PAR - Earnings call transcript Q3 2017 | PAR Technology Corporation

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Operator

Good day, ladies and gentlemen and welcome to the PAR Technology's Fiscal Year 2017 Third Quarter Financial Results. At this time, all participants are in a listen only mode. [Operator Instructions].

As a reminder, today's conference is being recorded. I would now like to introduce your host for today’s conference call Mr. of Financial President Vice Byrnes, Business Relations. and Christopher

may begin. You

Christopher Byrnes

financial and XXXX Investor release and playback. afternoon at be Thank furnished in call should Participants the it To and also quarter found we The in of to good of www.partech.com. today. today can like X-K release well At our Katherine and News available call this the disclosure for broadcasting are results the issues Relations section take details, of aware complete access to third our via will be the our I'd Form be that please to this as conference SEC. morning. regards you, see certain in Also, like to call results Web. call related review. the website to the we’re the the time, today for welcome PAR's Wide press issued the recording press I’d on financial call as care you World the our

ask this be forward-looking that future question, recording. available currently if reflect like the expectations use you participants and in a live includes please So included of it will any remind to based on I’d conference both our call advised, that be conference management’s statements data.

be in filings this However, this statement actual may release results and the the call and upon our related conference uncertainties. on in projections are annual quarterly events to other afternoon included information future earnings safe subject statements relied SEC. to subject The our or forward-looking and with and harbor to

for Bryan PAR’s to followed of I’d and and Financial be the the CEO, Chief Don call on the call like PAR’s Karen me today formal remarks Sammon, Don? Dr. of Donald will call the now portion to general President which Foley; by Menar; over Joining Q&A. Chief turn Staff. Officer; is

Donald Foley

third PAR's today model our plan driven call. consistent year you growth strategic yield and transformational margin quarter continues for and This joining improvement. a a Thank business to execute for Good thank to everyone afternoon we Chris. a be that software XXXX with move you, us earnings as in company solutions year,

to PAR and filed behind serve PAR’s resignation a submitted the directors Eurek found. continue XX, serve December Board and his the is address which expressed that At resignation day later Directors replacement reviewing why Mr. beliefs. its X. is he stated until will financial Todd the XXXX. indicated his from numbers that of the Tyler of Mr. in earlier at filed Tyler replacement of want indicated and to details letter or two resigned to providing as Eurek on their successful Eurek related numbers, day. family. June was the until career end Mr. effective a our first of he indicated I from the was Tyler this of will resignation of Mr. his retired our Expansion. X-K Paul personal Paul Eurek from reasons to independent Before November PAR that year, his continue President he for

to for Tyler has and with the process begun Todd Mr. and already Governance Nominating continue and to Eurek identifying valuable insight potential in Committee recommendations Board Mr. and our While respect provide interviewing of expert its positions. candidates through acting transformation. our

to from our operations. continuing quarter results turning Now third

XXXX. quarter million $XX.X was revenue quarter a decrease third XX.X% Our from third

same versus XXXX. reported $X.XX earnings diluted to per $X.X income corresponding was an net of Our share the $XXX,XXX reported quarter per a income period in $X.XX On compared last loss share $XXX,XXX in $X.XX loss $X.X GAAP in We of last year. net $X.XX last million the year's loss non-GAAP QX per earnings of in year. per at cents versus compared basis, the of to share third an adjusted share was Non-GAAP non-GAAP was third million net period per loss diluted reported a quarter. share

has our non-GAAP of release full Our press GAAP a reconciliation and results.

non-GAAP significant Before the turning reemphasize same this X.X% was quarters a to million same $X.X of net cents this the per the XXXX. versus resulted in our compared Non-GAAP first share revenue CFO, last compared earnings to originally $X.XX results a results. period net company nine at earnings following shift $X.X experienced per in months XXXX. $XXX nine a $X.XX share XXXX. share to reported an the compared nine-month that net per GAAP per million, earnings for first in diluted net basis, three to is million of share increase the ended first share across diluted Year-to-date projected by $XXX,XXX business period adjusted during of of important is it last earnings in into This the to million in nine half $X.X first income the our in months of On same XX non-GAAP year. as the months September income $X.XX of diluted of income period year. period the reported $X.XX per period, for reported income was nine-month versus We XXXX. evidenced diluted

