PAR Technology Files Q2 2024 10-Q

TL;DR

**PAR Tech Q2 10-Q filed. Financials for Hardware, Subscriptions, and Services detailed.**

AI Summary

PAR Technology Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance across its Hardware, Subscription Service, and Professional Service segments. Key financial data and operational updates are provided for the second quarter of 2024.

Why It Matters

This filing provides investors with the latest financial results and operational details for PAR Technology Corp., crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial and operational information that can impact stock price.

Key Numbers

• 2024-06-30 — Period End Date (End of the reporting quarter)
• 2024-08-08 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• PAR TECHNOLOGY CORP (company) — Filer
• 0000708821 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date

FAQ

Key Financial Figures

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

Filing Documents

• par-20240630.htm (10-Q) — 1713KB
• amendedandrestated2015equi.htm (EX-10.1) — 78KB
• a10qexhibit311-q22024.htm (EX-31.1) — 16KB
• a10qexhibit312-q22024.htm (EX-31.2) — 16KB
• a10qexhibit321-q22024.htm (EX-32.1) — 6KB
• a10qexhibit322-q22024.htm (EX-32.2) — 6KB
• par-20240630_g1.jpg (GRAPHIC) — 41KB
• par-20240630_g2.jpg (GRAPHIC) — 33KB
• par-20240630_g3.jpg (GRAPHIC) — 35KB
• par-20240630_g4.jpg (GRAPHIC) — 40KB
• 0000708821-24-000078.txt ( ) — 9056KB
• par-20240630.xsd (EX-101.SCH) — 53KB
• par-20240630_cal.xml (EX-101.CAL) — 110KB
• par-20240630_def.xml (EX-101.DEF) — 330KB
• par-20240630_lab.xml (EX-101.LAB) — 786KB
• par-20240630_pre.xml (EX-101.PRE) — 560KB
• par-20240630_htm.xml (XML) — 1080KB

Forward-Looking Statements

Forward-Looking Statements

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 10

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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 42 PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 44

Signatures

Signatures 45 "PAR ," "Brink POS ," "Punchh ," "MENU TM ," "Data Central ," "Open Commerce ," "PAR Pay", "PAR Payment Services", "Stuzo TM ," "PAR Retail 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 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 "believe," "could", "continue," "expect," "estimate," "future", "may," "will," "would," 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 geopolitical events and the impact of those trends and events on PAR and its business, financial condition

– 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 June 30, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 114,928 $ 37,183 Cash held on behalf of customers 12,804 10,170 Short-term investments 27,527 37,194 Accounts receivable – net 50,203 42,679 Inventories 25,526 23,560 Other current assets 9,427 8,123 Current assets of discontinued operations 6,382 21,690 Total current assets 246,797 180,599 Property, plant and equipment – net 14,452 15,524 Goodwill 623,875 488,918 Intangible assets – net 148,292 93,969 Lease right-of-use assets 4,740 3,169 Other assets 17,689 17,642 Noncurrent assets of discontinued operations 839 2,785 Total Assets $ 1,056,684 $ 802,606 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 30,682 $ 25,599 Accrued salaries and benefits 13,954 14,128 Accrued expenses 4,047 3,533 Customers payable 12,804 10,170 Lease liabilities – current portion 1,288 1,120 Customer deposits and deferred service revenue 14,294 9,304 Current liabilities of discontinued operations 2,033 16,378 Total current liabilities 79,102 80,232 Lease liabilities – net of current portion 3,540 2,145 Long-term debt 378,672 377,647 Deferred service revenue – noncurrent 2,876 4,204 Other long-term liabilities 4,173 3,603 Noncurrent liabilities of discontinued operations — 1,710 Total liabilities 468,363 469,541 Shareholders' equity: Preferred stock, $ 0.02 par value, 1,000,000 shares authorized — — Common stock, $ 0.02 par value, 116,000,000 shares authorized, 35,574,128 and 29,386,234 shares issued, 34,104,235 and 28,029,915 outstanding at June 30, 2024 and December 31, 2023, respectively 705 584 Additional paid in capital 852,406 625,154 Accumulated deficit ( 239,054 ) ( 274,956 ) Accumulated other comprehensive loss ( 3,908 ) ( 939 ) Treasury stock, at cost, 1,469,893 shares a

View Full Filing

View this 10-Q filing on SEC EDGAR