PAR Technology Corp (PAR) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 PAR Technology 2025 年第三季財務業績電話會議。（操作說明）

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

請注意，今天的會議正在錄影。現在我謹將會議交給今天的第一位發言人，投資者關係和業務發展高級副總裁克里斯·拜恩斯。請繼續。

Thank you, Elliot, and good afternoon, everyone. I'd like to thank you for joining us today for PAR Technologies 2025 Third Quarter Financial Results Call. Earlier today, 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 Q3 financial presentation as well as in our related Form 8-K furnished to the SEC. 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.

謝謝你，艾利奧特，大家下午好。感謝各位今天參加 PAR Technologies 2025 年第三季財務業績電話會議。今天早些時候，我們發布了財務業績報告。收益報告可在我們網站 partech.com 的投資者關係頁面上找到，您也可以在那裡找到第三季財務報告以及我們向美國證券交易委員會提交的相關 8-K 表格。在今天的電話會議中，我們將提及非GAAP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。

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.

有關這些項目的描述和時間安排，以及非GAAP指標與最可比較GAAP指標的調節表，請參閱我們的獲利報告。我還要提醒各位與會者，本次電話會議可能包含前瞻性陳述，這些陳述反映了管理階層基於目前可用數據的預期。

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 afternoon and in our annual and quarterly filings with the SEC. 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.

然而，實際結果會受到未來事件和不確定因素的影響。本次電話會議中有關預測或其他前瞻性陳述的信息，可作為參考，並受我們今天下午發布的盈利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所包含的安全港聲明的約束。最後，我想提醒大家，本次電話會議正在錄音，錄音將透過我們網站投資者關係部分的連結提供回放。

Joining me on the call today are PAR's CEO and President, Savneet Singh; and Brian Benard, PAR's Chief Financial Officer. 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?

今天與我一起參加電話會議的有 PAR 的執行長兼總裁 Savneet Singh；以及 PAR 的財務長 Brian Benard。現在我將把電話交給薩夫尼特，由他來作正式發言，之後將進行一般問答環節。薩夫尼特？

Good afternoon, everyone, and thanks for joining us. Q3 was another strong quarter for PAR, one that shows the progress we're making on all fronts: growth, profitability, and cash generation.

各位下午好，感謝各位的參與。第三季度對 PAR 來說又是強勁的一個季度，這表明我們在各個方面都取得了進展：成長、獲利能力和現金流。

We delivered $119 million in revenue, up 23% year over year, driven by software subscription and hardware revenue growth. Our adjusted EBITDA came in at $5.8 million. This number includes $800,000 of accounting adjustments for non-period costs, which, when further backed out, brings our adjusted EBITDA to $6.6 million, continuing a nice march upward in EBITDA and cash flow.

我們實現了 1.19 億美元的收入，年增 23%，這主要得益於軟體訂閱和硬體收入的成長。我們調整後的 EBITDA 為 580 萬美元。該數字包括 80 萬美元的非期間成本會計調整，進一步扣除後，我們的調整後 EBITDA 為 660 萬美元，EBITDA 和現金流繼續穩定成長。

Our commitment to a flat cost base also played out. Non-GAAP OpEx was 44% of revenue, down from 60% just 18 months ago. This result was driven by our commitment to improving our operating leverage and our ability to begin to realize the operational savings being driven by AI utilization internally.

我們堅持成本均衡的策略也得到了驗證。非GAAP營運支出佔收入的44%，低於18個月前的60%。這項成果的取得，得益於我們致力於提高營運槓桿，以及我們開始實現人工智慧在內部應用所帶來的營運成本節約。

Our ARR hit $298.4 million at the end of Q3, up 15% organically, reflecting steady execution across both sides of our platform. All told, ARR grew $12 million sequentially in Q3, and we expect that number to increase in Q4 to take us to our goals for the year.

第三季末，我們的年度經常性收入達到 2.984 億美元，自然成長 15%，反映出我們平台兩端業務的穩定發展。總的來說，第三季 ARR 將季增 1,200 萬美元，我們預計第四季這一數字將繼續成長，從而實現我們今年的目標。

Now, to dig into our business performance in the third quarter. Q3 was another quarter of solid execution for Operator Cloud. ARR increased 31% year over year, including 14% organic growth. In Q3, we proved we can scale large enterprise deployments, innovate with AI, and keep customer satisfaction high, all while maintaining a disciplined focus on expense management and pursuing additional multiple large Tier 1 opportunities.

現在，讓我們深入分析一下我們第三季的業務表現。第三季營運商雲端業務又是穩健的季度。ARR年增31%，其中有機成長14%。在第三季度，我們證明了我們能夠擴展大型企業部署規模，利用人工智慧進行創新，並保持較高的客戶滿意度，同時嚴格控制支出，並尋求更多大型一級供應商的機會。

Our POS business continues to perform exceptionally well. Our Burger King implementation cadence during the quarter accelerated dramatically with high efficiency, and we're pacing to meet Burger King's target for 2025, which then creates great visibility for 2026. Our OPS platform had a steady quarter as we ramped into Burger King and another large Tier 1 enterprise. The real story, though, in PAR OPS is the momentum in new launches and innovation.

我們的POS業務持續表現優異。本季度，我們漢堡王計畫的實施節奏顯著加快，效率很高，我們正朝著漢堡王 2025 年的目標穩步邁進，這將為 2026 年帶來極大的前景。隨著我們逐步拓展到漢堡王和另一家大型一級企業，我們的 OPS 平台在本季保持穩定成長。不過，PAR OPS 的真正亮點在於新產品發表和創新的勢頭。

We brought Coach AI to market, an AI-driven assistant that allows operators to prompt operational questions in natural language and get immediate answers from their data. This innovation comes from combining delegate and data center product suites, and we see cross-sell and upsell possibilities across our wider base.

我們推出了 Coach AI，這是一款人工智慧驅動的助手，它允許操作員用自然語言提出操作問題，並從他們的數據中立即獲得答案。這項創新源於將代理商和資料中心產品套件相結合，我們看到了在更廣泛的客戶群中進行交叉銷售和向上銷售的可能性。

We also launched AI chatbot support, helping users self-service faster and reduce support ticket volume, a meaningful productivity win. We expanded our international functionality and onboarded a Burger King franchisee in Canada across all sites, including French language functionality in Quebec, showcasing our ability to deliver for global customers. The PAR OPS operational groundwork and product expansion we put in place will pay off nicely in 2026 as we enter the year with a record backlog and customer commitments.

我們還推出了 AI 聊天機器人支援，幫助用戶更快地自助服務，減少支援工單數量，顯著提高了生產力。我們擴展了國際功能，並在加拿大所有門市引入了一家漢堡王特許經營商，包括魁北克的法語功能，展現了我們為全球客戶提供服務的能力。我們制定的 PAR OPS 營運基礎和產品擴展計畫將在 2026 年獲得豐厚的回報，因為在這一年裡，我們將擁有創紀錄的積壓訂單和客戶承諾。

Turning to TASK. As we mentioned last quarter, we pushed that rollout to next year in preparation for large RFP work. As we now move from RFP to actual development, our goal will be to maintain our launch schedule for next year with new customers while we begin our aggressive build schedule for this Tier 1 opportunity.

轉向任務。正如我們在上個季度提到的，為了準備大型 RFP 項目，我們將該計劃的推出推遲到了明年。隨著我們從 RFP 階段過渡到實際開發階段，我們的目標是在為這個一級項目啟動積極的生產計劃的同時，保持明年與新客戶的合作發布計劃。

That's a major validation of both product and team capability, and hopefully, we will have more to share publicly in time. What is crucial is that 2025 is proving to be the strongest bookings year in the history of the Operator Cloud segment, paving the way for years of sustained growth.

這充分證明了產品和團隊的能力，希望以後我們能與大家分享更多資訊。關鍵在於，2025 年將成為營運商雲端領域歷史上預訂量最高的一年，為多年的持續成長鋪平了道路。

On last quarter's call, I mentioned that we had $20 million in POS contract value that has not yet been rolled out. Our late-stage and weighted pipeline on PAR POS more than doubles this number again, ensuring a robust growth foundation for years to come.

在上個季度的電話會議上，我提到我們有價值 2000 萬美元的 POS 合約尚未推出。我們在 PAR POS 的後期和加權產品線數量是這個數字的兩倍多，確保了未來幾年強勁的成長基礎。

Now turning to the Engagement Cloud, which also had a strong Q3. Engagement Cloud ARR grew 16% from Q3 last year, including 15% organic growth. We continue to see real momentum and investment in digital engagement in the markets we serve, as brands look to connect more deeply with their guests.

接下來我們來看看互動雲，它在第三季也表現強勁。Engagement Cloud ARR 較去年第三季成長 16%，其中 15% 為自然成長。我們持續看到，在我們服務的市場中，品牌都在尋求與顧客建立更深的聯繫，因此數位互動方面的發展勢頭和投資也在不斷增強。

What's exciting is that, similar to last quarter, 70%-plus of new deals signed in the quarter were multiproduct, including loyalty ordering intake, showing that customers increasingly see the value in the full engagement ecosystem, not just one solution, but the whole connected platform, a single cockpit to manage your entire digital business. We also saw renewals and upsells for Punchh with 3 major Tier 1 brands, proving that our long-term partnerships continue to grow stronger over time.

