PAR Technology Corp (PAR) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Lean, and I will be your conference operator. At this time, I would like to welcome everyone to the full year 2024 first quarter financial results call. (Operator Instructions)

謝謝你的支持。我叫 Lean，我將成為您的會議操作員。此時此刻，我謹歡迎大家參加 2024 年第一季全年財務業績電話會議。（操作員說明）

Thank you. I would like to turn the call over to Christopher Byrnes. Please go ahead.

謝謝。我想把電話轉給克里斯多福·伯恩斯。請繼續。

Thank you, operator. Good morning, everyone, and apologies for the technical difficulties we were dealing with this morning. But I welcome you to PAR Technology's first quarter 2024 financial results call.

謝謝你，接線生。大家早安，對於我們今天早上遇到的技術困難深感抱歉。但我歡迎您參加 PAR Technology 2024 年第一季財務業績電話會議。

We issued our Q1 press release a short time ago and furnished a related Form 8-K to the SEC. The press release, along with the corresponding slide presentation, can be found on the investor relations section of our website at partech.com.

我們不久前發布了第一季新聞稿，並向 SEC 提供了相關的 8-K 表格。該新聞稿以及相應的幻燈片簡報可以在我們網站 partech.com 的投資者關係部分找到。

With me on the call today is Savneet Singh, PAR, CEO; and Bryan Menar, PAR, CFO. Before we begin, please remember that during the course of this call, we may make forward-looking statements about the operations and future results of PAR technology that involve assumptions, risks, and uncertainties. If any of these risks and uncertainties develop or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements.

今天和我一起參加電話會議的是 Savneet Singh，PAR，執行長；和 Bryan Menar，PAR、財務長。在開始之前，請記住，在本次電話會議期間，我們可能會對 PAR 技術的運作和未來結果做出前瞻性陳述，其中涉及假設、風險和不確定性。如果出現任何這些風險和不確定性，或任何假設被證明不正確，實際結果可能與我們的前瞻性陳述明示或暗示的結果有重大差異。

On this morning's call, we will refer both to GAAP and non-GAAP financial measures. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding those measures. In addition, our acquisition of Stuzo, closing on March 11, 2024, and therefore our reported first quarter results include 20 days of Stuzo results as well. At times during this call, we may discuss organic or standalone results, which excludes Stuzo, to help listeners understand our organic performance.

在今天早上的電話會議上，我們將提及公認會計原則和非公認會計原則財務指標。請參閱今天的新聞稿，以了解 GAAP 與非 GAAP 財務表現的調整表以及有關這些措施的其他揭露。此外，我們對 Stuzo 的收購於 2024 年 3 月 11 日完成，因此我們報告的第一季業績也包括 Stuzo 的 20 天業績。有時，在這次電話會議中，我們可能會討論有機或獨立的結果（不包括 Stuzo），以幫助聽眾了解我們的自然表現。

Now I'll turn the call over to Savneet for the formal remarks portion of the call, followed by Q&A.

現在，我將把電話轉給 Savneet，以進行電話的正式評論部分，然後進行問答。

Thank you, Chris. We had a strong start to 2024, achieving 25% growth in ARR while closing one M&A transaction and announcing a second. Our subscription services business is clicking, and we feel confident we'll be able to continue to drive growth while turning EBITDA positive in Q3. Crucially, our products continue to be validated as standalone best-in-class while working better together, helping prove the value of our unified solution and demonstrating to our customers that buying more from PAR does not sacrifice functionality, but rather generates better outcomes.

謝謝你，克里斯。我們在 2024 年取得了良好的開局，實現了 25% 的 ARR 成長，同時完成了併購交易並宣布了第二項併購交易。我們的訂閱服務業務正在蓬勃發展，我們有信心能夠繼續推動成長，同時在第三季度實現 EBITDA 正值。至關重要的是，我們的產品繼續被驗證為獨立的同類最佳產品，同時更好地協同工作，幫助證明我們統一解決方案的價值，並向我們的客戶證明，從PAR 購買更多產品不會犧牲功能，而是會產生更好的結果。

This is a point that I really wish to underscore again. Each of our products generates better experiences on other PAR products, thereby enhancing total stickiness and expanding sales opportunities beyond what a single product sale could generate. The flywheel at PAR is real.

這是我非常想再次強調的一點。我們的每一款產品都能為其他 PAR 產品帶來更好的體驗，從而增強整體黏性並擴大銷售機會，超越單一產品銷售所能產生的範圍。PAR 的飛輪是真實的。

For the first quarter, subscription services ARR organically grew by 25% when compared to Q1, 2023. When we add Stuzo's configuration, ARR now stands at $185.7 million, a 60% increase from the first quarter last year. Additionally, once TASK closes, our current ARR would be over $225 million on a pro forma basis.

與 2023 年第一季相比，第一季訂閱服務 ARR 有機成長了 25%。當我們加上 Stuzo 的配置後，ARR 目前為 1.857 億美元，比去年第一季成長了 60%。此外，一旦 TASK 結束，預計我們目前的 ARR 將超過 2.25 億美元。

In Q1, 2024, all of our products grew and PAR achieved 25% organic year-over-year expansion without material contribution from large (inaudible) we've signed the past few months, notably Burger King and Wendy's. As I mentioned last call, we're going to be reporting in two segments, Operator Cloud, which includes Brink, Data Central, and Payments, and Engagement Cloud, which includes MENU, Punchh, and Stuzo. Simply put, we are reporting in the same manner as we are organized internally.

2024 年第一季度，我們所有的產品都實現了成長，PAR 實現了25% 的同比有機擴張，而沒有來自我們過去幾個月簽署的大型（聽不清）的實質貢獻，尤其是漢堡王和溫迪。正如我在上次電話會議中提到的，我們將分成兩個部分進行報告：營運商雲端（包括 Brink、資料中心和支付）和參與雲端（包括 MENU、Punchh 和 Stuzo）。簡而言之，我們的報告方式與內部組織方式相同。

Our Operator Cloud solutions predominantly work with IT and operations teams, while our Engagement Cloud solutions work with marketing and digital teams. Operator Cloud ARR grew 39% to $78.5 million in Q1 when compared to the same period last year. Operator Cloud growth is being driven by increased win rates at Brink and continued ARR improvement.

我們的營運商雲端解決方案主要與 IT 和營運團隊合作，而我們的互動雲端解決方案則與行銷和數位團隊合作。與去年同期相比，第一季營運商雲端 ARR 成長了 39%，達到 7,850 萬美元。Brink 獲勝率的提高和 ARR 的持續改善推動了營運商雲端的成長。

Operator Cloud ARR grew increased by 22% from the same period last year due to higher value deals, API modernization, price increases, and PAR payment services go live. We expect the growth in ARR to continue given current white space and existing high-value accounts, as well as a robust pipeline. Brink is our most strategic product, and when selected by an enterprise, it presents an opportunity to cross-sell additional PAR products.

由於更高價值的交易、API 現代化、價格上漲以及 PAR 支付服務上線，營運商雲端 ARR 較去年同期成長了 22%。鑑於當前的空白空間和現有的高價值帳戶以及強大的管道，我們預計 ARR 將繼續成長。Brink 是我們最具策略意義的產品，當企業選擇它時，它提供了交叉銷售其他 PAR 產品的機會。

POS remains the heartbeat of the restaurant, where scalability, stability, and extensibility are central tenets of successful operations. This is demonstrated by the fact that Brink receives almost 1 billion API pings per month across a relatively small number of stores. The mission-critical nature of POS for in-store, above-the-store, and kitchen is where we feel the true mission criticality of our solution lies.

POS 仍然是餐廳的核心，可擴展性、穩定性和可擴展性是餐廳成功運作的核心原則。Brink 每月在數量相對較少的商店中收到近 10 億次 API ping，這一事實證明了這一點。POS 在店內、店上和廚房的任務關鍵性本質是我們認為我們的解決方案真正的任務關鍵性所在。

We've ramped up our teams for the Pay project, where we expect rapid and solid velocity to start as of Q2. Payment continues to accelerate its growth and more than double year-over-year, while Q1 is a seasonally slow period with lower processing volumes. PAR payments manage to achieve its highest annualized gross processing volume run rate of $2.4 billion.

我們已經加強了 Pay 專案的團隊建設，我們預計從第二季開始，該專案將實現快速穩定的發展。支付持續加速成長，年成長一倍以上，而第一季是季節性淡季，處理量較低。PAR 支付成功實現了 24 億美元的最高年化總處理量運作率。

We achieve this via the full rollout of an 1,100 store chain and four additional restaurant concepts. Each of these enterprises benefit from operational efficiencies, cost savings, and increased customer engagement by leveraging PAR pay across multiple PAR products. Looking forward, PAR pay is becoming a native infrastructure across all of our products, which has led to very high growth and the strongest pipeline we've ever had.

