PAR Technology Corp (PAR) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the PAR Technologies Fiscal Year 2022 Fourth Quarter Financial Results.

美好的一天，謝謝你的支持。歡迎閱讀 PAR Technologies 2022 財年第四季度財務業績。

(Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Byrnes, Senior Vice President of Business Development. Please go ahead.

（操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，業務發展高級副總裁 Chris Byrnes。請繼續。

Thank you, Catherine, and good morning to everyone. I'd also like to welcome you today to the call for PAR's 2022 Fourth Quarter and Year-end Financial Results Review. The complete disclosure of our results can be found in our press release issued this morning as well as in our related Form 8-K furnished to the SEC. To access the press release and the financial details, please see the Investor Relations and News section of our website at www.partech.com.

謝謝你，凱瑟琳，大家早上好。今天，我還歡迎您參加 PAR 2022 年第四季度和年終財務業績審查的電話會議。我們今天上午發布的新聞稿以及我們提交給美國證券交易委員會的相關表格 8-K 中可以找到我們完整披露的結果。要訪問新聞稿和財務詳細信息，請參閱我們網站 www.partech.com 的投資者關係和新聞部分。

At this time, I'd like to take care of certain details in regards to the call this morning. Participants on the call should be aware that we are recording the call this morning, and it will be available for playback. If you ask a question, it will be included in both our live conference and any future use of the recording. I'd also like to remind participants that this conference call includes forward-looking statements that reflect management's expectations based on currently available data. However, actual results are subject to future events and uncertainties.

目前，我想處理有關今早電話的某些細節。電話中的參與者應該知道，我們正在對今天早上的電話進行錄音，並且可以播放。如果您提出問題，我們的現場會議和將來對錄音的任何使用都會包含該問題。我還想提醒與會者，本次電話會議包含反映管理層基於當前可用數據的預期的前瞻性陳述。然而，實際結果受未來事件和不確定因素的影響。

The information on this conference call related to projections or other forward-looking statements may be relied upon and subject to the safe harbor statement included in our earnings release this morning and in our annual and quarterly filings with the SEC. Joining me on the call today is PAR's CEO and President, Savneet Singh; and Bryan Menar, PAR's Chief Financial Officer. I'd now like to turn the call over to Savneet for the formal remarks portion of the call, which will be followed by general Q&A. Savneet.

本次電話會議中與預測或其他前瞻性陳述相關的信息可能會受到我們今天上午發布的收益報告以及我們向美國證券交易委員會提交的年度和季度文件中包含的安全港聲明的依賴和約束。今天和我一起參加電話會議的是 PAR 的首席執行官兼總裁 Savneet Singh；和 PAR 的首席財務官 Bryan Menar。我現在想將電話轉給 Savneet 進行電話的正式評論部分，然後是一般問答。薩尼特。

Thanks, Chris, and thanks to everyone for joining the call this morning. I'm pleased to report that our growth momentum continues as we aggressively expand our unified experience to new and existing customers, drive our business to cash flow positive and deliver customer satisfaction rates that are the highest in the industry. As I've done on prior calls, I'm going to break today's call into 3 sections. First, a review of our recent quarter results; second, a review of strategic highlights that will lead to future results and finally, some thoughts on 2023. First, our results.

謝謝克里斯，也感謝大家今天早上加入電話會議。我很高興地報告，隨著我們積極將統一體驗擴展到新老客戶、推動我們的業務實現正現金流並提供業內最高的客戶滿意度，我們的增長勢頭仍在繼續。正如我在之前的電話會議上所做的那樣，我將把今天的電話會議分成 3 個部分。首先，回顧一下我們最近一個季度的業績；第二，回顧將導致未來結果的戰略重點，最後是對 2023 年的一些想法。首先，我們的結果。

As I stated previously, I'm convinced that ARR remains the best metric to measure our success as a -- under each dollar of ARR is considerable future cash flow. At the end of Q4, ARR reached $111.4 million, delivering a 26.4% year-over-year increase, demonstrating the continued growth and scaling of our subscription services engine. Contracted AAR now stands at $127.3 million, a 21% year-over-year increase from the end of '21 and an 8% increase from sequential to Q3.

正如我之前所說，我相信 ARR 仍然是衡量我們成功的最佳指標——每一美元的 ARR 下都有可觀的未來現金流。第四季度末，ARR 達到 1.114 億美元，同比增長 26.4%，表明我們的訂閱服務引擎在持續增長和擴展。合同 AAR 現在為 1.273 億美元，比 21 年底同比增長 21%，比第三季度環比增長 8%。

Today, our unified experience consists of operator solutions, guest engagement and back office. Operator Solutions, which is Brink in payments, ARR grew 29.6% to $41.6 million in Q4 when compared to the same period last year. During Q4, Operator Solutions added 183 new store activations and new bookings totaled approximately 1,611. Churn continues to be extremely low at 4.3% annualized for Brink in the quarter.

今天，我們的統一體驗包括運營商解決方案、賓客參與和後台。 Operator Solutions，即支付領域的 Brink，與去年同期相比，第四季度的 ARR 增長了 29.6%，達到 4160 萬美元。在第四季度，Operator Solutions 增加了 183 家新店激活，新預訂總數約為 1,611 家。本季度 Brink 的流失率仍然極低，年化率為 4.3%。

We continue to be aggressive in attaching payments to all new Brink deals and see a significant majority of our new customer wins in 2022 have done just that. And in just this past quarter, we went live with 17 new customers. As we've mentioned in the past, this impressive growth has been somewhat muted by supply chain limitations of payment devices, which we expect to clear up later this year. What I like most about payments is that it creates an avenue to consolidate transaction data across all channels, be framing conversations with our customers.

我們繼續積極地為所有新的 Brink 交易附加付款，並且看到我們在 2022 年贏得的新客戶中的絕大多數都是這樣做的。就在上個季度，我們迎來了 17 位新客戶。正如我們過去提到的那樣，這種令人印象深刻的增長在一定程度上被支付設備的供應鏈限制所抑制，我們預計今年晚些時候會消除這種限制。我最喜歡支付的一點是，它創造了一種途徑來整合所有渠道的交易數據，構建與客戶的對話。

Moving to guest engagement AAR that includes our leading customer engagement platform Punchh and newly acquired menu. Guest engagement ARR grew 26.2% in Q4 when compared to Q4 '21 and totaled $58.9 million. Punchh signed several new customers in Q4, including a 3,000 store fast-casual enterprise and went live in 10 new logos in the quarter. Punchh continues to be best-in-class for loyalty, but we saw some softening in demand at the very end of Q4 and beginning of '23, as restaurants rely on marketing development dollars to fund loyalty rollout and expansion.

轉向客人參與 AAR，其中包括我們領先的客戶參與平台 Punchh 和新收購的菜單。與 21 年第四季度相比，第四季度賓客參與 ARR 增長了 26.2%，總計 5890 萬美元。 Punchh 在第四季度簽下了幾家新客戶，包括一家擁有 3,000 家門店的快餐店企業，並在該季度啟用了 10 個新標識。 Punchh 在忠誠度方面仍然是一流的，但我們看到在第四季度末和 23 年初的需求有所疲軟，因為餐廳依靠營銷開發資金來為忠誠度的推出和擴張提供資金。

Cautions around inflation and price elasticity for restaurants have impacted marketing development funds and in turn, we're expecting a minor slowdown in new customer demand for Punchh in the first half of this year. I continue to be very bullish on Punchhes opportunities going forward, but as always, we prepare for the reality we're giving today.

對餐館的通脹和價格彈性的謹慎影響了營銷發展基金，反過來，我們預計今年上半年 Punchh 的新客戶需求將略有放緩。我仍然非常看好 Punchhes 未來的機會，但一如既往，我們為今天所呈現的現實做好準備。

Even with this headwind, we are forecasting total ARR growth across our unified portfolio to be consistent with our 2022 year-over-year growth, updating the progress of introducing menu to the United States. We are very encouraged and excited in the early interest and rave reviews we have received from prospective menu customers. We're already participating in a fair number of RFPs and feel our opportunities for rapid acceleration of new customer wins and revenue growth is upon us.

即使有這種逆風，我們仍預測我們統一產品組合的總 ARR 增長將與我們 2022 年的同比增長保持一致，更新了將菜單引入美國的進度。我們對從潛在菜單客戶那裡收到的早期興趣和好評如潮感到非常鼓舞和興奮。我們已經參與了相當多的 RFP，並感到我們有機會快速贏得新客戶並實現收入增長。

In Q4, we completed the fully integrated ordering capabilities a menu with Brink, which allow us to start targeting existing customers aggressively. We hope to start booking customer wins starting next quarter. Back office and data Central continued its turnaround with the market more focused on cost control. Reported ARR of $10.9 million in Q4 was a 16% increase from last year's Q4. We went live in 7 new logos in Q4 and continue to sell into existing Brink and Punchh customers.

在第四季度，我們完成了與 Brink 菜單完全集成的訂購功能，這使我們能夠開始積極瞄準現有客戶。我們希望從下個季度開始預訂客戶獲勝。隨著市場更加關注成本控制，後台和數據中心繼續扭虧為盈。報告的第四季度 ARR 為 1090 萬美元，比去年第四季度增長 16%。我們在第四季度啟用了 7 個新徽標，並繼續向現有的 Brink 和 Punchh 客戶銷售產品。

Notably in the quarter, we signed a popular casual dining wings brand that will add meaningful -- meaningfully to ARR in '23. Also in this deal, we displaced the market leader for labor scheduling, validating the work we did earlier to reinforce our own scheduling module. We had activations of 350 stores in Q4 and a strong booking space of new stores being signed this quarter. We continue to see increased demand for back-of-house technology and applications to control food and labor costs that have a direct impact on improving margins and profitability as inflation, labor and supply chain issues seem to be ever present.

