PAR Technology Corp (PAR) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to PAR Technology Fiscal Year 2023 Fourth Quarter Financial Results Conference Call. Time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session question. During the session you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question, press star one one. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Byrne, Senior Vice President of Investor Relations and Business Development. Please go ahead.

美好的一天，感謝您的耐心等待，歡迎參加 PAR Technology 2023 財年第四季財務業績電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。在會議期間，您需要在電話上一一按星號。然後，您將聽到一條自動訊息，建議您舉手撤回您的問題，請一一按星號。請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人克里斯·伯恩 (Chris Byrne)，他是投資者關係和業務發展高級副總裁。請繼續。

Thank you, G.G., and good morning, everyone. Thank you for joining us for PAR Technology's 2023 Fourth Quarter and Year-End Financial Results Call. This morning, we released our financial results. The earnings release is available on the Investor Relations page of our website. At partech.com, where you can also find the Q4 financials presentation as well as in our related Form eight K furnished to the SEC.

謝謝你，G.G.，大家早安。感謝您參加 PAR Technology 2023 年第四季和年終財務業績電話會議。今天早上，我們發布了財務業績。收益發布可在我們網站的投資者關係頁面上取得。在 partech.com，您還可以找到第四季度的財務報告以及我們向 SEC 提供的相關表格 8 K。

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and exclude the impact of certain items. A description and timing of these items, along with a reconciliation of non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.

在今天的電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標對投資者有用，並排除了某些項目的影響。這些項目的描述和時間安排，以及非公認會計準則指標與最具可比性的公認會計準則指標的調節，可以在我們的收益報告中找到。

I'd also like to remind participants that this conference call may include forward-looking statements that reflect management's expectations based on currently available data. However, actual results are subject to future events and uncertainties and 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 afternoon and in our annual and quarterly filings with the SEC.

我還想提醒與會者，本次電話會議可能包括前瞻性陳述，這些陳述反映了管理層基於當前可用數據的預期。然而，實際結果受到未來事件和不確定性的影響，本次電話會議中與預測或其他前瞻性陳述相關的資訊可能會被依賴並受到我們今天下午的收益發布以及我們的年度和報告中包含的安全港聲明的約束。向 SEC 提交季度文件。

So finally, I'd like to remind everyone that this call is being recorded and will be made available for replay via a link available on the Investor Relations section of our of our website.

最後，我想提醒大家，這次電話會議正在錄音，並將透過我們網站投資者關係部分的連結進行重播。

Joining me on the call today is PAR's CEO and President, Savneet Singh, and Bryan are PAR's Chief Financial Officer. I'd now like to turn the call over to Stephanie for the formal remarks portion of the call, which will be followed by general Q&A.

今天和我一起參加電話會議的是 PAR 執行長兼總裁 Savneet Singh，布萊恩是 PAR 財務長。我現在想將電話轉給史蒂芬妮，讓其進行電話的正式評論部分，然後是一般性問答。

Certainly.

當然。

Thanks, Chris, and thank you all for joining us on today's call. 2023 was a foundational year settings and setting us up for a value creation flywheel. We think take Slide 20 for a hopefully years to come the acceptance of our products by the industry's largest customers and the building blocks of an M&A muscle we intend to use regularly are now in place. I'll touch on these ideas later and begin with our results for the fourth quarter. Subscription ARR grew by 23% when compared to Q4 2022. Our growth came across our products and was delivered without relying on the exciting customer wins we touched on last quarter that revenue will begin later this year.

謝謝克里斯，也謝謝大家參加今天的電話會議。 2023 年是基礎性的一年，為我們創造價值飛輪奠定了基礎。我們認為，以幻燈片 20 為例，我們的產品預計在未來幾年內被業界最大的客戶接受，並且我們打算定期使用的併購力量的構建模組現已到位。稍後我將討論這些想法，並從第四季的結果開始。與 2022 年第四季相比，訂閱 ARR 成長了 23%。我們的成長來自我們的產品，並且是在不依賴我們上季度提到的令人興奮的客戶勝利的情況下實現的，收入將於今年晚些時候開始。

Operator solutions ARR grew by 45% to $60.2 million in Q4 when compared to the same period last year. Operator solutions RPU increased by 15% from the same period last year due to higher value deals, API monetization, price increases and PAR payment services go live. We expect this trajectory to continue churn was 4.8% for the year in 2023. For brick operations growth is being driven by increased win rates at Brink and we believe accelerated market acceptance of cloud solutions and a pivot away from legacy providers. This come down in Q4 as we announced the signing of Burger King by far our largest Brink and now menu customer with our products to be rolled out across our 7,000 plus stores in North America. This deal validates our Tier one enterprise reach and sets us up nicely to win traditional Tier one projects with similar scope from where we sit today. The deal pipeline for Brink is the largest and highest quality we have seen since beginning the power turnaround in 2018. While pipeline is pipeline, we see a real commitment from brands across the country to accelerate their move to the cloud. So we think at the enterprise part, not only the best choice, but the simplest, our ability to integrate deeply into their existing ecosystems and also provide solutions of vendor consolidation, data integrity and enterprise scale positions us nicely for continued market share growth, we continued to see Brink as a major cross-sell driver for PARPUS. relationship will open up avenues for all of our other product. Burger King will be a strong revenue driver for part of the next two years and when fully implemented will fully implement and will deliver upwards of $23 million of annualized subscription revenue. What's even more exciting is December barely scratching the surface of the additional modules we hope to sell into Burger King over time. The rollout begins in earnest in Q2 this year and we would expect on our next call to have details on the pace of this rollout as we work closely to align with Burger King on their timing, we feel confident in executing Infergen timelines and once we have visibility from the customer report back to the market, while payments has never been an operator solutions business, this product line has been strong. Highlights in the quarter. In Q4, we saw ARR from PAR payment services more than double from that in Q4 2022. And expect this growth trajectory to continue in Q4 was seasonally strong, we saw us achieve our highest gross processing volume annual run rate of $2.1 billion. This growth is being driven by the continued adoption and parfait from brands such as Peter bit Zippy and Ono swine barbecue to name a few brands are increasingly benefiting from operational efficiencies, cost savings and increased customer engagement by leveraging parfait across the operator engagement suite of products in Q4 for Apple, Walt loyalty solution, one silver in the category of most innovative Enterprise Product of the Year from Best in Biz awards and distinctions that gives us confidence in the aggressive growth plans we have. This coupled with payment innovations such as pay at the table and SMS text link ensured that part is executing against the mantra mantra of best in class plus better together.

與去年同期相比，第四季營運商解決方案 ARR 成長了 45%，達到 6,020 萬美元。由於更高價值的交易、API 貨幣化、價格上漲和 PAR 支付服務上線，營運商解決方案 RPU 較去年同期成長 15%。我們預計到 2023 年，這一軌跡將繼續保持 4.8% 的流失率。對於磚塊業務的成長是由 Brink 獲勝率的提高所推動的，我們相信市場對雲端解決方案的接受度加快，並且遠離傳統供應商。這一情況在第四季度出現，當時我們宣布與迄今為止最大的 Brink 客戶漢堡王簽約，我們的產品將在北美 7,000 多家商店推出。這筆交易驗證了我們的一級企業影響力，並使我們能夠很好地贏得與我們今天所處範圍類似的傳統一級項目。Brink 的交易管道是自 2018 年開始電力週轉以來我們見過的規模最大、品質最高的交易。雖然管道是管道，但我們看到全國各地的品牌都做出了真正的承諾，以加速向雲端的遷移。因此，我們認為，在企業方面，這不僅是最好的選擇，而且是最簡單的選擇，我們能夠深入整合到他們現有的生態系統中，並提供供應商整合、資料完整性和企業規模解決方案，這使我們能夠很好地實現市場份額的持續成長，我們繼續將 Brink 視為 PARPUS 的主要交叉銷售驅動力。這種關係將為我們所有其他產品開闢途徑。漢堡王將在未來兩年內成為強大的收入驅動力，全面實施後將帶來超過 2,300 萬美元的年化訂閱收入。更令人興奮的是，我們希望隨著時間的推移向漢堡王出售的附加模組在 12 月才剛剛觸及表面。推出將於今年第二季正式開始，我們希望在下次電話會議上詳細了解此次推出的進度，因為我們與漢堡王密切合作，在時間安排上保持一致，我們對執行Infergen 時間表充滿信心，一旦我們確定了從客戶報告反饋到市場的知名度，雖然支付從來都不是運營商的解決方案業務，但這個產品線一直很強大。本季的亮點。在第四季度，我們看到 PAR 支付服務的 ARR 比 2022 年第四季成長了一倍以上。預計這種成長軌跡將在第四季度持續強勁，我們看到我們實現了 21 億美元的最高總處理量年運行率。這一成長是由Peter bit Zippy 和Ono swine BBQ 等品牌的持續採用和凍糕推動的，僅舉幾個例子，透過在營運商參與產品套件中利用凍糕，營運效率、成本節約和客戶參與度的提高越來越受益在第四季度，Apple 的 Walt 忠誠度解決方案榮獲最佳商業獎項和榮譽頒發的年度最具創新性企業產品類別的銀牌，這讓我們對我們積極的增長計劃充滿信心。再加上餐桌支付和短信鏈接等支付創新，確保了該部分的執行符合“一流加更好”的口號。

Looking forward, as we natively embed parfait to drive differentiated and unique experiences, it's leading to the strongest pipeline we've ever had. Crucially we are seeing payments uptake on Brink punch in menu deals, offering us multiple avenues to grow the value. We anticipate continued positive momentum in customer adoption.

