PAR Technology Corp (PAR) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to PAR Technology fiscal year 2024 fourth-quarter financial and year-end conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加PAR科技2024財年第四季財務及年終電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

現在我們將電話轉給今天的演講者、投資者關係和業務發展高級副總裁 Christopher Byrnes。請繼續。

Thank you, Daniel. Good morning, everyone, and thank you for joining us today for PAR Technologies 2024 fourth quarter and year-end financial results call. Earlier this morning we released our Q4 financial results.

謝謝你，丹尼爾。大家早安，感謝您今天參加 PAR Technologies 2024 年第四季和年終財務業績電話會議。今天早些時候，我們發布了第四季度財務業績。

The earnings release is available on the investor relations page of our website at partech.com, where you can also find the Q4 Financial presentation as well as in our related form 8_K urns to the SEC. 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. The description and timing of these items, along with the reconciliation of non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.

收益報告可在我們網站 partech.com 的投資者關係頁面上找到，您也可以在該頁面上找到第四季度財務報告以及我們提交給美國證券交易委員會 (SEC) 的相關表格 8_K。在今天的電話會議中，我們將參考我們認為對投資者有用的非公認會計準則財務指標，並排除某些項目的影響。這些項目的描述和時間，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，可在我們的收益報告中找到。

I'd also like to remind participants 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含前瞻性陳述，這些陳述反映了管理層根據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性的影響。本次電話會議上與預測或其他前瞻性陳述相關的資訊可能依賴我們今天上午發布的收益報告以及我們向美國證券交易委員會提交的年度和季度文件中包含的安全港聲明，並受其約束。

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 PA'Rs CEO and President, Savneet Singh; and Bryan Menar, Chief Financial Officer.

最後，我想提醒大家，本次電話會議正在錄音，您可以透過我們網站投資者關係部分的連結重播。今天與我一起參加電話會議的還有 PA'Rs 執行長兼總裁 Savneet Singh；以及財務長 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，我想將電話會議交給 Savneet，讓他進行正式發言部分，然後進行一般問答。薩夫尼特？

Thanks, Chris, and good morning, everyone.

謝謝，克里斯，大家早安。

We reported $105 million in revenues in Q4, an increase of more than 50% year-for-year. Subscription services ARR more than doubled to $276 million from last year and 21% organic growth when compared to Q4 2023. Alongside this revenue growth, our non-gap gross profit grew organically 30% year-over-year.

我們報告第四季的營收為 1.05 億美元，年成長超過 50%。訂閱服務 ARR 較去年成長一倍多，達到 2.76 億美元，與 2023 年第四季相比有機成長 21%。除了收入成長之外，我們的非差距毛利也年比有機成長了 30%。

Adjusted EBITDA came in at $5.8 million more than doubling the sequential previous quarter, continuing to show the long-term margin expansion potential. The growth and profitability in the quarter was driven by both operator and engagement clouds. Operator cloud ARR grew organically by 26% in Q4 when compared to the same period last year.

調整後的 EBITDA 達到 580 萬美元，比上一季成長一倍多，繼續展現長期利潤率擴張的潛力。本季的成長和獲利是由營運商和參與雲共同推動的。與去年同期相比，第四季營運商雲端 ARR 自然成長了 26%。

ARR for this business unit now totals approximately $117 million including delegates. Operator cloud growth is being driven by increased new customer wins, upsells, and bookings from planned rollouts with existing customers. PAR POS signed 8 new customer logos in the fourth quarter, with all of those new customers selecting multiple products from PAR.

目前，該業務部門的 ARR 總額（包括代表）約為 1.17 億美元。營運商雲端的成長主要得益於新客戶贏得、追加銷售以及現有客戶計劃推出的預訂量的增加。PAR POS 在第四季度簽約了 8 位新客戶，所有這些新客戶都從 PAR 選擇了多種產品。

This continues to validate our Better Together thesis while increasing our LTB per customer meaningfully with no additional costs to acquire. We're excited about the projected velocity for Burger King as well in 2025 across both PAR POS and PAR POS. Having recently expanded our partnership with Burger King to include our PAR-OPS product line, we're working closely with BK and using Q1 to fine tune the sequencing of rollouts between both products to enable a combined and mutually agreed upon implementation rollout for 2025.

這進一步驗證了我們的「Better Together」理念，同時在不增加任何獲取成本的情況下顯著提高了我們每位客戶的 LTB。我們對漢堡王 2025 年在 PAR POS 和 PAR POS 上的預期速度感到非常興奮。我們最近擴大了與漢堡王的合作夥伴關係，將我們的 PAR-OPS 產品線納入其中，我們正在與漢堡王密切合作，並利用第一季的時間微調兩種產品之間的推出順序，以便在 2025 年實現雙方同意的聯合實施推出。

We expect significant and accelerated implementations from Q2 onwards. This is an exciting change as it demonstrates our Better Together thesis working at one of our largest POS customers. We currently have approximately 1,500 BK sites and backlog with a robust white space, ensuring excellent 2025 visibility and acceleration and potential. While combining a second product to the BK rollout temporarily slows our pure POS rollout in Q1, adding a second module dramatically increases our LTV.

我們預計從第二季開始將會有重大且加速的實施。這是一個令人興奮的變化，因為它證明了我們的「Better Together」理念正在為我們最大的 POS 客戶之一服務。我們目前擁有約 1,500 個 BK 站點和積壓訂單，擁有強大的空白區域，確保 2025 年擁有出色的可見度、加速性和潛力。雖然將第二種產品與 BK 推出相結合會暫時減緩我們在第一季的純 POS 推出速度，但添加第二個模組會顯著提高我們的 LTV。

We would make this trade every time and importantly, a combined rollout is the right thing for franchisees as well. We will never sacrifice customer success for short-term gain. Partnership is what drives our long-term strategy. At the very end of the quarter, we announced the acquisition of Delegate, and we immediately kicked off a rebrand of our back-office initiative into the new PAR OPS, which includes the delegate and data center product modules.

我們每次都會進行這種交易，而且重要的是，聯合推廣對於特許經營商來說也是正確的選擇。我們絕不會為了短期利益而犧牲客戶的成功。合作夥伴關係是我們長期策略的推動力。在本季末，我們宣布收購 Delegate，並立即啟動了後台計畫的更名，將其更名為新的 PAR OPS，其中包括代表和資料中心產品模組。

Our integration with Delegate and the team has been better than expected, and we are seeing strong customer interest, including among Marquee Tier 1 accounts, as we continue to build out our PAR data platform. Delegate not only boasts a highly synergistic product offering that will accelerate cross sales, it also affords entry into more than 25,000 sites covering 40 of the TOP50 restaurant concepts. Further, it comes with a season management team now driving the combined PAR ops business.

我們與 Delegate 和團隊的整合比預期的要好，並且隨著我們繼續建立我們的 PAR 資料平台，我們看到了強烈的客戶興趣，包括 Marquee Tier 1 帳戶。Delegate 不僅擁有高度協同的產品，可以加速交叉銷售，還可以進入超過 25,000 個站點，涵蓋 TOP50 餐廳概念中的 40 個。此外，它還配備了一個季節管理團隊，負責推動合併後的 PAR 營運業務。

It's important to note that Data Central finished up the year with a strong Q4 through targeted cross-se growth across our customer base. This growth will accelerate as we are forecasting PAR apps to have its strongest growth year yet in 2025. We have begun the work on product unification efforts with delegate that include single sign-on and real-time data flow, a big step in building towards our data platform.

值得注意的是，資料中心透過針對整個客戶群的目標交叉成長，在第四季度取得了強勁的業績。我們預測 PAR 應用將在 2025 年迎來迄今為止最強勁的成長勢頭，因此這一成長勢頭將會加速。我們已經開始與代表進行產品統一工作，包括單一登入和即時資料流，這是我們建立資料平台的一大步。

The initiative is highly strategic and underscores our continued drive towards a Better Together platform that is not replicated anywhere else in the enterprise market. We will be sharing additional details as the year progresses on this exciting initiative. Now to report on our payments business.

該計劃具有高度的策略性，凸顯了我們不斷努力打造企業市場上其他任何地方都無法複製的 Better Together 平台。隨著時間的推移，我們將分享有關這項令人興奮的舉措的更多細節。現在報告我們的支付業務。

As we exit 2024, part payment services continues to drive high transaction counts and processing volumes across our customer base. As we look to more stores, to take more stores live while driving better payment processing economics. Notably, we continue to see strong interest in our Punchh wallet with more customers on boarding every quarter, including Paris baguette, Goldstar Chile, and Ranza in Q4. Additionally, we successfully cross sold a Tier 1 customer with approximately 1,000 locations on our payment services.

隨著我們邁入 2024 年，部分支付服務將繼續推動我們客戶群的交易數量和處理量大幅增加。我們著眼於更多的商店，讓更多的商店上線，同時推動更好的支付處理經濟。值得注意的是，我們繼續看到人們對 Punchh 錢包的濃厚興趣，每個季度都有更多的客戶加入，包括第四季度的 Paris baguette、Goldstar Chile 和 Ranza。此外，我們也成功地向擁有約 1,000 個地點的一級客戶交叉銷售了我們的支付服務。

This customer's conversion will positively impact our results over the coming quarters and is a further example of our Better Together project wins. As our customers continue to unify their above store and in-store processing of PAR-pay, the scale of our data sets across loyalty, ordering, and POS products puts PAR in a unique position to leverage tokenized information to drive actionable insights, mapping known and unknown customers, and personalizing communications to drive higher ROI and increased lifetime value.

這位客戶的轉變將對我們未來幾季的業績產生正面影響，這也是我們「Better Together」專案成功的又一例證。隨著我們的客戶繼續統一他們在店上和店內的 PAR-pay 處理，我們在忠誠度、訂購和 POS 產品中的數據集的規模使 PAR 處於獨特的地位，可以利用標記化信息來獲得可操作的見解，映射已知和未知客戶，並個性化通信以推動更高的投資回報率和增加終身價值。

We are the only company in the enterprise who can link off-premises and on-premises tokenized data with loyalty data all the way to the back of house. This is a moat that is hard to replicate. There's a growing trend in the industry towards disjointed multi-vendor solutions that attempt to stitch together guess data, payments, and ordering across multiple third parties, but integrations alone don't create intelligence. First party data does.

我們是企業中唯一一家能夠將場外和場內標記數據與忠誠度數據一直連結到後台的公司。這是一條難以複製的護城河。業界日益呈現出一種趨勢，即採用脫節的多供應商解決方案，試圖將多個第三方的猜測數據、付款和訂購整合在一起，但單靠整合並不能創造智慧。第一方數據確實如此。

Many attempts to take pieces of payment data and combine them with external systems, but because PAR owns the full technology stack, everything we do is first party, ensuring true data integrity. Some would have you believe that restaurant technology should be run outside the POS, fragmenting operations across multiple platforms, we see it differently.

許多人嘗試獲取支付資料並將其與外部系統結合，但由於 PAR 擁有完整的技術堆疊，我們所做的一切都是第一方的，確保真正的資料完整性。有些人可能會認為餐廳技術應該在 POS 之外運行，將營運分散到多個平台上，但我們有不同的看法。

POS is and will always be the true control center of the restaurant. After all, 80% of transactions still happen at the POS. It's where real-time transactions, menu data, and guest’s interactions all converge. Payments, loyalty, and ordering are not separate systems. They are part of a restaurant's mission critical platform. That's what makes our approach fundamentally different from the rest.

POS 現在是、並且永遠是餐廳的真正控制中心。畢竟，80% 的交易仍然發生在 POS 上。這裡匯集了即時交易、菜單數據和客人互動。支付、忠誠度和訂購並不是獨立的系統。它們是餐廳關鍵任務平台的一部分。這就是我們的方法與其他方法的根本區別。

Rather than layering on third party processors and intermediaries, we are removing inefficiencies, giving our customers lower processing costs, higher authorization rates, and full control over the guest relationship. Looking ahead for the year, our pipeline remains a robust for our payment offering across both PAR clouds, ensuring we capture new growth opportunities.

