TACT - Earnings call transcript Q3 2020 | TransAct Technologies Incorporated

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Operator

Good day and welcome to the TransAct Technologies Third Quarter 2020 Conference Call. Today’s conference is being recorded. And at this time, I would like to turn the conference over to Marc Griffin. Please go ahead.

Marc Griffin

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

Joining strategies, call third will and a discussion on are President us our 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 participants call the will We for to questions.

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

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

Bart Shuldman

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

The continues create customers key stores, pleased especially restaurants, technology quarter markets, momentum and our our and pleased pandemic in with with the to market. strong are including our in third for our food We the foodservice casinos. challenges in execution global

nonetheless quarter for market. to pre-COVID has pleased technology the improvement especially sequential not are activity we XXXX, three in While foodservice experienced in with our we levels, the returned

hardware X.XX million investment from a humbled use immense closed into We million. underwritten shares, get and we of were raise, additional quarterly expansion results, all support on complete capital we to and end, plan we raising software and by efforts the our their our few We the worked the solutions. with accomplished. thank an to received both partners you. the capital public community the for full thank to ago together capital and of to get quarter $X.X We offering we that weeks along sides the Before to team this support subsequent the BOHA! support

to the Now results. on

to our XX% importantly, revenue which projections business $X.XX total increase total gross loss of profit our came an adjusted $XXX,XXX, at $X.X of Our the million for internal operating $X.X million. the of was EPS our loss and year-over-year net and per million, expectations of ahead loss million better recorded made third up third revenue our margin $X EBITDA the XX.X%, We in Most $X.X revenue share. third quarter. of for than revenue. of We quarter an was delivered quarterly of foodservice quarter million, XXX% recurring reported technology $X.X well of of element and

BOHA! revenue second course, FSP importantly, year-ago go But million, will up technology Steve And foodservice Total increase dealing well market. healthy a XX% XXX% was and up period. later in call. at Hardware details almost the the around year. below solutions the different came regained in recovering is our more with second period revenue our market still in was industry Of restaurant the from into last momentum restrictions quarter, same have the while XXXX. the from country, our but $XXX,XXX, in from $X.XX quarter

our as of now an system additional lifeblood the running stream. our of today. Hardware are number terminals on paid market, year-over-year million. to XXX% third recurring of the terminals led have of And greater XXX total third in terminals and than today terminals grow in the of ahead revenue market our terminals quarter the $X as of and will well of expectations increase During exponentially. has say a accumulation I X,XXX we recurring installed our increase would the our An we of recurring revenue revenue $X.X quarter, paid million,

BOHA! revenue workstations foodservice is continue recurring sale. the reminder, now basis, a and marketplace. in will As $X sell fees, technology an for recurring and to software as market includes we contract about revenue annualized On million label terminals our more and service grow our

efficiencies leadership house we Research. to to partnership our technology As we to providing ESHA customers the technology to through continue back our market, by our [ph] bring with excited continue foodservice are

BOHA! With For analysis the the capability production. the now the nearly for a our R&D as without items their all will choice recipe any food from nutritional a foodservice includes industry’s nutritional terminal. and top new hassle daily the nutritional to And provides and at XX recipes day assemble years, This this with recognized the all to be compliance. getting create point the ready. ability development, benefits integration, the to nutritional one and with regulatory create customers of customers to great of customers that label Genesis special delay ESHA much-needed of generate or of chef label foodservice creative the able labels software, has BOHA! nutritional FDA customers for ESHA’s mandated calculate analysis, been print

on As our have continually challenging and and enhancing been, suite. next-generation has focused as we developing terminal XXXX software technology our

aspects we solution using an made can sell adoption part the solution many the a package dedicated to we or of and decision restaurant BOHA! a of market operations what that was for would restaurant. workspace address development, of single portal call we software the and production. ROP so the a accompanying accelerate just technology developed this with platform BOHA! food As

