PCYG - Earnings call 4 2023 | ReposiTrak, Inc.

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Operator

Greetings, and welcome to the Park City Group Fiscal Fourth Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jeff Stanlis with FNK IR. And Mr. Stanlis, you may begin.

Jeff Stanlis

good and operator, you, afternoon, everyone. Thank for Fiscal Fourth you joining us Group's City Park for Quarter today Thank Earnings Call. Hosting John Group's Randy and the Fields, Park City are call Group's CEO; Merrill, CFO. and City Park today Chairman

Before the call about contain this everyone could XXXX. the of I'd Private we Group Reform forward-looking within Act like of begin, City remind that to Park meaning statements Securities Litigation

Park forth the results and based light of results call. this expectations. uncertainties, in Group can the company should to considered Forward-looking the press of City information historical not this facts. call. company's Relations on the and today's assume at to press issued statements current herein market today, are statements forward-looking company's but materially. visit filings are are does access will conference beliefs update statements remarks Securities the be to Investors the risks subject any release. Exchange are Park and Group's discussed set parkcitygroup.com section subject closed financial risks. could that Investor in Such a risks City The in that overviewing such Commission. we fully obligation discuss with contained Such are to differ actual on Shortly website the after not release information

John over With call all that said, the like Merrill. John, to the to I call would now yours. turn is

John Merrill

and Jeff, Thanks, afternoon, everyone. good

a a to compliance, area strong solid was chain the Our end supply in quarter traceability. year business, fourth of and every

fiscal of XXXX to and the XXXX beyond. results company, SaaS a fiscal now As [indiscernible]

detailed I highly easy is minute. before, will As to our business a I've dive the into in and predictable. results model said

in expenses, in debt, We $X from XXXX, essentially growth growth of to up $X.X rates a economic and under delivered million simultaneously common recurring form off EPS. Meanwhile, year. some interest our fiscal operations, income meaningful cash traceability returned in total our strengthening in dividend, and a $X.XX million offering. this. million rising bank flat the in put to million generated sheet. general simultaneously We we in we more for in continue achieved while and We balance just back of economy paid share shareholders both and challenging the per the in uncertainty. to invest common delivered stock, over net $X.X in profitability, this very will performance results. revenue, navigating bought Randy Meanwhile, growth we speak growth $X.X However, cash in

finance scale However, of we already and at do leaders for the inventory grocery the industry. track for and trace

XXX are both But us the in acceleration invest be requirements new to roles FSMA XXX further technical position Park City require to customer-facing in and Group of depth the for FSMA and to compliance. of much in successful, more order

efficiency and new had teams, the and and we don't veterans that members accordingly. because It several including responded doesn't with we have our predictability and X add the of automation commercial, Be assess We way. work of clear, reliability the relationships be innate issue, with industry at We one humans. better. money throwing must evaluate leadership versus simply technical good, to so Instead is that errors come and humans expertise.

we core less and for allow revenue on result and balanced. product us focus growth high-touch food revenue and of our customer simultaneously emphasis promote on set with rationalizing opportunities process placing traceability and the was those non-core this in In are The ideally opportunities. to short-term market. is response success eliminating return opportunities, lower words, our Our future to other

strategic the net overcoming growth a to X% In delivered up traceability. $XXX,XXX I Our revenue focus personnel will rates the Yes, of significant year we are year-over-year, momentum revenue compliance supply free the and and that non-core gain this includes deemphasized We growth performance short-term we business revenue focus chain for short, continues mentioned. overcoming impacted. previously to revenue resource deemphasized. high-touch on despite

few my decision. ARR a is giving In traceability view, million the to to million recurring $X hundred up revenue thousand pick right $X in XXXX up

essentially As the chain business Traceability Even The quarter. for and Recurring in for in June was core supply Network, continue revenue said and numbers. revenue SG&A ReposiTrak year up or costs for year profitably. compliance the quarter. our to earlier, and the efficiently X% increased X% full and RTN, I the quarter. the year Total up our significant modestly investments were for the X% is flat with for our grow the proof for X% and

