Toast, Inc. (NYSE:TOST) is one of the stocks Jim Cramer looked at recently. When a club member expressed that they are in pain due to their position in the stock, Cramer commented: Yeah, you know what, boy, that stock has just really come down. They’ve got a great device, but you know what, that’s not enough. And I’ve always been suspicious of it because I still think you can trade back and forth. It’s got a good device, but a device does not make a great stock. Jim Cramer on Toast (TOST): “They’ve Got ...

Group 1: Company Overview - Olo is a leading technology platform specifically designed for restaurants, providing solutions for ordering, payment, and guest engagement to enhance operational efficiency and customer experience [3] - The company processes millions of orders daily, consolidating data from various touchpoints to help restaurants better understand and serve their guests [3] - Over 750 restaurant brands rely on Olo and its network of more than 400 integration partners to drive innovation within the restaurant community [3] Group 2: Leadership and Background - Noah Glass, the founder and CEO of Olo, has two decades of experience in the foodservice industry, having worked in various roles before establishing Olo in 2005 [2] - Glass's work with mobile ordering predates the launch of the iPhone, showcasing his early commitment to technology in the restaurant sector [2] - He has been recognized as 1 on the 2020 Nation's Restaurant News Power List and serves on the Board of Share Our Strength and the Board of Trustees for the Culinary Institute of America [2] Group 3: Recent Developments - Olo was acquired by Thoma Bravo, a leading private equity firm, in a take-private deal last year, which is expected to provide strategic advantages for the company [1] - The acquisition of Spendgo, an industry loyalty platform for restaurants, has led to the creation of "Olo Loyalty," enhancing Olo's offerings in customer engagement [1]

Core Insights - Ziosk is a leading table-side technology platform for full-service restaurants, focusing on enhancing guest satisfaction and operational efficiency through its services [1][3] - The company processes over $11.8 billion in transactions annually and engages more than one million guests per day [3] - Ziosk's solutions include pay-at-the-table, ordering, loyalty programs, guest engagement, feedback collection, and advanced data analysis [3][4] Company Overview - Raymond Howard is the Chief Revenue Officer and co-founder of Ziosk, responsible for revenue strategy, enterprise sales, and strategic partnerships [2] - Ziosk was co-founded in 2007 and has evolved into a premier SaaS platform within the hospitality industry [2] - The company is based in Dallas, Texas, and serves major restaurant brands like Texas Roadhouse, Chili's, and Outback Steakhouse [2][3] Industry Context - Ziosk is addressing labor challenges in the restaurant industry by providing technology that enhances the dining experience and drives incremental revenue [4] - The company has pivoted to a SaaS model, which has been instrumental in scaling its operations and improving service delivery [4]

Industry Overview - The restaurant industry faced significant challenges in 2025, with traffic declining across most concepts served, marking the toughest period since COVID for restaurant sales [2] - Despite healthy same-store sales driven by price increases, overall traffic has not performed well, particularly in the fast casual and quick service segments [1][2] - Typically, quick service restaurants perform well in challenging markets as consumers tend to trade down, but this trend did not hold in the recent environment [3] Company Positioning - The company, PAR, is positioned within the restaurant tech space, navigating the conflicting data points in the market, particularly regarding same-store sales and traffic trends [1]

Core Thesis - Toast, Inc. is positioned as a high-conviction compounder in the restaurant technology sector, leveraging a cloud-based platform to unify fragmented systems and drive growth [2][5] Company Overview - Toast, Inc. operates a digital technology platform for the restaurant industry across the U.S., Ireland, India, and internationally, focusing on payment processing, kitchen operations, payroll, and customer engagement [2] - The company has a "land-and-expand" model, starting with point-of-sale solutions and gradually introducing higher-margin software modules [2] Market Position - Toast commands approximately 13% market share in the U.S., serving over 114,000 restaurants, and is expanding both internationally and into adjacent food and beverage retail sectors [3] Financial Performance - The company is asset-light with recurring revenues, showing growth in free cash flow and a clear path to margin expansion, achieving profitability in 2023 with an EPS of $0.55 in 2024 [4] - Toast is guiding towards a 30-35% adjusted EBITDA margin by 2027, with net margins improving from -32% in 2019 to 2% in 2024 and ROCE trending toward 15% [4] Risk and Resilience - Despite exposure to economic cycles and regulatory risks in FinTech, Toast maintains a robust balance sheet with $1.2 billion in cash against $949 million in liabilities, providing a solid buffer [5] - The company scores 18.5/22 under The Compounder framework, indicating it is a "High Conviction" opportunity with potential for durable double-digit growth in global restaurant technology markets [5]

