PAR Technology Corporation Announces 2021 First Quarter Results
PAR Technology Corporation (NYSE:PAR) reported Q1 2021 revenues of $54.5 million, slightly down from $54.7 million in Q1 2020. The net loss improved to $8.3 million or $0.38 per share, compared to a loss of $10.9 million or $0.61 per share last year. EBITDA loss narrowed to $3.3 million from $12.0 million. Notably, Brink POS® bookings surged by 85% year-over-year, totaling 1,345 stores. The backlog reached an unprecedented 3,327 stores. The acquisition of Punchh is set to enhance the company's software platform.
- Revenue of $54.5 million, slightly down from $54.7 million in Q1 2020, indicating resilience.
- Net loss improved to $8.3 million from $10.9 million year-over-year.
- Significant demand for Brink POS® software with bookings up by 85%, totaling 1,345 stores.
- Record backlog of 3,327 stores at the end of Q1.
- Acquisition of Punchh enhances software platform for enterprise customers.
- Adjusted net loss increased to $7.6 million from $4.7 million in Q1 2020.
- Adjusted EBITDA loss widened to $4.9 million compared to a loss of $2.4 million last year.
PAR Technology Corporation (NYSE:PAR) (“PAR Technology” or the “Company”) today announced its results for the first quarter ended March 31, 2021.
Summary of Fiscal 2021 First Quarter
-
Revenues were reported at
$54.5 million for the first quarter of 2021, a slight decrease compared to$54.7 million for the same period in 2020. -
Net loss for the first quarter of 2021 was
$8.3 million , or$0.38 loss per share, compared to a net loss of$10.9 million , or$0.61 loss per share reported for the same period in 2020. -
EBITDA for the first quarter of 2021 was a loss of
$3.3 million compared to an EBITDA loss of$12.0 million for the same period in 2020. -
Adjusted EBITDA for the first quarter of 2021 was a loss of
$4.9 million compared to an Adjusted EBITDA loss of$2.4 million for the same period in 2020. -
Adjusted net loss for the first quarter of 2021 was
$7.6 million , or$0.34 loss per share, compared to an adjusted net loss of$4.7 million , or$0.26 loss per share, for the same period in 2020.
A reconciliation and description of non-GAAP financial measures to corresponding GAAP financial measures are included in the tables at the end of this press release.
PAR Technology CEO, Savneet Singh commented, “Our Q1 performance showed the strength and resiliency of our business and the continued aggressive investments in technology from our customers. In the quarter we saw significant demand for our cloud Brink POS® software and bookings in Q1 totaled 1,345 stores, which is an
Singh continued, “Just a brief update on our recently closed acquisition of Punchh. This acquisition is an important piece towards executing our strategy to enhance and build out our software platform. The addition of Punchh makes PAR a unified commerce cloud platform for enterprise restaurants and positions PAR to fast-track new customer wins with integrated point-of-sale, back office, payment and guest engagement solutions. This is an exciting step in the evolution of both PAR and the restaurant industry. Customer loyalty and CRM SaaS has rapidly evolved from being a novelty for restaurants to now a business-critical form of managing the customer relationship and revenue generation for enterprise brands. Our customers have been very supportive of the transaction and are excited to realize the benefits of the integrated PAR/Punchh platform.”
Highlights of Brink Product Line - First Quarter 2021:
-
Brink ARR at end of Q1 '21 totaled
$25.6 million - New store activations in Q1 '21 totaled 718 sites
- Brink bookings in Q1 '21 totaled 1,345 sites
- Brink Open Orders (backlog) totaled 3,327 sites at end of Q1 '21
- Active Brink sites as of March 31st total 12,141 restaurants
Highlights of Restaurant Magic Product Line - First Quarter 2021:
-
Restaurant Magic ARR at end of Q1 '21 totaled
$9.0 million - New store activations in Q1 '21 totaled 360 sites
- Restaurant Magic bookings in Q1 '21 totaled 231 sites
- Active Restaurant Magic sites as of March 31st total 6,022
Conference Call.
There will be a conference call at 4:30 p.m. (Eastern) on May 10, 2021, during which the Company’s management will discuss the financial results for the first quarter ended March 31, 2021. To participate in the call, please call 844-419-5412, approximately 10 minutes in advance. No passcode is required to participate in the live call or to listen to the replay version. Investors will have the opportunity to listen to the conference call/event over the internet by visiting the Company’s website at https://www.partech.com/about-us/investor-relations/. Alternatively, listeners may access an archived version of the presentation call after 7:30 p.m. on May 10, 2021 through May 17, 2021 by dialing 855-859-2056 and using conference ID 9894339.
