Core Viewpoint - Lightspeed Commerce Inc. will report its first quarter 2026 financial results on July 31, 2025, and will host a conference call to discuss these results [1][2]. Company Overview - Lightspeed is a unified omnichannel platform that supports retail and hospitality businesses in over 100 countries [1][3]. - The company provides a comprehensive suite of services including point of sale, ecommerce, embedded payments, inventory management, reporting, and financial services [4]. Upcoming Financial Results - The financial results will be announced before the market opens on July 31, 2025, with a conference call scheduled for 8:00 am ET on the same day [1][2]. - Participants can register for the call in advance and will receive instructions via email [2]. Company Background - Founded in 2005 in Montréal, Canada, Lightspeed is dual-listed on the NYSE and TSX [5]. - The company has teams located across North America, Europe, and Asia Pacific [5].

Company Performance - Lightspeed Commerce Inc. (LSPD) ended the recent trading session at $11.78, showing a +1.2% change from the previous day's closing price, outperforming the S&P 500's daily loss of 0.07% [1] - Over the past month, shares of the company have decreased by 0.26%, underperforming the Computer and Technology sector's gain of 5.58% and the S&P 500's gain of 3.94% [1] Upcoming Earnings - The company's earnings per share (EPS) for the upcoming earnings disclosure are projected to be $0.11, reflecting a 10% increase from the same quarter last year [2] - Revenue is estimated to be $286.85 million, which is a 7.8% increase from the prior-year quarter [2] Annual Forecast - For the entire year, the Zacks Consensus Estimates forecast earnings of $0.51 per share and revenue of $1.19 billion, indicating changes of +13.33% and +10.44%, respectively, compared to the previous year [3] Analyst Revisions - Recent revisions to analyst forecasts for Lightspeed Commerce Inc. are important as they reflect evolving short-term business trends, with positive estimate revisions indicating optimism about the business outlook [4] Stock Performance and Valuation - The Zacks Rank system, which integrates estimate changes, currently ranks Lightspeed Commerce Inc. at 3 (Hold), with the consensus EPS projection remaining stagnant over the past 30 days [6] - The company is trading at a Forward P/E ratio of 22.75, which is a discount compared to the industry average Forward P/E of 29.09, and has a PEG ratio of 1.39, compared to the industry average PEG ratio of 2.22 [7] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 61, placing it in the top 25% of all 250+ industries [8]

Core Insights - Lightspeed Commerce Inc. has appointed Glen LeBlanc to its Board of Directors, effective July 1, 2025, to support its three-year strategy and transformation journey [1][3] - LeBlanc brings over 30 years of financial and accounting leadership experience, particularly in telecommunications and technology sectors, which is expected to enhance Lightspeed's growth and innovation [2][3] Company Overview - Lightspeed is a unified omnichannel platform serving retail and hospitality businesses in over 100 countries, focusing on growth and exceptional customer experiences [1][5] - The company offers a comprehensive suite of services including point of sale, ecommerce, embedded payments, inventory management, and financial services [6] Leadership Changes - Glen LeBlanc will also join the Audit Committee and Risk Committee, succeeding Paul McFeeters as Chair of the Audit Committee after the annual shareholders meeting on July 31, 2025 [3] - Paul McFeeters will not stand for re-election, and the company expressed gratitude for his contributions to its growth and success [4][3]

Core Insights - Toast Inc. (TOST) and Lightspeed Commerce Inc. (LSPD) are key players in the point-of-sale (POS) solutions market, with Toast focusing on restaurants and Lightspeed serving both restaurants and retail, making them direct competitors in the hospitality tech sector [1][2] Company Analysis: Toast Inc. (TOST) - TOST ended the first quarter with approximately 140,000 customer locations globally, reflecting a 25% year-over-year growth, and added over 6,000 net locations in the same period [3][9] - The company has only 10% penetration into its total addressable market (TAM) of 1.4 million locations, indicating significant long-term growth potential [3] - TOST is expanding into three new growth areas: enterprise, international, and food & beverage retail, with a target of exceeding 10,000 locations in these