令人興奮的是，與上個季度類似，本季簽署的新交易中有 70% 以上是多產品交易，包括忠誠度訂單，這表明客戶越來越重視完整的互動生態系統，而不僅僅是一個解決方案，而是整個互聯平台，一個可以管理整個數位業務的單一駕駛艙。我們還看到 Punchh 與 3 個主要的一級品牌進行了續約和追加銷售，這證明我們的長期合作夥伴關係隨著時間的推移而不斷加強。

On the innovation front, we launched new capabilities for the Engage for engagement in catering and games, both of which enhance the competitiveness of our solution and add real differentiation to our overall engagement platform.

在創新方面，我們為 Engage 推出了餐飲和遊戲互動方面的新功能，這兩項功能都增強了我們解決方案的競爭力，並為我們的整體互動平台增添了真正的差異化優勢。

Moving to PAR Ordering. I'm encouraged to report that this is our biggest win quarter for PAR Ordering to date, highlighted by six new customer wins, all upsells, and multiproduct deals, including a 400-plus location enterprise chain, a clear signal that our products are winning at scale. In the quarter, we were also able to sign two new customers that were previously using the largest online ordering provider in our space. We hope this creates a template to accelerate our growth in 2026, as PAR Ordering is not only a best-in-class platform now, but also an incredibly easy proof point of our Better Together thesis.

轉為按比例排序。令人鼓舞的是，這是我們迄今為止 PAR 訂購業務取得最大成功季度，亮點包括贏得六位新客戶，全部都是追加銷售和多產品交易，其中包括一家擁有 400 多個地點的企業連鎖店，這清楚地表明我們的產品正在大規模地取得成功。本季度，我們也成功簽約了兩家新客戶，他們之前一直使用我們領域內最大的線上訂購服務提供者的服務。我們希望這能為我們在 2026 年加速發展創造一個模板，因為 PAR Ordering 現在不僅是一流的平台，而且也是我們「攜手共進」理念的一個非常簡單的證明點。

Customers of Par ordering and Punchh, and POS can now update menus in one place, push changes to third-party delivery channels, and manage every aspect of their digital business from just one system. It's one of those few times in the enterprise software world where the demo just speaks for itself. Our solution for fuel and convenience stores, PAR retail, had a standout quarter, demonstrating what execution and innovation look like working together.

Par 訂購系統、Punchh 和 POS 系統的客戶現在可以在一個地方更新選單，將變更推送至第三方配送管道，並透過一個系統管理其數位業務的方方面面。在企業軟體領域，這種情況實屬罕見，演示本身就能說明一切。我們為加油站和便利商店提供的解決方案 PAR 零售在本季表現出色，充分展現了執行力和創新力相結合的效果。

In Q3, we hit key integration milestones and launched new features that are driving record engagement and customer success. We also added four new enterprise wins, including a successful Punchh to AT Retail migration in the quarter.

第三季度，我們實現了關鍵的整合里程碑，並推出了新功能，這些功能正在推動創紀錄的用戶參與度和客戶成功。本季我們也新增了四項企業級訂單，其中包含成功將 Punchh 移轉到 AT Retail。

It's important to note that, as we finalize the transitions from Punchh to PAR Retail, there's an opportunity for us to expand gross margins by taking out Punchh convenience store costs and taking up the price for moving customers to the more robust PAR retail platform.

值得注意的是，隨著我們最終完成從 Punchh 到 PAR Retail 的過渡，我們有機會透過扣除 Punchh 便利商店成本並承擔將客戶轉移到更強大的 PAR 零售平台的費用來擴大毛利率。

From a product perspective, we made Command Center smarter and more dynamic and introduced the messaging center and audience experts, making it easier for retailers to launch campaigns and analyze audience data in real time. And all of this hard work and achievement is working. Nearly every customer hit an all-time high in active program membership this quarter. So a great overall quarter for PAR Retail in which continues to lead in digital trade and engagement with strong customer results and clear momentum heading into 2026.

從產品角度來看，我們使指揮中心更加智慧、更加動態，並引入了訊息中心和受眾專家，使零售商能夠更輕鬆地發起行銷活動並即時分析受眾數據。所有這些努力和成就都得到了回報。本季幾乎所有客戶的活躍會員人數都創下了歷史新高。因此，PAR Retail 在本季整體表現出色，繼續在數位貿易和互動方面保持領先地位，客戶業績強勁，並朝著 2026 年邁出了清晰的步伐。

A few summary thoughts here before turning it over to Brian for a deep dive on our numbers. I briefly mentioned this earlier, but this quarter marks a major milestone in PAR's journey to redefine restaurant technology with the launch of PAR AI, our new intelligence layer built natively across the PAR platform. The first product in the suite, Coach AI, is now live and already transforming how operators manage their business. PAR AI is different. It's built in, not bolted on.

這裡先簡單總結一下，然後再交給布萊恩來深入分析我們的數據。我之前簡要提到過，本季標誌著 PAR 在重新定義餐飲科技的旅程中迎來了一個重要的里程碑，PAR AI 是我們建構在 PAR 平台原生之上的全新智慧層。該套件中的第一個產品 Coach AI 現已上線，並正在改變營運商管理業務的方式。PAR AI 則不同。它是內建的，不是螺栓固定的。

We've embedded AI intelligence directly into the operational workflow across POS, back office, loyalty, drive-through, and payments. This approach turns every PAR product into an active decision engine, creating a connected intelligent restaurant ecosystem, all pulling data from a clean pane of glass. Coach AI is our first step. It's an operational intelligence assistant that enables restaurant leaders to ask natural language questions and instantly surface live insights from POS, labor, and inventory data. No spreadsheets, no extra apps, no manual reporting.

我們已將人工智慧直接嵌入 POS、後台、會員、得來速和支付等營運工作流程中。這種方法將每個 PAR 產品變成一個主動決策引擎，創建一個互聯的智慧餐廳生態系統，所有數據都來自一個簡潔的介面。教練AI是我們的第一步。它是一款營運智慧助手，使餐廳管理者能夠提出自然語言問題，並立即從 POS、勞動力和庫存數據中獲得即時洞察。無需電子表格，無需額外應用程序，無需手動報告。

Importantly, it dramatically lowers the know-how required to be an operational expert, allowing more employees to engage with the product and, most importantly, saving brands hours of time. Early customers like Charter Foods have already eliminated the need for traditional BI tools and are realizing meaningful time savings and better decision-making.

重要的是，它大大降低了成為營運專家所需的專業知識，使更多員工能夠參與產品開發，最重要的是，為品牌節省了大量時間。像 Charter Foods 這樣的早期客戶不再需要傳統的 BI 工具，並且實現了顯著的時間節省和更好的決策。

What's next? Later this year, we'll introduce a marketing intelligence assistant with the PAR engagement platform, enabling marketers to instantly analyze campaign performance, loyalty data, and customer engagement metrics in real time. Imagine being able to build, segment, launch, and execute a promotional campaign all within a prompt-like interface.

接下來會發生什麼事？今年晚些時候，我們將推出一款與 PAR 互動平台配套的行銷智慧助手，使行銷人員能夠即時即時分析行銷活動成效、忠誠度數據和客戶互動指標。想像一下，你可以在一個類似提示符號的介面中完成創建、細分、啟動和執行促銷活動的所有步驟。

This is more than a product launch. It's a strategic shift to an AI-native future. As I've said before, it's not about building tools. It's about owning the workflows so that AI is in the places where we as users are actually living. This new foundation will fuel capabilities like ROI ranked operational recommendations, voice-enabled ordering, and real-time audience targeting, all designed to make restaurant operations faster, smarter, and more adaptive.

這不僅是一次產品發表會。這是向人工智慧原生未來的策略轉變。正如我之前所說，關鍵不在於開發工具。關鍵在於掌控工作流程，讓人工智慧融入我們使用者實際生活的各個層面。這項新基礎將推動 ROI 排名營運建議、語音訂餐和即時受眾定位等功能的發展，所有這些功能旨在使餐廳運作更快、更聰明、更具適應性。

As Gen AI becomes embedded in the fabric of enterprise software, we believe the platform strategy is quickly emerging as the key to long-term value. It's not just about building tools anymore. It's about building AI native workflows. Companies that act as platforms, not point solutions, are in the best position to win. Why?

隨著人工智慧逐漸融入企業軟體體系，我們認為平台策略正迅速成為實現長期價值的關鍵。這不只是製造工具的問題了。它旨在建立人工智慧原生工作流程。那些扮演平台角色而非提供單一解決方案的公司，最有希望贏得市場。為什麼？

Because they're integrated where work actually happens. That means deeper engagement, better data, and a natural fit for generative AI features that drive real, measurable impact. Moreover, by leveraging tooling and a tool set that you already understand, you lower the bar for training and adoption, a massive issue in today's early AI products. This is exactly where PAR shines. We don't just automate tasks.

因為它們融入了實際工作發生的環境。這意味著更深入的互動、更好的數據，以及與生成式人工智慧功能的完美契合，從而帶來真正可衡量的影響。此外，透過利用您已經了解的工具和工具集，您可以降低培訓和採用的門檻，這是當今早期人工智慧產品面臨的一大問題。這正是PAR的優勢所在。我們不僅僅是實現任務自動化。

We connect entire workflows across departments. While point solutions to stuck in silos, PAR brings teams together, streamlining operations, and enabling collaboration at scale. For restaurants, this isn't a nice-to-have. It's the foundation for running a smarter, faster, and more agile business. We feel deeply passionate that AI makes PAR stronger because it brings the value of better together to life faster and improves the ROI of doing more with PAR.