GAAP increased for XX% the XX% the to for year XX% net shareholders quarter. XX% common to income increased for net and quarter increased increased June $X.XX. the share share year per year to Earnings XX% and per and quarter. GAAP income at for share, for $XX from for $X.XX the per $X.XX the debt Full have the share cash XXX,XXX our in an in cash year and shares $X.X and of million operations we to paid $X.X approximately bank. price increased common million, bought under entirely, just bank paid the average back dividends million XX% cash XX% off

have and cash than our will faster flow profitability said, continue revenue. grow we As to

This costs income focus by incremental that high-margin to as us make cash our with line operating operations is difficult Consistent cash. Meanwhile, by our on grew strategy, driving seeing leverage. are in continue keeping and profitability increasing to and decisions we You requires XX%. grew today to while revenue XX%. X% revenue and from drive net

have we initiatives, should for fully customers the traceability Importantly, generate our recurring of so far dollars deployed. additional once signed revenue

individual $X to from hand just we and in from ranges estimate from stores. current year Our excluding today million suppliers have contributions million per $X

XX of We million. revenue, that year one Meaning, not those contribution revenue supply and annual of recurring of times question XX, generate ARR, ended expanded monthly billing services, from in will or $XX.X year. $XX.X is new the locations and in growth, with a chain projected and compliance XXXX, or reflects in fiscal obvious revenue million months. contracts, might growth. any subsequent in this exit fiscal answer adding the But organic an existing stores in include fiscal revenue traceability traceability our is rate existing minimal anticipated retailers recurring customer. This ARR as any was This mind, new the An for hand, suppliers conservatively of prior future June in and you XXXX XX or generating absent are same. annual the meaning expansion fiscal million contracts have XXXX, it Keep yet? The ask is is contracts $XX does yes.

anticipated, faster the momentum believe seeing I I will than accelerate. initially with traceability customers only we are

$XX revenue that acceleration will and Further line will accelerate confident are said in place. to in generate it in takes time this it from our traceability XXXX. contribution traceability We begin again, calendar run and cash only bottom top meaningful I've million approximately time to growth.

will Going year, forward, $XX $X.XX each $X.XX roughly to of bottom million incremental to on line. revenue cash fixed dollar recurring per cost the and over above fall our

As I our recurring just $XX contracted mentioned, revenue that exceeded million. significantly

adding to headcount leverage, as rationalizing automation, the heavily across operating proprietary a take our generated on so through we recurring generated revenue expended, X% year, this productivity without revenue line significant in costs. accomplished tools. us business. or in our more drives focus customers in We enables Automation costs excellent invested entire with a this own overhead even This care of increase our utilizing the RTN. the increase Our bottom XX%

costs, preferred we at one, opportunity net same strategy care service very income, priority and increase Our profitability. increasing costs Again, can time customer, control the cash. simple: of the deliver remains shares recurring future revenue, our revenues, the customers shares, superior which of take rationalizing includes the drive EPS, while buyback customer our accelerate now are and grow with

to last the as million, despite X% X% quarter revenue the percentage quarterly the the Recurring year. quarter revenue Recurring revenue was year. the same period year during revenue Turning in a fiscal of was from total revenue fiscal quarter Fiscal up in million XX.X% deemphasized the XXXX's $X.X in same the was numbers. over for XXXX fourth quarter. $X.X

what have date, low-opportunity approximately increasing the period. in to high-touch, of total for have the as recurring To revenue referred simultaneously and revenue, overcome both I revenue we $XXX,XXX headwind

and in X% expenses XXXX. and investments RTN These traceability, return sales investments increases X%. million and QX our reflect marketing and which increased XX%, G&A $X.X COVID Sales cybersecurity expenses to Depreciation increased abates. to routine expenditures. staff X% upgrades increased address modest other amortization decreased expenses in to as to and equipment Operating reflects CapEx travel

of XX.X $X.XX common fiscal shares. GAAP share XX% per million shareholders of based $XXX,XXX Net income fourth XX%. million of the revenue on weighted income versus was share per XXXX, income common quarter million by $X.X XX% million or net average common weighted $X.X average $X.XX XX.X For based shares million increased on net or year-over-year or $X.X revenue. was or versus GAAP to

repurchase the we note, our over plan. capitalization stock shares reduced and we of our through have initiated since buyback also retirement XX% by You'll

