PAR Technology Corp (PAR) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the PAR Technology fiscal year 2024 second-quarter financial results conference call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 PAR Technology 2024 財年第二季財務業績電話會議。（操作員說明）

I would now like to hand the conference over to your speaker today, Chris Byrnes, Senior Vice President of Investor Relations and Business Development.

現在我想將會議交給今天的發言人克里斯·伯恩斯（Chris Byrnes），他是投資者關係和業務發展高級副總裁。

Thank you, Amy. Good morning, everyone, and thank you for joining us today for PAR Technologies 2024 second-quarter financial results call.

謝謝你，艾米。大家早安，感謝您今天參加我們的 PAR Technologies 2024 年第二季財務業績電話會議。

Earlier this morning, we released our financial results. The earnings release is available on the Investor Relations page of our website at partech.com, where you can also find the Q2 financials presentation, as well as in our related Form 8-K furnished to the SEC.

今天早上早些時候，我們發布了財務業績。收益報告可在我們網站 partech.com 的投資者關係頁面上找到，您也可以在其中找到第二季的財務報告，以及我們向 SEC 提供的相關表格 8-K。

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and exclude the impact of certain items. A description and timing of these items along with a reconciliation of non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.

在今天的電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標對投資者有用，並排除了某些項目的影響。這些項目的描述和時間表以及非 GAAP 指標與最具可比性 GAAP 指標的調整可以在我們的收益報告中找到。

I'd also like to remind participants that this conference call may include forward-looking statements that reflect management's expectations based on currently available data. However, actual results are subject to future events and uncertainties. The information on this conference call related to projections or other forward-looking statements may be relied upon and subject to the safe harbor statement included in our earnings release this morning and in our annual and quarterly filings with the SEC.

我還想提醒與會者，本次電話會議可能包括前瞻性陳述，這些陳述反映了管理層基於當前可用數據的預期。然而，實際結果會受到未來事件和不確定因素的影響。本次電話會議中與預測或其他前瞻性陳述相關的資訊可能會依賴並受到我們今天上午發布的收益報告以及我們向 SEC 提交的年度和季度文件中包含的安全港聲明的約束。

Finally, I'd like to remind everyone that this call is being recorded and it will be made available for replay via a link available on the Investor Relations section of our website. Joining me on the call today is PAR's CEO and President, Savneet Singh; and Bryan Menar, PAR's Chief Financial Officer.

最後，我想提醒大家，本次電話會議正在錄音，並將透過我們網站投資者關係部分的連結進行重播。今天和我一起參加電話會議的是 PAR 執行長兼總裁 Savneet Singh；以及 PAR 財務長 Bryan Menar。

I'd now like to turn the call over to Savneet for the formal remarks portion of the call which will be followed by general Q&A.

我現在想將電話轉給 Savneet，讓其進行電話的正式評論部分，然後進行一般性問答。

Thank you, Chris. Good morning and welcome to everyone on the call. Q2 marked an inflection point for PAR. We delivered meaningful growth on a near flat OpEx base, launched our Burger King rollout, integrated Stuzo, completed the work to close the TASK acquisition and launched Wendy's in July. Equally important is that we divested our government business, clearing the way for us to be a pure-play foodservice technology business. We are marching towards becoming a very profitable business, while increasing our ability to effectuate change at our customers.

謝謝你，克里斯。早安，歡迎各位來電。第二季標誌著 PAR 的轉捩點。我們在幾乎持平的營運支出基礎上實現了有意義的成長，推出了漢堡王，整合了 Stuzo，完成了 TASK 收購的工作，並於 7 月推出了 Wendy's。同樣重要的是，我們剝離了政府業務，為我們成為純粹的餐飲服務技術企業掃清了道路。我們正在努力成為一家非常有利可圖的企業，同時提高我們為客戶實現變革的能力。

Subscription services continues to be the growth engine of our company and subscription services revenue grew by 48% in the quarter versus the same period last year. Our relentless focus on customer success, along with the commitment to delivering best-in-class products continue to drive our results. Excluding Stuzo, now branded PAR Retail, second-quarter ARR grew organically by 24% when compared to Q2 '23. This is an impressive number given we're just kicking off Burger King, launched Wendy's in July. And as you know, we recognized payments revenue on a net basis.

訂閱服務仍然是我們公司的成長引擎，本季訂閱服務收入較去年同期成長了 48%。我們對客戶成功的不懈關注以及對提供一流產品的承諾將繼續推動我們取得成果。不包括 Stuzo（現更名為 PAR Retail），第二季 ARR 與 2023 年第二季相比有機成長了 24%。這是一個令人印象深刻的數字，因為我們剛剛推出了漢堡王，並在 7 月推出了溫迪漢堡。如您所知，我們以淨額確認支付收入。

At the end of Q2, ARR stood at $192 million, a 57% increase from the second quarter last year. Additionally, post Q2, we closed our acquisition of TASK, which will contribute an additional $40 million of ARR. Operator Cloud ARR grew by 37% to $84 million in Q2 when compared to the same period last year. Operator Cloud growth is being driven by increased win rates at Brink with stronger multiproduct attachment of data central on PAR payments, as well as continued ARPU improvement. ARPU increased by 14% from the same period last year, due to higher value deals, API monetizations, upsell price increases and PAR payment services go live.

截至第二季末，ARR 為 1.92 億美元，較去年第二季成長 57%。此外，在第二季後，我們完成了對 TASK 的收購，這將額外貢獻 4,000 萬美元的 ARR。與去年同期相比，第二季度營運商雲端 ARR 成長了 37%，達到 8,400 萬美元。營運商雲端的成長是由 Brink 獲勝率的提高、PAR 支付資料中心的多產品附件更強大以及 ARPU 的持續改善所推動的。由於更高價值的交易、API 貨幣化、追加銷售價格上漲以及 PAR 支付服務上線，ARPU 較去年同期成長 14%。

We expect the growth in ARPU to continue given current white space and existing high-value accounts, as well as a very robust pipeline of Tier one deals. To put this into perspective, the successful attachment of both Data Central payments into a Brink concept increases the ARR opportunity by over 3x.

鑑於目前的空白空間和現有的高價值帳戶，以及非常強勁的一級交易管道，我們預計 ARPU 將繼續成長。從這個角度來看，將資料中心支付成功附加到 Brink 概念中將 ARR 機會增加了 3 倍以上。

As I mentioned, we officially launched the Burger King rollout on April 1 and Burger King is extremely pleased with the progress made to date, including both from a product, as well as an implementation perspective. We feel confident that PAR can be the enabler of BK's digital success and are giving them every reason to accelerate our rollout and hopefully add additional products down the road. It is critical Burger King meets their implementation thresholds for the year and we are partnering closely to ensure that they do. As we mentioned in the last call, whatever we don't install this year, will get quickly rolled out in '25 and the early parts of 2026.

正如我所提到的，我們在 4 月 1 日正式推出了漢堡王，漢堡王對迄今為止的進展非常滿意，包括從產品和實施的角度來看。我們相信 PAR 能夠成為 BK 數位化成功的推動者，並為他們提供充分的理由來加速我們的推出，並希望在未來添加更多產品。漢堡王達到今年的實施門檻至關重要，我們正在密切合作確保他們做到這一點。正如我們在上次電話會議中提到的，無論我們今年沒有安裝什麼，都將在 25 年和 2026 年初迅速推出。

Turning to PAR Payments. In Q2, PAR Payments achieved our highest ever gross processing volume run rate of $2.5 billion. Pipeline execution led to the signing of several new concepts such as Chow Time Canada, Wings Over and Miami Growth to name a few, which will be going live before the end of the year.

轉向 PAR 付款。第二季度，PAR Payments 實現了有史以來最高的總處理量運行率，達到 25 億美元。管道的執行導致了幾個新概念的簽署，例如 Chow Time Canada、Wings Over 和 Miami Growth 等，這些概念將在今年年底前投入使用。

In Q2, we went live with three new customer logos and continued our rollout with Smoothie King. Importantly, many of our new wins include processing for above-store transactions, not just our traditional in-store POS processing. Our pipeline of new customers is strong and we expect continued momentum following the launch of our Punchh wallet offering at the start of Q3. I'll give more details on Punchh wallet later in the call.

在第二季度，我們啟用了三個新的客戶商標，並繼續推出 Smoothie King。重要的是，我們的許多新成果包括店上交易處理，而不僅僅是傳統的店內 POS 處理。我們的新客戶管道很強勁，我們預計在第三季初推出 Punchh 錢包產品後，這一勢頭將持續下去。我將在稍後的電話會議中提供有關 Punchh 錢包的更多詳細資訊。

Looking forward, the team is fully engaged on integrating payment capabilities into PAR Retail and TASK to unlock further growth. Adding payments to the PAR Retail sales bag is very exciting. Data Central also delivered a strong Q2. This quarter included the signing of seven new customers across the restaurant and C-store space, including pilot travel stops and the ongoing rollout of Love's Travel centers. We continue to build out a robust pipeline with four new Tier 1 concepts and see additional opportunities for Data Central to the attachment to Brink deals.

展望未來，團隊將全力致力於將支付功能整合到 PAR Retail 和 TASK 中，以實現進一步成長。將付款添加到 PAR 零售銷售包中是非常令人興奮的。Data Central 第二季也表現強勁。本季度包括在餐廳和便利商店空間簽約七名新客戶，包括試點旅行站點和正在進行的 Love's Travel 中心的推出。我們繼續透過四個新的一級概念來建立強大的管道，並看到資料中心附加到 Brink 交易的更多機會。

Data Central is winning off the strength that brings tremendous growth and reputation, creating a road map for future upsell of new products. The enterprise market is seeing how the connection of the POS, back office and payments processing delivers improved operations, enhanced data capture and significant value to their business. This trend will continue.

Data Central 正在贏得帶來巨大成長和聲譽的實力，為未來新產品的追加銷售制定路線圖。企業市場正在關注 POS、後台和支付處理的連接如何改善營運、增強數據捕獲並為其業務帶來巨大價值。這種趨勢將會持續下去。

Our Engagement Cloud, which includes Punchh, Menu and now PAR Retail, continued a steady growth trajectory in Q2. After a period of rapid change, our near-term goal for Punchh is to drive stable new business wins of 500 to 1,000 new locations quarterly. Our exciting new product launch with Punchh wallet demonstrates Better Together innovation and is driving new revenue with Punchh for PAR Pay. This has amazing potential to enable Starbucks like payment experiences for all Punchh brands. Punch Wallet is a clear demonstration of Par's Better Together strategy in providing improved outcomes for our customers.

我們的參與雲（包括 Punchh、Menu 和現在的 PAR Retail）在第二季繼續保持穩定的成長軌跡。經過一段時間的快速變化後，我們對 Punchh 的近期目標是每季贏得 500 至 1,000 個新地點的穩定新業務。我們與 Punchh 錢包一起推出的令人興奮的新產品展示了 Better Together 創新，並透過 Punchh for PAR Pay 推動新的收入。這具有驚人的潛力，可以為所有 Punchh 品牌提供類似星巴克的支付體驗。Punch Wallet 清楚地展示了 Par 的 Better Together 策略，旨在為我們的客戶提供更好的結果。

Features include safe payment options, store value balances, digital wallets and subscriptions. Punchh wallet allows for up to 2.5 times faster checkout times, a 23% increase in repeat store visits and an increase in customer lifetime value of more than 150%. Year-over-year ARR growth for engagement cloud was 11%, driven by the deals we signed at the end of 2023 and very early in 2024. This past quarter saw significant new customer growth with nine new brands launching on the Punchh platform, and we also saw 12 upsell deals to existing customers.

功能包括安全支付選項、儲值餘額、數位錢包和訂閱。Punchh 皮夾可將結帳時間提高 2.5 倍，重複光顧店家次數增加 23%，顧客終身價值增加 150% 以上。在我們於 2023 年底和 2024 年初簽署的交易的推動下，互動雲的 ARR 年比增長了 11%。上個季度，新客戶顯著成長，Punch 平台上推出了 9 個新品牌，我們也看到針對現有客戶的 12 筆追加銷售交易。

In early July, we went live with Wendy's, a deal that we announced in Q1, record time for a go live for a large enterprise deal. Looking ahead, we expect Punchh to be a strong profit contributor to PAR. The newest part of Engagement Cloud is Stuzo, which has been rebranded as PAR Retail. PAR Retail is a leading digital engagement software provider to convenience and fuel retailers. The product is in 20,000 stores in over 20,000 stores and provides a beachhead to cross-sell additional products across like payments and back office. Our pipeline looks strong for the second half of the year. And importantly, we hoped to launch our first payment product for this market, which will continue to prove our Better Together strategy.

