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PAR Technology (PAR) Q1 2019 Earnings Call Transcript

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PAR earnings call for the period ending March 31, 2019.

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PAR Technology (PAR -7.88%)
Q1 2019 Earnings Call
May. 06, 2019, 4:30 p.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Good day, ladies and gentlemen, and welcome to the PAR Technology fiscal-year 2019 first-quarter financial results conference call. [Operator instructions] As a reminder, this conference is being recorded. I would like to introduce your host for today's conference, Mr. Chris Byrnes, vice president of business and financial relations.

Sir, please go ahead.

Chris Byrnes -- Vice President of Business and Financial Relations

Thank you, Michelle, and good afternoon. I'd also like to welcome you today to the call for PAR's 2019 first-quarter 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

At this time, I'd like to take care of certain details in regard to the call today. Participants on the call should be aware that we are recording the call this afternoon and it will be available for playback. Also we are broadcasting the conference call via the world wide web, so please be advised 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.

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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 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 Singh -- Chief Executive Officer and President

Thanks, Chris, and good afternoon. I thank you all for joining us today. I will begin today's call with an overview of our first-quarter results for fiscal 2019. I'll then turn over the call to Brian Minard, our CFO, who will review our financial performance for the quarter in further detail.

I will then conclude today's prepared comments by discussing our segment performance and milestones related to our growth drivers and steps we are taking to improve execution of our strategic plan. To begin, I'm very happy to report on our recent convertible debt offering and capital raise of $80 million, on what we believe to be very favorable terms. The proceeds will allow our company to invest in specific areas that accelerate our business growth, solidify our leadership position in enterprise point of sale software for restaurants and finance potential acquisitions to build out our Brink solution. We are positioning our business to take advantage of significant opportunities that are in front of us.

We are focusing on enhancing features and functions in our restaurant-tech platforms, restructuring our management team and sharpening our go-to-market with a constant focus on Tactile TV. I'm please to update you on the China-Singapore investigation and its current status as well. On April 10, the Securities and Exchange Commission notified us that based on current information, it did not intend to recommend enforcement against PAR. Shortly thereafter, the U.S.

Department of Justice advised us that it too did not intend to proceed. I am proud of the control initiatives we have put in place in response to this matter and our overall compliance program. Now to review our first-quarter 2019. This afternoon, the company reported first-quarter revenues of $44.7 million, compared to $55.6 million in the first quarter of last year, an 19.7% decrease.

This decrease was primarily due to lower hardware revenues associated with Tier 1 customers, down 41% year over year and a 6.3% decline in government contract revenues versus Q1 last year. We reported a GAAP net loss of $2.7 million and a loss per share of $0.17 in the quarter, which included non-GAAP adjustments totaling $0.9 million which are detailed in our press release. On a non-GAAP basis, we reported a net loss of $1.8 million and a loss per share of $0.11 in the quarter. This compares to a non-GAAP net income of $0.6 million and $0.04 per diluted share last year.

I would now like to turn the call over to Bryan for more detailed reporting on the quarter's financials. Bryan?

Bryan Menar -- Chief Financial Officer

Thanks you, Savneet, and good afternoon, everyone. I would now like to take this opportunity to provide some additional details surrounding our first-quarter results. Product revenue for the quarter was $15.5 million, down $10.8 million, a 41.1% decrease compared to Q1 2018, primarily due to reduced hardware projects with a Tier 1 customer in the first quarter of 2018. Product revenue related to Brink was $4.5 million, an increase of 71% from $2.6 million for the same period in 2018.

Service revenue for the quarter was $14 million, up $0.9 million, a 6.4% increase compared to Q1 2018. The increase was primarily due to Brink's service revenue of $5 million, an increase of 58% from $3.1 million for the same period in 2018. Contract revenue from our government operating segment was $15.1 million, down $1 million, a 6.2% decrease compared to Q1 2018. The decrease reflects reduction in the ISR business line due to contract funding and ceiling limitations largely attributable to one of ISR programs that is currently undergoing an organizational funding transition.

The contract backlog continues to be healthy, knowing a total backlog of $135 million as of March 31, 2019, and a trailing 12-month book of 1.3 times. In regards to margin performance for the quarter, product margin for the quarter was 27.6%, compared to 26.2% in Q1 2018. The increase in product margin was primarily due to favorable sales mix. Service margin for the quarter was 28.6%, compared to 27.7% in Q1 2018.