numbers. Turning to year the fiscal

investments million. X%, ended from with for revenue to associated year partially million. from X% same XXXX, increased revenue expenses ERTC lower $XX.X $XX software to XX, June largely increased the $XX.X in and with Total refund, tax For Recurring total fees. $XX million the X% bad increases in was payroll offset RTN. to due the costs This operating million period the debt, maintenance grew

million million million, income $X.X common increased XX%. $X.XX per or average grew million compared operations was million weighted to increase share. Net $X $X.X to $X.X Net $X.XX weighted $X increase of income to from to Income $X.X XX%. an million, share shareholders from XX% of an average or per versus

to million the cash fiscal $XX.X XXXX, now cash $XX cash at year million Total June flow compared end Turning of XX, to was and at XXXX. balances.

a $XX $X.XX average approximately approximately on cash of since fourth The total an $X.X XX%. had XX, $X.X common In per shares generated $XXX,XXX. to its June of total the we million zero at quarter, last price million share year-to-date, inception. of Fiscal of company remaining repurchased the XX,XXX for million operations XXXX, the has million from company increase buyback an bank authorization As we compared debt. year, of $X.X

delivering continue growth percent growth. XX-plus to gain margin, in momentum the EPS of double-digit gross revenue, recurring We

a We again are August. Currently, the paying second in bank, dividend have no in $XX in cash May again we and once paid first shareholders. our in to We quarter a $X.XX million dividend shrinking capitalization. debt, and fiscal and the common

announced be paid within quarterly also XX or of be quarter's November Subsequent dividends end. September our will just We will dividend, X. paid about which the days on

from generated the cash goal is in recently, dividend, as operations announced we As the the of shareholders said and previously, to we common preferred. have form shares half additional buying return back take redeeming to and annual a our

bank initiatives or half the other used in to fund The will goes be traceability. like

also evaluate have We opportunity dry selective. opportunities, M&A comes the certainly are along. right powder ample carefully but we We if

on evaluate levers, including whichever different lever paying said the that favorable buybacks, they based down the to at from M&A or As adjust time, its time. I more the Board before, capital shareholders opportunities, is will time other strategy dividend, to and debt allocation liabilities considering

part repurchasing next the X comprehensive all the of was common have. of the quarterly recently Thanks, to dividend Board Directors logical debt, stock years. redeem I cash reserves, your allocation the cash our today. a off time As our process, our everyone, intent stock, and After initiating paying next strategy. the of preferred step capital growing over this our That's for announced

point, pass call At this I'll the over Randy. Randy? to

Randall Fields

John. Thanks,

we've several last strategic made several decisions years, about our the Over course. key

So heard these and excellent from metrics, demonstrated the decisions full John's review as far, quarterly financial you've year results. of have

is services with and on trading. management additional our business supply out-of-stock compliance scan-based based core chain and offering Our like

and core profitable structurally generating cash. significant Our very is business

in expense percent importantly, continued next major increase business the John earnings foundation objectives driver a supports growth revenue, heard creates per have and recurring the You This a management, strategy growth a in profitability share. XX-plus today business. our that traceability, for XX% describe of our the for X% we growth GAAP more in and

credibility model gives in us compliance industry. The tremendous the

largest are, and chain by supplier far, wholesaler respected retailer, We the network. supply best

results industry see our widespread the You endorsements. in

driven on Not are repeat our no we by works, customers. old these As bots human of fashion level do that only we offer often ever. offer calls, technology an but we service, we customer

called well, to as to compliance solution food humbly but help we the they've of ReposiTrak FSMA hard I categories to are you that us gain recently say, chosen are Advisory are a get food us Traceability very on committee the and as for to Network in industry leading expert or These work that RTNAC, low-cost traceability, the experts Committee, overall with announced think food recognition working with critical the highly respected to we idea. continue we industry have interoperable these dominant As the product in industry particular with say Rule traceability an their XXX, leaders to issues least. thought

the industry. They food are [indiscernible] in

use very durable, lead with industry Others our actual with relationships, in had industry with customer talk close growing. created competitive we our ReposiTrak that traceability existence period significant Traceability even designed live a we committee our technology whatever. not reputational But call advisory RTN. time. so about It or including technical in endorsements, doing it, and yet presence, now know we've of we're for it's collaboration end-to-end ours industry leaders, the This Network, advantage actually Our of a some unproven, is or was the our with in some for fit. customers the as traceability

