PAR Technology Corporation Announces Second Quarter 2024 Results

Rhea-AI Summary

PAR Technology (NYSE: PAR) reported strong Q2 2024 results, with Annual Recurring Revenue (ARR) growing 56.9% to $192.2 million, including 23.9% organic growth. Quarterly subscription service revenues increased 47.7% year-over-year. The company completed the sale of PAR Government Systems for $95.0 million and Rome Research for $7.0 million. PAR also acquired TASK Group Holdings , enhancing its global foodservice technology platform.

Key financial highlights include:

• Revenue: $78.2 million, up 12.4% from Q2 2023
• Net Loss from Continuing Operations: $23.6 million
• Subscription Service Gross Margin: 53.1%, up 9.8% from Q2 2023

CEO Savneet Singh stated that PAR is on track to achieve adjusted EBITDA positivity next quarter, marking 2024 as an inflection point for the company.

Positive

• Annual Recurring Revenue (ARR) grew 56.9% to $192.2 million, with 23.9% organic growth
• Quarterly subscription service revenues increased 47.7% year-over-year
• Revenue increased 12.4% to $78.2 million compared to Q2 2023
• Subscription Service Gross Margin improved by 9.8% to 53.1%
• Completed sale of PAR Government Systems for $95.0 million and Rome Research for $7.0 million
• Acquired TASK Group Holdings , expanding global foodservice technology platform

Negative

• Net Loss from Continuing Operations increased to $23.6 million from $21.8 million in Q2 2023

Insights

Financial Analyst

PAR Technology's Q2 2024 results show significant progress in its transformation into a cloud-based software provider for the foodservice industry. The 56.9% growth in Annual Recurring Revenue (ARR) to $192.2 million, including 23.9% organic growth, indicates strong market traction. The 47.7% year-over-year increase in subscription service revenues further underscores this shift.

The company's strategic moves, including the sale of PAR Government Systems and Rome Research , along with the acquisition of TASK, align with its focus on foodservice technology. The improved subscription service gross margin (53.1% GAAP, 66.4% non-GAAP) suggests increasing operational efficiency. However, the company still reports a net loss, albeit with improving trends in non-GAAP metrics. The projected adjusted EBITDA positivity next quarter could mark a important turning point for PAR's financial health.

Tech Expert

PAR's Q2 results reflect the company's successful pivot towards a "better together" platform strategy in the foodservice tech space. The acquisition of Stuzo and TASK significantly enhances PAR's global footprint and product offerings. The strong growth in both Engagement Cloud (94.6k active sites) and Operator Cloud (27.7k active sites) demonstrates the company's ability to address diverse needs in the foodservice industry.

The 24% organic ARR growth is particularly impressive, indicating that PAR's existing products are gaining market share. This organic growth, combined with strategic acquisitions, positions PAR as a formidable player in the foodservice technology sector. The company's focus on cloud-based solutions aligns well with the industry's digital transformation trends, potentially setting the stage for sustained growth and improved profitability in the coming quarters.

• Annual Recurring Revenue (ARR)⁽¹⁾ grew to $192.2 million - total growth of 56.9% inclusive of organic growth of 23.9% from $122.5 million reported in Q2 '23
• Quarterly subscription service revenues increased 47.7% year-over-year from Q2 '23
• PAR completed the sale of PAR Government Systems Corporation for $95.0 million and, after period end, completed the sale of Rome Research Corporation for $7.0 million
• After period end, PAR completed the acquisition of TASK Group Holdings Limited (“TASK”), an Australia-based global foodservice transaction platform

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, 2024.

“We delivered a strong second quarter, aided by durable demand for our foodservice technology software. Our organic ARR grew by 24% and total ARR grew by 57% in the quarter from Q2 ‘23. Our business continues to scale and we are tracking to hit our goal to be adjusted EBITDA positive next quarter,” commented Savneet Singh, PAR Technology CEO. “2024 is an important year for PAR and an inflection point for our Company. By acquiring Stuzo, and TASK, we have enhanced our position as a leading provider of cloud-based technology solutions to enterprise foodservice organizations across the globe. Our “better together” platform strategy will enable PAR to take advantage of the long-term trends driving our business, creating new business opportunities and improved financial performance.”