As our software both the third the details initiatives our year call our revenue not for Menar performance quarter. management accelerated awarded quarter. mitigate hardware to now enough challenging. solutions address to customers. for to turn shortfall over these like could in give somewhat PAR’s QX lucrative Bryan to business in the towards further of X delivered the in we’ve in are of be financial the would started CFO I to unpredictable fast and discussed projects Change considerable was in with hardware the Tier PAR project nature shift competed and earlier The work

Bryan Menar

for quarter decrease Thank good afternoon and $XX.X $X.X million XXXX. million everyone. revenue Product down the Don compared you, was XX.X% to QX a

segment. by Service increase retail $XX.X compared $X.X decrease revenue XXXX. restaurant a with product for QX major our in for down was customers in up quarter, million hardware line the our was the installations driven to quarter revenue During X.X% X project of primarily a our solutions million Tier

contract continue XX.X% of to a quarter up the a included compared $XX.X We was software-as-a-service decrease current the QX for a compared hardware both large quarter point contracts. XX.X% to over Service multi-year software be $X.X the points. recurring of of million $X.X Government million as base revenue XXX support Product QX compared and healthy compared The XX.X% in million decrease variance unfavorably was which XXXX expand from decrease compared backlog by stable Contract quarter revenue XX.X% the was of related out in million $X.X to margin by for was to for QX quarter. recurring margin driven basis program our for includes $XXX.X XXXX. The services XX.X% approximately wind software, including a from and support and This a The increase lines quarter to compared contracts surveillance software-as-a-service hardware to was $XXX,XXX added September Momentum with XXXX. of the XXXX. cost margin XXXX. within our our the impacting performance inventory QX to margin reserve contracts down is backlog PMO XX, Brink XXX% The million. noting a offering. continues to for continued from management adjustment million X.X% of of SureCheck reconnaissance adjudgment Due the total to higher basis in a increase In of was $X.X down prior XXXX. in the contract $X.X intelligence XX.X% noting value quarter. Contract result revenue million of regard up $X of resulting We contract mission X% quarter and deployments mix offset QX government service for $X.X our exited with the revenue revenue approximately to year. margin to of business annual margin XXXX. a million XXX for support business. and QX million shift contract. by margin

investigation Research at development down million $XX $X.X China were conduct $X $X.X of XXXX. to to future was operating QX due support up XXXX personnel SureCheck million expenses. and million versus QX and million was $X.X Now our GAAP Singapore million current in million is products. QX the in $X.X versus to $X.X growth Brink and million versus primarily our Non-GAAP XXXX. office. to QX XXXX. for up included and expenses the SG&A SG&A the increase expenses SG&A investment The review related

Now to provide information on the position. company's cash flow balance and sheet

receipt of capitalized $X.X to resource activities costs platforms. restaurant/retail sale under million capital We the improvements nine nine September nine employee months our expenditures the the million months and of final installment the XXXX. financing of system XXXX software XXXX the customer September to nine for was used properties. XX, and XXXX in to ended nine were September Cash operations planning of for of by deployments. our options XXXX activities by Primarily In months investments versus $X.X primarily months Cash stock related XX, in $X.X million used months used driven XXXX. our received was credit. segment associated ended capital million $X.X deposits in by enterprise of with the proceeds provided line cash cash the ended investing implementation from driven for million the $X.X primarily ended million unit, of the XX, ended the XX, our September borrowings the and business $X.X by made QX revenue September XXXX For was related of hotel deferred for in amortization leased XXXX, XX, from owned exercise

turns retail and As with days like Restaurant Government $XX.X $X.X balance days Reflecting XXXX. of days as This of ended to in an versus XXXX Inventory an days remarks operations. I’d the domestic $X.X formal increase December sales offset turn to decrease XXXX. XXXX. of Don. million QX my nine segment sales XX XX, increase international to December concludes were to by a September as inventory Accounts versus outstanding days’ outstanding sales of XX December of is XXXX, XXXX as days XX back revenue XX, for receivable compared XX in from and Xx days’ September our it outstanding. months increased XXXX. decreased September for million toward the XX, million

Donald Foley

A insight the Bryan. financials. bit color our remarks in our last Thanks government quarters. behind Starting with and Consistent previous with business. few more