XXX Our work solution customers don't care. we really work this really and any agnostic system, coding other provide any as supplier, is We at literally to we'll comply with to XXX a of create added use his value with A the blockchain labeling to customers system, read ability each some system, traceability custom label. This different labeling any them say also system, everyone whether all, supply layer. across We bar with important system interoperability is the any is can't point. and with chain. additional particular different customers systems some help critical is to

see done suppliers. to A unlimited possible. our the already connected who's use the it. for suppliers RTN as for supplier create want already fee done value connection with They've get RTN our approach, inexpensive many work. to They've It's one-time our immense use [indiscernible] to as in interoperability his our done. value. simplicity Why? paid So of customers We work already

frankly, number this new spread help and on it supplier of RTN stage, their to So to is take the certainly us are see of based wholesalers at organic customers for Even our lack it's Distributors working critical our the word. growth and a good us to customers of and early customer, complication and helps business success. their Their the and too. network. is value accuracy speed

love frankly, to [indiscernible] So And course, complications a allowed of and like current XXX, the Rule rules that disaster. new their streamlined retailers logistic technologies. We maintain system. them and processes

end-to-end and For always They've it working rules. chain. easy That's FDA every traceability to that into in irrespective traceability supply wanted easier in We a the them an recall single a powerful and give helps now, wanted is visibility always message. now more of respect, them. actual to products, retailer, customers. They've way very we make their working

Our way of doing functioning. and it is live

have about centers, retailers, wholesalers of into March today we life it, -- not pilots traceability the deployments. These Well, signed you RTN doing their they're suppliers stores and cycle. in we together X entering it. X,XXX Traceability No So I as dealing self-distributed X and but potentially committed if ReposiTrak where the nearly thousands releases. think it. customers. actually since are XXXX, with X we their customers We're talking else distribution issuing real is XX Network, with again, are They're and one of said, the call press

that. deployed. It have currently be an just We recognize to take a year On-boarding fully we the business process. will will extensive be likely

we else people holding our they team have an amazing We the has the deploy. road turns the stage. are one our and have still therefore at twists lead experience concept compliance. of to customers' down understands and they'll face FDA well-defined to No as process, them Others a real-life hands as

Our process to methodology tuned. on time, continually path additional is being a to today of We're over automation course. add the

somewhere have we signed per and [indiscernible] customers additional the $X the million already annual retailers. in should $X just might of revenue. ask On-boarding deployed, these of year today, what's that X So implemented fully up to wholesalers recurring from and area once million generate

as them, so program as you about feeling our are we ask. reviews the as customers both and Well, well far, call hubs, the [indiscernible] our wholesalers, might from what suppliers. So retailers traceability

is I starting we our wholesalers. solution. and users other team mentioned, and from the already get as are right technology Hence, our acknowledge to the customers early referrals Our to retailers

our are Our trade for becoming vocal more associations support in their efforts.

So position optimistic in just the point, traceability. industry pleased not at we but with this we're that really have

Beyond these and growing. large pipeline early adopters, is our

the through stores. distributors our tool we as [indiscernible] are hands group Our of suppliers, way first and

becoming curve and the even As we is as we more though, come down internal easier on-boarding learning scale, automation. add

to been an drill. already was for later, X thousands. first know is Scaling before we in process, We've the started compliance, forte. if years We are when We you Year here the more example, acceleration compliance, doing much did connections. it XXX remember. come. in our seeing X we the in

last opportunity quarter, defined, we traceability the than said As rules that now faster are the emerging somewhat we is anticipated.