我們透過全面推出 1,100 家連鎖店和另外四個餐廳概念來實現這一目標。透過利用跨多個 PAR 產品的 PAR 支付，這些企業中的每家都受益於營運效率、成本節約和客戶參與度的提高。展望未來，PAR pay 正在成為我們所有產品的原生基礎設施，這帶來了非常高的成長和我們有史以來最強大的管道。

With the recently announced acquisition of Stuzo and TASK, the team is fully engaged in expanding PAR pay into new verticals, which will continue to drive deal volume, customer adoption, and materially higher margins.

隨著最近宣布收購 Stuzo 和 TASK，該團隊將全力以赴將 PAR pay 擴展到新的垂直領域，這將繼續推動交易量、客戶採用率和利潤率的大幅提高。

Data Central delivered a strong Q1. The quarter includes the go-live of [Love's] Travel Center, we continue to build out a robust pipeline of business opportunities for Data Central through the attachment to Brink and PAR payment deals, with multiple Q1 concepts in the funnel. We feel very bullish about our ability to drive cross-sell, especially as Brink works through its very large pipeline of deals this year.

資料中心第一季表現強勁。本季包括 [Love's] Travel Center 的上線，我們透過附加 Brink 和 PAR 支付交易，繼續為 Data Central 打造強大的業務機會管道，並在漏斗中引入多個第一季概念。我們對推動交叉銷售的能力非常樂觀，尤其是今年 Brink 正在處理其龐大的交易管道。

Our Operator Cloud offerings provide less complexity, lower total cost of ownership, enhanced security, and reliable payment processing. Operator Cloud products remain highly sticky, which we expect only to be strengthened in difficult macroeconomic times.

我們的電信商雲端產品提供更低的複雜性、更低的總擁有成本、增強的安全性和可靠的支付處理。營運商雲端產品仍然具有很高的黏性，我們預計這種黏性只會在宏觀經濟困難時期得到加強。

Our engagement cloud, which includes Punchh, MENU and now Stuzo, continues its momentum with a stronger than expected quarter. Deals closed in the second half of last year are starting to go live, and our year-over-year ARR growth, excluding Stuzo, was 11%.

我們的互動雲（包括 Punchh、MENU 和現在的 Stuzo）繼續保持其勢頭，季度業績強於預期。去年下半年完成的交易開始生效，我們的 ARR 年成長（不包括 Stuzo）為 11%。

Meanwhile, our platform and tech debt investments are helping lower customer terms, improve customer satisfaction, and expand hosting margins. We also continue solid sales momentum in Q1 with some strong brand wins, including Wendy's and the leading national chicken chain. Looking ahead, we expect Punchh to be a strong profit contributor to PAR, and the engagement cloud solution to drive stable growth.

同時，我們的平台和技術債投資正在幫助降低客戶條款、提高客戶滿意度並擴大託管利潤。我們還在第一季繼續保持強勁的銷售勢頭，贏得了一些強大的品牌，包括溫迪和領先的全國雞肉連鎖店。展望未來，我們預計 Punchh 將成為 PAR 的強勁利潤貢獻者，而互動雲端解決方案將推動穩定成長。

At the same time, we're announcing the launch of exciting new functionality in our Punchh wallet. This solution will help enable seamless payment and redemption flows, and drive material cross-sell opportunities, further increasing the value and implied stickiness of the PAR product suite. MENU, our digital ordering application, also delivered an improved Q1 by going live in more than 1,200 sites across five new logos, including major chains like Depot Brady's, Burger King, and the 700-store coffee chain.

同時，我們宣佈在 Punchh 錢包中推出令人興奮的新功能。此解決方案將有助於實現無縫支付和兌換流程，並推動材料交叉銷售機會，進一步提高 PAR 產品套件的價值和隱含黏性。我們的數位訂購應用程式MENU 在第一季也取得了改進，它在1,200 多個站點上上線，並使用了五個新徽標，其中包括Depot Brady's、漢堡王和擁有700 家門市的咖啡連鎖店等主要連鎖店。

The newest part of engagement cloud is our recent acquisition of Stuzo. Just as a refresher, Stuzo is a leading digital engagement software provider for the convenience and fuel retailer industry, including its open commerce platform, which empowers C- Stores to gain more share of customer wallet and drive customer lifetime values. The combination of Punchh and Stuzo allows us to offer best-in-class loyalty and digital engagement products across two food service markets, restaurant and C-Store.

參與雲端的最新部分是我們最近收購了 Stuzo。回顧一下，Stuzo 是便利和燃油零售商行業領先的數位互動軟體提供商，其開放式商務平台使便利商店能夠獲得更多客戶錢包份額並推動客戶終身價值。Punchh 和 Stuzo 的合併使我們能夠在餐廳和便利商店這兩個食品服務市場提供一流的忠誠度和數位參與產品。

Additionally, with Stuzo, PAR is now the leading provider -- leading technology provider for convenience stores, with over 25,000 customer sites and substantial opportunities for innovation in the C-Store industry, with a TAM of 150,000 stores domestically. Stuzo also provides the opportunity for additional cross-sell opportunities for other PAR products into a new customer base with material, stronger, unit economics.

此外，憑藉 Stuzo，PAR 現在已成為領先的供應商——領先的便利商店技術提供商，在便利商店行業擁有超過 25,000 個客戶站點和大量創新機會，國內 TAM 擁有 150,000 家商店。Stuzo 也為其他 PAR 產品提供了額外的交叉銷售機會，以材料、更強的單位經濟效益進入新的客戶群。

Engagement cloud AR now totals more than $107 million with Stuzo's contribution at the end of Q1. Also, as we previously reported, Stuzo's trailing 12-month adjusted EBITDA was $14 million. Although Q1 only had revenue contribution from Stuzo for around three weeks, the positive impacts for the full Q2 and full year '24 will certainly be meaningful. We continue to see PAR's unique position in the food service technology sector, with best-in- class software across key operational and engagement pillars.

截至第一季末，Stuzo 的貢獻使得互動雲端 AR 的總收入超過 1.07 億美元。此外，正如我們之前報導的那樣，Stuzo 過去 12 個月的調整後 EBITDA 為 1,400 萬美元。儘管 Stuzo 在第一季僅貢獻了約三週的收入，但對整個第二季和 24 年全年的正面影響肯定是有意義的。我們繼續看到 PAR 在食品服務技術領域的獨特地位，在關鍵運營和參與支柱方面擁有一流的軟體。

Our ability to guarantee better together experiences across our products, while separately enabling a robust integration infrastructure, keeps us ahead of single product competitors that only control one part of the better together equation and are dependent on third-party integrations for customer experiences.

我們能夠保證跨產品提供更好的協同體驗，同時單獨啟用強大的整合基礎設施，這使我們領先於單一產品競爭對手，這些競爭對手僅控制更好的協同方程式的一部分，並且依賴第三方整合來提供客戶體驗。

Moving to hardware. We had a softer than normal Q1 due to increased seasonality issues and a shifting demand environment in our legacy restaurant non-brink space. Hardware sales are always hard to predict given their sensitivity to the macro environment, and as such, we'll continue to forecast conservative numbers to protect us from getting ahead of ourselves.

轉向硬體。由於季節性問題增加以及我們傳統餐廳非邊緣空間的需求環境變化，我們第一季的業績比正常情況要疲軟。鑑於硬體銷售對宏觀環境的敏感性，它們總是很難預測，因此，我們將繼續預測保守的數字，以防止我們超前。

We are focusing on efforts to make up this shortfall and believe there are opportunities to drive sales of hardware, namely increased McDonald's sales during their convention year and with the recent favorable industry response to our newly released terminal, the PAR Wave. Additionally, we're focusing on selling hardware to the few concepts who use brink who have not historically used our hardware, as well as current brink customers that will benefit from updated equipment.

我們正在集中精力彌補這一不足，並相信有機會推動硬體銷售，即麥當勞在大會年期間的銷售額增加，以及最近業界對我們新發布的終端 PAR Wave 的積極反響。此外，我們專注於向少數使用過邊緣但從未使用過我們硬體的概念以及當前將受益於更新設備的邊緣客戶銷售硬體。

Additionally, with a near 100% attachment rate of hardware to upcoming brink projects, hardware will be able to tap into new large-cap customers in the near future. Hardware white space will only continue to grow, and this is truly an issue of when, not if.