We value-added are the the of revenue of margin more low pass base through of contracts ISR business. within program line with lines contract and sustainable in our to from our mission associated business midst high the the systems management office away contracts transforming

associated As up for X.X%. new last XX.X% and to XX.X% were call, overall the the for Since from X% year-over-year improve was announced stated, contract margins quarter $XX.X revenues our of million. down contract million quarter we stands third quarter revenue ISR backlog $XXX.X Airforce Base at Robins Warner the at million Tinker and Our end at at Base subcontract Airforce in work awards $X.X of for multi-year Oklahoma our the

decreased quarter the Now PAR’s turning for restaurant retail XX.X% to year-over-year. and by Revenues segment.

we As the as of XXXX, above, the application XXX%. third of quarters extend a had on grew I contributed primarily their XXXX growth evidenced from of noted quarter. significantly anticipated mobile the effectively service that trajectory positive projects with Brink as from acceleration the first software started XXXX XXXX. into QX our in project cloud in to over reported PAR’s of of early first coupled Tier XXXX. one customers higher The to than QX half our revenue as by continue impact and doubling first revenue business McDonalds SaaS and planned been of pace release SureCheck year's higher performance last more revenue half the a quarter three platforms third the late as highly McDonald's

XXXX. Software comprise the has XXX the increased from XX% a an the base revenues XXXX a Brink’s restaurant X% from related number of segment. XXXX. increase In total the more from ago second XX% at revenues and installed the rose quarter XX% XX%. installed and In from recurring customer restaurant QX by quarter. quarter And increase revenue base end a The now the of quarter added retail the sequentially the year monthly new end sites, third quarter recurring sites. comparison X% of of year-over-year now third Brink increased an has than

agreement concept. X is we Arby’s. to software, to mentioned the that X than network This signed Tier for over stores more complete quarter deployment am concept PAR last Arby’s of into pleased which and a announce quarter, I also for proud services major signing Brink service franchise last the Tier of provide a I am King for XXX solution joins As Brink I Today family. master PAR hardware XXXX XXXX had that support major Smoothie selected Arby's announce sites. corporate-owned to in their XXXX of and stores. the Brink corporate expand that their

to time performance our of introduction the environment. did on our focus current including we with improved software team, that of and functionality customer upgrades and quarter in a the success increased base the During take cloud of health clients

signed QX. focus an and major Brink’s our necessary newly deacceleration of contributed QX be to as deployments on the the in We strong. both in Brink’s bookings Additionally, anticipate new in customers accounts for sites to pipeline deployments at temporary continues increase

new have of and additional sector growth to than plan announced for to Popular channel with success continue and since in aggressive We emerging our Further, year-over-year. with in worked adding that California we Brink. a sites smaller increase channel more noted chains with an business call sales selected hard our increase chain locations burrito casual last a and have the fast Tortilla, XX% partners XX

count and customer around We recurring continue base portfolio on accelerate store growth to revenue. building and Brink’s innovate and monthly our to focus our

increased companies. traditional are both competition for seeing from market As landscape, new the and we

that cloud XXXX for growth execute our solution optimistic designed we the operators lead true beyond. for We plan into multi-unit are position in as our is and

we Now, interest safety an in SureChuck and solutions. and efficiency our regarding food solution, increase seeing are workforce market

including hardware, than recurring monthly year over software per new clients being million device devices revenue. starting rose our in XX% to when Wegman’s nearly largest the a first installed growth and customers, the year-to-date being the has Although producing domestic nine Walmart SureCheck compared XXX XXXX Separate XX% revenues Wegman's making small over third Walmart now additional months. $XX,XXX in QX and XX squads, observations have in from from more SureCheck’s XX,XXX we they the month. devices desk for quarter

We the customers an and by the clients to summary, of plan onsite of deployed Maple the of in toward all XX% by growth gaming XXXX In increase Yellow in it's to approximately our include double facility number longer-term device our goal aggressive have is software account to owned we’ll current the new device convenience solutions. store we catering the continue end new am in commercial the market, Casino. and $XX Leaf This for in clients QX deployed restaurants kitchens United being other was and by Resort The a properties Turning see to expect casino. the selected announce to over shift of that afternoon average I device. is to by improved process into and QX plans our at Devices recently per SureCheck XXXX. Stone SureCheck second Road resort. expand brand innovative and Brick Nations be pleased

and product the and competitive for growth. Our software outlets advantage clear future us retail and indication restaurants is for a enterprise roadmap continued for positions to PAR well for

call. at the like All today's call. to of PAR question forward And coming look portion providing to our us you today proceed appreciate answer strategic continue to to I as the now execute we we successfully participation updates plan. would quarters the of your on and throughout to

Operator

comes from Thank Wunderlich first question you. And Howard our with Brous Securities.

