PAR Technology Corporation ($PAR)

All right. Let's hop right in. Given you have a tight calendar here. So Savneet, thanks for joining us once again at the conference. Let's hop right into it. So for those not familiar, you can just give a brief snapshot of PAR and what PAR is.

PAR is a platform to run your enterprise restaurant. We sell software and now AI-related products to enterprise restaurants, think of that restaurants greater than 50-plus units, and we cover everything from front of house, which is loyalty and online ordering to the back of house and point of sale. And so our goal for the last number of years has been to integrate these solutions to more of a unified platform as opposed to a bunch of disparate services.

Great. I will spend some more time on the strategy in a minute. But let's kind of talk about some current events. So you reported Q1 earnings last week. Anything you want -- anything stood out that you want to talk about with the group here?

Yes. I mean I think we had a great quarter. We I think beat expectations pretty substantially and then gave guidance that was better expectations. I think maybe the critical points to highlight in the quarter were obviously arguing our guidance is very strong, sort of reiterating our belief that we are taking -- continue to take share and continue to move really rapidly to have more and more free cash flow over time. I think the second major takeaway is we've -- I think truly seeing the ability for AI to take out some costs from the organization. So we talked about our OpEx coming down every quarter, where we are being pretty precise not sort of AI washing everything, but actually finding areas where we can move that cost down over time. So I think that will be a nice thing to see our revenue pick up and our costs come down. And then I think the third part is we are very rapidly evolving to deploying AI products with our customers. We announced we've got about a few thousand customers on them today. And we want to get to our free product in 50,000 customers by the end of the year and -- but really start monetizing as we get to Q4 of next year.

So let's unpack your guidance comment because you took the step of initiating guidance for the first time. So how do you think about that decision? Why was now the right moment to give guidance?

We wanted to make sure we had good visibility before we gave our first look at guidance. I think we wanted to feel like we had a strong backlog, but also really good immediate term immediate visibility. And we had that and we feel very good about that. And I think the second part was, when you give ada, I think you want to have a better chance of hitting it than missing it unto we felt pretty good that we were in a good spot there. And so I think the last part was we have a trend us confidence in what we're building and seeing in the market today. And so we wanted to also to make sure the market saw that visibility from us, which is we wouldn't give guidance that was above what people expected if we were concerned about some of the stuff that people are concerned about.

Makes sense. And the second piece of what you said earlier was around AI. So can you spend a little bit of time about or on PAR intelligence, are you seeing in the market and customer uptake from that? And then separately, how AI is impacting you all internally and some of the costs you described?