值得注意的是，在本季度，我們簽署了一個流行的休閒餐飲翅膀品牌，這將在 23 年為 ARR 增添意義。同樣在這筆交易中，我們取代了勞動力調度的市場領導者，驗證了我們之前為加強我們自己的調度模塊所做的工作。我們在第四季度激活了 350 家門店，本季度簽約的新門店的預訂空間很大。我們繼續看到對後台技術和應用程序的需求增加，以控制食品和勞動力成本，這對提高利潤率和盈利能力有直接影響，因為通貨膨脹、勞動力和供應鏈問題似乎一直存在。

Moving on from the results, I want to spend a bit of time on 3 of our strategic initiatives. Last quarter, I talked about our focus on freezing R&D spend and the shift of our R&D resources from technical debt to new product development. We continue to see momentum behind this journey and feel confident the natural shift from technical debt to future development will allow PAR to increase new products without adding new R&D spend. Alongside this R&D focus, though, is a go-to-market plan that allows PAR to have a 360 review of our customers so that we can better effectuate cross-sell in the promotion of Unified Commerce.

從結果來看，我想花點時間談談我們的 3 個戰略舉措。上個季度，我談到了我們對凍結研發支出的關注，以及將我們的研發資源從技術債務轉移到新產品開發。我們繼續看到這一旅程背後的勢頭，並相信從技術債務到未來發展的自然轉變將使 PAR 能夠在不增加新研發支出的情況下增加新產品。不過，除了這一研發重點外，還有一項上市計劃，該計劃使 PAR 能夠對我們的客戶進行 360 度全方位審查，以便我們能夠在推廣統一商務時更好地實現交叉銷售。

In Q4, we consolidated parts of our sales team to create an account management team to own each of our existing accounts. This allows our customers to have one sales contact across all PAR products, thereby giving our customers a more streamlined view of PAR and simultaneously our sales team of 360 rereview of the customer's relationship with PAR to enhance our cross-sell. It also gives us accountability on an account-by-account basis to understand our performance with every concept we sell to you and help drive performance at the account level. These account managers are partnered with a direct sales team that is still in the hunter logo, and we provide strong product [indiscernibe] knowledge to our customers.

在第四季度，我們整合了部分銷售團隊，創建了一個客戶管理團隊來擁有我們現有的每個客戶。這使我們的客戶可以在所有 PAR 產品上擁有一個銷售聯繫人，從而為我們的客戶提供更簡化的 PAR 視圖，同時我們的銷售團隊 360 度重新審查客戶與 PAR 的關係以增強我們的交叉銷售。它還使我們能夠在逐個帳戶的基礎上承擔責任，以了解我們向您出售的每個概念的績效，並幫助提高帳戶級別的績效。這些客戶經理與仍在獵人徽標中的直銷團隊合作，我們為客戶提供強大的產品 [音頻不清晰] 知識。

As the utility of a more unified integrated offering becomes more evident, we'll see a greater and greater need to manage our accounts at a more strategic level, balancing price, LTV and customer satisfaction, thereby also making this group the right point of contact for renewals and upsells. A good example of this momentum is with our recent signing of (inaudible) a large restaurant enterprise that has been -- that implemented both operator solutions and guest engagement with our Brink POS and Punchh platforms in tandem to enhance their customer experience and drive efficiency in their 900-plus stores.

隨著更統一的集成產品的效用變得越來越明顯，我們將看到越來越需要在更具戰略性的層面上管理我們的客戶，平衡價格、LTV 和客戶滿意度，從而也使這個群體成為正確的聯繫點用於續訂和追加銷售。這種勢頭的一個很好的例子是我們最近與一家大型餐廳企業簽約（聽不清），該企業已經通過我們的 Brink POS 和 Punchh 平台實施了運營商解決方案和客人參與，以增強他們的客戶體驗並提高效率他們的 900 多家商店。

As we roll out and deliver value, our account manager will be tasked with working closely with the (inaudible) team to find avenues for new products that can solve their needs and deliver our unified experience. The second large strategic move part made in Q4 was Brink's entry into the table service market. We've been cautious and not overpromising too much, but in Q4, we received commitments from 2 notable and well-known table service chains. Table service opens up our addressable market to a large and new base that we previously have stayed out of. Table service clients in general, pay higher monthly subscription rates as they require more terminals and functionality than our QSR customers and will drive our continued ARPU expansion.

隨著我們推出和交付價值，我們的客戶經理將負責與（聽不清）團隊密切合作，尋找新產品的途徑，以解決他們的需求並提供我們的統一體驗。第四季度的第二個重大戰略舉措是 Brink 進入餐桌服務市場。我們一直很謹慎，並沒有過度承諾，但在第四季度，我們收到了 2 家著名的餐桌服務連鎖店的承諾。餐桌服務將我們的可尋址市場打開到一個我們以前沒有涉足的大型新基地。一般來說，餐桌服務客戶每月支付更高的訂閱費，因為他們需要比我們的 QSR 客戶更多的終端和功能，並將推動我們的 ARPU 持續增長。

What's exciting about our first 2 commitments is that both customers also took our back office and payments offerings, highlighting the strategic fit of our products and candidly highlighting how simplicity wins. While much is made about new technology, the digitization of the restaurant and the move away from in-store, today, our customers more than anything else wants their products to be -- wants the products to work and work seamlessly.

我們的前兩項承諾令人興奮的是，這兩個客戶還採用了我們的後台和支付產品，突出了我們產品的戰略契合性，並坦率地強調了簡單性如何取勝。雖然新技術、餐廳的數字化以及店內的轉移已經取得了很大進展，但今天，我們的客戶最希望他們的產品成為——希望產品能夠無縫工作。

The third strategic update I want to touch on is data. In today's challenged global economy, PAR unified experience is becoming a must-have for enterprise restaurants. Business complexity continues to increase and homegrown solutions can no longer keep pace. This creates a sustained opportunity for PAR as restaurants adapt and change their business models and evolve their technology platforms. Digital transformation within restaurant enterprises is creating enormous following on data that are all unmanageable with conventional approaches to analytics and data and analytics.

我想談的第三個戰略更新是數據。在當今充滿挑戰的全球經濟中，PAR 統一體驗正成為企業餐廳的必備品。業務複雜性不斷增加，本土解決方案已跟不上步伐。隨著餐廳適應和改變他們的商業模式並發展他們的技術平台，這為 PAR 創造了一個持續的機會。餐飲企業內部的數字化轉型正在創造大量數據，而這些數據是傳統分析方法以及數據和分析方法無法管理的。

As restaurants mature in their data analytics practices, the approach becomes unwieldy. PAR is delivering significant value to our customers through the capture and management of this data as the enterprise serves their customers day in and day out. To the unified experience offering, PAR has massive amounts of real-time actionable data for customers that provides the foundation for machine learning-based personalization and analytics. This includes transactional data for Brink, customer identity data for Punchh and employee inventory data for data Central.

隨著餐廳在數據分析實踐方面的成熟，這種方法變得笨拙。隨著企業日復一日地為客戶服務，PAR 通過捕獲和管理這些數據為我們的客戶提供重要價值。對於統一體驗產品，PAR 為客戶提供大量實時可操作數據，為基於機器學習的個性化和分析提供了基礎。這包括 Brink 的交易數據、Punchh 的客戶身份數據和數據中心的員工庫存數據。

As an example of this scale, 3 out of every 5 years adults use a Punchh power loyalty program and generate $4.7 billion transactions a year. We make these analytical insights and raw data available to our customers in a variety of ways. Customers can form self-service analytics right in the product itself, including campaign performance analytics, employees reporting and guest analytics. Customers can export this data on demand for their own analysis and visualization.

作為這種規模的一個例子，每 5 年中有 3 名成年人使用 Punchh power 忠誠度計劃，每年產生 47 億美元的交易。我們以多種方式向客戶提供這些分析見解和原始數據。客戶可以直接在產品中形成自助服務分析，包括活動績效分析、員工報告和訪客分析。客戶可以按需導出這些數據，用於他們自己的分析和可視化。

This capability allows enterprise restaurants to use this mission-critical data to optimize customer engagement, drive operational efficiencies and at the end of the day, optimize their profitability. As the world embraces artificial intelligence, these data sets and models, we believe will become critical in that automation. Now I'll turn the call over to Bryan for more details on the numbers.

此功能允許企業餐廳使用此關鍵任務數據來優化客戶參與度、提高運營效率並最終優化其盈利能力。隨著世界擁抱人工智能，我們相信這些數據集和模型將成為自動化的關鍵。現在，我將把電話轉給 Bryan，以了解有關號碼的更多詳細信息。

Thank you, Savneet and good morning, everyone. Before going into the financial details, I'd like to highlight an important change to our financial reporting presentation. We have retroactively split the presentation of our services financial statement line items across new subscription services and professional services, FSLIs. This change is a result of PAR's transformation into a true technology platform provider. With our subscription services line items, consisting of revenues and costs related to our SaaS solutions, recurring software support and transaction-based payment processing services.