About PAR Technology Corporation.
PAR Technology Corporation, through its wholly owned subsidiary ParTech, Inc., is a customer success-driven, global restaurant and retail technology company with over 100,000 restaurants in more than 110 countries using its point of sale hardware and software. With the recent acquisition of leading loyalty solutions provider, Punchh Inc., PAR has become a unified commerce cloud platform for enterprise restaurants. PAR’s platform enables quick service, fast casual and table service restaurants to improve their operational efficiency by combining its cloud-based Brink POS®, Data Central® back office, PAR payments and now Punchh loyalty software with the world's leading restaurant technology platforms. PAR Technology's Government segment is a leader in providing computer-based system design, engineering and technical services to the Department of Defense and various other federal agencies. PAR Technology's stock is traded on the New York Stock Exchange under the symbol PAR. To learn more, visit www.partech.com or connect with us on LinkedIn, Twitter, Facebook, and Instagram.
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, 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 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, including forward-looking statements relating to our expectations regarding the impact of the COVID-19 pandemic on our business, operations, financial condition, and financial results. Factors 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 but are not limited to, those described in our filings with the Securities and Exchange Commission.
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited, in thousands, except share and per share amounts) |
||||||||
Assets |
March 31, 2021 |
December 31, 2020 |
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
173,122 |
|
$ |
180,686 |
|
||
Accounts receivable – net |
38,706 |
|
42,980 |
|
||||
Inventories – net |
25,296 |
|
21,638 |
|
||||
Other current assets |
7,970 |
|
3,625 |
|
||||
Total current assets |
245,094 |
|
248,929 |
|
||||
Property, plant and equipment – net |
13,627 |
|
13,856 |
|
||||
Goodwill |
41,214 |
|
41,214 |
|
||||
Intangible assets – net |
32,652 |
|
33,121 |
|
||||
Lease right-of-use assets |
2,423 |
|
2,569 |
|
||||
Other assets |
3,665 |
|
4,060 |
|
||||
Total assets |
$ |
338,675 |
|
$ |
343,749 |
|
||
Liabilities and Shareholders’ Equity |
|
|
||||||
Current liabilities: |
|
|
||||||
Current portion of long-term debt |
$ |
676 |
|
$ |
666 |
|
||
Accounts payable |
18,886 |
|
12,791 |
|
||||
Accrued salaries and benefits |
10,620 |
|
13,190 |
|
||||
Accrued expenses |
3,930 |
|
2,606 |
|
||||
Lease liabilities – current portion |
1,133 |
|
1,200 |
|
||||
Customer deposits and deferred service revenue |
9,895 |
|
9,506 |
|
||||
Total current liabilities |
45,140 |
|
39,959 |
|
||||
Lease liabilities – net of current portion |
1,410 |
|
1,462 |
|
||||
Long-term debt |
106,851 |
|
105,844 |
|
||||
Deferred service revenue – noncurrent |
2,838 |
|
3,082 |
|
||||
Other long-term liabilities |
4,584 |
|
4,997 |
|
||||
Total liabilities |
160,823 |
|
155,344 |
|
||||
Commitments and contingencies |
|
|
||||||
Shareholders’ equity: |
|
|
||||||
Preferred stock, $.02 par value, 1,000,000 shares authorized, none outstanding |
— |
|
— |
|
||||
Common stock, $.02 par value, 58,000,000 shares authorized, 23,103,979 and 22,982,955 shares issued, 21,961,788 and 21,917,357 outstanding at March 31, 2021 and December 31, 2020, respectively |
462 |
|
459 |
|
||||
Additional paid in capital |
245,566 |
|
243,575 |
|
||||
Accumulated deficit |
(54,977 |
) |
(46,706 |
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FAQ
What were PAR Technology's Q1 2021 revenues?
PAR Technology reported Q1 2021 revenues of $54.5 million.
What was the net loss for PAR Technology in Q1 2021?
The net loss for Q1 2021 was $8.3 million or $0.38 per share.
How did Brink POS® perform in Q1 2021?
Brink POS® bookings increased by 85%, totaling 1,345 stores.
What is the significance of the Punchh acquisition for PAR Technology?
The Punchh acquisition enhances PAR's software platform, supporting enterprise restaurants.
What was PAR Technology's backlog at the end of Q1 2021?
PAR Technology had a record backlog of 3,327 stores at the end of Q1 2021.
PAR Technology Corp.
NYSE:PARPAR RankingsPAR Latest NewsPAR Stock Data
2.80B
35.65M
1.81%
112.93%
16.68%
Software - Application
Calculating & Accounting Machines (no Electronic Computers)
United States of America
NEW HARTFORD
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