- Total revenues increase 47.4% year-over-year from Q1
'21
- Software Annual Recurring Revenues (ARR)(1) grew to $94.4
million - a 172% increase from $34.6 million reported in Q1
'21
PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the
“Company”) today announced its financial results for the first
quarter ended March 31, 2022.
Summary of Fiscal 2022 First Quarter
- Revenues were reported at $80.3 million for the first quarter
of 2022, a 47.4% increase compared to $54.5 million for the same
period in 2021. Punchh contributed $11.2 million of revenue for the
first quarter of 2022.
- Net loss for the first quarter of 2022 was $15.7 million, or
$0.58 net loss per share, compared to a net loss of $8.3 million,
or $0.38 net loss per share reported for the same period in
2021.
- EBITDA for the first quarter of 2022 was a loss of $6.8 million
compared a loss of $3.3 million for the same period in 2021.
- Adjusted EBITDA for the first quarter of 2022 was a loss of
$2.9 million compared to Adjusted EBITDA loss of $4.9 million for
the same period in 2021.
- Adjusted net loss for the first quarter of 2022 was $7.1
million, or $0.26 adjusted diluted net loss per share, compared to
an adjusted net loss of $7.6 million, or $0.34 adjusted diluted net
loss per share, for the same period in 2021.
A reconciliation and description of non-GAAP financial measures
to corresponding GAAP financial measures are included in the tables
at the end of this press release.
_______ (1) See “Key Performance Indicators and Non-GAAP
Financial Measures” below
PAR Technology CEO, Savneet Singh commented, “PAR delivered a
strong operating performance to begin 2022, delivering revenue
growth of 47.4% and strong ARR growth in the quarter. ARR at end of
Q1 2022 was $94.4 million, a 172% increase from the $34.6 million
ARR reported in the first quarter last year. Punchh delivered
year-over-year ARR growth of 39% in the quarter and Brink POS
reported ARR growth of 35% from Q1 2021. Our product revenue in the
quarter grew by 35% from Q1 last year, once again demonstrating
strong demand from our enterprise restaurant customers for our
unified commerce offerings. Our focus on efficiency has allowed the
Company to improve our adjusted EBITDA by 42% from one year
ago.”
Mr. Singh continued, “We are at an exciting time in our
industry, as restaurants large and small transform and modernize to
become software-driven, digital enterprises. Our Q1 results reflect
the power of our platform and integrating Punchh with Brink and
Data Central and we closed several large brands who chose multiple
PAR solutions in the quarter. These recent customer wins
demonstrate the accelerating demand for Unified Commerce where
restaurants require simpler solutions, fewer integrations and more
natively unified solutions."
Highlights of Brink POS - First Quarter 2022:
- Brink POS ARR at end of Q1 '22 totaled $35.5 million
- New store Activations in Q1 '22 totaled 1,244 sites
- Brink POS Bookings in Q1 '22 totaled 1,090 sites
- Brink POS open orders (backlog) totaled 1,621 sites at end of
Q1 '22
- Active Sites for Brink POS as of March 31, 2022 totaled 16,945
restaurants
Highlights of Punchh - First Quarter 2022:
- Punchh ARR at end of Q1 '22 totaled $50.2 million
- New store Activations in Q1 '22 totaled 1,509 sites
- Active Sites for Punchh as of March 31, 2022 totaled 58,801
restaurants
Total Contracted ARR at end of Q1 '22 totaled more than $116
million
Conference Call.
There will be a conference call at 4:30 p.m. (Eastern) on May
10, 2022, during which the Company’s management will discuss the
financial results for the first quarter ended March 31, 2022. To
participate in the call, please call 844-419-5412,
approximately 10 minutes in advance. No passcode is required to
participate in the live call or to listen to the replay version.
Investors will have the opportunity to listen to the conference
call/event over the internet by visiting the Company’s website at
https://www.partech.com/investor-relations/. Alternatively,
listeners may access an archived version of the conference call and
presentation after 7:30 p.m. on May 10, 2022 through May 17, 2022
by dialing 855-859-2056 and using conference ID 8688754.
