Thank you for standing by and welcome to the PAR Technology Call on Acquisition of Punchh. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star then 1 on your telephone. Please be advised that today's call is being recorded. If you require additional assistance, press star then 0 to reach an operator. I would now like to hand the call over to Chris Burns, Vice President, Business Development. Please go ahead. Thanks, Michelle, and good morning to everyone, and thank you for joining us. Earlier today, PAR announced its acquisition of Punchh. To discuss this announcement, I'm joined on the call today by Savneet Singh, CEO of PAR Technology, and Bryan Menar, PAR CFO. A press release and supplemental information of the transaction are available on the investor relations section of our website at www.partech.com. Participants on the webcast should be able to access the information directly once logging on. As a reminder, this conference call is being webcast live, and a recording will be available via telephone playback and also archived in the investors' section of our website. Today's call may include forward-looking statements regarding our future business performance. These statements include risks and uncertainties that could cause our actual results to differ materially from the statements made on this call. Please refer to our press release today and our recent filings with the SEC for information on specific risk factors. I will now turn the call over to Savneet Singh for his comments on our acquisition of Punchh. Savneet? Thanks, Chris, and good morning, everyone, and thanks for joining us today. I'm excited to announce that PAR and Punchh have signed a definitive agreement under which PAR has acquired Punchh for around $500 million paid in cash and shares. Punchh is a market-leading customer engagement platform that provides cutting-edge software applications, including loyalty, promotional campaigns, and marketing artificial intelligence for restaurants and the retail industry. Punchh powers the mobile apps and loyalty programs for many of our largest customers, in addition to many customers we hope to win in the coming years. Combining Punchh's loyalty data with our transaction and back-office data gives PAR almost complete data across the entire restaurant, from guests to fulfillment. Punchh is one of the best businesses and products I've come across, and I'm beyond excited to welcome them to our team. As we have previously communicated, restaurants are seeking a unified commerce cloud platform. The addition of Punchh to our platform positions our customers to dramatically improve their operations and customer retention rates as they embrace the new digital economy and the challenges from the pandemic. Adding Punchh to the PAR platform is a big deal. Punchh is one of the highest-quality assets in restaurant technology and now gives PAR the scale to fulfill our very aggressive ambitions. If we flip to the slide deck, you'll see on slide three the details around the transaction. Punchh has more than 200 brand customers, 45,000 customer locations, and currently has $53 million in contracted ARR and 115% net retention. Punchh ended 2020 with approximately $32 million in ARR that has been growing at a CAGR of 54% since 2017, despite the historic challenges of the pandemic for the restaurants in 2020. Punchh also has $21 million in contracted backlog. This slide also highlights the terms of the transaction. I am personally excited and pleased to have Ron Shaich and Keith Pascal participating in the deal. Ron's experience and history as the founder of Panera Bread make him an invaluable resource to not only PAR but to me personally as we continue to execute our strategy to become the world's largest provider of technology to restaurants. To give you additional detail on the acquisition, Punchh's capability builds and extends our platform. Combining Brink and Punchh brings together two category leaders in point of sale and loyalty. Punchh's product development and engineering capabilities enhance our tech team, and equally important, their expertise in artificial intelligence will help build the connectivity across our platform. Certainly worth noting is that the ARR of our combined businesses nearly doubles with the addition of Punchh. Punchh has an impressive customer base with an estimated 35 of the top 100 enterprise restaurant chains, and there's some overlap with our Brink customers. If we flip to the next slide, you'll begin to see the motivation around the deal and why it's so advantageous to have a unified cloud platform. The Punchh acquisition and the integrated platform reduces that complexity due to the broadening of our offerings. Flipping to the next slide, slide seven, excuse me, demonstrates the transition restaurants are experiencing in regards to now having direct customer relationships and tightly integrated solutions. As you'll see in the following slides, it is incredibly important to notice that we are now building the unified commerce platform. The completion of this acquisition dramatically accelerates our path to becoming the end-to-end platform. Slide nine illustrates the depth of the PAR offering with now adding Punchh that includes the ability to combine capabilities into one unified cloud platform while limiting the need for cumbersome best-of-breed offerings. This platform will allow our customers to take back their guest relationship. Slide 10 is our tagline, and with this acquisition, we dramatically increase our ability to deliver on this promise. The next slide highlights the key to the transaction