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How to setup IPTV on VLC media player?

VLC stands out as a top choice for streaming IPTV channels. It’s a versatile, free, and open-source media player and server developed by the VideoLAN project. VLC supports various platforms including desktop OS and mobile devices like Android, iOS, Tizen, Windows 10 Mobile, and Windows Phone.
In this tutorial, we’ll demonstrate how to record live programs using VLC. Additionally, we’ll guide you through setting up IPTV channels via VLC on your computer.

How to add IPTV channels to VLC

Here’s how to add IPTV channels to VLC:
Download VLC media player from: videolan.org. Follow the installation steps to install VLC Media Player. You can download it for various operating systems from the following links:
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After you download and install VLC base on your Operating system you can start setup steps.
Step 1: When the application is opened press on “Media“.
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Step 2: Click on the “Open network stream“.
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Step 3: Enter the M3U URL provided by your IPTV provider and press “Play“.
Note:ﾠThe progressive IPTV providers give you a dashboard which you can generate yourﾠM3U urlﾠin dashboard.
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Step 4: Now your playlist is loaded, Press the combination between CTRL+L to bring up the playlist.
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Here you can choose or search for your desired channel and start watching Live TV…
Source : How to setup IPTV on VLC media player

Did you know that over 80% of smartphone users have at least one messaging app, such as text messages or apple messages, installed on their devices? If you're in search of a convenient and efficient way to stay connected with your audience through sms marketing and messaging features, the simpletexting app download is your solution. With seamless features and a user-friendly interface, this app simplifies your communication needs, whether it's through text messages or an apple messaging service. Whether it's for personal use or business outreach, the simpletexting app provides a hassle-free experience, allowing you to send messages with ease. Elevate your messaging game on your phone by downloading the simpletexting app today and witness a whole new level of connectivity.
Useful Links:

1. SimpleTexting LifeTime Deal
2. SimpleTexting Free Trial

Key Takeaways

• Explore Text Marketing Apps: Discover and explore different text marketing apps available for download to enhance your marketing strategies.
• Utilize On-the-Go Features: Take advantage of features specifically designed for on-the-go marketing, such as mobile app and text messages, allowing you to reach your audience anytime, anywhere using way messaging.
• Boost Engagement with Push Notifications: Enhance customer engagement through push notifications on your mobile app to keep your audience informed and connected via text messages.
• Efficient Subscriber Management: Streamline the process of managing subscribers through the app, making it easier to track and engage with your audience effectively.
• Optimize Campaigns: Use the app's analytics tools to analyze campaign performance and make data-driven decisions to optimize your marketing strategies.
• Take Action: Download a texting app today to leverage these features and improve your marketing efforts.

Discover Text Marketing Apps

Mobile Compatibility

Text marketing apps are designed to be compatible with both Android and iOS devices, ensuring a wide user base. This compatibility allows businesses to reach a broader audience seamlessly.
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Simplify your workflow with SimpleTexting! Get started with our free trial and see how our built-in automation features can save you time and effort. ⏱️

User-Friendly Interface

The simplicity of text marketing apps makes them easy to navigate for users of all technical levels. With intuitive interfaces, businesses can create and send marketing messages efficiently.

Real-Time Analytics

Text marketing apps offer real-time analytics, providing businesses with instant insights into campaign performance. This feature enables quick adjustments to optimize marketing strategies.

Cost-Effective Communication

Features for On-the-Go Marketing

Mobile Accessibility

Access the app on your smartphone anywhere, anytime. This feature ensures you can manage your marketing campaigns even while away from your desk.
Send Campaigns Instantly Quickly send out marketing messages with just a few taps. This instant feature enables you to reach your audience promptly.

Automated Scheduling

Set up automated campaigns to reach your customers at the right time. With this feature, you can schedule messages in advance for maximum impact.
Real-Time Analytics Track the performance of your marketing campaigns in real-time. This allows you to make data-driven decisions and optimize your strategies on the go.

Customization Options

• Tailor your messages to suit different target groups.
• Personalize each campaign for higher engagement rates.

Enhance Engagement with Push Notifications

Increased User Interaction

Push notifications play a crucial role in keeping users engaged with the SimpleTexting app. By sending timely alerts and updates, users are more likely to interact with the app frequently.
Users appreciate receiving push notifications that are relevant and personalized to their preferences. This tailored approach boosts user engagement and encourages continued app usage.
Useful Links:

1. SimpleTexting LifeTime Deal
2. SimpleTexting Free Trial

Timely Promotions

Sending out promotions and discounts via push notifications can significantly impact user behavior. Users tend to respond positively to exclusive offers delivered directly to their devices.

• Pros:
  • Instant communication with users
  • Higher chances of immediate response from recipients
• Cons:
  • Risk of overloading users with notifications
  • Possibility of users disabling notifications if they are not valuable

Personalized Content Delivery

By leveraging push notifications, the SimpleTexting app can deliver personalized content based on user behavior and preferences. This targeted approach enhances user experience and fosters long-term engagement.
Creating a balance between informative updates and promotional messages is key to maintaining user interest without overwhelming them with excessive notifications.

Streamline Subscriber Management

Efficient Organization

Streamlining subscriber management allows for efficient organization of your contacts. You can easily segment subscribers based on various criteria.
Managing subscribers becomes simpler with the ability to categorize them into different groups. This feature facilitates targeted communication strategies.

Automated Workflows

Integration of automation tools in subscriber management helps simplify routine tasks. Create automated workflows for subscription updates and personalized messages.
Automated workflows ensure timely responses to subscriber actions, enhancing overall user experience. This streamlines processes and boosts efficiency.

Analyze and Optimize Campaigns

Data Analysis

Utilize analytics tools to track campaign performance, identifying successful strategies for targeted messaging.
Enhance campaigns by analyzing metrics such as open rates, click-through rates, and conversion rates.

