PAR Technology Corporation (PAR) 2026 Q2 法說會逐字稿

Good day, thank you for standing by. Welcome to the PAR Technology fiscal year 2026 second-quarter financial results conference call. (Operator Instructions) Please be advised that this call is being recorded.

您好，感謝您稍候。歡迎參加 PAR Technology 2026 會計年度第二季財務業績電話會議。(接線員指示) 請注意，本次通話將被錄音。

I would now like to hand the conference call over to your first speaker today. Please go ahead.

現在我想把電話會議交給今天的第一位講者。請開始。

Thank you, Felicia. Good afternoon, everyone, and thank you for joining us today for PAR Technology's 2026 second-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 Q2 financials presentation, as well as in our related Form 8-K furnished to the SEC.

謝謝你，Felicia。各位下午好，感謝大家今天參加 PAR Technology 2026 年第二季財務業績電話會議。今天稍早，我們已發布財務業績。新聞稿可於我們網站 partech.com 的投資人關係頁面取得；您也可在該處找到第二季財務簡報，並可在我們向美國證券交易委員會（SEC）提交的相關 Form 8-K（以提供方式呈報）中查閱。

Before we begin, please be advised that our remarks today will contain forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our earnings release and other reports filed with the SEC.

在開始之前，請注意我們今天的發言將包含前瞻性陳述。這些前瞻性陳述受風險、不確定性及其他因素影響，可能導致實際結果與此等前瞻性陳述所明示或暗示者存在重大差異。關於這些因素的更多資訊，請參閱我們的財報新聞稿及其他向 SEC 提交的報告。

Today, we'll be discussing or providing certain non-GAAP financial measures, which we believe will provide additional clarity regarding our ongoing performance. For a full reconciliation of the non-GAAP financial measures discussed in this call to the most comparable GAAP measure in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8-K filed this afternoon and our supplemental materials available on our website.

今天我們將討論或提供若干非 GAAP 財務衡量指標，我們相信這將有助於更清楚呈現我們持續的營運表現。如需依 SEC 規定將本次電話會議中討論的非 GAAP 財務衡量指標完整調節至最可比的 GAAP 指標，請參閱我們今天下午提交之 Form 8-K 所附作為附件提供的新聞稿，以及我們網站上的補充資料。

Joining me on the call today are PAR's CEO, Savneet Singh, and Bryan Menar, PAR's Chief Financial Officer.

今天與我一同參與電話會議的有 PAR 執行長 Savneet Singh，以及 PAR 財務長 Bryan Menar。

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

現在我想把電話交給 Savneet 進行正式發言，之後將進入一般問答。Savneet？

Thanks, Chris. Thank you all for joining us today. On our first quarter call, we established clear financial and AI adoption targets and laid out what success looks like for PAR in 2026. Since then, we've been heads down executing against our three-pronged growth strategy, namely to one, extend our competitive platform advantages in core markets; two, reinvest in product efficacy via powerful AI functionality; and three, aggressively expand our total addressable market in areas where we can continue to leverage our inherent platform advantage.

謝謝，Chris。感謝各位今天加入我們。在第一季電話會議上，我們訂下清晰的財務與 AI 採用目標，並闡明 PAR 在 2026 年成功的樣貌。自那之後，我們全力執行三管齊下的成長策略：第一，在核心市場延伸我們具競爭力的平台優勢；第二，透過強大的 AI 功能再投資以提升產品效能；第三，在我們能持續運用既有平台優勢的領域，積極擴大我們的總可服務市場（TAM）。

As Ben Graham famously said, in the short run, the market is a voting machine, but in the long run, it's a weighing machine. We plan to continue to stack weights on the scale.

正如班傑明・葛拉漢（Ben Graham）所言，短期而言，市場是一台投票機；長期而言，市場是一台秤重機。我們計畫持續在天平上加碼砝碼。

At PAR, we're always on offense. This is evidenced by our strong Q2 results and highlights, which I'll start with today before handing the call to Bryan to discuss our financial results in more detail and provide our outlook for the remainder of the year. Q2 was a starting shot in the show-me market. We delivered results ahead of expectations, expanded our platform footprint across both restaurant and retail, grew our PAR Intelligence user base to roughly 20,000 sites, greenlit material TAM expansion initiatives in both restaurants and retail sectors, overhauled our cost structure, and strengthened our outlook for the remainder of the year.

在 PAR，我們始終採取進攻姿態。這從我們第二季強勁的業績與重點成果可見一斑；我將先在此說明，之後把電話交給 Bryan，請他更詳細討論財務結果並提供今年剩餘期間的展望。第二季是在「用成果說話」的市場環境中的起跑槍。我們交出優於預期的結果，於餐飲與零售兩端擴大平台版圖，將 PAR Intelligence 使用者基礎擴增至約 20,000 個據點，核准在餐飲與零售領域的重大 TAM 擴張計畫，全面調整成本結構，並強化我們對今年剩餘期間的展望。

Most central to the PAR thesis, we continue to prove the value and staying power of our platform strategy. Our customers are expanding their adoption across our portfolio, creating larger and more strategic partnerships.

作為 PAR 投資論點的核心，我們持續證明平台策略的價值與持久性。我們的客戶正擴大在我們產品組合中的採用，進而形成更大且更具策略性的合作夥伴關係。

Our momentum is reflected in our ARR performance, our improving margin profile, and our growing pipeline of enterprise opportunities across both restaurant and retail markets. Let me start with a few highlights.

我們的動能反映在 ARR 表現、持續改善的毛利結構，以及在餐飲與零售市場中不斷成長的企業級機會管線。我先分享幾個重點。

We exited the quarter at approximately $338 million of ARR, representing over 17% year-over-year growth and 12.3% organic growth, and setting us up for a meaningful acceleration in the second half, as communicated earlier this year. We generated adjusted EBITDA of $14.3 million in Q2, an improvement of nearly $9 million from Q2 last year. The $14.3 million of adjusted EBITDA includes $1.3 million of overperformance in the quarter, driven by a specific hardware initiative by a large legacy enterprise restaurant customer. Without this project, the Q2 normalized number is $13 million in adjusted EBITDA against a previously forecasted range of $9.5 million to $11.5 million.

我們在本季末的 ARR 約為 3.38 億美元，年增超過 17%，有機成長 12.3%，並如今年稍早所溝通，為下半年有意義的加速成長奠定基礎。第二季我們創造調整後 EBITDA 1,430 萬美元，較去年第二季改善近 900 萬美元。這 1,430 萬美元的調整後 EBITDA 包含本季 130 萬美元的超預期表現，主要由一家大型既有企業餐飲客戶的特定硬體專案所帶動。若不含該專案，第二季常態化的調整後 EBITDA 為 1,300 萬美元，對比先前預測區間 950 萬至 1,150 萬美元。

Our profit acceleration was done the right way, by leveraging the fixed scale of our operations while continuing to improve the unit economics of each product. As an example of this, across our core product base, the three-year blended ARPU CAGR sits at 8%, while the average platform deal term length is roughly double that of a point solution. These strong Q2 results reinforce our confidence that we can continue balancing growth and profitability while investing in the strategic opportunities in front of us.

我們的獲利加速是以正確方式達成：在運用營運固定規模效益的同時，持續改善各產品的單位經濟效益。舉例而言，在我們的核心產品基礎上，三年期混合 ARPU 年複合成長率（CAGR）為 8%，而平台型交易的平均合約期限約為單點解決方案的兩倍。第二季的強勁成果強化了我們的信心：我們能在投資眼前策略性機會的同時，持續兼顧成長與獲利。

Looking across the business, we're seeing encouraging momentum in nearly every major product category. Our restaurant vertical delivered a strong second quarter, securing the pipeline and backlog for the back half acceleration we spoke about on our last call. What stands out most is the continued success and durability of our platform strategy. Customers select PAR for its integrated solutions rather than purchasing individual products.

從整體業務來看，我們在幾乎所有主要產品類別都看到令人鼓舞的動能。我們的餐飲垂直領域在第二季表現強勁，確保了我們在上次電話會議所提及、下半年加速成長所需的管線與在手訂單。最突出的，是我們平台策略持續成功且具韌性。客戶選擇 PAR 是因為其整合式解決方案，而非購買單一產品。

An integrated product ecosystem is a perfect foundation to be the core restaurant AI partner of the future, as performant AI features require multiple systems working together in real time. A standalone AI wrapper or point solution cannot replicate a feature that bridges point of sale, inventory, labor, and guest data.

整合式產品生態系是成為未來核心餐飲 AI 夥伴的完美基礎，因為高效能的 AI 功能需要多個系統即時協同運作。單獨的 AI 外掛層或單點解決方案，無法複製一項能串接銷售點（POS）、庫存、人力與顧客資料的功能。

PAR's end-to-end fully connected stack is the clear gold standard. Multi-product attachment on Q2 new engagements sits at nearly 100%. Wins included Guthrie's Chicken, Sarku Japan, Newk's, Burgerville, Phil Brady's, and Bad Ass Coffee. All included multi-products across point of sale, loyalty, ordering, payments, and back-office solutions.

PAR 端到端、全面互聯的技術堆疊是明確的黃金標準。第二季新簽約案的多產品搭售率接近 100%。贏單包括 Guthrie's Chicken、Sarku Japan、Newk's、Burgerville、Phil Brady's，以及 Bad Ass Coffee。所有案件皆涵蓋 POS、會員忠誠、點餐、支付與後台解決方案等多項產品。

Operationally, our deployment teams executed at scale. On the PAR POS side, we remain ahead of plan on Burger King activations and continue to see potential upside beyond our current year-end target.

