PAR TECHNOLOGY CORP Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>PAR Technology Corp. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

PAR TECHNOLOGY CORP (PAR) filed a Annual Report (10-K) with the SEC on February 27, 2024. PAR Technology Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is located at 8383 Seneca Turnpike, New Hartford, NY 13413. PAR Technology Corp. is incorporated in Delaware. The filing was submitted on February 27, 2024.

Why It Matters

For investors and stakeholders tracking PAR TECHNOLOGY CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PAR Technology Corp.'s financial performance, business operations, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — PAR TECHNOLOGY CORP shows moderate risk based on this filing. The company's 10-K filing is a standard annual report, but specific financial details and risk factors will determine the overall risk level.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand PAR Technology Corp.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-02-27 — Filing Date (Date the 10-K was filed)
• 133 — Document Count (Number of documents in the filing)
• 3578 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

• PAR TECHNOLOGY CORP (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-27 (date) — Filed as of date
• 8383 SENECA TURNPIKE (address) — Business street 1
• NEW HARTFORD (city) — Business city
• NY (state) — Business state
• 13413 (zip_code) — Business zip
• 3157380600 (phone_number) — Business phone

FAQ

Industry Context

PAR Technology Corp. operates within the technology sector, likely focusing on software, hardware, and services for businesses.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Hardware, Subscription Service, Professional Service, Contract) if available in the full filing.
2. Examine the company's financial health indicators such as debt-to-equity ratio, cash on hand, and operating margins.
3. Review the identified risk factors to understand potential challenges and their impact on the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $0.02 — ange on which registered Common Stock, $0.02 par value PAR New York Stock Exchange
• $58.4 m — Research and development expenses were $58.4 million, $48.6 million, and $34.6 million
• $48.6 m — evelopment expenses were $58.4 million, $48.6 million, and $34.6 million, for the years
• $34.6 m — were $58.4 million, $48.6 million, and $34.6 million, for the years ended December 31,

Filing Documents

• par-20231231.htm (10-K) — 2373KB
• aex46xdescriptionofsecurit.htm (EX-4.6) — 18KB
• rsugrantnotice-tofile.htm (EX-10.11) — 28KB
• a10-kex212023xsubsidiaries.htm (EX-21) — 5KB
• aex232023xdeloitteconsent.htm (EX-23) — 2KB
• a10-kex3112023.htm (EX-31.1) — 15KB
• a10-kex3122023.htm (EX-31.2) — 15KB
• a10-kex3212023.htm (EX-32.1) — 5KB
• a10-kex3222023.htm (EX-32.2) — 5KB
• clawbackpolicy.htm (EX-97) — 12KB
• clawbackpolicy001.jpg (GRAPHIC) — 224KB
• clawbackpolicy002.jpg (GRAPHIC) — 262KB
• clawbackpolicy003.jpg (GRAPHIC) — 170KB
• clawbackpolicy004.jpg (GRAPHIC) — 80KB
• par-20231231_g1.jpg (GRAPHIC) — 41KB
• par-20231231_g2.jpg (GRAPHIC) — 64KB
• par-20231231_g3.jpg (GRAPHIC) — 43KB
• rsugrantnotice-tofile001.jpg (GRAPHIC) — 161KB
• rsugrantnotice-tofile002.jpg (GRAPHIC) — 120KB
• rsugrantnotice-tofile003.jpg (GRAPHIC) — 254KB
• rsugrantnotice-tofile004.jpg (GRAPHIC) — 292KB
• rsugrantnotice-tofile005.jpg (GRAPHIC) — 279KB
• rsugrantnotice-tofile006.jpg (GRAPHIC) — 325KB
• rsugrantnotice-tofile007.jpg (GRAPHIC) — 230KB
• rsugrantnotice-tofile008.jpg (GRAPHIC) — 135KB
• 0000708821-24-000014.txt (&nbsp;) — 16195KB
• par-20231231.xsd (EX-101.SCH) — 74KB
• par-20231231_cal.xml (EX-101.CAL) — 121KB
• par-20231231_def.xml (EX-101.DEF) — 475KB
• par-20231231_lab.xml (EX-101.LAB) — 1090KB
• par-20231231_pre.xml (EX-101.PRE) — 767KB
• par-20231231_htm.xml (XML) — 1756KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 25 Item 6. [Reserved] 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 89 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 89 PART III Item 10. Directors, Executive Officers and Corporate Governance 89 Item 11.