About PAR Technology Corporation.
For more than 40 years, PAR Technology Corporation’s (NYSE: PAR)
cutting-edge products and services have helped bold and passionate
restaurant brands build lasting guest relationships. We are the
partner enterprise restaurants rely on when they need to serve
amazing moments from open to close, during the most hectic rush
hours, and when the world forces them to adapt and overcome. More
than 100,000 restaurants in more than 110 countries use PAR’s
restaurant software, hardware and services. With the acquisition of
Punchh Inc., a leading SaaS-based customer engagement and loyalty
solutions provider, PAR has become a unified commerce cloud
platform for enterprise restaurants. To learn more, visit
www.partech.com or connect with us on LinkedIn, Twitter, Facebook,
and Instagram.
Key Performance Indicators and Non-GAAP Financial
Measures.
We monitor certain operating data and non-GAAP financial
measures in the evaluation and management of our business; certain
key operating data and non-GAAP financial measures have been
provided as we believe these to be useful in facilitating
period-to-period comparisons of our business performance. Operating
data and non-GAAP financial measures do not reflect and should be
viewed independently of our financial performance determined in
accordance with GAAP. Operating data and non-GAAP financial
measures are not forecasts or indicators of future or expected
results and should not have undue reliance placed upon them by
investors.
Where non-GAAP financial measures are included in this press
release, the most directly comparable GAAP financial measures and a
detailed reconciliation between GAAP and non-GAAP financial
measures is included in this press release under “About Non-GAAP
Financial Measures”.
Unless otherwise indicated, financial and operating data
included in this presentation is as of March 31, 2022.
As used in this press release:
Annualized Recurring Revenue or "ARR” is the annualized
revenue from SaaS and related revenue of our software products. We
calculate ARR by annualizing the monthly recurring revenue for all
active sites as of the last day of each month for the respective
reporting period. ARR also includes recurring payment processing
services revenue, net of expenses.
“Active Sites” represent locations active on PAR’s SaaS
software as of the last day of the respective fiscal period.
“Activations” are calculated as of the end of each month
based on the number of SaaS customers that have initiated use of
our software products/platforms. Once “activated”, PAR begins to
invoice/bill the customer. In specific cases with Punchh, invoicing
takes place before activation take place.
“Booking” is a customer purchase order for SaaS; upon
PAR's acceptance, the customer is obligated to purchase the SaaS
and pay PAR for the services. In specific cases with Punchh,
bookings are added at the time of execution of the relevant master
services agreement.
“Contracted ARR”, or “CARR” is ARR that includes
signed/booked sites that have yet to be activated.
Trademarks.
“PARTM,” “Brink POS®,” “Punchh®,” “Data Central®,” “Restaurant
Magic®,” “PAR PhaseTM,” “PixelPoint®” and other trademarks
appearing in this press release belong to us.
Forward-Looking Statements.
This press release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, Section 27A of the Securities Act of 1933, as amended,
and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical in nature, but rather
are predictive of our future operations, financial condition,
financial results, business strategies and prospects.
Forward-looking statements are generally identified by words such
as “anticipate,” “believe,” “belief,” “continue,” “could,”
“expect,” “estimate,” “intend,” “may,” “opportunity,” “plan,”
“should,” “will,” “would,” “will likely result,” and similar
expressions. Forward-looking statements are based on management's
current expectations and assumptions that are subject to a variety
of risks and uncertainties, many of which are beyond our control,
which could cause our actual results to differ materially from
those expressed in or implied by forward-looking statements
contained in this press release on our business, financial
condition, and results of operations. Factors that could cause our
actual results to differ materially from those expressed in or
implied by forward-looking statements contained in this press
release include the COVID-19 pandemic and the actions taken by
governmental authorities, businesses and individuals in response,
macroeconomic trends and geopolitical events (including the effects
of the Russia-Ukraine conflict), the competitive marketplace for
talent and its impact on employee recruitment and retention,
component shortages and/or manufacturing disruptions and logistics
challenges, and the other factors discussed in our filings with the
Securities and Exchange Commission. We undertake no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
may be required under applicable securities law.
