3par (par) q1 2019 earnings call transcript - digital signage software

Image source: Motley Fool3Par(NYSE: PAR)
CallMay q1209 earnings.
2019, 4: 30. m.
Content: ready to speak: Ladies and gentlemen, welcome to PAR Technology fiscal-2019 of the first year
Quarterly earnings call. [
Operation instructions]
As a reminder, the meeting is being recorded.
I would like to introduce Mr. moderator of today's meeting.
Chris Byrnes, vice president of business and financial relations.
Sir, please proceed. Chris Byrnes --
Vice President of Business and financial relations Thank you Michelle, good afternoon.
I would also like to welcome you to the conference call at PAR 2019 first today --
Quarterly performance review.
The full disclosure of our results can be found in a press release released this afternoon or in our relevant form 8 --
K provided to SEC.
To access press releases and financial details, please see the investor relations and news section on our website. partech. com.
At this time, I would like to take care of some details about today's call.
Participants who answer the call should know that we are recording the call this afternoon and can play it.
Also, we are broadcasting conference calls through the World Wide Web, so if you ask a question, please note that it will be included in any future use of our on-site meetings and recordings.
I would also like to remind attendees that this call includes forwarding
Forward-looking reports that reflect management expectations based on current available data.
However, the actual results will be affected by future events and uncertainties.
Information about this conference call is related to forecasts or other future
Forward-looking statements may be relied upon and subject to the earnings report we issued this afternoon and the Safe Harbor statement contained in our annual and quarterly documents to the SEC.
Today, I joined the conference call with Savneet Singh, CEO and president of PAR;
Brian Mena, chief financial officer of PAR.
I would now like to transfer the call to Savneet for the official comment section of the call, followed by a general Q &. Savneet? Savneet Singh --
Thank you Chris. Good afternoon. I'm CEO and president.
Thank you for joining us today.
I will start today's call from our first Overview
Quarterly results for fiscal 2019.
I will then transfer the call to our CFO, Brian Minard, who will review our financial performance for the quarter in further detail.
I will then close today's prepared comments by discussing departmental performance and milestones related to our growth drivers and the steps we are taking to improve the implementation of our strategic plan.
First of all, I am very pleased to report on our recent issue of convertible bonds and capital raising of $80 million, which we consider to be very favorable.
These benefits will enable our company to invest in specific areas that accelerate the growth of our business, consolidate our leadership in point of sale software for restaurant businesses, and fund potential acquisitions to build us
Our business positioning is to take advantage of the big opportunities that lie ahead of us.
We focus on enhancing the features and functionality of the restaurant-
Technology platform to restructure our management team and improve our competitive ability. to-
The market is constantly paying attention to tactile TV.
Please update you on China
The survey in Singapore and its current situation.
On April 10, the Securities and Exchange Commission informed us that, based on the current information, it did not intend to recommend enforcement of PAR.
Shortly thereafter, the United StatesS.
The Justice Department told us that it is not going to go on either.
I am proud of the controls we have taken in response to this matter and our overall compliance plan.
Now, let's review our first time. quarter 2019.
The company reported first this afternoon-
Quarterly revenue was $44.
7 million, $55.
The first quarter of last year was 6 million, 19. 7% decrease.
This decline was mainly due to a decline in hardware revenue associated with Tier 1 customers, down 41% year on year and down 6.
Government contract revenues fell by 3% compared to the first quarter of last year.
We report a net loss of $2 for GAAP.
A loss of $7 million per share.
17 quarter, including non-
Total GAAP adjustment is $0.
9 million is detailed in our press release. On a non-
We report a net loss of $1 based on GAAP.
A loss of $8 million per share.
In the first quarter.
This is not
GAAP net income is $0.
$6 million and $0.
Diluted 04 per share last year.
I would now like to transfer this call to Brian in order to report the financial situation for the quarter in more detail. Bryan? Bryan Menar --
Chief Financial Officer Thank you Savneet, good afternoon everyone.
I would like to take this opportunity now to provide some additional details on our first questionQuarterly results.
Product revenue for the quarter was $15.
$10, down 5 million. 8 million, 41.
Compared with 1% in the first quarter, it fell by 2018, mainly due to a decrease in hardware projects for Tier 1 customers in first quarter of 2018.