我們不是依賴第三方處理器和中介，而是消除低效率，為我們的客戶提供更低的處理成本、更高的授權率以及對客戶關係的完全控制。展望未來一年，我們在兩個 PAR 雲端上的支付服務管道依然強勁，確保我們抓住新的成長機會。

Moving to our engagement cloud. Engagement cloud Aarar reported 15% organic growth in Q4 when compared to the same quarter last year. ARR now stands at approximately $159.1 million for the engagement cloud and includes flexor and PAR retail. Our strong execution in this business has led to several new Tier one customer wins. Our engagement cloud continues to exceed standards and dominate the loyalty offers and engagement market with consistently strong interest from existing and new customers.

轉向我們的參與雲。參與雲 Aarar 報告稱，與去年同期相比，第四季度有機增長了 15%。目前，互動雲的 ARR 約為 1.591 億美元，其中包括 flexor 和 PAR 零售。我們在該業務上的強勁執行力已為我們贏得了多個新的一級客戶。我們的參與雲繼續超越標準，並主導忠誠度優惠和參與市場，受到現有和新客戶的持續濃厚興趣。

With increasing customer headwinds in 2025, many brands are doubling down on digital technology to drive increased consumer frequency and retention, notably through enhanced investments and loyalty programs. Punchh Inc continued product and sales consistency by delivering growth both with new customers and expansion with existing brands.

隨著 2025 年消費者面臨的阻力不斷加大，許多品牌正在加倍投入數位技術，以增加消費者的頻率和保留率，尤其是透過加強投資和忠誠度計畫。Punchh Inc 透過增加新客戶和擴大現有品牌來維持產品和銷售的一致性。

Punchh is the market leader for restaurant loyalty and delivers stability and innovation to our customers. This quarter we achieved multiple large customer win backs who had previously churned from Punchh for pure guest data platforms but then returned back to Punchh. Most notably, a Tier 1 table service chain and two well-known casual dining enterprises are part of this transition back to Punchh.

Punchh 是餐廳忠誠度市場的領導者，為我們的客戶提供穩定性和創新性。本季度，我們成功贏回了多個大客戶，這些客戶之前因為使用純客戶資料平台而離開 Punchh，但後來又回到了 Punchh。最值得注意的是，一家一級餐桌服務連鎖店和兩家知名的休閒餐飲企業也加入了回歸 Punchh 的行列。

Moving to PAR retail. In the convenience and fuel industry, our team executed the launch of a major multi-thousand-unit brand and additional major up sales with our largest customer in Q4. We brought to market the first fully integrated major oil and branded retailer program in the industry. Beyond our exciting customer wins, the PAR retail product continues to expand to serve the fuel and convenience industry.

轉向 PAR 零售。在便利商店和燃料行業，我們的團隊在第四季度與我們最大的客戶一起推出了一個擁有數千個單位的大型品牌，並實現了額外的重大銷售成長。我們向市場推出了業內第一個完全整合的大型石油和品牌零售商計劃。除了我們令人興奮的客戶勝利之外，PAR 零售產品也持續擴展，為燃料和便利產業提供服務。

In Q4, we successfully launched gamification, updated unified e-receipts, enhanced Punchh card functionality, and optimized member surveys with our focus on developing features that drive incremental outcomes like more visits, more gallons, and bigger baskets that continue to deliver value for our customers. As our customers look up to us to expand our platform into the industry-specific white space, we're looking to accelerate innovation efforts in the retail vertical through M&A.

在第四季度，我們成功推出了遊戲化功能、更新了統一的電子收據、增強了 Punchh 卡功能並優化了會員調查，重點開發了可帶來增量成果的功能，例如更多的訪問量、更多的加侖和更大的籃子，從而繼續為我們的客戶創造價值。由於客戶希望我們將平台擴展到特定產業的空白領域，因此我們希望透過併購來加速零售垂直領域的創新。

We are targeting strategic opportunities in the near-term that will add additional value to our customers and their members. Moreover, we're beginning to see our integration synergy efforts begin to flourish as we have streamlined our efforts across the retail and restaurant space. We've seen already that this is allowing us to focus our R&D and sales efforts between industries to maximize profitability, accelerate innovation, all while improving customer satisfaction.

我們瞄準近期的策略機遇，為我們的客戶及其會員增加額外的價值。此外，隨著我們精簡了零售和餐飲領域的工作，我們開始看到我們的整合協同效應開始蓬勃發展。我們已經看到，這使我們能夠集中各行業的研發和銷售力量，以最大限度地提高盈利能力，加速創新，同時提高客戶滿意度。

Briefly touching on hardware, I'm pleased to report that we have reversed recent trends and increased their hardware revenues by 7% in Q4 versus the same quarter last year. Several key global brands have approved our newest platform, the PAR wave, and we are seeing increases in both domestic and global sales. Also contributing to the turnaround with our new PAR drive-through solution that is setting the standard for drive-through coms.

簡單談談硬件，我很高興地報告，我們扭轉了最近的趨勢，第四季度的硬體收入與去年同期相比增長了 7%。多個全球主要品牌已經認可我們的最新平台 PAR wave，我們看到國內和全球銷售額都在成長。我們全新的 PAR 免下車解決方案也為轉變做出了貢獻，為免下車通訊設定了標準。

With an open architecture that will enable users to leverage the power of AI for the drive-through. [PAR clear] is positioned to be not only the industry leader in QSR drive-through systems today, but also the preferred platform for the future. Our hardware and POS software divisions are partnering closely on product to ensure that [Parlear] adds to our strategy of Better Together innovation.

採用開放式架構，用戶能夠利用人工智慧的力量實現免下車服務。 [PAR clear] 的定位不僅是當今 QSR 免下車系統的行業領導者，也是未來的首選平台。我們的硬體和 POS 軟體部門正在產品上密切合作，以確保 [Parlear] 為我們的 Better Together 創新策略增添力量。

To summarize, we remain very bullish about the future of food service technology and PAR's continued role as a leading enterprise provider. In 2025, we foresee our ability to execute on both our historical growth rates and deliver on the biggest M&A pipeline we've seen to date. I view this time as a great opportunity for us to make bold bets and strengthen our market position. I'm confident in our ability to consistently innovate and provide value to our customers for years to come.

總而言之，我們仍然非常看好食品服務技術的未來以及 PAR 作為領先企業供應商的持續作用。到 2025 年，我們預計我們既能實現歷史成長率，又能完成迄今為止最大的併購交易。我認為這是我們大膽押注和鞏固市場地位的絕佳機會。我對我們在未來幾年不斷創新並為客戶提供價值的能力充滿信心。

Persistence trumps everything, and I believe we will come out as the winner in the enterprise. By raising the bar for execution and investing in our products and teams for the long term, we are well positioned to drive durable growth in the category where the opportunity will continue to grow for the foreseeable future.

堅持就是勝利，我相信我們一定會成為這場事業的勝利者。透過提高執行標準並對我們的產品和團隊進行長期投資，我們有能力推動該類別的持久成長，並且該類別在可預見的未來將繼續成長。

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

布萊恩現在將更詳細地審查這些數字。布賴恩？

Thank you, Savneet. Good morning. We closed out 2024 with another successful quarter for PAR. Subscription services continue to fuel our organic growth while our team continues to execute with fiscal responsibility.

謝謝你，Savneet。早安.我們以 PAR 又一個成功季度結束了 2024 年。訂閱服務繼續推動我們的自然成長，同時我們的團隊繼續履行財務責任。

As a result, adjusted EBITDA for the quarter improved $3.4 million sequentially from Q3, and $13.1 million compared to Q4 prior year. This positive movement is indicative of our ability to continue to drive growth with profitability. Now to the financial details.

因此，本季調整後的 EBITDA 較第三季季增 340 萬美元，較去年同期第四季增加 1,310 萬美元。這項積極舉措顯示我們有能力繼續透過獲利來推動成長。現在來談談財務細節。

Total revenues were $105 million for Q4 2024, an increase of 50% compared to the same period in 2023, driven by subscription services revenue growth of 95%, inclusive of 25% organic growth. Net loss from continuing operations for the fourth quarter of 2024 was $25 million or $0.68 loss per share, compared to a net loss from continuing operations of $22 million or $0.77 loss per share reported for the same period in 2023.

2024 年第四季總營收為 1.05 億美元，與 2023 年同期相比成長 50%，這得益於訂閱服務收入成長 95%，其中包括 25% 的有機成長。2024 年第四季持續經營淨虧損為 2,500 萬美元，即每股虧損 0.68 美元，而 2023 年同期持續經營淨虧損為 2,200 萬美元，即每股虧損 0.77 美元。

Non-GAAP net loss for the quarter of 2024. Was $37,000 or effectively $0.00 per share. A significant improvement compared to non-GAAP net loss of $12 million or $0.43 loss per share for the prior year. Now for more details on revenue.

2024 年季度非公認會計準則淨虧損。為 37,000 美元，或實際上每股 0.00 美元。與上年非公認會計準則淨虧損 1,200 萬美元或每股虧損 0.43 美元相比，有了顯著改善。現在來了解更多關於收入的細節。

Subscription services revenue was reported at $64 million, an increase of $31 million or 55% from the 33 million reported in the prior year and now represents 61% of the PAR revenue. Excluding PAR retail and task group, organic subscription services revenue grew 25% compared to prior year. ARR exiting the quarter was $276 million an increase of 102% from last year's Q4, with engagement cloud of 150% and operator cloud of 60%.

訂閱服務收入為 6,400 萬美元，比前一年的 3,300 萬美元增加 3,100 萬美元（55%），佔 PAR 收入的 61%。不包括 PAR 零售和任務組，有機訂閱服務收入比上年增長了 25%。本季末的 ARR 為 2.76 億美元，較去年第四季成長 102%，其中參與度雲端為 150%，營運商雲端為 60%。

Excluding PAR retail, casts group, and delegate, total organic annual recurring revenue was up 21% year-over-year. Power revenue in the quarter was $26 million, an increase of $2 million or 7% from the $24 million reported in the prior year.

不包括 PAR 零售、Casts Group 和代表，年度有機經常性總營收年增 21%。本季電力收入為 2,600 萬美元，比去年同期的 2,400 萬美元增加 200 萬美元，增幅為 7%。

Sequentially, compared to Q3 this year, hardware was up $3 million or 15%, driven by an increase in volume attached to our software customers. Professional service revenue was reported at $15 million, an increase of $2 million or 17% in the $13 million reported in the prior year. The growth was driven by recurring revenue service contracts. $9 million of the professional services revenue in the quarter consisted of recurring revenue, a 25% increase versus prior year.

與今年第三季相比，硬體收入成長了 300 萬美元，增幅為 15%，這得益於我們軟體客戶數量的增加。專業服務收入為 1,500 萬美元，比上年的 1,300 萬美元增加了 200 萬美元，增幅為 17%。成長主要由經常性收入服務合約推動。本季專業服務收入中有 900 萬美元為經常性收入，較上年成長 25%。

Now turning to margins. Gross margin was $45 million, an increase of $21 million or 86% from the $24 million reported in the prior year. The increase was driven by subscription services with a gross margin of$ 34 million, an increase of $18 million or 116% from the $16 million reported in the prior year. Subscription services margin for the quarter was 53% compared to 48% reported in the Q4 of the prior year.

現在轉向利潤。毛利為 4,500 萬美元，比去年同期的 2,400 萬美元增加了 2,100 萬美元，增幅為 86%。這項成長主要得益於訂閱服務，其毛利為 3,400 萬美元，較上年的 1,600 萬美元增加了 1,800 萬美元，增幅達 116%。本季訂閱服務利潤率為 53%，而去年同期為 48%。

The increase in margin is driven by a continued focus on efficiency improvements with our hosting and customer support costs, as well as accretive margin contributions from recent acquisitions. Excluding the amortization of intangible assets, stock-based compensation, and severance, total non-GAAP in shipment services margin for Q4 2024 with 64.7% compared to 65.3% for Q4 2023.