A/B Testing

Conduct A/B tests to compare different elements of your campaigns, like subject lines or call-to-action buttons.
By testing variations, you can determine the most effective components that drive engagement.

Personalization Strategy

Implement a personalization strategy based on subscriber behavior and preferences.
Tailoring messages to individual interests can significantly boost customer engagement and response rates.

Summary

You've learned about text marketing apps, their features for on-the-go marketing, push notifications to boost engagement, streamlined subscriber management, and campaign analysis for optimization. By leveraging these tools, you can enhance your marketing strategies, reach your audience effectively, and drive better results. Take action now to explore these features in text marketing apps and revolutionize your marketing efforts.
Ready to level up your customer engagement? Try SimpleTexting for free and automate your welcome messages today! 🚀

Frequently Asked Questions

How can text marketing apps benefit my business?

Text marketing apps help businesses reach customers directly, increase engagement, send personalized messages, and track campaign performance efficiently.

What are the key features of on-the-go marketing with SimpleTexting app?

The SimpleTexting app allows you to create and send messages quickly, schedule campaigns in advance, access real-time analytics, segment your audience easily, and engage customers wherever you are.

How do push notifications enhance customer engagement through SimpleTexting?

Push notifications from SimpleTexting enable instant communication with customers, increase brand visibility, drive traffic to your website or app, promote time-sensitive offers, and improve overall customer retention.

How does SimpleTexting streamline subscriber management for businesses?

SimpleTexting provides tools to organize subscriber lists effectively, automate opt-ins and opt-outs, personalize messages based on subscriber data, integrate with CRM systems seamlessly, and ensure compliance with regulations like TCPA.

Can SimpleTexting help in analyzing and optimizing marketing campaigns?

Yes. SimpleTexting offers robust analytics to track campaign performance metrics such as open rates and click-through rates. With these insights, businesses can optimize their SMS marketing strategies for better results.
Useful Links:

1. SimpleTexting LifeTime Deal
2. SimpleTexting Free Trial

The Best IT Training Institute in Pune

In today's tech world, Python programming’s versatility and readability have made it one of the most popular programming languages nowadays. Python programming is used to develop various applications. Whether you're a seasoned developer or simply starting, getting to know superior tips and hints can take your Python coding abilities to the next degree. In this article, we will explore some superior techniques that assist you in writing greater efficient and elegant Python code. Additionally, we will highlight how Cyber Success IT Training Institute's Python course in Pune can further enhance your Python skills ability.

Introduction:

Python Programming is a high-stage, interpreted programming language known for its simplicity and readability. It turned into Python, created by Guido van Rossum and first released in 1991. Python Programming supports multiple programming paradigms, along with procedural, item-oriented, and useful programming. It is widely used in diverse fields such as Web Development, Data Science, Machine Learning, and Software Computing. Python is a versatile and powerful programming language that is utilized by builders around the world for a huge range of programs. In today’s fast-paced tech world, Python Programming is sort of the basis for constructing software, together with websites, mobile apps, and huge business structures.
Python programming has various features,

• Simple and easy to learn:

Python syntax is simple and readable, making it clean for novices to research and understand. Readability and accessibility reduce software maintenance and development costs.

• Interpreted:

Python code is generated line by line with the help of Python interpreters, without the need for compilation, making code testing more efficient and solutions more iterative This makes Python more motivated to prototype and improve.

• Dynamic Typing:

Python is dynamically typed, which means you don’t need to specify the record type of variables. This makes Python more flexible and allows you to progress faster, as you can be introduced to solving problems instead of dealing with calculations.

• Rich standards library:

Python provides a large and comprehensive library that provides instructions for many common tasks, including record I/O, networking, and information manipulation This reduces the need to write code from scratch and speeds up development.

• Object-Oriented:

Python supports object-oriented programming (OOP) thinking, enabling text and gadgets to model real-world objects. This makes developing and maintaining complex codebases much less difficult.

• Cross-platform:

Python should be available across multiple platforms, along with Windows, macOS, and Linux, so that development becomes an easy priority. This allows builders to write the code once and run it on a different platform without making any changes.
In Pune which is also known as “Oxford Of The East”, The Cyber Success IT Training Institute in Pune is known as the best IT institute for software training. At Cyber Success, Whether you’re a seasoned software pro, new to coding, or just getting started in the IT field, our Python Course in Pune can open doors to exciting opportunities in this tech industry. If you’re thinking about taking a Python training Class in Punе, choose Cybеr Success for a strong start in your Python Classes in Pune. Python Programming is easy to learn and widely used, and our Python Classes in Cyber Success Pune will set you up for success.
Python Course in Pune with Placement
Python Version:
There are major versions in Python in use today: Python 2 and Python 3. Python 2 is no longer in use nowadays, and Python 3 is the most up-to-date version of the language and the destiny of Usually recommended use of Python 3 for all new projects.
Installing Python:
Python can be easily installed on Windows, macOS, and Linux. You can download the current Python model from the official Python website (python.Org) and follow the installation instructions on your work machine. The installation process is straightforward and usually involves running the installer to set the PATH environment variable.
To Get Started With Python:
To get started coding in Python, you can use a text editor or integrated development environment (IDE) including PyCharm, Visual Studio Code, or Jupyter Notebook. Python code is normally stored with a .Py extension and can be executed in a terminal or command message using the "python filename.Py command".
Conclusion:
Cyber Success has a team of experienced faculty members who are experts in their fields. Our trainers provide our students with valuable insights and practical knowledge that can only be gained through years of work experience. We understand that success in the tech industry requires more than just theoretical skills. That’s why our training programs are designed to be practical, hands-on, and industry-relevant. We look to make you feel confident with our knowledge of all the details, both theoretically and practically.
Join the best IT institute in Pune and unlock all your potential in the world of software testing and development with Cyber Success Institute’s Python Course In Pune.
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“ YOUR WAY TO SUCCESS - CYBER SUCCESS 👍”

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When you try to copy or view a file from a memory card you put into your computer, have you ever discovered it's unreadable? Any file system on memory cards, USB drives, external HDD drives, storage devices, and even internal drives might experience this regrettable circumstance. Your circumstances may make this inability to obtain that info disastrous.
When a partition becomes RAW, for whatever reason, you cannot access the data on your drive and it won't be useful until you format it. For you to obtain that data, you must therefore act. Using a data recovery program on Windows or macOS is one such way to succeed.