7 月初，我們與 Wendy's 上線，這是我們在第一季宣布的一項交易，創下了大型企業交易上線時間的紀錄。展望未來，我們預計 Punchh 將成為 PAR 的強勁利潤貢獻者。Engagement Cloud 的最新部分是 Stuzo，現已更名為 PAR Retail。PAR Retail 是一家領先的數位互動軟體供應商，為便利商店和燃料零售商提供服務。該產品在超過 20,000 家商店的 20,000 家商店中銷售，並提供了一個跨支付和後台交叉銷售其他產品的灘頭陣地。今年下半年我們的管道看起來很強勁。重要的是，我們希望針對這個市場推出我們的第一個支付產品，這將繼續證明我們的 Better Together 策略。

Menu, our digital ordering application also delivered an impressive Q2. We continued launching new customers and officially reached more US-based active sites than our international base, highlighting key initiatives we had entering the year, which is getting Menu to be US ready. We launched five new concepts in Q2, and every new customer is an existing customer of another PAR product, proving that our customers desire a more unified experience.

我們的數位訂購應用程式 Menu 在第二季的表現也令人印象深刻。我們繼續推出新客戶，並正式涵蓋了比我們國際基地更多的美國活躍網站，這突顯了我們進入這一年的關鍵舉措，即讓 Menu 為美國市場做好準備。我們在第二季推出了五個新概念，每個新客戶都是另一個 PAR 產品的現有客戶，這證明我們的客戶渴望更統一的體驗。

Additionally, some of our customers continue to test additional modules of Menu. We were encouraged by the progress so far with Menu and expect a solid second half of 2024. Engagement cloud ARR now totaled $108 million at the end of Q2, and has approximately 95,000 foodservice outlets to utilizing our software. We continue to see PAR as uniquely positioned in the foodservice technology sector with best-in-class software across key operational and engagement pillars.

此外，我們的一些客戶繼續測試選單的其他模組。我們對 Menu 迄今為止的進展感到鼓舞，並預計 2024 年下半年將取得穩定進展。截至第二季末，參與雲端 ARR 的總價值為 1.08 億美元，約有 95,000 個餐飲服務店使用我們的軟體。我們仍然認為 PAR 在餐飲服務技術領域擁有獨特的地位，在關鍵營運和參與支柱方面擁有一流的軟體。

Our ability to deliver better outcomes across our products, and producing a better-together experience with multiple products sets PAR up to be the industry standard. Q2 hardware revenue grew 10% quarter over quarter and is starting to claw back some of the challenges we had in Q1. Hardware is always hard to predict as 40% to 50% of our business is outside of Brink. But given the strong pipeline of Brink, we expect hardware to stabilize and hopefully start growing, while our team works to upgrade our base of long-term hardware-only customers.

我們能夠在產品中提供更好的成果，並透過多種產品提供更好的協同體驗，這使得 PAR 成為行業標準。第二季硬體營收季增 10%，並開始克服第一季遇到的一些挑戰。硬體總是很難預測，因為我們 40% 到 50% 的業務都在 Brink 之外。但鑑於 Brink 的強大管道，我們預計硬體將穩定並有望開始成長，同時我們的團隊致力於升級我們的長期純硬體客戶群。

Stepping back to review our consolidated results, in Q2 our adjusted EBITDA was negative $4.3 million. This number, though, includes $2.5 million of onetime charges related to customer credits and Stuzo purchased price accounting adjustments. When further adjusting for these charges, our adjusted EBITDA came in at negative $1.8 million, giving us tremendous confidence in our previously communicated goals of inflecting to adjusted EBITDA positive in Q3. This fast slope in EBITDA is impressive, especially in light of the over $10 million of annual EBITDA we gave up as part of our government sale.

回顧我們的綜合業績，第二季我們調整後的 EBITDA 為負 430 萬美元。不過，這一數字包括與客戶積分和 Stuzo 購買價格會計調整相關的 250 萬美元一次性費用。當這些費用進一步調整時，我們調整後的 EBITDA 為負 180 萬美元，這讓我們對先前傳達的在第三季將調整後 EBITDA 變為正值的目標充滿信心。EBITDA 的快速成長令人印象深刻，特別是考慮到我們作為政府出售的一部分放棄了超過 1000 萬美元的年度 EBITDA。

The team is proving that our customer flywheel is leading to dramatic operating leverage. Our EBITDA swing is being driven by both subscription services revenue and stringent expense management. On the expense side, our non-GAAP operating expenses, including PAR Retail grew by only 3% year over year, continuing our trend of intense expense controls while scaling ARR quickly and simultaneously launching both Burger King and Wendy's.

該團隊正在證明我們的客戶飛輪正在帶來巨大的營運槓桿。我們的 EBITDA 波動是由訂閱服務收入和嚴格的費用管理所推動的。在費用方面，我們的非 GAAP 營運費用（包括 PAR 零售）年比僅成長 3%，延續了我們嚴格費用控制的趨勢，同時快速擴大 ARR，並同時推出漢堡王和溫蒂。

This is not easy to do, and I commend the team for their commitment to only spending in areas where we can improve ROI. I think it bears repeating that this is a sixth quarter in a row where operating expenses were near flat, while ARR grew organically greater than 20%.

這並不容易做到，我讚揚團隊致力於只在可以提高投資報酬率的領域進行支出。我認為值得重申的是，這是連續第六個季度營運支出接近持平，而 ARR 有機成長超過 20%。

Drilling down into the components of expenses, subscription, sales and marketing expense as a percentage of revenue this quarter is 18%, a significant sequential 300-basis-point improvement from the 21% we had in Q1. Sales and marketing expenses actually decreased $1.1 million organically.

深入研究費用、訂閱、銷售和行銷費用等組成部分，本季佔收入的百分比為 18%，比第一季的 21% 顯著提高了 300 個基點。銷售和行銷費用實際上有機減少了 110 萬美元。

As I noted on the last call, we want this number to get to 15% or lower and are sprinting our way there. This is being driven primarily by our ability to take price and upsell while continuing to realize just how many products an individual AE can sell.

正如我在上次電話會議中指出的那樣，我們希望這個數字達到 15% 或更低，並且正在努力實現這一目標。這主要是由我們定價和追加銷售的能力所推動的，同時繼續了解單一 AE 可以銷售多少產品。

Our subscription R&D expense as a percentage of revenue was 31%. This number improved 400 basis points sequentially, and our organic R&D spend actually decreased $1 million. We have our sight on eventually taking this number to 25% and lower. Brink, in particular, is leading the charge here, proving that we can launch large and diverse concepts off of one core platform. The work we did to retail Brink is now paying significant dividends. These numbers don't include TASK, which as most of you know, is a very profitable business that we're rapidly integrating into PAR.

我們的訂閱研發費用佔營收的百分比為 31%。這個數字連續提高了 400 個基點，我們的有機研發支出實際上減少了​​ 100 萬美元。我們的目標是最終將這一數字降低至 25% 或更低。尤其是 Brink，在這方面發揮了領導作用，證明我們可以在一個核心平台上推出大型且多樣化的概念。我們對零售 Brink 所做的工作現在正在帶來可觀的回報。這些數字不包括 TASK，正如大多數人所知，TASK 是一項非常有利可圖的業務，我們正在迅速將其整合到 PAR 中。

While the passive profitability is very clear, we understand that in the end our success will be dictated by the success of our customers. So while we've done a commendable job becoming efficient, our team will not lose sight of the fact that our ability to drive these unit economics is predicated on our customers winning. As I've said in the past, words like consolidation and bundling have had negative connotations and I think for the right reasons.

雖然被動獲利能力非常明顯，但我們明白，最終我們的成功將取決於客戶的成功。因此，雖然我們在提高效率方面取得了值得稱讚的工作，但我們的團隊不會忽視這樣一個事實：我們推動這些單位經濟效益的能力取決於我們的客戶獲勝。正如我過去所說，整合和捆綁等詞語具有負面含義，我認為這是有道理的。

The prior attempts to consolidate were not done around industry-leading products. It required customers to trade off functionality for simplicity. This is explicitly what we are not doing at PAR. Our products must stand on their own be best-in-class integrate natively and when unified deliver surprise and delight. This is what's truly driving the financial outcomes you are seeing today.

先前的整合嘗試並不是圍繞著行業領先的產品進行的。它要求客戶為了簡單性而犧牲功能。這顯然是我們在 PAR 中沒有做的事情。我們的產品必須獨立、一流、本地集成，並在統一時帶來驚喜和喜悅。這才是真正推動您今天所看到的財務成果的因素。

To recap, Q2 was a very successful quarter across many fronts for our company. I'm energized by the Better Together experiences and what that means for our customer relationships and outcomes both existing and prospective. The combined effort of the PAR team around the globe has put us in a unique position to further our mission of fueling the future of food service and retail. We're at day one of a massive opportunity.

回顧一下，第二季對我們公司來說在許多方面都是非常成功的季度。Better Together 體驗以及這對我們現有和未來的客戶關係和成果意味著什麼，讓我充滿活力。全球 PAR 團隊的共同努力使我們處於獨特的地位，可以進一步推進我們推動食品服務和零售業未來發展的使命。我們正處於巨大機會的第一天。

Bryan will now review the numbers in more detail. Bryan?

布萊恩現在將更詳細地審查這些數字。布萊恩？

Thank you, Savneet. Good morning, everyone. Q2 was a successful quarter for PAR as we were able to drive both positive results and momentum while managing an efficient integration of PAR Retail, administer the closure of the TASK acquisition and effectively manage a smooth divestiture of PAR Government.

謝謝你，薩夫尼特。大家早安。第二季度對 PAR 來說是一個成功的季度，因為我們能夠在管理 PAR Retail 的有效整合、管理 TASK 收購的結束以及有效管理 PAR Government 的順利剝離的同時，推動積極的業績和勢頭。

To emphasize Savneet's earlier statement, Q2 represents a pivotal inflection point in PAR's journey from our beginnings as a quasi restaurant tech and government contractor company to a pure-play food service tech led organization. The construct of our Q2 2024 statement of operations is indicative of that inflection point, as I will highlight.

為了強調 Savneet 早些時候的聲明，第二季度代表了 PAR 從一家準餐廳技術和政府承包商公司發展成為純粹的食品服務技術主導組織的旅程中的關鍵轉折點。正如我將強調的那樣，我們 2024 年第二季營運報表的結構顯示了這一拐點。

Before moving forward, I'd like to properly call out that all 2024 and comparative 2023 results that we will discuss this morning, exclude any contributions from PAR Government. As those results including the gains on respective sale of PAR Government have been isolated within our discontinued operations results.

在繼續前進之前，我想正確指出，我們今天上午將討論的所有 2024 年和 2023 年比較結果均不包括 PAR 政府的任何貢獻。由於這些業績（包括相應出售 PAR Government 的收益）已被單獨納入我們已終止經營的業績中。

Total revenues was $78.2 million for the three months ended June 30, 2024, an increase of 12% compared to the three months ended June 30, 2023, driven by subscription service revenue growth of 48%, partially offset by a decrease in hardware revenue of 24%.

截至2024 年6 月30 日止三個月的總收入為7,820 萬美元，較截至2023 年6 月30 日止三個月增長12%，主要原因是訂閱服務收入增長48%，部分被硬體收入下降所抵銷。

Net loss from continuing operations for the second quarter of 2024 was $23.6 million or $0.69 loss per share compared to a net loss from continuing operations of $21.8 million or $0.87 loss per share reported for the same period in 2023. Non-GAAP net loss for the second quarter of 2024 was $7.9 million or $0.23 loss per share, a significant improvement compared to a non-GAAP net loss of $16.3 million or $0.60 loss per share for the same period in 2023.

2024 年第二季持續經營業務淨虧損為 2,360 萬美元，即每股虧損 0.69 美元，而 2023 年同期持續經營業務淨虧損為 2,180 萬美元，即每股虧損 0.87 美元。2024 年第二季非 GAAP 淨虧損為 790 萬美元，即每股虧損 0.23 美元，與 2023 年同期非 GAAP 淨虧損 1,630 萬美元，即每股虧損 0.60 美元相比，有了顯著改善。

Adjusted EBITDA for the second quarter of 2024 was a loss of $4.3 million. Once again, a meaningful improvement compared to an adjusted EBITDA loss of $12.3 million for the same period in 2023, driven by increased margin contribution from subscription services, partially offset by a reduction in hardware revenue and margin. As Savneet mentioned, our Q2 results included $2.5 million of one-time charges within subscription services. Excluding those items, adjusted EBITDA would have been a loss of $1.8 million.

2024 年第二季調整後 EBITDA 虧損 430 萬美元。與 2023 年同期 1230 萬美元的調整後 EBITDA 損失相比，這再次是一個有意義的改善，這主要是由於訂閱服務的利潤貢獻增加，但部分被硬體收入和利潤的減少所抵消。正如 Savneet 所提到的，我們第二季的業績包括訂閱服務中 250 萬美元的一次性費用。排除這些項目，調整後的 EBITDA 將虧損 180 萬美元。

Now for more details on revenue. Subscription service revenue was reported at $44.9 million, an increase of $14.5 million or 48% from a $30.4 million reported in the prior year. Excluding PAR Retail, organic subscription service revenue grew 15% compared to prior year. The annual recurring revenue exiting the quarter was $192.2 million, an increase of 57% from last year's Q2 with Engagement Cloud up 77% and Operator Cloud up 37%. Excluding PAR Retail, total organic annual recurring revenue was up 24% year over year.

