Thank you, operator, and good morning, everyone. Welcome to Lightspeed's Fiscal Q1 2022 Conference Call. Joining me today are Dax Dasilva, Lightspeed's Founder and CEO, Brandon Nussey, Chief Financial Officer; and JP Chauvet, President of Lightspeed. After prepared remarks 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. 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 2022 results presentation is available on our website, as well as in our filings with U.S. and Canadian securities regulators. Also our commentary today will include adjusted financial measures, which are non-IFRS measures. 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.com and on the SEC's EDGAR system. In addition, our commentary today will include key performance indicators that help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Such key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. And finally, note that because we report in U.S. dollars all amounts discussed today are in U.S. dollars unless otherwise indicated. With that, I will now turn the call over to Dax.

Thanks, Gus. Good morning, everyone, and thank you for joining us today. Before I get started, I just wanted to welcome everyone from NuORDER to the Lightspeed team. Together Lightspeed and NuORDER are going to redefine how suppliers and retailers interact with each other and revolutionize supply chain management in the industry. I cannot be more excited about the opportunity that awaits us all. Welcome aboard. As everyone has likely seen from the results released earlier today, Lightspeed had an exceptional quarter, delivering revenues and adjusted EBITDA well ahead of Street expectations and better than our previously established guidance. Total revenue was up 220% year-over-year, with organic software and payments revenue up 78%. The company now maintains over 150,000 retail and hospitality locations globally. GTV was strong, growing 203% year-over-year to $16.3 billion. Organic GTV growth was 91%. Payments penetration continues to increase with approximately 10% of our GTV processed through our payment solutions. Some notable customer wins in the quarter include SpaceX, the American aerospace company founded by Elon Musk, which has chosen Lightspeed Restaurant, Lightspeed Ordering and Lights Payments to support its hospitality operations at its California headquarters. Telluride Ski Resort, the world-renowned Colorado ski resort has chosen Lightspeed as its core commerce platform. Telluride will use Lightspeed Retail, Lightspeed E-commerce and Lightspeed Payments to help run its vast resort activities. And finally, Restaurant Kei. Kei is the first Paris-based Japanese restaurant to secure a three-star Michelin rating, in addition to acknowledgments Les Grandes Tables du Monde and Gault & Millau. Kei will be using Lightspeed Restaurant to run its award-winning establishments. In addition to the strong execution this quarter, we managed to advance some key strategic initiatives. Lightspeed launched Payments in international markets, starting with the U.K. and earlier this week announced five more European launches, including Germany, Switzerland, France, Belgium and the Netherlands. We closed the acquisition of Vend in the quarter, with that group delivering better-than-expected results. We established a partnership with the leading restaurant reservation platform OpenTable. And finally, we announced definitive agreements to acquire NuORDER and Ecwid, which will help transform Lightspeed into a one-stop commerce platform. The NuORDER transaction was closed last month, with Ecwid expected to close by the end of this quarter. As economies reopen around the world and new business creation accelerates, we believe Lightspeed's one-stop commerce platform remains a crucial lifeline for independent businesses. Our goal is to help them simplify their operations, provide them unparalleled opportunities to scale and equip them to deliver exceptional customer experiences. As they step into a new world of commerce forever altered by the COVID-19 crisis, both the traditional challenges they have faced, as well as the new customer expectations they will seek to meet will be best solved by Lightspeed solutions. From the customary complexities of supply chain management and accounting to the new demands of online ordering and contactless payments, Lightspeed is the technology that will ignite businesses everywhere. Following our customary routine, Brandon will take you through the details of the financial results. But I wanted to first highlight, some key business themes this quarter, including the benefits of economies reopening, the exceptional performance of Payments, our early but promising success with Lightspeed Capital, and finally, the ongoing integration of our recent acquisitions. As economies begin to reopen, we are seeing a very positive impact on our overall business, not just from new customers, but also increased demand from existing customers. Our hospitality business saw a very strong performance this quarter which helped drive great results in EMEA. Hospitality GTV was up 380% year-over-year and new location additions were by far the highest we have ever