segments by the end of 2025 [4] - The introduction of AI-powered tools, such as Sous Chef and ToastIQ, is enhancing TOST's platform and improving operational efficiency for restaurant operators [5] - Despite strong growth, TOST faces challenges such as a 3% year-over-year decline in gross payment volume (GPV) per location, indicating lower average transaction volumes [7] Company Analysis: Lightspeed Commerce Inc. (LSPD) - LSPD reported an 18% revenue increase in fiscal 2025, surpassing $1 billion in annual revenues for the first time [8] - The company is strategically focusing on North American retail and European hospitality, with customer locations in these markets increasing over 3% year-over-year [10] - LSPD is investing heavily in innovation, with a 35% increase in product development budget for fiscal 2026 compared to fiscal 2025 [11] - Transaction-based revenues for LSPD rose 14% to $157.8 million, with GPV increasing by 40%, showcasing strong growth in its payments segment [12] - However, LSPD is also facing macroeconomic challenges, with a revenue growth guidance of 10% to 12% for the current fiscal year, lower than the previous year's 18% growth [13] Market Comparison - TOST shares have appreciated by 5.2%, while LSPD shares have gained 11.7% [16] - Valuation metrics indicate that both companies are overvalued, with TOST trading at a Price/Book ratio of 13.28X compared to LSPD's 1.04X [18] - Analysts have slightly revised earnings estimates upward for TOST, while LSPD has seen a marginal downward revision for the current year [20][22] - Despite facing similar macro and competitive challenges, LSPD's diversified revenue base across multiple sectors makes it a more compelling investment option compared to TOST's restaurant-heavy model [22]

Core Insights - A new consumer landscape is emerging where "Valuespending" is becoming a significant factor in purchasing decisions, alongside traditional priorities like price and quality [1][2][3] Consumer Behavior Trends - 92% of consumers identify as at least somewhat intentional in their purchases, with 40% describing themselves as very intentional [2][8] - 45% of consumers indicate that brand values will play a larger role in their future purchases, reflecting a shift towards mindful consumption [2][3] - 62% of consumers now prioritize alignment of purchases with their personal values or identity [3] Generational Insights - 96% of Gen Z consumers shop intentionally, with 66% emphasizing the importance of their purchases reflecting their values [4][5] - Key decision drivers for Gen Z include sustainability (37%), national pride (29%), and cultural alignment (26%) [4] - 51% of Gen Z report that their most recent purchases were made with thought and intention, with social media being a major discovery tool for value-aligned brands [4] Regional Differences - 38% of Canadian consumers have made purchases based on local or national campaigns, compared to only 16% in the U.S. [6] - 45% of Canadian consumers believe supporting local businesses best reflects their values, versus 36% of U.S. shoppers [6] Key Drivers of Valuespending - National pride (27%), charitable giving (18%), sustainability (18%), and political views (15%) are significant factors influencing buying decisions [8][9]

Core Viewpoint - Lightspeed Commerce Inc. has reached an agreement in principle to fully resolve proposed class action proceedings in Quebec, following the dismissal of a similar U.S. securities class action against the company, which found the allegations to lack legal basis [1][2][3]. Group 1: Settlement Details - The settlement amount is approximately $8.09 million, equivalent to C$11 million, based on an exchange rate of 0.7354 [3][4]. - The settlement is subject to approval by the Superior Court of Quebec and aims to settle all claims against the company and other defendants, with no admission of liability or wrongdoing [2][3]. Group 2: Company Transformation - The company is undergoing a transformation focused on strategic growth and aims to build a long-term profitable business for customers and shareholders [3]. - The resolution of the class action allows the company to concentrate on markets where it has a competitive advantage and to enhance customer experiences globally [3]. Group 3: Company Overview - Lightspeed operates as a unified omnichannel platform for retail and hospitality businesses in over 100 countries [1][5]. - The company provides a range of services including point of sale, e-commerce, embedded payments, inventory management, and financial services [6].

