PAR Technology Corp (PAR) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the PAR Technology 2025 first quarter financial results conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加PAR科技2025年第一季財務業績電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Christopher Byrnes, Senior Vice President of Investor Relations and Business Development. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係和業務發展高級副總裁 Christopher Byrnes。請繼續。

Thank you, Daniel, and good morning, everyone. And thank you for joining us today for PAR Technology's first quarter financial results call. Earlier this morning, we released our Q1 financial results. The earnings release is available on the Investor Relations page of our website at partech.com, where you can also find the Q1 financial presentation, as well as in our related Form 8-K furnished to the SEC.

謝謝你，丹尼爾，大家早安。感謝您今天參加 PAR Technology 第一季財務業績電話會議。今天早些時候，我們發布了第一季財務業績。收益報告可在我們網站 partech.com 的投資者關係頁面上找到，您也可以在該頁面上找到第一季的財務報告，以及我們向美國證券交易委員會 (SEC) 提供的相關 8-K 表格。

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. 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.

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，並且排除了某些項目的影響。這些項目的描述和時間，以及非公認會計準則指標與最具可比性的公認會計準則指標的對賬，可在我們的收益報告中找到。我還想提醒與會者，本次電話會議可能包含前瞻性陳述，這些陳述反映了管理層根據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性的影響。

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, including our earnings release this morning, and in our annual and quarterly filings with the SEC. Joining me on the call today is PAR CEO and President, Savneet Singh; and Bryan Menar, PAR Chief Financial Officer.

本次電話會議上與預測或其他前瞻性陳述相關的資訊可能依賴並受安全港聲明的約束，包括我們今天上午發布的收益報告以及我們向美國證券交易委員會提交的年度和季度文件。今天與我一起參加電話會議的還有 PAR 執行長兼總裁 Savneet Singh 和 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. Savneet?

現在，我想將電話交給 Savneet 進行正式發言部分，然後進行一般問答。薩夫尼特？

Thanks, Chris, and good morning, everyone. We reported $104 million in revenues in Q1, an increase of more than 48% year-over-year. Subscription services revenue increased by 78% in the quarter to $68.4 million from last year, and 20% organic growth was compared to Q1 2024. Total ARR was reported at $282 million and grew 52%, including 18% organic from Q1 last year. Accounting for constant currency, sequential ARR grew $10 million from Q4.

謝謝，克里斯，大家早安。我們報告第一季的營收為 1.04 億美元，年成長超過 48%。本季訂閱服務營收較去年同期成長 78%，達到 6,840 萬美元，與 2024 年第一季相比有機成長 20%。據報道，ARR 總額為 2.82 億美元，成長 52%，其中有機成長 18%（去年第一季）。以固定匯率計算，連續 ARR 與第四季相比成長了 1,000 萬美元。

Alongside this revenue growth, our non-GAAP gross profit grew organically by nearly 35% year-over-year and we ended the quarter with subscription service gross margins of over 69%. Adjusted EBITDA came in at $4.5 million for the quarter and nearly $15 million improvement from Q1 last year. This was primarily driven by organic improvements, excluding M&A, showing the tremendous operating leverage we've demonstrated in our core assets. Our commitment to investing in long-term duration-of-profit dollars continues to really play out.

除了營收成長之外，我們的非公認會計準則毛利較去年同期有機成長近 35%，本季末我們的訂閱服務毛利率超過 69%。本季調整後的 EBITDA 為 450 萬美元，較去年第一季增加近 1,500 萬美元。這主要是由不包括併購在內的有機改進所推動的，顯示了我們在核心資產中表現出的巨大經營槓桿。我們對長期獲利資金投資的承諾仍在繼續發揮作用。

Now to dig into our business with further detail. Total Operator Solutions ARR grew 49% in the quarter, with organic growth at 18% when compared to the same period last year. ARR for this business unit now totals $117 million. As we messaged on last quarter's call, in Q1, we paused the PAR POS implementation of Burger King in order to recalibrate for a dual PAR POS plus data central implementation with the customer. I'm happy to report that the rollout has since restarted and we are receiving highly positive feedback from corporate and franchisee stakeholders alike.

現在進一步深入了解我們的業務。本季度，營運商解決方案總 ARR 成長 49%，與去年同期相比，有機成長率為 18%。該業務部門的 ARR 目前總計 1.17 億美元。正如我們在上個季度的電話會議上所傳達的那樣，在第一季度，我們暫停了漢堡王的 PAR POS 實施，以便與客戶一起重新校準雙 PAR POS 加資料中心實施。我很高興地報告，推廣工作已經重新開始，我們收到了來自企業和特許經營商利害關係人的高度正面回饋。

We are forecasting a strong ramp up in the second half, with install velocity expected to peak in Q3 and Q4 for both product offerings. Crucially, the BK slowdown this quarter was offset by strong performance on other initiatives within our Operator business. We continue to see a broader and healthy operational buying environment in the marketplace, demonstrated by the signing of five new PAR POS customers in Q1.

我們預測下半年將出現強勁成長，兩種產品的安裝速度預計將在第三季和第四季達到高峰。至關重要的是，本季 BK 業務的放緩被我們營運商業務中其他舉措的強勁表現所抵消。我們繼續看到市場上更廣泛、更健康的營運購買環境，第一季簽約五家新的 PAR POS 客戶就證明了這一點。

Continuing the trend from last quarter, all deals were multiproduct in nature. The impact of these multiproduct rollouts has yet to flow into our P&L and we will provide a strong -- will provide strong revenue opportunities in the second half of this year and well into 2026. As we've mentioned before, these multiproduct deals increase LTV meaningfully, without an additional dollar of acquisition cost. Our Better Together thesis is working.

延續上一季的趨勢，所有交易本質上都是多產品交易。這些多產品推出的影響尚未流入我們的損益表，我們將在今年下半年以及 2026 年提供強勁的收入機會。正如我們之前提到的，這些多產品交易可以顯著提高 LTV，而無需額外的收購成本。我們的「攜手共進，共創美好」的理念正在發揮作用。

Further, our TASK platform is seeing continued traction under the PAR umbrella. We have been successful in positioning this product line alongside PAR POS domestically, as well as standalone to global-minded prospects. The TASK platform pipeline is at a record high, and we believe PAR's total POS offering now ensure full coverage of the enterprise hospitality POS market.

此外，我們的 TASK 平台在 PAR 的保護下繼續受到關注。我們已成功將產品線定位為與國內的 PAR POS 並駕齊驅，同時又能為具有全球意識的潛在客戶提供獨立的產品線。TASK 平台管道達到了歷史最高水平，我們相信 PAR 的整體 POS 產品現在已確保全面覆蓋企業酒店 POS 市場。

Outside of POS, our Operator Solutions business unit continues to scale via our back-office catalog. In March, we successfully launched our new PAR OPS product line at a large industry conference. PAR OPS includes Data Central and a newly acquired Delaget, and delivers an enhanced and feature-rich back office offering that is calibrated to meet both corporate and franchisee needs.

在 POS 之外，我們的營運商解決方案業務部門繼續透過我們的後台目錄進行擴展。三月份，我們在一次大型產業會議上成功推出了新的PAR OPS產品線。PAR OPS 包括資料中心和新收購的 Delaget，並提供增強且功能豐富的後台服務，以滿足企業和特許經營商的需求。

The new and combined PAR OPS pipeline is showing strong and consistent growth, as enterprise food service businesses emphasize back-office initiatives to drive operational efficiencies that ensure favorable and improved operating margins and labor productivity. More specifically, we have been successful in positioning Delaget-related functionality with our existing customers, while similarly cross-positioning the existing PAR catalog with the large Delaget customer base.

由於企業食品服務業務強調後台計劃以提高營運效率，從而確保良好且不斷提高的營業利潤率和勞動生產率，新的和合併的 PAR OPS 管道顯示出強勁而持續的增長。更具體地說，我們已經成功地將 Delaget 相關功能定位到我們現有的客戶，同時將現有的 PAR 目錄與龐大的 Delaget 客戶群進行交叉定位。

Validating this rising importance of back office in today's business environment, I'm excited to announce that we were recently selected by Popeyes Louisiana Kitchen as the preferred back-of-house vendor for their network of 3,500-plus stores. This news, along with the previously reported back-office partnership with Burger King, underscores our valued and strategic partnership with RBI and validates our investment thesis into Operator products. PAR OPS has the largest-weighted pipeline we have seen to-date. We anticipate macroeconomic pressure to continue the ongoing drive of concepts to upgrade their back-office technology and optimize efficiency.

我很高興地宣布，我們最近被 Popeyes Louisiana Kitchen 選為其 3,500 多家門市網路的首選後台供應商，這證明了後台在當今商業環境中的重要性日益增加。這一消息以及先前報導的與漢堡王的後台合作關係強調了我們與 RBI 的寶貴戰略合作夥伴關係，並驗證了我們對運營商產品的投資論點。PAR OPS 擁有我們迄今為止所見過的加權管道最大的規模。我們預計宏觀經濟壓力將繼續推動概念升級其後台技術並優化效率。

Now on to Payments. In Q1, PAR Payment Services continued to drive high transaction counts and processing volumes across our customer base. Despite being a seasonally slower period, PAR Payments continued to grow and added five new concepts to its base. In the quarter, we rolled out Lennys Grill & Subs, Rocky Mountain Chocolate Factory, Hooters of America, and Chow Time Canada.

現在開始付款。在第一季度，PAR 支付服務持續在我們的客戶群中推動高交易數量和處理量。儘管正值季節性放緩時期，PAR Payments 仍繼續成長，並在其基礎上增加了五個新概念。本季度，我們推出了 Lennys Grill & Subs、Rocky Mountain Chocolate Factory、Hooters of America 和 Chow Time Canada。

Additionally, we saw continued multiproduct adoption with the signing of Mr. Pickles and Cargo Coffee on both our wallet and Ordering Solutions. The launch of PAR Gift Card offering further enabled our customers to benefit from increased customer engagement, operational efficiencies, and cost savings. In short, PAR is uniquely positioned and hedged in the market to service both the dual need of revenue maximization and cost control.

此外，隨著 Mr. Pickles 和 Cargo Coffee 在我們的錢包和訂購解決方案上的簽約，我們看到多產品應用持續增加。PAR 禮品卡服務的推出進一步使我們的客戶受益於更高的客戶參與度、更高的營運效率和更低的成本。簡而言之，PAR 在市場上具有獨特的地位和對沖能力，可以滿足收入最大化和成本控制的雙重需求。

Moving to the Engagement Cloud. In today's environment, where consumers are more wallet-conscious than ever, digital engagement is no longer a luxury, it's a necessity. Loyalty programs and personalized digital offers are now central to driving traffic and frequency. We're seeing this shift play out across our platforms, with record growth in engagement and usage. Brands are doubling down on guest engagement and our tools are making measurable impact.

轉向參與雲。在當今的環境下，消費者比以往任何時候都更加重視錢包，數位互動不再是一種奢侈品，而是一種必需品。忠誠度計劃和個人化數位優惠現在是推動流量和頻率的關鍵。我們看到這種轉變正在我們的平台上發生，參與度和使用率都實現了創紀錄的成長。品牌正在加倍重視客戶參與度，我們的工具正在產生可衡量的影響。

The number of digital offers distributed and loyalty programs users reached, reached record highs in Q1, feeling growth at scale in both restaurant and retail. We believe this trend will accelerate as more businesses move beyond just getting online to investing in infrastructure that provides ROI, operational leverage and actionable guest insights. Winners in the market are embracing seamless identification, app-less loyalty, gamification, AI and connected technology. This is where integrated platforms like ours, offering a Better Together approach, drive superior outcomes.

