PAR(PAR)2025-02-28 12:30Revenue Growth - Q4 2024 revenue reached $105.0 million, a 50.2% increase compared to $69.9 million in Q4 2023[4] - Annual Recurring Revenue (ARR) grew to $276.0 million, reflecting a total growth of 102% and organic growth of 21% from $136.9 million reported in Q4 2023[5] - Full year 2024 revenue was $350.0 million, a 26.5% increase from $276.7 million in 2023[5] - Total revenues for the three months ended December 31, 2024, reached $105.005 million, a 50.4% increase from $69.900 million in the same period of 2023[19] - Subscription service revenues increased to $64.262 million, up 95.2% from $32.897 million year-over-year[19] Profitability and Loss - The company reported a net loss from continuing operations of $(89.9) million for the full year 2024, compared to $(81.6) million in 2023, a deterioration of $8.3 million[5] - Diluted net loss per share from continuing operations improved to $(2.63) in 2024 from $(2.96) in 2023, a betterment of $0.33[5] - Operating loss for the three months ended December 31, 2024, was $16.425 million, slightly improved from a loss of $17.765 million in the same period of 2023[19] - Net loss from continuing operations for the year ended December 31, 2024, was $89.910 million, compared to a loss of $81.619 million in 2023[19] - The net loss for the year ended December 31, 2024, was $69,752,000, compared to a net loss of $81,619,000 for 2023, showing an improvement of approximately 14.5%[27] Margins - Subscription service gross margin percentage improved to 53.2% in Q4 2024, up from 48.1% in Q4 2023, marking a 5.1% increase[4] - Gross margin for the year ended December 31, 2024, was $146.124 million, representing a 63.5% increase compared to $89.446 million in 2023[19] - Subscription Service Gross Margin Percentage improved to 53.5% for the year ended December 31, 2024, up from 48.0% in 2023, indicating a growth of 11.5%[28] - Non-GAAP Subscription Service Gross Margin Percentage was 65.9% for the year ended December 31, 2024, compared to 66.4% in 2023, showing a slight decline of 0.8%[28] Expenses - The company incurred $10.471 million in sales and marketing expenses for the three months ended December 31, 2024, an increase from $9.508 million in the same period of 2023[19] - Interest expense increased to $10,167,000 for the year ended December 31, 2024, from $6,931,000 in 2023, representing an increase of approximately 46.5%[27] - Stock-based compensation for the year ended December 31, 2024, was $14,291,000, compared to $24,487,000 in 2023, reflecting a decrease of about 41.6%[27] Shareholder Information - The weighted average shares outstanding increased to 37.197 million for the three months ended December 31, 2024, compared to 27.968 million in the same period of 2023[19] - The diluted weighted average shares outstanding increased to 34,155,000 for the year ended December 31, 2024, from 27,552,000 in 2023, an increase of approximately 23.8%[27] Strategic Developments - PAR Technology acquired Delaget, LLC, enhancing its capabilities in restaurant analytics and business intelligence solutions[5] - The company maintains confidence in its long-term growth strategy and shareholder value delivery[3] Tax Position - The provision for income taxes for the year ended December 31, 2024, was a benefit of $4,768,000, compared to a provision of $1,848,000 in 2023, indicating a significant change in tax position[27] Adjusted Metrics - Adjusted EBITDA reflects net loss before income taxes, interest expense, and depreciation, adjusted for non-cash and non-recurring charges[22] - Adjusted EBITDA for the year ended December 31, 2024, was $(38,397,000), compared to $5,776,000 in 2023, indicating a significant decrease[27]