Agilysys Inc (AGYS) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Agilysys 2026 second-quarter conference call. As a reminder, today's conference may be recorded. I would now like to turn the conference over to Jessica Hennessy, Vice President of Operations and Investor Relations at Agilysys. You may begin.

各位女士、先生，大家好，歡迎參加 Agilysys 2026 年第二季電話會議。提醒各位，今天的會議可能會被錄影。現在我將把會議交給Agilysys的營運和投資者關係副總裁傑西卡·亨尼西。你可以開始了。

Thank you, Carmen, and good afternoon, everybody. Thank you for joining the Agilysys 2026 second quarter conference call. We will get started in just a moment with management's comments, but before doing so, let me read the Safe Harbor language.

謝謝你，卡門，大家下午好。感謝您參加Agilysys 2026年第二季電話會議。我們馬上開始聽取管理層的意見，但在那之前，讓我先宣讀一下「安全港」條款。

Some statements made on today's call will be predictive and are intended to be made as forward-looking within the Safe Harbor Protection of the US Private Securities Litigation Reform Act of 1995, including statements regarding our financial guidance.

今天電話會議上的一些發言具有預測性，旨在根據 1995 年美國私人證券訴訟改革法案的安全港保護條款進行前瞻性陳述，包括有關我們財務指導的陳述。

Although the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause results to differ materially. Important factors that could cause actual results to vary materially from these forward-looking statements include our ability to achieve the provided guidance levels, maintaining sales momentum, the ability -- the company's ability to convert the backlog into revenue and the risks set forth in the company's reports on Form 10-K and 10-Q and other reports filed with the Securities and Exchange Commission.

儘管該公司認為其前瞻性聲明是基於合理的假設，但此類聲明存在風險和不確定性，可能導致實際結果與預期有重大差異。可能導致實際結果與這些前瞻性聲明有重大差異的重要因素包括我們實現所提供的指導水準的能力、保持銷售勢頭的能力、公司將積壓訂單轉化為收入的能力，以及公司在 10-K 表格和 10-Q 表格報告以及向美國證券交易委員會提交的其他報告中列出的風險。

As a reminder, any references to record financial and business levels during this call refer only to the time period after Agilysys made the transformation to an entirely hospitality focused software solutions company in fiscal year 2014.

提醒一下，本次電話會議中提及的任何財務和業務記錄水平僅指 Agilysys 在 2014 財年轉型為一家完全專注於酒店業的軟體解決方案公司之後的時期。

With that, I'd now like to turn the call over to Mr. Ramesh Srinivasan, President and CEO of Agilysys. Ramesh, please go ahead.

接下來，我想把電話交給Agilysys總裁兼執行長Ramesh Srinivasan先生。拉梅什，請繼續。

Thank you, Jess. Good evening. Welcome to the fiscal 2026 second quarter earnings call. Joining Jess and me on the call today at our Alpharetta, Atlanta headquarters is Dave Wood, CFO. As has become customary in these updates, let me cover the details pertaining to sales and selling success first before switching to revenue, profitability, guidance increases and other business updates.

謝謝你，傑西。晚安.歡迎參加2026財年第二季財報電話會議。今天和我和 Jess 一起在位於亞特蘭大阿爾法利塔的總部參加電話會議的是財務長 Dave Wood。按照以往的慣例，在介紹收入、獲利能力、業績指引上調和其他業務更新之前，我將首先詳細介紹銷售和銷售成功方面的情況。

We measure sales in annual contract value terms. We continue to exclude from our sales numbers, all aspects of the Marriott PMS project, including those pertaining to services sales.

我們以年度合約價值來衡量銷售額。我們繼續將萬豪酒店管理系統 (PMS) 項目的所有面向（包括與服務銷售相關的方面）從銷售額中排除。

Fiscal 2026 second quarter was our best ever July to September period of sales and the second best of any quarter so far. The first half of this fiscal year was the best first half sales start to a fiscal year in our history. We can slide the sales numbers in various ways. But the long and short of the sales story is our current business momentum is excellent.

2026 財年第二季度是我們有史以來 7 月至 9 月期間銷售額最高的一個季度，也是迄今為止所有季度中銷售額第二高的季度。本財年上半年是我們史上開局銷售業績最好的一年。我們可以透過多種方式調整銷售額。但總的來說，我們目前的業務發展勢頭非常強勁。

All the years of diligent reengineering of the core products and the addition of 20-plus add-on software modules to create a comprehensive ecosystem of cloud native, world-class hospitality focused software solutions has created considerable competitive advantages for us in a hospitality technology environment that otherwise seems starved of genuine innovation and significant R&D investments.

多年來，我們孜孜不倦地對核心產品進行重新設計，並添加了 20 多個附加軟體模組，從而創建了一個全面的雲原生、世界一流的以酒店業為中心的軟體解決方案生態系統，這為我們在酒店技術領域創造了相當大的競爭優勢，而該領域似乎缺乏真正的創新和大量的研發投資。

It's becoming easier for prospective customers to see the obvious pace of innovation benefits of working with one provider for as much of the required ecosystem as possible. When customers come up with an enhancement that involves changes to multiple software modules, they can clearly see who the only provider is who is capable of getting the required innovation done across all the pertinent modules in quick time. These advantages have been showing up in our sales numbers during recent quarters.

潛在客戶越來越容易看到，與一家供應商合作，盡可能獲得所需的生態系統支持，所帶來的顯而易見的創新優勢。當客戶提出需要對多個軟體模組進行更改的改進方案時，他們可以清楚地看到，只有哪家供應商能夠在短時間內完成所有相關模組所需的創新。這些優勢已在近幾季的銷售數據中反映出來。

In addition, the tailwinds of AI are helping us improve all areas of the business, especially the modernized software solutions, which are well positioned to take on the engineering of groundbreaking innovations that AI tools are now helping enable and increasing our competitive advantages at an even faster rate. Sales levels during the quarter were good across the various sales verticals, especially gaming casinos and international regions.

此外，人工智慧的順風正在幫助我們改善業務的各個方面，特別是現代化的軟體解決方案，這些解決方案能夠很好地應對人工智慧工具正在幫助實現的突破性創新，並以更快的速度提高我們的競爭優勢。本季各銷售領域的銷售額均表現良好，尤其是遊戲賭場和國際地區。

Looking at sales levels during the first half of fiscal 2026, Q1 plus Q2, compared to the first half of last year, fiscal 2025. Overall, global sales were up 17%, 1-7, were up 17%, but more importantly, subscription sales were up 59%. Foodservice management, FSM sales were up more than 2.5x. International sales were up 36%. Gaming casino sales were up 15%, 1-5, were up 15% despite last year being a big record sales year. Point-of-sale POS products, including add-on modules, were up 23%.

比較 2026 財年上半年（第一季與第二季）的銷售水準與上年同期（2025 財年）的銷售水準。總體而言，全球銷售額成長了 17%，1-7 月的銷售額成長了 17%，但更重要的是，訂閱銷售額成長了 59%。餐飲服務管理（FSM）銷售額成長超過2.5倍。國際銷售額成長36%。儘管去年是創紀錄的銷售年，博彩賭場銷售額仍成長了 15%（1-5 分）。銷售點 POS 產品（包括附加模組）成長了 23%。

Property management systems, PMS products, including add-on modules, were up 34%. Inventory procurement for food and beverage products more than doubled. I will spare you recounting the entire list. Suffice to say, that our current business momentum is good, fueled by increasing sales success levels, which are in turn driven by growing product ecosystem superiority, which is sustainable and getting more pronounced and visible with every passing quarter.

物業管理系統 (PMS) 產品（包括附加模組）成長了 34%。食品飲料產品的庫存採購量增加了一倍以上。我就不一一列舉了。簡而言之，我們目前的業務發展勢頭良好，這得益於銷售業績的不斷提升，而銷售業績的提升又得益於產品生態系統優勢的不斷增強，這種優勢是可持續的，並且隨著每個季度的過去，這種優勢會變得更加明顯和顯著。

The modernized set of software solutions has now been in the field for anywhere from one to three years, and we continue to grow the number of reference customers who have good return on software purchase investment stories to tell.

這套現代化的軟體解決方案已經投入使用一到三年，我們不斷增加擁有良好軟體購買投資回報案例的參考客戶數量。

Considering that the total addressable market we serve is something like a couple of orders of magnitude bigger than our current size, we still have a long growth path ahead of us as we continue to solve the challenge of today's Agilysys not being known well enough in large swaths of the hospitality market.

考慮到我們所服務的潛在市場規模比我們目前的規模大了幾個數量級，我們仍然有很長的增長之路要走，因為我們將繼續解決 Agilysys 在酒店市場的大部分地區知名度不夠高這一挑戰。

International sales levels had another strong quarter during Q2, growing by more than 35% over the prior year. The ecosystem is resonating across global markets, and customer needs for a unified solution set is driving more awareness and more global wins. One such win during Q2 was [Rudding Park] in Harrogate, England.

第二季國際銷售額再次表現強勁，比上年同期成長超過 35%。該生態系統正在全球市場引起共鳴，客戶對統一解決方案的需求正在推動更高的認知度和更多的全球性成功。Q2 期間的其中一場勝利是在英國哈羅蓋特的 [Rudding Park]。

This beautiful family-owned luxury resort, which I had a chance to visit recently, located in Northern England, includes multiple golf courses, an award-winning spa, upscale dining and event space. They selected as many as 21 Agilysys software solutions, including POS, PMS, Service Optimization, Booking Engines, Sales and Catering, Golf and Spa.