Q2 2024 Financial Highlights
(in millions, except % and per share amounts)	GAAP				Non-GAAP(1)
	Q2 2024	Q2 2023	vs. Q2 2023		Q2 2024	Q2 2023	vs. Q2 2023
Revenue	$78.2	$69.5	better 12.4%
Net Loss from Continuing Operations/Adjusted EBITDA	$(23.6)	$(21.8)	worse $1.7 million		$(4.3)	$(12.3)	better $7.9 million
Diluted Net Loss Per Share from Continuing Operations	$(0.69)	$(0.80)	better $0.11		$(0.23)	$(0.60)	better $0.37
Subscription Service Gross Margin Percentage	53.1%	43.3%	better 9.8%		66.4%	60.9%	better 5.5%

Year-to-Date 2024 Financial Highlights
(in millions, except % and per share amounts)	GAAP				Non-GAAP(1)
	Q2 2024	Q2 2023	vs. Q2 2023		Q2 2024	Q2 2023	vs. Q2 2023
Revenue	$148.2	$138.1	better 7.3%
Net Loss from Continuing Operations/Adjusted EBITDA	$(44.0)	$(40.9)	worse $3.1 million		$(14.5)	$(24.5)	better $9.9 million
Diluted Net Loss Per Share from Continuing Operations	$(1.33)	$(1.49)	better $0.16		$(0.66)	$(1.18)	better $0.52
Subscription Service Gross Margin Percentage	52.4%	46.6%	better 5.8%		66.1%	65.6%	better 0.5%

⁽¹⁾ See “Key Performance Indicators and Non-GAAP Financial Measures” for reconciliations and descriptions of non-GAAP financial measures to corresponding GAAP financial measures.

The Company's key performance indicators ARR and Active Sites⁽¹⁾ are presented as two subscription service product lines: Engagement Cloud (Punchh, PAR Retail (formerly Stuzo product offerings), and MENU) and Operator Cloud (Brink POS, PAR Payment Services, PAR Pay, and Data Central).

Highlights of Engagement Cloud - Second Quarter 2024⁽¹⁾:

• ARR at end of Q2 '24 totaled $107.9 million
• Active Sites as of June 30, 2024 totaled 94.6 thousand restaurants

Highlights of Operator Cloud - Second Quarter 2024⁽¹⁾:

• ARR at end of Q2 '24 totaled $84.2 million
• Active Sites as of June 30, 2024 totaled 27.7 thousand restaurants

⁽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, 2024, during which management will discuss the Company's financial results for the second quarter ended June 30, 2024. The earnings conference call will be webcast live. To access the webcast, please visit the PAR Technology Investor Relations website at www.partech.com/investor-relations/. A recording of the webcast will be available on this site after the event.

About PAR Technology Corporation.

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

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, 2024.

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 subscription service revenue for all Active Sites as of the last day of each month for the respective reporting period.

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

Trademarks.

“PAR^®,” “Brink POS^®,” “Punchh^®,” “MENU^™,” “Data Central^®,” "Open Commerce^®,” "PAR^® Pay”, “PAR^® Payment Services”, "Stuzo^™," "PAR Retail^™," and other trademarks appearing in this press release belong to us.

Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, Section 27A of the Securities Act of 1933, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature, but rather are predictive of our future operations, financial condition, financial results, business strategies and prospects. Forward-looking statements are generally identified by words such as “believe,” “could”, “may,” "opportunities," “will,” and similar expressions. Forward-looking statements are based on management's current expectations and assumptions and are inherently uncertain. Actual results and outcomes could differ materially from those expressed in or implied by forward-looking statements contained in this press release about our business, financial condition, and results of operations. Factors, risks, trends and uncertainties that could cause our actual results to differ materially from those expressed in or implied by forward-looking statements contained in this press release include, among others, 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 artificial intelligence; unfavorable macroeconomic conditions, such as recession or slowed economic growth, fluctuating interest rates, inflation, and changes in consumer confidence and discretionary spending; business uncertainties relating to acquisitions, divestitures, and capital markets transactions, including the timing of such transactions, PAR’s ability to recognize future annual recurring revenues, adjusted EBITDA, cash flow, margins and achieve other synergies, and the anticipated costs, timing and complexity of integration, including the acquisitions of Stuzo Holdings, LLC and TASK Group Holdings Limited; our ability to retain and add integration partners, and our success in acquiring and developing relevant technology for current, new, and potential customers for our service and product offerings; geopolitical events, including the effects of the Russia-Ukraine war, tensions with China and between China and Taiwan, the Israel-Hamas conflict, other hostilities in the Middle East and political and regulatory uncertainty relating to the 2024 presidential election in the United States; component shortages, inventory management, and/or manufacturing disruptions and logistics challenges; risks associated with our international operations; our ability to generate sufficient cash flow or access additional financing sources as needed to repay our outstanding debts, including amounts owed under outstanding convertible notes and our credit facility; changes in estimates and assumptions we make in connection with the preparation of our financial statements, in building our business and operational plans, and in executing our strategies; and the other factors, risks, trends and uncertainties discussed in our most recent Annual Report on Form 10-K and 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 the 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 amounts)
Assets	June 30, 2024				December 31, 2023
Current assets:
Cash and cash equivalents	$	114,928			$	37,183
Cash held on behalf of customers		12,804				10,170
Short-term investments		27,527				37,194
Accounts receivable – net		50,203				42,679
Inventories		25,526				23,560
Other current assets		9,427				8,123
Current assets of discontinued operations		6,382				21,690
Total current assets		246,797				180,599
Property, plant and equipment – net		14,452				15,524
Goodwill		623,875				488,918
Intangible assets – net		148,292				93,969
Lease right-of-use assets		4,740				3,169
Other assets		17,689				17,642
Noncurrent assets of discontinued operations		839				2,785
Total Assets	$	1,056,684			$	802,606
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	30,682			$	25,599
Accrued salaries and benefits		13,954				14,128
Accrued expenses		4,047				3,533
Customers payable		12,804				10,170
Lease liabilities – current portion		1,288				1,120
Customer deposits and deferred service revenue		14,294				9,304
Current liabilities of discontinued operations		2,033				16,378
Total current liabilities		79,102				80,232
Lease liabilities – net of current portion		3,540				2,145
Long-term debt		378,672				377,647
Deferred service revenue – noncurrent		2,876				4,204
Other long-term liabilities		4,173				3,603
Noncurrent liabilities of discontinued operations		—				1,710
Total liabilities		468,363				469,541
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, 35,574,128 and 29,386,234 shares issued, 34,104,235 and 28,029,915 outstanding at June 30, 2024 and December 31, 2023, respectively		705				584
Additional paid in capital		852,406				625,154
Accumulated deficit		(239,054	)			(274,956	)
Accumulated other comprehensive loss		(3,908	)			(939	)
Treasury stock, at cost, 1,469,893 shares and 1,356,319 shares at June 30, 2024 and December 31, 2023, respectively		(21,828	)			(16,778	)
Total shareholders’ equity		588,321				333,065
Total Liabilities and Shareholders’ Equity	$	1,056,684			$	802,606

