PAR - Earnings call transcript Q2 2018 | PAR Technology Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the PAR Technology Fiscal Year 2018 Second Quarter Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s call Mr. Chris Byrnes, Vice President and Financial Relations. Sir, you may begin.

Chris Byrnes

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

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

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

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

Donald Foley

highlighting results the a providing and I closer would take for turn our our us afternoon. update Chris. will by this Bryan, will Good you financial an call afternoon. you, to I for by to today of who I over like our at joining quarter, the look overview business. thank financials. CFO, of each then second begin Thank our

your by call, conclude questions. usual, taking will We the as

Now, to quarter. the review

year. second to million, quarter decrease Second compared last revenues of a quarter XX.X% the were XX.X

due the from we was service X.X reported a traditional to net performance the related basis, growth in per loss loss basis, the On hardware and government in Our to The our year-over-year we share and of lower retail reductions net offset partially X company growth in a able in $X.XX. loss revenues with restaurant segment. of related in revenue million continued to of Brink per from and to customers XXX,XXX of and our a SaaS revenues quarter On $X.XX diluted tier segment. QX, $X.XX net reporting a per only GAAP these hardware million hardware loss a compared earnings of X share and second XXXX. income share reported quarter non-GAAP was

In increase the the second time monthly Now to and quarter. any average of Starting second had the we single same customer last solution, $XXX. quarter quarter, number largest recurring sites, year. revenue end XXXX The we Brink new from with the XXXX quarter's over per year XX% the activated a business restaurants, highlights. XXX% PAR’s stores last quarter an of exiting were review Brink. in at QX, we At was increase where utilizing of from the the site activated

quarter bookings restaurants. Brink XXX the totaled in New second

return development rate fourth as similar summer rate quarter. for successfully bookings While booking as in accelerated in a months, enter our Arby’s our slower in run we to a the the QX, we anticipate corporate we and to more mid-June concluded expect

establishes Guys. the XXXX Arby’s in XXXX more and is The appeal. With to Brink the in than Brink be remains Arby's the stores restaurant broad segment the PAR sale concepts, the end major POS leading that Brink’s of more testament successful advantages cloud market market as chains single confident twice. Corporate, validates offers. implementation only unique to for over are sites brand. includes of a Interest And accomplishment of QX This active in it XXX any for have Both multi-unit plus high deployed that at and point Five done notably, of solution solution we the the cloud Brink.

chains, stages Our XXX,XXX fast is limited and market casual, segment The brands. five these unique than are more XXX target multi-unit more XX% engaged we than service operate represents QSR in restaurant and sites. over sites. of but stores Today, various with

and the payment underlying to demands throughout analyze of reconcile customers in release as platform for by the access to offers Brink our monthly technology creates transaction features time the visibility, stores. based trends, and across meet market. by the continue details, and Pay, and PAR accelerate is investment software anywhere the hardware and that reputation transactions of In QX, all to contribute building our recognized solution cloud and lifecycle innovative in opportunity we backs our both functionality charge to Brink and announced Pay an manage real Interest We is our adding solution, payments growing recurring enhancing allowing PAR’s services late solutions. industry in settlement should PAR revenue. leader increase view our

For by customers. example, our our hardware platforms are being well received

businesses components Our our to of services are contributor portfolio positive and our company's results. hardware a financial be important continue and to

we GA to digital am pilots and SureCheck four version pilots solution, pleased all Now, version are that positive upon quite additional management on report PAR’s task released SureCheck. new we four SureCheck based quarter, performance, progressing well. XX.X. this turning announced toward food our Based I XX.X. safety Last

complexity. IoT and and receiving devices solutions data automation. seamlessly and tasks, we are for from directly increased available cost, efficiencies checklist interest the the capturing labor operational to Managers that that from feeling restaurant making SureCheck are is Additionally, require digitizing That labor through pressure from who digital enterprise. operators create store in IoT decreased availability

as the the government to report revenues versus please performance. quarter our grew XX% quarter year. Now again in segment review I to a second prior strong am

second solutions. strong XX.X%. in versus Government second revenues a quarter, multiple closed Contract remained nearly with our XX% and the cloud solution solutions areas QX. regarding year contract million. while tier of XXXX XXX quarter Intel in Revenues grow made subscription the grew In as to summary, our QX software in the Our the this -- future and I X XX% The business, in customers Brink line PAR business backlog XX% of is at the from XXXX. key continue rollouts systems we have at growth. continue to of by our grew the generated mission margins grew mentioned, progress foundation our

matter We for in truly ways are innovating customers. our that

Once our our the support their especially confidence executing customers, continued for our thank and I employees are more to and extend my and technology all in PAR. review you strategy, long dedication, our which of participating would to shareholders for is in for call. partners, to to PAR thank like to to for for our detailed again, our the industry conference We today's Bryan hard I essential for over now financials. want his I positioning our work term Bryan? stakeholders. turn thanks will call success. leveraging disrupt of value our our creating