第一季度，分發的數位優惠數量和用戶參與的忠誠度計劃數量創下歷史新高，餐飲和零售業都實現了規模增長。我們相信，隨著越來越多的企業不再僅限於上網，而是投資於能夠提供投資回報率、營運槓桿和可操作的客戶洞察的基礎設施，這一趨勢將會加速。市場贏家正在擁抱無縫識別、無應用程式忠誠度、遊戲化、人工智慧和互聯技術。這就是我們這樣的整合平台透過提供「更好的合作」方法，實現卓越成果的地方。

Our Engagement Cloud business delivered standout financial performance in Q1. We exceeded internal targets with ARR increasing 54%, including 18% organic growth when compared to Q1 last year. This was driven by our excellent gross retention of over 95% and the addition of a multiproduct Tier 1 Burger brand. This reflects our ability to execute consistently, offering best-in-class product with better-together functionality.

我們的 Engagement Cloud 業務在第一季取得了出色的財務表現。我們超額完成了內部目標，ARR 成長了 54%，其中與去年第一季相比，有機成長了 18%。這是由於我們超過 95% 的出色總保留率以及多產品一級漢堡品牌的加入。這反映了我們持續執行的能力，提供具有更出色功能的一流產品。

Our flywheel is real in getting momentum across all sectors of PAR, which positions us for continued success. We're winning multiproduct deals at an impressive rate. In Q1, 57% of new signed Engagement deals were multiproduct, including Punchh, Ordering and Payment. This is a major leap from just 16% in Q1 2024. Much of this is driven by Ordering.

我們的飛輪確實在 PAR 的所有領域中獲得了動力，這為我們持續成功奠定了基礎。我們正以驚人的速度贏得多種產品交易。第一季度，57% 的新簽署合作協議是多產品的，包括 Punchh、訂購和付款。與 2024 年第一季的 16% 相比，這是一個巨大的飛躍。這很大程度上是由訂購驅動的。

In Q1, we soft-launched Ordering 2.0, marking our best sales quarter in online ordering in over two years. After a year of deep market analysis and product enhancements, Ordering 2.0 now offers true enterprise menu management and features like order throttling to help kitchens manage high volumes.

在第一季度，我們試運行了 Ordering 2.0，這是我們兩年多來在線訂購業務銷售最好的一個季度。經過一年的深入市場分析和產品改進，Ordering 2.0 現已提供真正的企業菜單管理和訂單限制等功能，幫助廚房管理大量訂單。

Our latest version of Ordering also provides for AI-driven upsells, seamlessly leveraging Punchh's guest cohort data that enables more personalized upselling and higher check sizes. With over 200 million guests on Punchh, we're positioned to build one of the most powerful upsell models in the restaurant industry.

我們最新版本的訂購功能還提供人工智慧驅動的追加銷售，無縫利用 Punchh 的客戶群數據，實現更個人化的追加銷售和更高的帳單金額。Punchh 擁有超過 2 億顧客，我們有能力打造餐飲業最強大的追加銷售模式之一。

Additionally, our new POS import feature ensures real-time menu management across all Ordering channels, streamlining operations for customers. This is a powerful set of features that we don't believe any point-to-point integration can solve, proving our Better Together model.

此外，我們新的 POS 匯入功能可確保所有訂購管道的即時選單管理，從而簡化客戶的操作。這是一組強大的功能，我們相信任何點對點整合都無法解決這個問題，這證明了我們的 Better Together 模型。

In our C-Store and Field business, we're laying the groundwork for our flywheel. The highlight in Q1 was EG Group's launch of smart rewards across 1,500 plus sites. EG anticipates a 275% lift in engagement signups this year, which is an outstanding expectation even before their full marketing strategy kicks in.

在我們的 C-Store 和 Field 業務中，我們正在為飛輪奠定基礎。第一季的亮點是 EG 集團在 1,500 多個站點推出智慧獎勵。EG 預計今年的參與註冊量將增加 275%，即使在其全面行銷策略開始實施之前，這也是一個出色的預期。

In Q1, we also made our first retail acquisition with the acquihire of GoSkip. GoSkip provides self-checkout kiosks and scan-and-go solutions. Integrating GoSkip into our platform isn't just about adding a feature, it's about bringing our technology in the store. We've seen in our restaurant business that a connected, full-stack solution in-store and above-store truly unlocks the power of data in the business flywheel.

在第一季度，我們也進行了首次零售收購，即收購 GoSkip。GoSkip 提供自助結帳亭和掃描即走解決方案。將 GoSkip 整合到我們的平台不僅僅是添加一項功能，而是將我們的技術帶入商店。我們在餐飲業務中看到，店內和店外的互聯全端解決方案真正釋放了業務飛輪中資料的力量。

GoSkip enhances the utility and stickiness of our digital loyalty solutions, delivering more data, more engagement and the opportunity to attack the growing retail media network. This acquisition is a great way to grow power retail. We see immediate runway to drive incremental revenue within our existing customers and will continue to be acquisitive in the convenience and retail industry.

GoSkip 增強了我們的數位忠誠度解決方案的實用性和黏性，提供了更多數據、更多參與度以及攻擊不斷增長的零售媒體網路的機會。此次收購是發展電力零售的絕佳方式。我們看到了在現有客戶中推動增量收入的直接途徑，並將繼續在便利性和零售業中進行收購。

Before digging into Q1 hardware numbers, I want to briefly comment on the tariffs. The uncertainty around these actions, along with retaliatory tariffs imposed by other countries, have introduced increased volatility in global trade policies and supply chains.

在深入研究第一季硬體數據之前，我想先簡單評論一下關稅。這些行動的不確定性，加上其他國家徵收的報復性關稅，加劇了全球貿易政策和供應鏈的波動。

Fortunately, after the COVID supply chain disruptions, we've purposely reduced our reliance on China and distributed our sourcing to other countries in Southeast Asia. On average, we import less than $1 million of peripheral devices per quarter from China. We're continuing to evaluate the current environment and will take the necessary steps to mitigate the impacts on our business to the best of our ability. Fortunately, hardware now only comprises 21% of our revenues and so our confidence is high that we can manage and mitigate any negative impacts resulting from the tariffs.

幸運的是，在新冠疫情供應鏈中斷之後，我們有意減少了對中國的依賴，並將採購轉移到東南亞其他國家。平均而言，我們每季從中國進口的外圍設備不到100萬美元。我們正在繼續評估當前環境，並將採取必要措施盡最大努力減輕對我們業務的影響。幸運的是，硬體現在僅占我們收入的 21%，因此我們有信心管理和減輕關稅造成的任何負面影響。

In regards to our hardware business in Q1, we reported improved performance and increased hardware revenues by 20% in Q1 versus the same quarter last year. In the quarter, we saw good demand for our newest platform, the PAR WAVE, and we're seeing increases in both domestic and global sales.

關於我們第一季的硬體業務，我們報告稱，與去年同期相比，第一季的硬體效能有所提高，硬體收入成長了 20%。本季，我們發現最新平台 PAR WAVE 的需求良好，國內和全球銷量均有所成長。

Also contributing to the turnaround was the new PAR Clear drive-thru solution that is setting the standard for drive-thru communications and is positioned to be the industry leader in QSR drive-thru systems.

新的 PAR Clear 免下車解決方案也為這一轉變做出了貢獻，該解決方案為免下車通訊設定了標準，並有望成為 QSR 免下車系統的行業領導者。

In summary, we continue to deliver on our Better Together philosophy of multiproduct innovation, which is core to our go-to-market flywheel. A great example of this came in Q1 with the completion of PAR POS-powered in-store loyalty sign-up and intelligent upsell.

總而言之，我們將繼續實踐「Better Together」多產品創新概念，這是我們市場飛輪的核心。一個很好的例子是第一季完成了由 PAR POS 支援的店內忠誠度註冊和智慧追加銷售。

By leveraging Punchh code within PAR POS, our customers are able to instantly acquire loyalty customers within the four walls of their restaurant and via AI Insights upsell personalized product offerings. This functionality is keenly desired by our largest customers and recently drove a loyalty upsell into a fast growth Tier 1 POS concept.

透過利用 PAR POS 中的 Punchh 代碼，我們的客戶能夠立即在餐廳內獲得忠誠客戶，並透過 AI Insights 追加銷售個人化產品。我們最大的客戶迫切需要此功能，最近將忠誠度追加銷售推向了快速成長的一級 POS 概念。

Separately, our work on the PAR Data platform continues at full speed. PAR's multifaceted product portfolio affords an unmatched breadth and depth of data that when connected, unlocks powerful proactive analytics. Not only are we able to leverage AI to produce comparative performance insights, we're also delivering proactive analytics that prompt operators, for example, to sell expiring inventory via specially designed incentives that maximize profits and minimize operational costs.

另外，我們在 PAR 數據平台上的工作正在全速進行。PAR 的多方面產品組合提供了無與倫比的數據廣度和深度，當連接起來時，可以實現強大的主動分析。我們不僅能夠利用人工智慧來產生比較效能洞察，我們還提供主動分析，例如，透過專門設計的激勵措施促使營運商出售過期庫存，從而最大化利潤並最大限度地降低營運成本。

In an uncertain future, leading brands want an edge. We utilize smart data to give this edge to them. Our three-tier strategy of Best-in-Class, Better Together and Open continues to be validated by the market. We believe we're only scratching the surface with our product-led cross-sell initiatives.

在不確定的未來中，領先品牌希望獲得優勢。我們利用智慧數據為他們提供這項優勢。我們的「一流」、「合作共贏」和「開放」三層策略不斷得到市場的驗證。我們相信，我們的以產品為主導的交叉銷售措施才剛起步。

A cross-sell must also be matched by new logo adoption. A little over a year ago, post our Burger King win, we had communicated that we had an additional seven Tier 1s in our pipeline. I'm happy to report that since that time, we have now won four of those seven deals and our pipeline has since then been replenished. We think this dynamic will continue, creating a deeper opportunity set to go multiproduct over time. This holistic approach is a key validation of our platform thesis. In the long run, platforms, not point solutions, will dominate.

交叉銷售也必須與新標誌的採用相符。大約一年多前，在贏得漢堡王后，我們曾表示，我們的通路中還有另外七個一級供應商。我很高興地報告，從那時起，我們現在已經贏得了這七筆交易中的四筆，並且我們的管道也得到了補充。我們認為這種動態將會持續下去，隨著時間的推移，為多產品化創造更深層的機會。這種整體方法是我們平台論點的關鍵驗證。從長遠來看，平台而非點解決方案將佔據主導地位。

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, and good morning, everyone. We started 2025 with the same successful execution of our strategy as we displayed exiting 2024. Sufficient services continue to fuel our organic and rep -- our organic growth and represented 66% of total Q1 revenue. Equally important, our consolidated non-GAAP gross margin continued to improve at 54%, driven by improved sufficient services non-GAAP gross margin of 69%, all while continuing to drive efficient leverage of our operating expenses.