had. France, Germany and Belgium showed particular strength greatly exceeding expectations. And although, we did see growing demand from new customers, demand from existing customers was also strong with our order ahead and loyalty offerings, showing continued strength. Lightspeed also maintains a strong partner network that helps drive adoption of our offerings. During the depths of COVID, our partner channels were relatively subdued, but this quarter, we saw them come roaring back. Payments of course, continue to be a major source of growth for our company. Transaction-based revenues were up over five times from last year. Thanks largely to Payments. Payments benefited from the strong growth in GTV as well as increasing adoption by our customer base. Currently, our payments business leans towards retail. And although, GTV growth here was overshadowed by the resurgence of hospitality this quarter, omnichannel retail GTV growth still increased 139%. European adoption is off to a strong start with the total number of active payments customers growing strongly from last quarter. And while Europe still only represents a very small portion of our total payments customers, we believe this number will grow rapidly, as we launch the solution in five more markets in that region. Overall, approximately 10% of our total GTV was processed through our payment solutions, giving us plenty of runway in the months and years ahead. I would also like to call out our capital business. Lightspeed Capital had its best quarter by far. And we are starting to see numbers that are becoming meaningful. Almost 430 capital advances were made in the quarter, with revenue from capital growing 68% from the previous quarter. We continue to maintain two offerings here, Lightspeed Capital, where we leverage our payments partner Stripe, and the ShopKeep Capital business which we inherited, when we acquired ShopKeep. This quarter we are expanding the ShopKeep Capital model to additional customers and have already seen some initial success there. For now, this remains a small but highly profitable business for us with revenues still under $1 million quarterly. But given our growing customer base and expanded availability, we believe Capital can become a very meaningful driver of growth and especially profitability in the longer term. We also believe that, with the addition of NuORDER we have the potential to extend capital services into the B2B side of our network. Finally, I want to provide an update on the integration of our latest acquisitions. We continue to integrate management from our acquisitions into our own senior executive team. Michael DeSimone, the former ShopKeep CEO was recently named our Chief Business Officer with responsibilities for retail, hospitality, golf and payments. And Anna White, the former Vend CEO is now our General Manager for retail. From a product perspective, we continue to drive towards one core solution for retail and one for hospitality. In hospitality, we are busy integrating Upserve's industry-leading analytics engine into our core hospitality offering and expect that to be completed by the end of the summer. We are also working diligently on integrating the Vend offering into our retail solution which is one of the many reasons Anna White now leads that business. The ShopKeep integration is even further advanced with that offering now fully part of the core Lightspeed retail solution. We recently closed the NuORDER acquisition. And we'll be turning our attention to unlocking their potential within our broader network. Once integrated into Lightspeed, we will be able to get brands real-time sell-through information from their SMB customers—a feature that we believe none of our competition can match and one that we hope will make the Lightspeed supplier network indispensable to all suppliers in the verticals on which we are focused. In closing, I want to stress again what a strong quarter this was. From new customers, to higher ARPU, to greater payments adoption, the company really fired on all cylinders. When COVID first hit, Lightspeed was able to help our customers pivot their business models and adapt to a new omnichannel business reality. As we emerge from the crisis, we believe Lightspeed can help these same customers take advantage of the economic rebound, to scale their businesses and simplify their operations. And in the longer term, we continue to see great opportunities. Payments adoption can go higher. Delivering a unified solution in retail and hospitality should allow for greater software adoption amongst our customer base. Our capital business is still very much in its infancy and the potential from the B2B side with NuORDER and our supplier network has not yet even begun to impact our top line. And finally, once we close our proposed acquisition of Ecwid, we believe we can help our SMB customers to fully recognize the potential of omnichannel commerce. There remains a lot of heavy lifting and long hours ahead but the potential for Lightspeed as a true one-stop commerce platform has never been greater and the probability of success has in my mind never been higher. And with that, I will turn it over to Brandon.