謝謝 Savneet，大家早上好。在進入財務細節之前，我想強調一下我們財務報告演示文稿的一個重要變化。我們追溯地將我們的服務財務報表行項目的列報拆分為新的訂閱服務和專業服務 FSLI。這一變化是 PAR 轉變為真正的技術平台提供商的結果。通過我們的訂閱服務項目，包括與我們的 SaaS 解決方案、經常性軟件支持和基於交易的支付處理服務相關的收入和成本。

Subscription services represents 100% of our annual recurring revenue metric. Professional services revenues and costs related to our portfolio -- relate to our portfolio of other support services, including implementation, training, on-site and technical support as well as hardware repair and installation. In addition to splitting the services line items, we have changed the product line items name to hardware.

訂閱服務占我們年度經常性收入指標的 100%。與我們的產品組合相關的專業服務收入和成本——與我們的其他支持服務組合相關，包括實施、培訓、現場和技術支持以及硬件維修和安裝。除了拆分服務行項目外，我們還將產品行項目名稱更改為硬件。

Now on to the financial performance. Total revenues were $97.7 million for the 3 months ended December 31, 2022, an increase of 19.7% compared to the 3 months ended December 31, 2021, with growth coming from both restaurant retail and government segments. Net loss for the fourth quarter of 2022 was $13.5 million or $0.50 loss per share compared to a net loss of $25.6 million or $0.95 loss per share reported in the same period in 2021. Adjusted net loss for the fourth quarter of 2022 was $7 million or $0.26 loss per share compared to an adjusted net loss of $9.8 million or $0.36 loss per share for the same period in 2021.

現在談談財務表現。截至 2022 年 12 月 31 日止三個月的總收入為 9770 萬美元，與截至 2021 年 12 月 31 日止三個月相比增長 19.7%，增長來自餐廳零售和政府部門。 2022 年第四季度淨虧損為 1350 萬美元或每股虧損 0.50 美元，而 2021 年同期報告的淨虧損為 2560 萬美元或每股虧損 0.95 美元。2022 年第四季度調整後淨虧損為 700 萬美元或每股虧損每股虧損 0.26 美元，而 2021 年同期調整後的淨虧損為 980 萬美元或每股虧損 0.36 美元。

Adjusted EBITDA for the fourth quarter of 2022 was a loss of $2.8 million compared to an adjusted EBITDA loss of $4.9 million for the same period in 2021. Hardware revenue in the quarter was $29.6 million, a decrease of $2.6 million or 8.1% from the $32.2 million reported in the prior year. Both periods were historically high for hardware sales. We continue to see strong hardware sales both with our Tier 1 legacy customers and across our print customer base.

2022 年第四季度調整後 EBITDA 虧損 280 萬美元，而 2021 年同期調整後 EBITDA 虧損 490 萬美元。本季度硬件收入為 2960 萬美元，比 32.2 美元減少 260 萬美元或 8.1%萬 上年報告。這兩個時期的硬件銷售都處於歷史高位。我們繼續看到我們的一級傳統客戶和整個印刷客戶群的硬件銷售強勁。

Subscription service revenue was reported at $27.9 million, an increase of $8.9 million or 47% from the $18.9 million reported in the prior year, driven by revenue from our guest engagement solutions. Q4 subscription services revenue included approximately $0.6 million of year-to-date adjustments within our guest engagement solutions.

訂閱服務收入報告為 2790 萬美元，比上年報告的 1890 萬美元增加 890 萬美元或 47%，這主要得益於我們的賓客參與解決方案的收入。第 4 季度訂閱服務收入包括我們的賓客互動解決方案中年初至今約 60 萬美元的調整。

The annual recurring revenue exiting the quarter was $111.4 million, an increase of 26.4% compared to Q4 2021 with operator solutions up 29.6%, guest engagement of 26.2% and back of house up 16%. Professional service revenue was reported at $13.5 million, an increase of $1.9 million or 16.1% from the $11.6 million reported in the prior year, driven by hardware repair services, guest engagement and operator solutions implementations.

本季度末的年度經常性收入為 1.114 億美元，與 2021 年第四季度相比增長 26.4%，運營商解決方案增長 29.6%，賓客參與度增長 26.2%，後台增長 16%。專業服務收入報告為 1350 萬美元，比上年報告的 1160 萬美元增加 190 萬美元或 16.1%，主要受硬件維修服務、客戶參與和運營商解決方案實施的推動。

Our total recurring revenue base, which includes both subscription services and hardware support contracts within professional services continues to expand with $34.9 million reported in Q4 2022, an increase of 34.2% compared to the $26 million in Q4 2021. Contract revenue from our Government business was $26.7 million, an increase of $7.9 million or 42.1% from the $18.8 million reported in the fourth quarter of 2021. The increase in contract revenues was driven by a $7.5 million increase in our ISR solutions. The increase in ISR solutions was driven by task orders resulting from the AFRL Counter Small UAS contract awarded in 2021.

我們的經常性總收入基礎（包括訂閱服務和專業服務中的硬件支持合同）繼續擴大，2022 年第四季度報告為 3490 萬美元，比 2021 年第四季度的 2600 萬美元增長 34.2%。我們政府業務的合同收入為2670 萬美元，比 2021 年第四季度報告的 1880 萬美元增加 790 萬美元或 42.1%。合同收入的增長是由我們的 ISR 解決方案增加 750 萬美元推動的。 ISR 解決方案的增長是由 2021 年授予的 AFRL Counter Small UAS 合同產生的任務訂單推動的。

The Contract backlog associated with our government business as of December 31, 2022, was $334 million, an increase of 71% compared to the $195 million backlog as of December 31, 2021. Total funded backlog as of December 31, 2022, was $86 million, a 124% increase compared to the funded backlog of $39 million for the prior year.

截至 2022 年 12 月 31 日，與我們的政府業務相關的合同積壓訂單為 3.34 億美元，與截至 2021 年 12 月 31 日的 1.95 億美元積壓訂單相比，增加了 71%。截至 2022 年 12 月 31 日，資金積壓總計為 8600 萬美元，與上一年 3900 萬美元的資金積壓相比增加了 124%。

Now turning to margins. Hardware margins for the quarter was 23.8% versus 23.4% in Q4 2021. We continue to strategically manage market changes in both supply chain and pricing so we can continue to provide premium products to our customers at competitive pricing while maintaining our margins. Subscription Services margin for the quarter was 53% compared to 43.5% reported in the fourth quarter of 2021.

現在轉向利潤率。本季度的硬件利潤率為 23.8%，而 2021 年第四季度為 23.4%。我們繼續戰略性地管理供應鍊和定價方面的市場變化，以便我們能夠繼續以具有競爭力的價格向客戶提供優質產品，同時保持我們的利潤率。本季度的訂閱服務利潤率為 53%，而 2021 年第四季度報告的利潤率為 43.5%。

We have been successful in driving multiyear subscription services margin improvement with improved hosting utilization, process improvements within support services and more pricing rigor as we validate our value proposition to our customers. We continue to see additional opportunities for improvement as we enter 2023.

隨著我們向客戶驗證我們的價值主張，我們已經成功地通過提高託管利用率、支持服務中的流程改進和更嚴格的定價來推動多年訂閱服務利潤率的提高。隨著我們進入 2023 年，我們繼續看到更多的改進機會。

Subscription service margin during the 3 months ended December 31, 2022, included $5.3 million of amortization of identifiable intangible assets compared to $5.1 million of amortization during the 3 months ended December 31, 2021. Excluding the amortization of intangible assets, total adjusted subscription service margin for the 3 months ended December 31, 2022, was 72% compared to 70% for the 3 months ended December 31, 2021.

截至 2022 年 12 月 31 日止 3 個月的訂閱服務利潤率包括 530 萬美元可識別無形資產攤銷，而截至 2021 年 12 月 31 日止 3 個月期間為 510 萬美元攤銷。不包括無形資產攤銷，調整後訂閱服務利潤率總額截至 2022 年 12 月 31 日止的三個月為 72%，而截至 2021 年 12 月 31 日止的三個月為 70%。

Professional services margin for the quarter was 23.3% compared to 13.2% reported in the fourth quarter of 2021. The improvement was driven by hardware repair margins. Government contract margins were 4.3% as compared to 6.7% for the fourth quarter of 2021. The decrease in margin is driven by an increase in mission system direct material and labor costs, along with an increase in loss reserves. We expect margins to revert back to historical norms of 6% to 8% in the following quarters.

本季度的專業服務利潤率為 23.3%，而 2021 年第四季度報告的利潤率為 13.2%。這一改善是由硬件維修利潤率推動的。政府合同利潤率為 4.3%，而 2021 年第四季度為 6.7%。利潤率下降的原因是任務系統直接材料和人工成本增加，以及損失準備金增加。我們預計利潤率將在接下來的幾個季度恢復到 6% 至 8% 的歷史標準。

In regards to operating expenses. GAAP SG&A was $25.9 million, an increase of $1 million from the $24.9 million reported in Q4 2021. SG&A decreased $0.6 million or 2.4% when excluding $1.6 million of expenses related to MENU. Net R&D was $14.9 million, an increase of $4.9 million from the $10 million recorded in Q4 2021. Backing out MENU and non-GAAP adjustments, the growth in R&D is $1.8 million or 18%.

