Latest news with #SavneetSingh
Globe and Mail
3 days ago
- Business
- Globe and Mail
PAR Technology Corporation Announces Second Quarter 2025 Results
PAR Technology Corporation (NYSE: PAR) ('PAR Technology' or the 'Company') today announced its financial results for the second quarter ended June 30, 2025. 'Q2 was another strong quarter in proving out our "Better Together" thesis. We signed a record amount of multi-product logos in the quarter and restarted our largest rollout,' commented PAR CEO, Savneet Singh. 'In addition to these multi-product wins, we ended the quarter with our largest company-wide pipeline to date. Our business continues to build a solid foundation for growth and profitability for years to come." Q2 2025 Financial Highlights (2) (in millions, except % and per share amounts) GAAP Non-GAAP (1) Q2 2025 Q2 2024 vs. Q2 2024 Q2 2025 Q2 2024 vs. Q2 2024 Revenue $112.4 $78.2 better 43.8% Net Loss from Continuing Operations/Adjusted EBITDA $(21.0) $(23.6) better $2.5 million $5.5 $(4.3) better $9.9 million Diluted Net (Loss) Income Per Share from Continuing Operations $(0.52) $(0.69) better $0.17 $0.03 $(0.23) better $0.26 Subscription Service Gross Margin Percentage 55.3% 53.1% better 220 bps 66.4% 66.4% no change Year-to-Date 2025 Financial Highlights (2) (in millions, except % and per share amounts) GAAP Non-GAAP (1) Q2 2025 Q2 2024 vs. Q2 2024 Q2 2025 Q2 2024 vs. Q2 2024 Revenue $216.3 $148.2 better 45.9% Net Loss from Continuing Operations/Adjusted EBITDA $(45.6) $(44.0) worse $1.6 million $10.1 $(14.5) better $24.6 million Diluted Net (Loss) Income Per Share from Continuing Operations $(1.13) $(1.33) better $0.20 $0.02 $(0.66) better $0.68 Subscription Service Gross Margin Percentage 56.5% 52.4% better 410 bps 67.7% 66.1% better 160 bps (1) See 'Key Performance Indicators and Non-GAAP Financial Measures' for descriptions of key performance indicators and non-GAAP financial measures, and reconciliations of non-GAAP financial measures to corresponding GAAP financial measures. Amounts presented in the reconciliations and other tables presented herein may not sum due to rounding. (2) Results exclude historical results from our Government segment which are reported as discontinued operations. The Company's key performance indicators ARR and Active Sites (1) are presented as two subscription service product lines: Engagement Cloud consisting of PAR Engagement (Punchh and PAR Ordering), PAR Retail (including GoSkip), and Plexure product offerings. Operator Cloud consisting of PAR POS, PAR Pay, PAR OPS (Data Central and Delaget), and TASK product offerings. Highlights of Engagement Cloud - Second Quarter 2025 (1): ARR at end of Q2 '25 totaled $167.5 million Active Sites as of June 30, 2025 totaled 119.1 thousand Highlights of Operator Cloud - Second Quarter 2025 (1): ARR at end of Q2 '25 totaled $119.2 million Active Sites as of June 30, 2025 totaled 57.4 thousand (1) See 'Key Performance Indicators and Non-GAAP Financial Measures' below. Earnings Conference Call. There will be a conference call at 9:00 a.m. (Eastern) on August 8, 2025, during which management will discuss the Company's financial results for the second quarter ended June 30, 2025. The conference call will be webcast live. To access the webcast, please visit the Investor Relations section of the Company's website at A recording of the webcast will be available on this site after the event. About PAR Technology Corpora tion. PAR Technology Corporation (NYSE: PAR) is a leading foodservice technology provider, powering a unified, purpose-built platform engineered to scale and adapt with brands at every stage of growth. Designed with flexibility and openness at its core, PAR's solutions—spanning point-of-sale, digital ordering, loyalty, back-office, payments, and hardware—integrate with others, yet deliver maximum impact as a unified system. With intentional innovation at the forefront, PAR's solutions streamline operations, drive higher engagement, and strengthen guest experiences for restaurants and retailers globally. To learn more, visit or connect with us on social media. The PAR Technology 2025 Sustainability Report can be found at: 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 because 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 June 30, 2025. 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 and related software support, managed platform development services, and transaction-based payment processing services. We generally calculate ARR by annualizing the monthly recurring revenue for all Active Sites as of the last day of each month for the respective reporting period. Our reported ARR is based on a constant currency, using the exchange rates established at the beginning of the year and consistently applied throughout the period and to comparative periods presented. For acquisitions made during each period, the constant currency rate applied is the exchange rate at the date of each acquisition's closure. 'Active Sites' represent locations active on PAR's subscription services as of the last day of the respective reporting period. Trademarks. 'PAR ®,' 'PAR POS ® ', 'Punchh ®,' 'PAR Ordering TM ', "PAR OPS TM," 'Data Central ®," 'Delaget TM,' "PAR Retail TM", "PAR ® Pay', 'PAR ® Payment Services', and other trademarks identifying our products and services appearing in this press release belong to us. Solely for convenience, our trademarks referred to in this press release may appear without the ® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights to these trademarks. Forward-Looking Statem ents. This press release contains forward-looking statements made pursuant to the safe harbor provisions 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, and the accuracy of such statements is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. Forward-looking statements can be identified by words such as 'believe,' 'could,' 'would,' 'should,' 'will,' 'continue,' 'anticipate,' 'expect,' 'path,' 'plan,' 'intend,' 'estimate,' 'future,' 'may,' 'potential,' and similar expressions. These statements include, but are not limited to, express or implied forward-looking statements relating to: the plans, strategies and objectives of management relating to our growth, results of operations, and financial performance, including service and product offerings, the development, demand, market share, and competitive performance of our products and services; revenues, gross margins, expenses, cash flows, and other financial measures and key performance indicators, including ARR, Active Sites, subscription service gross margin percentage, net loss, and net loss per share; the availability and terms of product and component supplies for our hardware products; anticipated benefits of acquisitions, divestitures, and capital markets transactions; and macroeconomic trends, geopolitical events, tariffs, and trade disputes and the expected impact of those trends and events on our business, results of operations, and financial performance. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Factors, risks, trends and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements include our ability to successfully develop or acquire and transition new products and services and enhance existing products and services to meet evolving customer needs and respond to emerging technological trends, including our effective us of artificial intelligence (AI) in product development and integration of AI tools into our product and service offerings; our ability to add and retain Active Sites and integration partners; our ability to successfully integrate acquisitions into our operations, and realize the anticipated benefits; macroeconomic trends, such as a recession or slowed economic growth, fluctuating interest rates, inflation, and changes in consumer confidence and discretionary spending; geopolitical events affecting countries where we operate or our customers or suppliers operate, including changes in import/export regulations, such as tariffs, and trade disputes involving the United States and those countries; our ability to retain and manage suppliers, secure alternative suppliers, and manage inventory levels and costs, navigate manufacturing disruptions or logistics challenges, shipping delays, and shipping costs; and the other factors discussed in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. 