我最近有機會參觀了這家位於英格蘭北部的美麗家族式豪華度假村，度假村內設有多個高爾夫球場、屢獲殊榮的水療中心、高檔餐飲和活動場地。他們選擇了多達 21 款 Agilysys 軟體解決方案，包括 POS、PMS、服務優化、預訂引擎、銷售和餐飲、高爾夫和水療。

Fiscal 2026 Q2 foodservice management, FSM sales was twice as high as Q2 last fiscal year. The new modernized and unified POS platform is performing well in the field. And given we no longer need to mix old and new technologies and new implementations, they are becoming increasingly simpler to implement and manage, giving us strong credibility within the FSM vertical to execute on promises made.

2026 財年第二季餐飲服務管理 (FSM) 銷售額是上一財年第二季的兩倍。全新的現代化統一POS平台在實際應用上表現良好。鑑於我們不再需要混合使用新舊技術和新的實現方式，它們的實施和管理變得越來越簡單，這使我們在 FSM 垂直領域獲得了強大的信譽，能夠履行所做出的承諾。

FSM sales results have not only been great during the first half of this fiscal year, but we are also seeing good momentum for continued good performance through the rest of the fiscal year. We are pleased to see FSM customers renewing and deepening their trust in our POS solutions again.

FSM 在本財年上半年的銷售業績不僅非常出色，而且我們還看到良好的發展勢頭，預計在本財年剩餘時間內繼續保持良好的業績。我們很高興看到 FSM 的客戶再次加深了對我們 POS 解決方案的信任。

The other sales verticals also generated strong results. Both gaming and hotel, resorts and cruise ships, HRC verticals returned strong sales quarters. A few notable multiproduct new customer wins during the quarter within HRC included Naturally Specific resort on the coast of Vancouver Island, Canada, who selected 15, 1-5, who selected 15 Agilysys products, including PMS, POS, Golf, [Reserve] and Spa to manage all their luxury amenity guest experience options.

其他銷售領域也取得了強勁的業績。無論是遊戲、飯店、度假村或郵輪，HRC 等垂直產業都實現了強勁的銷售業績。本季 HRC 贏得了幾家值得關注的多產品新客戶，其中包括位於加拿大溫哥華島海岸的 Naturally Specific 度假村，該度假村選擇了 15 款 Agilysys 產品，包括 PMS、POS、高爾夫、[Reserve] 和 Spa，以管理其所有豪華設施賓客體驗選項。

And Waco Surf Water Park and Hotel Resort, the largest inland surfing and sports facility located in Waco, Texas, who selected 13, 1-3, selected 13 Agilysys products, including PMS, POS, Mobile Ordering, Membership and the recently introduced Guest App to increase operational efficiencies and provide exceptional guest experiences.

位於德克薩斯州韋科市的韋科衝浪水上樂園及酒店度假村是最大的內陸衝浪和運動設施，他們選擇了 13 款 Agilysys 產品，包括 PMS、POS、移動訂餐、會員系統以及最近推出的賓客應用程序，以提高運營效率並提供卓越的賓客體驗。

During Q2 fiscal 2026 July to September, we added 18, 1-8, we added 18 new customers, excluding Book4time, and all of them were subscription-based sales agreements. Each of these new customer sales wins include an average of seven products per deal, which is a new high for us.

在 2026 財年第二季（7 月至 9 月），我們新增了 18 位客戶（不包括 Book4time），並且所有客戶都簽訂了基於訂閱的銷售協議。這些新客戶的平均每筆交易包含七件產品，這對我們來說是一個新的最高紀錄。

PMS customers continue to invest in the multiproduct ecosystem with an average of 14, 1-4, with an average of 14 products per deal when PMS was part of the purchase suite. We also added 87 new properties which did not have any of our products before, but the parent company was already our customer. Of the 114 -- that's 114 -- of the 114 new properties added during the quarter, across new customers, new properties of current parent customers and Book4time, 108 were either partially or fully subscription-based. In addition, there were 93 instances of selling additional products to properties which are already running at least 1 of our other products. These 93 instances involved a total of 241 new products sold at the rate of 2.6 products per new product sales agreement, which is the highest level we have seen so far.

PMS 客戶繼續投資於多產品生態系統，平均每筆交易有 14 種產品（1-4），當 PMS 是採購套件的一部分。我們也新增了 87 處房產，這些房產之前沒有使用過我們的任何產品，但它們的母公司已經是我們的客戶了。本季新增的 114 個房源（沒錯，是 114 個）中，包括新客戶、現有母客戶的新房源以及 Book4time 的房源，有 108 個房源採用部分或全部訂閱模式。此外，還有 93 例向已在使用我們至少 1 款其他產品的飯店銷售外產品的情況。這 93 個案例共涉及售出 241 件新產品，平均每份新產品銷售協議售出 2.6 件產品，這是我們迄今為止所見過的最高水準。

Now on to revenue. Fiscal 2026 Q2 revenue was a record $79.3 million, the 15th, 1-5, the 15th consecutive record revenue quarter, 16.1%, 1-6, 16.1% higher than the comparable prior year period. Overall, revenue during the first half of fiscal 2026, Q1 plus Q2, was $156 million, 18.4%, that is 1-8, 18.4% higher than revenue during the first half of last fiscal year.

接下來談談營收。2026 財年第二季營收創下 7,930 萬美元的紀錄，這是連續第 15 季營收創紀錄，比去年同期成長 16.1%。2026 財年上半年（第一季和第二季）的總營收為 1.56 億美元，成長 18.4%，比上一財年上半年的營收高出 18.4%。

Fiscal 2026 Q2 recurring revenue grew 23% year-over-year and 4.8% sequentially quarter-over-quarter to a record $51 million. This recurring revenue year-over-year increase was driven mainly by subscription revenue increase of 33.1%. This is now the seventh consecutive quarter of overall subscription growth of greater than 30, 3-0, greater than 30%.

2026 財年第二季經常性營收年增 23%，季增 4.8%，達到創紀錄的 5,100 萬美元。這一經常性收入年增率主要得益於訂閱收入成長了 33.1%。這已經是連續第七個季度整體訂閱量成長超過 30%，3-0，超過 30%。

Subscription revenue now constitutes 65.5% of total recurring revenue compared to 60.5%, that is 6-0, 60.5%, Q2 last year. Subscription revenue from POS and related add-on modules grew by 18%, that is 1-8, grew by 18% year-over-year. And organic subscription revenue from PMS and related add-on modules grew by 55%.

訂閱收入目前佔總經常性收入的 65.5%，而去年第二季為 60.5%，為 6-0，60.5%。POS 及相關附加模組的訂閱收入成長了 18%，即 1-8，較去年同期成長 18%。PMS 及相關附加模組的有機訂閱收入成長了 55%。

Fiscal 2026 Q2 was the best quarter on record with respect to the sum of annual recurring revenue, ARR, of all subscription projects implemented during the quarter. The extent of subscription ARR installed during fiscal 2026 Q2 was 79% higher than the comparable period last year. And total subscription ARR installed during the first half of fiscal 2026, Q1 plus Q2, was 50%, 5-0, 50% higher than during the first half of last fiscal year.

2026 財年第二季是該季度所有訂閱項目年度經常性收入 (ARR) 總和方面有史以來最好的一個季度。2026 財年第二季新增訂閱 ARR 規模較去年同期成長 79%。2026 財年上半年（第一季和第二季）新增訂閱 ARR 總額比上一財年上半年成長了 50%。

The increased velocity of project implementation has been a strong contributor to the acceleration of subscription revenue growth during fiscal 2026. Despite the current overwhelming customer preference for cloud SaaS installations, annual maintenance pertaining to perpetual on-premises software licenses was once again a record this quarter, 7.5% higher year-over-year.

專案實施速度的加快是 2026 財年訂閱營收成長加速的重要因素。儘管目前絕大多數客戶更傾向於雲端 SaaS 安裝，但與永久本地軟體授權相關的年度維護費用在本季度再次創下紀錄，年增 7.5%。

Our current subscription revenue growth levels are coming for the most part from new incremental projects and are not dependent on cannibalization of annual maintenance installations. Virtually all the modernized software solutions and recent product versions are designed to be cloud native, but can also work equally effectively in on-premise installations, if that happens to be the customer prefers.

我們目前的訂閱收入成長主要來自新的增量項目，並不依賴蠶食年度維護安裝業務。幾乎所有現代化的軟體解決方案和最新的產品版本都設計為雲端原生，但如果客戶更喜歡本地部署，它們也可以同樣有效地在本地部署中運作。

The fact that we allow hospitality customers, several of whom need to keep their critical business software applications on-premises for good reasons, the fact we are offering the required flexibility and allowing them to control the timing of their move to the cloud without sacrificing the benefits of ongoing innovation is a competitive advantage for us.

我們允許酒店業客戶（其中一些客戶出於正當理由需要將關鍵業務軟體應用程式保留在本地）靈活地遷移到雲端，並允許他們控制遷移到雲端的時機，同時又不犧牲持續創新帶來的好處，這對我們來說是一個競爭優勢。

Fiscal 2026 Q2 product revenue was $10.1 million, right in line with our expectation of product revenue levels on a quarterly basis for the rest of the year. Product backlog at the end of Q2 improved substantially during the quarter, ending up 49% higher than at the end of Q1 and 74% of previous record levels, thereby giving us better visibility for the rest of the fiscal year than we have had in quite a while. We expect product revenue levels to remain around current levels.

