PAR - Earnings call transcript Q4 2019 | PAR Technology Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the FY 2019 Fourth Quarter and Year End Financial Results. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host. Chris Byrnes, Vice President of Business Development. Please go ahead sir.

Chris Byrnes

and [ph], Lori you, good afternoon. Thank like for PAR’s also to results welcome call the to today XXXX you review. I’d fourth financial quarter our related Form of be furnished to afternoon The results X-K well press SEC. in as our disclosure this release in complete as the issued our found can the press see details, the at Investor access the financial site To Relations www.partech.com. release and please and news

our should details time, Participants will in to afternoon of aware call regards on playback. so the conference like use future take the the please this broadcasting a and conference At I’d are recording. web, if certain of this be we advised today. to call the the both you call recording ask be worldwide be that Also, live care we available be will the for it question, and any call are it via in included

this reflect on includes remind to call forward-looking conference like available that statements currently participants I’d based expectations data. that management’s

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

Officer. me the PAR’s Financial Joining Bryan Chief call CEO is and today and on PAR’s President, Savneet Menar, Singh

portion of which turn like Savneet? to call, the call formal over the now remarks for be I’d general Savneet followed to will Q&A. by the

Savneet Singh

you our quarter today discuss good and fourth for and afternoon joining results. Chris, to us thank Thanks, everyone XXXX to

took everyone the on chain. supply the proactive and business and event step previously disruption. accelerate the want pulled purchases concerns I the potential the a forward PAR the spread supply and equipment a to of minute with, virus around To there’s ordered monitoring Coronavirus and in trajectory like in outbreak. We closely a inventory virus’s are Early impact our begin take

their in of a accelerate longer strong believe event build vendors timelines use a and We hope push inventory safety term to capital to of stock. an smart continue We building a to disruption. potential is

This change Second, any but any plans we have change in yet. impact expressed our experienced at time their have customers not could customer any not to-date.

We [indiscernible]. will continue

all impact and in close of on and monitoring potential suppliers we’re with Finally our are business are our contact partners.

in over We current site their of concerns. to continue and strengthened invest the have given employees the safety our

we our we’re Now to our focus operations. end completed impressed acquisition each can pleased positioned To software in in expand wallet Restaurant organizations at of team of pipeline We’ve and now their with, that both bring restaurant better to the space. Magic to what been and other. begin and quarter fourth QX I’m to the Magic report the continue excited to with the are Restaurant about

to and quarter the a loss a $X.XX in net of our This a per last primarily per XX.X% year, fourth was revenues the product of of of in with $X.X loss the review fourth fourth million loss reported in and associated in to the segment. the $XX.X million in quarter $XX.X $X.X afternoon, a million due a quarter. increase share revenues increase. net increase and a year’s XX% revenues X% government to of Now share GAAP million compared to reported We last $X.XX of loss quarter. GAAP company fourth increase quarter This

in million loss of and reported our are in $X.X loss $X.X non-GAAP loss net loss non-GAAP $X.XX million compares $X.XX last to share release. a a a non-GAAP of a per basis, adjustments The of net quarter. we and share this On the per detailed press year.

from year Brink as XX, third of and XX% a million number increase ago. $X.X is of for was December the segment million review at increase QX our invoiced growth an XXXX. being performance. quarter. to restaurants built from off the end Now of And sequential ARR million $XX.X $X.X ARR

XXX completed new we implementation quarter the stores. In of

quarter New the XXX and bookings now backlog stores. X,XXX in sites order totaled at stands our open

enterprise with The most booked dramatic are a being correction is win procedure completely outpacing opportunities to commitment installed. restaurant using. stores store the been to innovation. and competitors number due correcting in our the competitive reputation and increase yet orders the had open accurate to we gives previous continue of accounting We count in This

[ph] of hardware QX the number of delayed quarter, from order we and product stores QX could the due a in of their bookings September to previously note sourcing It’s at some previous that in stores open a XXX. also rolling issue. end Update improved to count number our significant installs important that anticipate to X,XXX reported the during very out

quarter, challenges for from a the complaint acquiring impacted we fourth bookings specific During that had negatively and our suppliers our the hardware installs quarter.

