PAR Technology Files Q3 2024 10-Q

TL;DR

**PAR Tech Q3 10-Q is IN! Check financials for Subscription, Hardware, and Services.**

AI Summary

PAR Technology Corp. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year, detailing financial performance across its Subscription, Hardware, and Professional Services segments. Specific financial figures and operational details are presented for these periods.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for PAR Technology Corp., crucial for understanding the company's operational health and future prospects.

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

• 2024-09-30 — Report End Date (Covers Q3 and year-to-date performance.)
• 2024-01-01 — Year-to-Date Start Date (Defines the beginning of the reporting period for nine months.)
• 2023-09-30 — Prior Year Q3 End Date (For comparative analysis against the current year's Q3.)
• 2023-01-01 — Prior Year Year-to-Date Start Date (For comparative analysis against the current year's nine months.)

Key Players & Entities

• PAR TECHNOLOGY CORP (company) — Filer
• 20240930 (date) — Period of Report
• 20241108 (date) — Filing Date
• 3157380600 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• par-20240930.htm (10-Q) — 1834KB
• a10qexhibit311-q32024.htm (EX-31.1) — 16KB
• a10qexhibit312-q32024.htm (EX-31.2) — 16KB
• a10qexhibit321-q32024.htm (EX-32.1) — 6KB
• a10qexhibit322-q32024.htm (EX-32.2) — 6KB
• par-20240930_g1.jpg (GRAPHIC) — 41KB
• par-20240930_g2.jpg (GRAPHIC) — 31KB
• par-20240930_g3.jpg (GRAPHIC) — 34KB
• par-20240930_g4.jpg (GRAPHIC) — 37KB
• 0000708821-24-000113.txt ( ) — 9389KB
• par-20240930.xsd (EX-101.SCH) — 56KB
• par-20240930_cal.xml (EX-101.CAL) — 115KB
• par-20240930_def.xml (EX-101.DEF) — 330KB
• par-20240930_lab.xml (EX-101.LAB) — 807KB
• par-20240930_pre.xml (EX-101.PRE) — 565KB
• par-20240930_htm.xml (XML) — 1191KB

Forward-Looking Statements

Forward-Looking Statements

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and September 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 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44 PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 45

Signatures

Signatures 46 "PAR ," "PAR POS " (formerly "Brink POS "), "Punchh ," "PAR Ordering TM " (formerly "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 September 30, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 105,804 $ 37,183 Cash held on behalf of customers 15,266 10,170 Short-term investments 12,578 37,194 Accounts receivable – net 60,298 42,679 Inventories 23,915 23,560 Other current assets 14,743 8,123 Current assets of discontinued operations — 21,690 Total current assets 232,604 180,599 Property, plant and equipment – net 14,865 15,524 Goodwill 803,084 488,918 Intangible assets – net 226,051 93,969 Lease right-of-use assets 7,651 3,169 Other assets 15,019 17,642 Noncurrent assets of discontinued operations — 2,785 Total Assets $ 1,299,274 $ 802,606 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 35,186 $ 25,599 Accrued salaries and benefits 17,959 14,128 Accrued expenses 8,309 3,533 Customers payable 15,266 10,170 Lease liabilities – current portion 2,178 1,120 Customer deposits and deferred service revenue 30,444 9,304 Current liabilities of discontinued operations — 16,378 Total current liabilities 109,342 80,232 Lease liabilities – net of current portion 5,559 2,145 Long-term debt 466,735 377,647 Deferred service revenue – noncurrent 1,733 4,204 Other long-term liabilities 23,198 3,603 Noncurrent liabilities of discontinued operations — 1,710 Total liabilities 606,567 469,541 Shareholders' equity: Preferred stock, $ 0.02 par value, 1,000,000 shares authorized — — Common stock, $ 0.02 par value, 116,000,000 shares authorized, 37,773,764 and 29,386,234 shares issued, 36,303,459 and 28,029,915 outstanding at September 30, 2024 and December 31, 2023, respectively 749 584 Additional paid in capital 972,811 625,154 Accumulated deficit ( 258,886 ) ( 274,956 ) Accumulated other comprehensive loss ( 118 ) ( 939 ) Treasury stock, at cost, 1,470,305 shares

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View this 10-Q filing on SEC EDGAR