Thank you for joining for this session with PAR Technology. I'm Stephen Sheldon. I'm an analyst in the tech group at William Blair and covering vertical technology, including PAR. Please visit our website at williamblair.com for a complete list of research disclosures and potential conflicts of interest. It's great to have the PAR team back at our conference again this year. A lot to dig into, as there usually is with the name. The company's won some massive enterprise restaurant contracts over recent years, Burger King, Papa Johns, which was announced earlier this year, which is a really nice win for them. Still has a lot of larger opportunities that it's pursuing out there and has made some moves to shore up the balance sheet, pushing most maturities out at least five years from now, kind of de-risking the balance sheet from a near-term perspective. Also notable in my opinion, that the company started giving quarterly and annual guidance for the first time ever. I think a lot of investors have been pretty positive about that development that just happened last quarter. In our view, it seems like a great time to be looking at the story. We think the stock has been pretty unfairly punished recently. From the company today, we have President and CEO Savneet Singh. We also have Senior VP of Business Development and IR, Chris Byrnes, out here in the audience. With that quick intro, I'll pass it over to Savneet. He'll run through a quick presentation. With any time left, we'll do some quick Q&A. Thanks, Stephen. All right. Maybe I'll step back for a second and tell you about PAR. PAR has been on this endeavor to build this idea of a platform to run your enterprise restaurant. For a long time, restaurants looked at technology as a cost center, as really a way to speed up transactions. With the advent of the cloud, the push from COVID, they really quickly realized they had to become digital businesses because their guests now expected them to be available everywhere, whether it was online, on TikTok, on mobile. Restaurants were into this massive vendor sprawl where they were acquiring tools to fill point solutions, online ordering, mobile loyalty, back of house. All of a sudden, they woke up one day and said, "Holy cow. None of this stuff connects together. I'm not giving a unified guest experience. I'm not giving a unified employee experience." We went on this really aggressive route to build or acquire what we viewed as the core operating and engagement systems for a restaurant. A restaurant really looks at businesses on two sides. One is the engagement side, how do I engage my customers? Two, the operations, how do I run the most efficient operations with my team? We've worked really hard to build the core products you see here on the screen back into one platform. I think by luck or design, in a world of AI, this becomes even more valuable because now what we're seeing is the move to agentic everything, whether it be ordering, employee engagement, customer engagement, requires far more data, far more coordination between products, and restaurants are desperate for those efficiencies. You can't really do that when you've got three different agents fighting over who's the one you got to listen to. We think it sets us up for a really nice opportunity. As you'll also hear about in a second, we've moved aggressively to go not just into restaurants, but now into C-stores and hopefully down into broader retail over time. As Stephen mentioned, it's been a painful ride for us in the public markets, but ironically, been the best time for us in the actual operations of the business. We have worked aggressively to compound ARR over time, both organically and inorganically, from call it $20 million- $330 million in seven years, and that's kind of half organic, half inorganic. Our technology today touches over 150,000 restaurants, 200 or 300 enterprise brands, billions and billions of transaction volume. Now I think we've really pushed forward the profitability of our business. Reported $9 million EBITDA last quarter. We gave guidance for $44 million-$47 million, and as Stephen mentioned, it's our first time giving guidance, so hopefully you put guidance out the first time when you feel confident about it. We also think that one of the unique parts of our business is that when you're selling to these enterprise brands, the opportunity for margin expansion as a software business actually grows over time because once you build to that brand, every incremental product is highly margin accretive. So I think one of the things we look forward to is constantly impressing on the margin side because we've seen just how the velocity of how we can leverage our OpEx on a per customer basis to drive more margin to the bottom line. Fourth, I think with the AI tidal wave, we've tried to do our best to be objective. Is it a threat? Is it an opportunity? I think what you'll see here shortly is, not only is AI making us stickier to our customers because we are becoming that source of truth for how they're going about AI, but we're also the first call. That's, I think, going to be not only an opportunity for us to retain our base, but actually create an incremental revenue stream, which I'll show you in a second. We are super confident becoming best in class in Rule of 40. We're in this time of massive transformation, and one of the things at PAR is we are used to transformation. We were for 40 years a hardware company. In 2018, we staved off running out of money, rebuilt the company the last few years as a unified platform. Now as a unified food service play, now we're again pushing this idea of PAR Intelligence. I think the key part of all of this is that as we've gone through this rapid transformation, again, we were a company that in Q4 of 2018 had $3 million on