for those this up signing that happy and and resolved our have consistent next additional I’m more be a ensure we’ve affected in report the two chain we’ll quarters. issue to suppliers with customers supply to customers engaged

progresses. as to our to experience for demand continue accelerate this We solutions XXXX expect and high software

on since Regarding X.X% and rate for X.X% quarter an The positive the lowest is a the of X.X% all quarter with churn, we’ve XXXX. the churn, a note for we ended quarterly XXXX. reported of annualized rate

restaurants higher by that a call, complexity table our immediately X for That module ARPU our addressable their As service more will of businesses drive ending point more Traditional more quarter’s rates. we’re on fees table market we over did sales Brink at will service solutions detailed not as times. are solution software subscription require complex. our last introducing higher enhance

multiple Unlike is of rates fees ensuring not. will model of will PAR term will quo other secured approach table what taking pay and payment and status transparent for understand with simple, part the common be payment have in Restaurants to challenging payment just one arrangements. picture with services processing. Along to contract vendors pricing bill introduction clear limit what PAR of is payment a by the processing processes included services easy guarantee a the the for service the hidden restaurants other

be is many hope Our a in to market sheet with filled clean the overcharging.

to We’ve PAR’s feedback early years. a our to portion been business payments be coming substantial grow in expect the encouraged of by customer and

As integrated Hardware XXXX a and revenues. revenues attachment significant grew Brink from operators. our PAR QX, we owners deployments business as includes our solutions continues XX% associated with by of hardware platform be and lifecycle company, almost restaurant support to valued

to and Now business. review our hardware services

our strong growth Drive and in signing been new Thru older hosted recently strong performed our QX, takeout and expectations partner acquired product the is our business development in service with event top to-date. we relationships successful built areas. Our in businesses Communications team the better customers. We’ve were than business innovative driving that able In extending to on renew in large resellers. and new we early We’ve

and solid seeing out We’ve successfully from away Brink. and the manufacturing with the Thru with building opportunities and intelligence artificial XM partnership surrounding transitioned future Drive we’re progress in

core organizations Tier the account industry and Our in clients in some critical companies. and delivering our business among large continue X is team world’s to largest be restaurant of services strong our relationship with strategic leaders in hardware

a Stepping built I quarter, to of in out R&D Brink newly growth. confident will the feel and lead that team acceleration investment management strong continued our

bar product, significant member operations. for has seeing in team team raised While us improvement we’re the new of sales the long every and of not the our together has and been rest

Now to our segment. government review

X.X% in Our XXXX. QX, increase revenues compared government to business delivered by evidenced a the solid quarter

of million. end was backlog at $XXX QX the a Our solid

behind driving in one-year business was ISR Our a Intel the solutions increased revenues growth force ago. XX.X% as the quarter from

and confidence have a for We base our backlog improved a an in provide XXXX.

contract specifically performance we high Intel expertise We where excellence tech known continue and include initially business that over contracts our to leverage our see in more within work can contract added solutions revenue line. opportunities value directly

Bryan believe our reviews to PAR I framework out others is may in we impact the Before outbreak. thought if on laid why potentially better quarter. be the withstand numbers of a it Coronavirus I helpful positioned

heavily been First, continue up performs slowing likely market. to these and market and casual generally to fast be historically This tend customers market in weighted QSR concept. economy PAR shift towards as better will customers has to

to to models franchises more - mature these their tend - addition based In withstand recognition. business businesses brand tend be

will the spread for potential the the spend. accelerating need there’s digital highlight drive and Second, of thru virus’

the labor for managing cost own of need new which to and avoid all will to while As highlights likely investment. This find in customers service continued will to need serve their traffic, of ordering technology restaurants priority physical delivery pace Moreover solutions. online We as point Restaurants consumers all to environment receive of higher we attention. think of should this supply drive suite in this chains. thru product. table dining, way benefit part increased expect modern and sale a restaurants off-premise slowing become

more Third; valuations many attractive to to market. [indiscernible] targets in we become potential expect this

in feels It are who expectation very PAR’s seen in to bench favorable into of high the specific the point During not become Moreover more entry is around. next businesses year we’ve of will deals. on several and materialized; position last a sweep restaurant more living a valuable. the the on PAR position as quality

with for closing, growth macro our long-term occurring business. that on a all is In We remained enable sustainable basis. on that the opportunities focus

solutions accomplish to by delivering our create experiences expect innovative engaging We modern this team. by that exceptional for and customers happy technology field and all

to Bryan? the quarter’s and we’ll remarks open and I’ll call the financials call to turn my reported concludes Bryan a That Q&A. more over now the formal on detailed then for