現在了解有關收入的更多詳細資訊。訂閱服務收入報告為 4,490 萬美元，比上一年報告的 3,040 萬美元增加了 1,450 萬美元，即 48%。不包括 PAR 零售，有機訂閱服務收入較前一年成長 15%。本季的年度經常性收入為 1.922 億美元，比去年第二季成長 57%，其中參與雲端成長 77%，營運商雲端成長 37%。不包括 PAR 零售，總有機年度經常性收入年增 24%。

Hardware revenue in the quarter was $20.1 million a decrease of $6.3 million or 24% from the $26.4 million reported in the prior year. Sequentially, compared to Q1 this year hardware was up $1.9 million or 10%. The continued interest from our legacy hardware customers as well as the continued high attachment of hardware sales within our expanding software customer base, gives us confidence that our hardware business will continue to contribute meaningful revenue and respective margin.

該季度的硬體收入為 2,010 萬美元，比前一年報告的 2,640 萬美元減少了 630 萬美元，即 24%。與今年第一季相比，硬體成長了 190 萬美元，即 10%。我們的傳統硬體客戶的持續興趣以及我們不斷擴大的軟體客戶群中硬體銷售的持續高附加價值，使我們相信我們的硬體業務將繼續貢獻有意義的收入和相應的利潤。

Professional service revenue was reported at $13.2 million, an increase of $0.4 million or 3% from the $12.8 million reported in the prior year. Historically, our professional service revenue trend is correlated to our hardware revenue trend but we are pleased with our team's ability to grow professional service revenue while hardware revenue contracted.

專業服務收入報告為 1,320 萬美元，比前一年報告的 1,280 萬美元增加了 40 萬美元，增幅為 3%。從歷史上看，我們的專業服務收入趨勢與我們的硬體收入趨勢相關，但我們對我們的團隊在硬體收入收縮的情況下增加專業服務收入的能力感到滿意。

Our team has executed this by expanding our service contract base with successful demonstration of our service team's value proposition. $8.2 million of the professional service revenue in the quarter consisted of recurring revenue primarily from our hardware support contracts versus $7.2 million in 2023.

我們的團隊透過擴大我們的服務合約基礎並成功展示我們服務團隊的價值主張來實現這一目標。本季專業服務收入中的 820 萬美元主要來自硬體支援合約的經常性收入，而 2023 年為 720 萬美元。

Now turning to margins, gross profit was $32 million, an increase of $12.8 million or 67% from the $19.2 million reported in the prior year. The increase was driven by subscription services with gross profit of $23.8 million, an increase of $10.7 million or 81% from the $13.1 million reported in the prior year. Subscription Service margin for the quarter was 53.1% compared to 43.3% reported in the second quarter of 2023. The increase in margin is driven by a continued focus on efficiency improvements with our hosting and customer support costs, as well as accretive margin contributions from PAR Retail operations.

現在轉向利潤率，毛利為 3,200 萬美元，比前一年報告的 1,920 萬美元增加了 1,280 萬美元，增幅為 67%。這一增長是由訂閱服務推動的，毛利為 2,380 萬美元，比上一年報告的 1,310 萬美元增加了 1,070 萬美元，即 81%。本季訂閱服務利潤率為 53.1%，而 2023 年第二季為 43.3%。利潤率的成長是由於我們持續專注於託管和客戶支援成本的效率提高，以及 PAR 零售業務的利潤貢獻增加。

Excluding the amortization of intangible assets, stock-based compensation and severance included in subscription service margin, total non-GAAP subscription service margin for the three months ended June 30 was 66% compared to 61% in the second quarter of 2023.

不包括認購服務利潤中包含的無形資產攤銷、股票薪酬和遣散費，截至6 月30 日止三個月的非公認會計準則認購服務利潤總額為66%，而2023 年第二季度為61% 。

Hardware margin for the quarter was 22.8% versus 19.2% in Q2 2023. In light of our year-over-year revenue decrease, we were still able to improve margins by taking price as we continue to demonstrate our value while also driving savings within our cost structure.

本季的硬體利潤率為 22.8%，而 2023 年第二季為 19.2%。鑑於我們的收入同比下降，我們仍然能夠透過定價來提高利潤率，因為我們繼續展示我們的價值，同時也在我們的成本結構中節省開支。

Professional service margin for the quarter was 27.5% compared to 7.7% reported in the second quarter of 2023. Q2 2023 results were negatively impacted by one-time charges. Excluding those charges, Q2 2023 professional margin would have been 20% reflective of our normalized historical margin rates. We expect margins to be approximately 20% for the remainder of this year.

本季專業服務利潤率為 27.5%，而 2023 年第二季報告的利潤率為 7.7%。2023 年第二季的業績受到一次性費用的負面影響。排除這些費用，2023 年第二季的專業保證金將為 20%，反映我們標準化的歷史保證金率。我們預計今年剩餘時間的利潤率約為 20%。

In regard to operating expenses, GAAP sales and marketing was $9.8 million, a decrease of $0.3 million from the $10.1 million reported for Q2 2023, with organic sales and marketing decreasing $1.1 million year over year. GAAP, G&A was $25.4 million, an increase of $8.9 million from the $16.4 million reported in Q2 2023. The increase was driven by non-GAAP adjustment items for M&A transaction fees and stock-based compensation as well as post acquisition PAR Retail costs.

在營運費用方面，GAAP 銷售和行銷費用為 980 萬美元，比 2023 年第二季報告的 1,010 萬美元減少 30 萬美元，其中有機銷售和行銷費用比去年同期減少 110 萬美元。以 GAAP 計算，G&A 為 2,540 萬美元，比 2023 年第二季報告的 1,640 萬美元增加了 890 萬美元。這一增長是由併購交易費用和股票薪酬以及收購後平均零售成本的非公認會計準則調整項目推動的。

GAAP R&D was $16.2 million, an increase of $1.3 million from the $14.9 million recorded in Q2 2023. The increase was primarily driven by post-acquisition PAR Retail expense while organic R&D decreased $1 million year over year. Q2 2024 operating expense excluding non-GAAP adjustments was $43.5 million, an increase of $5.7 million or 15% versus Q2 2023. And excluding the inorganic growth from post-acquisition PAR Retail, organic operating expenses only increased 3%. Our ability to manage our operating expenses while driving substantial margin improvement will continue to be the catalyst for continued consistent EBITDA growth.

GAAP 研發費用為 1,620 萬美元，比 2023 年第二季的 1,490 萬美元增加了 130 萬美元。這一成長主要是由收購後 PAR 零售費用推動的，而有機研發費用則較去年減少了 100 萬美元。不包括非公認會計原則調整的 2024 年第二季營運費用為 4,350 萬美元，比 2023 年第二季增加 570 萬美元，即 15%。剔除收購後 PAR Retail 帶來的無機成長，有機營運支出僅成長 3%。我們在管理營運費用的同時推動利潤率大幅提高的能力將繼續成為 EBITDA 持續持續成長的催化劑。

Now to provide information on the company's cash flow and balance sheet position. As of June 30, 2024, we had cash and cash equivalents of $114.9 million and short-term investments of $27.5 million. For the six months ended June 30, cash use in operating activities was $37.4 million versus $12.8 million for the prior year. $12 million of the variance was driven by cash activity associated with discontinued operations and the remainder primarily driven by change in net working capital. Cash used in investing activities was $72.9 million for the six month ended June 30 versus $6.2 million for the prior year. Investing activities during the six months ended June 30 included $166.3 million of net cash consideration in connection with the Stuzo acquisition and capital expenditures of $2.7 million for developed technology costs associated with our software platforms.

現在提供有關公司現金流量和資產負債表狀況的資訊。截至 2024 年 6 月 30 日，我們擁有現金及現金等價物 1.149 億美元，短期投資 2,750 萬美元。截至 6 月 30 日的六個月，經營活動現金使用額為 3,740 萬美元，去年同期為 1,280 萬美元。其中 1,200 萬美元的差異是由與終止營運相關的現金活動造成的，其餘的則主要是由淨營運資本的變化造成的。截至 6 月 30 日的六個月，投資活動使用的現金為 7,290 萬美元，去年同期為 620 萬美元。截至 6 月 30 日的六個月內的投資活動包括與 Stuzo 收購相關的 1.663 億美元淨現金對價以及與我們的軟體平台相關的開發技術成本的 270 萬美元資本支出。

Partially offset by $87.1 million of cash consideration received in connection with the disposition of PAR Government and $9.4 million of proceeds from net sales of short-term health maturity investments. Cash provided by financing activities was $191.5 million for the six months ended June 30 compared to cash used in financing activities of $2.5 million for the prior year. Financing activities during the six months ended June 30 was substantially driven by a private placement of common stock.

部分被 PAR 政府處置所收到的 8,710 萬美元現金對價和短期健康到期投資淨銷售收益 940 萬美元所抵銷。截至 6 月 30 日的六個月，融資活動提供的現金為 1.915 億美元，而上一年融資活動使用的現金為 250 萬美元。截至 6 月 30 日的六個月期間的融資活動主要是由普通股私募所推動的。

I would like to take a moment to reiterate and thank our PAR team on continuing to execute our operating plan, while successfully managing the integration of the PAR Retail organization and also manage a smooth divestiture of PAR Government. As a result, we drove significant improvement in key financial metrics, with 24% organic ARR growth, $12.8 million or 67% improvement in gross margin, all while maintaining modest growth in operating expenses. This has resulted in meaningful adjusted EBITDA growth and positions us well to be adjusted EBITDA positive in Q3.

我想花點時間重申並感謝我們的 PAR 團隊繼續執行我們的營運計劃，同時成功管理 PAR 零售組織的整合，並順利管理 PAR 政府的剝離。結果，我們推動了關鍵財務指標的顯著改善，有機 ARR 成長了 24%，毛利率提高了 1,280 萬美元，即 67%，同時保持了營運費用的適度增長。這導致了調整後 EBITDA 的顯著成長，並使我們能夠在第三季實現調整後 EBITDA 為正值。

I will now turn the call back over to Savneet for closing remarks prior to moving to Q&A.

現在，我將把電話轉回薩夫尼特，在進行問答之前進行結束語。

Thanks, Bryan. Let me wrap up with a few key messages, before we open the call for Q&A. While the macro environment has been and will always be volatile the end market, we're selling to continues to be strong. There is no doubt that macroeconomic shock will impact all businesses. What we love about our end categories, is that in times of duress they outperform, customer's trade down and demand more ways to access their food and fuel. Moreover, the products we sell are built to drive ROI, ostensibly helping our customers deal with whatever external pressures they are facing.

謝謝，布萊恩。在我們開始問答環節之前，讓我總結一些關鍵資訊。儘管終端市場的宏觀環境一直且將永遠波動，但我們的拋售依然強勁。毫無疑問，宏觀經濟衝擊將影響所有企業。我們對最終類別的喜愛之處在於，在面臨壓力時，它們會表現出色，客戶的交易會減少，並需要更多方式來獲取食物和燃料。此外，我們銷售的產品旨在提高投資回報率，表面上是幫助我們的客戶應對他們面臨的任何外部壓力。

We track this data very closely and are seeing not only resilience, but growth in our base. Same-store sales within our Brink base on average increased 5.5% this quarter, from a year ago suggesting that our customers are taking share from adjacent categories. We've seen this happen time and time again. I also think our recent results prove this out. In spite of an uncertain macro, PAR delivered its sixth straight quarter of greater than 20% growth, with almost no OpEx growth.

我們非常密切地追蹤這些數據，不僅看到了彈性，而且看到了我們的基礎的成長。本季度，我們 Brink 基地的同店銷售額比一年前平均成長了 5.5%，這表明我們的客戶正在從相鄰類別中奪取份額。我們一次又一次地看到這種情況發生。我也認為我們最近的結果證明了這一點。儘管宏觀經濟形勢不明朗，PAR 連續第六個季度實現了 20% 以上的成長，但營運支出幾乎沒有成長。

What's more, during this time, we've launched our largest POS and loyalty customers respectively, without having to add tremendous cost or by offsetting any costs with internal efficiencies. We are funding tomorrow's growth engines without net new expense. In uncertain markets, customers aren't looking for speculative tech, but best-in-class products with proven ROI. This is where our multiproduct model wins.

