PAR Technology Corporation (NYSE:PAR) Q2 2023 Earnings Call Transcript

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Savneet Singh: Sure, and we have signed more than three chains that I was just highlighting that, we have got three more that are in the hopper they are about to sign that will double the store account we have already. So it has been very exciting. I think what is driving this is a few things. The first is when you partner or couple Brink, excuse me, menu and Punchh it is a really a hard solution to be, the integration is strong. Obviously the interactions between our products is very tight and our teams and so there is a real value add to the customer overnight and they see that. The second is that menu fundamentally we believe is the best product in the market. The best way is sort of seeing a demo. When we show demos to our customers, it is always a little bit of like, wow, how did you crawl into my head and know exactly all the challenges I have with my existing solution?

And so our demo is, is why we win. And I mentioned this in the last call, but we won a decent chunk of business, without really driving hard on the sales initiatives like we do on other products and that will come. So, the product itself is really what is winning and that partnership with Punchh is very powerful. As far as who we are displacing, we are displacing the legacy online ordering companies that exist for a long time. There is a couple big players that we see pretty much in every logo. And it is very exciting because, we are just starting and this is going to be a snowball over time. One point I should mention is, I believe, I’m pretty sure every single online ordering deal we sign also includes payments, and so it is a nice two for deal, if you will.

Jeremy Sahler: And can you maybe provide an update on table services? Are you targeting any specific customer sizes and kind of, I guess where is the product now? Any features that you still need?

Savneet Singh: Yes, so, you know, one of the things that is I think really exciting about the bring business is just, how much it is, it is pulled in for this year, but the large table service chains that we won at the end of 2022 are actually going live, as I mentioned on the last call in 2024. And so, we have been able to kind of continue this momentum and Brink without those, but specific to your question. We continue to see deals inbound from the very largest of chains on the table server side to smaller and medium-sized chains. And so that pipeline is growing really nicely very high ARPU. And it continues, I think to highlight the sheer fact that Brink is even in the RFPs, I think highlights the product market fit that we have started to hit with our customers.

Operator: Our next question comes from Eric Martinuzzi from Lake Street Capital Markets.

Eric Martinuzzi: Yes. I wanted to first focus on the guest engagement. You are obviously making a pretty substantial investment in your emerging business lines. You talk about a second half scale up. Is that in anticipation of winning business or servicing business you have already won?

Savneet Singh: We have already won. So, MENU was won a number of deals and end of Q1, Q2, and then we expect a couple nicer ones this quarter. So it is very much deals that are signed that we need to get out the door.

Eric Martinuzzi: And then on the operator solution side of the house. Curious to know if the pipeline tempo. Are you seeing any change in the rate of progression for some of your up funnel conversations?

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