Good afternoon, ladies and gentlemen, and welcome to the PAR Technology FY 2018 Third Quarter Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Chris Byrnes, Vice President of Business and Financial Relations. Please go ahead.

Thank you, Rusty, and good afternoon, everyone. I'd also like to welcome you today to the call for PAR's 2018 third quarter financial results review. The complete disclosure of our results can be found in our press release issued today at 4:00 p.m. as well as in our related Form 8-K furnished to the SEC. To access the press release and the financial details, please see the Investor Relations and News section of our website at www.partech.com. At this time, I'd like to take care of certain details in regards to the call today. Participants on the call should be aware that we are recording the call this afternoon, and it will be available for playback. Also, we are broadcasting the conference call via the World Wide Web. I'd like to remind participants that this conference call includes forward-looking statements that reflect management's expectations based on currently available data. However, actual results are subject to future events and uncertainties. The information on this conference call related to projections or other forward-looking statements may be relied upon and subject to the safe harbor statement included in our earnings release this afternoon and in our annual and quarterly filings with the SEC. Joining me on the call today is PAR's President and CEO, Dr. Donald Foley; and Bryan Menar, PAR's Chief Financial Officer. All the participants during the call will be into listen only throughout the duration of the conference call today. There will be no Q&A on today's call. As a reminder, this conference is being recorded. I now would like to turn the call over to PAR's President and CEO, Don Foley.

Thank you, Chris. Good afternoon, and thanks to each one of you for joining us on the call today. As usual, I will begin by highlighting our financial results for the third quarter by providing an overview and update of our business. I will then turn the call over to Bryan Menar, our CFO, who will take a closer look at our financials and cash flow. To review the quarter, third quarter revenues were $46.4 million, a decrease of 5.3% compared to the third quarter 2017. On a GAAP basis, we reported a net loss of $16.7 million and loss per share of $1.04 in the third quarter compared to a net loss of $1.5 million and $0.10 loss per share in Q3 2017. Our GAAP loss was impacted by a onetime non-cash $14.9 million valuation allowance recorded to reduce the carrying value of deferred tax assets recorded to our income tax expense for the quarter. Our CFO will provide further color later in the call. On a non-GAAP basis, we reported a net loss of $1 million in the quarter or a loss of $0.06 per share. The results for the quarter reflect the difficult-to-predict purchasing patterns of our traditional hardware and services only Tier 1 customers. This decline was partially offset by higher revenues from our Brink POS SaaS business, our Brink hardware business and our associated Brink service revenues and finally, our Government segment contract revenues. Now to review the third quarter business highlights. Starting with an update on Brink. In the third quarter, we activated 651 new customer sites, a 35% increase from the third quarter last year. Total monthly recurring revenue exiting the month of September was approximately $892,000, a 76% increase from the same period in 2017. Our average annual revenue per unit, ARPU,…

Thank you, Don, and good afternoon, everyone. I would now like to take this opportunity to provide some additional details surrounding our third quarter results. As Don stated earlier, GAAP net loss was impacted by a onetime 14.9 million valuation allowance to reduce the carrying value of deferred tax assets recorded on our income tax expense for the quarter. FASB ASC 740 indicates that the main negative factor in determining and establishment of the valuation allowance is experiencing cumulative losses in the most recent three years. Such objective evidence limits the ability to consider other subjective evidence, such as projections of future growth. The Company has incurred losses for two of the three past years and is in a loss status during this year for nine months ended September 30, 2018. A significant factor of the losses has been the Company's strategic investment in operating expenses to fund the growth of the Brink business line. The increase in investments had outpaced operating performance from the Company's various lines of businesses. The Company plans to continue to fund the Brink business line growth for the foreseeable future. Based on its evaluation of its deferred tax assets as of September 30, 2018, the Company established a full valuation allowance for the carrying value of these deferred tax assets. The valuation allowance can be reversed if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence, such as our projection of future growth. Now on to revenue for the quarter. Product revenue for the quarter was 15.5 million, down 5.3 million, a 25.4% decrease compared to Q3 2017. Our hardware sales in the Restaurant/Retail reporting segment were down versus prior year due to unfavorable domestic and international sales with our traditional Tier…

Ladies and gentlemen, this concludes today's conference. Thank you for your participation, and have a wonderful day. You may now all disconnect.