and why we are so excited to get this started. First, Punchh extends PAR's cloud for enterprise restaurants. Second, our combined companies further expand the industry's largest integration ecosystem. Third, the deal creates a unique opportunity to improve our value within our shared and target customers. Fourth, we significantly deepen our technology development bench and innovation horsepower. Fifth, we transform PAR's financial profile by nearly doubling our ARR. It's a big step in growing our SaaS subscription and higher margin revenues as we show on the final slide. Let me close by saying we have deep respect and admiration for the Punchh team. They are pioneers in building out the leading restaurant loyalty solution and are true experts in the industry. Their focus is on collaboration and strong execution, all of which are a great fit with PAR's culture. At PAR, we believe that the ability to attract and retain talent will be our lasting moat. Attracting the Punchh team is a testament to that belief. I'm excited to join forces with them as we address the enormous opportunity in front of PAR. I know I speak for all of our company in welcoming the Punchh team into PAR. With that, I'll now turn it back to the operators for questions, and then we'll conclude with some final remarks. As a reminder, to ask a question, please press star then 1. If your question has been answered and you'd like to remove yourself from the queue, press the pound key. Our first question comes from Stephen Sheldon with William Blair. Your line is open. Hi. Thanks, and congrats on the deal. Pretty exciting. How much, I guess, just one thing, Savneet, you kind of talked a little bit about there being some overlap in the customer base. I guess how much overlap is there between the customer bases between Brink, Restaurant Magic, and Punchh? I guess just ask another way, what does the cross-selling opportunity here look like? Yeah, it's quite significant. From a, I would say from a site count perspective, the Brink base is probably, I'd say, 30%-40% penetrated with Punchh. A lot of additional upsell. What I think is equally interesting is that Punchh has landed an estimated 35 of the top 100 chains in the country. They're an amazing opportunity for us to expand that flag beyond Punchh into point of sale, back office, and so on and so forth. It's a pretty significant cross-sell opportunity. I'd argue there's probably more opportunity for Punchh to pull Brink upward as much as it is for Brink to pull Punchh into our customer base. Got it. I guess just on integration plans, I know they've been a longtime partner, which should potentially make any integration process easier. How are you thinking about the complexity and the benefits of integrating Punchh's platform with Brink and Restaurant Magic? At the foundation, I think there's the operating side and there's the business side. On the operating side, we intend to run Punchh as a business unit. I think there's an amazing functional sense there. Punchh is incredibly heavy on the product and engineering side. I think, as I said, their team was honestly the best I've seen in the industry since I've been here. We don't want to mess with that. The products have to speak. The product strategy has to be connected. That's where we're most excited. We'll absolutely be integrating the products because the entirety of the thesis behind this is building the platform. Restaurants really are struggling through this spaghetti of integration, the constant point-to-point solution. It's really making their life hell. As more software gets developed, it's going to get worse and worse. We'll absolutely connect the products. I think we'll leverage a lot of the Punchh team's expertise in artificial intelligence, data, data migration to help lead that. The products will become integrated. It will become one platform. That platform will be PAR. Is there any timeline for doing that? I know with Restaurant Magic, when that was acquired, there was the earn-out payment, so it limited your ability to do it quickly. Is there anything here, or would this integration process maybe start quickly? No limitations at all. We'll start product strategy integration next week, and then we'll work on the organization as we get to know each other and figure out who fits best where. I would say the most exciting part of this transaction, besides the Punchh product and honestly buying an asset that's as high quality as our existing business, is that the team at Punchh is incredible. It is some of the best we've seen. A lot of it is sort of creating some of that cross-pollination. We'll do that organically. The product strategy side will start immediately. Got it. Just the last one for me. I know Punchh integrates with a lot of different POS providers. Is there any risk you see that other POS providers try to limit integration with Punchh after this deal that could potentially hurt the company's existing ARR? I guess how are you thinking about that dynamic? I think it's a very, very, very low probability. I don't see a point of sale company convincing a large restaurant enterprise, "Hey, we don't want you to lose a loyalty provider that you've loaded your 10 million or 100 million guest records on because they're owned by someone else." By the way, if they did that, I think it would highlight why they need to get a new point of sale provider. I think it's unlikely. I would say this somewhat carefully, but in the enterprise, there's no doubt that we are probably the two leading cloud providers of the categories that we service. I think in many ways, the future