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PAR Technology Corporation (NYSE: PAR) has been a significant player in the technology sector for over 30 years, primarily serving the hospitality and government markets. The company operates through two main segments: Restaurant/Retail and Government. The Restaurant/Retail segment offers advanced point-of-sale and management technology solutions, including both hardware and software, designed to streamline operations for a wide array of food service providers, from large international chains to independent restaurants. PAR's solutions also extend to retailers, cinemas, cruise lines, stadiums, and various food service companies.
The Government segment, on the other hand, specializes in providing computer-based system design, engineering, and technical services to the Department of Defense and various federal agencies. This segment recently attracted significant attention with the planned sale of its Government business unit, which includes subsidiaries PAR Government Systems Corporation (PGSC) and Rome Research Corporation (RRC), for $102 million to NexTech Solutions (NTS). This strategic move marks a substantial reorientation for PAR as it focuses more on its core hospitality technology offerings.
Financially, PAR Technology Corporation derives the majority of its revenue from its Restaurant/Retail segment, indicating a strong market presence and demand for its technology solutions. The company continually evolves its product offerings to meet the changing needs of its diverse client base, ensuring it remains at the forefront of the industry.
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SOCi and Punchh, from PAR Technology (NYSE: PAR), have partnered to enhance marketing solutions for multi-location brands. This strategic alliance integrates SOCi's localized listings management with Punchh's loyalty platform, allowing marketers to streamline their workflows and ensure accurate location data across all POS systems.
The integration enables businesses to manage customer reviews across multiple networks, improving online visibility and conversion—evidenced by a 4.1% rise in Google profile conversions for every 25% of reviews responded to. The partnership aims to provide brands with a comprehensive, efficient solution to maintain their digital presence, catering to the complexities of managing numerous locations in industries like restaurants and retail.
PAR Technology Corporation (PAR) has announced a partnership with Earl Enterprises, a leader in the hospitality sector. Earl Enterprises will implement PAR's Data Central, a back-office solution, across its restaurants, including Buca di Beppo and Guy Fieri’s Chicken Guy. The system facilitates seamless integration with existing POS and payroll systems, enhancing operational efficiency in inventory, scheduling, and data management. PAR's CEO Savneet Singh emphasized the mutual belief in the collaboration, indicating a focus on technology expansion within trusted brands. This partnership strengthens PAR's position in the restaurant technology market.
PAR Technology Corporation (NYSE: PAR) reported a 19.7% increase in Q4 revenues, totaling $97.7 million, compared to $81.6 million in Q4 2021. Annual revenues rose 25.8% to $355.8 million. Net loss for Q4 improved to $13.5 million (or $0.50 per share), better than the $25.6 million loss in Q4 2021. The full-year net loss narrowed to $69.3 million from $75.8 million. EBITDA losses decreased year-over-year for both Q4 and the full year. Annual Recurring Revenue (ARR) grew to $111.4 million, a 26.4% increase from the previous year, with significant growth in active sites and new store activations.
PAR Technology Corporation (NYSE: PAR) will release its 2022 fourth quarter and year-end financial results on March 1, 2023 at 7:30 a.m. ET. Following this, there will be an investor conference call at 9:00 a.m. ET. The event will include key executives, including CEO Savneet Singh, CFO Bryan Menar, and SVP Christopher Byrnes, providing insights and updates. Participants can register for the call, which will also be webcast live on PAR's Investor Relations website. This initiative reflects PAR's commitment to transparency and engagement with its investors.
PAR Technology Corporation (NYSE: PAR) announced a $21 million contract award from the U.S. Navy for its subsidiary Rome Research Corporation (RRC). This five-year deal focuses on operations and maintenance support at Camp Lemonnier, Djibouti, vital for Department of Defense communications across Africa. RRC has been supporting this facility since 2012 and has received 'Exceptional' Contractor Performance Ratings over the past decade. The contract signifies ongoing commitment to enhancing operational effectiveness for U.S. warfighters.
PAR Technology Corporation (NYSE: PAR) announced that CEO Savneet Singh will present at the 25th Annual Needham Growth Conference on January 10, 2023, at 11:00 AM ET. The event will take place at the Lotte New York Palace Hotel, featuring a fireside chat format. Interested investors can access a live webcast and replay on PAR's investor relations website. Additionally, the management team will hold one-on-one meetings with attendees, emphasizing PAR's commitment to strengthening investor relationships and showcasing its innovative restaurant technology solutions.
ParTech, Inc. (PAR) has been selected by Zaxby’s to enhance customer engagement through its Brink POS cloud solution and Punchh loyalty software. This partnership aims to streamline operations and improve customer experiences at Zaxby’s locations. The Brink POS system integrates various operational functions, while Punchh’s loyalty program allows customers to earn points on purchases for rewards. PAR has seen rapid growth, acquiring over 72 new clients in the past 21 months, including major brands like Applebee’s and TGI Friday’s. CEO Savneet Singh emphasizes the importance of their technology in enhancing guest satisfaction.
PAR Technology reported Q3 2022 revenues of $92.8 million, a 19.1% increase year-over-year from $77.9 million in Q3 2021. Software Annual Recurring Revenues (ARR) grew to $106.6 million, up 29.2% from $82.5 million. The net loss narrowed to $21.3 million or $0.79 per share, improved from $31.9 million or $1.23 per share a year earlier. Adjusted net loss was $11.9 million. Year-to-date revenues reached $258.1 million, a 28.3% increase, while net loss for the period was $55.8 million.
ParTech, Inc. (PAR) has introduced a new subscription feature for its loyalty software, Punchh, designed for enterprise restaurants and convenience stores. This innovation allows brands to manage subscription programs, capitalizing on the rapidly growing food and beverage subscription market, which is worth over $105 million annually. The feature enhances customer engagement through tailored offers and can lead to increased revenue and customer loyalty. Notably, major brands like Yum! Brands (YUM) and Casey’s (CASY) are already leveraging Punchh to boost their sales.
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