在營運面，我們的部署團隊以規模化方式執行。在 PAR POS 方面，我們在 Burger King 啟用進度上仍領先計畫，並持續看到超越目前年底目標的上行潛力。

We completed key development milestones with Papa Johns' upcoming platform deployment and are well-positioned to kick off their implementation plan later this year. Separately, PAR OPS delivered its strongest quarter ever, activating nearly 700 locations. Looking ahead, we enter the back half of the year with substantial operator product backlog, identifiable expansion opportunities, and a healthy pipeline. Combined, these factors position us to reach our ARR targets with additional upside if execution continues at the current pace. Now to go over engagement and ordering.

我們已完成 Papa Johns 即將進行的平台部署之關鍵開發里程碑，並已做好準備於今年稍晚啟動其導入計畫。另外，PAR OPS 創下史上最強單季表現，啟用近 700 個據點。展望未來，我們以下半年開局時擁有可觀的營運商產品在手訂單、可辨識的擴張機會，以及健康的商機管線。綜合而言，這些因素使我們有望達成 ARR 目標；若執行維持目前速度，仍有額外上行空間。接下來談互動與點餐。

Within Punchh, growth remains solid despite the planned churn we experienced in Q1. The business continues to showcase strong margins, expanding customer utilization, and generating opportunities through site expansion, pricing actions, and new products. We are highly confident in the long-term value proposition of Punchh, as loyalty programs remain central to guest engagement and personalization strategies.

在 Punchh 方面，儘管我們在第一季經歷了計畫性的流失，成長仍維持穩健。該業務持續展現強勁的利潤率、客戶使用度提升，並透過據點擴張、價格調整與新產品帶來機會。我們對 Punchh 的長期價值主張非常有信心，因為忠誠度計畫仍是顧客互動與個人化策略的核心。

PAR Ordering, we delivered our best-ever quarter in Q2, closing six new deals. What's especially notable is that three of those wins came from customers migrating off the market's largest legacy ordering provider, reinforcing the competitive strength of our offering. Customers increasingly want fewer vendors, tighter integrations, and a simpler operating environment.

在 PAR Ordering 方面，我們於第二季創下史上最佳單季表現，完成六筆新交易。特別值得注意的是，其中三筆贏單來自客戶自市場上最大的傳統點餐供應商遷移而來，進一步印證我們產品的競爭優勢。客戶愈來愈希望供應商更少、整合更緊密，以及更簡化的營運環境。

Our single digital cockpit with PAR Ordering is exactly that, allowing you to manage all your digital menus in one place. Every ordering deal this quarter includes other PAR products, whether that was point of sale, Punchh, payments, or a combination of all three. A specific highlight this quarter was seeing growing traction from our catering capabilities. Catering was a component of two of our six PAR Ordering wins, and that's particularly meaningful because catering was our largest roadmap investment last year.

我們的單一數位駕駛艙搭配 PAR Ordering 正是如此，讓您能在同一處管理所有數位菜單。本季每一筆點餐交易都包含其他 PAR 產品，不論是銷售點（POS）、Punchh、支付，或三者的組合。本季一個特別亮點是我們的外燴（catering）能力獲得日益增長的市場牽引力。外燴是我們六個 PAR Ordering 勝出案中的兩個組成部分，這點特別有意義，因為外燴是我們去年產品路線圖中最大的投資項目。

We're now beginning to see those investments translate into customer demand and commercial results. It's a great example of how disciplined product investment can create new growth vectors over time, not only increasing ARPU, but separately enhancing overall product competitiveness. The relative competitive evaluability is evidenced by PAR Ordering delivering win rates above 50%, the highest success rate of any major product in our portfolio.

我們現在開始看到這些投資轉化為客戶需求與商業成果。這是紀律性的產品投資如何隨時間創造新的成長向量的絕佳例子，不僅提升 ARPU，也能另外強化整體產品競爭力。相對競爭可評估性的證據在於 PAR Ordering 的勝率超過 50%，為我們產品組合中任何主要產品的最高成功率。

Given the demand environment we're seeing, combined with the fact that payments are attached to every ordering deployment, we feel very confident in our ability to continue to grow this business consistently quarter after quarter. On the holistic product innovation front, we continue to meaningfully accelerate deployment across the organization. Compared to a year ago, we've increased delivery velocity roughly threefold.

鑑於我們所見的需求環境，再加上支付會附著於每一次點餐部署，我們對於能夠一季接一季地持續穩定成長此業務非常有信心。在整體產品創新方面，我們持續在全組織範圍內大幅加速部署。與一年前相比，我們的交付速度約提升了三倍。

We're building and shipping product faster than ever before, which allows us to respond more quickly to customer needs and extend our leadership position in the market. Another area where we are seeing progress is AI. Our strategy has always been to leverage the unique data workflows and operational context that already exists across the PAR platform.

我們打造並出貨產品的速度比以往任何時候都更快，這讓我們能更迅速回應客戶需求，並延伸我們在市場上的領導地位。另一個我們看到進展的領域是 AI。我們的策略一向是善用 PAR 平台上既有的獨特資料工作流程與營運情境。

As customers adopt more of our products, the value of AI capabilities increases because they are trained in a richer and more connected view of restaurant operations. We're beginning to see that play out in the market. We're also preparing for a significant expansion regarding PAR Intelligence, with over 20,000 locations planned to go live in the third quarter. These deployments validate what we're hearing from our customers. They want practical AI that helps operators make faster decisions, improve guest engagement, and drive measurable business outcomes.

隨著客戶採用更多我們的產品，AI 能力的價值會提升，因為它們是在更豐富且更互聯的餐廳營運視角中受訓。我們開始看到這在市場上發酵。我們也在為 PAR Intelligence 的重大擴張做準備，第三季計畫有超過 20,000 個據點上線。這些部署驗證了我們從客戶那裡聽到的聲音。他們想要實用的 AI，能幫助營運者更快做決策、提升顧客互動，並帶來可衡量的業務成果。

As previously expressed in our Q1 earnings, we view 2026 as an adoption year for PAR Intelligence; the focus remains on embedding AI into customer workflows, proving value at scale, and expanding usage across our install base. We're moving from a platform that reports what happens to one that optimizes in real-time. As an example, customer loyalty initiatives can quietly leak money through promo abuse, misconfigured offers, unproven renewals, unclaimed funding, silent customer drop-off, operators usually find out weeks later, if at all.

如同我們在第一季財報中先前所述，我們將 2026 年視為 PAR Intelligence 的採用年；重點仍在於把 AI 嵌入客戶工作流程、在規模化下證明價值，並在我們的安裝基礎上擴大使用。我們正從一個回報「發生了什麼」的平台，轉向一個能即時優化的平台。例如，客戶忠誠度計畫可能會因促銷濫用、優惠設定錯誤、未經驗證的續約、未申領的補助資金、無聲的客戶流失而悄悄漏財；營運者通常要幾週後才會發現，甚至可能完全不會發現。

We're building a system that catches this continuously and delivers a fix, not just the finding. This works because the data already lives in PAR, growing sharper with every order, every loyalty event, and every new site. The operator sets intent and approves the action, protecting margin and growing basket size, visits, and upsells without growing the team.

我們正在打造一套能持續捕捉這些問題並提供修正方案的系統，而不只是指出問題。之所以可行，是因為資料本來就存在於 PAR 中，並會隨著每一筆訂單、每一次忠誠度事件、以及每一個新據點而變得更精準。營運者設定意圖並核准動作，在不擴編團隊的情況下保護毛利，並提升客單價、來訪次數與加購銷售。

As adoption grows, we believe 2027 becomes the inflection point where AI contributes more meaningfully to revenue growth through premium capabilities, expanded product attach rates, and deeper customer engagement. The combination of data, scale, and workflow integrations creates a long-term competitive advantage and further strengthens the value proposition of the PAR platform.

隨著採用率提升，我們相信 2027 年將成為拐點，AI 會透過高階功能、提高產品附加率，以及更深的客戶互動，對營收成長做出更有意義的貢獻。資料、規模與工作流程整合的組合，創造長期競爭優勢，並進一步強化 PAR 平台的價值主張。

Moving on to retail. This segment also continues to perform exceptionally well. We are particularly encouraged by the scale of opportunities we are pursuing today. On the platform side, we launched Bolla Energy, as well as two other enterprise retailers during the quarter. The PAR Intelligence footprint expanded to roughly 17,000 PAR Retail sites in the quarter, surpassing our initial adoption goal and moving us rapidly into optimization ahead of future monetization of PAR Intelligence.

接著談零售。這個部門也持續表現非常出色。我們特別受到鼓舞的是，我們目前正在追逐的機會規模。在平台方面，我們於本季上線了 Bolla Energy，以及另外兩家企業級零售商。本季 PAR Intelligence 的覆蓋範圍擴大至約 17,000 個 PAR Retail 據點，超越我們最初的採用目標，並讓我們在未來 PAR Intelligence 變現之前，快速進入優化階段。

On the R&D front, PAR Retail completed a full rollout of Agentic AI to all developers. This will improve engineering productivity and accelerate innovation.

在研發方面，PAR Retail 已完成將 Agentic AI 全面推送給所有開發人員。這將提升工程生產力並加速創新。

Turning to our newest product, add to PAR Intelligence, Bridg. We're encouraged by the progress we've made since closing the acquisition in late March. What we're seeing is a rapid transition from integration to execution, with early proof that Bridg is not just another product in our portfolio but an increasingly important part of the data intelligence foundation that will power PAR's long-term AI strategy.