Yes. First, on the customer side, which is the more exciting side, we released PAR Intelligence, which is sort of, in many ways, our AI orchestration layer across everything we do. And what we've found is that we sell to a customer base that is very, very ROI sensitive, meaning like if we can prove ROI, they'll pay for it. If we can't, they want. There's not like -- let me try this out kind of thing. It's a very, very exacting customer base. And I think that's actually great because we believe we can demonstrate ROI. And so A lot of what we do is we go to our customers, and we've seen really rapidly how interested they are in using our products. Today, I'll give you an example in our engagement side of our house, which is our loyalty and online ordering side, we've got about 1,700 customers using our product we could double that overnight, but we're slowly growing it and training, it's moving illucinations, using our unique customer data so that our insights are real. But as an example, what that product has done for our customers is that historically, you have a loyalty software and you'd say, you down a bunch of reports and sort of figure out what your campaign profitability was, what your repeat visitors were, did you increase frequency do you increase LTV to go lower cap. Now you just prompt it, and you got all that in bufalgraphs and stuff, but you can go the step forward and start saying, Hey, who should I segment this campaign to like -- and then, hey, can you build that segment for me? And then can you actually build that campaign, the copy should it be an SMS, -- should it be an e-mail so it does all that out through. That's a really, really unique tool. And so the time to build a campaign is not weeks or months, it's days. And so the way we've looked at that from a customer perspective is that version 1 of our AI products which are out already is just giving that chat PT like interface on everything we do. And that's table sake. I think everyone will have -- everyone's calling the agent, but it's just for the same information you already had, but we're a little bit more. Phase 2 will be the ability to have predictive insights, meaning instead of you prompting, it's coming to you and say, "Hey, there's a snowstorm next week. -- do you want to order a bunch of hot chocolate and satiety labor that they should plan backup transportation and that sort of Phase II how are you predicting what's going to happen -- and then Phase III is running that actual action where it's like, yes, order the hot chocolate and messages are labor pool to make sure they show up. And at that point of action is where we want to start monetizing our goal is to get that going this year. So that's the customer-facing stuff. I can give you a million examples, but it's really need to already see how much efficiency we've got from labor. Just again, the -- I think that maybe the metal we've really lowered the bar to be an expert in running a restaurant. Now anybody can go talk and figure out -- learn about marketing or operations restaurant. Internally, I think we've been equally excited. I think -- we -- in many ways, we've been playing around AI for a very long time. I look back, we did our first chat GPT demo to the whole company in October of 2022. And I think like everybody else, we were like -- it was fun to play, but we're trying to figure out how the hell do we like actually cut costs. And we really started to get escape loci from that end of last year, beginning of this year where we truly were replacing things that we did as with bodies or vendors with actual agents or AI tools. So a couple of great examples are a lot of our cyber analyst work now is agents bodies that were going through logs and stuff like that. Our HR team is down 20% because we were able to remove all the query stuff the frontline. And then we build tools to pull the information from our HRIS or the other tools. And so our HR spend is down 20%. Our finance team is down 25%. And a lot of that is, again, so we shifted our collections team to India last year. And now that team will be down a meaningful percentage because now we don't -- we realize, well, we should never ship to India, we should have just started moving it this way. So we've actually been able to find jobs that we can potentially remove or vendors. Our CPQ tool, we no longer pay for -- on our hardware side, we built that ourselves -- we had a tool that manage all the manual -- we sell part of our product is selling hardware and services all these big brands. We had, I don't know, a couple of hundousantool for manuals and images and now that's all an agent that we built called High Tim. And so we've been able to continue to find these areas of products. Our procurement tool was something we built internally ourselves. So we've been really precise about measuring what is actually a cost cutting just to restructure and look good and what is actually something that was actually AI creating a better experience or a lower cost.

And 1 more question on AI. And you touched on this a little bit, but how is deploying AI and utilizing AI with enterprise restaurants, different than anything for SMB restaurants?

Well, I think the biggest diference, I don't think it's changed. I think over time, it's an opportunity. But is that -- in an SMB product, you can just push the product and the customer takes the product, not like you've got a small business, you can tell Jacky, "hey, don't put that feature in my product. You just -- you get it and you're stuck with it. At the enterprise level, everything needs to be approved by the corporate. And so obviously, it can be slower going. Obviously, we haven't seen that yet. But I think it's actually a better opportunity because you can then partner with that institution to create enablement, improve ROI and actually sell more stuff. And SMB has a limited amount of stuff they can spend money on. But the enterprise restaurant is we sell 5 products today. customer about all of our products, it's $8,000, $9,000, $10,000, $11,000, that's less than 1% of the average QSR restaurants total revenues when the retail chains are at 8%. And so -- the way I look at that is like we just have a long way to go. And so we feel pretty confident we're really stumbling in that right direction. And that -- but that enterprise market is still so early. Like we're still dealing with customers that 1 of our newest customers still has a backup data center in the headquarters they're building. And so there's that aspect of it. But the other part of it is because they didn't develop any bad habits because they didn't have moderate tools now, some of them is actually faster to move to the agentic world because you're not disrupting -- you're going from like a log to AI.

So we spent a lot of time on the restaurant side. Let's also talk about the C-store side. So you recently announced PAR Drive is in 1,700-plus stores. So talk a little bit about that product and also just in general, what you're seeing on the C-store side.