Bryan Menar

the you, QX, XX.X million, afternoon, results. opportunity to everyone. for would now to a quarter was down Don XXXX. surrounding and revenue Product additional compared XX.X% Thank I XX.X provide details like to good second some decrease quarter our million, take this

quarter major year, Our hardware to domestic down of prior versus large lapped sales we segment the in project XXXX. as customer a hardware installations restaurant/retail second were the in

compared offset million versus to driven QX, XXXX decrease compared did down X year. quarter from million, SaaS restaurant/retail addition, increase the related X.X revenue software-as-a-service Brink, The increase segment XX.X to X.X increase by down hardware to was of million, by include international versus driven XXXX. deployments XX% associated million, X.X hardware was QX, X.X% XXXX. million, a June QX results QX, XX% down up line revenue X.X increase a This our up was exited a systems in XX% increase was XXXX. million, government In QX, intelligence, as the a compared XXXX. decrease in up of was X.X Brink Service XXXX XX% in by revenue, XX.X with revenue The prior June X.X for by services, reconnaissance XXXX to million million, compared annual business increase December and X.X from a increase quarter in driven XX, compared a revenue to XX, our from installment mission the surveillance SaaS and XXXX. business million, of in line. business XXXX. million We X contracts, was increase Brink X.X of million to Contract the million a our with recurring fees

the mission due are backlog quarter, the As with total The increased in product mix Don of to Service QX, mentioned, In for a compared was unfavorable sold for having contract to as XX.X% margin XX.X% terminals for to quarter Brink XX.X% the The in ratio backlog the continues segment. XXXX. XXXX. to higher of by margin regards mix product XXX driven quarter investments is and was margin QX, XX.X% in be margin margin in partially XX.X% June installment, performance favorable year-over-year of in rates margin by intelligence, systems support absorption compared on XX, compared increase for services, our by contract growth due favorable the favorable center to offset constraints hardware to in reconnaissance, in in Government in XX.X% quarter. the line contract the offset growth mix related SaaS to decline QX, contract and XXXX. surveillance mix partially primarily support business revenue. for our was quarter to of healthy, a XXXX, call restaurant/retail overhead consisting within million to

operations, review up and administrative growth and operating reductions primarily GAAP Singapore QX, to investigation equity support conduct domestic China POS X.X offices, the development up general at Brink SG&A our to Singapore X.X other information expenses. support X.X our Non-GAAP compensation XXXX. versus Brink. cost SG&A costs. increase QX, offices investigation at for solutions, the X.X growth current due Research million spending to The in for with million were offset costs. our Now and on international and versus China X.X million marketing reductions of adjustments an and in million, in million, X increase X.X X.X was to million million and for XXXX. by by in associated to investments systems million in driven SG&A XXXX was QX, SureCheck million, versus at and sales based and and future and Non-GAAP related X.X our expenses was XXXX, up QX severance growth included

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

the infrastructure Non-software X.X of the with XXXX. XX, XXXX. versus operating activities X.X by options. in in with June investing and was ended in to X.X from decrease related the XXXX was of with months the in investments months was our restaurant/retail proceeds X.X ended cash June same for months XXXX, information XX, X.X planning XXXX. loss. XX, the million was in months million six requirements, June in same partially costs million decrease cash June in exercised CapEx the primarily resource line The In six employee period provided we X.X XXXX, million offset X.X by months versus the operations the June primarily software million line Cash million month six associated by ended networking June million, X.X segment’s a capital million the associated enterprise six of ended the decrease of XXXX. XXXX, staff systems XXXX with activities period capitalized driven same versus three provided credit the in capitalized was system six the XX, X.X by using implementation ended for for a down XX, For and for costs used ended XX, period of of Cash the platforms, net financing from borrowings

driven XX June and times December million X from XXXX. for of of million, is increase December Inventory deployed to by XX% was the days XX.X government to timing days XX, or to segment, June This segment to as increased segment, outstanding days restaurant as days call of as XXXX from December Receivable were XX, domestic to Accounts the primarily international XXXX. million. XXXX, December an The over my concludes up of expected hardware retail receivable XX.X restaurant/retail from XX, As sales balance days X.X million sales increased projects government remarks was increased XX operations. the balance procurement of increase The turn XX.X June million days XXXX. and formal of in X QX. broken X.X and our down related XX million of as inventory now Q&A. be of turns The between I compared outstanding XXXX. XXXX to XX will

