Good day, ladies and gentlemen, and welcome to the Agilysys fiscal 2022 second quarter conference call. As a reminder, today's conference may be recorded. I would now like to turn the conference over to Jessica Hennessy, Director of Corporate Strategy and Investor Relations at Agilysys. You may begin. Thank you, Justin, and good afternoon, everybody. Thank you for joining the Agilysys fiscal 2022 second quarter conference call. We will get started in just a minute with management's comments. Before doing so, let me read the safe harbor language. Some statements made on today's call will be predictive and are intended to be made as forward-looking within the safe harbor protections of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial guidance. Although the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause results to differ materially. Important factors that could cause actual results to vary materially from these forward-looking statements include the continued effects of the COVID-19 pandemic on our business, global supply chain challenges, and the risks set forth in the company's reports on Form 10-K and 10-Q and other reports filed with the Securities and Exchange Commission. With that, I'd like to now turn the call over to Mr. Ramesh Srinivasan, President and CEO of Agilysys. Ramesh, please go ahead. Thank you, Jess. Good evening. Welcome to our fiscal 2022 second quarter earnings call. Joining Jessica Hennessy and me on the call today in our Atlanta office is Dave Wood, our CFO. As stated in the last earnings call, we are going to do our best to continue offering comparisons to two historical quarters, one with the comparable quarter from a year ago and one from two years ago. While most sales and revenue comparisons with the prior fiscal year will obviously look good, we think comparisons with comparable pre-pandemic periods from two years ago will provide a better gauge of business progress for the remainder of this fiscal year. We will provide the same comparisons for profitability measures like EBITDA as well, as last year was higher than normal due to artificial salary reductions and other one-time cost-saving measures. Our sales success narrative has remained more or less the same as reported from the previous quarter. We continue to see excellent recovery in the U.S. gaming and resorts market verticals, a partial recovery in the hotel chain and cruise ship verticals, while managed food services and international regions remain significantly affected by the lingering effects of the pandemic. Despite all the remaining short-term marketplace challenges, our sales levels measured in annual contract value, ACV, terms have increased for two consecutive quarters and have again reached levels similar to the pre-pandemic fiscal year 2020. Please note that all data pertaining to sales in this and other narratives are based on annual contract value, ACV, of won and closed sales agreements. Subscription sales have increased significantly over three consecutive quarters. This July to September quarter, Q2 of fiscal 2022, was our best ever subscription sales quarter by a fair distance and in line with our increasing expectations, 21% higher than the previous best subscription sales quarter, which was the preceding Q1 of fiscal 2022. The steady increase in subscription sales during the past few quarters is possibly due to both an increasing preference among customers for cloud applications and the current availability with us of such cloud-native software solutions across virtually every hospitality need. This is a long-awaited and welcome change for our business, despite both these situations resulting in delayed conversions of sales success to revenue compared to on-premise perpetual license sales in the past. The other sales success highlight is the growing momentum in property management systems, PMS sales. Total ARR of PMS sales for the second quarter have increased 115% compared to fiscal 2022 years ago. Within that total number, subscription-only PMS sales were up more than 145% for the second quarter compared to fiscal 2022 years ago. The product modernization efforts over the past few years have given us cloud-native subscription sales options across all our hospitality software solution offerings. Though in this industry, a small portion of customers still prefer on-premise implementations for good reasons, our recently modernized products give us the capability of supporting both on-premise and cloud installations, including mixed environments of both, with the same code base, which is a significant competitive advantage. We no longer need to turn down sales and revenue opportunities due to any kind of technology limitation. With respect to signed sales agreements during Q2, July to September, we added 16. We added 16 new customers, 58 new properties which did not have any of our products before, but the parent company was already our customer. There were 82 instances of selling at least one additional product to properties which already had one of our other products. Once again, more than 90% of the 16 new customers and 58 new properties added during the quarter were either fully or partially subscription license-based. While the number of new customers signed during the quarter is only more or less in line with previous quarters, Q2 fiscal 2022 was our best quarter in five years for new customer sales measured in ACV terms. What that implies is the size of each new customer win in value terms has expanded due to the increased availability of world-class cloud-native software solutions. Once we break through and win a new customer, what would have possibly been a single product sale a couple of years