Good day, and thank you for standing by. Welcome to the Fiscal Year 2021 Fourth Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, press star zero. I would now like to hand the conference over to your speaker today, Mr. Chris Byrnes. Please go ahead. Thank you, Chino, and good afternoon, everyone. I'd also like to welcome you today to the call for PAR's 2021 fourth quarter and year-end financial results review. The complete disclosure of our results can be found in our press release issued this afternoon, as well as in our related Form 8-K furnished to the SEC. To access the press release and the financial details, please see the investor relations and news section of our website at www.partech.com. I'd also want to be sure all participants today have access to our earnings presentation and business review slide deck that we will use during the call to better communicate the momentum in our software business. Unfortunately, we're experiencing a minor technical difficulty that should be resolved in the next few minutes to access the slide deck. The presentation and review slides have been furnished in the 8-K that we filed this afternoon. Individuals today on the webcast should have access. For those just dialing in to the call this afternoon, at this time, I'd like to take care of certain details in regards to the call today. Participants on the call should be aware that we're recording the call this afternoon, and it will be available for playback. If you ask a question, it will be included in both our live conference and any future use of the recording. I'd also like to remind participants that this conference call includes forward-looking statements that reflect management's expectations based on currently available data. However, actual results are subject to future events and uncertainties, and the information on this conference call related to projections or other forward statements may be relied upon and subject to the safe harbor statement included in our earnings release this afternoon and in our annual and quarterly filings with the SEC. Joining me on the call today is PAR's CEO and President, Savneet Singh, and Bryan Menar, PAR's Chief Financial Officer. 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? Thanks, Chris, and thanks to everyone for joining us to review PAR's fourth quarter and year-end 2021 results. As always, there's a lot we want to share with all of you today in our prepared remarks, so we'll kick off now. During the fourth quarter, we continued to drive growth in our strategic recurring revenue platform and saw continued margin expansion as we begin to get the benefits of scale. As a company, we delivered a strong fourth quarter, with reported total Q4 revenues of $81.6 million, a 39% increase from one year ago. The revenue growth is driven across all business lines and specifically around our software recurring revenues, resulting in $88.2 million of total live ARR at quarter end and a year-over-year growth rate of 35% when adjusting for the Punchh acquisition. This increase was driven by a 47% growth in ARR coming from Punchh and 30% coming from Brink. Contracted ARR now totals more than $111 million as of December 31, paving the way for a strong 2022. Equally important as we scale ARR is the dramatic improvement we have been able to drive in gross margin within our subscription services revenue. When new management stepped in a little over 3 years ago, recurring revenue gross margins were well below 45%. At the end of Q4, we're now at 70% and expect this to continue to expand over time. This growth has been driven by an intense effort on ROI-focused engineering and improved Brink architecture and economies of scale. Our strong results this quarter were driven by a high level of execution across the business and continued demand for PAR's unified commerce cloud platform. We've established strong momentum and have continued to build on that throughout 2021. In Q4, we activated 1,075 new Brink sites, a very solid number when considering two significant holiday periods in the quarter, where very little, if any, deployments occur. On a net basis, after churn, Brink's total store count now totals near 15,830, a 35% increase from one year ago. Brink bookings totaled near 1,200 stores in the quarter and saw improved cadence in Q4. Brink continues to report extremely low churn, and this quarter was no different, as churn was 3.2% annualized. Now turning to Punchh. We continued to outperform with Punchh and added more than 3,200 sites in the quarter that now total more than 56,000 sites, a 36% increase in the last 12 months. We signed eight new customer logos in Q4 that added to our impressive contracted store list. Digital loyalty programs are critical to the future of restaurant marketing. Applications like Punchh make it easier for brands to connect with their most loyal customers and increase customer lifetime value where it counts most. The National Restaurant Association suggests that if restaurants are focused on increasing their order flow through phone or tablet, whether it's delivery, online ordering, or even your tableside POS, those restaurant businesses will struggle to compete. With the rapid growth of digital ordering during the pandemic, the demand for a leading loyalty app has never been stronger. As the number of channels expand, the need to understand customer LTV expands, thereby pulling more Punchh demand. Restaurants are moving to understand individual customer lifetime value versus individual stores' unit profitability. We're also beginning to see momentum within the C-Store segment as the industry seeks a more robust loyalty solution similar to restaurants. PAR Payment Services pipeline grew significantly in the quarter, and we were extremely pleased