Your line open. is

Howard Brous

Wunderlich Securities. Thank you.

questions with have number Arby’s the of on Karen Don, Smoothie. congratulate good your First additional with contract sites XXX of I all, I want and on a you to the quarter.

is [ph] Bryan? Q coming all, when First out of the

Bryan Menar

minutes. about It be XX actually probably would in

Howard Brous

I differ of questions on lot to the would on like have I the Well then, Q. a okay.

and the that margins? of potential us what And additional Can SureCheck a what little getting terms the of margin we and do certainly more questions know the Again, announcement So of Brink, you're SureCheck Walmart on couple is contracts? have week. give a that Wegman’s terms Where I last really we are in you we've do is few have next one specific and in granularity the have different I stand margins? of made growth. one big sometimes margins margins. the understand an question and potential I discussed days you started and do with I on bit then But questions you

Karen Sammon

noise. We take had some can background you this. Bryan,

Bryan Menar

Correct.

was more just looking not more and the in have range, hardware goal getting we're we Right So, meaning on we're that. absorb regards looking margins to north mass services critical But in as XX% now, mass at in that to going there of regards SureCheck obviously need combined, a software of the the critical really at gain the we rate that have where enough margin business to to XX%. from that roughly through business.

Donald Foley

the that’s that margin services? on margin on or and software is combined Bryan software hardware,

Bryan Menar

Correct Software, services. and hardware

Howard Brous

time correct, in and mass Wegman's that’s that because ex-Walmart think not correct? point that's margin gather was do what enough is a different At SureCheck, you you'll not

Bryan Menar

Correct out exactly we’d in of Howard regards would I to the a think you fact its those forecast more regards that that hit in moving margin to higher right give outside to spaces. the be to - when two

Howard Brous

when you XXXX forward at you’ve No, Brink. I'm a a is look us is numbers Because specific to we in mass not it you given looking gather numbers. for number? it can when of But forecast XXXX, looking do

Bryan Menar

Sure.

Karen Sammon

is Yes. Karen. This

Howard Brous

Hi Karen.

Karen Sammon

we see afternoon. half in to start force. I Good would sales up really start our of would critical expect second build that to the We’ve XX. added to mass

Our had efforts and our year moderated confusion good him putting we’re we'll that investment we in a in with being really that contributed sales solid we that the sales we the from in individual this and SureCheck is year that XXX found year. R&D year-to-date this into the organization have had and

mid So, contributing timeframe in count what as to with I transparent devices team we're of grow we're that “critical from we'll how MRR apprised like looks we’ve to to and an sales couple but that and get forward. number the we XXXX we add more you be are mass”, that that going added of the would perspective project to keep would be in how expect doing they a XXXX. the people, be we sales think device But with more in able the

Howard Brous

That's Thank the all to. I I That’s moment. Karen. Thanks. what forward you. have looking exactly am for

Karen Sammon

Howard. Thank you,

Operator

Hook Capital. Thank you. Voss with Jon

is line Your open.

Jon Hook

it going? guys, is Hi how

Karen Sammon

Jon. Hi

Jon Hook

members new us board guess few here. there's past And kind bit you a it’s software that when and a it expanding on board like issue. I a maybe going the of idea of between individuals some and can for? you about quite five members then have small board with give to seems transition deal you're looking questions what China-Singapore to you're have continuing considered giving I thinking relatively the

Donald Foley

Certainly, Yes. our all the important I by have like us. balance. it’s can take We'd on extraordinarily experience adding to and the people is way based that that criteria public domain - in one.

larger we have adding besides in transitioning some have. public and companies, another that we that’s had domain So, to board so experience criteria like have that members

expanding consideration, a it to far consideration. board, definite definite that is As the the a answer as

Jon Hook

the guess Brink. you about a like I about Okay. maybe bringing a sea Board to imagine management real outside of going from have hardware hyper space with into Board you thought Have level company but more the at more growth the the of level doing guess senior I I in thought challenge and pure position? it would outside software software

Donald Foley

we're that we Well a another Board member quite actively. it’s bringing about actually criteria, at looking thought so in

candidate restaurant with corporation. One of CTO was the business. feel very CTO our successful large even very our of corporation, We a a current of comfortable

Jon Hook

Paul? Okay.

