Scott Miller, CIO of Greenhaven Road, joins the podcast to discuss his thesis on PAR Technologies (NYSE: PAR), where more than 70,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, digital ordering, loyalty and back-office software solutions as well as industry-leading hardware and drive-thru offerings (according to the company's website).
Voss Capital write-up: https://vosscapital.substack.com/p/pars-path-to-80-redux
Greenhaven Road Q4 investor letter ($PAR mentioned): https://static1.squarespace.com/static/5498841ce4b0311b8ddc012b/t/65bd570c0ba5792db938f9a6/1706907404785/Greenhaven+Road+-+2023+Q4+FINAL_.pdf
For more information about Greenhaven Road, please visit: https://www.greenhavenroad.com/
Chapters:
[0:00] Introduction + Episode sponsor: YCharts
[1:30] Overview of PAR Technologies $PAR and why Scott is excited about the idea
[4:18] What are the "haters" missing with $PAR
[7:54] Burger King customer win
[9:42] Competitive landscape
[15:20] Why $PAR more than a Point of Sale play; additional verticals
[19:04] How do they win more customers / cloud-based vs. not-cloud based point of sale matter
[25:28] $PAR recent acquisitions, execution risk / convenience stores
[33:55] Growth runway / what keeps Scott up at night about $PAR
[38:24] Lumpiness of customer wins/announcements
[41:30] Final thoughts on $PAR
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Yet Another Value Podcast