再來談我們最新的產品、作為 PAR Intelligence 的補充：Bridg。自三月底完成收購以來，我們對所取得的進展感到鼓舞。我們看到的是從整合快速轉向執行，並且已有初步證據顯示，Bridg 不只是我們產品組合中的另一項產品，而是日益成為資料智慧基礎的重要一環，將為 PAR 的長期 AI 策略提供動力。

In just a few months since closing, Bridg has added more than $1.3 million in new committed ARR from two signed customers, including an existing PAR Restaurant customer. Importantly, both customers have signed agreements extending through 2029, demonstrating confidence in the value Bridg delivers and underscoring the long-term opportunity we see ahead. These early results validate both customer demand and how Bridg will become a central component of future AI monetization.

在完成收購後短短幾個月內，Bridg 已從兩位已簽約客戶新增超過 130 萬美元的新承諾 ARR，其中包括一位既有的 PAR Restaurant 客戶。重要的是，兩位客戶都簽署了延伸至 2029 年的合約，展現對 Bridg 所帶來價值的信心，也凸顯我們所看到的長期機會。這些早期成果同時驗證了客戶需求，以及 Bridg 將如何成為未來 AI 變現的核心組成。

The story is not simply about Bridg itself. It's about the unique data foundation we're building across PAR that enables better insights, stronger customer outcomes, and a differentiated AI platform for restaurants and retailers.

這個故事不僅僅是關於 Bridg 本身。而是關於我們在 PAR 全面打造的獨特資料基礎，能帶來更好的洞察、更強的客戶成果，以及一個為餐廳與零售商量身打造、具差異化的 AI 平台。

Turning now to PAR's TAM expansion efforts. Our business unit leaders are evaluated in part on their ability to place bets that increase our ARPU or bring us into new product categories entirely. I touched upon some of these initiatives already, including PAR Intelligence and Bridg, where we are seeing sizable cross-vertical potential and traction. In addition, on the restaurant side, we are shortly launching both an AI-native kitchen display system as well as an AI-powered audio technology for drive-thru.

接著談 PAR 的 TAM 擴張工作。我們的事業單位領導者在評估時，部分取決於他們是否能押注於提升我們 ARPU 的機會，或讓我們進入全新的產品類別。我先前已提到其中一些計畫，包括 PAR Intelligence 與 Bridg，我們在跨垂直領域看到了可觀的潛力與牽引力。此外，在餐廳端，我們即將推出一套 AI 原生的廚房顯示系統，以及一項用於得來速的 AI 驅動音訊技術。

On the retail side, we have existing customers engaging us on technology expansion initiatives across their forecourt and backcourt systems as a system orchestrator rather than an integrator.

在零售端，我們既有客戶正與我們洽談其前場（forecourt）與後場（backcourt）系統的技術擴張計畫；我們將以系統協調者（orchestrator）而非整合商（integrator）的角色參與。

Before handing the call to Bryan, I'd like to cover a few summary points. One of the most encouraging developments in the first half of this year has been our ability to improve profitability while continuing to grow. Several operational initiatives are driving that progress.

在把電話交給 Bryan 之前，我想先總結幾點。今年上半年最令人鼓舞的發展之一，是我們在持續成長的同時提升了獲利能力。多項營運計畫正在推動這項進展。

First, our point-of-sale business is benefiting from ongoing support efficiency improvements and automation initiatives. Our agents are using intelligent tooling to handle more volume per person while putting the customer first with a focus on speedy resolution.

第一，我們的銷售點（POS）業務受益於持續的支援效率提升與自動化計畫。我們的客服人員正使用智慧工具，在以客戶為先、聚焦快速解決的前提下，以每人處理更多量能。

Second, ordering is beginning to experience the benefits of scale as fixed costs are leveraged across a growing customer base. Here again, intelligent tooling has had a material impact in driving efficiencies. Third, we are pushing aggressively on AI investments and closely tracking and optimizing the relative spend to efficacy ratio.

第二，點餐業務開始享受規模效益，固定成本得以在不斷成長的客戶基礎上被攤提。同樣地，智慧工具在提升效率方面帶來了實質影響。第三，我們正積極推進 AI 投資，並密切追蹤與優化相對的「投入支出對效能」比率。

100% of our full-time employees are enabled on and using AI tooling. We have recorded $14.9 million per year of estimated time savings and workflow optimization across our team in functions including sales, support, customer success, product implementation, finance, and engineering.

我們 100% 的全職員工都已具備並正在使用 AI 工具。我們估計每年可為團隊在銷售、支援、客戶成功、產品導入、財務與工程等職能上，節省 1,490 萬美元的時間並優化工作流程。

Our focus remains on converting efficiencies to realizable impact, whether that be dollar savings, deployment speed and capacity, or per-person support coverage. These efforts are contributing to a meaningful operating leverage and helping create a clear path towards our long-term profitability objectives. Separately, the breadth of our pipeline and our TAM expansion initiatives gives us confidence in both our near-term outlook and our long-term growth trajectory.

我們仍專注於把效率轉化為可實現的影響，不論是美元節省、部署速度與產能，或是每人可覆蓋的支援範圍。這些努力正在帶來顯著的營運槓桿，並協助我們建立通往長期獲利目標的清晰路徑。另外，我們管線的廣度以及 TAM 擴張計畫，讓我們對短期展望與長期成長軌跡都充滿信心。

With that, I'll turn the call over to Bryan. Bryan?

那麼，我把電話交給 Bryan。Bryan？

Thank you, Savneet, and good afternoon, everyone. In Q2, we continued to execute our 2026 operating plan, delivering both total revenue and adjusted EBITDA that exceeded the high end of the guidance we introduced last quarter. We continue to drive organic growth across our products and the verticals we serve; our disciplined management of OpEx is allowing the incremental margin contribution to flow through to the bottom line.

謝謝你，Savneet，各位下午好。在第二季，我們持續執行 2026 年營運計畫，總營收與調整後 EBITDA 均超出我們在上一季提出之指引區間的上緣。我們持續在各項產品與所服務的垂直產業推動有機成長；同時，我們對營運費用（OpEx）的嚴謹管理，使增量毛利貢獻得以反映到最終盈餘。

For the sixth quarter in a row, adjusted EBITDA has grown sequentially, reaching $14.3 million in Q2, up 158% compared to Q2 prior year. Now to the financial details. Total revenues were $133 million for Q2 2026, an increase of 19% compared to the same period in 2025, inclusive of subscription service revenue growth of 16%.

連續第六個季度，調整後 EBITDA 逐季成長，第二季達到 1,430 萬美元，較去年第二季成長 158%。接下來說明財務細節。2026 年第二季總營收為 1.33 億美元，較 2025 年同期成長 19%，其中包含訂閱服務營收成長 16%。

Net loss for the second quarter of 2026 was $17 million, or $0.41 loss per share, compared to a net loss of $21 million or $0.52 loss per share, reported for the same period in 2025. Non-GAAP net income for the second quarter of 2026 was $7.5 million or $0.18 diluted earnings per share, an improvement of $6.9 million compared to a non-GAAP net income of $0.6 million or $0.01 diluted earnings per share for the prior year.

2026 年第二季淨損為 1,700 萬美元，或每股虧損 0.41 美元；相較之下，2025 年同期淨損為 2,100 萬美元，或每股虧損 0.52 美元。2026 年第二季非 GAAP 淨利為 750 萬美元，或稀釋後每股盈餘 0.18 美元；較去年同期非 GAAP 淨利 60 萬美元、稀釋後每股盈餘 0.01 美元，改善 690 萬美元。

Adjusted EBITDA for the second quarter of 2026 was $14.3 million, an improvement of $5.3 million sequentially from Q1 2026 and $8.7 million compared to the same period in 2025. Our sequential and annual improvement is a result of our ability to drive both growth and profitability.

2026 年第二季調整後 EBITDA 為 1,430 萬美元，較 2026 年第一季逐季改善 530 萬美元，並較 2025 年同期增加 870 萬美元。我們逐季與年度的改善，來自於我們同時推動成長與獲利的能力。

Now for more details on revenue. Subscription service revenue was reported at $83 million, an increase of $11 million, or 16%, from the $72 million reported in the prior year, and represents 63% of total PAR revenue. ARR exiting the quarter was $338 million, an increase of 17% from last year's Q2. Total organic ARR was up 12% year over year.

接著提供更多營收細節。訂閱服務營收為 8,300 萬美元，較去年同期的 7,200 萬美元增加 1,100 萬美元（或 16%），並占總 PAR 營收的 63%。本季末 ARR 為 3.38 億美元，較去年第二季成長 17%。總有機 ARR 年增 12%。

We're entering the second half of the year with a large backlog of go-lives driven by both Burger King and Papa Johns rollouts, in addition to a healthy pipeline across our products and verticals we serve. As such, we expect second half ARR growth to be meaningfully larger than the first half, a growth phasing that is similar to what we experienced in 2025. Hardware revenue in the quarter was $35 million, an increase of $8 million, or 31%, from the $27 million reported in the prior year.