關於營業費用。 GAAP SG&A 為 2590 萬美元，比 2021 年第四季度報告的 2490 萬美元增加了 100 萬美元。扣除與 MENU 相關的 160 萬美元費用後，SG&A 減少了 60 萬美元或 2.4%。研發淨額為 1,490 萬美元，比 2021 年第四季度的 1,000 萬美元增加了 490 萬美元。扣除 MENU 和非 GAAP 調整後，研發增長為 180 萬美元或 18%。

Included in operating expenses for the fourth quarter was a $4.4 million reduction in the fair value of the contingent consideration liability for the MENU acquisition. This contra expense is a non-GAAP adjustment. Total operating expenses, excluding the contingent liability adjustment totaled $41.2 million. As Savneet stated earlier, our plan is to hold quarterly operating expenses flat from Q4 2022 through Q4 of 2023.

第四季度的運營費用包括 MENU 收購的或有對價負債的公允價值減少 440 萬美元。此費用為非 GAAP 調整。不包括或有負債調整的總運營費用總計 4120 萬美元。正如 Savneet 之前所說，我們的計劃是從 2022 年第四季度到 2023 年第四季度保持季度運營費用持平。

Net interest was $1.8 million compared to $5.6 million recorded in Q4 2021. The decrease was driven by a reduction of accretion resulting from our January 1, 2022 pronouncement adoption that resulted in our convertible debt securities being wholly accounted for as debt and negated the requirement to record accretion for the conversion feature.

淨利息為 180 萬美元，而 2021 年第四季度記錄的利息為 560 萬美元。減少的原因是我們 2022 年 1 月 1 日的公告通過導致我們的可轉換債務證券被全部記為債務並取消了對轉換功能的創紀錄增長。

Now to provide information on the company's cash flow and balance sheet position. For the 12 months ended December 31, cash used in operating activities was $43.1 million versus $53.2 million for the prior year. Operating cash needs were primarily driven by net loss, net of noncash charges and additional net working capital requirements. Increase in net working capital requirements was primarily due to the growth of our business. We have been able to reduce gross inventory by $4 million since June 30, 2022, and are focusing on reducing another $3 million to $5 million over the combined following 2 quarters.

現在提供有關公司現金流量和資產負債表狀況的信息。截至 12 月 31 日止的 12 個月，經營活動使用的現金為 4310 萬美元，上年同期為 5320 萬美元。運營現金需求主要由淨虧損、非現金費用淨額和額外的淨營運資金需求驅動。淨營運資金需求的增加主要是由於我們業務的增長。自 2022 年 6 月 30 日以來，我們已經能夠將總庫存減少 400 萬美元，並專注於在接下來的兩個季度中再減少 300 萬至 500 萬美元。

Cash used in investing activities was $66.7 million for the 12 months ended December 31 versus $383 million for the prior year. Investing activities during the 12 months ended December 31 included $40.3 million for the purchase of short-term U.S. treasury bills and notes to be held to maturity. $18.4 million of cash consideration for the Q4 -- sorry, the Q3 2022 MENU acquisition and $1.2 million of cash consideration for the Q1 2022 drive-through tuck-in acquisition.

截至 12 月 31 日止的 12 個月，用於投資活動的現金為 6670 萬美元，而去年同期為 3.83 億美元。截至 12 月 31 日止的 12 個月內的投資活動包括 4030 萬美元用於購買持有至到期的短期美國國庫券和票據。第四季度的 1840 萬美元現金對價——抱歉，2022 年第三季度 MENU 收購和 2022 年第一季度直通車收購的 120 萬美元現金對價。

Capitalized software for development technology costs for the 12 months ended December 31 was $6.5 million. Cash used in financing activities was $2.6 million for the 12 months ended December 31 versus cash provided by financing activities of $443.6 million for the prior year. Financing activities for 2022 was driven by stock-based compensation-related transactions. These sales outstanding decreased within restaurant retail segment from 58 days as of December 31, 2021, to 53 days as of December 31, 2022.

截至 12 月 31 日止的 12 個月，用於開發技術成本的資本化軟件為 650 萬美元。截至 12 月 31 日的 12 個月，融資活動使用的現金為 260 萬美元，而上一年融資活動提供的現金為 4.436 億美元。 2022 年的融資活動是由股票薪酬相關交易推動的。截至 2021 年 12 月 31 日，餐廳零售部門的這些未償銷售天數從 58 天減少到 2022 年 12 月 31 日的 53 天。

These sales outstanding within Government segment as of December 31, 2022, was 55 days and consistent with the 55 days as of December 31, 2021. Before returning the call back to Savneet, I am pleased to report that we have fully remediated the material weaknesses in our internal controls over financial reporting are operating effectively. I will now turn the call back over to Savneet for closing remarks prior to moving to Q&A.

截至 2022 年 12 月 31 日，政府部門內的這些未償銷售為 55 天，與截至 2021 年 12 月 31 日的 55 天一致。在將電話返回給 Savneet 之前，我很高興地報告說，我們已經完全補救了重大缺陷我們對財務報告的內部控制有效運行。在進入問答環節之前，我現在將把電話轉回給 Savneet 作結束語。

Thanks, Bryan. Transitioning to our outlook for 2023. We continue to see strong demand across our business at PAR. While we see -- expect to see some slowness from our Punchh product line, given the macro environment, we feel strongly in the growth in every other segment of our business. Our operator solutions of Brink and payments has become a dynamic combination in the attachment of Data Central and soon MENU comes next.

謝謝，布萊恩。過渡到我們對 2023 年的展望。我們繼續看到 PAR 對我們業務的強勁需求。雖然我們看到 - 鑑於宏觀環境，預計我們的 Punchh 產品線會出現一些放緩，但我們對我們業務的所有其他部門的增長感到強烈。我們的 Brink 和支付運營商解決方案已成為 Data Central 附件中的動態組合，很快就會出現 MENU。

Our goal for this year is to continue to grow our ARR at rates similar to 2022 between 20% and 30% a year. As we look and see decelerating growth around the sector, we think our ability to maintain our growth rates is differentiated, driven by the unified approach. Our customers continue to buy more than 1 product and once unified, we're able to drive price in the given the value we provide. The macro is not an excuse at PAR, and we'll ensure our teams know that no matter what happens, we must deliver a win for our shareholders. Part of this push is that we must continue to demonstrate ROI to our customers such that they are not looking at buying one product from PAR but the entire experience and thereby making our growth even more defensible.

我們今年的目標是繼續以與 2022 年相似的速度增長我們的 ARR，年增長率在 20% 到 30% 之間。當我們觀察並看到該行業的增長放緩時，我們認為在統一方法的推動下，我們維持增長率的能力有所不同。我們的客戶繼續購買不止一種產品，一旦統一，我們就能夠根據我們提供的價值來推動價格。宏觀不是 PAR 的藉口，我們將確保我們的團隊知道，無論發生什麼，我們都必須為股東帶來勝利。這種推動的一部分是我們必須繼續向我們的客戶展示投資回報率，這樣他們就不會考慮從 PAR 購買一種產品，而是購買整個體驗，從而使我們的增長更具防禦性。

As we roll out new product offerings in 2023, I believe we'll have strong proof points to show and clearly demonstrate this to our customers. In addition to our efforts to maintain our revenue growth, we want to reaffirm our focus on driving to profitability. As we stated on our last call, we are keeping operating expenses flat from Q4 2022 to Q4 2023, allowing every added dollar of gross margin to hit the bottom line. Our focus on cost control is not new. A good example to highlight is our historical cost controls around SG&A expense.

隨著我們在 2023 年推出新產品，我相信我們將有強有力的證據來向我們的客戶展示並清楚地證明這一點。除了我們努力保持收入增長外，我們還想重申我們對推動盈利的關注。正如我們在上次電話會議上所說的那樣，從 2022 年第四季度到 2023 年第四季度，我們將保持運營費用持平，讓每增加一美元的毛利率都能達到底線。我們對成本控制的關注並不新鮮。一個值得強調的好例子是我們圍繞 SG&A 費用的歷史成本控制。

Excluding MENU, our MENU acquisition, during 2022, PAR SG&A actually declined while ARR grew 26.4%. We've been able to continually grow revenue while not increasing overhead. What this number hides though is that while costs have come down with this growth, we've been able to increase investments in needed areas of sales and internal IT. As we've proven our ability to hold SG&A costs, we now intend to demonstrate that same discipline on the R&D line. So while the macro environment may be challenged for '23, we at PAR hope to continue to grow through the environment and do so in an incredibly efficient manner.

不包括我們收購的 MENU，在 2022 年期間，PAR SG&A 實際上有所下降，而 ARR 增長了 26.4%。我們已經能夠在不增加管理費用的情況下不斷增加收入。然而，這個數字隱藏的是，雖然成本隨著這種增長而下降，但我們已經能夠增加對銷售和內部 IT 所需領域的投資。由於我們已經證明我們有能力控制 SG&A 成本，我們現在打算在研發線上展示同樣的紀律。因此，儘管 23 年的宏觀環境可能會受到挑戰，但我們 PAR 希望繼續在環境中成長，並以一種非常高效的方式實現這一目標。

As always, I'd like to thank all of PAR's employees for the dedication and effort over the past quarter. Across the organization, people have stepped up to ensure we meet the needs of our customers, while at the same time, embracing the changes necessary to create a company for long-term sustainable success. With that, I'll open the call for Q&A. Operator?

一如既往，我要感謝 PAR 的所有員工在過去一個季度的奉獻精神和努力。在整個組織中，人們加緊努力確保我們滿足客戶的需求，同時擁抱必要的變革，以創建一家長期可持續成功的公司。有了這個，我將打開問答電話。操作員？

[Operator Instruction] Our first question comes from Will Nance with Goldman Sachs.