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, 2024 (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,
		2024				2023				2024				2023
Revenues, net:
Hardware	$	20,116			$	26,390			$	38,342			$	53,167
Subscription service		44,872				30,372				83,251				58,337
Professional service		13,162				12,767				26,630				26,609
Total revenues, net		78,150				69,529				148,223				138,113
Cost of sales:
Hardware		15,539				21,326				29,709				43,707
Subscription service		21,041				17,233				39,635				31,158
Professional service		9,542				11,784				20,793				23,150
Total cost of sales		46,122				50,343				90,137				98,015
Gross margin		32,028				19,186				58,086				40,098
Operating expenses:
Sales and marketing		9,811				10,075				20,737				19,473
General and administrative		25,369				16,434				50,544				35,401
Research and development		16,237				14,888				32,005				29,203
Amortization of identifiable intangible assets		1,946				465				2,878				929
Adjustment to contingent consideration liability		(600	)			(2,300	)			(600	)			(7,500	)
Gain on insurance proceeds		—				(500	)			—				(500	)
Total operating expenses		52,763				39,062				105,564				77,006
Operating loss		(20,735	)			(19,876	)			(47,478	)			(36,908	)
Other (expense) income, net		(610	)			155				(310	)			146
Interest expense, net		(1,630	)			(1,735	)			(3,338	)			(3,402	)
Loss from continuing operations before (provision for) benefit from income taxes		(22,975	)			(21,456	)			(51,126	)			(40,164	)
(Provision for) benefit from income taxes		(612	)			(383	)			7,173				(698	)
Net loss from continuing operations		(23,587	)			(21,839	)			(43,953	)			(40,862	)
Net income from discontinued operations		77,777				2,137				79,855				5,255
Net income (loss)	$	54,190			$	(19,702	)		$	35,902			$	(35,607	)
Net income (loss) per share (basic and diluted):
Continuing operations	$	(0.69	)		$	(0.80	)		$	(1.33	)		$	(1.49	)
Discontinued operations		2.29				0.08				2.42				0.19
Total	$	1.60			$	(0.72	)		$	1.09			$	(1.30	)
Weighted average shares outstanding (basic and diluted)		34,015				27,357				32,935				27,381

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. The income tax effect of the below adjustments, with the exception of (provision for) benefit from 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.

Beginning with the second quarter of 2024, we have modified our definition of adjusted subscription service gross margin percentage and have renamed this non-GAAP measure to non-GAAP subscription service gross margin percentage. Non-GAAP subscription service gross margin percentage is adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, and severance costs included within subscription service cost of sales. Our prior definition of adjusted subscription service gross margin percentage only excluded amortization from acquired and internally developed software. This change was made to conform with the methodology that we use to calculate other non-GAAP measures, including adjusted EBITDA outlined below, and to align with how management views our core operating performance.

Non-GAAP Measure	Definition	Usefulness to management and investors
Non-GAAP subscription service gross margin percentage	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	Adjusted EBITDA represents net income (loss) before income taxes, interest expense and depreciation and amortization adjusted to exclude certain non-cash and non-recurring charges that may not be indicative of our financial performance.
Non-GAAP diluted net loss per share	Non-GAAP diluted net loss per share represents net loss per share excluding amortization of acquired intangible assets and certain non-cash and non-recurring charges that may not be indicative of our financial performance.	We believe that adjusting our non-GAAP diluted net loss 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.

Non-GAAP Adjustment	Definition	Usefulness to management and investors
Stock-based compensation	Stock-based compensation consists of charges related to our employee equity incentive plans.	We exclude stock-based compensation because these non-cash charges are not viewed by management 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.	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, including costs incurred in the acquisitions of Stuzo Blocker, Inc., Stuzo Holdings, LLC and their subsidiaries (the "Stuzo Acquisition") and TASK.	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.
Gain on insurance proceeds	Adjustment reflects the gain on insurance proceeds due to the settlement of a legacy claim.	We exclude these non-recurring adjustments because these costs do not reflect 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.
Severance	Adjustment reflects the severance included in cost of sales, sales and marketing expense, general and administrative expense, and research and development expense.
Discontinued operations	Adjustment reflects income from discontinued operations related to the disposition of our Government segment.
Other expense (income), net	Adjustment reflects foreign currency transaction gains and losses, rental income and losses, and other non-recurring expenses recorded in other expense (income), net, in the accompanying statements of operations.
(Provision for) benefit from 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 loss per share because these costs do not reflect 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 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 income (loss) and adjusted EBITDA, diluted net income (loss) per share and non-GAAP diluted net 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 Income (Loss) to Adjusted EBITDA		2024				2023				2024				2023
Net income (loss)	$	54,190			$	(19,702	)		$	35,902			$	(35,607	)
Discontinued operations		(77,777	)			(2,137	)			(79,855	)			(5,255	)
Net loss from continuing operations		(23,587	)			(21,839	)			(43,953	)			(40,862	)
Provision for (benefit from) income taxes		612				383				(7,173	)			698
Interest expense, net		1,630				1,735				3,338				3,402
Depreciation and amortization		8,834				6,817				16,127				13,584
Stock-based compensation		6,286				3,601				10,696				6,609
Contingent consideration		(600	)			(2,300	)			(600	)			(7,500	)
Transaction costs		1,573				—				4,978				—
Gain on insurance proceeds		—				(500	)			—				(500	)
Severance		294				—				1,728				253
Other expense (income), net		610				(155	)			310				(146	)
Adjusted EBITDA	$	(4,348	)		$	(12,258	)		$	(14,549	)		$	(24,462	)