looks incredibly bright in sort of selling that story. The customers that we've already signed, I don't suspect it'll be a problem. I think it's going to be very hard for someone to argue, "I want you to change your product because they're owned by somebody else. Got it. Makes sense. Congrats again. That seems like a very, very exciting deal. Thanks. Our next question comes from Mark Palmer with BTIG. Your line is open. Yes, gentlemen. Thank you. Congratulations on the deal. I just wanted to delve into the overlap question a little bit more and the penetration question. You mentioned that Brink is about 30-40% penetrated with Punchh. Punchh is in 35 of the top 100 chains. As you're looking at that cross-pollination strategy, where are the points of interconnect you see in particular? Between the Brink software on the one hand and Restaurant Magic on the other, where do you see the points of connectivity as it pertains to cross-selling? Yeah. Let me first step back on the product side. The key to all of this is the product. Us now having the guest information combining with the transaction and then having the back office gives us complete information. It allows us to change the customer experience. Our vision and our dream is that you go into a restaurant one day and they say, "Wow, that was a different experience because technology added to that experience." It was truly not a wedge between my relationship to that brand. When you have the entire sort of platform, if you will, you're able to actually create a different outcome for that customer because you can walk into that store. We know who you are. You never need to print out your loyalty card. You never need to print out your credit card. You don't need to tell them that you're vegan or gluten-free. Your kids' menu, all of this is sort of built for you. It is that platform approach that I think our customers are adopting too. This transition from, "I want a best-of-breed product for everything that I do," into, "I want the platform because best-of-breed is starting to fail in the enterprise." That is a lot of the thesis behind this. Specific to just cross-selling across our brand, I think it's relatively simple. When we plant the flag with Brink, we feel incredibly passionate that we should be able to pull along every product that we sell. It is on that product thesis that I just mentioned, which is if you've got the best cloud point of sale system, you've got the best back office, and now you have the best loyalty solution, there really isn't a desire to try something else, particularly if those products speak to each other. The alternative is, "Hey, I'll pick someone else for loyalty. I'll pick Brink for point of sale. I'll pick someone else for back office." You actually add an incredible amount of risk to your restaurant because you need these systems to talk to each other that were not built to talk to each other. They are very point-to-point. Every time one system does not update, another system breaks down. We are very much sort of answering that need. From a math perspective, it is exactly what you said. We are Brink at the end of Q4 within around 12,000 stores. Like I said, 30-40% of those already are Punchh customers, and we think we should be able to help them penetrate a large portion of that. On the Punchh side, from a logo perspective, I'd say we're actually a relatively small portion of their logos today. I think it's a really strong opportunity for us to sort of use them as a wedge into some of these chains. I should also say that one of the most interesting things about Punchh is that they are in actually many of the large logos that we are not in. It's a fantastic way for us to elevate actually the Brink conversations to that next level of restaurant. That's kind of how we look at it. At the foundational level, it is the product that allows us to sort of now go to a restaurant and give you a platform as opposed to a point solution. It's very helpful. Congratulations again. Thanks very much. Our next question comes from George Sutton with Craig-Hallum. Your line is open. Thank you. Savneet, wonderful deal. Congratulations. One of the things that's compelling in this conversation, in my view, is every time we do a channel check call with anybody in the space, they have talked to you. The fact that this is one of the best businesses that you've come across is an impressive statement. You, I look at as an extremely knowledgeable buyer, having had integrations and having worked with specific brands using this Punchh offering. Can you talk to that specifically? By our view, like a Fazoli or a Blaze looks like a common customer where you may have used this. What does that revenue opportunity look like relative to your point of sale only offering? Yeah, it's a great point. Punchh has been a longtime partner. We sort of have wonderful data to understand, is this actually a good product, right? Does it actually work? As we sort of mentioned, Punchh has incredibly high customer satisfaction scores, NPS scores. We know from our customers how much they love Punchh. By the way, we also see how much they win because we have to integrate to them every time they win. I think we've just been so impressed by how fast they've grown, but also how they've really captured that same enterprise market that we've captured. They've done a great job, and we have great information. From the math perspective you're talking about, the average Punchh customer today, I'd say they sell a few different modules, but let's say on average it's about $75 a month. I think there's an immense opportunity