TACT - Earnings call transcript Q2 2020 | TransAct Technologies Incorporated

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Operator

Good day, and welcome to the TransAct Technologies Second Quarter 2020 Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Marc Griffin. Please go ahead, sir.

Marc Griffin

you. Thank welcome second and call. XXXX TransAct to afternoon, quarter Technologies earnings Good we'll announced market after results discussing close. our Today, the issued in be press release the

Joining strategies, call second will and a discussion on are President us the Company's quarter CFO, these include the key initiatives the Shuldman; details operating and Today's results. Bart on and Chairman DeMartino. Steve of today from progress financial CEO, Company and

open then to the up questions. will We participants call for

events call may conference differ which contains forward-looking this and reminder, future Statements call expectations forward-looking about this and a be nature. in As materially. may are statements as actual on results deemed

meaning website. the For calculated to Today's XX-K TransAct and G. events takes a after business refer the measures the company's GAAP directly or me in on release measure financial no obligation within SEC as all today's When comparable in the it occur and to call. XX-Q. in to its webcast Bart. of include any let reflect full and Form to risks revise company's forward-looking filings, statements inherent the on well measures or accordance please financial to found and non-GAAP of the update reconciliation of the can presented with non-GAAP financial With press a that, most required, that Regulation will company, be including turn call circumstances list as SEC reports over

Bart Shuldman

thank and Marc, everyone us you, Thank today. to the joining on you call

doing call we lost in start me the about we conference building by that from. we're in that just are power XX ago, minutes -- Let the

few we no I with storm. little was as cell fuzzy, electricity a like on words phones. before get hit we're Should of thanks. very we apologize I'd But say a but have to So hard begin, the Connecticut it

TransAct. most had endure and First, I at had who to changes the tough we employees of the our who've TransAct virus -- spread make unfortunate to had have thank the

cause work the this us not get enough. stayed to you from the you did made can No adjustments going. horrible you home keep necessary thank committed working to needed and You we with yet words virus done to

Second, Nobody stock outright as a on of my taxes, as spent to shareholders. fair much the our impact not money year any purchases to of did about TransAct I'd stock. at a options, understands as own doing portfolio do, pay I -- your buying amount I share, this like handing money in and my which I thank back $XX of the

our TransAct. thank you finally, So I I And know to want commitment for to you're feeling. I your what thank Board.

You have been diligent approach management to accountable. team holding your in as a and your role us

it confidence one You and way you. in of which that we respect. were lot I in a have thank gave what doing gave a us done us

conference the of business the to on Now call.

significant of loss EBITDA despite million, share. lower revenue, much second for quarter the our delivered the projection the loss profit adjusted per and internal $X.XX $X.X first gross given for of Our XX% expectations exceeded COVID-XX To us performance million. second our the declined to was to and quickly revenue to quarter our by the We solid, our million XX.X% $X.X We and of also $X and of challenges loss quarterly operating million margin presented second pandemic. which relatively total customer $X.X million revenue an net quarter EPS $X.X recorded year-over-year summarize, exceeded was base quarter.

the detail call. course, will into go later Of in Steve much

trending into some include in market, half markets pandemic we outbreak. gaming many where which depending for more The to recovering businesses during on grown are than the and different the second continues rates at global casino very like to casino our serve create region. experienced to virus to the the the diminished the context countries, all QX The business provide families COVID-XX insight around you world. give markets traffic to different aware, challenged I'd of towns, and due and As challenges countries XXXX. Asian of were has Macau, is now is

spread of have of virus the certain casinos the into areas. the and has many visas While travel curtailed reopened, impact

a opportunities encouraged arising still and opportunities However, the even to and geographic good-sized the to for jurisdiction we and market. early June. a quarter, occur we are of represent open for experienced casinos late to very still betting in openings of that to were second open new US, terminals are are casinos the growth with casino few all see still see early this that in for a very In The first this for the QX, new half exist, for May arise starting and are we year closed Europe sports also next. scheduled opportunity starting shutdowns potential new significant TransAct. many and

has remaining in quarter, US As the now but most attractions across per we the head XX% are into closed. as US which month limitations with experience capacity. and year. growth did into with entered third offsetting of and the visit has orders We the we materially for the casinos Industry casino a market encouraging this non-gaming approximately the of continued capacity been limited data quarter that report of open third the June, for shows spend gaming