[操作員說明] 我們的第一個問題來自高盛的 Will Nance。

Savneet, I wanted to follow up on some of the weakness that you called out towards the latter part of Q4 and early 2023 in Punchh. I guess could you maybe provide a little bit more color across what you're seeing in the market? And I guess, just could you talk about confidence level of the demand kind of coming back in the back half of '23?

Savneet，我想跟進你在第四季度末和 2023 年初在 Punchh 提到的一些弱點。我猜你能不能為你在市場上看到的東西提供更多的顏色？我想，你能談談 23 年後半段需求恢復的信心水平嗎？

Sure. So we thought deals pushed out in the very end of December for Punchh. And most of it tied to the economy and Punchh's funded through what's called marketing development funds or basically the marketing royalties that concepts bring in from their franchisees. And during the challenge times, they tend to cut back on these expenses. And so we expect this to rebound from the conversations we have with our customers. As I said, I don't -- we don't think it'll have a material impact on our growth for next year, but we wanted to be sort of transparent that there is some slowdown on marketing expenses across all restaurant chains in '23.

當然。所以我們認為 Punchh 的交易會在 12 月底推出。其中大部分與經濟有關，Punchh 的資金來自所謂的營銷發展基金，或者基本上是概念從特許經營商那裡獲得的營銷特許權使用費。在困難時期，他們往往會削減這些開支。因此，我們預計這會從我們與客戶的對話中反彈。正如我所說，我不——我們認為這不會對我們明年的增長產生實質性影響，但我們希望保持透明，即美國所有連鎖餐廳的營銷費用都有所放緩'23。

And then I guess, just maybe can you talk through you mentioned table services and seeing an upsized ARPU in some of those products. I'm just wondering if you could kind of talk through kind of ARPU trends on the operator line and what you guys are seeing sort of like Brink ARPU uplift on locations like that relative to a QSR. And then just maybe a quick follow-up on the ARPU guidance. I mean the lower range of ARPU guidance this year, kind of in line with last year. Is that largely a function of some of the weakness you're seeing in Punchh or is there something else that's changing the expectations?

然後我想，也許你能談談你提到的餐桌服務，並在其中一些產品中看到一個超大的 ARPU。我只是想知道您是否可以談談運營商線上的 ARPU 趨勢，以及你們看到的類似 Brink ARPU 提升的情況，比如相對於 QSR 的位置。然後可能只是對 ARPU 指南的快速跟進。我的意思是今年 ARPU 指導的較低範圍，與去年一致。這主要是您在 Punchh 中看到的一些弱點造成的，還是有其他因素正在改變預期？

Yes, I'll do the last one first. So I think we're trying to maintain our revenue growth year-over-year, which I think is unique in this environment. And again, if we felt -- we hadn't seen that slow as in Punchh. Obviously, I think it would have been higher, but we want to make sure that we hit the numbers. So that's kind of how we got to our guidance number. On the first part of your question, (inaudible) what was well...

是的，我會先做最後一個。所以我認為我們正在努力保持我們的收入同比增長，我認為這在這種環境下是獨一無二的。再一次，如果我們覺得——我們沒有看到像 Punchh 那樣慢。顯然，我認為它會更高，但我們想確保我們達到了這個數字。這就是我們獲得指導編號的方式。關於你問題的第一部分，（聽不清）什麼是好的......

The -- you mentioned higher ARPUs on the table... (inaudible) there.

您在桌面上提到了更高的 ARPU...（聽不清）。

Yes, for sure. So on the table service side, we kind of kept this back hogging, but we've been working to sort of enable drink to function in that market. We received our first 2 commitments. Cable service changed very widely in price. Oftentimes, POS is priced off of the number of terminals in the store. So you can have some table service concepts that will have half a dozen terminals. You have some that have 20, so they do vary tremendously.

是肯定的。因此，在餐桌服務方面，我們有點保留了這一點，但我們一直在努力使飲料能夠在該市場發揮作用。我們收到了前 2 個承諾。有線服務的價格變化很大。通常，POS 的定價取決於商店中的終端數量。因此，您可以擁有一些具有六個終端的表服務概念。你有一些有 20 個，所以它們確實相差很大。

In general, I'd say a table service chain will have an uplift between 40% and 100% depending on the size of the concept. What's I think extra special or unique is that in the first 2 commitments we've gotten, they've also taken 2 of our other products. So they were all bundled deals and I think that's a trend we'll see going forward in the table service market. So it's not just that I think we'll get the Brink ARPU uplift, which is a function of the market. I think it's also we have more ability to bundle in that market, too.

總的來說，我認為餐桌服務鏈將有 40% 到 100% 的提升，具體取決於概念的規模。我認為特別或獨特的是，在我們獲得的前 2 個承諾中，他們還採用了我們的 2 個其他產品。所以它們都是捆綁交易，我認為這是我們將在餐桌服務市場看到的趨勢。所以這不僅僅是我認為我們將獲得 Brink ARPU 提升，這是市場的一個功能。我認為我們也有更多的能力在那個市場進行捆綁。

(Operator Instructions) One moment for our next question. It comes from Samad Samana with Jefferies.

（操作員說明）我們的下一個問題請稍等。它來自 Jefferies 的 Samad Samana。

Savneet maybe just follow up on the 2023 ARR outlook. How should we think about maybe what some of the underlying assumptions are between the different pieces? It sounds like Punchh may be a bit of a downtick, but I think that implies that the core business is actually doing quite well. So maybe just help us understand the assumptions now that there's several different products that are driving the growth?

Savneet 可能只是跟進 2023 ARR 展望。我們應該如何考慮不同部分之間的一些潛在假設？聽起來 Punchh 可能有點低迷，但我認為這意味著核心業務實際上做得很好。那麼現在有幾種不同的產品正在推動增長，也許只是幫助我們理解假設？

Yes, for sure. So I think every other segment of PAR -- sorry, on the software side, I think it has the potential and at least we're planning for acceleration from '22. So obviously, payments and Brink will have faster -- should have faster air growth in '23 versus 22. Data Central, will have meaningfully faster growth in 23 versus 22. And so the rest of the business is super, super strong and why we're so excited. And I said Punchh rebonds, there's reason for optimism, but we want to be cautious given what we're seeing and really what the market seeing.

是肯定的。所以我認為 PAR 的每個其他部分——抱歉，在軟件方面，我認為它有潛力，至少我們計劃從 22 年開始加速。很明顯，支付和 Brink 將有更快 - 應該在 23 年比 22 年有更快的空中增長。Data Central，將在 23 年和 22 年有更快的增長。所以其他業務是超級，超級強大的，為什麼我們太興奮了。我說 Punchh 重新綁定，有理由保持樂觀，但鑑於我們所看到的以及市場所看到的情況，我們希望保持謹慎。

That's helpful. And then maybe on the payment side, now that we're some time in and you've started to see the attach rate move up, any early takeaways that we can do that we can kind of think about on the go-forward side, whether it's the average size of the chain that's willing to adopt payments or if you're seeing within a chain, is it typically all of the franchises are using payments? Just any kind of early observations that we can think through as we think about the potential there?

這很有幫助。然後也許在支付方面，現在我們已經有一段時間了，你已經開始看到附加率上升，我們可以做的任何早期收穫，我們都可以在前進方面考慮，無論是願意採用付款的連鎖店的平均規模，還是如果您在連鎖店內看到，通常是所有特許經營商都在使用付款嗎？在我們考慮那裡的潛力時，我們可以考慮任何類型的早期觀察嗎？

So it's a great question. And so the first question is, it's a really wide range of customers. We have customers that are from our channel segment, which are 20 stores, if you will, all the way up to smoothing, which we announced earlier in the year, which is well over 1,000 stores. So it's a lot wider than we expected, which is obviously a positive thing.

所以這是一個很好的問題。所以第一個問題是，它的客戶範圍非常廣泛。我們有來自我們渠道部門的客戶，如果你願意的話，我們有 20 家商店，一直到我們今年早些時候宣布的平滑，這遠遠超過 1,000 家商店。所以它比我們預期的要寬得多，這顯然是一件積極的事情。

I think as we roll into this year, you'll see a couple of exciting things happening. One is our payments business is a lot more than just processing transactions where we've expanded into a gateway business and we'll have some cool announcements around partnerships with Apple VAS and some really interesting ways to build software around our payments product. So I think the big trend you'll see is that not only will we have relatively strong penetration this year, 80% of Brink signings took on payments, but we'll also see an expanding product portfolio that are really natural upsells for the customer base. So we're seeing really strong uptake.

我認為隨著我們進入今年，您會看到一些令人興奮的事情發生。一是我們的支付業務不僅僅是處理交易，我們已經擴展到網關業務，我們將發布一些關於與 Apple VAS 合作夥伴關係的精彩公告，以及圍繞我們的支付產品構建軟件的一些非常有趣的方法。所以我認為你會看到的大趨勢是，我們今年不僅會有相對較強的滲透率，80% 的 Brink 簽約都是付款的，而且我們還會看到不斷擴大的產品組合，這對客戶來說是非常自然的追加銷售根據。所以我們看到了非常強烈的吸收。

On the last question, all the payments deals we've signed so far are for the entire concept. So they're a little bit different, which is -- it's a positive for us that most of them end up taking -- they make a deal on behalf of all their franchisees.

關於最後一個問題，我們迄今為止簽署的所有支付交易都是針對整個概念的。所以他們有點不同，這對我們來說是積極的，他們中的大多數人最終都接受了——他們代表所有特許經營商達成協議。

Great. Very helpful. And congrats on the strong growth and the healthy margins that as well.