展望未來，當我們在本地嵌入凍糕來推動差異化和獨特的體驗時，它將形成我們有史以來最強大的管道。至關重要的是，我們看到 Brink 打卡菜單交易中的付款方式有所增加，這為我們提供了多種增加價值的途徑。我們預計客戶採用將持續保持正面動能。

Moving to guest engagement, a our guest engagement ARR grew 8.2% in the quarter when compared to Q4 '22 in total, approximately $54 million in the quarter. Punch continue the strong execution and business revitalization, evidenced by the wins we recently announced that Bob Evans insomnia equities and most recently think very these wins don't get revenue until later in '24, but show our punches turnarounds in the beginning of '23. In total, we signed 12 new logos in Q4 and over 40 to fiscal year '23, continuing to further our position of best in class and market dominance and loyalty and offers. Additionally, major platform investments are beginning to show improvements as the speed uptime in general, scalability are at all-time highs. Domestic growth of our customers and focus on the enterprise has also lowest churn quarter all year with less than 0.5% gross churn. We are investing in our platform to better support our customers' business requirements and are proactively adding additional features to increase our addressable market and ability to raise price and renewal cycles. These investments will also help us potentially digest future acquisitions as we tend to run tightly on one platform. Moreover, as flagged above, punches begin to establish itself as a verified cross-sell driver payments, which we expect to accelerate in '24. Get an important piece of guest engagement is our online ordering engine menu. As we have discussed, domestic menu revenue will begin in Q1 and will continue to grow throughout '24, two weeks ago, we saw the launch of the full the first full menu solution it before Brady's a chain of nearly 200 stores. What makes us win even more exciting is our default rate is a win-back for punch at this customer. Churn from Fund two years ago, again highlighting the power of unified ordering loyalty. This quarter, we'll announce the rollout plan this quarter, achieving we have an aggressive rollout plan with several customers, including 800 store chain. Further, the new customer pipeline for '24 will drive additional logo signings. We spent the majority of '23 investing in converting menu into a product that we can scale in the United States and are seeing this were validated menu highlights. Our attempt to build a platform of our products for base building almost every menu deal. And I believe almost every single new customer signing a punch or bring customer division of attaching menu and selling it into existing. Probably those is still in the early phases, but certainly become reality has the majority of customers today are a customer of another product. This creates a roadmap for future acquisitions.

轉向賓客參與度，與 22 年第 4 季相比，本季我們的賓客參與度 ARR 總計成長了 8.2%，約為 5,400 萬美元。Punch 繼續強勁的執行力和業務振興，我們最近宣布的鮑勃·埃文斯(Bob Evans) 失眠股票的勝利就證明了這一點，最近我們認為這些勝利直到24 年晚些時候才獲得收入，但在23 年初顯示了我們的拳擊扭虧為盈。總的來說，我們在第四季度簽署了 12 個新徽標，到 23 財年簽署了 40 多個新徽標，繼續鞏固我們的一流地位、市場主導地位以及忠誠度和優惠。此外，隨著整體運行速度和可擴展性達到歷史最高水平，主要平台投資開始顯現出改善。我們客戶的國內成長和對企業的關注也是全年流失率最低的季度，總流失率低於 0.5%。我們正在投資我們的平台，以更好地支援客戶的業務需求，並積極添加其他功能，以擴大我們的潛在市場以及提高價格和更新週期的能力。這些投資也將幫助我們消化未來的收購，因為我們傾向於在一個平台上緊密運作。此外，如上所述，打孔開始將其確立為經過驗證的交叉銷售驅動程式付款，我們預計這將在 24 年加速。我們的線上訂購引擎菜單是吸引客人參與的重要部分。正如我們所討論的，國內菜單收入將從第一季度開始，並將在整個24 年繼續增長，兩週前，我們在Brady's 擁有近200 家連鎖店的連鎖店之前看到了第一個完整菜單解決方案的推出。更讓我們興奮的是，我們的違約率是對這位客戶的反擊。兩年前基金的流失，再次凸顯了統一訂購忠誠度的力量。本季度，我們將宣布本季度的推出計劃，實現我們與多個客戶（包括 800 家連鎖店）制定的積極的推出計劃。此外，'24 的新客戶管道將推動更多徽標簽名。我們花了 23 年的大部分時間來投資將菜單轉換為可以在美國擴展的產品，並且看到這是經過驗證的菜單亮點。我們嘗試建立一個產品平台，用於建立幾乎所有菜單交易的基礎。我相信幾乎每個新客戶都會簽單或將附上菜單並將其銷售到現有的客戶部門。也許這些仍處於早期階段，但肯定會成為現實，而今天的大多數客戶都是另一種產品的客戶。這為未來的收購制定了路線圖。

Back office and data central again delivered a solid quarter. Reported a growth of $13 million in Q3. three was a 19% increase in last year's Q4. We have now more than 7,700 stores active in the quarter, signed two additional new concepts, along with a large franchisee of Burger King RPU increased more than 8% from last year's Q4, and we're seeing an accelerated pipeline as we close or a test data. Central of Brink sales plan for '24 is to work aggressively to bundle data, central payments within Brink and create closer go-to-market motion. For instance, there are obvious advantages to supplanting group reporting with the more powerful data central reporting. This serves as both the gateway to the wider data center product as well as an immediate revenue stream will be moving data center revenues within operator stations in coming quarters to simplify our reporting as well, we think the connection between data central Brink will accelerate data center pipeline and win rates while allowing us to rationalize sales specific resources to touch on expenses, I feel confident in our expense controls as we continue not to grow our R&D expense outside of additions for Burger King, which we believe is very high ROI spend, I think for '24 we are able to grow OpEx single digits. Can you continue to show operating leverage while maintaining revenue and margin growth? And that message will have a couple of quarters of growth to prepare for a big rollout. But overall, the rest of the business is still running for the fixed resources and delivering on long-term growth. Our headcount and cost is almost exclusively within our menu business unit, which drove the majority of our loss in fiscal year '23, hiding that break punch in data central grew their revenue almost no net new headcount and '24 will not have this headwind as many revenue finally hits, and we have worked to aggressively reduce headcount to support my confidence in our commitment to moving to the Rule of 40 is that we have absorbed the cost of menu and Burger King in advance of the revenue impact that will reverse in 2024. Just gives me great confidence that there's more to squeeze from our expense base without risking our growth, making the setup for '24 exciting. Brian will now be the numbers, and I'll come back at the end with some concluding messages. Brian?