pairing package their for Apple we BOHA! a and finalizing as As software suite regarding restaurant. solution the with our were getting ready contacted iPads for us launch,

present. TransAct workspace of and fixed BOHA! a new tablet for was Our a opportunity the so Apple uses instead terminal,

very made iPad. we the our platform with relationship training and workstation. our building to launching to necessary accelerate with new to exciting and starting of the January in the to adjustments ecosystem the happy Apple just sales pair restaurant are in iOS am lead the new software As and is to the support in to very designed and and additional we their partners our motion I applications our BOHA! and the of now and expect and our resources in workstation new new ramp-up this on necessary operations We speak and finished out availability process excited sales general product became growth. BOHA! Apple’s made started the BOHA! we report decision Apple, full native partnership, we work about and

off are running. We and

can the too which today’s but to to have allowing critical software web digitized all as center the well temp get single sensing, applications applications their restaurant extract not native more a restaurant amid taking integrated wellness and to become management procedures checklist, with to Business a well best suite the of and our full single manage center, in BOHA! and Now software the applications directly hardware these challenges. includes business includes and platform, BOHA! platform. of all operational much a of one of store. App manage track safety platform house solution intelligence is of operators as Apple the from task ROP downloaded And iOS provides single that restaurant features the single be and new [indiscernible], even BOHA! our first restaurant is platform system. all new from BOHA! food that the from can The installed processes one ROP, safety BOHA! suite, BOHA! enterprise employee as control and operators combine labeling, update labeling, for portal back the BOHA! control applications timers, grab-and-go as location. food safety vendor temp the And company

year-over-year. was their Moving on Revenue quarter, down market-leading refocus seeing casinos remain our and recovery The spending gaming a in we million, markets the quarter gaming on the printer the challenged floor. gaming global mild during casino casino business. but are as $X to XX% and

and have has saw QX gaming pandemic. and printers but limited support well excited continue more Our than U.S. reopen, prevented moderate been first Europe first remain more curtailed and capacity slot run in international and large half and connected aside, and Epic and continue other a throughout betting seven Hoiana partnership still gaming see started printers lockdown Vietnam. we table opportunities machines. TT transactions the Asia and said, to the resort opportunities Hoiana are during experienced very shutdowns markets sports challenged Suncity casino XXXX have to providing before restriction as Edge curfews require and begun to offers arising Resort and travel, our visa fully That challenges are new activity. businesses. another integrated remain their a in facilities Casinos Vietnam’s with as about top reinvent new as more in customers XXX countries localities to our which we some recovery measures. XXX Suncity travel areas, below entertainment of Those Hoiana, in Epic their gaming initial the impose machines cutting-edge to extensive inside they to

We are pleased technology represented our another world-class at industry-leading resort. to see

many gaming closed. remain across opened U.S. capacity with the and quarter, for last casinos attractions highlighted most we nongaming As limited

printers. QX and domestic from are believe in accordingly, XXX beneficiary on revenue was which our we orders industry leadership integral casinos platform, our increase is we Epic an in refocused be As their year. last down XX% in Central Epic seeing XX% our the Epicentral will only our as is Edge activity, QX in and casino gaming we and to to improved

back Our Epicentral come promotions system again and can them real-time reward encourage to through and players incentives.

to their machine can kiosk to and try Additionally, questions say, remark and like to liquidity each casinos help quarter solutions as I’ll COVID-XX will the which to I’d where third turn system them make summary XXXX our promotions. some slot coupons With it TransAct opening Steve the our and offer to their results to after casino customers, answers. call receive our is position, review a players before can customers that, outbreak. socially Epicentral for navigate Steve? our to important distance

Steve DeMartino

Thanks, Bart, and good afternoon, everyone.