Revenue from products related to Brink is $4.
5 million, an increase of 71% over $2.
2018 the same period for 6 million.
Service revenue for the quarter was $14 million, up $0. 9 million, a 6.
Compared with Q1 4%, it increased by 2018.
The increase was mainly due to Brink's service income of $5 million, an increase of 58% over $3.
2018 the same period for 1 million.
The contract income of our government business unit is $15.
1 million, down $1 million, 6.
Compared with Q1 2%, it dropped by 2018.
The reduction reflects a reduction in the ISR line of business due to contractual funding and cap constraints, mainly due to an ISR project that is currently undergoing an organizational funding transition.
The backlog of contracts continued to remain healthy, with a total backlog of $0. 135 billion as of March 31, 2019, followed by 12-Month Book 1. 3 times.
Regarding the profit margin performance of the quarter, the product profit margin of the quarter was 27.
6%, compared to 26. 2% in Q1 2018.
The increase in product profit is mainly due to the good sales mix.
Service profit margin for the quarter was 28.
6%, compared to 27. 7% in Q1 2018.
The increase in service profit margin is due to the good growth of Brink's products.
The government contract bond for the quarter is 9.
7%, contrast 8. 1% in Q1 2018.
The increase in profit margin is mainly due to the increase in the sales line revenue of products included in the contract portfolio in 2019, which increases the profitability and favorable profit margin of the ISR.
It's operating expenses now.
SG & A is $8.
6 million, in line with Q1 2018, the company's investment in Brink sales and marketing has increased by $0.
3 million, offset by cost savings from G & A and sales costs within other lines of business. Non-
SG & A is $7.
8 million, down $0.
3 million to Q1 2018. Non-
The 2019 gaap sg & A adjustment for the first quarter included $0.
2 million related to the conduct survey of offices in China and Singapore, $0.
Equity 3 million-
Base compensation and $0.
Severance pay 3 million
R & D costs $3.
$0, 1 million.
Compared with 2 million, 2018 pounds rose by $0. 3 million.
Information on the company's cash flow and balance sheet is now provided.
For the three months ended March 31, 2019, cash used by the business unit was $3.
2 million driven primarily by net operating losses and additional net working capital requirements.
Cash used for investment activities is $1.
For the three months ended March 31, 2019, capital expenditures amounted to $9 million.
9 million related to the implementation of our enterprise resource planning system, $1 million in capitalization costs associated with investing in our restaurant/retail sector software platform.
Cash provided for financing activities is $5.
8 million, driven mainly by $8.
3 million of our credit line was offset by $2.
6 million allocation related to the final payment for the acquisition of Brink.
As at March 31, 2019, the inventory balance was $22.
6 million, $0 Less.
From 1 million in December 31, 2018.
The inventory turnover of our domestic and international operations is three times.
$29 in accounts receivable.
$3 million increased by 3.
1 million or 13% per cent compared to December 31, 2018.
The balance of accounts receivable is subdivided between government departments at a price of $10.
2 million of $19 and restaurant/retail section. 1 million.
Sales days in the restaurant/retail sector increased from 52 days in December 2018 to 57 days in March 2019.
The number of government corruption consultation working days increased by 3 days from December 2018 to March 5, 2019.
I would now like to transfer this call to Savneet to review our business performance this quarter. Savneet Singh --
Thanks to Brian, president.
Now let's review our market segment performance.
First, for our restaurant/retail sector, we have taken the necessary steps to restructure our company, which will enable us to support and develop Brink at the level required to enhance shareholder value
This reorganization separates Brink and core, our two business units, and allows for a breakdown of the operational, marketing, HR and service affiliation of each organization.
I believe that our historical model around centralization creates complexity, slow decision-making, a lack of direct accountability and transparency in organizational structure.
I believe today that our decentralized model will enable both our core and edge businesses to reach their potential and build around their respective teams. The business model and return profile will highlight our focus on measurable returns on investment capital and allow performance growth for each business line.
In addition, we are taking steps to reduce the number of SKUs in stock and release additional capital resources.
In 2019, our goal is to reduce SKU related to our edge business by 50% and SKU related to our core business by 35%.
18 of these cuts are expected.