to recently announce the selection by Smoothie King to use PAR Payments engine in all 1,000+ stores. We continue to see increased interest broadly across the Brink and Punchh customer bases. I am confident additional upsell and new customer opportunities will accelerate this year as more and more enterprises are seeking an integrated payment offering from a trusted technology partner with competitive and transparent pricing. PAR is all of those things and more. Although still early in our payments initiative, we have seen notable acceleration in our customer wins during 2021 and believe this revenue stream will be meaningful to our future financial performance. Moreover, it's given our team confidence excuse me, in our ability to upsell new products. Our product business continues to perform well in a difficult and challenged environment. Product revenues in the quarter continues to strengthen year over year and improve sequentially as well. Product sales were reported at $32.2 million in this recently ended quarter, a 48% increase. The capital purchase environment for restaurants is always tricky, and that is even more so during the pandemic and the global supply chain difficulties thrust upon several end markets. As I mentioned previously, we're not immune to those challenges around the supply chain, and we've experienced some margin impact with the costs associated with the current realities. However, as witnessed in our margins, we were actually able to expand margins over the year given the strong work of our operations and procurement teams. Regarding the supply chain specifically, we will continue to diligently manage our partners and vendors through any shortages, price inflation, and increase in freight charges. We believe we're uniquely positioned to create a greater diversity of supplier sources, while at the same time technology enabling operations and management of supply inventory. We anticipate continued volatility in our sourcing channels and expect to closely monitor real-time upstream and downstream visibility across the supply chain to help us predict and plan for adverse events. Now to briefly report on our government business. In the quarter, we reported revenues of $18.8 million, a 2% increase when compared to Q4 of last year. With a large new contract we announced in November, we anticipate acceleration in revenues in 2022 as task orders are assigned. As a reminder, the U.S. Air Force Research Laboratory awarded a single award of $490.4 million IDIQ contract for counter small unmanned aircraft system work on software, hardware, and technical documentation. The award has a contract term of six-year ordering period with additional two-year order of performance beyond the original six. We will recognize revenue as task orders are assigned, but we are seeing an immediate impact on our contract backlog that grew to $195.3 million at the end of Q4, a direct result of the new contract award. In addition to our accelerated revenue growth in 2022, we'll continue to seek out additional contract opportunities where we can leverage our decades-long experience in performance excellence, specifically in value-added revenue contracts that include direct labor and high-tech contract work within our Intel solutions business line. Let me now talk a bit about where we see things going from a business perspective. Looking back on my time at PAR, there's been significant progress in driving operational improvement and an accelerated focus on meaningful growth innovation. We believe that in order for a business to benefit all of its stakeholders, its employees, its customers, its suppliers, its shareholders, and its communities, that business has to win. Winning to us is driving a very profitable business for a very long time. While we are in an aggressive investment period given the TAM we serve, we're also constantly focused on driving operating leverage on every expense line of our recurring revenue cost items. This focus has led to a dramatic growth in gross margin and demonstrable efficiency on our sales, marketing, R&D line. In addition, we continue to solidify the senior leadership team, adding individuals with proven track records of delivering efficiency improvements, cost discipline, and growth. We reorganized and integrated our product engineering teams to bring needed focus on our unified commerce platform, while at the same time better structuring the organization to move quicker to address customer needs. These changes are designed to foster collaboration across the entire product portfolio and establish linkages critical to bringing innovative new ideas to markets quickly and cost effectively, while ensuring we are aligned with the needs of our customers. As we continue to make these organizational changes, we recognize the need to maintain our focus on bringing operational discipline and accountability to the business while realizing sustainable long-term revenue growth. As I mentioned earlier, a big part of this focus is on driving profitable growth, specifically on our subscription revenue streams. Our goal is not only to grow ARR consistently, but to drive operating leverage within every line of our P&L every single year. A great example of this is within Brink, where in 2021, we grew ARR in excess of 30%, while SG&A stayed almost flat, excluding our acquisition. Combining this focus with a formulated revenue model, we expect new customer signings along with upsell and cross-sell opportunities to deliver consistently 30%-40% year-over-year ARR growth and will help define PAR as the industry leader. While we've grown ARR almost 8x in three years, we're very cognizant that we're still at the very beginning of our transformation, as is the industry that we serve. Our goal in building