So I think just answering your question is, like, it is €“ yeah, unfortunately, contributors, managers, directors, VPs, Cs €“ so there’s a just a simplification of the business that impacts pretty much everybody. But I think, for us, now that we are in a much leaner organization, we now need to double down on hiring more sales people, on hiring more onboarders and hiring more support people in the right divisions in the right geographies. And so, that’s what we’re doing now, is we’re €“ between now and, call it, the end of Q1 next year, we’re building our go-to-market engine. We’re building all the functions to double down on what matters now for Lightspeed.
Operator: Your next question is from the line of Tim Chiodo with Credit Suisse.
Timothy Chiodo: I know we touched on this a little bit, but it is a really important idiosyncratic driver for the company, that payments penetration, but specific to the attach, meaning for new customers. So I know that we talked about this a little earlier in terms of some of the promotions that you’ve been doing, I believe those started two or three quarters ago. Could you just talk about what that has done to the payments attach? In other words, how much success it has driven? Meaning if the new customer attach for payments used to be X percent, how many points higher has it been as a result of these promotions? Do you can expect to continue to offer these given maybe some success that you’ve seen or have not seen?
Jean Paul Chauvet: I think there’s two things in my mind when you look at these promotions. They have two objectives. The first objective was to attach more new customers to Payments. And the second objective was to reduce time to transact because you understand that the new economics for us is €“ or previously, when it was just software, I sign a customer, I started recognizing revenues. Now what happens is, I sign a customer, I get the revenues on software, but I don’t get the kick in on payments before they are transactional. And so here, a lot of those promotions were really related to getting the customers transactional. So if I tell the customer within their first three months, you’re getting a better rate, that’s going to give them an incentive to get the payment terminal up and running, plugged in, et cetera, as quickly as possible, which in returns for Lightspeed will give us a faster revenue recognition on €“ and so that will decrease greatly your payback.
So, on that front, maybe just again, looking at the two blocks, they’ve had a really good impact. And that’s why I think, for us, especially in markets outside of the US that are much more conservative in terms of adopting payments, we were very happy because these promotions have created attach rates for Lightspeed everywhere in the world, from Australia, to Europe, to any country in Europe to the US, where we have very strong attach rates on new customers. And that’s why, for me, when I look at it medium term and you look at how churn works in our cohorts, just assuring that you have the majority of your new customers that are buying payments, means that, over time, you’re going to end up with 50% of your €“ at least 50% of your GMV that is on Lightspeed Payments €“ your GPV, sorry.
