Core Insights - Granite Investment Partners reduced its position in Agilysys by selling 89,611 shares, resulting in an estimated net value change of $11.9 million [1][6] - The total position in Agilysys is now 170,335 shares, valued at $17.9 million as of September 30, representing 1% of Granite's reportable assets under management (AUM) [2][6] - Agilysys shares have increased by 4% over the past year, underperforming the S&P 500's 14% gain during the same period [3] Company Overview - Agilysys, Inc. specializes in software and hardware solutions for the hospitality industry, focusing on operational efficiency and guest experiences [5] - The company reported a total revenue of $299.8 million and a net income of $24.4 million for the trailing twelve months (TTM) [4] - As of the latest market close, Agilysys shares were priced at $128.00, with a one-year price change of 4.2% [4] Recent Performance - Agilysys has reported its 15th consecutive quarter of record revenue, with sales increasing by 16% year over year to $79.3 million and subscription revenue climbing by 33% [8] - Despite solid fundamentals, the stock's future performance may depend on execution and consistency rather than just growth headlines [9]

Financial Data and Key Metrics Changes - Fiscal 2026 Q2 revenue reached a record $79.3 million, a 16.1% increase from $68.3 million in the prior year [24] - Recurring revenue grew 23% year over year to a record $51 million, driven mainly by a 33.1% increase in subscription revenue [14][24] - Adjusted net income for Q2 was $11.4 million, compared to $9.5 million in the prior year, with adjusted diluted earnings per share increasing to $0.40 from $0.34 [29] Business Line Data and Key Metrics Changes - Subscription sales were up 59% year over year, with food service management (FSM) sales increasing more than two and a half times [7][14] - Property management systems (PMS) products, including add-on modules, saw a 34% increase [8] - Point of sale (POS) products, including add-on modules, increased by 23% [8] Market Data and Key Metrics Changes - International sales grew by 36% year over year, with notable wins in the UK and APAC regions [7][9] - Gaming casino sales were up 15%, despite last year being a record sales year [7] - The total addressable market is significantly larger than the current company size, indicating substantial growth potential [9] Company Strategy and Development Direction - The company is focused on enhancing its cloud-native product ecosystem, which has created competitive advantages in a market lacking innovation [5][6] - AI is increasingly integrated into the business, improving product development and operational efficiencies [22] - The company aims to maintain a clean balance sheet while expanding its market presence in hospitality technology [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business momentum and the impact of AI on competitive positioning [18][32] - The company raised its full-year revenue guidance to $315 million to $318 million, reflecting strong sales momentum [30][31] - Management noted that the Marriott PMS project is progressing well, with beta implementations underway [22] Other Important Information - The product backlog at the end of Q2 was 49% higher than at the end of Q1, providing better visibility for the fiscal year [17] - The company has added 18 new customers in Q2, all of which were subscription-based sales agreements [11] Q&A Session Summary Question: What has changed regarding record sales momentum? - Management attributed the momentum to product ecosystem improvements and increased senior talent, rather than solely market adoption of cloud solutions [36][37] Question: Will the Marriott rollout impact margins? - Management expects the Marriott rollout to be margin accretive over time, with potential short-term investments [38][39] Question: How is international performance compared across regions? - Management noted strong performance in EMEA and APAC, driven by product improvements rather than a halo effect from major projects [44][45] Question: What is the current capacity for service delivery? - Management confirmed that capacity improvements have been completed, allowing for better handling of backlog despite occasional customer delays [47][48] Question: Are larger hospitality players taking notice of the company? - Management confirmed increased attention from larger players, attributing it to product improvements and enhanced sales staff credibility [61][62] Question: Did any customers represent more than 10% of ACV in Q2? - Management indicated that no single customer exceeded 10% of ACV, highlighting a broad-based sales performance [68] Question: How did seasonality affect Q2 results? - Management noted that increased sales capacity and record backlog contributed to less seasonality compared to the previous year [57][58]

Core Insights - Mews has established a new commercial center in Dallas, Texas, to support its growing operations in the US, focusing on developing a pipeline of early-career sales employees [1][3] - The Dallas office will operate on a hybrid model, with staff working onsite three days a week to enhance coaching and collaboration [2][3] - The decision to open the Dallas hub is part of Mews' US expansion strategy, aiming to recruit local talent and create a cohesive sales organization [3][4] Company Strategy - Mews' president emphasized the importance of creating an in-office presence to foster a supportive environment for early-career sales professionals [3][4] - The selection of Dallas is influenced by the region's significant technology sector growth and favorable business environment due to regulatory and tax policies [4][5] Market Context - The technology roles in the Dallas region have grown at an annual average rate of 4.7% over the last decade, significantly outpacing the general job growth rate of 2.1% [5] - Mews has recently acquired UK company Flexkeeping to enhance its offerings in housekeeping automation solutions for the hospitality sector [5] - In September 2025, Mews partnered with Ash Hotels to implement its property management system across the hotel group's portfolio, indicating a strategic move to expand its market presence [6]