our unified commerce platform is not to create a bundled solution, but to deliver a product back to the customer that puts the power back in their hands. We hope our platform allows our customers to stop focusing on vendor management and instead spend that energy on delivering a unique customer experience. In closing, I and the PAR team wanted to send our support to our team members based in Ukraine and to their broader community. Our primary concern is their safety and their family's safety, and we're monitoring the situation closely and in contact with them to offer assistance. I'd also like to thank all of PAR's employees for their dedication and effort over the past quarter. We've gotten a few key items right, excuse me, and a few wrong, but our continued focus on winning together has allowed us to move quickly when we veered off course and focus on our future. It's not been easy, but it's worked because we've done it together. With that, I'd like to hand it off to Bryan, who will review our financial performance in greater detail. Thank you, Savneet, and good afternoon, everyone. Total revenues were $81.6 million for the three months ended December 31, 2021, an increase of 39.4% compared to the three months ended December 31, 2020. Net loss for the fourth quarter of 2021 was $25.6 million, or $0.95 loss per share, compared to the net loss of $13 million or $0.60 loss per share reported the same period in 2020. Adjusted net loss for the fourth quarter of 2021 was $9.8 million or $0.36 loss per share, compared to an adjusted net loss of $11.7 million or $0.54 loss per share for the same period in 2020. Product revenue for the quarter was $32.2 million, an increase of $10.4 million or 48% from the $21.8 million reported in the prior year. The strong growth was primarily driven by hardware refresh investments by our domestic Tier 1 accounts. Service revenue was reported at $30.6 million, an increase of $12.3 million or 67% from the $18.3 million reported in the prior year. The increase was primarily driven by revenues from Punchh of $9.4 million, which included SaaS and related recurring services of $9.2 million and other services of $0.2 million. Total SaaS and related recurring services reported in Q4 2021 was $19.2 million compared to $8.3 million in Q4 2020. The company continues to expand our total recurring revenue base, which includes both software related services and hardware support contracts. Of the $30.6 million of service revenue reported in Q4 2021, $25.6 million is comprised of recurring revenue contracts as compared to $14.7 million in Q4 2020. Contract revenue from our government business was $18.7 million, an increase of $0.4 million or 2% from the $18.4 million reported in the fourth quarter of 2020. The increase in contract revenues was driven by a $0.4 million increase in our product services product line. We expect the $4,490 million IDIQ contract announced in Q4 2021 will help drive significant contract revenue growth in 2022. Contract backlog continues to be significant, noting a total backlog of $195.3 million as of December 31, 2021 compared to $150.5 million backlog as of December 31, 2020. Now turning to margins. Product margin for the quarter was 23.4% versus 17.4% in Q4 2020. The increase in margin was primarily due to favorable product mix and favorable absorption of overhead costs due to the increased hardware revenue. We continue to monitor our pricing to properly reflect changes in the cost structure. Service margin for the quarter was 32% compared to 12% reported in the fourth quarter of 2020. Increase in margins was driven by non-recurring charges taken in the fourth quarter of 2020. Service margin during the three months ended December 31, 2021 included $5.2 million of amortization of identifiable intangible assets compared to $1.6 million during the three months ended December 31, 2020. Excluding the amortization of intangible assets, service margin for the three months ended December 31, 2021 was 48.6% compared to 20.8% for the three months ended December 31, 2020. This growth in margin was driven by our expanding software margins, as Savneet commented earlier. Government contract margins were 6.7% as compared to 8.3% for the fourth quarter 2020. The decrease was due to billing rate adjustments within our ISR business line in the fourth quarter of 2021. We expect contract margins to be more consistent with historical trended margins going forward in 2022. GAAP SG&A was $24.9 million, an increase of $10.6 million from the $14.2 million reported in Q4 2020. The increase was primarily driven by $10.3 million in total Punchh operational expenses, of which $3.9 million is stock-based compensation. It's worth noting that almost the entire growth in SG&A came from our acquisition of Punchh, and as Savneet mentioned, our intense focus on the profitable growth allowed us to expand Brink revenue year over year with minimal incremental investment in SG&A. Net R&D was $10 million, an increase of $4.4 million from the $5.6 million recorded in Q4 2020. The increase is primarily driven by $3.1 million for Punchh and $1.3 million related to additional investments in our other existing products. Net interest expense was $5.6 million compared to $2 million recorded in Q4 2020. The increase is driven by non-cash interest charges related to the 2027 convertible notes. Net interest expense for the quarter includes $3.7 million of non-cash accretion of debt discount and amortization of issuance costs. That's compared to $1.1 million for the same period last year. Now to provide information on the company's cash flow and balance sheet position. For the 12 months ended December 31, 2021, cash used in operating activities was $53.2 million versus $20.2 million for the prior year. Cash used