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. Assets June 30, 2025 December 31, 2024 Current assets: Cash and cash equivalents $ 85,122 $ 108,117 Cash held on behalf of customers 17,670 13,428 Short-term investments 567 524 Accounts receivable – net 72,332 59,726 Inventories 27,434 21,861 Other current assets 16,166 14,390 Total current assets 219,291 218,046 Property, plant and equipment – net 13,323 14,107 Goodwill 906,361 887,459 Intangible assets – net 229,445 237,333 Lease right-of-use assets 7,332 8,221 Other assets 15,988 15,561 Total Assets $ 1,391,740 $ 1,380,727 Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt $ 20,000 $ — Accounts payable 38,617 34,784 Accrued salaries and benefits 18,450 22,487 Accrued expenses 7,732 13,938 Customers payable 17,670 13,428 Lease liabilities – current portion 2,037 2,256 Customer deposits and deferred service revenue 24,432 24,944 Total current liabilities 128,938 111,837 Lease liabilities – net of current portion 5,423 6,053 Deferred service revenue – noncurrent 1,259 1,529 Long-term debt 372,848 368,355 Other long-term liabilities 24,130 21,243 Total liabilities 532,598 509,017 Shareholders' equity: Preferred stock, $0.02 par value, 1,000,000 shares authorized, none outstanding — — Common stock, $0.02 par value, 116,000,000 shares authorized, 42,153,520 and 40,187,671 shares issued, 40,580,687 and 38,717,366 outstanding at June 30, 2025 and December 31, 2024, respectively 835 798 Additional paid in capital 1,209,634 1,085,473 Equity consideration payable — 108,182 Accumulated deficit (325,333 ) (279,943 ) Accumulated other comprehensive income (loss) 2,898 (20,951 ) Treasury stock, at cost, 1,572,833 and 1,470,305 shares at June 30, 2025 and December 31, 2024, respectively (28,892 ) (21,849 ) Total shareholders' equity 859,142 871,710 Total Liabilities and Shareholders' Equity $ 1,391,740 $ 1,380,727 See notes to unaudited interim condensed consolidated financial statements included in the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2025 (the 'Quarterly Report'). Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues, net: Subscription service $ 71,903 $ 44,872 $ 140,313 $ 83,251 Hardware 26,864 20,116 48,707 38,342 Professional service 13,637 13,162 27,243 26,630 Total revenues, net 112,404 78,150 216,263 148,223 Cost of sales: Subscription service 32,144 21,041 61,044 39,635 Hardware 19,540 15,539 36,008 29,709 Professional service 9,728 9,542 19,877 20,793 Total cost of sales 61,412 46,122 116,929 90,137 Gross margin 50,992 32,028 99,334 58,086 Operating expenses: Sales and marketing 12,274 9,811 24,056 20,737 General and administrative 31,697 25,369 60,981 50,544 Research and development 20,934 16,237 40,701 32,005 Amortization of identifiable intangible assets 3,394 1,946 6,653 2,878 Adjustment to contingent consideration liability — (600 ) — (600 ) Total operating expenses 68,299 52,763 132,391 105,564 Operating loss (17,307 ) (20,735 ) (33,057 ) (47,478 ) Other expense, net (1,381 ) (610 ) (1,472 ) (310 ) Interest expense, net (1,408 ) (1,630 ) (3,042 ) (3,338 ) Loss on extinguishment of debt — — (5,791 ) — Loss from continuing operations before income taxes (20,096 ) (22,975 ) (43,362 ) (51,126 ) (Provision for) benefit from income taxes (944 ) (612 ) (2,225 ) 7,173 Net loss from continuing operations (21,040 ) (23,587 ) (45,587 ) (43,953 ) Net income from discontinued operations — 77,777 197 79,855 Net (loss) income $ (21,040 ) $ 54,190 $ (45,390 ) $ 35,902 Net (loss) income per share (basic and diluted): Continuing operations $ (0.52 ) $ (0.69 ) $ (1.13 ) $ (1.33 ) Discontinued operations — 2.29 — 2.42 Total $ (0.52 ) $ 1.60 $ (1.13 ) $ 1.09 Weighted average shares outstanding (basic and diluted) 40,520 34,015 40,348 32,935 See notes to unaudited interim condensed consolidated financial statements included in the Quarterly Report. PAR TECHNOLOGY CORPORATION SUPPLEMENTAL INFORMATION (unaudited) Non-GAAP Financial Measures In addition to disclosing financial results in accordance with GAAP, this press release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. Our non-GAAP financial measures reflect adjustments based on one or more of the following items below. The income tax effect of the below adjustments, with the exception of non-recurring income taxes, were not tax-effected due to the valuation allowance on all of our net deferred tax assets. Our non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Additionally, these measures may not be comparable to similarly titled measures disclosed by other companies. Non-GAAP subscription service gross margin percentage Represents subscription service gross margin percentage adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, and severance. We believe that non-GAAP subscription service gross margin percentage and adjusted EBITDA provide useful perspectives with respect to the Company's core operating performance and ongoing cash earnings by adjusting for certain non-cash and non-recurring charges that may not be indicative of our financial performance. Adjusted EBITDA Represents net (loss) income before income taxes, interest expense, and depreciation and amortization adjusted to exclude discontinued operations, stock-based compensation, contingent consideration, transaction costs, severance, litigation expense, loss on extinguishment of debt, and other expense, net. Non-GAAP diluted net income (loss) per share Represents net (loss) income per share excluding amortization of acquired intangible assets, non-recurring income taxes, non-cash interest, discontinued operations, stock-based compensation, contingent consideration, transaction costs, severance, litigation expense, loss on extinguishment of debt, and other expense, net. We believe that adjusting our diluted net (loss) income per share to remove non-cash and non-recurring charges provides a useful perspective with respect to the Company's operating performance as well as comparisons to past and competitor operating results. Consists of non-cash charges related to our employee equity incentive plans. We exclude stock-based compensation because management does not view these non-cash charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Contingent consideration Adjustment reflects a non-cash reduction to the fair market value of the contingent consideration liability related to our acquisition of MENU Technologies AG (the "MENU Acquisition"). We exclude changes to the fair market value of our contingent consideration liability because management does not view these non-cash, non-recurring charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Transaction costs Adjustment reflects non-recurring professional fees incurred in transaction due diligence and integration, including costs incurred in the acquisitions of Stuzo Blocker, Inc., Stuzo Holdings, LLC and their subsidiaries (the "Stuzo Acquisition"), TASK Group Holdings Limited, and Delaget, LLC. We exclude professional fees incurred in corporate development because management does not view these non-recurring charges, which are inconsistent in size and are significantly impacted by the timing and valuation of our transactions, as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. Severance Adjustment reflects severance tied to non-recurring restructuring events included in cost of sales, sales and marketing expense, general and administrative expense, and research and development expense. We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Litigation expense Adjustment reflects non-recurring legal fees incurred in connection with certain litigation matters. Loss on extinguishment of debt Adjustment reflects loss on extinguishment of debt related to the early repayment of the former credit facility with Blue Owl Capital Corporation. Discontinued operations Adjustment reflects income from