謝謝你，Savneet，大家早安。我們在 2025 年伊始就成功執行了我們的策略，正如我們在 2024 年結束時所展示的。充足的服務繼續推動我們的有機成長和聲譽成長——我們的有機成長，佔第一季總收入的 66%。同樣重要的是，我們的綜合非公認會計準則毛利率持續提高至 54%，這得益於充足服務非公認會計準則毛利率提高至 69%，同時繼續推動我們營運費用的有效槓桿作用。

As a result, for the third quarter in a row, we reported positive adjusted EBITDA, reporting 4.5 million, a 14.7 million improvement compared to Q1 prior year. We are executing to our company plan while also being aware of the ever-changing macro environment, analyzing and appropriately adjusting our execution depending upon impacts to our vendors, customers, and ultimately, to the consumers they service.

因此，我們連續第三個季度報告調整後 EBITDA 為正，達到 450 萬美元，較去年同期第一季成長 1,470 萬美元。我們在執行公司計劃的同時也意識到不斷變化的宏觀環境，根據對我們的供應商、客戶以及最終對他們服務的消費者的影響，分析並適當調整我們的執行情況。

Now to the financial details. Total revenues were 104 million for Q1 2025, an increase of 48% compared to the same period in 2024, driven by sufficient service revenue growth of 78%, inclusive of 20% organic growth. Net loss from continuing operations for the first quarter of 2025 was $25 million or $0.61 loss per share, compared to a net loss from continuing operations of $20 million or $0.69 loss per share reported for the same period in 2024. Non-GAAP net loss for the first quarter of 2025 was approximately $250,000 or $0.01 loss per share, a significant improvement compared to a non-GAAP net loss of $14 million or $0.47 loss per share for the prior year.

現在來談談財務細節。2025 年第一季總營收為 1.04 億，較 2024 年同期成長 48%，這得益於充足的服務收入成長 78%，其中包括 20% 的有機成長。2025 年第一季持續經營淨虧損為 2,500 萬美元，即每股虧損 0.61 美元，而 2024 年同期持續經營淨虧損為 2,000 萬美元，即每股虧損 0.69 美元。2025 年第一季非公認會計準則淨虧損約為 25 萬美元或每股虧損 0.01 美元，與去年同期非公認會計準則淨虧損 1,400 萬美元或每股虧損 0.47 美元相比有顯著改善。

Now for more details on revenue. Subscription services revenue was reported at $68 million, an increase of $30 million or 78% from the $38 million reported in the prior year and now represent 66% of total PAR revenue. Organic subscription service revenue grew 20% compared to prior year when excluding revenue from our trailing 12-month acquisitions. ARR exiting the quarter was 282 million, an increase of 52% from last year's Q1, with the Engagement Cloud up 54% and Operator Cloud up 49%. Total organic ARR was up 18% year-over-year. Accounting for constant currency, sequential ARR grew $10 million or 3.7% from Q4 2024.

現在來了解更多關於收入的細節。訂閱服務收入為 6,800 萬美元，比上年的 3,800 萬美元增加了 3,000 萬美元（78%），佔 PAR 總收入的 66%。若不計過去 12 個月的收購收入，有機訂閱服務收入較上年同期成長 20%。本季末的 ARR 為 2.82 億，較去年第一季成長 52%，其中參與雲端成長 54%，營運商雲端成長 49%。總有機 ARR 年成長 18%。以固定匯率計算，連續 ARR 與 2024 年第四季相比成長了 1,000 萬美元，即 3.7%。

Hardware revenue in the quarter was $22 million, an increase of $4 million or 20% from the $18 million reported in the prior year. The increase was driven by both Tier 1 enterprise customers and the continued penetration of the hardware in our expanding software customer base. Professional service revenue was reported at $13.6 million, relatively unchanged from the $13.5 million reported in the prior year.

本季硬體營收為 2,200 萬美元，比去年同期的 1,800 萬美元增加 400 萬美元，增幅為 20%。這一成長是由一級企業客戶和不斷擴大的軟體客戶群中硬體的持續滲透所推動的。專業服務收入為 1,360 萬美元，與上年的 1,350 萬美元基本持平。

Now turning to margins. Gross margin was $48 million, an increase of $22 million or 86% from this $26 million reported in the prior year. The increase was driven by subscription services with gross margin of $40 million, an increase of $20 million or 100% from the $20 million reported in the prior year.

現在轉向利潤。毛利為 4,800 萬美元，較上年的 2,600 萬美元增加 2,200 萬美元，增幅為 86%。這項成長主要得益於訂閱服務，其毛利為 4,000 萬美元，較上年的 2,000 萬美元增加了 2,000 萬美元，增幅達 100%。

GAAP subscription service margin for the quarter was 57.8%, compared to 51.6% reported in Q1 of the prior year. The increase in margin is driven by a continued focus on efficiency improvements with our hosting and customer support contracts, as well as the creative margin contributions from recent acquisitions. Excluding the amortization of intangible assets, stock-based compensation and severance, total non-GAAP subscription service margin for Q1 2025 was 69.1%, compared to 65.7% for Q1 2024, demonstrating strong margin growth from our core business.

本季 GAAP 訂閱服務利潤率為 57.8%，去年同期為 51.6%。利潤率的成長得益於我們持續專注於託管和客戶支援合約的效率改進，以及最近收購帶來的創造性利潤貢獻。不包括無形資產攤銷、股票薪酬和遣散費，2025 年第一季非 GAAP 訂閱服務總利潤率為 69.1%，而 2024 年第一季為 65.7%，顯示我們核心業務的利潤率強勁增長。

Hardware margin for the quarter was 24.6% versus 22.3% in the prior year. The improvement in margin year-over-year was substantially driven by favorable product mix, as well as year-over-year reduction in expense as we aligned our hardware related workforce with organizational priorities. Professional service margin for the quarter was 25.4%, compared to 16.5% reported in the prior year. Increase primarily consists of margin improvement in field operations and repair services, substantially driven by improved cost management and reductions in third-party spending.

本季硬體利潤率為 24.6%，而去年同期為 22.3%。利潤率的同比提高主要得益於良好的產品組合，以及由於我們將硬體相關的勞動力與組織優先事項相結合而導致的同比費用減少。本季專業服務利潤率為 25.4%，去年同期為 16.5%。成長主要包括現場營運和維修服務的利潤率提高，這主要得益於成本管理的改善和第三方支出的減少。

In regard to operating expenses, GAAP sales and marketing was $12 million, an increase of $1 million from the $11 million reported for the prior year. The increase was primarily driven by inorganic increases related to our acquisitions. While organic sales and marketing expenses decreased $1.4 million year-over-year. GAAP G&A was $29 million, an increase of $4 million from the $25 million reported in the prior year. The increase was once again primarily driven by inorganic increases, while organic G&A expenses decreased by $1.4 million year-over-year.

在營運費用方面，GAAP 銷售和行銷費用為 1,200 萬美元，比上年的 1,100 萬美元增加了 100 萬美元。這一成長主要得益於與我們的收購相關的無機收入成長。而有機銷售和行銷費用則較去年減少了 140 萬美元。GAAP 一般及行政開支為 2,900 萬美元，較上年同期的 2,500 萬美元增加 400 萬美元。這一成長再次主要由無機費用增加所推動，而有機 G&A 費用則年減了 140 萬美元。

GAAP R&D was $20 million, an increase of $4 million from the $16 million recorded in the prior year. The increase was primarily driven by inorganic expenses, while organic R&D expenses increased $0.4 million year-over-year. Operating expenses excluding non-GAAP adjustments was $52 million, an increase of $9 million or 22% versus Q1 2024 and when excluding inorganic growth, operating expenses actually decreased 3%.

GAAP 研發費用為 2,000 萬美元，比前一年的 1,600 萬美元增加了 400 萬美元。這一成長主要得益於無機支出，而有機研發支出則較去年增加了 40 萬美元。不包括非 GAAP 調整的營運費用為 5,200 萬美元，比 2024 年第一季增加 900 萬美元或 22%；如果不包括無機成長，營運費用實際上減少了 3%。

The organic decrease was primarily driven by a reduction in sales and marketing expenses. The acceleration of new multiproduct deals along with efficient execution of cross-sell wins is enabling us to realize synergies in our sales operating model. Exiting Q1, non-GAAP OpEx as a percent of total revenue was 49.8%, a 1060-basis-point improvement from 60.4% in Q1 of the prior year, as we continue to scale efficiently and demonstrate strong operating leverage.

有機減少主要是由於銷售和行銷費用的減少。新的多產品交易的加速以及交叉銷售的成功執行使我們能夠在銷售營運模式中實現協同效應。截至第一季度，非 GAAP 營運支出佔總收入的百分比為 49.8%，較去年同期的 60.4% 提高了 1060 個基點，因為我們繼續有效擴大規模並展示出強大的營運槓桿。

Now to provide information on the company's cash flow and balance sheet position. As of March 31, 2025, we had cash and cash equivalents of $92 million and short-term investments of $0.5 million. For the three months ended March 31st, cash used in operating activities from continuing operations was $17 million versus $24 million for the prior year.

現在提供有關公司現金流和資產負債表狀況的資訊。截至 2025 年 3 月 31 日，我們的現金及現金等價物為 9,200 萬美元，短期投資為 50 萬美元。截至 3 月 31 日的三個月，持續經營活動所用現金為 1,700 萬美元，去年同期為 2,400 萬美元。

Cash usage this quarter was primarily driven by seasonal networking capital needs, including annual variable compensation and an increase of accounts receivable primarily related to an annual contracts we have been collecting post-Q1. We expect operating cash flow to improve meaningfully back to positive for the remainder of the year.

本季度的現金使用主要受到季節性網路資本需求的推動，包括年度浮動薪資和應收帳款的增加，主要與我們在第一季後收集的年度合約有關。我們預計今年剩餘時間內經營現金流將大幅改善，並恢復為正值。

Cash used in investing activities was $6 million for the three months ended March 31st versus $152 million for the prior year. Investing activities included $4 million of net cash considerations in connection with the tuck-in asset acquisition of GoSkip and capital expenditures of $1 million for developed technology costs associated with our software platforms.

截至 3 月 31 日的三個月，投資活動所使用的現金為 600 萬美元，去年同期為 1.52 億美元。投資活動包括與收購 GoSkip 資產相關的 400 萬美元淨現金對價，以及與我們的軟體平台相關的開發技術成本的 100 萬美元資本支出。

Cash provided by financing activities was $11 million for the three months ended March 31st versus $191 million for the prior year. Financing activities primarily consisted of the net proceeds in the 2030 notes of $111 million of which $94 million was utilized to repay the credit facility in full.

截至 3 月 31 日的三個月，融資活動提供的現金為 1,100 萬美元，去年同期為 1.91 億美元。融資活動主要包括 2030 年票據的淨收益 1.11 億美元，其中 9,400 萬美元用於全額償還信貸額度。

Before handing the call back over to Savneet, I would like to provide some insights in how we are managing the fluid environment around tariffs, international trade and the respective impact they're having on capital expenditure velocity. As Savneet stated, our direct tariff exposure is specifically tied to our hardware business. Our international vendor relationships are primarily with Southeast Asia and we strategically reduced our exposure to China when we addressed the supply chain challenges resulting from the COVID-19 pandemic.

