really encouraging. And the ARPU was up about 6%, I think. So just trying to make sure I understand like the slight gap between the two? And then how do you think about the timing of closing that over the next couple of quarters?

Asha，我想就訂閱成長從 6% 加速到 8% 這點問個問題。這真的很令人鼓舞。而 ARPU 我記得大約也成長了 6%。所以我想確認我是否理解兩者之間那個小小的差距？另外，你們如何看待在接下來幾個季度把這個差距縮小的時點？

Thanks for the question, Dan. When we think about subscription revenue, super happy with what we're seeing there going from 6% to 8%. There are lots of puts and takes in the ARPU numbers, as you can imagine, timing, the type of locations we're bringing on board. As we're bringing more and more large GTV locations that take more of the Suite Lightspeed has to offer, we should continue to see that software ARPU growth align better with the total revenue acceleration on software.

謝謝你的問題，Dan。談到訂閱收入，我們對從 6% 提升到 8% 的表現非常滿意。如你所想，ARPU 數字有很多拉鋸因素，包括時點、我們導入的據點類型等。隨著我們導入越來越多 GTV 較大的大型據點、並採用 Lightspeed Suite 提供的更多功能，我們應會持續看到軟體 ARPU 的成長，與軟體總收入的加速更好地對齊。

Okay. So it's kind of mix and timing of types of locations that are getting onboarded. Got it. Just a quick question on AI, and maybe it's a little early to even draw distinctions here. But like as the product increasingly embeds AI solutions, how do you think about managing the cost of AI?

了解。所以主要是導入的據點類型組合與時點因素。明白了。再快速問一個關於 AI 的問題，或許現在要做區分還有點早。但隨著產品越來越多地內嵌 AI 解決方案，你們如何看待 AI 成本的管理？

And is it priced like a token cost plus a margin for the clients? Because the question is really as clients start to utilize it, there's an opportunity, I guess, for your cost structure to have some controls on it. And I'm just wondering how you're thinking about managing that.

它的定價會像是 token 成本再加上給客戶的毛利嗎？因為問題在於，當客戶開始使用時，我想你們的成本結構會有機會加入一些控制機制。我想了解你們是如何思考與管理這件事的。

Yes. I think like when it comes to the product, we're being pretty judicious on what kind of models we use for different kinds of tasks. You do not need to use a frontier model for a lot of the things like the AI is doing in retail and hospitality. And and there's a lot of options now. The team is doing a lot of experimentation, and it's really helping us manage costs that we can make sure that we have great software uplift from our AI tools that we have planned as we build more agents that are specialized in our product to handle everything from inventory to operations management.

是的。我想在產品方面，我們對於不同任務要用哪一類模型相當審慎。在零售與餐旅領域，AI 做的很多事情其實不需要使用最前沿（frontier）模型。而且現在有很多選項。團隊正在做大量實驗，這確實有助於我們管理成本，確保我們規劃中的 AI 工具能帶來很好的軟體增值；同時，隨著我們打造更多在產品內專精的代理（agents），可處理從庫存到營運管理等各種工作。

But yes, you do not need high token cost frontier models to be doing all of those kinds of tasks. You can get great insights and actions out of agentic-driven software without leveraging frontier.

但沒錯，你不需要用 token 成本很高的前沿模型來做所有這些任務。即使不採用前沿模型，你也能透過代理驅動（agentic-driven）的軟體獲得很好的洞察與可執行的行動。

Dominic Ball, Rothschild & Company Redburn.

Dominic Ball，Rothschild & Company Redburn。

Nice organic GTV numbers. So a kind of similar question to that in terms of some of your peers have started to directly monetize their AI products, for example, like Toast IQ Grow. Lightspeed has Lightspeed AI. It will be great to understand kind of how many merchants are currently adopting this and then the potential to monetize that going forward as well?

有機 GTV 數字很不錯。所以我有個類似的問題：你們的一些同業已開始直接將 AI 產品變現，例如 Toast IQ Grow。Lightspeed 也有 Lightspeed AI。很希望了解目前大概有多少商戶正在採用，以及未來進一步變現的潛力如何？

Yes. I think in hospitality, where we launched our AI products first, this is the fastest uptake of any module that we've ever seen in our history. We have a really high percentage of folks adopting the AI tools. If you think about merchants in our SMB to mid-market space, the ability for them to query the product for the charting, the insights, the reporting that they need rather than try to understand a reporting interface to build custom reports, I mean, it's very appealing. And so that's very encouraging because adoption usage means that we have in the future pricing power, and we can add more AI and agentic tools across our pricing tiers.