偉大的。很有幫助。並祝賀強勁的增長和健康的利潤率。

Our next question comes from Kyle Peterson with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Kyle Peterson。

Great. This is Kyle on for my own. I just wanted to touch on Data Central, good to see the ARR is kind of heading back in the right direction there after kind of a little bit of a lull earlier in the year. Should we expect that to continue or is there still a little bit of choppiness ahead for that part of the business?

偉大的。這是我自己的凱爾。我只是想談談數據中心，很高興看到 ARR 在今年早些時候有點平靜之後回到了正確的方向。我們是否應該期望這種情況會繼續下去，或者這部分業務是否還會有一些動盪？

You should expect it to accelerate, actually so it will get better from here. As I mentioned in the script, we signed these table service chains that are also taking Data Central. And in general, I think we've kind of hit our stride as far as figuring out product market fit, attachment with Brink new logos so you should expect it to accelerate. I think we grew sort of 15%, 16% this year in Data Central, we expect to grow meaningfully higher than that in '23. So as I mentioned on the last call, we expect all the product lines to actually do better this year from a percentage growth perspective, outside of Punchh.

你應該期望它會加速，實際上它會從這裡變得更好。正如我在腳本中提到的，我們簽署了這些也採用 Data Central 的表服務鏈。總的來說，我認為我們在確定產品市場契合度、附加 Brink 新標識方面已經取得了進展，所以你應該期待它會加速。我認為我們今年在數據中心增長了 15%、16%，我們預計會比 23 年增長得更高。因此，正如我在上次電話會議中提到的那樣，我們預計今年除 Punchh 以外的所有產品線從百分比增長的角度來看實際上會做得更好。

Okay. That's helpful. And then, I guess, just kind of thinking about the seasonality of the year. I guess it sounds like the second half could be a little better, at least due to Punchh. But I guess, should we think about that kind of ARR growth rate across the whole business, maybe getting better as the year progresses or is really the only blip or change that you guys have seen so far is kind of within that Punchh product?

好的。這很有幫助。然後，我想，只是在考慮一年中的季節性。我想听起來下半場可能會好一點，至少是因為 Punchh。但我想，我們是否應該考慮整個業務的那種 ARR 增長率，也許隨著時間的推移會變得更好，或者真的是你們到目前為止看到的唯一的曇花一現或變化是在 Punchh 產品中？

I think it will be consistent through the year. And so I think we feel like we'll make up from punching the other parts of the business. I wouldn't -- we're not budgeting meaningful seasonality in our models.

我認為全年都會保持一致。所以我認為我們覺得我們會通過衝擊業務的其他部分來彌補。我不會——我們沒有在我們的模型中預算有意義的季節性。

Our next question comes from Adam Wyden with ADW Capital.

我們的下一個問題來自 ADW Capital 的 Adam Wyden。

I want to talk a little bit about table service because that's been a product that you guys have been talking about for a while. And obviously, a lot of guys, the incumbents are sort of slow as it relates to sort of Oracle and NCR and that's a super high product, sort of super high ARPU product. And I just would like to sort of -- and then you mentioned sort of 2 big chains, like I think one of them is probably Buffalo Wild Wings. I mean, obviously, it's great that you're getting a huge sort of logo with lots of units and whatever terminals. I mean, can you talk about sort of what the pipeline is for table service? Sort of what kind of ARPUs we could expect and sort of how quickly you can sort of roll that out because this is -- I mean, this is sort of a big sort of game changer, I think, in terms of your product road map?

我想談談餐桌服務，因為這是你們討論了一段時間的產品。很明顯，很多人，現任者有點慢，因為它涉及某種 Oracle 和 NCR，這是一種超高產品，一種超高 ARPU 產品。我只是想有點——然後你提到了 2 大連鎖店，我認為其中之一可能是 Buffalo Wild Wings。我的意思是，很明顯，你能得到一個帶有很多單位和任何終端的巨大標誌真是太好了。我的意思是，你能談談表服務的管道是什麼嗎？我們可以期待什麼樣的 ARPU，以及你可以多快推出它，因為這是 - 我的意思是，我認為，就你的產品路線圖而言，這是一種巨大的遊戲規則改變者？

So we signed our first 2 deals at the end of Q4. We'll look to start rolling them out late first half, second half of the year. And as we talked on the last question, what's exciting is they are meaningfully higher ARPU. The average, again, it varies tremendously in this market. There are table service chains that are 25%, 30% higher than the average Brink cost and there are table service chains that are 200% to 300% higher depending on the number of terminals configurations, so on and so forth. So it's a really wide range.

所以我們在第四季度末簽署了前兩筆交易。我們將在上半年和下半年開始推出它們。正如我們討論的最後一個問題，令人興奮的是它們顯著提高了 ARPU。同樣，這個市場的平均值差異很大。根據終端配置的數量，有比平均 Brink 成本高 25%、30% 的表服務鏈，也有高出 200% 到 300% 的表服務鏈，等等。所以這是一個非常廣泛的範圍。

And in general, we'll -- even a, let's call it, a low price table service chain will have a meaningful difference to our print ARPU. But what -- I mentioned in the last part of the call the last question I think is really interesting here is that in the pipeline we have, most of them are also almost de facto taking our payments product. And the volume of payments transactions in a table source restaurant excuse me, are -- the GMV is meaningfully higher. And so it creates also a really strong payments opportunity and so we could potentially have higher payments ARPU within the table service chain.

總的來說，我們會 - 即使是一個，讓我們稱之為低價表服務鏈也會對我們的印刷 ARPU 產生有意義的差異。但是——我在電話的最後一部分提到了我認為這裡真正有趣的最後一個問題是，在我們的管道中，他們中的大多數人幾乎也在事實上使用我們的支付產品。不好意思，餐桌來源餐廳的支付交易量是——GMV 明顯更高。因此，它也創造了一個非常強大的支付機會，因此我們可能會在餐桌服務鏈中獲得更高的支付 ARPU。

So there are a lot of nice tailwinds when you enter that market. And as far as trends of the pipeline, we've got our first 2. We want to get those right. We've got a nice pipeline of smaller midsized chains. And then as the larger ones come to RP, we'll look to actually enter those RFPs. Historically, we've even chosen not responses are as we weren't ready. And I think given that the first couple of change are relatively well-known brands, we'll be able to leverage that to enter those bigger RFPs.

因此，當您進入該市場時，會有很多不錯的順風。就管道的趨勢而言，我們已經有了前 2 個。我們希望把它們做好。我們有一個不錯的中小型連鎖店管道。然後隨著更大的公司來到 RP，我們將著眼於實際輸入這些 RFP。從歷史上看，我們甚至選擇不回應，因為我們還沒有準備好。而且我認為，鑑於前幾個變化是相對知名的品牌，我們將能夠利用它來進入那些更大的 RFP。

Good. And then another thing that we haven't really talked about is I think you mentioned sort of PAR analytics PAR data, but I mean a lot of sort of the R&D expense was getting shifted to new products. Obviously, you have MENU, but I mean a big part of, I think, was unified commerce platform and sort of all the sort of the modules around that. Can you talk about -- you didn't really mention sort of power data analytics or sort of the UCP as sort of another driver and that plus MENU.

好的。然後我們還沒有真正談論的另一件事是我認為你提到了某種 PAR 分析 PAR 數據，但我的意思是很多研發費用正在轉移到新產品上。顯然，你有 MENU，但我的意思是，我認為其中很大一部分是統一的商務平台和圍繞它的所有模塊。你能不能談談——你並沒有真正提到某種電源數據分析或某種 UCP 作為另一種驅動程序，再加上 MENU。

Can you talk about -- because I mean everyone's talking about Punchh and it's like -- but you've got 4 other products. I mean there should -- now that your vertical and you have all these other products, there should be some sort of natural hedging mechanism. You're seeing sort of data central offset Punchh. I mean can you talk about sort of the portfolio of new products? And then I've got one last question.

你能談談——因為我的意思是每個人都在談論 Punchh，就像——但你還有其他 4 種產品。我的意思是應該——既然你的垂直產品和所有這些其他產品，應該有某種自然的對沖機制。您看到的是某種數據中心偏移 Punchh。我的意思是你能談談新產品組合嗎？然後我有最後一個問題。

Sure. So the portfolio is doing great. As I mentioned, we're not -- we feel confident that the rest of our portfolio can make up for any potential so we see in Punchh in '23. But we also have quite a bit coming after that. This year, we launched our first unified products, which are products that are built off of multiple PAR products. So think of them as products that you can really only get value from -- if you have the product portfolio. And so those will be launched later this year. And then we've got a bunch of other levers, as I mentioned, a couple of new payments products. And so the portfolio is growing. And as I mentioned in my remarks, one of the exciting parts about what's happening is the ability to leverage all this data to then create new insights back to the customer.