ago, most probably InfoGenesis POS, is now often a multi-product sale. To cite a few examples, Brittain Resorts & Hotels selected Agilysys to provide multiple cloud applications, including Stay PMS, rGuest Service, and Agilysys Pay, to manage their properties in Myrtle Beach along the coast of South Carolina. Big Cedar Lodge, who offer rustic luxury and a variety of amenities across multiple properties in the Missouri Ozark Mountains, selected Stay PMS, Sales & Catering, rGuest OnDemand, and Eatec to manage their operations. Eden Hall and Hoar Cross Hall selected InfoGenesis POS across two properties in the U.K. and are actively looking at purchasing other additional Agilysys products. Her Majesty's Naval Base, Clyde, U.K., chose Visual One PMS and Sales & Catering for one of their three operating naval bases for the Royal Navy. Such multi-product sales wins have become more frequent and regular occurrences during recent quarters. Despite the sales successes during the past couple of quarters, especially pertaining to subscription sales, revenue for the July to September second quarter of fiscal 2022 was at the low end of our guidance at $37.9 million. Slightly below the sequentially preceding Q1, 10% higher than the comparable quarter last fiscal year, and 7% below Q2 from fiscal 2020 two years ago. While recurring revenue, including subscription revenue, continued to grow to record levels, one-time revenue consisting of hardware and software product revenue and services revenue was at the low end of the guidance range and was sequentially down $1.7 million compared to Q1. Q2 product revenue of $7.3 million was 11% higher than Q2 of last fiscal year, but 39% below Q2 of fiscal 2020. Global supply chain issues caused delays in POS terminal and payment device shipments from hardware partners, affecting hardware and associated software product delivery to customers. While we continue to work with our partners, have increased inventory levels, and have chosen expedited shipment methods, short-term product revenue is dependent on receiving the promised shipments during the coming months, and uncertainties do remain. Recent increases in sales of PMS and related software solutions have been timely and valuable since they have no hardware shipment dependencies. Services revenue of $6.6 million remains sequentially flat compared to Q1 this fiscal year, increased 19% over the comparable prior fiscal year quarter, but decreased by 23% compared to Q2 from two years ago. Customers are continuing to manage through labor shortages and are forced to make hard choices in prioritizing various required software implementations and other operational high-demand projects as best as they can. In addition, our recently created and re-engineered products are needing extra levels of support in the field. Q2 recurring revenue of $24 million was a record. Recurring revenue during Q2 last fiscal year was $22.3 million and $20.3 million during Q2 of fiscal 2020. Within the recurring revenue line, subscription revenue was also a record, crossing the $11 million mark for the first time. Q2 subscription revenue was sequentially $900,000 higher than Q1 this year, an impressive 9% quarter-over-quarter sequential increase. Despite all the customer site closures and hospitality industry damage caused by the pandemic during the past few quarters. Q2 subscription revenue was 22% higher than Q2 last fiscal year, and more than 50% higher than Q2 two years ago. Q2 subscription revenue comprised a record 46% of total recurring revenue, compared to 41% during Q2 last year, and 36% during Q2 two years ago. Adjusted EBITDA for the quarter was $6.3 million and about 17% of revenue. That is 17% of revenue. Down from $8.6 million in Q2 last fiscal year, but an improvement of 110% from $3 million during fiscal 2022 years ago. Cash collection trends continue to be encouraging. Cash balance increase of $7.2 million during the first half of fiscal 2022 represents our best cash increase during the first half of the fiscal year in more than seven years, excluding the convertible investment cash gain last year. The in-person HITEC show in Dallas and G2E show in Las Vegas on recent back-to-back weeks were encouraging. I was there in person myself for both those shows. We had a significantly increased marketing presence in both the shows, thanks to new sponsorship of lanyards for all participants and displays in a couple of strategically positioned physical locations. Though the foot traffic was considerably lower than previous pre-pandemic shows during calendar 2019, our booth was busy throughout the show days. The quality of conversations with current and prospective customers was high. Customer users who attended the shows came with focus and purpose. Despite the relatively low attendance, the number of quality leads we generated were comparable to prior years. During the HITEC show, we announced the completion of our multi-year modernization effort of the Visual One PMS platform. After being an on-premise only PMS solution for multiple decades, the completely re-engineered Visual One PMS is now cloud native and can also support on-premise implementations of the same code base. Around this time, we also announced further releases of the completely re-engineered and modernized InfoGenesis Terminal, which is now pound for pound, the best point of sale enterprise system out there, and can support Windows, iOS, and Android operating systems, which is a major improvement over the past, when we were able to support only Windows terminals. Our displays and announcements during the HITEC and G2E shows were the first steps in our current endeavor to launch Agilysys 2.0 as a company which has