2026 財年第二季產品營收為 1,010 萬美元，與我們對今年剩餘時間季度產品營收水準的預期完全一致。第二季末的產品積壓情況在本季大幅改善，比第一季末成長了 49%，比之前的歷史最高水準成長了 74%，使我們對本財年剩餘時間的前景有了比很長一段時間以來更好的了解。我們預計產品收入水準將保持在目前的水平附近。

Fiscal 2026 Q2 July to September services revenue was a record $18.2 million, that is 1-8, $18.2 million, 12% higher than the comparable prior year quarter. We continue to make good progress in our efforts to find ways to reduce customer implementation delays.

2026 財年第二季（7 月至 9 月）服務收入創下 1,820 萬美元的紀錄，即 1,820 萬美元，比上年同期成長 12%。我們在尋找減少客戶實施延遲的方法方面持續取得良好進展。

Services revenue backlog reduced by 10% between the end of Q1, which was a record, and end of Q2. This reduction is welcome, as services revenue is now driven increasingly by project implementations, with customer paid product development work becoming less of a contributor compared to recent previous quarters.

服務收入積壓訂單在第一季末（創歷史新高）和第二季末之間減少了 10%。這一降幅是值得歡迎的，因為服務收入現在越來越依賴專案實施，而客戶付費的產品開發工作與最近幾季相比貢獻越來越小。

Given the strong sales momentum during the first half of fiscal 2026, our expectations for full fiscal year 2026 have increased. We started the fiscal year with a full year revenue range expectation of $308 million to $312 million and subscription revenue growth of 25%, which was an increase to 27% last quarter.

鑑於 2026 財年上半年強勁的銷售勢頭，我們對 2026 財年全年的預期有所提高。本財年開始時，我們預計全年營收範圍為 3.08 億美元至 3.12 億美元，訂閱營收成長 25%，而上一季這一數字成長至 27%。

We now expect the full year revenue range to be $315 million to $318 million. That's 315 to 318, $315 million to $318 million, and full year subscription revenue growth to be 29%. No change in the 20% adjusted EBITDA by revenue expectations.

我們現在預計全年營收將在 3.15 億美元至 3.18 億美元之間。即 3.15 億至 3.18 億美元，全年訂閱收入成長 29%。調整後 EBITDA 營收預期為 20%，與預期持平。

One other highlight is the increasingly positive impact AI is having on our business and competitive positioning. To begin with, virtually all our software licensing is based on number of rooms for PMS and related add-on modules, number of terminal endpoints for POS and number of sites or locations or profit centers within sites for inventory procurement for food and beverage products and certain other add-on modules. Virtually all our license structures are not based on number of users.

另一個亮點是人工智慧對我們的業務和競爭地位產生的越來越積極的影響。首先，我們幾乎所有的軟體授權都是基於 PMS 和相關附加模組的房間數量、POS 的終端端點數量以及食品和飲料產品庫存採購的站點或地點或站點內利潤中心的數量以及某些其他附加模組的數量。我們幾乎所有的許可結構都不是基於使用者數量的。

As customers increase their operational efficiencies using AI tools and reducing user counts, that does not affect our software licensing fees. On the other hand, such customer internal efficiency improvements tend to free up more technology investment room and increase the need for modernized software solutions.

客戶透過人工智慧工具提高營運效率並減少用戶數量，但這不會影響我們的軟體授權費用。另一方面，客戶內部效率的提高往往會釋放出更多的技術投資空間，並增加對現代化軟體解決方案的需求。

Our product ecosystem software solutions have been created through tacit domain knowledge gathered and developed over decades of field work in hospitality, working closely and learning from thousands of customers and tens of thousands of product implementations.

我們的產品生態系統軟體解決方案是透過數十年來在酒店業實地工作中累積和開發的隱性領域知識而創建的，我們與成千上萬的客戶密切合作，並從數萬個產品實施案例中學習。

The current ecosystem of complex software solutions, including then, a vast amount of customer requirement nuances and complications, which cannot be generalized by any automation tool. Product development efficiencies can definitely be greatly improved through the use of UI, through the use of AI, as we are seeing with our own teams now.

目前複雜的軟體解決方案生態系統，包括大量的客戶需求細微差別和複雜性，任何自動化工具都無法對其進行概括。透過使用使用者介面和人工智慧，產品開發效率肯定可以大大提高，正如我們自己的團隊現在所看到的那樣。

But domain expertise and complex decision-making of what and how to build a complex piece of each software solution and then sticking them into a complex ecosystem, enabling customers to buy 7, 8, 10, 12 such modules together presents a formidable barrier to both entry and more crucially, to reaching a stage of excellence.

但是，對於每個軟體解決方案的複雜部分，需要具備領域專業知識和複雜的決策能力，才能構建出一個複雜的組件，並將其整合到一個複雜的生態系統中，使客戶能夠一次購買 7、8、10、12 個這樣的模組，這對於進入這個行業來說是一個巨大的障礙，更重要的是，對於達到卓越水平來說也是一個巨大的障礙。

About 18 months ago, we launched our Guestsense.ai umbrella technology brand to group the AI initiatives in the Agilysys ecosystem of products. Since then, we have launched several features that are powered by AI, including a dynamic pricing engine for room upgrades, unique revenue management capabilities based on demand across par, golf, dining and other activities and invoice automation and the inventory procurement for food and beverage products.

大約 18 個月前，我們推出了 Guestsense.ai 繖形技術品牌，將 Agilysys 產品生態系統中的 AI 項目整合在一起。從那時起，我們推出了多項由人工智慧驅動的功能，包括用於客房升級的動態定價引擎、基於標準桿、高爾夫、餐飲和其他活動的需求的獨特收益管理功能、發票自動化以及食品和飲料產品的庫存採購。

For AI to function well in a hotel hospitality context, it requires data. Using the ecosystem we have built over the past several years, we have now created an intelligent guest profile module that captures and surfaces consolidated data across all the shortage points, touch points, helping us deliver unique AI-enabled features, making personalization at scale possible across the entire guest experience. Not just at one or two touch points, but across the entire guest experience.

人工智慧要在飯店服務業中有效發揮作用，就需要數據。利用我們過去幾年建立的生態系統，我們現在創建了一個智慧客戶檔案模組，該模組可以捕獲和顯示所有短缺點和接觸點的綜合數據，幫助我們提供獨特的 AI 功能，從而在整個客戶體驗中實現大規模個性化。不只是在一兩個接觸點上，而是在整個賓客體驗過程中。

There are good reasons today why each of our successful sales efforts, which include PMS, are adding up to 14, 1-4, 14 products per win. We are currently actively working on delivering several additional AI-driven capabilities in the upcoming product version releases. AI tools working in conjunction with the already modernized solutions are currently helping us increase the competitive advantage gap.

如今，我們每次成功的銷售活動（包括 PMS）都能帶來 14、1-4、14 種產品，這其中是有充分理由的。我們目前正在積極努力，在即將發布的產品版本中提供更多人工智慧驅動的功能。人工智慧工具與現有現代化解決方案的結合，目前正在幫助我們擴大競爭優勢差距。

Apart from increasing product development and other efficiencies across various operational areas, including faster automated product implementations and easier and quicker identification of cybersecurity dregs.

除了提高產品開發效率和各個營運領域的其他效率外，還包括更快地實現自動化產品實施，以及更容易、更快速地識別網路安全漏洞。

Overall, we love the tailwinds AI is currently providing us to get better and improve the piece of innovation. We have conviction that AI is making our products and overall business better rapidly. We are realistic and pragmatic about managing it well and are optimistic about AI's potential to increase our current competitive advantage distance.

總的來說，我們非常喜歡人工智慧目前為我們帶來的順風，它能幫助我們做得更好，並改善創新。我們堅信人工智慧正在迅速提升我們的產品和整體業務水平。我們以務實的態度管理人工智慧，並對人工智慧擴大我們當前競爭優勢的潛力持樂觀態度。

One other quick note before handing the call over to Dave. The Marriott PMS project continues to make good progress and is proceeding according to plan. We are currently in the midst of beta implementations.

在把電話交給戴夫之前，還有一點要補充說明。萬豪酒店PMS專案進展順利，正按計畫進行。我們目前正處於測試版實施階段。

With that, Dave?

就這樣嗎，戴夫？

Thank you, Ramesh. Taking a look at our financial results, beginning with the income statement. Second quarter fiscal 2026 revenue was a quarterly record of $79.3 million, a 16.1% increase from total net revenue of $68.3 million in the comparable prior year period. Onetime revenue consisting of product and professional services was up 5.6% over the prior year quarter and in line with our expected 5% to 10% increase in onetime revenue. Recurring revenue was up 23% on the back of good subscription revenue growth.

謝謝你，拉梅什。讓我們來看看我們的財務業績，首先從損益表開始。2026 財年第二季營收創下季度紀錄，達 7,930 萬美元，較上年同期淨營收 6,830 萬美元成長 16.1%。一次性收入（包括產品和專業服務）比上年同期成長 5.6%，符合我們預期的一次性收入成長 5% 至 10%。由於訂閱收入的良好成長，經常性收入成長了 23%。

FY26 year-to-date revenue is currently at $156 million, up 18.4% over the prior year-to-date and currently at a higher level than the assumptions of our original full year guidance of $308 million to $312 million was based on. Sales momentum remained robust during Q2, leaving total backlog at record levels despite the strong project implementation and revenue starts to the year.

截至目前，2026 財年迄今的營收為 1.56 億美元，比上年同期成長 18.4%，高於我們最初全年 3.08 億美元至 3.12 億美元的預期水準。第二季銷售動能依然強勁，儘管年初專案實施和營收成長強勁，但積壓訂單總量仍處於歷史高點。

Subscription sales exceeded plan for the second consecutive quarter. Subscription bookings were up 41% over the prior fiscal year second quarter and continue to trend ahead of our original subscription guidance. FY26 year-to-date subscription bookings are up 59% over the prior year.

