PAR Technology Corp (PAR) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the PAR Technology fiscal year 2025 second-quarter financial results call. (Operator Instructions)

您好，感謝您的支持。歡迎參加PAR科技2025財年第二季財務業績電話會議。（操作員指示）

I would now like to turn the call over to your speaker for today, Chris Byrnes, Senior Vice President for IR and Business Development. please go ahead, Chris.

現在，我想將電話轉給今天的發言人，投資者關係和業務發展高級副總裁 Chris Byrnes。請繼續，Chris。

Thank you, Lisa. Good morning, everyone, and thank you for joining us today for PAR Technology's 2025 second quarter financial results call. 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.

謝謝你，麗莎。大家早安，感謝您今天參加 PAR Technology 2025 年第二季財務業績電話會議。今天早上，我們公佈了財務業績。您可以在我們網站 partech.com 的投資者關係頁面上找到收益報告，您也可以在該頁面上找到第二季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 the call this morning, 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.

在今天早上的電話會議中，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帳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。

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.

然而，實際結果會受到未來事件和不確定性的影響。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依賴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中包含的安全港聲明，並受其約束。

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，您可以透過我們網站投資者關係部分提供的連結重播。今天與我一起參加電話會議的還有 PAR 的執行長兼總裁 Savneet Singh；以及 PAR 的財務長 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. Thank you for joining us today. We reported $112.4 million in revenues in the quarter, an increase of 44% year-over-year. We also continue to expand our profitability. Adjusted EBITDA came in at $5.5 million. This number includes $450,000 of accounting charges for non-period deferred contract costs, which when further backed out, brings our EBITDA to $6 million for the quarter.

謝謝，克里斯，大家早安。感謝您今天加入我們。我們報告本季的營收為 1.124 億美元，年增 44%。我們也持續擴大獲利能力。調整後的 EBITDA 為 550 萬美元。這個數字包括 45 萬美元的非定期遞延合約成本會計費用，進一步扣除這些費用後，我們本季的 EBITDA 達到 600 萬美元。

Subscription services revenue increased by 60% in the quarter to $72 million from last year and 21% organic when compared to Q1 2024. We delivered ARR of approximately $287 million, up 49% year-over-year and achieved organic ARR growth of 16%, showing positive momentum across our platform as we just restarted our major rollout and are prepping for several multiproduct rollouts later this year and early 2026.

本季訂閱服務營收較去年同期成長 60%，達到 7,200 萬美元，與 2024 年第一季相比有機成長 21%。我們實現了約 2.87 億美元的 ARR，同比增長 49%，並實現了 16% 的有機 ARR 增長，這顯示出我們整個平台的積極勢頭，因為我們剛剛重新啟動了主要推廣活動，並正在為今年晚些時候和 2026 年初推出的幾款多產品做準備。

These results reflect the growing demand for unified technology in the food service industry and the better outcomes our solutions can deliver for brands. Now to dig into our business with further detail. Total Operator Cloud ARR ended at $119 million and grew 42% in the quarter, with organic growth of 13% when compared to the same period last year.

這些結果反映了食品服務業對統一技術日益增長的需求，以及我們的解決方案可以為品牌帶來的更好的結果。現在進一步深入了解我們的業務。營運商雲端 ARR 總額最終達到 1.19 億美元，本季成長 42%，與去年同期相比有機成長 13%。

This growth is slower than our historical trend due to the mid- quarter restart of BK, which only hit scale starting in June. Crucially, we have significant committed rollout visibility through Q4, which will markedly increase POS growth in the second half of the year. As we mentioned on last quarter's call, in Q2, we restart -- in Q2, we restarted the Burger King implementation of PAR POS and initiated the rollout of PAR OPS to their stores.

由於 BK 在季度中期重啟，這一成長速度低於我們的歷史趨勢，BK 從 6 月才開始達到規模。至關重要的是，我們在第四季度擁有顯著的承諾推出可見性，這將顯著增加下半年的 POS 成長。正如我們在上個季度的電話會議上提到的那樣，在第二季度，我們重新啟動了——在第二季度，我們重新啟動了漢堡王的 PAR POS 實施，並開始在其商店推出 PAR OPS。

We continue to receive very positive feedback from corporate and franchisee stakeholders alike, and this successful partnership was ultimately crucial to us also contracting with Popeyes Louisiana Kitchen with PAR OPS. Outside of Burger King, we're seeing strong mid-market traction with 17 new direct POS logos signed in Q2 alone, continuing the trend from last quarter.

我們不斷收到來自企業和特許經營商利益相關者的非常積極的反饋，這種成功的合作最終對我們與 Popeyes Louisiana Kitchen 和 PAR OPS 簽訂合約至關重要。除了漢堡王之外，我們還看到中端市場強勁成長，僅在第二季度就簽署了 17 個新的直接 POS 標識，延續了上一季的趨勢。

All of these deals were multiproduct, proving the strength of our product and better together value proposition versus up-and-coming point solution competitors or SMB providers trying to crack the enterprise. Our thesis that delivering outcomes of efficient operations and higher sales is playing out quickly in the mid-market and beginning to gain traction in the enterprise with proof points like PAR OPS and RBI.

所有這些交易都是多產品的，證明了我們產品的實力以及與試圖打入企業的新興點解決方案競爭對手或 SMB 提供者相比更好的價值主張。我們的論點是，實現高效營運和更高銷售額的成果正在中端市場迅速發揮作用，並開始在企業中獲得關注，例如 PAR OPS 和 RBI 等證明點。

Our back-office product suite, which we retitled from Data Central to PAR OPS earlier this year is proving to be one of the most exciting areas of innovation and growth at PAR. PAR OPS delivered a strong sales quarter with three new customer deals. We also kicked off our implementation with Popeyes Louisiana Kitchen and Burger King.

我們的後台產品套件於今年稍早從 Data Central 更名為 PAR OPS，事實證明這是 PAR 最令人興奮的創新和成長領域之一。PAR OPS 本季銷售表現強勁，獲得三家新客戶。我們也與 Popeyes Louisiana Kitchen 和漢堡王合作啟動了實施工作。

We believe that a key better together enhancement has been the addition of the Delaget product suite, which we believe will drive our flywheel with strong multiproduct adoption. As an example of this, Coach AI, our AI-powered intelligent assistant pulls real-time POS data, drive-through timer information and voice of the customer guest metrics to give in-store operators actionable intelligence to maximize efficiency. It is a clear enhancement of both the POS and back-office experience.

我們相信，Delaget 產品套件的加入是實現更好協同增強的關鍵，我們相信它將透過強大的多產品採用來推動我們的飛輪。舉例來說，我們的人工智慧助理 Coach AI 可以提取即時 POS 數據、免下車計時器資訊和顧客聲音指標，為店內營運商提供可操作的情報，從而最大限度地提高效率。這明顯增強了 POS 和後台體驗。

We're at the point where PAR OPS itself is becoming a hero product within the PAR portfolio that is capable of driving cross-sell. The PAR OPS product suite has a significant late-stage pipeline covering multiple existing and prospective Tier 1 and 2 customers, and we are trending towards both 2025 and 2026 being record years for this product line.

我們目前正處於這樣一個階段：PAR OPS 本身正在成為 PAR 產品組合中的明星產品，能夠推動交叉銷售。PAR OPS 產品套件擁有重要的後期產品線，涵蓋多個現有和潛在的一級和二級客戶，我們預計 2025 年和 2026 年將成為該產品線的創紀錄年份。

Separately, with respect to our TASK POS platform, we have aggressively repositioned our focus to pursue global Tier 1 deals and realize the value that the PAR umbrella brand brings to go-to-market efforts. We have gotten extremely compelling feedback from the biggest and fastest-growing brands that our TASK POS platform architecture is the best in the world for global brands pursuing international expansion.

另外，就我們的 TASK POS 平台而言，我們積極重新定位我們的重點，以尋求全球一級交易，並實現 PAR 傘品牌為市場推廣工作帶來的價值。我們從最大和發展最快的品牌那裡得到了極其有力的回饋，即我們的 TASK POS 平台架構對於追求國際擴張的全球品牌來說是世界上最好的。

Because of what we -- because of that, we've taken the important measure to add investment to this business while pausing projected rollouts to focus on building out the product for the slate of late-stage Tier 1 prospective customers. A recent example of TASK potential was the recent launch of Wingstop's inaugural store in Australia this past quarter.

正因為如此，我們採取了重要措施，增加對這項業務的投資，同時暫停預期的推出，專注於為後期一級潛在客戶打造產品。TASK 潛力的一個例子是 Wingstop 上個季度在澳洲開設的首家商店。

We believe the near-term trade-off of growth for product build-out will set PAR up for massive success in the future. We anticipate rolling out our accrued multimillion dollar backlog of tasks starting in Q1 2026. We believe our decision to run a double-pronged POS strategy with PAR POS for domestic brands and TASK for global brands will ensure we cover the maximum amount of enterprise concepts.

我們相信，短期內產品開發與成長之間的平衡將為 PAR 未來的巨大成功奠定基礎。我們預計將從 2026 年第一季開始推出累積的數百萬美元積壓任務。我們相信，我們決定採用雙管齊下的 POS 策略，針對國內品牌採用 PAR POS，針對全球品牌採用 TASK，這將確保我們涵蓋最大數量的企業概念。

There is no one-size-fits-all with point-of-sale software. And with our current portfolio, we cover both domestic and global enterprise QSR brands while also building a pathway toward continued expansion in other hospitality verticals. Now on to payments. In the second quarter, PAR's payment business started a major shift in operating model, moving from 99% card- present transactions to now accepting and selling card-not-present transactions with the cross-sell of our PAR wallet, ordering and retail solutions.

銷售點軟體沒有萬能的解決方案。我們目前的投資組合涵蓋了國內和全球企業 QSR 品牌，同時也為其他酒店垂直領域的持續擴張鋪平了道路。現在開始付款。在第二季度，PAR 的支付業務開始在營運模式上發生重大轉變，從 99% 的刷卡交易轉變為現在透過交叉銷售我們的 PAR 錢包、訂購和零售解決方案來接受和銷售無卡交易。

Due to the shift in timing around the attaching payments with PAR POS rollouts, we saw a slower-than-normal quarter in Q2. The second half of this year should return payments back to the growth as we've signed some significant 500-plus location card-not-present payment deals that we will announce very soon.

由於 PAR POS 推出附加付款的時間變化，我們看到第二季的表現低於正常水平。今年下半年支付業務應該會恢復成長，因為我們已經簽署了一些重要的 500 多個地點的無卡支付協議，我們將很快宣布這些協議。

We continue to see PAR payments as a key and strategic growth driver for PAR with a much larger and future TAM, given the addition of new sales channels and outlets. In short, Operator Cloud is uniquely positioned and hedged in the market to service both the dual me of revenue maximization and operational efficiency.

鑑於新銷售管道和網點的增加，我們繼續將 PAR 支付視為 PAR 的關鍵策略成長動力，其未來 TAM 將更大。簡而言之，營運商雲端在市場上具有獨特的定位和對沖功能，可以同時滿足收入最大化和營運效率的雙重需求。

While our business may not be consistent quarter-to-quarter, the 2025 pipeline keeps us very confident about the long-term growth with nearly $50 million in prospective ARR within just POS and back office. Further, our point-of-sale products have over $20 million of ARR tied to already contracted rollouts, giving high future visibility and confidence. It's important to note that the aforementioned pipeline number does not even include two mega Tier 1 deals we are pursuing.

雖然我們的業務可能每個季度都不一致，但 2025 年的銷售管道讓我們對長期成長充滿信心，僅在 POS 和後台部門，預期 ARR 就接近 5000 萬美元。此外，我們的銷售點產品擁有超過 2000 萬美元的 ARR，與已簽約的推廣相關，具有很高的未來可見度和信心。值得注意的是，上述管道數量甚至不包括我們正在追求的兩個大型一級交易。

Moving to the Engagement Cloud. In Q2, we continued to strengthen our market position, driven by a robust customer demand and strong strategic innovation. We exceeded internal targets with engagement ARR increasing 55%, including 18.5% organic growth compared to Q2 last year. For enterprise restaurants, the growth trajectory of digital engagement and loyalty programs significantly outpaced traditional sales channels.