我們將跨部門的整個工作流程連結起來。PAR 並非針對各自為政的孤立問題提供單一解決方案，而是將團隊聚集在一起，簡化操作，並實現大規模協作。對餐廳來說，這可不是錦上添花。這是打造更智慧、更快捷、更靈活的企業的基礎。我們深信，人工智慧能夠增強 PAR 的實力，因為它能更快地將「攜手共進」的價值變為現實，並提高 PAR 的投資回報率。

We believe it helps take a deeper moat and also pulls more of the ecosystem our way. Bryan will now walk through our numbers. Bryan?

我們相信這有助於建構更深的護城河，也能將更多的生態系統吸引到我們這邊。接下來，布萊恩將逐一講解我們的數據。布萊恩？

Thank you, Savneet, and good afternoon, everyone. In Q3, we continue to execute our plan of driving organic growth across our products and the verticals we serve while also driving profit and cash flow improvement, all while ensuring the company has the right resources to execute with excellence on our large Tier 1 opportunities.

謝謝你，薩夫尼特，大家下午好。第三季度，我們繼續執行我們的計劃，推動我們產品和我們所服務的垂直領域的有機成長，同時推動利潤和現金流的改善，並確保公司擁有合適的資源，以卓越的方式執行我們的大型一級客戶機會。

Subscription services continued to fuel organic growth and represented 63% of total Q3 revenue. The growth from higher-margin revenue streams resulted in a consolidated non-GAAP gross margin of $57.5 million, an increase of $7.4 million or 15% compared to Q3 prior year. We managed the growth while continuing to drive efficient leverage of our operating expenses.

訂閱服務繼續推動內生成長，佔第三季總營收的 63%。來自高利潤收入來源的成長使得合併後的非GAAP毛利達到5,750萬美元，比上年同期成長740萬美元，成長率達15%。我們在實現成長的同時，繼續有效利用營運費用。

Now to the financial details. Total revenues were $119 million for Q3 2025, an increase of 23% compared to the same period in 2024. Driven by subscription service revenue growth of 25% and inclusive of 16% organic growth.

接下來是財務細節。2025 年第三季總營收為 1.19 億美元，比 2024 年同期成長 23%。受訂閱服務收入成長 25% 的推動，其中包括 16% 的內生成長。

Net loss from continuing operations for the third quarter of 2025 was $18 million, or $0.45 loss per share, compared to a net loss from continuing operations of $21 million, or $0.58 loss per share, reported for the same period in 2024.

2025 年第三季持續經營業務淨虧損為 1,800 萬美元，即每股虧損 0.45 美元，而 2024 年同期持續經營業務淨虧損為 2,100 萬美元，即每股虧損 0.58 美元。

Non-GAAP net income for the third quarter of 2025 was $2.5 million or $0.06 earnings per share, an improvement of $5.6 million compared to a non-GAAP net loss of $3.1 million or $0.09 loss per share for the prior year.

2025 年第三季非 GAAP 淨收入為 250 萬美元，即每股收益 0.06 美元，與去年同期非 GAAP 淨虧損 310 萬美元（即每股虧損 0.09 美元）相比，改善了 560 萬美元。

Adjusted EBITDA for the third quarter of 2025 was $5.8 million, an improvement of $3.4 million compared to the same period in 2024. Q3 adjusted EBITDA of $5.8 million included $0.8 million of accounting charges for non-period costs. Removing these non-period charges, adjusted EBITDA would have been $6.6 million and more indicative of our current normalized operating profit.

2025 年第三季調整後 EBITDA 為 580 萬美元，比 2024 年同期成長 340 萬美元。第三季調整後 EBITDA 為 580 萬美元，其中包括 80 萬美元的非期間成本會計費用。剔除這些非期間費用後，調整後的 EBITDA 為 660 萬美元，更能反映我們目前的正常營業利潤。

Now for more details on revenue. Subscription service revenue was reported at $75 million, an increase of $15 million or 25% from the $60 million reported in the prior year, and represents 63% of total PAR Revenue. Organic subscription service revenue grew 16% compared to the prior year, when excluding revenue from our trailing 12-month acquisitions.

接下來我們來詳細了解營收狀況。訂閱服務收入為 7,500 萬美元，比前一年報告的 6,000 萬美元增加了 1,500 萬美元，增幅達 25%，佔 PAR 總收入的 63%。剔除過去 12 個月收購帶來的收入，而有機訂閱服務收入比前一年成長了 16%。

ARR exiting the quarter was $298.4 million, an increase of 22% from last year's Q3, with Engagement Cloud up 16% and Operator Cloud up 31%. Total organic ARR was up 15% year over year. As stated in our Q2 earnings call, we expected incremental ARR growth to accelerate in the first half of the year to the second half.

本季末的 ARR 為 2.984 億美元，比去年第三季成長了 22%，其中 Engagement Cloud 成長了 16%，Operator Cloud 成長了 31%。總有機年經常性收入年增15%。正如我們在第二季財報電話會議上所述，我們預計上半年的增量 ARR 成長將加速至下半年。

During Q3, incremental ARR increased $12 million versus $5 million in Q2 when excluding the GhostSkip asset acquisition, signaling the return to stronger growth momentum, which we expect to continue in Q4. Our growth is being driven by both site growth and increased ARPU, reflecting the successful execution of our Better Together thesis, which is driving both multiproduct deals and cross-selling into our existing customer base.

第三季度，若不計入 GhostSkip 資產收購，新增 ARR 為 1,200 萬美元，而第二季為 500 萬美元，這表明成長勢頭將恢復強勁，我們預計這一勢頭將在第四季度繼續保持。我們的成長得益於網站成長和 ARPU 的提高，這反映了我們「攜手共進」理念的成功實施，該理念推動了多產品交易和向現有客戶群的交叉銷售。

Hardware revenue for the quarter was $30 million, an increase of $7 million or 32% from the $23 million reported in the prior year. The increase was driven by continued penetration of hardware attachment into our expanding software customer base and increased sales volume from customer demand that was pulled forward in advance of anticipated tariff impacts.

本季硬體收入為 3,000 萬美元，比去年同期報告的 2,300 萬美元增加了 700 萬美元，增幅達 32%。成長的驅動因素包括硬體附件持續滲透到我們不斷擴大的軟體客戶群中，以及客戶提前應對預期關稅影響而增加的銷售量。

Professional service revenue was reported at $14.5 million, relatively unchanged from the $14.2 million reported in the prior year.

專業服務收入為 1,450 萬美元，與上一年報告的 1,420 萬美元基本持平。

Now turning to margins. Gross margin was $49 million, an increase of $6 million or 14% from the $43 million reported in the prior year. The increase was driven by subscription services with gross margin dollars of $41 million, an increase of $8 million or 25% from the $33 million reported in the prior year. GAAP subscription service margin for the quarter was 55.3% and in line with the 55.3% reported in Q3 of the prior year.

現在來看邊距。毛利為 4,900 萬美元，比上年報告的 4,300 萬美元增加了 600 萬美元，增幅達 14%。成長主要得益於訂閱服務，其毛利為 4,100 萬美元，比前一年報告的 3,300 萬美元增加了 800 萬美元，增幅達 25%。本季 GAAP 訂閱服務利潤率為 55.3%，與去年同期第三季報告的 55.3% 持平。

Excluding the amortization of intangible assets, stock-based compensation, and severance, the non-GAAP subscription service margin for Q3 2025 was 66.2% compared to 66.8% in Q3 2024. The modest year-over-year decline was driven by the impact of a fixed profit contract that we acquired from one of our 2024 acquisitions.

不計入無形資產攤銷、股票選擇權費用和遣散費，2025 年第三季的非 GAAP 訂閱服務利潤率為 66.2%，而 2024 年第三季為 66.8%。年比小幅下降是由於我們從 2024 年收購的一家公司獲得的固定利潤合約的影響。

Excluding this contract, which is not reflective of core operational performance, non-GAAP subscription service margin was over 70% for the quarter, an improvement of 150 basis points versus the prior year. This contract is up for renegotiation in 2027, and we expect that the renewal process will provide an opportunity to improve the underlying economics. Hardware margin for the quarter was 17.8% versus 25.5% in the prior year. The decrease in margin year over year was substantially driven by increased supply chain costs resulting from recently implemented U.S. tariff policies.

剔除這份無法反映核心營運績效的合約後，本季度非GAAP訂閱服務利潤率超過70%，比上年同期提高了150個基點。該合約將於 2027 年重新談判，我們預計續約過程將提供改善基本經濟效益的機會。本季硬體利潤率為 17.8%，而上年同期為 25.5%。利潤率較去年同期下降的主要原因是近期美國實施的關稅政策導致供應鏈成本增加。

The company began implementing pricing adjustments during the quarter to mitigate the impact of tariffs in future periods. We expect hardware margins to return to the mid-20% range moving forward. Professional service margin for the quarter was 17.6% compared to 29.2% reported in the prior year. The decrease in margin year over year was primarily driven by a reclass of non-period costs from R&D and incentives offered on SaaS implementations to facilitate adoption of the recurring subscription revenue streams. We expect professional service margins to return to the mid-20% range going forward.

該公司在本季開始實施價格調整，以減輕關稅對未來期間的影響。我們預計未來硬體利潤率將回升至 20% 左右。本季專業服務利潤率為 17.6%，而去年同期為 29.2%。利潤率較去年同期下降的主要原因是研發方面的非期間成本重新分類，以及為促進採用經常性訂閱收入流而對 SaaS 實施提供的激勵措施。我們預計未來專業服務利潤率將回升至 20% 左右。

In regard to operating expenses, GAAP sales and marketing were $12.5 million, an increase of $2 million from the $10.5 million reported for the prior year. The increase was primarily driven by inorganic increases related to our acquisitions, while organic sales and marketing expenses increased by a modest $0.7 million year over year.