訂閱銷售額連續第二季超出預期。訂閱預訂量比上一財年第二季成長了 41%，並且持續保持高於我們最初訂閱量預期的成長趨勢。截至目前，2026財年訂閱預訂量比上年同期成長59%。

Despite the strength of subscription revenue through the first half of the fiscal year, subscription backlog remains at record levels and 26% higher than the same time last year. With the current product backlog strength and sales momentum, it's safe to say the visibility into our business and fiscal year is significantly better than at this time in the prior fiscal year.

儘管本財年上半年訂閱收入強勁，但訂閱積壓訂單仍處於歷史最高水平，比去年同期高出 26%。憑藉目前強勁的產品積壓和銷售勢頭，可以肯定地說，我們對業務和本財年的可見性比上一個財年同期要好得多。

Professional services revenue increased 11.8% over the prior year quarter to a record $18.2 million. Professional services revenue remains a good leading indicator for the future subscription revenue growth. In the upcoming fiscal third quarter, we expect professional services revenue to drop slightly sequentially due to less billable hours around the holiday season. Total recurring revenue represented 64.3% of total net revenue for the fiscal second quarter compared to 60.7% of total net revenue in the second quarter of fiscal 2025.

專業服務收入較上年同期成長 11.8%，達到創紀錄的 1,820 萬美元。專業服務收入仍然是未來訂閱收入成長的良好領先指標。在即將到來的第三財季，我們預計由於假日期間計費工時減少，專業服務收入將比去年同期略有下降。本財年第二季經常性收入佔總淨收入的 64.3%，而 2025 財年第二季則為 60.7%。

Subscription revenue grew 33.1% for the second quarter of fiscal 2026. Subscription sales and backlog were again both at record levels in Q2. Although subscription revenue exceeded our revised guidance of 27%, the backlog continued to grow, rising by 30% over FY25 exit rates. We continue to be pleased with subscription sales and revenue growth levels.

2026財年第二季訂閱營收成長33.1%。第二季度，訂閱銷售和積壓訂單量再次創下歷史新高。儘管訂閱收入超過了我們修訂後的 27% 的預期，但積壓訂單仍在繼續增長，比 2025 財年的退出率增長了 30%。我們對訂閱銷售和收入成長水準持續感到滿意。

Moving down the income statement. Gross profit was $49 million compared to $43.2 million in the second quarter of fiscal 2025. Gross profit margin was 61.7% compared to 63.3% in the second quarter of fiscal 2025. Gross margin was down slightly due to margins associated with onetime revenue while we continue to ramp up the newly hired professional services team members and continue to see a downward trend in on-premise perpetual license revenue.

從損益表向下看。毛利為 4,900 萬美元，而 2025 財年第二季為 4,320 萬美元。毛利率為 61.7%，而 2025 財年第二季為 63.3%。由於一次性收入的利潤率有所下降，同時我們仍在增加新聘的專業服務團隊成員，並且本地永久許可收入持續呈現下降趨勢，因此毛利率略有下降。

Combined, the three main operating expense line items, product development, sales and marketing and general and administrative expenses, excluding stock-based compensation, were 41.3% of revenue in the fiscal 2026 second quarter compared to 45.6% of revenue in the prior year quarter.

2026 財年第二季度，產品開發、銷售和行銷以及一般和行政費用（不包括股權激勵費用）這三大主要營運費用項目合計佔收入的 41.3%，而上年同期則佔收入的 45.6%。

Excluding stock-based compensation for the second quarter of fiscal 2026, product development decreased slightly to 18.8% compared to 20.4% of revenue in the prior fiscal year second quarter. General and administrative expenses reduced for the quarter year-over-year from 12.7% to 10.8% of revenue, and sales and marketing decreased from 12.5% to 11.7% of revenue.

若排除 2026 財年第二季的股票選擇權激勵，產品開發佔營收的比例略微下降至 18.8%，而上一財年第二季則為 20.4%。本季一般及行政費用佔收入的比例從 12.7% 降至 10.8%，銷售及行銷費用佔收入的比例從 12.5% 降至 11.7%。

Operating income for the second quarter of $14.1 million, net income of $11.7 million and gain per diluted share of $0.41 were higher than the prior year's second quarter income of $4.1 million, $1.4 million and gain of $0.05. Adjusted net income, normalizing for certain noncash and nonrecurring charges of $11.4 million compares favorably to adjusted net income of $9.5 million in the prior year second quarter.

第二季營業收入為1,410萬美元，淨收入為1,170萬美元，每股攤薄收益為0.41美元，均高於去年同期的410萬美元營業收入、140萬美元淨收入及0.05美元每股收益。經調整後的淨收入（剔除某些非現金和非經常性支出）為1140萬美元，與上年同期的950萬美元調整後淨收入相比，表現良好。

And adjusted diluted earnings per share of $0.40 increased compared to the prior year quarter of $0.34. For the 2026 second quarter, adjusted EBITDA was $16.4 million compared to $12.2 million in the year ago quarter. FY26 adjusted EBITDA continues to pace with our original annual guidance of 20% of revenue.

經調整後的稀釋每股收益為 0.40 美元，高於去年同期的 0.34 美元。 2026 年第二季度，經調整後的 EBITDA 為 1,640 萬美元，而上年同期為 1,220 萬美元。2026 財政年度調整後 EBITDA 持續維持我們最初設定的年度營收佔比 20% 的目標。

Moving to the balance sheet and cash flow statement. Cash and marketable securities as of September 30, 2025, was $59.3 million compared to $73 million on March 31, 2025. As a reminder, the first half of the year cash balance is typically lower due to timing of working capital events in the first half of the year.

接下來來看資產負債表和現金流量表。截至 2025 年 9 月 30 日，現金及有價證券為 5,930 萬美元，截至 2025 年 3 月 31 日為 7,300 萬美元。需要提醒的是，由於上半年營運資金事件的發生時間，上半年的現金餘額通常較低。

In addition to working capital adjustments, we paid down our credit revolver by $24 million in the first half of the fiscal year, leaving us debt-free down. Free cash flow in the quarter was $15 million compared to $5.9 million in the prior year quarter.

除了營運資金調整外，我們在本財年上半年償還了 2,400 萬美元的循環信貸額度，使我們擺脫了債務。本季自由現金流為 1,500 萬美元，去年同期為 590 萬美元。

As we have said in the past, adjusted EBITDA and free cash flow over a full fiscal year, after normalizing the impact of CapEx, continue to be good proxies for financial health of the business.

正如我們過去所說，在剔除資本支出影響後，整個財政年度的調整後 EBITDA 和自由現金流仍然是衡量企業財務狀況的良好指標。

For our fiscal year 2026, we are raising guidance for subscription revenue growth again from 27% to 29% based on our current backlog and sales momentum. This quarter, we are also raising our top line revenue guidance range from $308 million to $312 million to $315 million to $318 million.

根據我們目前的積壓訂單和銷售勢頭，我們將 2026 財年的訂閱收入成長預期從 27% 再次上調至 29%。本季度，我們也將營收預期範圍從 3.08 億美元至 3.12 億美元上調至 3.15 億美元至 3.18 億美元。

As a reminder, we expect professional services revenue to decrease by more than 5% sequentially in Q3 due to less billable days available around the holidays before returning to normal levels in Q4. Adjusted EBITDA of 20% remains the same for the fiscal year 2026 as we continue to evaluate various strategic growth initiatives.

提醒各位，由於假日期間可計費天數減少，我們預計第三季專業服務收入將較上季下降 5% 以上，第四季將恢復正常水準。2026 財政年度調整後 EBITDA 仍維持在 20% 不變，我們將繼續評估各項策略成長計畫。

In closing, we are extremely pleased how our business has worked out during the first half of fiscal 2026 and how it is it shaping up for the remainder of the year. With that, I will now turn the call back over to Ramesh.

最後，我們對公司在 2026 財年上半年的業務表現以及本財年剩餘時間的發展前景感到非常滿意。接下來，我將把電話轉回給拉梅什。

Thank you, Dave. In summary, we are pleased with the fiscal 2026 Q2 July to September results, our overall current sales and business momentum, the continuing surge in subscription software sales and the pace of project installations.

謝謝你，戴夫。總而言之，我們對 2026 財年第二季（7 月至 9 月）的業績、目前的整體銷售和業務動能、訂閱軟體銷售的持續成長以及專案安裝的速度感到滿意。

It is tough not to feel bullish about our business. Compared to the same Q2 July to September quarter four years ago, the overall revenue has more than doubled, subscription revenue has tripled and services revenue has grown 170%, that's 1-7-0.

很難不對我們的業務感到樂觀。與四年前的第二季（7 月至 9 月）相比，總收入增長了一倍多，訂閱收入增長了兩倍，服務收入增長了 170%，即 1-7-0。

We continue to make great progress with our modernized solution ecosystem. Increased use of AI tools is helping us build sustainable and growing competitive advantages. Our barrier to excellence in hospitality-focused technology is increasing.

我們的現代化解決方案生態系統持續取得巨大進展。人工智慧工具的日益普及正在幫助我們建立可持續且不斷增長的競爭優勢。我們在酒店服務技術領域追求卓越的障礙正在增加。

We have done well with retaining top talent over the past several years and continue to add more, including those focused entirely on improvements and advancements using AI. Compared to the same time last year, the number of quota carrying sales personnel is 16%, 1-6, 16% higher now, and the global professional services team size is 23% bigger.