轉向參與雲。在第二季度，在強勁的客戶需求和強大的策略創新的推動下，我們繼續鞏固我們的市場地位。我們超越了內部目標，參與度 ARR 成長了 55%，其中與去年第二季相比有機成長了 18.5%。對於企業餐廳而言，數位參與和忠誠度計畫的成長軌跡明顯超過了傳統銷售管道。

Despite broader industry headwinds and consumer spending, brands remain committed to enhancing their digital strategies with PAR's Punchh ordering and wallet platforms being key focus points of investment. In today's competitive market, where customer acquisition costs continue to rise, loyalty programs have shifted from optional extras to essential tools.

儘管面臨更廣泛的行業阻力和消費者支出，各大品牌仍致力於加強其數位策略，其中 PAR 的 Punchh 訂購和錢包平台是投資的重點。在當今競爭激烈的市場中，客戶獲取成本不斷上升，忠誠度計劃已從可選附加功能轉變為必不可少的工具。

They're critical not only for driving repeat business, but also for building lasting emotional connection with guests. Our platforms powered by a better together approach, uniquely position restaurants to capitalize on these opportunities and drive superior outcomes. As a result, we have begun winning multiproduct deals at an impressive rate.

它們不僅對於推動回頭業務至關重要，而且對於與客人建立持久的情感聯繫至關重要。我們的平台採用更好的合作方式，為餐廳提供獨特的優勢，使其能夠利用這些機會並取得卓越的成果。因此，我們開始以令人印象深刻的速度贏得多產品交易。

In Q2, we signed 10 new engagement mid-market and enterprise customer deals. 70% of these deals included multiple products, including Punchh, ordering and payments. Let me reiterate that point. 70% of our deals with Punchh now include a second product. When last year Q2, zero deals did this. This is an enormous change at PAR. Critical to this multiproduct evolution is the expansion of PAR ordering.

在第二季度，我們簽署了 10 份新的中型市場和企業客戶協議。其中 70% 的交易涉及多種產品，包括 Punchh、訂購和付款。讓我重申這一點。我們與 Punchh 的交易中 70% 都包含第二種產品。去年第二季度，沒有交易實現這一目標。這是 PAR 的一次巨大變化。對於這種多產品演變來說，PAR 訂購的擴展至關重要。

We closed six new ordering deals this quarter, demonstrating momentum and growing demand for our comprehensive offerings. What's particularly noteworthy is that 100% of new Q2 ordering deals were cross-sells into our existing base. What largely drove that trajectory change in the cross-sell within the Engagement Cloud was our launch of a new suite of products, PAR Engagement, which unifies four central pillars: marketing, ordering, loyalty and data into one integrated solution. Even more exciting than our recent wins is our product momentum.

本季我們完成了六筆新的訂購交易，顯示我們綜合產品的勢頭強勁且需求不斷增長。特別值得注意的是，第二季 100% 的新訂單交易都是對我們現有客戶的交叉銷售。推動 Engagement Cloud 中交叉銷售軌跡變化的主要因素是我們推出了一套新的產品——PAR Engagement，它將四大核心支柱：行銷、訂購、忠誠度和數據統一到一個整合解決方案中。比我們最近的勝利更令人興奮的是我們的產品勢頭。

The industry is ready to move beyond online ordering 1.0 and is actively seeking innovation. Our development team velocity underscores this. Storypoint commitments have doubled compared to last year, meaning we're now launching twice the product volume. The perfect example of this are the embedded AI-driven tools proven to boost check size via intelligent upsell and drive higher one-to-one personalization through Smart Segment Builder.

該行業已準備好超越線上訂購1.0，並正在積極尋求創新。我們的開發團隊的速度強調了這一點。Storypoint 的承諾量與去年相比增加了一倍，這意味著我們現在推出的產品數量是去年的兩倍。最完美的例子是嵌入式人工智慧驅動的工具，它被證明可以透過智慧追加銷售來增加支票金額，並透過智慧細分建構器推動更高的一對一個性化。

We feel that our ordering product is now best-in-class versus the legacy peers focused on driving cash flow returns versus product outcomes. Similar to Operator Cloud, Engagement Cloud ended the quarter with a pipeline of over $50 million, providing strong visibility for future growth.

我們認為，與專注於推動現金流回報而非產品成果的傳統同行相比，我們的訂購產品現在是一流的。與 Operator Cloud 類似，Engagement Cloud 本季結束時的銷售總額超過 5,000 萬美元，為未來成長提供了強勁的可預見性。

Now turning to PAR Retail. PAR Retail delivered another strong quarter and is quickly becoming the second pillar of our multi- vertical strategy. Our flywheel in convenience and fuel is starting to accelerate. In Q2, we secured four high-value enterprise wins. Historically, in the C-store industry, deals are chunky. In an average year, we would close two to four total.

現在轉向 PAR Retail。PAR Retail 又一個季度表現強勁，並迅速成為我們多垂直策略的第二大支柱。我們的便利性和燃料飛輪開始加速。在第二季度，我們獲得了四項高價值企業勝利。從歷史上看，便利商店行業的交易額很大。平均每年，我們總共完成兩到四筆交易。

Our speed this year highlights the growing trend amongst operators, a move towards consolidation with a single trusted technology partner. And we're building momentum and are actively engaged with eight more enterprise opportunities with the potential to close in the back half of this year. Additionally, this quarter, we completed the integration of our new self-checkout product, Skip.

我們今年的速度凸顯了營運商之間的成長趨勢，即與單一值得信賴的技術合作夥伴進行整合。我們正在累積力量，積極參與另外八個企業合作機會，這些機會有可能在今年下半年完成。此外，本季我們完成了新自助結帳產品 Skip 的整合。

This is adding an extremely healthy ARPU white space and tight synergy to drive better outcomes for our customers. Our largest customers are already in talks to expand their relationship with self-checkout. In comparison to restaurant, we see that while C-store deals move slower, they are highly strategic, long-term multiproduct relationships that drive massive future potential to higher ARPU and expand within the PAR ecosystem.

這增加了極其健康的 ARPU 空白空間和緊密的協同效應，從而為我們的客戶帶來更好的結果。我們最大的客戶已經在商談擴大與自助結帳的關係。與餐廳相比，我們發現雖然便利商店交易進展較慢，但它們是高度策略性的長期多產品關係，具有巨大的未來潛力，可以提高 ARPU 並在 PAR 生態系統內擴展。

Just as important as new customer wins in C-stores is the expansion among existing customers. A standout example is EG Group, one of the largest global forecourt operators. Since launching on PAR retail, EG has scaled significantly, currently performing at nearly 3 times its original program metrics. More importantly, they are now actively evaluating additional PAR products, including self-checkout to drive further operational efficiencies and open new revenue streams.

在便利商店中贏得新客戶與擴大現有客戶同樣重要。一個突出的例子是 EG 集團，它是全球最大的前院營運商之一。自從在 PAR 零售上推出以來，EG 規模顯著擴大，目前的表現幾乎是其原始計畫指標的 3 倍。更重要的是，他們現在正在積極評估其他 PAR 產品，包括自助結帳，以進一步提高營運效率並開闢新的收入來源。

This kind of expansion, combined with the momentum we have winning new logos, demonstrates the beginning of our long-term flywheel in the convenience and fuel industry. We are clearly viewing the potential of this industry to becoming a meaningful driver of PAR's growth overall.

這種擴張，加上我們贏得新標誌的勢頭，表明我們在便利商店和燃料行業長期飛輪的開始。我們清楚地看到了這個行業成為 PAR 整體成長的重要推動力的潛力。

Moving to hardware. We had a stronger-than-planned quarter in hardware revenues with an increase of 33.5%. Clearly, there are a number of our hardware customers who accelerated their purchase ahead of tariffs being assigned. The continued uncertainty around tariffs will increase volatility into global trade policies and supply chains. We will constantly evaluate the current environment, and we'll take the necessary steps to mitigate the impact on our business to the best of our ability.

轉向硬體。本季我們的硬體收入超出預期，成長了 33.5%。顯然，我們的許多硬體客戶在關稅下達之前就加速了採購。關稅的持續不確定性將加劇全球貿易政策和供應鏈的波動。我們將不斷評估當前環境，並採取必要措施盡最大努力減輕對我們業務的影響。

In summary, Q2 was a validation of PAR's platform strategy and market position. Q2 saw 27 new logos signed with PAR, of whom 19 were multiproduct. Across foodservice, we are seeing a definitive shift in buying behavior towards unified enterprise-grade solutions an environment in which PAR is uniquely well positioned as an industry leader.

總而言之，第二季度是對PAR平台策略和市場地位的驗證。第二季度，PAR 簽署了 27 個新標識，其中 19 個為多產品標識。在整個餐飲服務領域，我們看到購買行為明顯轉向統一的企業級解決方案，在這種環境下，PAR 佔據著獨特的行業領先地位。

While our quarter-to-quarter movements are never linear, our 2025 pipeline of new deals stands near $100 million, which gives us great confidence around long-term durable growth. What's more, we feel even more excited that when looking at pipeline, we exclude our largest deals from these accounts in order not to be over reliant on a deal or two, giving us even more confidence on our long-term potential.

雖然我們的季度變化趨勢並非直線性，但我們 2025 年的新交易額接近 1 億美元，這讓我們對長期可持續成長充滿信心。更重要的是，讓我們更加興奮的是，在考慮管道時，我們將最大的交易排除在這些帳戶之外，以免過度依賴一兩筆交易，這讓我們對長期潛力更有信心。

Bryan will now review the numbers in more detail, and I'll come back at the end. Bryan?

布萊恩現在將更詳細地審查這些數字，我會在最後再回來。布萊恩？

Thank you, Savneet, and good morning, everyone. In Q2, we continue to execute to our plan of driving organic growth across our products and the verticals we serve while also driving incremental bottom line improvement. Subscription services continue to fuel our organic growth and represented 64% of total Q2 revenue.

謝謝你，Savneet，大家早安。在第二季度，我們將繼續執行我們的計劃，推動我們產品和服務垂直領域的有機成長，同時推動利潤的逐步改善。訂閱服務繼續推動我們的自然成長，佔第二季總收入的 64%。

The growth from higher-margin revenue streams resulted in a consolidated non-GAAP gross margin of $59.3 million, an increase of $20.8 million or 54% compared to Q2 prior year. We managed the growth while continuing to drive efficient operating expenses. As a result, we reported $9.9 million improvement in adjusted EBITDA compared to Q2 prior year.

利潤率較高的收入流的增長使得合併非 GAAP 毛利率達到 5,930 萬美元，較去年同期第二季增加 2,080 萬美元，增幅達 54%。我們在控製成長的同時，繼續提高營運費用的效率。因此，我們報告的調整後 EBITDA 與去年同期第二季相比成長了 990 萬美元。

Now to the financial details. Total revenues were $112 million for Q2 2025, an increase of 44% compared to the same period in 2024, driven by subscription service revenue growth of 60%, inclusive of 21% organic growth. Net loss from continuing operations for the second quarter of 2025 was $21 million or $0.52 loss per share compared to a net loss from continuing operations of $24 million or $0.69 loss per share reported for the same period in 2024.

現在來談談財務細節。2025 年第二季總營收為 1.12 億美元，與 2024 年同期相比成長 44%，這得益於訂閱服務收入成長 60%，其中包括 21% 的有機成長。2025 年第二季持續經營淨虧損為 2,100 萬美元，即每股虧損 0.52 美元，而 2024 年同期持續經營淨虧損為 2,400 萬美元，即每股虧損 0.69 美元。

Non-GAAP net income for the second quarter of 2025 was approximately $1 million or $0.03 income per share, a significant improvement compared to a non-GAAP net loss of $8 million or $0.23 loss per share for the prior year. Adjusted EBITDA for the second quarter of 2025 was $5.5 million, an improvement of $9.9 million compared to the same period in 2024.

2025 年第二季非公認會計準則淨收入約為 100 萬美元或每股收益 0.03 美元，與上一年非公認會計準則淨虧損 800 萬美元或每股虧損 0.23 美元相比有顯著改善。2025 年第二季調整後 EBITDA 為 550 萬美元，較 2024 年同期成長 990 萬美元。

Sequentially, adjusted EBITDA improved by $1 million in the first quarter of 2025. Q2 adjusted EBITDA of $5.5 million included $450,000 of accounting charges for non-period deferred contract costs. Removing these non-period charges, adjusted EBITDA would have been $6 million. Now for more details on revenue. Subscription service revenue was reported at $72 million, an increase of $27 million or 60% from the $45 million reported in the prior year and now represents 64% of total PAR revenue.