此外，隨著即將到來的邊緣專案的硬體附著率接近 100%，硬體將能夠在不久的將來開拓新的大盤客戶。硬體空白空間只會繼續成長，這確實是一個何時出現的問題，而不是是否出現的問題。

Moving to expenses, our non-GAAP operating expenses grew 7% when compared to Q1 last year and excluding Stuzo. Almost the entire OpEx increase is associated with the Burger King and Wendy's rollout that will have significant return on investment, and that cost will then rationalize downward. In addition, earlier this year, we right-sized our go-to-market team, giving us additional expense tailwinds, and we expect to end 2024 at a lower quarterly OpEx than we started, excluding our acquisitions.

說到費用，我們的非 GAAP 營運費用與去年第一季相比增加了 7%（不包括 Stuzo）。幾乎整個營運支出的成長都與漢堡王和溫蒂的推出有關，這將帶來顯著的投資回報，並且成本將合理下降。此外，今年早些時候，我們調整了上市團隊的規模，為我們帶來了額外的支出順風，我們預計到 2024 年年底，季度營運支出將低於開始時的水平（不包括收購）。

So similar to last year, where we expect ARR to grow meaningfully without adding operating expense. This rigid expense management combined with consistent organic ARR growth will allow our company as we sit today to be EBITDA positive by the third quarter of this year. What I'm most proud about, though, as I just mentioned, is that we also expect OpEx, excluding Stuzo, to actually come down through 2024.

與去年類似，我們預計 ARR 將在不增加營運費用的情況下大幅成長。這種嚴格的費用管理與持續的有機 ARR 成長相結合，將使我們公司在今年第三季實現 EBITDA 為正值。不過，正如我剛才提到的，我最自豪的是，我們也預計營運支出（不包括 Stuzo）將在 2024 年實際下降。

Said differently, I expect us to grow at the rates we're growing without additional operating expenses. And of course, any accretive M&A only accelerates profitability. To provide more detail, I want to walk through the underlying margin for our subscription services business, which will provide clarity on how healthy our unit economics are becoming.

換句話說，我希望我們能夠以目前的速度成長，而無需額外的營運費用。當然，任何增值性併購只會加速獲利。為了提供更多詳細信息，我想介紹一下我們訂閱服務業務的基本利潤率，這將清楚地表明我們的單位經濟效益有多健康。

These numbers exclude tasks which, if added, would only help improve the point. At the very top, our adjusted subscription services gross margin this quarter for 66%, last quarter-over-quarter. As we get scale, we want to drive this to 70%-plus. We feel confident we can get this done and think we'll see improvements this year. We estimate our sales and marketing expense as the percentage of ARR this quarter, when including the annualized contributions from Stuzo, would be around 21%.

這些數字不包括任務，如果添加這些任務，只會有助於提高分數。最重要的是，本季我們調整後的訂閱服務毛利率為 66%，與上一季相比。隨著規模的擴大，我們希望將這一比例提高到 70% 以上。我們對能夠完成這項工作充滿信心，並認為今年我們會看到進步。我們估計本季銷售和行銷費用佔 ARR 的百分比（包括 Stuzo 的年化貢獻）約為 21%。

This number will continue to improve as we get the benefit of the cost cuts, I mentioned earlier this year. As I flagged last call, we want this number to get to 15% or lower. We estimate our R&D expense as the percentage of ARR, again including the annualized contribution from Stuzo, was around 35%. This number continues to get better, and we have our sights on our target of 25%.

正如我今年早些時候提到的，隨著我們受益於成本削減，這個數字將繼續改善。正如我在上次通話中標記的那樣，我們希望這個數字達到 15% 或更低。我們估計我們的研發費用佔 ARR 的百分比（同樣包括 Stuzo 的年化貢獻）約為 35%。這個數字繼續變得更好，我們的目標是 25%。

As I hope investors can see, we're focused on driving towards our long-term goals, and the intense focus on keeping our OpEx flat has led to a strong acceleration in margin. What's more, as we bring TASK into PAR, we'll be adding another $6 million to $8 million to EBITDA, and a large pipeline of deals, and a strong base of customers to cross-sell PAR products, creating the same flywheel internationally.

正如我希望投資者能夠看到的那樣，我們專注於實現我們的長期目標，並且對保持營運支出持平的強烈關注導致了利潤率的強勁加速。更重要的是，當我們將 TASK 引入 PAR 時，我們將另外增加 600 萬至 800 萬美元的 EBITDA、大量交易以及交叉銷售 PAR 產品的強大客戶基礎，從而在國際上創建相同的飛輪。

To recap, we're executing a strategy that we established several years ago, and we're seeing the benefits of that strategy. We have a business model with strong organic fundamentals that positions us well to drive shareholder value. While continuing to acquire new products to cross-sell into our base. We partner with some of the largest and most innovative restaurant companies in the world, and have established ourselves as a trusted technology partner at these companies as they undertake their digital journey.

回顧一下，我們正在執行幾年前製定的策略，並且我們看到了該戰略的好處。我們的商業模式具有強大的有機基礎，使我們能夠很好地推動股東價值。同時繼續獲取新產品以交叉銷售到我們的基地。我們與世界上一些最大、最具創新性的餐飲公司合作，並在這些公司踏上數位化之旅時將自己打造為值得信賴的技術合作夥伴。

We've executed a disciplined M&A strategy that is accretive to our journey towards profitability and rule of 40, while crucially expanding our TAM into markets with greater margin and cross-sell potential. And finally, we have a talented and dedicated employee base across the globe who are committed to helping our customers and our company win the industry.

我們執行了嚴格的併購策略，這有助於我們實現盈利和 40 法則，同時至關重要地將我們的 TAM 擴展到具有更高利潤和交叉銷售潛力的市場。最後，我們在全球擁有一支才華橫溢、敬業的員工隊伍，他們致力於幫助我們的客戶和我們的公司贏得行業勝利。

Bryan will review the numbers in more detail, and then I'll come back to offer some guidance for the rest of the year. Bryan.

布萊恩將更詳細地審查這些數字，然後我將回來為今年剩餘時間提供一些指導。布萊恩.

Thank you, Savneet. Good morning, everyone. Total revenues were $105.5 million for the three months ended March 31, 2024, an increase of 5% compared to the three months ended March 31, 2023. With growth coming from increases in sufficient services and contract revenue, partially offset by decreases in hardware and professional service revenue.

謝謝你，薩夫尼特。大家，早安。截至2024年3月31日止三個月的總收入為1.055億美元，較截至2023年3月31日止三個月增長5%。成長來自充足的服務和合約收入的增加，但部分被硬體和專業服務收入的減少所抵消。

Net loss for the quarter of 2024 was $18.3 million, or a $0.62 loss per share, compared to a net loss of $15.9 million, or a $0.58 loss per share reported for the same period in 2023. Adjusted net loss for the first quarter of 2024 was $10.8 million, or a $0.36 loss per share, compared to an adjusted net loss of $12.7 million, or a $0.46 net loss per share for the same period in 2023. Adjusted EBITDA for the first quarter of 2024 was a loss of $7.2 million, compared to an adjusted EBITDA loss of $8.8 million for the same period in 2023. Driven by increased margin contribution from subscription services, partially offset by a reduction in hardware revenue and margin.

2024 年季度的淨虧損為 1,830 萬美元，即每股虧損 0.62 美元，而 2023 年同期的淨虧損為 1,590 萬美元，即每股虧損 0.58 美元。2024 年第一季調整後淨虧損為 1,080 萬美元，即每股虧損 0.36 美元，而 2023 年同期調整後淨虧損為 1,270 萬美元，即每股淨虧損 0.46 美元。2024 年第一季調整後 EBITDA 虧損 720 萬美元，而 2023 年同期調整後 EBITDA 虧損 880 萬美元。受到訂閱服務利潤貢獻增加的推動，但部分被硬體收入和利潤的減少所抵消。

Now for more details on revenue. Subscription service revenue was reported at $38.4 million, an increase of $10.4 million, or 37.2% from the $28 million reported in the prior year. The increase was substantially driven by increased subscription service revenues from the operator cloud services of $5.9 million, driven by a 20.7% increase in active sites and a 22.2% increase in average revenue per site.

現在了解有關收入的更多詳細資訊。訂閱服務收入報告為 3,840 萬美元，比上一年報告的 2,800 萬美元增加了 1,040 萬美元，增幅為 37.2%。這一成長的主要原因是營運商雲端服務的訂閱服務收入增加了 590 萬美元，而活躍站點增加了 20.7%，每個站點的平均收入增加了 22.2%。

And from our engagement cloud services of $4.5 million, primarily driven by $2.7 million of post-acquisition Stuzo revenues. The residual increase of $1.8 million from our engagement cloud services was driven by a 5.8% increase in active sites and a 7.5% increase in average revenue per site. Excluding Stuzo, organic subscription service revenue grew a meaningful 27% compared to prior year.

