Group 1 - PAR Technology reported a quarterly loss of $0.09 per share, better than the Zacks Consensus Estimate of a loss of $0.16, and improved from a loss of $0.21 per share a year ago, representing an earnings surprise of 43.75% [1] - The company posted revenues of $96.75 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 10.54%, but down from $107.13 million in the same quarter last year [2] - PAR Technology shares have increased approximately 52.8% year-to-date, outperforming the S&P 500's gain of 25.2% [3] Group 2 - The earnings outlook for PAR Technology is mixed, with the current consensus EPS estimate for the upcoming quarter at -$0.08 on revenues of $96.35 million, and -$0.83 on revenues of $349.8 million for the current fiscal year [7] - The Zacks Industry Rank indicates that the Computer - Integrated Systems sector is in the top 33% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

| --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q3 '24 Earnings Presentation | | | | | | November 8, 2024 | | | | | | NYSE: PAR | | | | | 1 partech.com Forward-Looking Statements. This presentation contains forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amend ...

Revenue Growth - Annual Recurring Revenue (ARR) increased to $248.1 million, representing a total growth of 93.3% year-over-year, with organic growth of 24.8% from $128.3 million in Q3 '23[1] - Quarterly subscription service revenues rose by 91.0% compared to Q3 '23[1] - Revenue for Q3 2024 was $96.8 million, a 40.8% increase from $68.7 million in Q3 2023[3] - Total revenues for the three months ended September 30, 2024, were $96,754,000, a 40.7% increase from $68,701,000 for the same period in 2023[19] - Subscription service revenue increased to $59,909,000, up 91.1% from $31,363,000 year-over-year[19] Profitability and Loss - The company reported its first quarter of positive adjusted EBITDA at $2.4 million, improving by $9.0 million from a loss of $6.6 million in Q3 '23[3] - The company reported a net loss from continuing operations of $(20.7) million in Q3 2024, compared to $(19.2) million in Q3 2023[3] - Operating loss for the three months ended September 30, 2024, was $(15,194,000), slightly improved from $(17,047,000) in the prior year[19] - Net loss from continuing operations for the three months ended September 30, 2024, was $(20,664,000), compared to $(19,234,000) for the same period in 2023[19] - The company reported a net income from discontinued operations of $832,000 for the three months ended September 30, 2024, down from $3,718,000 in the prior year[19] Margins and Expenses - Subscription service gross margin percentage improved to 55.3%, up from 50.6% in Q3 '23[3] - Gross margin for the three months ended September 30, 2024, was $43,031,000, compared to $25,134,000 for the same period in 2023, reflecting a significant improvement[19] - Total operating expenses for the three months ended September 30, 2024, were $58,225,000, an increase from $42,181,000 in the same period of 2023[19] - Research and development expenses increased to $17,821,000 for the three months ended September 30, 2024, compared to $14,660,000 in the prior year, indicating a focus on innovation[19] - Non-GAAP subscription service gross margin percentage is adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, and severance costs[22] Assets and Acquisitions - PAR Technology's total assets increased to $1,299.3 million as of September 30, 2024, up from $802.6 million at the end of 2023[16] - The company completed the acquisition of TASK Group Holdings Limited, enhancing its global foodservice transaction platform capabilities[1] Shareholder Metrics - The company’s diluted net loss per share from continuing operations was $(0.58) for the three months ended September 30, 2024, compared to $(0.70) in the same period of 2023[19] - Non-GAAP diluted net loss per share for 2024 was $(0.09), compared to $(0.35) in 2023[27] - Diluted net income (loss) per share for the three months ended September 30, 2024, was $(0.56), consistent with $(0.56) in the same period of 2023[27] Other Financial Metrics - Adjusted EBITDA for the nine months ended September 30, 2024, was $(12,126,000), an improvement from $(31,025,000) in the same period of 2023[26] - Total interest expense for the three months ended September 30, 2024, was $3,417,000, up from $1,750,000 in the same period of 2023[26] - Stock-based compensation for the nine months ended September 30, 2024, was $16,583,000, compared to $10,544,000 in the same period of 2023[26] - Depreciation and amortization for the three months ended September 30, 2024, was $10,575,000, compared to $6,549,000 in the same period of 2023[26] - Transaction costs for the nine months ended September 30, 2024, totaled $6,103,000, with no transaction costs reported in the same period of 2023[26]