在將電話轉回 Savneet 之前，我想提供一些見解，說明我們如何管理關稅、國際貿易等流動環境以及它們對資本支出速度的影響。正如 Savneet 所說，我們的直接關稅風險與我們的硬體業務密切相關。我們的國際供應商關係主要與東南亞，在因應 COVID-19 疫情造成的供應鏈挑戰時，我們策略性地減少了對中國的依賴。

The go forward tariff baseline is still being negotiated with the respective countries but considering our country allocation exposure, we are in a competitive position and can execute the appropriate supply chain adjustments while minimizing price impact to our customers. We also continue to analyze potential impact of businesses waiting on the sideline to make capital expenditure decisions until a clear economic picture emerges. As of now, we have not seen a direct impact, but we will continue to monitor closely.

我們仍在與各國協商未來的關稅基準，但考慮到我們國家分配的風險，我們處於競爭地位，可以執行適當的供應鏈調整，同時最大限度地減少對客戶的價格影響。我們也將繼續分析企業等待經濟情勢明朗後再做出資本支出決策的潛在影響。截至目前，我們尚未看到直接影響，但我們將繼續密切監測。

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

現在，我將把電話轉回給 Savneet，請他做結束語，然後再進入問答環節。

Thanks, Bryan. Let me wrap up with a few key messages before we open the call for Q&A. We had a strong Q1 with solid growth, excellent gross margin expansion and adjusted EBITDA. While much of our focus is on revenue, it's really worth highlighting that our OpEx organically came down year-over-year.

謝謝，布萊恩。在我們開始問答環節之前，請容許我總結幾個關鍵資訊。我們第一季表現強勁，成長穩健，毛利率擴張出色，調整後 EBITDA 也表現良好。雖然我們的重點主要放在收入上，但值得強調的是，我們的營運支出較去年同期有機下降。

Today, our sales and marketing expense is 14% of subscription service revenues and R&D is 26% of subscription service revenues. Both are now near our long-term goals of 15% and 25%, respectively. We've continued to show success in cutting expenses while growing at a rapid rate. I believe this margin expansion will continue over time.

今天，我們的銷售和行銷費用佔訂閱服務收入的 14%，研發費用佔訂閱服務收入的 26%。目前，這兩個數字分別接近我們的長期目標 15% 和 25%。我們在快速成長的同時，繼續成功削減開支。我相信這種利潤率的擴大將會持續下去。

Earlier, I talked about how our product flywheel is really working as we had more multiproduct deals this quarter than ever before, repeating the trend from last quarter. While this is an incredible demonstration of our product muscle integrating our acquired products, it's also important to acknowledge the tremendous financial impacts that can come from integrated suite of products.

之前，我談到了我們的產品飛輪是如何運作的，因為本季我們的多產品交易比以往任何時候都多，重複了上個季度的趨勢。雖然這充分展現了我們整合所收購產品的產品實力，但同樣重要的是要認識到整合產品套件可能帶來的巨大財務影響。

An often misunderstood aspect of software M&A is that a roll-up can create value in simply acquiring businesses. I think that model is flawed as disintegrated roll-ups provide value as capital allocation vehicles, not operating vehicles. The underwriting of those investments are really investments in an allocator which invests behind an operating strategy with defined allocation goals.

軟體併購中經常被誤解的一個面向是，透過簡單的收購業務，整合就能創造價值。我認為該模型是有缺陷的，因為分解的匯總作為資本配置工具而不是營運工具提供價值。這些投資的承保實際上是對分配者的投資，分配者根據具有明確分配目標的營運策略進行投資。

What I've learned from PAR is that as we acquire new products, we're able to accelerate growth through technology integration in consolidated sales and product teams. When we integrate an acquired product, we make it easier to buy our product, but also prove that two products integrated contain new features unavailable before an acquisition. This leads to greater sales.

我從 PAR 學到的是，當我們獲得新產品時，我們能夠透過合併銷售和產品團隊的技術整合來加速成長。當我們整合收購的產品時，我們不僅讓購買我們的產品變得更容易，而且還證明整合的兩種產品包含收購前無法獲得的新功能。這會帶來更大的銷售。

As customers buy more products from PAR, our products become far stickier. It's harder to rip out three integrated products than one siloed module. This stickier base then has a longer and larger customer value with higher retention, thereby increasing the ROIC of each equity dollar invested. And in my opinion, suggests arguing for a higher and durable trading multiple than a disaggregated roll-up.

隨著客戶從 PAR 購買更多產品，我們的產品變得更具黏性。拆除三個整合產品比拆除一個孤立的模組更困難。這個更具黏性的客戶群具有更長久、更大的客戶價值和更高的保留率，從而增加了每一美元股權投資的投資報酬率 (ROIC)。在我看來，這表明要爭取比分解匯總更高且更持久的交易倍數。

The key is that each new acquisition actually accelerates growth once integrated, lowers churn and increases the duration of the customer cash flow stream, hence expanding LTV and increasing the value of PAR far more than standard M&A. This is why we view our M&A motion as both a product and financial initiative.

關鍵在於，每次新的收購實際上都會在整合後加速成長，降低客戶流失率並增加客戶現金流的持續時間，從而擴大 LTV 並增加 PAR 的價值，遠遠超過標準併購。這就是為什麼我們將併購動議視為產品和財務舉措。

Today, it's clear that restaurants and food service businesses are seeing a slowdown in traffic. To combat this, they will need to embrace more technology. Those that lean in will be the winners. The impact of the macro uncertainty is hard to time. Today, while demand for PAR products continues to be strong, we're fully prepared to deal with any potential slowdown.

如今，餐廳和食品服務企業的客流量明顯下降。為了解決這個問題，他們需要採用更多的技術。那些傾向於此的人將成為贏家。宏觀不確定性的影響很難確定時間。如今，雖然 PAR 產品的需求持續強勁，但我們已做好充分準備應對任何潛在的放緩。

We operate in a market where large deals can take multiple quarters or even years to execute. We're upfront R&D at the times needed to win large deals and we're maximizing lifetime value of a customer can come at the expense of quarterly metrics. We will always choose the path of maximizing long-term value. We are not a reactive organization. We have built an unparalleled in parallel sector flywheel. This will not change irrespective of short-term macroeconomic gyrations, tariffs or otherwise. This is the secret of our longevity and why our flywheel is only in its infancy.

在我們所在的市場中，大型交易可能需要多個季度甚至數年才能完成。我們在需要贏得大筆交易的時候進行前期研發，並且我們正在最大化客戶的終身價值，儘管這會以犧牲季度指標為代價。我們將始終選擇長期價值最大化的道路。我們不是一個被動的組織。我們打造了無與倫比的平行扇區飛輪。無論短期宏觀經濟波動、關稅或其他因素如何，這一點都不會改變。這就是我們長壽的秘訣，也是為什麼我們的飛輪才處於起步階段。

But this is our time to be aggressive. The fear in the market excites our team at PAR because we know this is where we are at our best. While others are fearful, we'll continue to make the investments organically and inorganically to expand and accelerate our flywheel. As always, I want to thank my PAR teammates for their hard work in making these results possible. At our company, it's our day one mentality that drives our collective hunger and ambition.

但現在是我們採取積極行動的時候了。市場中的恐懼讓 PAR 的團隊感到興奮，因為我們知道這是我們最擅長的領域。儘管其他人感到擔憂，但我們將繼續透過有機和無機方式進行投資，以擴大和加速我們的飛輪。像往常一樣，我要感謝我的 PAR 隊友們的辛勤工作，使這些結果成為可能。在我們公司，正是我們第一天的心態推動著我們集體的渴望和野心。

Thank you for your time this morning and we will now open the call up for questions.

感謝您今天上午抽出時間，我們現在開始回答問題。

(Operator Instructions) Mayank Tandon, Needham.

（操作員指示） Mayank Tandon，尼德姆。

Thank you. Good morning. Savneet, it sounds like with the BK rollout and these new deals that you won, there might be a step function in growth in the back half. To that extent, could you speak to the cadence of the growth as we look across the next three quarters and as these goal lives start to impact your revenue? And in that sense, are you still looking at a 20% ARR organic growth number for the year or do you think it could actually be better because now you have some of these new deals that could go live in the back half?

謝謝。早安.Savneet，聽起來，隨著 BK 的推出和你贏得的這些新交易，下半年的成長可能會有一個階躍函數。從這個意義上講，當我們展望未來三個季度，以及這些目標開始影響您的收入時，您能否談談成長的節奏？從這個意義上講，您是否仍期望今年的 ARR 有機成長率達到 20%？或者您認為實際成長率可能會更高，因為現在您有一些可以在下半年實現的新交易？

We're still going to continue to target 20% plus or organic growth for the year. What's been really exciting, as I mentioned, is we had those seven Tier 1 deals we talked about a little over a year ago. We won four of them. And I think the most exciting part about the company is that almost all the deals we're signing now are multiproduct, which creates far more revenue than an individual deal in our past.

我們仍將繼續以今年 20% 以上的有機成長為目標。正如我所提到的，真正令人興奮的是，我們在一年多前談到了七項一級交易。我們贏了其中四場。我認為公司最令人興奮的部分是，我們現在簽署的幾乎所有交易都是多產品交易，這比我們過去的單筆交易創造的收入要多得多。

As you suggested, we'll see more impact from these deals and our big POS rollout in the second half of the year. So I think you'll see gradual Q2 and Q1 be relatively similar, and then you'll see a nice pickup in Q3 and Q4.

正如您所說，我們將在今年下半年看到這些交易和大型 POS 推出的更多影響。因此我認為你會看到第二季和第一季逐漸相對相似，然後你會看到第三季和第四季出現良好的回升。

And I think what's going to be super exciting is that you'll also see significant EBITDA expansion towards the end of the year, because we are now at a scale where we're getting the operating leverage on the individual large customers we launched in the last, call it 12 months. So it's a really exciting second half of the year. And I think given the continually high win rates across these Tier 1 deals, it also makes for a pretty strong 2026.

我認為最令人興奮的是，您還將看到年底 EBITDA 的顯著擴張，因為我們現在已經達到了一定的規模，可以從過去 12 個月內推出的個別大客戶中獲得營運槓桿。所以今年下半年確實令人興奮。我認為，鑑於這些一級交易的持續高勝率，2026 年也將是一個相當強勁的年份。

Savneet, just as a quick follow up, I would love to hear, if you could, provide more details on the five new logos of those multiproduct wins. I think you mentioned Popeyes as one of them. I'm assuming that's one of the Tier 1s you won this quarter. But if you could maybe reconcile the two new Tier 1s that I believe you won this quarter, because you already had won two last year, and then the five new logos, could you share any ARR metrics around that and any other details you could provide on those wins?

Savneet，作為一個快速的跟進，如果您可以的話，我很想听聽您能否提供有關這五個多產品獲獎新標誌的更多詳細信息。我認為您提到過 Popeyes 就是其中之一。我假設這是您本季贏得的一級獎項之一。但是，如果您可以協調我認為您本季度贏得的兩個新的 Tier 1（因為您去年已經贏得了兩個）以及五個新徽標，您能否分享有關該 Tier 1 的任何 ARR 指標以及您可以提供的有關這些勝利的任何其他詳細信息？

Yes. Of course. So let me just clarify the numbers. So we won five new POS deals in this quarter. We won, I believe, eight in Q4. So there's a bunch of deals that we've won on that side. And then we've won similar amounts on the Engagement Cloud as well. So the number of deals is actually quite high. I unfortunately can't talk about any deal size and logo together, given contracts and stuff.