是的。在餐旅業務方面，我們最先推出 AI 產品，這是我們歷史上任何模組中採用速度最快的一次。採用 AI 工具的比例非常高。如果你想想我們 SMB 到中型市場的商戶，他們可以直接在產品裡提問，取得所需的圖表、洞察與報表，而不是去理解一個報表介面、再建立自訂報表，這非常有吸引力。因此這很令人鼓舞，因為採用與使用代表未來我們具備定價能力，也能在不同定價層級加入更多 AI 與代理式（agentic）工具。

We haven't done that to date, but we're gathering the data to be able to do so.

我們目前尚未這麼做，但正在蒐集資料，以便未來能夠這樣做。

Thanos Moschopoulos, BMO.

Thanos Moschopoulos，BMO。

Can you speak to your hiring plans and sales for the upcoming year? It sounds like a lot of the focus will be on improving productivity of the existing force and is the hiring slowing down as far as bringing on new bodies? Or what's your thoughts on that?

你能談談明年的招募計畫與銷售方面嗎？聽起來很多重點會放在提升現有團隊的生產力；那在新增人力方面，招募是否正在放緩？或你們對此有什麼看法？

Yes. Dennis, thank you for the question. I'll take this one. This is Gabe Benavides, glad to be here, Chief Revenue Officer at Lightspeed. A couple of things.

是的。Dennis，謝謝你的問題。我來回答這題。我是 Gabe Benavides，很高興在這裡，我是 Lightspeed 的首席營收長（CRO）。有幾點。

As Dax mentioned, on one side, we've already welcomed new sales leadership to Lightspeed that brings with them tremendous experience and depth of expertise in just the right areas.

如 Dax 提到的，一方面，我們已迎來新的銷售領導加入 Lightspeed，他們在正確的領域帶來了非常豐富的經驗與深厚的專業。

As regards to our sales capacity, really, our capacity build-out is largely behind us, and our growth ambitions are largely within reach with our existing capacity as long as we successfully pivot to a real focus on seller productivity, which is where we're spending a lot of our time and focus right now.

至於我們的銷售產能，坦白說，我們的產能擴建大多已經完成；只要我們能成功轉向真正聚焦於銷售生產力，我們以現有產能就能大致達成成長企圖，而這正是我們目前投入大量時間與重點的方向。

Great. And then you commented on expanding the partner ecosystem, spending more time on the partner strategy. Can you stand on that as well in terms of some of the areas of opportunity there?

很好。另外你也提到要擴大合作夥伴生態系、在夥伴策略上投入更多時間。你也能談談這部分的一些機會領域嗎？

Yes, absolutely. Another great question. Really two big parts to take note of. One, deeper collaboration with our biggest and most important partners. We recently announced a deep integration with Meta and the partnership with Claudio is being extended as well.

是的，當然可以。又是一個很好的問題。主要有兩大部分值得注意。第一，與我們最大且最重要的合作夥伴進行更深度的協作。我們最近宣布與 Meta 進行深度整合，與 Claudio 的合作也將延伸。

And maybe more to the point, a real focus on monetizing the connectivity layer and our tremendous base of customers. That creates bidirectional monetization opportunities for Lightspeed in our great partner ecosystem. And of course, it directly creates greater customer value as well.

而更切題地說，我們會真正聚焦於將連接層（connectivity layer）以及我們龐大的客戶基礎變現。這會在我們優秀的夥伴生態系中，為 Lightspeed 創造雙向的變現機會。當然，也會直接為客戶創造更高的價值。

Dax, in the prepared remarks, we mentioned signing the largest -- one of the largest deals in our partner history this past quarter, and that was directly related to that second part of the strategy refresh.

Dax，在事先準備的講稿中，我們提到本季簽下了我們合作夥伴歷史上最大——也是最大之一——的交易，而這與策略更新的第二部分直接相關。

Matt Coad, Truist.

Matt Coad，Truist。

Just wanted to ask about the net location adds and the growth engines that came in a little bit quarter-over-quarter. I was kind of curious if maybe the World Cup had an impact, maybe there were some delayed integrations, anything like that? And then any detail that you can give on kind of like seasonality or expectations for net location adds for the rest of the year would be helpful.

我想問一下淨新增據點數，以及成長引擎在季對季上略有下降的情況。我有點好奇是不是世界盃有影響，或是否有一些整合延後之類的因素？另外，如果你能提供一些關於季節性、或今年剩餘期間淨新增據點數的預期細節，會很有幫助。

Yes. So we added approximately 1,300 net new locations in the quarter. The first quarter is a bit seasonally a lighter quarter than, for example, Q4. And we had a removal of some locations from a white label agreement that we terminated. Yes, I think it's -- we're focused primarily on quality locations.