Operator

Brous First Instructions] from [Operator Howard from question B. Riley. comes

Howard Brous

SaaS offering which a business Don, separately off in rights SaaS Why on stellar Karen, or really congratulations not doing a one defense to quarter are the business? you brings spinning business, from a the question. me the

Donald Foley

off You it want to spin Howard?

Howard Brous

of cash, see doing because far of about from the defense business as You're but frankly generates $XX.XX? today question the Separate there's the methodologies far it SaaS business, SaaS understand stock, the you I exceeds price no job, exceeds value that. business several anything, business. absolutely a defense and great the the at the Karen, we

Donald Foley

I was Government a think PAR before. car business Matt it Cicchinelli, is the is also. President My great of job as the same answer doing

Okay. consider to maximize what And we and every can cash we will do SaaS will shareholder right our meeting from in to fuel The It board always business the okay, we government the considers, the do considers timing, business continue and virtually the evaluate we value. so. okay. generated investments to Brink,

Howard Brous

right. All

graduated about one, define Can for talked opportunities growth we Well, in kind XXXX? the to of now, a quarter, about area, is. next in of four market then we first me second back area substantial not quarter because with better months. basically slowdown. how let monetizing SureCheck. the nine SaaS mature you of we're you look QX Then, And the this going for talking the significant SureCheck, margins we started the So opportunities. Last XXXX what

Donald Foley

we're The working XXXX. for time our on plan strategic really is answer at that this

board We will in to the be presenting September.

investment I focus I've and Brink. the a we're really SureCheck, getting the market SaaS it. financials of work out Brink continue many of evaluating times, It's potential honestly potential evaluate coming constantly of but assure behind business The early the revenue it is the spending It's of for side. monetizing too Brink As vast the just to from far progress. maturity said is our SureCheck, market separate certainly that you, in resources to we're can the and before the based our we're the for quite on and majority we

Operator

Capital. next from ADW Adam Instructions] question comes [Operator Our Wyden from

Adam Wyden

in bit guys saw Howard. and the businesses. Toast degree mode up is a at $X.X a to by some totally Brink about I'm a follow-up super is little you of get include XX,XXX units guess, $XXX resources. why on is This bringing not sure, PAR, hasn't earnings is now, since on funding They I million XXX you're constrained that million, at probably inception that think million the growth XXX valuation the installed total we’re installed and I we committed units. XX,XXX you billion probably million. of been and the can XXX agree if retained I raised total

guess guys free was XXXX because the you the you It do on money a hope their as they their million up same and how has core narrow of growth business. at whole automotive and growth. not all level. my money SaaS some company it So core Brink $XX what your invested cruise unit to raised at is, at we're I to per business been and have valuation. reinvesting and valuation question box, from put that’s That's we that losing privately can been the money you sure money raising capital Pay the XXX the marker I'm or and run you million if XX as from with them to were from two if made of on GM disconnect Brink, math this, far at can do And business maybe Softbank and have their automotive XXX. yet, disconnect explored give mean, into aren’t, we the target year guys capital agree valued guys but get things. potentially time tell, aren’t XX,XXX future a allowed least, not you in PAR you in that at raising achieved and the to pricing still -- away my to backing behind me, maybe correct efforts I can agree XXXX from and billion the valuation it explore autonomous per into guys automotive kind resources backwards, I place far them. you not subsidiary I you at saw XX,XXX

of was kind gap that Howard the of kind saying. think to what bridges I

faster, installations I XXXX kind so I lot growth get Brink, how more moving. do thing mean mean, of the month get curious in than how I super mean, from B really to I’ve do a it's more capital so resources more can So think answers? we said a really because but to got we’ve your I grow to point I'm to and we accelerate to devote to important, do A Point we and here, get

