PAR Technology Corp (PAR) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to PAR Technology fiscal year 2024 third-quarter financial results. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎來到 PAR Technology 2024 財年第三季財務業績。（操作員指示）請注意，今天的會議正在錄製中。

Now we'll pass the call over to the Senior Vice President of Investor Relations and Business Development, Christopher Byrnes. Please go ahead.

現在我們將把電話轉給投資者關係和業務開發資深副總裁 Christopher Byrnes。請繼續。

Thank you, Carmen, and good morning, everyone, and thank you for joining us today for PAR Technology's 2024 third-quarter financial results call. Earlier 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 Q3 financial presentation, as well as in our related Form 8-K furnished to the SEC.

謝謝卡門，大家早安，謝謝您今天參加我們的 PAR Technology 2024 年第三季財務業績電話會議。今天早上早些時候，我們發布了財務業績。收益報告可在我們網站 partech.com 的投資者關係頁面上獲取，您還可以在其中找到第三季度的財務報告，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. The information on this conference call related to projections or other forward-looking statements may be relied upon and subject to the Safe Harbor statement included in our earnings release this morning and in our annual and quarterly filings with the SEC.

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，實際結果會受到未來事件和不確定因素的影響。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依賴並受到我們今天上午發布的收益報告以及我們向 SEC 提交的年度和季度文件中包含的安全港聲明的約束。

Finally, I'd like to remind everyone that this call is being recorded and it will be made available for replay via a link available on the Investor Relations section of our website. Joining me on the call today is PAR's CEO and President, Savneet Singh; and Bryan Menar, PAR's Chief Financial Officer.

最後，我想提醒大家，本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。今天和我一起參加電話會議的是 PAR 執行長兼總裁 Savneet Singh；以及 PAR 財務長 Bryan Menar。

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

現在我想將電話轉給 Savneet，讓其進行電話會議的正式評論部分，然後進行一般性問答。薩夫尼特？

Thank you, Chris, and thank you all for joining us today. Our Q3 results made available this morning represent the seventh consecutive quarter in which PAR has delivered greater than 20% organic growth with limited operating expense. This continued sequential growth at scale and demonstrating operating leverage efficiency has enabled PAR to report positive adjusted EBITDA for the quarter, a first since the company began disclosing this metric earlier in management's tenure. Our performance this quarter reflects the continued validation of our products as best-in-class standalone and even better together. This strategic focus on delivering a unified solution is improving user experience, furthering customer stickiness, and expanding sales opportunities beyond that of a single product. The flywheel we've talked about is working and has generated the financial return we reported today.

謝謝克里斯，也謝謝大家今天加入我們。我們今天早上公佈的第三季業績代表 PAR 在有限的營運費用下連續第七個季度實現了超過 20% 的有機成長。這種持續的規模連續成長和營運槓桿效率的證明，使 PAR 能夠報告本季調整後的 EBITDA 為正值，這是該公司自管理層任職初期開始披露此指標以來的首次。我們本季的業績反映了我們的產品作為同類最佳的獨立產品的持續驗證，甚至更好的組合產品。提供統一解決方案的策略重點是改善使用者體驗、增強客戶黏著度並擴大單一產品以外的銷售機會。我們所討論的飛輪正在發揮作用，並產生了我們今天報告的財務回報。

Digging into our results. Subscription services continues to be the growth engine of our company. Q3 exit ARR totaled more than $248 million, and subscription services revenue for the period grew 91% when compared to Q3 last year. This revenue expansion was driven by 25% organic ARR growth compared to Q3 last year and contributions from our EBITDA accretive 2024 M&A activity, including the company's acquisition of TASK Group, which closed in July. Critically, our M&A activity is expected to continue to accelerate our overall growth trajectory into the future by unlocking new verticals in multi-product attachment.

深入研究我們的結果。訂閱服務仍然是我們公司的成長引擎。第三季退出 ARR 總計超過 2.48 億美元，該期間的訂閱服務收入與去年第三季相比成長了 91%。這項營收成長的推動因素是與去年第三季相比，ARR 有機成長 25%，以及 2024 年 EBITDA 增值併購活動的貢獻，包括該公司於 7 月完成的對 TASK Group 的收購。至關重要的是，我們的併購活動預計將透過解鎖多產品配件的新垂直領域繼續加速我們未來的整體成長軌跡。

Operator cloud ARR grew 41% to $93.4 million in Q3 when compared to the same period last year. This growth was driven by multi-product attachment of Data Central and PAR Payments and continued ARPU improvement, which increased 11% from the same period last year. Observed ARPU improvement was driven by price increases in PAR Payment Service attachment. Our opportunity for new Tier 1 deals continues to be strong, and we believe ourselves to be well positioned to win and grow through both new logo signings and the upsell of Data Central and Payments. Our POS has a robust backlog, and we have high confidence and visibility into consistent growth rates for years to come.

與去年同期相比，第三季營運商雲端 ARR 成長了 41%，達到 9,340 萬美元。這一增長得益於資料中心和 PAR 支付的多產品附加以及 ARPU 的持續改善，較去年同期增長 11%。觀察到的 ARPU 改善是由 PAR 支付服務附件價格上漲所推動的。我們進行新一級交易的機會仍然很大，我們相信自己處於有利位置，可以透過新徽標簽名以及資料中心和支付的追加銷售來贏得勝利並實現成長。我們的 POS 擁有大量積壓訂單，我們對未來幾年的持續成長率充滿信心和預見性。

Turning to PAR payments, Q3 was a strong quarter marked by focused pipeline execution and the signing of several new concepts, including Acropolis Greek Taverna, Burgerville, Brooklyn Pickle, and Fat Boy Pizza, all of which are set to go live in the upcoming quarter. Q3 also marked the company's first full quarter since the launch of Punchh Wallet, a product we've seen gain strong market momentum and resulted in customer wins with Clean Eatz and Burgerville.

談到 PAR 支付，第三季度表現強勁，重點是管道執行和幾個新概念的簽署，包括 Acropolis Greek Taverna、Burgerville、Brooklyn Pickle 和 Fat Boy Pizza，所有這些都將於下個季度上線。第三季也標誌著該公司自推出 Punchh Wallet 以來的第一個完整季度，我們看到該產品獲得了強勁的市場動力，並贏得了 Clean Eatz 和 Burgerville 的客戶。

Additionally, we executed our first payments-funded hardware deal, which helps reduce capital expenditure pressures on merchants. Looking ahead, we're expanding our opportunities with the launch of QR code pay-at-the-table capability in Q4, with customer go-live expected before the end of the year.

此外，我們執行了第一筆由支付資助的硬體交易，這有助於減輕商家的資本支出壓力。展望未來，我們將透過在第四季度推出二維碼餐桌付款功能來擴大我們的機會，預計客戶將在年底前上線。

Turning towards Data Central. We see strong product pipeline and anticipate the conversion of this pipeline will accelerate. The momentum is real, and we believe Data Central will be a strong growth driver as the PAR POS plus Data Central combination is becoming the go-to operator solution. PAR is uniquely positioned in the enterprise space with both market-leading POS and back-of-house solutions, which is mirrored by our pipeline. We are excited to continue to see our operator cloud product suite gain traction with our largest customers. A combined POS plus back-of-house deal is worth almost 2x a project with only one product. It has taken time, but our vision of the connected operator suite is proving out, and we're looking to double down on this in the coming months.

轉向數據中心。我們看到強大的產品管道，並預計該管道的轉換將會加速。這一勢頭是真實的，我們相信，隨著 PAR POS 加資料中心的組合正在成為營運商的首選解決方案，資料中心將成為強勁的成長動力。PAR 在企業領域擁有獨特的地位，擁有市場領先的 POS 和後台解決方案，我們的管道也反映了這一點。我們很高興看到我們的營運商雲端產品套件繼續受到我們最大客戶的青睞。POS 加上後台交易的總價值幾乎是只有一種產品的項目的兩倍。這需要時間，但我們對互聯操作員套件的願景正在得到證明，我們希望在未來幾個月內加倍努力。

Moving to Engagement Cloud. Q3 results have reflected our strongest year-over-year organic growth since 2022, driven by the go-live of Wendy's. Total Engagement Cloud ARR grew by nearly 150% from the same period last year, when including PAR retail and the Plexure division of TASK Group, and now totals $155 million. Year-over-year ARR growth for Engagement Cloud was nearly 17%. Our engagement product suite continues to prove its market leadership, with Punchh out-front onboarding over 12,000 new locations and three major Tier 1 clients in the last 12 months.

遷移到參與雲。第三季的業績反映了我們自 2022 年以來在 Wendy's 上線的推動下實現的最強勁的同比有機成長。總參與雲 ARR 比去年同期成長了近 150%，其中包括 PAR 零售和 TASK Group 的 Plexure 部門，目前總計 1.55 億美元。同比ARREngagement Cloud 的成長率接近 17%。我們的互動產品套件繼續證明其市場領先地位，在過去 12 個月內，Punchh 率先引入了超過 12,000 個新地點和三個主要一級客戶。

With this growth, Engagement Cloud site count now stands at an impressive 118,000 sites. While we are winning and launching major new brands, we continue to invest for the future with new innovation, including Punchh Wallet, which enables seamless earn, redeem, and pay, as well as new C-store functionality with gamification and in-store customer interfaces. This past quarter saw significant new customer growth, with nine new brands launching on the Punchh platform and 12 upsell deals to existing customers. In early July, we went live with Wendy's, a deal we first announced in Q1. This go-live represented a record timeline to take a Tier 1 enterprise customer live on Punchh, with over 7,000 Wendy's stores, and reflects the urgency with which our people are empowered to operate.