我們正以大量上線（go-live）待履行訂單（backlog）進入下半年，主要由 Burger King 與 Papa Johns 的推廣（rollout）所帶動，此外在我們各項產品與所服務的垂直產業也有健康的商機管線（pipeline）。因此，我們預期下半年 ARR 成長將明顯高於上半年；此種成長節奏與我們在 2025 年的經驗相似。本季硬體營收為 3,500 萬美元，較去年同期的 2,700 萬美元增加 800 萬美元（或 31%）。

This was our strongest hardware sales quarter in at least 10 years. The volume was driven by both refresh activity and expansion of partnership with our legacy customer, as well as continued penetration of hardware attachment into our expanding software customer base. Professional service revenue was reported at $15 million, an increase of $1 million, or 10%, from the $14 million reported in the prior year. The increase was primarily driven by an increase in installation revenues associated with the rollouts of tier one customers.

這是我們至少 10 年來最強勁的一季硬體銷售。銷量同時受更新換代（refresh）活動與我們與既有客戶之合作夥伴關係擴大所帶動，並且硬體搭售（hardware attachment）在我們持續擴張的軟體客戶基礎中滲透率也持續提升。專業服務營收為 1,500 萬美元，較去年同期的 1,400 萬美元增加 100 萬美元（或 10%）。增加主要來自與一級客戶（tier one customers）推廣相關的安裝收入提升。

Now turning to margins. Gross margin was $57 million, an increase of $6 million, or 11%, from the $51 million reported in the prior year. Increase was driven by subscription services with gross margin dollars of $46 million, an increase of $6 million, or 16%, from the $40 million reported in the prior year.

接著談毛利率。毛利為 5,700 萬美元，較去年同期的 5,100 萬美元增加 600 萬美元（或 11%）。成長主要由訂閱服務帶動，其毛利金額為 4,600 萬美元，較去年同期的 4,000 萬美元增加 600 萬美元（或 16%）。

GAAP subscription service margin for the quarter was 55.2%, compared to 55.3% reported in the prior year. Excluding the amortization of intangible assets, stock-based compensation, and severance, non-GAAP subscription service margin for Q2 2026 was 65.1% compared to 66.4% in Q2 2025, with the modest change reflecting a shift in product mix as Q2 included a full quarter of Bridg operations. We expect this baseline reset to reverse over the next few quarters as we execute to plan business model changes to Bridg post the acquisition. Hardware margin for the quarter was 20% versus 27% in the prior year.

本季 GAAP 訂閱服務毛利率為 55.2%，去年同期為 55.3%。排除無形資產攤銷、股份基礎給付與資遣費後，2026 年第二季非 GAAP 訂閱服務毛利率為 65.1%，相較 2025 年第二季的 66.4%；此小幅變動反映產品組合的轉移，因第二季包含 Bridg 營運的完整一季。我們預期，隨著我們在收購後對 Bridg 執行符合計畫的商業模式調整，這次基準重設將在未來幾季逐步反轉。本季硬體毛利率為 20%，去年同期為 27%。

This quarter's performance is in line with recent quarterly results, which reflect the current tariff and supply chain constraint environment. We expect hardware margins to continue to be in the low 20% range moving forward. Professional service margin for the quarter was 23% compared to 29% reported in the prior year.

本季表現與近期各季結果一致，反映目前關稅與供應鏈受限的環境。我們預期未來硬體毛利率將持續維持在 20% 出頭的區間。本季專業服務毛利率為 23%，去年同期為 29%。

This quarter's result was negatively impacted by timing of some of our hardware-related service contracts. Our outlook on go-forward professional service margins has not changed, and we expect a range of the mid- to upper-20%.

本季結果受到部分與硬體相關之服務合約時點（timing）影響而承壓。我們對未來專業服務毛利率的看法未變，預期將落在 20% 中段至高段的區間。

In regard to operating expenses, GAAP sales and marketing was $11.6 million, a decrease of $0.7 million from the $12.3 million reported for the prior year, driven by a reduction of organic sales and marketing expenses of $1.2 million, partially offset by $0.5 million of expenses from the recently acquired Bridg product line. GAAP G&A was $26.3 million, a decrease of $5.4 million from the $31.7 million reported in the prior year. The decrease was substantially driven by strategic reorg changes implemented earlier this year. GAAP R&D was $22.5 million, an increase of $1.6 million from the $20.9 million recorded in the prior year.

在營運費用方面，GAAP 銷售與行銷費用為 1,160 萬美元，較去年同期的 1,230 萬美元減少 70 萬美元；主要由有機銷售與行銷費用減少 120 萬美元所帶動，部分被近期收購的 Bridg 產品線帶來的 50 萬美元費用所抵銷。GAAP 一般及行政（G&A）費用為 2,630 萬美元，較去年同期的 3,170 萬美元減少 540 萬美元。下降主要來自我們今年稍早實施的策略性組織重整變更。GAAP 研發（R&D）費用為 2,250 萬美元，較去年同期的 2,090 萬美元增加 160 萬美元。

The increase was primarily driven by R&D expense stemming from post-acquisition operations of the Bridg product line, as organic R&D expense was relatively flat year-over-year. Operating expenses excluding non-GAAP adjustments was $51 million, a decrease of $3 million, or 5%, versus Q2 2025. For Q2, non-GAAP OpEx as a percent of total revenue was 38%, a significant 1,000 basis point improvement from 48% in Q2 of the prior year, demonstrating our ability to scale efficiently and drive operating leverage.

增加主要來自收購後 Bridg 產品線營運所產生的研發費用，而有機研發費用年對年相對持平。排除非 GAAP 調整項後的營運費用為 5,100 萬美元，較 2025 年第二季減少 300 萬美元（或 5%）。第二季非 GAAP 營運費用占總營收比重為 38%，較去年第二季的 48% 大幅改善 1,000 個基點，顯示我們具備高效率擴張並帶動營運槓桿的能力。

The realignment of operations into two verticals and the accelerated adoption of our AI tool set within our operations has enabled our teams to realize operational efficiencies and additional scale. To provide information on the company's cash flow and balance sheet position. As of June 30, 2026, we had cash and cash equivalents of $77 million.

將營運重新調整為兩個垂直領域，以及在營運中加速採用我們的 AI 工具組，使團隊得以實現營運效率並進一步擴大規模。接著提供公司現金流與資產負債表狀況資訊。截至 2026 年 6 月 30 日，我們的現金及約當現金為 7,700 萬美元。

Our cash balance was flat when compared to the prior quarter, with free cash flow of $3 million offset by cash use of $3 million for the final payout of the 2026 notes. Free cash flow for the quarter improved $11.5 million when compared to Q2 2025, outpacing adjusted EBITDA improvement of $8.7 million during the period. We expect free cash flow conversion to continue to improve meaningfully for the remainder of the year as we continue to drive additional adjusted EBITDA critical mass and execute additional working capital tailwinds.

與上一季相比，我們的現金餘額持平；其中自由現金流為 300 萬美元，但被用於支付 2026 年票據（notes）最終償付的 300 萬美元現金支出所抵銷。本季自由現金流較 2025 年第二季改善 1,150 萬美元，優於同期調整後 EBITDA 改善的 870 萬美元。我們預期在今年剩餘期間，自由現金流轉換率將持續顯著改善，因我們將持續推動調整後 EBITDA 規模達到關鍵臨界點，並落實更多營運資金的順風因素。

To recap performance, Q2 marked another quarter of meaningful acceleration of profitability while continuing to grow the top line. This momentum is evident across the following key financial metrics. Revenue grew 19% year over year, with subscription service revenue up 16%.

回顧績效，第二季在持續推動營收成長的同時，獲利能力再度出現顯著加速。這股動能可從以下關鍵財務指標清楚看出。營收年增 19%，其中訂閱服務營收年增 16%。

Non-GAAP OpEx as a percent of total revenue improved 1,000 basis points from Q2 2025, and adjusted EBITDA was $14.3 million for the quarter, an improvement of $8.7 million from Q2 2025 and a $5.3 million sequential improvement from Q1. Let me share our expectations going forward. When we introduced formal guidance last quarter, our goal was to give investors greater transparency into the business.

非 GAAP 營業費用（OpEx）占總營收比重較 2025 年第二季改善 1,000 個基點；本季調整後 EBITDA 為 1,430 萬美元，較 2025 年第二季改善 870 萬美元，並較第一季季增改善 530 萬美元。接下來我分享我們對未來的預期。上季我們首次提供正式財測指引時，目標是讓投資人對業務有更高的透明度。

This quarter, both total revenue and adjusted EBITDA came in above the high end of the outlook provided. We are raising our full-year 2026 outlook for both metrics. These results reflect the visibility in our business while also driving operating leverage. For the third quarter of 2026, we expect total revenue in the range of $128 million to $132 million and adjusted EBITDA in the range of $13.5 million to $14.5 million.

本季總營收與調整後 EBITDA 皆高於先前展望區間的上緣。因此，我們上調 2026 全年這兩項指標的展望。這些結果反映了我們業務的可視性，同時也帶動營運槓桿。對 2026 年第三季，我們預期總營收介於 1.28 億至 1.32 億美元，調整後 EBITDA 介於 1,350 萬至 1,450 萬美元。

For the full year 2026, we now expect total revenue in the range of $516 million to $523 million, up from the prior range of $500 million to $515 million, and adjusted EBITDA in the range of $50 million to $53 million, up from a prior range of $44 million to $47 million.