The increase in service margin was due to a favorable product growth of Brink. Government contract margin for the quarter was 9.7%, compared to 8.1% in Q1 2018. Increase in margin was primarily due to improved ISR profitability and favorable profit margins with the product sales business line revenue included in 2019 contract mix. Now to operating expenses.

GAAP SG&A was $8.6 million, consistent with Q1 2018, the company increased investment in Brink sales and marketing by $0.3 million, offset by cost savings in G&A and sales cost within other business lines. Non-GAAP SG&A was $7.8 million, down $0.3 million versus Q1 2018. Non-GAAP SG&A adjustments for Q1 2019 included $0.2 million related to the investigation of conduct in the China and Singapore offices, $0.3 million for equity-based compensation and $0.3 million for severance. Research and development expenses were $3.1 million, up $0.2 million versus Q1 2018 with Brink development up $0.3 million.

Now to provide information on the company's cash flow and balance sheet position. For the three months ended March 31, 2019, cash used by operations was $3.2 million primarily driven by net operating loss and additional net working capital requirements. Cash used from investing activities was $1.9 million for the 3 months ended March 31, 2019, with capital expenditures of $0.9 million related to the implementation of our enterprise resource planning system and $1 million of capitalized costs associated with investments in our restaurant/retail segment software platforms. Cash provided from financing activities was $5.8 million, primarily driven by $8.3 million of financing from our line of credit, offset by a $2.6 million distribution related to the final payment for the acquisition of Brink.

As of March 31, 2019, the inventory balance was $22.6 million, a decrease of $0.1 million from December 31, 2018. Inventory turns were three times for our domestic and international operations. Accounts receivable of $29.3 million increased $3.1 million or 13% compared to December 31, 2018. Receivable balance is broken down between government segment for $10.2 million and restaurant/retail segment of $19.1 million.

The restaurant/retail segment days sales outstanding increased from 52 days as of December 2018 to 57 days as of March 2019. Government days sales outstanding increased from 45 days as of December 2018 to 53 days as of March 2019. I would now like to turn the call back over to Savneet to review our business performance in the quarter.

Savneet Singh -- Chief Executive Officer and President

Thanks, Bryan. Now to review our segment performance. First, for our restaurant/retail segment, we have taken the necessary steps to restructure our company that will allow us to support and grow Brink at levels we need to be at to enhance shareholder value. This restructuring separated our two business units, Brink and core and allowed for the segmenting of operations, marketing, HR and affiliation of services to each organization.

I believe that our historical model around centralization created complexity, slow decision making, a lack of direct accountability and opaqueness around organizational structure. I believe today that our decentralized model will allow both our core and Brink businesses to achieve their potential and be built around their respective teams, business models and return profiles that will highlight our focus on measurable return on invested capital and allow each business line to grow as to their performance. In addition, we're taking steps to reduce the amount of SKUs in our inventory and free up additional capital resources. In 2019, we are targeting a 50% reduction in SKUs associated with our Brink business and a 35% SKU reduction related to our core business.

These reductions are expected to yield an 18.4% overall reduction in manufacturing inventory by year's end and it is my belief that it will also help streamline our sales cycle and lower long-term service costs. We also taking additional actions to mitigate the estimated $3.6 million China tariff bottom line hit our business is taking by managing our supply chain, substituting products when able and specific price modifications. We expect that these proactive steps will reduce the tariff impacts by $1.6 million. Another area where we're restructuring our operations is field service.

We've changed our operating model to improve field service operating margins and reduce our fixed operating costs. Importantly, PAR will continue to maintain ownership of our customer relationships, contracts and service level commitments. We expect this restructuring will deliver a $900,000 margin gain in 2019. In the first quarter, we activated 683 new Brink restaurant sites.

Our deployments over the past 12 months increased our MRR by 60% versus Q1 2018. And at the end of Q1 2019, the annualized run rate now totals $15.8 million, that includes SaaS and service. A significant increase from one year ago when the ARR stood at $10.3 million. We also booked 719 stores in Q1, have 552 stores in our open order and yet to be deployed backlog in the quarter.