Core Insights - US-based restaurant technology platform Lunchbox has partnered with OPA! to create a commission-free marketplace for restaurant ordering [1][4] - The collaboration allows restaurants using Lunchbox to be listed on OPA!'s platform, enabling direct customer orders while maintaining brand identity [1][2] Group 1: Partnership Details - The partnership enables restaurants to avoid traditional third-party delivery systems, thus sidestepping higher menu prices and excessive marketplace fees [2] - Orders placed on OPA! are integrated directly into Lunchbox's API, ensuring that all guest and order data is returned to the restaurant [2] Group 2: Initial Implementation - Island Fin Poké is the first brand to utilize the Lunchbox-powered OPA! marketplace, providing customers with a direct ordering option that includes rewards and transparency in fees [3] - This initiative aims to help brands protect their margins and maintain control over their digital channels [3] Group 3: Strategic Vision - OPA!'s chief product officer emphasized that the technology is already available to most restaurants, and the partnership focuses on enhancing growth through first-party marketplaces rather than relying on third-party delivery apps [4]

Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on restaurant and retail sectors, moving away from banking and ATM businesses [4][6] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [4] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, emphasizing end-to-end payment capabilities and integration of various solutions [3][4] - The company has introduced a new suite of products built on a single platform for both restaurant and retail sectors, enhancing its service offerings [6][21] Market Data and Key Metrics Changes - The company has established a six-year exclusive agreement with Chipotle to adopt new technology, indicating strong market demand for innovative solutions [18][82] - The company serves a diverse client base, including large multinational brands, mid-market growth brands, and smaller clients through indirect channels [82] Company Strategy and Development Direction - The company is focused on operational discipline and execution, aiming to improve its "say-do ratio" to enhance predictability for customers [12][14] - A customer-centric culture is being cultivated, with a commitment to treating every customer as the most important [16][20] - The company is leveraging AI capabilities to accelerate solution development and enhance operational efficiency [28][44] Management's Comments on Operating Environment and Future Outlook - The management anticipates continued pressure on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [35][87] - The company believes that focusing on customer experience and hospitality will be crucial for growth and differentiation in the industry [88][92] Other Important Information - The company is witnessing a significant shift towards AI adoption in the restaurant industry, with a focus on self-service technologies and autonomous decision-making systems [46][61] - Data is categorized into three buckets: customer data, operational data, and business data, which are essential for enhancing customer experiences and operational efficiency [67][79] Q&A Session Summary Question: What is the company's view on the state of the consumer today? - The company notes that consumer sentiment is low, and raising prices without innovation may lead to customers trading down to cheaper options [85][87] Question: How is the company leveraging AI in its operations? - The company is using AI for various applications, including marketing, staff training, and operational decision-making, with a focus on enhancing efficiency and customer experience [44][46][61] Question: What are the main takeaways for the industry this year? - The company emphasizes its long history, commitment to customer-centric solutions, and the introduction of innovative products as key messages for the industry [102][104]

Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on the restaurant and retail sectors, moving away from its previous banking and ATM business [4][6] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [4] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, emphasizing end-to-end payment capabilities and integrated solutions for restaurants [3][4] - The company has introduced a new suite of products built on a single platform for both restaurant and retail sectors, enhancing its service offerings [6][21] Market Data and Key Metrics Changes - The company has established a six-year exclusive agreement with Chipotle to adopt its next-generation technology, indicating strong market demand for its innovative solutions [18][82] - The company serves a diverse client base, including large multinational brands, mid-market growth brands, and smaller clients through an indirect channel [82] Company Strategy and Development Direction - The company is focused on operational discipline and execution, aiming to improve its "say-do ratio" to enhance predictability for customers [12][14] - A customer-centric culture is being cultivated, with a commitment to treating every customer as the most important [16][21] - The company is leveraging AI capabilities to accelerate solution development and enhance operational efficiency [28][44] Management's Comments on Operating Environment and Future Outlook - The management acknowledges ongoing pressures on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [35][87] - The company anticipates that consumer behavior will continue to shift towards value-driven experiences, necessitating a focus on hospitality and personalized service [88][90] Other Important Information - The company has seen a significant increase in demand for self-service technologies, such as kiosks and voice AI, which are enhancing customer engagement and order accuracy [48][55] - The management predicts a trend towards vendor consolidation in the restaurant technology industry, as restaurants seek unified solutions to streamline operations [98][100] Q&A Session Summary Question: What is the future direction of NCR Voyix? - The company is focused on execution and operational discipline, with a commitment to customer-centric innovation and accountability [10][14] Question: How is the company leveraging AI in its operations? - AI is being used to enhance internal capabilities, improve customer interactions, and drive operational efficiencies [28][44] Question: What are the key challenges facing the restaurant industry? - The industry is facing pressures from low consumer sentiment, high operational costs, and the need for innovation to maintain profitability [35][87] Question: What is the company's customer base like? - The company serves a diverse range of clients, from large multinational brands to smaller growth-oriented businesses [82]

Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on the restaurant and retail sectors, moving away from its previous banking and ATM business [3][5] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [3] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, providing end-to-end payment capabilities and various technology solutions for restaurants [2][5] - The company has introduced a new suite of products built on a unified platform for both restaurant and retail sectors, enhancing its service offerings [5][19] Market Data and Key Metrics Changes - The company serves close to 50% of the top 100 global restaurant brands, indicating a strong market presence [22] - There is a growing demand for self-service solutions, with a notable increase in customer preference for kiosks, leading to higher ticket values [46][48] Company Strategy and Development Direction - The company emphasizes a customer-centric approach, focusing on operational discipline and execution to enhance predictability for customers [10][12] - NCR Voyix aims to leverage AI capabilities to accelerate solution development and address operational efficiency challenges faced by restaurants [20][42] Management's Comments on Operating Environment and Future Outlook - The management acknowledges ongoing pressures on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [34][85] - The company anticipates that the demand for technology solutions that enhance operational efficiency and customer experience will continue to grow [41][92] Other Important Information - NCR Voyix has established a six-year exclusive agreement with Chipotle to adopt its next-generation technology, showcasing its commitment to innovation [16][80] - The company has a diverse client base, ranging from large multinational brands to mid-market and smaller clients, indicating a broad market appeal [80] Q&A Session Summary Question: What is the state of the consumer today? - The management notes that consumer sentiment remains low, and restaurants must focus on innovation and operational efficiency to attract customers [83][85] Question: How is the industry using AI? - AI is being utilized across the industry, with a shift from simplistic AI to more advanced applications, including self-service kiosks and voice AI for order accuracy [42][51] Question: What are the main takeaways for the industry this year? - The company emphasizes its long history, commitment to customer service, and the introduction of new technology solutions as key messages for the industry [99][101]

Summary of PAR (NYSE:PAR) FY Conference Call - January 13, 2026 Industry Overview - The restaurant technology sector is still in its early stages, particularly in the enterprise category, where many brands are just beginning to transition to digital operations [6][4] - 2025 was a challenging year for restaurants, with traffic down across most concepts, although some brands managed to maintain same-store sales through price adjustments [4][5] - There is potential for a rebound in 2026, especially if consumer spending increases due to tax refunds [5][7] Company Positioning and Strategy - PAR has seen an increase in RFP activity and a larger pipeline in 2025, indicating a growing interest in restaurant technology despite a softer sales year [6][10] - The company has adopted a multi-product strategy, with approximately 70% of new deals involving multiple products, a significant increase from previous years [14][12] - The focus on creating a platform that integrates various products is seen as a key differentiator in the market [13][14] Total Addressable Market (TAM) - PAR estimates that it could potentially 2.5x its revenue by cross-selling existing products to its current customer base [17] - The company is expanding into adjacent markets, such as convenience stores and the pizza category, which are rapidly growing segments [18][19] - The total market for point of sale systems is substantial, with around 7 million restaurants globally, and PAR is now positioned to serve a larger portion of this market [20][21] Key Customer Wins - PAR secured a significant deal with Papa John's, expected to generate $14-$15 million in annual recurring revenue (ARR), marking it as one of their largest customers [21][29] - The partnership with Papa John's is seen as a validation of PAR's capabilities, especially given the competitive landscape where many pizza companies have developed their own systems [22][24] Financial Performance and Growth Outlook - The company aims to achieve mid-teens growth in ARR, with aspirations to return to a 20% growth target through large deals and cross-selling opportunities [36][37] - The current revenue mix is heavily weighted towards new customer acquisition, with a goal to balance this with upselling existing customers [34][35] - PAR's EBITDA margins are expected to improve as the company scales and manages operational costs effectively [51][52] AI Integration and Product Development - PAR is focusing on integrating AI into its products to enhance efficiency and create new revenue-generating SKUs [42][44] - The company has launched its first AI SKU, Coach AI, which has shown strong initial customer engagement [44][43] - Future AI developments aim to provide hyper-localized marketing solutions and personalized customer experiences [58][59] Capital Allocation and M&A Strategy - PAR is being cautious with M&A, focusing on small technology acquisitions that can enhance its product offerings without diluting shareholder value [54][55] - The company is looking for opportunities in the restaurant and retail technology space, particularly as many startups face financial challenges [55] Conclusion - PAR is navigating a challenging restaurant tech landscape with a strong focus on multi-product offerings, strategic customer acquisitions, and AI integration to drive future growth [12][14][42] - The company is optimistic about its growth trajectory, particularly with new customer wins and expanding into new market segments [21][36]