RAW partition

It's critical to know what a RAW partition is before we discuss recovering lost data. Said another way, a RAW partition is one that has not been formatted using the file system that the computer is using.
It's never really out of the box with removable USB devices and memory cards. If you put an SD card into one computer and it reads it correctly, the next computer may not be able to comprehend the file system structure and may destroy the partition layout, making that device inaccessible. Almost always, you've just taken out that USB device or memory card without first letting the operating system securely remove it. “
The file systems most Windows computers use, for instance, are FAT12, FAT16, FAT32, NTFS, or NTFS5. Conversely, macOS supports NTFS solely in read-only mode and uses APFS, HFS+, FAT32, and exFAT. Linux systems use XFS, BTRFS, reiser, ext3, ext4, and more.
Sometimes the file system type of a device formatted in one platform can be read by another. Regretfully, there is no assurance here. You will therefore likely be told the disk was unreadable by the computer when you try to read, say, an SD card formatted with the ext4 file system on a MacBook Pro.
The important thing is that Initialize option. It is telling us, in other words, that the card is not formatted so that the computer can read it. While clicking Initialize will undoubtedly remove all of the data on the device, it is still an option.

Can I Get My Data Back from a RAW Partition?

The excellent news is that data lost or unavailable from a RAW partition can be recovered. Occasionally all that has to be done is plug the disk (or SD card) in issue into the computer that was originally used to generate the files and folders on the device. After that, you can format the card to a file system the target computer can read, copy the data back, and insert the card into the target machine.
You will have to fix the damage and retrieve the data on the disk if you can no longer access the original machine (or one with a comparable file system) or if the reason isn't incompatibility between your operating system and the current file system.

What Use Is Converting RAW to NTFS?

Said another way, if your data is kept on a RAW partition, you cannot access it. NTFS and other file systems serve the purpose of logically storing your data for simple retrieval when needed. Your data without a file system is just a disjointed mess that is almost impossible to discover anything.
Computers locate and access your data through file systems, hence a RAW disk will not be accessible. Its contents might still be there, but without a functional file system, it will be unusable.

Converting RAW to NTFS Without Data Loss

Converting a RAW partition to NTFS without losing the data on it is possible in just one way. You need CheckDisk for that.
The Windows utility CheckDisk looks for logical and physical problems in the volumes of your drive. If you need to convert RAW to NTFS without losing data, it can even fix any issues it finds with extra settings. Because CheckDisk might be able to identify and fix the damage keeping the volume from reading properly, we're utilizing it.
Using CheckDisk's Command Prompt, convert a RAW drive to NTFS as follows:

1. Using a right-click on Start, select Windows PowerShell (Admin). Should UAC ask you to allow it, click Yes.
2. Start with chkdsk D: /r. D: should be replaced with the RAW partition's drive letter. Key in Enter.

See if Disk Management displays the right file system and the volume is now accessible after issuing the command.

Recovery of Data from a RAW Partition

Sometimes the RAW partition cannot be fixed by CheckDisk or Disk Utility without causing data loss. Before manually converting the RAW partition back to NTFS, you should recover your data in such a situation.
You can recover your data using the following techniques before fixing the malfunctioning drive.

Method 1 :- Recover With BLR Tools

A few fast clicks using BLR BitLocker Partition Data Recovery Tool can allow you to recover data from a RAW partition. And you can find the files you need fast with BLR Tools's useful features like file filters. Furthermore, something the command line cannot achieve, BLR Tools adds Guaranteed Recovery and Recovery Vault data protection techniques to the mix.
Proceed as follows to recover files from a RAW partition:

1. Get BLR Tools for Mac or Windows and install it. Open BLR Data Recovery Tool when it has downloaded and been installed. BLR Tools will detect a drive even while the operating system cannot.
2. Choose the disputed RAW drive and hit Search for lost data. BLR Tools will now start looking for files on the hard drive.
3. Click Review identified items to start browsing the found file structure after the scan is finished (this may take some time depending on the size of the drive).
4. To retrieve the files, click retrieve. Choose the location to save the restored files. Choose an output location on a different physical partition, please.
5. Recovering will start as soon as you click OK. This can take some time depending on how many files you've chosen to recover, how big those files are, and the state of the examined device. BLR Tools will show you an overview screen with direct access to your data choice after the procedure is finished.

Method 2 :- Try TestDisk to Recover

Use TestDisk to recover the whole partition. Restoring missing or lost partitions is the goal of the open-source recovery program TestDisk. Not to mention totally free. Its absence of a graphical user interface makes it difficult for novices to utilize. Still, you may quickly recover your lost partition by following the detailed methods.
This is a little video demonstrating how TestDisk can recover a lost partition:

1. Get TestDisk and extract its zip. Try testdisk_win.exe.
2. To start a fresh log file, hit Enter.
3. To continue, choose the drive holding the RAW partition and hit Enter.
4. Choose a partition table type. The one TestDisk thinks it used gets chosen automatically. Press Enter.
5. To examine the partition structure and search for lost partitions, press Enter.
6. Once more hit Enter to start the Quick Search.
7. Press Enter when finished.
8. Choose the partition and hit Enter.
9. If nothing shows up, choose Deeper Search to do a more thorough search.
10. Find the partition and choose Write.
11. After you confirm by pressing Y, restart your computer.