利潤率的成長得益於我們持續專注於託管和客戶支援成本的效率提升，以及近期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 年第四季非 GAAP 出貨服務總利潤率為 64.7%，而 2023 年第四季為 65.3%。

The modest takedown was driven by a shift in product mix post 2024 acquisitions. Gross margin continues to improve across our products, and we expect total non-GAAP subscription services margin to continue to improve from this current baseline. Hardware margin for the quarter was 26% versus 29% in the prior year. Hardware margin in Q4 2023 was positively affected by one-time inventory adjustments.

此次小幅下滑是由於 2024 年收購後產品結構的變化所致。我們所有產品的毛利率都在持續提高，我們預計非公認會計準則訂閱服務總利潤率將在當前基礎上繼續提高。本季硬體利潤率為 26%，而去年同期為 29%。2023 年第四季的硬體利潤率受到一次性庫存調整的正面影響。

Our focus of demonstrating value for our price with improved operational efficiency has allowed us to improve hardware margins during the year and finished 2024 with full year hardware margin of 24%. Professional service margin for the quarter was 28% compared to 10% reported in the prior year. The increase primarily consists of increases in margins for field operations and repair services, substantially driven by improved cost management and reductions in third party spending.

我們專注於透過提高營運效率來展示價格價值，這使我們能夠在年內提高硬體利潤率，並在 2024 年實現全年硬體利潤率 24% 的目標。本季專業服務利潤率為 28%，而去年同期為 10%。成長主要包括現場營運和維修服務利潤率的提高，這主要得益於成本管理的改善和第三方支出的減少。

In regard to operating expenses. GAAP sales and marketing was $10.5 million, an increase of $1 million from the $9.5 million reported for the prior year. The increase was primarily driven by inorganic increases related to our acquisitions, while organic sales and marketing expenses decreased $0.3 million year-over-year.

關於營業費用。GAAP 銷售和行銷費用為 1,050 萬美元，比前一年的 950 萬美元增加了 100 萬美元。這一成長主要得益於與收購相關的無機費用增加，而有機銷售和行銷費用則較去年同期減少 30 萬美元。

G&A was $31 million, an increase of $12 million from the $19 million reported in the prior year. The increase was primarily driven by non-gap adjustment items for M&A transaction fees and stock-based compensation, as well as inorganic increases related to our acquisitions. GAAP R&D was $17 million, an increase of $3 million from the $14 million recorded in the prior year.

一般及行政開支為 3,100 萬美元，較上年同期的 1,900 萬美元增加了 1,200 萬美元。成長主要得益於併購交易費和股票薪酬等非差距調整項目，以及與收購相關的無機成長。GAAP 研發費用為 1,700 萬美元，比前一年的 1,400 萬美元增加了 300 萬美元。

The increase was primarily driven by inorganic increases related to our acquisitions, while organic R&D expenses decreased $0.5 million year-over-year. Our team was able to effectively drive cost efficiency and properly prioritize resource allocation, which enabled us to continue to drive innovative outcomes without incremental costs during 2024.

這一成長主要得益於與收購相關的無機費用增加，而有機研發費用則年減了 50 萬美元。我們的團隊能夠有效地提高成本效率並合理安排資源分配的優先順序，這使我們能夠在 2024 年繼續推動創新成果而無需增加成本。

Operating expenses excluding non-GAAP adjustments was $47 million. An increase of $9 million or 25% versus Q4 2023. And excluding inorganic growth, organic operating expenses increased a modest 2%. The organic increase was primarily driven by variable compensation and benefits. Exiting Q4, non-GAAP OpEx as a percent of revenue was 45%, a 900-basis points improvement from 54% in Q4 prior year.

不包括非公認會計準則調整的營運費用為 4700 萬美元。與 2023 年第四季相比增加 900 萬美元，即 25%。除無機成長外，有機營運費用僅小幅增加了 2%。有機成長主要由浮動薪資和福利推動。截至第四季度，非 GAAP 營運支出佔收入的百分比為 45%，較去年同期的 54% 提高了 900 個基點。

Now to provide information on the company's cash flow and balance sheet position. As of December 31, 2024, we had cash and cash equivalents of $108 million and short-term investments of $0.5 million. For the year end of December 31st, cash use and operating activities from continuing operations was $21 million versus $32 million for the prior year, representing an improvement of $11 million.

現在提供有關公司現金流和資產負債表狀況的資訊。截至 2024 年 12 月 31 日，我們的現金和現金等價物為 1.08 億美元，短期投資為 50 萬美元。截至 12 月 31 日的年度，持續經營產生的現金使用和經營活動為 2,100 萬美元，而前一年為 3,200 萬美元，增加了 1,100 萬美元。

Cash flow metrics improved throughout 2024, and we exited the year with positive operating cash flow of $3 million for the fourth quarter. Cash and investing activities was $180 million for the year ended December 31 versus $8 million for the prior year. Investing activities included $309 million of net cash consideration in connection with our recent acquisitions and capital expenditures of $6 million for developed technology costs associated with our software platforms partially offset by $96 million of cash consideration received in connection with the disposition of our government and $37 million of proceeds from net sales of short-term investments.

2024 年全年現金流指標有所改善，第四季我們的營運現金流為正 300 萬美元。截至 12 月 31 日的年度現金和投資活動為 1.8 億美元，而上一年為 800 萬美元。投資活動包括與我們最近的收購相關的 3.09 億美元淨現金對價和與我們的軟體平台相關的開發技術成本的 600 萬美元資本支出，部分被與我們政府處置相關的 9,600 萬美元現金對價和 3,700 萬美元短期投資淨銷售收益所抵銷。

Cash provided by financing activities was $279 million for the year ended December 31st compared to cash use of $2 million for the prior year. Financing activities were substantially driven by a private placement of common stock to fund the doo acquisition and a credit facility entered into to fund a task acquisition. Subsequent to the 2024 fiscal year end, the company issued $115 million of convertible notes and utilized the net proceeds from this offering to repay in full the credit facility.

截至 12 月 31 日止年度，融資活動提供的現金為 2.79 億美元，而前一年的現金使用量為 200 萬美元。融資活動主要由為資助 doo 收購而發行的普通股私募和為資助任務收購而簽訂的信貸安排所推動。2024 財年結束後，該公司發行了 1.15 億美元的可轉換票據，並利用此次發行的淨收益全額償還信貸額度。

These transactions enhanced our capital structure by extending our debt maturity profile and significantly reducing our go-forward cash interest expense. I would now like to take a moment to reiterate and thank our PAR team on how they managed a successful and action-packed year, both from an operational and business development point of view.

這些交易透過延長我們的債務期限並大幅降低我們的未來現金利息支出，增強了我們的資本結構。現在，我想花點時間重申並感謝我們的 PAR 團隊，感謝他們從營運和業務發展的角度管理了成功且充滿活力的一年。

We pride ourselves on making a freedom capital allocation decisions, and through our focus on operational execution, position PAR for sustained growth and success. As a result, the PAR exiting 2024 is a marked, improved and better positioned organization than when we entered the year. This is clearly demonstrated by some key financial metrics.

我們為能夠自由地做出資本配置決策而感到自豪，並且透過專注於營運執行，使 PAR 實現持續成長和成功。因此，與年初相比，2024 年結束時的 PAR 是一個顯著的、改進的、定位更佳的組織。一些關鍵的財務指標清楚地證明了這一點。

ARR more than doubled during the year, increasing 102%. Locations utilizing our SaaS solutions doubled with over 140,000 locations at the end of 2024. Non-GAAP consolidated gross margin increased by 720 basis points to 50.3%. Q4 non-GAAP op as a percent of revenue improved 900 basis points compared to the prior year. And Q4 adjusted EBITDA approved by $13.1 million compared to Q4 prior year. We are proud of what we have been able to achieve, but we are by no means content in where we stand and look forward to continue executing to our strategy as we progress through 2025.

年內 ARR 成長了一倍多，增幅達 102%。到 2024 年底，使用我們的 SaaS 解決方案的地點數量翻了一番，達到 140,000 多個。非公認會計準則綜合毛利率增加720個基點至50.3%。第四季度非公認會計準則營業利潤佔收入的百分比與前一年相比提高了 900 個基點。與去年同期相比，第四季調整後的 EBITDA 增加了 1,310 萬美元。我們為所取得的成就感到自豪，但我們絕不會滿足於現狀，並期待在 2025 年繼續執行我們的策略。

I'll now turn the call back over to Sanveet, closing remarks prior to moving to Q&A.

現在我將把電話轉回給 Sanveet，在進入問答環節之前做結束語。

Thanks, Bryan. Let me wrap up with a few key messages before we open the call for Q&A. (inaudible)

謝謝，布萊恩。在我們開始問答環節之前，請容許我總結幾個關鍵資訊。（聽不清楚）

And we're pleased to have closed it on a positive note with a strong Q4 performance and maintaining category leadership and food service tech. We had a key objective in 2024, and that was to grow sustainably and efficiently to build our business for the long term.

我們很高興以積極的態度結束了這一季度，我們取得了強勁的第四季度業績，並保持了類別領先地位和食品服務技術。我們在 2024 年有一個關鍵目標，那就是實現可持續、高效的成長，以長期發展我們的業務。

To this end, our team executed on three main areas. First, we focused on driving organic ARR growth and sustained momentum in our software business. We worked on initiatives to improve our products and operations, cross sell our entire software portfolio, and sign new customers. As we spoke about earlier, all of our POS deals in the quarter were multi-product deals. And equally important was our upsell into our biggest POS customer.

為此，我們的團隊主要在三個方面開展工作。首先，我們專注於推動軟體業務的有機 ARR 成長和持續發展勢頭。我們致力於改進我們的產品和營運、交叉銷售我們的整個軟體組合併簽約新客戶。正如我們之前所說，本季我們所有的 POS 交易都是多產品交易。同樣重要的是我們向最大的 POS 客戶進行追加銷售。

Our flywheel continues to expand through Better Together strategy, which is based on product innovation in ROI, not predatory pricing tactics. Second, we execute on a targeted and meaningful acquisition strategy to strengthen our product offerings, expand our TAM, and build out a global capability to serve food service enterprises.

我們的飛輪透過 Better Together 策略不斷擴大，該策略基於投資回報率的產品創新，而不是掠奪性定價策略。其次，我們執行有針對性且有意義的收購策略，以加強我們的產品供應，擴大我們的TAM，並建立為食品服務企業服務的全球能力。

Our expansion into see stores and international markets has created a truly new TAM for us, and our acquisition of Delegate is already accelerating our flywheel for existing customers, including our largest and most strategic. We also divested our legacy government business that now enables us to 100% focus on our core markets.

我們向實體店和國際市場的擴張為我們創造了一個真正新的 TAM，而我們對 Delegate 的收購已經加速了我們為現有客戶（包括我們最大和最具戰略意義的客戶）提供的飛輪。我們也剝離了傳統的政府業務，現在我們可以100%專注於核心市場。

M&A is core to our product strategy and our integration efforts are what drive our robust cross sell. PAR has over many years invested in building a deep leadership bench that can digest and optimize investments. As companies join, they become part of a cohesive, culturally aligned PAR where we add to, not detract from their project aspirations and go to market motions.

併購是我們產品策略的核心，而我們的整合努力則是推動我們強勁交叉銷售的動力。PAR 多年來一直致力於建立一支能夠消化和優化投資的深厚領導團隊。隨著公司加入，他們就成為一個有凝聚力、文化一致的 PAR 的一部分，我們會增強而不是削弱他們的專案願望和市場動向。

We cross pollinate leaders quickly and unite core operating structures, and this synergistic approach to M&A is what sets us apart from other food service technology companies or sector investors who operate a collection of siloed entities and masquerade as multi-product while really just being single threaded multiple times over.