Bryan Menar

details take this fourth surrounding I like some Savneet afternoon, to good you provide Thank everyone. and would results. now additional to our quarter opportunity

reported we million revenues from for up $XX.X in the stated, of XX% QX, Savneet $XX.X As million XXXX. previously quarter reported

share was Our XXXX. loss loss $X.XX of versus a a or for per million $X.X diluted $X.X share for QX, loss million diluted or per a net quarter of $X.XX net loss the

segment favorable support reporting an Brink related quarter-over-quarter of revenue revenues Operating million XXXX hardware the segment, performances of $XX.X acquired reporting line. Our recently for introduction POS QX, $XX.X product growth $XX.X million in from increase continued December for XXXX. XXXX Thru reported segment. and QX, government XX, of and including million and the retail $XX.X X% SaaS million Drive by primarily an increase XX% the driven were for ended restaurant services reported An year from in for

October, for divestiture of of of the by month million for for for acquisition $X.X end related million $X.X for XX XXXX. Restaurant post for to the period QX, million retail quarter, Brink to one revenue the Restaurant days year XXXX revenue and $XX.X line prior $XX.X revenue of business end partial at SureCheck Magic a and consisted close million

ISR, ISR, QX, million revenue for by retail was line million for $X.X and million for to $X.X $X.X and business for for Brink QX, million XXXX for $X.X Compared business SureCheck. Government of for million product for sales. XXXX Mission line for business $X.X Restaurant $X.X line System. million million XXXX Systems Mission revenue million for core, consisted $XX.X of by $X.X QX, by revenue

million for to compared was Product up QX, quarter XX% revenue XXXX. or the million $XX.X $X.X

the versus Service up as recently drive $XX.X in increase compared were to primarily Our hardware Brink to restaurant segment increase or in We sales $XX.X up quarter acquired return year was of $X.X million by million assets million the $XX.X as annual in mainly $X.X with QX, And X% in compared sales a XXXX XX% to revenue compared year revenue driven million due XXXX. line. million Brink QX, to hardware million XXXX. the product increase Brink was or SaaS. the prior finished the $X.X of for reporting retail of $X.X million XM’s in thru

continues backlog million from revenue increase total X.X. QX, and increase compared as ISR $X.X up to as in government be $XX.X $XXX our XXXX over XX, said business a million was million XX-month as our contract million by December of driven was X% trailing backlog Savneet $X.X segment book-to-bill or healthy, Contract noting line. of This XXXX. to The operating

peripheral in increased was margin $X XX.X% quarter. hardware for XX.X% partially for as margin to write-off a unfavorable the QX, improvement product GAAP the Non-GAAP in XXXX. was The compared performance in XX.X% QX, quarter in as product XXXX. by due compared margin of to regards of margin offering sales in result XXXX to mix was QX, QX, XX.X% In SureCheck to offset percentage primarily XXXX. million for

$X.X was margin for The XX.X% compared margin XXXX. was due XXXX. to XX.X% Service million in QX, software improvement QX, in impairment quarter to for SureCheck primarily service the in

from [indiscernible] to In was XX.X% primarily for addition to a Systems mix strong of business quarter QX, in compared result XXXX. to QX, XXXX margin contract X.X% in as margin Government The in at XX.X% compared Brink XXXX. quarter SaaS. The favorable margin was Mission due margin line. decrease the in the offering to a non-GAAP growth was QX, as our

based partially marketing offset operating expenses, and marketing. Brink additional equity GAAP compensation increased related XXXX. versus in China sales [ph]. Now SG&A adjustments $X.X and investigation and for QX, $X.X up QX, The and $X.X XXXX. SG&A incentive by versus $X.X respectively and million as $X.X conduct equity Singapore $X.X $X.X was million compared to SG&A was increase due Non-GAAP QX, million sales investments of core to POS offices million decreases QX, in and XXXX to million $X.X in million compensation down in million million our was for Non-GAAP to XXXX