我們的互動雲端服務價值 450 萬美元，主要由收購後 Stuzo 的 270 萬美元收入推動。我們的互動雲端服務剩餘成長了 180 萬美元，這是由於活躍網站增加了 5.8%，每個網站的平均收入增加了 7.5%。不包括 Stuzo 在內，有機訂閱服務收入與前一年相比顯著增長了 27%。

The annual recurring revenue exiting the quarter was $185.7 million, an increase of 60.2% from last year's Q1, with engagement cloud up 80.5% and operator cloud up 38.8%. The acquisition of Stuzo contributed $41 million to ARR, included within engagement cloud, as of March 31. Excluding Stuzo, total organic annual recurring revenue was up 24.8% year-over-year.

本季的年度經常性收入為 1.857 億美元，較去年第一季成長 60.2%，其中互動雲端成長 80.5%，營運商雲端成長 38.8%。截至 3 月 31 日，收購 Stuzo 為 ARR 貢獻了 4,100 萬美元，其中包括參與雲端。不包括 Stuzo，有機年度經常性收入總額年增 24.8%。

Hardware revenue in the quarter was $18.2 million, a decrease of $8.6 million, or 31.9% from the $26.8 million recorded in the prior year. The decrease was substantially driven by timing of enterprise customer hardware refreshes and timing of next generation part terminal and headset rollouts. We continue to be optimistic of our hardware business as we address the growing demands from both legacy hardware customers as well as attached hardware sales within our expanding software customer base.

該季度硬體收入為 1,820 萬美元，比上年同期的 2,680 萬美元減少 860 萬美元，降幅為 31.9%。這一下降的主要原因是企業客戶硬體更新的時間以及下一代零件終端和耳機推出的時間。我們繼續對我們的硬體業務持樂觀態度，因為我們滿足了傳統硬體客戶以及不斷擴大的軟體客戶群中附加硬體銷售不斷增長的需求。

Professional service revenue was reported at $13.5 million, a decrease of $0.4 million, or 2.7% from the $13.8 million recorded in the prior year. $7.7 million of the professional service revenue in the quarter consisted of recurring revenue primarily from our hardware support contracts. Contract revenue from our government business was $35.4 million, an increase of $3.6 million, or 11.2% from the $31.9 million recorded in the first quarter of 2023.

專業服務收入為 1,350 萬美元，比前一年的 1,380 萬美元減少了 40 萬美元，即 2.7%。本季專業服務收入中的 770 萬美元主要來自我們的硬體支援合約的經常性收入。我們的政府業務合約收入為 3,540 萬美元，比 2023 年第一季的 3,190 萬美元增加了 360 萬美元，增幅為 11.2%。

The increase in contract revenue was driven by a $4.5 million increase in government's ISR solution product line. Contract backlog associated with our government business continues to be strong and appropriately funded. As of March 2024, backlog was $315.4 million, a decrease of 3%, compared to $326 million as of December 2023. Total funded backlog as of March 2024 was $72 million.

合約收入的成長是由政府 ISR 解決方案產品線增加 450 萬美元所推動的。與我們的政府業務相關的合約積壓繼續強勁且資金充足。截至 2024 年 3 月，積壓訂單為 3.154 億美元，較截至 2023 年 12 月的 3.26 億美元減少了 3%。截至 2024 年 3 月，積壓資金總額為 7,200 萬美元。

Now turning to margins. Gross profit was $28.6 million, an increase of $5.4 million, or 23% from the $23.2 million reported in the prior year. The increase was driven by subscription services with gross profit of $19.8 million, an increase of $5.7 million, or 41% from the $14 million reported in the prior year.

現在轉向邊緣。毛利為 2,860 萬美元，比前一年報告的 2,320 萬美元增加了 540 萬美元，增幅為 23%。這一增長是由訂閱服務推動的，毛利為 1,980 萬美元，比上一年報告的 1,400 萬美元增加了 570 萬美元，增幅為 41%。

Subscription service margin for the quarter was 51.6%, compared to 50.2% reported in the first quarter of 2023. The increase in margin is driven by a continued focus on efficiency improvements for the hosting and customer support costs for operator cloud services, as well as improved margins stemming from Stuzo's post-acquisition operations. Excluding the amortization of intangible assets, total adjusted subscription service margin for the three months ended March 31 was 66%, compared to 71% in the first quarter of 2023.

本季訂閱服務利潤率為 51.6%，而 2023 年第一季報告的利潤率為 50.2%。利潤率成長的推動因素是持續關注營運商雲端服務託管和客戶支援成本的效率提高，以及 Stuzo 收購後業務帶來的利潤率提高。不計無形資產攤銷，截至 3 月 31 日的三個月調整後訂閱服務利潤率為 66%，而 2023 年第一季為 71%。

Sequentially, Q1 2024 adjusted subscription service margin is consistent with Q4 2023. Hardware margin for the quarter was 22.3% versus 16.4% with Q1 2023. The improvement in margin year-over-year was substantially driven by improved inventory management and price increases. Our focus of demonstrating value for our price but improved operational efficiency has allowed us to continue to improve hardware margins year-over-year.

因此，2024 年第一季調整後的訂閱服務利潤率與 2023 年第四季保持一致。本季的硬體利潤率為 22.3%，而 2023 年第一季為 16.4%。利潤率同比改善主要是由於庫存管理的改善和價格上漲。我們注重展示價格價值，同時提高營運效率，這使我們能夠繼續逐年提高硬體利潤。

Professional service margin for the quarter was 16.5%, compared to 17.9% reported in the first quarter of 2023. The decrease in margin is driven by a decrease in margin for hardware- related services. We expect professional service margins to remain in the upper 10s for the remainder of 2024.

本季專業服務利潤率為 16.5%，而 2023 年第一季報告的利潤率為 17.9%。利潤率下降是由於硬體相關服務的利潤率下降所致。我們預計在 2024 年剩餘時間裡，專業服務利潤率將維持在 10 左右。

Government contract margins remain essentially flat at 7.1%as compared to 7.2% for Q1 2023. In regard to operating expenditures, GAAP's sales and marketing was $10.9 million, an increase of $1.5 million from the $9.4 million reported in Q1 2023.

政府合約利潤率基本持平於 7.1%，而 2023 年第一季為 7.2%。在營運支出方面，GAAP 銷售和行銷支出為 1,090 萬美元，比 2023 年第一季報告的 940 萬美元增加了 150 萬美元。

As Savneet mentioned, during the quarter we made changes to the sales and marketing organization to enable more efficient growth. GAAP's G&A was $25.6 million, an increase of $7.5 million from the $18.1 million reported in Q1 2023. The increase was driven by an increase in M&A transaction fees as well as stock-based compensation, severance costs, and post-acquisitions dues up.

正如薩夫尼特所提到的，在本季度，我們對銷售和行銷組織進行了調整，以實現更有效率的成長。GAAP 的一般管理費用為 2,560 萬美元，比 2023 年第一季報告的 1,810 萬美元增加了 750 萬美元。這一增長是由於併購交易費用以及股票薪酬、遣散費和收購後會費增加所致。

GAAP, R&D was $15.8 million, an increase of $1.5 million from the $14.3 million recorded in Q1 2023. The increase was primarily driven by post-Stuzo acquisition costs. Q1 2024 operating expense, excluding non-GAAP adjustments, was $42.3 million, an increase of $3.7 million or 10% versus prior year, and excluding Stuzo costs, the increase was 7%.

以 GAAP 計算，研發費用為 1,580 萬美元，比 2023 年第一季的 1,430 萬美元增加了 150 萬美元。這一成長主要是由 Stuzo 收購後的收購成本所推動的。2024 年第一季營運費用（不含非 GAAP 調整）為 4,230 萬美元，比前一年增加 370 萬美元，即 10%；不包括 Stuzo 成本，增幅為 7%。

As Savneet explained earlier, we expect organic operating expenses to be flat for the remainder of the year as we continue to drive ARR and revenue growth, consistent with how we managed operating expenses last year.

正如 Savneet 之前所解釋的那樣，我們預計今年剩餘時間的有機營運支出將持平，因為我們將繼續推動 ARR 和收入成長，這與我們去年管理營運支出的方式一致。

Now to provide information on the company's cash flow and balance sheet position. For the three months ended March 31, cash used in operating activities was $23.6 million versus $16.7 million for the prior year. Cash used for the three months ended March 31, was substantially given by a net loss from operations and additional net working capital requirements due to an increase in accounts receivable resulting from revenue growth.

現在提供有關公司現金流量和資產負債表狀況的資訊。截至 3 月 31 日的三個月，經營活動使用的現金為 2,360 萬美元，而前一年為 1,670 萬美元。截至 3 月 31 日的三個月所使用的現金主要來自營運淨虧損以及由於收入成長導致應收帳款增加而導致的額外淨營運資本需求。

Cash used in investment and investing activities was $151.9 million for the three months ended March 31, versus $1.8 million for the prior year. Investing activities during the three months ended March 31, included $166.3 million of net cash consideration in connection with the Stuzo acquisition and capital expenditures of $1.4 million for developed technology costs associated with our restaurant retail software platforms.