for the twelve months ended December 31, 2021 was primarily driven by an increase in pre-tax net loss, net of non-cash charges and additional net working capital requirements, primarily because of an increase in inventory and an increase in both other assets and other current assets as a result of the Punchh acquisition. Cash used in investing activities was $383 million for the twelve months ended December 31, 2021 versus $9 million for the twelve months ended December 31, 2020. Investing activities during the twelve months ended December 31, 2021 included $374.7 million of cash consideration in connection with the Punchh acquisition. Capitalized software for the twelve months ended December 31, 2021 was $6.9 million associated with the investments for various hospitality software platform, versus $7.9 million for the twelve months ended December 31, 2020. Cash provided by financing activities was $443.6 million for the twelve months ended December 31, 2021, versus $180.7 million for the prior year. On April 8, 2021, we received net proceeds of $155.7 million from the private placement of our common stock, in addition to the net proceeds of $170.7 million from the term loan. On September 17, 2021, we received net proceeds of $256.8 million from our offering of the 2027 notes and $52.5 million from our equity offering. We used approximately $183.6 million of those proceeds to repay the term loan in full. Re-refinancing allowed us to save over $5 million in annual cash interest. During the twelve months ended December 31, 2020, we received net proceeds of $49.5 million from our offering of the 2026 notes, which reflects our use of the $663 million to repurchase a majority of the 2024 notes, and we received net proceeds about $131.4 million for our public stock offering in the fourth quarter of 2020. Inventory increased from December 31, 2020 by $13.5 million. We strategically increased our inventory on hand to mitigate supply chain shortages and delays while ensuring we can service our enterprise customers' demand for installations, which resulted in a historically high hardware revenue year. This proved to be a smart investment as we were one of the few companies to successfully fill customer demand while operating in a supply chain-challenged environment. Accounts receivable increased by $1.8 million compared to December 31, 2020 due to increased sales volume and Punchh acquisition, offset by reduction in days sales outstanding. Days sales outstanding improved within restaurants and retail from 74 days at December 31, 2020 to 58 days at December 31, 2021. Days sales outstanding increased within government from 51 days at December 31, 2020 to 55 days at December 31, 2021. This concludes my formal remarks, and we'll now move to Q&A. All right, as a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. Again, that is star one on your telephone. Please stand by while we compile the Q&A roster. First question comes from the line of Mayank Tandon from Needham. Your line is now open. Thank you. Good evening. Congrats on the quarter. Savneet, I wanted to see if you could maybe provide some thoughts on the trajectory in 2022, maybe sort of reconcile the ARR numbers that you shared with us. Even though you're not giving formal guidance, how we should think about the growth between the various segments, and I was thinking more in terms of hardware, software, and services on the restaurant and retail side. Sure. On the subscription services side of what we do, which is Brink, Data Central, and Punchh, we expect to grow 30%-40% a year, this year and every year going forward, and there's lots of opportunities for that to go beyond it, but that's sort of where we you know, conservatively expect to be. We expect that to be in that range for Brink, Punchh. Data Central will be slower, you know, given that what we're coming off of, but in total, we expect it to be 30%-40% growth on the subscription services side. On the product side, which is the hardware business, last year was a refresh year, so we won't have. I don't think we'll have a massive growth year or an up year on the hardware side. That's expected given last year was a refresh year. Then on the remaining set of services, we'll have growth, but sort of, you know, single digit type growth on the remaining services. You know, the key point I think is that the SaaS business continues to grow nicely 30%-40% and margins expanding, as we talked about in the call. Just to sort of surmise based on your comments, is it fair to say that the total restaurant business can probably grow at least at a healthy low double-digit pace? Maybe I'm understating it, but just wanna get some sort of sense of like what we should be modeling as we look into the rest of the year. Yeah, of course. Again, we don't look at so much as a restaurant segment as is, you know, what is our recurring revenue base growing versus the hardware side of it, given that, you know, we think that they're very different businesses. If you were to combine the two, absolutely. Got it. Just as a quick follow-up, in terms of investments, the focus on your side in 2022, could you talk about what are the priorities for you? Maybe a timeline on the EBITDA profitability, when do you expect to hit breakeven or better still profits on the EBITDA line? Absolutely. From an investment perspective, you know, for us, it's pretty clear if you look at the P&L, it's obviously an R&D shop that's building product and shipping product. I'd expect in 2022 that investment in R&D to be coupled with strategic M&A, which we've talked about in the past and expect to do this year. That's where I think you'll see the investment. From a breakeven perspective, we expect to hit it next year. As I said, we have all the levers to turn