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PAR(PAR) - 2024 Q3 - Quarterly Results
PARPAR(PAR)2024-11-08 12:30

Revenue Growth - Annual Recurring Revenue (ARR) increased to 248.1million,representingatotalgrowthof93.3248.1 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 96.8million,a40.896.8 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,a40.796,754,000, a 40.7% increase from 68,701,000 for the same period in 2023[19] - Subscription service revenue increased to 59,909,000,up91.159,909,000, 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 2.4million,improvingby2.4 million, improving by 9.0 million from a loss of 6.6millioninQ3′23[3]−Thecompanyreportedanetlossfromcontinuingoperationsof6.6 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)millioninQ32023[3]−OperatinglossforthethreemonthsendedSeptember30,2024,was(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)intheprioryear[19]−NetlossfromcontinuingoperationsforthethreemonthsendedSeptember30,2024,was(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)forthesameperiodin2023[19]−Thecompanyreportedanetincomefromdiscontinuedoperationsof(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 3,718,000intheprioryear[19]MarginsandExpenses−Subscriptionservicegrossmarginpercentageimprovedto55.33,718,000 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 25,134,000forthesameperiodin2023,reflectingasignificantimprovement[19]−TotaloperatingexpensesforthethreemonthsendedSeptember30,2024,were25,134,000 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 42,181,000inthesameperiodof2023[19]−Researchanddevelopmentexpensesincreasedto42,181,000 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 14,660,000intheprioryear,indicatingafocusoninnovation[19]−Non−GAAPsubscriptionservicegrossmarginpercentageisadjustedtoexcludeamortizationfromacquiredandinternallydevelopedsoftware,stock−basedcompensation,andseverancecosts[22]AssetsandAcquisitions−PARTechnology′stotalassetsincreasedto14,660,000 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 802.6millionattheendof2023[16]−ThecompanycompletedtheacquisitionofTASKGroupHoldingsLimited,enhancingitsglobalfoodservicetransactionplatformcapabilities[1]ShareholderMetrics−Thecompany’sdilutednetlosspersharefromcontinuingoperationswas802.6 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)inthesameperiodof2023[19]−Non−GAAPdilutednetlosspersharefor2024was(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)in2023[27]−Dilutednetincome(loss)pershareforthethreemonthsendedSeptember30,2024,was(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)inthesameperiodof2023[27]OtherFinancialMetrics−AdjustedEBITDAfortheninemonthsendedSeptember30,2024,was(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)inthesameperiodof2023[26]−TotalinterestexpenseforthethreemonthsendedSeptember30,2024,was(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 1,750,000inthesameperiodof2023[26]−Stock−basedcompensationfortheninemonthsendedSeptember30,2024,was1,750,000 in the same period of 2023[26] - Stock-based compensation for the nine months ended September 30, 2024, was 16,583,000, compared to 10,544,000inthesameperiodof2023[26]−DepreciationandamortizationforthethreemonthsendedSeptember30,2024,was10,544,000 in the same period of 2023[26] - Depreciation and amortization for the three months ended September 30, 2024, was 10,575,000, compared to 6,549,000inthesameperiodof2023[26]−TransactioncostsfortheninemonthsendedSeptember30,2024,totaled6,549,000 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]