into is gambling." a called, formerly is casino Basically, issued In "Gaming to and drove them business Truist, analyst, he the grew Barry by With adding which closed, bars, which casinos is addition, have one and early but this going play on back be grow their not higher of venues back floor, focusing the for SunTrust, XXXX. recently report to start in saying by what spending most the past, on he core, nightclub, positive to their TransAct. get Jonas what from revenues of traffic. new XXXX said to will gaming casinos restaurants with US, could gaming local be CapEx in be I Since the casinos slot to levels spent focus CapEx casinos He games on will he will a around back good of the TransAct. is local believe for players projecting new and be attracting can only casinos

in Once on was our Epicentral is players to back Epicentral the consumer can casinos again. Now to platform, incentives. incentivize help promotions real-time activity to created back come a system through more casino, reward and drive our and which them real-time

just getting of distancing kiosks lines kiosks. and slot Each begun and Epicentral and to can rewards. their promotions machines our to have issue into casino would directly wait go collect Players issue the turned We slot issues. social the having coupons players of that at their from against cause market kiosk to and a eliminate Epicentral using online could machine be to

our casinos challenged as there technology Even continually new they with well. assist are requirements, as can open, sanitation and

announced instantly -- staff to the Once ticket, on causes play. machine game. sanitized sanitize quarter, that machine of then real-time member Clean sanitized the CleanXPlay, launch X.X's a CleanXPlay the Epicentral is gaming on the a Acres CleanXPlay revolutionary the dispatches and a over has which product gaming when or member ready casino certification for Epicentral the machine's that play the the complete, acceptor. machine we staff bill sanitation provides Machine product, and built CleanXPlay Epicentral cleaning cleaned, During slot places each which been casino printed proof end to detects print machine's directly

casino to to look begin for cleaning players CleanXPlay the voucher allowing machine play will certified with play. ticket the slot machine, as clean. that be machines a the see will Before their the can is next guests removed slot from begin, Slot

and FST, as market employees restaurants procedures Food Casual was for to are quarter requirements. been Moving their systems and time companies policies verticals hit. based keep through Food experiencing and Service than Service lower on extremely but Technology many those plan, to robust or limited Different second entire without industry and challenging our industry restaurants have safe. or and customers worked been the traffic of fared others. on the delivery restaurants an Food Service have the new the and hardest better restaurants drive-throughs, open seating have takeout Most healthy

and the eat have behaviors rebounded hand, stores up convenience fresh in. and their stores much faster On expanded to they and consumer food as pick other offerings changed grocery

the results, Technology to software market XXXX. quarter FST encouraged second service recurring the Food the second was and compared revenue at our the Service label license Please fees, Looking growth our truly for revenue in I market our from quarter sales. recurring by remember XXX% of includes

per XXXX, $XXX. we of X,XXX system, we on terminal revenue second now the and and for quarter at second occurred approximately quarter locations our much XXXX, slower to have traffic our BOHA! annual our was very customers' ended our second shutdowns was the averaged Terminals quarter running that recurring revenue the the pleased As report Despite $XXX,XXX. in I

million execute As challenging which revenue from also Technology potentially orders to we new exceed an order we label portion convenience quarter, to Service large a in existing largest our during was, is half see third excitement as the in customer, chain, XXXX. [indiscernible] from to uptick growing begun $X of terminals our are for will Food and BOHA! first in the a the customers FST store beginning have They of a of Part again. second once TransAct. received our order we quarter

COVID resonating Additionally, and mid-market to for with Canadian placing we and BOHA! their up franchise franchise large are BOHA! the at operators. fast-food is pause and about with small again. we once chain corporate we a are X,XXX these over they have announced now forced previously approval activity, with locations. owners but are our excited evaluating and orders customers running, Solution receiving large and BOHA! traction small,

and XX few totaling convenience-store Terminals to grocery just and showcasing announcement you an the stores. TransAct's recent BOHA! announced flexibility we fast-casual, covered for most systems BOHA! operator new remind industry-leading concepts, I for weeks a Our back solution. inside order included full-service X,XXX kiosk customers of BOHA! do want And XX a

X,XXX our revenue the Our end by will year, to growing all goal then the is which base. to recurring have installed of terminals add

our XXXX the to As Technology Food paramount investing Service position and in remainder technology beyond, the look at market. in we is enhancing our of