過去幾年，我們在留住頂尖人才方面做得很好，並且還在不斷引進更多人才，包括那些完全專注於利用人工智慧進行改進和發展的人才。與去年同期相比，承擔銷售配額的銷售人員數量增加了 16%（1-6），全球專業服務團隊規模增加了 23%。

We've recently added senior personnel strength to our global marketing teams. We continue to do extremely well with customer retention and growing revenue across both current and new customers. We continue to be strong believers in sustained disciplined profitable growth.

我們最近為全球行銷團隊增加了高級人員。我們在客戶留存率和現有客戶及新客戶的收入成長方面持續表現出色。我們始終堅信持續、穩健、獲利的成長。

Major -- more major hospitality corporations are taking greater notice of us, and we are now engaged in meaningful conversations with more of them. We continue to maintain and improve on a clean balance sheet. We operate in a total addressable market that is a couple of orders of magnitude larger than us.

越來越多知名的飯店集團開始關注我們，我們現在正與其中更多的集團進行有意義的對話。我們持續維持並改善良好的資產負債表。我們面向的市場規模比我們自身大幾個數量級。

And we continue to keep our focus undistracted and passionately on hospitality, an industry that is hungry for more technology innovation help. All that does sound like a good recipe for medium- and long-term defendable sustained good business growth.

我們將繼續全心全意、熱情地專注於酒店業，這個行業渴望獲得更多技術創新的幫助。這一切聽起來確實像是實現中長期、可持續良好業務成長的良好秘訣。

With that, Carmen, can we please open up the call for questions.

那麼，卡門，我們現在可以開始提問了嗎？

(Operator Instructions)

（操作說明）

Mayank Tandon, Needham.

Mayank Tandon，尼德姆。

Thank you. Congrats, Ramesh, Dave and Jess, on the quarter. Ramesh, I wanted to just ask about what's really changed given the record sales momentum. Would you say it's more a function of the market waking up to the adoption of cloud-based solutions that maybe they were slow to embrace?

謝謝。恭喜 Ramesh、Dave 和 Jess 取得季度佳績。拉梅什，我想問的是，在創紀錄的銷售動能下，究竟發生了哪些變化。您認為這更多是由於市場開始意識到採用基於雲端的解決方案，而他們之前可能對此反應遲緩嗎？

Or is it more a function of this is being now maybe better known in the market with all the product innovation that you've completed? So if you could just maybe speak to -- it could be both, but I'm just curious, what would you weigh it more towards in terms of what's changing and what's driving the record sales momentum?

或者，這更多是因為你們完成的所有產品創新，讓你們在市場上獲得了更高的知名度？所以，如果您能談談——可能是兩者兼有，但我只是好奇，您認為在推動銷售創紀錄勢頭的因素和變化方面，哪一方面更為重要？

When sales and business momentum prove like this, there's always a number of reasons. But I would say that the main reason why things are truly moving forward for us is because the product ecosystem is getting better. The product ecosystem is cloud native.

當銷售額和業務發展勢頭出現這種情況時，通常有許多原因。但我認為，我們取得真正進展的主要原因是產品生態系統正在不斷改進。此產品生態系統是雲原生的。

And we went through a period of six, seven years when we had to go do the hard yards, lead engineering and converting all our products into modernized solutions. And also unifying them, integrating them into 1 ecosystem, that took us a lot of work over six, seven years. And now that all that is done. Those products are improving at a rapid rate.

我們經歷了六、七年的艱苦時期，必須努力工作，領導工程研發，並將我們所有的產品都改造成現代化解決方案。此外，將它們統一起來，整合到一個生態系統中，這花了我們六、七年的時間。現在一切都結束了。這些產品正在快速改進。

And there is not much other innovation going on in this industry now, so the competitive advantages are also increasing. In addition to all that, we've also added significant sales and other staff, senior resources like [Joe Yusuf], who have joined us are opening up a lot of major doors for us. So a lot of factors are working together, mostly driven by our product improvements and the higher level of senior talent who have joined us.

目前該產業並沒有太多其他創新，因此競爭優勢也不斷增強。除此之外，我們還增加了大量的銷售和其他人員，像 [Joe Yusuf] 這樣的高級人才加入我們，為我們打開了很多重要的大門。因此，許多因素共同作用，主要得益於我們的產品改進和加入我們團隊的高級人才的加入。

Got it. That's helpful color. Then maybe I'll switch over to margins. And this is more of a longer-term question. I'm just curious, as the Marriott rollout does go live over time, do you expect a step back in margins?

知道了。這是個很有幫助的顏色。那我或許會改用邊距。這更多的是一個長期問題。我只是好奇，隨著萬豪酒店的推廣逐步上線，您是否預期利潤率會下降？

Do you have investments to make to ensure the go-live is on schedule and goes on plan? Or do you believe that as the rollout starts, it will be margin accretive to your business?

您是否需要進行投資以確保專案按計劃按時上線？或者您認為，隨著推廣工作的開展，這將為您的業務帶來利潤成長？

Hey Mike, yeah, for the most part, we think it will be margin accretive to the business, especially if you look over a couple of quarters or maybe an annual basis. There certainly could be a quarter where maybe we have a little bit of investment prior to the rollout.

嘿，麥克，是的，我們認為這在很大程度上會提高公司的利潤率，特別是如果你觀察幾個季度甚至一年的時間。當然，可能會有一個季度，我們在正式推出之前進行一些投資。

But I think we're talking about a quarter here or there. But certainly, as you look over two or three quarters combined, we have most of the people on staff. And most of the revenue contribution going forward will be subscription revenue, which is at a higher margin.

但我認為我們說的只是零星的幾分之一而已。但可以肯定的是，如果你把兩到三個季度加起來看，我們擁有大部分員工。未來大部分收入將來自訂閱收入，而訂閱收入的利潤率更高。

So Mayank, both this major project and all the other major projects that we are continuing to sign are all going to contribute towards increasing growth and increasing margins.

所以，Mayank，這個大項目以及我們正在繼續簽署的所有其他大項目都將有助於提高成長和利潤率。

That's great to hear. Congrats again.

聽到這個消息真是太好了。再次恭喜。

Matt VanVliet, Cantor.

馬特範弗利特，坎托爾。

Hey, good afternoon, thanks for taking the questions. I guess I wanted to dig in a little bit on the international strength that you continue to see. I know you've made a lot of investments both on the go-to-market team in those regions as well as kind of the global marketing organization. But curious if you could give us a little bit more detail in terms of performance in Europe and EMEA versus APAC, and then maybe any rest of world contributions there?

嗨，下午好，謝謝你回答問題。我想深入探討你們持續看到的國際實力。我知道你們在這些地區的市場推廣團隊以及全球行銷組織方面都投入了大量資金。不過，我們很想知道您能否更詳細地介紹一下歐洲和歐洲、中東及非洲地區與亞太地區相比的業績表現，以及世界其他地區的業績貢獻？

And do you feel like you're, in some of those markets, starting to get some of the halo effect of winning this Marriott deal? Or does that maybe come later once it's started to deploy, and you've sort of proven the success there?

你覺得在某些市場，你已經開始感受到贏得萬豪酒店這筆交易帶來的光環效應？或者，這或許會在部署開始後，而你已經證明了部署的成功之後再進行？

If you ask me, Matt, it's more about product improvements than any particular halo effect from any particular project. Though as we continue to win more of these major customers who are global customers who have massive international presence, that will further add to our improving international performance. This year, so far, EMEA is working at record levels. We've really made good progress, especially in the UK, and in other countries nearby as well.

馬特，依我看，這更多的是關於產品改進，而不是某個特定項目所帶來的光環效應。隨著我們不斷贏得更多具有強大國際影響力的全球性大客戶，這將進一步提升我們的國際績效。今年到目前為止，EMEA地區的工作效率達到了歷史新高。我們確實取得了巨大的進展，尤其是在英國，以及鄰近的其他國家。

APAC, we are now working through more big opportunities than we ever have. But all those opportunities still continue to be the bigger ones. We want to get better at more of the singles and doubles in APAC, especially. But we are generally pleased so far with how our international presence is picking up. We are involved in more conversations.

在亞太地區，我們目前面臨的重大機會比以往任何時候都多。但所有這些機會仍然是更大的機會。我們希望在亞太地區的單打和雙打比賽中取得更好的成績，尤其是在這方面。但總的來說，我們對目前國際業務的成長感到滿意。我們參與了更多對話。

And a lot of it has to do with the product improvements. A lot of it has to do with the need for an integrated ecosystem. And as we continue winning these bigger customers, Matt, like Marriott and hopefully, more customers like that, I think that will continue to improve for us. So international, we are very, very bullish on that being a major growth engine for us growing forward.

這很大程度與產品改進有關。這很大程度上與建構一個一體化的生態系統有關。隨著我們不斷贏得像萬豪酒店這樣的大客戶，馬特，希望我們能贏得更多這樣的客戶，我認為我們的業績會繼續提升。因此，我們非常看好國際市場，認為它將成為我們未來發展的主要引擎。

Okay. Helpful. And then it sounded like the investments in capacity around the delivery team are starting to actually kind of work through more backlog than you can book each quarter. Obviously, it's kind of a fine balance. It's great to have the strong bookings, but at a certain point, you need to get it delivered to your customers.

好的。很有幫助。然後聽起來，對交付團隊產能的投資似乎已經開始真正解決積壓訂單，而這些訂單每季都無法預訂。顯然，這需要巧妙地平衡。預訂量大固然是好事，但到了某個階段，你還是需要把貨物送到客戶手中。

So where do we stand in terms of capacity today? Have you primarily made the headcount and process investments to make sure that you can continue to sort of burn through the backlog just as quickly or maybe slightly more quickly than you're able to book? Or should we think about maybe a couple of other sort of bigger rounds of headcount additions over the next few quarters that kind of will create some ups and downs in the margin structure?