for that to expand. It'll expand for a few reasons. The first is that generally when someone signs up with Punchh, they're looking at offers or promotions. It's a solution to sort of manage that across your restaurant. They grow into loyalty. You go from $75 to, call it, $110. That loyalty product is so valuable because it's got all of that customer data, every habit. From there, you have the ability to then go upsell the artificial intelligence module, which is called Merlin. From there, we think that's where we think there's an incredible opportunity to expand the TAM because there's not a restaurant, really probably not a business in the world that's not thinking, "Hey, how do I use artificial intelligence to increase the LTV of George, my customer?" Early on, that dynamic was, "Let me just send George a coupon to buy coffee at an off hour like 3:00 P.M., and he'll come in." Now it's turning into, "If I send George that coupon at 3:00 P.M., I'm going to cannibalize a sale that I would have had at 4:00 or 5:00 P.M., where he normally would have come in." You take that customer data, then tie it back to the register, tie it back to our payments product, tie it back to our kitchen, and you can see how we can actually build really unique products for that end restaurant. I think there's an opportunity that increases from our, call it, $175 a month at Brink today, plus the Punchh module. There are a lot of additional Punchh modules to come that I think we'll be excited for. I'd say I'm pretty sure you'll see us get into more commerce customer-facing products that we aren't in today. Gotcha. Full disclosure, I already eat too much. I don't need more food offers. As I look broadly at this loyalty and promotional market, you have other integrations. You have other relationships. Do you continue to expand with others in this space, or does this become a bit of a hub, and then there are other spokes you would work with? Just want to make sure I understood that aspect. Of course. We will never, ever, ever change it from the idea of being open. Neither will Punchh. Part of the foundation of Brink's growth and Punchh's growth has been that we are fast and we are open. We do not want to become sort of the restaurant technology vendors of the past that are closed systems that limit your innovative capability. We never want to do that. We will absolutely continue to be supportive of our existing partners and hopefully add more. I think they sort of understand the logic of what we are doing, which is we are very much solving that customer pain point, which is, "I love that you are open. I love that I can build, but I do not want to build everything. I do not want to have 20 different products." We will commit to staying open and Punchh-ful as well. Perfect. I’d like to congratulate the Punchh team for turning a typo into $500 million. Thanks, guys. Thanks, George. Our next question comes from Samad Samana with Jefferies. Your line is open. Hi. Thanks for taking my question. It's actually Ryan Presner on for Samad, just a couple if I may. On the RPU side, what is the monthly and annual RPU upside that this could provide for PAR? I see that in your prior slide decks, you've indicated that loyalty could provide $100 a month in RPU upside, which would annualize to $1,200 a year. Does that still compare? Yeah. We just spoke about it. The sort of first module within Punchh is generally about $75 a month. The second one ends up being around $50 a month. If you're able to upsell artificial intelligence, it's another sort of $50 a month. I would say historically, that's where Punchh has been. I think what we'll find going forward is you'll see opportunities for us to not only increase that, but also find the right market fit. Punchh does have one legacy deal that's at a low price. As we last that, I think you'll see us sort of be in that range that we sort of historically throw it in our presentation. Got it. Thank you. One more. I see that Punchh has expanded into other retail convenience stores and broader retail. How much of their exposure comes from these categories, and how would this fit into your broader market strategy? The vast majority is in restaurants today, but they have been pulled into retail, if you will. I think it's an interesting opportunity for us as well. Brink itself has been pulled into convenience to a degree. Today, the focus on restaurants, we want to make sure we knock that, get it great, and we'll follow Punchh's lead as the product expands. I think it just speaks to, honestly, the quality of the product that something that was built for restaurants is being pulled into some of the largest retailers now. It is an interesting expansion for us. The vast majority is today from restaurants. Got it. Okay. Thank you. That's all my questions. Appreciate your time, and well done. As a reminder, to ask a question, please press star, then 1. Our next question comes from Adam Wyden with ADW Capital. Your line is open. Hey, Savneet. What a big morning for you and for me. I mean, this is amazing. I think many of us have been waiting a long time to see kind of the big deal given the capital that was raised. Obviously, me personally, I'm super excited because to me, it's kind of the catalytic moment that we've successfully gone from playing defense to playing offense. I know Restaurant Magic was a nice transaction, but I mean, this to me is really transformational and puts the company in the leagues of Toast and Olo and all the rest. I guess me personally, like seeing you hopefully join the board of CDON as well, it's super exciting. I'm super