2025 年第一季度，調整後的 EBITDA 環比成長 100 萬美元。第二季調整後的 EBITDA 為 550 萬美元，其中包括 45 萬美元的非定期遞延合約成本會計費用。扣除這些非期間費用後，調整後的 EBITDA 將達到 600 萬美元。現在來了解更多關於收入的細節。據報道，訂閱服務收入為 7,200 萬美元，比上一年的 4,500 萬美元增加了 2,700 萬美元（增幅 60%），佔 PAR 總收入的 64%。

Organic subscription service revenue grew 21% compared to prior year when excluding revenue from our trailing 12-month acquisitions. ARR exiting the quarter was $287 million, an increase of 49% from last year's Q2, with Engagement Cloud up 55% and Operator Cloud up 42%. Total organic ARR was up 16% year-over-year.

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 21%。本季末的 ARR 為 2.87 億美元，較去年第二季成長 49%，其中 Engagement Cloud 成長 55%，Operator Cloud 成長 42%。總有機 ARR 年成長 16%。

Hardware revenue in the quarter was $27 million, an increase of $7 million or 34% from the $20 million reported in the prior year. The increase was primarily driven by continued penetration of hardware attachment into our expanding software customer base. Professional service revenue was reported at $13.6 million, relatively unchanged from the $13.2 million reported in the prior year.

本季硬體營收為 2,700 萬美元，較上年同期的 2,000 萬美元增加 700 萬美元，增幅為 34%。這一成長主要得益於硬體附件不斷滲透到我們不斷擴大的軟體客戶群。專業服務收入為 1,360 萬美元，與上一年的 1,320 萬美元相比基本保持不變。

Now turning to margins. Gross margin was $51 million, an increase of $19 million or 59% from the $32 million reported in the prior year. The increase was driven by subscription services with gross margin dollars of $40 million, an increase of $16 million or 67% from the $24 million reported in the prior year.

現在轉向利潤。毛利為 5,100 萬美元，較上年的 3,200 萬美元增加 1,900 萬美元，增幅為 59%。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 2,400 萬美元增加了 1,600 萬美元，增幅為 67%。

GAAP subscription service margin for the quarter was 55.3% compared to 53.1% reported in Q2 of the prior year. Excluding the amortization of intangible assets, stock-based compensation and severance, total non- GAAP subscription services margin for Q2 2025 was 66.4%, consistent with the 66.4% for Q2 2024.

本季 GAAP 訂閱服務利潤率為 55.3%，去年同期第二季為 53.1%。不包括無形資產攤銷、股票薪酬和遣散費，2025 年第二季非 GAAP 訂閱服務總利潤率為 66.4%，與 2024 年第二季的 66.4% 一致。

Sequentially, the margin decrease from Q1's margin of 69% was primarily driven to favorable Q1 adjustments and Q2 product mix. We expect adjusted subscription service margin baseline to be between 66% and 67% for the second half of 2025. Hardware margin for the quarter was 27.3% versus 22.8% in the prior year.

相較於第一季 69% 的利潤率，利潤率的下降主要歸因於第一季的有利調整和第二季的產品組合。我們預計 2025 年下半年調整後的訂閱服務利潤率基線將在 66% 至 67% 之間。本季硬體利潤率為 27.3%，而去年同期為 22.8%。

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. We continue to monitor the uncertainties in light of continuing changes to global tariff policies, which may have adverse effects on our hardware revenue and hardware gross margin.

利潤率的同比提高主要得益於有利的產品組合以及費用的同比減少，因為我們將硬體相關的勞動力與組織優先事項進行了調整。鑑於全球關稅政策的持續變化，我們將繼續監控不確定性，這可能會對我們的硬體收入和硬體毛利率產生不利影響。

We are continuing to evaluate and implement mitigating actions, including potential supply chain resiliency movements and cost or pricing measures if needed as the tariff environment evolves. Professional service margin for the quarter was 28.7% compared to 27.5% reported in the prior year. Increase primarily consists of margin improvement from field operations and repair services, substantially driven by improved cost management and reduction in third-party spending.

我們正在繼續評估和實施緩解措施，包括隨著關稅環境的變化而採取的潛在供應鏈彈性措施和成本或定價措施（如有需要）。本季專業服務利潤率為 28.7%，去年同期為 27.5%。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 $2 million from the $10 million reported in the prior year. The increase was primarily driven by inorganic increases related to our acquisitions, while organic sales and marketing expenses increased $0.6 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，比前一年報告的 1,000 萬美元增加了 200 萬美元。這一成長主要得益於與收購相關的無機費用增加，而有機銷售和行銷費用則較去年增加了 60 萬美元。

GAAP G&A was $32 million, an increase of $6 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 increased by $1.5 million year-over-year, primarily due to certain noncash or nonrecurring expenses, of which $1.1 million are non- GAAP adjustments.

GAAP 一般及行政開支為 3,200 萬美元，較上年同期的 2,500 萬美元增加 600 萬美元。這一增長再次主要受到無機費用增加的推動，而有機 G&A 費用同比增加了 150 萬美元，這主要是由於某些非現金或非經常性費用，其中 110 萬美元是非 GAAP 調整。

GAAP R&D was $21 million, an increase of $5 million from the $16 million recorded in the prior year. The increase was primarily driven by inorganic expenses, while organic R&D expenses increased $2.1 million year-over-year. Operating expenses, excluding non-GAAP adjustments was $54 million, an increase of $11 million or 26% versus Q2 2024.

GAAP 研發費用為 2,100 萬美元，比去年的 1,600 萬美元增加了 500 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 210 萬美元。不包括非 GAAP 調整的營運費用為 5,400 萬美元，比 2024 年第二季增加 1,100 萬美元，增幅為 26%。

But when excluding inorganic growth, operating expenses only increased $2.4 million or 6%. The organic increases was primarily driven by a continued investment in R&D expense. Exiting Q2, non-GAAP OpEx as a percent of total revenue was 47.9%, a 680 basis points improvement from 54.7% in Q2 of the prior year as we continue to scale efficiently and demonstrate strong operating leverage.

但當排除無機成長時，營運費用僅增加了 240 萬美元，即 6%。有機成長主要得益於對研發費用的持續投資。截至第二季度，非 GAAP 營運支出佔總收入的百分比為 47.9%，較去年同期的 54.7% 提高了 680 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 June 30, 2025, we had cash and cash equivalents of $85 million and short-term investments of $0.6 million. For the six months ended June 30, cash used in operating activities from continuing operations was $24 million versus $33 million for the prior year. Q2 cash used in operating activities of $6.6 million improved noticeably from Q1.

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 6 月 30 日，我們的現金和現金等價物為 8,500 萬美元，短期投資為 60 萬美元。截至 6 月 30 日的六個月內，持續經營活動所用現金為 2,400 萬美元，而去年同期為 3,300 萬美元。第二季經營活動所用現金為 660 萬美元，較第一季有明顯改善。

We expect operating cash flow to continue to improve back to positive for the remainder of the year as we continue to drive incremental profitability and we reduce our net working capital needs. Cash used in investing activities was $8 million for the six months ended June 30 versus $73 million for the prior year.

我們預計，隨著我們繼續提高獲利能力並減少淨營運資本需求，今年剩餘時間內的營運現金流將繼續回升至正值。截至 6 月 30 日的六個月，投資活動所用的現金為 800 萬美元，而去年同期為 7,300 萬美元。

Investing activities included $4 million of net cash consideration in connection with the tuck-in acquisition of Go Skip and capital expenditures of $2 million for developed technology costs associated with our software platforms. Cash provided by financing activities was $11 million for the six months ended June 30 versus $192 million for the prior year.

投資活動包括與 Go Skip 收購相關的 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 200 萬美元資本支出。截至 6 月 30 日的六個月，融資活動提供的現金為 1,100 萬美元，去年同期為 1.92 億美元。

Financing activities primarily consisted of the net proceeds from the 2030 notes of $111 million, of which $94 million was utilized to repay the credit facility in full. As noted in our performance and remarks, we are pleased with the team's ability to continue to drive meaningful organic growth and incremental profitability while also making the appropriate investments for sustained growth as we move forward with the next phase of our transformation.

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。正如我們在業績和評論中所指出的，我們很高興看到團隊能夠繼續推動有意義的有機成長和增量獲利，同時在我們推進下一階段轉型的過程中為持續成長做出適當的投資。

Our focus on delivering best-of-breed products that truly provide exponential value when bundled together has allowed us to continue to build a healthy pipeline with both multiproduct opportunities as well as accelerated cross-sell penetration.

我們專注於提供捆綁在一起時真正提供指數級價值的最佳產品，這使我們能夠繼續建立健康的管道，既有多產品機會，又能加速交叉銷售滲透。

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

現在，我將把電話轉回給 Savneet，請他做結束語，然後再進入問答環節。

As we wrap up this morning, I want to talk about PAR's trajectory for the balance of the year. Our most significant growth potential continues to be in POS. It remains critical to restaurant operations, is one of our highest ARPU products, has incredibly sticky retention and is our best pathway for cross-selling.

在今天早上結束時，我想談談 PAR 今年剩餘時間的發展軌跡。我們最大的成長潛力仍然在 POS 領域。它對餐廳營運仍然至關重要，是我們 ARPU 最高的產品之一，具有令人難以置信的黏性保留率，也是我們交叉銷售的最佳途徑。

Despite this opportunity, the POS business has progressed slower than we initially forecasted for 2025. This delay impacts short-term revenue opportunities in POS and payments. Our win rates remain very high, but deal rollouts have been slower and deal signings of larger deals delayed, not lost.

儘管有這個機會，但 POS 業務的進展速度比我們最初預測的 2025 年要慢。這種延遲會影響 POS 和支付方面的短期收入機會。我們的成功率仍然很高，但交易推出的速度有所放緩，大型交易的簽署也推遲了，但並沒有失去。

Critically, while macroeconomic pressures impact the timing of adoption, they do not change the eventual need for the tech upgrades, given major recent changes in restaurant software. Legacy systems do not have the capacity to run AI-driven tools and in the battle for efficiency, the tech-forward concepts will always win the day. Said differently, the revenue will come just a little slower than expected.

至關重要的是，雖然宏觀經濟壓力會影響採用的時間，但考慮到餐廳軟體最近發生的重大變化，它們不會改變技術升級的最終需求。傳統系統不具備運作人工智慧驅動工具的能力，而在效率之戰中，技術前沿的概念總是會取得勝利。換句話說，收入成長速度將比預期慢一點。

And as I mentioned, our signed but not yet fully rolled out POS deals are worth over $20 million on their own today. These deals are already won, not in pipeline. We remain highly confident in our long-term growth prospects with the strongest sales pipeline we've seen in the past five years and the combination of PAR POS and TASK ensuring we have the largest POS TAM than we've ever had.

正如我所提到的，我們已簽署但尚未全面推出的 POS 交易本身價值超過 2000 萬美元。這些交易已經達成，尚未完成。我們對我們的長期成長前景仍然充滿信心，因為我們擁有過去五年來最強勁的銷售管道，而 PAR POS 和 TASK 的結合確保我們擁有比以往任何時候都最大的 POS TAM。

Currently, we have active advanced stage discussions with three top 20 restaurant brands, two of whom are global top 10 brands. Securing any one of these would significantly accelerate our growth trajectory alongside the $50 million operator pipeline I mentioned earlier. Even aside from these major POS opportunities, our business remains -- our business maintains a steady and reliable growth rate exceeding 15%.

目前，我們正與三個排名前20的餐飲品牌進行積極的後期洽談，其中兩個是全球排名前10的品牌。獲得其中任何一個都將顯著加速我們的成長軌跡，加上我之前提到的 5000 萬美元的營運商管道。即使除了這些主要的 POS 機會之外，我們的業務仍然保持著穩定可靠的成長率，超過 15%。

In short, just one or two Tier 1 POS deals will provide accelerated growth off that base for years to come, alongside the many multiproduct rollouts we have planned for later this year and 2026. So while we continue to target 20% growth in organic ARR as our North Star in everything we do, we expect this year to end in the mid-teens, driven by the slower POS and payment rollouts we've seen in the first half of this year.

簡而言之，只需一兩筆一級 POS 交易，加上我們計劃在今年稍後和 2026 年推出的眾多多產品，就能在未來幾年內加速成長。因此，雖然我們繼續將有機 ARR 成長 20% 作為我們所有工作的北極星，但我們預計今年的成長率將在 15% 左右，這是由於今年上半年 POS 和支付推廣速度較慢所致。

While the second half looks very strong and Burger King is rolling out as planned following the June ramp-up, the slower first half will make this target harder to achieve. There is certainly plenty of opportunity for us to claw back to our goal for the year, but we want to be prudent in setting expectations.