後台和資料中心再次實現了穩健的季度業績。報告第三季成長了 1300 萬美元。三是去年第四季成長19%。目前，我們在本季度擁有超過 7,700 家活躍門市，簽署了另外兩個新概念，漢堡王的大型特許經營商 RPU 比去年第四季度增長了 8% 以上，而且隨著我們關閉或測試數據。Brink '24 銷售計劃的核心是積極努力捆綁資料、Brink 內的集中支付並創建更緊密的市場推廣行動。例如，用更強大的資料中心報告取代小組報告有明顯的優勢。這既是通往更廣泛的資料中心產品的門戶，也是直接的收入來源，將在未來幾季將資料中心收入轉移到營運商站內，以簡化我們的報告，我們認為資料中心Brink 之間的連接將加速資料中心的發展管道和獲勝率，同時允許我們合理化銷售特定資源以觸及費用，我對我們的費用控制充滿信心，因為我們繼續不增加漢堡王之外的研發費用，我們認為這是非常高的投資報酬率支出，我認為 24 年我們的營運支出能夠達到個位數成長。您能否在維持收入和利潤成長的同時繼續發揮營運槓桿作用？該消息將有幾個季度的成長，為大規模推廣做好準備。但總體而言，其餘業務仍在爭奪固定資源並實現長期成長。我們的員工人數和成本幾乎完全在我們的菜單業務部門內，這導致了我們在23 財年的大部分虧損，隱藏了資料中心的突破性增長，他們的收入幾乎沒有淨新員工人數，而24財年不會有這種逆風許多收入最終受到影響，我們努力大幅減少員工人數，以支持我對我們轉向40 人規則的承諾的信心，因為我們已經在2024 年收入影響逆轉之前吸收了菜單和漢堡王的成本。這給了我很大的信心，我們的支出基礎上還有更多可以榨取的東西，而不會影響我們的成長，這使得 24 小時的準備工作令人興奮。布萊恩現在將負責數字，最後我會帶著一些結論性的信息回來。布萊恩？

Thank you, Stephanie, and good morning, everyone. Total revenues was $107.7 million for the three months ended December 31, 2023, an increase of 10.3% compared to the three months ended December 31, 2022, with growth coming from subscription service and contract revenue, partially offset by hardware and professional service revenue.

謝謝斯蒂芬妮，大家早安。截至2023年12月31日止三個月的總收入為1.077億美元，較截至2022年12月31日止三個月增長10.3%，增長來自訂閱服務和合約收入，部分被硬體和專業服務收入抵消。

Net loss for the fourth quarter of 2023 was $18.6 million or $0.67 loss per share compared to a net loss of $13.5 million or $0.5 loss per share reported for the same period in 2022. Adjusted net loss for the fourth quarter of 2023 was $9.3 million, our $0.33 loss per share compared to an adjusted net loss of $7 million or $0.26 loss per share for the same period in 2022. Adjusted EBITDA for the fourth quarter of 2023 was a loss of $4.5 million compared to an adjusted EBITDA loss of $2.8 million for the same period in 2022, driven by reduction in professional service margin and increased R&D investments in advance of our large customer ramp, partially offset by increased margin contribution from and services.

2023 年第四季的淨虧損為 1,860 萬美元，即每股虧損 0.67 美元，而 2022 年同期的淨虧損為 1,350 萬美元，即每股虧損 0.5 美元。2023 年第四季調整後淨虧損為 930 萬美元，每股虧損 0.33 美元，而 2022 年同期調整後淨虧損為 700 萬美元，每股虧損 0.26 美元。2023 年第四季調整後 EBITDA 虧損 450 萬美元，而 2022 年同期調整後 EBITDA 虧損 280 萬美元，部分原因是專業服務利潤率下降以及在大客戶數量增加之前增加研發投資，被服務的利潤貢獻增加所抵消。

Now for more details on revenue. Hardware revenue in the quarter was $24.4 million, a decrease of $5.2 million or 17.5% from the $29.6 million reported in the prior year. Q4 2022 was an historically strong quarter hardware quarter for us to lap we continue to be optimistic of our hardware business as we launch new products to address demands from legacy hardware customers as well as attached hardware sales with our expanding software customer base.

現在了解有關收入的更多詳細資訊。本季硬體收入為 2,440 萬美元，比上年報告的 2,960 萬美元減少 520 萬美元，即 17.5%。2022 年第四季度是我們歷史上強勁的季度硬體季度，我們繼續對我們的硬體業務持樂觀態度，因為我們推出新產品來滿足傳統硬體客戶的需求，以及隨著我們不斷擴大的軟體客戶群的附加硬體銷售。

Subscription services revenue was reported at $32.9 million, an increase of $5 million or 18% from the $27.9 million reported in the prior year. The increase was primarily driven by increases in services revenue from our operator solutions business of $3.9 million, driven by a 19% increase in active sites and a 15% increase in average revenue per site. Residual interest was driven by increased subscription services revenue of $0.6 million from our guest engagement business. The annual recurring revenue exiting the quarter was $137 million, an increase of 23% from last year's Q4 with operator solutions up 45%. Guest engagement up 8% and back office of 19%. Professional services revenue was reported at $12.6 million, a decrease of $0.9 million or 6.5% from the $13.5 million reported in the prior year. $7.5 million of the professional services revenue in the quarter consisted of recurring revenue, primarily from our hardware support contracts contract revenue from our government business was $37.8 million, an increase of $11.1 million or 41.7% from the $26.7 million reported in the fourth quarter of 2022. The increase in contract revenue was driven by $11.8 million increase in government ISR. solutions product line increase was essentially driven by continued growth of countering UAS. task orders. Contract backlog associated with our government business continues to be strong and appropriately funded as of December 2023, backlog was $326 million, a decrease of 2% compared to $333.9 million as of December 2022 to total funded backlog as of December 2023 was $73.2 million.

訂閱服務收入報告為 3,290 萬美元，比前一年報告的 2,790 萬美元增加了 500 萬美元，即 18%。這一成長主要是由於我們的營運商解決方案業務的服務收入增加了 390 萬美元，而活躍站點增加了 19%，每個站點的平均收入增加了 15%。剩餘利息是由我們的賓客互動業務訂閱服務收入增加 60 萬美元所推動的。本季的年度經常性收入為 1.37 億美元，比去年第四季成長 23%，其中營運商解決方案成長了 45%。賓客參與度提升 8%，後台提升 19%。專業服務收入報告為 1,260 萬美元，比前一年報告的 1,350 萬美元減少 90 萬美元，即 6.5%。本季專業服務收入中的750 萬美元由經常性收入組成，主要來自我們的硬體支援合約來自政府業務的合約收入為3,780 萬美元，比2022 年第四季報告的2,670 萬美元增加了1,110 萬美元，即41.7% 。合約收入的成長是由政府 ISR 增加 1180 萬美元推動的。解決方案產品線的增加主要是由反制無人機的持續成長所推動的。任務訂單。截至2023 年12 月，與政府業務相關的合約積壓仍然強勁，資金充足，積壓金額為3.26 億美元，比2022 年12 月的3.339 億美元減少了2%，截至2023 年12 月，積壓資金總額為7,320 萬美元。

Now turning to margins, our margin for the quarter was 29% versus 23.8% in Q4 2022. The improvement in margin year over year was essentially driven by improved inventory management and price increases. Our focus of demonstrating value for our price with improved operational efficiency has allowed us to improve our margins in the second half of the year and finished 2023 with full year hardware margins of 22% subscription services margin for the quarter was 48.1% compared to 53.1% reported in the fourth quarter of 2022. The decrease in margin is driven by absorbing the initial investment into the very key rollout while also absorbing the initial growth of menu and PAR payment services, which are both early-stage products, excluding the amortization of intangible assets. Total adjusted subscription services margin for the three months ended December 31 with 65% compared to 72% in the fourth quarter of 2022. Professional services margin for the quarter was 10.4% compared to 23.3% recorded in the fourth quarter of 2022. The decrease in margin was driven by decreases in margins from implementation services and hardware service repair. We expect professional services margins to transition back to the mid 10s for 2024. Government contract margins were 5.8% as compared to 44.3% for the Q4 2022. The team continues to manage direct labor to properly support task orders and improved margins.