happy to be partners with you. I think that this company, as I've said in the past, has the framework to be a Salesforce.com or a 100-plus billion-dollar company and all the rest. I just want to go over some basic stuff here. If I just do the math backwards, there's a little bit of alphabet soup because there's all these different units. On the presentation, you say 45,000 units. Now, I assume like Brink, what do you call it? Punchh has not penetrated within all the units in these existing banners. Can you estimate how many units? I know you give a figure like 12,000. Yeah, it's actually one of the most exciting things about the Punchh business. The majority of Punchh customers actually are true enterprise sales. One of the disadvantages of the Brink business is that it takes us time to roll out large chains. Punchh actually doesn't have to suffer from that nearly as much as we do. When they sign a large chain, they can actually sign and roll out the entire concept within six months because it's a corporate sale. That's the beauty of this model, and that's why there's the push. The pull side of it is so powerful. There are some customers, and there are definitely thousands of stores that are still to be rolled out in Punchh. The best way to look at it from the Punchh perspective is actually that contracted ARR number. Those are for sites that they are contracted in total versus the live ARR number of 32. The contracted ARR number is $53 million at the end of Q4, and the live was $32 million. You can see there is a $21 million backlog there. Look at it from an ARR metric here as opposed to the site count metric that we use at Brink. Is that 90 days like Brink, or what's the delta between live and contracted? We're going to figure that out as we go. It's changed a lot over the last, particularly because of the pandemic, a very similar experience that we have. I think historically, their goal is to get customers live within six months, and maybe it's nine months because of the pandemic, but that's generally what we look at. You can see that why the business has grown so nicely is you have tremendous visibility when you sign a customer. Again, that's why we love this business so much in that a lot of what we have to do is this hand-to-hand combat. We've gotten really good at that hand-to-hand combat, as you've seen from the bookings and the backlog. At Brink, a lot of what we have to do, we don't have to do that at Punchh. That's, again, part of the beauty of this business is that it's true enterprise software where you have amazing visibility. Yeah, it's contracted with the corporate. Unlike with point of sale with Brink, where you got to give incentives for the guys to go and do it, and the corporate has to give incentives, it's contracted. What happens if a franchisee doesn't want to take it? Do they kick them out, or how do they actually get franchise organizations to basically go through the entire system? I'm just curious how they're able to do it. Because if we can do it. We're infinitely better. Yeah. We've gotten infinitely better at this at Brink. I think at our next call, we'll talk more about how we've gotten really good at that. In short, it's because when you're adopting Punchh, it's a big product similar to Brink. A lot of the value that comes out of it is both at the corporate and at the franchisee. If you're a franchisee and you choose not to pay for this through your marketing funds and the way that you have that chain, you may not get access to the mobile app or the loyalty app, right? In the space that we play, which is large restaurants, it's very hard to have franchisees not participate in a loyalty program, right? Because your local big chain store doesn't take mobile apps or mobile orders, they're not going to survive. They have the ability to push that down. Whereas on point of sale, it is still more of a convincing product, albeit one that's turning more and more into a mandate. All right. If I work backwards, you have 45,000 active restaurant locations. That is different than contracted at the end of 2020. Obviously, you have some net dollar retention, but I mean, the math I was doing is that 45,000 locations, if everybody signed up for everything, it is a $95 million ARR business. Presumably, contracted is different than active as well. If I were just to take a step back, right? I think the major bear case on PAR has been, they cannot really get many locations. When I think about it, I say, "Okay, you have 12,000 locations. You have a contracted backlog, plus you have the penetration within the brands that are not there." I do not know what that number is. I am sure you can tell me. It is 20,000, 24,000. You've now got Restaurant Magic, which from what we understand is kind of piloting with some really big names. You've now got whatever, the 45,000 active Punchhs, but maybe that's really 60,000 contracted. If I were to kind of alphabet soup and say, "Okay, what is the total addressable market per brand that you're penetrated in each one?" What I would say is I say, "Look, you're going to have some of them, you're going to have one of two." It looks like Schlotzsky's and some of these ones that are in all three are pretty small. When I think about it, I say, "Okay, getting all 3 in Yum Brands is freaking incredible, right? I mean, what does that do to Brink?" If I were to say to myself, "Okay, the total addressable market of brands across all three platforms is what? 100,000? How should I think about that?" Because I think really what people are missing in this investment, and I've said for a long time, is if