儘管下半年看起來非常強勁，漢堡王在 6 月成長後也按計劃開展業務，但上半年的放緩將使這一目標更難實現。我們當然有很多機會實現今年的目標，但我們希望謹慎地設定期望。

I wanted to close the call on a personal note. I've now been the CEO of PAR for over 6.5 years. I take tremendous pride in what we've accomplished, but also believe we are only as good as the future value we can create today. I know many of you have built a financial position in PAR, but have also taken a personal bet on me and our leadership team. We are reminded of this every day and are driven to deliver by the belief you have in us.

我想以個人的談話來結束這通通話。我擔任 PAR 執行長已經超過 6.5 年了。我為我們所取得的成就感到無比自豪，但我也相信，我們未來的價值取決於我們今天所能創造的價值。我知道你們中的許多人已經在 PAR 建立了財務地位，但也對我和我們的領導團隊下了個人賭注。我們每天都會想起這一點，而您對我們的信任會激勵我們實現這一目標。

We do not take this lightly. PAR is a representation of myself and the team I represent, and I take the responsibility as a pillar of not only my career, but my life. Our culture is one of relentless accountability, urgency and ownership. We treat your capital like it's our own. We know that every dollar we spend is yours, not ours, and never forget that. Above all, we believe there is one metric and one metric alone that matters, shareholder return over the long run, and we never lose sight of that responsibility.

我們對此十分重視。PAR 代表我自己和我所代表的團隊，我把這份責任不僅當作我職涯的支柱，也是我人生的支柱。我們的文化是堅持不懈的責任感、緊迫感和主人翁精神。我們對待您的資本就像對待我們自己的資本一樣。我們知道，我們花的每一美元都是你們的，而不是我們的，我們永遠不會忘記這一點。最重要的是，我們相信只有一個指標至關重要，那就是長期股東回報，我們永遠不會忘記這項責任。

We're a company built on the idea that nothing is given and everything is earned. We do not make decisions driven by quarterly results and always consider long-term value. Whether that's price increases, accelerating go-lives when you're leaving a multiproduct angle on the table or instituting taxes on third-party systems, there are ultimately always levers we choose not to pursue or pull because we do not believe in the trade-off.

我們公司的理念是：沒有什麼是給予的，一切都是爭取來的。我們不會根據季度業績做出決策，而是始終考慮長期價值。無論是價格上漲，還是在放棄多產品角度時加速上線，還是對第三方系統徵稅，最終總會有一些我們選擇不去追求或利用的手段，因為我們不相信這種權衡。

The long term must always win. We want to continue to partner with investors that believe in our long-term story and strategy. This is one of grit and seeing around corners, one of converting a legacy hardware business burning cash into a profitable enterprise software platform with a deep moat and flywheel.

長遠來看，勝利永遠是必然的。我們希望繼續與相信我們長期發展和策略的投資者合作。這是一種勇氣和遠見卓識，將一個燒錢的傳統硬體業務轉變為一個擁有深厚護城河和飛輪的盈利企業軟體平台。

We did this by biding our time for the right opportunities and striking when the window was right in the M&A markets and building products from long-term payoff perspective. There's a reason PAR is not focused on consolidating legacy companies focused on profit versus growth. It does not sync with our formula of best-in-class and better together.

我們透過等待合適的機會、在併購市場合適時出手以及從長期回報的角度打造產品來做到這一點。PAR 不專注於整合注重利潤而非成長的傳統公司是有原因的。它與我們追求一流和共同進步的理念不同步。

So let me be clear. Our foundation is strong, and our future path is certain. Whether by contracted future rollouts or late-stage Tier 1 pipeline, the future is bright. A game isn't decided by where it stands at half time, and we have a proven team of intense competitors at PAR that are geared up to maximize long-term value for shareholders. We treat this opportunity as it is the one that will define our legacy. That mindset has driven us for the last 6.5 years and will power us forward.

所以讓我說清楚。我們的基礎是牢固的，我們未來的道路是確定的。無論是透過合約約定的未來推廣或後期的一級管道，未來都是光明的。比賽的勝負並不取決於半場結束時的排名，我們在 PAR 擁有一支經驗豐富的激烈競爭隊伍，致力於為股東實現長期價值最大化。我們珍惜這次機會，因為它將定義我們的遺產。這種心態在過去的六年半中一直激勵著我們，並將繼續推動我們前進。

Thank you for taking a bet on PAR. We intend to continually preview right. Operator, please open the line for questions.

感謝您對 PAR 下注。我們打算繼續預覽。接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

Mayank Tandon, Needham.

梅揚克·坦登，尼德姆。

Thank you. Good morning, Savneet, Brian and Chris. I wanted to start, Savneet, with some of the comments you made towards the end of the call regarding the growth ramp. So just to be clear, given the BK rollout timing, it's nice to hear that it's back on track and some of the deals that are now go live, should we still expect subscription growth to reaccelerate from the first half?

謝謝。早安，Savneet、Brian 和 Chris。薩夫尼特，我想先談談您在通話結束時就增長坡度所發表的一些評論。因此，需要明確的是，考慮到 BK 推出的時間，很高興聽到它回到正軌並且一些交易已經上線，我們是否仍應預期訂閱增長將從上半年開始重新加速？

So any directional guidance you can provide on that would be helpful. And also any comments around what we should think about on the services and the hardware side, just so we have our models in a good spot.

因此，您提供的任何方向性指導都會有所幫助。還有任何關於我們在服務和硬體方面應該考慮什麼的評論，這樣我們的模型就會處於良好的位置。

Mike, this is Bryan. Thanks for the question. I'll take that first and then Savneet can finish it up. But in regards to the acceleration, yes, like when we talk about year-over-year growth and what Savneet was talking about at the end of the script there, is because of Q1 and Q2 slowing down because of the rollouts, we have that ripple effect as you go through Q3 and Q4 because it's still in your metric. Year-over-year growth is actually a lagging indicator.

麥克，這是布萊恩。謝謝你的提問。我先拿走它，然後 Savneet 可以完成它。但就加速而言，是的，就像我們談論同比增長時以及 Savneet 在腳本末尾所談論的那樣，這是因為 Q1 和 Q2 由於推出而放緩，當您經歷 Q3 和 Q4 時，我們會產生連鎖反應，因為它仍然在您的指標中。同比成長實際上是一個落後指標。

Incrementally, right, if you go from quarter-to-quarter, we're expecting now we're seeing accelerated growth incrementally from Q3 into Q4. So hopefully, that answers your question there, and I'll let Savneet answer your questions on the services and hard work.

逐步地，對的，如果逐季來看，我們預計從第三季到第四季度，我們將看到加速成長。希望這能回答您的問題，我會讓 Savneet 回答您關於服務和辛勤工作的問題。

Yes. So the back half looks very strong. It's more about -- we're starting from a lower error base than we expected. So getting to the 20% will be a little bit harder, but there are a lot of levers to do that. I just want to be prudent in setting expectations. And as you heard, we've got a ton of contracted revenue that just needs to get rolled out. And so it's more about when that hits and the timing of that.

是的。所以後半部分看起來非常強大。更重要的是──我們從比預期更低的錯誤基礎開始。因此，達到 20% 的目標會稍微困難一些，但有許多方法可以實現這一目標。我只是想謹慎地設定期望。正如您所聽到的，我們已經有大量的合約收入需要發放。因此，更重要的是何時發生以及發生的時間。

On the hardware side, we had a spike in Q2, we think -- we assume driven by the uncertainty around tariffs and some people pulling ahead. And so I expect hardware to come down in Q3 to sort of more traditional levels, same in Q4. If there's more aggressive tariff talk, you'll see a spike again because I think our customers clearly want to get ahead of that. But right now, I think we're at a point where there seems to be some stability in the buying cycle there.

在硬體方面，我們認為我們在第二季度出現了激增——我們認為這是由於關稅的不確定性和一些人的領先所致。因此我預期硬體價格在第三季會下降到更傳統的水平，第四季也是如此。如果有更激烈的關稅談判，你會再次看到價格飆升，因為我認為我們的客戶顯然​​希望搶得先機。但現在，我認為我們正處於購買週期似乎比較穩定的階段。

And on the services side, I think it will be consistent. You'll see some pickup just because we do have, as Bryan mentioned, incremental revenue growth is -- dollar revenue growth in the second half of the year is much larger than the first half of the year. So you have more installs, more PS type work on that side.

在服務方面，我認為它將保持一致。你會看到一些回升，因為正如布萊恩所提到的那樣，我們確實有增量收入成長——下半年的美元收入成長遠高於上半年。因此，您在這方面擁有更多的安裝，更多的 PS 類型的工作。

Got it. That's helpful. And then as my follow-up, Savneet, again, great to hear about the multiproduct wins, the record number there. Could you maybe give us any thoughts around what are the scope and size of these deals relative to those single product deals? In other words, what is the ARPU uplift that you can typically capture from these type of wins?

知道了。這很有幫助。然後作為我的後續提問，Savneet，很高興再次聽到有關多種產品獲勝的消息，創下了紀錄。您能否告訴我們，相對於單一產品交易，這些交易的範圍和規模是怎麼樣的？換句話說，您通常可以從這些類型的勝利中獲得多少 ARPU 提升？

It's a great question. So when they come from the Operator Cloud, and I'll give you the average at the end, but when they come to the Operator Cloud, you're usually taking a POS deal that's anywhere from $2,400 to $3,000 a year, and you're adding another $1,600 of back office. And if it's payments, you're adding another $2,000 to $3,000 as well. So it is, call it, a 60% to doubling of the revenue base depending on which product has been attached. So it's very, very impactful.

這是一個很好的問題。因此，當它們來自運營商雲時，我會在最後給你一個平均值，但是當它們來到運營商雲時，你通常會接受每年 2,400 美元到 3,000 美元的 POS 交易，並且還要增加 1,600 美元的後台辦公費用。如果是付款，您還需要再增加 2,000 到 3,000 美元。因此，根據附加的產品，收入基礎可以增加 60% 甚至兩倍。所以它的影響非常非常大。

We had an example of a small chain we signed in Q1. It's about 100 stores. Normally, 100 stores picking us for POS will be, call it, ARPU per store of around $2,500. This client will be $700,000 or $800,000 a year customer, right? So paying us $7,000 or $8,000 because they hit the full product suite. And so it has a meaningful impact. That hasn't flown through our P&L yet. This has been a very new trend for us.

我們有一個在第一季簽約的小型連鎖店的例子。大約有100家商店。通常情況下，100 家商店選擇我們的 POS 系統，每家商店的 ARPU 約為 2,500 美元。這個客戶每年的收入將是 70 萬美元或 80 萬美元，對嗎？因此，他們向我們支付 7,000 美元或 8,000 美元，因為他們購買了全套產品。因此它具有重大影響。這還沒有體現在我們的損益表中。這對我們來說是一個非常新的趨勢。

On the Engagement Cloud, it's a little bit smaller. The average loyalty customer is, call it, anywhere from $80 to $100 a month, sometimes a little bit bigger than that and growing, obviously. And when they add ordering, it's around the same, depending on which modules they pick. So it's a doubling on that side. So it is a really, really meaningful impact to the P&L and again, something we're looking forward to having flow into the P&L at the end of this year and next year.

在 Engagement Cloud 上，它稍微小一點。忠誠客戶的平均消費金額在每月 80 至 100 美元之間，有時甚至更高，而且顯然還在增長。當他們添加排序時，它大致相同，取決於他們選擇的模組。所以那邊的數量加倍了。因此，這對損益表來說是一個非常非常有意義的影響，我們期待它在今年年底和明年流入損益表。

That's great. Thank you so much.

那太棒了。太感謝了。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Hey, thanks. So Savneet, you mentioned two mega Tier 1 deals that you're currently pursuing in the Operator Cloud. I know there are probably limitations on what you can say, but any more context on those, when decisions are potentially going to get made and what PAR solutions those brands might be considering? Is POS on the table for those considerations?

嘿，謝謝。那麼 Savneet，您提到了您目前正在運營商雲中追求的兩項大型一級交易。我知道您能說的可能有限，但您能否提供更多關於這些內容的背景信息，例如何時可能做出決策以及這些品牌可能正在考慮哪些 PAR 解決方案？POS 可否作為這些考量因素之一？

Yes, there are POS deals. Like I said three top 20 brands, two top 10 brands, all POS related and at least one of them, we hope to be multiproduct, maybe two. But -- so it's all POS driven. Timing on two of them we expect in 2025. One of them will be -- I'm expecting '26, the customer will say '25.