Donald Foley

XXX We’re I'll their capital but you what have, have she'd would they that valuation. about said the I’ll like Toast. of would this say take take things sold to excess Karen, I’ll I'd has to I'd of take she Toast. in and pieces. X.X the two and about – like was present. believe and question interested Brian I it Adam, like believe in I always let million, of a say capital to do challenges I believe, you X% company, I a Karen let break you like which Bryan market to give number Bryan? comparison billion And just them the as address

Bryan Menar

question. the for thanks Adam,

of while perspective as the solid and You has mean, cash are continuous see the is flow say, we’re been continue to our see good space in correct yes, the been continue what we I as segment. disruption providing continue within and government space well, do understand I business as but always to organization and Howard’s brought know the going for always in have in there, those industry. for invest cloud we being assessing the POS capital to growth restaurant/retail growth out said, in the address helped that. the into That I’ll I the cash and also how the Brink into competition options but And up we’re flow utilize aware has to raise the we you to disruption that’s such, on we're of couple That there. operating a And for back space. a that those assessing us

Adam Wyden

are at away you capital in up it the of get guys you mean, installation. all and things can real on can sales do guys that same that growth people. marketing without So at as I board backing ramping you rate to you hard think clip additional I same and grow capital in getting without the you mean Toast Karen? sales and without mean, terms to seems think grow these XX,XXX from and that, more I XXXX.

Donald Foley

Let thing. one me try

I We and are hopefully capital comparison with on healthcare. now, addressing needs as our can’t soon comment it the

Adam Wyden

My only with selling agree comment hardware, be, I to selling, or Howard. I look, you would think government

I that, in term get million times extent a a Toast hardware, and to behoove try and at billion. money raised you've government, probably you that closer multiple. of for for Brink this selling you instead to explore of for think got would I'm you level, perspective, from can just holistically X.X that’s to cash high fifteen extent should at raise my It the flow not thinking that private but very capital I'm be $XXX to pure get I'm seems it play competition multiples, low it, valuation revenue can at the firewood that long software to like a for high in some sort valuation a

already I opposed leads monetize to than million, to of which work second XXX done may it's trying less which assets that sell is to valuations, as million, question, Now, but XXX at producing may billion, mean to be desirable income me it payments. at my kind not X.X trying be you've if the

the we merchant about So and ISO last I and call services. talked on an payments think creating

points, sized PAR and I is it, I this I or the or mean, module doing that’s is XX go XX but is I'm great again, is to the do to mean, what million, basis I and money Your – you opportunity. at Pay to it's me customers. $XX making merchant a entire get happy if back competition real the just basically on have and for mean, a money three to bps on you that, payments X.X I processing XX,XXX customers individual net two of times and of million. if or even, be EBITDA. it’s to customers, priority billion million billion selling XXX where $X customers them. are $XXX high still mean, value, $X mean, a a that billion on for I making half getting equally it, as do that's transaction get I you're you to of we I should if as of guys that? That's were mean, business. mean, XX your payments that

Karen Sammon

to good from hear Adam, you.

you earlier, tier competing. see platform solution are, segment a the We do market know, huge heavily continue commented the to And Brink we’ll tier the the Brink focused X investing what So, so. opportunity company on where Don and for we and as as C we're our into we're we to in the, X. up call, of we’re

stores and is restaurants individual which concept. So five over XXX,XXX roughly and above, XXX

Adam Wyden

of That's chains just the these are domestic to going by lot way, a get –

Karen Sammon

You’re opportunity and the America as right. does us an multinationals right move us opportunity and at so to internationally with locations. the working right give we're an in that That’s North time gives that

competing Xs. we just heavily we in more even Nobody the started right into our land moving done has with the so had the and There -- grab more with company the that focused platform the XXX concepts being that noted, segment. stores we move of stores only when and come and else and Xs yet. now, increase a the than success this, that we've we down this with and And are market tier see above. XXXX base, tier as a are with do to you as that the complications in fact implementing has about in invest Toast, is to to we it talked [indiscernible] Toast to footprint, market And site increase continue

Adam Wyden

Toast units. with XXXX Didn’t Jamba they? got Well,

Karen Sammon

Jamba. won They

them Jamba. we So had deploy to see

winning implementing. between a is there and So difference

Adam Wyden

a as by got happens to bought And way just Roark be which Jamba by the well, customer.