隨著這一增長，Engagement Cloud 網站數量現已達到令人印象深刻的 118,000 個網站。在我們贏得並推出主要新品牌的同時，我們繼續透過新的創新投資未來，包括支援無縫賺取、兌換和支付的 Punchh Wallet，以及具有遊戲化和店內顧客功能的新便利商店功能介面。上個季度新客戶大幅成長，Punch 平台上推出了 9 個新品牌，並向現有客戶達成了 12 筆追加銷售交易。7 月初，我們與 Wendy's 上線，這是我們在第一季首次宣布的交易。這次上線代表了在 Punchh 上為一級企業客戶提供創紀錄的時間，該客戶擁有超過 7,000 家 Wendy's 商店，並反映了我們員工獲得營運權的緊迫性。

Looking ahead, we expect Punchh to be a strong profit contributor to PAR. PAR Retail, formerly Stuzo, now operates in over 25,000 convenience stores and fuel stations, and provides a beachhead to cross-sell additional products, including payments and back office. PAR Retail is getting sales momentum and picked up a large Tier 1 customer win in the quarter. We also extended our relationship with a major oil customer by adding over 400 sites and extending the current contract by two years. With more and more consumers utilizing C-store's prepared food and meal delivery options, we are seeing our investment thesis play out in real time.

展望未來，我們預計 Punchh 將成為 PAR 的強勁利潤貢獻者。PAR Retail（原名 Stuzo）目前在 25,000 多家便利商店和加油站運營，並提供交叉銷售其他產品（包括支付和後台）的灘頭陣地。PAR Retail 的銷售勢頭強勁，並在本季贏得了大量一級客戶。我們還擴大了與一家主要石油客戶的關係，增加了 400 多個站點，並將當前合約延長了兩年。隨著越來越多的消費者使用便利商店的預製食品和送餐選項，我們看到我們的投資理論正在實時發揮作用。

Brick and mortar formats are colliding, and this is playing out even faster than we expected. PAR is uniquely positioned to benefit from both C-store and QSR. We recently rebranded Menu to PAR Ordering and are seeing momentum and winning deals within the Punchh base, most recently adding 115 Clean Eatz stores. In connection with this rebrand, we also combined go-to-market teams to position PAR Ordering in every Punchh deal and increase our sales capabilities. We've made the necessary investments to build tighter integrations, and the outputs are driving new customer wins.

實體業態正在發生衝突，而且其發生速度比我們預期的還要快。PAR 擁有得天獨厚的優勢，可以從便利商店和 QSR 中受益。我們最近將 Menu 更名為 PAR Ordering，並在 Punchh 基地內看到了勢頭並贏得了交易，最近又增加了 115 家 Clean Eatz 商店。與此品牌重塑相關，我們也合併了行銷團隊，將 PAR 訂購納入每筆 Punchh 交易中，並提升我們的銷售能力。我們已經進行了必要的投資來建立更緊密的集成，並且產出正在推動新客戶的贏得。

PAR Ordering is rapidly achieving scale, and as we've crossed over 1 million transactions per month threshold, while achieving 99% order health, a key milestone that demonstrates product strength to prospective customers and the industry.

PAR Ordering 正在迅速實現規模化，並且我們已經突破了每月 100 萬筆交易的門檻，同時實現了 99% 的訂單健康率，這是向潛在客戶和行業展示產品實力的一個重要里程碑。

Moving to hardware, Q3 revenue grew 13% quarter over sequential quarter. We expect hardware to continue to stabilize as our team works to upgrade our legacy base of long-term hardware-only customers and pursue even higher attachment rates with our POS customers. Stepping back to review our consolidated results. Today's announcement of delivering 25% year-over-year organic ARR growth and positive Q3-adjusted EBITDA of $2.4 million is an important milestone for us, and efficiency metrics continue to impressively scale with our focus on organic growth and EBITDA-accretive M&A.

轉向硬件，第三季營收季增 13%。我們預計硬體將繼續穩定，因為我們的團隊致力於升級我們的長期純硬體客戶群，並追求更高的 POS 客戶附著率。退一步回顧一下我們的綜合結果。今天宣布實現25% 的同比有機ARR 成長和240 萬美元的第三季調整後EBITDA，這對我們來說是一個重要的里程碑，隨著我們對有機成長和EBITDA 增值併購的關注，效率指標繼續令人印象深刻地擴展。

Subscription sales and marketing expense as a percentage of subscription services revenue this quarter was 14%, a 400-basis point sequential improvement from 18% in Q2. Subscription R&D expense as a percent of subscription services revenue was 26%, a 500-basis point sequential improvement from 31% in Q2. And organic R&D spend again decreased year over year as we remain committed to spending in areas where we can prove ROI.

本季訂閱銷售和行銷費用佔訂閱服務收入的百分比為 14%，比第二季的 18% 環比提高了 400 個基點。訂閱研發費用佔訂閱服務收入的百分比為 26%，較第二季的 31% 較上季提高了 500 個基點。由於我們仍致力於在可以證明投資報酬率的領域進行支出，有機研發支出再次較去年同期下降。

We take pride in today's milestone, but today remains day 1. Crucially, the combined scalability of our products and the continued flex in our operating leverage ensures that our financial metrics will only continue to improve over the years.

我們為今天的里程碑感到自豪，但今天仍然是第一天。至關重要的是，我們產品的全面可擴展性和營運槓桿的持續靈活性確保了我們的財務指標多年來只會持續改善。

Bryan will now review the numbers in more detail. Bryan?

布萊恩現在將更詳細地審查這些數字。布萊恩？

Thank you, Savneet, and good morning, everyone. Q3 was a successful quarter for PAR. Subscription services continue to fuel topline growth while we stayed fiscally responsible, managing our operating expenses. As a result, adjusted EBITDA for the quarter was a positive $2.4 million, indicative of an inflection point, driving growth with profitability. Before moving forward, and as stated in our Q2 earnings call, all 2024 and comparative 2023 results that we will discuss this morning exclude any contributions from PAR Government, as those results, including the gain on the respective sale of PAR Government have been isolated within our discontinued operations results.

謝謝你，Savneet，大家早安。第三季對於 PAR 來說是一個成功的季度。訂閱服務繼續推動收入成長，同時我們保持財務責任，管理我們的營運支出。因此，本季調整後 EBITDA 為正 240 萬美元，標誌著拐點，推動了獲利能力的成長。在繼續前進之前，正如我們在第二季財報電話會議中所述，我們今天上午將討論的所有2024 年和2023 年比較結果均不包括PAR Government 的任何貢獻，因為這些結果（包括相應出售PAR Government的收益）已被隔離在我們已終止經營的業績。

Total revenues were $96.8 million for the three months ended September 30, 2024, an increase of 41% compared to the same period in 2023, driven by subscription service revenue growth of 91%, partially offset by a decrease in hardware revenue of 12%. Net loss from operations for the third quarter of 2024 was $20.7 million, or $0.58 loss per share, compared to a net loss from continuing operations of $19.2 million, or $0.70 loss per share reported in the same period in 2023. Non-GAAP net loss for the third quarter of 2024 was $3.1 million, or $0.09 loss per share, a significant improvement compared to a non-GAAP net loss of $9.7 million, or $0.35 loss per share, for the same period in 2023. Adjusted EBITDA for the third quarter of 2024 was $2.4 million, compared to an adjusted EBITDA loss of $6.6 million for the same period in 2023.

截至 2024 年 9 月 30 日的三個月總收入為 9,680 萬美元，較 2023 年同期增長 41%，這主要得益於訂閱服務收入增長 91%，但部分被硬體收入下降 12% 所抵消。2024 年第三季營運淨虧損為 2,070 萬美元，即每股虧損 0.58 美元，而 2023 年同期持續經營業務淨虧損為 1,920 萬美元，即每股虧損 0.70 美元。2024 年第三季的非 GAAP 淨虧損為 310 萬美元，即每股虧損 0.09 美元，與 2023 年同期的非 GAAP 淨虧損 970 萬美元，即每股虧損 0.35 美元相比，有了顯著改善。2024 年第三季調整後 EBITDA 為 240 萬美元，而 2023 年同期調整後 EBITDA 虧損為 660 萬美元。

Now for more details on revenue. Subscription service revenue was reported at $59.9 million, an increase of $28.5 million, or 91% from the $31.4 million reported in the prior year, and now represents 62% of total PAR revenue. Excluding PAR Retail and TASK, organic subscription service revenue grew 28% compared to prior year. Annual recurring revenue exiting the quarter was $248.1 million, an increase of 93% from last year's Q3, with Engagement Cloud up 149%, and Operator Cloud up 41%. Excluding PAR Retail and TASK, total organic annual recurring revenue was up 25% year over year.