COVID-related to be digital reopen that BOHA! that part and The BOHA! employee with Program addition CleanXEat safe to Readiness suite of BOHA! while employees BOHA! Prevention the safety Solution Moreover, to app Readiness labels. can offers digital Employee updated the conduct screenings and and reinforcing must Program operating Wellness wellness BOHA! either included menus recover. go new Wellness. green COVID can secure employees as mobile recent work COVID light procedures most that Prevention and ensures standard broader its Employee late will Wellness can Our most and which in accuracy and year, Employee and I'd is along operators in checklists, identify BOHA! questions summary home some or process make to remarks our a the will foodservice will over fall With liquidity and way call to plan and operators to to with results technology. quarter showcase product so with launch opening the of accountability, which position review we our a before compliant major Steve, turn cleanest safest, I'll possible. we answers. with who announce and leadership like believe second operate And this that, restaurant our after leap digital call Steve? position, and the in

Steven DeMartino

everyone. Thanks, Bart. afternoon, Good

of in highlight we our discussed pivot Before second all to BOHA! solution earnings customers COVID I I'd our results, accelerating shutter late May, manage businesses. made expenses. we've as executing to plan from call most first steps and get our expenses the the spending taken of our to quarter to went like halting to spending On our the of caused We new support in operating to to a details liquidity. March decrease detailed reduce their last our growth the we into

internally a Then approximately During first overhead approximately steps $X.X savings $X.X million to million will rate reduce total we quarter. to up savings for I'm total that nicely in projected ended expenses we lowered compared in expenses manufacturing estimated and overhead and quarter. by that by pleased levels exceeding we expenses of quarter, $X.X took first our million. sequentially, we first the million $XXX,XXX $X.X of QX, of operating manufacturing our we run expense consisting additional that early with from the of estimate report the operating the

and million were our June note Protection also as we proceeds happily administered the to Paycheck should the the that a to by back of the most furloughed receiving result for achieved we work from of able cost for QX savings adding $X.X of You May the return SBA. Program employees payroll even with

program. most We in of temporarily for the of the except April PPP salary employees, reduction management, removed XX% we take for senior advantage in also put to our fully order place in

and forgiven. As substantial almost additional reduction in loan a approximately temporary forgiveness combination reinstituting salaried, XX% believe activities, trade of that elimination in terminations employees of our which a using Because of portion by to of use to $X.X will of took the we employee payroll PPP a actions, facility eight the salary through July, such least noncommissioned entertainment funds shows, May XX% all for June we June, marketing and reducing the process. reduction of early travel rules workforce But continuing finalization fund the board reminder, on of hourly leases loan application awaiting end and fund and ending finished and spending, the XXXX the which training, XXXX, cetera, we Based PPP be end across a et included the period used and as continue and at pay we through of our expense proceeds, XX. furloughs, possible. expect through we of and promotional all discretionary expenses, wherever the the million PPP the end costs received help for by we we're fully our utilities still week

expenses these compared additional though to QX by to $XXX,XXX the in see per $XXX,XXX spend incur. manufacturing we expect likely approximately nonrecurring of to expect and expense operating we to and QX reduction our the other expenses overhead full impact due We quarter reduce to won't measures severance

million, year. XX% Now quarter in our sales turning to from last was the which results. quarter million $XX.X second down were Net $X.X second

second FST, last in million million our by $X.X sales quarter $X.X second of market, year. Food up quarter to or Service X% market, our at Looking Technology from the was

X,XXX hardware FST of the with of to largely sales $XXX,XXX, XX% and X,XXX stores were to COVID-XX. Hardware due terminals as experienced paid installed. McDonald's to revenues ended the their Our quarter impact lower our down sales declined we terminals

recurring and FST period. stream gain large as to base are of QX, and sales this closures second XX% in ago came was increase revenue casino including domestic experience label in million, were down year revenues full international XX%. the begun Our at the were BOHA! further, recurring we well POS our recurring automation purchases revenues gaming consumable our from ticket effect sales, $XXX,XXX $XXX,XXX quarter. we as our double quarter than and year, down building of which 'XX and of from COVID-XX down that the and the in printer Casino our casino were software a our subscriptions Breaking on in banking service from prior as impact sales decline on they began terminals due McDonald's the quarter have The revenue in of sales, Ithaca of were more the XXXX installed demonstrates the continue to traction a initiatives significantly XX% sales $X.X robust printer as of to grows. in reported down XXXX take-out COVID XX% their but drive-through on have to POS $XXX,XXX second our to lower activity. business, to the and of

in occurred no COVID-XX virtually of due to pandemic, sales, Printrex at activity Looking in $X,XXX just the in revenues resulting quarter. the quarter

from our deemphasize to While the recovers and we continue additional legacy orders expect impact to COVID-XX. sales, industry the Printrex we from receive of customers

printers lottery of XXXX, in that. beyond we $XXX,XXX any expect final lottery future of don't As printer we a second of sales the and we made market, lottery exited the shipment quarter