Company Overview - PAR Technology operates in the hospitality sector, providing a range of software, hardware, and support services to restaurant chains, resorts, and casinos, with a revenue of nearly $350 million last year [2] - The company has approximately 100,000 technology installations across 110 countries, processing over 1.5 billion transactions annually and enabling a 6% savings in food costs for customers [6] Recent Business Developments - PAR has secured several new contracts, including providing POS and payment technology solutions for Keke's breakfast café chain, supporting a customer loyalty program for Race Way convenience retailer, and installing solutions for Taco Bueno across 140 locations [1] Financial Performance - In Q2, PAR reported total revenues of $112.4 million, reflecting a 43.7% year-over-year increase, and adjusted EPS of 3 cents, surpassing expectations [8] - Despite strong revenue growth, PAR's stock has declined by 34% year-to-date due to investor concerns over implementation delays and cautious guidance [7] Growth Potential - Analyst Andrew Harte from BTIG highlights a $100 million sales pipeline that could drive over 15% growth in the coming years, with potential for growth to exceed 20% from competing for major contracts with top restaurant brands [9] - The stock is rated as a Buy with a price target of $65, indicating a potential upside of 35% [9][10]

Core Insights - Hospitality Solutions has appointed Mark Hollyhead as chief transformation officer and Courtney Townsend as chief human resources officer to enhance growth and talent development [1][2] - The leadership changes are seen as a strategic investment in people and innovation, which are essential for the company's future [2] - Hollyhead will focus on driving change through AI and technology in product development, while Townsend will align HR practices with business objectives to support sustainable growth [3][4] Leadership Appointments - Mark Hollyhead brings three decades of global leadership experience and will drive innovation and customer experience improvements [2][3] - Courtney Townsend will concentrate on scaling HR operations to align with the company's growth objectives [3] Company Strategy - Hospitality Solutions aims to redefine travel technology and enhance hotel operations globally [3][4] - The company provides a SaaS-based platform that integrates reservation and guest information systems, streamlining hotel operations [4][5] - The platform was previously part of Sabre and was acquired by TPG in July, indicating a strategic shift in ownership and focus [5]

Core Insights - UrVenue has announced an expanded partnership with OpenTable, enhancing hotel guests' access to premium dining reservations through UrVenue's Itinerary Builder [1][4] - The integration allows hotels to offer priority access to OpenTable reservations for both current and future guests, improving the overall guest experience [1][5] - Luxury hotels, resorts, and casinos are among the first to implement this integration, creating new value for their properties [2] Company Overview - UrVenue is a leading hospitality technology provider offering SaaS-based solutions for managing experiences across entertainment venues and resorts, with notable clients including Caesars Entertainment and MGM Resorts [6] - OpenTable, part of Booking Holdings, Inc., serves over 60,000 restaurants globally, facilitating 1.8 billion seatings annually, and focuses on enhancing restaurant operations and guest experiences [7] Integration Details - The integration between UrVenue and OpenTable is designed to be quick and seamless, allowing resorts to activate it easily via the OpenTable for Restaurants Integrations Marketplace [3] - This streamlined connection simplifies the setup process, enabling self-onboarding and faster go-live for properties [3]

Financial Data and Key Metrics Changes - Fiscal year 2025 revenue reached a record $275.6 million, a 16% increase from the previous year, despite a 16% decline in one-time product revenue [18][22][28] - Q4 revenue was a record $74.3 million, up 19.4% from $62.2 million in the prior year quarter [22][28] - Subscription revenue for Q4 was $29.8 million, growing by 42.7% year-over-year, representing 64.4% of total recurring revenue [15][22] - Full fiscal year 2025 subscription revenue increased by 39.5% compared to the previous year [18][25] Business Line Data and Key Metrics Changes - Subscription SaaS software and services had a record sales year, with PMS and related add-on modules sales up 58% from the previous best year [6][7] - Managed food services (FSM) sales in Q4 were the best of the year, with sales in the second half of fiscal 2025 nearly double that of the first half [8][10] - POS sales in Q4 were 27% higher than Q3 and 16% higher than the previous highest Q2 quarter [7][10] Market Data and Key Metrics Changes - International sales showed positive signs of consistent growth, although still dependent on large wins [10] - The current global demo plus stage sales pipeline is at a record level, 18% higher than the previous year [13] Company Strategy and Development Direction - The company is focused on maintaining investments in various areas, including cybersecurity, product innovation, and customer support, to fuel future revenue growth [21] - The modernization of the POS platform has been completed, enhancing adaptability and supply chain management [20] - The company aims to continue its transformation into a cloud and subscription-based enterprise software entity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth despite macroeconomic uncertainties, citing a strong position in the hospitality technology market [20][32] - The company expects full year fiscal 2026 revenue to be in the range of $308 million to $312 million, driven by a 25% year-over-year subscription revenue growth [21][30] Other Important Information - The company has seen a significant increase in professional services revenue, which was up 27.7% year-over-year [23][28] - The cash and marketable securities as of March 31, 2025, were $73 million, down from $144.9 million a year prior, primarily due to the acquisition of Book for Time [28] Q&A Session Summary Question: What drove the improvement in POS bookings? - Management attributed the improvement to the installation of a fully modernized and unified POS platform, which has enhanced their status as a premium provider [36][37] Question: What is the mix of customers using Agilysys implementation teams versus third-party support? - Most implementations are done by Agilysys teams due to the complexity of the software, and the expected growth in professional services is based on normal services revenue [39][40] Question: What does the 2026 guidance imply for organic subscription revenue growth? - The guidance includes about four months of benefit from the Book for Time acquisition, with organic growth expected to be in the 22-23% range [41][42] Question: What is driving the momentum in add-on sales? - The add-on modules provide significant value to the core product, with more customers opting for a unified ecosystem from a single vendor [46][50] Question: How is the Book for Time acquisition performing? - The acquisition is performing well, with strong sales and implementation of the Book for Time product, contributing positively to the overall business [91][93]