現在了解有關收入的更多詳細資訊。訂閱服務收入報告為 5,990 萬美元，比前一年報告的 3,140 萬美元增加了 2,850 萬美元，即 91%，目前佔 PAR 總收入的 62%。不包括 PAR Retail 和 TASK，有機訂閱服務收入較前一年成長 28%。本季的年度經常性收入為 2.481 億美元，比去年第三季成長 93%，其中參與雲端成長 149%，營運商雲端成長 41%。不包括 PAR Retail 和 TASK，總有機年度經常性收入年增 25%。

Hardware revenue in the quarter was $22.7 million, a decrease of $3.2 million, or 12% from the $25.8 million reported in the prior year. Sequentially, compared to Q2 this year, hardware was up $2.5 million, or 13%. The continued interest from our legacy hardware customers, as well as the continued high attachment of hardware sales within our expanding software customer base, gives us confidence that hardware business will continue to contribute meaningful revenue and margin.

該季度的硬體收入為 2,270 萬美元，比前一年報告的 2,580 萬美元減少了 320 萬美元，即 12%。隨後，與今年第二季相比，硬體成長了 250 萬美元，即 13%。我們的傳統硬體客戶的持續興趣，以及我們不斷擴大的軟體客戶群中硬體銷售的持續高附加價值，使我們相信硬體業務將繼續貢獻有意義的收入和利潤。

Professional service revenue was reported at $14.2 million, an increase of $2.7 million, or 23% from the $11.5 million reported in the prior year. We are pleased with our team's ability to continue to grow professional service revenue during a period of hardware revenue contraction. The growth was driven by recurring revenue service contracts. $8.9 million of the professional services revenue in the quarter consisted of recurring revenue, a 23% increase versus prior year.

專業服務收入報告為 1,420 萬美元，比前一年報告的 1,150 萬美元增加了 270 萬美元，即 23%。我們對我們的團隊在硬體收入收縮期間繼續增加專業服務收入的能力感到高興。這一增長是由經常性收入服務合約推動的。本季專業服務收入中有 890 萬美元來自經常性收入，比去年同期成長 23%。

Now turning to margins. Gross profit was $43 million, an increase of $17.9 million, or 71% from the $25.1 million reported in the prior year. The increase was driven by subscription services with gross profit of $33.1 million, an increase of $17.3 million, or 109% from the $15.9 million reported in the prior year. Subscription service margin for the quarter was 55.3% compared to 50.6% reported in the third quarter of 2023. The increase in margin is driven by a continued focus on efficiency improvements with our hosting and customer support contracts, as well as accretive margin contributions from recent acquisitions. Excluding the amortization of intangible assets, stock-based compensation, and severance, total non-GAAP subscription services margin for Q3 2024 was 67% compared to 69% for Q3 2023, and sequentially improved from Q2 66%.

現在轉向邊緣。毛利為 4,300 萬美元，比前一年報告的 2,510 萬美元增加了 1,790 萬美元，增幅為 71%。這一增長是由訂閱服務推動的，毛利為 3,310 萬美元，比上一年報告的 1,590 萬美元增加了 1,730 萬美元，增幅為 109%。本季訂閱服務利潤率為 55.3%，而 2023 年第三季報告的利潤率為 50.6%。利潤率的成長是由於我們持續專注於託管和客戶支援合約的效率提高，以及最近收購帶來的利潤成長貢獻。不包括無形資產攤銷、股票薪酬和遣散費，2024 年第三季的非GAAP 訂閱服務總利潤率為67%，而2023 年第三季為69%，較第二季的66% 有所改善。

Hardware margin for the quarter was 25.5% versus 25.3% in Q3 2023. Professional service margin for the quarter was 29.2% compared to 23.8% reported in the third quarter of 2023. The increase primarily consists of increases in margins for field operations and installations, substantially driven by improved cost management and reductions in third-party spending.

本季的硬體利潤率為 25.5%，而 2023 年第三季為 25.3%。本季專業服務利潤率為 29.2%，而 2023 年第三季報告的利潤率為 23.8%。這一增長主要包括現場營運和安裝利潤的增加，這主要是由於成本管理的改善和第三方支出的減少。

In regards to operating expenses, GAAP sales and marketing was $10.5 million, an increase of $1 million from the $9.5 million reported for Q3 2023, with the increase being driven by inorganic costs related to our acquisitions, while organic sales and marketing was flat year-over-year. GAAP G&A was $27.4 million, an increase of $9.8 million from the $17.5 million reported in Q3 2023.

在營運費用方面，GAAP 銷售和行銷費用為1,050 萬美元，比2023 年第三季報告的950 萬美元增加了100 萬美元，成長是由與我們收購相關的無機成本推動的，而有機銷售和行銷費用與上年持平。GAAP G&A 為 2,740 萬美元，比 2023 年第三季報告的 1,750 萬美元增加了 980 萬美元。

The increase was primarily driven by non-GAAP adjustment items for M&A transaction fees and stock-based compensation, as well as post-acquisition costs. GAAP R&D was $17.8 million, an increase of $3.2 million from the $14.7 million recorded in Q3 2023. The increase was primarily driven by post-acquisition expenses, while organic R&D expenses were flat year over year. Operating expenses, excluding non-GAAP adjustments, was $47.7 million, an increase of $10.3 million, or 28% versus Q3 2023. And excluding inorganic growth, organic operating expenses increased a modest 7%. The organic increase was primarily driven by variable compensation and benefits.

這一增長主要是由併購交易費用和股票薪酬的非公認會計準則調整項目以及收購後成本推動的。GAAP 研發費用為 1,780 萬美元，比 2023 年第三季的 1,470 萬美元增加了 320 萬美元。這一成長主要是由收購後費用推動的，而有機研發費用則較去年同期持平。不包括非 GAAP 調整的營運費用為 4,770 萬美元，比 2023 年第三季增加 1,030 萬美元，即 28%。排除無機成長，有機營運支出小幅成長 7%。有機成長主要是由可變薪資和福利推動的。

Now to provide information on the company's cash flow and balance sheet position. As of September 30, 2024, we had cash and cash equivalents of $105.8 million and short-term investments of $12.6 million. For the nine months ended September 30, cash used in operating activities from continuing operations was $2.4 million versus $27.9 million for the prior year. The improvement was driven by a $10 million improvement in net loss, net of non-cash adjustments.

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 2024 年 9 月 30 日，我們擁有現金及現金等價物 1.058 億美元，短期投資 1,260 萬美元。截至 9 月 30 日的九個月，持續經營業務用於經營活動的現金為 240 萬美元，而上一年為 2,790 萬美元。這項改善是由於扣除非現金調整後的淨虧損減少了 1,000 萬美元。

Cash used in investing activities was $178.1 million for the nine months ended September 30 versus $4.8 million for the prior year. Investing activities included $293.6 million of net cash consideration in connection with our recent acquisitions and capital expenditures of $4 million for developed technology costs associated with our software platforms, partially offset by $92.1 million of cash consideration received in connection with the disposition of PAR Government, and $24.9 million of proceeds from net sales of short-term health maturity investments. Cash provided by financing activities was $279.3 million for the nine months ended September 30 compared to cash use of $1.8 million for the prior year. Financing activities were substantially driven by private placement of common stock to fund the Stuzo acquisition and a credit facility entered into to fund a TASK acquisition.

截至 9 月 30 日的九個月，投資活動使用的現金為 1.781 億美元，去年同期為 480 萬美元。投資活動包括與我們最近的收購相關的2.936 億美元淨現金對價，以及與我們的軟體平台相關的開發技術成本的400 萬美元資本支出，部分被與PAR Government 處置相關的9,210 萬美元現金對價所抵消，以及短期健康成熟度投資的淨銷售收入為 2,490 萬美元。截至 9 月 30 日的九個月，融資活動提供的現金為 2.793 億美元，而前一年的現金使用量為 180 萬美元。融資活動主要是由私募普通股為 Stuzo 收購提供資金以及為 TASK 收購提供資金而簽訂的信貸安排所推動的。

I would like to take a moment to reiterate and thank our PAR team on continuing to successfully execute our operating plan while managing the integration of both PAR Retail and TASK in addition to completing the smooth divestiture of PAR Government.

我想花點時間重申並感謝我們的 PAR 團隊繼續成功執行我們的營運計劃，同時管理 PAR Retail 和 TASK 的整合，以及完成 PAR Government 的順利剝離。

As a result, we have driven significant improvement in key financial metrics with 25% organic ARR growth and 93% total ARR growth, flat to modest growth in organic non-GAAP operating expenses for a seventh consecutive quarter, culminating in Q3 positive adjusted EBITDA of $2.4 million. But to be sure, this is day one and not a finish line. We are excited about the opportunity in front of us to continue to deliver outcomes that drive value for all our stakeholders.

