cphcapital

I look for durable operating leverage, small cap, special opportunity, ‘hidden’ assets. Not advice

[cphcapital @cphcapital]

@WeatherPundit Yeah his comment was interesting. Think Perl move is too dated to be what he was referencing. suspect he was referencing new tech exec promotions at McDonald’s last week for VP tech global and cio USA, both POS experience.. also Starbucks gutting tech staff with new cto from Jan

[cphcapital @cphcapital]

Posting my thoughts on $PAR AI risk as well as recent scuttlebutt

https://t.co/TUYOidQOfT

[cphcapital @cphcapital]

@kilroy_jay On Q4 call quoted at roughly 2x ARR

[cphcapital @cphcapital]

@SavneetS @Vienna13Capital @Process_Cap @sevencornerscap Isn’t that akin to saying you traded $ millions for one day (maybe more) of reduced volatility? What’s the benefit for being down 7% versus 20%?

[cphcapital @cphcapital]

@SavneetS @WeatherPundit @sevencornerscap Typically what balance sheet expectations do larger customers have? Does PAR need X amount of cash in reserve?

[cphcapital @cphcapital]

@sevencornerscap Would you rather he tweet frequently? That’s also a red flag, Idgi

[cphcapital @cphcapital]

@MackinacCap Totally agree... you want to be attractive to potential franchisees. They like the tools that they're familiar with. Brink is more like an app-store/Windows. Majority of people are talking about vibe coding tools on top of the operating system, not the OS itself

[cphcapital @cphcapital]

@Vienna13Capital Yeah agreed, I was referencing the downside. I’m still more than happy to make the short term FCF sacrifice but the wait for sustainable FCF has been long

[cphcapital @cphcapital]

@gwilliams81 Agreed, not obvious. Trying to understand both sides of the aisle. Thanks for reading! 😃

[cphcapital @cphcapital]

@gwilliams81 The big new value-add is the tool (ai), both companies are going to use the new value-add tool so it’s probably a great equalizer.

Speed of development is a huge consideration. The whole running through walls/expedited road map/pick up the phone at 3 am culture got weaker

[cphcapital @cphcapital]

@Vienna13Capital I think it’s really hard to say.. I would expect $20-$40 million next year with favorable working capital. But it could all change so quickly depending on a big win etc

[cphcapital @cphcapital]

@HAlphadog @gwilliams81 I agree it’s understandable. I think it’s way too early to tell if it makes sense. I concede the optics don’t look great

[cphcapital @cphcapital]

@gwilliams81 @HAlphadog Great environment if you have money to acquire, otherwise it’s the same dilution/accretive equation it’s always been

[cphcapital @cphcapital]

It’s not all bad $PAR .. we’re closing the Agilysys valuation gap

[cphcapital @cphcapital]

@stoffelgio @EquityBrian Pretty good at debugging if you ask

[cphcapital @cphcapital]

@stoffelgio @EquityBrian What if you could grow them in a weekend with a prompt

[cphcapital @cphcapital]

@Lycanbull

[cphcapital @cphcapital]

@HAlphadog Do you know how they’re pricing this product?

[cphcapital @cphcapital]

@carly0262 @Next100Baggers Mind you adjusted EBITDA profitability is like $0.40-$0.50 per day per store at $5.40 per store of revenue.. lots of operating leverage here to scale quickly

[cphcapital @cphcapital]

@carly0262 @Next100Baggers The tsunami wave of demand from on-premise software to cloud is bringing all these companies to market.. it is so much more valuable for PAR to win the customers during this unique window than it is for them to jack prices on existing customers. Pricing is a 10 year story