It's very important to note new bookings in the first quarter are now signing on for an average monthly subscription rate of approximately $200 per site as restaurants are investing and valuing the operational benefits Brink provides to their business. The $200 ASP include SaaS subscription and service. We are striving to seek out additional revenue streams associated with Brink wherever possible. We've been successful in increasing subscription prices and driving value from partners in our ecosystem.

Accessibility to our Brink portfolio is extremely valuable to our partner in areas such as delivery management, kiosks, digital signage and labor and scheduling, to name just a few. And we will continue to build out these partnerships to accelerate Brink revenues. It's no secret that development has been a bottleneck for us to scale. We've spent considerable resources in Q4 last year and Q1 this year to achieve improvement in tech efficiency in order to onboard customers more quickly and add necessary features and functionality to satisfy the stringent requirements of many types of restaurant organizations.

We've dramatically reduced critical tech metrics, such as time to stabilize, which was 0 days in the last two Brink releases; time to fully deploy, which was seven weeks and five, respectively in our last two releases; and the number of builds necessary to deploy. The last two releases required only one build, down from a high of 181 builds in the middle of 2017. These improvements are a direct result of the investments we've made into our dev ops team and -- the dev ops team at the end of 2018 and will continue to make for the future. On the payments front, we are on plan to roll out our payment and merchant services solution later this year.

It provides for real stickiness with customers in small to midsize restaurants that are looking for an integrated point of sale and payment solution. While we expect payments to be a significant addition to our recurring revenue, we believe it merely illustrates the value we can add to our customers via new products or partners. This will result in the continued MRR expansion per customer through the year, as we saw this quarter with the addition of new products and partnerships. Now turning to our government segment.

In the quarter, our government business reported 6.3% lower quarterly revenue in comparison to last year. This reduction was planned for and in our forecast, as the timing of certain contract awards and funding gaps is not always seamless. We reported healthy contract margins of 9.7% for the quarter and net income before tax improved by 2.7% for the quarter over Q1 2018. We continue to focus new business development efforts on Intel solutions to support intelligence agencies, armed services and tactical edge war fighters.

Our government business continues to provide stability, G&A release and cash flow. In summary, it's been an exciting start to 2019. Our strategic capital raise has significantly strengthened our financial position to support our future growth. We have adopted policies to streamline our operations and improve our decision making.

We are aligning our teams, tools and processes to support our customer focus, and I see excellent opportunities ahead to invest and grow our business and expand margins. As I had previously said, our capital allocation will continue to be the chief priority of our company. We are confident that the initiatives we've started and are building upon will contribute to long-term creation for our shareholders -- value creation for our shareholders and we look forward to evaluating all opportunities to ensure enhanced shareholders value. In closing, I wanted to relay that I've spent considerable time these past two months meeting with and listening to our customers.

While we have immense work in front of us, our customers are staying committed to Brink, and it is on us to prove that trust right. We value that trust and now have the resources to prove that commitment right. Our new capital raise will significantly help us in this regard. I would like to express my sincere appreciation to the employees of PAR for their efforts and dedication toward achieving our goals during a quarter with rapid and dramatic change.

That concludes our remarks, and I would now like to open the call up for questions.

Questions & Answers:


[Operator instructions] Our first question comes from the line of William Gibson with ROTH Capital Partners. Your line is open. Please go ahead.

William Gibson -- ROTH Capital Partners -- Analyst

First, I missed a number when you were running through everything, Savneet. How many locations have yet been booked?

Savneet Singh -- Chief Executive Officer and President

How many -- are you referring to locations booked this quarter or yet to be booked?

William Gibson -- ROTH Capital Partners -- Analyst

Yet to be booked. Yet to be shipped.

Savneet Singh -- Chief Executive Officer and President

Yet to be shipped is 552.

William Gibson -- ROTH Capital Partners -- Analyst

And what was -- do we have that number?

Savneet Singh -- Chief Executive Officer and President


William Gibson -- ROTH Capital Partners -- Analyst

Oh, 552. Thank you. And merchant services, the payments picks up, are you going to break that out separately? Or does that get thrown in with the SaaS revenue?

Savneet Singh -- Chief Executive Officer and President

We consider that part of our recurring revenue similar to the other partnerships that we're pulling through as you kind of saw the increase in MRR this quarter.