retained the functionality strengths of the solutions, which have been trusted and relied on for mission-critical requirements in the hospitality industry for multiple decades. Now also feature modern cloud-native technology architectures and many additional software modules which serve end-to-end industry needs, making it easy on customers who now don't need to go to multiple vendors. While the hospitality industry's recovery from the pandemic continues to make steady progress across the globe with increasing vaccination rates, significant challenges remain in various international regions and in domestic managed food services market due to the work-from-home practices still remaining predominant across many businesses. While the current challenges to one-time revenue are yet to be fully resolved, we remain bullish about our medium and long-term prospects due to the breadth of cloud-native applications we now have available, our continued momentum in the marketplace, current record backlog levels, and our expectation that the lingering pandemic-challenged portions of the hospitality industry will turn the corner soon. We remain cautiously optimistic and are maintaining the range of fiscal 2022 revenue guidance of $160 million-$170 million and adjusted EBITDA levels of slightly above 15%. That is 15%. We came into this fiscal year expecting the second half of the fiscal year to be significantly better than the first half, and that expectation has not changed. The speed at which we overcome the current short-term one-time revenue challenges will determine how successful we are with our overall results this fiscal year. Despite all the current business environment challenges, we are making great progress towards a promising medium and long term, and that remains the main thing. Now that our products are more or less where we have always wanted them to be, we are well underway with increasing our sales and marketing focus. We expect a recently selected additional VP of sales, entirely focused on the hotels and resorts division, to join us in about a month from now. We are in the process of expanding our quota-carrying sales force with six additional hires during the next few months, and we have just kicked off the recruitment process for a head of marketing. While we will always remain a disciplined growth company, our current answer to virtually every sales and marketing expansion need is yes, just like how it has been for R&D during the past few years. We like our current win-loss batting ratio in sales deals we participate in, and now most of our focus is on increasing the number of at BATS we get invited to. With that, let me hand over the call to Dave Wood for detailed commentary on the financial results and additional color on our business progress. Dave? Thank you, Ramesh. Taking a look at our financial results, beginning with the income statement, second quarter fiscal 2022 revenue was $37.9 million, a 10.3% increase from total net revenue of $34.4 million in the comparable prior year period. The increase in top line revenue largely reflects an 11.3% increase in product revenue and a 19.4% increase in professional services revenue. One-time product revenue dropped 17% below first quarter levels due mostly to supply chain and logistical challenges, and the initial impact of the Delta variant in the U.S. These challenges have been ever-changing, and throughout the second quarter, we have taken steps to mitigate risk for the second half of the year. While we are uncertain on when these expected short-term challenges will be completely resolved, we believe the actions we have taken, such as investments in incremental inventory levels, electing air freight for more reliable delivery options, and longer-term purchase level commitments with our vendors, have positioned us to serve customers in a timely manner and support our expected revenue levels for the second half of the fiscal year. Recurring revenue increased by 7.7% compared to the prior year period and represented 63.4% of total net revenue for the fiscal second quarter, compared to 64.9% of total net revenue in the comparable prior year period. Recurring revenue of $24 million is $1.7 million higher than the prior year and up $820,000 sequentially. We are also pleased with our subscription revenue growth, which grew year-over-year 21.7% during the second quarter of fiscal 2022 to a record $11.1 million and 9% sequentially over the first quarter. Subscription revenue comprised about 46% of total recurring revenue, compared to 41% of total recurring revenue in the second quarter of fiscal 2021. Add-on software modules that build out our product ecosystem beyond the core POS, PMS, and inventory procurement offerings are adding scale quickly and are now contributing to 6% of total sales this quarter, when less than two years ago, the add-on modules were not a measurable contributor in sales. We have added over $1 million in ARR for these new products in each of the last six quarters. Add-on software modules made up 9.7% of our subscription revenue in our second fiscal quarter of 2022. Moving down the income statement. Gross profit was $24.3 million, compared to $23.2 million in the second quarter of fiscal 2021. Gross profit margin decreased to 64%, compared to 67.4% in the prior year period. The change in gross profit was primarily due to a change in revenue mix as product and professional services revenue come back into the P&L compared to the prior year. Recurring revenue continues at record levels, while product and professional services revenue have not yet fully returned to pre-pandemic levels. Moving to operating expenses. Operating expenses, excluding charges for