現在轉向利潤率，我們本季的利潤率為 29%，而 2022 年第四季為 23.8%。利潤率的同比改善主要是由於庫存管理的改善和價格上漲所致。我們專注於透過提高營運效率來展示價格價值，這使我們能夠提高下半年的利潤率，到 2023 年全年硬體利潤率為 22%，本季訂閱服務利潤率為 48.1%，去年同期為 53.1% 2022年第四季報告。利潤率下降的原因是吸收了非常關鍵的推出的初始投資，同時也吸收了菜單和PAR支付服務的初始成長，這兩種服務都是早期產品，不包括無形資產攤銷。截至 12 月 31 日的三個月調整後訂閱服務利潤率為 65%，而 2022 年第四季為 72%。本季專業服務利潤率為 10.4%，而 2022 年第四季為 23.3%。利潤率下降的原因是實施服務和硬體服務維修的利潤率下降。我們預計 2024 年專業服務利潤率將回升至 10 左右。政府合約利潤率為 5.8%，而 2022 年第四季為 44.3%。團隊繼續管理直接勞動力，以適當支援任務訂單並提高利潤。

In regards to operating expenses, GAAP sales and marketing was $9.3 million, an increase of $0.3 million from the $9.2 million reported for Q4 2022. Gaap G&A was $18.6 million, an increase of $1.9 million from the $16.7 million reported in Q4 2022. The increase was driven by an increase in M&A due diligence as well as higher stock-based compensation. Net R&D was $14.5 million, a decrease of $0.4 million from the $14.9 million recorded in Q4 2022. Non-gaap R&D increased $1.3 million or 9%, driven by investments in our larger customer rollout. Total non-GAAP operating expense was $37.5 million, an increase of $2.4 million or 7% versus Q4 2022, primarily driven by R & D expenses as we continue to invest responsibly in our large enterprise customer rollout that Savneet disclosed earlier.

在營運費用方面，公認會計準則銷售和行銷費用為 930 萬美元，比 2022 年第四季報告的 920 萬美元增加了 30 萬美元。Gaap G&A 為 1,860 萬美元，比 2022 年第四季報告的 1,670 萬美元增加了 190 萬美元。這一增長是由併購盡職調查的增加以及股票薪酬的提高所推動的。淨研發費用為 1,450 萬美元，比 2022 年第四季的 1,490 萬美元減少 40 萬美元。由於我們對更大規模客戶推廣的投資，非 GAAP 研發增加了 130 萬美元，即 9%。非GAAP 營運費用總額為3,750 萬美元，與2022 年第四季相比增加了240 萬美元，即7%，這主要是由研發費用推動的，因為我們繼續負責任地投資於Savneet 早些時候披露的大型企業客戶推廣。

Net interest expense was $1.8 million compared to $1.8 million recorded in Q4 2022 now to provide information on the Company's cash flow and balance sheet position. For the year ended December 31, cash used in operating activities was $17.1 million versus $43.1 million for the prior year. The reduction in cash burn compared to the prior year was due to management of net working capital, primarily resulting from improved inventory management.

淨利息支出為 180 萬美元，而 2022 年第四季記錄的淨利息支出為 180 萬美元，以提供有關公司現金流和資產負債表狀況的資訊。截至 12 月 31 日的年度，經營活動使用的現金為 1,710 萬美元，而上一年為 4,310 萬美元。與前一年相比，現金消耗減少是由於淨營運資本的管理，這主要是由於庫存管理的改善。

Cash used in investing activities was $7.8 million for the year ended December 31 versus $66.7 million for the prior year.

截至 12 月 31 日止年度，投資活動所用現金為 780 萬美元，上一年為 6,670 萬美元。

Investing activities during the year ended December 31, 2023 included $1.9 million of cash consideration for a payments tuck-in acquisition for the rights to merchant payment commissions from one of our restaurant tech partners, capital expenditures of $5.8 million for internal use software and $5.3 million for developed technology costs associated with our restaurant retail software platforms, partially offset by $5 million of proceeds from net sales of short-term held-to-maturity securities. Cash used in financing activities was $1.6 billion for the year ended December 31 compared to $2.6 million for the prior year. Financing activities for 2023 was driven by stock-based compensation related transactions. Days sales outstanding for the restaurant and retail segment increased from 53 days as of December 31, 2022, 57 days as of December 31, 2023. We expect DSO levels to remain near historical levels of the lower 50 day range.

截至2023 年12 月31 日的年度投資活動包括支付190 萬美元的現金對價，用於從我們的一家餐廳技術合作夥伴處收購商家支付佣金的權利，580 萬美元的內部使用軟體資本支出和530 萬美元的資本支出用於與我們的餐廳零售軟體平台相關的開發技術成本，部分由短期持有至到期證券淨銷售收入的 500 萬美元抵銷。截至12月31日止年度，融資活動使用的現金為16億美元，而前一年為260萬美元。2023年的融資活動是由股權激勵相關交易所推動的。餐廳和零售部門的應收帳款天數從截至2022年12月31日的53天增加到截至2023年12月31日的57天。我們預計 DSO 水準將維持在 50 天區間下限的歷史水準附近。

Days sales outstanding for the government segment decreased from 55 days as of December 31, 2022 to 51 days as of December 31, 2023.

政府部門的應收帳款天數從截至2022年12月31日的55天減少至截至2023年12月31日的51天。

I will now turn the call back over to David for closing remarks prior to moving to Q&A.

現在，我將把電話轉回給大衛，在進行問答之前進行結束語。

Thanks, Brian. Let me wrap with a few key messages was clear to me is that as we bring our products closer together, our ability to cross-sell is increasing the tight integration with menu as an example has led to 70% of menu deals, including Powerpay fall. Even more interesting. Every menu deals come from the existing punch or bring customer historically words like consolidation and bundling have had negative connotations. And I think for the right reasons, prior attempts to consolidate were not done around industry leading products to requires customers to trade off functionality for simplicity, this is explicitly we are not doing apart. Our products stand on their own, be best in class, integrated and unified to one unified, deliver surprise and delight. It isn't one I think we'll see a standardization around the platform that will then allow development to come on top of that system of record, hopefully increasing in inflation into technical outcomes.

謝謝，布萊恩。讓我總結幾個關鍵訊息，我很清楚，隨著我們的產品更加緊密地結合在一起，我們的交叉銷售能力正在增強與菜單的緊密成，例如，導致 70% 的菜單交易（包括 Powerpay）下降。更有趣的是。每個菜單優惠都來自現有的拳頭或給顧客帶來歷史上諸如整合和捆綁之類的詞語具有負面含義。我認為出於正確的原因，先前的整合嘗試並沒有圍繞著業界領先的產品進行，要求客戶為了簡單性而犧牲功能，這顯然是我們不會分開做的。我們的產品獨樹一幟，同類最佳，整合統一，給人帶來驚喜和喜悅。我認為我們不會看到圍繞該平台的標準化，從而使開發能夠超越該記錄系統，並有望將通貨膨脹增加到技術成果。

As mentioned in the opening. We think the shareholder value creation flywheel is in motion. I believe the flywheel starts with the land and expand with the core platform within our current category, followed by the cross-sell of additional products and then followed by the addition of accretive M&A to bolster our platform capabilities and expand our TAM each new product and acquisition. The acquisition allows us to drive higher returns on capital because we leverage our existing go-to-market infrastructure, the addition of Punchh menu or table setting. Now we're ready to get the machine in motion as we scale allows us to invest more integration and thereby continue to have best-in-class products starting the flywheel over again, 2023 is where we saw real evidence of the first step in this flywheels landing our platform, the enterprise, signing a Burger King as a bring customer, followed by a second step of leveraging a seamless integration with menu was a good example of the flywheel in motion.

正如開篇所提到的。我們認為股東價值創造飛輪正在運作。我相信飛輪從土地開始，並透過我們當前類別中的核心平台進行擴展，然後是其他產品的交叉銷售，然後是增加併購，以增強我們的平台能力並擴展我們的 TAM 每個新產品和獲得。此次收購使我們能夠提高資本回報率，因為我們利用了現有的上市基礎設施、增加了 Punchh 菜單或餐桌設置。現在，我們已經準備好讓機器運轉起來，隨著​​規模的擴大，我們可以投資更多的集成，從而繼續擁有一流的產品，重新啟動飛輪，2023 年，我們將看到邁出第一步的真正證據。飛輪登陸我們的平台，即企業，與漢堡王簽約作為帶貨客戶，然後是利用與菜單無縫集成的第二步，這是飛輪運轉的一個很好的例子。

The next part of the flywheel is accretive and cash flowing M&A. Through the back half of 2023, we ramped up our corporate development efforts and believe we will be able to deliver accretive and cash flowing cash-generating M&A in short order as the market continued to move move toward the platform like towards platform like solutions individual point solutions must partner up with platforms like Park today, the market realize the value is in the platform, not the standalone solution, creating a strong dispersion acquisition multiples. Some of these targets, we feel are great fits for Par and hence, our ramped-up effort here, what I like most about these deals that they are all cash flow business, cash-flowing businesses with tremendous real synergies apart either addressing protocols or allowing us to leverage our existing cost base for a ramp-up in M&A, infrastructure should lead to results in the near future, thereby accelerating our flywheel.