discontinued operations related to the divestiture of our Government segment. Other expense, net Adjustment reflects foreign currency transaction gains and losses and other non-recurring income and expenses recorded in other expense, net in the accompanying statements of operations. Non-recurring income taxes Adjustment reflects a partial release of our deferred tax asset valuation allowance resulting from the Stuzo Acquisition. We exclude these non-cash and non-recurring adjustments for purposes of calculating non-GAAP diluted net income (loss) per share because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. Non-cash interest Adjustment reflects non-cash amortization of issuance costs and discount related to the Company's long-term debt. Acquired intangible assets amortization Adjustment reflects amortization expense of acquired developed technology included within cost of sales and amortization expense of acquired intangible assets. The tables below provide reconciliations between net (loss) income and adjusted EBITDA, diluted net (loss) income per share and non-GAAP diluted net income (loss) per share, and subscription service gross margin percentage and non-GAAP subscription service gross margin percentage. (in thousands) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net (Loss) Income to Adjusted EBITDA 2025 2024 2025 2024 Net (loss) income $ (21,040 ) $ 54,190 $ (45,390 ) $ 35,902 Discontinued operations — (77,777 ) (197 ) (79,855 ) Net loss from continuing operations (21,040 ) (23,587 ) (45,587 ) (43,953 ) Provision for (benefit from) income taxes 944 612 2,225 (7,173 ) Interest expense, net 1,408 1,630 3,042 3,338 Depreciation and amortization 12,415 8,834 24,297 16,127 Stock-based compensation 7,887 6,286 15,068 10,696 Contingent consideration — (600 ) — (600 ) Transaction costs 561 1,573 1,716 4,978 Severance 638 294 710 1,728 Litigation expense 1,347 — 1,347 — Loss on extinguishment of debt — — 5,791 — Other expense, net 1,381 610 1,472 310 Adjusted EBITDA $ 5,541 $ (4,348 ) $ 10,081 $ (14,549 ) (in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, Reconciliation between GAAP and Non-GAAP Diluted Net Income (Loss) per share 2025 2024 2025 2024 Diluted net (loss) income per share $ (0.52 ) $ 1.60 $ (1.13 ) $ 1.09 Discontinued operations — (2.29 ) — (2.42 ) Diluted net loss per share from continuing operations (0.52 ) (0.69 ) (1.13 ) (1.33 ) Non-recurring income taxes — 0.01 — (0.23 ) Non-cash interest 0.01 0.02 0.03 0.03 Acquired intangible assets amortization 0.24 0.20 0.48 0.36 Stock-based compensation 0.19 0.18 0.37 0.32 Contingent consideration — (0.02 ) — (0.02 ) Transaction costs 0.01 0.05 0.04 0.15 Severance 0.02 0.01 0.02 0.05 Litigation expense 0.03 — 0.03 — Loss on extinguishment of debt — — 0.14 — Other expense, net 0.03 0.02 0.04 0.01 Non-GAAP diluted net income (loss) per share $ 0.03 $ (0.23 ) $ 0.02 $ (0.66 ) Diluted weighted average shares outstanding 40,520 34,015 40,348 32,935 (in thousands, except percentages) Three Months Ended June 30, Six Months Ended June 30, Reconciliation between GAAP and Non-GAAP Subscription Service Gross Margin Percentage 2025 2024 2025 2024 Subscription Service Gross Margin Percentage 55.3 % 53.1 % 56.5 % 52.4 % Subscription Service Gross Margin $ 39,759 $ 23,831 $ 79,269 $ 43,616 Depreciation and amortization 7,836 5,860 15,431 11,260 Stock-based compensation 172 94 299 126 Severance — — — 54 Non-GAAP Subscription Service Gross Margin $ 47,767 $ 29,785 $ 94,999 $ 55,056
Yahoo
3 days ago
- Business
- Yahoo
PAR Technology Corporation Announces Second Quarter 2025 Results
Annual Recurring Revenue (ARR)(1) grew to $286.7 million - total growth of 49% inclusive of organic growth of 16% from $192.2 million reported in Q2 '24 Quarterly subscription service revenues increased 60% year-over-year, inclusive of organic growth of 21% from Q2 '24 NEW HARTFORD, N.Y., August 08, 2025--(BUSINESS WIRE)--PAR Technology Corporation (NYSE: PAR) ("PAR Technology" or the "Company") today announced its financial results for the second quarter ended June 30, 2025. "Q2 was another strong quarter in proving out our "Better Together" thesis. We signed a record amount of multi-product logos in the quarter and restarted our largest rollout," commented PAR CEO, Savneet Singh. "In addition to these multi-product wins, we ended the quarter with our largest company-wide pipeline to date. Our business continues to build a solid foundation for growth and profitability for years to come." Q2 2025 Financial Highlights(2) (in millions, except % and per share amounts) GAAP Non-GAAP(1) Q2 2025 Q2 2024 vs. Q2 2024 Q2 2025 Q2 2024 vs. Q2 2024 Revenue $112.4 $78.2 better 43.8% Net Loss from Continuing Operations/Adjusted EBITDA $(21.0) $(23.6) better $2.5 million $5.5 $(4.3) better $9.9 million Diluted Net (Loss) Income Per Share from Continuing Operations $(0.52) $(0.69) better $0.17 $0.03 $(0.23) better $0.26 Subscription Service Gross Margin Percentage 55.3% 53.1% better 220 bps 66.4% 66.4% no change Year-to-Date 2025 Financial Highlights(2) (in millions, except % and per share amounts) GAAP Non-GAAP(1) Q2 2025 Q2 2024 vs. Q2 2024 Q2 2025 Q2 2024 vs. Q2 2024 Revenue $216.3 $148.2 better 45.9% Net Loss from Continuing Operations/Adjusted EBITDA $(45.6) $(44.0) worse $1.6 million $10.1 $(14.5) better $24.6 million Diluted Net (Loss) Income Per Share from Continuing Operations $(1.13) $(1.33) better $0.20 $0.02 $(0.66) better $0.68 Subscription Service Gross Margin Percentage 56.5% 52.4% better 410 bps 67.7% 66.1% better 160 bps (1) See "Key Performance Indicators and Non-GAAP Financial Measures" for descriptions of key performance indicators and non-GAAP financial measures, and reconciliations of non-GAAP financial measures to corresponding GAAP financial measures. Amounts presented in the reconciliations and other tables presented herein may not sum due to rounding. (2) Results exclude historical results from our Government segment which are reported as discontinued operations. The Company's key performance indicators ARR and Active Sites(1) are presented as two subscription service product lines: Engagement Cloud consisting of PAR Engagement (Punchh and PAR Ordering), PAR Retail (including GoSkip), and Plexure product offerings. Operator Cloud consisting of PAR POS, PAR Pay, PAR OPS (Data Central and Delaget), and TASK product offerings. Highlights of Engagement Cloud - Second Quarter 2025(1): ARR at end of Q2 '25 totaled $167.5 million Active Sites as of June 30, 2025 totaled 119.1 thousand Highlights of Operator Cloud - Second Quarter 2025(1): ARR at end of Q2 '25 totaled $119.2 million Active Sites as of June 30, 2025 totaled 57.4 thousand (1) See "Key Performance Indicators and Non-GAAP Financial Measures" below. Earnings Conference Call. There will be a conference call at 9:00 a.m. (Eastern) on August 8, 2025, during which management will discuss the Company's financial results for the second quarter ended June 30, 2025. The conference call will be webcast live. To access the webcast, please visit the Investor Relations section of the Company's website at A recording of the webcast will be available on this site after the event. About PAR Technology Corporation. PAR Technology Corporation (NYSE: PAR) is a leading foodservice technology provider, powering a unified, purpose-built platform engineered to scale and adapt with brands at every stage of growth. Designed with flexibility and openness at its core, PAR's solutions—spanning point-of-sale, digital ordering, loyalty, back-office, payments, and hardware—integrate with others, yet deliver maximum impact as a unified system. With intentional innovation at the forefront, PAR's solutions streamline operations, drive higher engagement, and strengthen guest experiences for restaurants and retailers globally. To learn more, visit or connect with us on social media. The PAR Technology 2025 Sustainability Report can be found at: 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 because 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 June 30, 2025. 