更重要的是，在此期間，我們分別推出了最大的 POS 和忠誠度客戶，而無需增加巨大成本或透過內部效率抵消任何成本。我們正在為明天的成長引擎提供資金，而無需淨新支出。在不確定的市場中，客戶尋找的不是投機性技術，而是具有經過驗證的投資報酬率的一流產品。這就是我們的多產品模型獲勝的地方。

We're just starting to scratch the service of the white space in our TAM and are continuing to build a road map to programmatically earn a greater share of our customers' wallets. We're an ambitious team at PAR, and treat every day as day one. For the first time in our history, we are a pure-play foodservice technology business, providing greater focus and transparency to our investors and our employees. This focus will help us accelerate our innovation, deliver for our customers and create value for our shareholders.

我們剛開始開發 TAM 中的空白服務，並繼續建立路線圖，以編程方式贏得客戶錢包的更大份額。PAR 是一支雄心勃勃的團隊，我們將每一天都視為第一天。我們歷史上第一次成為純粹的餐飲服務科技企業，為我們的投資者和員工提供更大的關注和透明度。這項重點將有助於我們加速創新，為客戶提供服務，並為股東創造價值。

With that, I'll open the call for Q&A. Operator?

接下來，我將開始問答環節。操作員？

(Operator Instructions) Mayank Tandon, Needham.

（操作員說明）Mayank Tandon，Needham。

Thank you. Good morning, Savneet, Bryan Chris. Congrats on the quarter. I wanted to start with a question around the integration of Stuzo and I know you just closed TASK, I would be curious to hear what the customer response has been, integration process, any surprises, positive or negative early in the process of integrating Stuzo. Then also, I know it's only been a few weeks, but any comments around cash as well?

謝謝。早安，薩夫尼特，布萊恩克里斯。恭喜本季。我想從一個有關 Stuzo 整合的問題開始，我知道您剛剛關閉了任務，我很想聽聽客戶的反應、整合流程、整合 Stuzo 流程早期的任何意外（無論是積極的還是消極的）。另外，我知道這才過去幾週，但關於現金還有什麼評論嗎？

Sure, on Stuzo, which we rebranded PAR Retail, it's gone phenomenally well. We've done a few of these M&A deals and this is probably the smoothest integration we've had. I think the reception for customers has been great. We've jumped in front of them. But I think more importantly, it's the response of our existing C-store customers that's been very encouraging. I expect many of them to sort of agree with -- be excited by the future road map the combined resources, but most importantly having dedicated industry focus is going to make a big difference there. So it's gone very well. I think from a talent perspective, there are a number of people from the Stuzo team that are now working across all of PAR.

當然，在 Stuzo（我們將其重新命名為 PAR Retail）上，它的表現非常出色。我們已經完成了一些併購交易，這可能是我們經歷過的最順利的整合。我認為客戶的接待非常好。我們已經跳到他們前面了。但我認為更重要的是，我們現有的便利商店顧客的反應非常令人鼓舞。我希望他們中的許多人都同意——對未來的路線圖和合併的資源感到興奮，但最重要的是，專注於行業將產生巨大的影響。所以一切進展順利。我認為從人才的角度來看，Stuzo 團隊中有很多人現在在整個 PAR 工作。

So I think we also acquired a tremendous team -- and I think from a business results perspective, we're really excited for the second half. I'm personally jumping into a bunch of our go-to-market motions. We feel really good about this integration. And I think cultural fit, underlines everything in an M&A deal and that's been just really nice.

因此，我認為我們也獲得了一支強大的團隊，而且我認為從業務成果的角度來看，我們對下半年感到非常興奮。我個人正在積極參與我們一系列的上市行動。我們對這種整合感覺非常好。我認為文化契合強調了併購交易中的一切，真的很好。

On the tax side, we're a couple of weeks into it. So I don't want to get too excited, but I can say, categorically the quality of that senior leadership team is just so impressive. The ideas the insights they have on our category, expanding internationally. So the adjacent categories is going to be really instrumental on PAR. But I also think, their deep focus on efficiency is something we're going to continue to expand. I think we've done -- as you've seen the operating leverage in PAR, is really accelerating here. That team will help us push that forward. And then I think, it's too early yet, on the customer side, but nothing bad.

在稅收方面，我們已經進行了幾週。所以我不想太興奮，但我可以說，這個高階領導團隊的品質絕對令人印象深刻。他們對我們品類的想法和見解正在向國際擴張。因此，相鄰類別對於 PAR 非常有幫助。但我也認為，我們將繼續擴大他們對效率的高度關注。我認為我們已經做到了——正如您所看到的，PAR 的營運槓桿實際上正在加速成長。團隊將幫助我們推動這項進程。然後我想，對客戶來說，現在還太早，但也沒什麼不好。

Great. That's good color. And then Savneet also for Bryan, in terms of the financial impact of the two acquisitions, I think when you closed these deals back in March the contribution was expected to be $80 million in ARR from Stuzo in TASK, and I believe about $20 million in adjusted EBITDA. Is that still -- I know that's an annualized number, but is that still the forecast? Or do you think there's any change positive or negative relative to when you first announced these acquisitions?

偉大的。這顏色真好啊然後Savneet 也代表Bryan，就兩次收購的財務影響而言，我認為當您在3 月完成這些交易時，預計Stuzo 在TASK 中的ARR 貢獻為8000 萬美元，我相信TASK 的ARR 貢獻約為2000萬美元。這仍然是——我知道這是一個年化數字，但這仍然是預測嗎？或者您認為與您首次宣布這些收購時相比，有什麼積極或消極的變化？

That's, all right. Obviously, we're an ambitious team, so we assume there's a little bits of upside and opportunity there, but we're still really excited with those numbers, we feel really confident about.

沒關係。顯然，我們是一支雄心勃勃的團隊，所以我們認為那裡有一些優勢和機會，但我們仍然對這些數字感到非常興奮，我們對此充滿信心。

Great. I'll get back in queue. Thanks.

偉大的。我會回到隊列中。謝謝。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hi. Good morning. Thanks for taking my question. First, just looking at page 9 of the presentation with the organic and total ARR breakdown, it seems like Stuzo's ARR might have been down just a touch sequentially. I think organic ARR was up over $7 million sequentially. Total ARR was up by less than $7 million. I just wanted to make sure, am I thinking about that right what would cause Stuzo's ARR to be down slightly sequentially? And just generally, how are you thinking about the growth outlook going forward now that it's integrated and rebranded for that asset?

你好。早安.感謝您提出我的問題。首先，只要看看簡報第 9 頁的有機和總 ARR 細分，Stuzo 的 ARR 似乎連續下降了一點。我認為有機 ARR 比上一季成長了 700 萬美元以上。總 ARR 增加了不到 700 萬美元。我只是想確定一下，我是否正確地考慮了導致 Stuzo 的 ARR 連續略微下降的原因？總的來說，既然該資產已經整合並重新命名，您如何看待未來的成長前景？

Sure. The purchase price accounting adjustment around Stuzo, very normal course of business, so it wasn't churn. It was how we -- as we integrated the businesses, the accounting adjustments. So I wouldn't say, it's operational, more accounting. I just on the call -- I think we're really excited for the second half. We've already had three signings in July. I think we'll have more and what's powerful about Stuzo is that every single deal that we sign goes live when we sign it.

當然。Stuzo 周圍的收購價格會計調整是一個非常正常的業務過程，因此不是流失。這就是我們整合業務、進行會計調整的方式。所以我不會說，它是可操作的，更多的是會計。我剛剛接到電話——我認為我們對下半場感到非常興奮。七月我們已經簽下了三名球員。我認為我們會擁有更多，Stuzo 的強大之處在於，我們簽署的每筆交易都會在我們簽署後生效。

And so you don't have to wait for a rollout period, you can pull that revenue in current quarter. And so we actually feel really, really good about it. And there are some very, very big opportunities in front of us. But even if we don't win those larger opportunities I still think we'll get to -- where we thought with on the deal which I think we'll get to teens 20% growth on this business like we do for the rest of PAR.

因此，您不必等待推出期，您就可以在當前季度獲得該收入。所以我們實際上對此感覺非常非常好。我們面前有一些非常非常大的機會。但即使我們沒有贏得那些更大的機會，我仍然認為我們會達到——我們在交易中考慮的地方，我認為我們將在這項業務上實現20% 的增長，就像我們在其他業務中所做的那樣PAR。

And Steve, just to add what Savneet said, there. What that really was there from Q1 and Q2 was adjusting the actual beginning baseline right as we got in adjustment is as we dig into and get the actual balance sheet on our books? Was this -- it's a reset of that -- it's our new baseline that we're doing off of.

史蒂夫，補充一下薩夫尼特所說的話。從第一季和第二季開始，我們真正調整了實際的開始基線，就在我們深入研究並在帳簿上獲得實際的資產負債表時？這是——這是一個重置——這是我們正在做的新基準。

Got it. So then we should probably expect a step-up then in Stuzo from 2Q to 3Q?

知道了。那我們應該期待 Stuzo 從第二季到第三季的提升？

Got it. Exactly.

知道了。確切地。

That's right. And then just wanted to dig in -- I know it's still very early with TASK. But just how are you thinking maybe just more detail on joint go-to-market efforts with your existing domestic capabilities TASK's international capabilities. And as you think about it are there a lot of cross-selling opportunities that you go after pretty quickly here? And just generally what do those cross-selling motions look like?

這是正確的。然後我想深入了解一下——我知道 TASK 還為時過早。但您是如何考慮的，也許只是與您現有的國內能力和 TASK 的國際能力聯合進入市場的努力的更多細節。當您想到這裡時，您是否很快就抓住了很多交叉銷售機會？一般來說，這些交叉銷售動作是什麼樣的呢？

So I'll give you the theory. We'll see if we can execute on it and we usually do but it's pretty simple. So the first thing I think we're evaluating is I said to our team we figuring where to point the bazooka. The TASK product does everything and it's incredibly robust really well built cleanly built and as I said dynamic founders and team. So the immediate set of opportunities we have are what customers do we have in the United States that are looking for national solutions? And where do we want to -- what products of the TASK platform do you want to get them on.

所以我會給你理論。我們將看看是否可以執行它，我們通常會這樣做，但它非常簡單。因此，我認為我們要評估的第一件事是我對我們的團隊說，我們要考慮將火箭筒指向何處。TASK 產品可以做所有事情，它非常強大，非常好，構建乾淨，正如我所說的充滿活力的創始人和團隊。因此，我們面臨的直接機會是我們在美國有哪些正在尋求國家解決方案的客戶？我們想要在哪裡——您想讓他們使用 TASK 平台的哪些產品。

That's sort of step one and we know we're doing that work and figuring out how to do that. We're going to throw in some traditional power resources into the TASK go-to-market team to figure that out.

這是第一步，我們知道我們正在做這項工作並弄清楚如何做到這一點。我們將向 TASK 上市團隊投入一些傳統的權力資源來解決這個問題。

The second aspect is there are select places in the United States where there are parts of the TASK platform that we want to bring to the US market. And I won't go into details here but we think there's some pretty significant opportunity there that we think are unique.

第二個面向是，在美國的某些地方，我們希望將 TASK 平台的部分內容引入美國市場。我不會在這裡詳細介紹，但我們認為那裡有一些非常重要的機會，我們認為這是獨一無二的。

The third thing I would say is there are adjacencies that TASK serves really well. So as an example TASK is I believe the leading stadium provider in Australia, and are being pulled into numerous deals all over the place. We're going to figure out, if that makes sense for us.

我要說的第三件事是，TASK 在某些鄰域中服務得非常好。舉個例子，我認為 TASK 是澳洲領先的體育場提供者，並且正在各地簽訂大量交易。我們會弄清楚這對我們是否有意義。

But I think between our US base that needs to go international, the modules of TASK that can serve our US customers in areas that we don't today, we've got plenty with the job, and then I think we can explore other ideas down the road. But I think there's going to be no shortage of ideas to us it's going to be focusing on the one or two things we can actually prove out quickly.

但我認為，我們需要走向國際化的美國基地，以及可以在我們今天不具備的領域為美國客戶提供服務的 TASK 模組，我們已經完成了很多工作，然後我認為我們可以探索其他想法沿著路。但我認為我們不會缺少想法，它將重點關注我們實際上可以快速證明的一兩件事。

Great to hear. Thanks for taking the question.

很高興聽到。感謝您提出問題。

Eric Martinuzzi, Lake Street Capital Markets.

馬丁努齊 (Eric Martinuzzi)，湖街資本市場。

It was interesting in your perspective on the competitive landscape specifically versus two of the larger competitors in the POS, which is MICROS and NCR Voyix. Now, given the completion of the acquisition specifically TASK how does that change your -- the competitive landscape for international for you?

您對競爭格局的看法很有趣，特別是與 POS 領域的兩個較大競爭對手（MICROS 和 NCR Voyix）相比。現在，鑑於收購的完成，特別是任務，這將如何改變您的國際競爭格局？

Well, I think before that we weren't international. So I don't think we had a solution. And at the time of the acquisition one of the things that I've sort of been observing is that, our big US brands are growing far faster outside the United States than in the United States. And over time the decision makers for those businesses will probably gravitate towards the international side because that's where they're deploying their capital. And I think that puts us at a point of weakness.