就營運費用而言，以美國通用會計準則計算的銷售和行銷費用為 1,250 萬美元，比前一年報告的 1,050 萬美元增加了 200 萬美元。這一成長主要由與收購相關的非內生成長推動，而內生銷售和行銷費用較去年同期僅小幅成長了 70 萬美元。

GAAP G&A was $31.7 million, an increase of $4 million from the $27.4 million reported in the prior year. The increase was substantially driven by certain noncash or nonrecurring expenses, of which $3.5 million are non-GAAP adjustments, while organic G&A, excluding non-GAAP adjustments, remained flat year over year. GAAP R&D was $19 million, an increase of $1 million from the $18 million recorded in the prior year.

GAAP 一般及行政費用為 3,170 萬美元，比前一年報告的 2,740 萬美元增加了 400 萬美元。該成長主要由某些非現金或非經常性支出推動，其中 350 萬美元為非 GAAP 調整，而不包括非 GAAP 調整的有機 G&A 同比保持不變。GAAP研發支出為1,900萬美元，比前一年記錄的1,800萬美元增加了100萬美元。

The increase was entirely driven by inorganic expenses, while organic R&D expenses actually decreased $0.2 million year over year. Operating expenses, excluding non-GAAP adjustments, were $52 million, an increase of $4 million or 8% versus Q3 2024. But when excluding inorganic growth, operating expenses were flat year over year.

這一成長完全是由非有機支出推動的，而有機研發支出實際上比去年同期減少了 20 萬美元。不包括非GAAP調整的營運費用為5,200萬美元，比2024年第三季增加了400萬美元，增幅為8%。但若不計入非內生成長，營運費用與上年持平。

Exiting Q3, non-GAAP OpEx as a percent of total revenue was 43.4%, a 590 basis point improvement from the 49.3% in Q3 of the prior year, demonstrating our ability to scale efficiently and drive operating leverage. Now, to provide information on the company's cash flow and balance sheet position.

截至第三季末，非GAAP營運支出佔總營收的43.4%，比去年同期的49.3%改善了590個基點，這顯示我們有能力有效地擴大規模並推動營運槓桿。現在，為大家提供公司現金流量和資產負債表狀況的相關資訊。

As of September 30, 2025, we had cash and cash equivalents of $92 million and short-term investments of $0.5 million. For the nine months ended September 30, cash used in operating activities from continuing operations was $15 million versus $24 million for the prior year.

截至 2025 年 9 月 30 日，我們擁有現金及現金等價物 9,200 萬美元及短期投資 50 萬美元。截至 9 月 30 日的九個月，持續經營活動所用現金為 1,500 萬美元，而上年同期為 2,400 萬美元。

Operating cash flow has steadily improved throughout the year as we continue to drive incremental profitability and reduce our net working capital needs. Q3 operating cash flow was positive, with the cash provided by operating activities of $8 million for the quarter. Cash used in investing activities was $11 million for the 9 months ended September 30, versus $178 million for the prior year.

隨著我們不斷提高獲利能力並減少淨營運資本需求，全年經營現金流穩步改善。第三季經營活動產生的現金流為正，當季經營活動產生的現金為 800 萬美元。截至 9 月 30 日的 9 個月內，投資活動所用的現金為 1,100 萬美元，而去年同期為 1.78 億美元。

Investing activities included $4 million of net cash consideration in connection with the tuck-in asset acquisition of Go Skip, capital expenditures of $3 million for fixed assets, and capital expenditures of $4 million for developed technologies associated with our software platforms. Cash provided by financing activities was $12 million for the 9 months ended September 30, versus $279 million for the prior year. 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.

投資活動包括：收購 Go Skip 的補充資產，淨現金對價 400 萬美元；固定資產資本支出 300 萬美元；以及與我們的軟體平台相關的已開發技術資本支出 400 萬美元。截至 9 月 30 日的 9 個月內，融資活動提供的現金為 1,200 萬美元，而去年同期為 2.79 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。

To recap, following a slower first half, Q3 marked a pivot to meaningful growth and continued incremental profitability for the second half of 2025. This momentum is evident across key financial metrics, $12 million or 17% annualized sequential ARR growth.

綜上所述，在經歷了較為緩慢的上半年之後，第三季標誌著公司實現了實質成長，並有望在 2025 年下半年繼續實現獲利成長。這一成長動能在關鍵財務指標上顯而易見，連續成長 1,200 萬美元或年化 ARR 成長 17%。

Non-GAAP subscription service gross margin percent improved 150 basis points from Q3 2024 when excluding the nonoperational impact of the aforementioned acquired fixed profit contract. Non-GAAP OpEx as a percent of total revenue improved 590 basis points from Q3 2024. Adjusted EBITDA improved $3.4 million from Q3 2024, and operating cash flows were a positive $8 million for the quarter. I will now turn the call back over to Savneet for closing remarks prior to moving to Q&A.

在剔除上述收購的固定利潤合約的非經營性影響後，非GAAP訂閱服務毛利率較2024年第三季提高了150個基點。非GAAP營運支出佔總收入的百分比較2024年第三季改善了590個基點。調整後 EBITDA 比 2024 年第三季增加了 340 萬美元，本季經營現金流為正 800 萬美元。現在我將把電話轉回給薩夫尼特，請他作總結發言，之後我們將進入問答環節。

Thanks, Bryan. In short, Q3 was a strong execution quarter, and we possess the scale, product, subscriber base, and financial strength to lead the enterprise foodservice technology category. What's in front of us is significant business opportunities with major Tier 1 deals, an aggressive acquisition strategy to deliver sustained additional inorganic growth, and a pointed AI product approach. Moreover, our growth into new large TAM industries continues to validate our PAR Advantage, and the investments we're making should bear fruit in years to come.

謝謝你，布萊恩。簡而言之，第三季執行力強勁，我們擁有規模、產品、使用者基礎和財務實力，足以引領企業餐飲服務技術領域。擺在我們面前的是龐大的商機，包括一級巨頭交易、積極的收購策略以實現持續的額外非內生成長，以及有針對性的人工智慧產品策略。此外，我們不斷拓展新的大型 TAM 產業，這持續驗證了我們的 PAR 優勢，我們所做的投資將在未來幾年內取得成果。

In 2025, we're on track to deliver nearly $450 million in revenue, approximately two-thirds of which is recurring SaaS.

到 2025 年，我們預計將實現近 4.5 億美元的收入，其中約三分之二是經常性 SaaS 收入。

We're also driving gross margin expansion, building a solid cross-sell and upsell motion, and seeing results across our global installed base of over 100,000 restaurants and retail stores. The long-term plan is for PAR to be the clear enterprise winner. First in restaurants, later with C-stores, and over time in the next vertical.

我們也在推動毛利率擴張，建立穩固的交叉銷售和向上銷售機制，並在我們遍布全球的超過 10 萬家餐廳和零售店的安裝基礎中看到了成效。長遠目標是讓 PAR 成為企業中的絕對贏家。首先是餐飲業，後來是便利商店，然後隨著時間的推移，擴展到下一個垂直領域。

Being the anned winner in this niche market creates a unique market dynamic that will warrant evaluation commensurate with others who've done similar work in different verticals. We are convinced that this foundation we have built has set PAR OPS to compete for and win the largest of Tier 1 restaurant technology deals in history.

在這個細分市場中脫穎而出，會形成一種獨特的市場動態，因此需要像在其他垂直領域做過類似工作的人一樣進行評估。我們堅信，我們所建立的這一基礎，使 PAR OPS 有能力參與競爭並贏得歷史上最大的頂級餐飲技術交易。

In the short run, our priorities remain clear. First, continue to grow ARR in the mid-teens organically or higher; second, execute on a unified better together product road map while building and commercializing new AI-driven functionality. Third, drive operating leverage and expand EBITDA. And fourth, close and announce large strategic Tier 1 deals to provide further visibility for long-term revenue growth. A critical aspect of our story now is revenue growth visibility.

短期內，我們的優先事項依然明確。首先，繼續保持 ARR 在 15% 或更高的有機成長；其次，在建構和商業化新的 AI 驅動功能的同時，執行統一的「攜手共進」產品路線圖。第三，提高經營槓桿，擴大 EBITDA。第四，完成並宣布大型策略性一級交易，以進一步提高長期收入成長的可見度。現在，我們故事的關鍵在於收入成長的可見性。

While especially operator cloud products rollouts can take time, given the in-store nature of the deployments, PAR has accrued a very sizable backlog, coupled with a late-stage Tier 1 pipeline. We have a very strong foundation to build off of. In other words, the short-run priorities I just mentioned are just our baseline. This is the minimum expectation I have of our team. Our mandate continues to be to leverage our existing business to pursue more aggressive, accretive, and creative M&A opportunities.

雖然營運商雲端產品的推出可能需要一些時間，但考慮到部署的店內性質，PAR 已經累積了非常龐大的積壓訂單，再加上後期一級管道。我們擁有非常堅實的基礎。換句話說，我剛才提到的短期優先事項只是我們的基準。這是我對我們團隊的最低要求。我們的使命仍然是利用現有業務，尋求更積極、更有增值性和創造性的併購機會。

This is a buyer's market, and PAR is a proven value creator. Multiples across our sectors have compressed dramatically, allowing for the potential for creative asset acquisitions. More importantly, though, we have the expertise and grid to actually pull it off. Our current flywheel of multiproduct deals expansion is great proof of this. During our time here, we have evolved from an unfocused, hardware-driven, and money-losing business with a singular software product to a profitable platform SaaS company bidding for and executing the biggest deals in the industry.