our balance sheet and wasn't sure what the next day would look like. We've constantly been able to engage our customers, our employees, and build a really unified experience. We have a ton of experience on living through dramatic transformation, but always with the mindset of we've got to deliver for our customers so we can deliver for our shareholders and employees. This move to AI is not something that we're sort of caught in our tracks. It's something that we've embraced and gone all in on, and I'll show you some examples of that. In our world, we truly believe, and I think any objective researcher at the market would see, that there really isn't someone else that has the platform that we have. What I mean by that is in the category we serve, which is highly verticalized, there are a number of amazing vendors that do one thing super well. They do online ordering incredibly well. They do point-of-sale well. They do back office well. Nobody has worked to build a more connected platform. The beauty of a connected platform is not that it's a bundle, not that it's a, "Here, we're going to make it simple and easy." It's that you can create outcomes you couldn't do before if you didn't connect those systems. I oftentimes try to give this example, but the idea that most restaurants have a point-of-sale system from one vendor and a back-office system from another vendor, back office is things like inventory accounting, labor supply, it's like having your email and calendar in two different systems. Imagine the pain of creating a calendar invite when your email isn't connecting to that. That's what restaurants have lived through. When you give them that opportunity to say, "Hey, this is now one platform, one system, one database, one taxation system, one order-entering system," it's an incredible unlock for their minds of like, "Oh, my gosh. Now that I can do this, what else could I do?" What we've observed over the last few years is that this thesis we had many years ago is now coming true, where every single one of our deals, almost every single of our deals now is a multi-product deal. If you spoke to us a year and a half ago, the average customer bought just one product. Today, that's two, and I suspect over time it'll be three. The thesis is really working, whereas literally 90% of our deals now are multi-product deals. It's this unique idea that, hey, if you can connect two products, not only is it simpler, easier, but we actually can unlock functionality you couldn't get before. That is what's really powerful. As they've come to us and said, "Hey, how do I deal with this AI change? What do I tell my Honestly, what do I tell my board? What do I tell my CEO?" We believe we can also be the partner there because we have this connected intelligence across everything they do. I'll give you an example that I think is easier to understand if you're not in the category. Today, for the most part, online ordering and loyalty are two different systems. That may seem simple, but it's actually really complicated because the average restaurant has thousands of menus per brand. You've got a menu for the drive-thru, you've got a menu for Uber Eats, for DoorDash, for your online ordering, for your loyalty. You've got a menu for in-store, you got a menu for breakfast, for lunch, for dinner. It's an incredibly complex thing when you think about constantly updating those menus every single day with promotions, with loyalty ideas. Oftentimes in a loyalty app, you'll have a menu for loyalty, a menu for non-loyalty. When you combine them with PAR, i.e. you have one online ordering system, one loyalty system, when you update a menu in one place, it updates it everywhere. That is an incredible unlock when you're a restaurant because now you don't have data integrity issues. You have the same taxation system working across. You have the same schema working across. We can now go back to our customers and say, "Hey, we can give you a more unified experience." Now, think of that as we go forward in the world of AI. If you want to use AI to unleash it on your digital orders, now you have your digital orders from all in one place, as opposed to saying, "Let me have AI pull it from here, pull it from here, and then give you some insights." These are examples that we're seeing, and it's very validating that the idea that our customers have now kind of adopted the same idea. Our footprint is large. We are the largest loyalty system across restaurants and convenience stores. We're one of the largest and fastest-growing point-of-sale systems, and we are global. I think this context is hard to replicate. Today, if one of our competitors said, "Hey, I want to get into loyalty or POS," there really isn't an acquisition or a product roadmap for them to get there quickly because they don't have the context of these years and years of data. I think that the part that we are most excited about is that while the number of restaurants, convenience stores, those aren't growth categories, the products per store is an incredible secular trend. Whereas every single year, we work to add a new product, add a new module, and you can see that our TAM is expanding as we go. Today, as we go to our customers with our core five products, which is point of sale, loyalty, operations, ordering, and payments, now we've added this module of AI, which I think is the most exciting stage for us going forward. Let me tell you what we're talking about AI. When I say this, we are not the people that are going to say, "Hey, we know how to disrupt the world." We know how to add value to our customers. The thing that I think we've learned over time is that the idea of orchestration is an idea that anybody can say. If I had an e-commerce tool, I could say, "I can orchestrate the e-commerce role for you, and