it on very quickly, but you know, the goal is to continue to invest and grow while getting there. Given the quantum of cash we have on our balance sheet, you know, we're in a really comfortable position to continue that investment. As I mentioned, you know, as managers, we are all targeted to grow ARR while growing efficiency on every line of the P&L. We expect that to happen this year, which, you know, very comfortably takes us to where we wanna be in 2023. I need to be clear, are you referring to EBITDA profitability for all of 2023, or would that be sort of an exit target? Before the end of 2023. It wouldn't be by the end. It wouldn't be for the full year, but within 2023. Got it. Thank you so much. Next one on the queue is Stephen Sheldon from William Blair. Your line is now open. Hey, thanks guys. Just first here, congrats on the Smoothie King payments win. It seems like a big win for you guys. You talked about some of the prepared remarks, but how are conversations going there with other potential enterprise clients to potentially adopt your Payfac solutions? Does this win potentially give you more ammo to go after that opportunity, I guess, as kind of a reference point for other customers? Just stepping back, what are you targeting, I guess, to think about the payment side as you think about the next, call it, two to three years? On your first question, you know, absolutely. I think when you know, when we've talked in the past, we never thought we'd be in the market for the enterprise accounts as something this large. We feel really good about the economics there. It's certainly given us the confidence that we can sell our solution not just to smaller concepts, but you know, many large concepts that we work with, and will push us more aggressively. But it's also given us a lot of confidence to push even more down-market where margins are even better for us in payments. We feel really, really good about the payments business. Again, we've always been cautious here, but you know, given that win, it certainly you know, made a lot of people wonder you know, why they did it, and obviously we were super competitive. The entire solution was very attractive to them, which and I think it'll be for many other customers. As our customers roll off their existing contracts, we expect to be in the mix for their business and continue. You know, from how do we look over the next two, three years, we want it to be a very, very large portion of our revenue. You know, it's still small and, you know, as revenue rolls out, you'll get to see the velocity of installs, which is much faster than a point-of-sale install, if you will. You know, we expect it to be a meaningful contributor to revenue two-three years from now. You know, this year we'll see, you know, it will be, like, the core driver of Brink growth this year. In addition to Brink growing from a site base, this will drive tremendous growth. One of the most interesting things about payments in my mind is that it actually helps all parts of the business because it allows you flexibility in winning a deal by offsetting potential CapEx costs for hardware, which accelerates deployments, maybe pulls RFPs forward. It has a lot of parts of payments that make it very attractive. In the short run, we expect it to grow considerably the next couple of years and then become a very large portion of revenue in 2023, 2024 going forward. Now I don't think we will be in a situation where it's 80% of revenue like it is in some of our down-market comps, but you know, there's no reason it couldn't in time be you know, very meaningful relative to our point-of-sale software revenues. Got it. Yeah, it's good to hear, and that's really helpful color. Maybe shifting, I guess, curious where we're at in terms of seeing restaurant owners and operators maybe shifting focus from predominantly front-of-house solutions over the last few years to maybe looking once again at adding Data Central for back-of-house, you know, kind of back-of-house solutions. ARR growth for Data Central has been a lot lower than Brink or Punchh. Curious how you're thinking about Data Central in 2022 and 2023, given what you're seeing and maybe the current pipeline there? It's early. We've got some good wins in the first two months of the year, and we've got a great new leader who's been driving a lot of change there very early on. I think what's exciting about back office is, you know, the back office of the restaurant has not been nearly as innovative as the front of house, and obviously, the pandemic made that even more glaring. I would expect us not only to grow organically here, but also look at some inorganic opportunities as we think there's a lot of room for growth here. It's too early to say if it'll be a great year or an okay year. You know, we are seeing that increased focus and, you know, with revenue growth returning in Q4 and some of the wins that we've had, you know, it should be a good year. It's a little bit too early to say it'll be a blowout year. We'll see after we print Q1 in April. We'll have a good view of where we are. Great. Then just one more quick one. I think you may have given contracted ARR for the first time this quarter. I think you've given it for Punchh before, but it seems like given the step up, it maybe is that for all three of the SaaS businesses combined. Is that how we should think about the $111 million of contracted ARR? That's correct. That's exactly right. That's revenue that's truly under contract. That's not hopes and dreams, but signed deals across all the businesses, which, you know, makes us very, you know, very excited about, you know, you underwrite a very decent growth rate, even if we didn't grow that at all, year over year. Got it. Great. Thank you. Next one on