Adam Wyden: Obviously, we are seeing the investment in Punchh and menu and there seems to be a little bit of a stop gap between the revenue being turned on in the next couple quarters and the investment on the front end. But you made a comment, that basically said, no one else can do what you do, right. I mean, toast is a big company, but no one else is really out there winning these large logos. And based on our channel check work, there are two I would call Tier 1 customers, one being Burger King Restaurant brands that is doing an RFP for the basically their entire tech stack North America, which could be 15,000 units and then when these 5,500 units. I mean, is this your way of saying that basically, you have got all the products.
No one else is sort of has sort of the direct integration and the ability to service the customers and that, this is sort of investment to basically in customer service and support because you anticipate winning these big logos and sort of an acceleration in your growth. Is that sort of a fair way to think about it?
Savneet Singh: Let me first comment on my comment. So what I was actually suggesting was on the Punchh side. We made some big investments in the DevOps infrastructure, it really scaling the platform. And what I think we realized was given how large Punchh penetration is, I think it is 45, 46 of the top a hundred restaurant chains in America. It is been very hard for people to compete with us to deliver the sheer volume of campaigns that we deliver to our customers. If you think about it, Punchh is the largest clearly invested. I think close to the most or the most and for someone to come in and then put that investment, I just don’t see that happening. And so, I think what we are doing is building just a scalability moat along with the product mode and the service mode we want to continue to build and get better at.
But it is going to be very hard for those big, for our competitors to come in and undercut us or do whatever they want to do to try to win large restaurant logos. I think it is going to be hard given the sheer infrastructure investments we have made I think will create a nice gap. the second part you are saying, I think what is exciting is I do believe that in the enterprise restaurant category, there are not a lot of people that can deliver what we do, particularly when you put it under the lens of being cloud first and also being able to provide the full solution, with high quality products. And so we feel really well situated to start breaking into that market and I think as we hopefully win one of our large next logos, we will be able to then go to the next one and with that proof point.
But, I think, I would say categorically what you are saying roughly is, would be my pitch to our customers, which is who else has the scale and the product to deliver what you need. Because if think about it, if you are a large restaurant organization, you are taking a huge leap of faith on your POS in this example provider or your loyalty provider to deliver to your customers and your franchisees. And so the more that we can show that we have that breadth and depth of product, the easier those conversations become.