we say that the stack is $50,000 per restaurant, per QSR restaurant, including payments, not including payments, and you say, "Well, there's a million restaurants, and we have 100,000, and we can penetrate over time 50,000," right? I mean, you can do the math, right? That's $5 billion of ARR at a 50% EBIT margin. That's a $2.5 billion EBIT business at 20 times that's a $50 billion business. Now, we may have 100,000 restaurants under our belt now, and now we just got to develop and buy the modules. I mean, can you help me kind of unpack that? Yeah. Let's look at it this way. We just closed at Brink. We're in 12,000 stores, and we could double our revenues without signing another concept, right? There is a way over double. There is a large backlog of stores to be rolled out within our Brink platform. You add that to the 40-ish thousand stores at Punchh, and you are well over 50,000 total restaurants. You take that number and you multiply it by what you think our current product suite is. Excuse me. You have got Brink, which today the average customer is about $170, $175 a month, so $2,100 a year. You add Punchh, which again, is called $75, growing very aggressively as we lap our legacy customer. You have got Restaurant Magic, which is about $120 a month. Obviously our payments offering. I do not want to use hyperbole, but obviously the TAM is enormous and it is significant. Part of the reason why this acquisition is so important to us is if you go in with the platform, you actually increase the TAM because you are now going in with an offering that can actually create more product and value as opposed to, "Hey, I am a point of sale company, take my payments." Now you are this platform that you can actually build new product off of. The TAM, I am not worried about the TAM in any way because the TAM actually gets larger when you are the platform because more can be built. You are again solving just such a painful product. From that perspective, your math is probably right. From a store account perspective, it is probably actually underestimated. That is the way that I look at it, which is that we are sort of expanding TAM by building this platform. Our next question comes from Anja Soderstrom with Sidoti. Your line is open. Yeah. Hi. Thank you for taking my questions and congratulations on what looks to be a great deal and good questions asked already. I'm just curious, you mentioned that you had a very strong ARR growth in 2020 despite the COVID. What kind of headwinds did the Punchh experience in terms of COVID, and how do you see that play out this year? Yeah. Similar to what we experienced, actually a little more painful for the Punchh team. I think they were effectively down for two to three months where we had sort of that six-week of pain, and then we saw that rapid rebound. The second half of their year, they were sort of back to their normal growth rates. It was two to three months of pain, and now they've been back to their normal growth rates. Obviously, we can't talk about Q1, but I think this year will continue to be a really nice growth year for them. Again, very similar to Brink in the sense that there's a lot of contracted revenue that needs to get rolled out. The growth rate for them was a lot stronger in the second half? That's right. That's exactly right. Very strong growth in the second half of the year. Yep. Okay. Okay. Thank you. That was all from me. There are no further questions. I'd like to turn the call back over to Savneet Singh for the closing remarks. Thank you, everyone, for joining, and we appreciate your time and your patience today. As I mentioned, we couldn't be more excited about the business that we're acquiring, the business that we're now a part of. Punchh to us is the best asset in this business. In many ways, we acquired an asset the size, scale, growth, and retention of Brink. For $500 million, I think we got a wonderful deal and a wonderful team with it. I would love to leave you with just a few quick thoughts. The first is that I think by the acquisition completion today, we really have become the enterprise platform. There isn't another player that is sort of the enterprise platform to run your restaurant. I am incredibly excited because that platform, as I said, truly expands our TAM. The second point I'll leave you with is that we have added an incredible amount of management horsepower to PAR. The Punchh team is world-class, both when it comes from product engineering, artificial intelligence, but also just to go-to-market capability and general marketing. Every conversation, I'm wowed, and I can't believe, honestly, they're going to be part of the team that we get to build this ambitious future for. Last, I'd say that we are a unique time in restaurant history where restaurants today are under intense pressure to not only grow but manage an infrastructure that they were fundamentally not ready to serve. At that time, they need an ally to help them win that customer back from all the parties that are coming in and finding ways to disrupt that relationship, create that wedge. We truly believe that Punchh for us is honestly the tipping point for us to become that ally and become that partner in their new digital future, which hopefully involves them bringing back a lot of the relationships that they've let go of over the last couple of years. With that, I'll close the call. Thank you again for joining. We'll post the slide deck on our website, and I look forward to speaking to all of you. Ladies and gentlemen, this does conclude the conference. You may now disconnect. Everyone, have a great day.