The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 35 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Singh: Platform software products are vastly more durable than single vertical solutions
“Because the platform product is way more durable than the single vertical product. And the single biggest problem people make in investing and starting companies is they think they, because they get a lot of great feedback from their customers because they're …”
Singh: No company deserves to trade at 30x revenue long-term
“There's no company that deserves to be trading at 30 times revenue for a long period of time.”
Singh: PAR Is Second-Best Performing Sub-$10B Public Software Stock
“In that sort of sub-ten billion dollar software, we're the best performer sans one company over the last one, three, five years.”
Singh: PAR Software Had -60 NPS and -99 CSAT Upon His Takeover
“They're gonna see that our software business is on fire, and that our customer NPS is -60. Our CSAT was -99. We didn't have one customer that was green on our CSM scores, right?”
Singh: PAR Acquired Punchh for $500M Using Overvalued Stock
“We went out, we bought a half a billion dollar business called Punch, that's based here in Austin now, and we started using our stock because we thought it was very inflated, and so it was the greatest we ever did, because it built, it gave us tremendous scale…”
Singh: Functional Org Charts Mistakenly Distance Enterprise Software Leaders from Customers
“In enterprise software, I think, you know, one of the biggest mistakes CEOs do is you get really big, you get farther and farther from your customers. You create org charts that are completely functional, where you have one CRO, one CPO, so on and so forth. An…”
Singh: Software Companies with Identical Metrics Should Not Trade at Identical Multiples
“You can have two different companies with the exact same metrics, and they shouldn't trade the same. You know, and so you've got to be very specific about what you're acquiring and what you're buying. You know, you can see software companies growing at a hundr…”
Singh: PAR Technology founders invented the point-of-sale terminal in 1978
“In 1978, our founders invented the point of sale terminal.”
Singh: PAR Turnaround Would Not Have Been Easier Taking Company Private
“So I thought about that a lot, and I actually think the answer would be no, and I'll tell you why. The operational changes were extreme. We replaced almost the entire management team, you know, we shipped a bunch of jobs offshore, did a lot of crazy stuff, but…”
Singh: Average Age of GMs Running $100M P&Ls at PAR Is 30
“The average age of the GMs who run a hundred million dollar P&Ls at our company is like 30. You know, we've got somebody that's 26 or 27, we've got somebody that's like 35.”
Singh: One Salesperson Closed a 10-Year, $230M Deal With Burger King
“We signed a deal in December of last year, that was a two hundred thirty million dollar 10 year deal, twenty three million dollars a year. That took one salesperson, right?”
Singh: The Average Restaurant Runs on 20 to 40 Software Products
“If you go into the average restaurant, you'll be shocked how many individual products run that restaurant. It's upwards of 20, 30, 40 sometimes.”
Singh: PAR Grew Software Revenue from $5M to Over $250M
“When we took over the company, the revenues were about one 71 80, and they were five million dollars of software revenue, 165 of hardware and services. Where today will be, you know, whatever, four 50 of revenue, but two 52 60 will be software. The software's …”
Singh: PAR Won a Single Deal Worth $23M in Annual ARR
“When we started the company, our ARR, sorry, when we took over the company, our ARR was less than ten million bucks. You know, three months ago we won a deal that was twenty-three million dollars of ARR with one customer a year.”
Singh: PAR powers loyalty for 48 of the top 100 restaurants globally
“We have the largest loyalty product in restaurants. We're in 48 of the top hundred restaurants in the world. So if you have the Taco Bell app, that's us.”
Singh: PAR faced SEC probes and a jailed CFO in 2018
“I got on the board, I think February, March of 20,020 18, and then within two or three months of joining the board, we had our prior CFO literally got sentenced to jail for stealing money. We were under DOJ and SEC investigation for bribery and corruption. Our…”
PAR Technology to Launch Financing and Payments Businesses Post-Acquisition
“The first thing we're going to do is build a financing business and a payments business out of this you know, once the transaction closes.”
Singh: Software Companies Cannot Outgrow End-Market Churn
“In the end, you can't outgrow the churn of your end market. So if you're selling to an end market that is churning, you can pretend you have high net retention, but in the end, your cost of capital will be very expensive because that end market is churning sup…”
Singh: PAR acquired Stuzo at $40M revenue and $17M cash flow for ~$190M
“Last year, you know, the business did forty million in revenue, seventeen million dollars of cash flow. We got it done at, you know, a 170, a hundred million bucks, or a hundred ninety million bucks.”
Singh: PAR Bought Task for Under 4x ARR at 30% Annual Growth
“You know, we bought the business for, you know, less than you know, call it four times ARR for a business that's been growing 30% a year with a hundred percent, almost a hundred percent, well over a hundred percent net retention, gross retention at 96, 97.”
Singh: Public CEOs spend at least 25% of time on compliance overhead
“You know, at least, 25% of your time at least is on stuff that you wouldn't have to do if you were private. At least 25%, sometimes more.”
Singh: PAR Had -60 NPS and 40% SaaS Gross Margins at Takeover
“The product we took over, you know, I mentioned that the customer NPS was -60, because there's a lot, there was a stability issue. We were a software company that had 40 versions, so it's like we were cloud, but we weren't really cloud. We, you know, our gross…”
Singh: PAR's 2018 Market Cap Was Lower Than Its 1982 IPO
“We were when we stepped in to run the company in 2018, the market cap of the company, which is the value of the company, was lower than when we went public in 1982. So for 40 years, we had no shareholder value creation.”
Singh: PAR Grew Revenue 25% Annually With Flat OpEx for Two Years
“We haven't grown our operating expenses in almost two years, yet we've grown our revenue, you know, 25% a year over those periods of time, so well over doubled”
Singh: PAR Stock Traded at 30x Revenue in 2021
“In 2021, our stock was trading at 30 times revenue.”
Singh: Burger King is PAR Technology's largest deal
“Our largest deal is Burger King, but we're just starting to roll them out.”
Singh: PAR had under $10M on balance sheet as public company in 2018
“We have less than ten million dollars on the balance sheet, and we're a public company, which is kind of crazy.”
Singh: PAR was spending 100% of revenue on R&D
“PAR was a real mess. We had to completely rebuild our product. We were spending a hundred percent of our revenue on R&D.”
Singh: Punchh Had $30M Revenue and Better Retention Than PAR
“We bought another thirty million dollar business for five hundred million dollars that was growing faster, had better retention, and for 25% of our value. So it's like a great deal.”
Singh: PAR Acquired Sydney-Based Task at $47 Million ARR
“So we acquired a business called Task. It's based out in Sydney, Australia. They are you know, forty-seven million dollars of ARR.”
Singh: Two activist hedge funds targeted PAR to force sale in 2018
“We had two activist hedge funds come in trying to sell the company, and so I was like, let's sell the company.”
Singh: PAR Raised $80M Convertible Debt on ~$200M Market Cap
“To give you an example, you know, the market cap of the company when we took over was a couple hundred million dollars. Our first financing was eighty million dollars. That's very hard to do privately in a convert,”
Singh: PAR Technology had $180M revenue but only $5M in software revenue
“Oh, so the business, I think, was a 180 hundred million of revenue, but only five million of software revenue, so it was really a hardware and services business that was growing, trying to become a software business”