By the end of this year, manufacturing stocks were reduced by 4% overall, which I believe will also help to simplify our sales cycle and reduce long-term inventory
Service fee.
We have also taken additional actions to reduce the estimated $3.
6 million China's tariff bottom line has hit our business by managing our supply chain and replacing products when they can be modified with specific prices.
We expect that these proactive measures will reduce the tariff impact by $1. 6 million.
Another area where we are restructuring our business is on-site service.
In order to improve the profit margin of on-site service operation and reduce the fixed operating cost, we changed the operation mode.
It is important that PAR will continue to maintain ownership of the commitment to customer relationships, contracts and service levels.
We expect the restructuring to generate a profit growth of $900,000 in 2019.
We launched 683 New Edge restaurant sites in the first quarter.
Our deployment over the past 12 months has increased our MRR by 60% over Q1 2018.
At the end of 2019 in the first quarter, the annualized operating rate now totals $15.
8 million, including SaaS and services.
Compared with a year ago's ARR of $10, there was a significant increase. 3 million.
We also booked 719 stores in the first quarter, 552 in open orders, and there was no deployment backlog in the quarter.
It is very important to note that as restaurants invest and assess the benefits of Brink for operations, new bookings for the first quarter are now being signed, the average monthly subscription rate is about $200 per site for their business
The $200 ASP includes SaaS subscriptions and services.
We are trying to find as much additional revenue sources as possible related to Brink.
We have successfully raised the subscription price and driven value from our partners in our ecosystem.
For our partners, the accessibility of our Brink portfolio is very valuable in areas such as delivery management, kiosks, digital signage, and Labor and scheduling.
We will continue to build these partnerships to accelerate marginal revenue.
For us, development has become a bottleneck of scale, which is no longer a secret.
In the fourth quarter of last year and in the first quarter of this year, we spent a lot of resources to improve technical efficiency in order to carry customers faster, and add the necessary functions and functions to meet the strict requirements of many types of restaurant organization.
We have significantly reduced key technical indicators, such as Stabilization time, with a stabilization time of 0 Days in the last two edge versions;
In our last two versions, the time for full deployment is 7 weeks and 5 weeks, respectively;
And the number of builds needed to deploy.
Only one version is needed for the last two versions, down from 181 in 2017.
These improvements are a direct result of our investment in the development operations team and--
The development operations team will be established by the end of 2018 and will continue to contribute to the future.
In terms of payments, we plan to launch our payment and merchant service solutions later this year.
It provides real stickiness to customers looking for small and medium-sized restaurants that integrate sales points and payment solutions.
While we expect payments to significantly increase our recurring revenue, we believe that this merely illustrates the value that we can add to our customers through new products or partners.
This will result in a continuous expansion of MRR for each customer throughout the year, adding new products and partnerships as we have seen in this quarter.
Now move to our government department.
Our government business report this quarter.
Quarterly revenue fell by 3% compared with last year.
In our projections, this cut is planned because the timing of certain contract grants and funding gaps is not always seamless.
We reported a contract profit of £ 9.
Net income before tax increased by 2 in the 7% quarter.
More than 7% of the first quarter was 2018.
We continue to focus our new business development on intel solutions to support intelligence agencies, armed forces and tactical edge fighters.
Our government operations continue to provide stable, G & A release and cash flow.
All in all, this is an exciting start in 2019.
To support our future growth, our strategic capital raising has significantly strengthened our financial position.
We have adopted policies to streamline our business and improve our decision-making.
We are adjusting our team, tools and processes to support our customer-centric, and I see great opportunities to invest and grow our business and expand our profits in the future.
As I said before, our allocation of funds will continue to be a top priority for our company.
We are confident that the plan we have started and are moving forward will help in the long term
Create conditions for our shareholders-
Creating value for shareholders, we look forward to evaluating all opportunities to ensure an increase in shareholder value.
Finally, I would like to inform you that I have spent quite a bit of time in the past two months meeting and listening to our clients.
While there is a lot of work ahead of us, our customers are still committed to the edge and it is our responsibility to prove that trust is right.
We value that trust and now have the resources to justify that commitment.
In this regard, the new funds we have raised will greatly help us.
I would like to express my heartfelt thanks to the staff of PAR for their efforts and dedication to achieving our goals in a fast and dramatic quarter.