是的，有 POS 交易。就像我說的，三個排名前 20 位的品牌，兩個排名前 10 位的品牌，都與 POS 相關，其中至少一個，我們希望是多產品的，也許是兩個。但是——這一切都是由 POS 驅動的。我們預計其中兩個項目將在 2025 年完成。其中之一是——我預計是‘26’，但客戶會說‘25’。

So they are big. But the bigger point, I think what we're making here is that by adding TASK to the PAR platform, we're now able to do these global deals that really are impacting our pipeline.

所以它們很大。但更重要的是，我認為我們在這裡要說的是，透過將 TASK 加入 PAR 平台，我們現在能夠進行真正影響我們管道的全球交易。

And so we stopped -- we've offensively stopped most TASK rollouts this year, again, muting our growth a bit for reinvesting aggressively in the TASK platform to not only have these deals, but have more of these global brands that historically we've not been able to participate in. So short answer is 2025 for 2, 2026 for one is our guess and all POS.

因此，我們停止了——我們今年主動停止了大多數 TASK 的推出，再次抑制了我們的成長，轉而積極投資於 TASK 平台，不僅是為了達成這些交易，而且還為了擁有更多我們過去無法參與的全球品牌。所以簡短的回答是，2025 年為 2，2026 年為 1，這是我們的猜測，並且全部為 POS。

And I just want to add one thing, Stephen, to that, I just want to make sure from the remarks that we had in the script, too, the amounts that we're talking about pipeline in there excluded these because we didn't want to kind of distort what we're talking about here. So we have a healthy pipeline across our products, across the verticals we're serving. And these are other additional actual jobs that are actually our focus for the long-term strategic growth.

史蒂芬，我只想補充一點，我只是想確保從我們在腳本中的評論來看，我們在其中討論的管道數量不包括這些，因為我們不想歪曲我們在這裡談論的內容。因此，我們的產品以及我們所服務的垂直行業都擁有健康的管道。這些是其他額外的實際工作，實際上是我們長期策略成長的重點。

Got it. Yes, that's helpful. And then just looking at the active sites between operator and engagement, it seemed like both were maybe down just a touch sequentially. I mean any context on that, what drove that?

知道了。是的，這很有幫助。然後，僅查看運營商和參與度之間的活躍站點，似乎兩者都可能連續下降了一點。我的意思是，這背後的任何背景是什麼？

Yes, absolutely. So on the Engagement side, you'll see a nice pickup in Q3. We're signing deals and so we start collecting revenue, but they haven't gone live yet. So it's just a timing issue on the Engagement side. I said the Engagement side had really, really strong ARR growth. And so you'll see the results flow into the next Q. So I'm super excited there.

是的，絕對是。因此，在參與度方面，你會看到第三季出現良好的回升。我們正在簽署協議，因此我們開始收取收入，但它們尚未上線。所以這只是參與的一個時間問題。我說過，參與度的 ARR 成長確實非常強勁。因此，您將看到結果流入下一個 Q。所以我非常興奮。

We had some smaller churn there that candidly was needed churn, nothing -- historical rates, nothing different than historical rates and obviously stuff that we think was good churn for us. On the Operator Cloud side, it's just the second half of the year, the sites get really rolling.

我們有一些較小的客戶流失，坦白說，這是必要的流失，沒有什麼——歷史利率，與歷史利率沒有什麼不同，顯然我們認為這些東西對我們來說是好的流失。在營運商雲端方面，現在只是下半年，網站才真正開始活躍起來。

In the first half, it was really due to the rollouts being delayed that caused that issue in regards to what we saw for growth rates year- over-year.

在上半年，確實是由於產品推出延遲導致了同比成長率出現問題。

Okay. Thank you.

好的。謝謝。

Andrew Harte, BTIG.

BTIG 的 Andrew Harte。

Hi, thanks for the question. Savneet, I really appreciate the comments on Better Together. It sounds like the multiproduct sales cycle really starts with POS. But I guess, can you talk about what are the most common add-ons? I think something you talked about in your prepared remarks was PAR OPS having really great momentum. Do you see that as cross-sell or an upsell or net new? Just help us understand the sales cycle starting with POS and then what you go with from there.

你好，謝謝你的提問。Savneet，我非常感謝您對“Better Together”的評論。聽起來多產品銷售週期其實是從 POS 開始的。但我想，您能談談最常見的附加元件有哪些嗎？我認為您在準備好的發言中談到了 PAR OPS 的發展勢頭非常強勁。您認為這是交叉銷售、追加銷售還是淨銷售？只需幫助我們了解從 POS 開始的銷售週期以及從那裡開始的操作。

That's a great question. So generally, in the Operator Cloud side, you're attaching payments and back office. Obviously, a lot of my commentary on the excitement of PAR OPS is because we sort of figured that bundle out really well, and it's always product related. Once we deliver product functionality, we're able to sort of build that pipeline up. So it's usually -- you're attaching one of those two there.

這是一個很好的問題。一般來說，在運營商雲端，您要連接付款和後台辦公室。顯然，我對 PAR OPS 的興奮之處有很多評論，是因為我們對捆綁產品有很好的理解，而且它總是與產品相關。一旦我們交付產品功能，我們就能建立該管道。因此通常 — — 您將其中一個附加在那裡。

On the Engagement side, it's really PAR Ordering. It's attaching our online ordering product, which is now really best-in-class and going to start taking real share. And so on that side, it's PAR Ordering. What I think is going to be more exciting in the coming years will be adding product three, four, five and six. That's what's next, and we're gearing up for that.

在參與方面，它實際上是 PAR 訂購。它附加了我們的線上訂購產品，該產品現在確實是一流的，並將開始佔據真正的市場份額。從那邊來看，這是 PAR 訂購。我認為未來幾年更令人興奮的是增加第三、四、五和六種產品。這就是下一步，我們正在為此做好準備。

And then I would love to hear your thoughts on the online ordering space, especially with the Olo deal announced a couple of months ago. It feels like PAR has a great opportunity to effectively compete in online ordering with MENU as an upsell as you just kind of talked about.

然後，我很想聽聽您對線上訂購領域的看法，尤其是幾個月前宣布的 Olo 交易。感覺 PAR 有很大機會在網上訂購方面進行有效競爭，就像您剛才談到的，透過 MENU 作為一種追加銷售。

So would love to hear your thoughts on the online ordering space. And then maybe just your continued appetite to probably do M&A. It sounds like there was another tuck-in this quarter as well.

所以很想聽聽您對網路訂購空間的看法。然後也許只是你繼續有興趣進行併購。聽起來本季還有另一次促銷活動。

So yes, absolutely. I mean PAR Ordering has been an incredible bright spot for the year. Our ability to -- our velocity of product is incredible there. We're shipping almost every few weeks. The confidence we have in being best-in-class there is just super high. What's been fun is that we've done this in stealth of night with a small team and now the results and the wins are there.

是的，絕對是。我的意思是 PAR 訂購是今年的一個令人難以置信的亮點。我們的能力－我們的產品速度令人難以置信。我們幾乎每隔幾週就會發貨。我們對於成為那裡的佼佼者有著極高的信心。有趣的是，我們與一個小團隊在夜間秘密地完成了這項工作，現在我們已經取得了成果和勝利。

And so we won six logos this quarter. I think we're going to have some great wins in Q3 and in Q4 -- and for the first time, we feel we're ready to go and start poaching the big guys. So PAR Ordering is in a really strong -- you can see just from the numbers of wins -- the deals we're winning. And what gives us a huge advantage here is that the integration of PAR Ordering within loyalty in particular, but also within POS and other parts of PAR, it gives us an advantage that we don't believe anybody can compete with.

因此我們本季贏得了六個標誌。我認為我們將在第三季和第四季取得一些重大勝利——而且我們第一次感覺到我們已經準備好開始挖走大公司了。因此，PAR Ordering 處於非常強勁的勢頭——您可以從中標數量中看出——我們正在贏得交易。在這裡為我們帶來巨大優勢的是，PAR 訂購系統與忠誠度的整合，以及與 POS 和 PAR 的其他部分的整合，這給了我們一種我們認為無人能與之競爭的優勢。

And so at that scale, where we have the largest loyalty business in the industry and attaching ordering to that, it is a better product. And so we expect a lot more to happen here. Now we're early, but we feel pretty good about it. The other thing I'd sort of add there is, I mentioned this in the script, but the growth in PAR Ordering is also pulling in future payments revenue.

因此，在這樣的規模下，我們擁有業內最大的忠誠度業務，並將訂購業務附加到其中，這是一個更好的產品。因此我們期待這裡會發生更多的事情。現在我們來得還早，但我們感覺非常好。我想補充的另一件事是，我在腳本中提到了這一點，但 PAR 訂購的成長也拉動了未來的支付收入。

And so that will be another lever that we think we'll get to later this year. And that's a very, very juicy revenue stream. So yes, I think we feel really good. The fact that we're releasing every quarter now the number of wins, we expect to have a bunch of new press releases coming out with wins in the second half of the year. And these are logos you'll recognize.

因此，我們認為這將是我們在今年稍後能夠實現的另一個槓桿。這是一個非常非常豐厚的收入來源。是的，我認為我們感覺非常好。事實上，我們現在每季都會發布獲勝次數，我們預計今年下半年將會發布一系列有關獲勝的新新聞稿。這些都是您認識的標誌。

And then, Andrew, just I think in your reference to make sure I clear up for you on the tuck-in acquisition, it was GoSkip you referenced the cash flow section, which was a tuck-in at the end of Q1, and that is in our retail vertical.

然後，安德魯，我想在您提到收購 GoSkip 時，為了確保我為您澄清有關收購事宜，您提到的現金流部分是在第一季末進行的收購，這屬於我們的零售垂直領域。

Thanks guys, I appreciate the color.

謝謝大家，我很欣賞這個顏色。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey guys, good morning. Thank you for taking the questions. I wanted to come back to the ARR growth. I heard you on where you're expecting to end the year as some of the pushouts. But it sounds like on an incremental basis, you are expecting some acceleration. And so I was just wondering if you could kind of go through the puts and takes, Burger King restarting, some things getting pushed out.

大家好，早安。感謝您回答這些問題。我想回到 ARR 成長。我聽說了你對今年年底將要發生的事情的預測。但聽起來，從增量角度來看，你預期會出現一些加速。所以我只是想知道您是否可以談談漢堡王重啟過程中的一些得失，以及一些產品被推遲的情況。

What does it sort of take? Or what's the line of sight? Do you have a sense for when we could see ARR growth kind of back in that 20% range? Like do we need to lap the first half of 2025 when things were going a little bit slower to kind of see the full acceleration? Or could we see it sooner?

這需要什麼？或是視線是什麼？您是否知道何時我們才能看到 ARR 成長率回到 20% 左右？例如，我們是否需要在 2025 年上半年，也就是事情進展得稍微慢一點的時候，才能看到全面加速？或者我們能更早看到它嗎？

The earliest you'd see it is Q4, but I think it will be a little bit after that. That's why I made the comments, although there's a lot of good stuff happening. So it's -- as you can see, the quarter-to-quarter is a little hard for us to forecast. The puts and takes are pretty simple. Burger King is going great. But from the baseline of ARR we're at now, we're -- even though we're going to add a bunch of ARR, probably what we hope to add because it's starting at a lower base, the comparison will look lower.

最早可以在第四季度看到它，但我認為會在那之後不久。這就是我發表評論的原因，儘管發生了很多好事。所以 — — 正如你所看到的，我們很難預測季度環比情況。投入和產出都非常簡單。漢堡王發展勢頭強勁。但從我們現在的 ARR 基準來看，即使我們要增加大量的 ARR，也可能是我們希望增加的，因為它是從較低的基數開始的，所以比較起來會看起來較低。

And so this is more about rollout we had planned that over $20 million of contract revenue going a little bit slower than we expected, and I think very much tied to the macroeconomic uncertainty where we saw people say, hey, let's push out the roll out a month or two. So still contracted, still guaranteed to pay PAR with the contract, but we need those deals to continue to accelerate. And so I think that's been the main headwind, if you will.