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 and related software support, managed platform development services, and transaction-based payment processing services. We generally calculate ARR by annualizing the monthly recurring revenue for all Active Sites as of the last day of each month for the respective reporting period. Our reported ARR is based on a constant currency, using the exchange rates established at the beginning of the year and consistently applied throughout the period and to comparative periods presented. For acquisitions made during each period, the constant currency rate applied is the exchange rate at the date of each acquisition's closure. "Active Sites" represent locations active on PAR's subscription services as of the last day of the respective reporting period. Trademarks. "PAR®," "PAR POS®", "Punchh®," "PAR OrderingTM", "PAR OPSTM," "Data Central®," "DelagetTM," "PAR RetailTM", "PAR® Pay", "PAR® Payment Services", and other trademarks identifying our products and services appearing in this press release belong to us. Solely for convenience, our trademarks referred to in this press release may appear without the ® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights to these trademarks. Forward-Looking Statements. This press release contains forward-looking statements made pursuant to the safe harbor provisions 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, and the accuracy of such statements is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. Forward-looking statements can be identified by words such as "believe," "could," "would," "should," "will," "continue," "anticipate," "expect," "path," "plan," "intend," "estimate," "future," "may," "potential," and similar expressions. These statements include, but are not limited to, express or implied forward-looking statements relating to: the plans, strategies and objectives of management relating to our growth, results of operations, and financial performance, including service and product offerings, the development, demand, market share, and competitive performance of our products and services; revenues, gross margins, expenses, cash flows, and other financial measures and key performance indicators, including ARR, Active Sites, subscription service gross margin percentage, net loss, and net loss per share; the availability and terms of product and component supplies for our hardware products; anticipated benefits of acquisitions, divestitures, and capital markets transactions; and macroeconomic trends, geopolitical events, tariffs, and trade disputes and the expected impact of those trends and events on our business, results of operations, and financial performance. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Factors, risks, trends and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements include our ability to successfully develop or acquire and transition new products and services and enhance existing products and services to meet evolving customer needs and respond to emerging technological trends, including our effective us of artificial intelligence (AI) in product development and integration of AI tools into our product and service offerings; our ability to add and retain Active Sites and integration partners; our ability to successfully integrate acquisitions into our operations, and realize the anticipated benefits; macroeconomic trends, such as a recession or slowed economic growth, fluctuating interest rates, inflation, and changes in consumer confidence and discretionary spending; geopolitical events affecting countries where we operate or our customers or suppliers operate, including changes in import/export regulations, such as tariffs, and trade disputes involving the United States and those countries; our ability to retain and manage suppliers, secure alternative suppliers, and manage inventory levels and costs, navigate manufacturing disruptions or logistics challenges, shipping delays, and shipping costs; and the other factors discussed in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. 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. PAR TECHNOLOGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share and per share amounts) Assets June 30, 2025 December 31, 2024 Current assets: Cash and cash equivalents $ 85,122 $ 108,117 Cash held on behalf of customers 17,670 13,428 Short-term investments 567 524 Accounts receivable – net 72,332 59,726 Inventories 27,434 21,861 Other current assets 16,166 14,390 Total current assets 219,291 218,046 Property, plant and equipment – net 13,323 14,107 Goodwill 906,361 887,459 Intangible assets – net 229,445 237,333 Lease right-of-use assets 7,332 8,221 Other assets 15,988 15,561 Total Assets $ 1,391,740 $ 1,380,727 Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt $ 20,000 $ — Accounts payable 38,617 34,784 Accrued salaries and benefits 18,450 22,487 Accrued expenses 7,732 13,938 Customers payable 17,670 13,428 Lease liabilities – current portion 2,037 2,256 Customer deposits and deferred service revenue 24,432 24,944 Total current liabilities 128,938 111,837 Lease liabilities – net of current portion 5,423 6,053 Deferred service revenue – noncurrent 1,259 1,529 Long-term debt 372,848 368,355 Other long-term liabilities 24,130 21,243 Total liabilities 532,598 509,017 Shareholders' equity: Preferred stock, $0.02 par value, 1,000,000 shares authorized, none outstanding — — Common stock, $0.02 par value, 116,000,000 shares authorized, 42,153,520 and 40,187,671 shares issued, 40,580,687 and 38,717,366 outstanding at June 30, 2025 and December 31, 2024, respectively 835 798 Additional paid in capital 1,209,634 1,085,473 Equity consideration payable — 108,182 Accumulated deficit (325,333 ) (279,943 ) Accumulated other comprehensive income (loss) 2,898 (20,951 ) Treasury stock, at cost, 1,572,833 and 1,470,305 shares at June 30, 2025 and December 31, 2024, respectively (28,892 ) (21,849 ) Total shareholders' equity 859,142 871,710 Total Liabilities and Shareholders' Equity $ 1,391,740 $ 1,380,727 See notes to unaudited interim condensed consolidated financial statements included in the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2025 (the "Quarterly Report"). PAR TECHNOLOGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues, net: Subscription service $ 71,903 $ 44,872 $ 140,313 $ 83,251 Hardware 26,864 20,116 48,707 38,342 Professional service 13,637 13,162 27,243 26,630 Total revenues, net 112,404 78,150 216,263 148,223 Cost of sales: Subscription service 32,144 21,041 61,044 39,635 Hardware 19,540 15,539 36,008 29,709 Professional service 9,728 9,542 19,877 20,793 Total cost of sales 61,412 46,122 116,929 90,137 Gross margin 50,992 32,028 99,334 58,086 Operating expenses: Sales and marketing 12,274 9,811 24,056 20,737 General and administrative 31,697 25,369 60,981 50,544 Research and development 20,934 16,237 40,701 32,005 Amortization of identifiable intangible assets 3,394 1,946 6,653 2,878 Adjustment to contingent consideration liability — (600 ) — (600 ) Total operating expenses 68,299 52,763 132,391 105,564 Operating loss (17,307 ) (20,735 ) (33,057 ) (47,478 ) Other expense, net (1,381 ) (610 ) (1,472 ) (310 ) Interest expense, net (1,408 ) (1,630 ) (3,042 ) (3,338 ) Loss on extinguishment of debt — — (5,791 ) — Loss from continuing operations before income taxes (20,096 ) (22,975 ) (43,362 ) (51,126 ) (Provision for) benefit from income taxes (944 ) (612 ) (2,225 ) 7,173 Net loss from continuing operations (21,040 ) (23,587 ) (45,587 ) (43,953 ) Net income from discontinued operations — 77,777 197 79,855 Net (loss) income $ (21,040 ) $ 54,190 $ (45,390 ) $ 35,902 Net (loss) income per share (basic and diluted): Continuing operations $ (0.52 ) $ (0.69 ) $ (1.13 ) $ (1.33 ) Discontinued operations — 2.29 — 2.42 Total $ (0.52 ) $ 1.60 $ (1.13 ) $ 1.09 Weighted average shares outstanding (basic and diluted) 40,520 34,015 40,348 32,935 See notes to unaudited interim condensed consolidated financial statements included in the Quarterly Report. PAR TECHNOLOGY CORPORATIONSUPPLEMENTAL INFORMATION(unaudited) Non-GAAP Financial Measures In addition to disclosing financial results in