He also leads the investing group IPO Edge , which offers actionable information on growth stocks through first-look IPO filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initi ...

Core Insights - Lightspeed Commerce Inc. reported revenue of $253.42 million for the quarter ended March 2025, reflecting a year-over-year increase of 10.1% [1] - The earnings per share (EPS) for the quarter was $0.10, up from $0.06 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $251.36 million by 0.82%, while the EPS met the consensus estimate [1] Revenue Breakdown - Subscription revenue was $87.86 million, slightly below the five-analyst average estimate of $88.08 million [4] - Hardware and other revenue amounted to $7.75 million, also below the five-analyst average estimate of $9.24 million [4] - Transaction-based revenue reached $157.81 million, surpassing the five-analyst average estimate of $154.10 million [4] Stock Performance - Shares of Lightspeed POS have returned +9.5% over the past month, compared to a +13.4% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Lightspeed Commerce Inc. reported quarterly earnings of $0.10 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.06 per share a year ago [1] - The company has consistently surpassed consensus EPS estimates, achieving this three times in the last four quarters [1] Financial Performance - Lightspeed POS generated revenues of $253.42 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 0.82% and up from $230.22 million year-over-year [2] - The company has also topped consensus revenue estimates three times over the last four quarters [2] Stock Performance - Lightspeed POS shares have declined approximately 29.3% since the beginning of the year, contrasting with the S&P 500's decline of only -0.6% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - Current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $283.93 million, and for the current fiscal year, it is $0.55 on revenues of $1.17 billion [7] - The estimate revisions trend for Lightspeed POS is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Internet - Software industry, to which Lightspeed POS belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) This section details Lightspeed's financial performance for Q4 and full fiscal year 2025, alongside key operational achievements and metric revisions [Fourth Quarter Financial Highlights](index=1&type=section&id=Fourth%20Quarter%20Financial%20Highlights) In the fourth quarter of fiscal 2025, Lightspeed's total revenue grew 10% year-over-year to $253.4 million, driven by a 14% increase in transaction-based revenue. The company reported a significant net loss of ($575.9) million, primarily due to a ($556.4) million non-cash goodwill impairment charge. However, Adjusted EBITDA improved to $12.9 million from $4.4 million in the prior year, and Adjusted Income rose to $15.0 million Q4 FY2025 Financial Performance (vs. Q4 FY2024) | Metric | Q4 FY2025 | Q4 FY2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $253.4M | $230.2M | +10% | | Subscription Revenue | $87.9M | $81.3M | +8% | | Transaction-based Revenue | $157.8M | $139.0M | +14% | | **Net Loss** | ($575.9M) | ($32.5M) | - | | *includes Goodwill Impairment* | *($556.4M)* | *$0* | - | | **Adjusted EBITDA** | $12.9M | $4.4M | +193% | | **Adjusted Income** | $15.0M | $8.5M | +76% | | **Adjusted Income per Share** | $0.10 | $0.06 | +67% | | **Cash at End of Period** | $558.5M | - | - | [Full Fiscal Year Financial Highlights](index=1&type=section&id=Full%20Fiscal%20Year%20Financial%20Highlights) For the full fiscal year 2025, Lightspeed achieved a milestone by exceeding $1 billion in revenue for the first time, with total revenue reaching $1,076.8 million, an 18% increase year-over-year. Similar to the fourth quarter, the full-year net loss was substantial at ($667.2) million due to the goodwill impairment. Adjusted EBITDA saw a significant turnaround, reaching $53.7 million compared to just $1.3 million in fiscal 2024 Full Fiscal Year 2025 Financial Performance (vs. FY2024) | Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,076.8M | $909.3M | +18% | | Subscription Revenue | $344.8M | $322.0M | +7% | | Transaction-based Revenue | $697.3M | $545.5M | +28% | | **Net