Thanks, Dax. Really pleased with these results today. As you heard from Dax, what we are seeing is a strong uptick in our customers' volumes, strong new customer demand and continued adoption of our value-added offerings like payments. The combination of these factors produced some terrific financial results for us this quarter and keeps us quite enthusiastic about the future. As usual, we'll look at the building blocks of our business and everything starts with customer locations, which grew to over 150,000 at June 30 from over 140,000 on a pro forma basis last quarter. Our hospitality business, particularly in Europe, performed great this quarter as economies reopened and retail continued to perform well also. It ended as a record quarter for new customer location additions, which were over 60% higher than a year ago organically and over 90% higher in total. We saw some of the lowest churn rates we have ever seen in the quarter and a number of customers come back after pausing or shutting down operations during lockdowns. The combination of this improved churn with record new location additions led to the healthy growth and customer locations we reported today. But we're even more encouraged by the volumes driven by our customers. We're optimistic that as economies reopened, our customers would be beneficiaries and we saw that happen this quarter. GTV was an outstanding $16.3 billion, up from $10.8 billion just last quarter. It was 203% higher than a year ago. On an organic basis, GTV grew 90% from last year's depressed levels. We're thrilled to see our customers and the communities they serve come back to life. Within GTV, our omnichannel retailers continue to do really well with 64% organic growth in that segment. We saw more business shift back to physical in the quarter with a portion of our retail GTV driven through physical locations growing three times faster than online. As mentioned, hospitality roared back to life as economies reopened. Organic growth in GTV was 164% in the quarter and was up 380% overall. This wonderful performance by our customers translated into our payments revenue performing well above our plans. Volume increases with expanding payments availability around the world and strong ongoing customer demand led to overall transaction-based revenue growing more than 450% year-over-year. Really encouraged to see all this come together for our customers and for Lightspeed. All told then, we reported $115.9 million of revenue, up 220% over last year and well ahead of our guidance of $90 million to $94 million. Excluding acquisitions completed in the last 12 months, revenue grew by 81%. Subscription and transaction-based revenue was 92% of our total revenue at $106.4 million and grew by 218%. On an organic basis, Software and Payments grew 78% year-over-year. As mentioned earlier, this growth was fueled by transaction revenue, which was $56.4 million, up from $10.2 million a year ago. Gross profit grew by 154% in the quarter with overall gross margins of 50%. The growth in gross profit was driven by higher ARPU, which grew 44% to over $230 in the quarter, up from $160 a year ago. The decline in gross margin year-over-year reflects the growing impact of our payments business and lower hardware margins achieved this year due to various incentives we extended to our customers to encourage adoption of our solutions as economies reopen. Adjusted EBITDA loss for the quarter was $6.0 million, ahead of our guidance of approximately $10 million and represented 5% of our revenue. This has improved from prior year levels and continues to exhibit the leverage we see in the business model as more and more of our customers grow their business with Lightspeed and adopt more of our solution footprint. And finally, adjusted EPS loss was $0.05 in the quarter. All told some outstanding results reported today that we're really encouraged by. We will remain conservative in our near-term view as we are seeing some pockets of challenge as the Delta variant forces some countries back into lockdown. But these results today reaffirm to us that the long-term outlook is in good order. And I'll share some thoughts on that there shortly. On the back of today's results, we're updating our guidance for the full-year and introducing Q2's outlook. For the second quarter, we expect revenue in the range of $120 million to $124 million with adjusted EBITDA loss in the range of $12 million. These numbers incorporate some caution around ongoing or reinstated lockdowns and reflect a full quarter of NuORDER's operations. As is often the case as we absorb newly acquired companies, they come with a near-term increase in EBITDA loss until we integrate more fully and this is incorporated into the near-term outlook, we've provided here. For the year, with the assumption that we closed the Ecwid acquisition on or about October 1, we now expect between $510 million and $530 million of revenue and an EBITDA loss in the range of $35 million. This EBITDA loss would represent approximately 6% to 7% of revenue guidance and has improved from 10% last year and 18% two years ago. As we look beyond fiscal 2022, we're encouraged by the progress we're making, the macro trends we are seeing and our improving market position. You'll see in our investor deck posted on our Investor Relations website that we've provided our preliminary views on the longer-term operating model. We believe we are well positioned to continue increasing our market share, as the Lightspeed brand continues to gain prominence, given our best-in-class solution suite and rapid adoption of cloud-based solutions. We further believe that we will be able to grow our software ARPU, for new and existing customers, as our customers adopt more of our solution footprint and we introduce new functionality to our customers. We also believe that payments penetration will continue at the pace we are seeing today, as such a 50% penetration of our payment solutions into our customer base is achievable in the foreseeable future, which should continue to contribute to the strong organic growth rates over this period. As a reminder, our Payment Solutions result in higher contribution margin when sold to our customers that are already using our cloud-based solutions. As our Payments penetration increases, we expect more revenue per customer to contribute to our bottom line profitability. So as these business dynamics occur, we believe it will support strong operating leverage and drive profitability. To that point, over the long term, we anticipate expanding our software gross margins and expect a decline in operating expenses as a percentage of revenue and we're already seeing that happening in our results now. We further expect our increased scale over this period, will allow us to realize better economics for our payment solutions and capture a greater opportunity within financial services for our customers and their suppliers more broadly. Consequently, this should help drive our overall EBITDA margins and we believe that 20% margins are achievable over time. While we expect to remain active in M&A, we have not factored any new M&A opportunities into this outlook and what their impact could be. With that, we'd like to open it up for questions.