This concludes our statement, and I want to ask questions now.
Questions and Answers: Operator [
Operation instructions]
Our first question came from William Gibson's collaboration with Ross capital Partners.
Your line is open.
Please continue. William Gibson-
Rose Capital partner-
First analyze, I missed a number when you went through everything, Savneet.
How many locations have been booked? Savneet Singh --
Chief executive and president-
Do you mean the location booked for this quarter or the one that has not been booked yet? William Gibson-
Rose Capital partner-
Analysis to be scheduled.
No shipping yet. Savneet Singh --
The chief executive and president who have not yet shipped are 552. William Gibson-
Rose Capital partner-
What is the analyst? -
Do we have that number? Savneet Singh --
Chief executive and presidentWilliam Gibson-
Rose Capital partner-AnalystOh, 552. Thank you.
Merchant Service, payment started, do you intend to solve this problem separately?
Or is this related to SaaS revenue? Savneet Singh --
CEO and president we think this part of our recurring revenue is similar to the other partnerships we are working on as you may see growth in MRR this quarter. William Gibson-
Rose Capital partner-AnalystOK.
So basically, should we expect to see this figure grow with better profit? Savneet Singh --
We expect to do so.
The next question comes from Adam Wyden's line at ADW Capital.
Your line is open.
Please continue. Adam Wyden --ADW Capital --
Analysts, we are very excited to congratulate us on our capital raising and permanent seats.
Yes, I mean, I think, a large part of our original activist paper is that there are a lot of excess companies G & a and excess costs and legacy businesses, obviously, there is not enough resources allocated to your subscription SaaS product.
There's a press release, and I know you guys have done a lot of cuts within the company.
But obviously we are very surprised by the benefits of cash consumption.
It seems that you have really reduced the loss of operations.
I mean, with the rise of SaaS, there is a sharp decrease in demand for government cash flow.
It seems that investors don't even really provide credit for your business.
I mean, can you give us a timeline for divestment? Or do you think about the government business? Have you done a lot of cost restructuring and your thinking about the future of the business? Savneet Singh --
Chief Executive Officer and President.
Obviously, I cannot comment on any formal plan or lack of formal plan regarding divestiture of assets.
But I can tell you that the way we look at it is, does it have synergies with our core and edge operations? It's not.
But for now, will this distract these assets? It's not.
But in the long run, I think it may not make the most logical sense to combine the government contracted business with the restaurant business.
So I think we're constantly evaluating what price it makes sense to give it up, calling it the fee relief it offers us today.
I think we are still constantly evaluating this and I think it has something to do with the size of the business.
So we are very confident in this business.
As you have heard me on other phone calls, we think our profit margin in this area is close to the highest.
But we need to make sure we get a price that rewards cash flow because I don't think we want to be the main seller cash flow for something that has a lot of visibility. Adam Wyden --ADW Capital --AnalystGot it.
I have a few more questions to ask.
The second question, so I mean, obviously, a big blow to this company is traditional management, and obviously, this is 180 from today, but now you know that a lot of the knock-on is enough capital to accelerate growth. -
Accelerate growth before SaaS revenue.
So now you have a big bucket of cash.
I mean you talked a bit in the past about what kind of restructuring needs to be done in order to provide infrastructure and platforms for the next massive growth.
Obviously we saw a lot of things on the Dairy Queen and also heard about some other level 1 players.
Can you talk about your pipeline and your ability-
Let me rephrase it, the installation seems a bit slow when you reassemble, and--
Can you talk about the pipeline and the ability you have to back up to 2500?
Plus the number and rhythm of quarterly installations? Is it resource-driven? Is it backlog-driven?
Can you talk about the rhythm and the acceleration of growth? Savneet Singh --
Chief Executive Officer and President.
This is very interesting.
At present, the accelerated growth is not actually affected by the negative impact of customer demand.
In fact, I think if we let our sales team breathe a sigh of relief, we will again encounter the resource bottleneck problem we are facing.
So our ability to increase the store at a faster rate is ---
It boils down to the developments I mentioned in today's comments.
As I mentioned on my last call, we have done some bad work explaining how much resources we have transferred in Q3, 4 and now in Q1 and Q2, we call it Architecture Building.