Financial Data and Key Metrics Changes - Total revenues for Q2 2024 were $78.2 million, a 12% increase compared to Q2 2023, driven by a 48% growth in subscription service revenue, partially offset by a 24% decrease in hardware revenue [19][20] - Net loss from continuing operations was $23.6 million, or $0.69 loss per share, compared to a net loss of $21.8 million, or $0.87 loss per share in the same period last year [20] - Adjusted EBITDA for Q2 2024 was a loss of $4.3 million, an improvement from a loss of $12.3 million in Q2 2023, driven by increased margin contribution from subscription services [20][14] Business Line Data and Key Metrics Changes - Subscription services revenue reached $44.9 million, a 48% increase from $30.4 million in the prior year, with organic subscription service revenue growing 15% excluding PAR Retail [21] - Annual recurring revenue (ARR) at the end of Q2 stood at $192 million, a 57% increase year-over-year, with Engagement Cloud up 77% and Operator Cloud up 37% [6][21] - Hardware revenue was $20.1 million, a 24% decrease from $26.4 million in the prior year, but showed a 10% sequential increase from Q1 2024 [21][19] Market Data and Key Metrics Changes - The company reported a gross processing volume run rate of $2.5 billion for PAR Payments, indicating strong pipeline execution with several new customer signings [7] - Same-store sales within the Brink base increased by an average of 5.5% year-over-year, suggesting that customers are gaining market share [30] Company Strategy and Development Direction - The company is transitioning to a pure-play foodservice technology business after divesting its government business, which is expected to enhance focus and transparency for investors [4][19] - The integration of Stuzo, now branded as PAR Retail, is seen as a smooth process, with positive customer reception and a strong pipeline for future growth [32] - The company aims to leverage its multi-product model to drive ROI for customers, especially in uncertain macroeconomic conditions [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA positivity in Q3 2024, despite the challenges faced in the previous quarters [14][28] - The company is optimistic about the growth trajectory, expecting continued momentum from the Burger King and Wendy's rollouts, which are anticipated to contribute positively to future revenues [7][11] - Management highlighted the importance of customer success as a key driver for the company's financial outcomes, emphasizing the need for best-in-class products [17][30] Other Important Information - The company reported cash and cash equivalents of $114.9 million and short-term investments of $27.5 million as of June 30, 2024 [27] - The company is focused on maintaining tight control over operating expenses while driving substantial margin improvements [26][15] Q&A Session Summary Question: Integration of Stuzo and TASK - Management reported that the integration of Stuzo has gone exceptionally well, with positive customer feedback and a strong team integration [32][33] Question: Financial Impact of Acquisitions - Management remains confident in the expected contributions from Stuzo and TASK, with no significant changes to the forecasted ARR and adjusted EBITDA [34] Question: Stuzo's ARR Performance - Management clarified that the slight sequential decline in Stuzo's ARR was due to accounting adjustments rather than operational issues, and they expect growth moving forward [37][38] Question: Cross-Selling Opportunities with TASK - Management outlined plans for leveraging TASK's capabilities to enhance cross-selling opportunities in the U.S. and international markets [40][42] Question: Competitive Landscape Post-Acquisition - The acquisition of TASK is expected to enhance the company's competitiveness in international markets, addressing the needs of U.S. brands expanding globally [45][46] Question: Interest Expense and Share Count - Management provided insights on the interest expense related to the TASK acquisition and the expected adjustments to the balance sheet moving forward [48][50] Question: Organic ARR Growth Outlook - Management expressed confidence in maintaining organic ARR growth above 20%, with potential for acceleration depending on the success of ongoing rollouts [52][54]