Thank you. We will now open up for questions. Your first question comes from Tim Chiodo of Credit Suisse. Your line is open, you may ask your question.

Good morning, everyone. Thank you for taking my question. I’d like to focus on locations, as the strong numbers indicate it’s an important leading indicator for investors. First, could you provide some context regarding the mix of e-commerce locations versus in-store and how they're contributing to this impressive quarterly performance? Additionally, as I consider future location additions, the reopening trend seems very promising for your growth. We've discussed the broad areas for location ads related to e-commerce merchants, and the possibility of moving down market towards a more direct self-onboarding approach. Could you elaborate on your thoughts regarding growth in locations?

Sure, I'll start on that one. It's Brandon here. I think you mentioned some key points. In the quarter, we first and foremost experienced the benefits of reopening economies worldwide. Many of our customers who had previously paused or shut down their operations returned, particularly in the hospitality sector. This was great to see and certainly led to a nice rebound in location growth. We provided some insights on physical versus e-commerce. We observed that commerce returned to physical stores quicker than to e-commerce. This trend was also evident in our location growth this quarter, where the main highlight was the return to physical locations rather than online. For the long term, I can let JP share our perspective on market positioning and new opportunities. Regarding the results for this quarter, it primarily revolved around economies reopening, customers coming back, and significantly increased commerce in physical locations. JP, would you like to add anything about the long-term outlook?

Absolutely. We observed that many customers removed some of their modules and returned to purchasing more modules from Lightspeed due to the reopening. Overall, we are very satisfied, and this aligns well with our core business, which focuses on physical first. Looking ahead, we have announced the Ecwid acquisition, aimed at enhancing our presence in verticals where we excel in addressing digital first needs. We are excited about the new offerings we will be bringing to the market, as we believe we have a strong proposition for digital first. However, what remains crucial for us is omnichannel strategy and focusing deeply within the verticals that have substantial inventory to manage. In these areas, we are looking to attract both digital first and digital-only customers.

Great. And congrats on some really fantastic results here. I wanted to just touch base on the payments monetization and kind of thinking through this quarter how much is really coming from repricing from recent acquisitions and then also from kind of incremental new wins? And then how you're thinking that maybe plays out as we kind of go throughout the year? And then just secondarily on the ARPU another incredibly strong quarter I think up 44%. In the past you've kind of broken out what was from payments and what was kind of from software expansion? Thank you.

Yes, I'll take that one. Hey Dan. So I think the main driver of payments, if I kind of take a step back and look at the quarter. Tim's question is, the previous one we saw customer locations grow exceptionally well in the quarter. But then we also saw GTV grow really, really significantly $16 billion in GTV in the quarter up from $10.8 billion just 90 days ago. So big resurgence in GTV and that drove payments. It was not anything to do with repricing or anything like that and really just a function of customer volumes and customer receptivity to this solution. We've seen continue to sell this at a really healthy clip. We've now— you would have seen some news this week. We've now got it in more markets across Europe which is wonderful. We've got a much broader coverage now of our customer base for our payment solution. So yes, that was the main driver of the great results on the payments line. I'm really encouraged by that and really optimistic as to what it holds for the future. And we're still 10% penetrated of overall GTV on that line. So, lots and lots of opportunity ahead and really pleased with the progress there. On ARPU, we do give some supplemental disclosure, so you'll see ARPU on software stand-alone was up 14% year-over-year. As JP mentioned, we saw a lot of customers kind of lean back into the additional modules this quarter, which was wonderful to see. And our belief is in the long run that this will continue to be a good revenue driver for us. And I think overall, ARPU was up 44% year-over-year, inclusive of the Payments revenue as well.

Yes. Thank you. Can you maybe update us on the competitive environment today, given the scale that you've built up here in recent years? Like, is that changing your ability to sort of win against some of the former competitors?