progress in pleased recent We’re the made most quarter. TransAct with has our

I’d the of total completed. shares, our in offering of million. into October public third quarter On completed results, get underwritten option a an offering recent full proceeds per exercise the the to X,XXX,XXX gross like highlight $X.XX including I $X.X XX, approximately overallotment we public of at details Before the share, of we

support end equivalents us will of of the and infrastructure to to of additional cash capital The our October, in of staff had rollout invest cash solutions. million. we approximately As $XX.X expanded raise BOHA! the allow and

turning Net down $X.X sequentially sales last of in XX% million, from compared up quarter to second but our year, were $XX.X quarter. third quarter XX% million Now, the the third results. to

was for in $X.X quarter from XX% up market year. FST technology third to million million the foodservice last Our $X

ended purchases we to hardware a at both well record COVID. we million our Despite the both terminals quarter from FST and by Our sales, $XXX,XXX, XXX% which label in was we reported market. experienced software In sales XXXX lower with lower which sales, X,XXX the the and in and includes the which paid our due the the impacted FST terminals as reduced service were up declined we QX, customer consumable BOHA! year believe quarter, hardware subscriptions sales came XX% ago as $X.X in to recurring $XXX,XXX in terminals, sales, of our period.

base During usage the recover. slowly our third as of benefited installed to growing from a label began increasing terminals quarter, and customers we both

generating currently the stocking our the XX%, our casinos reopen, pre-COVID-XX much revenues domestic sequentially quarter having In of from terminal large terminals prior worldwide the were consumer with down lower to down were XXXX, the in a activity printer albeit addition, increasing sales over year, for gaming our significantly XX% volume pandemic. largest sales is hardware down and million, than of and of second times. due X,XXX recurring COVID-XX all were each order ramping per as down cumulative our in $XXX,XXX recurring increase their the POS began effect international quarter XX% of and average. revenues XX% this the the but further, on a customer. the of and McDonald’s, Breaking number the we BOHA! revenue year to lower improvement banking in $X $X,XXX a Automation third XXXX, from our in store decline with business. of on from Ithaca Casino market XX% quarter from of which POS from demonstrate impact third The revenue of was to sales benefited

Looking XX% compared at were the year period. down to sales, revenues prior Printrex $XXX,XXX to

And experience industry spare as year-over-year we While recovers gas legacy from impact expect focusing that to as in XX% and deemphasize to or finally, such the on. sales, down million orders Services still of COVID-XX. inkjet continue POS HP sales consumable were additional to of to and sales the products, longer Printrex TransAct we’re from we oil as receive paper continue cartridges TSG, rolls customers legacy and Group parts legacy declines no $X.X we our

the income down Moving statement.

third third compared quarter down gross for our $XXX,XXX from Our in the million, by were operating to or the was negatively of was current for pandemic. period sales the and margin was year. last XX.X% quarter of expenses Total XXXX sequentially second quarter the X% third decline prior or gross $X.X X% down quarter which period XX.X% as margin overall from the from year the impacted XXXX $XXX,XXX the

effect sharp first a the quarter sales were April, trade all The took the programs, planned of to $X.X elimination steps and year-over-year portion pandemic employee or As to rate XX% terminations pandemic. we a million. as lower and in marketing on commissions, and expense response travel of was significant ongoing marketing the business. structure our our and COVID-XX in the to due furloughs number the we of to shows primarily from Selling attributable other decline run $XXX,XXX expenses down ban, the to well outlined reduced COVID-XX in earlier of as all year,