Donald Foley

Now, No. he’s made.

Karen Sammon

Jon. No,

if only of April joined [ph] April, this You year. Wooster us met late you have in Chad he know

that is teams really contribution going and he scale Chad positive all to added knows way so so of impact already. and cloud the through our his organizations he's software the to in he and We’ve we’ve experience major team impact, the to seen he start-ups so, really And got Qualcomm. solutions came be doing impactful. and experience from mobility had we’re deep how He's confident

Jon Hook

can Is second. and Mr. for to the trying Tyler. Board the and color the of was get understanding I co-founder understanding, between just guess Board what some talking were kind week with any fundamental of add the an a to your there more a last that? guess Great. over we you Sammon of to Todd member disagreement And investors I number just sticking

Donald Foley

all. says X-K The it

Jon Hook

Okay.

So, implementation, us you update that on your any where key can give is?

Donald Foley

Sure.

live the of actually and end we So, modules went then incorporating, planning we earlier going ledger module CRM using the with the on that our service then piece this Brink of towards our, and year QX the of be really and live modules. the for to in connecting we growth integrating to able and are and CRM were for now middle that Microsoft regards to straighten of ledger in the business AX the next by year especially support

Jon Hook

I implementation on of more any detail in operating there it is ERP guess how impact the And could costs? Okay. terms

Bryan Menar

department. looking continue at area from organizational We perspective by by all manner or a change and each each

I So beforehand even we can things think look teams how set at that are actually up. I do our those would

some the kind of at implementation. we to that a of have One implementation of things are enable and as place are actually for in while we What we ERP the that not do that undo processes ERP streamline. here been can put help we’ve looked is the just it’s doing what

prior then looking helping look live to be at out in we So, to cost that into additional go to that addition go effect would those start which we’re at can actually able things that go live. savings have that and we’ll will post us

Jon Hook

helpful. some XXXX. this set or about meet kind the here some them little further it would the little then Okay. kind goals - them success XXXX of and like and look that guess making obviously what have industry talked you a for get maybe turning puts talk everyone we’ve be a I goals point things revenue to for are That’s good that the those to it that of for I a help the product of Brink seeing you kind also takes to would and guess on beat I down restaurant. coming are assume any would Tier helpful. average you developing per but little second, so for could happen X a lower, for in to additional leader. are with be breaking bit at to is and very of you clear of What you’ve

Karen Sammon

and family that with the this if that we Brink to big you that Smoothie get for PAR joined is earlier to. had makes the Where a King the today end we X,XXX been X,XXX in had with But accounts we we we that Arby’s merely year. Jon, that to context, know roughly and articulating other we’ve into to put goals sit few had restaurants. Hi it year challenging objective wanted

little And so in deployments bit then, with accounts step big a have we a those prepared took for our and QX slowdown do of for back to customers we existing a as had we but to QX of end and, X,XXX on is the not get stronger spend to focusing QX to more be at us achievable. which the That in them is QX. time going said upgrade

also our We to this for we done get half other Tier going X, bookings the increasing to first QX going that. that said year in It’s goal are was we’ve to the into then XXXX. the QX of and

base will market So, the MRR we we’re that is the down of or you're of the be for pipeline, going within we the the with introduction X’s Tier parts early get and our that focus of to the XX, backlog year. to objective. actually And continue that will modules offsetting, our power solution our got it to XX,XXX our remains to base we’re with the end those buying the that going anticipate new and acceleration to sites ASP that that correct that the bringing [ph] for good that of we're average and and XXXX by big do got come objective we've to to bring good platform, confident We’ll products in will then uptake we've regard that offer market. augmenting be the continue have restaurant generally that

a MRR to to think but of going those range. an the more modules see later impact XXX-XXX the to we're perspective, of it from start I will see I come positive expect in down I year, So,

Jon Hook

Okay.

million it? goal I $XX are still, honing that you is still mean talked So, about or you guys XX,XXX it it the on, sites that’s million, laser is $XX like