TSG, Finally, we spare sales to and HP focus or that experience $X.X continued no and products, as year-over-year POS consumable longer we rolls on. down of Services TransAct XX% in inkjet paper were as declines parts such Group, legacy to cartridges sales million

gross X% operating for and of $X our the by which year-over-year. XXXX period Total down was XX.X% XX.X%, expenses overall quarter sequentially million the second which gross was to quarter. the the in income margin as down prior year the first million, in were quarter impacted from Moving XX% negatively decline compares or statement, our margin sales was second quarter $X.X the down

XX% fees well and The expenses marketing programs our on sharp year-over-year all response additional loss expenses. furloughs or COVID-XX, mostly and to X% from ban in of to portion in while accounting the of trade and operating COVID-XX in were quarter year-over-year income legal, incurred elimination and We second disclosures up of million. design travel our and period. of BOHA! continued expense the up sales terminations first an the related $X.X and sales of steps with product rate employee pandemic in million related reduction on structure down offset effect professional software quarter of G&A net operating compared expenses decline we for primarily the number which sales we last marketing were other X.X% other development consultations Engineering, by ago significant even is outlined run a was other continue expenses XX% of $X.X the or as took million were we decided or pandemic. issues, projects $X.X a attributed $XXX,XXX on April. the $XX,XXX expenses to million a call, or to to a largely new or and As lower to discretionary shows of to and on business. to as $X.X development to XX.X% that to $XXX,XXX our Selling year-over-year net $XXX,XXX on year COVID-XX

the tax on which $XXX,XXX benefit tax unusually the earnings above the again effective quarter, corporate quarter of resulted recorded well second we XXXX. is call, of QX in the statutory a rate in explained high As of XX% an in and second XX.X% rate

our of the year to compares diluted $X.XX last not rate provide which $XXX,XXX million, generate an operating given loss PPP and loan, an on the the Though COVID-XX under payments. the our year have we the transparency and carry XX% our middle borrowings on a be and outstanding amount in the XXXX pay a our XXXX, when in years expect second earlier the cash we refund net ability which companies again a $X.X the to compares $X.X Adjusted in Act of sales operating sometime income CARES substantial XXXX. of million NOL, XXXX, we to XX%, XXXX pandemic, investors to of we back share bottom provide or loss the quarter to was a Depending just quarter income the provision guidance, net to in a to federal and the in of recorded for quarter, or year the per understanding carry in expectations expect and of in receive business the back carry anticipated has traditionally tax of net Since five losses. we per second any corporate share liquidity. of based spirit second diluted gives $X.X an paid cash tax EBITDA As for period. we receive receive negative given insight year the operating $XXX,XXX refund refund of our federal the net financial prior back wanted turning and we cash, ago loss the the with balance $X.X to million allows of additional Act where sheet, the NOL ended The of we the cash boost XXXX credit June XXXX incur And in quarter trended finally, tax liquidity $X,XXX an the net the reminder, could year. line, And positive CARES in of companies when refund. debt facility. additional remainder with of our under in not to a that continuing third on million a into projected to quarter

make million, build Based a approximately that around will million as QX impact I'd our through enough believe sales us based facility, were enable we months for rate these on at far, believe $X our average daily and and we businesses these provide credit the have ready out times be under million. as improve to and this customers' the run $X.X during endure July volatility summary, as us each with $X.X current back challenging at operating We with our believe we our to to from times. liquidity will and estimated available our to the manage through next continue gradually the for come decisions to taken, result, through least sales And borrowings slowly our COVID-XX prudent will the Bart. we measures quarter XXXX. the to expect bookings And business have of sequentially to the call In point, sales total and so new discipline on side we expect into unprecedented hand QX diminishes grow we combined projections, move over time. our XX other on we again. Our

Bart Shuldman

believe Thank Service seeing outlook done. you, order bit are The will we revenue interesting these about momentum business now optimistic Steve. growth. drive resilience call It's in point, open we stronger. of Technology the out up challenged, the in with like even clearly the to for other restaurant this remains the side our the market XXXX and on a our in employees but our industry industry times will We're are the At confident Well we I'd come Food uptick activity. of and and to questions.