我們快速地交叉授粉領導者並統一核心營運結構，這種協同的併購方式使我們有別於其他食品服務技術公司或行業投資者，他們運營著一系列孤立的實體並偽裝成多產品，而實際上只是多次單線程。

Better Together is what we live every day at PAR, and I'm extremely proud that the vast majority of our executive leadership team has risen the ranks at PAR over many years and in multiple roles. This is our key to turning inorganic growth into sustained future organic growth. We are a team of seasoned operators with a holistic view of our business and industry.

「攜手共進，共創美好」是我們在 PAR 的日常工作，我非常自豪的是，我們絕大多數的執行領導團隊成員多年來在 PAR 擔任過多個職務，不斷晉升。這是我們將無機成長轉變為未來持續有機成長的關鍵。我們是一支經驗豐富的營運團隊，對我們的業務和產業有著全面的了解。

Finally, we remain fanatical about managing our operating expenses by continually optimizing our cost structure. As a result, we maintain top line revenue growth and have now delivered two quarters of strong adjusted EBITDA growth. While I'm extremely proud of our revenue expansion, I'm equally proud that non-graph gross profit grew organically by 30% this quarter and our adjusted EBITDA well more than doubled quarter-over-quarter.

最後，我們仍然熱衷於透過不斷優化成本結構來管理我們的營運費用。因此，我們保持了營業收入成長，並且已經實現了兩個季度強勁的調整後 EBITDA 成長。我對我們的營收成長感到非常自豪，同時我同樣感到自豪的是本季非圖表毛利有機成長了 30%，調整後的 EBITDA 環比成長了一倍多。

Today, our sales and marketing R&D expenses are now well within our long-term goals of 15% and 25% respectively, far ahead of schedule, and I believe this shows the upside to our long-term margin goals for the company. With 2024 firmly in the rearview mirror, we look towards '25 with confidence and optimism.

如今，我們的銷售和行銷研發費用分別已遠遠超出我們長期目標 15% 和 25%，我相信這表明我們公司的長期利潤目標具有上升空間。2024 年已成過去，我們滿懷信心和樂觀地展望 2025 年。

For 2025, we feel confident and committing to continue to grow our business at 20% annual rate for the year. Our growth quarter-to-quarter will never be linear, but I feel confident that over the course of the year we'll continue to hit our targets while continuing to drive you to dot. What's more, we see a number of key levers that create upside to our year.

對於 2025 年，我們充滿信心並承諾繼續以每年 20% 的速度成長我們的業務。我們的季度成長永遠不會是線性的，但我相信，在今年內我們將繼續實現我們的目標，同時繼續推動您前進。此外，我們看到了許多能為今年帶來好處的關鍵因素。

While there's still a lot of work ahead of us, we are confident that our balance sheet, cost discipline, and execution strategies will enable us to continue to grow our business sustainably. As always, I want to thank my PAR teammates for their hard work and driving these results. Our shared belief that today is day one drives our collective hunger and ambition. I also want to express a deep appreciation to our customers, partners, and shareholders.

雖然我們還有很多工作要做，但我們相信，我們的資產負債表、成本紀律和執行策略將使我們能夠繼續永續地成長業務。像往常一樣，我要感謝我的 PAR 隊友的辛勤工作和所取得的這些成果。我們共同的信念是，今天是第一天，這推動著我們共同的渴望和野心。我也要向我們的客戶、合作夥伴和股東表達深深的感謝。

Thank you for your time this morning, and we will now open the call up to questions. Operator?

感謝您今天上午抽出時間，我們現在開始回答問題。操作員？

(Operator Instructions) Mayank Tandon, Needham & Company.

（操作員指示） Mayank Tandon，Needham & Company。

Thank you. Good morning. Congrats Savneet, Chris, and Brian on the quarter. Savneet, I wanted to start with the upsell into BK. Does this change the timeline of the rollout? I believe the rollout was expected to be completed sometime in spring of 2026. Does this in any way change the timeline of the 7,000+ locations? And also does it change the ARR opportunity, which I believe was something in the order of low 20s million. Is that going to be meaningfully different based on the upsell?

謝謝。早安.恭喜 Savneet、Chris 和 Brian 本季取得的成績。Savneet，我想從向 BK 追加銷售開始。這會改變推出的時間表嗎？我相信這項計劃預計將於 2026 年春季某個時候完成。這是否會改變 7,000 多個地點的時間線？這是否也改變了 ARR 機會，我相信這個數字大約在 2,000 萬出頭。根據追加銷售，這是否會產生有意義的差異？

Yes to both. So it'll probably push us out a quarter and a half, Q1, as I referenced, -- we're sequencing the rollout so that starting in Q2 we can do a combined rollout. So while it'll slow down, call it Q1 a pure POS rollout, it'll really accelerate Q2 onwards. As I mentioned, it's a, -- that's a trade with you all day long, because to your second point, it significantly adds to the ARR in the ad opportunity.

兩者都是。因此，正如我所提到的那樣，它可能會將我們第一季推遲一個半季——我們正在對推出時間進行排序，以便從第二季開始我們可以進行合併推出。因此，儘管速度會減慢，稱其為 Q1 純粹的 POS 推出，但它將真正加速 Q2 及以後的發展。正如我所提到的，這是一整天都在與您進行的交易，因為對於您的第二點，它顯著增加了廣告機會中的 ARR。

As that we disclosed that the pure POS deal was around, low 20s. This adds to that pretty meaningfully. We haven't disclosed that number quite yet, but we feel really excited, as I said. While it pushes out the roll out a little bit, it, dramatically increases the LTV and operating cash flow that this deal will generate over time.

正如我們所透露的，純 POS 交易的價格約為 20 美元出頭。這非常有意義。我們還沒有透露這個數字，但正如我所說，我們感到非常興奮。雖然這會稍微推遲推出時間，但它會大幅增加這筆交易隨著時間的推移所產生的 LTV 和營運現金流。

Got it. And then, maybe as a follow up I would just ask around the quarterly cadence. I get it. You said it's not going to be linear. There'll be some volatility, but any color you can provide in terms of the various revenue buckets, how we should think about the quarterly cadence and also the same question around margins, should we expect sequential improvement? Or are there other factors we should consider as we're modeling for 2025?

知道了。然後，也許作為後續問題，我只會詢問季度節奏。我得到它。你說它不會是線性的。會有一些波動，但您能否就各種收入類別提供任何信息，我們應該如何看待季度節奏，以及有關利潤率的相同問題，我們是否應該期待連續的改善？或者我們在為 2025 年建模時還應該考慮其他因素嗎？

Yes, so I think that you should see, meaningful margin expansion in the second half of the year, as well as acceleration of revenue growth the second of the year tied to this part to this breaking question you just asked. You remember we're going from one product to two products, so it's a lot more revenue opportunity and in a condensed period of time.

是的，所以我認為您應該看到，下半年利潤率將大幅擴大，而第二季度收入成長也將加速，這與您剛才提出的這個突發問題有關。你記得我們正從一種產品轉向兩種產品，因此在短時間內會有更多創收機會。

So you'll see that Q1 and Q2 will be investing aggressively to make sure we can knock that rollout out. And again, you should take it and everyone else should take it. The fact that we're expanding our relationship is a hugely positive sign that that we're doing, hopefully doing a good job and earning their trust.

因此，您將看到 Q1 和 Q2 將積極投資，以確保我們能夠順利推出產品。再說一次，你應該接受它，其他人也應該接受它。事實上，我們正​​在擴大彼此的關係，這是一個非常積極的信號，表明我們正在做、希望能夠做好並贏得他們的信任。

So you'll see in the back end more revenue growth, more significantly more even to expansion because of that rollout accelerating plus, as we mentioned on the call, we have a large payment services deal rolling out that also hits the second half as well as the convenience store. That I mentioned on the call, these are all really exciting things, very forecastable.

因此，您會看到後端收入成長更多，更顯著的是，由於推出速度加快，擴張幅度更大，而且，正如我們在電話中提到的，我們推出了一項大型支付服務交易，該交易也將在下半年和便利商店中展開。正如我在電話中提到的，這些都是非常令人興奮的事情，非常可預測。

These aren't sort of like let's hope, these are all in forecast and as I mentioned, we've already booked, we're 1,500 BKs and, we're in January, right? So in February rather, so there's a lot of room for excitement in the second half of the year here.

這些並不像我們所希望的那樣，這些都是預測中的，正如我所提到的，我們已經預訂了，我們有 1,500 BK，而且現在是在一月份，對嗎？所以更確切地說是在二月，所以今年下半年有很多令人興奮的事情發生。

Great. That's all good to hear. Congrats on the quarter.

偉大的。聽到這些我很高興。恭喜本季取得佳績。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Thanks for taking my questions and I a lot seems like to be excited about. I just want to follow up on Burger King. Can you just remind us what all is included in that contract now because I think it's initially PAR POS, potentially menu link. I think you're saying now the contract includes PAR ops, obviously as you talked about very encouraging expansion.

感謝您回答我的問題，我對此感到非常興奮。我只是想關註一下漢堡王。您能否提醒我們該合約現在包含哪些內容，因為我認為它最初是 PAR POS，可能是選單連結。我認為您現在說的是合約包括 PAR 運營，顯然正如您所說，這是非常令人鼓舞的擴張。

When you say PAR ops, I mean, are they adding both data central and delegate or just maybe just talk about all the products that they're actually going to be picking.

當您說 PAR ops 時，我的意思是，他們是否同時添加了資料中心和委託，或者只是談論他們實際上要選擇的所有產品。

Sure. So there are, our core deals for POS, and, historically, parts of menu link, but POS is the vast majority of it. And our expansion into PAR ops is on data central, but, without question. We're 60 days into the delegate acquisition, we'll certainly be trying to bring that opportunity into that as well.

當然。因此，我們的核心交易是 POS，從歷史上看，還有菜單連結的部分，但 POS 佔其中的絕大部分。我們對 PAR 營運的擴展是在資料中心，但毫無疑問。我們已經招募代表 60 天了，當然也會嘗試將這個機會帶入其中。

The no guarantee it happens, but I think, the Better Together point is resonating with them and obviously all of our customers given the attachment rates right now. So it's still start with one pro and hopefully we can add more if we do a good job.

雖然不能保證一定會發生，但我認為，考慮到目前的附著率，「更好的在一起」的觀點正在引起他們的共鳴，顯然我們所有的客戶也都產生了共鳴。因此，它仍然從專業人士開始，如果我們做得好，希望我們可以增加更多。

Got it. That's helpful and then just on 2025, I appreciate the commentary that that you're confident in 20% annual, the growth rates, but just is there any way to roughly frame how you're thinking about organic ARR next year, just given what you can see in the pipeline, and kind of current implementation schedules just any way to refine that a little bit more.

知道了。這很有幫助，然後就 2025 年而言，我很欣賞您對 20% 的年增長率充滿信心的評論，但是，有沒有辦法大致概括您對明年有機 ARR 的看法，只是考慮到您在管道中看到的情況，以及當前的實施計劃，有什麼方法可以進一步完善它嗎？

I mean, I think from what we see today, like I said, the second half will have, sort of have higher growth rates in the first half, probably because of the three deals I mentioned, the payment services deal going live, Burger King, acceleration from Q1 and Q4, and then the convenience store deal that goes live as well.

我的意思是，我認為從我們今天看到的情況來看，就像我說的，下半年的成長率會比上半年更高，這可能是因為我提到的三筆交易，即支付服務交易的上線、漢堡王在第一季和第四季的加速，以及便利商店交易的上線。

So we have a lot of visibility into the second half for that acceleration. And so the way I think about it is, 20% plus, you should have higher than that in Q4 lower than that Q1. In Q1 being the slowest one because of the Burger King coordination we talked about but in aggregate, we feel really good about the year. We have never had so much visibility when it comes to the rollout of, these deals that I mentioned.