Company Overview - As of August 6, 2024, PAR Technology Corporation has 36,283,935 shares of common stock outstanding[2]. - The company is classified as a Large Accelerated Filer, indicating a significant market presence and regulatory compliance[2]. Financial Performance - Total revenues for the three months ended June 30, 2024, were $78,150,000, an increase of 12.3% compared to $69,529,000 for the same period in 2023[12]. - Subscription service revenue increased by 47.8% to $44,872,000 for the three months ended June 30, 2024, compared to $30,372,000 in the prior year[12]. - Gross margin for the six months ended June 30, 2024, was $58,086,000, representing a 45.5% increase from $40,098,000 for the same period in 2023[12]. - The company reported a net income of $54,190,000 for the three months ended June 30, 2024, compared to a net loss of $19,702,000 for the same period in 2023[12]. - Total revenues for the six months ended June 30, 2024, were $148.2 million, a 7.3% increase from $138.1 million in the same period of 2023[91]. - The company reported a net income from discontinued operations of $79.9 million for the six months ended June 30, 2024, compared to $5.3 million in the same period last year, indicating a significant increase[91]. Cash and Assets - Cash and cash equivalents increased significantly to $114,928,000 as of June 30, 2024, from $37,183,000 at December 31, 2023[10]. - Total assets grew to $1,056,684,000 as of June 30, 2024, up from $802,606,000 at the end of 2023[10]. - The company’s goodwill increased to $623,875,000 as of June 30, 2024, compared to $488,918,000 at December 31, 2023[10]. - Total cash held on behalf of customers increased to $12.8 million as of June 30, 2024, from $10.2 million on December 31, 2023[24]. Acquisitions and Strategic Initiatives - The company is actively pursuing acquisitions, including Stuzo Holdings, LLC and TASK Group Holdings Limited, to expand its service capabilities[7]. - The Stuzo Acquisition was completed for a total consideration of approximately $170.5 million in cash and $19.2 million in stock, aimed at expanding the Company's presence in the convenience store market[38]. - The acquisition of TASK Group Holdings Limited was completed for a total consideration of $245.5 million, enhancing the company's service offerings[81]. Operational Challenges - PAR is facing risks related to macroeconomic trends, including inflation and geopolitical events, which could impact its financial performance[7]. - The company is navigating challenges related to supply chain management and manufacturing disruptions, which could affect product availability[7]. Internal Controls and Compliance - The company emphasizes the importance of maintaining effective internal controls over financial reporting to ensure accuracy[8]. - The report includes certifications from the Principal Financial Officer and Principal Executive Officer as per the Securities Exchange Act of 1934[31.2][32.1][32.2]. Future Outlook - PAR's management is focused on enhancing product offerings and market strategies to improve future operations and financial results[6]. - The company plans to continue focusing on market expansion and new product development to drive future growth[131]. Revenue Breakdown - Revenue from hardware for the six months ended June 30, 2024, was $38.3 million, compared to $53.2 million for the same period in 2023, indicating a decline of 28.0%[37]. - Subscription service revenues increased to $83.3 million, up $24.9 million or 42.7% from $58.3 million in the prior year, driven by Engagement Cloud services and the Stuzo Acquisition[98]. Expenses and Liabilities - General and Administrative (G&A) expenses for the six months ended June 30, 2024, were $50.5 million, an increase of $15.1 million or 42.8% compared to $35.4 million in the prior year[110]. - The company incurred capital expenditures of $407 for the six months ended June 30, 2024, compared to $3,023 in the same period of 2023[18]. Stock and Financing - The company raised approximately $200 million through a private placement of common stock at a 10% discount, resulting in net proceeds of approximately $194.4 million after issuance costs[62]. - The company secured a $90.0 million Credit Facility to finance the TASK acquisition, maturing by July 5, 2029[80].

Group 1: Earnings Performance - PAR Technology reported a quarterly loss of $0.23 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.15, representing an earnings surprise of -53.33% [1] - The company posted revenues of $78.15 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 33.01%, compared to year-ago revenues of $100.54 million [2] - Over the last four quarters, PAR Technology has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] Group 2: Stock Performance and Outlook - PAR Technology shares have increased by about 2.7% since the beginning of the year, while the S&P 500 has gained 9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is -$0.08 on revenues of $120.67 million, and -$0.62 on revenues of $467.47 million for the current fiscal year [7] Group 3: Industry Context - The Computer - Integrated Systems industry, to which PAR Technology belongs, is currently in the bottom 25% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5] - The estimate revisions trend for PAR Technology is currently favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6]

BOSTON and SAN DIEGO, July 29, 2024 (GLOBE NEWSWIRE) -- Rapport Therapeutics, Inc. (Nasdaq: RAPP), a clinical-stage biotechnology company focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system disorders, today announced that the Company will present preclinical data on RTX-1738, an analog to Rapport's lead product candidate RAP219, across a variety of acute and chronic pain models at the upcoming International Association for the ...

PAR Technology Corporation (NYSE: PAR), a global restaurant technology company providing unified commerce solutions for enterprise foodservice, announced today that it has agreed to the sale of its Government operating segment via the sale of its wholly owned subsidiaries: PAR Government Systems Corporation (PGSC) and Rome Research Corporation (RRC) for a combined total of $102 million. "This acquisition marks a significant milestone for NTS. We are excited to welcome the talented RRC Team and continue buil ...

1 Forward-Looking Statements. Market, industry, and other data included in this presentation are from or based on our own internal good faith estimates and research, and on publicly available publications, research, surveys and studies conducted by third parties, which we believe are reliable, but have not independently verified. Similarly, while we believe our internal estimates and research are reliable, we have not independently verified our internal estimates or research. While we are not aware of any m ...

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR ☐ TRANSITION REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the Transition Period From __________ to __________ Commission File Number: 1-09720 PAR TECHNOLOGY CORPORATION (Exact name of registrant as specified in its charter) Delaware 16-1434688 (State or other jur ...