是的。本季我們約新增 1,300 個淨新據點。第一季在季節性上通常會比例如第四季（Q4）來得淡一些。另外，我們也因終止一項白標（white label）協議而移除了一些據點。是的，我想——我們主要聚焦在高品質據點。

I think there's the seller productivity efforts, but there's also how we're getting the right locations for Lightspeed that's a good fit with our product lines. And so you see location growth that still at 10% within our CMD goal of 10% to 15% as a three-year CAGR, but you also see software growth growing, right? So it's the higher quality locations that we're focused on.

我認為除了提升銷售生產力的努力之外，也包括我們如何導入適合 Lightspeed、且與我們產品線契合的正確據點。因此你會看到據點成長仍有 10%，符合我們 CMD 目標（以三年 CAGR 計）10% 到 15% 的區間，但同時你也會看到軟體成長在提升，對吧？所以我們聚焦的是更高品質的據點。

Super helpful, Dax. And then just a quick follow-up. Any commentary on the path forward for the hardware gross margin? I know there's a lot of moving pieces with discounting and go-to-market efforts and memory costs that we all have to take into consideration here. So any help would be helpful.

非常有幫助，Dax。接著我快速追問一下。對於硬體毛利率未來走勢，有沒有什麼看法？我知道這裡面有很多變動因素，包括折扣策略、上市推廣（go-to-market）工作，以及記憶體成本等，我們都必須納入考量。所以任何說明都會很有幫助。

Yes. Thanks for the question, Matt. We are seeing some compression in hardware margins coming from the temporary supply chain constraints that we mentioned. We have put some guardrails in place, and we genuinely believe that's going to bring those margins back to more normalized levels in the back half of this year. I think what we need to keep in mind, Matt, is that the hardware investments, the way we look at that is a means to a specific end, expanding high-margin payments and software.

有的。謝謝你的問題，Matt。我們確實看到硬體毛利率受到我們提到的暫時性供應鏈限制影響而出現一些壓縮。我們已經設下了一些護欄（guardrails），而且我們真心相信，這將在今年下半年把毛利率帶回較正常的水準。我想我們需要記住的是，Matt，硬體投資以我們的角度來看，是達成特定目的的手段：擴大高毛利的支付與軟體業務。

It is working. We saw GPV grow 20% organically. PayPen reached 49% in our growth engines, which is an all-time high for us. And more importantly, our core software gross margins expanded to 83%. So we see these hardware investments as onetime.

而且這正在奏效。我們看到 GPV 有機成長 20%。PayPen 在我們的成長引擎中達到 49%，這是我們的歷史新高。更重要的是，我們核心軟體的毛利率擴張至 83%。因此我們把這些硬體投資視為一次性的。

We do expect the margins to improve in the back half of the year as these guardrails that we put in place start coming to fruition. But overall, we really don't see hardware capping long-term margins. It's only about 4% of our revenue. And so the programs that were launched -- that we've launched will improve these economics in the back half of the year.

我們確實預期，隨著我們設下的這些護欄開始落地見效，毛利率會在今年下半年改善。但整體而言，我們並不認為硬體會限制長期毛利率。硬體只占我們營收約 4%。因此，我們推出的這些方案——我們已推出的方案——將在今年下半年改善這些經濟效益。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通。

Just on the sales productivity, just going back to that. Just curious around quota attainment and if there's been any changes in the quota or commission structure overall? Has that been progressing as planned? Just curious if there's been any pivoting there.

關於銷售生產力，我再回到這點。我想了解一下配額達成率（quota attainment），以及整體配額或佣金結構是否有任何變動？目前進展是否如計畫進行？只是好奇這方面是否有任何調整。

Yes, great question. I won't share too many specifics around targeting or commissions. We've got a pretty broad audience in the call. But I can tell you, as we shifted the focus to seller productivity, the early signs are quite encouraging. We're already seeing, for example, in our pipeline, deals of a size and scope emerge that we haven't really seen before without breaking the great velocity that we tend to have here at Lightspeed as well.

是的，這是個很好的問題。我不會分享太多關於目標設定或佣金的細節。因為這通電話的聽眾相當廣。但我可以告訴你，當我們把重點轉向提升銷售人員生產力時，初期跡象相當令人鼓舞。例如，我們已經在銷售管線中看到一些在規模與範疇上、過去不太常見的案子出現，同時也沒有犧牲 Lightspeed 一向具備的高成交速度（velocity）。

Got it. That's good to hear. And just for Asha, maybe just on the -- I just want to make sure I heard positive same-store sales overall. It does seem like the spending environment has been pretty good in the geographies that you're in. Any surprises would you call out and sort of been thinking around the second half of the year, has your thought process changed there on just macro spend?