Karen Sammon

It goal. goal. our is is It our

a remains it - we So, goal.

was the our something get good. in look backlog with XX.X early the stores achieve number I be in that. remains sight Again, got that. - the in our to that year bookings But like the like to think for to remains and able goal a line of it we implemented ARR stores of in

and and to is goals. product got our fully a the doing have to of it’s March to we've continue continue industry the we’re - going innovation demanding toward solution a We around featured lot that we're

Jon Hook

the quick, Okay. then and I’ll One more hand real line.

either being they You talked Tier X’s earlier a close to or were had been signed. about couple signed

negotiations? I negotiation think King. up the great share at any it’s but strong you or Smoothie Is color Arby said obviously is I close there other can to pipeline; to mean are and you close finishing

Karen Sammon

We with different It next a gamut, will large be other are there's that review of that pipeline the few stages our negotiations, working so. in in runs of quarter clients hopefully in are so our or are a announcing product. that

Donald Foley

Including are pilot. some that in

Jon Hook

it. Got

I’m That’s did one Okay. more. sorry helpful. have I

strategic of kind some talked business government have, several you And color are I other -- any to times you’ve XX this you is seems holding is what on it times government So, about are businesses the service there EBIT having the of back business point? range. add it I optionality government of and companies were kind at trading but in of those know divestiture I transforming you from kind the the looking of know XX that? I the don't of have guess can some at

Donald Foley

at We It it. quarter-to-quarter. believe generates certainly asset. last I and look it a does cash as consistent said it's valuable a we Boar Same at take the from quarter, look

Jon Hook

it, some at what metrics are I the the multiples. look You companies these sell of some are all now year going to holding you high current that be guess time you if be having might would of are about they back? XX time,

Donald Foley

in a Certainly, actually like stick hockey the decrease [ph]. revenue,

where hockey pass-through very buy forward product a we both evaluate. win valuable and are that’s the high not It Although revenue it it’s we multiples and increasing profit deploy is [ph] a part that revenue we stick contract and had revenue in asset. time we the would is if at just valuable, nice somebody else’s the we that be decreasing it. an continuously the will But is

Jon Hook

Thanks Alright. guys.

Karen Sammon

Jon. Thanks

Operator

Management. comes from Vidich Capital Oracle question next with our Joe and you Thank Manalapan

open. is line Your

Joseph Vidich

Yes, a those Yes, forward. have you’d questions follow-up guys was just business, what you government base consider what level I With a had if on going hello. asking. few wondering were to I the regard

Donald Foley

level what Base Joe? in regard to

Joseph Vidich

with recurring is think that you that rate run annual business. or quarterly Just

Donald Foley

To give color three in to the you quarters, we’ve what bit seen past little over right. a more regards

three we quarters to have regards last decrease So, with in as revenue PMO. reported the

from forwards an to the that We build same lapping been now our not within now relationships impact to that space. the at are grow be ISR will and continue to perspective time seeing business point a going we've at continue -- the

so, to have PMO. not offset will And seen the regards growth we've that that in that that

able So, the materially business. course to this we have now is a time year, that margin the of but contribution what actually actual from the we're during having of to same it's impacting matter happen expecting without do the that

think it’s roughly regards XXX,XXX year-over-year this to million I around or I down actually of decrease the regards quarter. $X a revenue with about with to million $X think

So, margins your middle margins going to from or double into with of your the your growth single-digits back digits at some that low contract. going higher some believe standpoint, investment upon, single-digits points you margin these higher that standpoint is side, government a won from to see more upon depending we business double-digit value-added a come are the these decrease depending and go way forward we’re not

to bottom and expect some in both see do growth line. we So, line the top

Joseph Vidich

in XXXX. that installed your to regard Brink all by is target With or backlog? to are was the - XX,XXX of great. currently I have just what of That’s devices of wondering those end Okay. XX,XXX in backlog the percentage is backlog

Karen Sammon

look growth of then of working of are sight and all business we current We between business and expected book to customers current in our those and that with. customers do have backlog. our Not line

can up now, that it we able the this line right we gets - of can we our that believe sight that of appraised and us the around sitting have pipeline. depends in first current number sites the year we set distance So, and deploy being that we of some we that all towards goal we customers is how we on ourselves. of our well half our deploy for and and you bookings keep make Right X,XXX to that are that and really sites

Joseph Vidich

Okay.