Yes. C-store has been an amazing category for us, and I expect it will grow faster than our base and it's our most profitable side of our business. It's been a fast grower highest margin product. And I think it's -- a lot of that is driven by the end market. It's an end market that is not nearly as competitive as restaurants. So you don't have tons of startups trying to build software for gas stations. And so you can occupy a unique mind share of the customer because they don't have 10 people telling them, "Hey, I can be your AI partner, I can be a AI partner. We're really there. The other part is that these are brands that have avoided technology for an incredibly long time. And if you think about it, most of us don't have our gas stations, loyalty out still. And so as these businesses have evolved and they start to see the disruption coming from electric charging, seeing destruction coming on food. They've all expanded their offering to be more like a retail store, a mole restaurant and still be a gas station. And they realize that they can't still acting like you're just going to come into gas because you have to get it. And so they start investing in loyalty tools that make us all come back and say, get a pizza, I get this or that. And then as we started realizing we were like, wow, these are higher-margin businesses. much simpler to run like we can give them the tools, and they will actually pay for that ROI. And so that made it super exciting for us to launch PAR Drive. So Par Drive is -- it's really a part intelligence product. that literally lets the C-store query any bits of information they have. But what's been exciting about it is that in a C-store unlike a restaurant, you essentially can sell anything. You can sell toil paper or you can sell gas, you can sell alcohol, you can sell legal drugs like it's like literally anything you do sell versus a restaurant, it's pretty defined set of stuff. And as a result, you can actually create more OI because there's only so many times on the go in and get my whatever sale that I love from that restaurant in a week. But I could infinitely go to a gas station get everything I need for my life. And so what's neat about that is you can constantly clearing the agent and say, how do I optimize the cell to Neil this and this. But in reality, what you're doing is figuring out, hey, help me organize segment my customer base so that I can maximize LTV and maximize all the stuff in front of me. And so 1 of the really fun examples we had early on was in that space, CPG companies are constantly giving you marketing spend from other products. And so 1 -- our first customers, I think had spent from Altria, 1 of the big tobacco companies that they hadn't used -- and so AI prompt them and say, "Hey, you've got these million of dollars. You haven't used it, and they're like, "Oh, crap, like we do what have just gone out the door if we didn't know that. And so it's an amazing tool because it lets you say you've got expiring inventory over here run promotion there. or it will say, "Hey, this customer used to be an active customer or active loyal member, now they're not, let's go target them. And so those customers are getting a ton of value, and we are more the governor on growth there because we are training on all of their proprietary data -- we're working very hard to remove all hostinations and so that we can actually then take that into a much larger audience.

Let's transition a little bit to your recent M&A. So you announced the acquisition of Bridge earlier this year. Just talk about what Bridge does and how it fits into Par's platform.

Yes. We're just critical to par intelligence. We would never have done it if it didn't fit into sort of this AI vision we have, but bridges editing resolution product, meaning it has the ability to identify users no matter if their loyalty program or not by using the publicly available data that exists within your credit card companies and other data sources. So why is that valuable? Well, instead of you going in there being some anonymous customer, we can now say, "Hey, that's Neal. -- married. He's got 2 kids. His average basket size is our competitors 100, but he's only spending $50 less, and it allows us to then target them more holistically. While we bought it, it was originally our view is we're the largest loyalty company in restaurants, -- we only have a view of your loyal customer base, which is call it 20% of your customers. Now we give you a view of those 80% that you didn't know. That's super powerful because now you can market the 80%, but you can also then optimize your menus to target them. You can figure out have a better operation schedule. But at the same time, we're then enriching the data of those loyal customers. So if you're all the customer, we know your spend at our restaurant, we know often you're there. We probably know if you've got kids and all that stuff. But we don't know what your spend is outside of our restaurant. And now we can use Bridge to figure out, okay, man, we thought you're loyal, but you're way my loyalty to our peer down the street, let's figure out why that is and target. And so it 1 really suicides our loyalty businesses like it's going to be really tough to compete with us now. And then two, in an AI world, all that data is so much more powerful because now we can literally charge you for those conversions, charge for a lot more. And so Bridge will be the first part that I think we start to monetize within Par intelligence. Got it. I think there's some pretty obvious cross-selling opportunities there. But just talk about the opportunity for bridge within your installed base and any early signals you're seeing from your customers? So Brett actually started out as earlier I had a lot of restaurant customers. And then it was acquired in had some challenges after it was acquired. And so it sort of lost its way, I think it's probably the easiest way to explain it. And as soon as we announced the acquisition, we've done a number of actions over time. we never been -- like I never had customers call me and say, "Hey, can I get the product? And I probably had a dozen real serious restates comes us, "Hey, can I be the first 1 to use the product once you close? That was kind of interesting. And when I asked them, a lot of them had heard the product from years ago or used to have the product, but they just didn't get -- have the right customer set up or just said about experience with the prior way the business is run. And so that was kind of interesting because I did not expect that. The second thing that kind of happened was 1 of our largest loyalty customers in restaurant signed up for a file right away and now signed up as a customer. And that was like, wow, this is like really interesting. And so we thought we would have to first integrate these products, make it 1 dashboard. And so we've very started to kind of sell a little bit of it to see how are they using it. And so I think we're way ahead of schedule. I kept saying it will be accretive to our growth in 2017, I think in our profitability I think it continually be accretive to our growth in 2016, way ahead of schedule, given how much organic demand there is for a product like this. Also this kind of choppier economic environment, while it's generally good for QSR restaurants, there is more pressure to increase traffic. There's more pressure on that revenue side. And so this is an area that we're going to want to put more money in. And so we might be a beneficiary of that as well.