Research and of million. driven expenses increased were million development $X.X $X.X $X.X by development versus up Brink in XXXX QX, million investment

XXXX. for information XX and balance XX, This company’s Now the receivables in year compares net $X ended working from cash increase increase operations to to late activities loss [indiscernible] $X.X driven position the transition. flow provide operating on million addition the capital December with needs primarily used was XX, months resulting in operating cash for ended in Cash months to XX net in December $XX.X XXXX. sheet used million in in tied million of

investing XX, million from XX the months $XX.X used December used cash December XXXX million ended for ended XXXX. XX activities the for of versus Cash months was $X.X XX,

million During the the ended divestiture for months received Drive cash of and December Thru SureCheck XX, acquisition, Restaurant $X.X $X.X $XX for assets. a million the we for million of used XXXX the Magic acquisition XX

XXXX XX platforms segment the December the period we in investments capitalized software In in XXXX. same with associated XX, in months with line million restaurant our $X.X and retail cost ended also

of cost due ERP with XX our December for decrease XXXX were ended implementation system infrastructure. CapEx cost down months [indiscernible] new a million Now and $X.X associated million the versus the in IT $X.X XXXX to XX,

for the notes was by $X.X Cash issuance acquisition. the of provided increase XXXX million the from cost year versus Brink continuing ended under year the December primarily financing the activities XXXX was $XX.X ending by credit in to related December conclusion from the operations final partially for proceeds offset XX, agreement XXXX. by full million driven payment amounts and repayment outstanding all The of net XX, of

December As was of international to million restaurant a operations. $X.X million from million were was between or $XX.X XX% receivable $XX.X compared $X.X domestic December three times turns XX, a and for XX, from $XX.X million Inventory XXXX and balance million. of The million of XX, $XX.X decrease four million down and retail increased of Accounts times government broken XXXX December XX, for inventory September balance decrease XXXX. XXXX. of $XX of segment receivable segment

receivable ERP XXXX million. XXXX. of from XXXX outstanding receivables the December days days from December, increased of day sales as to towards accounts result the December retail increased driven retail the Magic XXXX waited as timing due to experienced additionally, day by beginning of of XXXX days and as the to restaurant as increased the half segment increased versus both quarter. Restaurant of QX in by $X outstanding XX as December days timing. in XX increase acquisition invoice XX QX, The of revenue segments second quarter was the sales XXXX in operating Government in a the of ERP migration Restaurant QX, XX

remarks. like call over to the now back I would Chris. to That concludes turn our

Chris Byrnes

Lori Thanks [ph]. Brian.

now. I think we’re ready for Q&A

Operator

ask question. [Operator we Samana have question from Instructions] from Please a Samad your Jefferies.

Samad Samana

I your I should technological of better like volatile about we of are during guess to how on like how during behavior Just advancements or during about But us this? I thinking know maybe customer you bit help understand kind can opening, we store broader times on this? store maybe call. the touched maybe, little think environment closings just about prioritizing a QSR maybe a How time if double the that. click customers think kind should

Savneet Singh

store been our have know customers plans pulled rollout. their tell with yet you on far Sure is, are told tied I and as or back their of so and much think not with new know very we two you can I as us we’ve all us plans openings to

helps being So us yet QSR think, we of I I haven’t it probably the call. impact the and premise quite In seen there. during as mentioned

pool there’s might so of others it that, casual shallow well. in a that could, that QSR happens reason it shouldn’t resilient that where fish I the we tough no fast good more that given more called that if and the we customers I think be analog be in relatively during think a bit than both very be a that serve which [ph] is saw you time little XXXX, resilient, we