因此，這更多的是關於推出我們原計劃的超過 2000 萬美元的合約收入，但進展比我們預期的要慢一些，我認為這與宏觀經濟的不確定性有很大關係，我們看到人們說，嘿，讓我們把推出時間推遲一兩個月。因此仍然有合同，仍然保證透過合約支付 PAR，但我們需要這些交易繼續加速。所以我認為這就是主要的阻力，如果你願意的話。

The other one is our decision, which is purposeful to not take TASK revenue live and focus on these global Tier 1 deals. That was a nice chunk of revenue that we could have taken on, as I mentioned at the end of the script, like we could have done on a very short- term basis, but we decided to make the right -- we think the right thing so we can hopefully win one of these global Tier 1 deals and make that ROI there.

另一個是我們的決定，我們故意不將 TASK 收入用於實際運營，而是專注於這些全球一級交易。正如我在腳本結尾處提到的那樣，這是我們本來可以獲得的一大筆收入，就像我們可以在短期內完成的那樣，但我們決定做出正確的選擇——我們認為正確的事情，因此我們希望能夠贏得這些全球一級交易之一，並在那裡獲得投資回報。

And the last one I mentioned is that the multiproduct deals that we do they do slow down the single product sale. And we've continued to make the decision, which is the multiproduct is so powerful. The economics are so much better for our shareholders that we'll always do that. And so we'll get faster and faster at that, but they do slow down stuff a little bit.

我最後提到的一點是，我們進行的多種產品交易確實會減慢單一產品的銷售速度。我們一直在做這樣的決定：多產品功能非常強大。對我們的股東來說，經濟狀況好多了，所以我們會一直這樣做。因此，我們的速度會越來越快，但它們確實會稍微減慢速度。

Now to the part of like what could get us there, the rollout accelerations absolutely can come through, and we've seen those turn on a dime in the past, but we want to be careful, but those can absolutely come through. Number two is Delaget and the PAR OPS having a strong end of the year because Delaget becomes organic by the end of the year.

現在說到什麼可以讓我們實現這一目標，推出的加速度絕對可以實現，我們過去也看到過這些變化，但我們要小心，但這些絕對可以實現。第二，Delaget 和 PAR OPS 在年底表現強勁，因為 Delaget 在年底實現了有機成長。

And I think the third thing is the winning of these -- any one of these larger deals that are in the pipeline, we would hope to start billing in 2025. And so there are a number of levers that can get us there, but we want to be careful and not getting ahead of ourselves. So we're still shooting for it, but I wanted to be transparent of sort of like, hey, the first half because of the POS side became a little bit slower. And so we want to be careful.

我認為第三件事是贏得這些——任何一項正在進行的大型交易，我們都希望在 2025 年開始計費。因此，有很多手段可以幫助我們實現這一目標，但我們必須小心謹慎，不要操之過急。所以我們仍在努力，但我想坦誠地說，嘿，上半年由於 POS 方面的原因，速度變得有點慢了。所以我們要小心謹慎。

And what I'll just add to that, Savneet right and everything we just talked about there in regards from a business perspective. And I think, Will, what you're referencing is also the pure math of it. And you're right, when you're lapping in Q1 and Q2 of next year and over what happened in the first half of this year, the math goes in your favor at that point in time as well on top of what Savneet just laid out for you.

我還要補充的是，Savneet 說得對，我們剛才從商業角度討論的所有內容。威爾，我認為你所提到的也是純數學。你說得對，當你在明年 Q1 和 Q2 中回顧今年上半年發生的事情時，除了 Savneet 剛剛為你列出的之外，那個時間點的數學計算也對你有利。

Got it. That's very clear. And if I could just follow up on the TASK side at the risk of asking a potentially dumb question, like why can't you do both on this? So it seems like you're delaying kind of implementations of clients already signed to focus on like go-to- market and people that are not signed.

知道了。這非常清楚。如果我可以繼續跟進任務方面的問題，儘管可能會問出一個愚蠢的問題，例如為什麼你不能同時做這兩件事？因此，看起來您正在推遲已簽約客戶的實施，而將重點放在上市和尚未簽約的客戶身上。

So what's sort of the connection there? And like why is it you can implement some of the book while you're going after some of these newer opportunities?

那麼這其中存在著什麼樣的連結呢？為什麼在追求這些新機會的同時，你能夠實現書中的一些內容？

It's primarily debt capacity, right? When you're implementing a new deal, you're configuring there's a ton of work upfront. And so when you're winning a Tier 1 deal, you're doing a bunch of work in advance to win that deal. You're setting up the menus, the labs, the back end. And so it's a small team.

這主要是債務能力，對嗎？當你實施一項新交易時，你需要進行大量的前期配置工作。因此，當您贏得一級交易時，您會提前做大量工作來贏得該交易。您正在設定選單、實驗室和後端。所以這是一個小團隊。

And we made a decision to have those really unfortunately, tough conversations with customers and make those investments in the product. And so it's just about scaling up the team so that we can we can do both. To be honest, we didn't expect this to happen so fast. That's really the thing here. It's a wonderful problem, I guess, which is we didn't think this has come so quickly in these global deals.

我們決定與客戶進行這些非常不幸且艱難的對話，並對產品進行投資。因此，這只是擴大團隊規模，以便我們能夠同時完成這兩項任務。說實話，我們沒想到這件事會發生得這麼快。這確實是事實。我想，這是一個奇妙的問題，我們沒有想到這個問題在這些全球交易中出現得這麼快。

And as a result, we didn't have the team ready to do that. So we're adding more expense to grow that team. And then we just need to get the existing team to get hopefully crack on the Tier 1 deals. And then we'll go back and take that revenue live because I do think we'll still be able to roll out those deals, but we can't do both right now with the size of the team we have.

結果，我們的團隊還沒有準備好要做這件事。因此，我們增加了更多開支來擴大該團隊。然後我們只需要讓現有的團隊能夠成功達成一級交易。然後我們會回去把這些收入變為現實，因為我確實認為我們仍然能夠推出這些交易，但就我們現有的團隊規模而言，我們無法同時做到這兩點。

Okay. No, that's clear. I appreciate it. And at the risk of -- I'll take the liberty of maybe asking a quick one here. Are these like in- house to out-of-house conversions? Or are these like competitive situations? I'm sure they're competitive RFPs, but are they using an existing vendor? Or are these -- a lot of the industry on in-house technology?

好的。不，這很清楚。我很感激。並且冒險——我冒昧地在這裡問一個簡單的問題。這些就像是從內部到外部的轉換嗎？還是這些就像是競爭的情況？我確信他們的 RFP 很有競爭力，但他們是否使用現有的供應商？或者這些是──很多產業都採用內部技術？

Everyone is on some legacy products primarily. There are -- there is certainly -- in our Tier 1 pipeline, there are certainly in-house technology being used, but I want to be careful what I say there.

每個人主要都使用一些遺留產品。在我們的一級管道中，肯定使用了內部技術，但我要謹慎說話。

Okay, understood. Thanks for taking the question.

好的，明白了。感謝您回答這個問題。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi, good morning. Thanks for taking my questions. Maybe first, just stepping back, Savneet, like as we -- you mentioned macro a couple of times and you mentioned payments was maybe a little bit lower. Was that more related to what you've seen out of maybe some of the QSRs talking about like cross currents?

嗨，早安。感謝您回答我的問題。也許首先，退一步來說，Savneet，就像我們一樣 - 你幾次提到宏觀，你提到付款可能要低一點。這是否與您在某些 QSR 中看到的有關交叉電流的情況更相關？

And is that what impacted payments? Or was there something else that we need to know about there? And then I have a follow-up question as well.

這會影響付款嗎？或者我們還需要了解其他什麼資訊？然後我還有一個後續問題。

It's two things really. So one is POS going slower impacts payments because they're usually bundled together. So that's the big driver there. And the second is the point you mentioned, which is there's definitely a slowdown in sort of QSR. And so that's the second part. But the first part is the more important one for the first half so far.

這實際上是兩件事。一方面，POS 速度變慢會影響支付，因為它們通常是捆綁在一起的。這就是最大的驅動力。第二點就是您提到的，QSR 業務的成長肯定有所放緩。這就是第二部分。但就上半部而言，第一部分是最重要的部分。

Understood. And then if you think about like the record $100 million pipeline, obviously, it's very impressive. You guys are also bigger than ever. You have more product than ever. So is there a way to both weight that maybe relative to what you would have offered historically?

明白了。然後如果你想想創紀錄的 1 億美元管道，顯然，這是非常令人印象深刻的。你們也比以前更強大了。您擁有的產品比以往更多。那麼，有沒有辦法可以同時衡量與您過去提供的服務相關的價值呢？

Obviously, $100 million again is a big number. And then maybe related to that, of that $100 million, what -- like what would you look at maybe like the 12-month horizon looking like in terms of converting that from pipeline to bookings or revenue?

顯然，1億美元又是一個很大的數字。然後可能與此相關的是，對於這 1 億美元，您會如何看待將其從管道轉化為預訂或收入的 12 個月內的情況？

Yes. So let's say in a few ways. So I'll first thing, which is the -- that the pipeline doesn't include what's already contracted to roll out. So as I mentioned, on the POS side alone, there's $20 million that needs to be rolled out that's contracted already. I don't have it off hand, but there'll be big numbers for loyalty, retail so on and so forth. So you've got a lot of coverage just from what's already contracted out.

是的。那麼就讓我們從幾個方面來說吧。所以我首先要說的是——該管道並不包括已經簽約推出的內容。正如我所提到的，僅在 POS 方面，就需要支出 2000 萬美元，而且已經簽訂了合約。我目前還沒有這方面的數據，但在忠誠度、零售等方面肯定會有大量的數據。因此，僅從已經簽訂的合約中，您就獲得了許多保障。

Generally, when we look at pipeline, you're looking at what you can sign within the next 12 months and you're weighting it down over there. So it is a conservative view of our pipeline already because we want to make sure that they're there. So from a pipeline coverage perspective, so not only is the pipeline larger than it's ever been from a pipeline coverage perspective, i.e., coverage to hit your growth rates, it's also higher than we've had historically in the past. And the last thing, Bryan mentioned this, we've removed these sort of mega Tier 1 deals just because they make the pipeline looks almost too big. And so you've got that also as a nice tailwind.

一般來說，當我們考慮管道時，您會考慮未來 12 個月內可以簽署什麼，然後對其進行權衡。因此，我們對管道的看法已經很保守了，因為我們希望確保它們存在。因此，從管道覆蓋率的角度來看，不僅管道比以往任何時候都要大，即覆蓋率達到了您的成長率，而且它也比過去的歷史水平要高。最後，布萊恩提到了這一點，我們已經取消了這些大型一級交易，因為它們使得管道看起來太大了。因此，這也是一個很好的順風。

Great, appreciate the time as always, thank you.

太好了，一如既往地感謝您的時間，謝謝。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Good morning and thank you for taking my question. I wanted to double-click on your comments around the gross margin. I know some of the sequential -- the sequential decrease is due to some nonrecurring benefits in the first quarter. But as we think about that range of 66% to 67% in the back half of the year and

早上好，感謝您回答我的問題。我想雙擊您關於毛利率的評論。我知道一些連續的——連續的下降是由於第一季的一些非經常性收益。但當我們考慮到下半年 66% 到 67% 的區間時，

beyond, can you maybe talk about the puts and the takes, whether we could expect fourth quarter to be maybe a little higher, how we should think about '26 as well as the impact of payments and MENU, which have historically been diluted to subscription gross margin?

除此之外，您能否談談利弊，我們是否可以預期第四季度的業績可能會略高一些，我們應該如何看待 26 年以及支付和菜單的影響（這些因素歷來會被稀釋到訂閱毛利率中）？

Sure. I'll take this one. This is Bryan. Thanks for the question. You're correct, right? Part of the 69% and then sequential down, we referenced this, I think, in the Q1 call, right, about at least 1% of that, 100 basis points was due to some favorability one-timers in Q1 at 68%. And then the remainder of the majority is actually product mix of where the actual growth came from both ARR and subscription services revenue in Q2.

當然。我要這個。這是布萊恩。謝謝你的提問。你是對的，對吧？69% 的部分以及隨後的連續下降，我認為，我們在第一季度的電話會議上提到了這一點，對吧，其中至少有 1%，即 100 個基點，是由於第一季度的一些有利的一次性因素，達到 68%。其餘大部分實際上是產品組合，其中實際成長來自第二季的 ARR 和訂閱服務收入。

That mix is not going to change noticeably in Q3 and Q4. That's why the range that was given for Q2 and Q4. But our longer-term goal of getting it back up closer to 70% is still out there, right? It's just at that baseline where we're at right now with the mix. It's going be tough to get there. So that's why we want to manage your expectation there for both Q3 and Q4.