Maybe—I mean, when we started doing this, the best for us was to become the go-to brands within the verticals that we operate in, in hospitality and in retail. And the second goal we had was to be a global company not just North America. So I think, from the results we've seen this quarter and the pickup has been over the last few quarters, we can say that today Lightspeed is the go-to brand within the vertical that we operate. And of course, the beauty of all the acquisitions that we've done is that, they come with a lot of technology. So, what this has done, it's basically penetrated the brand. And I think now in most countries where we operate, Lightspeed is a go-to brand. But I think also the value of this is every one of those have broadened our portfolio and that's why we have now a lot of modules that we can sell. And of course, because the overall solution goes very deep, we are de facto more competitive than the other players in the market within the markets that we serve. So, very happy with the strategy, very happy with where we are and very comfortable that within the market where we operate, we are more competitive than we were.

JP, we can’t hear you. JP, your line is on mute.

Yes, I can take over. Yes, I think that as we do more— as we—we will broaden, we will do things that are outside of our targets, just as we bring on more customers, but our focus remains being to go to in those 12 key verticals.

Hi, good morning gentlemen. I appreciate you taking the question. I wonder, if we could dig in a little bit on the B2B and the supply chain opportunity sort of broadly, but also specifically as it relates to NuORDER and what NuORDER brings to the table. I'm just thinking about potential commercialization of those offerings this year or next and what that might look like and what it could mean to your financials?

Yes. So, as you know, in the verticals in which we operate, there is a number of suppliers that have been asking Lightspeed to fully integrate the ordering process and actually give stores visibility on supply levels as the suppliers. And here, that's the number one goal of NuORDER for us is that it enables us—basically it accelerates our road map by a couple of years and enables us to now offer to our customers a fully integrated supply chain between suppliers, stores, and consumers and gain a ton of visibility there. So that's really the strategy with NuORDER. And so, for us the first steps are we're integrating as we speak NuORDER into Lightspeed to ensure that when somebody is within the Lightspeed ecosystem that they can directly go and order with NuORDER for supplies and there's no more manual processes. And then the second step we'll be doing from that is bringing all of the suppliers from Lightspeed onto NuORDER and using NuORDER as the supplier network for Lightspeed. But we do—again, we do believe that the relationship between the store and the supplier is a big component of the success of our customers in the stores. The last thing about NuORDER, NuORDER comes with a number of brands and suppliers that are currently working with them. And here we're going to enable those brands now to access the Lightspeed network of stores, so that they can expand their distribution through Lightspeed. And vice-versa we are also going to provide the brands that are fully integrated with Lightspeed with sell-through all the way from the supplier, all the way to the consumer. So there's a lot of new models we're going to be developing throughout the coming quarters and years. And our view here again is to provide a fully integrated commerce platform between the suppliers, the stores and the consumers.

Thank you team for taking the question. Really good set of results. I wanted to ask just a little bit about the pace of M&A. Obviously, you've had a tremendous track record really for a number of years but in particular the last year. So as you look out to the market, do you still see really lots of attractive opportunities, maybe have those become less interesting because you've done so many of them just curious about your overall M&A appetite at this point.

Yeah. I'll take the beginning maybe and Dax and Brandon, if you want to jump in. I mean, we're always adopting strategic opportunities. As you know I think it's part of our DNA. We are very good at buying companies and integrating them into our business and seeing good returns. And I think we're going to remain with what we always said, which is we have three big categories. The first one is really to increase geographic penetration. The second one is to go into new verticals. And the third is to accelerate our roadmaps. And I think two last examples with Ecwid and NuORDER are about accelerating our roadmaps. Now maybe with one little caveat. You might see us in the next acquisitions focus more on technology and scale because I think we've now reached scale in most geographies where we want to have a presence. But we'll remain opportunistic when we see the right opportunities.

I think you'll also see a focus from us on integration and you're going to see the benefits of us bring all those companies that we've acquired and rolling out some incredible flagship products and things that have been combined efforts. So integration is a big priority on our current roadmap. But we will always continue to look at opportunities to enhance capability.

Yes. I think that's the right approach. Ecwid obviously is going to carry a lower ARPU based on all the numbers we've provided you all in terms of customer count and revenue, and NuORDER will offset that because it's the exact opposite: smaller number of customers but much more significant contracts. So, I think that's the right way to do it. We'll continue to report on total customers. Obviously break out subscription and transaction revenue. And we'll start to track the B2B ordering side of things in terms of order volume and what that opportunity represents for financial services for us. We'll start to track that and report on that a little separately. But in terms of software and ARPU, I think that's the right way to do it.