Executive Compensation

Executive Compensation 89 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 89 Item 13. Certain Relationships and Related Transactions, and Director Independence 89 Item 14. Principal Accountant Fees and Services 89 PART IV Item 15. Exhibits and Financial Statement Schedules 90 Item 16. Form 10-K Summary 94

Signatures

Signatures 95 "PAR ," "Brink POS ," "Punchh ," "MENU TM ," "Data Central ," "PAR Pay", "PAR Payment Services" and other trademarks identifying our products and services appearing in this Annual Report belong to us. This Annual Report may also contain trade names and trademarks of other companies. Our use of such other companies' trade names or trademarks is not intended to imply any endorsement or sponsorship by these companies of us or our products or services. Unless the context indicates otherwise, references in this Annual Report to "we," "us," "our," the "Company," and "PAR" mean PAR Technology Corporation and its consolidated subsidiaries. Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature, but rather are predictive of PAR's future operations, financial condition, financial results, business strategies and prospects. Forward-looking statements are generally identified by words such as "anticipate," "believe," "can", "could", "continue," "expect," "estimate," "future", "goal", "intend," "may," "opportunity," "plan," "should," "strive," "target", "vision," "will," "would," "will likely result," 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, including statements relating to and PAR's expectations regarding: the plans, strategies and objectives of management for future operations, including PAR's service and product offerings, its go-to-market strategies and the expected development, demand, performance, market share or competitive performance of its products and services; PAR's ability to achieve and sustain profitability; projections of net revenue, margins, expenses, cash flows, or other financial items; PAR's annual recurring revenue, active sites, subscription service margins, net loss, net loss per share and other key performance indicators and non-GAAP financial measures; PAR's expectations about the availability and terms of product and component supplies for our hardware; the timing and expected benefits of acquisitions, divestitures, and capital markets transactions; PAR's human capital strategies and engagement; current or future macroeconomic trends or geo

BUSINESS

Item 1. BUSINESS The Company PAR Technology Corporation (NYSE: PAR), through its consolidated subsidiaries – ParTech, Inc. ("ParTech") and PAR Government Systems Corporation ("PAR Government"), operates in two distinct reporting segments, Restaurant/Retail and Government. Restaurant/Retail Segment We provide leading omnichannel cloud-based software and hardware solutions to the restaurant and retail industries. Our product and service offerings include point-of-sale, customer engagement and loyalty, digital ordering and delivery, operational intelligence technologies, payment processing, hardware, and related technologies, solutions, and services. Our omnichannel solutions are used by more than 700 restaurant customers and can be found in more than 70,000 active restaurant locations. We provide enterprise restaurants, franchisees, and other restaurant outlets in the three major restaurant categories - quick service, fast casual, and table service - with operational efficiencies through a data-driven network with integration capabilities from point-of-sale to the kitchen, to fulfillment. Our mission is to enable personalized experiences that connect people to the brands, meals, and moments they love; and our strategy to achieve this mission is grounded in delivering a unified experience across our comprehensive suite of subscription services, hardware, and professional services that simplifies our customers' operations, elevates their customer engagement, and drives their continued success. PAR's vision of unified experience is a single platform that provides seamless connections from the restaurants' backend systems through to their customer-facing channels enabling restaurant enterprises to deliver innovation, differentiated experiences and competitive advantage. It's the setup enterprise restaurants require to support omnichannel journeys and create a unified view of customer interactions, products, and management systems. We continuously strive to enh

View Full Filing

View this 10-K filing on SEC EDGAR