飛輪的下一部分是增值和現金流的併購。到2023 年下半年，我們加大了企業發展力度，並相信，隨著市場繼續向平台型發展，就像向平台型解決方案發展一樣，我們將能夠在短時間內實現增值和現金流量產生現金的併購如今，解決方案必須與 Park 這樣的平台合作，市場意識到價值在於平台，而不是獨立的解決方案，從而創造了強大的分散收購倍數。我們認為其中一些目標非常適合Par，因此，我們在這裡加大力度，我最喜歡這些交易的一點是，它們都是現金流業務，除了解決協議或解決方​​案之外，現金流業務具有巨大的真正協同效應。讓我們能夠利用現有的成本基礎來增加併購，基礎設施應該會在不久的將來帶來成果，從而加速我們的飛輪。

And then finally, I should comment that working apart has ever felt more like day one today from what I see in front of me, the restaurant market is adopting our products at a faster rate than ever. I think we can not only execute on an aggressive organic growth plan, but also put into motion the acquisition machine. We once dreamed it up, our team has built an equally important structure to execute to ensure we don't drop the ball on our plan while allowing us to balance the short term with the long term excitement internally is palpable, and we think our success will only be limited by our ambition. We like about our setup today because I think we continue growing at our current rates with our existing core business, improve our margins as our emerging low margin products scale and continue to run the business on a closely managed OpEx base.

最後，我應該評論說，從我眼前所見，分開工作感覺更像是今天的第一天，餐廳市場正在以比以往更快的速度採用我們的產品。我認為我們不僅可以執行積極的有機成長計劃，還可以啟動收購機器。我們曾經夢想過，我們的團隊建立了一個同樣重要的執行結構，以確保我們不會在計劃上失敗，同時讓我們能夠在內部平衡短期與長期的興奮，這是顯而易見的，我們認為我們的成功只會受到我們野心的限制。我們喜歡我們今天的設置，因為我認為我們現有的核心業務將繼續以目前的速度成長，隨著我們新興的低利潤產品規模的擴大而提高我們的利潤率，並繼續在嚴格管理的營運支出基礎上經營業務。

As I mentioned, earlier, our core products of brake punch payments and data central have run a near flat head count in '23 and the headwinds on menu and Berkeley investments to reverse in '24. Said differently, our revenue should continue to grow while our product unit economics get better with scale and our G&A cost stay tight as revenue absorbs the cost we've taken the hit on in '23. Any additional M&A would then drive meaningful cash flow to the bottom line, which is why this foundation is so important outside of our incremental hiring for working there. Almost no new hires needed to hit our growth plans. We feel confident that the efficiency of its or design will only get better as we continue to consolidate our teams today, we are still relatively small business with less than [$150 million] of ARR. So but we believe we have the foundation to much more and the team is excited to execute on.

正如我之前提到的，我們的核心產品煞車卡支付和資料中心在 23 年的員工數量幾乎持平，而菜單和柏克萊投資方面的逆風將在 24 年扭轉。換句話說，我們的收入應該繼續增長，同時我們的產品單位經濟效益隨著規模的擴大而變得更好，並且我們的一般管理費用保持緊張，因為收入吸收了我們在23 年遭受的打擊的成本。任何額外的併購都會將有意義的現金流推向利潤，這就是為什麼除了我們在那裡工作的增量招聘之外，這個基礎如此重要。幾乎不需要新員工來實現我們的成長計劃。我們相信，隨著我們今天繼續鞏固我們的團隊，其設計的效率只會變得更好，我們仍然是相對較小的企業，ARR 不到[1.5 億美元]。因此，我們相信我們已經具備了做更多事情的基礎，團隊很高興能夠執行。

And with that, I'll open the call for Q&A. Operator?

接下來，我將開始問答環節。操作員？

Thank you. As a reminder, to ask a question, press star one one on your telephone and wait for your name to be announced to withdraw your question, press star one one.

謝謝。提醒一下，要提問，請在電話上按星號一一，然後等待宣布您的名字以撤回您的問題，請按星號一一。

Yes.

是的。

Our first question comes from the line of Mayank Tandon from me.

我們的第一個問題來自我的 Mayank Tandon。

Thank you.

謝謝。

Good morning, Salveen, great to see all these new logo wins outside of B-K as well in the last several months.

早上好，Salveen，很高興看到過去幾個月在 B-K 之外的所有新標誌也取得了勝利。

I wanted to start with I know you're not giving formal guidance, but just based on your comments, I wanted to get a sense of your expectations for ARR growth. Can you sustain the current levels in '24 or should we expect some acceleration given you've had these new wins, most notably, as you mentioned, Bob Evans orders, et cetera. So just want to get a sense of your expectations for 2024.

我想先了解您沒有提供正式指導，但僅根據您的評論，我想了解您對 ARR 成長的期望。你能在 24 年維持當前的水平嗎？或者我們應該期待一些加速，因為你已經取得了這些新的勝利，最值得注意的是，正如你提到的，鮑勃·埃文斯訂單等等。所以只是想了解一下您對 2024 年的期望。

Yes. I think we feel confident we'll maintain and potentially grow a lot of it, depending on as we get the BURGER KING rollout going the sequencing of that rollout, we don't have that today but even without that and assuming conservative numbers there, I think we feel really good about the growth, maintaining and growing. And I think we'll do a great job on that rollout.

是的。我認為我們有信心我們會維持並可能增加很多，這取決於我們對漢堡王的推出進行排序，我們今天沒有，但即使沒有，並假設那裡的保守數字，我認為我們對成長、維持和成長感覺非常好。我認為我們會在這次部署中做得很好。

And so I think there's opportunity for it to get even better. But once we get that data, we'll report back to the market because obviously it will be very, very influential for us, but I think we feel very good about it. And I think we've got more wins to come that was announced. And so we've had a lot of these announced wins, but none of the revenue for that yet. And so I think what's exciting is the growth we've had in '23, you've seen company logos. We've announced the last three six months.

所以我認為它有機會變得更好。但一旦我們獲得這些數據，我們就會向市場報告，因為顯然這對我們來說非常非常有影響力，但我認為我們對此感覺非常好。我認為我們還將獲得更多已宣布的勝利。因此，我們已經宣布了很多這樣的勝利，但還沒有獲得任何收入。所以我認為令人興奮的是我們在 23 年取得的成長，你已經看到了公司商標。我們已經宣布了過去三個月的情況。

Let me just ask you this way. I think in the past you've said you can grow ARR between 20% and 30%. Is that still the target model for the Company.

我就這樣問你吧。我想您過去說過可以將 ARR 成長 20% 到 30%。這仍然是公司的目標模式嗎？

And on that note, SaaS subscription revenue follow the ARR growth trajectory. Is that a pretty good correlation the way to think about it?

值得注意的是，SaaS 訂閱收入遵循 ARR 成長軌跡。從思考的角度來看，這是一個很好的相關性嗎？

Yes, I think that's a good way. And then as I said, once we get the timing of working, I can come back and say, do we think it will be 30 or 25? I think we just need the details of that, which we don't yet have.

是的，我認為這是一個好方法。然後正如我所說，一旦我們確定了工作時間，我可以回來說，我們認為會是 30 還是 25？我認為我們只需要細節，但我們還沒有。

Got it.

知道了。

And then just a quick follow-up in terms of the leverage in the model, a great commentary around that so just based on what you said, is it reasonable to then think that you could potentially reach EBITDA profitability at some point in 2024 or given some of your comments is going to be maybe in 2025, given the timing of some of these sort of leverage points in your model.

然後就模型中的槓桿進行快速跟進，對此進行了很好的評論，因此僅根據您所說的內容，就可以合理地認為您可能在2024 年的某個時候達到EBITDA 盈利能力，或者在在給定的情況下考慮到模型中某些槓桿點的出現時間，您的一些評論可能會在 2025 年發表。

It will all be dependent on converting because we've ramped up cost meaningfully to support that launch and both the menu and then and then on brake and can we get the rest of the year. I think so unless Burger King decides to not roll out small, do all the rollout in '25, which is extremely unlikely. And so we feel really excited. And then I think, you know, the the exciting product I tried to mention on the call, which is we've absorbed so much cost from your menu is the vast majority of our loss in '23. That revenue itself is coming live today. We just slots to live another large customer. And so I think there's a lot of optimism on the bottom line because we've been taking the hits on costs to get the rollout build out for both of these shales and both these products, which will reverse in '24.