截至 3 月 31 日的三個月，投資和投資活動使用的現金為 1.519 億美元，去年同期為 180 萬美元。截至 3 月 31 日的三個月投資活動包括與 Stuzo 收購相關的 1.663 億美元淨現金對價，以及與我們的餐廳零售軟體平台相關的開發技術成本的 140 萬美元資本支出。

This is all partially offset by $15.9 million of proceeds from net sales of short-term investments. Cash provided by financing activities was $190.8 million for the three months ended March 31, compared to cash used in financing activities of $2.4 million for the prior year. Financing activities during the three months ended March 31 was substantially driven by a private placement of common stock.

這全部被短期投資淨銷售收益 1,590 萬美元所部分抵銷。截至 3 月 31 日的三個月，融資活動提供的現金為 1.908 億美元，而上一年融資活動使用的現金為 240 萬美元。截至 3 月 31 日的三個月內的融資活動主要是由普通股私募所推動的。

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

現在，我將把電話轉回薩夫尼特，在進行問答之前進行結束語。

Thank you, Bryan. Let me wrap up with a few key messages before we open up the call for Q&A. In regard to the initial phase of the Burger King implementation program, early indications are that new orders are being submitted at a healthy pace.

謝謝你，布萊恩。在我們開始問答之前，讓我總結一些關鍵資訊。關於漢堡王實施計劃的初始​​階段，早期跡象表明新訂單正在以健康的速度提交。

While it's hard to perfectly predict where we will sit at the end of the year, we're executing well on our end and feel confident we can give Burger King every reason to only accelerate our two-year rollout plan. The pay rollout has a strong impact on our year-over-year growth and profitability, and to provide clarity, I'll share what I shared internally with our team. In the event we have a very low install base from pay, our growth will be around 20%.

雖然很難完美預測我們在今年年底的表現，但我們的執行情況良好，並且有信心給漢堡王充分的理由來加快我們的兩年推出計劃。薪資的推出對我們的年成長和獲利能力產生了重大影響，為了清楚起見，我將分享我在內部與我們的團隊分享的內容。如果我們的付費安裝基數非常低，我們的成長將在 20% 左右。

In the event we have a very fast rollout, our growth will approach 30% or higher. As a mid-case, we're assuming mid-20s growth, and I feel confident we can hit that. As we mentioned in the last call, whatever we don't install this year will get quickly rolled out in 2025 and the early parts of 2026.

如果我們的推出速度非常快，我們的成長率將接近 30% 或更高。作為中期案例，我們假設成長為 20 多歲，我相信我們能夠實現這一目標。正如我們在上次電話會議中提到的，無論我們今年沒有安裝什麼，都將在 2025 年和 2026 年初迅速推出。

Brink and PAR are in sync and the desire for fast progress and high-quality rollouts give every indication of a strong 2024. With new customers, Burger King, and Wendy's, and then including our acquisitions, we certainly feel we are at an inflection point for PAR. As I said earlier, we intend to be EBITDA positive in Q3 and then continue a fast acceleration to meaningful profit.

Brink 和 PAR 是同步的，對快速進展和高品質推出的渴望充分錶明 2024 年將是強勁的。憑藉漢堡王和溫迪的新客戶，以及我們的收購，我們確實感覺到 PAR 正處於一個拐點。正如我之前所說，我們打算在第三季實現 EBITDA 為正值，然後繼續快速加速實現有意義的利潤。

This holds true even with the momentary challenges we see in the hardware business today. Our business flywheel will lead to a cash flow flywheel, rewarding our shareholders for their investment and transitioning our focus to free cash flow per share. As we've highlighted in the past, our ARR per share number at PAR has grown substantially, and an ARR for us is a proxy for future cash flow.

即使我們今天在硬體業務中看到暫時的挑戰，這一點仍然成立。我們的業務飛輪將帶來現金流飛輪，獎勵股東的投資，並將我們的重點轉向每股自由現金流。正如我們過去所強調的那樣，我們的每股 ARR 值（以 PAR 計算）已大幅增長，而 ARR 對我們來說是未來現金流的代表。

As we look to the future, it's exciting to not have to use a proxy for free cash flow but actually focus on free cash flow. This focus on cash flow will not take our attention off of our product and customer flywheel. The two will work in balance, living our core value of winning together, where customers, employees, and shareholders must all win together.

當我們展望未來時，令人興奮的是不必使用自由現金流的代理，而是真正專注於自由現金流。對現金流的關注不會將我們的注意力從我們的產品和客戶飛輪上轉移開。兩者將平衡工作，實踐我們共贏的核心價值觀，即客戶、員工和股東必須共同共贏。

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？

(Operator Instructions) George Sutton, Craig-Hallum Capital Group LLC.

（操作員說明）George Sutton，Craig-Hallum Capital Group LLC。

Thank you. Suvneet, I wanted to better understand as you were talking about working through your pipeline of opportunities, given that you've got a pretty massive Burger King rollout and on the loyalty side a Wendy's rollout, are you getting any push back from some of those folks in your pipeline, or are they even more encouraged that you're able to roll these out as they're looking at you versus other options?

謝謝。Suvneet，當您談論透過機會管道進行工作時，我想更好地理解，考慮到您已經推出了相當大規模的漢堡王，並且在忠誠度方面推出了溫迪漢堡，您是否會受到其中一些的阻礙或者他們更鼓勵你能夠推出這些產品，因為他們正在考慮你而不是其他選擇？

I think it's the latter. We obviously have to give transparency of what we're rolling out, what we think we can roll out for potential new deals, but it's very validating. As I said a couple of calls ago, we've never had so much deal flow on the Brink, Data Central, and Payment side before, and we're looking forward to sharing more details on that as we win those deals, put out press releases.

我認為是後者。顯然，我們必須公開我們正在推出的內容，以及我們認為可以為潛在的新交易推出的內容，但這是非常有效的。正如我之前在幾次電話會議中所說的那樣，我們以前從未在邊緣、數據中心和支付方面有過如此多的交易流，我們期待在贏得這些交易時分享更多細節，推出新聞稿。

I think it's reflective in that as you win a large customer and then another, it helps other brands feel comfortable that you can handle that scale. As I mentioned, we feel we're doing a great job on the rollout of that first big customer. I think they would say the same, and that customer reference will only help new customers.

我認為這反映了當你贏得一個又一個大客戶時，它可以幫助其他品牌感到放心，因為你可以處理這種規模。正如我所提到的，我們認為我們在推出第一個大客戶方面做得很好。我想他們也會這麼說，客戶參考只會幫助新客戶。

Now, knowing that you have in the past been unable to take on international opportunities for some of these larger chains, I'm just curious how those discussions go, particularly with those in your pipeline as you're bringing on TASK later this year.

現在，我知道你們過去無法為其中一些較大的連鎖店抓住國際機會，我只是好奇這些討論進行得如何，特別是在今年晚些時候你們將推出 TASK 時，這些討論是如何進行的。

Historically, it's been a challenge, as you said, and I'd say a mark against us in an PE. But we think --Obviously, we've been public that we've signed an agreement to acquire TASK, and we think TASK will be a good solution. I would say, categorically, the response to that has been positive from customers and future customers because it's really a pain point for them.

正如你所說，從歷史上看，這是一個挑戰，我想說在 PE 中對我們不利。但我們認為——顯然，我們已經公開表示我們已經簽署了收購 TASK 的協議，我們認為 TASK 將是一個很好的解決方案。我想說，客戶和未來客戶對此的反應是正面的，因為這對他們來說確實是一個痛點。

If we can execute on international strategy under the PAR umbrella, I think it gives the customers a lot of comfort that we'll execute just like we have for them in the US. We're really excited to rapidly integrate the TASK into the PAR family, but I also think we'll see a lot of acceleration within the TASK business because it allows us the ability to cross sell things like payments, hardware, and additional modules. So, it'll work both ways.

如果我們能夠在 PAR 的保護下執行國際策略，我認為這會給客戶帶來很大的安慰，因為我們會像在美國為他們執行的那樣。我們非常高興能夠將 TASK 快速整合到 PAR 系列中，但我也認為我們將看到 TASK 業務的大量加速，因為它使我們能夠交叉銷售支付、硬體和附加模組等產品。所以，這將是雙向的。

Okay. And then, just lastly for me, Bryan, could you -- when you look at SG&A spend in the quarter, was there anything one time in nature that wouldn't necessarily recur, just so I'm being clear?

