PAR Technology Corporation Announces First Quarter 2023 Results

HEADLINE NEWS

 
05/11/23 - 03:05 AM Indonesia Western (Jakarta)/Vietnam/Thailand/Cambodia/Laos

PAR Technology Corporation Announces First Quarter 2023 Results

Total quarterly revenues increased 25.1% year-over-year from Q1 '22

Annual Recurring Revenues (ARR)(1) grew to $115.9 million - a 22.7% increase from $94.4 million reported in Q1 '22

May 10, 2023 04:05 PM Eastern Daylight Time

NEW HARTFORD, N.Y.--(BUSINESS WIRE)--PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the “Company”) today announced its financial results for the first quarter ended March 31, 2023.

“Key Performance Indicators and Non-GAAP Financial Measures”

Summary of Fiscal 2023 First Quarter

Revenues were reported at $100.4 million for the three months ended March 31, 2023, a 25.1% increase compared to $80.3 million for the same period in 2022.

Net loss for the three months ended March 31, 2023 was $15.9 million, or $0.58 net loss per share, compared to a net loss of $15.7 million, or $0.58 net loss per share reported for the same period in 2022.

EBITDA for the three months ended March 31, 2023 was a loss of $7.0 million compared to a loss of $6.8 million for the same period in 2022.

Adjusted EBITDA for the three months ended March 31, 2023 was a loss of $8.8 million compared to an Adjusted EBITDA loss of $2.9 million for the same period in 2022.

Adjusted net loss for the three months ended March 31, 2023 was $12.7 million, or $0.46 adjusted diluted net loss per share, compared to an adjusted net loss of $7.1 million, or $0.26 adjusted diluted net loss per share, for the same period in 2022.

Reconciliations and descriptions of non-GAAP financial measures to corresponding GAAP financial measures are included in the tables at the end of this press release.

_______

(1)

See “Key Performance Indicators and Non-GAAP Financial Measures” below.

The Company's key performance indicators ARR and Active Sites(1) are organized into three categories: Guest Engagement (Punchh and MENU), Operator Solutions (Brink POS, PAR Pay, and PAR Payment Services), and Back Office (Data Central).

Highlights of Guest Engagement - First Quarter 2023(1):

ARR at end of Q1 '23 totaled $59.4 million

New store Activations in Q1 '23 totaled approximately 325 sites

Active Sites as of March 31, 2023 totaled 68.1 thousand restaurants

Highlights of Operator Solutions - First Quarter 2023(1):

ARR at end of Q1 '23 totaled $45.2 million

New store Activations in Q1 '23 totaled 1.1 thousand sites

Bookings in Q1 '23 totaled 1.2 thousand sites

Active Sites as of March 31, 2023 totaled 20.5 thousand restaurants

Highlights of Back Office - First Quarter 2023(1):

ARR at end of Q1 '23 totaled $11.3 million

New store Activations in Q1 '23 totaled approximately 350 sites

Active Sites as of March 31, 2023 totaled 7.1 thousand restaurants

PAR Technology CEO, Savneet Singh commented, "We had a solid start to this year, increasing total revenues by 25% and growing our subscription services ARR 23% when compared to Q1 last year. We continue to see positive momentum with our unified experience strategy as we expand our reach into table service enterprises and other retail markets. Enterprise restaurants are fast-tracking their transition to integrated cloud technologies that include machine learning and data science tools to solve their most significant business challenges. This trend creates a prolonged and substantial market opportunity for our software and services that will drive the continued scaling of our subscription services revenue and enable profitability and positive cash flow for our Company."

Earnings Conference Call.

There will be an earnings conference call at 4:30 p.m. (Eastern) on May 10, 2023, during which the Company’s management will discuss the financial results for the first quarter ended March 31, 2023. To participate on the conference call, please register in advance via the link provided at https://www.partech.com/investor-relations/. After registering, a confirmation email will be sent including dial-in details and unique conference call codes for entry. Registration is open through the live call, but to ensure you are connected for the entire call we suggest registering at least 10 minutes before the start of the call. The conference call will also be webcast live. To access the webcast, please visit https://www.partech.com/investor-relations/; a recording of the webcast will be available on the site after the event.

About PAR Technology Corporation.