嗯，我想在此之前我們並不是國際化的。所以我認為我們沒有解決方案。在收購時，我一直觀察到的一件事是，我們的美國大品牌在美國以外的成長速度遠遠快於在美國的成長速度。隨著時間的推移，這些企業的決策者可能會傾向於國際化，因為這是他們部署資本的地方。我認為這使我們處於弱點。

So we may have the best solution in the US, but if somebody has a better global solution maybe the B+ product wins over the A+ product in the US because they want something more connected. And that was a big part of the rationale for the acquisition.

因此，我們可能在美國擁有最好的解決方案，但如果有人有更好的全球解決方案，那麼在美國，B+ 產品可能會勝過 A+ 產品，因為他們想要更互聯的產品。這是收購的一個重要原因。

So I think it makes us far more competitive on these mega large deals. Obviously, as you know TASK has got one or two mega brands already I think soon to be three and I think we will be able to help accelerate that. So I think it makes us more competitive holistically whereas before I think our large customers would sort of think of us as US only solution.

所以我認為這使我們在這些大型交易中更具競爭力。顯然，正如你所知，TASK 已經擁有一兩個大型品牌，我認為很快就會有三個，我認為我們將能夠幫助加速這一進程。因此，我認為這使我們在整體上更具競爭力，而在此之前我認為我們的大客戶會認為我們是美國唯一的解決方案。

Then a housekeeping item here post the dust settling on the -- I think it was July 18 close on TASK. Can you give us a sense for kind of a normalized rest of year interest expense and share count?

然後這裡的一個內務管理專案發布了塵埃落定的消息——我認為那是 7 月 18 日關閉的 TASK。您能否讓我們了解今年剩餘時間的正常利息支出和股票數量？

Absolutely. Bryan, do you want to run through interest on some of the Blue Owl and --

絕對地。布萊恩，你想談談對藍貓頭鷹和藍貓頭鷹的興趣嗎？--

So what you're referencing there, Eric, is the fact that we did that acquisition with a combination of cash on the balance sheet a portion around 37% 38% equity. And then we also used about $90 million of a term loan from Blue Owl. That effective interest rate is roughly around 10%. We plan on that going to be a shorter-term loan within -- on our balance sheet. So what I would say is you could see the bump up from that as I as said the 10% but that -- I would not put that as a longer-term expectation for us.

艾瑞克，你提到的事實是，我們透過資產負債表上的現金組合（約佔 37% 和 38% 的股權）進行了這次收購。然後我們還使用了 Blue Owl 提供的約 9000 萬美元的定期貸款。實際利率大約在10%左右。我們計劃將其作為我們資產負債表內的短期貸款。所以我想說的是，正如我所說的 10%，你可以看到成長，但我不會把它當作我們的長期期望。

We'll be looking to properly adjust the balance sheet to go forward. That actually allowed us as everyone understands that actual loan. What it allowed us to do is really reduce the deal risk for us. And what do I mean by that? We signed a deal back in March right? We did not know exactly what the equity and cash ratio was going to be.

我們將尋求適當調整資產負債表以繼續前進。這實際上讓我們每個人都了解實際的貸款。它讓我們能夠真正降低我們的交易風險。我這是什麼意思？我們三月就簽了協議，對嗎？我們並不確切知道股本和現金比率將會是多少。

We did not know the exact timing of when the PAR Government investiture was going to happen. So we wanted to make sure the deal the value of it was very strong to us as Savneet just explained that we had that locked in. This allowed us to do that in the way we were able to get that commitment from them. And then now we're going to make sure that we properly do our capital allocation like we always have appropriate for good ROI.

我們不知道 PAR 政府就職的確切時間。因此，我們希望確保這筆交易的價值對我們來說非常強大，因為薩夫尼特只是解釋說我們已經鎖定了這筆交易。這使我們能夠以能夠得到他們承諾的方式做到這一點。現在我們將確保我們正確地進行資本配置，就像我們總是有適當的良好投資回報率一樣。

Right. And the share count is going to --

正確的。股票數量將是--

Referring to the 8-K, I believe it's at -- right now, we just had -- I think it's about another $2.3 million in shares on top of where we were versus what you see in the 8-K.

談到 8-K，我相信現在我們剛剛擁有的股票與您在 8-K 中看到的股票相比，在我們的基礎上又增加了約 230 萬美元的股票。

Got you. Thank you.

明白你了。謝謝。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Good morning. Thanks for getting me on. First just really impressive the amount of change you guys have digested in the second quarter and really kind of clearing the path up for the company and just great to see all that -- maybe just you've given us some guardrails on organic growth and in terms of what would lead you to the upper bound that you've given historically versus maybe where you are.

早安.謝謝你讓我上來。首先，你們在第二季度消化的變化量確實令人印象深刻，確實為公司掃清了道路，很高興看到這一切——也許只是你們給了我們一些關於有機增長和內部增長的護欄。因素會導致您達到歷史上給出的上限，而不是您現在所處的位置。

So can you maybe just help us think through now that you're done with this period of really, really big change in 2Q how we should think about organic ARR growth through the rest of the year? And if you feel more confident in maybe thinking about the upper end of that range? And then I have a couple of follow-ups.

那麼，既然您已經完成了第二季度的這段非常非常大的變化，那麼您能否幫助我們思考一下，我們應該如何考慮今年剩餘時間的有機 ARR 增長？如果您對考慮該範圍的上限更有信心？然後我有一些後續行動。

Thanks, Samad. Appreciate the feedback. So listen as you know a lot of I think what had me so excited is our growth isn't decelerating. And we've cleaned up -- I think the government business made a pure-play. And as I hope we've communicated on the call our operating leverage is pretty tremendous. Our EBITDA was negative $1.8 million after we sold off over $10 million of EBITDA. So it's kind of exciting to see just how fast the financial profile is changing alongside all the business transformation you mentioned.

謝謝，薩馬德。感謝您的回饋。所以聽著，正如你們所知，我認為讓我如此興奮的是我們的成長並沒有減速。我們已經清理乾淨了——我認為政府業務已經成為純粹的業務。正如我希望我們在電話會議上所傳達的那樣，我們的營運槓桿非常巨大。在我們出​​售了超過 1000 萬美元的 EBITDA 後，我們的 EBITDA 為負 180 萬美元。因此，看到財務狀況隨著您提到的所有業務轉型而變化得如此之快，真是令人興奮。

From a growth perspective, we still feel super confident greater than 20%. We're in the mid -- 24%, 25% right now. As far as confidence on accelerating beyond that we're so early in the Burger King rollout. So we certainly -- if we can continue to execute and they get excited we have clearly a path to get to the higher end of that. But from where we sit today, I wouldn't want to change anything so I don't want to get ahead of ourselves but we feel pretty confident.

從成長角度來看，我們仍然感到超級有信心超過20%。我們現在處於中間——24%、25%。就加速超越這個目標的信心而言，我們還處於漢堡王推出的早期階段。因此，如果我們能夠繼續執行並且他們感到興奮，我們顯然有一條途徑可以達到更高的目標。但從我們今天的立場來看，我不想改變任何事情，所以我不想超越自己，但我們感到非常有信心。

As I said we've never -- I think this is very subjective but I don't think we've ever done a rollout as well as we're doing this one. And as such commitment to the customer and so I think we're giving no reason for that organization not to give us more and build more. But right now it's a very month-by-month process to figure out what we're doing next month from that side. And that's the one lever there.

正如我所說，我們從來沒有——我認為這是非常主觀的，但我認為我們從來沒有像現在這樣做過一次部署。作為對客戶的承諾，我認為我們沒有理由讓組織不為我們提供更多並建立更多。但現在這是一個逐月的過程，從這方面弄清楚我們下個月要做什麼。這就是那裡的唯一槓桿。

The other lever as I mentioned is on the PAR Retail business formerly Stuzo -- we've got a really strong pipeline right now some very big deals. And what's neat about that business which is so different than our historical path is you get one of those big deals and you start billing them immediately. And so we now have kind of a second lever to potentially get us to the higher end of the range but that will be very much a Q4 experience.

我提到的另一個槓桿是 PAR 零售業務（以前稱為 Stuzo）——我們現在擁有非常強大的管道，可以進行一些非常大的交易。這項業務與我們的歷史道路截然不同，它的妙處在於，您獲得其中一筆大交易，然後立即開始向其開出賬單。因此，我們現在有了第二個槓桿，有可能使我們達到該範圍的高端，但這將是第四季度的體驗。

Great. And then just on the Wendy's rollout it sounds like that implementation has gone much faster than expected. I know it happened in the third quarter. Can you just remind us and just maybe -- I don't know if it's Bryan if this is maybe more of a question for you but is that --is Wendy's already reflected in ARR or is it now that they live in the third quarter it will be actually in the 3Q numbers. We're just trying to get a sense of the magnitude there and where that contribution falls.

偉大的。然後就在 Wendy's 推出時，聽起來實施速度比預期快得多。我知道這發生在第三季。你能提醒我們一下嗎——我不知道是布萊恩，這對你來說可能是一個問題，但是——溫迪已經反映在ARR中了，還是現在他們住在第三季度它實際上會出現在第三季的數字中。我們只是想了解那裡的規模以及貢獻的大小。

So it will be in the third quarter because we launched in July and we build when we launched. So this quarter even -- like I said we grew with 24% and it didn't include that Wendy's number. So again 3Q again nice boost. We unfortunately can't dimensionalize the size of that contract in public forums because of our relationship with the customer, but I think I feel really comfortable with one of our largest one of our top two largest Punchh customers.

所以這將是在第三季度，因為我們是在 7 月推出的，並且是在推出時進行構建的。所以這個季度——就像我說的，我們成長了 24%，而且這還不包括 Wendy 的數字。因此，第三季再次出現良好的成長。不幸的是，由於我們與客戶的關係，我們無法在公共論壇上確定合約的規模，但我認為我對我們最大的兩家 Punchh 客戶之一感到非常滿意。

Great. And maybe just last question for me. I think on the call we've talked a lot about how much the business has grown and changed. I'm just curious from an operational standpoint how you're thinking about where you spend your time and maybe how are you thinking about organizationally kind of matching the scale that you've gained over the last -- let's call it year end change. And if you're spending your time differently and if you guys plan on evolving maybe the leadership to match the scale that you've gained?

偉大的。也許這只是我的最後一個問題。我認為在電話會議上我們討論了很多關於業務成長和變化的問題。我只是從營運的角度好奇你如何考慮你把時間花在哪裡，也許你如何考慮在組織上與你在過去獲得的規模相匹配——我們稱之為年終變革。如果你們以不同的方式度過時間，並且你們計劃發展領導力以匹配你們所獲得的規模？

That's a really good question Samad. It's the thing I think and I think our Board obsesses on the most. So I spent a lot of time thinking about organizational design. If we want functional or if they're run through a business units how do we go to market, how do we get the most? And how do we most importantly build a bench of talents underneath it. And a lot of that work is studying the companies that have done this in generations past or current -- in the current market.

薩馬德，這是一個非常好的問題。這是我認為也是我們董事會最關注的事情。所以我花了很多時間思考組織設計。如果我們想要功能性的，或者如果它們是透過業務部門運作的，我們如何進入市場，我們如何獲得最大收益？最重要的是我們如何在其之下建立人才梯隊。其中許多工作是研究在過去或現在的市場上已經做到這一點的公司。

And so we run relatively de-centralized. We have a business unit that runs our Engagement Cloud a business unit that runs our operator cloud. Those two leaders are both phenomenal. I mean you can see the growth in operator cloud. And I joke when I left running the day-to-day the business got better. And so I feel really good about the quality of talent there. And so to me the question is -- I answered the question twofold our organizational design is scalable.

所以我們的運作相對分散。我們有一個運行我們的參與雲的業務部門，一個運行我們的運營商雲端的業務部門。這兩位領導人都是非凡的。我的意思是你可以看到運營商雲端的成長。我開玩笑說，當我離開日常營運部門後，業務變得更好了。所以我對那裡的人才品質感到非常滿意。所以對我來說，問題是──我雙重回答了這個問題：我們的組織設計是可擴展的。

The acquisition of PAR Retail such a successful integration happened not because of me but because of the team underneath that and they're able to integrate -- make that team feel part of our team and our culture. And so that -- I think it's the organizational line combined with really, really high-quality talent. I say this all the time and I mean it sincerely there are four or five people at PAR that will be better CEOs than me and I bet my salary on it. And so it's a combination of adding great talent plus great flexible organizational design to do it.