Karen Sammon

They Yeah. by did Focus Brands.

those with accounts. So yes, and are of we all working

you're absolutely right, you're So, right.

that organization, raised a you're have have a correct are we we lot infrastructure, much haven’t an And a we capital making service as move, so, of didn't, we we capital. organization. an they've have implementation because And raised they

in So because the have – business we been

Adam Wyden

and at I if off installing installation than they're right, could more lot going X I I'm mean, a per million, hypothetically, but like the million just I we and XXXX And like, is million guess that bottleneck point you're XXXXX we, billion, is, of lot we should has. lot SaaS, money customer XX able raise $XXX Howard, view is I having on away between a having million me that, hire your really could my in I they people, we is a installers. service of to my installers be to a But more right? right, not advantage from lot and mean, to mean, my and -- with think, or an have month. XXXX we backing units, $XXX at is XXXX understanding of units somewhere They a, could, because have XXX XXXXX Toast again, raise installers,

sell be I'm again, should able crystallize neck is I'm Toast get one low we’re and business XX we've two and valuation. low hardware, that's huge XXX, we've million and real these thing. and would saying all neck huge people million then and and not and solve with of greenfield go trading one Brink assets valuing company sized are some we're it at mean, market we've XXX have a to I medium where a and is Meanwhile, would sales a small we this entire prices, mean, can that and very people that's saying, huge we to the estate, got us So effectively raising marketing financing have mean at attractive some And I to marketplace. for payments? dollars allow business do government got going in very venture SureCheck. a got of our Lightspeed, valuations. worth the I this on we

we and by Cruise That's kind high to argument trying really way, that and to say thing, on mean, a assets I even terms, we is Toast’s payments trying inside a yet. mean, that we stand able it you're a was when processing, monetize valuation multiple think we is be combined merchant against this use like I be discounting implemented as of payments, on SaaS do at payments multiples low something I private too. capital on getting I'm also a asset that even the I VC kind again, So, mean, haven't subsidiary. where of I Howard done that? of should the have style why to

Karen Sammon

Yeah.

because are participate in us payment but our part – a point, at facilitators. and risk So will strategy we concerned and to like in we're and retail to not we and is that far they last and They it higher terms are And rates. Toast as and focused enable comes quarter, a this are a cost that become are said, with have ISO. able tier is negotiated revenue a that of retail referral to market, it partner as looking ISO, better generates as we are the others X,

Adam Wyden

to it the more that. needs the to even go raise it reason rate with sale thing to want venture question the move competition, XXXX. merchant provides the in forward Well, attractive to capital to are is, if with is, capital with XXX million miraculously and got units, b, relates $XXX Against you you've get to taken them, need to be it line and like to as build because extent capital there you more the on of that capital competitive. points at and processing, scratching thing, same the I of brought am and business a, kind to point cheap SaaS very theirs, all look, is kind to is the the close capital Howard I this capital and everybody of think head, of mean, was say, that's we else I like of you kind guys which it their

think to win of point needs want of got where in but I now we've it you’re and of on what to I lot going amount are up. point think but us got we've I at have be have there's but grownup kind to now it's mean, of turn competitive, payments think done, put this. we I you Karen the the where have with the done, because really we've have buying remarkable capital. kind to really thing, into got a I so of all And pants impressed guys this think what company really to kind the at the winning, can best and you it's I And money enormous think product, money you of and spend

Donald Foley

Adam, we're listening, Adam.

Adam Wyden

really kind guys it today it with valuable why of sell level for Howard it do SureCheck, -- you're get the of that got, some kind of value, selling curious bucks listed I’m but McDonald's was thing it, mind was your said it, just or more if be question, inflected? such big has guess has futzing high because I PowerPoint of Last share, with the clearly mean, my I flopping of you Brink, or assume, think you something initially they're XX is bigger deck it in in you been would more terms flip around a I and mean, is, guess you kind I I there this around is, on and doing something changed many you it, selling much you're I futzing Brink, kind asked my that think piloting. you I there so know than investing have question as lot as it a but that was now? for someone but question of it's changed? kind about you not to it, is customer. could as it as not mean, clearly, mean has million TAM this, could resources

Donald Foley

are we in is, answer One pilot. a

Okay.