因此，我們對下半年的加速發展有清楚的認知。所以我的想法是，20% 以上，第四季的增幅應該會高於第一季的增幅。由於我們談到的漢堡王協調，第一季是最慢的，但總的來說，我們對今年感到非常滿意。在推出我提到的這些交易時，我們從未有過如此高的知名度。

So we feel super confident in the year with the visibility we have today. And as I mentioned, those three deals that I mentioned that have, that are key for the second half of the year. These are signed, committed, books, these aren't sort of pipelines.

因此，憑藉我們今天的知名度，我們對今年充滿信心。正如我所提到的，我提到的這三筆交易對於今年下半年至關重要。這些是簽名的、承諾的書籍，它們不是某種管道。

Got it, that's helpful. Thank you.

明白了，很有幫助。謝謝。

Will Nance, Goldman Sachs/

威爾·南斯，高盛/

Hey guys, good morning. Congrats on all the great things you guys have going on. I wanted to ask just on the restaurant space more broadly, there's been a lot of focus on the consumer. And specifically, the trends in restaurant sales, and you guys obviously have a very differentiated look into the different pockets of the restaurant space. Are you, what are you guys seeing on the ground and, how, -- what does it tell you about the health of the consumer?

大家好，早安。祝賀你們所取得的所有偉大的成就。我想更廣泛地詢問餐飲領域的情況，人們非常關心消費者。具體來說，餐廳銷售趨勢，你們顯然對餐廳領域的不同領域有著非常差異化的觀察。你們在實地看到了什麼？它告訴你們有關消費者健康狀況的什麼資訊？

I'd say it's not categorical. There are, we see sort of a wide disparity of outcomes. In the full-service dining space, we see a slowdown. Ironically that's been really helpful in our Punchh business because those firms are really investing in loyalty and I think you heard me say we had a couple of people that had previously left Punch to try, consumer data platform type products come back to Punch.

我想說這不是絕對的。我們看到結果有很大差異。在全方位服務餐飲領域，我們看到了成長放緩的現象。諷刺的是，這對我們的 Punchh 業務非常有幫助，因為這些公司確實在投資忠誠度，我想你聽到我說過，我們有幾個人之前離開 Punch 去嘗試消費者數據平台類型的產品，然後又回到了 Punch。

I think that's a direct result of what's happening in that sort of full-service dining market. And then, in our kind of core QSR fast casual space, it's certainly seeing a slowdown, it's not what it was, but we're not seeing negative comps across our base. In fact, our base, is still up, low single digits. So we've sort of been lucky in that the customers we sell to have tended to outperform the restaurant industry in aggregate.

我認為這是全方位服務餐飲市場現況的直接結果。然後，在我們的核心 QSR 快餐休閒領域，它肯定出現了放緩，雖然情況不如以前，但我們並沒有看到整個基礎上的負面增長。事實上，我們的基數仍然在上升，處於個位數的低點。因此，我們很幸運，因為我們銷售的客戶整體上往往比餐飲業表現更好。

So in general our base is still growing, there are bankruptcies happening, but there are a very small portion of our base, and again that's just a little bit of luck in the makeup of our of our current customer base where we see the most disruption, and I would say it's significant, is in, single stores and small chains. We've seen numerous chains, kind of sub 30 units, 40 again we don't play a ton here, but we see that space and there are a lot of those ones that are experiencing tremendous pain.

因此，總體而言，我們的客戶群仍在增長，雖然有破產案例，但只占我們客戶群的一小一部分，這只是我們當前客戶群構成中的一點運氣，我們看到最大的干擾，我想說，這是非常重要的，是在單一商店和小型連鎖店。我們已經看到無數的連鎖店，有點像 30 個單位以下，40 個單位以下，我們在這裡玩的不多，但我們看到了那個空間，其中很多都正在經歷巨大的痛苦。

And I think the reason why is that when you're when you're at that size, you don't yet have a big enough brand to sort of have those sticky customers you've been around a long enough generally. And then two, I don't think you have the investments in technology to fight back. And so the larger brands, I think, are going to do better because they have the ability to invest and Punchh as an example, the ability to invest in our data platform to bring customers back in.

我認為原因在於，當你達到那個規模時，你還沒有一個足夠大的品牌來吸引那些已經存在足夠長時間的黏性客戶。其次，我認為你們沒有足夠的技術投資來反擊。因此，我認為，較大的品牌會做得更好，因為他們有能力投資，以 Punchh 為例，他們有能力投資我們的數據平台來吸引客戶回來。

So in aggregate our base is still growing, single digits, which is great and low single digits. So it's better than the rest but there's a lot of disparity amongst the chains.

因此，整體而言，我們的基數仍在成長，有的是個位數，這很好，有的則是較低的個位數。所以它比其他的要好，但連鎖店之間存在很大差異。

Got it. Super helpful. I appreciate all the foil detail there and there's maybe a quick follow up on the hardware, inflection that you guys saw. We heard from one of your competitors yesterday and it sounds like they're expecting around a 20% drop in hardware revenues.

知道了。超有幫助。我很欣賞那裡的所有細節，也許可以快速跟進你們看到的硬體和變化。我們昨天從你們的一個競爭對手那裡聽說，他們預計硬體收入將下降約 20%。

So I guess what have you guys been able to do differently to reaccelerate that business? Are any is any of the momentum that you're seeing comp competitive wins, and just how are you thinking about the hardware refresh cycle?

那麼我想你們能採取哪些不同的方式來重振這項業務呢？您是否看到了競爭優勢的動力？您如何看待硬體更新周期？

So I think there's two parts to it. So one is, we sell to enterprise, and I like to say enterprise is a product business you got to have the better product. And so I think, -- if you look at the data, we think our products are winning because they are stand-alone best in class products. And so I think that really helps us specifically, we had really strong attachments of our hardware product to our software customers.

所以我認為這有兩個部分。一方面，我們向企業銷售產品，我想說企業是產品企業，你必須擁有更好的產品。所以我認為——如果你看一下數據，你會發現我們的產品之所以能獲勝，是因為它們是同類產品中最好的。所以我認為這確實對我們有幫助，我們的硬體產品與軟體客戶之間有著非常緊密的聯繫。

So even, I won't name it, but even, a large deal or two that we're not picking for hardware have now started to adapt more and more for hardware. And it's that Better Together functionality that I mentioned, the idea that your hardware company is also your software company, so it's also your service company, your call center, it makes life a lot easier.

因此，即使我不會說出名字，但即使我們沒有選擇硬體的一兩筆大交易現在已經開始越來越適應硬體。這就是我提到的 Better Together 功能，即您的硬體公司也是您的軟體公司，因此它也是您的服務公司、您的呼叫中心，它使生活變得更加輕鬆。

So it's the same Better Together fun thing that's happening and so we continue to see, call it attachment into the our core software customers drove it. On the legacy non-software customer side, it's not been a big change, but we have, we've made some real investments into this drive-through product and as you've probably read in all the restaurant companies, there's a big move to voice AI in the drive-through.

因此，這與 Better Together 中發生的有趣的事情是一樣的，因此我們繼續看到，我們稱之為對我們核心軟體客戶的依附，推動了它的發展。在傳統的非軟體客戶端，這並不是一個很大的變化，但是我們已經對這個免下車產品進行了一些真正的投資，正如你可能在所有餐飲公司中讀到的那樣，免下車服務中語音人工智慧正在發生重大轉變。

And so we believe we'll be the preferred partner there given that we are a software company that sells hardware now. And so I think that will be a nice driver of hardware growth going forward. Bryan, anything else? Yeah.

因此，我們相信，鑑於我們是一家銷售硬體的軟體公司，我們將成為那裡的首選合作夥伴。所以我認為這將成為未來硬體成長的良好推動力。布萊恩，還有什麼嗎？是的。

I was just going to add in regards to the software attachment, the fact that our location size has doubled. Has been given us that much larger audience to be able to have that attachment too. And so that's happening as we're some of the hardware only type of competitors are actually seeing a downturn. Maybe in certain areas we actually continue to have a larger white space to be able to support that. So that's been able to help us against what you're seeing in other areas.

我只是想補充一下關於軟體附件的事實，即我們的位置大小已經翻倍了。我們擁有了更大的觀眾群，因此也能夠擁有這樣的依戀。這種情況正在發生，因為我們是一些僅從事硬體業務的競爭對手，實際上正在經歷衰退。也許在某些領域我們實際上會繼續擁有更大的空白空間來支持這一點。因此，這可以幫助我們應對您在其他領域看到的情況。

Awesome, appreciate all the color guys nice job today.

太棒了，感謝今天所有色彩小伙子的出色工作。

Thanks.

謝謝。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hey, good morning. Thanks for taking my questions. Maybe you stop me at first, just I know you mentioned the drive through hardware and how it's kind of like lead class and allow your customers to leverage AI. My ears perked up a little bit about that. Is that AI that you guys have homegrown that will be embedded in that?

嘿，早安。感謝您回答我的問題。也許你一開始會打斷我，只是我知道你提到了駕駛硬件，以及它如何有點像領先課程並允許你的客戶利用人工智能。我對此有點豎起了耳朵。這是你們自主研發的、可以嵌入其中的人工智慧嗎？

Is that you guys working with third party platforms that enable it? And then maybe help me understand the path to monetization there through APIs or is it your own product that you're providing and then I have one call up.

你們是否與第三方平台合作實現這一目標？然後也許可以幫助我了解透過 API 實現貨幣化的途徑，或者您提供的是您自己的產品，然後我打一個電話。

Fantastic question. So, -- well, we're, we build the drive-through hardware, so think of that as the headsets, the base stations, but we are also, in the PAR clear, it's a cloud offering. So we will be charging subscription software to allow you to manage your drive-through. Now why that's Important is that through that to your point, there will be an API that allows the voice AI companies, which there are dozens of them out there, to plug in directly to the base station so that they can run their tech.

很棒的問題。所以，嗯，我們正在建立免下車硬件，所以可以將其視為耳機、基站，但在 PAR 中，我們也清楚地知道，它是一種雲端產品。因此，我們將對訂閱軟體收費，以便您管理您的免下車服務。現在，為什麼這很重要，因為透過這一點，正如你所說，將會有一個 API，允許語音 AI 公司（有幾十個這樣的公司）直接插入基地台，以便他們能夠運行他們的技術。

So we aren't going, we aren't yet going to be the company that's sort of selling voice AI technology directly and trying to be an ordering company the year there yet. It might be something we explore in time, exquisition or not, but we're kind of watching it carefully.

所以我們不會，我們暫時還不會成為一家直接銷售語音人工智慧技術的公司，也不會試圖成為一家訂購公司。這可能是我們及時探索的事物，無論是否精湛，但我們正在仔細觀察它。

However, if you're plugging into our base station, you're going to be paying us fees to do that and to enable that. And so it's a way for us to make money on the potential growth, but importantly we're giving them a service that that that makes it a lot easier for them to run their platforms at these restaurants.

然而，如果您接入我們的基地台，您需要向我們支付費用以完成這項服務並實現該功能。因此，這是我們利用潛在成長來賺錢的一種方式，但重要的是，我們為他們提供的服務使他們能夠更輕鬆地在這些餐廳中經營他們的平台。

Great. And then maybe just switching gears a little bit on the Punchh side, it's great to hear about the customers boomeranging back. Maybe did you give us a little bit of color of maybe what made them churn in the first place. And with that context in mind, what convinced them to come back right, just putting those pieces together, I think would be very helpful.

偉大的。然後也許只是在 Punchh 方面稍微轉換一下話題，很高興聽到顧客們紛紛回頭。也許您可以稍微解釋一下是什麼讓他們一開始就動搖了。考慮到這樣的背景，是什麼讓他們回來呢？我認為，只要把這些碎片拼湊在一起，就會非常有幫助。

So we had a couple customers, about I don't exactly want to be one year ago, two years ago. Sort of say, hey, we don't want to do a loyalty program, we want to use something more like a CDP system or I guess data platform. The idea being, we'll be targeting customers directly, loyalty customers are, 20% of our base. We want to target everybody else.