了解。很高興聽到這點。另外想請教 Asha，關於——我只是想確認我聽到的是整體同店銷售為正成長。看起來你們所在的地區，消費環境相當不錯。有沒有任何你會特別點出的意外之處？以及對於下半年，你們對總體消費（macro spend）的思考有沒有改變？

Yes. Thanks, Tien-Tsin. No, you know what we are -- like we mentioned in the prepared remarks, we're seeing a very strong macro, pretty solid macro across North America retail and EMEA hospitality. We saw total GTV up 14% in the growth engines. The same-store sales, if I double-click on retail, our largest verticals, bikes, sporting goods, golf, jewelry, all had double-digit or close to double-digit growth year-over-year.

是的。謝謝你，Tien-Tsin。沒有，你知道的——如同我們在事先準備的講稿中提到的，我們看到總體環境非常強勁，在北美零售與 EMEA 餐旅（hospitality）方面的總體表現都相當穩健。我們看到成長引擎中的總 GTV 成長 14%。同店銷售方面，如果我更聚焦在零售（我們最大的垂直領域），自行車、運動用品、高爾夫、珠寶等品類，年增都達到雙位數或接近雙位數成長。

When we look at EMEA hospitality, we also see very solid growth. We saw the euro temper a little bit in the -- towards the end of the quarter. I mean you're hearing that from others as well, but really nothing that concerns us. We're feeling really good about the macro.

再看 EMEA 的餐旅業，我們也看到非常穩健的成長。我們確實看到歐元在——接近季度末時稍微走弱一些。我的意思是，你也從其他公司那邊聽到類似情況，但真的沒有任何讓我們擔心的地方。我們對總體環境感覺非常好。

Martin Toner, ATB Cormark.

Martin Toner，ATB Cormark。

Can you kind of walk us through any reasons for gross margin weakness in the quarter? Was there anything transient? And what are your thoughts on gross margin for the rest of the year?

你們能否帶我們了解一下，本季毛利率走弱的原因？是否有任何短暫性的因素？以及你們對今年剩餘期間毛利率的看法是什麼？

Yes. Thanks for the question, Martin. The gross margin, what you're seeing in the quarter, a couple of factors or dynamics. First and foremost, we're -- our payments transaction-based revenue is doing really well. We had a solid quarter, as you saw.

是的。謝謝你的問題，Martin。你在本季看到的毛利率，主要有幾個因素或動態。首先也是最重要的，我們的支付交易型收入表現非常好。如你所見，我們本季表現穩健。

Transaction-based revenue as that mix grows, that comes in at 25% to 30% gross margins depending on the region, North America lower and Europe and international higher.

隨著交易型收入的占比提高，這部分的毛利率依地區不同約在 25% 到 30% 之間；北美較低，歐洲與其他國際市場較高。

So as that grows, you see more revenue coming in at the 20% to 30% gross margin. We're still feeling really good about 43% to 45% margins that we've put it in our long-term guidance. The only thing that I would say temporary transient is the hardware. We just talked about that. We did see some slight compression from normalized hardware margins that you would see from we saw slight compression in the recent quarters coming from supply chain constraints.

因此當這部分成長時，你會看到更多營收是以 20% 到 30% 的毛利率進來。我們對於長期指引中提出的 43% 到 45% 毛利率區間仍然非常有信心。我唯一會說屬於暫時、短暫性的因素是硬體。我們剛剛談過。我們確實看到相較於正常化的硬體毛利率有些微壓縮，這是因為供應鏈限制導致近期幾個季度出現些許壓力。

We talked about that in the prepared remarks.

我們在事先準備的講稿中也提到過。

But we do definitely see this as something that's transient. We've put in some guardrails in place that we expect to see benefit us in the back half of the year and nothing that concerns us. These programs are launching and will improve these economics in the back half of the year. Overall, we feel really good about where we are on gross margins and where we're headed in the rest of this year.

但我們確實認為這是短暫性的。我們已經設下了一些護欄，預期在今年下半年會開始帶來效益，沒有任何讓我們擔心的地方。這些方案正在推出，並將在今年下半年改善這些經濟效益。整體而言，我們對目前毛利率的狀況以及今年剩餘期間的走向都感到非常有信心。

Matt Bullock, Bank of America.

Matt Bullock，美國銀行。

I was hoping if you could elaborate, maybe give us an update on the strategy for the opportunity ahead in driving payments penetration up within the efficiency market specifically? And then I have one quick follow-up.

我想請你們再多談一些，或許更新一下在效率市場（efficiency market）中，推動支付滲透率提升這個機會的策略？然後我還有一個快速追問。

Yes. I think -- thanks for the question. The strategy overall for payment penetration increase is very close when we look at our efficiency portfolio, which is fairly broad as with our growth engine portfolio. It's the opportunities to drive better payment penetration into our back book, and we're off to a great start for this year. And in a more targeted fashion in our efficiency portfolio and a very broad fashion in our growth portfolio, we're looking to increase attach rate, of course, on our front book sales as well.