因此，我們推動了關鍵財務指標的顯著改善，有機ARR 成長了25%，總ARR 成長了93%，非GAAP 有機營運支出連續第七個季度持平至小幅成長，最終第三季調整後EBITDA 為正數240萬美元。但可以肯定的是，這只是第一天，而不是終點。我們很高興有機會繼續交付成果，為所有利害關係人帶來價值。

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

我現在想將電話轉回薩夫尼特，在問答之前發表結束語。

Thanks, Bryan. We continue to see PAR as uniquely positioned in the food service technology sector with best-in-class software across key operational and engagement pillars. 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. Put into other words, our products are winning on a standalone basis, but we continue to see a growing desire in the market for vendor consolidation. We believe the environment is ripe for continued M&A activity and PAR has shown itself uniquely capable of consolidating in the enterprise space while driving higher growth and profitability.

謝謝，布萊恩。我們仍然認為 PAR 在食品服務技術領域擁有獨特的地位，在關鍵營運和參與支柱方面擁有一流的軟體。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集成基礎設施，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的一部分，並且依賴於第三方集成。換句話說，我們的產品在獨立的基礎上獲勝，但我們仍然看到市場對供應商整合的渴望不斷增長。我們相信持續併購活動的環境已經成熟，PAR 已顯示出其在企業領域整合的獨特能力，同時推動更高的成長和獲利能力。

We are delivering an impressive better together platform and are smartly investing to continue that track record, balancing our need for both growth and profitability. We look forward to sharing more about our longer-term vision and strategy at our Investor Day on November 25. Thank you to all PAR employees for your dedication and effort over the past quarter. Across the organization, our people have stepped up to ensure we deliver the outcomes our customers demand while embracing the hard work necessary to build a company capable of delivering long-term shareholder value. And as I said earlier, we're still at day one. Chris?

我們正在提供一個令人印象深刻的更好的共同平台，並明智地進行投資以繼續保持這一記錄，平衡我們對成長和盈利的需求。我們期待在 11 月 25 日的投資者日分享更多有關我們長期願景和策略的資訊。感謝所有 PAR 員工在過去一個季度的奉獻和努力。在整個組織中，我們的員工都在努力確保我們交付客戶所需的成果，同時努力工作以建立一家能夠提供長期股東價值的公司。正如我之前所說，我們仍處於第一天。克里斯？

Carmen, that concludes our formal remarks this morning. Can we now open the call to Q&A?

卡門，我們今天早上的正式演講到此結束。我們現在可以打開問答電話嗎？

Thank you, Chris. (Operator Instructions)

謝謝你，克里斯。（操作員說明）

Mayank Tandon, Needham.

馬雅克坦登，尼達姆。

Savneet, I wanted to just focus on the large deal activity. I think when we came into 2024, you called out record RFP activity, and I believe there were seven large deals. I think you logged one or two, if I'm keeping count correctly. I just wanted to get sort of a status update on the other ones.

Savneet，我只想專注於大宗交易活動。我認為，當我們進入 2024 年時，您公佈了創紀錄的 RFP 活動，我相信有七筆大型交易。如果我沒記錯的話，我想你記錄了一兩個。我只是想了解其他人的狀態更新。

Do you think you could still land a few more? What's the status on that? And if you were able to do it, could that potentially help accelerate the organic ARR growth? I know you've said mid-20s. Is that something that's conceivable if you were to win some of these larger opportunities in the pipeline?

你認為你還能再降落幾個嗎？這方面的狀況如何？如果您能夠做到這一點，是否可能有助於加速有機 ARR 成長？我知道你說的是20多歲。如果您要贏得一些正在醞釀中的更大機會，這是可以想像的嗎？

I think we have a good shot of closing more before the end of the year. As far as accelerating our growth, it's hard to say. It depends on the rollout of these deals. It certainly won't hurt so, I think our plan is built without even needing these mega deals. But if they come, they certainly would accelerate us. But it's hard to sequence the timing of a signing and a rollout.

我認為我們很有可能在年底前完成更多的工作。就加速我們的成長而言，很難說。這取決於這些交易的推出。這當然不會有什麼壞處，我認為我們的計劃是在不需要這些大型交易的情況下制定的。但如果他們來了，他們肯定會加速我們的發展。但很難確定簽約和推出的時間順序。

Understood. Maybe I'll switch over to the M&A. So good to hear that the progress on the acquisitions of Stuzo and TASK has been good. Could you give us a little bit more color in terms of what's surprised you positively and even negatively? And maybe it would be helpful to get any sort of data points on your ability to cross-sale into these accounts and win new logos.

明白了。也許我會轉向併購。很高興聽到 Stuzo 和 TASK 的收購進展順利。您能否給我們更多一些關於讓您感到驚訝的正面甚至負面方面的資訊？也許獲得有關您向這些帳戶進行交叉銷售並贏得新徽標的能力的任何類型的數據點都會有所幫助。

I know it's early, but any additional color beyond what you said in your prepared remarks would be helpful.

我知道現在還為時過早，但是除了您在準備好的評論中所說的內容之外，任何其他顏色都會有所幫助。

Sure. On the PAR Retail side, formerly Stuzo, it has been a fantastic experience. We've seen really great receptivity by the end market for PAR's involvement. I think at the same time, we've been able to add some go-to-market heft to the area. And most importantly, I think we're really excited about the product delivery we can push into that market.

當然。在 PAR Retail 方面（以前稱為 Stuzo），這是一次奇妙的體驗。我們看到終端市場對 PAR 的參與反應非常強烈。我認為同時，我們已經能夠為該地區增加一些進入市場的影響力。最重要的是，我認為我們對可以推入該市場的產品交付感到非常興奮。

And so it has been fantastic. I think culturally, it's been a tremendous hit. And I'm -- we're just crazy excited. As we mentioned, we signed our next large customer in the quarter. And we think there's a lot more to come. And importantly, when we made this acquisition, it was a bit contrarian.

所以這真是太棒了。我認為從文化上來說，這是一個巨大的打擊。我——我們非常興奮。正如我們所提到的，我們在本季簽署了下一個大客戶。我們認為還會有更多的事情發生。重要的是，當我們進行這次收購時，它有點逆勢而行。

The idea of C-stores becoming food service businesses was still really not a thing. And if you look today, it's not become a narrative, it's become consensus in that convenience stores are growing their food service businesses double digits across the industry. And for them to continue to compete with restaurants, they need tooling like we provide. And so I think we'll have the same playbook in this vertical as we did in restaurants. Obviously, it's great because we can leverage what we've done in restaurants in that market.

將便利商店轉變為食品服務企業的想法仍然沒有成為現實。如果你今天看看，這並沒有成為一種敘述，而是成為共識，因為便利商店的食品服務業務正在整個行業中以兩位數的速度成長。為了讓他們繼續與餐廳競爭，他們需要我們提供的工具。因此，我認為我們在這個垂直領域將採用與餐廳相同的策略。顯然，這很棒，因為我們可以利用我們在該市場餐廳所做的一切。

I think we feel really good, really excited. And it's a nice long-term place for us to be. On the TASK Group side, we are so early. We're a few months into it, but I think what we're looking at very quickly is the platform is special. It's one of those products when you demo.

我認為我們感覺非常好，非常興奮。這對我們來說是一個長期居住的好地方。在 TASK 集團方面，我們還很早。我們已經投入了幾個月的時間，但我認為我們很快就會發現這個平台很特別。當您演示時，它就是其中之一。

Jobs aren't dropping, but the enterprise version of that. And we've seen really strong interest, not just in restaurants, but in these adjacent verticals. We call them shoulder markets like sporting stadiums, hotels, casinos. And I'm not saying we're going to go into that, but it certainly gives us the vision of doing more than what we do today. And then I think, importantly, as we've talked about, giving us that international arm that we've never had before is wildly important as our big United States customers are almost all growing more internationally than domestically.

工作並沒有減少，而是企業版的工作減少了。我們看到了人們非常濃厚的興趣，不僅是對餐館，而且是對這些相鄰的垂直行業。我們稱它們為肩部市場，如體育場、酒店、賭場。我並不是說我們會深入研究這個問題，但它確實給了我們比今天做更多事情的願景。然後我認為，重要的是，正如我們所討論的，為我們提供以前從未有過的國際部門非常重要，因為我們的美國大客戶幾乎都在國際上比在國內增長更多。

So we're really excited for that as well.

所以我們也對此感到非常興奮。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Maybe we'll start first with, Savneet, on the rollout of Burger King and Wendy's, I know they're adopting different products, but maybe what have you observed or learned from now that you're implementing at these larger customers what the organization and the product is capable of? Is there anything that you've seen that maybe you could do better that they're asking for as you're rolling it out or something that's gone particularly well? And how does that maybe inform you as you think about targeting additional large customers?

也許我們會先從 Savneet 開始，關於漢堡王和溫蒂的推出，我知道他們正在採用不同的產品，但也許您現在觀察到或學到了什麼，因為您正在向這些較大的客戶實施組織的內容有能力嗎？當你推出它時，有沒有什麼事情你可以做得比他們要求的更好，或者有什麼事情進展得特別好？當您考慮瞄準更多大客戶時，這可能會為您帶來什麼訊息？

That's a great question, Samad. So on the Wendy's side, that's an enterprise rollout of Punchh. And I think, our major learning is doing these at scale and getting it out. As we mentioned, it was our fastest large rollout ever. And honestly, I think it just gave us confidence that why can't we do that again?