對 2026 全年，我們目前預期總營收介於 5.16 億至 5.23 億美元，高於先前的 5.00 億至 5.15 億美元；調整後 EBITDA 介於 5,000 萬至 5,300 萬美元，高於先前的 4,400 萬至 4,700 萬美元。

A few points of context on the outlook. We expect subscription service revenue growth to continue to strengthen in the back half of the year, as we continue to roll out multiple tier one accounts and go live with recent tier two and tier three platform wins to continue to build momentum, expanding our platform within our current customer base. On hardware, Q2 was a historic quarter and benefited from elevated tier one refresh activity, and we expect hardware revenue to begin to normalize in the second half.

關於展望補充幾點背景。我們預期訂閱服務營收成長將在下半年持續走強，因為我們將持續推進多個第一級（tier one）客戶上線，並讓近期取得的第二級與第三級（tier two、tier three）平台案順利上線以延續動能，在既有客戶基礎內擴大平台導入。硬體方面，第二季是歷史性的一季，受惠於第一級客戶較高的汰換更新活動；我們預期下半年硬體營收將開始回歸常態。

Additionally, we anticipate hardware margins will stabilize in a low 20% range as our pricing actions continue to offset component cost pressures. On profitability, adjusted EBITDA of $14.3 million in the second quarter, combined with our outlook for the full year, reflects substantial improvement over 2025, driven by both continued top-line growth and a cost base we have structurally reset.

此外，我們預期硬體毛利率將在 20% 出頭的區間趨於穩定，因為我們的定價措施將持續抵銷零組件成本壓力。在獲利方面，第二季調整後 EBITDA 為 1,430 萬美元，結合我們對全年展望，反映相較 2025 年有大幅改善，動能來自營收持續成長，以及我們已結構性重設的成本基礎。

Taking the elevated hardware revenue into consideration, a more normalized Q2 adjusted EBITDA would be $13 million when considering an appropriate baseline to build out second half of the year expectations. The restructuring actions we executed earlier this year are driving a step-down in our operating expense run rate, with the second quarter reflecting the largest step change in that run rate.

若將偏高的硬體營收納入考量，以更常態化的基準來推估下半年預期，第二季較為正常化的調整後 EBITDA 約為 1,300 萬美元。我們今年稍早執行的重整措施，正帶動營業費用的常態化支出水準下移，而第二季反映了該支出水準最大的階梯式變化。

Looking to the balance of the year, we expect OpEx to stay relatively flat to modest growth as we plan to drive additional operating efficiencies to help support reinvestments into our highest return opportunities, most notably PAR Intelligence and our Agentic platform. That investment builds through the back half of the year within a disciplined framework that prioritizes durable and profitable growth.

展望今年剩餘期間，我們預期 OpEx 將維持大致持平至小幅成長；同時我們計畫推動更多營運效率，以支持對報酬率最高機會的再投資，尤其是 PAR Intelligence 與我們的 Agentic 平台。這些投資將在下半年逐步加大，並在一套嚴謹的框架下進行，以優先追求可持續且具獲利性的成長。

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

接下來我把電話交回給 Savneet，在進入問答前做結語。

Thank you, Bryan. Q2 was an aggressive starting shot. We are far from done. First, we've set up the back half of the year to see continued movement up in growth. ARR growth accelerated from Q1 to Q2. We expect it again to pick up in the second half of this year, similar to 2025. This is driven by the backlog of large deals we've spoken about, as well as a new influx of mid-tier wins.

謝謝你，Bryan。第二季是一記強勢的起跑槍。我們遠未結束。首先，我們已為下半年持續走升的成長做好布局。ARR 成長從第一季到第二季加速。我們預期今年下半年會再次加速，與 2025 年類似。這主要由我們先前提到的大型交易積壓（backlog）所驅動，同時也有一波新的中階客戶勝利案湧入。

Second, our multi-product model continues to expand. I'm very excited to see how nearly all new deals are platform-based, and the resulting impact on ARR will give us strong growth in later years. As restaurants begin to adopt more and more AI solutions, I expect the need for an end-to-end vendor will only expand. Third, our profitability expansion. Our numbers reflect the incredibly strong unit economics we're seeing in our business model.

第二，我們的多產品模式持續擴張。我非常興奮地看到，幾乎所有新交易都是以平台為基礎，而其對 ARR 的影響將在未來幾年帶來強勁成長。隨著餐廳開始採用越來越多 AI 解決方案，我預期對端到端供應商的需求只會擴大。第三，我們的獲利能力擴張。我們的數字反映出在此商業模式下，我們所看到的單位經濟效益極為強勁。

We continue to be encouraged by how efficient an incremental customer add can be. We will continue to march our business towards best-in-class margins. Our ARPU is up across all core products. Our LTV to CAC ratio has more than doubled between platform versus point solution deals. Our contract lengths are increasing throughout. OpEx efficiency remains a focus.

我們持續受到鼓舞，因為新增一位客戶所帶來的邊際效率非常高。我們將持續推動業務邁向同業最佳水準的利潤率。我們的 ARPU 在所有核心產品上皆有所提升。平台型交易相較於單點解決方案交易，我們的 LTV/CAC 比率已超過翻倍。我們的合約期限也全面拉長。OpEx 效率仍是重點。

In the quarter, non-GAAP R&D expense as a percentage of sales was 15%, sales and marketing expense was 8%, and G&A was 14%. Fourth, our aggressive trajectory on PAR Intelligence adoption. We rounded out Q2 with roughly 20,000 live sites and have another 20,000 sites set to go live in Q3. We remain firmly on track for our 50,000 live site commitment for fiscal year 2026 and are developing additional functionality with clear commercialization potential. Our continued commitment to aggressively expanding our TAM.

本季，非 GAAP 研發費用占銷售額比重為 15%，銷售與行銷費用為 8%，一般與行政（G&A）為 14%。第四，我們在 PAR Intelligence 採用上的積極軌跡。第二季結束時，我們約有 20,000 個上線據點，且在第三季還有另外 20,000 個據點預計上線。我們仍堅定按計畫推進 2026 會計年度 50,000 個上線據點的承諾，並正開發具明確商業化潛力的額外功能。我們持續承諾積極擴大我們的 TAM（可服務總市場）。

We have made investments to organically launch new products across restaurant and retail. Our intense focus on margin expansion has not come at the cost of investments in our core products, and we remain committed to spending more on products development than the bulk of our enterprise peers. I believe the ultimate key to a successful business is its ability to reinvest its capital at high rates of return while not sacrificing areas requiring innovation.

我們已投入資源，以有機方式在餐飲與零售領域推出新產品。我們對利潤率擴張的高度聚焦，並未以犧牲核心產品投資為代價；我們仍承諾在產品開發上的投入將高於多數同業企業。我相信成功企業的最終關鍵，在於能以高報酬率再投資其資本，同時不犧牲需要創新的領域。

The rush to AI will be no different. While AI is often looked at as technical work, we think there will be as much cultural. In a world where every company will ostensibly have the same or similar AI tooling, it will be a race to the average. The companies that have a culture that allows them to take a leap of faith on AI will gain the competitive advantage.

AI 的浪潮也不會例外。雖然 AI 常被視為技術工作，但我們認為同樣也有很大一部分是文化層面。在一個每家公司表面上都會擁有相同或相似 AI 工具的世界裡，競爭將變成「比誰更接近平均」。具備能讓其敢於在 AI 上「放手一搏」的文化的公司，將取得競爭優勢。

Simply using tooling to optimize the way we worked in the past will not lend itself to a differentiated competitive position. Instead, it will reinforce the status quo. We think you need to actually leverage AI in places that make you incredibly uncomfortable, where the power of intelligence leads to an enhanced judgment.

僅僅使用工具去優化我們過去的工作方式，並不會帶來差異化的競爭地位。相反地，它只會強化現狀。我們認為你必須真正把 AI 用在那些會讓你非常不舒服的地方，讓智慧的力量帶來更好的判斷。

Blessedly, we think winners will be companies that enable their managers to be both ICs and managers. Such companies will expect their leaders to take on more teams and more projects, not to be stuck in the org designs and best practices of the past. Winners will not only let AI filter resumes, but actually trust AI to filter, interview, and present final candidates.

幸運的是，我們認為贏家將是那些能讓其管理者同時扮演個人貢獻者（IC）與管理者的公司。這類公司會期待其領導者承擔更多團隊與更多專案，而不是被困在過去的組織設計與最佳實務中。贏家不僅會讓 AI 篩選履歷，還會真正信任 AI 進行篩選、面試，並提出最終候選人。

In the case of restaurants, I think winners will be the ones who let restaurant managers press autopilot and let AI order inventory, create labor scheduling, and manage order flow, while allowing the operator to focus on the highest-value customer touchpoints.

以餐廳為例，我認為贏家會是那些讓餐廳經理按下自動駕駛，讓 AI 進行庫存訂購、排班規劃與訂單流量管理，同時讓營運者能專注在最高價值的顧客接觸點上的業者。

A company culture willing to accept the risk to reinvent how it works, how it organizes, and how it leads will be the one that achieves differentiated competitive positioning. As I said earlier, PAR is always on offense. Always. That culture sets us up to win and adapt to today's opportunities.

願意承擔風險、重新發明其工作方式、組織方式與領導方式的企業文化，將是能取得差異化競爭定位的文化。如我先前所說，PAR 永遠在進攻。永遠。這樣的文化讓我們能在今日的機會中取勝並持續適應。

With that, operator, we can open the line up for Q&A.

那麼，接線員，我們可以開放電話線進行問答。

(Operator Instructions) George Sutton, Craig-Hallum.