But to Second, I that think, restaurants the restaurants. QSR thru it’s focus virus those clear every table with of labor, to a and too point eating, significantly native system. be forces to a required traffic ordering, drive drop it service boost off to think restaurant that management potentially should modern robust online I digital and deliver, off-premise all of initiatives around inventory sales have plan delivery, third-party ordering, restaurant

global truly I because helps will I prioritized. think So recession be definitely offset nothing still I if that. there’s it this a think mitigate that think spend will But

Samad Samana

you’re Okay terms to recently a or side a now impact I that at Savneet that’s, maybe a that quarter the company curious If that’s with know of of noticed I on dealing helpful Yes, us. know little it’s well. I’m larger investors up any brought that’s filed permanent some especially question for had you, and as weird the itself question, had the then. bit I employee you’ve if contract but that know in a company type that customers. anything enterprise when has during

that, the type that you’re any know Now of and that how long they [indiscernible]? has that haul somewhat has at

Savneet Singh

to of a but all-in knew sort employee our very team, that and No, I committed the is think customers I’m our journey.

anything than to So the seeing more else. I think [indiscernible]

Samad Samana

- just care. it’s so investor an Okay, we

closed cross us give that maybe been With feedback last acquisition, about about and customer now maybe an could know for different update the months? company Magic there three strategy I talked the the acquisition the the on you selling initial quarter. Restaurant basis has customer

Savneet Singh

Sure.

been [indiscernible] think fantastic. has the So I

a the think one we’ve the are from find roof many and I and two the and of that that I restaurant most important continuing sales reception vendors think their their the so had point products to challenging arguably really driven managing of customers. our a experience time trying strong restaurant to office they under ways back are had a organization. to simplify having so lot this it liked think new so simplifies organizations in and They I

to going As it together. of sort relates in

very But of the think customers Magic and winds work much We without nice looking question we’re look customers road. those for able going forward seems of Brink really some sharing pipeline have sort I to down together a working a number always of the to us joint of Restaurant been together I side. the of referral are the to teams and after to and are the do, speed increase closer well

Samad Samana

like Great and think sheet? for company opportunities last type about being in on we should along. maybe Obviously strategic in in I one I’ll a about M&A this environment? we healthy traded that of times M&A me a the with a one pass did then few there’s and then maybe dislocations. the How acquisitions know baton year company PAR How publicly this maybe with opportunities should balance think XXXX.

Savneet Singh

Sure.

So M&A place. market. fantastic from of I capital raise, it an We we’re I a the think completed raised close peak our to think in perspective the

us a M&A and really think that more to our restaurant side. balance on the the centered that that. opportunity accelerate wallet comfort own which share there’s gives of we’ve investments transparent we’re So the We’ve making been of spend and this more a for lot aggressive continue great should we be software of potentially sheet, to us

to gone swing that taken deals be of dozens and have at looked on a frank deep at. We’ve love we to

this to gives to we’re a I more be our very and think some aggressive for think margin do be and it of hopefully to really never competitors to think, with could the not which I safety some deals that’s be down of very, bit, cycle were really into. more I so just at VC it us. the will all in opportunity financial change these us but slowing get competition situation beneficial for challenging multiples believe going I given in

Samad Samana

the call. questions. my helpful Thanks I’ll it again really that’s taking my and to pass for along peers Great, on

Operator

question & from of ask your from next comes please Your Faruk Ishfaque the line Sidoti Co. question.

Ishfaque Faruk

[technical First of going add think due the or both do [technical around forward or to difficulty] off X,XXX all, difficulty] Navneet current [technical have situation? so [technical might difficulty] difficulty] expense you

Savneet Singh

cutting question. Ishfaque, but you’re I out, the it think I know

bookings question X,XXX expect do there we the around the we I be quarter? was, should still going directionally hit to think So forward. for

we QX, wouldn’t we said a in transcript, that hardware hardware have component in that As well passed not we had the for component it’s number issue. issue

determined a the saves we’re the the in year how think lot two and has our macro up, there. much I quarter impact quarters of But we’ll on obviously by weeks see really environment but of hopefully the so us. big

year. we the we’ve doing. hit. like don’t we of the to I I’d very broadly we really I all know. back continue where of said along feel say short-term We been as along, for I confident year, what we feel sort as think half tug the But can and extremely But confident about confident feel