Operator

question from Thank And we'll you. our take first Sacks [Operator of Slam Grand LLC. Mitchell Instructions]

Mitchell Sacks

are guys, how you? Hey,

Steven DeMartino

Mitch. Good,

Bart Shuldman

Mitch. Hi,

Mitchell Sacks

Good.

So with was see I respect convenience primarily that the is market, website Seven-Eleven as customers. one it your your of store mentions in to

acquisition. active be large -- again. assume customers Would mentioned be Your one And your of them? you was safe of would thoughts kind to talk Speedway the about getting that it I second comment know just there on be would

Bart Shuldman

Yes.

I good the So of stories there. couple got in Mitch, a news,

all the that they store of we are start rolling return terminals. large and, we out to orders First know, customer all, as on had -- XX,XXX seeing convenience from planned our

we're in six to while or come the it, terminals and And starting four that out roll starting and March, February we they to stopped five June, lost were that as April, clearly, in so back. months January see months, May last, call

is we rate out that them. because we trying of And order $X,XXX believe good from previously more. recurring have latest to the and explained we would run there in around Based terminal means service, label terminals the between a be just really a Mitch, other per somewhere received label large per and in what labels software news, be understand we're very received, on significantly that had revenue. we year monthly that to as how we The could for order there kind many shareholders, we

we're ready we're that sell-through We'll do pay we'll with does for number master ship. -- they of because would this to attention -- only a close to getting a them. the said, rate going but XX,XXX see their to X,XXX what will have then Speedway we to So a think also, they not kind by have they closely distributor rollout, work And you we population. add real to be which there their around time the as out Speedway stores and at units bought the they food roll finish more initiative out do fresh expect will their that

XX,XXX us put So with potential Mitch. average revenue significant, also, higher a be And could would pretty per that that unit, close to stores.

the XX C-stores grocery It give doing different to up of there, all they're a now stores mention and market. paying also like close And that the rate one also of of couple clearly, be regards to so the we'll I had in the C-stores next thing business C-store me attention adds our that aggressive been the trying fresh with would There's food there, get they And over and companies. order our sales have I BOHA! to force months, of the in labels. rate with open, to focused stayed because sell-through mean list with, but to terminals initiative. we I we're their

got business. their Some we've of them, all

country are to pretty XX and trialing There's to two they've BOHA! are but the for them, our are out rolling Technology. our the them using we C-stores one or them that in working of the impressed actually with BOHA! with old it just over convert it. of Terminal. that Some fact But paying started XXXX, I was using are and

were is have add is grocery And more our was with finding suppliers to or so fresh one we could One operators that. XX% terminals or that C-stores thing technology. XX% chain on more the a food. our into only and revenue be the they going that of this their up a recurring now be that Clearly, were we X,XXX kiosk restaurant We closed of put That stores will with side. going to grocery can that open the major struggling importantly to in that be at where to shows kiosk effort that with the And the the are see end that. instead same year. installed, where money that growing good capacity, of clearly where using two system, installed but amount by already business

right So next these next once up we company even get year, And and grocery market all growing compared C-store recurring is to to clearly our in running, new going and the XXX% year into a year. this going get we're store be growing revenue and lot shipped now. by terminals growing this

So we that becoming excited are May. and more a bit given challenges the we April faced in

Mitchell Sacks

fact kind orders of talked environment you potential starting being business you see moving, your what that uncertain just you're through from or us that talk notes walk customers? the to about to seeing through you're your in then the And us can