will iPad. down incurred for quarters, BOHA! aiming quarter. and the of given been $XXX,XXX expect I’d the $X an and we of in net our financial grow BOHA! we including the in accordingly, million and almost investors and recently third growth or during and where We plan the given the other $XXX,XXX to other as of the partnership $XXX,XXX to XXXX of an completed banking give some launch year-over-year fourth and year-end. million $X we Absent spirit million under have XX% gradually And $XXX,XXX, up BOHA! Bart terminals platform of our or year-over-year with in compares opportunity in And we million professional $X.X fourth expenses And times Apple. paired $X.X and all-new G&A the native the marketing to sales, improve X% is platform $X.X now Development of Despite development, BOHA! design, between with of declined restaurant loan. the October. restaurant X,XXX centered loss and making new expenses legal, In investments cases past the product accounting, the were trending operating we accelerating operating those raise we’re or which the market sales fees we quarter our to we where with prudent for We during shutdowns, capital an million. solutions. income or sales see as time, to $X.XX the pandemic, And the announced negative the remarks. and which to for to balance from million. around decisions third X.X% support net PPP per cash the income be to recent of in the pandemic, XX% September point, recorded net in quarter for forward, engineering, or continued that in diminishes relationship $XXX,XXX compared $XXX,XXX the was X,XXX expenses finally, over we traditionally on our per believe diluted And diluted on quarter these we’ve we year operations compares $X.X Adjusted believe new of debt back to ago at have and in ago EBITDA again. Looking operations but past we were positive to business sales iOS with two workstation our share made paid $X sheet. invest customers’ transparency just to the in third net of the our are year unprecedented period. in to done XXXX by we the $X.XX last to side quarter period. significant continue of businesses on will the year summary, of guidance, understanding be bottom the third not our begin year. the to $X.XX And $XXX,XXX to under or have COVID a estimating ready XXXX want from share like for for quarter to with the line, Like loss of impact over million Bart? our we closing ended a call this quarter. quarter in turning the COVID an wave Apple of provide

Bart Shuldman

Great Steve. job. Thanks,

towards the opportunity. and the our become you on convenience we’re of end the momentum restaurant too about and into that revenue-generating we As our store remain is XXXX, look in optimistic XXXX confident to seeing ever largest industry are and BOHA! pace

Our and for shareholders. leverage is value create on Apple the grow are relationship leverage in to our focus to this BOHA! determined for market our business long-term position as emerging we driving significant success and our with our

on Before also call withstand the and like us employees shareholders, for TransAct your questions, to our new our turning I TransAct and business. I helped of to the existing, the both have thank who over the of virus would markets thank impact the want for support. and the to impact

this I turn You’re I’ll a thank bunch call Operator? of to time, the cannot over great enough. you people, At questions. and

Operator

with go first Capital will take Jeff we Please ahead. our And question Roth Instructions]. Martin Partners. [Operator from

Jeff Martin

you Hi, Bart, doing? and Steve, are how

Bart Shuldman

are you? Good. How

Jeff Martin

share some to what the And you. if of now? completion Apple BOHA! anecdotes was platform. on operations about force of happens could the with restaurant Bart, it. reactions the Well, their sales thank you training curious I

Bart Shuldman

Yes.

BOHA!, BOHA! heard, is workstation that with has to you sell we’ve come an sell been iPad. ROP, the when that which has reaction it So you wonderful one

So that. Apples loves

So their iPad. our those start a can to been to engaged now continue they’re and that what about back well BOHA! they’ll what without go with go iPad to which of first, over of that and engaged. start great. about is customers house and and And us solution then They’ve great they fill to we talking sales that it’s XXX into the iPad, one force is because going identified the is trained things present can’t and say a is them certain out What has that and them exactly with for next of customers to amount automation do system expected you is happens customers. get it our get

So, – we’re thought ago. right did just look, I where mean, we long we capital we raise not the too

it’s change. like anything So not to going was

it’s thought we our say There’s force. lot hopefully where we’d conversations companies. We they’re we’ll right that about wonderful. on sales We’re between two be. very And trained selling. as forward. of And go more going excited. But They’re have we out to a the

– marketplace. that’s to They going we’re have So us are in why be and up. that salespeople over representing gearing XXX the

So pretty to we expect busy be soon.

Jeff Martin

very encouraging. That’s

you the three in go have track are of visibility full terms scheduled increased time deployment X/XX? any to Second years’ rollout in for question, And on we do frame?