Method 3 :- Recovering with a Data Recovery Centre

Sometimes data recovery is still not possible with even sophisticated recovery software. Alternatively, you could merely feel uneasy trying to retrieve the info on your own. Still, there is the choice to use a data recovery facility.
To complete the task, a data recovery center hires data recovery experts with sophisticated knowledge of file recovery and equipment of the highest calibre. The most successful approach to recovery is frequently to use a data recovery facility, but it is also the most expensive.
What to anticipate generally if you decide to use a data recovery service to recover your data is as follows:

1. Launch Recovery by clicking
   
2. Complete every field as required. This covers the kind of service you would like, how to get in touch with you, and any drive specific details.
   
3. When ready to submit, click Complete my work order. You will be instructed to send your drive away for repair from this point.
   

Techniques for NTFS Conversion of RAW

It is now time to consider drive repair after data recovery. Generally speaking, once you are not concerned about losing your data, repairing a RAW partition is really simple. It only means replacing the broken or incompatible file system with a fresh one during formatting.
These solutions will walk you through configuring a disk and converting a RAW hard drive to NTFS.

Method 1:- Method with File Explorer

One of the simplest methods, formatting a drive with File Explorer just requires a few clicks. As you are ready to complete the format, just click Restore device defaults if you are not sure what values to use.

1. Start File Explorer.
2. To format a partition, do a right-click on it in the left navigation pane and select Format.
3. When you're ready, set the format's values and hit Start.

Method 2:- Format using Disk Management

A Windows program called Disk Management lets you examine and modify the storage disks on your computer. It provides an overview of the data allocations and general health of your disks. One can format their drives with it as well.

1. Choose Disk Management with a right-click on Start.
2. Give the volume a right-click and choose Format.
3. Specify the format's values, then click OK when done.
4. Please click OK to verify the format.

Method 3:- Presentation with DiskPart

Though it manages the storage drives on your computer through a command-line interface, DiskPart is a potent command interpreter. Should File Explorer and Disk Management prove ineffective for you, this is a helpful alternative.

1. With a right-click on Start, choose Windows PowerShell (Admin).
2. Just type diskpart and hit Enter.
3. Press Enter after typing list disc. Notify the disk number containing the RAW partition.
4. Please choose a disk. Replace 2 with your own disk number.
5. Type list volume and hit Enter. Note down the RAW volume number.
6. Put in volume 3 and hit Enter.
7. Kindly enter clean.
8. Put in create partition main and hit Enter. In doing so, a fresh blank primary partition is created.
9. Enter format fs=ntfs. This NTFS-formats the volume.
10. Enter after typing assignment. One is given a drive letter as a result.

Advice on Avoiding NTFS Partitions from Converting to RAW
By now you're undoubtedly thinking, "How can I keep a partition from going RAW?" That raises a really interesting issue. Ultimately, you want to avoid having to perform RAW partition recovery each time you plug in an external HDD, USB flash drive, or SD card into your computer. Thankfully, you have a few options to lessen the likelihood of this happening.
Never take out a USB drive or SD card without first "Safely removing" it with the built-in feature on your computer. A RAW partition is likely if you just remove the drive without letting your operating system safely unmount or eject the device.
As widely used a file system as you can, format your drives with. Almost all operating systems can read the file systems FAT32 and NTFS, hence those are excellent options. NTFS is read-only on macOS, which is one issue; FAT32 is always your better choice. Choosing one of these file systems should leave you with no issues with your platform of choice needing to start a drive or just not being able to read it.
Put your machine to a proper shutdown. Processes on your computer may be interrupted by sudden power outage. The corruption of your file system may follow from this. Avoid forcing a shutdown of your computer whenever possible.
See how your disk is doing. You can get early warning of any possible problems your drive may run into by using a disk monitoring program that can read the SMART data on your drive. You can stop additional damage by acting right away as problems arise.
Naturally, a drive can still turn RAW at any time even with all of this done. Thus, you should regularly backup your data so that a secure duplicate is always accessible if you want to really protect it from such an occurrence. Easy to configure and maintain snapshot copies of your data so you can even restore to a prior version if necessary, built-in Windows backup solutions like File History are a fantastic option.

Conclusion

A RAW partition or drive can be avoided really easily. Know, nevertheless, that you have the resources to handle the situation if it should come up. Data recovery from RAW drive or partition is highly likely with BLR Tools. If in doubt, run BLR Tools's free Basic edition through your RAW drive or partition. Get the Pro license and safely restore your inaccessible data if BLR Tools can locate it.