那麼，就目前的產能而言，我們處於什麼水準？你們主要透過增加人員和流程投入，來確保能夠以與預訂速度相同甚至略快的速度處理積壓訂單？或者我們是否應該考慮在接下來的幾個季度進行幾輪更大規模的人員擴充，這可能會在利潤率結構中造成一些波動？

The capacity improvements that we needed in services, we have completed this calendar year. It was done more before April. So the bulk capacity increases we needed to make in our services team, we did complete them around the April-May time frame.

我們已在本年度完成了服務能力提升所需的各項工作。這件事在四月之前就做了很多次。因此，我們服務團隊需要大幅提升產能，而我們在四月到五月期間完成了這些提升。

So -- and we'll continue to expand it, like sales, services teams and our other teams will continue to expand as we are a growing company. But in terms of giving ourselves the capacity to make sure there are no delays in projects, we have completed that.

所以——我們將繼續擴大規模，就像銷售、服務團隊和其他團隊一樣，隨著我們公司的發展，這些團隊也將繼續擴大規模。但是，就確保專案不會延誤而言，我們已經完成了這項任務。

We do continue to face delays here and there because of customer delays because delays on the customer end. And there is only so much we can help that because these are all big product ecosystem kind of implementations, and customers have to be sure that they are ready for it.

由於客戶方面的延誤，我們仍然會不時遇到延誤。我們能提供的幫助也有限，因為這些都是大型產品生態系統類型的實施，客戶必須確保他們已經做好準備。

So to answer your question, Matt, as far as we are concerned, we do have the capacity now in terms of services to take on what we are selling and continue improving on it. So we do have that capacity. That doesn't mean we stop growing, but we don't need to bulk grow anymore. We will steadily continue improving those teams. But that is not an issue.

所以，馬特，回答你的問題，就我們而言，就服務而言，我們現在有能力承接我們正在銷售的產品和服務，並不斷改進它們。所以我們確實具備這種能力。這並不意味著我們會停止成長，而是我們不再需要大規模成長了。我們將繼續穩步提升這些團隊的實力。但這並非問題所在。

We are doing a good job of catching up with our backlog. But we have to do more to get past the customer delays, which there is only so much we can do to help.

我們正在努力趕上積壓的工作進度。但我們必須採取更多措施來解決客戶延誤問題，而我們能提供的幫助畢竟有限。

Alright, thank you.

好的，謝謝。

Brian Schwartz, Oppenheimer.

Brian Schwartz，奧本海默。

Yes, hi, thanks for taking my questions this afternoon. Ramesh, following up on the last question on the growth that the company is experiencing in the sales and service capacity this year. My question is on where you are on the efficiency curve of this initiative.

是的，您好，感謝您今天下午回答我的問題。Ramesh接著上一個問題，詢問公司今年在銷售和服務能力上所取得的成長情況。我的問題是，您目前在這個專案效率曲線上處於什麼位置？

I know it's early, but are you seeing returns that you thought you would have expected at this point of the initiative? And are you expecting bigger efficiency gains to come in the second half of this fiscal year or more likely, next fiscal year? And then I have a follow-up for Dave.

我知道現在還為時過早，但在這個階段，您是否看到了預期的回報？您預計本財年下半年或更有可能的是下個財年將出現更大的效率提升嗎？然後我還有一個後續問題想問戴夫。

Yeah. So we are seeing efficiency improvements, Brian, all across the organization, partially due to AI and partially due to other reasons as well. So let me just break up the question into the various pieces. As far as services is concerned, we are seeing continuous efficiency improvements due to multiple reasons. One, the significant increase in personnel strength that we had at the beginning of the calendar year, on, let's call it, the first half of the calendar year.

是的。布萊恩，我們看到整個組織的效率都在提高，部分原因是人工智慧，部分原因是其他原因。那麼，讓我把這個問題分解成幾個部分來解釋。就服務而言，由於多種原因，我們看到效率不斷提高。第一，我們在今年年初，也就是上半年，人員數量大幅增加。

The training and the personnel getting more familiar with our products and becoming better with this has exponentially increased in the last three, four months. So that is there. In addition to that, the products are also becoming easier to install, Brian. Remember, we went through a massive amount of modernization of the products. Our products have been in the field for one to three years now, and they are becoming easier and easier to implement.

在過去的三個月、四個月裡，培訓和員工對我們產品的熟悉程度以及使用程度都呈指數級增長。就是這樣。除此之外，這些產品也越來越容易安裝，布萊恩。請記住，我們對產品進行了大規模的現代化改造。我們的產品已經投入使用一到三年了，而且越來越容易實施。

And then you add the fact that you use AI tools to automate a lot of the implementations. A lot of the complex configuration setups of the products can now be automated using AI tools. So all of that is contributing to greater services efficiencies. People are getting better. The products are far easier to implement.

此外，你也使用了人工智慧工具來自動化許多實施過程。現在，許多產品的複雜配置設定都可以使用人工智慧工具實現自動化。因此，所有這些都有助於提高服務效率。人們的情況正在好轉。這些產品更容易實施。

There are tools available in technology, AI, otherwise, to speed up implementation. So all that is improving the efficiency of product implementations.

科技、人工智慧等領域都有工具可以加快實施速度。所以所有這些都是為了提高產品實施的效率。

Now sales, even now, 75% or so of our sales comes from the top half of our sales team. So improvement in sales productivity, we still have a runway ahead of us. We increased our hotel resource sales team, our international sales team during the beginning of the year.

即使到了現在，我們大約 75% 的銷售額仍然來自銷售團隊中排名前 50% 的人員。因此，在提高銷售效率方面，我們還有很大的提升空間。今年年初，我們增加了飯店資源銷售團隊和國際銷售團隊的人員。

And they have all built the pipeline, and so those efficiencies are getting better as we go. And product development efficiencies have really become much better, thanks to AI tools and a whole lot of other reasons. So product development efficiency have improved.

他們都參與了管道建設，因此隨著時間的推移，效率會越來越高。由於人工智慧工具和其他許多原因，產品開發效率確實得到了極大的提升。因此，產品開發效率得到了提升。

But it's a continuous game, Brian. There is no endgame to this. Efficiencies have improved a lot this year, and I think it will improve massively next year as well. It may not directly show up in P&L because we still need the resources, but we are getting a lot more done with the current resources we have.

但布萊恩，這是一場持續不斷的遊戲。這件事沒有結局。今年的效率已經有了很大的提高，我認為明年也會大幅提高。雖然這可能不會直接體現在損益表中，因為我們仍然需要資源，但我們利用現有資源完成了更多的工作。

Thank you, Ramesh, and the follow-up I have for Dave, I just wanted to ask you about seasonality from the summer period in the quarter. We're seeing these outstanding sales results. Just wanted to check with you, did the business experience less seasonality this fiscal 2Q than it did last year? I remember last year, you called it out during fiscal 2Q.

謝謝拉梅什，我還有一個問題要問戴夫，我只是想問關於本季夏季期間的季節性問題。我們看到了這些出色的銷售表現。我想確認一下，貴公司本財年第二季的業務季節性影響是否比去年同期減弱？我記得去年，你在第二財季就指出了這一點。

Yeah, I mean, I really think there's a couple of things going on in that question. And some of it will be kind of reiterate what Ramesh said. When you look at this year compared to last year, there's kind of three differences in where we sit. I mean, one, we have more sales capacity. We're still in the middle of that kind of ramp up our sales team, but we have a lot more quota-carrying sales reps on the team, which are helping with that.

是的，我的意思是，我真的覺得這個問題包含著幾個面向。其中一些內容會重複拉梅什所說的話。如果將今年與去年進行比較，我們目前的處境大概有三個不同之處。我的意思是，第一，我們有更大的銷售能力。我們仍在努力擴充銷售團隊，但團隊中有很多有銷售配額的銷售代表，這對我們有幫助。

The second end is our backlog just remaining at record levels. So when we think about backlog, we don't think of it in terms of weeks, we think of it in terms of months. So having a backlog. And then really touching on what Ramesh said, I mean just the capacity to deploy that backlog, specifically with our professional services team, just makes the year and the visibility a lot better than it was this time last year.

第二點是我們的積壓訂單仍然處於歷史最高點。所以當我們考慮積壓工作時，我們不會以周為單位來考慮，而是以月為單位來考慮。所以現在積壓了很多工作。然後，正如拉梅什所說，我的意思是，我們專業服務團隊部署積壓工作的能力，使得今年的情況和可見度比去年這個時候好得多。

Thank you for taking my questions.

謝謝您回答我的問題。

George Sutton, Craig-Hallum Capital Group.

喬治‧薩頓，克雷格-哈勒姆資本集團。

Thank you, Ramesh, you mentioned that more major hospitality players are looking at you. And I'm curious if that is -- that would include -- there was a trend here in the last couple of years, some of the large players basically working with very thin code-based software vendors that don't really seem like long-term decisions. Are you starting to get the attention of some of those folks who made that kind of a decision?

謝謝你，拉梅什，你提到有更多大型飯店業企業在關注你。我很好奇這是否意味著——這其中是否包括——過去幾年出現的一種趨勢，即一些大型企業基本上與程式碼量非常小的軟體供應商合作，這似乎並不是長遠的決策。你是否開始引起那些做出類似決定的人的注意了？

While I think, George, you are going to pick up on that more than anyone else, yes, George, the short answer for that is yes. There are -- we are getting the attention of larger players than, say, at the same time last year or two years ago. A lot of the credit has to go to the products, and the news is spreading that the product ecosystem is becoming more and more -- that is, the distance between us and the competition is increasing.