Bart Shuldman

the Yes. And one then Jeff, to mode I like who think think our we would and shareholders has we our – about really think to them, And, I that mean, thank in got I some they’re – back for in to Speedway. sharing through of And that what got shareholders I been track of information. would follow we They’re yes, can which buying so. saying marketplace, seems again. great.

another they’re probably it’s be. to divest XX,XXX, I X,XXX they think believe, Speedway, the to the going to we just I going announced stores but add think some it to due that

about that I So going in years. there not that know complete is three to they’re nothing that

Jeff Martin

for together, have it over general, terms And then the pipeline the sales the come changed does that that question, BOHA! in how quarter, how has course of third last has of all? it

Bart Shuldman

Yes.

And Not get to fresh we’ve successful present doing that appears C-store been it of as know. us. in Clearly, that is opportunities to So want the food. market, every them to a into lot you Jeff, C-store it. continues

market, people So we’re the for in supermarkets. doing labeling. In they’ve to in kind food of service do regards to continues operations the seeing develop with some activity there, to kiosk And other there nicely got that us opportunities.

So nice. which of kind we the to which – see the is terminals we year is of goal to some Clearly, is foodservice the by provider, to supermarkets. X,XXX new, end rollout action there,

how where or again, up that We’re that, starting buy that like buy days food, companies sell and this right, also and and think waiting food they’re okay, I’ll open of that to sandwich again. things going from deal going buildings seeing on that office online them is with make to I’ll the to office when this, not saying, are probably service hear we’re about, starting side to sandwich and low we happen buildings

we’ll our think offerings, solution labeling I of see the did we more with like lines market. So, C-store for type grab-and-go which up

is this to business virus, other end vaccines happens of run what some we’ll see there logical that at say think the this, up but the and a probably how big. of do differently. the now I we it’s food summer come again and some when we we’re pretty see. it’s all So, But the we when starting – this to to of there, service going traction open provider our are mean, inning is okay, being first saying, are about

dollars. enterprise all Jeff, headquarters, I think told at at do intelligence. we what of to all be raising makes enough I the more. – on going to tight And things our with That’s for us budgets, I end. some money, that levels, to money, been But had a and very it’s in And But me the to We one the our to granted, in the a solution, about time on the market have and Jeff, local to out now there? of ROP then iOS could our capability level. regional And the tell we’ve I and really, because that even very better told what us the And development be because numerous I watch business we that level level, in to to from they and had raised add opportunity regards May, got told of give think the story know corporate that an show impress kind the sense what of for that. we of me. intelligence. that information marketing the the was we’re opportunity the us the COO development had of what And us, because kind the can don’t the flow get see our coming conclusion on the had as stores with all we that but the had to on the Safety can pretty to business what the be lot at to and story our So solution done. hasn’t careful market to market to April that to think I staff to we the – Director, you, does me corporate collapse to COO spot level that’s in be than needs What if to we’ve of I or with that think Food new. restaurant story

where And we excited I in have the to of going intelligence works investors and getting provide. and the story solution now we’re out show going the an how something is can that and where think be fact, that to think important business us. we’re very to I So, And we’re Investor try you, with going it. to I’m do to Jeff, about going Day some

finish But accomplish. I’m the able Now, development think mid-November that impressed investors more were show we we’ll we’ve I weeks to the is really of in And to tell I can to be couple that what been and story that able time told with very one that hasn’t you got frame. in a market yet. the

Jeff Martin

Bart. you, forward Thank interaction. the technology And to Great. looking seeing

Bart Shuldman

Jeff. you, Thank Yes.