所以我們有幾個客戶，大約一年前、兩年前我不太想有這樣的客戶。有點像說，嘿，我們不想做忠誠度計劃，我們想使用更像 CDP 系統或數據平台的東西。我們的想法是，直接針對客戶，忠誠客戶占我們客戶的 20%。我們想要瞄準其他所有人。

And, Kennelly those are really good sales pitches, but in reality, they don't, they're not yet developed enough to drive the ROI that a loyalty program today. And in the end, I think brands need both. I think you need an Austin CDP system that can target customers on a very personalized level, but you still need these loyalty programs that build really engendered loyalty.

肯尼利，這些都是非常好的銷售宣傳，但實際上，它們還沒有發展到足以推動當今忠誠度計畫的投資報酬率。最後，我認為品牌需要兩者。我認為您需要一個能夠在非常個人化的層面上定位客戶的 Austin CDP 系統，但您仍然需要這些能夠真正建立忠誠度的忠誠度計劃。

Loyal customers are, repeat visitors they're high margin. They are the advocates of your brand, everywhere you go. And so I think what those brands realize is hey, we thought we're going to have loyalty across our entire set of customers. So why do we need just a loyalty product? And they ended up booming back realizing, one, the products that exist today that are trying to build that promise aren't yet ready, and two, [candly] ROI went down dramatically and so it really was validating that the Punchh product creates real true ROI back to the customer.

忠誠的顧客和回頭客能帶來高利潤。無論您去哪裡，他們都是您的品牌的擁護者。所以我認為這些品牌意識到的是，嘿，我們認為我們將擁有整個客戶群的忠誠度。那為什麼我們只需要一個忠誠度產品呢？他們最終意識到，第一，目前試圖實現這一承諾的產品尚未準備好，第二，[坦率地說]投資回報率大幅下降，因此這確實證明了 Punchh 產品為客戶帶來了真正的投資回報率。

And then I think as those customers continue to evolve data platforms, they'll end up picking the party data platform because when you can combine. Their loyalty, first part of loyalty from PAR plus, they're sort of called tokenized data in a data platform, plus all the operations back office we have, that's sort of the point that I was making. It's, -- I think it's a real note that we have that nobody will be able to compete with.

然後我認為隨著這些客戶不斷發展數據平台，他們最終會選擇派對數據平台，因為你可以將它們結合在一起。他們的忠誠度，PAR plus 忠誠度的第一部分，它們在數據平台中被稱為標記化數據，再加上我們擁有的所有營運後台，這就是我要說的觀點。我認為這是我們真正的優勢，沒有人能與之競爭。

Great, I'm going to squeeze the third one in here. Any type of information give us on delegates, financial profile, maybe growth rate, margin structure, and how you're thinking about it for 2025.

太好了，我要把第三個塞到這裡。任何類型的信息都可以向我們提供有關代表、財務狀況、成長率、利潤結構以及您對 2025 年的看法。

Sure. So when we closed the deal, it was about $19 million of recurring revenue. Historically, the business had grown, well over 30%. I want to say mid-30s, and so it's been a high, it's been a really fast-paced grower. It exited 2024, marginally profitable. And we're, hoping for this year, obviously for that too. To be, our fastest growing product outside of payments and ordering.

當然。因此，當我們完成交易時，經常性收入約為 1,900 萬美元。從歷史上看，該業務的成長幅度遠超過 30%。我想說的是 30 多歲，所以這是一個高峰，這是一個快速增長的水平。該公司於 2024 年退出，僅實現微薄獲利。顯然，我們今年也對此抱持著同樣的希望。成為我們除支付和訂購之外增長最快的產品。

We'll certainly drive meaningful EBITDA. So it's kind of exciting to have a product that we think we can push through quickly and as you've kind of seen when we acquire business, we tend to ramp up revenue quickly. What's exciting about delegate is that it's so synergistic that, once we figure out a single sign on real-time data flow, it'll be hard for customers to say no. So I'm not saying it's going to keep growing 35%, but it will be, -- I certainly believe it will be additive to our growth rate.

我們肯定會實作有意義的 EBITDA。因此，擁有我們認為可以快速推廣的產品是令人興奮的，正如你所看到的，當我們收購企業時，我們往往會快速增加收入。委託令人興奮的地方在於它具有很強的協同作用，一旦我們找到即時資料流的單一登入方法，客戶就很難拒絕。所以我並不是說它會繼續成長 35%，但它會——我當然相信它會對我們的成長率增加。

Great, congrats on a really, transformative 2024. Thank you.

太好了，恭喜2024年真正發生改變。謝謝。

Thanks a lot.

多謝。

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

I wanted to ask about the subscription service gross margin. That non-GAAP number was 64.7%. It was below what we were forecasting for Q4. In your commentary, it sounds like you expect that to be a trough, but I was just curious, where do you expect it either for the full year '25 or a year from, for Q4 '25?

我想問一下訂閱服務的毛利率。非公認會計準則數字為 64.7%。這低於我們對第四季的預測。在您的評論中，聽起來您預計這將是一個低谷，但我只是好奇，您預計 25 年全年或一年後，即 25 年第四季度，它會處於什麼水平？

Yeah, Eric, I appreciate the question. You're correct there was came down from a from a year ago. It was really driven by our most recent acquisitions and kind of absorbing that in. Across our products we continue to see the margin improvement that we've been driving towards, so nothing operationally changed. It may then kind of reset a baseline and as we continue to kind of grow off of that.

是的，艾瑞克，我很感謝你的提問。您說得對，從一年前開始就已經下降了。這實際上是由我們最近的收購和吸收所推動的。在我們的產品中，我們繼續看到我們一直努力追求的利潤率提高，因此營運上沒有任何變化。它可能會重新設定一個基線，然後我們將繼續以此為基礎發展。

So how you've been seeing the margin improve quarter-to-quarter, not significant amounts. They call it 50 to 150 basis points. We expect that to continue as we move forward here in the near to medium term.

那麼，您看到利潤率逐季度都在提高，但幅度並不大。他們稱之為 50 到 150 個基點。我們預計，在中短期內，這種情況將持續下去。

Okay. And then, just a housekeeping item here. Your pro forma share account, you finished out Q4 with $37.2 million of diluted weighted average shares. What is that post delegate?

好的。然後，這只是一個家務事。您的備考股票帳戶顯示，第四季結束時您的稀釋加權平均股票價值為 3,720 萬美元。那個職位代表是什麼？

Yeah, we're just north of $40 million, Eric.

是的，我們的金額剛好超過 4000 萬美元，埃里克。

Thank you.

謝謝。

Sure.

當然。

Adam Wyden, ADW Capital

ADW Capital 的 Adam Wyden

Hey guys, really good profit. So just a couple of things on the gross margin again, Bryan. So some of this is from the purchase. You expect, so if you expect the gross margins are going to improve 50 to 150 basis points per quarter, you would expect your incremental gross margin rate to be materially higher on your subscription software, pretty much every quarter throughout the year, is that right?

嘿夥計們，利潤確實不錯。布萊恩，關於毛利率，我再說幾點。其中一些來自購買。您預計，如果您預計毛利率每季將提高 50 到 150 個基點，那麼您預計訂閱軟體的增量毛利率幾乎全年每季都會大幅提高，對嗎？

Correct, and that's going to be so both top line services being a growth driver like now it's 61% of our total revenue and as you mentioned, that we expect to call the 20% plus, improve it increase year over year. What the margin actual improving itself would actually have a multiplier effect in regard to the gross profit margin increase.

正確，這樣一來，兩項營收服務都將成為成長動力，現在這占我們總收入的 61%，正如您所說，我們預計這一比例將達到 20% 以上，並且逐年增加。利潤率的實際提高本身實際上會對毛利率的提高產生乘數效應。

Right. I mean, look, I would think that payments and delegate and all these things, I mean, Stuzo, that you don't have a ton of like piloting and hosting. I mean, I would think that your incremental gross margins on some of these, I don't know cash very well, but I would think the incremental gross margins on all of these products should be 70, 75, 80, maybe even more something like menu also, you're sort of getting, you're leveraging all the R&D and as you ramp menu.

正確的。我的意思是，你看，我認為付款和委託以及所有這些事情，我的意思是，Stuzo，你沒有大量的試點和託管。我的意思是，我認為其中一些產品的增量毛利率，我不太了解現金，但我認為所有這些產品的增量毛利率應該是 70、75、80，甚至更多，例如菜單，你正在利用所有的研發和增加菜單。

I would think you'd have really high gross margins on a lot of these on the organic, sort of prospectively. So I know the last couple of quarters you've had some sort of purchase accounting stuff and I know you had something with Stuzo, that lower gross margin that was sort of a purchase accounting thing, but I would think like sort of prospectively, as you ramp 20% organic error plus, you would get high incremental gross margins going forward.

我認為從有機角度來看，這些產品的毛利率會非常高，某種程度上也是如此。所以我知道在過去的幾個季度裡，你們有一些採購會計的東西，我知道你們和 Stuzo 也有一些關係，較低的毛利率就是採購會計的東西，但我認為，從未來來看，隨著有機誤差增加 20%，你將獲得較高的增量毛利率。

And it's not going to be like a significant increase from what we, what we've seen trending over time, right? It's a nice, it's, I wouldn't say it's modest. It's something we kind of pride ourselves on how we improve it. And as it varies also depending upon the kind of types of products, right?

而且與我們所看到的隨時間推移的趨勢相比，它不會出現顯著的增長，對嗎？這很不錯，我不會說它很謙虛。我們對自己如何改進它感到很自豪。而且它還根據產品類型的不同而變化，對嗎？

Generally, a POS kind of product might have a little bit heavier in R&D than a back office, and you can see that across the industry, right. But we need to focus on each of our areas to make sure that we see and push the teams in each of the areas to incrementally improve their margins.

一般來說，POS 類產品的研發投入可能比後台部門大一些，你可以在整個產業看到這種情況，對吧。但我們需要專注於我們的每個領域，以確保我們看到並推動每個領域的團隊逐步提高他們的利潤率。

Okay, great. And then my second question is back on M&A, obviously we've seen some other companies buying stuff, I guess smaller stuff, but when I look at sort of other companies that sort of, -- are sort of one of one assets and enterprise, I guess, maybe one example would be like Service [Titan], although, they're sort of a sort of a vertical stack software for small businesses.

好的，太好了。然後我的第二個問題又回到了併購問題上，顯然我們已經看到一些其他公司在購買東西，我想是一些小東西，但是當我看到其他公司時，它們有點像是單一資產和企業，我想，也許一個例子就是像 Service [Titan] 這樣的公司，儘管它們有點像是針對小型企業的一種垂直堆疊軟體。

They sort of are the only game in town, sort of the vertical sort of end-to-end product. Those companies are sort of growing high teens and they're trading at like 12 times revenue. I'm sort of curious how you think about sort of doing M&A in the context of, where your cost of capital is. I mean, on our math, I mean, obviously going into today, you guys were sort of in the fives on an EV to ARR basis depending on how you value the hardware business.

它們可以說是城裡唯一的遊戲，可以說是垂直端到端的產品。這些公司正處於高速成長階段，其本益比約為收入的 12 倍。我有點好奇，在資本成本的背景下，您如何看待併購。我的意思是，根據我們的計算，顯然進入今天，你們在 EV 和 ARR 基礎上處於第五位，這取決於你們如何評估硬體業務。

I mean, it doesn't feel like you have a ton of spread on the companies that you're buying. I'm just curious, like, how do you think about sort of getting your cost of capital up to do M&A? Is it, do you think that you're going to get your multiple back up, maybe comment on that and just sort of, the duration of the growth that it's not just about 20% growth this year, but that you have a multi-year runway to it. I mean, I'd love to sort of see how you think about of those two sorts of concepts together.