So that's a good segue. Can you spend a minute on what you're hearing from your customers in the macro environment, traffic trends, softness they're seeing.

So QSR had a tough run in 2025. I think it's in the first years that traffic was down -- and ironically, it was our biggest booking your ever. And I think many of our peers had good years too. And so in these kind of challenging years, they actually invest in technology because, again, restaurants don't buy tech for fund. It's got to bring down cost or increase revenue. There's like literally, there's no fund spend. And there is no like -- let me go play with the tokens, like it is, you're making money or not. And so in those choppy environments, it's been there. At the end of Q4, we saw a stabilization. We saw the decline start to stabilize. That continued through Q1, a little bit of a bump for the tax refund, but not really -- and so it's just -- it's been stable. It's still not at the point where historically traffic was growing 1%, 2% a year. It's roughly -- I think I just look at the data this morning, it's like up 0.5%. -- which is perfect because it's an environment where they're going to be spending a lot more on tech to kind of juice that up. So that's the QSR side. My guess is the sort of full service dining side is going to have some challenges this year. Whereas last year, full-service dining was a share gainer versus QSR, which certainly makes no sense because last year was a more challenged economic year, you'd expect QSR to do well. But what happened was that the full-service item chains that lowered their price point to be competitive or near competitive with quick service. And so you go to Chile is a set of going to your favorite burger chain. The QSR chains then got very aggressive on their value mills, very aggressive on our loyalty and they're kind of starting to pull that share back. And so full-service dining could have a more challenging year because they did have a natural big year last year.

So keeping on the customer theme, you had a recent large win with Papa John's, which sounds like a great win. So can you talk a little bit about the process to win that deal? And also in that answer, just talk about your go-to-market in general and how processes left.

Our sales cycle and enterprise deals is a year, 18 months. It's attritional enterprise cycle. It's there's half the time, a big consultant like an Accenture, someone in the mix have the time, a smaller consultant that's sort of restaurant focused. Very similar on the C-store side where it's sort of your long sales cycles. What was unique about this 1 was that we historically have not been in the pizza category, probably sound silly, but pizza is actually a little more complicated or different than QSR. There's all sorts of modifiers and changes. And -- most of our traditional peers, Oracle, NCR Vox, Global Payments didn't really have a pizza solution. And so most of the big piece of chains have their own custom technology. So Domino is obviously a very famous example. But Papa John's is another example. And -- and they basically had saw the success we had at Burger King and said, we want to replicate that. We sort of said, listen, we think we can do it. We haven't done it in pizza before. And you'll have to wait for us to get all the product out the door, so we can actually build a pizza functionality for you. And I think they had a bunch of reference checks, talk to our customers, talked a lot to bring and in fact, eventually brought over some people working to do this. And I think it was a testament to if we say we're going to do it, we're going to do it. And I think that's a hard thing in any enterprise software business, but we are really, really built on that. I think second, it also shows this -- I said, but the bar is kind of low, like when would a big enterprise take a leap of faith on a vendor that has never done that before to say, hey, we'll wait for you to build it and take it. But the third part, I think the most important part of this was Papa John's CIO is an incredible visionary, Kevin Bescon, -- he was the CIO of Domino's in their heyday. He's on stage with like the Google Cloud guys all the time. He's got his edge compute in the restaurant for anybody else. He's a real like visionary. And those to partner with us. And I think that's important because it sort of shows how much investment we have in sort of the capabilities of our product so that we can help make his vision come true. So was a shorter sales process, but also they rely in acute, they had lost a ton of share -- and so we will start rolling them out at the end of this year. We'll hopefully be fully done by the end of next year.