這是買方市場，而 PAR 已被證明是價值創造者。我們所在產業的估值倍數已大幅下降，為創造性的資產收購提供了可能。但更重要的是，我們擁有實現這一目標所需的專業知識和資源。我們目前多產品交易擴張帶來的飛輪效應就是一個很好的證明。在我們發展的這段時間裡，我們從一家缺乏重點、以硬體為主導、虧損且只有單一軟體產品的企業，發展成為一家盈利的平台 SaaS 公司，競標並執行業內最大的交易。

This will absolutely happen again and again. We intend to further consolidate our existing markets while building out the PAR flywheel in new verticals. Our ambition is to be larger and faster, predicated on an ever-expanding better together platform. And this ambition is deeply rooted in every single member of our team. Thanks again for your time and your continued confidence in PAR.

這種情況一定會一而再再而三地發生。我們計劃在鞏固現有市場的同時，在新垂直領域中建立 PAR 飛輪效應。我們的目標是發展得更大更快，而這一切都建立在不斷擴展的「攜手共進」平台之上。這種雄心壯志深深植根於我們團隊的每位成員心中。再次感謝您抽出時間，也感謝您對PAR的一貫信任。

We're happy to take your questions. Operator?

我們很樂意回答您的問題。操作員？

(Operator Instructions) Samad Samana, Jefferies.

（操作說明）Samad Samana，傑富瑞。

It's good to see the progress both on the top line and on the expense side. So congrats on that. Maybe first, Savneet, just in thinking about the word record in terms of like the pipeline, I think it was described as a tipping point in some ways by Bryan for the business. So the tone is very, very positive. Can you maybe help me understand with a little bit more precision in terms of what changed between 2Q to 3Q that's giving you, I think, what seems like incremental confidence, particularly as you ended the call with that at least mid-teens growth outlook?

很高興看到公司在營收和支出方面都取得了進展。恭喜你！或許首先，Savneet，就從管道的角度來思考「記錄」這個詞，我認為Bryan在某種程度上將其描述為業務的轉折點。所以整體基調非常非常積極。您能否更精確地幫我理解一下，從第二季度到第三季度，究竟是什麼變化讓您更有信心，尤其是在您結束電話會議時還給出了至少兩位數中段的增長預期？

And then I have a couple of follow-ups.

然後我還有幾個後續問題。

I think we had similar confidence in Q2. It's just further visibility as we signed more deals that have given us a lot more visibility for Q4 and the rest of next year, and then further progress these larger Tier 1 deals, where now we see real visibility and hopefully a couple of them, it just gives us more confidence. I think we had similar confidence, but it's rising as we get more and more deals signed. I think the other part is that we rolled out a record amount of revenue this quarter, and our backlog filled back up. And so our backlog didn't come down, which means that we're signing at a faster rate than we're actually rolling out, which I think gives us more confidence again on the visibility in the out years.

我認為我們在第二季也有類似的信心。隨著我們簽署更多協議，我們對第四季度和明年剩餘時間的前景有了更清晰的了解，而這些更大的一級交易也取得了進一步進展，現在我們看到了真正的前景，希望其中幾筆交易能夠成功，這讓我們更有信心。我認為我們之前的信心差不多，但隨著我們簽署的協議越來越多，信心也不斷增強。我認為另一方面是，我們本季實現了創紀錄的收入，積壓訂單也重新填滿了。因此，我們的積壓訂單並沒有減少，這意味著我們的簽約速度比實際推出的速度更快，我認為這讓我們對未來幾年的前景更有信心。

And then you mentioned valuations coming down in the space. You mentioned M&A. And I know the company has made a lot of progress in digesting some of the M&A from years past. So just should we take that as a signal that now that you're far enough along in the digestion of TASK and Stuzo Holdings and some of the other assets that you would maybe think about firing that M&A muscle back up again? Or is that more of an opportunistic view?

然後你提到該領域的估值正在下降。你提到了併購。我知道公司在消化過去幾年的一些併購交易方面取得了很大進展。所以，我們是否應該將此視為一個訊號，即既然你們已經對 TASK 和 Stuzo Holdings 以及其他一些資​​產進行了充分的消化，那麼你們或許會考慮再次啟動併購活動？或者，這更多的是一種機會主義的觀點？

Just help us think through that last comment.

請幫我們仔細想想你最後那句話的意思。

It's opportunistic. What I meant by that is we're seeing -- obviously, our multiples compress, but what we're noticing is a lot of the assets we wanted to buy have compressed far more. And there are also unique opportunities to carve out assets and businesses that we like as well. And so we're going to be opportunistic. We're going to be super careful about using our shares.

這是投機取巧。我的意思是，顯然，我們的估值倍數正在壓縮，但我們注意到，我們想要購買的許多資產的估值壓縮得更多。此外，我們還有機會剝離出我們喜歡的資產和業務。所以我們要把握機會。我們將非常謹慎地使用我們的股票。

But we're seeing enough accretive deals where I wouldn't be surprised that we found something. There's nothing imminent or anything like that, but we feel pretty good about where we stand relative to the multiples we're seeing, some of the assets we've been tracking for many years.

但我們看到了很多增值交易，所以如果我們找到了合適的標的，我不會感到驚訝。目前還沒有什麼迫在眉睫的事情發生，但我們對我們所處的市場地位，以及我們多年來一直關注的一些資產的估值倍數，都感到非常滿意。

Last question for me, and I'll turn it over. But just there's been, I'd say, some mixed performances out of certain pockets of maybe groups that aren't necessarily PAR customers, but that are representative of what's going on more broadly with consumers. And so I'm just curious if you have seen that it has any impact on customer decision-making, whether that makes it more imperative than ever to have the right technology in place, and/or if it's slowing down deal cycles, or if you're seeing both of it's netting out? Just how is some of the recent news or headlines on what's happening in restaurants translating into deal closures for you guys?

這是我最後一個問題，問完就把問題交給別人了。但我認為，某些群體（可能並非 PAR 的客戶）的表現參差不齊，但這卻代表了更廣泛的消費者群體的現狀。所以我很好奇，您是否觀察到它對客戶決策有任何影響，是否因此比以往任何時候都更需要合適的技術，以及/或者它是否減慢了交易週期，或者您是否看到兩者最終相互抵消？最近一些關於餐飲業的新聞或頭條事件，對你們的交易達成有何影響？

Yes. Great question, Samad. So the first half of the year was painful for, I think, our category across the board. We saw a meaningful slowdown in traffic and sales for many of them. We saw it pick back up towards the second half of this quarter.

是的。問得好，薩馬德。所以我覺得，今年上半年對我們這個產業來說都是艱難的。我們發現其中許多企業的客流量和銷售額都出現了明顯的下滑。我們看到它在本季後半段開始回升。

But I'd say categorically, we haven't seen a slowdown in RFP activity. In fact, we have more RFP activity at scale than we had before. Where it impacted us in Q2 was that at the franchisee level, rollouts were slower because franchisees were waiting for business to stabilize. I think that's now reversing, and we're seeing really good momentum. But the macro question is a good one because I think what we continue to see is that as sales volatility exists in our category, the investments in technology seem to be increasing, not decreasing.

但我可以肯定地說，我們還沒有看到招標活動放緩的跡象。事實上，我們現在的招標活動規模比以前更大了。第二季對我們的影響是，在加盟商層面，由於加盟商都在等待業務穩定下來，所以推廣速度較慢。我認為這種情況正在逆轉，我們看到了非常好的發展勢頭。但宏觀層面的問題問得很好，因為我認為我們不斷看到的是，儘管我們這個行業的銷售波動性很大，但對科技的投資似乎正在增加，而不是減少。

So we're seeing more excitement around a lot of the AI tooling we have. And I think maybe most exciting for PAR, we absolutely see more interest in consolidating vendors. And we are one of the few players that have I'd argue, close to a full suite of products. And so I think that's giving us a little wind in our sales.

所以我們看到大家對我們擁有的許多人工智慧工具越來越感興趣。我認為對 PAR 來說最令人興奮的是，我們看到越來越多的人對整合供應商表現出興趣。而且我認為，我們是少數幾家擁有近乎全套產品的公司之一。所以我認為這對我們的銷售起到了一定的推動作用。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Nice message, guys. So, specifically to TASK, you had mentioned that last quarter, you had put off some implementations because you were focused on the RFPs. I just want to make sure I understand what the updated message is relative to that.

資訊不錯，夥計們。所以，具體到 TASK 項目，您曾提到上個季度您推遲了一些實施工作，因為您專注於 RFP。我只是想確認一下我是否理解了更新後的信息與此相關的內容。

Yes. I think we continue with to same plan. We've got a lot of test business needs to get rolled out get rolled out in '26. And we're moving from RFP to actual development on a larger opportunity. And so it's critical for us to hold our commitments to our customers to get those deals out in '26 while also building for this large opportunity.

是的。我認為我們將繼續執行同樣的計劃。我們有許多測試業務需求需要在 2026 年推出。我們正在從徵求建議書階段過渡到實際開發階段，抓住更大的機會。因此，對我們來說至關重要的是，我們要信守對客戶的承諾，在 2026 年完成這些交易，同時也要抓住這個巨大的機會。

Now, with respect to 2026, you made multiple points through your prepared comments that there were different things setting you up very well for 2026, AI, the BK rollout, the template for products, et cetera. Can you just give us a broader sense of what this ultimately means for '26?