Loss** | ($667.2M) | ($164.0M) | - | | *includes Goodwill Impairment* | *($556.4M)* | *$0* | - | | **Adjusted EBITDA** | $53.7M | $1.3M | +4031% | | **Adjusted Income** | $69.5M | $24.5M | +183% | | **Adjusted Income per Share** | $0.45 | $0.16 | +181% | [Fourth Quarter Operational Highlights](index=2&type=section&id=Fourth%20Quarter%20Operational%20Highlights) Operationally, the fourth quarter saw key product enhancements, including a generative AI web builder and improved kitchen display systems. ARPU grew 13% to ~$489, driven by unified POS and payments adoption. Gross Payment Volume (GPV) increased 19% to $7.9 billion. The company also announced a change in how it defines and counts 'Customer Locations', which will increase reported ARPU going forward - Key product releases included a generative AI web builder, PO Sync for NuORDER, omni gift cards, and enhancements to the Kitchen Display System[7](index=7&type=chunk) Q4 FY2025 Key Performance Indicators (YoY) | KPI | Q4 FY2025 | Q4 FY2024 | Change | | :--- | :--- | :--- | :--- | | **ARPU** | ~$489 | ~$431 | +13% | | **Total GTV** | $20.6B | $20.7B | - | | **GPV** | $7.9B | $6.6B | +19% | | **Gross Profit** | $111.8M | $99.7M | +12% | | **Gross Margin** | 44% | 43% | +1 ppt | | Subscription Gross Margin | 81% | 77% | +4 ppts | - The company is revising its definition of a 'Customer Location' to treat POS and eCommerce solutions as a single omnichannel product. This changes the total count from **~162,000** to **~144,000** as of March 31, 2025, and increases the monthly ARPU from **~$489** to **~$545**[7](index=7&type=chunk)[8](index=8&type=chunk) - Over the last twelve months, Lightspeed repurchased **~18.7 million shares** (**~12%** of shares outstanding) for **~$219 million**[1](index=1&type=chunk)[10](index=10&type=chunk) [Financial Outlook](index=3&type=section&id=Financial%20Outlook) This section outlines Lightspeed's strategic investments and financial guidance for fiscal year 2026 [Fiscal 2026 Strategy and Investments](index=3&type=section&id=Fiscal%202026%20Strategy%20and%20Investments) For fiscal 2026, Lightspeed plans to significantly increase investments to drive growth. The company will expand its outbound sales team to over 150 representatives and boost product and technology development investment by over 35%. These initiatives are aimed at increasing customer locations in its core markets (retail in North America, hospitality in Europe) and expanding software revenue, with benefits expected to materialize in the latter half of the year - The company plans to grow its outbound sales team to **over 150 representatives** by the end of Fiscal 2026[9](index=9&type=chunk) - Investment in product and technology development will increase by **over 35%** in Fiscal 2026[9](index=9&type=chunk)[11](index=11&type=chunk) - The strategic focus remains on retail customers in North America and hospitality customers in Europe[11](index=11&type=chunk) [Fiscal 2026 Guidance](index=4&type=section&id=Fiscal%202026%20Guidance) Lightspeed provided its financial outlook for the first quarter and full fiscal year of 2026. For the full year, the company expects revenue growth of 10-12% and Adjusted EBITDA between $68 million and $72 million. The outlook is consistent with the three-year targets for gross profit and Adjusted EBITDA CAGR presented at its Capital Markets Day Financial Outlook for Fiscal 2026 | Metric | Q1 2026 Outlook | Full Year 2026 Outlook | | :--- | :--- | :--- | | **Revenue** | $285M - $290M | Approx. 10% - 12% growth | | **Gross Profit Growth** | Approx. 13% | Approx. 14% | | **Adjusted EBITDA** | $14M - $16M | $68M - $72M | - The outlook aligns with the three-year target gross profit CAGR of **15-18%** and Adjusted EBITDA CAGR of **approximately 35%**[12](index=12&type=chunk) [Outlook Assumptions and Forward-Looking Statements](index=5&type=section&id=Outlook%20Assumptions%20and%20Forward-Looking%20Statements) This section details key assumptions for Lightspeed's financial outlook and long-term targets [Financial Outlook Assumptions](index=5&type=section&id=Financial%20Outlook%20Assumptions) The company's financial outlook is based on several key assumptions, including stable macroeconomic conditions, continued customer adoption