雖然我認為，喬治，你會比任何人都更敏銳地察覺到這一點，是的，喬治，簡而言之，答案是肯定的。的確，我們正受到比去年或前年同期更大的公司的關注。很大程度上要歸功於產品，有消息稱，產品生態系統正變得越來越好——也就是說，我們與競爭對手之間的差距正在拉大。

And also, a lot of the credit goes to [Joe Yusuf] and some of the senior sales staff he's hired as well, who are opening up some of the major doors for us, right? They have credibility. Joe and others have worked with these bigger customers for a long time. So those are opening up doors. And now is a great time to open our doors for us because the products are impressive.

此外，也要特別感謝喬·優素福和他聘請的一些高級銷售人員，他們為我們打開了一些重要的大門，對吧？他們具有信譽。喬和其他人與這些大客戶合作已久。所以這些都為機會打開了大門。現在正是我們敞開大門迎接顧客的好時機，因為我們的產品令人印象深刻。

And if they see a demo, it really gives them pause. So short answer, George, yes, more conversations these days than we have ever had before, and that is increasing too.

如果他們看到演示，真的會讓他們認真考慮。所以簡而言之，喬治，是的，我們現在的對話比以往任何時候都多，而且這種趨勢還在不斷增強中。

So Ramesh, you mentioned you have considerable competitive advantages, and I think you did a good job of walking through what some of those are. But at the same time, you mentioned you're still not well known in key circles in some of your markets. And I just wondered how much progress do you think you're making on that latter piece? Is it predominantly going to be through reference customers? Or how do you see that kind of closing that gap?

拉梅什，你提到你擁有相當大的競爭優勢，我認為你很好地闡述了其中一些優勢是什麼。但同時，你也提到，你在某些市場的關鍵圈子裡仍然不太出名。我想知道你覺得你在後一部分工作上取得了多大進展？主要會透過推薦客戶來實現嗎？或者，您認為如何縮小這種差距？

We continue to close that gap, George. It's not going to -- it's not a magic bullet. It is not going to suddenly explode into everybody knows us. No, it is not just a matter of knowing Agilysys, George, it's knowing today's Agilysys. There is still large parts of hospitality who still think of us as the father or grandfather Agilysys.

喬治，我們會繼續縮小差距。它不會——它不是靈丹妙藥。這件事不會突然間人人都認識我們。不，喬治，這不僅僅是了解 Agilysys 的問題，而是了解今天的 Agilysys。酒店業仍有相當一部分人仍然將我們視為 Agilysys 的創始人或祖父。

And that is not an easy challenge to get over in -- generally in enterprise software, but we are making good progress, like we are making significant impressive progress. Marketing has done great work for us across the international regions and domestic regions. There's a lot more thought leadership participation. The trade shows, of course, we continue to increase participating. But we are leading a lot more, participation in seminars.

克服這個挑戰並不容易——尤其是在企業軟體領域，但我們正在取得良好的進展，取得了顯著而令人印象深刻的進展。行銷部門在國際和國內市場都為我們做出了巨大貢獻。思想領袖的參與度大大提高。當然，我們會繼續增加參加貿易展覽會的次數。但我們在研討會參與方面做得更多。

We are sponsoring a lot more of the bigger events. So we're doing everything we can. One thing is to market Agilysys. The other thing is to make sure today's Agilysys status is well known. That's not an easy challenge that can just overcome in a matter of days or weeks, but we are making good progress with that, George. It is very encouraging, looking at the number of customers, especially the larger ones who are talking to us now.

我們贊助了更多規模更大的賽事。所以我們正在盡一切努力。一是推廣Agilysys。另一件事是確保 Agilysys 目前的狀況廣為人知。喬治，這不是幾天或幾週就能克服的簡單挑戰，但我們在這方面取得了良好的進展。從客戶數量來看，尤其是現在與我們洽談的大客戶數量，這非常令人鼓舞。

I think the numbers are evidence of that. Congratulations. Thanks, guys.

我認為這些數字就證明了這一點。恭喜。謝謝各位。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Thank you. Congratulations on a great quarter, second best selling quarter, fantastic. Any customers as part of this [ACV] being the second best selling quarter represent more than 10% of that ACV?

謝謝。恭喜你們本季業績出色，銷量排名第二，太棒了！在本季（ACV）銷售排名第二的季度中，是否有任何客戶的 ACV 佔比超過 10%？

No, Nehal. No customers over 10%. It was broad-based. I think Ramesh did a good job of pointing out all the different verticals, certainly, gaming, international, managed foodservice kind of led the way. So it was really a broad-based quarter, which is nice.

不，尼哈爾。沒有超過 10% 的顧客。它的基礎很廣泛。我認為 Ramesh 很好地指出了所有不同的垂直領域，當然，遊戲、國際、餐飲管理等領域都起到了引領作用。所以這是一個基礎非常廣泛的季度，這很好。

Okay. So kind of using the analogy that Ramesh had utilized in the past, getting attention from sharks and dolphins, that was not a part of the strong quarter again?

好的。所以，如果用拉梅什過去用過的比喻，例如吸引鯊魚和海豚的注意力，那又不是強勁季度的一部分呢？

Ye, it was broad-based, Nehal. Now nobody came close to 10%, yes. My knowledge of -- what is it, oceanography is quite limited. I could -- sharks, dolphins, all kinds of fish, yes, all kinds of wins this quarter, Nehal, yes.

是的，它的基礎很廣泛，尼哈爾。是的，目前還沒有人接近 10%。我對海洋學的了解非常有限。我可以——鯊魚、海豚、各種各樣的魚，是的，本季各種各樣的勝利，尼哈爾，是的。

No? Well, we did so, right? All right. Given that the September quarter represented the second best-selling quarter, which was the case last quarter, it sounds like it's safe to say that ACV sales were up QoQ, which is under a strong result. Can you give us a sense as to how much it was up QoQ, actually?

不？沒錯，我們確實這麼做了，對吧？好的。鑑於 9 月的季度是銷量第二高的季度（與上個季度的情況相同），可以肯定地說，ACV 銷售額環比增長，這是一個強勁的業績。您能否大致說明一下環比增長了多少？

Yes. Normally, Nehal, we don't get into that, but a little bit of extra color since you asked the question, the last three quarters are our best three sales quarters in our history. And so obviously, the last four quarters have been great for us. So it is a good trend. And each of these quarters have been the best for that particular period quarter.

是的。Nehal，通常我們不會談論這個，但既然你問了這個問題，那就再補充一點：過去三個季度是我們歷史上銷售業績最好的三個季度。很顯然，過去四個季度對我們來說都非常棒。所以這是一個好趨勢。而且每個季度都是該季度以來業績最好的。

So it continues to do well. And the last 3 being our best ever sales quarter is a pretty good indication of our progress. So overall, positive, Nehal, but not going to go into the specifics of that.

所以它繼續表現良好。而最近三個季度是我們有史以來銷售業績最好的一個季度，這很好地顯示了我們所取得的進步。總的來說，尼哈爾，情況不錯，但具體細節我就不贅述了。

Okay. I believe that you guys gave like sort of a midterm organic subscription revenue growth outlook in the past. Could you just reiterate what that is? And any incremental color with that?

好的。我相信你們之前曾給出過類似中期有機訂閱收入成長展望之類的預測。您能再重申一下那是什麼嗎？那麼，還能添加增量顏色嗎？

Yeah. It was a little bit over 25% for the quarter and trending to 25% for the year. I don't know, there's a whole bunch of additional color. I mean, we're really happy, like we said, with where our backlog sits. We have a lot of subscription backlog.

是的。本季略高於 25%，預計全年將達到 25%。我不知道，還有很多其他顏色。我的意思是，就像我們之前說的，我們對目前的積壓訂單情況非常滿意。我們積壓了很多訂閱申請。

We have a lot of momentum in the sales team selling subscription solutions. The 18 new customers we had this quarter were -- all had subscription. So I think we were a little over 25% for the quarter, and we're trending to about 25% organic for the year.

我們的銷售團隊在推廣訂閱解決方案方面勢頭強勁。本季我們新增了 18 位客戶—全部都是訂閱用戶。所以我覺得我們本季有機成長略高於 25%，而且我們預計今年的有機成長比例將達到 25% 左右。

Okay, great, thanks for taking my questions.

好的，太好了，謝謝你們回答我的問題。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey thanks first on just the guidance. I think you made it pretty clear that the guidance increase, it sounds like it's mostly due to better broad-based sales activity. But I just wanted to ask about -- did your assumptions on the Marriott rollout, did those change at all materially? And was that any notable portion of the guide increase? I mean, I think it was kind of a midpoint.

首先感謝您的指導。我認為你已經很清楚地表明，業績指引的提高，聽起來主要是由於整體銷售活動的改善。但我只是想問一下——您對萬豪酒店推廣的假設是否有任何實質的變化？那是否佔了指南價格上漲的很大一部分？我的意思是，我認為這算是一個中點。

Total revenue was up 2%. I think your subscription revenue is also up 2%. So was that -- would -- did Marriott play into that at all?

總收入成長了2%。我認為你們的訂閱收入也成長了2%。那麼，萬豪酒店是否在其中扮演了某種角色？

Stephen, no, Marriott did not play into it at all. And just as a reminder, our -- the raise of guidance and subscription revenue from 27% to 29% excludes all Marriott subscription revenue. So -- for the PMS. And so no, it didn't -- the guidance raise was not Marriott related. It was just general sales momentum because as a reminder to all the sales numbers that Ramesh talked about exclude Marriott as well.