The kitchen is on fire. Welcome to the final part of the Vapiano story where the tables are turning. In the first two episodes we followed Mark Korzilius' journey from setbacks to founding Vapiano, a groundbreaking restaurant concept, highlighting its fresh ingredients, dynamic atmosphere, and data-driven operations that drove rapid success. While achieving initial profitability and garnering attention from industry giants like McDonald's, Vapiano's global expansion has led to stellar revenue growth. However, it has also resulted in the emergence of numerous side projects (or distractions), operational challenges, increased costs, significant investments, and a notable accumulation of debt. This underscores the prioritization of top-line growth over profitable growth. We will continue on this thread and see how the story ends, but I would encourage you to read part one and two for better context. Vapiano P1: Italian Food Made in Germany (substack.com). Let's dig in.
Before Going Public
We are now in 2015 and the year is a disaster for Vapiano's PR department. Employee time stamps are being manipulated, endless overtime for employees and high turnover in managerial roles are reported; mice in the kitchen and even rotten food allegedly found.
The company is confronted with allegations of exceeding working hours among trainees in an article published by Welt am Sonntag, while the same outlet accuses Vapiano of manipulating punch times. The auditing firm PwC is commissioned to investigate the allegations and finds that there is no systematic approach but rather misconduct by individual employees, a mistake that’s being corrected. Internal however, investigations into stamp times are carried out regularly now and beyond its obvious reputational impact, this sucks up valuable management time and attention.
In the summer of 2015 CEO, co-founder and investor Gregor Gerlach, who has been running the group since 2011 is stepping down and Jochen Halfmann is taking over. A new Vapiano People Program with an App is being developed with the aim to better interact with customers that will incorporate innovate features such as mobile pay. The German website sees a launch of new magazine to further promote the brand and there is now a full inhouse blogger and Instagram team being installed. In October the company buys seven restaurants from original co-founder, former co-investor and ex-president previously responsible for internation expansion Kent Hahne (2x Bonn, 3x Cologne, 1x Koblenz and one in Cologne that’s under construction). This package of Vapiano restaurants is very successful and generates net sales of more than 20 million euros in 2014. Hahne opened his first Vapiano restaurant in Cologne in August 2006 and in 2015 with his company apeiron AG, Hahne operates six L'Osteria franchise restaurants, a direct Vapiano competitor, and two self-owned restaurants GinYuu.
Then in November of 2015, the next public relations bomb goes off with allegations regarding the company's quality standards. The company immediately investigates the issue through internal and external specialists but finds no evidence of any quality issues. Nevertheless, knowing that the group is now being closely watched, the company’s already in place hygiene standards are being reinforced. Additional audits and inspections are performed nationally. Further, all Vapianos worldwide are being audited twice by the partners SGS Institut Fresenius and SAI Global. Auditing software is purchased to simplify the implementation of the audits and the resulting measures. Apart from the external examinations, there is a food sampling plan in place being performed continuously. Again, all of this sucks up costs, management time and attention. With all these tumultuous developments the company’s growth engine is undeterred. Revenue grows by a whopping 50 million euros to 202 million euros, an increase of 33%. Impressive. While average spent per customer increases in all countries, the number of customers per day in Germany decreases by 3.3% partially due to the negative press towards the end of the year. Five own, four JV and 19 new franchise restaurants are added that year to the group, the total number of own managed restaurants grows to 51, there are 31 JVs and 84 franchises which bringing the total to 166 Vapiano restaurants. Global restaurant sales are now above 400 million euros.
But while revenue grows by an astronomical 50 million euros, operating profits, alarmingly, shrink again. Gross margins are staying perfectly healthy above 75% but operating costs keep growing disproportionately fast. The Company’s outstanding debt jumps by almost 30 million, close to 85 million euros by the end of the year. With operating profits at 9.5 million euros, alarm bells should be going off right now.
In Q4 of 2015, new CEO Jochen Halfmann introduces Strategy 2020. The new strategy includes five essential points. One, profitable growth in the newly defined core markets of Germany and Austria as well as in the UK, Netherlands, France and USA. Two, operational excellence through strict “best practice” management. Three, further development and digitalization of the concept considering guest feedback. Four, greater focus on long-term employee retention and five, building a modern and sustainable IT landscape. Sound’s good on paper but let’s see how things pan out.
Vapiano's investments (capital expenditures) that year are primarily directed towards new restaurant openings, renovations of existing establishments, and share acquisitions in other Vapiano restaurants from franchisees or JV partners. A significant portion of funds is allocated to the digitalization of the guest experience, including the development of a new app scheduled for market release in 2016 and the implementation of a time recording system across all group restaurants. The world's first standalone Vapiano restaurant with a delivery service that year is built in Fürth, Germany. The company keeps expanding its presence in both inner-city locations and international markets, such as Shanghai, China.
To finance all of this, the group has its own operating cash flow which comes in at 18 million while capital expenditures are 26 million euros plus 14 million for acquisitions. The funding gab is filled with 26 million euros of new debt and a seven-million-euro equity raise. At that end of the year and after the equity raise Gregor Gerlach (through his AP Leipzig GmbH & Co. KG entity) holds 30.1%, Hans-Joachim and Gisa Sander through their Exchange Bio GmbH hold 25.5% and the Tchibo heirs, Herz through their Mayfair Beteiligungsfonds II GmbH & Co. KG hold 44,4%.
But for the first time the restaurant’s concept that was so successful to date is being questioned. Some customers are starting to mislike the operational flow of the concept itself. If you want pasta, you must queue for pasta. If you want pizza you stand in a different queue. A small side salad, yet another queue. "You spend more time carrying trays than an actress in Berlin-Mitte. The audience in the pasta limbo can only consist of people who have worked for an insurance company for a long time and, like Stockholm syndrome, they can no longer get away from the industrial canteen feeling," writes TV host Beisenherz provocatively. While overly harsh in his assessment he's not entirely wrong judging by customers venting their frustrations in forums and social media channels. It isn’t uncommon for those who ordered pizza to have already finished eating while there is little movement in the pasta queue. Long term that doesn't go down well, QSRs competitors like L’Osteria are handling this process differently, with much success.
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Tipping Point