好的。最後，布萊恩，當您查看本季的 SG&A 支出時，是否有任何一次性事件不一定會再次發生，所以我要明確一點？

Yeah. There were large amounts related, obviously, for the M&A transactions that were in G&A. We did have some reorders take place during the quarter too, which you can see in the severance. Most of what you see in the non-GAAP adjustment in the 8-K is all related to kind of what happened within OpEx. And so, when we look at what we did from the standpoint of organic non-GAAP, there's about a 7% increase in total OpEx year-over-year.

是的。顯然，G&A 中的併購交易涉及大量相關金額。我們在本季度也確實進行了一些重新訂購，您可以在遣散費中看到。您在 8-K 的非 GAAP 調整中看到的大部分內容都與營運支出中發生的情況有關。因此，當我們從有機非 GAAP 的角度來看我們所做的事情時，總營運支出比去年同期成長了約 7%。

Perfect. Thank you.

完美的。謝謝。

Eric Martinuzzi, Lake Street Capital Markets, LLC.

Eric Martinuzzi，湖街資本市場有限責任公司。

Yeah. I wanted to better understand the product roadmap post-Stuzo acquisition. Are we going to be running two product lines, essentially, with funds pointed towards the enterprise restaurant brands and Stuzo aimed at C-stores?

是的。我想更了解收購 Stuzo 後的產品路線圖。我們是否要經營兩條產品線，本質上，資金針對企業餐廳品牌，而 Stuzo 則是針對便利商店？

Great question. So, we are aggressively consolidating and working towards consolidating into one application. I think we feel really excited. It's going to be a multi-year process, but I would tell you -- having spoken to our large customers, the Stuzo large customers, we feel -- that they're very excited about combining those steps as functionality. And so, the short answer is we're going to get down to one product for the market. And it'll be a multi-year process.

很好的問題。因此，我們正在積極整合並努力整合為一個應用程式。我想我們感到非常興奮。這將是一個多年的過程，但我想告訴你——在與我們的大客戶、Stuzo 大客戶交談後，我們覺得——他們對將這些步驟合併為功能感到非常興奮。因此，簡短的回答是我們將針對市場推出一種產品。這將是一個多年的過程。

But as an example, we're focusing the new deals on the Stuzo product, so that we don't complicate the merging of the two products. So, we feel really good about the opportunity so far. The customer feedback has been excellent.

但舉個例子，我們將新交易的重點放在 Stuzo 產品上，這樣我們就不會讓這兩種產品的合併變得複雜。因此，到目前為止，我們對這個機會感到非常滿意。客戶的反饋非常好。

And I would tell you what has changed from our only first announcement is that I think -- we think we'll see faster cross-sell of additional part products into this market than we'd expected when we acquired the business.

我想告訴你，與我們唯一的第一次公告相比，我認為發生的變化是——我們認為我們將看到額外零件產品交叉銷售到這個市場的速度比我們收購該業務時的預期更快。

Okay. And then, on the hardware side, you talked about kind of from -- I guess it was two reasons for that. We had some issues with lumpiness in enterprise customer orders. And then, you talked about next-gen part terminal and headset rollout. But what -- historically, I thought of the hardware business as kind of a $100 million annual business. Is that -- did we get back to that? And is it -- did we recover in Q2? Or is this kind of a -- it's a small.

好的。然後，在硬體方面，您談到了某種原因——我想這是兩個原因。我們在企業客戶訂單中遇到了一些混亂的問題。然後，您談到了下一代零件終端和耳機的推出。但是，從歷史上看，我認為硬體業務是一種每年價值 1 億美元的業務。那是──我們回到那個話題了嗎？我們在第二季恢復了嗎？或者是這樣的——它很小。

I think-- so, yes, the weakness is in our non-Brink base. So, our Brink customers are attaching. They continue to attach. And we've got optimism, as I mentioned, given how strong the Brink pipeline is and the deals that we've won recently that we believe will attach hardware.

我認為——所以，是的，弱點在於我們的非邊緣基地。因此，我們的 Brink 客戶正在加入。他們繼續依附。正如我所提到的，考慮到 Brink 管道的強大程度以及我們最近贏得的交易（我們相信將附加硬體），我們感到樂觀。

There's an incredible amount of opportunity to -- for hardware to get back to that $100 million and then grow well beyond it. You know, will we get there this year? I think that will be harder for us. It's certainly in the cards, but I don't want to -- I don't want to tell you we're guaranteed.

對於硬體來說，有大量的機會回到 1 億美元，然後遠遠超出這個數字。你知道，我們今年能到達那裡嗎？我認為這對我們來說會更困難。這當然是有可能的，但我不想——我不想告訴你我們有保證。

But this to me, again, it's a matter of if, not when. The hardware attachment on Brink is going to be the driver of that business going forward. And given how large these Brink deals are that we're winning, or in final stages of winning, and their attachment of Brink hardware, we think we'll make it up. It's just the rollout will sort of depend when that comes in. So will we get back $100 million?

但對我來說，這只是是否會發生的問題，而不是何時發生的問題。Brink 上的硬體附件將成為該業務未來發展的驅動力。考慮到我們正在贏得的這些 Brink 交易的規模，或者處於獲勝的最後階段，以及他們對 Brink 硬體的附件，我們認為我們會彌補這一點。只是推出時間將取決於何時推出。那我們能拿回1億美元嗎？

Absolutely. Will it be this year? You know, I'm not counting on that, but I think there's -- there are people at par that said absolutely.

絕對地。會是今年嗎？你知道，我並不指望這一點，但我認為，有人絕對這麼說。

Thank you for taking my questions.

感謝您回答我的問題。

Stephen Sheldon, William Blair & Company LLC.

史蒂芬謝爾頓，威廉布萊爾有限公司。

Hey, thanks. And appreciate all the additional detail this quarter. Maybe just on the Burger King rollout, can you maybe talk about -- I think you maybe started the -- from Go Live in April. I mean, how -- just generally, how are things progressing relative to your own expectations? And what's your level of confidence that you have the right headcount now to complete the implementation successfully?

嘿，謝謝。並欣賞本季所有額外的細節。也許就在漢堡王推出時，你能談談——我想你可能已經開始了——從四月的上線開始。我的意思是，一般而言，相對於你自己的期望，事情的進展如何？您對現在擁有合適的人員來成功完成實施的信心程度如何？

Steve, thanks for the question. And, short answer is, you know, yes and yes. I feel great about what we're delivering. We check in weekly with leadership. They're really happy with us. They communicate that to us. The coordination is very tight. Our general manager of that -- our business will tell you there's only room for optimism here given our execution and their execution.

史蒂夫，謝謝你的提問。而且，簡短的回答是，你知道，是的，是的。我對我們所提供的服務感覺很棒。我們每週都會向領導階層報告情況。他們對我們真的很滿意。他們將這一點傳達給我們。協調非常緊密。我們的總經理－我們的事業部門會告訴你，考慮到我們的執行力和他們的執行力，這裡只有樂觀的空間。

So, we feel very good. Now, we're one month into it. So, you know, could things change? Yes. I'm not expecting it given how much prep work each side has done to get to where we are today. We feel appropriately staffed. As I mentioned on the call, you know, we're not expecting OpEx to grow from here. In fact, I think it'll come down. And so, we've ramped up. You know, we're rolling out. I think that ramp up is why the rollout is going so well. And we don't expect to add more to support it.

所以，我們感覺很好。現在，我們已經進行了一個月了。那麼，你知道，事情會改變嗎？是的。考慮到雙方為達到今天的水平所做的準備工作，我並不期待它會發生。我們感覺人員配備合適。正如我在電話中提到的，您知道，我們預計營運支出不會從現在開始成長。事實上，我認為它會下降。因此，我們已經加大了力度。你知道，我們正在推出。我認為這種提升是推出進展順利的原因。我們不希望添加更多內容來支持它。

Great to hear. And then just on the gross -- the adjusted gross margin, can you maybe help frame where adjusted gross margin fit for the different products you have? Are most products currently in that 70% plus range that I think you've mandated every kind of product to get to?

很高興聽到。然後就毛利率而言，調整後的毛利率，您能否協助確定調整後的毛利率適合您擁有的不同產品？目前大多數產品是否都處於我認為你們已強制要求每種產品達到 70% 以上的範圍內？

And just remind us where the drag is coming from and whether those -- the areas of drag are moderated at all, such as with MENU, which I think MENU is one that you've called out before as being a drag.

只是提醒我們阻力來自哪裡，以及這些阻力區域是否得到了調節，例如 MENU，我認為 MENU 是您之前所說的阻力區域。

Yeah. So, as all the products are between low 60s and mid-70s, Punchh being -- Punchh and Data Central at the high end of that, and MENU at the very bottom of that. MENU is definitely a drag. But as you saw, MENU added you know 1,200 sites this quarter, which is a very, very large amount in this category.