這是一個很好的問題，薩馬德。因此，在 Wendy's 方面，這是 Punchh 的企業推出。我認為，我們的主要學習是大規模地進行這些工作並將其付諸實踐。正如我們所提到的，這是我們有史以來最快的大規模部署。老實說，我認為這給了我們信心，為什麼我們不能再這樣做呢？

And so from a business perspective, I think what it's shown is that we can operate in these large enterprises. And so it's making us a lot more creative about how we structure our deals with these large Tier 1 brands and not giving them the cookie cutter process we've had for the last decade or so. So I think it's kind of it's not changed how we operate, but certainly given us confidence in thinking about how we structure future enterprise deals.

所以從商業角度來看，我認為這表明我們可以在這些大型企業中運作。因此，這讓我們在如何建立與這些大型一級品牌的交易方面更具創意，而不是向他們提供過去十年左右的千篇一律的流程。所以我認為這並沒有改變我們的營運方式，但肯定讓我們有信心思考如何建立未來的企業交易。

On the POS side with Burger King, we're still relatively early. I think the major exciting takeaway is, I think, our experience there has fully convinced us and I think we'll have this in our numbers over time that just doing POS is not the end game. And so I think what we're going to see more and more in these large rollouts is saying, hey, I know I said I wanted to upgrade my POS but why don't we do POS in back office and XYZ after that all at once.

在漢堡王的 POS 方面，我們還處於相對早期的階段。我認為最令人興奮的收穫是，我們在那裡的經歷完全說服了我們，而且我認為隨著時間的推移，我們將在我們的數字中認識到，僅僅做 POS 並不是最終的遊戲。因此，我認為在這些大型部署中我們將看到越來越多的人說，嘿，我知道我說我想升級我的 POS，但為什麼我們不在後台和 XYZ 做 POS？

And so it's created some really healthy conversations with us, with them, but also I think future brands are saying let's not sequence it, let's do it together. And that's sort of the comments I had in the script about the combination of Brink and Data Central as one, is kind of my major takeaway there. There's obviously tons of learnings around the logistics and coordination of such a huge rollout, but those are all things I think you'd expect us to learn.

因此，它與我們、與他們進行了一些非常健康的對話，但我認為未來的品牌也會說，讓我們不要排序，讓我們一起做。這是我在腳本中關於 Brink 和 Data Central 結合為一體的評論，這是我的主要收穫。顯然，圍繞著如此大規模的部署的後勤和協調，我們需要學習大量的知識，但這些都是我認為您希望我們學習的東西。

And I don't want to front run the Analyst Day too much, since it's only in a couple of weeks and I suspect you'll go through some of these strategic views there. But you've obviously demonstrated the ability to get to EBITDA positive for the core business, but you're also talking about a very robust pipeline, good demand, M&A. Is there any thought on maybe hitting the gas on hiring or investment side that you've shown in the market that you can be profitable? I'm just curious how you think about that philosophically?

我不想過多地提前進行分析師日，因為只有幾週時間，我懷疑您會在那裡了解其中的一些戰略觀點。但你顯然已經證明了有能力為核心業務帶來積極的 EBITDA，但你也談論了非常強大的管道、良好的需求和併購。您是否曾考慮在招聘或投資方面加大力度，以證明您可以在市場上實現盈利？我只是好奇你如何從哲學角度思考這個問題？

Yes, I think we're going to have to continue to invest because the opportunity is there. We wouldn't invest, so we didn't get opportunities there. As an example, as I mentioned, we brought down R&D expense again and that obviously can't continue forever. And so we'll certainly need to continue invest as we deliver on this revenue growth. As I observed, there's very few software companies of our size that are still growing in the mid-20s and we really do feel we're at day one of this very, very large opportunity and so you'll see us continuing to invest and candidly when that opportunity is not there, you'll see us stop and you'll see the cash flow spigot accelerate tremendously.

是的，我認為我們將不得不繼續投資，因為機會就在那裡。我們不會投資，所以我們沒有在那裡獲得機會。舉個例子，正如我所提到的，我們再次降低了研發費用，但這顯然不能永遠持續下去。因此，在實現收入成長的過程中，我們肯定需要繼續投資。正如我所觀察到的，很少有像我們這樣規模的軟體公司在20 多歲的時候仍在成長，我們確實覺得我們正處於這個非常非常大的機會的第一天，所以你會看到我們繼續投資和坦白說，當機會不存在時，您會看到我們停下來，您會看到現金流量急劇加速。

So we are trying to balance the trade off and we think this quarter was really important to show you that we could still grow in the 20s while delivering nice EBITDA. And our mandate for our team, we're in the middle of budgeting right now is we need both. This isn't a trade-off, we need growth and we need profitability. And so we push ourselves to get there, but we certainly will need to continue invest because as we've suggested and you said, there's a lot of pipeline and we don't want to be penny wise, pound foolish just to deliver an optical number. We want to build something that's there for the very long run.

因此，我們正在努力平衡權衡，我們認為本季度非常重要，可以向您展示我們仍然可以在 20 多歲的時間內實現成長，同時實現不錯的 EBITDA。我們對我們團隊的任務是，我們現在正處於預算階段，兩者都需要。這不是一種權衡，我們需要成長，我們需要獲利。因此，我們推動自己實現這一目標，但我們當然需要繼續投資，因為正如我們所建議的和你所說的，有很多管道，我們不想只為了提供光學產品而精打細算。我們希望打造一些能夠長期存在的東西。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Nice results today. Savneet, I wanted to follow-up on some of the earlier commentary you had on Data Central. I thought it sounded fairly upbeat. And I think you mentioned in your response to one of the prior questions, being more aggressive about trying to attach its POS deals and sell more of a unified experience. And so just kind of wondering how are you guys -- how has the go-to market changed?

今天的結果不錯。Savneet，我想跟進您之前對資料中心的一些評論。我覺得這聽起來相當樂觀。我想您在回答之前的問題時提到，更積極地嘗試附加 POS 交易並銷售更多統一的體驗。所以只是想知道你們怎麼樣 - 進入市場發生了怎樣的變化？

What's led to the success that you've seen in driving more attractive Data Central to these deals? And you mentioned doubling down on the strategy I think in the prepared remarks. What are you kind of have in mind from that perspective over the next year or so?

您在推動這些交易更具吸引力的資料中心方面取得了成功，是什麼原因導致的？您在準備好的發言中提到了我認為要加倍實施的策略。從這個角度來看，您對未來一年左右的時間有什麼想法？

Yes, and you definitely read that through well. So we are really excited what we're seeing at Data Central. To your question of what's driving it, it's two things. One is product. Brink being able to access Data Central reporting within the Brink platform is a really big unlock.

是的，你肯定讀得很好。因此，我們對在資料中心看到的東西感到非常興奮。對於你的問題是什麼驅動了它，有兩件事。一是產品。Brink 能夠在 Brink 平台內存取資料中心報告是一個真正的重大解鎖。

Cutting two reporting systems to one gives our customers a huge advantage. It provides them a lot of confidence in the data, not having to go from one system to validate the next system. I think that connectivity of the platform is really powerful. And then the second part of it is that allowed us to then consolidate into one sales and marketing team. And by going to market as two -- as one, excuse me versus two, we were able to prove that out.

將兩個報告系統削減為一個，為我們的客戶帶來了巨大的優勢。它使他們對數據充滿信心，而不必從一個系統去驗證下一個系統。我認為這個平台的連接性真的很強大。第二部分是讓我們能夠整合為一個銷售和行銷團隊。透過以兩個人的身份進入市場——對不起，作為一個人對兩個人，我們能夠證明這一點。

The other part of it, I'd say, is now we have demonstratable customer success showing the beauty of having both products at once. And so the reason why I think we're excited is that we've proven it to ourselves, we've proven it to our customers, and in our pipeline, it's quite remarkable how many deals we've been able to go into and say, hey, I know you're focused on point of sale, we'll absolutely deliver the best in class solution, but if you add Data Central it will be better together and here's our track record of proving that. And we've been really encouraged how many customers -- and potential customers, excuse me, have resonated with that and said, okay, I think that makes sense.

我想說，另一部分是現在我們已經取得了明顯的客戶成功，展示了同時擁有這兩種產品的美妙之處。因此，我認為我們感到興奮的原因是我們已經向自己證明了這一點，我們已經向我們的客戶證明了這一點，並且在我們的管道中，我們能夠達成的交易數量非常驚人說，嘿，我知道您專注於銷售點，我們絕對會提供一流的解決方案，但如果您添加資料中心，那麼在一起會更好，這是我們證明這一點的記錄。我們真的很受鼓舞，有多少客戶——以及潛在客戶，對不起，對此產生了共鳴，並說，好吧，我認為這是有道理的。

That's great to hear. I appreciate that. And then just maybe more of like kind of a modeling or expectation-setting question, so the 25% organic ARR growth, super impressive this quarter. As we think about looking out over the next couple of quarters, folding in some of the recent acquisitions into the base, I know those are growing a little slower. Is low 20s still sort of the right range to be thinking about absent acceleration and sort of large deal activity that you referenced in an earlier question?