legal settlements, severance, and other charges for the second quarter, was relatively flat, with a slight decrease of 2% over Q1 fiscal 2022, mostly due to a slight reduction in G&A costs from some one-time items in fiscal Q1. Compared to the prior year period, operating expense saw a 30% increase to $22.2 million from $17 million. This year-over-year increase in operating expense is due to slightly inflated stock-based compensation expense from our previous grants and some temporary reductions which were in place last year. Costs such as travel and trade show expenses are also beginning to come back into the business, especially here in the U.S. post-COVID. Product development, sales and marketing, and general and administrative expenses were 56% of revenue, compared to 46% of revenue in the second quarter of fiscal 2021. For the remainder of the year, we expect product development and general and administrative expense to remain constant or slightly down as a percentage of revenue, while sales and marketing expense continue to increase by 1% or 2% from Q2 levels with the additional incremental investments we have mentioned before. Our net income of $0.5 million is a decrease from the prior quarter net income of $1.5 million, with earnings per share also dropping to $0.02 compared to $0.06 in the first quarter of fiscal 2022. Adjusted net income and adjusted diluted earnings per share both show a decrease over the prior-year second quarter as more costs are coming back into the business. Adjusted net income of $4.6 million is down from $6.8 million in the prior year's second quarter, and adjusted diluted earnings per share of $0.18 decreased from $0.29 in the prior year's second quarter, when normalizing for certain non-cash and non-recurring charges. This reduction is mostly due to increase in operating expense coming back in the business and the additional stock-based compensation expense. For the fiscal 2022 second quarter, adjusted EBITDA was $6.3 million compared to $8.6 million in the year ago quarter. Adjusted EBITDA remains a strength of the company as we continue to invest in our sales and marketing efforts and appropriately staff our service teams to complete projects and implementations as our customers work through resource constraints to implement our solutions. Moving to the balance sheet and cash flow statement. Cash and marketable securities improved by $2.5 million in the second fiscal quarter of 2022 to an ending balance of $106.4 million. Cash collections continues to be a strength as cash has now increased by $7.2 million since the beginning of the fiscal year. Free cash flow in the quarter was $3.2 million compared to $11.3 million in the prior year quarter. The recovery in our markets continued through the fiscal second quarter, translating into record subscription sales for the second consecutive quarter. We are pleased to see our PMS solutions contributing with an increase of 115% in ARR terms compared to pre-pandemic levels in Q2 fiscal 2020. With the addition of new add-on software modules and the strengthening of our existing solutions, we remain confident in our ability for long-term sustained growth. We believe our profitability and business fundamentals have us well positioned to continue to manage through the current environment and short-term challenges we are continuing to see in our markets. With that, I'd now like to open up the call for Q&A. Justin? Thank you. As a reminder, to ask a question, you'll need to press star one on your telephone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. Our first question is gonna come from Allen Klee from Maxim Group. Your line is now open. Good afternoon. Can you point to what data points you have as of now that give you confidence in a stronger fiscal second half? Yeah. Hi, Allen. Like we said, our backlogs are at a record level, and some of the supply chain issues we had and some of the product delivery issues we had, we are seeing circumstances improve during the last few weeks or so. That's what gives us the confidence that the second half will be significantly better than the first half. Our product backlog, our services backlog, our recurring revenue backlog, when you add up all the three, they are at record levels. They are the highest levels they've ever been. This gap between how much we are able to sell and what the environment is allowing us to deliver, we are seeing that improving and becoming much better in the second half. Our recurring revenue and subscription revenue, of course, will continue to improve and contribute a lot more in the second half compared to the first half. That's great. Thank you so much. Thanks, Allen. Thank you. Our next question comes from George Sutton from Craig-Hallum. Your line is now open. Thank you. Ramesh, coming off of HITEC and G2E and also honing in on your discussion around your win-loss ratio, can you just talk about your view on your competitive position after some of the recent shows and sort of what you're seeing in the market and competitively? Hi, George. We are encouraged by our competitive position improving compared to the past, especially in the PMS and related solutions area. We were not even a significant player in PMS till, say, a few months ago, and now we are a major participant. We are invited to the table on many PMS deals. POS, of course, IG 12UX, which is the latest version of the reengineered terminal, is competitively far better than anything that is there competition-wise. In terms of competitive environment, George, I would say things have improved, though the one thing I should mention is we are now walking around with more of a target on our back, right? People are taking