好的。謝謝你的問題。整體而言，當我們看效率產品組合（efficiency portfolio）時，提高支付滲透率的策略與我們的成長引擎產品組合相當類似；效率產品組合本身也相當廣泛。重點在於把更高的支付滲透率導入我們的既有客戶（back book），而今年我們已經有一個很好的開始。此外，在效率產品組合上我們會更有針對性，而在成長產品組合上則會更廣泛地推進；當然，我們也希望在新客（front book）銷售上提高綁定率（attach rate）。

With for a little more color. I think Dax mentioned this in the prepared remarks. We launched a couple of targeted, very specific initiatives for our back book base of customers. And I was going to mention that over the last few years, Lightspeed's payment capabilities, processing capabilities have really grown, and we've been a little bit quiet about those enhanced capabilities. We're bringing those to bear fully with full voice right now in the front book and back book, which really help drive growth in the efficiency portfolio.

再補充一點背景。我想 Dax 在事先準備的講稿中提到過。我們針對既有客群（back book）推出了幾項鎖定性很強、非常具體的措施。我也想提到，過去幾年 Lightspeed 的支付能力、處理能力其實大幅提升，而我們對這些強化後的能力相對低調。我們現在正以更完整、更明確的方式，把這些能力全面運用在新客（front book）與既有客戶（back book）上，這也確實有助於推動效率產品組合的成長。

Got it. And then just a quick follow-up on the termination of the white label agreement. Can you just remind us how prevalent those white label locations are across the base of locations? And then I would be interested to learn more if you can provide color on kind of what happened around that termination of the agreement.

了解。接著針對白標協議終止再快速追問一下。您能否提醒我們，這些白標據點在整體據點基礎中有多普遍？另外，如果可以的話，我也想更進一步了解您能否補充一些背景，說明該協議終止前後大致發生了什麼。

Yes. I can take the first stab at this, Dax. Yes. Well, first, to your question, very, very few of these remaining in any way in the back book. I would say, negligible.

是的。我先嘗試回答第一部分，Dax。是的。首先，回到你的問題，這類據點在既有存量（back book）中以任何形式留存的都非常、非常少。我會說，幾乎可以忽略不計。

So look at this truly as a onetime thing, and there's two big elements. This particular type of white label agreement didn't really fit our strategy going forward. We have a refreshed strategy around payments and certainly around partners, which we touched on. And so the termination -- the agreement was terminated and we both moved forward.

所以請把這件事視為一次性的事件，主要有兩個重要面向。這種特定類型的白標協議，確實不符合我們未來的策略。我們在支付、以及合作夥伴方面都有更新的策略，我們也提到過。因此該協議就終止了——我們雙方也各自往前推進。

Timothy Chiodo, UBS.

Timothy Chiodo，瑞銀（UBS）。

This question is most likely, I think, mostly for Gabe. But in the last year or so in terms of the US retail competitive environment, there's really two changes that stand out at least to us. One is the revamped Genius product and the hiring of a few hundred more salespeople. And then on the Square side, Square is clearly pivoted to hiring field sales and then also working increasingly with the ISO channel.

這個問題我想大多是問 Gabe 的。但就過去一年左右美國零售端的競爭環境而言，至少在我們看來，有兩個變化特別明顯。第一是 Genius 產品的改版，以及再增聘了數百名銷售人員。第二是在 Square 這邊，Square 顯然轉向招募外勤銷售，同時也越來越多地與 ISO 通路合作。

And I wanted to see if your teams have noticed the impact of these two competitors, how you're responding to that, if at all? And any other context you could give around the general competitive environment in the US retail segment?

我想了解你們的團隊是否注意到這兩個競爭對手帶來的影響？你們是否、以及如何因應？另外，能否也補充一些關於美國零售細分市場整體競爭環境的背景？

Yes. of course. Great question, great multipart question. So first, certainly a competitive environment. That is very true.

是的，當然。這是個很好的問題，而且包含多個部分。首先，競爭環境確實存在。這點完全正確。

I will say this, I believe a North American retail the customer that we are purpose-built to serve is underserved even with such a competitive environment. So our opportunity in North America is terrific, both near term and going forward, long tail, high ceiling.

我會這麼說：我相信在北美零售領域，即便競爭激烈，我們所量身打造要服務的客戶仍然是被低度服務（underserved）的。因此我們在北美的機會非常好，不論是短期還是長期；長尾很長、上限很高。

And as I mentioned, our capacity build-out phase was not just concentrated in North America, but it's largely behind us. So we're really focusing on a pivot to productivity. As regards to the North American market, that's going to mean a little better, well, sharper ICP definition and focus and targeting, the value-based and unified approach to selling that Dax mentioned a couple of times in the prepared remarks to make sure that we are capturing that opportunity to the greatest extent possible. And so really for the foreseeable future, I'll call it, it's about better performance in our ICP opportunity in verticals within North America. There's a lot more, of course.