是的。當然。因此，讓我澄清一下這些數字。因此我們在本季度贏得了五筆新的 POS 交易。我相信我們在第四季贏了八場。因此，我們在這方面贏得了許多交易。我們在 Engagement Cloud 上也贏得了類似的金額。因此交易數量實際上相當高。遺憾的是，由於合約和其他原因，我無法同時談論任何交易規模和標誌。

But generally what we're finding is that, on these larger deals, we are really well situated to come in, make an impactful launch, and then bring in the second product relatively quickly, as we saw at Burger King and others.

但總體而言，我們發現，在這些較大的交易中，我們確實處於有利地位，可以參與其中，進行具有影響力的發布，然後相對較快地推出第二款產品，就像我們在漢堡王和其他公司看到的那樣。

On these smaller deals, or we call it the mid-size deals, that's where we can bundle multiple products at the time of the deal. And so that's the other part of it, which is we're kind of balancing these larger deals, which are generally single product, then you add in the second product within a year of launch. The mid-size deals, you can sell multiproduct at the time of the initial sale.

在這些較小的交易中，或者我們稱之為中型交易中，我們可以在交易時捆綁多種產品。這是事情的另一部分，我們正在平衡這些較大的交易，這些交易通常是單一產品，然後在推出後的一年內添加第二個產品。中型交易，您可以在首次銷售時銷售多種產品。

So unfortunately, I can't actually give sizes on these deals with a specific logo. That's their private information. But like we said in the call, what's exciting is even though we've won the deal that we talked about a year ago, the pipeline has been replenished pretty meaningfully. And so it sort of -- the digital transformation within the underlying category continues to be there.

因此，不幸的是，我實際上無法給出帶有特定標誌的這些交易的規模。這是他們的私人資訊。但就像我們在電話中所說的那樣，令人興奮的是，儘管我們贏得了一年前談到的交易，但管道已經得到了相當有意義的補充。因此，底層類別中的數位轉型仍在繼續。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Hey. Good morning. Thanks for taking my questions and congrats, a big congrats on the sales momentum. First, it looks like reported ARR for the third quarter and fourth quarter were brought down just a touch, relative to what you reported last time. Can you give some detail on that? I guess it has something to do with acquired ARR, but just any additional context there would be great?

嘿。早安.感謝您回答我的問題，並祝賀您，對銷售勢頭表示祝賀。首先，看起來第三季和第四季報告的 ARR 相對於上次報告的 ARR 略有下降。能詳細說明一下嗎？我猜想這與獲得的 ARR 有關，但只要有任何其他背景資訊就更好了？

It's actually -- yes. It's actually FX. So the business we acquired in the second half of last year TASK is almost entirely revenue from outside the United States. And so it's the FX adjustments.

確實如此——是的。它實際上是 FX。因此，我們去年下半年收購的TASK業務幾乎全部收入來自美國以外。這就是 FX 調整。

And so when you account for the constant currency, Stephen, that's where I kind of referenced the earnings and going from Q4 to Q1, we saw the $10 million, 3.7% incremental growth on constant currency.

因此，當您考慮恆定貨幣時，史蒂芬，這就是我參考收益的地方，從第四季度到第一季度，我們看到了 1000 萬美元，按恆定貨幣計算的 3.7% 的增量增長。

Okay. Got it. Thanks. And then maybe following up on the last question, I mean, you've got a lot of encouraging wins here. And if we're just assuming somewhat reasonable implementation schedules, I guess, do you have any early read on what organic ARR growth could potentially look like next year, or just generally how much visibility do you have now, especially with the four Tier 1 wins that you've talked about, do you already have good line of sight to over 20% growth next year, given what you've already won?

好的。知道了。謝謝。然後也許繼續回答最後一個問題，我的意思是，你在這裡取得了很多令人鼓舞的勝利。如果我們只是假設一些合理的實施時間表，我想，您是否對明年的有機 ARR 增長可能會是什麼樣子有任何早期了解，或者您現在的總體可見度是多少，特別是考慮到您談到的四個一級勝利，考慮到您已經贏得的勝利，您是否已經對明年超過 20% 的增長率有了很好的預期？

We -- I don't think we have enough visibility in the beginning of May for 2026 yet. What I would say is we feel really good right now, because not only are we winning these deals, but we're also attaching multiple products, right? And so the value of the deal is higher than we've been historically been used to, where it was usually one deal, one deal, now it's sort of two. So right now, I don't think we can sort of -- we can say, hey, we're there -- but I think we're certainly going to shoot for it, given what's happened so far.

我們——我認為我們在 5 月初對 2026 年的預測還不夠。我想說的是，我們現在感覺非常好，因為我們不僅贏得了這些交易，而且還附加了多種產品，對嗎？因此，這筆交易的價值高於我們過去習慣的水平，以前通常是一筆交易，一筆交易，現在是兩筆。所以現在，我認為我們還不能——我們可以說，嘿，我們已經到了——但考慮到目前發生的情況，我認為我們肯定會為此努力。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey. I appreciate you taking the question. I appreciate the detail on FX. I think that may have got lost in some of the morning shuffle. So if I'm hearing that right, it sounds like a lot of, is it Australia dollar? I mean, I think most currencies have weakened year-to-date, but I think the Aussie dollar is actually stronger year-to-date. So just wanted to confirm that that's the case and maybe you could give us an update on the currency exposure, so we can think about constant currency going forward?

嘿。感謝您回答這個問題。我很欣賞 FX 的細節。我認為它可能在早上的一些混亂中丟失了。如果我沒聽錯的話，聽起來很多，是澳元嗎？我的意思是，我認為今年迄今為止大多數貨幣都貶值了，但我認為澳元今年迄今為止實際上走強。所以只是想確認一下情況確實如此，也許您可以向我們提供有關貨幣風險的最新信息，以便我們可以考慮未來的恆定貨幣？

Yes. That's right. So it's New Zealand dollar and Australian dollar. New Zealand, actually bigger. And so that's where the FX is there. If you adjust for constant currency, the sequential ARR grows with $10 million. So it does have an impact going forward.

是的。這是正確的。所以是紐西蘭元和澳幣。紐西蘭實際上更大。這就是 FX 存在的地方。如果按固定匯率進行調整，連續的 ARR 將成長 1000 萬美元。所以它確實會對未來產生影響。

Yes. That makes sense. That makes sense. Okay. Did you have a number on just like the percentage of ARR that is outside of the U.S.?

是的。這很有道理。這很有道理。好的。您是否有關於美國境外 ARR 百分比的數字？

25%, 25%.

25%，25%。

It's less than that. It's just under 20%.

比那還少。略低於20%。

It's under 20%?

低於20%嗎？

All right. Very helpful. Appreciate that. Okay. And then just an update on the competitive environment. You've seen some of the down market competitors making some traction, up market. What are you seeing in the RFP processes and any notable changes in conversations?

好的。非常有幫助。非常感謝。好的。然後只是關於競爭環境的更新。您已經看到一些低端市場的競爭對手在高端市場上取得了一些進展。您在 RFP 流程中看到了什麼？對話中有什麼顯著的改變嗎？

I think we're really happy with our competitive position. Certainly, on table service deals, as we've talked about in the past, we're growing in there, and I think starting to make real impact into those sales processes. These are -- those ones in particular are very long sales processes. That's where we see some competitive positioning.

我認為我們對自己的競爭地位感到非常滿意。當然，就餐桌服務而言，正如我們過去談到的，我們正在不斷發展，我認為我們開始對這些銷售流程產生真正的影響。這些都是——特別是那些非常漫長的銷售過程。這就是我們看到的一些競爭定位。

But nothing that I think is worrying us in that, when we're head-to-head in the lab with a customer, I can't think of a time where the customer said we don't have the product to win. Now that doesn't mean we always win. There might be economic things that change here. There might be relationships. But generally from a product perspective, we feel really strong, and I think in the end, an enterprise software product wins. So we feel really, really good.

但我認為沒有什麼值得我們擔心的，當我們在實驗室與客戶面對面交流時，我想不出客戶什麼時候說過我們沒有能夠獲勝的產品。但這並不意味著我們總是會贏。這裡的經濟狀況可能會改變。可能存在某種關係。但整體而言，從產品角度來看，我們感覺非常強大，而且我認為最終企業軟體產品會獲勝。所以我們感覺真的非常好。

And as I mentioned, on these Tier 1 deals, we're still winning at a very high clip, and so I feel pretty good right now, but we're -- we obsess over every little competitor too, so we're constantly kind of seeing how we stack up.

正如我所提到的，在這些一級交易中，我們仍然以非常高的速度獲勝，所以我現在感覺非常好，但是我們也關注每一個小競爭對手，所以我們一直在觀察我們如何與它們競爭。

Andrew Harte, BTIG.

BTIG 的 Andrew Harte。

Hey. Thanks for the question. So you talked a lot today, I think, about just multiproduct adoption. I guess when you think about how the PAR platform as a whole has evolved over the past year or so with all these different solutions and different ways to serve customers. What is the cross-sell opportunity or pipeline look like? I guess, like, what would fully baked ARPU look like for a customer versus what it's like today? Just trying to get an idea of what the penetration of that cross-sell is and how much room for growth there is going forward? Thanks.

嘿。謝謝你的提問。所以我認為您今天談了很多關於多產品採用的問題。我想，當您思考一下 PAR 平台在過去一年左右的時間裡如何發展，擁有各種不同的解決方案和不同的客戶服務方式。交叉銷售機會或管道是什麼樣的？我想，對客戶來說，完整的 ARPU 是什麼樣子的，與今天相比又是什麼樣子的呢？只是想了解交叉銷售的滲透率是多少以及未來有多少成長空間？謝謝。

Yes. I think, Bryan and I have kind of said this before, which is, we could, if every customer bought every product, it's at least a 4x from where we are today in our revenue. So it's really, really meaningful. Now that won't happen. There are certain customers that won't happen, but there's a lot of opportunity.

是的。我想，布萊恩和我以前就說過，如果每個顧客都購買每件產品，我們的收入至少可以比現在增加 4 倍。所以這真的非常有意義。現在這種事不會發生了。有些客戶不會來，但機會還是很多的。

And the critical part, Andrew, why I've -- the last two quarters been talking about this is that there's two elements to this. The first is, are products being integrated in a way that makes it competitive dynamics to the last question, incredibly favorable. I referenced this in the call, but we had a really unique customer win this quarter where we won really, really impressive, large Tier 1 chain because they realized that they could have their loyalty data, if you will, at the POS.

安德魯，關鍵的是，我過去兩個季度一直在談論這個問題，因為這個問題有兩個要素。首先，產品是否以一種能夠產生競爭動力的方式進行整合，對於最後一個問題來說，這非常有利。我在電話會議中提到了這一點，但本季度我們贏得了一個非常獨特的客戶，我們贏得了非常令人印象深刻的大型一級連鎖店，因為他們意識到他們可以在 POS 上獲得他們的忠誠度數據。

And so the -- if you combine Punchh and PAR POS in store, your cashier can be prompted with AI-suggestive upsells. They can see the loyalty data, the loyalty points prompt you, same with the drive-thru. That's an example of what we may think is simplistic functionality that nobody else really has right now. And I think that's just crazy powerful.