這種組合在第三季和第四季不會發生明顯變化。這就是為 Q2 和 Q4 給出的範圍的原因。但是我們的長期目標，讓它回到接近 70% 的水平，仍然能夠實現，對嗎？我們現在所處的混合狀態就處於基準。到達那裡將會非常艱難。這就是為什麼我們要管理您對第三季和第四季的期望。

Got it. Okay. And as a follow-up, I wanted to get your perspective on AI. First as a disruptive force to the industry. And then secondly, as an opportunity, not just externally as a means of -- as an opportunity to enhance your product set and value proposition to customers, but also as a means of improving your internal efficiency. So any perspective on that, I think, would be helpful.

知道了。好的。作為後續問題，我想了解您對人工智慧的看法。首先，它是該產業的一股顛覆性力量。其次，作為一種機會，不僅是一種外在手段──作為一種增強產品組合和顧客價值主張的機會，也是一種提高內部效率的手段。因此，我認為對此的任何觀點都會有所幫助。

Absolutely. I mean I think if you'd ask anybody, any employee at PAR, PAR is all in on AI. I think lots of people say that. I think we have focused on being execution-oriented there. So instead of sort of processizing about how amazing AI is going to be, we really break it down into projects and what we can deliver. Every department leader at PAR has to deliver a plan on AI and what is an AI- first version of their organization look like and then working backwards, how do we get there from where we are today.

絕對地。我的意思是，如果你問任何人，PAR 的任何員工，你會發現 PAR 全心投入 AI 。我想很多人都這麼說。我認為我們一直致力於以執行為導向。因此，我們不會去詳細闡述人工智慧將會有多麼神奇，而是將其分解成各個項目以及我們可以交付的內容。PAR 的每個部門領導都必須制定一份關於 AI 的計劃，並說明他們的組織的第一個版本的 AI 是什麼樣子，然後再逆向思考，我們如何從現在的狀況實現這一目標。

So we're seeing meaningful success right now in two areas, which would be on the development side, our development efficiency, our ability to not increase development headcount while still shipping more product than ever before is crystal clear, whether you measure in story points or you measure it as commits, you're seeing tremendous, tremendous acceleration of velocity over there.

因此，我們現在在兩個領域看到了有意義的成功，即在開發方面，我們的開發效率，我們在不增加開發人員數量的情況下仍然提供比以往更多的產品的能力，這一點非常明顯，無論您以故事點來衡量還是以提交來衡量，您都看到了巨大的速度加速。

And we are still not even halfway through what we want to get done on that side. The other part of the world we're seeing that is on support, where not only are we using tooling to make our teams better to understand types of calls, call volume, we're also building out our agents so that we can start answering in a more automated fashion. And we're there.

而我們在這方面想要完成的任務甚至還沒完成一半。我們看到的另一個領域是支持，我們不僅使用工具使我們的團隊更好地了解呼叫類型、呼叫量，我們還在建立我們的代理，以便我們能夠以更加自動化的方式開始應答。我們到了。

What's amazing about that, though, it has also become an amazing tool for our internal team. So our sales teams no longer need to figure out a complex configuration or track down a hardware piece. It's all done through an internal AI PAR agent. So those are the two big areas we see meaningful ability to control costs and cut costs.

然而，令人驚訝的是，它也成為了我們內部團隊的一個了不起的工具。因此我們的銷售團隊不再需要弄清楚複雜的配置或追蹤硬體零件。這一切都是透過內部 AI PAR 代理完成的。因此，我們認為這兩個大領域具有控製成本和削減成本的重大能力。

Where you'll see it going forward, and I think the more important part of AI for us will be delivery to our customers. At PAR, AI is built in. It's not bolted on. We're building it natively within our products because we control the workflow. And I think having the workflow is going to matter because we've got proprietary data, you're already in our products. And so our ability to connect your restaurant and your systems through AI is far better than somebody coming in from the outside.

您將看到它向前發展，我認為人工智慧對我們來說更重要的部分是交付給我們的客戶。在 PAR，AI 是內建的。它沒有用螺栓固定。由於我們控制工作流程，因此我們在我們的產品中原生建構它。我認為工作流程很重要，因為我們擁有專有數據，您已經在我們的產品中。因此，我們透過人工智慧連接您的餐廳和系統的能力遠遠優於外部人員。

And so I think we have an incredible advantage that we are looking to take advantage of. I mentioned on the call, one of our first products coming out later this quarter it's called Coach AI. And it's a great example of using AI to pull data across the POS, the back office, the drive-through to give actionable insights to the operators say, hey, hey, do this, cut this, what about this? It's becoming the agent for the store.

因此我認為我們擁有令人難以置信的優勢，我們正在努力利用。我在電話中提到，我們將於本季稍後推出的首批產品之一名為 Coach AI。這是利用人工智慧從 POS 機、後台辦公室和免下車取貨系統提取數據的絕佳示例，它能為操作員提供可操作的見解，例如，嘿，嘿，做這個，切這個，那這個怎麼樣？它正在成為該商店的代理。

These are really, really big changes to the Operator. And so that's where we're most excited. But we started on the internal because we believe that we have to be AI in the internal in order to be external to our customers.

對於操作員來說，這些都是非常非常大的改變。這就是我們最興奮的地方。但我們從內部開始，因為我們相信，我們必須在內部實現人工智慧，才能在外部服務我們的客戶。

Got it. Appreciate the color guys. Thank you.

知道了。欣賞這些色彩。謝謝。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yes. Just from a macro perspective, been seeing some headlines about lower foot traffic at QSR. Just curious to know if you've seen any lift in the Engagement Cloud pipeline that you could say was kind of tied to that where people are saying, okay, I've got to pull whatever levers are available to me.

是的。僅從宏觀角度來看，我看到一些關於 QSR 客流量下降的新聞頭條。我只是好奇地想知道，您是否看到過 Engagement Cloud 管道中的任何提升，您可以說這與人們說的「好吧，我必須利用一切可用的槓桿」有關。

Yes, absolutely. We're seeing a lot of strength in the Engagement side pipeline. So we'll see if that converts. What's been exciting is the Engagement side of the business has been growing without that, but we certainly see a lot more interest in loyalty. What's critical about that is that the loyalty engagements we have today, it's not about, okay, let me go send a bunch of discounts to get you to come back in the store.

是的，絕對是。我們看到參與方管道中存在著很大的優勢。因此我們將看看是否能夠實現轉換。令人興奮的是，儘管沒有這些，但業務的參與度方面仍在增長，但我們確實看到人們對忠誠度的興趣大大增加。至關重要的是，我們今天所推行的忠誠度計劃並不是說，好吧，讓我給你一堆折扣，讓你回到商店。

It's about building these personal connections. And why I love that is that it actually ingrain the loyalty in the workflow of the customer, the customer being you and I as a customer of that restaurant versus us always selling tools to the internal. And why that's powerful is that then you can then connect in PAR Ordering, PAR Wallets and do so much more.

這是為了建立這些個人聯繫。我喜歡它的原因是，它實際上將忠誠度根植於顧客的工作流程中，顧客就是你和我，作為那家餐廳的顧客，而不是我們總是向內部銷售工具。它之所以強大是因為您可以連接 PAR Ordering、PAR Wallets 並做更多的事情。

So the simple answer is absolutely, there's a lot more demand for engagement in a world where there is absolutely a lot of volatility and short-term volatility from the macroeconomics in the QSR and fast casual space. But I think the long-term trend here is going to continue because the value of these loyalty programs in good and bad markets is undeniable.

因此，簡單的答案是肯定的，在一個 QSR 和快餐休閒領域的宏觀經濟波動性和短期波動性絕對很大的世界裡，對參與的需求要大得多。但我認為長期趨勢將會持續下去，因為這些忠誠度計畫在好市場和壞市場中的價值是不可否認的。

Got it. Thank you.

知道了。謝謝。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you. Savneet, you had mentioned that the point-of-sale process was slow or sales process was slow. I'm curious how much is that driven by your actual focus on trying to sign multiproduct deals? Obviously, it's kind of a long-term gain for some short-term pain. I'm just curious how significant is that?

謝謝。Savneet，您曾提到銷售點流程很慢或銷售流程很慢。我很好奇，這在多大程度上是由於您真正專注於簽署多產品交易？顯然，這是一種以短期痛苦換取長期利益的做法。我只是好奇這有多重要？

So it's not significant, but it's 10% or 15%, there's some impact for sure because you're trying to bundle the second product. But I just want to be clear, it's not the sales side. It's getting the deals rolled out because when we roll out a deal, there's a CapEx for the restaurantur, usually the hardware and services. And so that's been slower than we expected.

所以這並不重要，但如果是 10% 或 15%，肯定會產生一些影響，因為您試圖捆綁第二種產品。但我只是想明確一點，這不是銷售方面的問題。它正在推出交易，因為當我們推出交易時，餐廳會產生資本支出，通常是硬體和服務。所以比我們預期的要慢。

And then some of the sales that have been slower. Again, all these deals will come in the door. I think the stuff might be tied to the multiproduct that you mentioned or just macroeconomic uncertainty. But what I think is most important to get is the -- it's not that the pipeline is just strong. It's actually the signed deals are there. They just got to get out the door.

還有一些銷售速度較慢。再次強調，所有這些交易都會實現。我認為這些可能與您提到的多產品或宏觀經濟不確定性有關。但我認為最重要的是——這並不是說管道本身就很強大。事實上，已經簽署的協議就在那裡。他們剛要出門。

And we have seen the acceleration of rollouts happen at the very end of Q2 in the last month.

我們看到，上個月第二季末，新產品的推出速度加快了。

Understand. And on your online ordering 2.0 thesis relative to 1.0, can you just talk about the metrics behind that, what you are seeing in terms of any of the improved metrics for the customers?

理解。關於您提出的相對於 1.0 的線上訂購 2.0 論點，您能否談談其背後的指標，以及您看到的客戶指標有哪些改進？

Generally, I think when you bundle as we've been doing on ordering within loyalty, you see an increase in a few areas. You see an increase in conversion, which is wildly important as I'm sure you're like me, there's tons of abandoned carts all over the Internet. You see an increase in basket size and then you see an increase in long-term customer value. I can come back to you with specifics on that.

總的來說，我認為，當您像我們在忠誠度訂購中所做的那樣進行捆綁時，您會看到一些領域的成長。您會看到轉換率提高，這非常重要，因為我相信您和我一樣，網路上有大量廢棄的購物車。您會看到購物籃規模增加，然後您會看到長期客戶價值增加。我可以向您詳細介紹此事。

It's probably too early, right, just because we've had this real sales the last, call it, six months. But that's what's been crazy, crazy, exciting. And I'll give you some examples that I think are just really neat. When you now use our online ordering products, upfront, you can say I have these three allergies, and the menu gets updated just a bit for you. Things like that, that we added so much functionality that we just think it's going to be hard for anyone to compete with us when you combine that loyalty data within the ordering suite.

現在可能還為時過早，因為我們在過去六個月內才有這樣的實際銷售量。但這就是瘋狂、瘋狂、令人興奮的事。我會給你舉一些我認為非常巧妙的例子。當您現在使用我們的線上訂購產品時，您可以提前說明我有這三種過敏症，菜單就會為您稍微更新一下。諸如此類的事情，我們添加瞭如此多的功能，我們認為當你將忠誠度數據與訂購套件結合時，任何人都很難與我們競爭。

Awesome, thank you.

太棒了，謝謝。

Adam Wyden, ABW Capital.

ABW Capital 的 Adam Wyden。

So you talked a little bit about TASK and 2 questions on TASK. One is you talked about a Q1 '26 rollout for TASK. And then you also talked about having to do, I guess, stuff for people in the pipeline. Is that affecting your gross margin? I mean even if there's not additional G&A or resources, I mean, are you spending additional money that's running through the P&L today with the idea that you're going to get this business?

所以您談了一點關於 TASK 的內容以及關於 TASK 的 2 個問題。一是您談到了 26 年第一季推出 TASK。然後你還談到了必須為管道中的人們做一些事情。這會影響你的毛利率嗎？我的意思是，即使沒有額外的一般及行政費用或資源，你是否會花費今天損益表中的額外資金，並認為你會獲得這項業務？

Correct. So we've increased the investment in TASK. It's not a singular rollout for TASK. We had a multimillion dollar backlog of TASK customers to roll out in 2025. We've pushed most of that to 2026 so that we can build out for these potential global Tier 1 deals that we're chasing.