William Gibson -- ROTH Capital Partners -- Analyst

OK. So basically, we should expect to keep seeing that number go up with better margins?

Savneet Singh -- Chief Executive Officer and President

We expect so.


Our next question come from the line of Adam Wyden with ADW Capital. Your line is open. Please go ahead.

Adam Wyden -- ADW Capital -- Analyst

Savneet, congratulations on the capital raise and the permanent seat, we're really excited. So yes, I mean, look, a big part of our, I guess, original activist thesis was that there was a lot of excess corporate G&A and excess costs and legacy businesses and obviously, not enough resources being allocated to your subscription SaaS product. There have been press releases, I know you guys did a big firmwide reduction. But obviously, we were really surprised actually to the upside about kind of the cash burn.

It looks like you guys really mitigated operating losses. And as SaaS ramps up, I mean, the need for government cash flow reduces dramatically. It also seems as if investors are not even really giving you credit for that business. I mean can you give us a timetable for divestment or your thoughts around that government business because you've got to, got the convert down, and you did lot of the cost restructuring and kind of how you're thinking about that business going forward?

Savneet Singh -- Chief Executive Officer and President

Sure. Obviously, I can't comment on any formal plans or lack of formal plans around divesting an asset. But what I can tell you, the way we look at it is, is it synergistic to our core and Brink operations? It's not. But at the moment, is it a distraction to those assets? It's not.

But in the long run, I think meshing a government contracting business with a restaurant business probably doesn't make the most logical sense. And so I think we're constantly evaluating to get, at what price does it make sense for us to give up that, call it the expense relief it provides for us today. I think we're still and constantly evaluating that, and I think a little bit has to do with the size of the business. And so we're extremely confident about that business.

As you've heard me say in other calls, we think we're near the highest margin in that segment. But we need to make sure that we get a price that rewards the cash flow that spins off to us today because I don't think we want to be a chief seller on something that has great visibility into cash flow.

Adam Wyden -- ADW Capital -- Analyst

Got it. I've got a couple of more questions. Second question, so a big knock on this company, I mean, obviously, was legacy management and clearly, that's a 180 from today, but now you know a lot of the knock has been enough capital to kind of accelerate the growth -- accelerate growth ahead of SaaS revenue. So now you've got a big bucket of cash.

I mean, you talked a little bit in the past about kind of the replatforming that needed to take place to kind of get the infrastructure and kind of the platform in place for kind of this next big growth spurt. Obviously, we've seen a lot of stuff on Dairy Queen and heard about some other Tier 1 players. Can you talk a little about your pipeline and kind of your ability to -- let me rephrase this, it seems as if the installs have kind of slowed a little bit as you kind of replatformed a little bit and -- can you talk a little bit about the pipeline and your ability to get back up to 2500-plus installs per quarter and kind of the cadence of that? Is it resource-driven? Is it backlog-driven? Can you talk a little bit about the cadence, about reacceleration of growth?

Savneet Singh -- Chief Executive Officer and President

Yes. So this is interesting. The reacceleration growth is actually not right now being negatively impacted by customer demand. In fact, I think if we let our sales team loose, we'd again run into the resource bottleneck issues we faced.

So our ability to add stores at a more rapid pace is -- comes down to development as I referenced on in the remarks today. We've done, as I mentioned in the last call, we've done a bad job of explaining how much our resources we shifted in Q3, 4 and then now in Q1 and Q2 to this, we'll call it the architecture build. And so we very purposefully took off resources that could've been added for new customers or new customer features of existing clients to focus on that foundation, which should set us up for a very strong Q3 and particularly a very strong Q4. And so we think 2020 will be incredibly exciting because we're making those challenging decisions today, where we have customers that we want to bring on, but we're focusing to make sure that we have the foundation for a very, very explosive 2020.

And so we're making that trade-off, and I think it's the right long-term trade-off because if the foundation is strong, we'll be able to continue to accelerate going forward. And so it's the ability to scale is not customer driven right now, it's been primarily resource driven. And so this fund raise gives us the opportunity to start hiring very quickly, get that talent ramped up and so that we can really, really have a strong 2020 once those bodies are integrated and trained up.