這一切都取決於轉換，因為我們已經大幅提高了成本來支援該發布以及菜單，然後再煞車，我們能否在今年剩餘的時間裡做到這一點。我認為是的，除非漢堡王決定不小規模推出，而是在 25 年進行所有推出，這是極不可能的。所以我們感到非常興奮。然後我想，你知道，我在電話中試圖提到的令人興奮的產品，即我們從你們的菜單中吸收瞭如此多的成本，是我們 23 年損失的絕大多數。收入本身今天即將上線。我們正好又住了一個大客戶。因此，我認為底線有很多樂觀情緒，因為我們一直在承受成本的打擊，以擴大這兩種頁岩和這兩種產品的推出，這將在 24 年扭轉。

But Jonathan, I'm going to give guidance. I think in the next quarter once I have details and working and kind of gotten to exactly where I think we'll be, but that is such that that changed the model tremendously.

但是喬納森，我將提供指導。我認為在下個季度，一旦我掌握了細節並進行了工作，並且達到了我認為我們將達到的目標，但這極大地改變了模型。

Got it, very helpful. Thank you so much.

明白了，非常有幫助。太感謝了。

Thank you.

謝謝。

One moment for question.

請稍等一下提問。

Our next question comes from the line of Stephen Sheldon from William Blair.

我們的下一個問題來自威廉布萊爾的史蒂芬謝爾頓。

Hey, good morning. Lots to dig into here as a hallways, but just on Burger King, if we think about that, what are some of the key milestones we externally should be thinking about for that implementation? Sounds like there's still quite a few moving pieces in there. What are the biggest risks to that process in your view that you're concerned about? And I guess asking that another way what do you absolutely need to get right as we think about the implementation.

嗨，早安。作為一個走廊，這裡有很多值得深入研究的地方，但就漢堡王而言，如果我們考慮一下，我們在外部應該考慮實施該實施的一些關鍵里程碑是什麼？聽起來裡面還有不少可動的部分。您認為您擔心的這項過程的最大風險是什麼？我想以另一種方式問，當我們考慮實施時，你絕對需要做什麼。

So there is everything on track as a growing at better than expected on the far side. So we feel great about it and there's no concern on it.

因此，一切都步入正軌，遠方的成長速度好於預期。所以我們對此感覺很好並且沒有任何擔憂。

To me.

大部頭書。

It's still within your tracking is stores like a life and it's pretty simple. And so we haven't started the rollout, which is so a lot of it. We'll see when we go live, but we feel really good. We're in a couple of hundred stores now as sort of test they're going great. And so to me, it's just the stores going live and that, like I said, I think and we feel really good. It's a two year rollout. So it's going to be very, very quickly. It's just going to be about how much is in '24 of assumptions and '25, John, and we don't have those details yet, but just like any other large organization. I think that they understand that we don't want to do everything back in because I put a lot of stress on everybody, but not until we have that I think we're going to sort of be conservative till investments. The metric in fact, is just how many stores go live because that's the only metric that matters.

它仍然在您的跟踪範圍內，就像生命一樣存儲，而且非常簡單。所以我們還沒有開始推出，這是很多。當我們上線時我們會看到，但我們感覺真的很好。我們現在在數百家商店進行測試，以測試他們的表現是否良好。所以對我來說，這只是商店的上線，就像我說的，我認為我們感覺非常好。這是兩年的推出。所以這將會非常非常快。這只是關於 '24 的假設和 '25 的假設有多少，約翰，我們還沒有這些細節，但就像任何其他大型組織一樣。我認為他們明白我們不想把所有事情都重新投入，因為我給每個人都帶來了很大的壓力，但直到我們做到這一點之前，我認為我們會在投資之前保持保守。事實上，這個指標就是有多少商店上線，因為這是唯一重要的指標。

Got it.

知道了。

And I guess we'll wait for operator solutions, and they had a really good bookings quarter there. I think 34,000 net new site bookings there is Burger King in that at all, I guess or is that the majority of it did you have a lot of good booking booking activity there outside of Burger King? Just any detail on how much of the news that came out of the Permian versus other system.

我想我們會等待運營商的解決方案，他們在那裡的預訂季度非常好。我認為漢堡王的新網站淨預訂量為 34,000 個，我猜或其中大部分是在漢堡王之外有很多好的預訂活動嗎？只是關於二疊紀與其他系統有多少新聞的任何細節。

And King is almost none of us like maybe 100 or 150. I mean, it's all other logos.

King 幾乎不像我們中的 100 或 150 人那樣。我的意思是，都是其他標誌。

Okay, great.

好的，太好了。

And then I guess sticking with operator solutions, just one more on the step up in ARR per active site, seems like that was up 7% to 8% sequentially. Just curious, I guess, more detail on the moving pieces there. I guess the payments adoption is a big part of that, but any notable benefit from pricing uplift or just anything else you'd call out.

然後我想堅持使用營運商解決方案，只需再提高每個活動站點的 ARR，似乎可以持續成長 7% 到 8%。我想，只是好奇，關於那裡移動部件的更多細節。我想支付方式的採用是其中的一個重要組成部分，但是價格上漲或您所說的其他任何事情都會帶來任何顯著的好處。

It's a 50-50 payments and price uplift and you're going to that's going to continue. This is an exciting part of the model. The size of the deals we're in are much larger than before and also higher RPU. And so that's going to continue. So we feel really good about the pricing of prepreg is the premium product is getting rewarded for the premium product and deals and that will continue. But I'd say right now, it's about 50-50, call it modules modules being primarily payments, but also safety amortization and the other happy two price increase.

這是 50-50 的付款和價格上漲，而且這種情況將會持續下去。這是模型中令人興奮的部分。我們參與的交易規模比以前大得多，而且 RPU 也更高。這樣的情況將會持續下去。因此，我們對預浸料的定價感到非常滿意，因為優質產品因優質產品和優惠而獲得回報，而且這種情況將持續下去。但我現在想說的是，大約是50-50，稱其為模組，模組主要是支付，但也有安全攤銷和其他快樂的兩個價格上漲。

Okay. Thank you.

好的。謝謝。

Thank you. One moment for question. Our next question comes from the line of Eric mark Newsy from Lake Street.

謝謝。請稍等一下提問。我們的下一個問題來自湖街的艾瑞克·馬克·紐西。

But on markets, wanted to dive in a little bit more on the transaction due diligence that $2.3 million number caught my eye for your M&A work and just curious to know, obviously, you're talking about some point solutions that you can tuck into your platform. But are these have pointed in any particular direction as far as Engage versus operator solutions versus back office.

但在市場上，我想深入了解交易盡職調查，230 萬美元的數字引起了我對你的併購工作的關注，我只是想知道，顯然，你正在談論一些可以納入你的解決方案的點解決方案。平台。但就參與、營運商解決方案與後台而言，這些是否指向了任何特定方向。

And so obviously, we've been yes, from numbers, it's clear. We're deep in the M&A process, and that's why we disclose it because it's a meaningful amount as far as where that M&A is happening, I'd say yes, within that guest engagement and operations, where we have most deals, I guest engagements where we're seeing and at the most activity right now, but M&A is opportunistic at times. And so we'll see where stuff picks up, but that the deal flow is high. But what I think is exciting today is the strategic fit, both from a price perspective and a product perspective is great, which is why we ramped up cost so much, which is pushing hard to get these done and you did say that those were cash positive targets are of kind of post acquisition. There would be no leader, all very profitable on. I think every company look at is at Rule of 40 independent. And so far, it will be better on it. Then it's not really for either a question for you. We can take you through a 40. So we're really focused on that. And I don't suspect you'll ever see us buy something that's money-losing. We made these investments menu, which has obviously been a headwind to the cost, but once we have the platform, which we have the platform. Now, everything on top of it is it needs to be cash earnings and create a flywheel that I mentioned.