關於 2026 年，您在事先準備好的評論中多次提到，有很多因素讓您為 2026 年做好了充分的準備，例如人工智慧、BK 的推出、產品模板等等。您能否更廣泛地闡述這對 2026 年最終意味著什麼？

Not yet. We're going to give guidance on the next call. But I think maybe the biggest takeaway is we have a lot more visibility now than we've had in the past because of the backlog that we've signed. And as a result, I think we can get more precision as we get to the end of the year. And then I think the other part about it is the market, to the last question, part of what we're also learning is that the market likes our strategy.

還沒有。我們將在下次通話中提供指導。但我認為，或許最大的收穫是，由於我們已經簽下了大量的合同，我們現在比過去擁有了更多的關注。因此，我認為隨著年底臨近，我們可以獲得更高的精度。至於最後一個問題，我認為另一部分是市場，我們也了解到，市場喜歡我們的策略。

Every single car ordering deal was a multiproduct deal, including payments and loyalty. We're starting to see that the thesis that we put out there and now the product execution is caught up. And so that should give us the opportunity to take a lot more share next year. And that's kind of my wish is I hope it s up for success because we've been really impressed with what's happened in Q3 and what's happening in Q4.

每一筆汽車訂購交易都是一項多產品交易，包括付款和會員忠誠度計劃。我們開始看到，我們提出的理論和現在的產品執行已經跟上了。因此，這應該會給我們明年奪取更多市場份額的機會。這就是我的願望，我希望它能取得成功，因為我們對第三季和第四季的進展印象深刻。

Mayank Tandon, Needham.

Mayank Tandon，尼德姆。

Savneet, I'll just nitpick a little bit. You've been saying that you could grow ARR 20% organically for quite some time. I think you said that your target is mid-teens plus. Is there a change in the market? Or do you think this is just a function of the type of deals you're pursuing, which may take longer to land?

Savneet，我只是想稍微挑剔一下。你一直說你可以實現 ARR 20% 的有機成長。我想你說過你的目標群體是十幾歲中後期以上。市場是否發生了變化？還是你認為這只是你所追求的交易類型所致，這類交易可能需要更長時間才能達成？

Maybe that's a good thing long term, but maybe it slows down the revenue ramp. I'm just curious as to why the shift from 20% organic to mid-teens organic, if I heard your comments correctly.

長遠來看，這或許是件好事，但或許減緩營收成長速度。我只是好奇，如果我沒理解錯的話，為什麼有機產品的比例從 20% 下降到十幾個百分點。

Yes. So last quarter, we said we're going to target mid-teens. And so I'm continuing that message here. When I was running through the priorities, it was our short-term priorities, which is continuing to hit at least that and hopefully more going forward. The major delta we're talking about is 2025, where our first half was slower than we wanted.

是的。所以上個季度，我們說過我們的目標是達到十幾歲。所以，我在這裡繼續傳達這個訊息。當我整理各項優先事項時，我們優先考慮的是短期優先事項，也就是繼續至少實現這些目標，並希望未來能取得更大的成就。我們所討論的主要差距出現在 2025 年，屆時我們上半年的發展速度比預期要慢。

And so I think it will be hard for us to get to that 20% for this year. And so I think there's an opportunity for us to do that to accelerate in '26 and '27 as the last caller I was talking about. But right now, I think we feel really comfortable with mid-teens opportunities to go higher. And given the whole momentum we have in AI and some of these larger deals, we'll see where that shakes out on our next call. But I guess, I think we feel really good where we are.

所以我認為我們今年很難達到 20% 的目標。所以我認為，我們有機會在 2026 年和 2027 年加速發展，就像我剛才提到的上一位來電者一樣。但就目前而言，我認為我們對十幾分中段的晉升機會感到非常滿意，並且還有很大的提升空間。鑑於我們在人工智慧領域取得的巨大發展勢頭以及一些較大的交易，我們將在下次電話會議上看看最終結果如何。但我認為，我們對目前的狀態非常滿意。

And more than anything else, I think there's more opportunity for us to get back to where we were on this call than there was last call.

而且我認為，比起上次通話，我們這次通話更有可能回到我們之前的狀態。

And then, if I could just ask more about the competition. Just listening to Toast and other players in the market, it seems like there's obviously a share shift going on from legacy to the more modern solutions like yours and Toast and other players in the market. I'm just curious, are you starting to see each other now because they're moving upmarket? I know not in the QSR space necessarily, but making some progress in your core enterprise space. I think you've had some opportunities down market.

然後，我還能問一些關於比賽的問題嗎？僅從 Toast 和其他市場參與者的發言來看，很明顯，市場份額正在從傳統解決方案轉移到像你們、Toast 和其他市場參與者這樣的更現代的解決方案。我只是好奇，你們現在開始約會是因為他們想進軍高端市場嗎？我知道這不一定是在速食領域，而是在你們的核心企業領域取得了一些進展。我認為你之前在低端市場有一些機會。

So I'm just wondering if you're starting to maybe see each other more often and what that means for the market overall?

所以我想知道你們是否開始更頻繁地見面，以及這對整個市場意味著什麼？

Not as much as you think. I mean, I think we have incredible respect for the team, the business, what they've built. And we've been competing in enterprise deals for years and years. I think at the large QSRs where we make our bread and butter, traditionally, it's still the same few folks as the incumbency, ourselves, and usually one of the other legacy providers. I think, and so today, I think if we surveyed our sales team, it would say the same all.

沒你想的那麼多。我的意思是，我認為我們對這支團隊、這家公司以及他們所取得的成就都抱持著極大的尊重。我們多年來一直在企業交易領域中競爭。我認為，在我們賴以生存的大型快餐店裡，傳統上仍然是那幾個人，包括我們自己，以及通常還有其他的老牌供應商。我認為，今天如果我們調查我們的銷售團隊，他們也會給出同樣的答案。

We definitely see each other more in the smaller mid-market part of the world, where they are pushing aggressively. And so we do see each other there. But the large Tier 1s have unique dynamics when we see them. And obviously, I think we think, again, very highly of them, but we feel like we continue to expand our moat, and particularly this multiproduct dynamic, I think, is really going to help us going forward.

我們肯定會在規模較小的中端市場領域更頻繁地遇到彼此，因為他們在那裡積極拓展業務。所以，我們在那裡會見面。但當我們觀察大型一級供應商時，會發現它們有著獨特的動態。顯然，我認為我們再次高度評價他們，但我們感覺我們正在不斷擴大我們的護城河，特別是這種多產品動態，我認為，真的會幫助我們向前發展。

(Operator Instructions) Charles Nabhan, Stephens.

（操作說明）查爾斯·納班，史蒂芬斯。

I wanted to clarify your comments around moving from RFP to development. Specifically, I haven't seen any big announcements, but are you alluding to one of the super Tier 1s that you had been targeting and talking about over the past couple of quarters?

我想澄清一下您關於從 RFP 過渡到開發階段的評論。具體來說，我還沒有看到任何重大公告，但您是否在暗示您在過去幾季一直關注和談論的某個超級一級聯盟成員？

We're generally in a market where the press release comes out quite a bit after we've won a deal, unless it's a renewal of an incumbent. So you generally won't see the press release, honestly, until well later if we won something. In regard to what I was talking about, all I'm suggesting is that we were in an RFP process and in the deal, and now we're starting to build. And then as we get details, we'll share them as we're allowed.

通常情況下，除非是與現有合約續簽，否則我們所在的市場會在達成交易後很久才發布新聞稿。所以說實話，如果我們贏了什麼，你通常要過很久才會看到新聞稿。關於我剛才說的，我的意思是，我們當時正在進行招標流程並達成了協議，現在我們開始動工。之後，一旦我們掌握了更多細節，我們會在獲得許可後與大家分享。

And as a follow-up, I feel like I have to ask the obligatory Fiserv question here. I know Clover is downmarket from you, and it's still early days. But there's obviously quite a bit of disruption going on in the payment space and negative sentiment around some of the fees that they've been charging. So with that said, do you see an opportunity to attach payments coming out of some of the disruption, the potential disruption in the payment market?

最後，我覺得我必須問一個關於 Fiserv 的例行問題。我知道 Clover 的定位比你們低，而且現在下結論還太早。但顯然支付領域正在發生相當大的動盪，人們對他們收取的一些費用也存在負面情緒。綜上所述，您是否認為支付市場可能出現的一些混亂局面會帶來將支付功能與支付功能結合的機會？

Not really. In our market, payments are a much more transparent business than it is in the SMB side of the world. And so generally, when we win payment deals, it's in one of two ways. It's a hypertransparent package with the point of sale, where we can help bring down costs, hardware funding traditional ways that point-of-sale companies win deals, or it's through our online ordering business, which is starting to grow, where our Order and Pay module is really valuable to bundle in as a package deal. So that's when we see it.

並不真地。在我們的市場中，支付業務比中小企業市場透明得多。因此，一般來說，我們贏得支付交易的方式有兩種。這是一個高度透明的銷售點解決方案，我們可以幫助降低成本，透過硬體資金支持銷售點公司贏得交易的傳統方式，或者透過我們正在發展的線上訂購業務，我們的訂購和支付模組作為套餐組合非常有價值。所以我們就是在那時看到的。

As far as the disruption that's happening down there, we just don't participate in that SMB space. So it hasn't really changed anything in our area.

至於那裡正在發生的顛覆性變革，我們根本不參與中小企業領域。所以它並沒有真正改變我們地區的任何事情。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

First one here, I just wanted to see if you could help us unpack sequential trends in Operator Cloud ARR. Great to hear that the BK rollout accelerated. But just given that, I'm also a little surprised that ARR there was up less than $3 million sequentially. So, any rough sense of how much of the Burger King contract ARR, when you think about the full deployment, would be included in the 3Q ending ARR number? And are there any offsets that you saw this quarter, such as churn in the broader operator base that weighed against sequential trends?