如我提到的，我們的產能建置階段不只集中在北美，但大致上已經在我們身後了。所以我們正把重心轉向生產力提升。就北美市場而言，這代表我們會更清楚、更聚焦地定義與鎖定 ICP（理想客戶輪廓），並採取 Dax 在事先準備的講稿中提過幾次的、以價值為導向且一致化的銷售方式，確保我們能在最大程度上把握這個機會。因此在可預見的未來，我會說重點在於：在北美各垂直領域中，我們在 ICP 機會上的表現要更好。當然還有很多可談。

Andrew Harte, BTIG.

Andrew Harte，BTIG。

Following up on the prior question on the back book opportunity. I guess, can you talk about why you think now is the right time to go after the back book? And then when you think about getting those wins, what's the kind of gross profit uplift on a per customer basis? If you could talk about the sales motion there as well and any impacts on churn or the opposite adding customers?

延續前一題關於既有存量（back book）機會的問題。我想問，你們為什麼認為現在是切入 back book 的正確時點？另外，當你們拿下這些回收的勝利時，以單一客戶來看，毛利大概能提升多少？也請談談那邊的銷售打法，以及對流失率（churn）的影響，或反過來是否能帶來新增客戶？

Yes. Great question. I'll take the first part of this, maybe. As far as the timing, listen, I think that -- maybe I'll start here very quickly. There's a bit of a formula, I think, that we're adhering to at Lightspeed right now, which is being very purposeful at signing or bringing on board the right customer where our product depth regardless of market makes the biggest difference and our go-to-market economics tend to be the strongest, signing them to great deals with great deal economics and then retaining them over time and growing them as their business thrives, they should be adopting more and buying more from Lightspeed, both on a subscription basis and a transactional basis.

好的。這是個很好的問題。我先回答第一部分。就時點而言，聽著，我認為——也許我先很快從這裡開始。我覺得 Lightspeed 目前遵循一個公式：非常有目的性地簽下或導入合適的客戶——也就是不論在哪個市場，我們的產品深度能帶來最大差異、而我們的 go-to-market 經濟效益通常也最強的客戶；以很好的交易條件、很好的單筆交易經濟性把他們簽下來；然後隨時間留住他們並讓他們成長——當他們的業務蓬勃發展時，他們應該會採用更多、也會從 Lightspeed 購買更多，不論是訂閱型或交易型。

So all that said, we have 146,000 customer base, a tremendous opportunity for us to be very purposeful about driving value, bringing our terrific partner network and ecosystem to bear and increasing the monetization there. So really, I think the timing is right now and has been right for a little while and be right going forward. It's about purposeful execution, focusing on customer value. And that is at the center. Actually, it's a great question because that's the center of a lot of the changes that we've made over the past couple of quarters.

在此基礎上，我們有 146,000 的客戶基礎，對我們而言是巨大的機會，可以非常有目的性地去驅動價值、把我們很棒的合作夥伴網路與生態系帶進來，並提高那裡的變現程度。所以我認為時點就是現在；其實也已經適合一段時間了，未來也仍會適合。關鍵在於有目的性的執行、聚焦客戶價值。而這就是核心。其實這題問得很好，因為這正是我們過去幾個季度所做許多改變的核心。

That's helpful. And then just on that, curious if there's any kind of uplift we can think about when you win it back with the customer. And then as my other follow-up question, the focus on cost rationalization. I know there was a comment that there was a lot of opportunity in the R&D line. It also looks like G&A ticked up in the first quarter as well on an adjusted basis.

這很有幫助。另外就這點，我想了解當你們把客戶贏回來時，我們可以怎麼思考是否有任何提升（uplift）。然後我另一個追問是關於成本合理化的聚焦。我知道你們提到在研發（R&D）費用線上有很多機會。同時看起來在第一季，G&A（一般及行政費用）在調整後口徑也有所上升。

So -- so if you could just kind of help us think about the entire cost structure going forward.

所以——如果你們能幫我們一起思考未來整體成本結構會怎麼走。

Yes, sure. Thanks, Andrew. From -- I'll answer the margin question first. Gabe talked a lot about partnerships from a software perspective that gives us more to upsell. We see no reason why those deals wouldn't come in at the 83% software margins that you're seeing from us.