當然。所以投資組合做得很好。正如我提到的，我們不是——我們有信心我們投資組合的其餘部分可以彌補任何潛力，所以我們在 23 年的 Punchh 中看到了這一點。但在那之後我們也有很多。今年，我們推出了我們的第一個統一產品，這些產品是基於多個 PAR 產品構建的。因此，將它們視為您真正只能從中獲得價值的產品——如果您擁有產品組合。因此，這些將在今年晚些時候推出。然後，正如我提到的，我們還有許多其他槓桿，一些新的支付產品。因此，投資組合正在增長。正如我在評論中提到的，正在發生的事情中令人興奮的部分之一是能夠利用所有這些數據，然後為客戶創造新的見解。

At some point, these will enter -- I hope we can create models, such that they can leverage for intelligence. But for today, all that data allows us to actually have a much more strategic conversation with the customer. So they no longer look at us as, hey, that's the POS product there. That's an online-ordering product there. They're looking at it as a relationship for us to help them solve that data challenge because I think if you went to most restaurants, they have a lot of data. They truly do have endless amount of data. But the insights you're pulling from it are still relatively limited because the lack of data integrity, the linearity, none of it really connects well. And so I think we -- by having the suite of products, we're able to change that conversation. And I think you're seeing the results, which is you're seeing more and more customers choose multiple products, and I think that will continue.

在某個時候，這些將進入——我希望我們可以創建模型，以便它們可以利用情報。但就今天而言，所有這些數據使我們能夠與客戶進行更具戰略意義的對話。因此，他們不再將我們視為，嘿，那是那裡的 POS 產品。那是那裡的在線訂購產品。他們將其視為我們幫助他們解決數據挑戰的一種關係，因為我認為如果你去大多數餐館，他們有很多數據。他們確實擁有無窮無盡的數據。但是你從中獲得的洞察力仍然相對有限，因為缺乏數據完整性、線性度，沒有一個能真正很好地連接起來。所以我認為我們——通過擁有這套產品，我們能夠改變這種對話。而且我認為你看到了結果，你看到越來越多的客戶選擇多種產品，我認為這種情況會繼續下去。

I think would also to add to that as well as having the unified with the data and the fact that we also have a very large white space with our existing sites that we have is that it allows us to accelerate the cross-sell opportunity we have and now that we're aligning our sales organization for that. That's also going to be helping to drive and take -- and smooth out any kind of headwinds we have in any one individual product.

我認為還要補充一點，以及與數據的統一以及我們現有網站也有非常大的空白空間這一事實，這使我們能夠加速我們擁有的交叉銷售機會現在我們正在為此調整我們的銷售組織。這也將有助於推動和採取——並消除我們在任何一種產品中遇到的任何逆風。

Got it. And then going back sort of on the product portfolio, I mean, when I think about sort of PAR when it's all grown up in adult, I sort of look at it like a little market access or SS&C, SS&C bought eggs and all the rest. And I mean SS&C is sort of a one-stop shop for the asset manager. And as I think about PAR, I think about what the business was when I invested in originally, it was just Brink low net promoter and low gross margin.

知道了。然後回到產品組合上，我的意思是，當我考慮成年後的某種 PAR 時，我有點把它看成是一點市場准入或 SS&C，SS&C 買了雞蛋和其他所有東西.我的意思是 SS&C 是資產經理的一站式商店。當我想到 PAR 時，我想到了我最初投資時的業務，它只是邊緣低淨發起人和低毛利率。

Now we've got -- got knows how many more products and coming online. Can you talk sort of I look at this as sort of like many, many products. I mean, can you talk a little bit about the M&A? I know you bought MENU, which was sort of an aqua higher tech higher. Can you talk a little bit about that ramp? And then what the M&A environment looks like? Because a lot of companies, I know Punchh thought about going into a SPAC originally, but sort of the free money, easy money days are over for companies that are doing $10 million, $20 million, $30 million ARR that basically are funded indefinitely. And now those companies sort of have venture funds that need sort of liquidity events and the IPO market is closed and your lender of last resort. I mean, I think this must be a really good environment to sort of do tuck-in M&A, like more sort of like on the restaurant magic, $10 million, $20 million, $30 million in ARR. Can you talk a little bit about sort of what you're seeing in the M&A pipeline and what the realities are in terms of you being able to execute on sort of meaningful M&A this year?

現在我們已經 - 知道還有多少產品上線了。你能說說我把它看成很多很多產品嗎？我的意思是，你能談談併購嗎？我知道你買了 MENU，這是一種水上高科技產品。你能談談那個坡道嗎？那麼併購環境是什麼樣的？因為很多公司，我知道 Punchh 最初考慮過進入 SPAC，但是對於那些基本上可以無限期獲得 1000 萬、2000 萬、3000 萬美元 ARR 的公司來說，免費賺錢、輕鬆賺錢的日子已經結束了。現在，這些公司有點擁有需要流動性事件的風險基金，而 IPO 市場已經關閉，您的最後貸款人。我的意思是，我認為這一定是一個非常好的環境來進行併購，就像餐廳魔術一樣，1000 萬美元、2000 萬美元、3000 萬美元的 ARR。你能談談你在併購管道中看到的一些東西，以及你今年能夠執行某種有意義的併購的現實情況嗎？

Sure. So I'm going to break it in 2 parts. So I think if you look at the tuck-in acquisitions, so call it acquisitions in Siding, you mentioned and smaller, that market has completely changed. Those are the companies that wanted the highest multiples over the last few years. They are all relatively rational and I think potentially ready to make a deal. And so we're always engaged with a number of those targets and figuring out where we want to potentially add to the product suite. And I think the key there is making sure that we can have a product that we can leverage what we have today at PAR.

當然。所以我要把它分成兩部分。所以我認為，如果你看一下收購，那麼在 Siding 中稱之為收購，你提到並且規模較小，那個市場已經完全改變了。這些是過去幾年想要最高倍數的公司。他們都比較理性，我認為可能準備好達成協議。因此，我們總是與其中的一些目標進行接觸，並找出我們可能希望添加到產品套件中的位置。我認為關鍵是確保我們可以擁有一種產品，我們可以利用我們今天在 PAR 擁有的產品。

We don't want to buy something that's sort of really cool technology that we can't distribute through our sales force because that efficiency, as you can see, I think it's one of the things we haven't talked about a lot, but I think it's most impressive is we haven't really grown our SG&A expense outside of acquisitions in a couple of years, yet we continue to grow the business side of the business meaningfully. And we want to be able to leverage that base. So there's a lot more to do there than there's been in previous years.

我們不想購買一些我們無法通過銷售人員銷售的非常酷的技術，因為正如您所看到的那樣，我認為這是我們沒有談論太多的事情之一，但是我認為最令人印象深刻的是，幾年來我們並沒有真正增加收購之外的 SG&A 費用，但我們繼續有意義地發展業務的業務方面。我們希望能夠利用這個基礎。因此，與往年相比，那裡有更多的工作要做。

The other part of the market though that you didn't ask about, but I think is interesting is I think over the next, I don't know, a year or 2 years, but there will be much larger strategic transactions that happen in our space because I think as the markets have gotten rational, the value and synergy of scale have come fruition. I think our customers want to work with larger partners. And I think the amount of R&D expense to keep up with the innovation is meaningful now where previously, as you suggested, VCs and their capital is funding that, I think it's hard to do on a small scale. And so a big push of ours to get to profitability is also to continue the R&D investments. And if we were twice the size, that creates a meaningful difference versus a small competitor trying to come in. And so I think scale will also become very valuable and I think we could potentially see things loosen up in that end of the market as well, which really hasn't happened in a long time in our space. Adam, we've got to jump to 2 other questions after this, but thank you for your questions.

市場的另一部分雖然你沒有問到，但我認為有趣的是我認為在未來，我不知道，一年或兩年，但會有更大的戰略交易發生在我們的空間，因為我認為隨著市場變得理性，規模的價值和協同效應已經實現。我認為我們的客戶希望與更大的合作夥伴合作。而且我認為跟上創新的研發費用現在是有意義的，正如你所建議的，風險投資公司和他們的資本正在資助我認為很難在小規模上做到這一點。因此，我們實現盈利的一大推動力也是繼續進行研發投資。如果我們的規模是原來的兩倍，那麼與試圖進入的小競爭對手相比，就會產生有意義的差異。因此，我認為規模也將變得非常有價值，我認為我們也可能會看到市場的那一端出現鬆動，這在我們的空間中確實已經很長時間沒有發生過。亞當，在此之後我們必須跳到其他 2 個問題，但感謝您的提問。

We have a question from Stephen Sheldon with William Blair.

我們有一個來自斯蒂芬謝爾頓和威廉布萊爾的問題。

Just one here for me. I wanted to ask about the subscription services gross margin. Nice bounce back higher this quarter. I think that happened a little sooner than I would have expected given the drag from MENU and payments. So can you just talk about some of the moving pieces under that and how you're thinking about the potential for subscription services gross margin in 2023?

給我一個。我想問一下訂閱服務的毛利率。本季度反彈走高。考慮到 MENU 和付款的拖累，我認為這比我預期的要早一些。那麼，您能否談談其中的一些變化，以及您如何看待 2023 年訂閱服務毛利率的潛力？

I think in 2023, we'll sort of be low 70s for the year. Again, a little bit ahead of schedule than we thought. We do still have -- I think that hides though, is that payments and MENU are meaningfully below the rest of our products from a gross margin perspective. And so I think our run rate gross margins on our core products and our large products are meaningfully higher. And we expect MENU and payments to eventually get there, too. And so there should be a really nice continued tailwind for gross margins in the coming years. So it came back quickly, a lot of it is some catch-up from Punchh. And I think you'll see us sort of being in the low 70s for the year. Again, a lot of it depending on when we roll out payments and potentially MENU customers as every dollar revenue has a meaningful impact on the gross margin base there -- starting the cost base there.