For more than 40 years, PAR Technology Corporation’s (NYSE Symbol: PAR) cutting-edge products and services have helped bold and passionate restaurant brands build lasting guest relationships. We are the partner enterprise restaurants rely on when they need to serve amazing moments from open to close, during the most hectic rush hours, and when the world forces them to adapt and overcome. More than 70,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, customer loyalty and engagement, payments, omnichannel digital ordering and delivery, and back-office software solutions as well as industry leading hardware and drive-thru offerings. To learn more, visit partech.com or connect with us on LinkedIn, Twitter, Facebook, and Instagram. Additionally, the Company's Environmental, Social, and Governance report can be found at https://www.partech.com/company/ESG.

_______

(1)

See “Key Performance Indicators and Non-GAAP Financial Measures” below.

Key Performance Indicators and Non-GAAP Financial Measures.

We monitor certain key performance indicators and non-GAAP financial measures in the evaluation and management of our business; certain key performance indicators and non-GAAP financial measures are provided in this press release as we believe they are useful in facilitating period-to-period comparisons of our business performance. Key performance indicators and non-GAAP financial measures do not reflect and should be viewed independently of our financial performance determined in accordance with GAAP. Key performance indicators and non-GAAP financial measures are not forecasts or indicators of future or expected results and should not have undue reliance placed upon them by investors.

Where non-GAAP financial measures are included in this press release, the most directly comparable GAAP financial measures and a detailed reconciliation between GAAP and non-GAAP financial measures is included in this press release under “Non-GAAP Financial Measures”.

Unless otherwise indicated, financial and operating data included in this press release is as of March 31, 2023.

As used in this press release,

“Annual Recurring Revenue” or “ARR” is the annualized revenue from subscription services, including subscription fees for our SaaS solutions, related software support, and transaction-based payment processing services. We calculate ARR by annualizing the monthly subscription service revenue for all Active Sites as of the last day of each month for the respective reporting period.

“Active Sites” represent locations active on PAR’s subscription services as of the last day of the respective fiscal period.

“Activations” are calculated as of the end of each month based on the number of customers that have initiated use of our subscription services. Once “activated”, PAR begins to invoice/bill the customer. In specific cases with Punchh, invoicing takes place before activation take place.

“Booking” is a customer purchase order for subscription services; upon PAR's acceptance, the customer is obligated to purchase the subscription service and pay PAR for the subscription services. In specific cases with Punchh, bookings are added at the time of execution of the relevant master services agreement.

Trademarks.

“PAR®,” “Brink POS®,” “Punchh®,” “MENUTM,” “Data Central®,” "PAR® Pay”, “PAR® Payment Services” and other trademarks appearing in this press release belong to us.

Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, Section 27A of the Securities Act of 1933, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature, but rather are predictive of our future operations, financial condition, financial results, business strategies and prospects. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “belief,” “continue,” “could,” “expect,” “estimate,” “intend,” “may,” “opportunity,” “plan,” “should,” “will,” “would,” “will likely result,” and similar expressions. Forward-looking statements are based on management's current expectations and assumptions that are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those expressed in or implied by forward-looking statements contained in this press release on our business, financial condition, and results of operations. Factors, risks, trends and uncertainties that could cause our actual results to differ materially from those expressed in or implied by forward-looking statements contained in this press release include the impact of COVID-19 on our business, financial condition, and operating results, including actions taken by governmental authorities (including COVID-19 quarantines and lockdowns), businesses and individuals in response; unfavorable macroeconomic conditions, such as recession or slowed economic growth, bank failures or other banking industry disruptions, increased interest rates, inflation, and a decline in consumer confidence and discretionary spending; geopolitical events, such as the Russia-Ukraine war and escalating tensions between China and Taiwan; the competitive marketplace for talent and its impact on employee recruitment and retention; component shortages, inventory management, and/or manufacturing disruptions and logistics challenges; risks associated with our international operations; our ability to maintain proper and effective internal control over financial reporting; changes in estimates and assumptions we make in connection with the preparation of our financial statements, in building our business and operational plans, and in executing our strategies; and the other factors, risks, trends and uncertainties discussed in our most recent Annual Report on Form 10-K/A and other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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