Does that entry into enterprise Pizza? -- does that spell some other opportunities for you?

Yes. We announced 2 more piece of chains on call smaller ones and Pizza factory. And I think we'll have more to come. And again, we nobody with out of calling us or pizza until February, whatever we put out a pres release. And so hopefully, in a year or 18 months, we'll have more of these. But absolutely, the pipeline is building a pizza very fun and cool to see that -- and again, it's just not nearly as competitive as the space as we play in today.

Any commentary you can give on just the size of the Papa John's deal and also the cross-sell opportunities it provides?

It's about mid-teens of revenue when fully rolled out annually. We sold 2 products, loyalty and -- excuse me, POS and back office. So it's a combination deal. Again, 1 of the most interesting things about our business is the last 3 quarters that we reported. The vast majority of deals have been multiproduct. I think this quarter was 90%. The last quarter, it was maybe 80%. And so there were another testament to that you get so much value when you have your products under 1 roof as opposed to a bunch of disjointed products. And so I think we continue to see these enterprise brands do that.

So moving on to next customer question, Shake Shack. So great signing with Shake Shack for loyalty. Similar question is talk about that deal and what it implies for the overall business?

Yes. I mean categorically in the sense that loyalty is so important to a restaurant. It is like it is 80-20 or close to 80-20 in the sense that your loyal customers drive so much of your success. And it is also 1 of those tools where if you don't have it, you are at a competitive disadvantage versus your peers. If you gauge, you put at a rest top, the average American time is going to figure out which 1 they have -- they're loyal to and shot there. And as -- I guess, tech has evolved, what you can do with loyalty has changed dramatically. Back in the day, it was basically a discounting tool is almost cheapening your brand. It was not a good way to build affinity to what your brand promise is trying to deliver. But recent technology has really changed that in the sense that you can now build these programs that are so -- look like they are built exactly for that human being. -- you can change -- the app can look different for you and than it looks for me. You can have loyalty sign up with the register. You can have secret menus. You can have experience, you can have games. So the breadth of these products has gotten in same. That really helps the largest company in the space because if we have a large company, then we have the best R&D budget, we can kind of do everything out of the sun and more. And so in the loyalty space, when we have serves actually win rates have gone up. So in this last quarter, our win rates are 50%, which is same for an enterprise product, but they've moved up considerably. And a lot of that is that the -- at the enterprise level, we play, just there's just a lot less people than they used to be competing with us. And the ones that still compete with us have really kind of moved down. Now Shake Shack is a 10,000-store trainer the , but they have visions to be large, and I think they needed a partner that got kind of scale with them as they went. And so I think it was a no-brainer. Obviously, super bias there. They're an incredible brand that have done super creative stuff -- and I think in many ways, they've been hand strong by the tech tact that they've had. And so hopefully, this allows us to partner with super innovative brand, but also, I think, kind of continue to prove that we are both really grateful like the super --we're really good for an enormous chain like Wendy's. -- but also really great for a hypergrowth smaller chain like Shakeshack.

So 1 more on customers, just Burger King, obviously, gets a lot of focus from investors. Just give us an update on the rollout of POS with BURGER KING and back office.