Where are now in the year 2016 and things start to deteriorate visibility. Perhaps not for the leman’s eye but any business minded observer can see that there are problems under the hood. Yes, revenue grows yet another whopping 50 million to almost 250 million euros but half of that growth, comes from acquisitions of restaurants that the group didn’t already own 100%, which is now being fully consolidated within the group’s accounts. Here is a concrete example. In the past, Vapiano SE, the group’s top holding company held an indirect 50% stake in a French subgroup via the subsidiary VAP Restaurants SA, based in Luxembourg, and included this as an associated company in the Vapiano SE consolidated financial statements using the equity method. Due to the acquisition of additional shares in September of 2016, Vapiano SE's indirect share in the French subgroup increased to 75%. This means that Vapiano SE takes control of the French subgroup, which is therefore included in the group’s financial statements as part of the full consolidation. The revenue from the acquired subsidiary now recorded in the consolidated income statement amounts to 12.8 million euros. While that’s great for the top line, the loss of the fully consolidated entity equates to 0.2 million euros. Yes, you are buying revenue, but there are losses attached to them, not profits. A similar case is the Swedish entity that runs eight restaurants with revenue of 11.5 million euros but has losses of 235 thousand euros. So much for Strategy 2020 and “profitable” growth.
That year the group’s operating profits are absolutely tanking, halving to 3.5 million euros. Operating profits are now a mere 1,4% of revenue. Remember original founder Mark Korzilius who talked about operating margins of 25% to 28% at the restaurant level? Yes, there are overhead costs for the organization that sits above the chain of restaurants, but operating margins that low indicates a course correction is needed. What’s telling is that in the annual report, in the management discussion section, the company starts talking about EBITDA as a proxy measure of profitability, rather than operating profit or net income. This wasn’t the case in the years before. Is this window dressing for an upcoming IPO? EBITDA is short for earnings before interest, tax, depreciation, and amortization. How can you measure profitability of a restaurant chain that absolutely and unequivocally needs capital investment to maintain its restaurant operations, the very source of cash generation, by simply excluding this maintenance charge (depreciation in the income statement)? Vapiano’s own annual report talks about the fact that existing restaurants must be rejuvenated from time to time and that new interior designs have to be implemented every few years. These things wear and tear, they go out of style, kitchen equipment breaks and needs replacement. This business absolutely needs maintenance capital expenditure, why anyone talks of profits before these maintenance costs is beyond me. Fun fact: in the previous annual report EBITDA is mentioned seven times, mostly around restaurant acquisitions and financing, not however as a profit indication for the group. In the new annual report, EBITDA is mentioned 28 times. Maybe it’s just me but belated Charlie Munger liked to call EBITDA: bullsh*t earnings. When in doubt I stick with Charlie. Interestingly, EBITDA for Vapiano keeps growing while operating and net profits keep falling.
Operating cashflow for the group that year is about 21 million euros, but capital expenditure is 30 million and acquisitions for subsidiaries another 20 million. To finance these expenditures another 28 million euros of debt and 16 million of equity is raised. Net debt rises above 130 million euro. The operating cashflow of the group before any capital expenditures is 21 million euros. I am not sure free cash flow would be significantly positive after maintenance capex is paid out; it’s not broken out so we can’t be sure. Granted, I am not on the ground during this time, and I am not in the board room, I am simply reading what’s in front of me, but to me this is starting to look like a distressed situation. Regardless, the following year the company goes public.