PAR TECHNOLOGY CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited, in thousands, except
share amounts)
Assets
March 31, 2022
December 31, 2021
Current assets:
Cash and cash equivalents
$
163,207
$
188,419
Accounts receivable – net
54,571
49,978
Inventories
40,930
35,078
Other current assets
11,379
9,532
Total current assets
270,087
283,007
Property, plant and equipment – net
13,429
13,709
Goodwill
457,433
457,306
Intangible assets – net
114,579
118,763
Lease right-of-use assets
3,935
4,348
Other assets
12,233
11,016
Total assets
$
871,696
$
888,149
Liabilities and Shareholders’
Equity
Current liabilities:
Current portion of long-term debt
$
533
$
705
Accounts payable
22,623
20,845
Accrued salaries and benefits
12,718
17,265
Accrued expenses
3,943
5,042
Lease liabilities – current portion
2,153
2,266
Customer deposits and deferred service
revenue
16,367
14,394
Total current liabilities
58,337
60,517
Lease liabilities – net of current
portion
2,116
2,440
Long-term debt
387,681
305,845
Deferred service revenue – noncurrent
6,463
7,597
Other long-term liabilities
5,629
7,405
Total liabilities
460,226
383,804
Shareholders’ equity:
Preferred stock, $.02 par value, 1,000,000
shares authorized, none outstanding
—
—
Common stock, $.02 par value, 58,000,000
shares authorized, 28,278,562 and 28,094,333 shares issued,
27,052,454 and 26,924,397 outstanding at March 31, 2022 and
December 31, 2021, respectively
565
562
Additional paid in capital
578,628
640,937
Accumulated deficit
(151,535
)
(122,505
)
Accumulated other comprehensive loss
(3,192
)
(3,704
)
Treasury stock, at cost, 1,226,108 shares
and 1,181,449 shares at March 31, 2022 and December 31, 2021,
respectively
(12,996
)
(10,945
)
Total shareholders’ equity
411,470
504,345
Total Liabilities and Shareholders’
Equity
$
871,696
$
888,149
See notes to unaudited interim condensed consolidated financial
statements included in the Company's quarterly report on Form 10-Q
for the quarter ended March 31, 2022 (the “Quarterly Report”).
PAR TECHNOLOGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except
per share amounts)
Three Months Ended March 31,
2022
2021
Revenues, net:
Product
$
25,073
$
18,556
Service
33,773
18,028
Contract
21,439
17,883
Total revenues, net
80,285
54,467
Costs of sales:
Product
19,997
14,885
Service
19,796
12,695
Contract
19,879
16,687
Total cost of sales
59,672
44,267
Gross margin
20,613
10,200
Operating expenses:
Selling, general and administrative
22,368
14,537
Research and development
10,841
5,809
Amortization of identifiable intangible
assets
213
275
Gain on insurance proceeds
—
(4,400
)
Total operating expenses
33,422
16,221
Operating loss
(12,809
)
(6,021
)
Other expense, net
(368
)
(51
)
Interest expense, net
(2,463
)
(2,160
)
Loss on extinguishment of debt
—
—
Loss before provision for income taxes
(15,640
)
(8,232
)
Provision for income taxes
(10
)
(39
)
Net loss
$
(15,650
)
$
(8,271
)
Net loss per share (basic and diluted)
$
(0.58
)
$
(0.38
)
Weighted average shares outstanding (basic
and diluted)
26,970
21,929
See notes to unaudited interim condensed consolidated financial
statements included in the Quarterly Report.