收購 PAR Retail 實現如此成功的整合不是因為我，而是因為背後的團隊，他們能夠整合——讓團隊感受到我們團隊和文化的一部分。因此，我認為這是組織路線與真正、真正高素質人才的結合。我一直這麼說，我的意思是真誠地在 PAR 有四五個人會成為比我更好的首席執行官，我用我的薪水打賭。因此，要實現這一目標，需要結合優秀人才和靈活的組織設計。

Where I'm spending my time, I'd say it's probably allocated in three or four buckets. The first is strategic. When we took over PAR, we were talking before the call our subscription service revenue was like $5 million in Q4 of 2018. Today we're almost -- well over 200 with TASK. And so our vision mission has to change with that. And we have all these ambitious people, but these ambitious people aren't going to stay around if our goal is to take 200 to 300.

我的時間花在哪裡，我想說它可能被分配在三到四個桶子中。首先是戰略性的。當我們接手 PAR 時，我們在電話會議之前就談到了 2018 年第四季我們的訂閱服務收入約為 500 萬美元。今天，我們的 TASK 數量幾乎超過 200 人。因此，我們的願景使命必須隨之改變。我們擁有所有這些雄心勃勃的人，但如果我們的目標是吸引 200 到 300 人，這些雄心勃勃的人就不會留下來。

And so I spend a lot of time on what the strategic vision that we can align our organization such that it aligns with the customers that we're serving. And so I spent a lot of time on that. I am kind of the cheerleader for the company on our values and making sure we're hiring, firing, promoting based off the values that we signed up for. And being really tight on that and creating a lot of accountability and that means everything from -- if a customer has a problem I text them and text them back and make sure that our team knows that's what I expect of everybody.

因此，我花了很多時間研究我們可以調整我們的組織的策略願景，使其與我們所服務的客戶保持一致。所以我花了很多時間在這上面。我是公司價值觀的啦啦隊長，並確保我們根據我們簽署的價值觀進行招募、解僱和晉升。對此非常嚴格，並建立了很多責任，這意味著一切——如果客戶有問題，我會給他們發短信並回复他們，並確保我們的團隊知道這就是我對每個人的期望。

And then I spend a ton of time on recruitment of talent. So I'm really active in trying to find great talent that we can add to PAR and keep us honest about it. And then lastly, it's on capital allocation. And so we have this constant debate which is we are holding our operating expenses very tight. And so where we decided to invest that budget is a very tough conversation. Do we put it more into payments? Do we put it more into PAR Retail? Do we put it more into Brink where we have this tremendous growth?

然後我花了大量的時間來招募人才。因此，我非常積極地尋找優秀人才，我們可以將其添加到 PAR 中，並讓我們對此保持誠實。最後是資本配置。因此，我們一直在爭論我們是否非常嚴格地控制營運費用。因此，我們決定將預算投資在哪裡是一個非常艱難的對話。我們是否將更多資金投入支付？我們是否會更多地投入 PAR 零售？我們是否會在實現如此巨大成長的邊緣投入更多資金？

Those are hard conversations with imperfect data. And so I spend a ton of time figuring out where do we want to make that incremental investment and then supplementing that with does M&A make more sense. And so we are kind of always having that conversation.

這些都是與不完美數據的艱難對話。因此，我花了很多時間來弄清楚我們要在哪裡進行增量投資，然後透過併購來補充是否更有意義。所以我們總是在進行這樣的對話。

Thank you. I appreciate the answer and congrats on all the success.

謝謝。我感謝您的回答並祝賀一切成功。

Adam Wyden, ADW Capital.

Adam Wyden，ADW 資本。

Hey guys. Super exciting and congratulation. I feel like I've been waiting six years to sort of have this phone call. So I just -- I want to separate. I've got some qualitative questions and some quantitative questions.

嘿夥計們。超級令人興奮和祝賀。我覺得我已經等了六年才接到這個電話。所以我只是——我想分開。我有一些定性問題和一些定量問題。

If I look at the $2.5 million of add-backs and those are truly add backs and Savneet you said minus $1 million of EBITDA that does not include government. If I look at sort of the contract revenue that you generated last quarter of 35% and obviously you have some corporate absorption, corporate allocation in the government segment.

如果我看看 250 萬美元的回扣，這些都是真正的回扣，Savneet 你說減去 100 萬美元的 EBITDA（不包括政府）。如果我看一下上個季度產生的 35% 的合約收入，顯然你在政府部門有一些企業吸收、企業分配。

If I sort of put a 9% margin on that, it looks like to me like about $3 to $33 million of EBITDA. So I know you said over 10% but I mean can you sort of dimensionalize, I guess like the quantum of that? And is it more like 12% 13%? Is there corporate G&A that you think you can take down associated with that you haven't yet to take down?

如果我計算 9% 的利潤，那麼在我看來，EBITDA 約為 3 至 3300 萬美元。所以我知道你說超過 10%，但我的意思是你能對它進行維度化嗎？是不是更像 12% 13%？是否存在您認為可以取消但尚未取消的公司管理費用？

And then I would say secondly can you sort of give us a sense of what you think sort of the ongoing EBITDA contribution is? I guess sort of where I would get at is high level you're sort of you were profitable in the second quarter without TASK. I mean it's sort of what I'm trying to get to. So if you could unpack that and then I've got a couple of other questions about pipeline and qualitative but that would be helpful to sort of conceptualize.

其次，我想說的是，您能否讓我們了解您認為持續的 EBITDA 貢獻是什麼？我想我會得到的結論是，在沒有 TASK 的情況下，你在第二季實現了盈利。我的意思是，這就是我想要達到的目標。因此，如果你能解開這個問題，然後我還有一些關於管道和定性的其他問題，但這將有助於概念化。

So I think if we have the government business, we would have crossed EBITDA profitability really comfortably this year.

因此，我認為，如果我們擁有政府業務，今年我們就能輕鬆實現 EBITDA 獲利。

This quarter.

本季。

This quarter, sorry this quarter. With over $10 million EBITDA plus allocations and stuff like that I don't think it was a swing of $5 million if you will because that's too much. But I think if a few million dollars would have gone in the right direction and we would have crossed that infill.

這個季度，抱歉這個季度。EBITDA 超過 1000 萬美元，加上撥款和類似的東西，如果你願意的話，我認為這不是 500 萬美元的波動，因為這太多了。但我認為，如果幾百萬美元投入正確的方向，我們就會跨越這個填充。

So the point I was making on the call and I think you're suggesting is even with call that a headwind on EBITDA we still got to these numbers. And obviously it shows how much how efficient the core business is becoming.

因此，我在電話會議中提出的觀點（我認為您所建議的）是，即使電話會議對 EBITDA 造成不利影響，我們仍然可以獲得這些數字。顯然，它顯示了核心業務的效率有多高。

So in short, I think we would have been EBITDA -- we would have crossed it this quarter we'll cross it next quarter. And I think my guess is probably a few million dollars. It's a little bit hard because there's rationalizing office expense and things like that. You're making allocations versus sometimes signs.

簡而言之，我認為我們的 EBITDA 會達到——本季度我們會超過它，下個季度我們也會超過它。我想我的猜測可能是幾百萬美元。這有點困難，因為要合理化辦公室費用之類的事情。您正在進行分配，而不是有時進行標記。

Right and then on the TASK side, do you sort of still expect to get $8 million to $10 million per year, I guess I mean you don't think that there's an additional huge investment on the TASK side from a G&A perspective. I mean is it fair to assume that you still think you're going to get sort of 2% to 2.5% on TASK per quarter?

對了，然後在任務方面，您是否仍然期望每年獲得 800 萬至 1000 萬美元，我想我的意思是，您認為從 G&A 角度來看，任務方面不會有額外的巨額投資。我的意思是，假設您仍然認為每季的任務收益為 2% 到 2.5%，這是否公平？

I think post the cuts from -- post transaction, so the public company costs that we're taking out I think that's reasonable. When we reported it we were in the 6% to 8% guidance, I think post moving things like everything from reporting fees to Board fees and audit fees and things like that we'll pull out another couple of bucks we hope as we talked about on the announcement call.

我認為在交易後進行削減，因此我們扣除的上市公司成本我認為這是合理的。當我們報告時，我們處於6% 到8% 的指導範圍內，我認為在轉移從報告費到董事會費和審計費等所有費用後，我們將再拿出幾塊錢，我們希望在我們討論的時候在公告電話中。

So -- and then I think that assumes that we don't find ways to grow the business. So let's assume that for now and obviously that will not happen but let's assume that for now. So short answer is no different from when we reported back in March.

所以——然後我認為這是假設我們沒有找到發展業務的方法。因此，我們暫時假設這顯然不會發生，但我們暫時假設這一點。所以簡短的回答與我們三月報道時沒有什麼不同。

Right. So I don't want to belabor this. But sort of in summary if you give the $3 million credit for or plus or minus on government that gets you to like $1 million, $2 million, plus another $2 million on TASK. I mean you are a solidly profitable company and which sort of leads me to my follow-up which is -- I look at sort of Agilysys and I get it it's different you guys have multiple products.

正確的。所以我不想贅述這一點。但總而言之，如果你為政府提供 300 萬美元的信貸，或者加上或減去，那麼你就會得到 100 萬美元、200 萬美元，再加上 TASK 的另外 200 萬美元。我的意思是，你們是一家盈利穩健的公司，這讓我想到了我的後續行動——我關注了 Agilysys，我明白你們擁有多種產品是不同的。

But now as engagement cloud is sort of integrated and your merged with Stuzo and with Punchh and you're getting those cost synergies and those revenue synergies and moving Punchh customers to Stuzo and getting higher ARPU. And now with Data Central integrated -- I mean you're really now starting to get to the point where your products are getting integrated. I mean, Agilysys is running at a 17% margin and it's a much smaller ARR company. I mean, can you talk a little bit about sort of how you think about Rule of 40 because at least from our calc, it looks like you're getting there a lot sooner than we thought.

但現在，隨著互動雲端的整合，您與 Stuzo 和 Punchh 合併，您將獲得成本協同效應和收入協同效應，並將 Punchh 客戶轉移到 Stuzo 並獲得更高的 ARPU。現在，隨著資料中心的整合——我的意思是，您現在確實開始達到產品整合的階段。我的意思是，Agilysys 的利潤率為 17%，而且它是一家規模小得多的 ARR 公司。我的意思是，您能否談談您對 40 規則的看法，因為至少從我們的計算來看，您似乎比我們想像的要早得多。

And do you think about that from an ARR growth plus company-wide margin Rule of 40%? Do you sort of have a sense of when you're going to get there? Or any sort of thoughts in terms of like path to Rule of 40, accelerated development based on this acquisition and cost? And anything you can sort of talk about your confidence of getting to Rule of 40 of and where you think that sort of lives?

您是否從 ARR 成長加上公司範圍內 40% 的利潤率規則中考慮這一點？你知道什麼時候能到達那裡嗎？或者對於 40 規則的類似路徑、基於此次收購和成本的加速開發有何想法？您能談談您對實現 40 條規則的信心嗎？

Sure. So we're growing call it mid-20s. Let's -- we acquired this $6 million to $8 million of tax EBITDA call it pre-synergy plus you haven't yet seen sort of the velocity we have as we win new PAR Retail deals. And again, the most important driver of our profitability is still the core business becoming so efficient. And we kind of messaging here we haven't really added costs in six quarters and barely any cost over the last seven or eight quarters, yet the revenue's there and that's still the biggest driver.

當然。所以我們逐漸稱之為20多歲。讓我們——我們獲得了 600 萬至 800 萬美元的稅收 EBITDA，稱之為預協同效應，而且您還沒有看到我們贏得新的 PAR 零售交易時的速度。再說一次，我們獲利能力最重要的驅動力仍然是核心業務變得如此有效率。我們在這裡傳達的訊息是，我們在六個季度中並沒有真正增加成本，在過去的七、八個季度中幾乎沒有增加任何成本，但收入就在那裡，這仍然是最大的驅動力。

And so I think we're not giving guidance on this call, but we are squarely focused on hitting Rule of 40 and our business units are all guided to hit the Rule of 40 independently. And so we're going to get there very quickly. I guess the slope to EBITDA has been so fast and we -- and I think it will continue to go there in 2025 as we roll out these big deals. So we're really focused on it. I think we'll be there -- we're working our way to get there as fast as possible.

因此，我認為我們不會就這次電話會議提供指導，但我們完全專注於遵守 40 條規則，並且我們的業務部門都被指導獨立地遵守 40 條規則。所以我們會很快到達那裡。我想 EBITDA 的斜率如此之快，而且我認為隨著我們推出這些大交易，它將在 2025 年繼續上升。所以我們非常關注它。我想我們會到達那裡——我們正在努力盡快到達那裡。

And maybe most importantly, the reason I break out the sales and marketing and R&D expense, as you can just -- as you can see again on an organic basis excluding tests in there how fast that's happening. So we're squarely focused on it, we're moving there fast. And what I'm really prioritizing Adam is, we get to Rule of 40 really quickly if we turn down the growth engine and just said, hey, let's ramp up the cash flow. We're not trying to do that. We want to capture as much market share to keep the growth high. And so that's how we're going to get there and I feel really good about that.

