PAR TECHNOLOGY CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>PAR Technology Corp. filed its Q1 2024 10-Q report on May 9, 2024, detailing financial performance and business operations.</b>

AI Summary

PAR TECHNOLOGY CORP (PAR) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. PAR Technology Corp. filed a 10-Q report on May 9, 2024, for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 8383 Seneca Turnpike, New Hartford, NY 13413. The Standard Industrial Classification code is 3578 (Calculating & Accounting Machines). The filing includes detailed financial information and business operations for the specified period.

Why It Matters

For investors and stakeholders tracking PAR TECHNOLOGY CORP, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial results and operational updates for PAR Technology Corp., crucial for assessing the company's performance and future outlook. Understanding the detailed financial statements, segment revenues, and risk factors within this report is essential for making informed investment decisions regarding PAR Technology Corp.

Risk Assessment

Risk Level: medium — PAR TECHNOLOGY CORP shows moderate risk based on this filing. The company operates in the technology sector, which is subject to rapid innovation and competitive pressures, as indicated by its SIC code and the nature of its business filings.

Analyst Insight

Review the detailed segment revenues and any disclosed changes in contingent consideration liabilities to understand the drivers of financial performance and potential future impacts.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01)
• 2023-03-31 — Prior Year Quarter End Date (2023-01-01 2023-03-31)

Key Players & Entities

• PAR TECHNOLOGY CORP (company) — FILER
• 0000708821 (company) — CENTRAL INDEX KEY
• 3578 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• 8383 SENECA TURNPIKE (company) — BUSINESS ADDRESS STREET 1
• NEW HARTFORD (company) — BUSINESS ADDRESS CITY
• NY (company) — BUSINESS ADDRESS STATE
• 13413 (company) — BUSINESS ADDRESS ZIP

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition and performance.)

Key Financial Figures

• $0.02 — ange on which registered Common Stock, $0.02 par value PAR New York Stock Exchange

Filing Documents

• par-20240331.htm (10-Q) — 1252KB
• ex-101xseparationletterr.htm (EX-10.1) — 48KB
• a10qexhibit311-q12024.htm (EX-31.1) — 16KB
• a10qexhibit312-q12024.htm (EX-31.2) — 16KB
• a10qexhibit321-q12024.htm (EX-32.1) — 6KB
• a10qexhibit322-q12024.htm (EX-32.2) — 6KB
• ex-101xseparationletterr001.jpg (GRAPHIC) — 216KB
• ex-101xseparationletterr002.jpg (GRAPHIC) — 301KB
• ex-101xseparationletterr003.jpg (GRAPHIC) — 219KB
• ex-101xseparationletterr004.jpg (GRAPHIC) — 147KB
• ex-101xseparationletterr005.jpg (GRAPHIC) — 236KB
• ex-101xseparationletterr006.jpg (GRAPHIC) — 274KB
• ex-101xseparationletterr007.jpg (GRAPHIC) — 294KB
• ex-101xseparationletterr008.jpg (GRAPHIC) — 297KB
• ex-101xseparationletterr009.jpg (GRAPHIC) — 284KB
• ex-101xseparationletterr010.jpg (GRAPHIC) — 302KB
• ex-101xseparationletterr011.jpg (GRAPHIC) — 271KB
• ex-101xseparationletterr012.jpg (GRAPHIC) — 281KB
• ex-101xseparationletterr013.jpg (GRAPHIC) — 198KB
• ex-101xseparationletterr014.jpg (GRAPHIC) — 87KB
• par-20240331_g1.jpg (GRAPHIC) — 41KB
• 0000708821-24-000057.txt (&nbsp;) — 12113KB
• par-20240331.xsd (EX-101.SCH) — 48KB
• par-20240331_cal.xml (EX-101.CAL) — 82KB
• par-20240331_def.xml (EX-101.DEF) — 302KB
• par-20240331_lab.xml (EX-101.LAB) — 677KB
• par-20240331_pre.xml (EX-101.PRE) — 498KB
• par-20240331_htm.xml (XML) — 956KB

Forward-Looking Statements

Forward-Looking Statements

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 (unaudited) 2 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31 , 202 4 and March 31 , 202 3 (unaudited) 4 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and March 31, 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 32 PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use Of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 "PAR ," "Brink POS ," "Punchh ," "MENU TM ," "Data Central ," "Open Commerce ," "PAR Pay", "PAR Payment Services", "Stuzo TM ," and other trademarks identifying our products and services appearing in this Quarterly Report belong to us. This Quarterly 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 Quarterly Report to "we," "us," "our," the "Company," and "PAR" mean PAR Technology Corporation and its consolidated subsidiaries.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 contains "forward-looking statements" within the meaning of Section 21E of the Securities and 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 that are subject to risks and uncertainties, many of which are beyond PAR's control, which could cause PAR's actual results to 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

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS (unaudited)

Item 1. FINANCIAL STATEMENTS (unaudited) PAR TECHNOLOGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (unaudited) Assets March 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 50,780 $ 37,369 Cash held on behalf of customers 12,558 10,170 Short-term investments 21,730 37,194 Accounts receivable – net 69,958 63,382 Inventories 25,054 23,594 Other current assets 14,205 8,890 Total current assets 194,285 180,599 Property, plant and equipment – net 15,356 15,755 Goodwill 619,632 489,654 Intangible assets – net 157,713 94,852 Lease right-of-use assets 3,627 4,083 Other assets 18,300 17,663 Total Assets $ 1,008,913 $ 802,606 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 39,832 $ 29,808 Accrued salaries and benefits 14,264 19,141 Accrued expenses 11,153 10,443 Customers payable 12,558 10,170 Lease liabilities – current portion 1,201 1,366 Customer deposits and deferred service revenue 14,710 9,304 Total current liabilities 93,718 80,232 Lease liabilities – net of current portion 2,519 2,819 Long-term debt 378,155 377,647 Deferred service revenue – noncurrent 3,296 4,204 Other long-term liabilities 4,825 4,639 Total liabilities 482,513 469,541 Shareholders' equity: Preferred stock, $ 0.02 par value, 1,000,000 shares authorized — — Common stock, $ 0.02 par value, 58,000,000 shares authorized, 35,439,115 and 29,386,234 shares issued, 33,973,906 and 28,029,915 outstanding at March 31, 2024 and December 31, 2023, respectively 703 584 Additional paid in capital 844,210 625,154 Accumulated deficit ( 293,244 ) ( 274,956 ) Accumulated other comprehensive loss ( 3,653 ) ( 939 ) Treasury stock, at cost, 1,465,209 shares and 1,356,319 shares at March 31, 2024 and December 31, 2023, respectively ( 21,616 ) ( 16,778 ) Total shareholders' equity 526,400 333,065 Total Liabilities and Shareholders' Equity $ 1,008,913 $ 802,606 See accompanying not

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View this 10-Q filing on SEC EDGAR