很高興聽到這個消息。我很欣賞這一點。然後可能更像是一種建模或預期設定問題，因此本季 25% 的有機 ARR 成長非常令人印象深刻。當我們考慮展望未來幾個季度，將最近的一些收購納入基礎時，我知道這些成長速度會稍微慢一些。考慮到您在先前的問題中提到的缺乏加速和大型交易活動，20 歲以下是否仍然是正確的範圍？

Yes, I think we've sort of said for the last few years, our goal is to grow greater than 20%. And when we buy a business, we want -- we sort of create a plan to get there. And I think what's exciting is that in every deal we have done, we have been able to accelerate the business, first starting with pipeline and then deals. And so we're just beginning that playbook. I already see it happening on the PAR Retail side and we'll soon we'll see it on the TASK side.

是的，我想我們在過去幾年已經說過，我們的目標是成長超過 20%。當我們購買一家企業時，我們希望制定一個計劃來實現這一目標。我認為令人興奮的是，在我們完成的每筆交易中，我們都能夠加速業務發展，首先從管道開始，然後是交易。所以我們才剛開始這個劇本。我已經看到它發生在 PAR Retail 端，我們很快就會在 TASK 端看到它。

So that's our hope and like I said, the market is still really strong. We're not seeing these deals push out, so we're very hopeful.

這就是我們的希望，就像我說的，市場仍然非常強勁。我們沒有看到這些交易推出，所以我們非常有希望。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Really nice work here. First, can you just talk, some about the pipeline with convenience stores? Really nice to hear about another Tier 1 win there. And could it make sense to put even more sales resources towards that opportunity given the growth runway and some of the secular tailwinds you've been seeing?

在這裡工作真的很不錯。首先，您能談談便利商店的管道嗎？很高興聽到那裡又取得了一級勝利。考慮到成長跑道和您所看到的一些長期有利因素，為這個機會投入更多的銷售資源是否有意義？

We have. The short answer is we have. It's actually I think in our go-to market team the only place that has for next year we're planning to grow the go-to market team there. So we completely agree and are adding. And like I said, I think it's funny when we did this deal, people are a little bit confused and now it's so consensus that the greatest stretch of restaurants in America is convenience stores and the greatest opportunity for convenience stores is restaurants.

我們有。簡短的回答是我們有。事實上，我認為，在我們的進入市場團隊中，這是我們計劃明年擴大進入市場團隊的唯一地方。所以我們完全同意並正在添加。就像我說的，我認為當我們做這筆交易時很有趣，人們有點困惑，現在大家達成共識，美國最大的餐廳是便利商店，便利商店最大的機會是餐廳。

And so there's this these formats are colliding and we get to be a little bit of an arms supplier.

因此，這些格式正在發生衝突，我們有點像是武器供應商。

And then just on -- now that you've reached positive adjusted EBITDA, can you talk about your expectations to reach positive free cash flow and any rough sense on when you think that could happen?

然後，既然您已經達到了正的調整後 EBITDA，您能談談您對實現正的自由現金流的期望以及您認為何時會發生這種情況的粗略感覺嗎？

Yes, absolutely. What we've been telling people is we expect roughly a quarter lag. It may not be perfectly scientific. As you see this quarter, we were operating cash flow positive, and the main delta would just be the interest expense. And so -- as you know, we took out a note to fund the TASK acquisition, but we don't have lots of traditional, call it, CapEx and so, I think there'll be roughly a quarter-ish lag between the two.

是的，絕對是。我們一直告訴人們的是，我們預計會有大約四分之一的延遲。它可能並不完全科學。正如您在本季所看到的，我們的現金流為正，主要的增量只是利息支出。因此，如您所知，我們拿出了一張票據來為 TASK 收購提供資金，但我們沒有很多傳統的資本支出，所以，我認為在二。

Eric Martinuzzi, Lake Street Capital Markets.

馬丁努齊 (Eric Martinuzzi)，湖街資本市場。

Yes. The good ARR on the organic business says that all is well as far as the current state of affairs. But I was wondering from a macro perspective, are you seeing any change in the top of funnel pipeline, maybe the RFPs that were there and then gone or pulled back, any change up the funnel?

是的。有機業務良好的 ARR 表明，就目前的情況而言，一切都很好。但我想從宏觀角度來看，您是否看到漏斗管道頂部有任何變化，也許是那裡的 RFP，然後消失或撤回，漏斗有任何變化嗎？

No, we haven't. We still feel pretty good. So we haven't really seen much change at all from the -- our last quarter as far as demand. Like I said, the only change we see is relatively positive on the Data Central side and that's really the combination of Brink. So it's not like back office is exploding, it's that the attachment to Brink is what's gotten customers excited.

不，我們沒有。我們覺得還挺好的。因此，就需求而言，與上個季度相比，我們並沒有真正看到太大的變化。就像我說的，我們看到的唯一變化是資料中心方面相對積極的變化，這實際上是 Brink 的組合。因此，並不是後台部門正在爆炸式增長，而是對 Brink 的依戀讓客戶興奮不已。

Okay. And then you talked about a growth rate in excess of 20%. But just taking that down in another layer between engagement and the operator segments, what's the expectation there? Or is there a difference between the growth rate that you'd be anticipating over the next two, three years?

好的。然後你談到了超過20%的成長率。但是，如果將其放在參與度和運營商細分之間的另一層中，那麼那裡的期望是什麼？或者您預期的未來兩三年的成長率是否有差異？

Absolutely. I mean, I think historically -- or not historically, the last kind of 12 months, you've seen tremendous growth in the Operator Cloud. That will continue. I think it's both a function of TAM. Operator Cloud is in a 1/3 of the sites roughly of Engagement Cloud and so there's less market in front of it.

絕對地。我的意思是，我認為從歷史上看——或者不是從歷史上看，在過去的 12 個月裡，你已經看到了運營商雲的巨大增長。這將繼續下去。我認為這都是 TAM 的功能。Operator Cloud 大約佔 Engagement Cloud 網站的 1/3，因此它前面的市場較小。

And so you'll see more growth out of that side of the business. I think the other part of it is we've got more products to sell in that suite versus we can upsell you on back office payments and hopefully more to come. But generally, I think it's just a little bit earlier in its TAM.

因此，您將看到這方面業務的更多成長。我認為另一部分是我們可以在該套件中銷售更多產品，而我們可以透過後台付款向您追加銷售，希望未來還會有更多產品。但總的來說，我認為 TAM 的出現時間稍微提早一些。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Savneet, you had mentioned and obviously, we all know that the US quick service restaurant brands are growing faster internationally. I'm just curious if you can give us an update now with TASK under your belt a little bit. What kind of an opportunity are you seeing for really driving those US brands into the TASK system?

Savneet，您提到過，顯然，我們都知道美國快餐品牌在國際上的成長速度更快。我只是好奇您現在是否可以向我們介紹一下 TASK 的最新情況。您認為真正推動這些美國品牌進入TASK體系的機會是什麼？

We're really early. We started the connectivity, if you will. And it's funny, just the announcement of the closing of this transaction led to a couple of people inbound to us about potential partnership over there. I think what I can say 100% validated is that our customers and not just our customers, other big US brands are looking for a solution internationally.

我們真的很早。如果您願意的話，我們已開始連線。有趣的是，光是宣布這項交易結束，就有幾個人向我們詢問那裡的潛在合作關係。我認為我可以說 100% 得到驗證的是，我們的客戶，而不僅僅是我們的客戶，其他美國大品牌也在國際上尋找解決方案。

Now we've got approved that we can deliver on that going forward.

現在我們已經獲得批准，我們可以繼續實現這一目標。

And one other thing on the large brand opportunities in the US, obviously, with you rolling out, can you talk about your conversations with other brands as you're talking about really scaling up and scaling down that implementation capability? I'm just curious is that -- are you convinced you can take on other large opportunities like that concurrently?

關於美國大型品牌機會的另一件事，顯然，隨著您的推出，您能談談您與其他品牌的對話，因為您正在談論真正擴大和縮小實施能力嗎？我只是好奇的是──你確信你可以同時抓住其他類似的大機會嗎？

We are right now. And I think the -- what I know for certain, we can take it down because that's -- you can take down that expense. Ramping it up, we feel like we did a really good job for Burger King and potentially could. But I think given the pipeline we have, we're likely to keep that going just because I think we're going to have more to roll out over time and hopefully this is our continued cadence.

我們現在就在。我認為——據我所知，我們可以取消它，因為——你可以取消這筆費用。加大力度，我們覺得我們為漢堡王做得非常好，而且有可能做到。但我認為，考慮到我們現有的管道，我們很可能會繼續這樣做，因為我認為隨著時間的推移，我們將推出更多產品，希望這是我們持續的節奏。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Congrats on the quarter. Just a quick one on subscription gross margin based on the disclosure on Slide 15. Now if I look back over the past few quarters, sequentially it's been increasing in the mid-single digit range, I think 4 bps this quarter. Just curious if you expect that trajectory to continue. And if you could remind us what specific products are accretive to that margin?

恭喜本季。根據投影片 15 的揭露，快速了解訂閱毛利率。現在，如果我回顧過去幾個季度，我會發現它一直在中個位數範圍內成長，我認為本季成長了 4 個基點。只是好奇你是否希望這種軌跡繼續下去。您能否提醒我們哪些具體產品可以增加利潤？

I believe in the past you've said that Punchh is accretive, Brink is in line, Payments and Menu are slightly below. But if you could just remind us of that those drivers, that'd be helpful.