我認為在 2023 年，我們將在今年達到 70 多歲。同樣，比我們想像的要提前一點。我們仍然有——我認為隱藏的是，從毛利率的角度來看，支付和菜單明顯低於我們的其他產品。因此，我認為我們的核心產品和大型產品的運行率毛利率明顯更高。我們希望 MENU 和付款最終也能實現。因此，未來幾年毛利率應該會有一個非常好的持續順風。所以它很快就回來了，其中很多是 Punchh 的追趕。而且我認為你會看到我們今年處於 70 年代的低位。同樣，這在很大程度上取決於我們何時推出付款和潛在的 MENU 客戶，因為每一美元的收入都會對那裡的毛利率基礎產生有意義的影響——從那裡開始成本基礎。

Correct. And what we saw from Q3 to Q4, right, was that continued improvement on our operator solutions, both from Brink and on the efficiencies that we're getting in regards to those margins. And then in addition to that, we are starting to gather each quarter improvement on the payments as it gets more and more critical mass.

正確的。從第三季度到第四季度，我們看到的是我們的運營商解決方案不斷改進，無論是從 Brink 還是我們在這些利潤率方面獲得的效率。然後除此之外，隨著它獲得越來越多的臨界質量，我們開始收集每個季度的付款改進。

Our next question comes from George Sutton with Craig-Hallum.

我們的下一個問題來自 George Sutton 和 Craig-Hallum。

Savneet given that you restructured the sales force, and obviously, you previously had folks selling into Punchh at a headquarters level folks selling into Brink and others at a regional and franchise level. What sort of an impact do you think you've seen from that restructure? And I'm obviously thinking of the Punchh perspective in particular with that question.

Savneet 考慮到你重組了銷售隊伍，很明顯，你以前有人在總部級別向 Punchh 銷售，有人在區域和特許經營級別向 Brink 和其他人銷售。您認為您從這次重組中看到了什麼樣的影響？對於這個問題，我顯然特別考慮了 Punchh 的觀點。

It's a great question. So we still separate out the franchise team, which we internally call SAM, and then our enterprise team. So we'll always keep those distinct because as you're suggesting in its right, selling to a franchisee is selling to a small business, but to win a Brink or a Punchh or a data center deal, you guys win at the corporate level, which is an enterprise sale, which is months to years, depending on the size of the chain and the relationship we have. So we haven't disrupted the franchise process and we'll always have that. And that is an excellent team that just is automatic and great.

這是一個很好的問題。所以我們還是把特許經營團隊分開，我們內部稱之為SAM，然後是我們的企業團隊。因此，我們將始終保持這些區別，因為正如您所建議的那樣，向特許經營商銷售就是向小型企業銷售，但是要贏得 Brink、Punchh 或數據中心交易，你們要在公司層面上獲勝，這是企業銷售，需要數月到數年，具體取決於連鎖店的規模和我們之間的關係。所以我們沒有破壞特許經營過程，我們將永遠擁有它。那是一支優秀的團隊，自動而偉大。

On the question of results, it's way too early to talk about the impact of it. But I can tell you, right now, what I enjoy about it is, we do have a view now of the customers. So if we've got a customer that has 3 of our products, that salesforce now has to go and say, okay, hey, they don't have payments and their payments -- current contract ends in 6 months. And these are the pin points, and this is using -- and it arms us to cross-sell into our base much better. So I look at that team's ability to effectively create leads to cross-sell into our existing base, where I think historically, we've done it, but we haven't done it in a systematic way.

關於結果問題，現在談論它的影響還為時過早。但我可以告訴你，現在，我喜歡它的是，我們現在確實對客戶有了看法。因此，如果我們有一個客戶擁有我們的 3 種產品，那麼銷售人員現在必須去說，好吧，嘿，他們沒有付款，他們的付款——當前合同將在 6 個月後到期。這些是針點，這正在使用 - 它使我們能夠更好地交叉銷售到我們的基地。因此，我著眼於該團隊有效創造線索以交叉銷售到我們現有基礎的能力，我認為從歷史上看，我們已經做到了，但我們還沒有以系統的方式做到這一點。

Now we've mapped out every single account where the opportunities are when they're -- not when their RFPs come up, but when they -- when the next expiry of a contract happens. And then we have so much more data now to build off of and say, okay, they have Brink, -- they have data central, they have MENU, here's the opportunity for payments and here's how that picture works. So it's really a focus on cross-sell. And as I said, it's completely delineated from the small business franchise team.

現在，我們已經繪製出機會所在的每個帳戶——不是在他們的 RFP 出現時，而是在他們——合同下一次到期時。然後我們現在有更多的數據可以建立並說，好吧，他們有 Brink，——他們有數據中心，他們有 MENU，這是支付的機會，這就是圖片的工作原理。所以它真的是專注於交叉銷售。正如我所說，它完全脫離了小企業特許經營團隊。

Great. And finally, if I could just give you 3 kind of exclamation point things that you said that I want to make sure I heard correctly. I think you said 17 new customers attached in payments, which is meaningfully more than we thought. You mentioned a 3,000 unit fast casual enterprise, which fast casual being something, I'd say, that's significant relative to the normal quick service. And then lastly, the labor scheduling takeaway. We haven't talked much about labor scheduling. I wondered if you could just briefly address those 3 items.

偉大的。最後，如果我能給你說 3 種感嘆號的話，我想確保我沒有聽錯。我想你說有 17 個新客戶參與付款，這比我們想像的要多得多。你提到了一家擁有 3,000 個單位的快速休閒企業，我想說的是，相對於普通的快速服務，這種快速休閒是很重要的。最後，勞動力調度外賣。我們還沒有談論太多關於勞動力調度的問題。我想知道你是否可以簡單地談談這 3 個項目。

So the first 2 is yes and yes. So as I said, payment is really doing great. And we have -- every year, a decent chunk of our bookings from Brink come from our channel partners and we've really found a way to push payments aggressively there. And then as I mentioned, all the new Brink deals, almost all the new Brink deals have our payments. So it's just attack hedging really well, which I think to the prior question, that's kind of helped us feel more confident in kind of selling more from the same salesperson.

所以前 2 個是肯定的。所以正如我所說，付款確實做得很好。而且我們 - 每年，我們來自 Brink 的預訂中有相當一部分來自我們的渠道合作夥伴，我們確實找到了一種積極推動支付的方法。然後正如我提到的，所有新的 Brink 交易，幾乎所有新的 Brink 交易都有我們的付款。所以這只是很好的攻擊對沖，我認為對於前面的問題，這有助於我們更有信心從同一位銷售人員那裡銷售更多產品。

So there on the data central side, a lot of the work in strong leadership has also been around the product and effectively realizing that Data Central is more than inventory in COGS, but also a beautiful labor and scheduling module. And so we did a lot of work earlier in the year to highlight that. And now that we've got a marketing effort. As I mentioned, I expect the growth of this business to be meaningfully more than it was in '22. And part of that is sites logos, but it's also monetizing these modules within Data Central, which we used to candidly give for free or just bundle and customers never realize it was even there. And so it's kind of monetizing and pulling apart of those products and realizing that our products are best in class. And so it's it's a much more strategic way of going to market.

因此，在數據中心方面，強大領導層的許多工作也圍繞產品展開，並有效地實現了數據中心不僅僅是 COGS 中的庫存，而且還是一個漂亮的勞動力和調度模塊。因此，我們在今年早些時候做了很多工作來強調這一點。現在我們已經進行了營銷工作。正如我所提到的，我預計這項業務的增長將比 22 世紀更有意義。其中一部分是站點徽標，但它也在 Data Central 中通過這些模塊獲利，我們過去常常坦率地免費提供或只是捆綁提供，而客戶甚至都沒有意識到它在那裡。因此，它有點像將這些產品貨幣化和分離，並意識到我們的產品是同類產品中最好的。因此，這是一種更具戰略意義的上市方式。

One moment for our next question. We have a question from Anja Soderstrom from Sidoti.

稍等一下我們的下一個問題。我們有來自 Sidoti 的 Anja Soderstrom 的問題。

Actually, all of them have been addressed, but I'm just curious about the data. Do you own that data? And can you use that sort of outside of your current customer base?

實際上，所有這些問題都已得到解決，但我只是對數據感到好奇。你擁有這些數據嗎？你能在你當前的客戶群之外使用那種嗎？

It's a complicated question, and the short answer is, it depends on the customer. But we are able to monetize that data in anonymized way. Now I don't -- we don't have an intention to do that and I think a lot of our excitement around the data is actually suggesting that we can build products for our customers, leveraging that data. And so I think that's what's exciting to us. But as I mentioned in the transcript, it's also a way to change the conversation because if we have a customer that has our products and payments, we know every single transaction, we can even pull up every single customer, and those insights are hard to get. So that's pretty exciting for us.

這是一個複雜的問題，簡短的回答是，這取決於客戶。但我們能夠以匿名方式將這些數據貨幣化。現在我沒有 - 我們無意這樣做，我認為我們對數據的興奮實際上表明我們可以為客戶構建產品，利用這些數據。所以我認為這對我們來說是令人興奮的。但正如我在文字記錄中提到的，這也是一種改變對話的方式，因為如果我們有一個客戶擁有我們的產品和付款，我們就知道每一筆交易，我們甚至可以吸引每一位客戶，而這些見解很難得到。所以這對我們來說非常令人興奮。

There are no other questions in the queue. I'd like to turn the call back to Savneet Singh for closing remarks.

隊列中沒有其他問題。我想將電話轉回給 Savneet Singh 以作結束語。

Thanks, everyone for joining the call. We look forward to updating you our progress on our next call.

謝謝大家加入電話會議。我們期待在下次電話會議上向您更新我們的進展。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。