Ishfaque Faruk

Got mentioned broader it. [technical current side, ready the on timing a served are difficulty] And to the guys of that table for more table the serve you view? environment you put

Savneet Singh

hearing timing Ishfaque, you service? time table I’m having but, is of the hard question

Ishfaque Faruk

for rollout. Yes a broader

Savneet Singh

so. it, Got

the where the products, point the away from team. probably gotten [indiscernible] rollout. still We’ve couple broader about the to a We’re months

we And customer organizations. extremely with it to some We’ve we’re them. years then confident got we’re mix early feel organizations conversations been table so, you so sort This traction, very, of about as can and revamped large service think of we very product work going selling with years. that and a and of for is out in couple it of

customers product as in either by or channel mentioned entry do of pushing a really large but really it’s to was at our still that before, our lot the doing and we of the partners requesting table what us. early feel us So very service in we’re and confident we quality driven

us. we So feel, for it’s exciting very

about of traction. beginning it We’re the just quarter hopefully can and we talk the next at

Ishfaque Faruk

Thank you.

Operator

line question. of Adam ask Wyden ADW comes Please the from Capital. Instructions] next your [Operator Your question from

Adam Wyden

it’s interesting asking think an we’re Yes, time of look lot are that all I in, a people questions. Savneet, so

over couple of It are a I not. think kind it’s last journey we we’re years. of started, where a where long been we like pretty the but feels

and guess is making to exchange are restaurants a going install talked no question of short saying people SaaS about to my open, out in are not money. I that, any not any In lot and the if for they’re So past hardware there sellers is one you software you payments. giving

these our some evident, channels And of recently. couple of a became have contracts actually signed might you

You’ve balance got sheet. this robust

I mean can people. you at some because seems talk a it of that you bottom accelerate little can bit level how kind the about I mean deployment. [indiscernible]

discounting it. You giving the you of the said I but neck people the are of about hardware, other the guy to doing sometimes about backlog getting like your get the gives kind peers relative you SaaS hardware, your couldn’t a for in got terms in and exchange is you’re the that maybe hardware confidence initiatives you talk you in to what pay hardware. talk the are people bottle how mean payments saying? doing for little Can bit that

Savneet Singh

end a customers. advantages payments Absolutely on hardware creative of the payments one I’ll is say having reasons tailwinds we’ve get to back question. you there’s that, first feel a Sure. it. more to that if But industry. room built and to it to Obviously happens, be pull is your the the module, to happens. the how there’s some allowed protect through structure you from see we out some deals it business We specifically if

we we’ve early customers what in the how table our recurring thought, so in payments a building by growth revenue hardware our buy our can even service some to stream so actually new our is I needed never that very flexible particularly market and we our price on larger have back the think pocket the ones out be kind excited of been we tool conversations just have on of, have it. that, it’s would a by we encouraged And conversations and been who we in it accelerate in more

Adam Wyden

would going to in a where ask this And are never me [ph] restaurant a restaurants, world eat; are sorting even if you if restaurant slower allow I not when that’s question, X.X, everybody cost is you take get to business this to take don’t Let that and props opportunity you this down, are are earth, delivery be mean, homes. down. going to even people know have they go, more going on to sales mean software again. cut why efficient, if saying but are really going it to the at anything because the is I world you sit we taking cost go hardware. if doesn’t the you and to people the they’re sea end to your at cost less. I effectively People only people Brink to their day, of you your you’re the go mean they SaaS, go it’s the not

or a to not down free in product I’m mean trying a silver getting bullet you’re heavily would level. you mean and And take on like, some in the so understand It’s I I going only my to if a just economy. like why situation question to sales. like, potential efficiency hardware you’re where you seems that. that is bolster the

Savneet Singh

high. always is Brink for ROI think I

I all want, deliver. cost haven’t investment that online ROI everyone they even up, not account, you go they they I is was to I find having continue a want that wouldn’t restaurant your restaurant until not drive creative think it will having pick given that deliver your maybe higher. not ordering, if third-party think Not having way off-premise thru. operator, dining, to now, manage having they not about which yet, to to talked is want a make done to what hard

see you’re the suggested, as you pull but there some them hardware - it’s yet, are we I we go for of as and think hopefully it offset business. of it’s all certain the think why back of going cost revenue haven’t as or will times is I I there’s economy that think a loss spend, a today it’s invest one that customers can small which all of down areas as into trajectory. and but I mitigate is to I going to brainer, expect This we it a continues virus areas in at off after you’d back to some this as if this think no