Yes. So POS has gone incredibly well. We talked about on our last call, we're averaging about 400 stores a month right now, which is our little part of the world like a crazy accomplishment. We expect to be done with the majority chain by the end of this year. So everything has kind of gone as planned and as hoped. And they continue to be the best reference customer we have, which is amazing to have to have them be the 1 getting on a phone with Papa John's as an example. So it's been awesome. Back office, we'll start to see the pickup in the second half of this year. It's been a ton of work for us to figure out how to map all the different store varieties, the many varieties, also how everything is done differently. Perkins and older chains. So you get a lot more stuff you've got to learn, but that will be a nice revenue addition to 26, 27. So I kind of like it gives you these layers of growth. And again, I think it's an amazing proof point that our back office product is not in 100,000 restaurants. It's in 10,000, 15,000, 12,000, or 350,000 restaurants. And Burginchose to use our product versus a stand-alone back office-only product because they saw the value of the combined solution, giving them everything from single sign-on, but 1 database, giving them such an ease of use and as a result, a bunch of cost savings. I think that will be the kind of playbook going forward, which is anyone buying POS probably should buy our back office because reduction of systems. And in an AI world, I would argue having those 2 places and having 1 agent across both of those is probably the way to go.

All right, I'll do 1 more question before I turn to the audience. Just zooming out a little bit, pipeline, particularly amongst Tier 1 restaurants or -- and also pipeline on the C-store side. Any comments you'd make?

The pipeline is really strong. On the restaurant side, it's very diverse. We've got a lot in the small and medium size, and then we have 2 or 3 very large deals and hopefully we'll hear for a couple of them by the end of this year. So the pipeline continues to grow and it's interesting. We used to hope for like 1 of these Tier 1 like deals every year to get in the pipeline. And I think we're going to see multiples out every year now. I think it's just because people have gotten comfortable with the idea of let me go build a modern restaurant as opposed to, let me wait a few years fees. I don't think you can wait anymore. Again, I think AI is making it so hard to wait. And so the pipeline is very strong, but what's been kind of fun is this so this is sort of medium enterprise area has become super lucrative for us because we can now sign 100 store chain, sell them for products, and we're making the same money we make on enterprise was just doing POS. And so it's really, lure for us to sell into that market. And so it's good to see a very balanced pipeline there. On the retail side, is equally very strong. And I think what's exciting there is we've got 1 or 2 very large deals that we want to get done, I'll lock in our growth through the year and more -- but what's exciting on that side is I think we'll see more rapid adoption on the AI side there. That's where we've got customers banging the doors, wanting the products. Again, we are first trying to minimize listinations, train on real data. But I think that could be a potential at a level of growth for us on the part intelligence side within that part, I think we could be surprised.

All right. Anything from the audience? Yes.

I'm just curious, like longer term strategically, it seems like you described kind of the competitive landscape is like the smaller one-off solutions. And then on the other side, you have like the big fintech platforms that Oracle is the legacy solution. You guys kind of sit in the middle a little bit. I mean, like how do you think about the competitive landscape evolving? I mean do you think you're kind of playing both sides of that? Or where do you win typically in these RFPs?

I mean our competitive landscape is predominantly dominated by Vox Oracle, Microsoft product and Global Payments. I would say none of them were just comes as a sort of a payment company that most of the majority of the revenue they get from the enterprise restaurant space is software. Global, we displaced a Burgin. That was a software deal that may have had some processing, but that was a software deal. And in the enterprise side of restaurants, payments is not a guarantee versus you're selling POS to your random local restaurant, you're guaranteed to get the payment revenue and most enterprise deals, you're not. And so in that business, I look at us as the more modern version of what those guys have built, which is they were a cool product 10, 20 years ago, were the modern version of what that should look like. and we're the way to bring you into the AI future. And so we are probably taking share from those firms. And I can't think of a time we've lost -- we've turned a customer to them. So it's been a really nice kind of worthy and surgent in that kind of established called brownfield market. On the other side though, I think you've got all sorts of SMB players that will try to come upward. You've got to which, I think, will win an enterprise deal a year or 2 -- 1 or 2 a year, maybe -- but again, like harder for them to figure out how to go from SMB enterprise. You've got Safra, you've got a few others out there, some start-ups. And so I think we kind of straddle the line between the sort of the emerging potential emerging competitors and then like the big established people that have all the market share today and everything to lose. Other questions?

Other questions? All right. So maybe I'll do a couple more on my side. So talk a little bit about the global opportunity in international, your progress since the acquisition you guys made and what you see?