PAR TECHNOLOGY
CORPORATION
SUPPLEMENTAL
INFORMATION
(Unaudited)
The following table sets forth
certain unaudited supplemental financial data for the five trailing
quarters indicated (in thousands):
Segment Revenue by Product
Line:
2022
2021
Q1
Q4
Q3
Q2
Q1
Restaurant/Retail
Hardware
$
24,653
$
31,207
$
29,669
$
23,355
$
17,835
Software
19,347
17,710
17,168
15,100
7,876
Services
14,846
13,905
12,984
12,669
10,873
Total Restaurant/Retail
$
58,846
$
62,822
$
59,821
$
51,124
$
36,584
Government
Intelligence, Surveillance, and
Reconnaissance
$
12,290
$
9,861
$
9,619
$
9,284
$
9,547
Mission Systems
8,915
8,482
8,237
8,338
8,131
Product Services
234
434
183
204
205
Total Government
$
21,439
$
18,777
$
18,039
$
17,826
$
17,883
Total Revenue
$
80,285
$
81,599
$
77,860
$
68,950
$
54,467
About Non-GAAP Financial Measures
The Company reports its financial results in accordance with
GAAP. However, non-GAAP adjusted financial measures, as set forth
in the reconciliation tables below, are provided because management
uses these non-GAAP financial measures in evaluating the results of
the Company's continuing operations and believes this information
provides investors supplemental insight into underlying business
trends and operating results. These non-GAAP financial measures are
not based on any comprehensive set of accounting rules or
principles and should not be considered a substitute for, or
superior to, financial measures calculated in accordance with GAAP.
While we believe that these non-GAAP financial measures provide
useful supplemental information to investors, there are limitations
associated with the use of these non-GAAP financial measures. In
addition, these non-GAAP financial measures should be read in
conjunction with the Company’s unaudited interim condensed
consolidated financial statements prepared in accordance with
GAAP.
Within this press release, the Company makes reference to
EBITDA, adjusted EBITDA, adjusted net loss, and adjusted diluted
net loss per share which are non-GAAP financial measures. EBITDA
represents net loss before income taxes, interest expense and
depreciation and amortization. Adjusted EBITDA and adjusted net
loss, net of tax, represent EBITDA as adjusted to exclude certain
non-cash and non-recurring charges, including stock-based
compensation, acquisition and integration expense, certain pending
litigation expenses and other non-recurring charges that may not be
indicative of the Company’s financial performance.
The Company is presenting adjusted EBITDA and adjusted net loss
because we believe that they provide a more meaningful comparison
than EBITDA and net loss of the Company's core business operating
results and those of other similar companies. Management believes
that adjusted EBITDA and adjusted net loss, when viewed with the
Company's results of operations in accordance with GAAP and the
accompanying reconciliations in the tables below, provide useful
information about operating performance and period-over-period
growth, and provide additional information that is useful for
evaluating the operating performance of the Company's core business
without regard to potential distortions. Additionally, management
believes that adjusted EBITDA permits investors to gain an
understanding of the factors and trends affecting its ongoing cash
earnings, from which capital investments are made and debt is
serviced.
However, EBITDA, adjusted EBITDA and adjusted net loss are not
measures of financial performance or liquidity under GAAP and,
accordingly, should not be considered as alternatives to net income
(loss) from operations or cash flow from operating activities as
indicators of operating performance or liquidity. Also, these
measures may not be comparable to similarly titled captions of
other companies. The tables below provide reconciliations between
net loss and EBITDA, adjusted EBITDA and adjusted net loss.
The Company's results of operations are impacted by certain
non-cash and non-recurring charges, including stock-based
compensation, acquisition and divestiture related expenditures,
expense related to the Company's efforts to resolve a regulatory
matter, and other non-recurring charges that may not be indicative
of the Company’s financial performance. Management believes that
adjusting its costs of sales, operating expenses, operating loss,
net loss and diluted loss per share to remove non-recurring
charges, provides a useful perspective with respect to the
Company's operating results and provides supplemental information
to both management and investors by removing items that are
difficult to predict and are often unanticipated.