Adam Wyden -- ADW Capital -- Analyst

On the ARPU and price side, I mean, obviously, you gave us a little bit of a look into the ARPU on the bookings, but I mean, if I look at Aloha and even to Micros to some degree, the ARPU not including payments is like $6,000 per year on Aloha and on Micros, I mean you are seeing numbers are high as 15, 20, I mean, big numbers. So obviously, your average location does significantly more in AUV than a product like Toast and you are creating a lot of hard dollar savings. I mean, can you talk a little bit about how you're think about that ARPU opportunity in the short, medium and long term? And obviously, based on our scuttlebutt, we are seeing FTDs at new types of chains at much higher prices. I guess my question is can you talk a little bit about how you think that ARPU opportunity can kind of trend, obviously, in relation to hybrid cloud and kind of on-prem solutions that aren't delivering the value that you are delivering to your customer?

Savneet Singh -- Chief Executive Officer and President

Yes. I'll put it in a few buckets. So the first one and obvious one is just, we have much more significant pricing controls on our sales force so that we make sure we are pricing every opportunity effectively. And so that will create some price discipline as we price out new customers to make sure that that CAC to LTV formula we obsess over makes sense.

The second bucket I think is the one that you are addressing is all the other products and services you can add on to a point-of-sale system, and many times the customer wants and is the most significant one, is payments, where us like you do see customers in the medium and small business segment making two, three, four times what we make per store because they're making that spread on payments. And that's why we've got this payment initiative going forward, and we expect to see results from that this year. And so I think you'll continue to see that some sort of new MRR per store continue to expand this year as we add those customers on board -- or rather that product on board. The third bucket, and this is the one that I think we're most excited for the short run, is partnerships and resale agreements with, call it, adjacent products that plug into Brink.

So there are many times that we are brought into a customer where they're looking for a certain kiosk solution, a delivery management solution or an online ordering, online menu, so on and so forth, and we can partner with another organization and extract revenue that way. So we very, very quickly realized, at the beginning of this year I think we realized, that while we make these investments in our foundation to have an explosive 2020 and going forward, we can still drive very significant revenue growth by making these partnership deals. And so you've seen one or two of those announcements so far, I think you'll see a lot more happen in the back half of the year. And it's thus the third bucket I expect to see this expansion come from.

So I think we're coming off a very low point as it relates to customer ARPU, and I see very nice expansion going forward.

Adam Wyden -- ADW Capital -- Analyst

So building on that question, I mean, can you talk a little bit about the M&A versus building versus joint venture? I mean on some of these types of things we're seeing, we're seeing kind of you -- Brink being sold with Restaurant Magic and I know CrunchTime is a back solution, I mean, often times they are sold in conjunction with Brink. I mean can you -- and then on top of that, we're hearing stuff about some very large chains saying look, we're waiting until there is a fully integrated solution, so maybe they don't want to integrate another thing inside so they want to wait until you have back of the house or labor or inventory. Can you talk about kind of your -- a bit more about your ability to JV with partners that can accelerate Tier 1? And then how do you think about buying these assets or internally building these assets such that you get that ARPU? Because it seems as if on some of these big Tier 1s, they have a lot of different stuff going on, and if they want to -- the idea is that once you kind of cover all the bases, then you're set for life with them and you're making $10,000 a year. And so I guess my question is, I think it's kind of based on what you said previously on the other question, but I mean, how do you think of kind of internalizing all of that such that you get all of that ARPU mix and you can accelerate that adoption?

Savneet Singh -- Chief Executive Officer and President

Yes. Let me start by saying I think one of the things that excites me most about the point-of-sale business is that I have not yet to find a customer that is happy with their point-of-sale vendor, and that includes us. And I often times go to our team and say, the bar is so low for us to overachieve and so we should be overachieving. And so I think first we have to do a great job with the product that we have.

And I think we're making lots of very, very important decisions this year to make sure we can accomplish that. Part two, I think is doing exactly what you're saying. So in many ways, our ability to partner -- our step one was partnering and then M&A, but first partnering is because our customers are looking for something closer to an integrated solution, and it is challenging for them to manage a dozen different software products in a restaurant, particularly if they are a very heavily franchised organization. That's a lot to keep managing.