accordance with GAAP, this press release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. Our non-GAAP financial measures reflect adjustments based on one or more of the following items below. The income tax effect of the below adjustments, with the exception of non-recurring income taxes, were not tax-effected due to the valuation allowance on all of our net deferred tax assets. Our non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Additionally, these measures may not be comparable to similarly titled measures disclosed by other companies. Non-GAAP Measure or Adjustment Definition Usefulness to management and investors Non-GAAP subscription service gross margin percentage Represents subscription service gross margin percentage adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, and severance. We believe that non-GAAP subscription service gross margin percentage and adjusted EBITDA provide useful perspectives with respect to the Company's core operating performance and ongoing cash earnings by adjusting for certain non-cash and non-recurring charges that may not be indicative of our financial performance. Adjusted EBITDA Represents net (loss) income before income taxes, interest expense, and depreciation and amortization adjusted to exclude discontinued operations, stock-based compensation, contingent consideration, transaction costs, severance, litigation expense, loss on extinguishment of debt, and other expense, net. Non-GAAP diluted net income (loss) per share Represents net (loss) income per share excluding amortization of acquired intangible assets, non-recurring income taxes, non-cash interest, discontinued operations, stock-based compensation, contingent consideration, transaction costs, severance, litigation expense, loss on extinguishment of debt, and other expense, net. We believe that adjusting our diluted net (loss) income per share to remove non-cash and non-recurring charges provides a useful perspective with respect to the Company's operating performance as well as comparisons to past and competitor operating results. Stock-based compensation Consists of non-cash charges related to our employee equity incentive plans. We exclude stock-based compensation because management does not view these non-cash charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Contingent consideration Adjustment reflects a non-cash reduction to the fair market value of the contingent consideration liability related to our acquisition of MENU Technologies AG (the "MENU Acquisition"). We exclude changes to the fair market value of our contingent consideration liability because management does not view these non-cash, non-recurring charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Transaction costs Adjustment reflects non-recurring professional fees incurred in transaction due diligence and integration, including costs incurred in the acquisitions of Stuzo Blocker, Inc., Stuzo Holdings, LLC and their subsidiaries (the "Stuzo Acquisition"), TASK Group Holdings Limited, and Delaget, LLC. We exclude professional fees incurred in corporate development because management does not view these non-recurring charges, which are inconsistent in size and are significantly impacted by the timing and valuation of our transactions, as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. Severance Adjustment reflects severance tied to non-recurring restructuring events included in cost of sales, sales and marketing expense, general and administrative expense, and research and development expense. We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Litigation expense Adjustment reflects non-recurring legal fees incurred in connection with certain litigation matters. Loss on extinguishment of debt Adjustment reflects loss on extinguishment of debt related to the early repayment of the former credit facility with Blue Owl Capital Corporation. Discontinued operations Adjustment reflects income from discontinued operations related to the divestiture of our Government segment. Other expense, net Adjustment reflects foreign currency transaction gains and losses and other non-recurring income and expenses recorded in other expense, net in the accompanying statements of operations. Non-recurring income taxes Adjustment reflects a partial release of our deferred tax asset valuation allowance resulting from the Stuzo Acquisition. We exclude these non-cash and non-recurring adjustments for purposes of calculating non-GAAP diluted net income (loss) per share because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. Non-cash interest Adjustment reflects non-cash amortization of issuance costs and discount related to the Company's long-term debt. Acquired intangible assets amortization Adjustment reflects amortization expense of acquired developed technology included within cost of sales and amortization expense of acquired intangible assets. The tables below provide reconciliations between net (loss) income and adjusted EBITDA, diluted net (loss) income per share and non-GAAP diluted net income (loss) per share, and subscription service gross margin percentage and non-GAAP subscription service gross margin percentage. (in thousands) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net (Loss) Income to Adjusted EBITDA 2025 2024 2025 2024 Net (loss) income $ (21,040 ) $ 54,190 $ (45,390 ) $ 35,902 Discontinued operations — (77,777 ) (197 ) (79,855 ) Net loss from continuing operations (21,040 ) (23,587 ) (45,587 ) (43,953 ) Provision for (benefit from) income taxes 944 612 2,225 (7,173 ) Interest expense, net 1,408 1,630 3,042 3,338 Depreciation and amortization 12,415 8,834 24,297 16,127 Stock-based compensation 7,887 6,286 15,068 10,696 Contingent consideration — (600 ) — (600 ) Transaction costs 561 1,573 1,716 4,978 Severance 638 294 710 1,728 Litigation expense 1,347 — 1,347 — Loss on extinguishment of debt — — 5,791 — Other expense, net 1,381 610 1,472 310 Adjusted EBITDA $ 5,541 $ (4,348 ) $ 10,081 $ (14,549 ) (in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, Reconciliation between GAAP and Non-GAAP Diluted Net Income (Loss) per share 2025 2024 2025 2024 Diluted net (loss) income per share $ (0.52 ) $ 1.60 $ (1.13 ) $ 1.09 Discontinued operations — (2.29 ) — (2.42 ) Diluted net loss per share from continuing operations (0.52 ) (0.69 ) (1.13 ) (1.33 ) Non-recurring income taxes — 0.01 — (0.23 ) Non-cash interest 0.01 0.02 0.03 0.03 Acquired intangible assets amortization 0.24 0.20 0.48 0.36 Stock-based compensation 0.19 0.18 0.37 0.32 Contingent consideration — (0.02 ) — (0.02 ) Transaction costs 0.01 0.05 0.04 0.15 Severance 0.02 0.01 0.02 0.05 Litigation expense 0.03 — 0.03 — Loss on extinguishment of debt — — 0.14 — Other expense, net 0.03 0.02 0.04 0.01 Non-GAAP diluted net income (loss) per share $ 0.03 $ (0.23 ) $ 0.02 $ (0.66 ) Diluted weighted average shares outstanding 40,520 34,015 40,348 32,935 (in thousands, except percentages) Three Months Ended June 30, Six Months Ended June 30, Reconciliation between GAAP and Non-GAAP Subscription Service Gross Margin Percentage 2025 2024 2025 2024 Subscription Service Gross Margin Percentage 55.3 % 53.1 % 56.5 % 52.4 % Subscription Service Gross Margin $ 39,759 $ 23,831 $ 79,269 $ 43,616 Depreciation and amortization 7,836 5,860 15,431 11,260 Stock-based compensation 172 94 299 126 Severance — — — 54 Non-GAAP Subscription Service Gross Margin $ 47,767 $ 29,785 $ 94,999 $ 55,056 Non-GAAP Subscription Service Gross Margin Percentage 66.4 % 66.4 % 67.7 % 66.1 % View source version on Contacts Christopher R. 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Business Wire
3 days ago
- Business
- Business Wire
PAR Technology Corporation Announces Second Quarter 2025 Results