We XXXX. accelerate revenue will XXXX, expected in of believe frankly, we RTN zero. in expectation, our RTN was calendar better revenue than given

So excellent no time-consuming. We calendar would enormous surprised The is endeavor. so be enforcement work pushing of a and traceability doing It's of it. will the to if of FDA the a don't crush. will the doubt and complex likely get beginning do. amount they be 'XX that, Hopefully, of 'XX rule. the they industry about an year be scope back do because and the will welcome or depth There's

won't actually fact, to enable There will view not nifty and from that's compliant labeling contain of actually of be all FDA technologies start-ups the some entrants reports requires. with that that not or barcodes propose to We customers, in needed. Labeling the through be don't competitors. labeling these alone, will rules potential the as alone. the people idea. do numerous FDA It other Labeling information work address new

are a component cost-effective we industry-wide per make what system a someone work can example, with confident we the right component, key No, label we one in game. nifty whichever can't for se. the these those Do that way. is landscape promoting manner. not to kid box? at traceability It's which do that we that The cases for happen adopts solutions them. to work to on how new of do with grocery zero-sum help scan the is expect and any We is a competitive the know are store, the the not But

leaders than agreement apparently for is affect industry The industry with The investors how solution a An Simple. our requires question blockchains. obvious complete simply RTN labels, more are us. though, in initiative the or barcodes operating much costs. does

revenue expect costs. work increase to our expect home-built only foundation AI major structure because we increase been automation a While a as cost expenses is not do our trumps a modest do we the in customers. continues. costs for years. step-up anticipate on-board in significant significant, processes we using We've personnel and in We our tools an not our with That internal opportunity fact, manage new help ability, additional in

doubling it. on In down fact, we're

So buying let strategy, cash see generation built I We've growing of balance debt paying nearly profitability. redeeming of years real cash, sheet a maintained million Two, in the stock, if our $XX all fortress me to a We can allocation GAAP consecutive a deploy summarize capital back no our over and debt, consistent X cash, ratio this. to preferred. in current now we're continue paying going machine dividend, off the with X. of

Our easy scale. it business think and be to we're should is efficient. We model, to positioned

We dividend. the and return to paying both capital shareholders shares, a to preferred, and will continue cash common outstanding stock back and number shrink both the buying by of

the income share result of growth. net revenue per So net that should faster even faster earnings faster growth, and growth be

So with now like for the Operator? call to open questions. that, I'd

Operator

Forte comes of with from And Instructions] the first Davidson. our Tom D.A. [Operator question line

Thomas Forte

Great.

John, at quarter a just one and So go on going of congrats to the time. I'm I fiscal year. have a Randy handful questions. and

you FSMA delay that? could on -- could you said. that that expound mentioned So helpful, that Randy, Can on the compliance you be

Randall Fields

yes, industry. -- by hear get is have can really but not background net position let's of can't is issues. it that phone some the we the -- done, okay. by having this. net But I'm us, Hopefully, the Well, you me

their able X minimum, As begins. that said chain now fundamental very X.X processes It happen. to do months and before, have businesses to in supply X be million years until to There's there's can't left change a traceability. we've enforcement at

to because we're spreads let's And confident would low it certainly it extra basis, rational positive salutary not rush, it positive. deal that So would reasonably excellent. if more year. at FDA, be a enables the -- it's not business. it help will an not customers out going to the does happen. FDA with it's the But our happen, that everybody to We're I'm us us on go give

Thomas Forte

Okay. the I think And question again where and the talked in about the you about at opportunity on then past the opportunity you talk are restaurant that? Can you've that level. is, second

Randall Fields

the suppliers, businesses Yes. of not of lots opposite The they retail in many tend tend of have where not our meaning restaurant stores. business business, food food many is, have to some suppliers stores, food, to ways, have lots

hires restaurants quick of little in months, really bit bit we've to a to and of So And begin both work work to likely little X then -- think service made as do I from work as in a we're and marketing the efforts. restaurants. potentially next some terrific lot that a well QSR, of and

Thomas Forte

And into that? then think where those about gas, lot of are pharmaceutical? fields, oil there expand there's and I regulations, other a especially How opportunities to should

Randall Fields

et you is Fundamentally, can business or with business Yes. if technology a think do, platform about set not whether what rules, measure of or regulations can a in it cetera. our conformity

So Transportation example, could regulations. or Department what apply, we of to EEOC do regulations for