也許最重要的是，我之所以將銷售、行銷和研發費用分開，正如你可以在有機基礎上再次看到的那樣，不包括其中的測試，這種情況發生的速度有多快。因此，我們非常關注這一點，並且正在快速推進。我真正優先考慮 Adam 的是，如果我們關閉成長引擎並只是說，嘿，讓我們增加現金流，我們很快就會達到 40 規則。我們並不想這樣做。我們希望佔領盡可能多的市場份額以保持高速成長。這就是我們實現這一目標的方式，我對此感覺非常好。

The other part I would just say is really quickly, the white space within our TAM is meaningful. And I think as you're seeing in our numbers, one of the things we have figured out is how to attach more products. And so we're just at the beginning of that really, really honestly just at the beginning of that. And so you're seeing us become -- drive this growth by selling one, two, three, four products before there's one product wait a year add another product.

我想說的另一部分真的很快，我們 TAM 中的空白是有意義的。我認為正如您在我們的數字中看到的那樣，我們已經解決的問題之一是如何附加更多產品。所以我們才剛開始，真的非常誠實地剛開始。所以你會看到我們透過銷售一種、兩種、三種、四種產品來推動這種成長，然後再有一種產品需要等待一年才能添加另一種產品。

Now it's getting them in faster and faster. And that model -- that we're just at the beginning of that white space. And so that's what I'm really excited about we're there. So we're excited -- I can't give a date yet because we're not giving guidance on this call but we'll come back with that on our next couple of calls.

現在，他們進入的速度越來越快。那個模型——我們正處於那個空白的開始。這就是我對我們的到來感到非常興奮的原因。所以我們很興奮——我還不能給出具體日期，因為我們不會就這次電話會議提供指導，但我們會在接下來的幾次電話會議中提供指導。

And I just want to clarify one thing. Adam, I just want to clarify one thing because I want to understand it too. The Q2 numbers did not include PAR Government. So when we talk about that adjustment we talked about $1.8 million loss. That's the good baseline to go off of Q2. And it has that -- like we said, it's that pure foodservice tech than baseline and now we build off of any layer in the growth that we're expecting driven certain services and you layer in TASK.

我只想澄清一件事。亞當，我只想澄清一件事，因為我也想了解它。第二季的數據不包括 PAR 政府。因此，當我們談論這次調整時，我們談論了 180 萬美元的損失。這是第二季的良好基線。正如我們所說，它是一種比基線更純粹的餐飲服務技術，現在我們建立在我們期望驅動某些服務和任務層的成長的任何層之上。

Chris, I've got one last question. On the pipeline, Savneet, you made a comment on two of super mega brands and then you said hope to get one-third. Can you talk a little bit -- I mean at the end of 2023 you talked about how the pipeline was the biggest it's ever been. And I know you're very sensitive to customers and I want the customers who are listening to this call to understand that like you're not telling us anything, but we're all sort of going to the trade shows and trying to figure out what's out there for RFP.

克里斯，我還有最後一個問題。在管道中，Savneet，您對兩個超級品牌發表了評論，然後您說希望獲得三分之一。你能談談嗎？我知道您對客戶非常敏感，我希望正在收聽此電話的客戶明白，就像您沒有告訴我們任何事情一樣，但我們都在參加貿易展覽並試圖弄清楚RFP 有什麼。

But it appears to us that like there are many large mega brands that are out there sort of doing feasibility studies for point-of-sale and for vertical solutions. I mean I think Wendy's is an amazing proof point in that they went and took Punchh and they sort of have their own loyalty online ordering platform and it seems like they're moving away. Burger King is another example.

但在我們看來，有許多大型品牌都在為銷售點和垂直解決方案進行可行性研究。我的意思是，我認為 Wendy's 是一個令人驚嘆的證據，因為他們去拿了 Punchh，他們有自己的忠誠度在線訂購平台，但看起來他們正在搬走。漢堡王是另一個例子。

Can you talk a little bit about that third mega brand for TASK. And then I think on a couple of calls you talked about Burger King sort of being a mega brand, but then like mega brands on top of that. Can you talk a little bit about that pipeline and then also table service and then I'm done.

能談談 TASK 的第三大品牌嗎？然後我想，在幾次電話中，您談到漢堡王是一個大型品牌，但除此之外還喜歡大型品牌。你能談談管道和餐桌服務嗎？

Yeah. I can't talk about any of the brands unfortunately. And -- but let me answer it this way. We have again categorically never had so many pipelines, particularly within operator cloud as we have today. It's real, it's meaningful. It literally seems like every week I'm flying somewhere with a team member to try to get these deals over the finish line. And I don't think that's going to continue.

是的。不幸的是我不能談論任何品牌。而且——但是讓我這樣回答。我們再一次明確地從未擁有過如此多的管道，特別是像今天這樣在運營商雲中。很真實，很有意義。從字面上看，似乎每週我都會和一名團隊成員一起飛往某個地方，試圖完成這些交易。我認為這種情況不會持續下去。

I said in the call, this macro environment well, it might be scary, it's actually we think pretty exciting for us. Like for us we get to go on offense because our customers as I said, the average Brink in same-store sales across our customer base is up 5.5% this quarter. That's way more than the average restaurant. And so they're still making these investments. We have not seen a slowdown in that pipeline.

我在電話中說，這個宏觀環境可能很可怕，但實際上我們認為對我們來說相當令人興奮。就像我們一樣，我們會繼續進攻，因為正如我所說，我們的客戶群本季同店銷售額的平均邊緣成長了 5.5%。這比一般的餐廳多得多。所以他們仍在進行這些投資。我們還沒有看到該渠道放緩。

And I think that -- maybe that's a better way to answer which is we have not seen any slowdown on the pipeline. And in particular, where I see the most pipeline expansion while Brink has great pipeline expansion, it's the expansion of pipeline in Data Central as an example that we're like wow that's really becoming exciting for us.

我認為——也許這是一個更好的答案，我們沒有看到管道有任何放緩。特別是，我看到最多的管道擴展，而 Brink 的管道擴展也很大，以資料中心的管道擴展為例，我們覺得哇，這真的讓我們興奮不已。

As far as specifically the brands, I just can't talk about that stuff yet, but we feel really good about it. And listen if I was -- if we felt like the pipeline was getting smaller or we had -- we were feeling any of that I would tell you but this environment is really helping us right now.

至於具體的品牌，我還不能談論這些東西，但我們對此感覺非常好。聽我說，如果我們覺得管道正在變小或我們有任何感覺，我會告訴你，但現在的環境確實對我們有幫助。

But the prospect of mega brands beyond Burger King, do you think that that's on the table that's all I'm trying to get at. But there are mega brands larger than Burger King that you think are feasible in terms of selling more products. That's what I was trying to get at.

但是漢堡王以外的大品牌的前景，你認為這就是我想要表達的全部嗎？但你認為有一些比漢堡王更大的大型品牌在銷售更多產品方面是可行的。這就是我想要達到的目的。

I would say we are actively in conversations with mega brands and I think many people are going to this constant debate of internal versus vendor base tech and I think they're going to move to vendors over time.

我想說，我們正在積極與大型品牌進行對話，我認為很多人都會持續爭論內部技術與供應商基礎技術，我認為隨著時間的推移，他們將轉向供應商。

Okay. Thank you.

好的。謝謝。

Mark Palmer, The Benchmark Company.

馬克·帕爾默，基準公司。

Yes, good morning. Thanks for taking my questions. Along the lines of what Adam actually just asked, I wanted to get your sense of what the company's current capacity is to take on new Tier 1 customers, given the ongoing Burger King rollout, which is on the front-end as well as launch of Wendy's. Where does capacity stand? Could you comfortably tuck in another Tier 1 at this point?

是的，早安。感謝您回答我的問題。按照亞當實際上剛才問的內容，我想讓您了解該公司當前吸引新一級客戶的能力，考慮到正在進行的漢堡王推出，這是在前端以及推出溫迪的。產能在哪裡？此時您可以輕鬆地塞入另一個 Tier 1 嗎？

Absolutely. So I think we -- a lot of the model we changed within particularly the operator cloud segment all in the team has done this incredible job of making it dynamic. And so our ability to ramp up and ramp down is what's changed the most about PAR.

絕對地。所以我認為我們——我們在特別是運營商雲端部分中改變的許多模型，團隊中的所有人都完成了這項令人難以置信的工作，使其充滿活力。因此，我們提高和降低的能力是 PAR 變化最大的地方。

Going back three to four years we just -- I don't think we managed it tightly. And I don't think we have that flexibility. Today we can ramp up and ramp down and do this partnership with our customers. And so the most important part is we align to the customers such that we can make sure we're there. And we worked really hard to make sure they pay for it too.

回顧三、四年前，我認為我們管理得不夠嚴密。我認為我們沒有這種彈性。今天，我們可以加大力度和縮小力度，與我們的客戶建立夥伴關係。因此，最重要的部分是我們與客戶保持一致，這樣我們就可以確保我們在那裡。我們非常努力確保他們也為此付出代價。

And so it's been a change in how we do it. And again, kudos goes to that team that's continuing standing ways to delay that. One of our emerging leaders she finds a way to get it done anything we will, you got the diversification and we will.

因此，我們的做法發生了變化。再次，值得讚揚的是那個繼續堅持不懈地推遲這一事件的團隊。我們的一位新興領導者找到了一種方法來完成我們想做的任何事情，你得到了多元化，我們也會的。

On the engagement side, as you mentioned, when we launched Wendy's one of our largest accounts ever, and I encourage everybody to download the approximately, play around and see our functionality. It was amazing how fast we did it, it was complicated. And that gives me great confidence and when we get the next one, we'll be able to do that. And as I mentioned on the PAR Retail side that seems an execution machine, and I have no fear that we -- if we land one or two of these big deals we'll be able to get it done as we promised.

在參與方面，正如您所提到的，當我們推出了溫迪有史以來最大的帳戶之一時，我鼓勵每個人都下載大約，試用並查看我們的功能。令人驚訝的是我們做得如此之快，這很複雜。這給了我很大的信心，當我們得到下一個時，我們將能夠做到這一點。正如我在 PAR 零售方面提到的那樣，這似乎是一台執行機器，我不擔心我們 - 如果我們達成一兩筆大交易，我們將能夠按照我們的承諾完成它。

Good. And just one follow-up. You just talked about the fact that PAR's business is somewhat countercyclical that restaurants -- enterprise restaurants see value in what you're offering in particular during a down market as they look to boost sales and gain efficiency. How does the company's effort to improve pricing fit into that mix with regard to the degree of receptivity that you're seeing, the degree of receptivity that you anticipate?

好的。只有一個後續行動。您剛剛談到，PAR 的業務在某種程度上是反週期的，餐廳——企業餐廳看到了您所提供的產品的價值，特別是在市場低迷時期，因為他們希望提高銷售額並提高效率。就您所看到的接受程度和您預期的接受程度而言，公司提高定價的努力如何適應這種組合？

Pricing to me is based on the value that we drive. And if we drive value we take price, if we don't, we don't. We're thinking deeply about this idea of adding outcomes to a big part of the PAR thesis, but we drive outcomes.

對我來說定價是基於我們所驅動的價值。如果我們推動價值，我們就會接受價格，如果我們不推動價值，我們就不接受。我們正在深入思考將成果添加到 PAR 論文的很大一部分的想法，但我們推動成果。

I think we had a change of framework from our customer base thing we're not trying to hit SLAs. We're trying to drive business outcomes for you. And if we drive those outcomes and we take value off those outcomes, we're aligned and that's what we're seeing.

我認為我們對客戶群的框架進行了更改，我們並不想達到 SLA。我們正在努力為您帶來業務成果。如果我們推動這些成果並從這些成果中獲得價值，我們就會保持一致，這就是我們所看到的。

ARPU was up 14% this quarter. It was up similar amounts last quarter. I expect that to continue. And all that's suggesting is that our customers are willing to pay if we can drive great outcomes. And in this environment as you suggested, if we're able to drive those outcomes and our customers are waiting alongside of us, I think we haven't felt pressure to push that forward and so we're excited.

本季 ARPU 成長 14%。上個季度的增幅類似。我希望這種情況能夠持續下去。所有這些都表明，如果我們能夠取得巨大成果，我們的客戶願意付費。在您建議的這種環境下，如果我們能夠推動這些成果，而我們的客戶與我們並肩等待，我認為我們沒有感受到推動這一目標的壓力，所以我們很興奮。

And I think, the point on cyclicality, the enterprise sort of foodservice business is just very durable. And I don't find them to make drastic changes to their plans because they don't have businesses that go up 20, down 20. And so once they have the time to address, they make investments in things like loyalty, they make investments in things like digital sales because they're trying to capture the share.