好的，當然可以。謝謝你，Andrew。我先回答毛利率的問題。Gabe 從軟體角度談了很多合作夥伴關係，這讓我們有更多可以向上銷售（upsell）的內容。我們看不出有任何理由，這些交易不會以你們目前看到的 83% 軟體毛利率落袋。

I mean that's what we've seen to date. From a payments perspective, depending on whether they're in North America or international, the margins range from 25% all the way up to 40%. And as we get more and more of these back book customers on to payments, we should see them coming into our book at those margins as well. From a cost rationalization perspective, as you know, we are relentless about cost discipline inside the company. We actively manage our structure as a part of normal operations.

我的意思是，迄今為止我們看到的就是如此。從支付（payments）的角度來看，取決於是在北美還是國際市場，毛利率區間大約從 25% 到 40%。隨著我們讓越來越多這些 back book 客戶導入支付，我們也應該會看到他們以同樣的毛利率進入我們的業績盤（book）。在成本合理化方面，如你所知，我們在公司內部對成本紀律非常堅持。我們把結構管理視為日常營運的一部分，並主動管理。

Consistent with that approach, we recently reduced about 10% of our headcount in product and tech. We are being prudent with our resources.

延續這個做法，我們最近在產品與技術部門裁減了約 10% 的人力。我們在資源配置上保持審慎。

This was all a part of our transformation, increasing our operational efficiency and fueling these smart reinvestments into the high-return growth initiatives is how we run the business. The last thing I'll say is, as you know, we've focused in North America retail and in EMEA hospitality. And that focus really helps us to sharpen our execution, and we are concentrating our investments in the areas with the highest return and removing work that's no longer a priority for us. So lots of really good work inside the company on cost rationalization, and we feel really good about where we're going there.

這些都是我們轉型的一部分：提升營運效率，並為這些高報酬的成長計畫進行明智的再投資，這就是我們經營業務的方式。最後我想說的是，如你所知，我們聚焦在北美零售以及 EMEA 的餐旅（hospitality）。這樣的聚焦確實有助於我們把執行做得更精準；我們把投資集中在報酬最高的領域，同時移除那些不再是我們優先事項的工作。因此公司內部在成本合理化上做了很多非常好的工作，我們也對未來的方向感到非常有信心。

And I guess lastly, on the uplift part of your question, I think certainly, I would put it this way, this is -- these are the metrics to watch software growth especially within our growth engine portfolio, and that's -- you'll see -- that's the area to watch as we go through the rest of the year and beyond. And certainly, a lot of that will come from the back book strategies we're employing.

我想最後，針對你問題中關於提升（uplift）的部分，我認為可以這樣說：這些是用來觀察軟體成長的指標，特別是在我們的成長引擎產品組合之內，而這——你會看到——這就是我們在今年剩餘時間以及之後需要關注的領域。而且可以肯定的是，其中很大一部分將來自我們正在採用的既有客戶（back book）策略。

(Operator Instructions)

（接線員指示）

Todd Coupland, CIBC.

Todd Coupland，CIBC。

I wanted to ask about location growth implied in the Q2 and 2027 guide. I think you said organic growth was 10% in Q1. What are you implying in the guidance for Q2 and 2027?

我想詢問一下，Q2 與 2027 年指引中所隱含的據點（location）成長。我記得你說 Q1 的有機成長是 10%。那麼在 Q2 與 2027 年的指引中，你們隱含的是多少？

Thanks, Todd. From a location growth perspective, I think we're anchored around the Capital Markets Day CAGR we provided of 10% to 15%. There are puts and takes quarter-to-quarter because there is seasonality in our business. But we feel really good about that 10% to 15% CAGR. We were at 10% in this past quarter.

謝謝你，Todd。就據點成長的角度來看，我認為我們是以資本市場日（Capital Markets Day）所提供的 10% 到 15% 的 CAGR 為基準。季度之間會有一些上上下下，因為我們的業務具有季節性。但我們對 10% 到 15% 的 CAGR 感到非常有信心。我們在上一季是 10%。

All of the initiatives that Gabe and Dax talked about earlier are going to help to drive and even accelerate location growth and obviously, in particular, in our growth engines.

Gabe 和 Dax 先前提到的所有舉措，都將有助於推動，甚至加速據點成長；而且很明顯地，尤其是在我們的成長引擎之中。

Suthan Sukumar, Stifel.

Suthan Sukumar，Stifel。

For first one, I want to follow up on the channel. Can you speak a little bit about your priorities for the overall channel strategy? Is this really to double down in core areas or help you penetrate net new markets and customer verticals?

第一個問題，我想追問一下通路（channel）。你能談談你們整體通路策略的優先事項嗎？這主要是要在核心領域加碼，還是要幫助你們滲透全新的市場與客戶垂直領域？

It's a great question. I'll take this one. Well, it's both. I think when I talk about the size of our opportunity being near term as well as long term, long tail, high ceiling, a lot of that immediate or near-term opportunity, it's both, but it comes from this back book. So we have such a terrific and broad partner ecosystem.