因此——如果您在商店中結合使用 Punchh 和 PAR POS，您的收銀員就可以收到 AI 提示的追加銷售。他們可以看到忠誠度數據，忠誠度積分會提示您，就像免下車服務一樣。這是一個我們認為目前還沒有其他人真正擁有的簡單功能的例子。我認為這是非常強大的。

And so as we build these technical features that combine the products, it really makes the cross-sell a lot easier because then it's almost like, how can I not choose that because I can't get these sets of features and functions.

因此，當我們建立這些結合產品的技術特性時，它確實使交叉銷售變得容易得多，因為那時它幾乎就像，我怎麼能不選擇它呢，因為我無法獲得這些特性和功能集。

So one is that sort of technical integration that's now coming out from PAR that is really exciting and leading to the cross-sell. So it's not that we've amped up sales. In fact, our sales team has come down in size and gotten more efficient. It's that technical side that's actually winning the deals. And same on the Ordering side that I spent some time on today, which is really growing nicely.

因此，其中一種是現在由 PAR 推出的技術集成，它非常令人興奮並可帶來交叉銷售。所以這並不是說我們的銷量提高了。事實上，我們的銷售團隊規模已經縮小，但效率卻提高了。真正贏得交易的是技術面。今天我在訂購方面也花了一些時間，進展非常順利。

The second part of the multiproduct side is the resulting financial impact. Now as I mentioned, we haven't seen that flow through the P&L yet. That's why I'm really excited for the second half of the year in 2026. But when you sell two products for the price of one, if you will, on the acquisition cost, it really is highly, highly profitable. So we still have that really interesting lever as it leads to our profitability the next couple of years here.

多產品方面的第二部分是由此產生的財務影響。正如我所提到的，我們還沒有看到該流量流經損益表。這就是為什麼我對 2026 年下半年感到非常興奮。但是，當你以一件產品的價格出售兩件產品時，如果你願意的話，從收購成本來看，這確實是非常非常有利可圖的。因此，我們仍然擁有這個非常有趣的槓桿，因為它可以在未來幾年內提高我們的獲利能力。

Great. Thanks. And then maybe just following up on some of the questions that have been asked on ARR growth. Obviously, I think a lot of puts and takes, and just hoping to maybe dissect it a little bit more. I guess on the first part of the delayed Burger King to expand the relationship, I think, everyone's in agreement. That's great. I guess, can you help us understand maybe what the headwind to growth would have been and -- or was in one cue from the pause on Burger King? And it's nice to hear that it's turned back on. And then the second half of it, you talked about there was a lot of other areas where the flag was made out. Part of it was like the seven Tier 1s in the pipeline a year ago. Four of them have gone live. Savneet, can you just talk about the implementation timeline for those? Like, does that give you -- do those four wins give you two years of solid ARR growth, three years? Just trying to think about the durability of ARR growth over beyond the next couple of quarters?

偉大的。謝謝。然後也許只是跟進一些有關 ARR 增長的問題。顯然，我想了很多，只是希望能夠對其進行更深入的分析。我想，關於漢堡王推遲擴大合作關係的第一部分，我想大家都是同意的。那太棒了。我想，您能否幫助我們理解，阻礙成長的阻力可能是什麼？或者，漢堡王暫停業務的一個暗示是什麼？很高興聽到它又恢復正常了。然後，在後半部分，您談到還有很多其他區域也出現了國旗。其中一部分類似於一年前正在籌備的七個一級項目。其中四個已經上線。Savneet，您能談談這些實施的時間表嗎？例如，這四次勝利是否會為你帶來兩年或三年的穩健 ARR 成長？只是想思考一下未來幾季之後 ARR 成長的持久性嗎？

Sure. Let me do the second first. So those four that we won, they've been won, not rolled out. So there's still a lot of revenue to come. So just a quick clarification, which again is probably, I think, really exciting, which is those deals, for the most part, are not driving the growth that we saw in this quarter. Those are still to come. So that's really exciting.

當然。讓我先做第二個。因此，我們贏得的這四個是已經贏得的，而不是推出的。因此未來還會有大量收入。因此，我只是想快速澄清一下，我認為這可能真的令人興奮，那就是這些交易在很大程度上並沒有推動我們在本季看到的成長。這些都還未來得及實現。這真的非常令人興奮。

And I think, as far as durability of revenue growth, that's where we feel really strong today because we see that, we have these deals rolled out plus the other deals that I mentioned on the call that we've won. So I think for the next couple of years, we see pretty strong revenue growth where we've got a nice backlog, if you can call it backlog, to get rolled out.

我認為，就收入成長的持久性而言，我們今天感覺非常強勁，因為我們看到，我們已經推出了這些交易，加上我在電話中提到的我們贏得的其他交易。因此我認為在接下來的幾年裡，我們會看到相當強勁的收入成長，因為我們有大量的積壓訂單（如果你可以稱之為積壓訂單）可以推出。

The timeline to roll out a deal varies significantly. From our engagement side of our business, it's about six months from signing to launch to get it live. And that's been pretty consistent since we've acquired and worked on the Punchh product line.

達成協議的時間表差異很大。從我們業務的參與方面來看，從簽署到發布再到上線大約需要六個月的時間。自從我們收購並致力於 Punchh 產品線以來，這種情況一直保持得相當一致。

On the POS side, from the moment you sign the deal, you can usually guide that if you're a thousand store chain, it takes us about a year to get you live, provided we have your commitment and support. And for larger chains, it can take two years.

在 POS 方面，從您簽署協議的那一刻起，您通常可以了解到，如果您是一家擁有上千家商店的連鎖店，只要我們得到您的承諾和支持，我們大約需要一年的時間才能讓您上線。對於較大的連鎖店來說，這可能需要兩年。

But those ones are a little harder to forecast because you're working in tandem with the corporate, but those ones give you longer visibility because you're rolling out over time, kind of like we're doing on Burger King.

但這些有點難以預測，因為你與公司協同工作，但這些會給你更長的可見性，因為你會隨著時間的推移而推出，有點像我們在漢堡王所做的那樣。

To your first question, I feel really great, without our biggest customer rolling out, we still hit 18% growth really comfortably, without any of those big deals going. And so I think that just shows, we don't need to depend on large mega deals to still grow at pretty high rates. So I was really happy with the quarter.

對於您的第一個問題，我感覺非常好，雖然我們最大的客戶沒有退出，但我們仍然輕鬆地實現了 18% 的成長，而且沒有任何大交易。所以我認為這表明，我們不需要依賴大型交易來實現相當高的成長速度。所以我對這個季度感到非常滿意。

I think I would just add to what Savneet said there too, is the fact that now we're seeing some acceleration on the flywheel for the cross-sell, as that becomes a bigger percent of our total growth that comes over, that kind of fills in the gaps that may happen in between these large sales cycles and some of these larger logos. So it helps to smooth out the ARR growth as we go forward.

我想我只是想補充一下 Savneet 所說的內容，事實是，現在我們看到交叉銷售的飛輪正在加速，因為它在我們總體增長中所佔的比例越來越大，這填補了這些大型銷售週期和一些較大標識之間可能出現的空白。因此，它有助於我們在未來平穩 ARR 成長。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hey. Good morning. Appreciate you guys taking the questions as always. Maybe first, Savneet, appreciate the commentary on what differentiates your M&A strategy versus maybe some other companies that have a kind of a more of a financial sponsor type of view on M&A. And maybe if I build on the question, just as we think about all the transactions that you guys have done and the balance sheet where it is today, if you think about future potential M&A, especially if you think about something transformative are, one, I guess, are you thinking about an opportunity like that? And if so, should we think about it as something, like how would you think about approaching the balance sheet, just given where you've already spent capital recently, just maybe any color there, and then I have a follow up as well.

嘿。早安.一如既往地感謝你們回答問題。首先，Savneet，請您評論一下，您的併購策略與其他一些公司在併購方面更具金融贊助商的觀點，有何不同。也許如果我繼續問這個問題，就像我們思考你們所做的所有交易以及今天的資產負債表一樣，如果你考慮未來潛在的併購，特別是如果你考慮一些變革性的東西，我想，你是否正在考慮這樣的機會？如果是這樣，我們是否應該將其視為某種東西，例如，考慮到您最近已經花費的資本，您會如何考慮接近資產負債表，也許那裡有任何顏色，然後我也會進行後續處理。

That's a great question. So short answer is, we're going to be aggressive. I think some of the big, we're a company that's constantly sort of assessing where are we great and can we, where do we suck? And one of the things that we learn in kind of that really sort of transparent environment is how do we continue to make our M&A better and better?

這是一個很好的問題。簡而言之，我們會採取積極行動。我認為，我們是一家不斷評估自己在哪些方面表現優異、哪些方面表現不佳？在這種真正透明的環境中，我們學到的一件事就是如何讓我們的併購變得越來越好？

And I think what I can say to you is, because we're so obsessed on the product fitting within PAR, we haven't made a lot of mistakes. If I look at our M&A deals, I sort of think we really, really got it right. And a lot of that is the integration of the people.

我想我可以告訴你的是，因為我們非常專注於產品與 PAR 的契合，所以我們並沒有犯很多錯誤。如果我看一下我們的併購交易，我會認為我們確實做對了。這很大程度是人民的融合。

If I look at the acquisitions we made last year, we retained well over 90% plus of those employees, well over, and that's kind of rare. And that's allowed us to kind of build the momentum from the flywheel from the product side. So that foundational point is, we're going to do it again and again.

如果我看一下我們去年進行的收購，我們保留了超過 90％ 以上的員工，這很罕見。這使我們能夠從產品方面建立飛輪動力。所以這個基本點就是，我們會一遍又一遍地這樣做。

And I think the transformative deals are exciting to us if they fit a product rubric that allows us to create more value to the customer. Because in the end, if we combine the products together and we create more value to the customer, we can then take more value back to PAR and our shareholders. So we'll absolutely do that.

我認為，如果這些變革性交易符合允許我們為客戶創造更多價值的產品標準，那麼它們對我們來說是令人興奮的。因為最終，如果我們將產品組合在一起並為客戶創造更多價值，那麼我們就可以為 PAR 和股東帶來更多價值。所以我們絕對會這麼做。

How we fund that? I think, is really dependent upon a few things. One, what's our cost of capital of the levers that we have at the time that we're making the deal? And so if we're buying a business at a multiple that's meaningfully discounted to our equity, we look to use equity. If it's a smaller transaction, like we did with Skip this quarter, we're comfortable using cash on the balance sheet.

我們如何籌措資金？我認為，這確實取決於一些事情。第一，我們在達成交易時所採用的槓桿的資本成本是多少？因此，如果我們以相對於我們的股權有較大折扣的倍數購買一家企業，我們就會考慮使用股權。如果是較小的交易，就像我們本季與 Skip 進行的交易一樣，我們願意在資產負債表上使用現金。

And then I think, given the success we've had in the convert market, we can continue to look at the convert and debt markets, but it really, really is dependent on what's our cost of capital at that time. And then looking at that lens of what doesn't limit our flexibility going forward. Because I think if you've seen with us, we've gone through a period of two years of doing nothing, and then one year doing two or three deals. And so it's that combination of lowest cost of capital that doesn't mess up our flexibility for the future is kind of how I think about it.