Operator

come Our with will Research. next question go from Barrington ahead. Chris Howe Please

Chris Howe

and Bart afternoon, Steve. Good

Bart Shuldman

Chris. Hi,

Chris Howe

pandemic Following ongoing? questions training consider qualify we as of length now, look could know cycle how still some of previously sales of sales staff. is would this you And With like of completion cycle we the what the as about the that their what you up normalize? the Jeff’s environment on sales Apple,

Bart Shuldman

sales going is to we’ve the think months which six seen, XX what to I Look, still Yes. is from cycle anywhere Chris, months. be

think and the provider C-store side there, foodservice quicker been on I over head. FDA requirement the it’s their hangs because

and as it as work got to there, how do. do get to the [indiscernible] have what nutritional we get case there’s And to so understand food to that out the with can. quick label can that the in the talked quicken call we get information yes, I it’s we of on about there that. there’s items And, things all We’ve we of do

the think just we’re the many nutritional – its of And just that’s there because On with I side, items, labeling. longer restaurants. not food safety dealing food labeling or

We’re and list. and tabs checklists dealing with timers

with temp dealing sensing. We’re taking and temp

basis recurring providers. software, a in more for labels on restaurants labels I what and on of restaurant food selling software. beauty on higher where will service less industry C-stores of percentage the So, on for talked for restaurants we’re is and software the our we’re a package revenue be doing And think we’ve on and less about Chris, this,

our because to more system. think there’s with things that sales more So, I cycle longer into just integrate to and get involved work. is There’s

would I to six will So be at XX-month that, that level easily. the say

Chris Howe

to label led usage difference between the at a more If revenue for just year. versus per how could thoughts. the see per some look comparison And a the convenience between terminal we we chain, reoccurring preferred store restaurant

a compare restaurant and versus out C-store further look terminal terminal we average? As on

Bart Shuldman

Yes.

will which selling is individual we a what we’re which because BOHA! and package, sales software just don’t But – lot happen break will. out than I think I labeling. will is don’t So more we a selling think the

with labels. but they’re where XxXs label labeled just wrapping I in the very think and restaurant the Colors, – softwares we in Restaurants with design mean just service I container. We food they’re can labeling colors. think is to the C-store the restaurant work the in providers just goes shelf the recurring food very a and labels. revenue labels, it it those is use in than the We XxXs we’re going And what doing expensive. be doing made in be needs $X,XXX to a in around average $X,XXX, around market, be market What more to their labels the doing that somewhere we’re not them are we’re sauces C-store tend that their safety foodservice to walk-in that or and a call use in we with brand. I those that they life, labels, a closely food back terminal,

providers So going we we’ve so of there that right? much end on years, it’s on come the – heavily we’re service a restaurants at is But think now. get to done, understanding to our once to be right same better on based models the that now, – area got C-stores, labels of Because right But recurring still more those I look it’s and day, couple going expensive. of focused like. take at are the food going revenue we’re about around what that the think in, I model, and a we’ll it’s the based

Chris Howe

could Is I what And, as as the kind potential to range on usage? what guess be way reoccurring seems early this I’ll there ask that innings here. to realizing in full Label the potential a yes, revenue add one the quantify from it stream. per to more usage, see label can of the wide end end, on we terminal you expect the high per low for as year well a as of it

Bart Shuldman

do innings. is so the Well, we that different, customer we’re because in every Chris. early to And been able haven’t yet

process, onboarding on cases, is to we’ve be. than high what we’re We do more had they’re some low at labels estimate in estimated. them So what it’s And what from because us. – many the side. we’re more our labels using is they need the more going products working great been surprised with we’ve what usage on side we In and We selling surprised labeling, question. in label a we the been cases,

again, have trial, if when right fact, is. seeing do Well, it’s okay. do what So we we food customer one new and – from like a that now we a so trial a XX item. restaurants, a win we’re then, their volume in C-store year in we added But C-store

fresh sales the food added one amount because their buying means that they’re which labels – fresh they’re to go it’s So So label they’ve label it, item more and selling to up. increase going right? one of more because our more will another selling food, that’s they’re

And think to. too at now we’re of years, do into sell think to call come And some don’t to yet. early next be over ROP, to restaurant same time, I But and innings. try It’s going average. in I software we’re programs. we’ll we the the the probably to So, I business the that able early with couple workstation with and the individual think getting

full a time. at suite one selling We’re

with what do. then goes we good labeling with that that because away where temp added that’s we to and certain that feel And we timers So all will then take all taking, need added customers and started sold away we very we like it’s upfront.

average. we’ll So, get to I think we’ll try to probably couple years, over the And some next that’s of what say.