The following tables set forth certain unaudited supplemental
financial and other data for the periods indicated (in thousands,
except per share and footnote amounts):
Three Months Ended March
31,
2022
2021
Reconciliation of EBITDA and Adjusted
EBITDA
Net loss
$
(15,650
)
$
(8,271
)
Provision for income taxes
10
39
Interest expense
2,463
2,160
Depreciation and amortization
6,384
2,810
EBITDA
$
(6,793
)
$
(3,262
)
Stock-based compensation expense (1)
3,537
1,320
Regulatory matter (2)
—
275
Pending Litigation expense (3)
—
475
Acquisition and integration costs (4)
—
686
Gain on insurance proceeds (5)
—
(4,400
)
Other expense – net (6)
368
51
Adjusted EBITDA
$
(2,888
)
$
(4,855
)
1
Adjustments reflect stock-based
compensation expense within selling, general and administrative
expenses and cost of contracts of $3.5 million and $1.3 million for
the three months ended March 31, 2022 and 2021, respectively.
2
Adjustment reflects the expenses
related to our efforts to resolve a regulatory matter and other
non-recurring charges of $0.3 million for the three months ended
March 31, 2021.
3
Adjustment reflects the expenses
accrued for a legal matter of $0.5 million for the three months
ended March 31, 2021.
4
Adjustment reflects the expenses
incurred in the acquisition and integration of Punchh of $0.7
million for the three months ended March 31, 2021.
5
Adjustment represents the gain on
insurance proceeds stemming from a legacy claim of $4.4 million for
the three months ended March 31, 2021.
6
Adjustment reflects foreign
currency transaction gains and losses, rental income and losses,
and other non-recurring expenses recorded in other expense, net in
the accompanying statements of operations.
Three Months Ended March
31,
2022
2021
Reconciliation of Adjusted Net
Loss/Adjusted Diluted Loss per Share:
Net loss/diluted loss per share
$
(15,650
)
$
(0.58
)
$
(8,271
)
$
(0.38
)
Non-cash interest expense (1)
486
0.02
1,174
0.06
Acquired intangible assets amortization
(2)
4,114
0.15
1,139
0.05
Stock-based compensation expense (3)
3,537
0.13
1,320
0.06
Regulatory matter (4)
—
—
275
0.01
Litigation expense (5)
—
—
475
0.02
Acquisition and integration costs (6)
—
—
686
0.03
Gain on insurance proceeds (7)
—
—
(4,400
)
(0.20
)
Other expense – net (8)
368
0.01
51
0.01
Adjusted net loss/adjusted diluted loss
per share
$
(7,145
)
$
(0.26
)
$
(7,551
)
$
(0.34
)
Adjusted weighted average common shares
outstanding
26,970
21,929
1
Adjustment reflects non-cash
accretion of interest expense and amortization of issuance costs
related to the 4.500% Convertible Senior Notes due 2024, 2.875%
Convertible Senior Notes due 2026 and 1.500% Convertible Senior
Notes due 2027 of $0.5 million and $1.2 million for the three
months ended March 31, 2022 and 2021, respectively.
2
Adjustment amortization expense
of acquired developed technology within gross margin of $3.7
million and $0.9 million for the three months ended March 31, 2022
and 2021, respectively; and amortization expense of acquired
intangible assets of $0.5 million and $0.3 million for the three
months ended March 31, 2022 and 2021, respectively.
3
Adjustments reflect stock-based
compensation expense within selling, general and administrative
expenses and cost of contracts of $3.5 million and $1.3 million for
the three months ended March 31, 2022 and 2021, respectively.
4
Adjustment reflects the expenses
related to our efforts to resolve a regulatory matter and other
non-recurring charges of $0.3 million for the three months ended
March 31, 2021.
5
Adjustment reflects the expenses
accrued for a legal matter of $0.5 million for the three months
ended March 31, 2021.
6
Adjustment reflects the expenses
incurred in the acquisition and integration of Punchh of $0.7
million for the three months ended March 31, 2021.
7
Adjustment represents the gain on
insurance proceeds stemming from a legacy claim of $4.4 million for
the three months ended March 31, 2021.
8
Adjustment reflects foreign
currency transaction gains and losses, rental income and losses,
and other non-recurring expenses recorded in other expense, net in
the accompanying statements of operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510006260/en/
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
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