Yes, I think there's clearly a need for a global enterprise solution in the category we serve. There's not a -- there's not really a toast, there's not really an Oracle crore that has true global services. And we -- I think we have the ability to become that over time. We have a nice burgeoning business in Australia and New Zealand that's on POS and back office called task continues to grow. We've even had to slow down growth as we've worked on some very, very large opportunities. And so I think that opportunity will be there. The challenge globally is that you need to pick your spots, meaning you can't -- you don't want to win with winning anyone in the U.K. You need volume of stores. And so One of the things I'm excited about is I think AI though, will potentially change that, which is back in the day, if we were going to go win a deal and the year gold provider, we would -- we're so excited to have the U.K. and Germany and France and then it'll be like, "Oh, crap, how are we going to do Estonia and all these smaller countries that are amazing places to be, but like not a lot of brings there. And so AI potentially makes a lot easier to do all the stuff like languages and fiscal calculations and taxes and all that stuff, you can potentially -- would go there faster. So long answer, but we are growing there. We see a ton of opportunity. Like if I went to our U.S. customers and said, "Hey, we got a global presence. More than half would say, yes, please, let's go because I just don't have a solution there. The other part of our global business is -- we provide McDonald's loyalty in 68, 69 or 70 different jurisdictions. The business grew really nicely. And I think we're 1 of the vendors they're probably most happy with, we've grown really nicely and really hopeful that, that relationship expands, hopefully beyond loyalty and other stuff over time. But it's been -- international has been like a growth opportunity. But I think -- we just had so much opportunity right now in front of the United States that we have never yet slowly gone. And so I think it will grow at company rates. We'll keep it won't be -- probably we can push that growth up, but there's just so much opportunity right now that we -- I don't -- I think we got to nail it in front of us. And then you touched on this a little bit, but talk about product development. What gets you most excited? Where do you see the solutions at expanding in the near term? Listen, I think really, really exciting to be as a software company today. Obviously, providing you not looking at our stock price. And I think that if you are actually into the idea of software and AI, you're excited about this moment. You're not like, oh my gosh, how do I convince you little by my stock? You're focused on Holicrap, I can change everything we do. And we have Par very much in that latter camp, which is like holy cow, let's change everything we do. So I'll give you an example. In 1 of our product groups, we've taken a scrum team of, call it, 8 to 10 people and cut it to 2 people. And it's a test, but it's working, which is we have what we would want to call a product manager using AI to build the PRD then to architect the products as an agent, then to build a product as an agent, that the QA product is an agent and at the very end of or human. And so we took those 8 to 10 people down to 2, and they're shipping products super fast and it's working. And so it's really cool to be like, one, we can build all these fun cool products for our customers. But actually, if we change the way that the organ at runs. I'm a big fan of like talking about CEOs about what's our organ design, what -- how do you kind of compound value over time. And AI is kind of transforming how we look at product development. The other part that I think is super interesting is I do think a large part over time of future development will be completely automated, meaning today, you get customer tickets for all sorts of issues if you're a software company, and those get those trigger a geroticket. But like let's just say you have it's tiny companies 100 toyour tickets and there's 40 for the first and 30 for the second the agent can just grab those tickets deploy without you ever knowing, like because working 24/7, and it's like, that's where we're trying to get part to, which is the sort of maintenance stuff is completely automated. There's no human lot, it's just done. And then the core kind of visionary products were still there. So I'm really excited about the idea of rethinking how we build a software factory because we went from the sort of waterfall development to agile -- so the next thing, the next thing, I think this is the next wave, and this could be a Coolwa but also how we design humans. And I think it's also making us a question how we run our management teams. The number of people that can report into an executive has definitely gone up. I don't think it's like NVIDIA, where it's like 60%. But like you can see just how much has changed. I built an AI agent for myself that literally tells me what is the most active Slack channel, who is an employee that was super active on Slack. That's not anymore. I called my employee churn alert. So I can say, "Hey, like what's going on but how are you doing because the that person support and they're not typing messages and I know what's going on. I get all of my e-mails prioritized and the drafted responses within cloud, not within that. And so all these ideas came out of just seeing how we could automate all the stuff on the product development side is also helping us automate like just the boring life of a nontechnical person.

Awesome. I think we're out of time. So appreciate your time, Savneet. Thanks for coming.

Thanks, Neil.