然後我認為，鑑於我們在轉換市場的成功，我們可以繼續專注於轉換和債務市場，但這實際上取決於當時的資本成本。然後從這個角度來看什麼不會限制我們未來的彈性。因為我認為，如果你了解我們，你就會知道，我們經歷了兩年無所事事的時期，然後有一年做了兩三筆交易。因此，我的想法是，最低資本成本的組合不會影響我們未來的靈活性。

Appreciate that. And also, I appreciate that you use the industry standard of where do we suck to judge as well. Same here about myself. And then maybe just to follow up for Bryan, if I think about the -- if I just, this is more of a housekeeping question than anything else. It looks like in the slide deck, maybe the ARR was revised for some of the historical numbers. I just wanted to know, is there any kind of divestiture or is that being rebased because of currency? Just trying to understand what changed in the slide deck for the historical numbers. I'm curious if you knew off the top of your head.

非常感謝。而且，我很欣賞您使用行業標準來判斷我們的不足之處。我本人也是一樣。然後也許只是為了跟進布萊恩的問題，如果我考慮一下 - 如果我只是，這更多的是一個內部問題而不是其他問題。看起來就像在幻燈片中一樣，也許 ARR 已經根據一些歷史數字進行了修改。我只是想知道，是否存在任何形式的資產剝離，或者是否因為貨幣而重新調整？只是想了解幻燈片中歷史數字發生了哪些變化。我很好奇您是否知道這一點。

Yes. It's purely related 100% to the FX currency and that's why we referenced the constant currency. So you saw that in Q3, Q4, post the acquisition of TASK Clutcher.

是的。它與外匯貨幣 100% 完全相關，這就是我們參考恆定貨幣的原因。所以你在第三季、第四季看到了收購 TASK Clutcher 之後的情況。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Good morning and thank you for taking my question. Sounds like you're getting a lot of good traction in the Payments business. My question there is, I know a few quarters ago, you had mentioned that Payments was still a bit diluted to adjusted gross margin. I wanted to just get a sense for the impact on gross margin from the Payments business, as well as any color you could provide around the size of Payments relative to either subscription revenue or total revenue?

早上好，感謝您回答我的問題。聽起來您在支付業務上取得了很大的進展。我的問題是，我知道幾個季度前，您曾提到支付業務對調整後的毛利率仍有一點稀釋。我只是想了解支付業務對毛利率的影響，以及您能否提供有關支付業務相對於訂閱收入或總收入的規模的詳細資訊？

Sure. So Payments is still diluted to gross margin, but going in the right direction. So as you can see, we continue to have nice gross margin expansion. And so even though Payments is not yet at the company-wide gross margins, it's working its way up there.

當然。因此，支付業務仍然會稀釋毛利率，但正在朝著正確的方向發展。正如您所看到的，我們的毛利率繼續保持良好的成長。因此，儘管支付業務的毛利率尚未達到全公司的毛利率，但它正在努力提高。

In totality, Payments is still less than 10% of our revenues. And remember, critical to us, we collect Payments or we report Payments on a net basis. So it's still small, but it's working its way there. And I think once it gets to a meaningful size, we'll start breaking it out. But we're not yet at 10% total revenue, which is exciting because we have a lot of penetration still to go.

整體而言，支付業務仍占我們總收入的不到 10%。請記住，對我們而言至關重要的是，我們收取付款或以淨額報告付款。所以它仍然很小，但它正在努力。我認為，一旦它達到有意義的規模，我們就會開始突破它。但我們的總收入尚未達到 10%，這令人興奮，因為我們仍有很大一部分滲透空間。

Got it. And as a follow up, appreciate the comments on tariff exposure and sounds like you've made some actions over the past few years that help alleviate that headwind to some degree. But as we think about that exposure, could you give us a little color around how quickly that book, the hardware book, turns over? I assume the exposure lies in your incremental deals, as well as the contracts that are coming up for renewal. So any color around how that flows through would be helpful.

知道了。作為後續提問，我很感謝您對關稅風險的評論，聽起來您在過去幾年中已經採取了一些行動，在一定程度上有助於緩解這種不利因素。但是當我們考慮這種曝光時，您能否給我們稍微介紹一下這本書（硬體書）的周轉速度有多快？我認為風險在於您的增量交易以及即將續約的合約。因此，任何有關其流動方式的顏色都會有所幫助。

Yes. Sure. I'll answer that and then Savneet can fill in the blanks. But we also make sure in our contracts that we have the ability to have flexibility in pricing when there's exposure to things such as tariffs. But at the same time, we also make sure, especially because of the hard -- the high hardware attachment rate to our software as well, that we work with the customers come to the right resolution.

是的。當然。我會回答這個問題，然後 Savneet 可以填補空白。但我們也在合約中確保，當涉及關稅等因素時，我們有能力靈活地定價。但同時，我們也要確保，特別是由於硬體連接到我們的軟體的比例很高，我們與客戶合作找到正確的解決方案。

So I think we're feeling comfortable on where we are from a country exposure standpoint. We're being open with all our customers on where we're seeing this move. And I think it's been good conversations. We don't see there being an issue. And then I think also from a supply chain standpoint, we make sure that we have able to kind of pull in as well.

因此，我認為從國家曝光度的角度來看，我們對目前的狀況感到滿意。我們會向所有客戶公開我們所看到的這項舉措。我認為這是一次很好的對話。我們認為這不存在問題。然後我認為從供應鏈的角度來看，我們也要確保我們也能夠參與其中。

And so we've been able to lock in some pricing and pull in some of our POS that we wanted later in the year so that we can actually service our customers and many of our customers remembered how we were able to supply them back in COVID where others couldn't. And so we've also started seeing POS come in from our customers to help leverage that.

因此，我們已經能夠鎖定一些價格，並在今年稍後引入一些我們想要的 POS，這樣我們就可以真正為客戶提供服務，我們的許多客戶還記得我們如何能夠在 COVID 期間為他們供貨，而其他人卻無法做到。因此，我們也開始看到客戶使用 POS 來幫助利用這一點。

Adam Wyden, ADW Capital.

ADW Capital 的 Adam Wyden。

Yes. Okay. So a couple of things just to clarify. You said that the four out of the seven are not rolled out. Now can you clarify? Are you talking about new Tier 1 logos that you haven't won? Like, I guess, would you like, so Popeyes' Data Central is not included in that. But like, for example, if you had one Wendy's point-of-sale, could that be that even though you have Wendy's Punchh? I'm just trying to understand how you sort of think about the Tier 1 logos. Are they brand new logos that you haven't penetrated at all in any capacity or is it like a major -- could it be a major product like Wendy's point-of-sale, like, that you don't already have? Do you understand what I'm saying? Like, and how do you sort of define Tier 1 logo?

是的。好的。有幾件事需要澄清一下。你說七個裡面有四個沒有推出來。現在你能澄清一下嗎？您說的是您尚未贏得的新的 Tier 1 徽標嗎？就像，我猜，你會喜歡，所以 Popeyes 的資料中心不包括在其中。但是，例如，如果您有一個 Wendy's 銷售點，那麼即使您有 Wendy's Punchh，情況也是如此嗎？我只是想了解您對 Tier 1 標誌的看法。它們是否是全新的標識，您還未以任何方式深入其中，或者它是否像主要的——可能是像溫迪銷售點這樣的主要產品，您還沒有？你明白我的意思嗎？例如，您如何定義 Tier 1 標誌？

Sure. So the seven logos are ones we refer to, I think, on our, about a little over a year ago, after we went BK, when we were talking about the pipeline of -- we had said we were in the process, RFP process of seven new customers. Of those, we won four. And we defined Tier 1 as 1,000 stores and above. And they would be, of those seven, six would be net new logos. One would be major upsell into an existing customer. So six of the seven will be net new logos to PAR.

當然。所以，我想，這七個標誌就是我們在大約一年多前，在我們破產之後，在談論管道時提到的——我們曾說過，我們正處於七個新客戶的 RFP 流程中。其中，我們贏了四場。我們將一級定義為擁有 1,000 家及以上的商店。在這七個中，六個將是全新的標誌。一是向現有客戶大力追加銷售。因此，七個中的六個將是 PAR 的新標誌。

Okay. And just to clarify, then I have one other question. You're saying the four out of seven have not been rolled out, but then you also sort of said your pipeline has been replenished. So on top of that, you would argue that even though you won those four out of seven, you have another four Tier 1 logos that are in RFP. Is that sort of how you define it being replenished?

好的。為了澄清一下，我還有一個問題。你說七個中的四個尚未推出，但你也說你的管道已經補充。因此，除此之外，您可能會爭辯說，即使您贏得了七個中的四個，您還有另外四個處於 RFP 中的一級標識。這就是您對補充的定義嗎？

Yes. So I'd say, we're -- of those four, one has been rolled out, not entirely. And then we've got three coming. And then as far as pipeline being replenished, on a weighted average -- weighted dollar basis, which is the way that we look at pipeline, the dollar value of the pipeline is more than it was when I made that comment over a year ago.

是的。所以我想說，我們 - 在這四個中，一個已經推出，但尚未完全推出。接下來我們有三個。至於管道補充情況，以加權平均值——加權美元計算，也就是我們看待管道的方式，管道的美元價值比我一年前發表評論時的水平要高。

Okay. Amazing. And then a little bit more on M&A, obviously, you've done a really nice job on M&A. Obviously, you've sort of said you want to be the largest sort of player in restaurant tech. I'm just curious, like, can you talk about sort of some of the things that you think might be coming to market? And obviously, I know it has to be product specific and it has to be sort of integrated. But I mean, if you were to say, like, what would an ideal PAR look to you like in three years to five years? Like what would sort of be the margin structure and growth rate and sort of scale? I mean, I'm just curious sort of like, if you had a canvas and you could say, hey, this is what the business could look like three years and five years. Like, what does that look like to you?

好的。驚人的。然後再多談談併購，顯然，您在併購方面做得非常出色。顯然，您已經說過您想成為餐飲科技領域中最大的參與者。我只是好奇，您能談談您認為可能會進入市場的一些東西嗎？顯然，我知道它必須是針對特定產品的，而且必須是整合的。但我的意思是，如果您要說，三年到五年後，理想的 PAR 會是什麼樣子？例如利潤結構、成長率和規模是什麼樣的？我的意思是，我只是有點好奇，如果你有一塊畫布，你可以說，嘿，這就是三年和五年後的業務可能的樣子。那對你來說是什麼樣子的呢？

It's an impossible question because if you asked me five years ago, I'm not sure I would have designed where we are today. I would have been wrong and happy with what we have today than what I would have guessed five years ago. What I think is going to happen when we're shooting for a PAR is, we are really ambitious, ambitious team. And candidly, if we just stay in our swim lane, I think we'd all be disappointed about what we accomplished.