這是我第一次提問，我想請您幫我們分析電信商雲端 ARR 的連續趨勢。很高興聽到BK的推廣速度加快了。但即便如此，我也有點驚訝於該地區的 ARR 環比增長不到 300 萬美元。那麼，如果考慮到全部部署情況，漢堡王合約的年度經常性收入 (ARR) 中有多少會包含在第三季末的 ARR 數據中呢？本季您是否觀察到任何抵銷因素，例如更廣泛的營運商群體流失，對環比趨勢產生不利影響？

Just anything to unpack the sequential ARR growth in the operator.

只是想弄清楚運營商的連續 ARR 增長。

No meaningful churn. I think the way to think about it is back-end weighted. The last month of the quarter was an excellent acceleration for us, and that continued into October. October was our best month. So it's more just the back-end weighted.

沒有實質的客戶流失。我認為應該從後端加權的角度來考慮這個問題。本季最後一個月我們的業績實現了非常好的加速成長，而這種成長動能一直延續到了十月份。十月份是我們業績最好的一個月。所以，這更多的是後端加權的問題。

And so that's why I think you hear Bryan's comments in mind, we feel like Q4 will potentially be a nice uptick. So it's just the back-end nature of the rollouts within the quarter. And no significant churn.

所以我覺得，考慮到布萊恩的評論，我們感覺第四季可能會出現不錯的成長。所以這只是季度內產品推廣的後端特性。而且沒有明顯的客戶流失。

And then on loyalty, I guess, can you just talk some more about the growth you're seeing there? It seems like loyalty is becoming a much bigger focal point with brands becoming a bigger factor in consumer decision. So, how much runway is there left for part to grow in loyalty as you think about location penetration, pricing increases, et cetera? And how different does that opportunity look now between restaurants and convenience stores, broader retail?

那麼關於忠誠度，您能否再詳細談談您看到的成長情況？隨著品牌在消費者決策中扮演越來越重要的角色，忠誠度似乎正成為一個更受關注的焦點。那麼，考慮到地點滲透率、價格上漲等因素，顧客忠誠度還有多少成長空間呢？那麼，如今餐飲業、便利商店以及更廣泛的零售業之間的機會有何不同呢？

Loyalty is a mandate. It was nice to have, and now I think we're witnessing that in times of sales slowdowns, traffic slowdowns, you really need a robust loyalty program to not just grow traffic and revenues, but also keep your margins high. And so it continues to impress us how much demand there is for that. We're earlier in that cycle for convenience than we are in restaurants. But even in restaurants, I think what it's leading to is that it's not just the loyalty that you had a few years ago.

忠誠是一種使命。擁有這樣的計劃固然很好，但我認為我們現在正在見證，在銷售放緩、流量放緩的時期，你真的需要一個強大的會員忠誠度計劃，不僅可以增加流量和收入，還可以保持高利潤率。因此，市場對這類產品的需求之大，實在令我們印象深刻。我們比在餐廳更早進入了便利商店消費的階段。但即便在餐飲業，我認為這也意味著，顧客的忠誠度不再像幾年前那麼高了。

It's more upsell for a new product. It's a lot more opportunities to sell the AI initiatives I talked about. And so while our loyalty product probably won't double sites in the next year or two, I think you'll see us continue to push up ARPU with the addition of new products, because I think early on, you had an all-encompassing loyalty product. I think in the future, it's going to be a bunch of modules that are built into that, that we can upsell and create a lot of value for the customers.

這更像是對新產品的追加銷售。這意味著有更多機會來推廣我之前提到的那些人工智慧計畫。因此，雖然我們的會員忠誠度產品在未來一兩年內可能不會使網站數量翻倍，但我認為你會看到我們透過增加新產品繼續提高每位使用者平均收入 (ARPU)，因為我認為早期你們擁有一個包羅萬象的會員忠誠度產品。我認為未來會有很多模組內建其中，我們可以對這些模組進行追加銷售，從而為客戶創造很多價值。

Adam Wyden, ADW Capital.

Adam Wyden，ADW Capital。

The first question is around M&A. I know you spoke about it, but obviously, your shares are down almost, I guess, two-thirds from where we were in November. I guess my question to you is, would this prospective M&A be accretive to your growth rate? And I mean, how do you think about doing M&A with your stock down two-thirds? I mean, if I look at it on '27 or even '26, you're trading in the teens or whatever, it's 15, 16, 18, 20x EBITDA.

第一個問題與併購有關。我知道你談到了這件事，但很顯然，你的股價已經比11月的水平下跌了近三分之二。我想問您的是，這項潛在的併購是否會提高您的成長率？我的意思是，當你的股價下跌了三分之二時，你如何考慮併購？我的意思是，如果我看 2027 年甚至 2026 年的股價，你的股價可能只有十幾倍，也就是 EBITDA 的 15 倍、16 倍、18 倍、20 倍。

I mean, how do you think about buying businesses while your profitability is inflecting because the '27 is on a revenue multiple basis, you're the cheapest you've ever been, and your profitability is inflecting. So I'm just curious how you think about doing M&A within that paradigm.

我的意思是，當你的獲利能力正在下降時，你會如何考慮收購企業？因為 2027 年的估值是基於收入倍數計算的，你的估值現在是有史以來最低的，而你的獲利能力正在下降。所以我很好奇，在這種模式下，您是如何看待併購的。

Yes. On the call, I think it's twofold. So one, we won't do something that's not accretive. I think we've been very strict about that in everything we've done. And so what we're observing is that while our multiples compressed, we're seeing far more compression in some of the assets that we've been tracking for a very long time.

是的。我覺得這次通話有兩面。所以第一，我們不會做任何沒有增值作用的事情。我認為我們在所有工作中都嚴格遵守了這一點。因此，我們觀察到，雖然我們的估值倍數有所下降，但我們長期追蹤的一些資產的估值倍數下降幅度更大。

And part of that is that we think there are some carve-out opportunities that we could leverage. And so I don't think you'll see us do anything close to a big deal. I don't think you'll see us dilute you and ourselves in any way; that's irresponsible. I think you'll see us find niche assets that we can use cash on the balance sheet, or if we use our shares, there's a large margin of safety for us to make it accretive. So I think it's just relative to what we're seeing in the market; we think we can create value.

部分原因是我們認為存在一些我們可以利用的創新機會。所以我覺得你們不會看到我們做出什麼大事。我認為你不會看到我們以任何方式削弱你和我們自己；那是不負責任的。我認為你會看到我們找到一些利基資產，我們可以用資產負債表上的現金進行投資，或者如果我們使用股票，我們有很大的安全邊際，可以實現增值。所以我認為這只是相對於我們目前在市場上看到的情況而言的；我們認為我們可以創造價值。

It's not going to be anything crazy, but it's enough where we think we can take up the growth rate of the collective PAR by taking a product and pushing it through our distribution system now.

雖然不會有什麼驚人的變化，但我們認為，透過現在推出一款產品並透過我們的分銷系統進行推廣，我們就能跟上PAR整體的成長率。

So anything that you buy would be accretive to your existing growth rate? Meaning, you think that will day one be a higher growth rate than PAR? Or you're saying, like, how do you think about the growth rate? I know that's been a challenge over the years, the last couple of deals, because it slowed down TASK for the big Tier 1. So I'm just curious how you think about adding things day one accretive versus.

所以你購買的任何東西都會提高你現有的成長率嗎？也就是說，你認為第一天的成長率會高於PAR嗎？還是你是說，你如何看待成長率？我知道這在過去幾年，尤其是在最近幾筆交易中，一直是個挑戰，因為它拖慢了一級供應商的進度。所以我很好奇，你如何看待第一天就增加東西這種做法？是累積性的還是漸進性的？

Yes. So historically, that's always been the goal. Day one is accretive, and then the opportunity to accelerate beyond that. So that's definitely what we want to try to accomplish.

是的。所以從歷史上看，這始終是目標。第一天是累積階段，之後有機會加速發展。所以，這絕對是我們想要努力實現的目標。

And then my second question is, you made a comment about something that was in development, I guess, RFP. Now, does that mean that you're -- because I know like you've been dancing around this whole Tier 1 thing. And clearly, you lost one today. And obviously, that restaurant chain is doing very poorly, and it's not crazy for them to renew something when their hair is on fire. So it doesn't particularly bother me.

我的第二個問題是，您評論了正在開發中的某個東西，我猜是 RFP。那麼，這是否意味著你——因為我知道你一直在迴避一級防控措施這個問題。很明顯，你今天輸了一場。很顯然，這家連鎖餐廳的經營狀況非常糟糕，在情況危急的情況下進行續約並不奇怪。所以這件事並不太困擾我。

But when I think about the other Tier 1s, I think you mentioned three, and it sounds like, at least based on our channel checks, there may be 4 I mean, how do you think about where you are -- I mean, are you basically saying you won one of the super Tier 1s basically because you're saying, well, we went from RFP to development. I mean, is that what you're saying?

但當我想到其他一級供應商時，我想你提到了三個，而且聽起來，至少根據我們的管道調查，可能有四個。我的意思是，你如何看待你目前所處的位置？我的意思是，你基本上是在說你贏得了一個超級一級供應商，因為你說，我們從 RFP 階段進入了開發階段。我的意思是，你是這個意思嗎？

I mean, obviously, there's no press release because there's all the stuff about compliance, and everyone doesn't want to get hacked while they're doing it. But I mean, is it fair to assume that one of the super Tier 1s is basically signed and you're now in the process of rolling out? And can you comment about the other -- I guess, the other two, and where you think you could be in that process?