我相信過去您曾說過 Punchh 是增值的，Brink 是一致的，付款和菜單略低於。但如果您能提醒我們這些驅動程序，那就會有所幫助。

Sure. So everything you said is correct. Essentially what's happening is, Brink is now in line or has gotten close to getting in line and I think over time it even has a potential to be more, but right now it's getting in line. Punchh is accretive, Data Central is very accretive, PAR Ordering and Payments are at the moment below that. And so what we're balancing is that PAR Ordering and Payments are the fastest growing part of the business at lower -- right now, lower gross margin.

當然。所以你說的一切都是正確的。本質上正在發生的事情是，Brink 現在正在排隊或已經接近排隊，我認為隨著時間的推移，它甚至有可能更多，但現在它正在排隊。Punchh 正在不斷增加，Data Central 正在增加，PAR 訂購和付款目前低於此水平。因此，我們要平衡的是，PAR 訂購和支付是業務中成長最快的部分，但毛利率較低。

So that hurts margin, but the larger products are having more efficiencies come out and so that you're seeing the balance of that. And obviously as we fold in our acquisitions, we'll see the impact on gross margin. All of our acquisitions this year had been wildly accretive to the operating income side. As we get more disclosures out there, you'll sort of see their impact on the gross margin side. So in general, I think over time, that number will move its way up.

因此，這會損害利潤，但較大的產品會產生更高的效率，因此您會看到其中的平衡。顯然，當我們減少收購時，我們會看到對毛利率的影響。我們今年所有的收購都大大增加了營業收入。隨著我們披露更多信息，您會看到它們對毛利率的影響。所以總的來說，我認為隨著時間的推移，這個數字將會不斷上升。

Quarter-to-quarter, it's a little bit hard because you're sort of different growth rates at different products at different times.

按季度計算，這有點困難，因為不同產品在不同時間的成長率有所不同。

And if I could follow-up with that, on that topic. If I recall, when you had acquired Stuzo, you had indicated that their average ARPU was a bit higher than that of your existing product, which would indicate that there's potential for uplift from taking the competitor out of the market. It was one -- it might be early, but I was wondering if you're starting to see some of that benefit from the Stuzo acquisition on loyalty ARPU?

如果我可以跟進這個話題。如果我記得，當您收購 Stuzo 時，您曾表示他們的平均 ARPU 比您現有產品的平均 ARPU 稍高，這表明將競爭對手趕出市場有潛力提升。這是一個——可能還為時過早，但我想知道您是否開始看到收購 Stuzo 對忠誠度 ARPU 帶來的一些好處？

Yes. So not yet, it's too early. But I would say, the benefit is not so much taking a competitor out, but more of converting the Punchh product customers to the Stuzo platform, which is called Open Commerce. And then I think over time coming to market with what we believe is the best solution, and then obviously upsell down the road. So you'll see this nice trend of the Punchh C-store customers hopefully coming over the Open Commerce platform at a higher price and then we think we can convert them to more and more products over time.

是的。所以還沒有，現在還太早。但我想說，好處並不在於淘汰競爭對手，而是將 Punchh 產品客戶轉變為 Stuzo 平台，這就是所謂的開放商務。然後我認為隨著時間的推移，我們會推出我們認為最好的解決方案，然後顯然會在未來進行追加銷售。因此，您會看到 Punchh C 商店客戶希望以更高的價格透過開放商務平台進入的良好趨勢，然後我們認為隨著時間的推移，我們可以將他們轉換為越來越多的產品。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Adam Wyden, ADW Capital.

Adam Wyden，ADW 資本。

Congrats on a great quarter and reaching the milestone of $2.5 million of EBITDA. I think I remember in 2018 sitting in my office with Chris Byrnes and talking about how hardware sales go down, you're going to lose a lot of money. And it's just an entirely different business now today than it was six years ago. And so I think as you sort of said over the last few quarters that it's not about hardware, it's not about this stuff, it's about building 80% to 90% gross margin software and letting that sort of tell the story of profitability. So it's great to see that.

恭喜季度業績出色並實現 EBITDA 250 萬美元的里程碑。我想我記得 2018 年，我和 Chris Byrnes 坐在辦公室裡談論硬體銷售如何下降，你會損失很多錢。現在的業務與六年前完全不同。因此，我認為正如您在過去幾個季度所說的那樣，這與硬體無關，與這些東西無關，而是與構建80% 至90% 毛利率的軟體有關，並讓這種方式講述盈利能力的故事。所以很高興看到這一點。

I just had a couple of questions. One is on Burger King. It doesn't -- at least from where I'm looking at, it doesn't feel like you really started ramping up Burger King a lot. Can you sort of give us an update on sort of the Burger King rollout and then the -- sort of making inroads in terms of the other brands? I know like on all the expert networks and stuff, the transcript has said the relationship is really strong and they really like you.

我只是有幾個問題。其中之一就是漢堡王。事實並非如此——至少從我看來，你並沒有真正開始大幅提升漢堡王的銷售量。您能為我們介紹一下漢堡王的推出情況以及其他品牌的進展嗎？我知道就像在所有專家網絡和其他東西上一樣，文字記錄表明我們的關係非常牢固，他們真的很喜歡你。

So maybe sort of expand on sort of where that rollout is and sort of how that relationship is evolving to the extent that it could be clear potential for the other brands as well?

那麼，也許可以擴展一下推出的地點以及這種關係如何發展到其他品牌也有明顯潛力的程度？

Sure. So we're really limited in what we can say. It's -- well, we're a vendor to a business and so there's not a ton I can give you specifics around. I would say the relationship is really strong. We are very close to the team both on a personal and a business level.

當然。所以我們能說的確實有限。這是——嗯，我們是一家企業的供應商，所以我無法向您提供太多細節。我想說，這種關係真的很牢固。我們在個人和業務層面都與團隊非常密切。

I think we feel like we understand each other well. We have a long way to go here and so, I think the opportunity is great, not just with Brink, but with other products down the road. That's sort of a real excitement I have coming out of this partnership with them. But we can't say a lot without approvals and things like that. As far as the other brands, we're actively engaged with all of them.

我認為我們感覺彼此很了解。我們還有很長的路要走，所以我認為機會是巨大的，不僅是 Brink，還有未來的其他產品。與他們的合作讓我感到非常興奮。但未經批准之類的事情我們不能說太多。至於其他品牌，我們正在積極與他們接觸。

There's, I think great respect for what we've delivered already. And I should mention that those other brands have experiences with other products and that is incredibly helpful. And so we are, I think looking forward to leveraging not just the experience we've had at Burger King, but with other products within those brands that help us as well. So I think we've got a good reputation within there.

我認為對我們已經交付的成果非常尊重。我應該要提到的是，其他品牌在其他產品方面擁有豐富的經驗，這非常有幫助。因此，我認為我們不僅期待利用我們在漢堡王的經驗，而且還利用這些品牌內的其他產品來幫助我們。所以我認為我們在那裡享有良好的聲譽。

I think we've got now have a hopefully their perspective is PAR delivers. And so I see no reason for us not to eventually do more.

我認為我們現在希望他們的觀點是 PAR 能夠實現。因此，我認為我們最終沒有理由不採取更多行動。

And just in terms of like the rollout of Brink, I mean, I know they have a mandate internally to make the franchisees roll it out before some deadline. I mean, is it fair to assume that some of the 20 -- because your -- the way I'm looking at is your growth is like in '25 without a ton of Burger King. So the way I'm looking at is you probably would expect more Burger King in '25. Is that sort of a fair assumption?

就像 Brink 的推出一樣，我的意思是，我知道他們有內部授權，要求特許經營商在某個截止日期之前推出它。我的意思是，可以公平地假設 20 個人中的一些人——因為你的——我所看到的，你的成長就像沒有大量漢堡王的 25 年一樣。所以我的看法是，你可能會期待 25 年有更多的漢堡王。這是一個公平的假設嗎？

We will definitely have a lot more in -- I don't want to say definitely. My expectation is we'll have -- I got a lawyer in the room -- '25 -- greater than we have in '25 and '24.

我們肯定會有更多——我不想肯定地說。我的期望是，我的房間裡有一位律師，25 年的律師比我們 25 年和 24 年的律師還要多。

Right. Okay. Yes. That's sort of my read through is that you're picking up -- you're sort of sustaining this 25% growth with not a ton of Burger King, which means that it's just like it makes us more optimistic about your ability to sustain the growth rate. And then, you talked about hoping to have some more announcements on other Tier 1s.

正確的。好的。是的。我的解讀是，你正在恢復——你在沒有大量漢堡王的情況下維持了 25% 的增長，這意味著這讓我們對你維持這一增長的能力更加樂觀。然後，您談到希望在其他一級有更多公告。

Are you -- talk to me a little bit about M&A. I mean, obviously, you've done TASK and Stuzo, they've done well. How do you think about being able to sort of add on more modules? I mean, you've sort of Stuzo you've now had, I guess, 8 months of it and it's gone really nicely. TASK is obviously a large public company.