Hi. Good morning and congrats on the great results. You reported that 10% of your GTV is attached to Payments. I just wanted to clarify. During back in March, I believe you said, in the prior quarter excluding the acquired GTV. So I just want to confirm that the flat attach rate is because you're not taking it on a larger GTV base as you include acquired GTV into that calculation?

Yes. I mean nuanced part of this Dan is, last quarter we said we were approaching 10% in the final month of the quarter. And this quarter we said, 10% for the entire quarter. But you're spot on. In terms of attach rates themselves, those continue to be really strong. JP mentioned that earlier. We're selling an awful lot of payments around here to new customers and existing customers, and opening up new markets. But in terms of what affects that ratio in the current quarter, it's a couple of things. One, obviously we formed Band and their GTV in and our payment solution isn't yet available there. And then, two, we've seen hospitality GTV just come roaring back. And I think everyone is well aware, we're not as far along on payments penetration and hospitality as we are in retail. So that, of course, affects the ratio. But I mean look all told, 10% penetrated is wonderful. We're really pleased with our progress, but there's just a ton of opportunity still ahead and that's probably even more exciting for us. But that's the mechanics of what's at play.

Hi. Good morning. I know, it's early days for payments in Europe, but how should we be thinking about that trajectory? Do you think it will play out very similarly in North America as far as the ramp in the attach rates? Or is there any nuances you'd call out?

So far so good, Thanos. We've just launched obviously. So it's early days. We announced availability in more markets this week, which is wonderful, and so far so good. We're seeing the teams really embrace it in terms of the teams on the ground with the customers and we're seeing good signs of early uptake. We remain pretty enthusiastic there for sure.

Great. Thanks for the question. I wanted to double click on hospitality in the US. I think two out of the three new customer wins that you highlighted I think were US hospitality restaurants related an area that you really bolstered your presence through acquisitions recently. Can you talk a little bit about the momentum you're seeing specifically in US hospitality and restaurants kind of where your sweet spot is and how you're thinking about the competitive environment?

Yes. So I'll take this. Our sweet spot story is more established restaurants. A lot of them are fine-dine table service. As you know we've—and as Dax mentioned, we've been working towards the launch of our product in the US that's going to be called K Series, which is our flagship. And really that product is going to be a combination of likely payments, the K-Series POS, the ingredient management, and the advanced analytics platform and that is due to be launched by the end of summer in the US. And we believe that's going to be an extremely competitive product for the market. We have today Upserve and Lightspeed that serve the market, but we're very bullish and excited about this launch. And we've been preparing for some time now. And we feel that the combination of everything that we're putting together is going to be very unique in the market. And of course, the opportunity is now with all of the reopenings, there's a lot of demand, there's a lot of new concepts that are created. There's a lot of current restauranteurs who are opening new facilities. So, we feel the market is up for grabs right now. And let's not forget that the majority of this market is on legacy systems still. And there's a big opportunity here for — to go and grab it.

Hello, thank you. Good morning everyone. I wanted to ask a question in light of the Square acquisition of buy now pay Later $29 billion acquisition a big move in Fintech. You're obviously seeing great traction with payments. Is a Buy Now Pay Later button something that you think is important to your customer base? And if it is how are you thinking about that opportunity? Thanks a lot.

So, I'll start on the customer side and then if you guys want to jump in. I mean again this play is a consumer play where a consumer is purchasing from a vendor and we're giving them financing and payment terms. So, I think it is valuable for Lightspeed merchants. But for now we are actually working with a number of partnerships and we do not handle this ourselves. Maybe just when we think about going forward and you think about what we're building here and we're going to hold a ton of data between suppliers, stores and consumers, this will help us, of course, as we go forward better understand credit and how we can handle this. But I think for now we're just going to focus on what we launched. As you know we're launching payments. This is very important to us. We're creating a lot of value with all the acquisitions and the acceleration of roadmaps we're going to finalize this. So, I think that's going to be — if we think about it, it won't be — in the coming 12 months. It will be later for now. We're going to partner with companies who provide lending.

Okay. I think we'll wrap it up there. So, thank you everybody for joining us today. Again the senior management team will be available for questions if anybody has any. Please feel free to reach out to me if you want to schedule a call. And thank you for joining again and have a great day.

Thank you. That concludes today's conference call. Thank you all for participating. You may now disconnect.