of its unified POS and payments platform, and success in its growth strategy focused on retail in North America and hospitality in Europe. It also accounts for risks such as inflation, interest rate changes, consumer spending trends, and geopolitical instability - Assumes continued uptake of unified POS and payments solutions and successful pricing strategies[18](index=18&type=chunk) - Relies on the ability to attract and retain key personnel, especially outbound sales staff, and manage customer churn[18](index=18&type=chunk) - Acknowledges risks from macroeconomic factors (inflation, interest rates), geopolitical events (wars in Ukraine and Israel-Hamas), and exchange rate fluctuations[18](index=18&type=chunk) [Long-Term Financial Outlook](index=6&type=section&id=Long-Term%20Financial%20Outlook) Lightspeed's long-term targets are built on assumptions of sustained growth in its core markets, with a projected 10-15% CAGR in customer locations in its two growth engines through fiscal 2028. The outlook also assumes continued ARPU growth, operating efficiencies, and a gross margin range of 42-45% over time, while acknowledging significant investment requirements and market risks - Targets a three-year Customer Location CAGR of **~10-15%** between fiscal 2025 and 2028 in its retail (North America) and hospitality (Europe) growth engines[23](index=23&type=chunk) - Expects gross margin to be within a range of **~42-45%** over time[23](index=23&type=chunk) - Plans for **over $50 million** in incremental investment in its product and technology roadmap in Fiscal 2026[23](index=23&type=chunk) [Company Overview and Performance Metrics](index=8&type=section&id=Company%20Overview%20and%20Performance%20Metrics) This section defines Lightspeed's non-IFRS financial measures and key performance indicators [Non-IFRS Measures and Ratios](index=9&type=section&id=Non-IFRS%20Measures%20and%20Ratios) The company uses several non-IFRS measures like Adjusted EBITDA, Adjusted Income, and Adjusted Free Cash Flow to provide a clearer view of its core operating performance by excluding items such as share-based compensation, goodwill impairment, and amortization. These supplemental metrics are used by management to facilitate period-to-period comparisons and are believed to be useful for investors - Non-IFRS measures are used to supplement IFRS results and highlight underlying business trends[27](index=27&type=chunk) - Key non-IFRS measures include **Adjusted EBITDA**, **Adjusted Income**, and **Adjusted Free Cash Flow**[27](index=27&type=chunk) - **Adjusted EBITDA** excludes items like interest, taxes, D&A, share-based compensation, and goodwill impairment to show core operating performance[28](index=28&type=chunk) [Key Performance Indicators](index=11&type=section&id=Key%20Performance%20Indicators) Lightspeed tracks key performance indicators (KPIs) to evaluate its business, including Average Revenue Per User (ARPU), Customer Locations, Gross Payment Volume (GPV), and Gross Transaction Volume (GTV). A significant change was announced for the 'Customer Location' metric; starting after March 31, 2025, physical and eCommerce sites for a single customer will be counted as one location, reflecting the unified omnichannel product strategy - Key KPIs are **ARPU**, **Customer Locations**, **GPV** (payments processed by Lightspeed), and **GTV** (total transactions on the platform)[49](index=49&type=chunk)[51](index=51&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - The definition of 'Customer Location' is being updated. Previously, a customer with a physical store and an e-commerce site counted as two locations. Prospectively, this will be counted as a single location[52](index=52&type=chunk)[53](index=53&type=chunk) [Financial Statements](index=17&type=section&id=Financial%20Statements) This section presents Lightspeed's condensed consolidated financial statements for the fiscal year ended March 31, 2025 [Condensed Consolidated Statements of Loss and Comprehensive Loss](index=17&type=section&id=Condensed%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For the fiscal year ended March 31, 2025, total revenues increased by 18% to $1.077 billion. However, the company recorded a net loss of ($667.2) million, a significant