TransAct Technologies Incorporated (NASDAQ:TACT) Q4 2023 Earnings Call Transcript
TransAct Technologies Incorporated (NASDAQ:TACT) Q4 2023 Earnings Call Transcript March 12, 2024
TransAct Technologies Incorporated misses on earnings expectations. Reported EPS is $-0.01 EPS, expectations were $-0.00583. TransAct Technologies Incorporated isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings, welcome to TransAct Technologies' fourth quarter and full year 2023 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note this conference is being recorded. I will now turn the conference over to Ryan Gardella, Investor Relations. Thank you. You may begin.
Ryan Gardella: Good afternoon, and welcome to TransAct Technologies' fourth quarter and full year 2023 earnings call. Today, we'll be discussing the results announced in our press release issued after market close. Joining us from the company is CEO, John Dillon; and President and CFO, Steve DeMartino. Today's call will include discussions of the company's key operating strategies, the progress of those initiatives, and details of the fourth quarter and full year financial results. We'll then open the call to participants for questions. As a reminder, this conference call contains statements about future events and expectations, which are forward-looking in nature. Statements on this call may be deemed forward looking and actual results may differ materially.
For a full list of risks inherent to the business of the company, please refer to the company's SEC filings, including its reports on Forms 10-K and 10-Q. TransAct undertakes no obligation to revise any forward-looking statements to reflect events or circumstances that occur after the call. Today's call and webcast will include non-GAAP financial measures within the meaning of the SEC Regulation [indiscernible]. When required, reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, can be found in today's press release as well as the company website. With that, I'll turn the call over to John.
John Dillon: Thank you, Ryan, and good afternoon, everyone. Thanks for joining us today. '23 has been a unique year for TransAct in many regards, and I'm happy to report that we closed it out with a fair amount of good news, and we believe that we are well set see increasing momentum in 2024. We reported $13.3 million for the fourth quarter and $72.6 million for the full year, reflecting results of changing dynamics in both of our main lines of business as we've been discussing in prior calls. On the FST side, food, service technology, we saw revenue of $4.7 million, that's up about 54% year-over-year and 11% sequentially, with the recurring component of that revenue of $3.2 million, up 33% year-over-year and 2% sequentially, both to a record high.
As I discussed at length previously, FST was a major focus in our reorganization of TransAct Technologies, and we believe that we now have the right pieces in the right places, as we're now focusing on selling our efforts to the top thousand organizations in the US and their related operations abroad to sell BOHA!, the Back of the House Automation platform. Additionally, we launched our new BOHA! terminal [Technical Difficulty] and BOHA! Terminal 2, we call it [Technical Difficulty] in '23, and this is a high end enterprise grade solution, which will suitably be made for enterprise customers. And so, while we expect progress to be lumpy quarter to quarter as a small business would, we believe that we are seeing the first signs of momentum to build.
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