So we are very purposefully removing the resources that may be added to new or existing customer's new customer features to focus on that base, which will build a very strong third quarter for us, especially the very strong fourth quarter.
So we think that 2020 will be incredibly exciting because we are making those challenging decisions today where we have the customers we want to bring, but we are focusing on making sure we have a very, very explosive 2020 base.
So we're doing this deal.
I think that's right-term trade-
Because if the foundation is strong, we will be able to continue to accelerate.
Therefore, the ability to scale now is not customer-driven, mainly resource-driven.
So the fundraising of this fund gives us the opportunity to start recruiting soon and increase talent so that we can really, once these bodies are integrated and trained, really strong 2020. Adam Wyden --ADW Capital --
I mean, obviously, you gave us some research on the ARPU of the booking, but I mean, if I look at Aloha to some extent, even Micros, ARPU that does not include payment is about $6,000 per year on Aloha and Micros, I mean, you will see numbers up to 15, 20, I mean, big numbers.
So obviously your average position is doing more in an underwater robot than a product like toast, and you create a lot of hard dollar savings.
I mean, can you talk about how you look at ARPU opportunities in the short, medium and long term?
Obviously, based on our competitive advantage, we see FTDs for new chains with much higher prices.
I think my question is, can you talk about what you think the ARPU opportunity is in hybrid cloud and on-
No prem solution to provide value to your customers? Savneet Singh --
Chief Executive Officer and President.
I put it in a few barrels.
So the first obvious problem is that we have more important pricing controls for sales people so that we can ensure that we can effectively price every opportunity.
So when we price new customers, it will generate some price discipline to make sure that the CAC to LTV formula we are obsessed with makes sense.
I think the second issue you are working on is that you can add all the other products and services to a pointof-
Sales system, many times the customer wants and the most important thing is to pay, as you can see, we have made two or three customers in the field of small and medium-sized enterprises, each of our stores earns four times as much as they do because they pay by paying.
That is why we are moving forward with this payment plan, and we hope to see results in this area this year.
So I think you will continue to see that some kind of new MRR for each store will continue to expand this year as we add these customers ---
Or rather, the products on board.
The third bucket, which I think we are most excited about in the short term, is a partnership and resale agreement with Brink adjacent products.
So there are a lot of times when we are taken to a customer where they are looking for some sort of kiosk solution, delivery management solution or online ordering, online menus, etc, we can work with another organization to get revenue in this way.
So we quickly realized that at the beginning of this year, I think we realized that while we made those investments in our foundation to get 2020 explosive growth and move forward, by reaching these cooperation agreements, we can still drive very significant revenue growth.
You 've seen one or two of these announcements so far, and I think you'll see more happening in the second half of the year.
So this is the third bucket that I would like to see this expansion come from.
So I think our relationship with customer ARPU is very low and I think the future expansion is very good. Adam Wyden --ADW Capital --
On this issue, I mean, can you talk about the relationship between M & A and construction and joint ventures?
I mean, in these things that we see, what we see is a kind of you ---
Brink is sold with restaurant magic and I know CrunchTime is a back up solution, I mean, it's often sold with Brink.
I mean, you can. -
On top of that, we also heard some news about some very large chains, saying, look, we are waiting for a fully integrated solution, so, maybe they don't want to integrate another thing in it, so they want to wait until you have a house, Labor or inventory to integrate.
Can you talk about yours--
More about your ability to work with partners that can accelerate level 1?
Then how do you consider buying these assets or building them internally in order to get ARPU?
Because it seems that at these big first levels, they have a lot of different things going on if they want--
The idea is that once you cover all the bases, then you can live with them and you earn $10,000 a year.
So I guess my question is, I think it's based on what you said before on another issue, but I mean, how do you think you internalize all of this, so you can get all the ARPU combinations and can speed up this adoption? Savneet Singh --
Chief Executive Officer and President.
First of all, let me say, one of the things that I think excites me most about this --of-
The sales business is that I have not yet found a customer who is satisfied with their point of view --of-
Sales suppliers including us.
I often go to our team and say that the threshold for over-completion is too low for us, so we should over-complete.
So I think first of all, we have to do a good job with the products we have.
I think to make sure we can do that, we have made a lot of very, very important decisions this year.