史蒂芬，不，萬豪酒店完全沒有參與其中。再次提醒大家，我們——將預期和訂閱收入從 27% 上調至 29% 不包括萬豪酒店集團的所有訂閱收入。所以——針對經前症候群。所以，不，這與萬豪無關──這次業績指引上調與萬豪無關。這只是整體銷售勢頭，因為需要提醒的是，拉梅什提到的所有銷售數據都不包括萬豪酒店。

So it excludes the Marriott PMS project. The other Marriott product, we are selling products to Marriott is included, but not the PMS project directly. Go ahead, Dave.

所以它不包括萬豪酒店管理系統項目。我們向萬豪銷售的其他產品也包含在內，但不包括直接的 PMS 項目。請繼續，戴夫。

Yes. No. It excluded Marriott. PMS.

是的。不。不包括萬豪酒店。經前症候群。

Got it. Okay. That's encouraging. And then just on the POS side, can you talk some more about the factors driving the strength you're seeing in the managed foodservice vertical? How big that end market is as a mix of your total POS kind of subscription revenue?

知道了。好的。這令人鼓舞。那麼，就POS系統方面而言，您能否再詳細談談推動餐飲管理垂直領域強勁成長的因素？終端市場在您所有 POS 型訂閱收入中所佔的規模有多大？

And do you generally see lower levels of competition in that space, just given more complex need from purchasers? I would think in that end market, there would be only a few software providers that a customer would consider. I mean, is that kind of a fair thought process on that end market? Just more context on what you're seeing there.

鑑於購買者的需求更加複雜，您是否普遍認為該領域的競爭程度較低？我認為在終端市場中，客戶只會考慮少數幾家軟體供應商。我的意思是，這種對終端市場的思考方式公平嗎？補充一些關於你所看到內容的背景資訊。

Yes, Stephen, let me address the first part of your question first. POS, like we told you before, like 1.5 years or so ago, we went through a tough transformation phase. We had completely reengineered the POS products. There are multiple parts to the POS products, so we had to do them in stages. So a lot of our implementations in the field became a mishmash of all the new technologies that caused a lot of technical challenges for us. So that's what affected POS sales, especially in the foodservice management, FSM vertical.

是的，史蒂芬，讓我先回答你問題的第一部分。就像我們之前告訴你們的那樣，大約一年半前，我們經歷了一個艱難的轉型階段。我們對POS產品進行了徹底的重新設計。POS產品包含多個部分，所以我們必須分階段進行。因此，我們在現場的許多實施都變成了各種新技術的混合體，這給我們帶來了許多技術挑戰。這就是影響 POS 銷售的原因，尤其是在餐飲服務管理 (FSM) 垂直領域。

We are past that stage for the last year or 1.5 years. All our new implementations are all the modernized solutions and also unified, meaning [gift] facing and staff-facing feature sets are now in one system. Therefore, it's a lot easier for us to manage, a lot easier for us to implement, producing good results for the customers, including international customers. So the current new version of POS and all the new installs we've been doing, say, for the last 12 to 18 months, are going very well, as you would expect, a modernized unified solution to go well.

在過去一年到一年半的時間裡，我們已經度過了那個階段。我們所有的新實施方案都是現代化解決方案，並且是統一的，這意味著面向[禮品]和麵向員工的功能集現在都在一個系統中。因此，這對我們來說更容易管理，也更容易實施，為客戶（包括國際客戶）帶來良好的結果。因此，目前新版本的 POS 系統以及我們在過去 12 到 18 個月裡進行的所有新安裝都進展得非常順利，正如你所預期的那樣，一個現代化的統一解決方案進展順利。

So that, in turn, has helped improve POS sales, especially in the FSM vertical, which is practically overall like a bubble only POS. So that's the reason. It's again, product driven. And also, some of the recent sales staffs we have added to FSM are doing incredibly good work. They are very influential, and they are doing good work. So that is one part.

因此，這反過來又幫助提高了 POS 銷售額，尤其是在 FSM 垂直領域，該領域實際上總體上就像一個只有 POS 的泡沫。這就是原因。再次強調，一切都是產品驅動的。此外，我們最近加入 FSM 的一些銷售人員也做得非常出色。他們很有影響力，而且他們做了很多有益的工作。這是其中一部分。

I wouldn't say the competition is less, Stephen, in FSM. It is more from the smaller vendors. For a long time, FSM has been served more by the smaller technology vendors. You don't see the bigger ones there that much. So yes, there is competition in FSM as well, but our product sets are getting better.

史蒂芬，我不會說在密克羅尼西亞聯邦的競爭就少。更多來自小型供應商。長期以來，FSM 更多是由規模較小的技術供應商提供的服務。在那裡不太常見到體型較大的。所以，是的，FSM 領域也存在競爭，但我們的產品組合正在不斷改進。

And our implementations are getting better. We are selling with a lot more conviction and strength there. So overall, I think FSM will continue to do well for us.

我們的實施方案也在不斷改進。我們在那裡的銷售更有信心，也更有實力。所以總的來說，我認為 FSM 會繼續為我們帶來好運。

Very helpful. And maybe just one more, if I can, on the PMS product attachment. I mean, you've been seeing some customers sign up with very large packages with a lot of products at cash. I guess, can you just remind us which ones you're seeing the highest attach rates on new sales by product? And has anything overly surprised you on the types of add-on products that are being added on to some of these PMS contracts?

很有幫助。如果可以的話，也許還可以再補充一點關於經前症候群產品附件的內容。我的意思是，你會看到一些顧客註冊時購買的是非常大的套餐，裡面有很多產品，而且都是現金購買的。請問您能否提醒我們一下，依產品劃分，哪些產品的附加銷售率最高？對於某些 PMS 合約中新增的附加產品類型，有沒有什麼讓你感到特別驚訝的地方？

It's not surprising, Stephen. When we created this ecosystem around POS and PMS, we knew that the attach rates for PMS are going to be higher because they're just more add-on modules there compared to the POS number of add-on modules.

這並不奇怪，史蒂芬。當我們圍繞 POS 和 PMS 創建這個生態系統時，我們就知道 PMS 的附加率會更高，因為與 POS 的附加模組數量相比，PMS 的附加模組數量更多。

So this is not surprising to us. Very often, customers come to us only looking for a core product or a couple of products, but they see the ecosystem working together. And it really is encouraging for them that they don't need to deal with disparate systems that are difficult to integrate.

所以這對我們來說並不意外。很多時候，客戶來找我們只是為了購買核心產品或幾款產品，但他們看到了整個生態系統是如何協同運作的。對他們來說，最令人鼓舞的是，他們不需要處理各種難以整合的系統。

And not just difficult to integrate, the pace of innovation is very slow. Because a lot of what resort and hotel properties need now is a unified guest experience. And for that, if you come up with an innovation idea like, let's say, use of a risk band in a water park you have to change four different systems for it. And if you're dealing with four different vendors, it becomes impossible to innovate at a rapid pace.

而且不僅難以整合，創新步伐也非常緩慢。因為度假村和飯店現在最需要的就是團結的賓客體驗。為此，如果你想提出一個創新想法，例如在水上樂園中使用風險等級表，你就必須為此改變四個不同的系統。如果你要和四個不同的供應商打交道，就不可能快速創新。

So that pace of innovation is there. So we are not surprised that PMS has high add-on modules attached rate now. But we are also participating in some major deals where PMS itself, the core product itself is the primary player, and those customers have not yet considering the other products. So we are seeing a couple of them as well.

所以，創新步伐是存在的。因此，我們對PMS目前附加模組的安裝率很高並不感到驚訝。但我們也參與了一些重大交易，其中 PMS 本身，即核心產品，才是主要參與者，而這些客戶還沒有考慮其他產品。所以我們也看到了幾個。

In terms of which products are most, Golf, Spa, Sales and Catering, products like that come to mind. The booking engine is always one of the leading products, but one of the best sellers for us this year is loyalty promotions. Now resorts have the ability to give guests points and help them redeem points at every touch point in a resort, that's a big strength they didn't have before. So it varies from deal to deal, but these are some of the more popular ones.

要說最熱門的產品，高爾夫、水療、銷售和餐飲之類的產品自然會想到。預訂引擎一直是我們的領先產品之一，但今年我們最暢銷的產品之一是忠誠度促銷活動。現在度假村能夠讓客人獲得積分，並在度假村的每個環節幫助他們兌換積分，這是他們以前所沒有的一大優勢。所以具體情況因交易而異，但以下是一些比較受歡迎的交易方式。

Very helpful appreciate the color and and great results.

非常實用，很喜歡這個顏色，效果很棒。

Thank you so much. And this concludes our Q&A session for today, and I will pass it back to our CEO, Ramesh Srinivasan, for closing remarks.

太感謝了。今天的問答環節到此結束，接下來我將把發言權交還給我們的執行長拉梅什·斯里尼瓦桑，請他作總結發言。

Thank you. Thank you for your participation and interest in Agilysys. Please enjoy the holiday season. Merry Christmas, and happy holidays to all of you. We look forward to talking to you again in about 3 months from now. Thank you.

謝謝。感謝您對Agilysys的參與與關注。請盡情享受假期。祝大家聖誕快樂，節日愉快！我們期待在大約三個月後再次與您聯繫。謝謝。

And thank you again for all who participated in today's conference. You may now disconnect. Everyone, have a great day.

再次感謝所有參加今天會議的人。您現在可以斷開連線了。祝大家今天過得愉快。