Adam Wyden

I to party guess counter part, if come the you I them. which it That like of the just from same to day end closures, stuff on cost risk that. like, preclude comes if the you’re guess your I back I down mean doesn’t at even look still just and doing it like in on guys mean implementation mandate anything like it. right? will to really I government investment point restaurant is wouldn’t do it the making to like were

that If hardware give if the to adjusted stay business like it But in big doing like to you’re and get I pretty revenues. mean, good return. them seems they’re chains business a going with risk going right the you’re

$XXX that’s around about know balance But I checked I I’m comes probably is, at $XX. do is my going The Which next your million. map. which XX.X convenient net of million call store what million. your question, at talked is? here just to that XX debt $XX what to the the We I M&A. mean times it’s I sheet. on haven’t converts don’t $XX stock measure

map, million hardware $XX that’s previous envelope worth thing. and least kind Magic my the If you’ve least at got back least and the Restaurant at government XXX of at at XXX with and

paying You around on XX which ARR were you’re two means than for year exit less supposed ARR basically times the Brink. to

ARR. a buy bit little is map. there can you with at mean and seems times play this unlikely but numbers that can the anything that we I around it Now two

of this rewarded taking maybe bit the the and sellers us to a I is pain [ph] as mean is short kind outrageous a long-term Cooper Lee and to So be of I kind for this shareholder. journey on call, the are taking giving Windham like but [ph] the with you. little want getting and

you we’re mean moved you’re compensated that what going the shareholders going and I for mean type days what thing do are mean I say probably family your for the journey. I this I us four I of XX% make tomorrow let’s XX%, a to zero. sure market you you do $XX. there. Because trades I a being is down to day for up know down everyday. initiatives. XX% stock mean mean

got comp package. this You

the what want investor confidence you’re and You us going with you on protect us. can rest to I of that the really being give us make like journey mean reward of money kind to you. for to

Savneet Singh

continue we at we I plan to Obviously, to reacceleration make investment suggested. right thing with and growth so looking our execute do can is now. as Brink, having active very the opportunities best and which our is continue Brink organic The we’re of can

so we time to - our moment take we advantage that competitors I during I so of aggressive time stronger than think And year. I guess be at want which, feel just this and of this in think

Adam Wyden

While repurchase. I was talking about like share

So right the now stock’s $XX. at

say and under I of you by third. have Let’s at sure a you it do do mean stock mean ton put head obligation can the trades shock I’m an right your double say $XX. a raised I I money; share bell mean dead. market tomorrow moral accelerated now to is you’re almost you repurchase it. a basically Right.

Singh, PAR on. Technology’s worth You’re dead. Savneet you paper aren’t dead. and guys you dead restaurants printed Restaurants the are that are

fortunes to buying fear. my get And made that is question you

do doing confidence are repurchase this share accelerated protect going totally $XXX not like putting so which have a business are an in be at and this it are the you $XX to And $XX million because just shareholders what $XX. stock stock million $XX you $XX, you to at we raised tomorrow is could why

an confidence If really you have the backlog, obligation. in have you

Savneet Singh

buying create that doing make return stock making obviously staying maximizing keep announcement. doing acquisition I verse and we’re we dollar now would every look value and the to how our look sure we’d we at verse think course. We’ll opportunities $XX in constantly the valuations we all of back in would with shares at, get argument,

Adam Wyden

at like Like where very you capital is two me, a you but mean Brink if when I can any is my get and it I’m with revenue. you times, times I These cost I guess know need now this. to trading it, M&A two of it you’re trading prices you’re harder feel I question like at guess to going to right going when doesn’t M&A you do seems like,

So question my is.