(接線員指示) George Sutton，Craig-Hallum。

Nice results. I was pleased to hear about the confidence in the second half ramp in ARR. I am wondering if you could give us a little more of a picture. I understand much of this is driven by deals you have already won and have planned rolled out. When we talked a quarter ago, I think you had talked about 80% of your opportunity had been signed for the year. Can you give us an update there?

成果不錯。很高興聽到你們對下半年 ARR 加速成長的信心。我想請你們再多描繪一下全貌。我理解其中很大一部分是由你們已經拿下、且已規劃部署的案子所帶動。我們在一季前談到時，我記得你們提到今年的機會大約有 80% 已經簽下來了。能否更新一下目前的情況？

Yeah. We feel very good from now to the end of the year. We have got good visibility on the Operator Cloud side, the Retail side, and we are getting there on engagement ordering. We feel pretty good where we are now. Visibility has increased, which is why we gave the commentary that we feel good about the second half ramp.

是的。我們對從現在到年底的表現非常有信心。在 Operator Cloud、零售端方面我們有很好的能見度，而在 engagement ordering（互動式點餐）方面也正在到位。我們對目前的位置感覺相當不錯。能見度提高了，這也是為什麼我們評論說對下半年 ARR 的加速成長感到樂觀。

On PAR Intelligence, it sounds like you had 20,000 in Q2, and you are adding 20,000, I believe, in Q3, and 50 for the full year, up against, I think, a base of about plus-170,000 locations. Can you give us a sense of the breadth of the wins that you are seeing relative to other competitors bringing their AI solutions in?

關於 PAR Intelligence，聽起來你們在第二季有 20,000（據點/地點），而第三季我相信會再增加 20,000，全年增加 50,000；相較之下，你們的基礎盤我想大約是超過 170,000 個據點。能否談談你們相對於其他競爭對手導入其 AI 解決方案時，你們所看到的勝出案子的廣度？

Yeah. I think the scale of rollouts obviously going faster than we expected. I think that is partly, obviously, there is a rush to try these tools, but also the early wins that our customers are getting or are learning from it. We just won a retail deal where I think a core part of us winning was candidly what we showed them on PAR Intelligence. I think we continue to be excited and the opportunity to sort of put product in front of our customers and then learn from that, iterate from that, and then, as I talked about, really monetize in 2027.

是的。我認為部署的規模顯然比我們預期的更快。我想部分原因當然是大家急著嘗試這些工具，但也因為我們的客戶在早期就取得了一些成果，或從中學到東西。我們剛拿下一個零售案，我認為我們能贏的核心因素之一，坦白說，就是我們在 PAR Intelligence 上展示給他們的內容。我們仍然很興奮，也看到把產品擺到客戶面前、從中學習並迭代的機會，然後如我所說，在 2027 年真正實現變現。

Vis-a-vis our competitors, I have not seen tremendous push from most of our competitors to sort of become the Agentic solution of the future. In fact, I am not aware of somebody that has got sort of the installs that we have, nor the roadmap we have. I think that's partly because it's very hard to give something useful to a customer when you are only providing utility in one part of their operations, whether that be in the back office or loyalty or ordering.

就我們的競爭對手而言，我沒有看到多數競爭者有很強的推進力，去成為未來的 Agentic（代理式）解決方案。事實上，我不知道有誰擁有像我們這樣的安裝量（install base），也沒有像我們這樣的產品路線圖。我想部分原因是：當你只在客戶營運的某一個環節提供效用時，要交付對客戶真正有用的東西非常困難，不管那個環節是在後台、會員忠誠度，或點餐。

I think the AI value comes when you have it across your products. There are only a few vendors that could potentially do that. We have not seen a lot of momentum from our competitors here yet.

我認為 AI 的價值在於能橫跨你的產品線。能做到這點的供應商可能只有少數幾家。我們目前還沒有看到競爭對手在這方面有很大的動能。

Stephen Sheldon, William Blair.

Stephen Sheldon，William Blair。

First, I just wanted to clarify the ARR expectations in the back half. I think you're saying that you'd expect it to get back to 2025 levels, which I believe was 15% organically. I guess, could you get there in Q3, or is that more like a Q4 expectation?

首先，我想釐清一下下半年 ARR 的預期。我理解你們的意思是，預期會回到 2025 年的水準，我相信那是有機成長 15%。我想問的是：你們在第三季就能達到嗎？還是比較像是第四季的預期？

Savneet, I think you said that if PAR keeps executing the way it has been recently, and it sounds like implementations are all going really well, there could be some upside to that. I just wanted to, am I kind of hearing and thinking about that all correctly?

Savneet，我想你提到如果 PAR 持續像最近這樣執行，而聽起來導入（implementation）也都進展得很順利，可能會有一些上行空間。我只是想確認一下，我這樣理解與判斷是否正確？

Yes, Stephen, it's Bryan. A good question. The reference also too, on the phasing, if you recall from 2025, we did a significant amount of our ARR increase in the second half, close to $30 million of incremental ARR. We know we're lapping that, but we actually have more momentum going into the second half than we did last year. We'll be higher than we were last year. This is going to allow us then to go from the 12 up to a higher percent in the teens in regards to Q3 and Q4, but that will come steadily in Q3 and Q4.

是的，Stephen，我是 Bryan。問得很好。另外關於時點分布（phasing）的參考，如果你還記得 2025 年，我們在下半年帶來了相當大幅度的 ARR 增加，增量 ARR 接近 3,000 萬美元。我們知道今年會遇到這個高基期（lapping），但實際上我們進入下半年的動能比去年更強。我們會高於去年。這將使我們在第三季與第四季，從 12% 提升到十幾%的較高百分比，但這會在第三季與第四季逐步體現。

To your second part of your question of the ability to exceed. Yeah, I think if we continue at the fast pace we're going now, there's always that potential. We are feeling right now things are going very well.

至於你問題的第二部分，也就是超出預期的可能性。是的，我認為如果我們能持續維持目前這樣的快速節奏，確實一直都有那種可能性。我們目前感覺各方面進展都非常順利。

Got it. Thanks. On PAR Intelligence, I think you have a lot of options on ways to commercialize those capabilities, and I think you talked about probably seeing more commercialization next year.

了解。謝謝。關於 PAR Intelligence，我認為你們在商業化這些能力方面有很多選項，而我想你們也提到可能明年會看到更多商業化。

Can you maybe just update us on how you think it'll impact monetization? I'm sure it helps with retention, might help with pricing. Could you sell some capabilities separately? Where are you on a subscription or usage-based? I guess just how should we think about the commercialization of that?

能否更新一下你們認為它會如何影響變現？我確定它有助於留存，也可能有助於定價。你們會把某些能力拆出來單獨銷售嗎？在訂閱制或按用量計費方面，你們目前的想法是什麼？也就是說，我們應該如何看待它的商業化？

Yeah. I think we're going to look at commercialization as a subscription-based product, more than likely. We're going to test out a few models, but I think from the early goings, it looks like it'll be subscription-based. I suspect it'll be an add-on to what we do in the back office and/or the loyalty side of our business, where we see the most actual insights, where we see the customers have the most interest in paying, and where we're driving the most ROI today. We're using this year to really figure out where they spend the most time, where they get the most value, and then kind of coming back and making it a win-win for them and for us.

是的。我認為我們很可能會把商業化定位為訂閱制產品。我們會測試幾種模式，但從目前早期的情況看起來，應該會是訂閱制。我猜它會作為我們後台產品和/或會員忠誠度業務的加購項（add-on），因為在那裡我們看到最多實際洞察、客戶最有意願付費、而且我們今天也在那裡帶來最高的 ROI。我們今年會用來真正弄清楚客戶把最多時間花在哪裡、從哪裡獲得最大價值，然後再回過頭來設計成對他們與對我們都雙贏的方案。

Ella Smith, JPMorgan.

Ella Smith，JPMorgan。

First, I was hoping to ask about the EBITDA margin strength that you've experienced for the past few years. As we look to 2027, how do you think about the sources of that expansion? Is there still meaningful room for cost cuts or operational efficiencies, particularly from past acquisitions? Do you expect most of the forward expansion to come from operating leverage versus your existing cost base as revenue scales?

首先，我想詢問你們過去幾年所展現的 EBITDA 利潤率強勁表現。展望 2027 年，你們如何看待利潤率擴張的來源？是否仍有顯著空間可以透過成本削減或營運效率提升，特別是來自過去併購的整合？你們是否預期未來的擴張主要來自營運槓桿，也就是在既有成本基礎上隨營收規模擴大而攤薄？

I think it'll come from both. I think more of it'll come from operating leverage. We're growing, and we expect growth rates to accelerate in the second half of the year, as I mentioned, and we're not adding costs to the fixed cost or the operating cost structure. I think it'll come more from operating leverage.

我認為兩者都會有。我認為更多會來自營運槓桿。我們正在成長，而且如我提到的，我們預期下半年成長率會加速，但我們並沒有在固定成本或營運成本結構上增加成本。我認為會更多來自營運槓桿。

Although, we do think there's opportunities to continue to take out excess costs within the infrastructure of the business. I think we'll see it from both spots, but I think it'll be more driven by what we're doing from a growth perspective.

不過，我們也確實認為在公司基礎設施（infrastructure）中仍有機會持續去除多餘成本。我想兩邊都會看到一些貢獻，但我認為更主要會由我們在成長面所做的事情所驅動。

Very clear, Savneet. Thank you. For a follow-up, since you made the decision to stop disaggregating ARR and active sites between Engagement Cloud and Operator Cloud, citing the growing prevalence of multi-product arrangements, how should investors think about tracking your go-to-market progress and attach rates across the products going forward? What metrics do you think best capture the health of that bundling strategy?