NEW HARTFORD, N.Y.--(BUSINESS WIRE)--PAR Technology Corporation (NYSE: PAR) ('PAR Technology' or the 'Company') today announced its financial results for the second quarter ended June 30, 2025. 'Q2 was another strong quarter in proving out our "Better Together" thesis. We signed a record amount of multi-product logos in the quarter and restarted our largest rollout,' commented PAR CEO, Savneet Singh. 'In addition to these multi-product wins, we ended the quarter with our largest company-wide pipeline to date. Our business continues to build a solid foundation for growth and profitability for years to come." (1) See 'Key Performance Indicators and Non-GAAP Financial Measures' for descriptions of key performance indicators and non-GAAP financial measures, and reconciliations of non-GAAP financial measures to corresponding GAAP financial measures. Amounts presented in the reconciliations and other tables presented herein may not sum due to rounding. (2) Results exclude historical results from our Government segment which are reported as discontinued operations. Expand The Company's key performance indicators ARR and Active Sites (1) are presented as two subscription service product lines: Engagement Cloud consisting of PAR Engagement (Punchh and PAR Ordering), PAR Retail (including GoSkip), and Plexure product offerings. Operator Cloud consisting of PAR POS, PAR Pay, PAR OPS (Data Central and Delaget), and TASK product offerings. Highlights of Engagement Cloud - Second Quarter 2025 (1): ARR at end of Q2 '25 totaled $167.5 million Active Sites as of June 30, 2025 totaled 119.1 thousand Highlights of Operator Cloud - Second Quarter 2025 (1): ARR at end of Q2 '25 totaled $119.2 million Active Sites as of June 30, 2025 totaled 57.4 thousand (1) See 'Key Performance Indicators and Non-GAAP Financial Measures' below. Expand Earnings Conference Call. There will be a conference call at 9:00 a.m. (Eastern) on August 8, 2025, during which management will discuss the Company's financial results for the second quarter ended June 30, 2025. The conference call will be webcast live. To access the webcast, please visit the Investor Relations section of the Company's website at A recording of the webcast will be available on this site after the event. About PAR Technology Corpora tion. PAR Technology Corporation (NYSE: PAR) is a leading foodservice technology provider, powering a unified, purpose-built platform engineered to scale and adapt with brands at every stage of growth. Designed with flexibility and openness at its core, PAR's solutions—spanning point-of-sale, digital ordering, loyalty, back-office, payments, and hardware—integrate with others, yet deliver maximum impact as a unified system. With intentional innovation at the forefront, PAR's solutions streamline operations, drive higher engagement, and strengthen guest experiences for restaurants and retailers globally. To learn more, visit or connect with us on social media. The PAR Technology 2025 Sustainability Report can be found at: 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 because 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 June 30, 2025. 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 and related software support, managed platform development services, and transaction-based payment processing services. We generally calculate ARR by annualizing the monthly recurring revenue for all Active Sites as of the last day of each month for the respective reporting period. Our reported ARR is based on a constant currency, using the exchange rates established at the beginning of the year and consistently applied throughout the period and to comparative periods presented. For acquisitions made during each period, the constant currency rate applied is the exchange rate at the date of each acquisition's closure. 'Active Sites' represent locations active on PAR's subscription services as of the last day of the respective reporting period. Trademarks. 'PAR ®,' 'PAR POS ® ', 'Punchh ®,' 'PAR Ordering TM ', "PAR OPS TM," 'Data Central ®," 'Delaget TM,' "PAR Retail TM", "PAR ® Pay', 'PAR ® Payment Services', and other trademarks identifying our products and services appearing in this press release belong to us. Solely for convenience, our trademarks referred to in this press release may appear without the ® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights to these trademarks. Forward-Looking Statem ents. This press release contains forward-looking statements made pursuant to the safe harbor provisions 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, and the accuracy of such statements is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. Forward-looking statements can be identified by words such as 'believe,' 'could,' 'would,' 'should,' 'will,' 'continue,' 'anticipate,' 'expect,' 'path,' 'plan,' 'intend,' 'estimate,' 'future,' 'may,' 'potential,' and similar expressions. These statements include, but are not limited to, express or implied forward-looking statements relating to: the plans, strategies and objectives of management relating to our growth, results of operations, and financial performance, including service and product offerings, the development, demand, market share, and competitive performance of our products and services; revenues, gross margins, expenses, cash flows, and other financial measures and key performance indicators, including ARR, Active Sites, subscription service gross margin percentage, net loss, and net loss per share; the availability and terms of product and component supplies for our hardware products; anticipated benefits of acquisitions, divestitures, and capital markets transactions; and macroeconomic trends, geopolitical events, tariffs, and trade disputes and the expected impact of those trends and events on our business, results of operations, and financial performance. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Factors, risks, trends and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements include our ability to successfully develop or acquire and transition new products and services and enhance existing products and services to meet evolving customer needs and respond to emerging technological trends, including our effective us of artificial intelligence (AI) in product development and integration of AI tools into our product and service offerings; our ability to add and retain Active Sites and integration partners; our ability to successfully integrate acquisitions into our operations, and realize the anticipated benefits; macroeconomic trends, such as a recession or slowed economic growth, fluctuating interest rates, inflation, and changes in consumer confidence and discretionary spending; geopolitical events affecting countries where we operate or our customers or suppliers operate, including changes in import/export regulations, such as tariffs, and trade disputes involving the United States and those countries; our ability to retain and manage suppliers, secure alternative suppliers, and manage inventory levels and costs, navigate manufacturing disruptions or logistics challenges, shipping delays, and shipping costs; and the other factors discussed in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. 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. Assets December 31, 2024 Current assets: Cash and cash equivalents $ 85,122 $ 108,117 Cash held on behalf of customers 17,670 13,428 Short-term investments 567 524 Accounts receivable – net 72,332 59,726 Inventories 27,434 21,861 Other current assets 16,166 14,390 Total current assets 219,291 218,046 Property, plant and equipment – net 13,323 14,107 Goodwill 906,361 887,459 Intangible assets – net 229,445 237,333 Lease right-of-use assets 7,332 8,221 Other assets 15,988 15,561 Total Assets $ 1,391,740 $ 1,380,727 Liabilities and Shareholders' Equity Current liabilities: Current portion of long-term debt $ 20,000 $ — Accounts payable 38,617 34,784 Accrued salaries and benefits 18,450 22,487 Accrued expenses 7,732 13,938 Customers payable 17,670 13,428 Lease liabilities – current portion 2,037 2,256 Customer deposits and deferred service revenue 24,432 24,944 Total current liabilities 128,938 111,837 Lease liabilities – net of current portion 5,423 6,053 Deferred service revenue – noncurrent 1,259 1,529 Long-term debt 372,848 368,355 Other long-term liabilities 24,130 21,243 Total liabilities 532,598 509,017 Shareholders' equity: Preferred stock, $0.02 par value, 1,000,000 shares authorized, none