now I'm an AI company." The problem with that is if you're a single tool, I'd rather buy the startup AI vendor building that than the company that exists today because I have none of the baggage, none of the technical debt, none of the thesis. If you are a connected platform across multiple systems, that is really hard for a startup to come in and disrupt. At the same time, it's very hard for a customer to build itself. In our category, we think we've had incredible value to add. I'm often asked, "Why do you think AI is less of a threat to you?" I say, "Well, ChatGPT came out ostensibly public in 2022, and since that time across our business, not in a single RFP have we ever seen a new competitor come in in the last four or five years. Not one single new competitor in the last four or five years." At the same time, we've not had one customer say, "Hey, I'm going to use AI to now do what you want to do." It's been the complete opposite. Every customer has come and said, "Hey, how do I go attack this? What can I do from you? How can I engage you?" We think the reason why that is one, the category itself is not structurally set up to be a hyper investor in building their own technology. Two, they also realize, "I can't really do this on my own. I don't have the data. I don't have the insights. You have the data across all of these brands." We think that we have this really unique ability to unify their data in one place and then automate the actions on the other end. It's kind of a fun thing to see what we can bring for them. I think our vision for this is kind of unique. Today, I think companies like ourselves can go to investors and say, "Hey, we're AI because we built a prompt interface for our product, so now you can query it as opposed to running a report." We've given that to our customers. The way we're thinking about monetizing AI is we're going to make all of our products prompt-based, and they already are today. You can go prompt and say, "Hey, show me today's story, show me if this promotion is profitable," whatever it may be. Our next layer of AI coming out at the end of this quarter, beginning of next quarter, is predictive insight. Instead of you prompting, it's prompting you and saying, "Hey, do you know there's a snowstorm next week? Do you want to buy up some hot chocolate? That's our second layer, and that's coming out, like I said, in the next couple of months here. The third level of AI that comes out at the end of this year, and which we intend to monetize, is actually driving the outcome. Instead of prompting it, instead of giving a suggestion, instead when it goes to you and says, "Hey, there's a snowstorm next week. Do you want to buy hot chocolate and send a message to labor to make sure that they got backup transportation? Press this button to go do that," we can now effectuate an outcome they couldn't do before. When we can pull actions like that forward, that's when we intend to monetize. When this gets really exciting is when we can take an action across two different systems. As an example, if you've over-ordered tomatoes in your back office and you get an alert saying, Hey, tomatoes expire in 10 days. You can say, Hey, go run a promotion to go sell tomatoes to the guests that used to be loyal guests, that used to love our tomato salad, that haven't. Do it at this time through SMS, through text, whatever, email, however you want to target those customers. You can do that all from one system. That's taking a flag from the inventory system, pushing it to the loyalty system, then executing back in and updating loyalty and labor all at the same time. That's where we think that is a really neat thing that only we can do in our industry. In the end, it matters what results we can drive for our shareholders. We see a really unique mix. If you look at our financials, we've over time been able to hold our OpEx very tight. We haven't really grown our OpEx in 2.5 years organically. Now what we've seen is the ability to actually bring costs down. We've guided the last quarter that we intend to bring our OpEx down every quarter this year, leading to EBITDA of $44 million-$47 million. Honestly, other than Stephen, the sell side hasn't really moved their numbers up for us, it's an interesting opportunity for us as we look into next year. We're seeing incredible efficiencies here. I think what's unique is that while us, like everybody else, has done lots of restructuring in the cover of AI, we've actually been able to find really, really acute areas where AI can actually save us money, where we're actually removing tools and bodies. That's what's surprising us, is that every single day or every single week, we're able to figure out tools or bodies that we can move out. We see tremendous opportunity in G&A efficiency. Obviously, everyone is getting R&D leverage. On the gross margin line, our ability to sell multi-product is going to drive really, really strong margin expansion on that top line, which is something we haven't really talked about. As every customer buys two products, you get to leverage that fixed COGS base across a much more larger revenue base. We really want to be one of those few companies that continues to double EBITDA. We doubled EBITDA from 2024 to 2025. We guided to double again in 2026, and I suspect we have the opportunity to do that again in 2027, all while hopefully being one of the very few companies that doesn't have decelerating growth. I think the numbers really add up in a world where there are four or five companies in the entire SaaS index that are not decelerating. We want to be one of those companies at the same time doubling EBITDA alongside that. As Stephen said, we think it's a really interesting inflection point, and we have this awesome tailwind and that we actually believe that we'll be able to really monetize AI to our customers, as opposed to just giving them a bunch of prompt interfaces. We can actually give them something they can buy. With our early testing across a few thousand customers, our engagement numbers are off the charts. Demand won't be the issue. It's about us getting more comfortable putting the product in the hands of our customers, removing hallucinations, figuring out what the UI, UX will be there. This is all the awesome stuff. I think that the proof is really going to be in execution. 