it's we're constantly adapt a is, just it. The second evaluating been slower market to part and

last call, task we’ve certain -- believe I We've price XX.X basically basically food separated the we on digital separate have in to for be mentioned I've our competitive points. version at safety, As modules, for and modules management shareholders. the Things for we looking we're maximize and at okay, that where where and for is, we're within market stand it's of we -- how adoption been returns Internet reevaluating, market

in do that market to hard that's very it's immature as a is. So, as

Adam Wyden

XXXXX to Guys XXX,XXX, the get lead would there to price just know I on. backlog I that's doing you’ve to going XX% you you Okay. in sticking you XX that book do said pipeline anything Five the ever [indiscernible], still to up XX,XXX your question, you're bit your I people mean, confidence seen. but getting the XXXX for XX kind give installed mean, bookings see of XXXX, Arby’s can more you see that guys those and done the or I are got And ridiculous you I mean, that I you've believe numbers, how really integration, XXXX insight mean, right, is stock of last and you to do, it XXX, if of XX%, in building? XXXX. is because and little talking you to level to XXXX days. a most that's this not we’ve stuff is into of be

Donald Foley

all at stages, XXX,XXX engaged leader are We a we in. of okay, market we're over XX% that’s with think that

that's today, And okay. Okay.

them. going close So to right, XX% mean, all is we're number. of not my math is XXX,XXX big I of a

Adam Wyden

of if you'll lot you too, so domestically, do a those And international? well are them get chains big international

Donald Foley

number me, with of investing think customers I'm it We're Adam. an delivering, just confidence. we're we're -- -- I'm very know getting, our are pleased you our lot really awful That very pushing. gives we're it, optimistic and with I -- me in what

Bryan Menar

as right, we’re the right, to more an looking is, to within market of look still that like the higher adoption early seeing closer add so itself, the probably starting just at I’d to that believe more in we at into move And Adam right, it's adopter we teens. phase, forward it

looking about And two three is something that higher that As be actually adopts regard yes, to next over sites, is at about share, we we're that say correct. the That that domestic. will to -- talk in you're addressable That there. years. market what market XX,XXX XX%

invest So, yes, that the is make wisely a in We're there. regards on opportunities be forward able properly going the to still next, us, we've our your to still on pursuing sure within on with radar. X.X years, are call to it, to that we point, activate got To that. out that, let’s XXXXX

Adam Wyden

warchest guys which you need, want now I a but becomes, financing service look, be and implementing that a once. to more McDonald’s, be the Arby’s per be a be go you kind look things and think. SMB, you've admirable a to they're -- quarter because I would and Toast, to able they've done is to question celebrated you with resource Five be it’s easier be the did with you've Subway, able with much better XX like installs I bottlenecks to XX XXXX guys you think as to know I at implement and XX, they've XXXX it these want XX see shoestring. XX, want XX XX large and or do this just and at a resources from not that, implement things a funny, they've say, to look, better I I I'd you but see like it’s customer just and on installers more done to my question did XX, greater. much Right. same look you on access you that a this going than big money XX quarter monolithic shoestring, mega perspective, done with I would to it's I to it's And enterprises, when something I five can rates, million from Guys installs XX start payments, and is, you and the to from from clearly mean personally should of like guess point doing it's at able able you is, done done on don't want but to scale SaaS, mean, is you and install. think XXX on comparable you to you I a to to XXXX to

guys I so add got so we all to should just, make and I’m you enormous you be sure have an the we can best opportunity that attracting competitive. capital that's should So capital, that understand and see of industry I ahead want products, amount we the saying. to we've I mean, that a wonderful you of -- so we

my everything, I and it’s I right. payments, think that's point, it’s mean,

payments, accelerate going very can high very, you're So whatever that's to so very, you devoted I installation accelerate your very, returns. to and think guys the to resources adoption unit to get going Brink, do

Donald Foley

you for your Thank insights.

We’re listening.

Adam Wyden

you. Thank

Operator

Our next Riley. from question comes Brous from B. Howard

Howard Brous

what both From Adam operations. from Bryan, a tie to memory, from ago, I a minutes Is are my Just flow correct you from number? that saying. few of bit and said ribbon a a around you generated cash $XXX,XXX

Bryan Menar

Yes.

Howard Brous

what flow the There's the do to very of what can out. doing. do think With That's you is question possible is no that at high and $XXX,XXX money about you're how point. of from cash very we operations, multiples

Bryan Menar

Understood, Howard.

Howard Brous

Thanks, the Don. on quarter. Thanks, Karen. Congratulations again

to forward next one. Looking Thank the you.

PAR Technology (PAR) 12 Aug 182018 Q2 Earnings call transcript