我的意思是，你似乎不覺得你所購買的公司有大量的利差。我只是好奇，您如何考慮提高資本成本來進行併購？您是否認為您的本益比會回升，或許可以對此發表評論，而成長持續時間不只是今年 20% 的成長，而是您有多年的成長空間。我的意思是，我很想看看你是如何看待這兩個概念的。

Because the multiple structurally hasn't really expanded over the course of the last 12 months, right? I mean, if you really think about where the business was sort of 16 or whatever 14 months ago, pre-government, pre-task, pre you know pre-delegate, your error per share has grown meaningfully faster than sort of the multiple and so I'm just curious about that.

因為從結構上來說，過去 12 個月內倍數並沒有真正擴大，對嗎？我的意思是，如果你真的想想 16 個月或 14 個月前的業務情況，在政府成立之前、任務之前、授權之前，你的每股誤差增長速度明顯快於倍數，所以我對此很好奇。

Let me just jump in because we got three more four more calls after. So short answer is in the end numbers matter more than anything else. Accounting is the language of business, and our numbers will dictate how our stock performs, and I think our numbers are great and strong and getting better and better, and I believe that markets reward the durability of revenue, ostensibly be believe in the durability of cash flow.

我直接插話吧，因為我們之後又接到了三、四通電話。所以簡短的回答是，最終數字比其他任何事情都重要。會計是商業語言，我們的數字將決定我們的股票表現，我認為我們的數字很棒，很強勁，而且會越來越好，我相信市場會獎勵收入的持久性，表面上是相信現金流的持久性。

I think we are continuing to demonstrate that over and over again, and I believe the multiple we will get rewarded for that. In the end, software companies, multiples should contract when growth slows, when your TAM gets to the end of it, and you become, your rule of 40 flips to, all cash flow versus growth. We don't have that situation here. In fact, as you heard in my commentary, while our growth won't be linear, like there's a lot of really nice upside here in the second half of the year, that will also happen the following year.

我認為我們正在一遍又一遍地證明這一點，並且我相信我們將因此獲得倍數的回報。最後，對於軟體公司來說，當成長放緩時，當你的 TAM 到達末端時，倍數應該會收縮，並且你的 40 規則會轉向，所有現金流與成長。我們這裡沒有這種情況。事實上，正如你在我的評論中聽到的那樣，雖然我們的成長不會是線性的，但今年下半年會有很多非常好的上升空間，這也將在接下來的一年中發生。

So I think that I don't know how you get to the five number, but I think we feel really confident that we're one of the few software companies in size that will be able to continue to grow at, rates that are higher, well above the median, if you will. And continue to drive, impressive profit numbers. And so the multiple rewarded. The numbers win in the end. It doesn't matter what I say or do in the end, the num the numbers matter and we'll get there.

所以我認為我不知道你是如何得到這五個數字的，但我認為我們真的有信心，我們是少數幾家能夠繼續以更高的速度增長的軟體公司之一，如果你願意的話，速度將遠高於中位數。並繼續推動令人印象深刻的利潤數字。因此獲得了多重獎勵。最終數字獲勝。我最終說什麼或做什麼並不重要，重要的是數字，我們會到達目標。

Just specifically to your point on M&A, you and I have talked about this extensively, but when you're using, multiples, it's a relative game. And so if we're trading at, I don't know, 7 times, current ARR. We will set the best part for the market, and there are very few companies that have metrics as good as ours, and so I suspect we will buy them at a discount for that multiple.

具體到您關於併購的觀點，您和我已經廣泛討論過這個問題，但是當您使用倍數時，這是一個相對的遊戲。因此，如果我們以當前 ARR 的 7 倍進行交易，我不知道。我們將為市場設定最好的部分，很少有公司擁有與我們一樣好的指標，因此我認為我們會以折扣價收購它們。

Now, are there certain assets that we might not be able to buy because we're not trading while multiple for sure, but there's not a lot of those and not a lot of those that we want, and not a lot of those that would make sense in a flywheel. So as I said in the script, we've got a really strong M&A pipeline, and every time I've said that we've execute upon that.

現在，是否存在某些我們可能無法購買的資產，因為我們肯定不會進行多重交易，但這些資產並不多，我們想要的也不多，而且在飛輪中有意義的資產也不多。正如我在劇本中所說，我們擁有非常強大的併購管道，每次我都說我們會執行這一點。

So I think you'll see us continue to do that. And the critical part, in my script was. M&A for us is a product strategy. It's not a, let's go buy a bunch of revenue. It's how do we create add a product to increase our organic growth and then our long term, profitability.

所以我想你會看到我們繼續這樣做。我的劇本中的關鍵部分是。對我們來說，併購是一種產品策略。這不是一個，我們去買一堆收入吧。我們如何創造一種產品來增加我們的有機成長，進而提高我們的長期獲利能力。

And so we feel really good about that today. And if I didn't, I would tell you, hey, M&A is not going to be part of our strategy, but we're on the first call of the year and we're talking about it here. So I think you take that as don't feel the multiples holding us back from being acquisitive right now.

因此我們今天對此感到非常高興。如果我沒有，我會告訴你，嘿，併購不會成為我們策略的一部分，但我們正在進行今年的第一次電話會議，我們在這裡討論這個問題。所以我認為你會認為倍數並沒有阻礙我們現在的收購。

I was just going to clarify on the ARR multiple like when you look at sort of Service [Titan] and even [Gillis] post sell off, those companies are still trading at like double digit sales multiples on this year, and I was talking about, sort of a 5 and 5.5 times on '26. And when you look at the company on a '26 ARR or '26 EV to EBITDA, I mean there's a massive. GAAP between companies like Toast and Service [Titan] and even [Agilus] has post a 40% decline.

我只是想澄清一下 ARR 倍數，例如當你看到 Service [Titan] 甚至 [Gillis] 的拋售後，這些公司今年的銷售倍數仍然達到兩位數，我說的是 26 年的 5 倍和 5.5 倍。當你查看公司 26 年的 ARR 或 26 年的 EV 與 EBITDA 之比時，我認為這是一個巨大的差距。Toast 與 Service [Titan] 甚至 [Agilus] 等公司的 GAAP 均出現了 40% 的下降。

So I'm just highlighting the fact that like we're executing, on many levels better than these other companies from a growth and incremental margin perspective, but we continue to trade at a discount. So I hope we can figure out a way to narrow that discount because I think this is a best-in-class company.

因此，我只是想強調這樣一個事實：從成長和增量利潤的角度來看，我們的執行力在許多層面上都比其他公司要好，但我們仍在以折扣價進行交易。所以我希望我們能找到一種方法來縮小折扣，因為我認為這是一家一流的公司。

And with the numbers drive that. So our numbers will drive it and I'm so confident we'll get there. All right, thanks, Adam.

並用數字來推動這一點。因此，我們的數字將推動這一目標，我非常有信心我們能夠實現這一目標。好的，謝謝，亞當。

Andrew Harte, BTIG.

BTIG 的 Andrew Harte。

Hey, thanks for the question. So obviously I think a big message today was the Better Together that you were pushing on, I guess, as arars doubled the past year, businesses scaled much more robust platform right now. Can you just discuss a little bit how some of your conversations with these larger enterprise CTOs have evolved just from a brand perspective and sales pipeline perspective?

嘿，謝謝你的提問。所以顯然我認為今天的一個重要訊息是你們正在推動的“更好的在一起”，我想，隨著去年 arar 翻了一番，企業現在的平台規模更加強大。您能否從品牌角度和銷售管道角度稍微討論一下您與這些大型企業 CTO 的對話是如何發展的？

Absolutely. Listen, I thank you for pulling out the script. Listen, like I said, we signed 8 POS deals in the quarter, which is impressive in the enterprise space. All of them picked multiple products. We upsold our largest customer another product. Clearly the flywheel that I talked about is working and delegate is really going to accelerate it, Adam, sorry, the caller before Adam talked about it, but it's a beautiful thing when it's working.

絕對地。聽著，我感謝你拿出劇本。聽著，就像我說的，我們在本季度簽署了 8 項 POS 協議，這在企業領域令人印象深刻。他們都選擇了多種產品。我們向最大的客戶追加銷售了另一種產品。顯然，我談到的飛輪正在發揮作用，而委託確實會加速它，亞當，對不起，亞當之前的呼叫者談到了這一點，但當它運轉時，它是一件美妙的事情。

My conversations with these organizations, I think we're setting up for a really interesting outcome. As consumers, -- there's consumer uncertainty right now and so restaurants are now really focusing on digital efforts because they're trying to create efficiencies in the back of house and pull you in the front end. And so they're creating more investments in technology.

透過與這些組織的對話，我認為我們將會取得非常有趣的成果。作為消費者，現在存在著消費者的不確定性，因此餐廳現在真正專注於數位化努力，因為他們試圖提高後台效率，並在前端吸引您。因此，他們在技術方面投入了更多資金。

However, they're making those investments in technology without increasing their staff. In fact, many restaurant companies are flat staff, particularly in operations and IT space. And so how are they going to do that? They probably don't want to add three more vendors. They probably want to attach it into PAR. And so I've had, a couple of sales processes I've been a part of where, it's very clear that the reason why they love us is not just because our products are best in class, it's because they can just trust the existing PAR relationship.

然而，他們在技術上進行投資，卻沒有增加員工。事實上，許多餐飲公司的員工都是扁平化的，特別是在營運和 IT 領域。那麼他們該如何做呢？他們可能不想再增加三家供應商。他們可能想將其附加到 PAR。我參與過幾個銷售流程，很明顯，他們喜歡我們的原因不僅是因為我們的產品是一流的，還因為他們可以信任現有的 PAR 關係。

And so we've spent an incredible amount of time and effort rejiggering our teams focusing on that account management side so that we can bring in those products. And I just want to be clear, we do not win because we bundle, we win because the products work better together. And my push to the delegate team that now runs the combined PAR data central is.

因此，我們花費了大量的時間和精力來重組我們的團隊，專注於帳戶管理方面，以便我們能夠推出這些產品。我只是想明確一點，我們之所以能贏，並不是因為我們捆綁銷售，而是因為產品能夠更好地協同工作。我對現在負責運行聯合 PAR 資料中心的代表團隊的推動是。

The win for here is not a year from now or six months from now, a customer looks and says, oh, when I had delegate in PAR as two separate vendors, it was a different experience than when I had it under one roof at PAR. And that, and I can't stress you how powerful that is to the end customer.

這裡的勝利不是一年後或六個月後，客戶會看著並說，哦，當我在 PAR 作為兩個獨立供應商代表時，與我在 PAR 同一屋簷下擁有相同的體驗是不同的。而且，我無法強調這對最終客戶有多重要。

And we've got a lot of amazing examples of how we're winning deals by just showing that in a demo saying, hey, guess what happens if you've got Punchh and brink, look at this unique functionality you can have with the POS but others can't. So it really is the theme, I think candidly we were probably really too early on this thesis, we've been talking about it for a long time, but it's certainly playing out and again you know I never would have dreamt that all of our deals in a quarter were multi-product deals. That's a really exciting change for us.

我們有很多令人驚嘆的例子來說明我們如何透過在演示中展示來贏得交易，比如說，嘿，猜猜如果你有了 Punchh 和 brink 會發生什麼，看看這個你可以在 POS 上擁有而其他人不能擁有的獨特功能。所以這確實是一個主題，坦率地說，我們可能真的太早討論這個論點了，我們已經談論它很長時間了，但它肯定會發揮作用，而且你知道我從來沒有想過我們一個季度的所有交易都是多產品交易。這對我們來說確實是一個令人興奮的改變。

Thanks. And then thinking about 2025, you talked about the Burger King expansion, the payments deal, the convenience deal. Like there's a lot of moving pieces, another one is I guess Stuzo gets layered into organic and task gets layered into organic, so.