Steve DeMartino

looking been has end call, the $X,XXX. Yes, on the That say me give around would heard say, you might range. lowest been of has it recurring you right between, over could some in now the the everything least something we’re And like averaging highest the I then if you’re probably at seen where we’ve sense revenue. extreme, at $XXX around like – And $X,XXX.

Bart Shuldman

going at going to I And every of lot because a the going they’re question end labels? it’s we have little look, labels is, to mean, of those at they out the all their the do noisy month. of need X,XXX machines. buy the of for when And also the terminals year, end be a

can all they they install we Do quickly buy all terminals. – do how Now them the upfront? mean, I

So right? see year. the in end marketplace. of versus care, December, We’ll by terminals label X,XXX in do another January don’t terminals a sales X,XXX those be the at We’re the really minimum of we some we putting of

package, the sales rolling So they weren’t right, the into go out out because to a customer was roll a use X,XXX terminals to all And able doesn’t lot in label label us January those to that’s long. That on pretty customer, mean that’s we’re going terminals our success. I labeling a some labels. perfect December. on of are affect

long for good So labels. those love to to customer We do are them is having a labels love Long custom and perfect thing do. us. we

that’s year. So minimum could they to we’ll ROP, and again, Because anymore. be I software a buy, not have to see don’t a of clearly – $XXX see over there’s anybody think $XXX going with the years, we

we’ll think I no, get but in – average So an to three years. two or

Chris Howe

go intrinsic it stores. there’s as forward, some these value appreciate as data gain seems we like unrecognized I you from because more that

Steve DeMartino

Yes.

Bart Shuldman

like because it out. other product they a add you fantastic, found other the have And And years. our it’s couple for it’s not we labels. thing, just that more started just items taking we label has with. can said, can happened, is they that customer that They And hey, I sell. more It’s Chris, a a C-store another of them like away been We’ve added with item. new

providers So that fresh because we’re more path And it’s and hope of that that means C-stores wonderful going labels. to we more foodservice food sell continue to just the down offering us.

Chris Howe

Thanks. the queue. taking appreciate thanks the for my in I And I’ll color. hop questions.

Bart Shuldman

Yep.

Steve DeMartino

Thank you, Chris.

Operator

will Asset go from Management. Sacks Our next with Slam Please come question ahead. Mitchell Grand

Mitchell Sacks

Thanks.

and engineering So, going talked already marketing and you I little think about a selling bit forward.

money version engineering iOS In significant spent I you’ve product assume terms getting up of of the your side, the running. and some

forward, can to you a just feel off? works going that level go that does kind of forward? give Or how As us you for start

Bart Shuldman

you I Yes. becomes something you today get think ever accomplished question. to done new software don’t got tomorrow. what that And get ends. Great

there’s right? there’s the So least list we can in plan too. a not think because don’t waited not We’re with XX Epic enhancements. have I’m always product to XX.X%, XX we at right? I bugger you’re ever what ends, there’s stuff upgrades, do like Edge our already like And we a It’s going There’s stopping into out goes and It’s mechanical that later. it our months. more years not our device we do There’s that more sure there’s we we think to months always improvements, enhancement, have, market. XXX our XX.X, we’ll okay, printers, XX.X%. run do did then there’s XX

the question is I get The get, we at, look Steve And and or do the we’re go. it finished got is where is of keep I engineers said, You Mitch, to The that’s that Where like the add would more right? another okay, three out does out to right, we level. don’t bunch thousands and that revenue growing, I what So, say question and spend imagine done their there? exponentially something look that say, can recurring Intel Apple look as us let is, at is, terminals. the that leader? revenue, finish don’t terminals that we X/XX, two, what question look let’s against as way. at, how years I get level And revenue go? of at a certain spend people the forefront

be So continue the to the question innovator is, do in what do we to to the need marketplace.

