Jean Paul Chauvet: Maybe just again being clear, the outbound is well, we progress well, we’ve hired a lot of people. And we are tracking very carefully LTV over CAC. And here in our mind, we are going to use a lot of the outbound for the more established because that’s where we can afford to have that sequence. And we’re happy there with what we’re doing. And I think as we go forward, especially in the context of payments, especially in the context of geographical areas where we have a lot of concentration, cities basically around the world, we will have teams that are going to be upselling customers on payments and installing customers with a pure outbound motion. Now with regards to X-Series €“ sorry, K-Series and hospitality.
We’re very pleased with the progress. We’ve signed a few really good marquee customers in the US. And that motion is going well. And again, for us, just being very clear, we are optimizing every dollar we spend. And that’s the theme. And so, again, being very focused on hospitality on the more established, those that really find the value €“ I think a lot of you have seen the progress we did on that product, it’s absolutely outstanding, but it is very well suited for established merchants. And so, like all the other divisions at Lightspeed, coffee shops, small/medium/large coffees, quick serve is not what we’re going to be focusing on. We’re going to be focusing on fine dining, table service, Michelin stars, because those are high GMV customers and give us really good unit economics.
Josh Baer: On hardware, I know it’s not a super important part of the financial statements, but the decline in hardware, was that also a function of discounting just related to payments attach and sort of how you think about everything altogether, or more reflective of new location additions or just a change in customer behavior?
Asha Bakshani: Yeah, you’re absolutely right. It’s really a result of the discounting, particularly in North America hospitality, where that’s what the customer base has come to expect, given the competitive environment there. But as JP mentioned, we’re laser focused on LTV to CAC and unit economics on a customer by customer basis. And these discounts are worth in the end for us because the LTV to CAC ratios of those customers, which as you know is the larger, more established, the LTV to CAC ratios are very high. And so, it makes sense for us, even though it requires discounting, that hits our P&L and immediately.
Operator: Your next question is from Clarke Jeffries with Piper Sandler.
Clarke Jeffries: First is, JP, what was the most meaningful change to you in the business environment since last quarter with all this discussion of the macro? I’m trying to get a sense of whether Q3 was really a continuation of the same trends we’ve been talking about for previous quarters or if there was really a change here that makes your view of the business environment worse or an improvement potentially? So I’d love to get your thoughts there.