Bart Shuldman

quarter, in in casinos and And Technology July see that quarter, trying get orders normally it July. especially then the into to many as lightest the in our can. slot market. out last between the they did break we slot have We uptick are in door as through because an month and casino -- our market flowed manufacturers, in The the casino machines market, June, out casino to a Food month the is market as the of Service

lot quarter, year. this was of Well, a quiet. that it's first normally, So the month very different the

fair So saw we shipped. a through that of clearly, and orders came amount

XX% and casinos he's we in and optimistic things the to mainly locals Truist, starting hear about the So focused about remain there. he's capital market, which back coming I is budgets talking looking also Barry that to XXXX. on from the Jonas and casinos in think the US, good of

us. Now clearly positive that's for

the market. of XX% have We

happens, XX% we're going So of whatever to it. get

that do world I starting tell through We the working openings we openings, now were flow, see orders to some look across those in horrible, and in May. you see came like got are were the and in, the April the April there. order at Xx that you excited came when and we and June, look orders get then that could granted but we're or May in to at that are coming flow April So either more. what June we're hell May

really very technology. really So that Food Service got What's me though, positive. is positive Mitch, was

wanting seeing many are on we've We of -- customers the to now right where a with rollouts. customers are trials trial going potential technology new got

can up more orders. So again. us flow deal build for pick up are we positive that's we our we the as close seeing deal And so right, backlog,

that. the is we're seeing rollout, means the And out, selling. which us terminals up. more pick and more but seeing clearly more which on they they're Because existing do said they going terminals that the our going label were starting to put is also that the their print to what we're have is are they -- seeing we the buy So customers, to volume telling they're business up, of more sales that that

and, couple about customer, the So starting Mitch. for from And if good to business our feel June running it, FST with good get amount get the was clearly, casino we years, that, Mitch, some But order orders. business. of are in very last our business of year you close it now FST horrible and saw and and which label of technology uptick was Despite the seeing convenience QX the new fair a see horrible And roll XXX%. think QX with and the the growing. in up store we've let's we we're that label now QX that grew Service technology, orders. let's our QX, a out got next come to customers. we by and to going growth The got we've the orders. business revenue and to launched recurring that go from running, starting let's into revenue Food QX again, recurring because from them is a We've going the we're get got of They're significant,

year. -- at will Clearly, we're what QX. looking again in that's We versus last

in in $X revenue the QX, a have in chance company's history. recurring We eclipse time to million first

people TransAct. this that of drive happen, None But will out FST So this, get right, we us mess, to wear happen. of God we from knows us, are we predicted we this of right? would the come see -- going and more all wanted this growth growth none of that you're the should to masks, out as of as us see

Mitchell Sacks

Awesome. Thank much. very you

Bart Shuldman

You it. got

Operator

We'll Cowen. our from Bernstein Jeff now take with next question

Jeff Bernstein

a walking of on really here. what through quite were quarter, impressive and a able doing great valley Hi was job, it's guys, do. the guys It to congratulations death you

loan of on So only thought of sheet, -- balance you heard is or I another of out your say under like or credit. government and so $XXX,XXX surprise sounded I right? to you Is the $X.XX is list debt positive that that PPP have the it long-term and most million line me, loan you that

Steven DeMartino

the No, loans. whole, up that Jeff, amount the line shows on all the item PPP is that whole

Bart Shuldman

debt. have Yes, Yes. really we no

Jeff Bernstein

PPP, credit? how All line your okay. of And then under is out much

Steven DeMartino

$X,XXX.

Jeff Bernstein

$X,XXX.

Bart Shuldman

-- just that's it. And that's

Jeff Bernstein

Okay.

Bart Shuldman

And $X million in cash.

Jeff Bernstein

cash. And that awesome. Oh, $X million right. magic is trick. That's a Congratulations. really All

the just of the a to bit little how So can through get like there's really you tank good and run is flexibility this the some are getting down through rate some because off-line some you're and have here be we're out cut this. of to in obviously, to significantly. guess talk models sounds et able more some But in cetera. savings new, fuel expenses it I to where we pretty that get some going this in QX -- to

Bart Shuldman

the market add a add is talk restaurants you it in the the now Yes. FST a Jeff, right know When today restaurant now again, resurgence of business the the now. across the you person, need hearing you I'm is board, that now, liability with technology.

technology potential work And could get that doesn't You sick. to add sick. a person come

So not some requests They POS. about technology. restaurant can technology house package, into things, break of nothing. has have three their has back are if have kiosks. And it, you out. the hear restaurant laid work. know to is, I've us don't feel of because if again The make they're restaurants me? my how for and think going if company you they middle developed from the want waitresses. the They that you program we opening to a developed And a their their them of to good but have and package. to The stay inventory got wellness They their house The problem. the said, financial the can well, what and there's waiters now off come And seeing house has was starting we called front has they real, home the whatever. to I'm money. back they the we they help I how help are got --

the the show So up, money. needs not risk, of employee restaurant, employee an but at feel having they're that well

right, there them? -- to How Checklist use we we help our in can because got Checklist how that app complexity app. is use we can a Now So that.