顯然，從數字來看，我們是肯定的。我們深入參與併購過程，這就是為什麼我們披露它，因為就併購發生的地點而言，這是一個有意義的金額，我想說是的，在我們有最多交易的客戶參與和運營中，我客氣我們目前看到的交易和活動最多，但併購有時是機會主義的。因此，我們將看到情況好轉，但交易流量很高。但我認為今天令人興奮的是策略契合，從價格角度和產品角度來看都很棒，這就是為什麼我們大幅提高成本，這正在努力推動完成這些工作，你確實說過這些都是現金積極的目標是一種收購後的目標。就沒有領導者，一切都很有利可圖。我認為每家公司都會關注 40 條規則的獨立性。到目前為止，它會更好。那麼這對你來說並不是一個真正的問題。我們可以帶您度過40歲。所以我們非常關注這一點。我不懷疑你會看到我們購買賠錢的東西。我們制定了這些投資菜單，這顯然對成本構成了阻力，但一旦我們擁有了平台，我們就擁有了一個平台。現在，最重要的是它需要現金收入並創建我提到的飛輪。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Thank you.

謝謝。

One moment for question.

請稍等一下提問。

Our next question comes from the line of George Sutton from Craig.

我們的下一個問題來自克雷格的喬治·薩頓。

Hey, good morning. This is Adam on for George. 70 on the last earnings call, you mentioned that there are three additional large QSR brands that we're taking a pretty meaningful look at Brink. Just curious if you had an update on those specific potential customers.

嗨，早安。這是亞當替喬治上場。 70 在上次財報電話會議上，您提到我們正在對 Brink 進行非常有意義的研究，另外還有另外三個大型 QSR 品牌。只是好奇您是否有這些特定潛在客戶的最新資訊。

And so I think on anything that we've announced a press release, but I think the number is now more than three that the pipeline has really gotten far bigger than anything we've seen the past. I think we've got and we see three logos that are sort of what we call near-term wins within our funnel. And then you know another four that are sort of medium term so that the funnel is large and it's real. And one thing in particular, this is on the POS side, POS funnels, RFPs are really robust processes for the customer. We work with generally the hiring consultants. They spend $100,000 on consultants on surveys. And so when it gets the near term, decisions do come because they've already spent a ton of money to get to the point of making that decision. So it is usually a great sign as it least the business provided we win that business.

因此，我認為我們已經宣布了新聞稿，但我認為現在的數量已經超過三個，管道確實比我們過去看到的任何東西都大得多。我認為我們已經看到了三個標誌，這三個標誌就是我們在漏斗中所說的近期勝利。然後你知道另外四個是中期的，所以漏斗很大而且是真的。特別是一件事，在 POS 方面，POS 管道、RFP 對客戶來說確實是強大的流程。我們通常與招募顧問合作。他們花費 10 萬美元請顧問調查。因此，當它到了短期內，決策確實會到來，因為他們已經花了很多錢來做出這個決定。因此，這通常是一個很好的跡象，因為只要我們贏得了該業務，它就至少是業務。

Great.

偉大的。

And then with respect to menu, can you just give an update on where that product is in terms of development of features as well as the integration path? Are you 90% done, 80% done and anything else you can drop would be great.

然後，關於選單，您能否介紹一下該產品在功能開發和整合路徑方面的最新進展？你完成了 90%，完成了 80%，還有什麼可以放棄的就好了。

We're there. So we're not making investments. In fact, we've cut costs meaningfully just in the last month there as we hit the product parity we wanted to get to in United States. And so we took the cost bases down there pretty meaningfully just like I said two weeks ago because we kind of hit the goals we need to. As I mentioned, we had our first U.S. go live with people Brady's two weeks ago, you can download the app checkout, the website, and I think you'll see how innovative and beautiful product it is. We had our second customer go live today. I'll talk about that later because it's not public, but it really impressive on 700 store chain. It was coming. And I know it's been people because we know what killed me is the core business is running so much more efficiently. We haven't added headcount in a long time as many were. We have some major Lawson and I guess that that's reversing in '24 as we have revenue coming on for menu on to offset that impact plus these cost cuts that I mentioned.

在那裡。所以我們不進行投資。事實上，就在上個月，我們已經大幅削減了成本，因為我們達到了我們想要在美國達到的產品平價。因此，就像我兩週前所說的那樣，我們非常有意義地降低了成本基礎，因為我們達到了我們需要的目標。正如我所提到的，兩週前我們在美國首次與布雷迪的人們一起上線，您可以下載應用程式結帳和網站，我想您會看到它是多麼創新和美麗的產品。今天我們的第二位客戶上線了。我稍後會談論這個，因為它不是公開的，但它在 700 家連鎖店中確實令人印象深刻。它來了。我知道是人的問題，因為我們知道讓我喪命的是核心業務的運作效率如此之高。我們已經很久沒有像許多公司那樣增加員工人數了。我們有一些主要的勞森，我想這種情況會在 24 年扭轉，因為我們的菜單收入將抵消這種影響加上我提到的成本削減。

And then one final question for me. With respect to the Burger King rollout.

最後還有一個問題想問我。關於漢堡王的推出。

Did most of the scaling from a headcount cost perspective come during Q4 or should we see that continuing in Q1 as well.

從員工成本角度來看，大部分的擴張是在第四季度進行的還是我們應該看到這種情況也在第一季繼續進行。

You'll see some of it in Q one, but a lot of it was in Q4 and we're scaling up, call it now 140 people now leader shortly. The short term, this is not they're not going to stay apart forever, but think of it as inflation implementations, dev teams to finish the integration. And so it's a meaningful amount of cost, but that cost is in perpetual because once we roll out, we don't need those costs and those will come down over the next two years. And so we're taking a lot of it now. It will scale its way back down into the way I'd like to think about it is, you know, call it two scrum teams to have scrum teams for that sort of some short period of time. And then it's primarily support professional services and and that's about it. And so it's not that you had people to absorb that for a couple of quarters. Before we get any revenue from it, but and we will get it back very quickly and then those costs will rationalize themselves back down.

你會在第一季看到其中的一些，但大部分是在第四季度，我們正在擴大規模，現在很快就會有 140 人成為領導者。短期來看，這並不是他們不會永遠分開，而是將其視為通膨實施，開發團隊完成整合。因此，這是一筆有意義的成本，但這種成本是永久性的，因為一旦我們推出，我們就不需要這些成本，而這些成本將在未來兩年內下降。所以我們現在正在採取很多措施。它將縮小規模，回到我想要的方式，你知道，稱其為兩個 Scrum 團隊，在短時間內擁有 Scrum 團隊。然後它主要是支援專業服務，僅此而已。因此，並不是說有人在幾個季度內吸收了這一點。在我們從中獲得任何收入之前，我們很快就會收回它，然後這些成本將合理化回落。

Thank you. One moment for Next question, Our next question comes from the line of Samad Samana from Jefferies.

謝謝。下一個問題請稍等一下，我們的下一個問題來自 Jefferies 的 Samad Samana。

Hi, good morning. Thanks for taking my questions. Maybe first, why does that mean you did a great job in terms of mismatch in the cost structure where the business is that? And in today's slide deck, it looks like there is any disclosure about sales and marketing and R&D as a percentage of ARR adds. However, the gross margin that was at those percentages in time, it looks like the subscription part of the business is now actually profitable, even factoring in expenses. Am I getting the right read on that? Is that a signal you are trying to settlement that disclosure? And then I have a follow-up.

早安.感謝您回答我的問題。也許首先，為什麼這意味著您在業務所在的成本結構不匹配方面做得很好？在今天的幻燈片中，似乎有任何有關銷售、行銷和研發佔 ARR 百分比的揭露。然而，從當時的毛利率來看，即使考慮到費用，該業務的訂閱部分現在實際上已經實現盈利。我對此的理解正確嗎？這是您試圖解決披露問題的信號嗎？然後我有一個後續行動。

Yes.

是的。

So no disclosure is really to give you a lot more transparency on how fast or rationalizing cost basis on that side. And that's why we also do it X menu because the menu is the majority of our loss is just more of a sort of tracked how fast we're going to get there. And then as I said, as we get M&A done, you'll see that take step functions, but it's really more just provide transparency and that we're going to get there quickly.

因此，沒有披露實際上是為了讓您在這方面的速度或合理化成本基礎上更加透明。這就是為什麼我們也做 X 菜單，因為菜單是我們損失的大部分，更多的是追蹤我們到達那裡的速度。然後，正如我所說，當我們完成併購時，您會看到採取步驟的功能，但實際上更多的是提供透明度，我們很快就會實現這一目標。

Yes, it's not. It doesn't include that slide. Furniture does not include the G&A and that is for me looking at it from a noncash perspective.

是的，不是。它不包括那張幻燈片。家具不包括一般行政費用，這對我來說是從非現金的角度來看的。

Okay. Okay. Perfect.