80%+ of our deals are multi-product. We are in 50% of top brands. We've already got 5,000 stores on our AI products. I should mention, what's important about this number is in an enterprise software, you can't actually just say, "Here's my AI product." Go take it. We've got to get approvals for every single thing we do. We've got to get cyber approvals, CFO approval. Even if it's free, we still need to get approval. Why this is a really exciting proof point for us is that we've got 5,000 customers that have already looked at our AI, evaluated our AI, brought in their consultants, and done a pretty thorough work on it. That to me is an incredible proof point, because now we have the ability to go monetize that. If we were an SMB software, we could go give our AI for free and say, "Great, everyone's using our product." For us, we actually are getting these incredibly large, big brand approvals. That just gives us a huge moat over anybody coming in. I could go to any of our customers today, if I was a startup company, and say, "Hey, I can do a part of this for free." They will get zero adoption. Getting through that sort of institutional bureaucracy is something that we're really, really good at. I think that's exciting because, as I said, that 5,000 number is completely upon us. If we wanted to open this big, yes we would, but we're being very, very careful about how we get out there because our intention in our conversations are, we're going to give you these two levels. We're going to give you the prompt interface and the predictive insights for free. The moment that you can take an action in the system is when we're going to start monetizing it, and they seem very much aligned to that. It's a really exciting story, and as I said, I think the unique part of today is that at the same time we have the highest product velocity, we also have, I think, the sort of best, that J curve on the profitability line. That's our quick story. Perfect. Thank you, Savneet. I probably joke about this every year, but I think you just did a 30-minute presentation in 15 minutes. Notorious fast talker, but a lot of great information. I guess one thing, I think with AI's emergence, I think one debate, there's always been the, when we think about the big enterprise restaurant customers, the insourcing versus outsourcing debate. I guess, what are you seeing there? Are there any clear trends that you're seeing one way or another? It seemed like we were moving from more insourced to more outsourced, leveraging best-of-breed third-party solutions like PAR. Any trends one way or another, especially with the emergence of AI that you're seeing? Yeah. I think categorically it's an outsourced model. The average restaurant chain in the U.S. spends 1%-2% of its revenues on R&D, ostensibly IT. The average retail chain spends 7%-8%. It's a category that has historically not put a lot of money in technological investments. It makes sense. I'm not saying that in a pejorative sense. It's because there was no such thing as e-commerce in restaurants till really the pandemic. We didn't go to websites or mobile apps of our restaurants. They've been historically under-invested. The idea that in an industry that has not made those investments all of a sudden become experts in that technology. I do think, and I oftentimes encourage our customers that they should be deploying and playing around with it themselves, but the stuff that they should be building is stuff that's touching their employees or gamification of stuff for their customers, but not the core transaction engine. It's just like Workday's the payroll software for the big AI companies. I don't think you want to vibe code that stuff. For us, I think the stickiness of our solution is the workflows, the integrations, but it's also the fact that we are the source of truth for their ERP, whether it's Oracle, SAP or whatever it may be. We are the source of truth for all their taxation engines, their labor. I just don't think you want to mess with that one. Again, our price point is like $200-$250 a month per store. How much money are you really going to save or how much utility are you going to get? I think the challenge is, and this I think is the easiest point I make if someone gives a counter, is you can go write code anything today, but the idea is that going to be best in class three months from now? I would argue that the beauty of not being an industry participant is that you get the insights across every customer. I think that it's not my own consensus, I think it's like 99% to one. There'll be a couple that say, "I have some unique competitive advantage because I did this," but that competitive advantage is gone in six months or a year. Yeah. As we think about your customer base, maybe talk some about the ebbs and flows you've seen around their pain points. What are they focusing on? What are they struggling with right now? How has that evolved in the last couple of years? What has that meant for where you're seeing demand for add-on products, for add-on capabilities? How has that all evolved over the last couple of years? Again, categorically, the number one problem across every brand is unification of their data. It is a real challenge. Lots of industries say this, but it is really