the line is Samad Samana from Jefferies. Your line is now open. Hey, great. Thanks guys for taking my questions. Maybe just one as a follow-up on the guidance. I appreciate kind of putting some guardrails there. Savneet, does that include, I know you said that it's around your contracted revenue, but does that include payments contribution, or would payments be incremental to that 30%-40% ARR? Payments will be within there, and payments will be the lever for us to get to the high end of that or surpass that. You know, we very, as you've heard, you know, very conservatively project out our payments revenues because we were new to it. You know, with the win of Smoothie King, that will certainly be the driver of that contracted ARR number growing, you know, month-over-month. Okay, that's helpful because you answered what was gonna be my follow-up, which is like, what is really the delta between the 30-40 in the range. I know that we're still in a relatively unpredictable world, but it sounds like the 30, you have a fairly comfortable clean line of sight to on just the software part of it. If we layer in payments, that could really That may be a stronger demand environment could turbocharge it to the high end of the range. Is that a fair representation of what you said? Yes. That'd be a very simple way to look at it, and I think that's the right way to look at it. Okay. I appreciate speaking of additional disclosures, the additional margin color as well in the investor presentation. Bryan, I was wondering, is there any type of seasonality that we should be aware of on how those software gross margins will move around from quarter to quarter? Or how should you think about maybe the trajectory of that? I know there's you know, 2019 versus 2020 is different because of the timing of customers going live and the revenue mix. But just if I'm baselining off of that 4%-70%, how should I think about that going forward? Yeah, there's no seasonality in the actual margin throughout the year. What we experienced during last year was we saw significant improvement in our margins, especially on our Brink business and how we were able to manage out the cost per site in there. We exit this year pretty strong, and so you'll see that increase throughout. We know we're expecting to continue to see improvement in that, especially as we have product mix shift more into on the SaaS growth within the subscription services, and some continued improvement on the actual cost themselves, but no seasonality. Great. Just last question for me. When I think about the core subscription ARPU, how are you seeing ARPU for standalone deals for Par, for Brink versus Punchh? Maybe what are you seeing on a consolidated basis when you're doing a multiproduct type of deal, how does that compare to maybe the historical ARPU? Great question. On the Brink side, we did raise prices leaving 2021 up double digits. I don't wanna disclose it for competitive reasons. We did raise prices double digits on the Brink side, so new deals are being quoted higher. You know, importantly, we've also sort of been able to bring in deals across all products now. You know, generally we're not in the business of bundling for a discount. What we'll do is package the deal for accelerated deployment. If it's the customer buying all three products with a traditional multiyear deployment, you know, the ARPU holds really nicely, and we've got a couple of great examples of that. You know, we're in the business of selling for value, not selling for cost, and we sort of continue. Across the product lines, Brink had the most significant price increase, followed by Punchh and then Data Central. We are raising prices. You know, even though we don't focus on this a lot, I mentioned this on the call, but even in this crazy supply chain environment, you know, we expanded margins pretty considerably on the hardware side, and a lot of that was cost and interest, but it was also through price increases. Great. Very helpful. Thank you, guys. All right. Again, if you would like to ask a question, please press star one. Next one on the queue is George Sutton from Craig-Hallum. The line is now open. Thank you. We're coming up on a year since you acquired Punchh, and one of the areas of enthusiasm when you did that was they sell at a headquarter level versus the more regional and franchise level that you typically sell at for point of sale. I'm curious if you can kinda give us a sense of how that combination has started to work to your cross-selling favor. Could you also just let us know what in general do you see as the sales cycle for both sides of the business relative to now this one year of ownership? Yeah, sure. First to your question of, you know, selling at the corporate level versus the franchisee level, you know, we—it's an amazing, you know, experience for us to sort of win a deal and be rolled out in six months and never have to, you know, make a call. It's a powerful business model at Punchh, which is why we like it so much and think there's a lot to do with it. Brink is still a win the corporate deal and then convert the franchisees. Where you'll see that change, George, is when we finish the release of our unified platform, which will be a new product in and of itself that comes as one. Until that happens, it'll still be like that. It certainly, as I said on the last question, what's helping us is when we are able to sell the value of the solution combined upfront, and there's a lot of value just in having all the products day one. We're able to then pull in RFPs that before would be out a year and saying, "Hey, if we do this now, here are the benefits of the solution that you can get." It's being sold that way. That's how it's handled today. I think what we're excited about is