是的。因此，由於所有產品都在 60 年代低至 70 年代中期之間，Punchh 和 Data Central 位於高端，而 MENU 位於最底部。菜單絕對是一個累贅。但如您所見，本季 MENU 新增了 1,200 個網站，這在該類別中是一個非常非常大的數量。

So, as the revenue gets live there, you'll have a good headline there. Payments is getting -- it's got to get to that margin too. But again, as the payments is growing so fast, so that too will get there. And so at the very bottom of MENU, at the top end is Data Central and Punchh and Brink is kind of in the middle.

因此，當收入在那裡時，你就會有一個很好的標題。付款越來越多——也必須達到這個幅度。但同樣，由於支付成長如此之快，所以這一點也將實現。因此，在 MENU 的最底部，最頂端是 Data Central，而 Punchh 和 Brink 則位於中間。

Great. Thank you.

偉大的。謝謝。

Samad Samana, Jefferies LLC.

薩馬德·薩馬納，杰弗里斯有限責任公司。

Hey, guys. This is Jeremy on for Samad. Thanks for taking my questions. So, I wanted to follow up on that question about the future rollout. You know, it's great to see that color on the other 20% to 30% revenue based on the rollout. I guess, what are some of the hurdles to get to that higher future rollout in 2024? Or I guess, what would prevent it from moving faster or slower? What would give you more visibility?

大家好。這是薩馬德的傑里米。感謝您回答我的問題。因此，我想跟進有關未來推出的問題。您知道，很高興看到基於推出的其他 20% 到 30% 的收入也採用這種顏色。我想，要在 2024 年實現更高的部署，會遇到哪些障礙？或者我猜，什麼會阻止它移動得更快或更慢？什麼會為你帶來更多的知名度？

So, number one is our performance. And like I said, that's the part I feel really strongly about. Our whole team feels that way. And I think, you know, BK would tell you the same thing. We're executing as we've promised, committed to, and probably even better. And the communication is excellent.

所以，第一是我們的表現。正如我所說，這就是我感受非常強烈的部分。我們整個團隊都有這樣的感覺。我想，你知道，BK 也會告訴你同樣的事情。我們正在履行我們的承諾、承諾，甚至可能做得更好。而且溝通非常好。

So, that's the number one reason for anything to go up or down is our own performance. And that's the variable we control. The variable we don't control is on the other side because these are incredibly choreographed rollouts. And we sort of need to work alongside our corporate partners.

所以，任何事情上升或下降的首要原因就是我們自己的表現。這就是我們控制的變數。我們無法控制的變數在另一邊，因為這些都是精心設計的部署。我們需要與我們的企業合作夥伴一起工作。

And so, the only reason we wouldn't, be way above where the midpoint is gaining some time. They wanted to slow it down. The internal machinations are, as I mentioned, because we're both committed to a tier rollout, we're equally incentivized to make it go as fast as possible.

因此，我們不會這樣做的唯一原因是，遠高於中點正在贏得一些時間。他們想放慢速度。正如我所提到的，內部陰謀是，因為我們都致力於分層部署，所以我們同樣有動力讓它盡可能快地進行。

Got it. That's really helpful, color. And then, I wanted to ask about the Wendy's win that you announced a few weeks back. You know, it's great to see another tier one customer. Some of the language in the press release, maybe it seemed a little bit different from other wins, mentioned the Punchh Enterprise support. I guess, was this a full rip and replace for Wendy's or is it maybe something more complimentary? I guess, what was it feel like?

知道了。這真的很有幫助，顏色。然後，我想問一下您幾週前宣布的溫迪獲勝的情況。您知道，很高興見到另一位一級客戶。新聞稿中的一些語言，也許看起來與其他勝利有點不同，提到了 Punchh Enterprise 支援。我想，這是對溫迪的徹底顛覆還是可能是更值得稱讚的東西？我想，那是什麼感覺？

No, it's a full rip and replace. So, it's a really big win. It's a big initiative. It's truly the full solution within Punchh.

不，這是完全的拆除和替換。所以，這是一個非常大的勝利。這是一個很大的舉措。這確實是 Punchh 內的完整解決方案。

Got it. Thanks for taking my question.

知道了。感謝您提出我的問題。

Adam Wyden, ADW Capital.

Adam Wyden，ADW 資本。

Okay, guys, can you hear me?

好吧，夥計們，你聽得到我說話嗎？

Yes.

是的。

All right. So, just help me with some math here. It appears that you guys added about $8 million of ARR organically. If I sort of look at your minus $7 million of EBITDA in the period, obviously, you have some Burger King implementation costs that will come down or obviously are non-recurring.

好的。所以，請幫我做一些數學題。看來你們有機地增加了大約 800 萬美元的 ARR。如果我看一下您在此期間的負 700 萬美元 EBITDA，顯然，您有一些漢堡王實施成本將會下降或顯然是非經常性的。

Is there anything you can do to sort of give us some sort of parameters as to like how much of that is sort of implementation costs, whether it's Burger King or Wendy's that you expect, to sort of go down? I mean, obviously, there's one time severance and transaction, but can you give us a little bit and then I want to, sort of move forward with the question. Well, how about this?

您可以做些什麼來給我們一些參數，例如您期望的實施成本有多少，無論是漢堡王還是溫蒂？我的意思是，顯然，有一次遣散費和交易，但你能給我們一點資訊嗎？ 然後我想繼續討論這個問題。嗯，這個怎麼樣？

Take the minus $7 million of EBITDA. You have $8 million of organic in the period. If you hold that true and your OpEx is flat and you're adding Stuzo, which you got very little contribution, wouldn't that make you EBITDA break even in the second quarter?

以 EBITDA 負 700 萬美元為例。在此期間您有 800 萬美元的有機收入。如果你堅持這一點，並且你的營運支出持平，並且你添加了 Stuzo，而你的貢獻很少，那麼這不會讓你的 EBITDA 在第二季度實現收支平衡嗎？

I mean, take $8 million of organic -- if your OpEx is flat, again, you know, take a 70% or 80% incremental gross margin. That gets you to five, six, right? And then you get a full quarter of Stuzo, which is doing like four. Wouldn't that take you into profitability in the second quarter if OpEx is coming down? Am I doing something wrong?

我的意思是，採用 800 萬美元的有機成本 - 如果您的營運支出持平，那麼您知道，採用 70% 或 80% 的增量毛利率。這會讓你達到五、六，對嗎？然後你就得到了整整四分之一的 Stuzo，相當於四塊。如果營運支出下降，這不會讓您在第二季度獲利嗎？難道我做錯了什麼？

It certainly could, we're putting out, guidance to make sure we can hit it. And as I said, we're doing our guidance assuming the hardware business doesn't get better. So like I said, we feel really -- I mean, the software business is clicking. The margins are growing. You know, you can see how efficient we've gotten sales and marketing. R&D is working its way there. And so we feel really good about it. So could we, you know, I think it's possible, but I want to make sure we hit what we tell you.

我們正在發布指導，以確保我們能夠實現這一目標，當然可以。正如我所說，我們的指導是假設硬體業務沒有好轉的情況下進行的。正如我所說，我們真的感覺到——我的意思是，軟體業務正在蓬勃發展。利潤正在成長。您知道，您可以看到我們的銷售和行銷效率有多高。研發工作正朝著這個方向努力。所以我們對此感覺非常好。那我們可以嗎，你知道，我認為這是可能的，但我想確保我們做到了我們告訴你的。

And specifically in Q1, Q1 is always a challenging quarter because there are -- what I would call one-time items that can't be adjusted out. Things like bonus accrual adjustments, Canadian pension, insurance payments that for some reason don't get amortized. We can spend an hour talking about that offline.

特別是在第一季度，第一季始終是一個充滿挑戰的季度，因為有一些——我稱之為無法調整的一次性項目。獎金應計調整、加拿大退休金、保險付款等因某種原因不會攤提。我們可以花一個小時在線下討論這個問題。

And so I would say the Q1 number is not apples to apples compared to Q4 as an example. So in summary, I think we feel really good about getting there in Q3. As I said, I think it's continued to be meaningful acceleration. The part that I -- the real part I was trying to push on the call was we're not adding any heads within the core products of Brink, Punchh, Data Central, and Payments really holding this expense flat.

因此，我想說，與第四季相比，第一季的數字並不相同。總而言之，我認為我們對第三季實現這一目標感覺非常好。正如我所說，我認為這仍然是有意義的加速。我在電話會議中真正想要強調的是，我們不會在 Brink、Punch、Data Central 和 Payments 的核心產品中添加任何頭，從而真正保持這筆支出不變。

The only heads we added were Wendy's and Burger King. And as I said in the call, we expect the OpEx to actually come down, organically, so excluding Stuzo even. So it's the core business driving meaningful profitability Stuzo will add. And then obviously when we roll in task, that's another, call it, you know, six, seven, eight annualized.