one of the most amazing things. Early on in my tenure, I'd go talk to CIOs and say, "Oh, I'm launching Snowflake or ClickHouse or Databricks." I'm like, "Cool. Is it really helping you? Because I know that the schema we use for an order or an item is different than the schema that you use for over here or over there, and how do you unify that?" I think the excitement on AI is going to sound simplistic for this category, but it's like, "Can I just unify my data?" That is a really big unlock for our category. On the acute things, I think it's pretty simple. They want to leverage their loyalty database to create more LTV. If you look at the best-performing brand in QSR, for a long time it's been Taco Bell, and I think most in our industry would argue that it is because of their ability to figure out how to target their customers, grow their loyalty pie, but also grow the number of loyalty customers. Our ability to drive that with AI is really powerful. Simplistically, the great challenge of these gigantic brands is you can infinitely segment the customer. You can say 25-year-old with this demographic that lives in this ZIP code with this attribute. It's actually hard to action that because then what does the promotion look like? Now with AI, you and I may be the same age and we have the same number of kids, we have the same X, Y, and Z, but I may like the color black, you may like the color white. The email you get versus the email I get, or I like text, you like email. Giving them those tools that monetize that base is probably number one. On the marketing side, I think the investments in Toast are very valid in the sense of that set. The other side is cost. I think in our category, that's probably equally or maybe even more important because there are three big costs in a restaurant. It's labor, it's food, and it's real estate. Real estate, we're not able to influence that too much. The food and labor, we can have a ton of ability, and so optimizing inventory, optimizing your labor schedules. In our database, the difference between your best-performing store and your worst-performing store is 3x. That is a huge delta. Now some of that is location, but a lot of that is operations. If we can take the best practices of those that are profitable and those that are not, it's really valuable. I think those are the two areas we're investing in. Wonderful. As we think about a unified data layer, you guys have done a lot of acquisitions over time, probably three or four, I think, within the last few years. How integrated are all those capabilities now, and is there still more work to do on the back end to unify all these capabilities and the data layer? Where are you guys at on that journey? Yeah, I think we're there. I sort of joke with our sales team, but maybe it's not a joke, which is, as you've sort of seen, 80% + of our deals over the last year are multi-product. As amazing as our sales team is, as much as I love them, that is because products are integrated. If you have the ability to turn on a switch to add an incremental product, that's a lot easier to sell than, "Hey, you got two different logons, two different screens that look different, two different databases." That growth you see in multi-product, that growth you see in margin, is because they're integrated. Ironically, in a world of AI, we didn't need to do a lot of that integration work. The beauty of AI is I could run three different databases and unify in one. There's some cost elements there that suck, but I look back and like, "Oh my gosh, that was such a," in my opinion, "heroic work by our R&D team that we probably didn't need to do," but it helps anyways. We are super tight on that now, and what's fun about the way we operate is that our layer, what we call PAR Intelligence, it really is one product for everything, and that is super interesting for us. We're super integrated. That's just leading to the cross-sell and the up-sell. Every single online ordering deal we win is tied to our loyalty base, literally every single one, and it's only because you get to use the same database, the same login, the same developer dashboard. It really helps the sales process. As we think about that intelligence layer, I guess from a financial perspective, how do you boost monetization, how does it impact as you get adoption with this? Maybe talk about how you expect that adoption curve to look and then tie that back to what that could mean for the financial profile. Yeah, maybe I'll start with a really cool insight, which is, I think that one of the unique things is that we charge on a per site basis, not a per employee basis. That is, I think, a huge advantage we have versus traditional software in that there will probably be less white-collar workers or agency, less license software licenses than human beings. We had the opportunity actually to grow our pie. What I mean by that is, I think we can touch more restaurants than we could before. Whereas I think it's hard to argue that you can touch more employees. That I think is a basis for margin expansion. The reason why is, we've started with this idea that every product needs to look like a ChatGPT-like interface, and that's going to be table stakes. You can't charge for that. Even though it's really cool with a prompt to pull all this amazing data and build all these dashboards and data, we're not going to be able to monetize that. We said, we're probably not going to be able to monetize you for these predictive insights. Like, hey, you've been over-ordering this product, or hey, there's a snowstorm, or hey, this product expiring. Even though we think that is insights that they were actually not able to get to figure out today, we probably won't be able to charge for that. We will be able to charge for you is the ability to action