when we come out with our unified platform, the ability to leverage the Punchh model as the model, as opposed to the current point-of-sale model, which is a much longer rollout period. Gotcha. Secondly, I'm happy to tell you if you haven't heard, we are leaving the pandemic era and moving towards an endemic era, and that means we're going back to restaurants and sitting at tables. You had been ready to really launch your table service offering a couple years back. Can you just give us an update on that part of the opportunity? Yeah. Hold on that question. We'll have something exciting to announce later in the year, but we're looking at some creative solutions to help solve table service challenges. You know, things like QR code ordering, things like QR code payments, to make our solution more robust in that market. We agree with you. We think it's a great opportunity. I think one of the things that we're also very cognizant of is, as the economy potentially heads towards a recession or economic slowdown, you know, our existing base is the best place to be. That QSR market tends to take share during challenging times and will invest in more technology. We feel pretty good on both ends of the spectrum. We are coming after that table service market in a very creative way, which we'll talk about a little bit later in the year. Great. Thanks, guys. Thanks, George. Next one on the line is Adam Wyden from ADW Capital. Your line is now open. Hey, guys, couple questions. Kind of building on what Samad said, you know, when I first invested in this company, you know, previous management had made some real gaffes as it relates to pricing. Now, I won't call out any specific Tier One chain that paid $50 a month. You know, can you talk a little bit about how you're rectifying, you know, kind of previous management's gaffes as it relates to pricing, you know, you know, what the cadence of kind of bringing those guys up to market is, and you know, I guess, you know, another thing is, you know, people have criticized PAR a little bit that you haven't gotten up into the super Tier Ones. Can you talk a little bit about how you kind of, you know, focus on these kind of 500-1,000-unit chains that have, you know, basically, not ripping out other old point of sales, actually value technology, are willing to pay the right price and, you know, aren't gonna rake you over the coals? I mean, that, you know, that the super Tier Ones are kind of the bottom end of the funnel. Can you talk about kind of the pricing strategy on existing- Sure. Kind of how, you know, how you think about going after kind of growing size chains and pricing those and kind of the cadence of all that? Sure. I think I got it all, Adam. You're cutting a little bit in and out, but I think I got it all. Thank you. First on the pricing side, it's a great question, and I should add to Samad's comment about, you know, payments being a lever. Pricing is also a big lever for us this year. You know, in 2021, we suffered from the low price deals that were committed to, you know, years ago and rolling those deals out. While we had good activations, the ARPU was lower because we were rolling out old deals. This year, as I mentioned, we put through some significant price increases on new customers to make up for the new environment that we're in. In addition, every single deal is now done through, you know, a very formal CTQ process, and we feel very good about our ability to raise price. The most important part of raising price in any business is the customer getting value. With Brink, you know, candidly being stable and working, and we, you know, as you can see from our, the dramatic growth in Brink margins, product's freaking is working great now. As a result, we're able to go back to customers, demonstrate the value, demonstrate the quality of the product, and we are not having challenges raising price. In Q4, we began our first set of price raise on existing customers, and we had no pushback. We had no pushback because we have a great product that has been underpriced, and we expect to continue to do that this year, across the product, Brink product line. We'll apply that as well to the Punchh product, which in and of itself is with, you know, had the same sort of, I call it entrepreneurial hustle type deals that we'll address. Does that answer your question? Yeah. I mean, basically what you're saying is that, you know, you will start getting, you know, as you demonstrate the value that you're creating for folks, I mean, it was hard to raise prices on guys when the Net Promoter Score was down, but you've invested a lot of money in tech debt and making sure the product is working. You know, look, you know, when NCR is charging $6,000-$8,000 for their cloud point of sale, you know, there's a lot of distance between, you know, what our average ARPU for Brink is and kind of what other people are charging. But, you know, it's an iterative process and not- Adam, I realized I skipped your second question, which was the Tier Ones and versus Tier Twos. You know, one of the things that- Yes, yes What payments has opened up for us is this Tier Two market is extremely juicy for us. It's a market we win really well in. You not only get to sell Brink, Punchh and Data Central, but you sell a very healthy payments product, which actually accelerates point of sale because you can then offset hardware CapEx with payments. We are very, very excited to be much more aggressive in that market. These are really healthy customers that are growing. We are in processes with large Tier One accounts and expect to win there too. It's not like we're avoiding those markets at all. We feel really good about that sort of, you know, call it a few hundred stores up to 5,000, where there's a lot more