are the innovator. We

we that sit We the every that leader. thing if you’re me And before office a day. close changes. my view dog, are drives the lead the the on to needs there’s desk And said, never

So bring ideas going – and – and I’m sure they’ll is bring to Apple us things. us

continue So make be sure we to we want have staff the our to able to leadership.

Mitchell Sacks

industries. happening person terms And How end? sales are force not an and sales selling in guess then driving do right, about of your all in environment, I in and across sales think odd it’s you sales most because team,

Bart Shuldman

the market. different at would conversations is our Yes. Mitch, We – it’s I if We total use trade is watch because I – that, think shows. with CEOs of I customers technology. have to that shows a trade a us bring exactly technology which Mitch, other that always – to

the pretty like get there’s their is person ability manage video to spectacular. but at question to clearly in? a through that seen a never up people this, how way them meeting, at Apple we’ve the what seen. get call have doubt we’ve in is, good, do is to Now not an so and able maybe And Mitch, meeting friends is the that that our you role no one What And do get right? thing is

be it’s selling Webex, to So than we’ll it, to how We’ve efficiently to do in But I call Teams now, demo. regards happen to to selling. do we to able do you what demos, use whether the there’re to that be use got able be Zoom technology in to you to person. using do it’s or marketing able used got adjust Cisco able or we’ve our to a more do be

the along way. learning We’re

I this. food, through if they take into think – me market But a let figure is company in going they’re fresh have got markets, market to where to certain I I you, solution tell a they going like C-store this, a solution. when in you the every – think we out get labeling think

and food It’s we’re demand one. look, to we’re out us. how us, might very them? So we’re think there. entering how got they out they’re call. look, going I in in-person have and ear an up truly been fortunate it’s one Yes. this where great labels we they’re and it Zoom market [ph] They markets call, our asking figured there. anybody It’s has the ground find the right? C-store to Apple, service us market Mitch, a do – is think but the finding figure to not And And their on experts don’t I are the because is We’ve good demand finding market. different. the do and the they road be find way, a print to marketplace. And sure or relationship the in us restaurant for yet. People are a it be got to the little need So it with opening

got that’s I their we’re and think – everybody’s ideas, listening.

with Those we’ve for do. more you has events We’re Whether working good we’re the last know webinars to ICR, the of people done, and stuff probably done team. done. – ever like months are us. what PR mean, listening than other some three and that PR We’ve that. clearly, things in the I with their company

down the And with that. so continue path we’ll

Mitchell Sacks

time. Great. Thanks Appreciate it. for your

Operator

to And any questions, with further back remarks. closing to call for turn no Bart the like I’d Mr. Shuldman

Bart Shuldman

we’ve some are thank non-travel investors, got new very ahead different it. investors to do a environment? times. your We’ve talked support. question. for in you our got the us. you everybody. just sell Look, I really Mitch really But the It’s about appreciate a got really, of lot we’ve sure, existing the the thank call. really, on on call, these Clearly, We’d support. like I’m I How great

segments: bifurcated restaurant now market in We’ve else into future. everything technology the the really business. and about excited foodservice very We’re our the two

to guess the Hanukkah, know New do this, we’re first the merry XXXX it’s to you. different after Happy be Thank wish future. sometime about Year. you again. be the And you We’ll but early next I happy very Christmas, than year. a So lot talk I Happy call of and pretty I excited probably a do May And will the Thanksgiving, XXXX.

Operator

your for this may And disconnect. today’s And participation. you now conference. concludes Thank you

TransAct Technologies (TACT) 7 Nov 202020 Q3 Earnings call transcript