IPO

Where are now in the year 2017 and its Vapiano’s first year as public company. The company’s annual report reads the following “Sales revenue, like-for-like growth (LfL) and the earnings figures EBITDA and adjusted EBITDA are used as the most important financial performance indicators for controlling operational business activities.” The very same report however also says: “The majority of the group's investments regularly go towards opening new restaurant locations and modernizing existing restaurants. The latter are differentiated into regular replacement investments that occur during ongoing operations (Maintenance CAPEX) and fundamental investments in the renovation of a restaurant (Remodeling CAPEX). On average, a restaurant remodeling takes place nine years after opening.” It says it right there in their own report; every nine years a remodeling is taking place. Remodeling and updating is not cost free, so why exclude depreciation charges which reflect capital expenditures? I understand that perhaps you would want to strip out one-off opening costs, that’s fine and fair, but don’t go overboard.
The number of restaurants increases by 26 (previous year: 13) to a total of 205. The increase consists of 27 new openings and one closure. Group revenue grows to an astonishing 325 million euros but here comes the shocker, operating profits turn negative to 25 million. Fine, strip out foreign exchange losses of 3 million, IPO costs of 5.8 million and new opening costs of 6.1 million and you still have 10 million euros of operational losses. All the while the debt load of almost 130 million hasn’t materially changed, so those operating losses are before a six-million-euro interest payment. 184 million euros are raised through the IPO of which 85 million go to the company. This money is earmarked for further expansion as the group has ambitions to almost double the footprint to 330 restaurants by the end of 2020. The company is currently not profitable on an operating basis, and still wants to expand aggressively? I don’t get it. The remaining 100 million euros of the IPO money raised is distributed to co-founder Gregor Gerlach and Wella heirs Hans-Joachim and Gisa Sander. The family office of the former Tchibo owners Günter and Daniela Herz with a 44% stake, don’t sell a single share. After the IPO, 32% of all the company’s shares are now in free float.
One year later, in 2018, things get even worse. Revenue grows to 371 million, but operating losses mount to 85 million euros, that’s before interest expenses of 9 million. Even the beloved EBITDA figure turns negative, meaning the operating business before any expansionary or even maintenance capital expenditures is loss making. All regions are experiencing significant deterioration in their earnings profiles. Like for like sales are down 1% across the board. That’s revenue, not profitability. The question naturally arises: is the Group approaching its natural saturation point here or this operational by nature? The operating cash flow is now 9 million while financing cost are close to 7 million. That leaves 2 million for maintenance capital for 74 own restaurants and 76 joint ventures ones. Describing this as financially tight, would be an understatement.
Things are not looking good at this point. Yet the company still grows restaurants by 26 new sites. 64 million euros are spent on acquisitions, new openings, and maintenance costs, financed through a 20 million-euro equity raise and 72 million of new debt. The Company now has net debt outstanding of over 160 million euros. After the equity raise and by the end of the year 2018, Mayfair owns 47.4%, VAP Leipzig, Gregor Gerlach’s entity owns 18.9% and the Sander couple own 15.5% of the company. Yes, the Sanders and Gerlach may have taken 100 million euros off the table, but they still have substantial skin in the game. Plus, Mayfair hasn’t sold a single share and instead injects more money into the company through the equity round. The stock has now fallen from its IPO price of 23 euros per share to under 6 euros by the end of 2018. Something must be done here. And indeed, there is pivot in strategy and a hard push for change. At last, the management team abandons its aggressive growth plan and curtails new openings significantly. Additionally, the team wants to run a thorough analysis of weak locations to then either discontinue or sell sites. In Europe, the operating focus will be put on corporate restaurants and joint ventures in major cities to ensure the ideal size and location to match the respective demographic target group. Outside of Europe, the franchising business is being expanded and at the same time a consolidation of the existing corporate and joint venture markets is being sought. All future investments will be reviewed to achieve higher rates of returns on new openings. Investments are also being made in the renovation of older restaurants. The goal in the future is to also open smaller formats, like Mini-Vapianos (less than 400 square meters) or Freestander at prominent transportation hubs outside city centers (currently in Fürth and Toulouse) to cater to individual location requirements, and to enter new partnerships. I am not sure why management hasn’t stopped all expansion altogether, bringing the ship in order first, getting profitable, clean up, all hands-on deck before considering any further expansions whatsoever. But again, it’s easy to comment from the sidelines; maybe they saw white spaces that would be covered by competing concepts if they weren’t moving fast and aggressively enough. Although pushing internationally means competing with local players such as Jamie's Italian, Prezzo, Pizza Express, Wagamama, Nando's and many more which brings in its own dynamic.
Management also aims to enhance guest satisfaction. This involves refining operational processes, reorganizing the support center, and refocusing on the core offering: providing fresh and high-quality Italian food at affordable prices for a broad audience. The group also aims to reduce waiting times, especially during lunch, while also improving the evening atmosphere. There is even what I would call an evolution, away from Vapiano’s original concept, reorientating the customer journey. The ordering flow is being changed, offering guests synchronized preparations of all dishes while eliminating wait times at the cooking stations. The open show kitchen remains, staying true to original mantra of freshness and transparency but now guests can choose their preferred method of ordering through a mobile app, using a digital order point (kiosk), or by personally placing an order with a waiter. Guests can still freely choose their table and are then informed about the complete preparation of their order through a pager or their smartphone. This is a substantial deviation from the original concept, but a needed one. The group is also exploring and implementing the expansion of take-away and home delivery services but only at suitable locations, not universally across new openings. I am not sure why home delivery is even a priority here; it adds operational complexity. It’s better to clean up shop first and get back to the basics before adding new complexities. To be fair management does try to simplify. There are 49 different permanent dishes on the menu and additional 10 seasonal ones. Customers can choose from eleven different types of pasta. There is simply too much choice, and it makes orders complicated. The company announced to slim the menu down to its most popular and typical Vapiano dishes. There’s no need for an Asian salad at an Italian restaurant. "We have to go back to the roots, i.e. classic, honest Italian cuisine" says COO Everke. Regardless, in November of 2018, the supervisory board pulls the plug on CEO Jochen Halfmann and replaces him with Cornelius Everke. Everke himself has just become COO five months ago. Since 2017 he was responsible for international expansion. From 2011 to 2017 that role was filled by Mario Bauer – put a pin in that name, he’ll play a key role in the groups fate later. Then nine months later, in the middle of 2019, Cornelius Everke quits. He essentially concludes that his skillset and experience in the areas of internation expansion is no longer needed in the foreseeable future. To put it differently: Vapiano has moved from a growth story and has become a restructuring case, and other skills are required for that job. In June of 2019 Everke says the following “(we’ve) made a bit of a mistake when it came to foreign expansion”. No sh#t. Vapiano postpones the presentation of the 2018 annual financial statements three times in the spring of 2019, citing negotiations over an urgently needed loan of 30 million euros. It’s not until the end of May that a binding loan commitment comes through from the financing banks and major shareholders.
We are now in August of 2019 and the corona pandemic is just around the corner. Supervisory board chief Vanessa Hall takes over as interim-CEO and things are unravelling. Visitor numbers are declining; originally, it was planned to sell the US business but halfway through the year the buyer cannot come up with the money. But not all restaurants are performing poorly. The group's poor figures contrast starkly as an example with the experiences of the Swiss-German franchisee, who runs six restaurants. The Sodano family in Switzerland pays Vapiano a royalty of 6% of sales for the use of the brand. Enrico Sodano explains in an interview that they operate largely autonomously from the licensor. If an “accident” were to occur, he could immediately replace the Vapiano sign with Sodano, he says. The family concluded the rents and contracts with employees and suppliers independently. The Sodano family have six locations in Bern, Basel and Zurich, around one million guests every year and 350 employees. Things are going well on the ground. The delivery service they’ve built is offering them a second income stream. Expansion into Winterthur, St. Gallen and Lucerne are being planned; small locations with 150 to 250 square meters and an attached delivery service. Originally, Vapiano restaurants used to be huge but for such a large restaurant to be profitable, 800 to 1,000 guests per day are needed. That’s possible in medium-sized cities, but not in smaller towns which is why the Vapiano group now also supports smaller formats. Back to our corporate drama. The 2019 annual report would be the last report the group files. By the end 2019 the outstanding debt of the company is at an astronomical 450 million euros. Revenue has grown by another 7%, produced by four net new openings through two JVs and two franchise restaurants but operating losses come in at 317 million euros. That sound like an absolute shocker at first but depreciation and amortization charges are 345 million, so that operating cash flow is actually positive but unfortunately capital expenditures and interest payments are so large that they are eating up all of the company’s operating cash flow. Then in the beginning of 2020 Corona hits with full force and the world shuts down. As a result of the measures to prevent further spreading of the virus, the group is forced to cease all global business operations (except in Sweden). While all these shutdowns are happening, the group is the middle of negotiating with its lending banks and main shareholders. There are additional financing needs for restructuring measures, even without a pandemic happening in the background. The situation is so dire that the company starts pleading to the German government to roll out the package of financial help more quickly. Unfortunately, it’s to no end. The rapid closure of restaurants and the resulting lack of operating cash inflows in conjunction with the additional financing requirements, lead to the company’s final knockout punch. In April of 2020, the Vapiano group officially files for insolvency proceedings. The end of an era.