非常清楚，Savneet。謝謝。追問一下：既然你們決定不再拆分揭露 Engagement Cloud 與 Operator Cloud 的 ARR 與活躍據點數，並引用多產品組合安排日益普遍作為原因，那麼投資人未來應該如何追蹤你們的 go-to-market 進展，以及各產品的附加率（attach rates）？你認為哪些指標最能反映這個綑綁（bundling）策略的健康狀況？

I think two metrics. One is just ARR growth. I think as we have ARR growth, it's representative of that multi-product growth, and the second is ARPU. As we have obviously ARR and site count, you can see the ARPU. You look at it going backwards; you can see it continues to climb up. That's a result of the multi-product attachment that you see.

我認為有兩個指標。第一個就是 ARR 成長。我認為隨著我們的 ARR 成長，它代表了多產品的成長；第二個是 ARPU。因為我們顯然有 ARR 和站點數，你就能看出 ARPU。你往回看，可以看到它持續上升。這是你所看到的多產品綁定（attachment）的結果。

We're trying to make it simpler. As you said, with the platform strategy, breaking it up into two becomes too challenging, or also, I think, too complicated. Having one metric or one site count allows us to provide more traditional metrics, which we're excited about.

我們正試著把它變得更簡單。如你所說，在平台策略之下，把它拆成兩個就變得太有挑戰，或者我認為也太複雜了。用一個指標或一個站點數，讓我們能提供更傳統的指標，這也是我們很期待的。

What I'll just add to that, Ella, is the fact that it's actually clearer now what a true ARPU is. We now have all the unique sites in there. There could have been times when there were sites that were both in EC and OC, Engagement Cloud and Operator Cloud. Now they're unique, brought together.

我再補充一點，Ella：現在其實更清楚什麼才是真正的 ARPU。我們現在把所有獨立站點都納入其中。過去可能有些站點同時在 EC 和 OC，也就是 Engagement Cloud 和 Operator Cloud 裡。現在它們是唯一的，並且整合在一起。

You actually get true ARPU of that, and you get a better sense of what the white space is in our existing customer base. For instance, in some of these multiple product deals that we're doing, 10,000 ARPU in those sites, you can actually do the calculation and see what our ARPU is of total sites and see the multiple above that in regards to white space just in our current customer base.

你實際上就能得到真正的 ARPU，也能更好地理解我們既有客戶基礎中的「白地」空間有多大。例如，在我們正在做的一些多產品交易中，那些站點的 ARPU 是 10,000，你其實可以做計算，看看我們所有站點的整體 ARPU，並看出相對於該水準之上的倍數，從而理解僅在現有客戶基礎中的白地空間。

We want to be able to give you guys that kind of clarity to understand how to build out the modeling and understanding both from new logo growth and existing customer growth, where the opportunities come.

我們希望能給各位這種清晰度，讓你們理解如何建立模型，並同時從新客戶（new logo）成長與既有客戶成長兩個面向，去理解機會來源。

(Operator Instructions) Mayank Tandon, Needham.

（接線員指示）Mayank Tandon，Needham。

Thank you. Good evening. Savneet, I wanted to just get an update on the tier one RFPs. I know you've talked about several potential opportunities. I believe one is global and two are North American. I could be wrong on that, but if you could just give an update in terms of where you are on those RFPs and if there are maybe more that are in the pipeline that you think you could also potentially convert on. Thank you.

謝謝。晚安。Savneet，我想請你更新一下第一級（tier one）的 RFP 進度。我知道你談過幾個潛在機會。我記得其中一個是全球性的，另外兩個在北美。我可能記錯了，但如果你能就這些 RFP 目前進展到哪一步做個更新，以及是否還有更多在管線中、你認為也可能轉換成功的案子。謝謝。

We're making good progress. When we get a win, we've also got to wait for our customers to put out the release. There's a lag effect from winning to the information getting out there. The market is very ripe right now. We continue to have growth in the pipeline, as I said in the remarks.

我們進展良好。當我們拿下案子後，也得等客戶對外發布消息。從得標到資訊對外流出會有時間落差。目前市場非常成熟、時機很好。如同我在開場說明中提到的，我們的管線仍持續成長。

I think the difference from this year and maybe last year is it's a much more diversified pipeline, where we still have great momentum on the tier ones, but we're seeing more and more of these mid-tier customers like Pizza Factory we talked about on the last call, and others like that, where you're able to do a multi-product deal that would be the value of a tier one point-of-sale deal, as an example.

我認為今年和可能去年最大的差異在於：管線更加多元化。我們在第一級客戶上仍有很好的動能，但也看到越來越多這類中型客戶，例如我們上次電話會議提到的 Pizza Factory，以及其他類似客戶；在這些案子上，你能做多產品交易，其價值可相當於一個第一級的 POS（銷售點）交易，舉例來說。

I think the difference from this year and last year is while tier one is still strong, it's the mid-tier deals that we like because they're also a little bit of faster sales cycle, and I think even stickier because of the multi-product nature.

我認為今年和去年不同之處在於：雖然第一級仍然強勁，但我們喜歡中型交易，因為它們的銷售週期也更快一些，而且我認為由於多產品的特性，黏著度甚至更高。

Got it. Just to clarify, there are still three-tier ones in the potential opportunity bag, or would you say there are more at this point?

了解。我想確認一下，目前潛在機會的「袋子」裡仍然有三個第一級案子嗎？還是你會說現在更多了？

I'd say there's three. I would say we've got more in early stage, not yet where we'd call them out.

我會說是三個。我會說我們還有更多在早期階段，但還不到我們會拿出來點名的程度。

Okay. Just as a follow-up, I wanted to ask you more on the market. Are you sensing more of an urgency on the part of customers to modernize their tech stack? We've heard that from a couple of your peers that have recently reported. It seems like the backlog is converting a lot faster than it was maybe some months ago or some quarters ago.

好的。再追問一題，想更了解市場狀況。你是否感受到客戶在現代化其技術堆疊（tech stack）方面更有急迫感？我們從幾家最近剛公布財報的同業那裡也聽到類似說法。看起來積壓需求（backlog）的轉換速度比幾個月前或幾季前快很多。

Just wondering if you're seeing that trend as well, and that could have been maybe part of the reason you delivered a very strong quarter and obviously raised guidance as well. Just want to get a sense of the overall market urgency on the part of customer behavior in the era of AI.

想請問你是否也看到這個趨勢；這也可能是你們交出非常強勁一季、並且上調財測的部分原因。我想了解在 AI 時代下，整體市場中客戶行為的急迫程度。

I think it's a continued urgency. I don't know if I'd say we felt something different this quarter than last quarter. I think it's a continued urgency. I think we certainly see a lot more focus on getting your infrastructure, your core foundation in place, than we have in years past. I think it's just a continued momentum from what we saw last quarter.

我認為這種急迫感是持續存在的。我不確定我會不會說這一季和上一季相比有感受到什麼不同。我認為它就是持續的急迫感。我確實看到，相較於過去幾年，大家更聚焦於把基礎建設、核心底座先建好。我認為這只是延續我們上一季看到的動能。

Congrats on the quarter.

恭喜這一季的表現。

Thanks, Mayank.

謝謝，Mayank。

Andrew Harte, US Bancorp.

Andrew Harte，US Bancorp。

Nice results. Savneet, multi-product adoption, I think, keeps coming up in a lot of your answers and appreciate, I think there was a comment about 100% of new customers coming in with multi-product adoption. I guess, can you talk to us about a couple things?

結果很不錯。Savneet，多產品採用我想在你很多回答中都一直被提到；也很感謝你提到有評論說 100% 的新客戶一開始就採用多產品。我想請你談談幾件事？

Maybe one, if you look at your existing install base, what do you see that cross-sell opportunity as? I'd assume it's still really big. What products are you leading with and then eventually tacking on as well?

第一，如果看你們既有安裝基礎（install base），你看到的交叉銷售機會有多大？我猜應該仍然非常大。你們通常先主打哪些產品，之後再逐步加掛哪些產品？

Yeah. I think if we look at our base, the average customer probably has about two products. That's grown from one and a half products just a couple years ago, or not even that. Our expectation is that will continue to grow. If you look at the TAM, that would essentially say we've got, I don't know, five times the size of the base.

是的。我想如果看我們的客戶基礎，平均每位客戶大概有兩個產品。這從幾年前大約 1.5 個產品成長上來，甚至當時還不到。我們預期這會持續成長。如果看 TAM，那基本上意味著我們的市場規模大概是現有基礎的，我不知道，大概五倍。

If you go into detail, we look at it. There's probably about a 3 times opportunity within the core base if you think about it as a TAM, SAM, and SOM. I think if you look at it as a SOM, we think that there's probably 2 to 3 times the core base that we still have to go in there.

如果更細看，我們的看法是：若把它視為 TAM、SAM、SOM，在核心客戶基礎內大概有三倍的機會。（同上）我認為如果把它視為 SOM，我們認為在核心客戶基礎裡，仍大概還有 2 到 3 倍的空間可以去開發。

To the second part of your question, we're usually always trying to lead with point of sale or loyalty, as we think those are the two plant-the-flag type products. From there, we're upselling the rest of the suite. If we land with point of sale, we have a tremendous opportunity to win the rest of the tech stack.