those insights, and that's where we think that you could actually go to the customer and say, "Hey, we're driving an outcome that didn't exist before we gave you this. As a result, you should pay for that." How we're going about this is actually telling the customer that now. We're going to say, "Hey, this is free, but we're going to get to this point." What's been amazing is that even at that second layer, our customers would pay for it. On our earnings call, I mentioned that I think we've got 1,700 convenience stores on our platform now on PAR Intelligence. What's been neat about that is one of them, the quote that I put in earnings, they literally have uncovered millions of dollars of savings already from those predictive insights that would pay for this thing for years for them. I think that the way we're going about it is we've kind of laid out that roadmap for our customers, so they're not going to be surprised. We've just collected an incredible amount of data to prove the ROI that we've already given back to them. We feel pretty confident we'll be able to do it. At the same time, they're so desperate to go back to their customers. They're bored to say they've done something. Again, because these are not teams that are doing it themselves, it makes them feel like they've also actioned the AI. That's how we're going about it. Our goal is to have 50,000 sites running at the end of this year with the path to start monetizing December and January next year. This year, sorry. That's great. That ties into convenience stores, which I think with enterprise restaurants, I think you mentioned you haven't seen new competitors getting into the later stages of RFPs in quite a while. I think there's even fewer competitors on the convenience store side. You guys have made some acquisitions there. You've got a lot of capabilities you're rolling out. It seems like it could be a pretty big growth vector. Maybe talk about where you are and where you see that business evolving over time. Yeah, convenience has been an amazing addition for our business. We expanded there organically because these stores are really the biggest competitor to restaurants, and that restaurants have to now fight for that breakfast meal from a convenience store and now even the dinner meal. They wanted the same loyalty and engagement tools that restaurants had. As we saw that really grow quickly, we made it an acquisition, doubled down. Today, we're the largest loyalty provider to the category. We're probably in 12 of the top 25 brands from a loyalty perspective. We just expanded into in-store with a kiosk checkout product. I would suspect one of the theories I'm testing out is because convenience stores are far less invested in technology than even restaurants. Again, think about your gas station. You're selling a product that we need. They haven't really had that opportunity. They might jump the step of a Frankenstein tech stack to straight to AI. I think that the AI products that we've put in the hands of our customers there have gotten even more traction than in restaurants because I think they don't have a lot that's out there. As you said, it is not a market that the smart Stanford kid leaves to say, "I'm going to go start a AI product to service convenience stores." It's just not the place that you go. We literally see not one new company there. In fact, we see more people exiting that market. We love the market because it is a large market that we have incredible influence on our customers, and they are incredibly stable businesses. These are businesses that are still, for the most part, family-controlled or family-influenced. They think in terms of decades, not quarters or years. I think what they're coming to terms with is even if they don't view themselves as an innovative company, if the gas station across the street adopts AI and goes all in, they'll be able to service their customers cheaper than they will. It is this arms race that's starting to happen there that we hopefully can benefit from. I think maybe, we got just a couple of minutes here. Maybe more near term, I think you saw organic ARR kind of dip down to the low double digits in 1Q. You're talking about kind of seeing acceleration and getting back, I think, to mid-teens by the end of the year. Maybe talk about your level of confidence in being able to deliver that and what are some of the factors that we should be thinking about that would help you drive that acceleration over the course of the year? In Q1, we sort of telegraphed in the sense that we purposely churned a bunch of low-price customers. Our ARPU jumped sequentially, I think 27% or something, which obviously we didn't raise prices 27% in quarter-over-quarter. It was we removed a number of customers that were getting 80-plus% discounts that we wanted to sort of move on from. The beauty is now you get the margin expansion of that also in the back half of the year. Candidly for us, if we remove that one event, we're already sort of well there. What we feel really confident about is we're probably 80% booked already for the year, it's just an execution of getting those bookings live and then a relatively small go get compared to prior years. We have a really strong tailwind in that our go lives this year are pretty well scheduled and planned. Our guidance doesn't assume us winning any new large businesses. It doesn't assume our AI products get any monetization this year, all of which could conceivably happen this year. I think that our path to get there is just candidly, a lot of that is already booked, and so it's just about go get it, and we feel right now pretty confident about that. I think we'll call it there. Thank you so much, Savneet. That was great. The breakout is going to be upstairs in Jenny B. Thank you everyone for joining.