這是個很好的問題。我來回答這題。嗯，兩者都有。我認為，當我談到我們的機會規模既有短期也有長期、長尾且上限很高時，很多即時或短期的機會——兩者都有——但主要來自這些既有客戶（back book）。因此我們擁有非常出色且廣泛的合作夥伴生態系。

I will share one of the very pleasant surprises that I had when I joined Lightspeed was just the number of partners that are really eager to work with us or expand their collaboration with us. And we have a real opportunity to drive customer value, which translates to revenue growth in our back book to drive improved retention in our back book, which, of course, contributes to all of the measures we watch as well. And then certainly, there's a front book co-selling opportunity as well. One of the things that we're looking at, as always, is as we expand our reach into additional markets nearer or longer term, we can really activate and leverage our great partner ecosystem to enter markets effectively, high yield, but low risk as well.

我想分享一個我加入 Lightspeed 後非常愉快的驚喜：就是有大量合作夥伴非常渴望與我們合作，或擴大與我們的合作。而我們確實有機會創造客戶價值，這會轉化為我們既有客戶（back book）的營收成長，並推動既有客戶的留存率提升；當然，這也會對我們所關注的各項衡量指標帶來貢獻。此外，前端客戶（front book）也確實存在共同銷售（co-selling）的機會。我們一如既往在評估的一件事是：當我們把觸角延伸到更多市場（無論是較近期或較長期）時，我們可以真正啟動並善用我們優秀的合作夥伴生態系，以有效方式進入市場，報酬高，同時風險也低。

Okay. Great. Appreciate that color. Second question, I want to touch on capital allocation. Ash, I think you kind of talked about maintaining flexibility for the capital program.

好的。很好。感謝你提供這些說明。第二個問題，我想談談資本配置。Ash，我想你有提到要為資本計畫維持彈性。

But curious, how do you -- how active you guys expect to be on share buybacks going forward? And what other priorities are you contemplating here from a capital allocation perspective?

但我想了解的是，往後你們預期在股票回購方面會有多積極？另外，從資本配置的角度，你們還在考量哪些其他優先事項？

Yes. Thanks for the question. We're pretty serious about returning cash to shareholders. We talked about the buyback. We bought back 7 million shares in Q1 of this year.

是的。謝謝你的問題。我們非常重視把現金回饋給股東。我們談過回購。我們在今年 Q1 回購了 700 萬股。

We're about a little over 80% through the buyback that we just announced in quarter. We also purchased shares to help avoid on the open market share to prevent dilution from a shareholder perspective. So we are returning capital to our shareholders, and we are doing so from a position of strength. Even after repurchasing and canceling 7 million shares in Q1, we did end the quarter with over $370 million in cash.

我們目前已完成剛在本季宣布的回購計畫的 80% 多一點。我們也在公開市場買入股票，以協助避免從股東角度因稀釋而造成的影響。因此，我們正在把資本回饋給股東，而且是在實力穩健的情況下進行。即使在 Q1 回購並註銷 700 萬股之後，我們在季末仍有超過 3.7 億美元的現金。

We have no meaningful long-term debt and alongside positive free cash flow that we expect to generate this year. Outside of the merchant cash advance business, to be honest, with high-margin business, growing 56% year-over-year, super excited about where that's going. But outside of that, the -- for us, it's really about where are we investing for long term to deliver long-term shareholder value. And for now, that is really the merchant capital advance business and returning cash to our shareholders through buybacks.

我們沒有任何具實質意義的長期負債，並且在今年預期能產生正向自由現金流。坦白說，除了商戶現金預支（merchant cash advance）業務之外，這是一項高毛利業務、年增 56%，我們對其發展方向感到非常興奮。但除此之外，對我們而言，重點其實在於：我們要把資金投向哪裡，才能在長期交付長期股東價值。而就目前而言，這主要就是商戶現金預支業務，以及透過回購把現金回饋給股東。

That concludes our Q&A session. I will now turn the conference back over to Gus Papageorgiou for closing remarks.

以上為我們的問答環節。接下來我將把會議交回給 Gus Papageorgiou 作結語。

Great. Thanks, everyone, for joining us today. Myself and the rest of the team will be around for the rest of the day if anyone has any follow-up questions, and we look forward to speaking to you on our next quarterly call. Thank you, and have a good day, everyone.

很好。謝謝各位今天加入我們。如果有人有任何後續問題，我和團隊其他成員今天剩餘時間都會在；也期待在下一次季度電話會議與各位交流。謝謝大家，祝各位今天愉快。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。