好的。好的。完美的。

And then you've called out the impact of menu and payments out of gross margins. When do you expect these investments to last, do you expect something of a permanent headwind to gross margins from payments as the mix shifts or defense or the impact of this M&A? Just how should we think about that?

然後你指出了菜單和付款對毛利率的影響。您預計這些投資何時會持續？隨著組合的轉變、防禦或此次併購的影響，您是否預期付款毛利率會出現永久性的逆風？我們該如何思考這個問題呢？

We're definitely in the 70s and a higher overtime. So that question. So we recognize payments on a net basis. So our payment gross margins will be near our software margins because we are super conservative in sort of doing the net income versus the growth. And so the payments will be the issue menu will take a couple of years to get where we need to. But it's not going to be from a headwind because the rest of the business is also growing nicely. And so if you remove out those products. We're kind of back to exactly where we were in the past a little higher. So it's just the growth of this business and menu has been the major headwind because you've got such a major cost without really any revenue that, like I said, we just had our first customer live in the US. We got another big one going and that's before the Burger King revenue turns live there. And so you'll see a nice movement there this year and then the out years get there. But all of our products need to get to mid 70s and higher gross margins as sort of the mandate we're going to drive towards.

我們肯定是在 70 年代，加班時間更長。所以這個問題。因此，我們以淨額確認付款。因此，我們的支付毛利率將接近我們的軟體毛利率，因為我們在計算淨利與成長方面非常保守。因此，付款將成為問題選單，需要幾年的時間才能到達我們需要的地方。但這不會是來自逆風，因為其他業務也成長良好。因此，如果您刪除這些產品。我們又回到了過去的水平，稍微高一點。因此，這只是這項業務和菜單的成長是主要的阻力，因為你的成本如此之大，卻沒有真正的任何收入，就像我說的，我們的第一個客戶住在美國。我們又搞了一場大戲，那是在漢堡王收入上線之前。因此，今年你會看到一個不錯的走勢，然後接下來的幾年也會出現這種情況。但我們所有的產品都需要達到 70 年代中期和更高的毛利率，這是我們要努力實現的目標。

Great.

偉大的。

Appreciate the question.

感謝這個問題。

Thank you.

謝謝。

One moment for our next question cybersecurity suite relatively quickly.

一會兒我們的下一個問題網路安全套件相對較快。

Our next question comes from the line of Anja Soderstrom from Sidoti.

我們的下一個問題來自 Sidoti 的 Anja Soderstrom。

Well, so let me give you my questions.

好吧，讓我向你提出我的問題。

Have, I guess curious in terms of where you said you said and as sort of cloud transition from trauma per stock accelerated, I do think and I mean, aside from from wanting to get attacked, it was security aspect.

我想我對你所說的地方感到好奇，並且隨著每隻股票從創傷到雲的轉變加速，我確實認為，我的意思是，除了想要受到攻擊之外，這是安全方面的。

So I think implicit in all of it, there's a central versus carriers, but it's that's not the major driver. I think the main major driver is the legacy guys are giving up share more rapidly than in the past. I think this is being driven by a bunch of factors. I think the biggest one is that if you are on an old product, even content or even an old product is on the cloud, your ability to innovate and take ambiance and innovations that are driving the the the restaurant of the future. You were really limiting your experience. And I would say the simplest way to do this is a look at the stock chart of the restaurants that have made major investments in technology to pull a cover of McDonald's and so forth. You can see the actual returns that they had and then look at the ones that haven't. And so I think it's more about the functionality you're getting from a modern product and of course, security is part of that.

因此，我認為這一切都隱含著中央與營運商之間的關係，但這並不是主要驅動力。我認為主要的推動因素是傳統企業比過去更快放棄份額。我認為這是由多種因素驅動的。我認為最重要的是，如果您使用舊產品，甚至內容甚至舊產品都在雲端上，那麼您的創新能力和氛圍以及創新能力將推動未來餐廳的發展。你確實限制了你的經驗。我想說，最簡單的方法是查看那些在技術上進行重大投資以掩蓋麥當勞等餐廳的股票圖表。您可以查看他們獲得的實際回報，然後查看沒有獲得的回報。因此，我認為這更多的是關於您從現代產品中獲得的功能，當然，安全性也是其中的一部分。

Okay, thank you.

好的謝謝。

That was all for me.

這就是我的全部。

Sorry, I can just.

抱歉，我只能。

Thank you. One moment for question.

謝謝。請稍等一下提問。

Our next question comes from the line of Andrew Hart from BTIG.

我們的下一個問題來自 BTIG 的 Andrew Hart。

Hey, good morning. When we're thinking about 2024 the kind of the different components of ARR growth. Obviously, operator solutions with Burger King should be the key driver of it, but some need in the past, you've kind of sized up relative growth of guest engagement and back office compared to operator solutions. Can you just help us on how you're thinking about the growth? It's kind of the other pieces there in 2024.

嗨，早安。當我們考慮 2024 年 ARR 成長的不同組成部分時。顯然，漢堡王的營運商解決方案應該是其關鍵驅動力，但在過去的一些需求中，與營運商解決方案相比，您已經評估了賓客參與度和後台的相對增長。您能告訴我們您對成長的看法嗎？這有點像 2024 年的其他作品。

Yes, absolutely. So I think we'll have an acceleration from guest engagement and driven by punch.

是的，一點沒錯。因此，我認為我們將透過賓客參與度和衝擊力來加速。

And then you sort of suggested punches one, a bunch of logos in the back half of '23. Now we're announcing more and more in the next month or two here. And so we'll have an acceleration on time. And menu will have revenue growth. We have really had any growth there because of business in the U.S. And so we'll see growth there. And I don't think that business grows 30% just because of the size. But I do think we'll see a nice uplift from where we are today on the back office side, which is a small part of our business. If that grew, call it, [19.5%] this year. I think that business will also have an ability to move up this year with the bundling within Brink. And I think we'll see some interesting acquisition opportunities that come out of there, too. And then we've talked about Brink already, but there's just a lot of pipeline there. I think the key part, though, is that Brink landing allows everything else to grow faster. And so it brings plants almost every bring customer we signed in '24 added another product. And so that will drive everything, which is why we continue to consolidate the units together because as we land Brink expansion is beginning is getting easier and easier.

然後你建議在 23 的後半部打一拳，一堆標誌。現在我們將在接下來的一兩個月內宣布越來越多的信息。所以我們會準時加速。而且菜單也會有營收成長。由於在美國的業務，我們確實在那裡取得了成長，因此我們將看到那裡的成長。我不認為業務成長 30% 只是因為規模。但我確實認為我們會看到後台部門比今天的情況有很大的提升，這只是我們業務的一小部分。如果這數字成長，請稱今年為[19.5%]。我認為，隨著 Brink 內的捆綁銷售，今年的業務也將有能力提升。我認為我們也會看到一些有趣的收購機會。然後我們已經討論過 Brink，但那裡有很多管道。不過，我認為關鍵在於，邊緣登陸可以讓其他一切成長得更快。因此，它為工廠帶來了幾乎每個我們在 24 年簽約的客戶都添加了另一種產品。這將推動一切，這就是為什麼我們繼續將各個部門整合在一起，因為當我們登陸 Brink 時，擴張開始變得越來越容易。

Thanks.

謝謝。

And then I appreciate the comment on kind of ramping up your M&A capabilities.

然後我很欣賞關於提高併購能力的評論。

I guess on kind of the other side of that question, can you just kind of data strategically about how you're thinking about the government business here?

我想從這個問題的另一方面來看，您能否從戰略上提供一些數據來說明您如何看待這裡的政府業務？

And I would look at the disclosures in the data.

我會查看數據中的揭露情況。

Fair enough.

很公平。

Thanks.

謝謝。

Thank you. At this time, I'm showing no further questions. I would like to turn the conference back over to Savneet Singh for closing remarks.

謝謝。目前，我沒有再提出任何問題。我想將會議轉回薩夫尼特辛格 (Savneet Singh) 致閉幕詞。

Thanks, everybody, for your time and look forward, I think next quarter and feel free to reach out with any questions.

謝謝大家抽出寶貴的時間並展望未來，我想下個季度，如有任何問題，請隨時與我們聯繫。

This concludes today's conference call. Thank you for participating.

今天的電話會議到此結束。感謝您的參與。

You may now disconnect.

您現在可以斷開連線。