我們添加的唯一頭部是溫迪和漢堡王。正如我在電話中所說，我們預計營運支出實際上會自然下降，因此甚至不包括 Stuzo。因此，Stuzo 將增加核心業務來推動有意義的獲利能力。顯然，當我們投入任務時，這是另一個，稱之為，你知道，每年六、七、八。

But would you expect -- I mean, obviously in the quarter you had about -- I think I calculated about a $3.5 million gross margin headwind, which probably a lot of its EBITDA. I mean, would you -- I'm just basically taking the point from the first quarter. Are you expecting additional headwinds in hardware sequentially because it was a pretty big decline year-over-year.

但你會想到嗎——我的意思是，顯然在你所經歷的那個季度——我想我計算出的毛利率逆風約為 350 萬美元，這可能是其 EBITDA 的很大一部分。我的意思是，你會嗎——我基本上只是從第一節中吸取了觀點。您是否預期硬體會連續出現更多阻力，因為硬體較去年同期下降幅度相當大。

I mean, you wouldn't-- I mean, that sort of is already in the case. So, I mean, you're not expecting additional declines in hardware, sort of from the level where you are in Q1. Is that right?

我的意思是，你不會——我的意思是，這種情況已經存在了。所以，我的意思是，你預計硬體不會比第一季的水平進一步下降。是對的嗎？

I'm not. I'm not. And as I said, I think in the second half when we announced some of these wins that we've had that we haven't when they get public, I think we'll cross them exactly. I'm not expecting Q1 -- sorry, Q2 over Q1 to be meaningfully worse by any means. And in fact, we are only expecting a little bit better.

我不是。我不是。正如我所說，我認為在下半年，當我們宣布我們已經取得的一些勝利時，我們在公開時還沒有取得這些勝利，我認為我們將準確地超越它們。我並不期望第一季——抱歉，無論如何，第二季比第一季要糟糕得多。事實上，我們只是期待更好一點。

Right. So, like just, again, going back to sort of the analysis I'm doing, if you expect similar organic revenue in the second quarter and you're holding OpEx flat, if anything down, right, and you get -- I mean, what was the contribution from the Stuzo in the quarter on EBITDA? It must have been only like a couple weeks, right? I mean, you didn't get very much of it, right?

正確的。所以，再次回到我正在做的分析，如果你預計第二季度會有類似的有機收入，並且你保持營運支出持平，如果有任何下降，那麼你會得到——我的意思是，Stuzo 本季度對EBITDA 的貢獻是多少？肯定只有幾週的時間吧？我的意思是，你沒有得到太多，對吧？

We got a little bit less than three weeks of Stuzo in the quarter. So, not really in there. And we get the benefit of that full in Q2.

本季我們使用 Stuzo 的時間不到三週。所以，實際上並不在那裡。我們在第二季度充分受益。

Right. So, you get a full quarter of Stuzo. You get hopefully some declines in OpEx in the second quarter because there was obviously some layoffs that were online and whatnot. And obviously, hopefully some of the implementation comes down. And if you add organic, now, how do, last question, how do you think about adding organic revenue?

正確的。因此，您將獲得整整四分之一的 Stuzo。你希望第二季度的營運支出有所下降，因為顯然有一些線上裁員等。顯然，希望一些實施能夠落實。如果你現在加入有機收入，最後一個問題，你如何看待增加有機收入？

So, when you say OpEx is flat, how should we think about the incremental dollars of revenue against a statement of OpEx flat, right? Are you talking about 100% flow-through or are you talking about a flow-through at your gross margin rate?

那麼，當你說營運支出持平時，我們應該如何考慮營運支出持平聲明中的收入增量，對嗎？您是在談論 100% 的流通量，還是在談論以毛利率計算的流通量？

A flow-through at our gross margin rate, obviously, depends on the product, right? So, when we, like one of the things we've seen is that we are really getting much, much better at stapling Data Central into Brink yields. Data Central is an incredibly high gross margin product. And so, that gross margin flow-through is higher versus MENU, which today is lower.

顯然，我們毛利率的流量取決於產品，對吧？因此，當我們看到的一件事是，我們在將資料中心整合到邊緣產量方面確實變得越來越好。資料中心是一種毛利率極高的產品。因此，毛利率流通量高於 MENU，而如今的毛利率較低。

So, I'd budget internally, let's assume gross margins just stay flat. That's what drops down. As you know, and we've talked about, we expect that number, the gross margins to grow as well.

因此，我會在內部進行預算，假設毛利率保持不變。就是這樣掉下來的。如您所知，我們已經討論過，我們預計毛利率也會成長。

What are your gross margins go up in your lower margin products as you get, as you drive better utilization? I mean, I guess if you're at a 60% gross margin MENU, wouldn't the incremental margin on a dollar of revenue be higher on MENU than a Brink? I mean, is that?

當您提高利用率時，您的低利潤產品的毛利率會增加多少？我的意思是，我猜如果 MENU 的毛利率為 60%，那麼 MENU 上一美元收入的增量利潤不會比 Brink 更高嗎？我的意思是，是嗎？

Once we clear the cost, yeah. And so, remember, even when you add a MENU customer, as an example, we're still firing up an Amazon instance. We're still launching a [flush]. There's still incremental costs. But yes, over time, MENU should get to the same gross margins. I mean, I want MENU to get to a bunch of gross margins, which are really exciting and growing a ton.

一旦我們清除了成本，是的。因此，請記住，例如，即使您新增了 MENU 客戶，我們仍然會啟動 Amazon 執行個體。我們仍在推出[沖水]。仍然存在增量成本。但是，隨著時間的推移，MENU 應該會達到相同的毛利率。我的意思是，我希望 MENU 能達到很高的毛利率，這確實令人興奮並且會大幅成長。

And so, over time, yeah, it will get there. But the actual revenue dollars have to come in. So, we launched these six or seven customers this quarter. In Q2, we get the full quarter of that revenue. And that's, again, going to boost up those gross margins. So, I think what your point is, what is incremental gross margin of a customer?

所以，隨著時間的推移，是的，它會實現的。但實際收入必須進來。因此，我們本季推出了這六、七個客戶。在第二季度，我們獲得了該收入的整個季度。這將再次提高毛利率。那麼，我認為您的觀點是，客戶的增量毛利率是多少？

On MENU, it's a little bit hard because we're so early, right? We're $1 million, $2 million bucks into this thing. And so, we're still not where I can say -- it's 90% drop. But it should be no different than any other SaaS product because every incremental instance, as an example, is higher margin than the last.

在菜單上，有點難，因為我們來得太早了，對吧？我們在這件事上投入了 100 萬、200 萬美元。所以，我們仍然沒有達到我可以說的水平——下降了 90%。但它應該與任何其他 SaaS 產品沒有什麼不同，因為例如，每個增量實例的利潤都比上一個更高。

Right. So, it's a fair assumption that, at minimum, our incremental gross margin should be around 70%. And hopefully, they should be higher as we drive utilization in our lower margin products, right?

正確的。因此，我們的增量毛利率至少應在 70% 左右，這是一個合理的假設。希望隨著我們提高低利潤產品的利用率，它們應該會更高，對嗎？

So, if I take sort of 70% where we are, at $8 million, that's $5.6 million, plus a full quarter of Stuzo plus lower OpEx. I mean, assuming hardware doesn't get worse, I mean, I'm seeing profitability in the second quarter. I guess you guys are just sort of being conservative with your guidance. Is that a fair way to walk away from this?

因此，如果我以目前的 70% 計算，即 800 萬美元，那就是 560 萬美元，加上 Stuzo 的整個季度加上較低的營運支出。我的意思是，假設硬體不會變得更糟，我的意思是，我會在第二季看到獲利。我猜你們的指導有點保守。這是擺脫這種情況的公平方法嗎？

On those assumptions, it is. And I think your math is generally pretty directionally accurate on everything.

根據這些假設，確實如此。我認為你的數學在所有方面通常都非常準確。

Okay. All right. That's it. Thank you.

好的。好的。就是這樣。謝謝。

And there are no further questions at this time. I will hand the conference back to management for any further remarks.

目前沒有其他問題。我會將會議交還給管理階層，以便進一步發表評論。

Thanks, everybody, for joining our call. We look forward to updating you in the future and giving you more updates on our progress towards free cash for profitability, but also some of these large great wins. Thanks.

謝謝大家加入我們的電話會議。我們期待將來向您通報最新情況，並為您提供有關我們在實現免費現金盈利方面取得的進展的更多最新信息，以及其中一些重大勝利。謝謝。

Thank you all for joining the call today. You may now disconnect.

感謝大家今天加入電話會議。您現在可以斷開連線。