New Beginnings

Because of the pandemic, the majority of the group's subsidiaries in Austria, the Netherlands, Denmark, the United States, Sweden, and China also file for insolvency or seek liquidation. The US business never gets sold in the end and is wound down. In the summer of 2020, significant group divestments occur, including the sale of 75% shares in the group's French subsidiaries, shares in franchisor companies, Australian subsidiaries, German subsidiaries, associated companies, self-managed restaurants in Germany, and insolvency-related sales in the Netherlands, Great Britain, and Sweden. The buyer of the Vapiano brand and one of these bundles of Vapiano restaurants is company named Love & Food Restaurant Holding, a consortium led by Mario C. Bauer – a name I told you to remember. Bauer was a former Vapiano board member and led the national and international expansion, opening 200 sites in 33 countries from 2011 to 2017 until he was succeeded by Cornelius Everke. Bauer didn’t feel comfortable with the IPO at the time but clearly has a lot of managerial and entrepreneurial talent.
The buyer consortium is an absolute A-Team comprised of European QSR top league hitters, including the founder of the Pret A Manger chain Sinclair Beecham; Henry McGovern, the founder and Ex-CEO of the giant international restaurant and foodservice operator AmRest; the Van der Valk Family that runs hotels and Vapiano restaurants in the Netherlands, and co-founder and ex-CEO Gregor Gerlach. The acquisition value is 15 million euros and entails 30 Vapiano restaurants in Germany, albeit that’s just the purchase price which comes on top of any capital investment needed to refresh and return the sites to its former glory. Nevertheless, just as a thought experiment, if you can get each site to 2 million euros of revenue and 400,000 euros in operating profit on average, which wouldn’t be an overly aggressively assumption given the company’s history, you’ve got yourself a package that can deliver restaurant-level operating profits of 12 million euros or more. It’s not disclosed how much capex was needed to refresh the operations, just that fact that the overall investment plus purchase price was a middle double-digit million-euro figure. Stil, it probably was a decent purchase. The same consortium buys Vapiano’s French business for 25 million euros just two weeks prior. After the transaction concludes, the master franchise is given to Delf Neumann and his Gastro & Soul GmbH. Neumann is an experienced operator, and he is ambitious to revitalise the brand with new services and products. For example, instead of pizza, the restaurants will be serving pinsa - a flatbread made from sourdough, wheat and rice flour, topped similarly to a pizza. It targets a more health-oriented customer base looking for a less calory heavy option. The menu overall is expanded by including a variety of vegan and vegetarian dishes.
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Today Neumann’s Gastro & Soul GmbH operates 18 Vapianos on its own account and has 29 franchise sites, amongst other brands. By the year 2021, Vapiano operates 191 restaurants in 34 countries. This is around 50 fewer sites than before the bankruptcy. The number of branches is particularly thinned out in Germany – from 80 to 55. Nevertheless, Vapiano's home country remains by far the largest market, followed by France with 35 restaurants and Austria with 15 locations. “We have shrunk ourselves to health,” says Bauer in the aftermath and there is no further shrinking planned. Quite the opposite, the smell of expansion is in the air again – pun intended. Not as aggressively as before and with a new menu and ordering process.
Overall, the team around Bauer is filled with industry experts with knowledge and networks gained over decades who have a great track record, a long-term view, and the staying power to let Vapiano breath and finds its way back to success. The pressure of being a public company with all the associated quarterly, half-year and yearly disincentives have been removed. The menu is changed and extended with new types of pasta and sauces with significantly more vegetarian and vegan dishes available. Guests can order with restaurant staff, at terminals or on their phones and there are barcodes attached to the tables identify the respective seat. The food is brought to your table, all at the same time if you are in a group, no more annoyances with waiting in line. There is a plan for smaller, 350 square meter locations, with half the number of guests and significantly fewer staff and less set-up costs required to make the economics work. Locations that capitalize on remote work and increased demand for local lunch options, higher population density with shorter delivery routes and therefore cost-effective in house delivery services are targeted. And Bauer is testing the concept of ghost kitchens, which operate without a dining room or service staff, focusing solely on preparing food for delivery services, which for obvious reasons have a very different operational set up and footprint. Original founder Mark Korzilius however is not entirely convinced. He is not a fan of the pinsa for instance and he considers Vapiano's pizza as its cash cow, flagship product and believes that the core Vapiano proposition of Pizza, Pasta, Bar that has given the company its original success is being diluted. He instead admires the competitor L'Osteria, saying they’ve done a better job by focusing on Italian classics, especially the impressively large pizzas that sticks out beyond the plate is leaving every customer in awe. The guys who run L’Osteria are the same guys who have built Vapiano with him in the first place. Bauer on the other hand, like a true business leader, remains undeterred, stating that he is frequently asked whether Vapiano's restart was bold or foolish. He believes in entrepreneurship, franchising, in his experienced fellow partners and importantly the Vapiano concept. By the year 2024 you can find over 140 Vapiano branded restaurant in 27 countries across the globe, including locations far away from its birthplace like Australia, USA, Columbia, Chile, Bahrain, and Saudi Arabia. And why not? Italian food is, and will remain to be, incredibly popular. Vapiano offers fresh and tasty food at affordable prices in a good atmosphere. This combination of attributes should attract a lot of customers. It certainly has in the past.
For more stories: WIP Thomas Weitzendoerfer Substack

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