謝謝。然後想到 2025 年，您談到了漢堡王的擴張、支付交易、便利交易。就像有很多移動的部件一樣，另一個是我猜 Stuzo 被分層成有機的，任務被分層成有機的，所以。

Can you maybe talk about some of the things that can, drive, much higher than 20% growth, some of the things that you really have to execute on and when you think about task and Stuzo getting layered into organic, how have those, businesses been coming along as we get ready for '25.

您能否談談一些可以推動遠高於 20% 的成長的因素，一些您真正必須執行的因素，以及當您考慮任務和 Stuzo 分層到有機層時，在我們為 25 年做準備時，這些業務進展如何。

Great question. So one is getting our acquisitions to become organic will certainly help us. Stuzo, I suspect will grow faster than 20% a year. The task has two businesses task and flexure task itself will grow greater than 20% a year. Flexure might will be sort of close to the engagement, cloud growth rates. Then delegate will go well above the 20%.

好問題。因此，讓我們的收購變得有機起來肯定會對我們有幫助。我預計 Stuzo 的年增長率將超過 20%。該項目有兩個業務項目，而柔性項目本身每年的成長率將超過20％。Flexure 可能會接近參與度和雲端成長率。那麼代表人數將遠超過20%。

So as we lap the acquisitions, you will have faster organic revenue growth because the acquisitions in general, we look to buy stuff that's growing faster than us. So that's just mathematically a nice part of it that happens and actually I didn't mention it on the earlier questions, but that will also help the back half of the year as the acquisitions.

因此，隨著我們完成收購，您將獲得更快的有機收入成長，因為一般而言，我們希望購買比我們更快的東西成長速度。所以從數學上來說這只是一個好事，實際上我在之前的問題中沒有提到這一點，但這也會對下半年的收購有所幫助。

Second, though, and more importantly, it's our ability to execute upon the deals that we have in place. So to be, -- our plan, if you will, to get the 20+% growth assumes a relatively conservative rollout at our largest POS customer. We want to blow through that, and I know our partners at that company think we can do even double of what we're going to do. And so that's number one can we execute on that.

其次，更重要的是，我們有能力執行已達成的交易。因此，如果您願意的話，我們的計劃是實現 20% 以上的成長，假設我們最大的 POS 客戶採取相對保守的推廣方式。我們希望突破這個目標，而且我知道我們公司的合作夥伴認為我們可以完成目標的兩倍。所以這是我們能夠執行的首要任務。

Number two is in car retail. The team has done an incredible job, I really, think the leadership there has done a great job of driving that business, but we have tremendous levers in driving real upside to our deals there because in certain deals and for retail, our pricing increases based on our performance. And so as we have great performance, the pricing goes up quite meaningfully there.

第二名是汽車零售。團隊做得非常出色，我真的認為那裡的領導層在推動業務方面做得非常出色，但我們在推動交易真正上漲方面擁有巨大的槓桿，因為在某些交易和零售方面，我們的定價會根據我們的表現而上漲。由於我們的業績表現優異，價格也大幅上漲。

And then third, is our ability to execute and get deals live and earlier than we expect, and that's something that I think our team is feeling really good about today. We'll see as it progresses, but there are, a couple of really meaningful levels that levers to sort of that I think I see us out there.

第三，是我們有能力執行並提前達成交易，我認為這是我們團隊今天感覺非常好的事情。我們會看到它的發展，但有幾個真正有意義的層面可以發揮槓桿作用，我認為我已經看到我們在那裡了。

And then, the last thing I say is that as we fold in these acquisitions, if they do create an accelerated go to market motion because now we can pull in Data Central faster because the customer already uses delegate as an example. We can pull in stuff faster and so it should shorten our sales cycle. That might not be the big lever, but I think over time it creates a nice ability to shorten sales cycles also.

然後，我要說的最後一件事是，當我們完成這些收購時，如果它們確實創造了一種加速進入市場的動力，因為現在我們可以更快地引入資料中心，因為客戶已經使用委託作為範例。我們可以更快地引進產品，因此可以縮短我們的銷售週期。這可能不是什麼大問題，但我認為隨著時間的推移，它也能縮短銷售週期。

Thanks again.

再次感謝。

Charles Nabhan, Stephens Inc.

查爾斯·納布漢（Charles Nabhan），史蒂芬斯公司

Hi, good morning and thank you for taking my question. I wanted to drill into the previous question a little further, specifically around task and the international opportunity. Clearly that expands your TAM it's sounds like it's growing in excess of 20%.

你好，早安，謝謝你回答我的問題。我想進一步深入探討前面的問題，特別是有關任務和國際機會。顯然，這擴大了您的 TAM，聽起來它成長了超過 20%。

But I was wondering if you could speak more broadly about the international opportunity, how you see that playing out, and, any more specific color around task would be helpful as well.

但我想知道您是否可以更廣泛地談談國際機遇，您如何看待這一機會的發揮，以及任何有關任務的更具體的描述也會有所幫助。

Absolutely, and give us another quarter because we're going to, we're making a lot of investments and changes there. We, we'll talk about the next quarter or so. But, I think right now core markets we're focusing on Our sort of you know the APAC region where we've got really strong foothold, we're winning the sort of marquee brands in Australia, New Zealand, and that part of the world.

當然，再給我們一個季度的時間，因為我們將在那裡進行大量投資和變革。我們將討論下一季左右的情況。但是，我認為現在我們關注的核心市場是亞太地區，我們在那裡擁有非常穩固的立足點，我們正在贏得澳大利亞、紐西蘭和世界其他地區的知名品牌。

And we've got a long, a really nice pipeline we've got to execute on. So what we're really kind of helping the team is operationalize that part of the business so that they can become as programmatic as we can about getting sites out the door. It's a small business, so it hasn't gone through that scaling, if you will, of how do you add 1,000 sites a quarter or something like that.

我們有一個很長、非常好的管道需要執行。因此，我們真正幫助團隊的是將這部分業務投入運營，以便他們能夠像我們一樣盡可能有計劃地推出網站。這是一家小型企業，因此還沒有經歷過這樣的擴張，例如每季增加 1,000 個站點之類的。

So we're working to implement that, we took one of our best leaders at PAR, put him in charge of task, and he is driving that. And so we're going to focus on that region first, pull that forward, do a great job. We have already, I think brought in one or two really high-quality brands that are US brands that want to expand to that region to partner with us there. That's crazy exciting for us because then obviously we can grow them, in other parts around the globe, but we're trying to master that one region and then we'll kind of expand outside of that.

因此，我們正在努力實現這一目標，我們選擇了 PAR 最優秀的領導者之一，讓他負責這項任務，並由他來推動這一目標。因此，我們將首先關注該地區，推動其發展，並做好這項工作。我認為我們已經引入了一兩個真正優質的美國品牌，它們希望擴展到該地區並與我們合作。這對我們來說是極其令人興奮的，因為顯然我們可以在全球其他地區種植它們，但我們正試圖掌握該地區，然後再向該地區以外擴張。

Got it. As a follow up, I wanted to ask about the hardware margin nice little uptick this quarter. I apologize if you touched on this already, but could you maybe talk about the drivers of that expansion during the fourth quarter, as well as how we should think about that margin within hardware going forward?

知道了。作為後續問題，我想詢問本季硬體利潤率是否有所上升。如果您已經談到這一點，我很抱歉，但您能否談談第四季度擴張的驅動因素，以及我們應該如何看待未來硬體的利潤率？

Are we sort of at peak margins within that business, or could we potentially see more expansion as we move through '25?

我們的業務利潤率是否已經達到峰值，或者在 25 年期間我們是否可能看到進一步擴張？

Yes. So we've been in both the hardware and some of the professional services actually linked to the hardware, we've been able to increase margin percents year-over-year, as you saw. We're now in the mid-20s for hardware, which we're proud of, right?

是的。因此，我們涉足硬體以及一些與硬體實際相關的專業服務，正如您所見，我們的利潤率已逐年提高。我們的硬體現在處於 25 年代中期，我們對此感到自豪，對嗎？

Some of the best hardware products are out there like in the low 30s. So we would like to continue to increase, we understand we only be modest work where we're going to get from that. And then from the actual professional services as you saw, we went up from a 10% last year to a 28%.

一些最好的硬體產品的價格都在 30 出頭。因此，我們希望繼續增加，我們知道我們只能做適度的工作才能從中獲得利益。然後從實際的專業服務來看，如您所見，我們從去年的 10% 上升到了 28%。

And so now we've been consistently in the mid to upper 20s on professional services, and that's correlated as we continue to grow some of our hardware business that that would also increase from a revenue and then it's recurring revenue. So that gives consistent margins below that.

因此，現在我們在專業服務方面的收入一直保持在 25% 左右，隨著我們繼續發展部分硬體業務，收入也會增加，然後是經常性收入。因此，這會產生低於該水平的一致利潤。

I would not expect this to have significant marginal improvement in both on the hardware professional services, but we are proud of how we've improved that over the past couple of years.

我不會期望這會在硬體專業服務方面帶來顯著的邊際改善，但我們對過去幾年來取得的進步感到自豪。

Got it, appreciate all the color guys. Nice quarter, thank you.

明白了，感謝所有的色彩人。非常棒的一個季度，謝謝。

Thank you.

謝謝。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Thank you for taking my question. Most of them have been addressed already, and congrats on the great year here. And I have one question in terms of the Tier 1 pipeline. Have you seen that expanded and how are you talking to those potential customers in terms of upselling as well and how are you going to be able to take on a Tier 1 customer in the near future given the expanded Roll out with BK?

感謝您回答我的問題。其中大部分問題已經解決，祝賀你們度過了美好的一年。我有一個關於一級管道的問題。您是否看到過這種擴展，您如何在追加銷售方面與這些潛在客戶溝通，以及考慮到與 BK 的擴展推出，您將如何在不久的將來接待一級客戶？

So, Tier 1 pipeline remains strong. I think the change we've seen is clearly the mid-market is really picking up for us. So it's kind of nice to see that. As far as, being able to roll out additional concepts, we feel very good about that, with BK, this rollout's been planned, the additional part of the rollout is a new module, a new product.

因此，一級管道依然強勁。我認為我們看到的變化顯然是中端市場正在真正復甦。看到這一點我感到很高興。至於能夠推出額外的概念，我們對此感到非常高興，有了 BK，這次推出已經計劃好了，推出的附加部分是一個新模組，一個新產品。

So it won't impact kind of the core POS pipeline that's been strong for some time here. So I don't think it'll have an impact. And as I said in Q1 and Q2 we're making some real investments to make sure we don't have any stumbles there. I think it's, one of the mistakes I see our peers making, we used to make years ago is, you spend all this time getting software right, but then you get the roll out.

因此，它不會影響這裡一段時間以來一直強勁的核心 POS 管道。所以我不認為這會產生影響。正如我在第一季和第二季所說的那樣，我們正在進行一些真正的投資，以確保我們不會遇到任何失誤。我認為，我看到我們的同行犯的一個錯誤，我們多年前也犯過，那就是花所有時間讓軟體正確運行，但隨後就將其推出。

Because you didn't, hire enough bodies or training and so we're, we overinvest in that now, because I think getting that right, pulls revenue in faster and you make it up in spades down the road.

因為你沒有僱用足夠的人員或進行培訓，所以我們現在在這方面投資過多，因為我認為做對了，就能更快地帶來收入，而你將來就能獲得豐厚的回報。

Okay, thank you. That was all for me.

好的，謝謝。對我來說這就是全部了。

Thanks, Anja.

謝謝，安雅。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Chris Byrnes, for closing remarks.

謝謝。我目前沒有其他問題。現在我想請克里斯伯恩斯 (Chris Byrnes) 致最後總結。

Thank you, Daniel, and thank you to everyone for joining us today. We look forward to updating you further in the coming weeks and days. Have a nice day and a great weekend. Thank you.

謝謝你，丹尼爾，也感謝今天與我們一起的所有人。我們期待在未來幾週和幾天內為您提供進一步的更新資訊。祝您有個愉快的一天和愉快的週末。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。