Jean Paul Chauvet: Yep, when we say stores, these are storefronts. Digitally, they’re storefronts, and physically, they’re storefronts.
Daniel Chan: Any update on getting restaurants traction in the US?
Jean Paul Chauvet: Look, I think, for the US, it’s been very clear. We are going off to the more sophisticated segments, we’re going off to the more established segment, we gave a few names here in our script. So again, we are going to be deploying marketing dollars and sales teams to ensure that we attract the customers in a profitable way. And so, we will not be going after the internal market, but after the more established. And on that front, we’re happy with the progress.
Operator: Your next question is from line of Andrew Bauch with SMBC Nikko Securities.
Andrew Bauch: .
Gus Papageorgiou: Andrew, we can’t hear you very well.
Andrew Bauch: Nice to see the location disclosures. Looking at the $500,000 are those numbers relatively consistent with what you guys have seen in prior quarters? Do you see any benefits from the shift away from the lower value merchants more centralized focus on that lead to better win rates .
Jean Paul Chauvet: I think I understood, but we could barely hear. But I’m going to address the question. So we are focusing more and more on the $500,000 and plus and the $1 million and plus. We talked about this at the Investor Day. When you look at LTV over CAC and you look at profitable growth, you have to double down on that segment. So what we’ve been seeing this quarter, like all the other quarters, is a vast majority of our churn comes from customers that are under $200,000 of GMV. And what we’re seeing here, especially with the economic headwinds or difficulties in the economy, the smaller ones are much more prone to churn than the larger customers. So I think, for us, this 15% and 19% growth is very much in line with what we’ve been seeing all year.
And I think it’s just a good reflection of our focus on that segment. So, again, yes, this is going to be more and more priority. And I don’t know if you remember, but even at the Investor Day, I said, if we have the same number of locations a few years from now, but all of these are within the right segments, Lightspeed will be in a really strong position. And, of course, those are the fastest growing cohorts for Lightspeed.
Andrew Bauch: I guess you touched on the One Lightspeed initiatives. Are we actually there yet with the final restructuring announcements you made two weeks ago? Or is that still in the months ahead and maybe any updates on the benefits you’re anticipating to see from that?
Jean Paul Chauvet: The question I guess is, with regards to One Lightspeed, and are we on track, and we always said, as we hit the end of the fiscal year, the vast majority of our sales are going to be on the new platforms. We did the restructuring early January because that was the right time because we now have very strong confidence in the product going forward. We are in the final steps of this. We are slightly more advanced with retail than we are with hospitality. But there are still a few little tweaks to do, but we are very much very much on track with what we said. With regards to the expectations here, we are going to see €“ well, we have seen leverage because now we restructured according to these two products, and we will continue to see leverage, it will just simplify the business everywhere.
When you look at acquisition, when you look at onboarding of customers, support calls, it’s going to just de facto become a much simpler business because we will be just selling one payment platform globally and one retail platform globally and one hospitality platform globally .
Operator: Your next question comes from the line of Andrew Jeffrey with Truist Securities.
