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Stephen Hardy Sheldon

Senior Equity Research Analyst at Blair William & Co/il

Stephen Hardy Sheldon is a Senior Equity Research Analyst at William Blair & Company L.L.C., specializing in coverage of publicly traded companies within the restaurant technology and commercial services sectors. He notably covers firms such as Agilysys, Toast, Inc., Jones Lang LaSalle, and FirstService Corporation, regularly providing market-moving analysis for institutional investors and recognized for his insightful coverage on both growth and operational performance. Since joining William Blair in 2011, Sheldon has built his career exclusively at the firm, earning a reputation for sharp industry insight and thoughtful, data-driven research. He holds active FINRA registrations, including Series 7, 63, 86, and 87 licenses, underpinning his professional credentials as a trusted research analyst.

Stephen Hardy Sheldon's questions to AGILYSYS (AGYS) leadership

Question · Q2 2026

Stephen Hardy Sheldon asked if the guidance increase was influenced by changes in Marriott rollout assumptions and sought more context on the factors driving strength in the managed food service (FSM) vertical for POS, including market size and competitive landscape.

Answer

Dave Wood, CFO, and Ramesh Srinivasan, President and CEO of Agilysys, clarified that the guidance increase was not Marriott-related, as it excludes Marriott PMS subscription revenue, and was driven by general sales momentum. Ramesh Srinivasan attributed FSM strength to re-engineered, modernized, and unified POS products, easier implementations, and effective new sales staff. He noted competition from smaller vendors but highlighted Agilysys's improving product sets and implementations. Stephen also asked about PMS product attach rates, to which Ramesh Srinivasan explained that higher attach rates for PMS are expected due to more add-on modules and the need for a unified guest experience, with popular add-ons including golf, spa, sales and catering, booking engine, and loyalty promotions.

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