outstanding — — Common stock, $0.02 par value, 116,000,000 shares authorized, 42,153,520 and 40,187,671 shares issued, 40,580,687 and 38,717,366 outstanding at June 30, 2025 and December 31, 2024, respectively 835 798 Additional paid in capital 1,209,634 1,085,473 Equity consideration payable — 108,182 Accumulated deficit (325,333 ) (279,943 ) Accumulated other comprehensive income (loss) 2,898 (20,951 ) Treasury stock, at cost, 1,572,833 and 1,470,305 shares at June 30, 2025 and December 31, 2024, respectively (28,892 ) (21,849 ) Total shareholders' equity 859,142 871,710 Total Liabilities and Shareholders' Equity $ 1,391,740 $ 1,380,727 Expand See notes to unaudited interim condensed consolidated financial statements included in the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2025 (the 'Quarterly Report'). See notes to unaudited interim condensed consolidated financial statements included in the Quarterly Report. PAR TECHNOLOGY CORPORATION SUPPLEMENTAL INFORMATION (unaudited) Non-GAAP Financial Measures In addition to disclosing financial results in accordance with GAAP, this press release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. Our non-GAAP financial measures reflect adjustments based on one or more of the following items below. The income tax effect of the below adjustments, with the exception of non-recurring income taxes, were not tax-effected due to the valuation allowance on all of our net deferred tax assets. Our non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Additionally, these measures may not be comparable to similarly titled measures disclosed by other companies. Non-GAAP Measure or Adjustment Definition Usefulness to management and investors Non-GAAP subscription service gross margin percentage Represents subscription service gross margin percentage adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, and severance. We believe that non-GAAP subscription service gross margin percentage and adjusted EBITDA provide useful perspectives with respect to the Company's core operating performance and ongoing cash earnings by adjusting for certain non-cash and non-recurring charges that may not be indicative of our financial performance. Adjusted EBITDA Represents net (loss) income before income taxes, interest expense, and depreciation and amortization adjusted to exclude discontinued operations, stock-based compensation, contingent consideration, transaction costs, severance, litigation expense, loss on extinguishment of debt, and other expense, net. Non-GAAP diluted net income (loss) per share Represents net (loss) income per share excluding amortization of acquired intangible assets, non-recurring income taxes, non-cash interest, discontinued operations, stock-based compensation, contingent consideration, transaction costs, severance, litigation expense, loss on extinguishment of debt, and other expense, net. We believe that adjusting our diluted net (loss) income per share to remove non-cash and non-recurring charges provides a useful perspective with respect to the Company's operating performance as well as comparisons to past and competitor operating results. Stock-based compensation Consists of non-cash charges related to our employee equity incentive plans. We exclude stock-based compensation because management does not view these non-cash charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Contingent consideration Adjustment reflects a non-cash reduction to the fair market value of the contingent consideration liability related to our acquisition of MENU Technologies AG (the "MENU Acquisition"). We exclude changes to the fair market value of our contingent consideration liability because management does not view these non-cash, non-recurring charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Transaction costs Adjustment reflects non-recurring professional fees incurred in transaction due diligence and integration, including costs incurred in the acquisitions of Stuzo Blocker, Inc., Stuzo Holdings, LLC and their subsidiaries (the "Stuzo Acquisition"), TASK Group Holdings Limited, and Delaget, LLC. We exclude professional fees incurred in corporate development because management does not view these non-recurring charges, which are inconsistent in size and are significantly impacted by the timing and valuation of our transactions, as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. Severance Adjustment reflects severance tied to non-recurring restructuring events included in cost of sales, sales and marketing expense, general and administrative expense, and research and development expense. We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. Litigation expense Adjustment reflects non-recurring legal fees incurred in connection with certain litigation matters. Loss on extinguishment of debt Adjustment reflects loss on extinguishment of debt related to the early repayment of the former credit facility with Blue Owl Capital Corporation. Discontinued operations Adjustment reflects income from discontinued operations related to the divestiture of our Government segment. Other expense, net Adjustment reflects foreign currency transaction gains and losses and other non-recurring income and expenses recorded in other expense, net in the accompanying statements of operations. Non-recurring income taxes Adjustment reflects a partial release of our deferred tax asset valuation allowance resulting from the Stuzo Acquisition. We exclude these non-cash and non-recurring adjustments for purposes of calculating non-GAAP diluted net income (loss) per share because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. Non-cash interest Adjustment reflects non-cash amortization of issuance costs and discount related to the Company's long-term debt. Acquired intangible assets amortization Adjustment reflects amortization expense of acquired developed technology included within cost of sales and amortization expense of acquired intangible assets. Expand The tables below provide reconciliations between net (loss) income and adjusted EBITDA, diluted net (loss) income per share and non-GAAP diluted net income (loss) per share, and subscription service gross margin percentage and non-GAAP subscription service gross margin percentage. (in thousands) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Net (Loss) Income to Adjusted EBITDA 2025 2024 2025 2024 Net (loss) income $ (21,040 ) $ 54,190 $ (45,390 ) $ 35,902 Discontinued operations — (77,777 ) (197 ) (79,855 ) Net loss from continuing operations (21,040 ) (23,587 ) (45,587 ) (43,953 ) Provision for (benefit from) income taxes 944 612 2,225 (7,173 ) Interest expense, net 1,408 1,630 3,042 3,338 Depreciation and amortization 12,415 8,834 24,297 16,127 Stock-based compensation 7,887 6,286 15,068 10,696 Contingent consideration — (600 ) — (600 ) Transaction costs 561 1,573 1,716 4,978 Severance 638 294 710 1,728 Litigation expense 1,347 — 1,347 — Loss on extinguishment of debt — — 5,791 — Other expense, net 1,381 610 1,472 310 Adjusted EBITDA $ 5,541 $ (4,348 ) $ 10,081 $ (14,549 ) Expand (in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, Reconciliation between GAAP and Non-GAAP Diluted Net Income (Loss) per share 2025 2024 2025 2024 Diluted net (loss) income per share $ (0.52 ) $ 1.60 $ (1.13 ) $ 1.09 Discontinued operations — (2.29 ) — (2.42 ) Diluted net loss per share from continuing operations (0.52 ) (0.69 ) (1.13 ) (1.33 ) Non-recurring income taxes — 0.01 — (0.23 ) Non-cash interest 0.01 0.02 0.03 0.03 Acquired intangible assets amortization 0.24 0.20 0.48 0.36 Stock-based compensation 0.19 0.18 0.37 0.32 Contingent consideration — (0.02 ) — (0.02 ) Transaction costs 0.01 0.05 0.04 0.15 Severance 0.02 0.01 0.02 0.05 Litigation expense 0.03 — 0.03 — Loss on extinguishment of debt — — 0.14 — Other expense, net 0.03 0.02 0.04 0.01 Non-GAAP diluted net income (loss) per share $ 0.03 $ (0.23 ) $ 0.02 $ (0.66 ) Diluted weighted average shares outstanding 40,520 34,015 40,348 32,935 Expand (in thousands, except percentages) Three Months Ended June 30, Six Months Ended June 30, Reconciliation between GAAP and Non-GAAP Subscription Service Gross Margin Percentage 2025 2024 2025 2024 Subscription Service Gross Margin Percentage 55.3 % 53.1 % 56.5 % 52.4 % Subscription Service Gross Margin $ 39,759 $ 23,831 $ 79,269 $ 43,616 Depreciation and amortization 7,836 5,860 15,431 11,260 Stock-based compensation 172 94 299 126 Severance — — — 54 Non-GAAP Subscription Service Gross Margin $ 47,767 $ 29,785 $ 94,999 $ 55,056 Non-GAAP Subscription Service Gross Margin Percentage 66.4 % 66.4 % 67.7 % 66.1 % Expand