us more seriously. There are pricing challenges, right? There are some desperate competitors who do win based on price. There's nothing much we can do about that. This is a high barrier to entry business, and many of our smaller competitors continue to struggle to scale. In the U.S., I would say our competitive positioning has really improved, though we have some ways to go in international markets. I would say the competition remains quite severe in both Europe and Asia because our name and the fact we have done all these improvements is not yet, you know, part of the dialogue there. I would say internationally, our competitive positioning has only improved slightly, while in the U.S., our competitive positioning has improved significantly, and the PMS solutions, it's improved dramatically. Perfect. You mentioned that you now support all the platforms, not just Microsoft. Can you just give us a picture of what that means in terms of the market opportunity that you may have been not addressing before? Yeah. As far as our InfoGenesis POS is concerned, before we go into the fact we support multiple operating systems, it is also a completely re-engineered terminal with highly improved functionality features. Even if we don't support multiple operating systems, it is by far the best POS system out there. Every time we have done a demo, and it has already gone live in about 10 sites, customers are much more pleased with it than our previous versions. If we just get an at BAT, and if the customer sees IG 12UX, our latest version of the terminal, the probability is very high that we will win the deal. Now, as an additional but a very significant advantage is the fact it supports multiple operating systems in terminals. Before, it would only support a Windows terminal, and in terms of handheld devices, there are only so many Windows options out there. Now that we support iOS and Android, let's take iOS for instance, it now runs natively on an iPad. It's not a different code base like many of our competitors do. That iPad code base is not managed by a third-party vendor. It is the same code that runs in the main terminal that also runs in the iPad. So if you make a change here, the change happens there as well. Now, that gives our customers tremendous options to deal with slightly off-site, meaning at a beach or at a swimming pool. You now can carry around an iPad that easily connects to the base system, and those kinds of options we used to struggle with and all our competitors still struggle with today. You add the Android tablet facilities as well. Now looking to the future, George, what this gives us is a code base that supports any device. Let's say a year from now, we develop a sleek device, an all-in-one device, like many of the players in retail restaurants and other places do. Now, those kinds of devices become a possibility for us. Because the software is there, it is just a matter of finding appropriate device that does that. It opens up the market for us, and currently, it is competitively a superior position, superior product to what is there in the marketplace. Gotcha. Just one other quick one, if I could. You mentioned there are some obviously, we know of labor challenges at some of your customers, and you mentioned that your new products require extra levels of support in the field. I actually thought the opposite, so I just wanted to make sure I clarified what you said there. Yeah. In terms of our backlog being at record levels, George, and focusing on the services and revenue, recurring revenue portion of it. The number of services projects, implementation projects that have not started or the number of hours still pending to get done in those projects, that is at a record level now. A good portion of it has to do with the fact that customers are unable to get the project started, that they know they need, which is why they signed the sales deal before. All these sales deal are signed, but the projects are not yet started. That is why our services backlog, you know, is at record levels now. Those projects will start getting done at a faster pace, which also in turn will increase our recurring revenue at a faster pace when the labor shortages get sorted out and customers don't have too many conflicting priorities to work out and prioritize. Currently, there are just a lot of those conflicting priorities there. Now, an additional contributor to our services backlog is also the fact that a portion of our services personnel will have to support our new products, which are settling down in the field. Now, we have done a lot of reengineering, we have created a lot of new products in the last two, three years, and they are all now hitting the market. Many of them have obviously not been established for multiple years. Each of them are requiring a bit more hand-holding, a bit more training, a bit more time working with the customers now. That is also delaying other services projects that are in the pipeline to be delivered. Understood. Thank you very much. Thanks, George. AM, thank you. Our next question comes from Matt VanVliet from BTIG. Your line is now open. Yeah, thanks for taking the question. Good afternoon. I guess kind of on the last couple questions there, a little bit of a follow-up here. In terms of the hardware supply issues causing constraints, do you feel like this is gonna further accelerate the adoption of just the off-the-shelf hardware and now with your software advances, you can, especially on the POS side, go in with a you know, just sort of a software-only sales process? Or are your buyers still wanting to buy kind of the full solution from you and even if that's, you know, you reselling an iPad or something