這是一個不可能回答的問題，因為如果你五年前問我，我不確定我是否會設計出我們今天所處的位置。如果我當時的猜測是錯的，那我會對我們今天所擁有的一切感到滿意，而不是像五年前那樣。我認為，當我們瞄準 PAR 時，我們會發現我們是一支真正雄心勃勃、雄心勃勃的團隊。坦白說，如果我們只是停留在自己的泳道上，我想我們都會對我們所取得的成就感到失望。

And so I think if you look at us three years to five years from now, I suspect that we'll be running the same playbook we've done in restaurants in the retail space as we've just started there and other adjacent categories where we truly are not the restaurant leader, but the dominant food service leader across many categories more.

因此，我認為，如果展望我們三到五年後，我懷疑我們將在零售領域的餐廳中採用與之前相同的策略，因為我們才剛剛起步，在其他相鄰類別中，我們實際上並不是餐廳的領導者，而是在更多類別中占主導地位的食品服務領導者。

And so, you and I have talked about my love of certain businesses like Roper and others. I think we want to do that, but we wanted to do that in a more industry specific manner because as I mentioned on the call, I think what I've learned at PAR is that when you can integrate M&A and create true, revenue growth plus stickier customers, and that integration is really critical.

因此，您和我談到了我對某些企業（例如 Roper 等）的熱愛。我認為我們想這樣做，但我們希望以更針對行業的方式來做，因為正如我在電話中提到的，我認為我在 PAR 學到的是，當你能夠整合併購並創造真正的收入增長以及更粘性的客戶時，整合就真的至關重要。

I believe you actually deserve a higher multiple because ostensibly every acquisition actually makes your business better because it increases the lifetime value of an individual customer because whether they're more sticky or you can increase revenue, so on and so forth. And so I think that's the way that we think about it. And so I would love to create the next version of one of those businesses, but each vertical will be very, very integrated, like we've done at PAR because I think that's really served us well.

我相信你實際上應該得到更高的倍數，因為表面上每次收購實際上都會使你的業務變得更好，因為它增加了單個客戶的終身價值，因為無論他們是否更具粘性，或者你可以增加收入，等等。所以我認為這就是我們思考這個問題的方式。因此，我很想創建其中一個業務的下一個版本，但每個垂直領域都將非常非常整合，就像我們在 PAR 所做的那樣，因為我認為這確實對我們有好處。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you. Particular congratulations on the Mr. Pickles deal. So Savneet, I'm curious when we talk about the better together in the context of how the RFPs are coming into you. My assumption is the RFPs are typically around one specific area, and then through that process, you try to cross-sell or after that process, you try to cross-sell. Do you see a scenario where the RFPs graduate to a more mature thought around a broadened technology suite that really limits the potential to you as the provider?

謝謝。特別恭喜與 Pickles 先生達成的交易。所以 Savneet，我很好奇，當我們在 RFP 是如何進入你的背景下一起談論更好的事情時。我的假設是，RFP 通常圍繞一個特定領域，然後透過這個過程，您嘗試交叉銷售，或者在過程之後，您嘗試交叉銷售。您是否看到過這樣的情況：RFP 逐漸演變為圍繞擴展技術套件的更成熟的想法，而這實際上限制了您作為提供者的潛力？

That's an amazing question. The short answer is yes and yes. So RFPs come in, they're generally a single product in nature, and then we work to sort of introduce the other products and hopefully then convince them to do that. But the reason why I said your question is fantastic is, what you just described is what we're seeing happen today. The -- historically, the deals were, here's an Engagement deal, here's a POS deal, and today those are colliding into one. We actually are seeing more and more customers collapse.

這是一個令人驚奇的問題。簡短的回答是肯定的。因此，當 RFP 到來時，它們通常本質上是一種單一產品，然後我們會努力介紹其他產品，並希望說服他們這樣做。但我之所以說你的問題很棒，是因為你剛才所描述的正是我們今天所看到的情況。從歷史上看，這些交易是這樣的，這是一項參與交易，這是一項 POS 交易，而今天，它們融合成了一項交易。我們實際上看到越來越多的客戶倒閉。

The digital, which would be the digital side of restaurants historically has been the call to marketing and IT world. And the operational side would be the Operators in the IT world kind of merge into one buyer. And that has been really, really instructive in how we think about our own business and continuing to collapse and consolidate what we do internally. And so the short answer is, we push it the way you described. I believe the market is moving to the way where it will be combined offerings and actually saying, hey, I want these outcomes. Show me how your products get to these outcomes versus give me just a back office solution.

數位化，即餐廳的數位化方面，從歷史上看一直是行銷和 IT 領域的呼喚。而營運方面則是 IT 領域的營運商合併為一個買家。這對於我們如何思考自己的業務以及繼續整合和鞏固我們的內部業務確實具有非常大的啟發作用。簡而言之，我們按照您描述的方式推動它。我相信市場正在轉向組合產品的方式，實際上說，嘿，我想要這些結果。向我展示您的產品如何實現這些結果，而不是僅僅給我一個後台解決方案。

Gotcha. Just one question for clarity. You mentioned that 57% of your deals were multiproduct this quarter versus I believe you said 16%. Just a year ago, I just want to make sure I heard those numbers. To me, that's an amazing message if that's the case?

明白了。只要問一個問題，以便澄清。您提到本季 57% 的交易是多產品交易，而我記得您說的是 16%。就在一年前，我只是想確保我聽到了這些數字。對我來說，如果真是這樣，那真是一個令人驚奇的訊息？

So it's even better than that. So in the Operator Solution side, so we run the two separate business units, as you know. The Operator Solution side, 100% of deals have been multiproduct the last two quarters. That's just off the chart. On the Engagement side, we're up to 57% of new deals are multiproduct, up from 14%. So it's really, really been exciting. A lot of that's been driven by, we rebuilt the PAR Ordering product and that is now being attached into a meaningful amount of deals. So yes, it's -- that's why I sort of talked about it a lot on this call. It's -- and again, it's apropos to your prior question, right? Which is the market is kind of coming in that direction.

所以它甚至比那更好。因此，在營運商解決方案方面，我們經營兩個獨立的業務部門，如您所知。在營運商解決方案方面，過去兩季 100% 的交易都是多產品交易。這簡直超出了範圍。在參與度方面，我們的新交易中多產品交易的比例從 14% 上升至 57%。所以這真的非常令人興奮。這在很大程度上是由我們重建的 PAR 訂購產品所推動的，現在該產品已被附加到大量交易中。是的，這就是為什麼我在這次電話會議中多次談論它。這——再說一次，這與你之前的問題有關，對嗎？市場正朝這個方向發展。

Perfect. Thank you.

完美的。謝謝。

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

Yes. I was curious to know on the PAR OPS product, which is the amalgamation of the Data Central and Delaget, what was prior to the acquisition of Delaget, what was the ARR for a typical Data Central location?

是的。我很好奇地想知道 PAR OPS 產品（它是資料中心和 Delaget 的合併），在收購 Delaget 之前，典型資料中心位置的 ARR 是多少？

About $1,500 a year.

每年約 1,500 美元。

Okay. And then what's the -- what does that expand to if someone adds on a Delaget or is it just bundled in now?

好的。那麼如果有人加入了 Delaget，那會擴展到什麼程度呢？或者它現在只是捆綁在一起？

So Delaget has a couple of different modules. So it's anywhere from call it $500 up to $1,300, $1,400 depending on all three modules or just one.

所以 Delaget 有幾個不同的模組。因此，價格從 500 美元到 1,300 美元、1,400 美元不等，具體取決於所有三個模組還是僅一個模組。

Got it. And then a question regarding the hardware. Was there any evidence of people pulling ahead orders in Q1 and anticipation of potential tariff related inflation?

知道了。然後是關於硬體的一個問題。有沒有證據表明人們在第一季提前下訂單並預期可能出現與關稅相關的通貨膨脹？

We see that in Q2. So we did see some of that happen in Q2. So we think Q2 will be strong from a hardware perspective. But it's -- hardware, as Bryan mentioned, is 20%-ish of our business now. And so we don't look at that as having tremendous impact quarter-to-quarter. I think that's the beauty of it, which is the tariffs while scary for some, we feel are going to manage it really well. And real -- I think the team did such a good job during COVID that we've really got redundant supply chains, very little exposure to China.

我們在第二季度看到了這一點。因此，我們確實看到第二季發生了一些這樣的情況。因此，我們認為從硬體角度來看，第二季將會表現強勁。但正如 Bryan 所提到的，硬體目前占我們業務的 20% 左右。因此，我們認為這不會對季度環比產生巨大影響。我認為這就是它的美妙之處，儘管關稅讓一些人感到害怕，但我們覺得能夠很好地管理它。事實上——我認為團隊在新冠疫情期間做得非常好，我們的供應鏈確實冗餘，很少受到中國的影響。

And so we have seen some of that. I think we'll see maybe a little more throughout this quarter, but I think we expect the hardware to continue to be strong for at least Q2 and hopefully the rest of the year. But we haven't -- I don't think me and Bryan have yet seen orders getting pushed out because of hardware costs and I think that the result of that is because we've been able to avoid the China tariff.

我們已經看到了一些這樣的情況。我認為我們可能會在本季度看到更多，但我認為我們預計硬體至少在第二季度會繼續保持強勁，並希望在今年剩餘時間內保持強勁。但我們沒有——我認為我和布萊恩還沒有看到訂單因為硬體成本而被推遲，我認為結果是因為我們能夠避免中國關稅。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) Adam Wyden, ADW Capital.

（操作員指示） Adam Wyden，ADW Capital。

Hey. Thanks, guys, for taking my question. On this -- I know you guys talked about the rebasing of the ARR of about, I guess, it was like $3.5 million for constant currency. Can you talk about what the effect on EBITDA was in the quarter and what the actual effect on revenue was? Because it looks like you would have made a lot more EBITDA and a lot more revenue on a constant currency basis. And then as you sort of expect, like you're going to have higher incremental margins going forward as the other businesses are sort of growing, sort of going forward. Can you just talk a little bit about that?

嘿。謝謝大家回答我的問題。關於這一點——我知道你們談到了 ARR 的重新調整，我猜，按照固定匯率計算，大約是 350 萬美元。您能談談本季對 EBITDA 的影響以及對營收的實際影響嗎？因為看起來，以固定匯率計算，你的 EBITDA 和收入會大幅增加。然後，正如您所期望的那樣，隨著其他業務的不斷發展，您將獲得更高的增量利潤率。能稍微談一下這個嗎？

Yes. Good question, Adam. I think from an EBITDA standpoint or from a PAR revenue standpoint would have impacted probably about a $1 million from an FX exposure standpoint. And then you're roughly below that call $700,000 and change from an EBITDA there.

是的。問得好，亞當。我認為從 EBITDA 或 PAR 收入的角度來看，從外匯風險敞口的角度來看，這可能會產生約 100 萬美元的影響。然後你的 EBITDA 大約低於 70 萬美元。

Right, okay. Got it. Great. That's it.

好的，好的。知道了。偉大的。就是這樣。

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

謝謝。我目前沒有其他問題。現在我想請克里斯多福·伯恩斯作最後發言。

Well, thank you, Daniel, and thank you to everyone for joining us today. We look forward to updating you further in the coming weeks and days. Please have a great weekend and have a nice day.

好吧，謝謝你，丹尼爾，也謝謝大家今天加入我們。我們期待在未來幾週和幾天內為您提供進一步的更新資訊。祝您週末愉快，有個愉快的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。