Business Wire
16-07-2025
- Automotive
- Business Wire
RaceWay Selects PAR ® Technology to Power its New Rewards Program
ATLANTA--(BUSINESS WIRE)-- RaceWay, a leading convenience retailer with over 240 locations that operates as a Franchisor for parent company RaceTrac, selected PAR® Technology Corporation (NYSE: PAR), as its technology partner for the launch of its new customer loyalty program, RaceWay Rewards. Built on PAR Retail™, PAR's industry-leading platform purpose-built for convenience and fuel retail, this new program looks to reward and engage RaceWay's network of loyal customers. With locations in 11 states, RaceWay has been the trusted destination for convenience, quality, and great service for over 80 years. And with the launch of their first loyalty program, RaceWay Rewards, the company is taking its 'hometown store' experience to the next level. This innovative loyalty program leverages advanced technology to deliver personalized, seamless experiences and exclusive deals to customers. 'Our team is excited to unveil our first customer loyalty program, RaceWay Rewards, which will enable us to further strengthen customer connections while still providing our signature 'hometown store' identity," said Kamran Din, Director of Revenue Growth Management at RaceWay. 'Our partnership with PAR allows us to leverage personalized, data-driven technology to turn every customer engagement into an opportunity to build brand loyalty.' RaceWay partnered with PAR Retail for this launch due to its proven technology solutions that empower retailers to offer personalized rewards and enhance customer experience. RaceWay Rewards is designed to create immediate value for members through tailored offers, while also helping franchisees drive repeat visits, increase engagement, and build lasting customer loyalty. 'RaceWay Rewards will greatly enhance the guest experience in the convenience and fuel industry. Together, we will deliver meaningful savings to thousands of customers across the country every day—an advantage that's becoming increasingly important to today's value-conscious consumers," said Savneet Singh, CEO of PAR Technology. "PAR Retail's integrated system of solutions is engineered to scale and adapt with brands, bringing together real-time data analytics, personalized interactions, and forward-thinking innovation to drive meaningful business outcomes.' With this partnership, RaceWay is well positioned for continued growth in its loyalty offerings. PAR Retail's scalable and flexible technology enables RaceWay to explore new program features, integrations, innovations, and partnerships. As RaceWay continues to evolve its loyalty program, its members can expect even more convenient and valuable experiences in the future. For more information about PAR Retail's loyalty solutions and how they transform customer engagement, visit About RaceWay RaceWay is the franchise brand of RaceTrac, headquartered in Atlanta, Georgia. Since 1976, RaceWay has offered guests a convenient, affordable one-stop-shop experience. Together, the RaceTrac® and RaceWay® brands operate more than 800 retail locations across the United States, providing competitively priced fuel along with a wide selection of food and beverage options, including freshly brewed coffee. RaceWay is part of the RaceTrac family of companies, one of the largest privately held businesses in the U.S., originally founded in 1934. Approximately 2,000 of RaceTrac's 10,000 team members support RaceWay and its affiliated companies, including Metroplex Energy, Energy Dispatch, and Gulf Oil. About PAR® Technology PAR Technology Corporation (NYSE: PAR) is a leading foodservice technology provider, powering a unified, purpose-built platform engineered to scale and adapt with brands at every stage of growth. Designed with flexibility and openness at its core, PAR's solutions—spanning point-of-sale, digital ordering, loyalty, back-office, payments, and hardware—integrate with others, yet deliver maximum impact as a unified system. With intentional innovation at the forefront, PAR's solutions streamline operations, drive higher engagement, and strengthen guest experiences in over 130,000 restaurants globally and 26,000 national c-store retailers. To learn more, visit or connect with us on social media.
Yahoo
03-07-2025
- Business
- Yahoo
The 5 Most Interesting Analyst Questions From PAR Technology's Q1 Earnings Call
PAR Technology's first quarter results drew a positive market reaction, as the company delivered significant year-over-year revenue growth and margin improvement despite missing Wall Street's revenue expectations. Management credited the strong performance to increasing adoption of its multiproduct suite, with CEO Savneet Singh highlighting that 'all deals were multiproduct in nature' and emphasizing the impact of cross-selling and integrated product offerings. The company also noted that its recent acquisition strategy and focus on recurring revenue have contributed to improved operating leverage and higher subscription gross margins. Is now the time to buy PAR? Find out in our full research report (it's free). Revenue: $103.9 million vs analyst estimates of $105.4 million (48.2% year-on-year growth, 1.4% miss) Adjusted EPS: -$0.01 vs analyst estimates of -$0.04 (76.7% beat) Adjusted EBITDA: $4.54 million vs analyst estimates of $4.09 million (4.4% margin, relatively in line) Operating Margin: -15.2%, up from -38.2% in the same quarter last year Annual Recurring Revenue: $282.1 million at quarter end, up 51.9% year on year Market Capitalization: $2.71 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Mayank Tandon (Needham): Asked about the timing and scale of upcoming revenue from new deals. CEO Savneet Singh replied that the impact of these wins would become more visible in the second half of the year, leading to both revenue and EBITDA expansion. Stephen Sheldon (William Blair): Inquired about the visibility for organic ARR growth in the coming year. Singh stated that while it is too early to forecast 2026 precisely, the company feels confident due to recent multi-product wins and a strong sales pipeline. Will Nance (Goldman Sachs): Sought clarity on foreign exchange impacts to ARR and revenue. CFO Bryan Menar confirmed that most of the FX exposure is due to Australian and New Zealand operations, and that about 20% of ARR is now international. Charles Nabhan (Stephens): Asked about the gross margin impact of the growing Payments business. Singh explained that Payments remains margin-dilutive but is improving, and still accounts for less than 10% of revenue. George Sutton (Craig-Hallum): Questioned the evolution of customer needs from single-product RFPs to broader suite adoption. Singh confirmed the trend toward combined offerings and noted that more customers are seeking integrated solutions rather than standalone products. Looking ahead, the StockStory team will be monitoring (1) the pace at which Tier 1 customer rollouts like Burger King and Popeyes translate into reported revenue growth, (2) the degree of success achieved in cross-selling and integrating new product modules across the Operator and Engagement Cloud platforms, and (3) the company's ability to maintain margin expansion as the mix shifts toward higher-value subscription and payments revenue. Progress on new product launches and resilience against macroeconomic and tariff-related risks will also be important indicators. PAR Technology currently trades at $66.82, up from $62.39 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it's free). The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