for that instance? Yeah. Hi, good afternoon, Matt. As far as the PMS and other software solutions are being purchased and installed, there are no supply chain issues or anything. There, all we need is the labor shortages at our customer sites to become progressively, you know, less acute, and also our own newer PMS products settling in the field faster. Those two will contribute to the PMS portion of our business expanding faster, which is already happening. There are no hardware issues as far as the software solutions are concerned. Now, where the hardware issues do come in, Matt, the hardware delivery issues, that is, with respect to our POS solutions. Now, as far as the POS solutions are concerned, the fact we have additional iPad-like options helps a little bit, but a major portion of it, the supply chain issues have to be sorted out because customers who are moving from a competing system to us still require the terminals to run the restaurant, even though a few additional iPads help them with order taking when the personnel are moving around the restaurant. You still need those base terminals to be there. Our supply chain and hardware issues will have to get sorted out. They look like they are already in the process of getting sorted out based on the current deliverables that we are beginning to get in this quarter. They should get sorted out. For the hardware and some of the perpetual license software delivery, we do need the supply chain issues to get sorted out. The PMS software increasing helps us a bit, Matt, helps us significantly. The fact that iPads are there helps us a bit. Fundamentally, we do need the supply chain issues to get sorted out quickly. We are seeing signs of that happening. Understood. Very helpful. When you talk about record backlog and just really strong sales performance, and I guess sales leads from that perspective, are you seeing any new areas of emerging strength? You know, are you seeing any urban hotels now looking to finally reopen with higher capacity and expectations that business travel comes back, or any areas that haven't seen as much conference traffic yet? Or is it still, you know, the core gaming and warmer weather resort areas that are seeing the most strength? Yeah. Matt, in terms of new areas for us, before I answer your sales verticals related part of the question, in terms of product areas, PMS and related solutions is becoming a big strength for us. Compared to a year ago, compared to two years ago, we are up like 100%+ with respect to PMS sales compared to two years ago. From a product vertical standpoint, from a product segmentation standpoint, PMS and PMS-related solutions are doing very well for us, and we are only getting started with those. Those products have all hit the market only recently, a few months ago. Now with V1 PMS also available as a modernized PMS, we are going to go from strength to strength there. That is from a product vertical standpoint. I understand your question is more about the geographical and more the sales verticals. That narrative, unfortunately, hasn't changed much, Matt, compared to Q1. Gaming and gaming casinos, the non-gaming part of gaming casinos and resorts are still doing phenomenally well. When we just take our resort sales and gaming sales, we are well ahead of our fiscal 2020 levels before the pandemic. Those two are doing very well. There, all the new products we have and our increasing competitive advantage is really shining well there. Because when you compare to the past, our sales to the gaming sector and resort sector is at record levels now. The issue still is, like it was at Q1, that there is only a partial recovery with cruise ship vertical. They are just getting their feet back now. Hotel chains are sort of recovering, but it is still, you know, sort of sideways kind of recovery. It is not doing as well as gaming and resorts. International regions are definitely not doing all that well. Asia, especially, international tourism and the border still being closed and all is still a challenge in Asia. Europe is sort of okay. It is sort of flat compared to two years ago. Our sales is doing very well compared to fiscal 2020, two years ago. It is almost at that level now, despite all the challenges we have with international regions, a partially recovering hotel chain sector, a partially recovering cruise ship sector. Our biggest challenge remains the domestic managed food services sector, because a lot of the cafeterias and all that for which we are a major supplier have just not come back due to, you know, many people still working from home. That narrative has not changed much from Q1, other than the fact we are doing even better in the gaming and resort sectors. Very helpful. Lastly, on the pricing commentary that you made, you mentioned a number of competitors maybe getting pretty irrational or at least competing solely on price. When we think about where the latest model of the POS is, you know, you touched on a number of areas where it's superior. How should we think about the product being priced in the market in terms of actual RFP terms? You know, are you coming in close to some of those competitors? Are you significantly priced higher, and for that, you know, the customer has to see that significant value increase? How should we think about that maybe now in terms of what's actually happening in the market? Yeah. Matt, I've been in this, you know, B2B enterprise software on the vendor side for well more than, I think, two decades now, and this has always been a problem. There are always a few desperate vendors, and sometimes they even happen to be the bigger vendors in the space. Whether it is in supply chain