Part two, I think you're doing what you're saying.
So in many ways, our ability to cooperate-
Our first step is cooperation, then mergers and acquisitions, but the first cooperation is because our customers are looking for products that are closer to integration solutions, for them, managing more than a dozen different software products in a restaurant is a challenge, especially if they are a very intense organization with a franchise.
This is a great way to continue management.
So we can be the brains of this organization.
It is a very important strategy for them to help us do this.
We see it now.
That's why we started building partnerships because we can execute them quickly, which gives us some good data to illustrate, Hey, is this working? I think --
Part of the reason we raise money is that we absolutely intend to take an active part in the M & A business.
I won't say a lot of adjacent relationships on this phone because I don't want to create competitive momentum, but we are very excited about having some M & A opportunities to join our products today, because when you list and some of the places you list, I think they are absolutely perfect and we are not there, so there is no reason why we are not there.
So, first of all, we want our products to do a good job because I think we have done it ---
We don't do the best we can, many of them are resource problems, so we will do better.
Second, we will work with the ecosystem to add value to the Brink solution.
The third is mergers and acquisitions.
We are working on these three most important issues. Operator[
Operation instructions]
Our next question comes from [Inaudible]
Cooperate with Sidoti and the company.
Your line is open.
Please continue.
Unknown speakerI is carrying a caller's question.
From the monthly pricing you're talking about, what I'm trying to say is, $200 a month, the price --
Sensitive environment, do you think it will be difficult to implement price increases as you roll out Brink more widely in the second half of 2019? Savneet Singh --
So what I'm trying to say is that it's hard to get real price transparency at this point --of-
Because, as mentioned by the last caller, a lot of the business is tied into payment.
So sometimes it's hard for restaurants to see the real cost of ownership, and that's what our sales guys are doing very well in terms of highlighting, and that's what we're going to continue to emphasize.
So in general, Appleto-
Apple is a bit challenging.
The second reason for Appleto-
You are often looking for different solutions, and Apple comparison is challenging.
The same is true for point of sale, or do you add inventory to inventory and 10 other modules that we and others have.
So, in fact, it's very challenging to have a perfect apple --to-
Apple contrast.
But on your question, we are very confident to expand our MRR by adding value to our customers.
So that's not to say, hey, we're raising the price, it's not what we're doing at all.
We would really say, hey, we 've added a lot of tangible value to you and we'll prove that value, so that's the price we need to reach.
So we would be happy if we could prove this value to our customers.
Similarly, if we can prove the value of other software products we work with, they are also happy to work with us.
So they think our ability to sell their products is a huge win for them.
Therefore, they are very willing to really cooperate with us in terms of income.
Therefore, if we can provide value to our customers, there is no need to defend them.
Like our partners, I think we feel the same way.
Unknown speaker. Got it.
My next question is, in terms of merchant services, how was your early deployment and how was your reception?
Can you give me some color? Savneet Singh --
The chief executive and the president, so we will not launch until the second half of the year.
So we don't have data yet.
But from your initial test experiment, none of this? Savneet Singh --
So it's not something you can test, it's a process of becoming a payment facilitator to see if you're going through--
You can't put your toes in the water, you really have to go all out.
So what did we do, I thought I 'd give you something that I thought was interesting, okay?
So, first of all, almost all other companies, new companies in this area have been successful in promoting this model.
So I would be surprised if we didn't succeed because that's how the market is going, we 've been remiss and we should have done it earlier.
So one of these is catching up.
Second, we have been having a positive conversation with our customers saying that this is something they will find interesting and we are surprised how powerful it is.
Third, today, we often give payment or merchant services to third parties.
I think how many people have accepted their products, not our products, which is very encouraging to us.
So we already have some early signs of success that I call it, but we won't know until we actually launch.
Operator, I am not asking any further questions at the moment and I would like to give the meeting to Savneet Singh for any closing remarks. Savneet Singh --
Thank you for your participation in today's conference call.
We look forward to your update. Operator[
Operator sign]
Participant: Chris Byrnes--
Vice President of Business and financial relations-
Bryan Menar, chief executive and president--
William Gibson, chief financial officer-
Rose Capital partner-
Analyst Adam Wong-ADW Capital --
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