We some customers our now and us of in whatnot. to initiatives beginning well, sustainability it -- as use have of think

one note, almost in to by We've and are here from foods. the care list Number supplier fact, they U.S., or in X enforce -- someone already us, all standard we're expand the to the that, eat with of covered who they're becomes set. But way, very on the Rule explain are literally don't but They're system service in first for this we list. once The better not rule heavily the be conformity traceability remember talk can, They're in they're all by business that part signed more beyond onions someone company that this a going about And onions. to know I'm dominant for fact, to we is interesting it not bit -- the not if up is to recalled supplier is and going of attitude the the is to already does the our on Traceability likely #X that supplier, there's Traceability it's going a little in do rules -- seeing heavily is about think happen. remarkable. for And it. So to we'll rules. going XXX. that the the is business, that this, in onion initial traceability was customers, better later. list. other the can our list. things me recalled, They're my and

So of food we think the expand U.S. standard only But from remember matter globally. comes it's time, the within a traceability becomes will outside anyway until how our this much of U.S. the

So to large we the very, opportunities today. very see are really compared what

Thomas Forte

Great. And then I for have question a John. modeling

how John, we effort? especially conversion next things months, SaaS the So revenue your and XX to bottom top you that about But as ramp you talked and and about recurring nature. line of traceability think the the should over

John Merrill

Sure.

as our heard, it's So on million. right was you XX, we based forecast hand, now $XX.X June -- have what contracts at

growth conservative, and not traceability. there's Well, to line happen. obviously, that's top going no assuming modest So your

from there. So in whatever factor growth would come

and say million in July, it's You be I deployed. next all those once Well, months. laddered start over to not $X will heard about in they'll of Randy XX both fully the $X million

is with a start that as what looks of a mine, $XX.X guess modest million. as good line like, but So top your

you to have place, accounting, heard of stock amortization, always You takes $X me and this on that top it million comp. run of then another depreciation million $XX say and

and line P&L see EPS. conversion our you the you can revenue and into pretty from what much that bottom gives is So

recurring model at point effectively answer pretty revenue. with this to it's think your easy I at Does question? So that us XXX%

Thomas Forte

right. Yes. All then And for me. question last

have the on cash you shareholders, returning the both dividend over how about -- you pretty side, potentially about increasing you you So on do side? some you Can now, where M&A. about thoughts about And on you've gave comments thought a talked to strategic time? have dividend I think high-level and think dividend? talk buyback yield raising are the right your the modest dividend but

John Merrill

Randy, take that can one? you

Randall Fields

Half think we to Well, opinion at that each a year, are several because it, recognize a a stated year's flow of The strong bigger. is our CEO. see getting will on and cash looks world I partner. same customers each to even to and our still you intention set perspective. our let as flow we're and look we've how John me from strengthen we -- my customers balance year is as sheet really going the want important historically. within the cash The our customer mentioned it's are where weaker take to getting give to go

So owe we them. to that

The X paying done, other far. stock? preferred. flow dividend. of much we to We've flow, that buy so Are we finally, consideration. We that free our get terms years between possible redeem more decide cash consideration. to increased certainly then Are consideration, ourselves under back pay going an the we're preferred. to several year do That's cash going of going That's half every it's of under one given levers. And back no to certainly but how are cash yet, we under the to in spend year, each decision going

definitely on agree? those do things are be could dividend all cash of cards. you in but So an table, on the the John, the increase

John Merrill

mean that. I too element the agree. is M&A. We've I other talked about think I

we we So point, anymore. it, in bank that bank up $X call X.X But there's something -- if going we have don't X.X to levers, to strategically. these fiscal comes put any Randy's million forward the have XXXX, up and so for so debt

that So preferred. could would obviously, buy -- to logically, the back we we're going assume one

solution your a made that, be yield the to far on point next has years The yet. but We comp have as as logical increase that. been to modest X would do dividend to no decision

Operator

private of line investor. the from comes question next [indiscernible] Our

Unknown Attendee

going of just quarter. million to current that the you customers? $XX current X/X maybe to Congratulations should I results. guided the on Or Are from a current that about quarter? like great quarter, the thinking be a revenue of about wanted the for ask current ramp-up see you we