至於你問題的第二部分，我們通常會先以 POS（銷售點）或忠誠度（loyalty）作為切入，因為我們認為這兩個是「插旗」型產品。從那裡開始，我們再向上銷售其餘產品套件。如果我們先以 POS 落地，我們就有非常大的機會拿下其餘的技術堆疊。

We prefer to start there. Given the market today, particularly the push on AI, you are seeing that continued growth in loyalty. We'll work back the other way on those leads.

我們偏好從那裡開始。以目前市場而言，特別是在 AI 推動之下，你會看到忠誠度持續成長。我們也會從那些線索反向推進，帶動其他產品。

Okay, thanks. Just one more on PAR Intelligence. I appreciate that the monetization for it is at least a year out maybe, what are you doing to make sure the customers are actually utilizing it and maximizing the value prop? Is there a customer success team or a human element where PAR is providing resources to make sure that the product's maximizing its potential?

好的，謝謝。再一題關於 PAR Intelligence。我理解它的變現可能至少要一年之後，那你們正在做什麼來確保客戶實際在使用它並把價值主張最大化？是否有客戶成功團隊或人力介入，由 PAR 提供資源來確保產品發揮最大潛力？

Yeah, we do have a customer success team that's engaged and working on it. I think the best way to answer your question is we're engaged with them. We've put the product in their hands. We take a look at what's being used, what's not being used, who's using it, how they're using it; we've got to keep iterating. That's really what we're using these first releases to really push that out and figure out what's adding value to the customers, what's not.

是的，我們確實有一個客戶成功團隊正在投入並推進這件事。我認為回答您問題的最佳方式是：我們正與他們保持密切合作。我們已經把產品交到他們手上。我們會檢視哪些功能有在用、哪些沒在用、是誰在用、他們怎麼用；我們必須持續迭代。這正是我們利用這些初期版本來推進落地、並釐清哪些能為客戶帶來價值、哪些不能的原因。

If it's not, why not? Why are they not using it? The reason they're not using it, because it's technical? Is it not giving them ROI? It's a lot of iteration right now. I think we feel pretty confident that there's definitely product to monetize in here.

如果沒有，那為什麼沒有？他們為什麼不用？他們不用的原因是因為技術門檻嗎？還是沒有帶來投資報酬率（ROI）？目前就是大量的迭代。我想我們相當有信心，這裡面絕對有可以變現的產品。

Now we're trying to narrow where that is and where we spend our investment dollars to double down.

現在我們正試著縮小範圍，找出那個點在哪裡，以及我們應該把投資資金花在哪裡、加碼投入。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Hi, this is Teddy Farley on for Samad. Thanks for taking our question, and congrats on the strong quarter. One more on PAR Intelligence. Can you talk a little bit about the customer demographics or characteristics among the cohort that has been using it? Anything to call out versus your overall customer base? Thank you.

嗨，我是代替 Samad 的 Teddy Farley。謝謝讓我們提問，也恭喜本季表現強勁。我再問一題關於 PAR Intelligence。能否談談目前使用它的那一批客戶，其客群的人口統計或特徵？相較於你們整體客戶基礎，有沒有什麼值得特別指出的差異？謝謝。

I think it's definitely been more from the engagement side of our suite. On retail, we certainly have a lot of early traction and adoption. Very focused on, I think the digital department's trying to figure out how to do one-to-one targeting, personalization, data integrity exercises. I'd say it's heavy on the engagement side, but I don't know if we're yet at a point where we can say something is categorical. I think we're still just getting the product in people's hands before we have any strong insights.

我認為目前確實更多來自我們套件中的「互動」端。在零售方面，我們當然也看到不少早期的動能與採用。我想他們的數位部門非常專注在如何做到一對一的鎖定、個人化，以及資料完整性相關的工作。我會說目前偏重在互動端，但我不確定我們是否已經到了可以下定論、做出類別化結論的階段。我想我們仍在把產品交到更多人手上，在有更強的洞見之前還需要一些時間。

Will Nance, Goldman Sachs.

Will Nance，Goldman Sachs。

I want to go back to the earlier question just on KPIs and the consolidated reporting. As you look out, talking about getting back to 20% ARR growth, any color you would share on just what the right mix between site count and ARPU lift is, just as you see it under the new reporting and how that could change over time as some of these deals get implemented? Thank you.

我想回到先前關於 KPI 與合併報表的問題。展望未來、談到回到 20% 的 ARR 成長，你能否分享一下在新報表口徑下，你們認為「站點數」成長與「ARPU 提升」之間合理的組合大概會是什麼樣子？以及隨著部分交易落地實施，這個組合可能如何隨時間改變？謝謝。

I think historically, we were pretty much driven by site count, where site count drove the vast majority of our growth. I think it'll be more balanced in future. I don't know if we have a perfect formula of it's going to be a half from one part and half from the other, but I think what I'll say is, after the Q1 experience, site count's going to continue to grow.

我想從歷史來看，我們幾乎主要是由站點數驅動，站點數貢獻了我們絕大部分的成長。我認為未來會更均衡。我不確定我們是否有一個完美公式，例如一半來自這邊、一半來自那邊；但我想我可以說的是，經過 Q1 的經驗，站點數仍會持續成長。

Given the multi-product success we're having, ARPU will be a much bigger driver than it has been historically. I think that's excellent because it provides a lot more TAM for us. It allows us to sell back into our base, not just depend on a net new logo. I don't know if I have the perfect formula, but I think growth is going to have to come from both sides.

鑑於我們在多產品上的成功，ARPU 將會成為比過去更重要的驅動因素。我認為這非常好，因為它為我們帶來更大的 TAM（總可服務市場）。這讓我們可以回頭向既有客戶銷售，而不只是依賴新增客戶（net new logo）。我不確定是否有完美公式，但我認為成長必須同時來自兩個面向。

What I would just add to that, Will, is also the dollar value of each site growth is actually meaningfully higher now than it used to be. It used to be one product for each site growth, right? You worked really hard for each of those sites for the one product and tried to cross-sell in. Obviously, still work hard for each site right now, but now it's 3 times the value, right? The metrics, then you think about it, to Savneet's point about the LTV to CAC ratio, changes noticeably on those new logo deals.

我想補充一點，Will：每個站點成長所對應的美元價值，現在其實比以前高出很多。以前每新增一個站點，通常只賣一個產品，對吧？你為了每一個站點、那一個產品都要非常努力，然後再嘗試做交叉銷售。當然現在每個站點我們仍然很努力，但現在的價值是 3 倍，對吧？因此，當你再把指標放進來看，呼應 Savneet 提到的 LTV 對 CAC 比率，在那些新增客戶（new logo）交易上會有明顯的變化。

Got it. That's really helpful. Then, just given the focus on companies trying to get their data aligned, the focus on making sure you've got a clean system of record in order to harness some of the benefits of AI, just how is that impacting your go-to-market? I imagine Data Central is a big part of that, but what are you doing to make sure that clients understand that working with a newer system will help them move faster in other aspects of trying to move forward on AI adoption and things of that nature?

了解。這很有幫助。那麼，鑑於企業目前很聚焦在把資料對齊、確保有乾淨的系統紀錄（system of record）以便掌握 AI 的一些效益，這對你們的 go-to-market 有什麼影響？我想 Data Central 是其中很重要的一部分，但你們做了哪些事情來確保客戶理解：採用較新的系統能幫助他們在 AI 導入與相關推進上更快前進？

You've got the pitch there. I think without question, on the back office side, clearly Data Central is an awesome place to start kicking off those conversations, that understanding. A little bit too is just the maturity of our market. As one of the funny things about software is that as you buy software, you end up buying more software to manage that software.

你已經把主軸講出來了。我認為毫無疑問，在後台（back office）這一端，Data Central 顯然是啟動這些對話與理解的一個很棒的切入點。另外也有一部分是市場成熟度的問題。軟體有個有趣的現象是：你買了軟體之後，最後會買更多軟體來管理那套軟體。

Obviously, AI is that on steroids. I think the market doesn't really need the pitch. It's more about who can implement it, who can scale with them, and then who can bring in those AI solutions.

顯然，AI 把這件事放大了好幾倍。我認為市場其實不太需要再被推銷這個概念。更重要的是：誰能把它導入、誰能跟著客戶一起擴展規模，然後誰能把那些 AI 解決方案帶進來。

As I talked on the call, I think we're getting to the point where more and more organizations are realizing it only works if you've got the data across your systems. It's going to be very hard to create true utility if you're just looking at one part of your system, i.e., if you're just looking at ordering or you're just looking at point of sale. It's hard to get utility out of that.

如同我在電話會議中提到的，我認為我們正走到一個階段：越來越多組織意識到，只有當你的資料能跨系統串起來時，這件事才行得通。如果你只看系統中的某一部分，例如只看點餐（ordering）或只看銷售點（point of sale），要創造真正的效用會非常困難。從那樣的資料中很難榨出實質效用。

Appreciate all the color.

感謝提供這麼多細節。

Thank you. This concludes the question-and-answer session. I will now turn the call back over to Christopher Byrnes for any closing remarks.

謝謝。問答環節到此結束。接下來我會把電話交回給 Christopher Byrnes，請他做結語。

Thanks, Felicia. Thanks, everyone, for joining us today. We do look forward to updating you further in the coming weeks. Have a good evening.

謝謝你，Felicia。也謝謝各位今天加入我們。我們期待在接下來幾週向各位提供更多更新。祝各位晚安。

This concludes the conference call. You may now disconnect.

本次電話會議到此結束。您現在可以掛線。