能跟我談談併購嗎？我的意思是，顯然，你已經完成了 TASK 和 Stuzo，他們做得很好。您如何看待能夠添加更多模組？我的意思是，你已經使用了 Stuzo，我猜，已經有 8 個月了，而且效果非常好。TASK 顯然是一家大型上市公司。

It's different. But in terms of what I would call industrial, what we sort of call it bolt on M&A, sort of modules, not platforms. And if we think about TASK, it's sort of an international platform. I mean, could we do a couple of -- I mean, obviously, it's all cost of capital dependent and obviously, what they want to pay relative to what you're trading at and whatnot. But I mean, do you think that you could do one or two bolt-ons next year to add product functionality?

這是不同的。但就我所說的工業而言，我們稱之為併購螺栓，某種模組，而不是平台。如果我們考慮 TASK，它是一個國際平台。我的意思是，我們可以做一些——我的意思是，顯然，這一切都取決於資本成本，而且顯然，他們想要支付的費用相對於你的交易價格等等。但我的意思是，您認為明年可以進行一兩次補充來增加產品功能嗎？

Because at least from our perspective, we're seeing a lot of businesses in the private markets that are sort of stranded that have pretty nice products, but sort of don't have the distribution that you do. I mean, we spoke to a company just yesterday that's doing AI products, and I don't know how big it is, but it's probably in the single digits of ARR, but like they have no distribution. I mean, these are the types of companies that you would be able to plug into your platform and cross-sell. So I'm curious now with sort of private equity leverage and the IPO market sort of slow, like you really don't have a ton of competition to buy these assets. I mean, how do you think about like sort of returning to that market to do some of these deals at some point and valuations and growth? I'm just curious, like is that still possible or front of house?

因為至少從我們的角度來看，我們看到私人市場上的許多企業都陷入困境，它們擁有相當不錯的產品，但沒有像你們那樣進行分銷。我的意思是，我們昨天剛採訪了一家做人工智慧產品的公司，我不知道它有多大，但它可能只有個位數的 ARR，但就像他們沒有分銷一樣。我的意思是，您可以將這些類型的公司插入您的平台並進行交叉銷售。所以我現在對私募股權槓桿和 IPO 市場有點緩慢感到好奇，就像你真的沒有大量競爭來購買這些資產一樣。我的意思是，您如何看待在某個時候重返該市場進行一些交易以及估值和成長？我只是好奇，這還有可能嗎？

So the M&A focus is definitely more on the modules, the tuck ins, the bolt ons than it is on a platform. So we are really focused on that because I think we've now proven to ourselves that when we've got one, we can push it through the distribution pipeline with limited to no cost. So that is definitely the focus and I would completely agree with your comment on businesses being stranded.

因此，併購的重點肯定更多地集中在模組、折疊裝置、螺栓上，而不是平台上。所以我們真的很關注這一點，因為我認為我們現在已經向自己證明，當我們擁有一個產品時，我們可以以有限甚至免費的成本將其推向分銷渠道。所以這絕對是焦點，我完全同意你對企業陷入困境的評論。

No, I'm good. No, no I just wanted to say -- I would only just say that like, look, to the extent that you guys can get your Tier 1 customers to be your advocates and allow you to announce it. I mean, look, having happy customers and letting them know that you're giving them great value. I mean, look, I know historically these customers have had a hard time letting you press release and what have you. I mean, Hooters has done a phenomenal job and Jeff Kaplan, if he's on the call, we appreciate all the missionarying he's doing for PAR.

不，我很好。不，不，我只是想說——我只想說，看，你們可以讓你們的一級客戶成為你們的擁護者，並允許你們宣布這一點。我的意思是，看看，擁有滿意的客戶並讓他們知道您為他們提供了巨大的價值。我的意思是，聽著，我知道從歷史上看，這些客戶很難讓你發布新聞稿以及你擁有什麼。我的意思是，Hooters 做得非常出色，而傑夫·卡普蘭（Jeff Kaplan），如果他接聽電話，我們感謝他為 PAR 所做的所有傳教工作。

But to the extent that you can get your customers to speak on your behalf, I mean, that is the best sales engine that you can have. And to the extent that you let your customers, A, be an advocate for you publicly, but also just with the press releases, I think it will help give everybody a sense that we -- our original thesis of this company is that there's no one else really penetrating Tier 1.

但如果你能讓你的客戶代表你說話，我的意思是，這就是你可以擁有的最好的銷售引擎。如果你讓你的客戶 A 公開為你辯護，而且只是透過新聞稿，我認為這將有助於讓每個人感覺到我們——我們這家公司最初的論點是，沒有另一種是真正滲透到第1 層的。

It's playing out almost perfectly. And so we see you guys as a one-on-one competitive asset with no competition. And so I think to the extent that others can see that and you can let other people speak on your behalf and put out these press release on the customers, I think that would help accelerate your cause. But no, this is great and congratulations.

一切都近乎完美地進行著。因此，我們將你們視為一對一的競爭資產，沒有競爭。因此，我認為，只要其他人能夠看到這一點，並且您可以讓其他人代表您發言並向客戶發布這些新聞稿，我認為這將有助於加速您的事業。但不，這太棒了，恭喜你。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Congratulations on the nice performance here. Most of my questions have been addressed already, but can you just speak a little bit about the M&A environment and if you see any changes there?

恭喜您在這裡的精彩表演。我的大部分問題已經解決，但您能否簡單談談併購環境以及您是否看到了其中的任何變化？

I think that it's a little bit what we just talked about, which is I think our focus on the M&A environment is on these bolt on, tuck ins, modules that we can push through our platform once fully integrated into one of our products. From the environment perspective, it's very robust. It seems like there's more companies for sale than there are historically. Definitely some larger transactions have happened, but we haven't seen is a lot of the smaller and medium sized transactions come through yet and I think that's next.

我認為這有點像我們剛才談到的，我認為我們對併購環境的關注點是這些螺栓固定的模組，一旦完全整合到我們的產品中，我們就可以透過我們的平台推動這些模組。從環境角度來看，它非常穩健。待出售的公司數量似乎比歷史上還要多。當然，一些較大的交易已經發生，但我們還沒有看到很多中小型交易完成，我認為接下來就是這樣。

Mark Palmer, The Benchmark Company.

馬克·帕爾默，基準公司。

Yes. Very nice job in the quarter. My question is about TASK Group and the potential of that platform. The initial thinking with regard to the acquisition of TASK was that it would enable PAR to follow its existing customers in the US internationally, especially because there's more growth there.

是的。本季的工作非常好。我的問題是關於 TASK Group 以及該平台的潛力。關於收購 TASK 的最初想法是，這將使 PAR 能夠在國際上追隨其在美國的現有客戶，特別是因為那裡有更多的成長。

But are there any other benefits for TASK that you foresee, especially, in terms of landing new customers beyond the ones that you're able to accompany in their international forays?

但是，您預期 TASK 是否還有其他好處，特別是在吸引新客戶方面，除了您能夠陪伴他們進行國際進軍的客戶之外？

Certainly. I think we are -- I hate anecdotal stuff, but we talked to a brand this week that we've never had a robust conversation with prior to who thinks of the TASK product as very unique, very special in international markets and hopefully we can bring that forward to US relationship over time. So absolutely, I think, the TASK Group is delivered for customers that we don't have relationships to. And as I mentioned a little bit earlier, it's also delivered in markets that we're not in, things like stadiums and stuff that we'll take a look at as well.

當然。我認為我們- 我討厭軼事，但本週我們與一個品牌進行了交談，我們之前從未與該品牌進行過深入的對話，該品牌認為TASK 產品在國際市場上非常獨特，非常特別，希望我們能夠隨著時間的推移，將這一點帶入美國關係中。因此，我認為 TASK 集團絕對是為與我們沒有關係的客戶提供的。正如我之前提到的，它也在我們未涉足的市場中提供，例如體育場館之類的東西，我們也會看看。

And this concludes our Q&A session for today. I will turn the call back to Christopher Byrnes for closing comments.

今天的問答環節到此結束。我會將電話轉回克里斯托弗·伯恩斯 (Christopher Byrnes) 以徵求結束意見。

Thank you, Carmen, and thank you to everyone for joining us this morning. We look forward to updating you further in the coming weeks. In closing, we look forward to seeing everyone at our upcoming Investor Day on November 25 at the New York Stock Exchange. As space is limited for those intending to attend in-person, please register via email at ir@partech.com. We kick off at 1:00 PM that day, and we will also be webcasting our presentation with an accessible link on the Investor page of our website. Have a great weekend, everybody.

謝謝你，卡門，也謝謝大家今天早上加入我們。我們期待在未來幾週內為您提供進一步的最新消息。最後，我們期待在即將到來的 11 月 25 日紐約證券交易所投資者日見到大家。由於名額有限，有意親自參加的人士請透過電子郵件報名：ir@partech.com。我們於當天下午 1:00 開始，我們還將透過網站投資者頁面上的可訪問連結對我們的演示進行網路直播。祝大家週末愉快。

And thank you all for participating in today's conference, and you may now disconnect.

感謝大家參加今天的會議，現在可以斷開連結了。