Randall Fields

about Well, as about conceptually, We it a don't on haven't we've terms. frequently an it We think and annual think company. not those should. repeated basis. it said in quarterly we we as We're just

a as business can So we on-boarding I focused, be traceability. think, are as on

we traceability. it perspective. perspective, perspective, traceability the every releases. do. actually It only is a management talking and from we're is implementation is As mentioned, about customer an Doing else issuing very press a development is difficult. doing it to difficult In Everyone company intensive respect,

heads-down, that. So focused it are number focused one, Two, this, and do are that. we we how We're do completely doing and more we how more on do we on do efficiently. right,

heads We're making and processes down every internal have easier to week our that. faster. make literally it our technology and keep we And changes to to doing

is who be So what happens don't XX equal. several people it a at how zero in can on-boarding go the paying rate and bring the which us terms actually a be paying system. ramp that know as into we of year, just are the won't year exactly over are from to customers months, there We we next millions now the we will

because is always is of the So QX of run, the always the the answer traceability. growth terms the our way year. in numbers will, the highest of lowest QX the should is if you of on-boarding,

will that the next for that on hopefully question. your answered same and Hopefully, it year the increase years So throughout to several continue basis.

Unknown Attendee

is first-come-first-serve be it obviously, going deadline are -- your customers, But not you I first. traceability Or decide are And guys on more right deadline. how mean everybody the you definitely. them to Yes, whom like is before And get important about basis? how serving prioritizing? wants the do for to 'XX, -- now? about they to done it

Randall Fields

question. years. in Remember, business the number of a fabulous think compliance the fabulous, lot. we is It's one been for a we've That a about

good about really literally the We've is truth years. requirement, our been So developed this several to with customers years we've for talking our traceability relationships really, customers.

fact So with their of a of X is own traceability business thinking one a anywhere them work. doing from grips to to that full years the implementation in came number of about

their conjunction so of took So ahead with several them look be be terms any and don't simply calendar a want out. at XXXX. procedure process of in They that us, the they in and worked in that of January could to issues to on part of done be want done said

them of systems, are hundred them large retail knowing I that and would stores several sort Actually, one a XXX call there's own. owns let's they're of, XXX So that things while. They argue between take they conservative, all stores. all in meaning

stores, of is how they XXX think, a you're another When and goes One services. wholesaler, stores wholesaler its one it's at at which think. fast scale, I a that them X,XXX with that's for has, nothing

of get I and end-to-end since time. their of one, thousands think might it distribution centers how across why stores done it of done And items plenty and all no one allow that long to and started before many, items, thousands complexity, really many on, it take? not has decision based was So yourself has of nobody before,

are completely that's market remember, the there now. people, they So I We the it's And to I about people talking that why believe, the the made don't off get we're should also why decision and convinced need in give that year. another say, who to some we're back people time and started. think FDA all to well, think

done. is, It's talk, won't It's another it's you it year and can say that sales I get sounds need that, do. to like I It's to longer a not people, to suppose what it them true. and project. then isn't. I about And some difficult than Well, thinking we one-year start it.

is to business. we things So the calendar us, and is that's your is doable of is busy 'XX, calendar that but the in going it the 'XX lots changing that By crush. the involves for word out, difficult time why be 'XX traceability a suspect very

ago and X phone want months. about to Our done in and years said get Can't the you that thought customer, we we year you could X ring. worry and say to calling happen. it get talked it will now done to And is having God, us a you're us problem a you to you in you

the another a hopefully, will gives and So be X off FDA backs would be least at One the world year, desirable. more crush. And year is 'XX years better.

And I then hopefully, will question. done. I problem come So people that was in color are because bigger but sure around that want thought. now gave some a later, know we're get all People than you who conservative they'll that is start your they and to hope not long-winded, -- it

Operator

the end And session. remarks. of the I for the now over the call reached We will management question-and-answer to have closing back turn

Randall Fields

time all. you Appreciate afternoon. taking you this Thank

to a try and You or lot. contact Randy, you we'll help. and have if John questions, do know Thanks what

John Merrill

Thanks, everyone. day. Have a great

Operator

at your lines time. you this And this your may concludes disconnect you conference, for and today's Thank participation.

ReposiTrak (TRAK) 28 Sep 232023 Q4 Earnings call transcript