laws the individual have the all their would sees who records. medical record medical from got that to You've protect

They week, launched And is a They it to this a week. we So do another are this hand. to of have how be come employees answers? be that with we'll solution. there it their out all see another see the yes We've and figured in -- a How Say, they no the fill that. trial work. a out doing What automated. do making the -- ready take take week, by they did to people What was they're to went fill did are they going customer pretty it lot XX restaurants we've They now and finished the work temperature? temperature. it technology did should some finished. hand to not This we all And And out it questionnaire. because manager. in to is much got is technology.

came an to Doe them give to immediately him He's will report work. got exception a We fever. John say, home. Send

tell being you -- I'm what in marketplace are interviewed. me and hearing So we let the

got safe. help I how trade and up employees customers talk to safe going third their my that keep is and about restaurants from coming magazines open interview want keep and think technology stay open I've their to

are we So seeing that.

So the all we of this how question take do is seeing Jeff, up it? advantage we now, start again, as open

Jeff Bernstein

integrate this, got And the until -- goes, other. not with set sounds this And with of so that up you or it of that going seamlessly like and okay. we're is, back here, anybody kind -- you your well, immediately test. get stuff. does whatever should also kind your all any program it testing so test to come you you can't

Bart Shuldman

walk question is make restaurant their right Yes, we've question that that door, the that's they believe we work? do through with big solution minds. the like healthy together. it That's that Checklist. now, enough And one we as does like to put put going employee come how we've in there's no marries And true integrated -- the is the big how sure to the the that

Jeff Bernstein

CleanXPlay in So how that's door it start motivated casino that forward? that highly guys couple tourniquet were just decision between kind the think and ready people place. you it's Food go knocking doing were months, of after do this thing, would Service would they they're the where where applied we now now and to and -- to your get they've are of kind finally be down stuff Is all Or in things and last we thing, these of like, making? right, in

Bart Shuldman

figure on to casinos to I out I've forward. times. a went were of I what what had couple restaurants do it different and said going that is going they think So, believe

open? did, do to have they're So have am -- I to out, can open. my menus? so what do to how space figure they up how opening? How I had So do I How that Where tables? don't How figure my put out. So they needed to do do QR counters? all I right? codes I the And technology I space side, is they

they're what is, would or that. now use saying believe I got is, I do? happen, thought get I I So Let's okay. What's which to it's things I'm to five can what open. exactly closed. technology? four I'm okay, going how first the through Now

Let's open.

productive. little are and will this a Jeff. a solutions find Now let's make different, go that some lot Casinos more efficient

And little were they I of trouble of and their to people were they I casinos, ahead got employees think there's down. in go sick no a up. couple I and allowed opened shut tops were and opening up casinos I a had mean back in Vegas. think think, and sick, because bar

a You now. top right can't machine play bar

take I think is weeks ago, casino the industry what just think getting where So the shut technology got now the I which I technology. out, the look starting to to at industry serious, convenience think to store is, Got got okay. again, can't restaurant, we've again. point was it start about can the to I we figure to So, is four use? hey, down industry

I think there. the casino industry is just getting

Jeff Bernstein

you. Got

a job really to thanks Well, right. team and for guys tough All listen, you environment. both Okay. the a done in well

Bart Shuldman

Thank you.

Jeff Bernstein

your know grateful. everybody shareholders let please So are that

Bart Shuldman

Thank you. Thank you, Jeff.

Operator

any like telephone our the closing additional back no I'd As over further remarks. conference Instructions] there for to presenters are questions, or [Operator turn to

Bart Shuldman

Yes.

-- the news very really in you's. Board. we I we're the help. shareholders your thank shareholders. and going I that with to a Board. I got and the starting thank Clearly, So thank forward, like by of was And again, I started call from have I revenue, the bunch all we're support employees, a three that expecting we markets does open; sure, is And and hard we're our our recurring shareholders. see good our nobody path employees. our thank through. appreciate something just And working behalf,

in call. of couple for everybody, we'll talk the And on being a Bye-bye. months. you thanks, So to

Operator

that again, all you conclude does for your participation. once thank we And And today's conference.

may disconnect. You now

TransAct Technologies (TACT) 9 Aug 202020 Q2 Earnings call transcript