Savneet Singh

I of price of cost Yes, part capital. you many think, dynamic of our in understand I ways we agree our we with totally is and the share understand.

evaluates the or into week two what’s to a while company we’re so, create best this steep the so decline And and value. way shareholder

is stock stock we take with wait would I out We’re it think that. constantly best that price it. options incredibly against $XX will need team do we and invested and of whatever is, we other behind with to But out The we seriously. the there have

Adam Wyden

even some mean times thinking paying like at myself; think and Brink mean is you it’s tomorrow. I’m I I two two about know know you’re it. it’s for it on today. to saying don’t - look Yes, like $XX I’m time revenue I But I where level. $XX at

the I But my bodily hardware accelerate up is, should that so you this them question shoot guess spooled virus of in that to like where look, is look have think just issues it’s any right saying tech were on all mean the debt, do these up, had just time you of kind stock things drive are presenting and all. humanity the things payments, I shoot we terrible. solutions people to the types with an things question now is. the harm the world, growth wish growth engineers. organic I can we like I spool the hospitality and you can like all opportunity And it’s and know never

Savneet Singh

be I think we’ll So listen, an that be there’s we to exact perspective opportunity, talking. have aggressive

in that that we’ll a to lot continue think shown year we’ve that. done last do I we’ve the and

Adam Wyden

honestly. look, mean I Well

Savneet Singh

and obviously we publicly publicly about really and it say it’s can’t we what limits it. And I on say so can all can

Adam Wyden

kind opportunities Right. an you can XX, market doing it’s that Twilight obligation I this initiatives. job this, progress, just the to And a it’s these make of squander very shareholders. all years, look money of think just a Well insane like but to opportunities. the types you gives the the the of CEO’s can’t lot not I but of in great there’s so. if and we’re with just fine. going It’s tell side have take all think like when you like but of we those - you’re other of it’s kind we’re three to last that’s all of happy kind reflected I’m you so this Zone. on Okay, made I share kind the counts in from XX

Savneet Singh

this We’ve thanks another we Adam. continue Okay, and offline. got caller can

Adam Wyden

right. Yes that’s all

Operator

[Operator Instructions] your next question is from [ph]. Burian James

line Your open. is now

Unidentified Participant

there’s about a for it’s could understanding give make PAR us Pay low color lot you hanging quickly. money because little fruit that of a lot of Could my

Savneet Singh

It’s swiped of is is [indiscernible] services. is restaurant a to provide service idea a terminology. a payment pose PAR PAR. payment by through competitors own essentially our PAR Pay and restaurant business general for tested run has recreating that, tried just payment most module in I’ll And to the not services. at that, to But of as every this to wheel except a thus believe for facilitator that here. referring a to PAR and it’s addition third-party that PAR is Sure. our transaction in our why the we’re model contributes revenue we one the that when payment

the that think that every hidden made scared of We’re of other is potential and it incredibly payment. firm the made we behavior the partnering transparent. been ad unique incredibly from sort seamless we’ve very away leveraging None done sort fees. No for work has I our here customer. has by people out here, of

the call to their it way And is, about the XX%, make revenue customers, and good to well could interest so importantly, we’ve product we as most at you and large we we going PAR it what we be a in restaurants other on there, of data increase card look increasing and swipes at that as we quarter but in recurring our certain fixed restaurants, data, fee have don’t in and we’ll excited it small, make will time about continue swipe gone every and that revenue we in so think forward. transaction single every of the that on expected next it approximately it big range a it into our those share. XXX% out have maybe it’s the very out to get to concept can return restaurant. a one revenue for the how a here’s over some But by so it’s doing

Unidentified Participant

at traction it you’re assigned right customer? to So basically now zero comes when

Savneet Singh

customer partnership can’t on product have can this, there investment that. would we was do say and I But if I not we into the the demand. made believe comment not

Unidentified Participant

Thank you.

Operator

back for Mr. this will there to Singh no further closing Presenters, call remarks. are over at questions his I time. turn the

Savneet Singh

the updating forward in Thank to you everyone We for coming look weeks. you joining.

Operator

and Ladies wonderful you conclude participation gentlemen, have and today’s conference. for this day. your a Thank

all may You disconnect.

PAR Technology (PAR) 12 Mar 202019 Q4 Earnings call transcript