我認為，就週期性而言，企業類型的餐飲服務業務非常耐用。我不認為他們會對計劃做出重大改變，因為他們的業務沒有上漲 20 或下跌 20。因此，一旦他們有時間解決問題，他們就會在忠誠度等方面進行投資，在數位銷售等方面進行投資，因為他們試圖奪取份額。

But at the same time, they make investments in their back office because they got to run more efficiently. And so we are I think very well situated to be in that. And most importantly, because we're already in all these brands, the rub and the challenge and the friction to get going is far lower than if we were a net new customer -- vendor, excuse me.

但同時，他們對後台進行投資，因為他們必須更有效地運作。所以我認為我們非常適合這樣做。最重要的是，因為我們已經在所有這些品牌中，所以前進的摩擦、挑戰和摩擦遠低於我們是新客戶——供應商，對不起。

Thank you.

謝謝。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you. Just one question for me, relative to the trend that we're seeing of OMS and POS players trying to bring their products together to market from separate companies versus your unified modality. Can you just give us a sense of how you think that ultimately wins in the market? Again it's going to the tangible examples of the better together concept?

謝謝。對我來說，這只是一個問題，與我們所看到的 OMS 和 POS 參與者試圖將他們的產品從不同的公司整合到市場而不是統一的模式趨勢有關。您能否告訴我們您認為最終如何贏得市場？又是關於「更好的在一起」概念的具體例子嗎？

Absolutely. So first of all say we play with both. We are the most integrated solution in our category by a long shot. Nobody has more integrations into more online ordering partners, loyalty partners, e-commerce partners than we do. So we support both.

絕對地。首先說我們兩個都玩。毫無疑問，我們是同類產品中整合度最高的解決方案。沒有人比我們更能與更多的線上訂購合作夥伴、忠誠度合作夥伴、電子商務合作夥伴進行整合。所以我們兩者都支持。

But our thesis and I think you can see that is that over time customers don't want to disjoint a tech stack. They don't want to take the risk that one vendor changes something and it screws up all the other vendors, which is literally what happens every single month.

但我們的論點，我想你可以看到，隨著時間的推移，客戶不想讓技術堆疊脫節。他們不想冒一個供應商改變某些東西而搞砸所有其他供應商的風險，這實際上是每個月都會發生的情況。

And so what we've observed and I think it's in our data; every MENU customer is an existing customer of a PAR product. And I think all that's suggesting is that if we can build a comparable product, our customers prefer to add on an additional product versus adding a net new vendor where they need to learn that vendor, you get to speed up that vendor. And then deal with all sorts of challenging things like having different menus, different pricing, different APIs like you just create more friction and more risk of things going wrong.

所以我們觀察到的，我認為它在我們的數據中；每個 MENU 客戶都是 PAR 產品的現有客戶。我認為所有這些都表明，如果我們能夠建立類似的產品，我們的客戶更願意添加額外的產品，而不是添加一個新的供應商，他們需要了解該供應商，你可以加快該供應商的速度。然後處理各種具有挑戰性的事情，例如不同的菜單、不同的定價、不同的 API，這只會造成更多的摩擦和更多出錯的風險。

And so I think generally our thesis is that our customers over time will prefer something more unified to be more deeply integrated. But we don't force that upon them and we give them complete flexibility to figure out what works best. But I think what we are seeing is that over and over again and this is to your last point, we're able to prove better together outcomes.

因此，我認為總的來說，我們的論點是，隨著時間的推移，我們的客戶會更喜歡更統一、更深入整合的東西。但我們不會強迫他們這麼做，而是給予他們完全的彈性，讓他們找出最有效的方法。但我認為我們看到的是，一次又一次，這是你的最後一點，我們能夠共同證明更好的結果。

So we can say when you take a second PAR product look at this outcome you got that you couldn't get before. You had the third product.

因此，我們可以說，當您使用第二個 PAR 產品時，您會得到以前無法獲得的結果。你有第三個產品。

Oh, my God, here's the third one. And we are finding ways to surprise and delight you. The example, I gave on this call was the Punchh Wallet which really is a cool feature that you only get if you've got Punchh in our payments product.

天哪，這是第三個。我們正在尋找讓您驚喜和高興的方法。我在這次電話會議上舉的例子是 Punchh 錢包，這確實是一個很酷的功能，只有當您在我們的支付產品中安裝了 Punchh 時，您才能獲得該功能。

If you had Punchh in different payments product it would be really hard to deliver that outcome to the customer. And so again, it all starts with the customers so if we can deliver great products our customers will buy it. And if we can't put that out, they won't.

如果您在不同的支付產品中使用 Punchh，那麼很難向客戶提供該結果。同樣，一切都從客戶開始，因此如果我們能夠提供優質的產品，我們的客戶就會購買它。如果我們不能解決這個問題，他們也不會。

Perfect. Thank you.

完美的。謝謝。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Hi. Thank you for taking my questions, but they still haven't been addressed. I just had a follow-up on sort of adoption among your customers. Do you see them -- your potential customers being more urgent to take on your solutions now when they see their sales being a little bit more challenged?

你好。感謝您提出我的問題，但這些問題仍然沒有解決。我剛剛跟進了你們客戶的採用情況。您是否看到他們——當您的潛在客戶看到他們的銷售面臨更大的挑戰時，他們現在更迫切地需要採用您的解決方案？

I think, it's too early to say. Our customer base is diverse and so we definitely have customers that have struggled. But on average they've done relatively well particularly against the broader restaurant community. What I think we observed is -- and again, since I've been the CEO I haven't lived through a bunch of cycles.

我認為，現在說還太早。我們的客戶群是多元化的，因此我們肯定有陷入困境的客戶。但平均而言，他們的表現相對較好，尤其是與更廣泛的餐廳群體相比。我認為我們觀察到的是——再說一遍，自從我擔任執行長以來，我還沒有經歷過一堆週期。

But I remember, in the pandemic we saw how quickly customers ran to add additional technology. And so I think that's the analog that I have when it was an acute problem they absolutely ran to it. I think when you have something that is honestly not yet in the numbers of our customers, but there's a fear that something might happen. I suspect, it might be similar to what we saw back then which is a greater push to get these tools out the door to prove that are live.

但我記得，在疫情期間，我們看到客戶添加額外技術的速度有多快。所以我認為這就是我所擁有的類比，當這是一個嚴重的問題時，他們絕對會遇到它。我認為，當我們的客戶數量確實還沒有出現某些情況時，但人們擔心可能會發生一些事情。我懷疑，這可能與我們當時看到的情況類似，這更推動了這些工具的推出，以證明它們是有效的。

And I think one of the beauties of great technology is that it's operating expense not CapEx. And it allows them to rollout a product to improve the ROI without having to tie up tons of budget upfront which is probably very hard to do right now. And so I think what we're seeing is this constant debate of our customers of which product can we prioritize first and we really help them kind of give our view of how that works in that rollout.

我認為偉大技術的優點之一是它的營運費用而不是資本支出。它使他們能夠推出產品來提高投資回報率，而無需預先投入大量預算，而這在目前可能很難做到。因此，我認為我們所看到的是我們的客戶不斷爭論我們可以首先優先考慮哪種產品，我們確實幫助他們表達了我們對產品在推出過程中如何運作的看法。

Okay. Thank you. That's all for me.

好的。謝謝。這就是我的全部。

Andrew Harte, BTIG.

安德魯·哈特，BTIG。

Hey. Just one for me, Savneet, you talked about how you're really excited about the white space within the existing customer base. And I think you answered it in a couple of questions so far today. But one of the things you talked about in prepared remarks was the 14% ARPU growth since last year. But I guess just can you kind of frame up for us or elaborate at least on how much upside is there inside the existing base today? And how do you see pricing evolving over the next one to two years? Thanks.

嘿。對我來說，Savneet，您談到了您對現有客戶群中的空白區域感到非常興奮。我認為您今天到目前為止已經回答了幾個問題。但你在準備好的發言中談到的一件事是自去年以來 ARPU 成長了 14%。但我想你能為我們設計一下框架，或至少詳細說明目前現有基礎內有多少上升空間嗎？您如何看待未來一到兩年的定價變動？謝謝。

So I don't want to -- I think we think there's about -- within the existing base there's 3x the size of the current revenue we have today. And as you know, I hate hyperbole and massive numbers and so I keep chipping that number down. But there's just a ton of opportunity in the current base less than 10% of our customers on Brink have our payments products.

所以我不想——我認為我們認為——在現有的基礎上，我們目前的收入規模是目前的三倍。如你所知，我討厭誇張和龐大的數字，所以我不斷地削減這個數字。但目前 Brink 上只有不到 10% 的客戶擁有我們的支付產品，因此有大量機會。

Even though payments is growing so quickly like we have a long, long way to go there. Data Central has now got tremendous pipeline. We have excitement that Data Central could be our fastest-growing product next year. That's because we're mining that white space. And so now that we have a playbook I think we can do it.

儘管支付成長如此之快，但我們還有很長的路要走。資料中心現在擁有龐大的管道。我們很高興 Data Central 可能會成為我們明年成長最快的產品。那是因為我們正在挖掘那個空白。現在我們有了劇本，我想我們可以做到。

And as I said, all in the team have really figured out how to get this stuff going integrate it launch it quickly. And so we feel -- I think we feel really encouraged that we can attack that white space where I think in years past we were hopeful. Today it's much more programmatic much more focused. But I think let us demonstrate it and then we can give better guidance.

正如我所說，團隊中的所有人都真正弄清楚瞭如何將這些東西整合並快速啟動。所以我們覺得——我認為我們感到非常鼓舞，因為我們能夠攻擊那個我認為在過去幾年我們充滿希望的空白區域。如今，它更加程序化、更加集中。但我認為讓我們展示一下，然後我們可以提供更好的指導。

Thanks. And maybe a follow-up on that, when you think about the 20% to 30% ARPU growth longer term how do you parse that out between net new locations and ARPU opportunity?

謝謝。或許還有一個後續問題，當您考慮 20% 到 30% 的長期 ARPU 成長時，您如何在淨新位置和 ARPU 機會之間進行解析？

So historically, it's been completely location-based. This is the first year that we've been able to demonstrate call it ARPU and ARPU being inclusive of price increase of modules. I think overtime, it would be great if we can create something more formulate like with 50-50 I think as they look into 2025, it will be heavily driven by net new store locations, because the wins that we have. And so we'll still be heavily based in new locations. But that doesn't mean we're taking our eye off the ball on price in new modules. It just happens to be that if we sign these large deals you got to get these stores out the door.

所以從歷史上看，它完全是基於位置的。今年是我們能夠展示 ARPU 以及 ARPU 包含模組價格上漲的第一年。我認為，隨著時間的推移，如果我們能夠創造出像50-50 這樣更公式化的東西，那就太好了，我認為，當他們展望2025 年時，這將在很大程度上受到淨新店位置的推動，因為我們已經取得了勝利。因此，我們仍將大量駐紮在新地點。但這並不意味著我們不再關注新模組的價格。碰巧的是，如果我們簽署了這些大筆交易，你就必須把這些商店趕出去。

Yes. I think what it is too is we have more now tools in the toolbox for us to use. And so it allows us to flex one versus the other. So to Savneet's point, we're setting for 2025 with some new logos which is going to help drive that which at the same time accelerate our growth with the ARPU.

是的。我認為我們的工具箱裡現在有更多的工具可供我們使用。因此，它使我們能夠靈活運用一種方法來對抗另一種方法。因此，根據 Savneet 的觀點，我們為 2025 年設定了一些新徽標，這將有助於推動這一目標，同時加速我們的 ARPU 成長。

But in the past we felt predominantly we had to get the new logos but now that we have multiple products that are working very well together and we've got a sales motion those have to sell them together it's an additional tool in the tool box.

但在過去，我們主要覺得我們必須獲得新徽標，但現在我們有多種產品可以很好地協同工作，並且我們有一個銷售動議，必須將它們一起銷售，這是工具箱中的附加工具。

Great to hear all those lever. So thanks guys. Nice result.

很高興聽到所有這些槓桿。所以謝謝大家。不錯的結果。

And I'm showing no further questions at this time. I would now like to turn it back to Christopher Byrnes, for closing remarks.

目前我不會再提出任何問題。現在我想請克里斯多福·伯恩斯（Christopher Byrnes）發表結束語。

Well, thank you, Amy and thank you everyone for joining us today. And we certainly appreciate your time this morning and look forward to connecting with you over the next days, weeks, months. And we'll speak to you after the Q3. Thank you so much. And have a good day.

好的，謝謝艾米，也謝謝大家今天加入我們。我們當然感謝您今天早上的寶貴時間，並期待在接下來的幾天、幾週、幾個月內與您聯繫。我們將在第三季之後與您交談。太感謝了。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。