Bryan Menar

in recurring partial a that monthly reporting As of a the is fact, of may We matter metric method. very I’m I times number sites combines that begin think revenue the way. XXXX best to that

road annual map our reporting in can sites, in not I'm only features and revenue. some add to the of hoping so mentioned Karen the that as plans, begin but number recurring XXXX have we We

Joseph Vidich

Right. many might And devices do have have missed. you I think may but said is how deployed? this, That have SureCheck you I currently

Karen Sammon

in XX devices deployed countries. have I XX,XXX we think Currently, SureCheck

Joseph Vidich

saying, you're getting are deployed the of by the And year? you number that was want number devices I for what the you believe was to be XXXX

Donald Foley

Double XX,XXX. that number,

Joseph Vidich

XX,XXX, okay.

all very Thanks have. much. I that’s then, Okay

Karen Sammon

Thank you.

Operator

Thank you.

comes next with Our Jonathan question from Brasada Capital. Reichek

is open. Your line

Jonathan Reichek

Hi, you questions. my taking thank for

maybe in third best since mean guys deceleration Does the quarter that that, for in installs fourth think quarter on the you about so for First Brink, I had year you? being of quarter. deployments the

Karen Sammon

up shaping to is a quarter be Fourth good quarter.

Tier initiated strong. So, some and we’ve pick-up our bookings we the and our X’s a have initial a That assumption. are with of had so be accounts in our deployments X’s quarter fourth with safe deployments the Tier existing would with

Jonathan Reichek

enough have you I you do guess, people Okay. Do going it a sounds have handling that? And to then about are have you on record can how talk like or of you [indiscernible] you guys so XXXX, number deployments to installs. are

Karen Sammon

that’s Yes, great question. a

execution us. key So, for is

to internal able building our partnership have be teams to We and our deploy. both been up

their partners deployments out in portals Some are is installations our customers of fulfill. to their we our able some orders to deployments PAR and do it work our then handled order the are able teams with execution example of the are to own them that to set different that the stores accommodate organization customers to and that. process themselves. internal and that But for leverage of up by is requires all then require -- really they've to be and critical Arby's contracted will do implement differently Others own themselves people that our execute

is We’ve to Guys are go. be that thousands key. ready with practice to partners and they've the have been good had on some up to we of moved their Five sites like sites big is accounts scale but so, and XXXX to were of installation probably a execution - Our deployment deployment accommodate accelerated able XX,XXX able

Jonathan Reichek

quarter? think on then Can because I you last new Brink they involved it’s why I related? the Do why help are in think each deployment you of a it’s background. sales, think would people help question. in different deceleration Okay. you me And but understand third at

Karen Sammon

time ready they to some so contracts ready on We’ve are said expectations new customers is We on be the require I’ve for things going So, to expectations about be on that we are happened. you when there there are they big functionality have bring these What to working brought them and been when going go, to said year. when the some and two go. I and earlier in software.

pilots going we things sites was continue anticipation and add and the the to So, happened. with that were

in late case, you it do we upgraded we of exactly a their that now customers lot the solutions So, we've as so is what the a customers required things all of of our pilots, our to turning sometimes and got in their functionality a of make well, different and required that all the quarter. big in that our hundreds quarter, second there's and cloud attention slowdown we through was upgrading this Compounding to that it learn all which different and third sure and release did them were focus operating and attention. want

And a can't our base we attention having working you some grow without turned happy that make that sure to was so basis of so, to happy.

we're the things two and our deployment combination now on those temporarily back that of decelerated track. So,

Jonathan Reichek

Okay.

are So past those issues it like. sounds your

Karen Sammon

They are behind us.

Jonathan Reichek

very you great. Okay, Thank much.

Karen Sammon

Thank you.

Operator

And to this closing I'm like at Foley any questions remarks. Don showing turn you. Mr. back to Thank further time. I would the call no for

Donald Foley

of time taking today. all you us like valuable thank for to I'd to Now, join your

Operator

today's participating for Ladies and you This program. gentlemen, in conference. today's thank concludes

disconnect. great all a day. have Everyone may You

PAR Technology (PAR) 13 Nov 172017 Q3 Earnings call transcript