正確的。因此我們增加了對TASK的投資。這並不是 TASK 的一次單獨推出。我們有價值數百萬美元的 TASK 客戶積壓訂單，需要在 2025 年推出。我們已將其中大部分推遲到 2026 年，以便我們能夠為我們正在追逐的這些潛在的全球一級交易做好準備。

And so the short answer is yes. But I just want to clear, it's not one deal. It's the backlog of deals we've already signed that needs to get out of the door.

所以簡短的回答是肯定的。但我只是想澄清一下，這不是一樁交易。我們已經簽署了積壓的協議，需要處理掉。

Got it. So you're hosting and piloting and spending money basically allowing basically the stuff that's already been signed on TASK and also the new stuff in the pipeline, you're also spending money with the hope that these guys take it on and they start billing. So that's obviously going to be affecting your gross margin on the TASK side now?

知道了。因此，您託管、試行並花錢，基本上允許已經在 TASK 上簽署的內容以及管道中的新內容，您也花錢希望這些人接受它並開始計費。那麼這顯然會影響您在 TASK 方面的毛利率嗎？

Yes. I look at it more at configuration, building integrations, things like that. The hosting is absolutely, but it's that other core R&D work that hits both the COGS line and the R&D line.

是的。我更專注於配置、建置整合等。託管絕對是，但其他核心研發工作既影響 COGS 線，也影響研發線。

Okay. And then you said $100 million, not including the super Tier 1. I mean, is there any way you can try and quantify what that could look like? Would it be a global deal? Would it be a singular market deal? I mean, is there any way you can sort of bracket that?

好的。然後你說 1 億美元，不包括超級一級。我的意思是，有什麼方法可以嘗試量化它看起來的樣子嗎？這會是一項全球性協議嗎？這會是一筆單一的市場交易嗎？我的意思是，有什麼方法可以將其括起來嗎？

Because I think you said that you would expect to hear two of them in '25 and in '26. Is there any sort of way you could attempt to quantify? I mean, obviously, that there's a probability element to it. But if, in fact, you did win one or two of those, how do you think about what those could be?

因為我認為您說過您希望在 1925 年和 1926 年聽到其中兩個。有什麼方法可以嘗試量化嗎？我的意思是，顯然這其中有機率因素。但如果你確實贏得了其中的一兩項，你會怎麼想呢？

They're very large. I mean the reason I don't put them in the pipeline is that they sway the pipeline numbers so significantly that I don't want the sales team getting lazy thinking we got plenty of coverage. The two of them are global deals. So they are not one country deal, they're global deals. And one of them is, call it, North America. And so -- but these deals would be up there with our largest or many multiples of our largest customer now.

它們非常大。我的意思是，我不把它們放入管道的原因是它們對管道數量的影響太大，我不希望銷售團隊因為認為我們已經獲得了足夠的覆蓋而變得懶惰。這兩個都是全球性交易。所以這不是一個國家的交易，而是全球交易。其中之一就是北美。所以——但這些交易將與我們目前最大的客戶的交易相當，或者是我們最大客戶的數倍。

Right. So it's not just a singular market. You would be getting like a geography; you get like in North America or you get the globe for two of these. So these things could be in theory, they could be very large. And then my other question is, obviously, the company has been acquisitive. You're seeing other people like DoorDash buy SevenRooms and Thoma Bravo buying Olo.

正確的。所以它不僅僅是一個單一的市場。您將獲得類似地理位置的資訊；您將獲得類似北美的信息，或者您將獲得全球資訊。因此從理論上來說，這些東西可能非常大。我的另一個問題是，顯然該公司一直在進行收購。您會看到其他人，例如 DoorDash 收購了 SevenRooms，Thoma Bravo 收購了 Olo。

I mean you've been the acquirer of choice and you've done a phenomenal job doing it. But I think now when I look at the stock where it is right now, I think you're trading at, I don't know, under 5 times ARR on 2026. I mean I have to sort of think about what the '26 ARR is. But I mean, you're trading at effectively a multiple that's likely lower than anything you're going to buy.

我的意思是，您一直是首選的收購者，而且您在這方面做得非常出色。但我認為現在當我查看股票的當前價格時，我認為你的交易價格低於 2026 年 ARR 的 5 倍。我的意思是我必須思考一下 '26 ARR 是什麼。但我的意思是，您實際交易的倍數可能低於您要購買的任何東西。

I mean, how do you think about sort of the delta between sort of what I would consider other vertical software companies like a Guidewire or a ServiceTitan or an Axon, which has a hardware and software component, even something like Agilysys.

我的意思是，您如何看待我認為的其他垂直軟體公司（例如 Guidewire、ServiceTitan 或 Axon，它們擁有硬體和軟體元件，甚至像 Agilysys 這樣的公司）之間的差異。

I mean, how do you think about sort of doing M&A with your multiple here? And I guess the question is, would you at this point consider being the acquiree -- because it feels like the market is not really appreciating sort of the value of this platform.

我的意思是，您如何考慮在這裡進行多元化併購？我想問題是，你現在是否會考慮成為被收購者——因為感覺市場並沒有真正認識到這個平台的價值。

So on the last part, we're for sale every day. And there's nothing that would prevent someone from coming into PAR at any time. And if it creates value for shareholders that we believe beats the long-term value, I think myself and the Board would be super supportive of that. And we've always said that. As I said in the script, we are highly aligned to you as a shareholder and care only about driving returns. So if that drives a return, it's always there.

所以在最後一部分，我們每天都在銷售。並且沒有什麼可以阻止某人隨時進入 PAR。如果我們認為它為股東創造的價值超過了長期價值，我認為我自己和董事會都會非常支持這一點。我們一直都是這麼說的。正如我在腳本中所說，我們與您作為股東高度一致，並且只關心推動回報。所以，如果這能帶來回報，它就永遠存在。

But nothing will stop that. Does it make it a lot more attractive? Of course, if our multiples are, it certainly makes us probably more attractive. But I think what makes us more attractive is our business has never been in a better position from a competitive standpoint, from a market standpoint. And so I think that's what should drive anyone's decision.

但沒有什麼能夠阻止這一點。這是否讓它變得更有吸引力？當然，如果我們的倍數是，那肯定會讓我們更有吸引力。但我認為，讓我們更具吸引力的是我們的業務從競爭角度和市場角度來看從未處於更好的地位。所以我認為這應該成為任何人做出決定的依據。

On your first point, we feel there's plenty of M&A to be done. Comparing us to Guidewire and these other major companies, yes, it obviously [pisses] me off I think we've got longer -- more growth and prospects in front of us. But I think at the same time, we are -- our M&A is relative to our category.

關於您的第一點，我們認為還有很多併購工作要做。將我們與 Guidewire 和其他大公司進行比較，是的，這顯然讓我感到不滿，但我認為我們還有更長的時間——更多的成長和前景。但我認為同時，我們的併購與我們的類別有關。

And so it's very hard for anyone that we want to acquire to argue that they deserve a higher multiple than PAR. And said differently, I think we would set the tone of valuation based off where we are trading. And sure, there are random things out there that are out of our range, but that's usually not the stuff that we want or we are chasing.

因此，我們想要收購的任何人都很難爭辯說他們應該獲得比 PAR 更高的倍數。換句話說，我認為我們會根據我們的交易情況來設定估值的基調。當然，有些東西超出了我們的範圍，但這些通常不是我們想要的或追求的東西。

We're looking for blocking and tackling products that we can integrate quickly, build AI on top of. We're not looking for the Silicon Valley start-up that has $500,000 of revenue and wants $0.5 billion of price. We're looking for pure enterprise software. And so to me, valuation is a relative game to the category you're looking to acquire. And in our category, we still feel very, really good.

我們正在尋找可以快速整合並在其上建立人工智慧的阻止和解決問題的產品。我們尋找的並不是擁有 50 萬美元收入並希望獲得 5 億美元價格的矽谷新創公司。我們正在尋找純企業軟體。所以對我來說，估值與你想要收購的類別是相關的。在我們的類別中，我們仍然感覺非常非常好。

Got it. So -- but I mean there -- I mean, I guess what I would say is like for the time being, because I think a lot of people on this call, I know you probably can't comment about Party A and all this stuff and proxies and this and that, but I think there was some expectation that you guys would look to do transformational M&A as you talked about in the past.

知道了。所以——但我的意思是——我的意思是，我想我會說，就目前而言，因為我認為這次電話會議上的很多人，我知道你可能無法評論甲方和所有這些東西、代理等等，但我認為有人期望你們會像過去談到的那樣，尋求進行轉型併購。

And so I think is it fair to assume that given where your cost of capital is, you're going to be doing primarily tuck-ins and not really big things. I mean is that sort of fair? I mean, because obviously, bigger things are -- have higher premiums and whatnot. I mean, is it fair to assume that your focus will be on tuck-in M&A, I mean, because these other things are trading at much higher multiples. I mean bigger assets trade at bigger multiples generally.

因此，我認為，考慮到你的資本成本，可以合理地假設，你將主要做一些小規模的業務，而不是真正大的事情。我的意思是這樣公平嗎？我的意思是，因為顯然，越大的東西，保費就越高等等。我的意思是，是否可以公平地假設你的重點將放在小型併購上，因為這些其他東西的交易倍數要高得多。我的意思是，資產規模越大，交易倍數通常就越大。

Yes. I mean, listen, I think we are not bidding for Olo. That's -- as I mentioned, PAR Ordering is doing great. While there's probably incredible synergies between our companies, we feel great where we are and our ability to take share. M&A for us, as I said to you many times, it's not as programmatic as it sounds. It's very opportunistic, and it's very product led.

是的。我的意思是，聽著，我認為我們不會競標 Olo。正如我所提到的，PAR 訂購情況非常好。雖然我們兩家公司之間可能存在著令人難以置信的協同效應，但我們對自己目前的狀況和佔據市場份額的能力感到非常滿意。對我們來說，併購，正如我多次向你們說過的，它並不像聽起來那麼具有程序性。這是非常機會主義的，並且非常以產品為主導。

Today, our pipeline is heavy focused on what you call tuck-in, I call them capabilities that will allow tremendous cross-sell. But there are still plenty of large assets that if we could buy them accretively, we would go after. And again, bigger assets trade for bigger multiples.

今天，我們的銷售管道主要集中在所謂的「tuck-in」上，我稱之為能夠實現大量交叉銷售的能力。但仍有大量大型資產，如果我們能夠透過增值方式購買，我們就會去買。再一次，更大的資產可以帶來更大的倍數交易。

But in our category, there are not things that are going to trade higher than us that are generally large because we set that time on valuation because, hey, if you went public as an example, you're going to trade lower than we trade because generally, we are the bigger platform, and we've got -- we present better metrics.

但在我們的類別中，沒有什麼公司的交易價格會比我們更高，因為我們在估值時設定了那個時間，因為，嘿，以你為例，如果你上市，你的交易價格會低於我們，因為一般來說，我們是更大的平台，我們有——我們提供更好的指標。

So again, it is hard to be precise because we're fishing in a pool that we kind of know everybody. And so I don't think the larger players in our space say, Oh, I expect to trade at Palantir multiple. They expect to trade at the multiples that our category trades at, and that's where we feel. So we still feel really good about the M&A pipeline, and I don't think that's going to change. But thank you for the call, Adam, and I'll pass it back to the operator.

所以，再次強調，很難做到準確，因為我們是在認識每個人的池塘裡釣魚。因此，我認為我們這個領域的大公司不會說，『哦，我希望以 Palantir 的倍數進行交易。他們期望以我們這個類別的交易倍數進行交易，這就是我們的感覺。因此，我們仍然對併購管道感到非常樂觀，我認為這不會改變。不過，感謝您的來電，亞當，我會將其轉回給接線生。

Thank you. This does conclude today's Q&A session. I would like to turn the call back over to Chris now for closing remarks.

謝謝。今天的問答環節到此結束。現在我想將電話轉回給克里斯，請他做最後發言。

Thanks, Lisa, and thanks to everyone for joining us today. We look forward to speaking and updating most of you in the coming days and weeks. Thank you and have a nice day.

謝謝，麗莎，也謝謝大家今天加入我們。我們期待在未來幾天和幾週內與你們大多數人進行交流並更新最新情況。謝謝您，祝您有愉快的一天。

This concludes today's conference call. You all may disconnect.

今天的電話會議到此結束。你們都可以斷開連線。