And so we can be the brain of that organization. It's incredibly strategic for them to help leverage us to do that. And we see that happening now. And so that's why we started with partnerships because we can execute them quickly, and it gives us some good data for saying, Hey, is this working or not? I think -- and part of the reason we did the capital raise was we absolutely intend to be active in the M&A business.

There are lots of adjacencies I won't say it on this call because I don't want to create competitive dynamics, but we feel pretty excited at some of the M&A opportunities out there today to add to our offering because as you listed out and some of the places you listed I think are absolutely perfect, we're not there and so there's no reason we shouldn't be there. So think of it as first, we want to do a great job with our product because I think we've done -- we haven't done the best job we could have and a lot of that was resource issues, and so we're going to get better there. Second, we're going to partner with the ecosystem to add value to the Brink solution. And third will be M&A.

And we're working on all three of those with number one being the most important.


[Operator instructions] Our next question come from the line of [Inaudible] with Sidoti and Company. Your line is open. Please go ahead.

Unknown speaker

I was piggybacking on the previous caller's question. I was going to say, in terms of the monthly pricing that you're saying, $200 a month, in a price-sensitive environment, do you think it will be hard to implement price increases as you have a more broader rollout of Brink in the second half of 2019, let's say?

Savneet Singh -- Chief Executive Officer and President

So I would say this, it's very hard to get true price transparency in the point-of-sale business because as the last caller mentioned, a lot of it is bundled into payments. And so it's hard sometimes for restaurants to see the true cost of ownership, something our salesforce does a good job of highlighting and something we'll continue to highlight. So in general, the apples-to-apples comparison is a bit challenging. The second reason the apples-to-apples comparison is challenging is oftentimes you're looking at different solutions.

So is it point of sale or are you adding in inventory and the 10 other modules that we and others have. So it's, again, very challenging in fact to have a perfect apples-to-apples comparison. But on your question, we feel very confident we can expand our MRR by adding value to our customer. So it's just not saying, hey, we're raising prices, that's not at all what we're doing.

We're really going and say hey, we're adding a lot of tangible value to you, we'll prove that value and as a result, this is the price that we need to get there. And so it's all about if we can prove that value to the customer, we feel good about it. Similarly, if we can prove that value to these other software products that we're partnering with, they too are excited to partner with us. So they look at our ability to distribute their product as a real big win for them.

And so they're more than willing to truly partner with us on the revenue side. So if we can deliver value to the customer, we haven't felt an issue having to defend that. And similarly to our partners, I think we feel the same way.

Unknown speaker

OK. Got it. And my next question is, in terms of the merchant services, how has your, like, early deployments, how has the reception been in terms of customer response? Can you give me like a little color on that?

Savneet Singh -- Chief Executive Officer and President

So we're not launching that till the second half of the year. So we don't have any data yet.

Unknown speaker

But from your initial test experiments, none of that?

Savneet Singh -- Chief Executive Officer and President

So it's not something you can test, it's quite a process to become a payment facilitator and see if you go through a -- you can't put your toe in the water, you have really got to go all in. So what we've done, I think I'll give you a couple of things which I think are interesting, all right? So the first is, pretty much every other company, in terms of newer companies in this space has been successful in rolling out this model. And so I would be surprised if we were not successful, just because that's the way market has gone and we have been remiss and we should have done this earlier. So a little bit of this is playing catch up.

Second, we are in pretty active dialogue with our customers all the time to saying this is something that they would find interesting and we've been surprised how strong that's been. Third, today, many times we refer payments or merchant services to a third party. And I think we are encouraged how many people have taken up their product, not our product. So we've had some, I call it early indications that it should be successful, but we won't know until we actually launch.


And I'm showing no further questions at this time, and I would like to turn the conference back over to Savneet Singh for any closing remarks.

Savneet Singh -- Chief Executive Officer and President

Thank you all for joining today's call. We look forward to keeping you updated.


[Operator signoff]

Duration: 32 minutes

Call participants:

Chris Byrnes -- Vice President of Business and Financial Relations

Savneet Singh -- Chief Executive Officer and President

Bryan Menar -- Chief Financial Officer

William Gibson -- ROTH Capital Partners -- Analyst

Adam Wyden -- ADW Capital -- Analyst

Unknown speaker

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