(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		2024				2023				2024				2023
Diluted net income (loss) per share	$	1.60			$	(0.72	)		$	1.09			$	(1.30	)
Discontinued operations		(2.29	)			(0.08	)			(2.42	)			(0.19	)
Diluted net loss per share from continuing operations		(0.69	)			(0.80	)			(1.33	)			(1.49	)
Provision for (benefit from) income taxes		0.01				—				(0.23	)			—
Non-cash interest		0.02				0.02				0.03				0.04
Acquired intangible assets amortization		0.20				0.16				0.36				0.32
Stock-based compensation		0.18				0.13				0.32				0.24
Contingent consideration		(0.02	)			(0.08	)			(0.02	)			(0.27	)
Transaction costs		0.05				—				0.15				—
Gain on insurance proceeds		—				(0.02	)			—				(0.02	)
Severance		0.01				—				0.05				0.01
Other expense (income), net		0.02				(0.01	)			0.01				(0.01	)
Non-GAAP diluted net loss per share	$	(0.23	)		$	(0.60	)		$	(0.66	)		$	(1.18	)
Diluted weighted average shares outstanding		34,015				27,357				32,935				27,381

	Three Months Ended June 30,						Six Months Ended June 30,
Reconciliation between GAAP and Non-GAAP Subscription Service Gross Margin Percentage	2024			2023			2024			2023
Subscription Service Gross Margin Percentage	53.1	%		43.3	%		52.4	%		46.6	%
Depreciation and amortization	13.1	%		17.4	%		13.4	%		18.8	%
Stock-based compensation	0.2	%		0.2	%		0.2	%		0.2	%
Severance	—	%		—	%		0.1	%		—	%
Non-GAAP Subscription Service Gross Margin Percentage	66.4	%		60.9	%		66.1	%		65.6	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240808387744/en/

Christopher R. Byrnes (315) 743-8376

cbyrnes@partech.com, www.partech.com

Source: PAR Technology Corporation

FAQ

What was PAR Technology's (PAR) Annual Recurring Revenue in Q2 2024?

PAR Technology's Annual Recurring Revenue (ARR) grew to $192.2 million in Q2 2024, representing a total growth of 56.9% from Q2 2023, including organic growth of 23.9%.

How much did PAR Technology's (PAR) subscription service revenues increase in Q2 2024?

PAR Technology's quarterly subscription service revenues increased by 47.7% year-over-year from Q2 2023 to Q2 2024.

What acquisitions or divestitures did PAR Technology (PAR) complete in Q2 2024?

PAR Technology completed the sale of PAR Government Systems for $95.0 million and Rome Research for $7.0 million. After the quarter end, they acquired TASK Group Holdings , an Australia-based global foodservice transaction platform.

What was PAR Technology's (PAR) revenue for Q2 2024?

PAR Technology reported revenue of $78.2 million for Q2 2024, which represents a 12.4% increase compared to Q2 2023.