activity from an RP perspective. We feel very good about that space. Okay, this is my last question. By the way, to the extent that you win these Tier Ones, and I know you've got super Tier Ones right now, I just hope that we get them at multiples of carry-on same-on pricing. Obviously the value is demonstrable, and if other people can charge $6,000-$8,000, $10,000, we clearly can charge it. Like, let's just keep that in mind. My second question or last question is, when you think about, you know, kind of the kind of ecosystem, and I call it kind of work, you know, the restaurant software modules. I think about Brink as kind of the brain, and then I think about all the little modules underneath that. You know, Brink itself is the brain. It's Microsoft Windows. Then all the programs underneath it are like Microsoft Excel or PowerPoint, and you need Windows to run those. The irony is the pricing power and the ARPU opportunity on the Excel and PowerPoint is very, very high. I mean, you see Presto, you see all these things. When we kind of, you know, play, you know, chicken soup with all the different things, you know, we get to an ARPU that is substantially higher than kind of where we are right now. You guys say $25, we're getting to numbers closer to $50,000 when you include payments. Can you talk about, you know, you talked a little bit about table service, but, you know, there's rails, there's online ordering, there's, you know, drive-thru, there's kiosk. I mean, you know, there's Data Central export Bridge. I mean, you know, we're hearing people, you know, $10,000-$20,000 for that. I mean, can you talk about, you know, how you're thinking about the internal development of these modules? You know, because it's like, you know, the Brink is very hard to get in. It's hard to get in, it's hard to get out, but it's much easier to sell these value-added modules, you know, to existing customers. Can you talk about, you know, kind of the organic and inorganic initiatives, you know, that's gonna bridge the gap between, you know, the $6,000-$8,000 that we have now to the 50? Absolutely. I mean, I think that's the entire thesis of the company. You know, as I mentioned, you know, we're gonna grow ARR very comfortably at 30%-40% a year. That's what I call just a very aggressive upsell motion. You know, we think there's a ton of innovation to happen, ton of product to sell, and before all this innovation happens. I mentioned a little bit earlier, but obviously there's a lot happening. There's ordering rails, that sort of front end, but there's also an immense amount to happen in the back office, the kitchen, and sort of the team management parts of the world. We will be aggressively inorganically and organically investing to get after that. As you said, ironically, as we sell more product, it becomes easier to sell the next product. It becomes reflexive in nature, and we, you know, feel very good about it. As I said, while it's been incredibly exciting to see how much payments momentum we've gotten so quickly, particularly in these large customers, it's also shown us how much more we should be upselling across the base because we've been successful in one product. All right, next one on the queue is Anja Soderstrom from Sidoti. Your line is now open. Hi, thank you for taking my questions. Just wondering and curious about the installments. You said it slowed down a little bit in the fourth quarter due to holidays. You had a very strong third quarter. What should we expect from the first quarter and the couple of coming quarters? Well, it's hard to say, but generally, you know, Q4 is a slower activation quarter because of the holiday period. You don't, you know, touch the stores during those periods of time. You lose, you know, 10 days of installs and lots of planning and so on and so forth. We expect to be a good quarter in activations. You know, the goal this year is to combine strong activations with ARPU growth as the last caller mentioned. That combo is what gets us to that 30%-40%, you know, very comfortably. I expect us to be, you know, at a, you know, our. Higher than our current CapEx in going forward, but combining that now with ARPU growth, which is a big theme for us this year. Okay, thank you. You mentioned you are continuing looking at M&A opportunities. What are you seeing there in terms of opportunities and valuation levels in this market? Yeah, it's very dynamic. You know, obviously with SaaS selling off and us being part of that, it's made the M&A framework a little more challenging, but not nearly impossible. We still feel very good about some of the stuff we're working on. I would say in the last week or two, we have seen the private market valuations finally start to tick downward to match public markets, which is very, very exciting for us. You know, obviously, we can't talk too much about it, but you know, we've been very open that you know, we've built out a really strong M&A team. We feel great about the successes having Punchh. Obviously, you can see it from the numbers, but also from the culture of the team that we... You know, our ability to promote both from Punchh and Brink across PAR. You know, we feel like we're a great home for a lot of these businesses that are, you know, now running without potentially the VC treadmill into an economic recession. PAR is a great home for a lot of businesses. We hope that this change, in many ways is very beneficial for PAR. Okay. Thank you. That was all for me. All right. Again, if you would like to ask a question, please press star one. There are no further questions on the queue, sir. Great. We'd just like to thank everyone for participating on today's call, and then enjoy the rest of the evening. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.