execution or gaming systems or now in hospitality solutions, that challenge has always been there. There are always a few desperate vendors who will give it away, and that challenge is always gonna be there in this business, so that's no different. In terms of us, we have always been, in an RFP, typically the highest priced vendor. We've always been disciplined about our pricing levels, so we have always sort of been a little bit more pricing-wise than our other competitors. Now the difference is we have the products to back it up. We always had the features and products to back it up before, but now we have the technology and products to back it up as well. When you combine it, the trusted solutions and modern technology, we are able to defend our pricing a lot better today than we were able to, say, a year or so ago. We continue to remain quite disciplined with our pricing, Matt. Wonderful. Thanks for taking all the questions. Thank you. Thank you. Our next question comes from Nehal Chokshi from Northland Capital. Your line is now open. Thank you. Clearly very strong bookings demand, especially given the context of best sales quarter ever in terms of annual contract value, highest service subscription sales quarter, highest new customer win sales quarter in five years, and the total backlog and structure on this. What I'd really like to know is what is the actual subscription sales or what I would call bookings in terms of year-ago levels and two-year-ago levels? As far as bookings go, Nehal, we don't provide the full annual contract value levels. What I can tell you is the Q1 and Q2 sales bookings levels, which we always measure in annual contract value terms, are more or less in line with fiscal 2020 two years ago. If you take our Q1 and Q2, the first two quarters we have completed now this fiscal year, with Q1 and Q2 of fiscal 2020 two years ago, they are obviously better than last year, but that doesn't mean much. When you compare it with two years ago, they are more or less in line. The bookings in the first half have been more or less in line with bookings in Q1 and Q2 of two years ago, sorry, of fiscal 2020. Now, the way to interpret that data is Q1 and Q2 of fiscal 2020 two years ago did not have any pandemic challenges, and all our sales verticals were working quite well as far as the market environment is concerned. Gaming, resorts, hotels, hotel chains and cruise ships and Asia and EMEA were all doing quite well, and managed food service providers. Here we have gaming and resorts doing well, but the other ones have varying degrees of difficulty. In spite of that, our sales levels are comparable or almost equal when you compare the first half of this year to first half of two years ago. That's one data point we can definitely give you. The other data point, like you mentioned, is subscription sales is substantially up compared to two years ago, just because more and more customers prefer cloud-native applications, and all our products set now are supported by cloud-native applications. Every time a customer wants to go to the cloud, our answer is yes. Those two are contributing, and those are comments we can make about our bookings. That's awesome. Great. Yeah. Were the bookings level that you've seen over the past two quarters consistent with what your expectations were when you initially set out the $160 million, $120 million revenue guidance? Because obviously you've had some surprises on the delivery of the actual products and services to turn on the incremental ARR that you're booking. Yes, Nehal. The quick answer to your question is the sales bookings of Q1 and Q2 were in line with our expectations in order to meet the revenue guidance provided. They were in line as far as the sales bookings are concerned. Where we have fallen short and we feel we are at the low end of the guidance now is with respect to one-time revenue, which has more to do with the delivery challenges we've had in the market environment, which we believe will get improved enough during the second half of the year, which is why we are maintaining our guidance as it is now. As far as bookings are concerned, Nehal, they were in line with our expectations when we provided the revenue guidance. Okay, that's helpful. Pandemic has arguably driven acceleration of new solutions, new solution adoption in the QSR arena, potentially to a majority of opportunities. How would you compare the completion of opportunities within the hospitality industry that Agilysys is serving relative to the prior, you know, rate of adoption that we're seeing in the QSR industry? The customers looking for more modern solutions and adopting them quickly has been quite high in the hospitality industry as well, especially in the gaming and resort segments that we have. Managed food service providers obviously need people to come back to work from home, so they are not looking for anything new and therefore I can't comment on the adoption rate. The two markets that are doing well for us, gaming and resorts, they are looking for more modern cloud-native applications that come well integrated with each other, which is why our deal size has increased. That expectation is high in those industries, and once they make the decision, they're also adopting it fairly quickly as well. Got it. Okay, Okay, great. Thank you very much for taking my questions. Thank you, Nehal. Thank you. I am showing no further questions. I would now like to turn the call back over to Ramesh for closing comments. Thank you, Justin. Thank you all for your continued interest and investments in Agilysys and for your participation today. Please take good care. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.