我的意思是，很顯然，沒有新聞稿，因為涉及到合規方面的事情，而且每個人都不想在合規過程中被駭客攻擊。但我的意思是，是否可以合理地假設其中一位頂級一級球員已經簽約，而你們現在正在進行推廣工作？您能否談談另外兩個方面——我猜是另外兩個方面——以及您認為自己在這個過程中可能處於什麼階段？

Unfortunately, I can't comment on any of that from my perspective. I think where we sit today, we've never felt more excited about the pipeline that's right in front of us, right here. And I think my comments touch on where we are in some of it. So, as we get information we can share publicly, I promise we will. We're not trying to be cagey, is a limited way to say.

很遺憾，就我個人而言，我無法對此發表任何評論。我認為，就我們目前的情況而言，我們從未像現在這樣對眼前這條管道感到如此興奮。我認為我的評論觸及了我們目前在某些方面所處的位置。所以，一旦我們獲得可以公開分享的訊息，我保證我們會這樣做。簡單地說「我們不想故弄玄虛」是一種不夠嚴謹的說法。

But today, we feel really good about the pipeline that's in front of us right now.

但今天，我們對眼前的這條發展路徑感到非常樂觀。

So what does it mean to go from RFP to development? I mean, what does that mean exactly?

那麼，從 RFP 到產品開發意味著什麼？我的意思是，這到底是什麼意思？

Generally, the way our business works and it's not the same for everybody. After we win an RFP, we get to some form of development. Now it's not a guarantee by any means. You still have to do a lot of work from there, but it's generally a very good sign.

一般來說，我們公司的運作方式就是這樣，但這並不適用於所有人。中標後，我們就可以進行某種形式的開發了。但這絕不是必然的。接下來還有很多工作要做，但這通常是一個非常好的跡象。

Maxwell Michaelis, Lake Street Capital Markets.

Maxwell Michaelis，Lake Street Capital Markets。

I want to go back to your comments in the prepared remarks around PAR Ordering. It sounds like a pretty good quarter. Wondering if you could give some more information around that segment as well as it sounded like you won a customer with 400 locations.

我想回到您在準備好的演講稿中關於 PAR 排序的評論。聽起來這季業績相當不錯。我想知道您是否可以提供更多關於該細分市場的信息，因為聽起來您贏得了一位擁有 400 個門市的客戶。

Yes. Listen, it's a tiny product for us today, but it's starting to really move for us. What I think is going to be interesting about it is we feel pretty good that not only can we start to continue to attach it to our loyalty wins, but we can also upsell it to our existing customers and hopefully pull in payments alongside it. So it's a really nice opportunity for us. As I mentioned, and you just suggested, we did win a 400-plus store chain.

是的。聽著，就目前而言，這對我們來說還是個很小的產品，但它已經開始為我們帶來真正的銷售業績了。我認為有趣的是，我們不僅能夠繼續將其與我們的忠誠度獎勵掛鉤，而且還能將其追加銷售給現有客戶，並有望同時帶來付款，這讓我們感到非常滿意。所以這對我們來說是一個很好的機會。正如我之前提到的，也是你剛才提到的，我們確實贏得了擁有 400 多家門市的連鎖店。

It was a takeaway from a market leader, so we felt great about that. And I think we're hopeful more of that comes. And more than anything else, I think it's just validation that the product is now at a point where we can argue it's best-in-class, and we can absolutely argue that if you have additional PAR products, you're going to get an experience and outcomes you could not get elsewhere. And that's what I meant by some of my comments, and if you see a demo of it and you work in our category, it is one of those things that it's, oh my gosh, I can't place somebody filing it that.

這是從市場領導者那裡學到的，所以我們對此感到非常自豪。我們希望以後能看到更多這樣的成果。更重要的是，我認為這證明了該產品現在已經達到了我們可以稱其為同類最佳的水平，而且我們完全可以斷言，如果您擁有其他 PAR 產品，您將獲得其他地方無法獲得的體驗和結果。這就是我之前一些評論的意思，如果你看過它的演示，並且你從事我們這個領域的工作，你就會覺得，天哪，我簡直無法想像有人會用它來歸檔文件。

(Operator Instructions) Anja Soderstrom, Sidoti.

（操作說明）安雅·索德斯特羅姆，西多蒂。

Just curious, and sorry if you covered this already, but in the hardware, what happened there? It seems like there was a nice upside surprise in the quarter.

只是好奇問問，如果您已經講過這個問題，請見諒，硬體方面發生了什麼？本季似乎出現了令人驚訝的好消息。

Are you referring to on the revenue and the margin?

您指的是營收和利潤率嗎？

On the revenue.

關於收入。

Sure. Sure, and thanks for the question. What happened was we had a pull-in. We were referring to this back in Q2. We started seeing orders come in in Q2, for hardware pulled in before the kind of tariffs were getting impacted by the pricing.

當然。當然，謝謝你的提問。當時的情況是，我們遇到了一起停車事故。我們在第二季就提到這一點。第二季我們開始看到訂單湧入，這些訂單都是在關稅影響價格之前下訂單的硬體。

And so that was the execution, a lot of those actual sales and orders that got in Q2 executed and revenue in Q3.

所以這就是執行情況，第二季達成的許多實際銷售和訂單都在第三季得到了執行，並產生了收入。

And then you mentioned the margin was affected by the tariffs, but you're mitigating those, and do you expect them to normalize again in the fourth quarter or?

然後您提到利潤率受到關稅的影響，但您正在採取措施緩解這些影響，您預計第四季度利潤率會恢復正常嗎？

Correct. So right, those orders came in in Q2, before we actually implemented the tariff price increase. And so then we've actually implemented that during Q3. So as sales orders kind of burn off into Q4, that will be offset.

正確的。沒錯，這些訂單是在第二季下的，在我們實際實施關稅價格上漲之前。因此，我們在第三季實際實施了該方案。因此，隨著銷售訂單在第四季度逐漸減少，這種情況將被抵消。

And also, you are marketing your offering better together. But how important is the data that you are generating for your customers in your value proposition?

而且，你們合作也能更好地推廣產品。但是，你為客戶產生的數據在你的價值主張中究竟有多重要？

It's hugely valuable. I mean, I think that's why Better Together is working. As I mentioned, 70-plus percent of our engagement deals for the last couple of quarters are multiproduct. And I think a huge part of it is because if you pick our loyalty and online ordering, you've got one cockpit to manage your digital experience. So you can update menus in real time.

它價值連城。我的意思是，我認為這就是「攜手共進」計畫成功的原因。正如我之前提到的，在過去幾個季度中，我們超過 70% 的合作交易都是多產品合作。我認為這很大程度上是因為，如果您選擇我們的會員忠誠度計劃和線上訂購服務，您就可以透過一個平台來管理您的數位體驗。這樣你就可以即時更新菜單了。

You can import the POS menu and online ordering. You can push it to third-party delivery channels. You can have distinct availability, pricing, and menu on those channels. And so that's all data that we organize in a way that I think gives us a really unique competitive advantage. And that's why we've leaned so heavily into the AI side because I think the provider that has the platform, as I talked a lot about, also has the data, and I think we can make that data actionable.

您可以匯入POS菜單和線上訂購系統。您可以將其推送至第三方分發管道。您可以在這些管道上設定不同的供應情況、價格和選單。因此，我們以一種我認為能為我們帶來真正獨特競爭優勢的方式來整理所有這些數據。這就是為什麼我們如此重視人工智慧方面的原因，因為我認為擁有平台的提供者（正如我多次提到的）也擁有數據，而且我認為我們可以使這些數據發揮作用。

So your customers have real-time access to the data.

這樣，您的客戶就可以即時存取數據。

Through Coach AI, they have access in real time to run reports so on and so forth. And again, I think a lot of what I'm observing is that you're lowering the bar to do work. Historically, think of your traditional BI tools, you're downloading reports, trying to figure out what the margin of this campaign we did, or when we should order this product. Today, you can prompt and say, "Hey, which store should I focus my time on today? Hey, what store creates a great template for me to fix this, or what labor schedule is working, or what labor module is working?

透過 Coach AI，他們可以即時存取並運行報告等等。而且，我認為我觀察到的許多現像是，你們正在降低工作標準。從歷史上看，想想你傳統的 BI 工具，你下載報告，試圖弄清楚我們這次活動的利潤率是多少，或者我們應該何時訂購該產品。今天，你可以提示並說：“嘿，我今天應該把時間集中在哪家商店呢？”嘿，哪個商店能提供很好的模板讓我解決這個問題？或是哪個勞動力排班表比較好用？或者哪個勞動力模組比較好用？

You can now really, really engage. And so in the past, I think having a lot of data was almost wasteful because it just gave you too much information. Now we can help you be decision-oriented as opposed to just flooded with a lot of reports that confuse you.

現在你可以真正地、真正地參與其中了。所以我覺得，過去擁有大量數據幾乎是一種浪費，因為它會給你太多資訊。現在我們可以幫助您做出明智的決策，而不是被大量令您困惑的報告所淹沒。

This concludes the question-and-answer session. I would now like to turn it back to Chris Byrnes for closing remarks.

問答環節到此結束。現在我謹將發言權交還給克里斯·拜恩斯，請他作總結發言。

Thank you, Elliot, and thank you to everyone for joining us today. We appreciate your time. We look forward to updating you in the further coming weeks. Have a nice evening.

謝謝你，艾利歐特，也謝謝今天所有到場的各位。感謝您抽出時間。我們期待在接下來的幾週內向您報告最新情況。祝你今晚愉快。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。