increase from the ($164.0) million loss in the prior year. This was driven by a ($556.4) million goodwill impairment charge and total operating expenses of $1.146 billion Fiscal Year Ended March 31 (in thousands of US dollars) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenues** | $1,076,826 | $909,270 | | **Gross Profit** | $450,205 | $385,250 | | **Goodwill Impairment** | ($556,440) | $0 | | **Operating Loss** | ($696,007) | ($203,019) | | **Net Loss** | ($667,196) | ($163,964) | | **Net Loss per Share** | ($4.34) | ($1.07) | [Condensed Consolidated Balance Sheets](index=18&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Lightspeed's total assets stood at $1.826 billion, down from $2.575 billion the previous year. The decrease was primarily due to a reduction in Goodwill from $1.349 billion to $798 million following the impairment charge. Cash and cash equivalents also decreased to $558.5 million from $722.1 million. Total liabilities remained relatively stable at $162.2 million Assets and Liabilities as of March 31 (in thousands of US dollars) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $558,469 | $722,102 | | **Goodwill** | $797,962 | $1,349,235 | | **Total Assets** | $1,826,203 | $2,575,154 | | **Total Liabilities** | $162,236 | $162,753 | | **Total Shareholders' Equity** | $1,663,967 | $2,412,401 | [Condensed Consolidated Statements of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For fiscal year 2025, cash used in operating activities was ($32.8) million, a significant improvement from ($97.7) million in the prior year. Investing activities provided $8.0 million in cash, while financing activities used ($138.7) million, largely due to ($132.3) million spent on share repurchases. This resulted in a net decrease in cash of ($163.6) million for the year Cash Flows for Fiscal Year Ended March 31 (in thousands of US dollars) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | **Cash flows used in operating activities** | ($32,762) | ($97,667) | | **Cash flows from investing activities** | $8,042 | $25,950 | | **Cash flows used in financing activities** | ($138,676) | ($6,226) | | *Shares repurchased and cancelled* | *($132,317)* | *$0* | | **Net decrease in cash** | ($163,633) | ($78,052) | | **Cash at end of year** | $558,469 | $722,102 | [Reconciliation of IFRS to Non-IFRS Measures and KPI Details](index=20&type=section&id=Reconciliation%20of%20IFRS%20to%20Non-IFRS%20Measures%20and%20KPI%20Details) This section provides detailed reconciliations of IFRS to non-IFRS financial measures and customer location metrics [Adjusted EBITDA and Adjusted Income Reconciliation](index=20&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20Income%20Reconciliation) The reconciliation from Net Loss to Adjusted EBITDA and Adjusted Income highlights the impact of non-cash and non-operational expenses. For fiscal year 2025, the Net Loss of ($667.2) million was adjusted for major items including a $556.4 million goodwill impairment, $101.0 million in depreciation & amortization, and $56.6 million in share-based compensation, resulting in an Adjusted EBITDA of $53.7 million and Adjusted Income of $69.5 million FY2025 Reconciliation from Net Loss (in thousands of US dollars) | Metric | Amount | | :--- | :--- | | **Net Loss** | **($667,196)** | | Goodwill Impairment | +$556,440 | | Depreciation and Amortization | +$100,991 | | Share-based Compensation | +$56,578 | | Other Adjustments | +$23,372 | | Net Interest Income | -$36,498 | | **Adjusted EBITDA** | **$53,687** | [Customer Locations Reconciliation](index=26&type=section&id=Customer%20Locations%20Reconciliation) The company provided a reconciliation to illustrate the impact of its updated 'Customer Location' definition. Under the previous definition, locations were ~162,000 with an ARPU of ~$489 as of March 31, 2025. Under the new, revised definition which consolidates physical and e-commerce sites, the number of locations is ~144,000, which increases the calculated ARPU to ~$545 Customer Location and ARPU Reconciliation (as of March 31, 2025) | Metric | Previous Definition | Revised Definition | | :--- | :--- | :--- | | **Customer Locations** | ~162,000 | ~144,000 | | **Average Revenue Per User (ARPU)** | ~$489 | ~$545 |