Financial Data and Key Metrics Changes - Total revenues for Q2 2024 were $78.2 million, a 12% increase compared to Q2 2023, driven by a 48% growth in subscription service revenue, partially offset by a 24% decrease in hardware revenue [19][20] - Net loss from continuing operations was $23.6 million, or $0.69 loss per share, compared to a net loss of $21.8 million, or $0.87 loss per share in the same period last year [20] - Adjusted EBITDA for Q2 2024 was a loss of $4.3 million, an improvement from a loss of $12.3 million in Q2 2023, driven by increased margin contribution from subscription services [20][14] Business Line Data and Key Metrics Changes - Subscription services revenue reached $44.9 million, a 48% increase from $30.4 million in the prior year, with organic subscription service revenue growing 15% excluding PAR Retail [21] - Annual recurring revenue (ARR) at the end of Q2 stood at $192 million, a 57% increase year-over-year, with Engagement Cloud up 77% and Operator Cloud up 37% [6][21] - Hardware revenue was $20.1 million, a 24% decrease from $26.4 million in the prior year, but showed a 10% sequential increase from Q1 2024 [21][19] Market Data and Key Metrics Changes - The company reported a gross processing volume run rate of $2.5 billion for PAR Payments, indicating strong pipeline execution with several new customer signings [7] - Same-store sales within the Brink base increased by an average of 5.5% year-over-year, suggesting that customers are gaining market share [30] Company Strategy and Development Direction - The company is transitioning to a pure-play foodservice technology business after divesting its government business, which is expected to enhance focus and transparency for investors [4][19] - The integration of Stuzo, now branded as PAR Retail, is seen as a smooth process, with positive customer reception and a strong pipeline for future growth [32] - The company aims to leverage its multi-product model to drive ROI for customers, especially in uncertain macroeconomic conditions [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA positivity in Q3 2024, despite the challenges faced in the previous quarters [14][28] - The company is optimistic about the growth trajectory, expecting continued momentum from the Burger King and Wendy's rollouts, which are anticipated to contribute positively to future revenues [7][11] - Management highlighted the importance of customer success as a key driver for the company's financial outcomes, emphasizing the need for best-in-class products [17][30] Other Important Information - The company reported cash and cash equivalents of $114.9 million and short-term investments of $27.5 million as of June 30, 2024 [27] - The company is focused on maintaining tight control over operating expenses while driving substantial margin improvements [26][15] Q&A Session Summary Question: Integration of Stuzo and TASK - Management reported that the integration of Stuzo has gone exceptionally well, with positive customer feedback and a strong team integration [32][33] Question: Financial Impact of Acquisitions - Management remains confident in the expected contributions from Stuzo and TASK, with no significant changes to the forecasted ARR and adjusted EBITDA [34] Question: Stuzo's ARR Performance - Management clarified that the slight sequential decline in Stuzo's ARR was due to accounting adjustments rather than operational issues, and they expect growth moving forward [37][38] Question: Cross-Selling Opportunities with TASK - Management outlined plans for leveraging TASK's capabilities to enhance cross-selling opportunities in the U.S. and international markets [40][42] Question: Competitive Landscape Post-Acquisition - The acquisition of TASK is expected to enhance the company's competitiveness in international markets, addressing the needs of U.S. brands expanding globally [45][46] Question: Interest Expense and Share Count - Management provided insights on the interest expense related to the TASK acquisition and the expected adjustments to the balance sheet moving forward [48][50] Question: Organic ARR Growth Outlook - Management expressed confidence in maintaining organic ARR growth above 20%, with potential for acceleration depending on the success of ongoing rollouts [52][54]

| --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q2 '24 Earnings Presentation | | | | | | August 8, 2024 | | | | | | NYSE: PAR | | | | | 1 partech.com Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, Section 27A of the Secu ...

Company Overview - As of August 6, 2024, PAR Technology Corporation has 36,283,935 shares of common stock outstanding[2]. - The company is classified as a Large Accelerated Filer, indicating a significant market presence and regulatory compliance[2]. Financial Performance - Total revenues for the three months ended June 30, 2024, were $78,150,000, an increase of 12.3% compared to $69,529,000 for the same period in 2023[12]. - Subscription service revenue increased by 47.8% to $44,872,000 for the three months ended June 30, 2024, compared to $30,372,000 in the prior year[12]. - Gross margin for the six months ended June 30, 2024, was $58,086,000, representing a 45.5% increase from $40,098,000 for the same period in 2023[12]. - The company reported a net income of $54,190,000 for the three months ended June 30, 2024, compared to a net loss of $19,702,000 for the same period in 2023[12]. - Total revenues for the six months ended June 30, 2024, were $148.2 million, a 7.3% increase from $138.1 million in the same period of 2023[91]. - The company reported a net income from discontinued operations of $79.9 million for the six months ended June 30, 2024, compared to $5.3 million in the same period last year, indicating a significant increase[91]. Cash and Assets - Cash and cash equivalents increased significantly to $114,928,000 as of June 30, 2024, from $37,183,000 at December 31, 2023[10]. - Total assets grew to $1,056,684,000 as of June 30, 2024, up from $802,606,000 at the end of 2023[10]. - The company’s goodwill increased to $623,875,000 as of June 30, 2024, compared to $488,918,000 at December 31, 2023[10]. - Total cash held on behalf of customers increased to $12.8 million as of June 30, 2024, from $10.2 million on December 31, 2023[24]. Acquisitions and Strategic Initiatives - The company is actively pursuing acquisitions, including Stuzo Holdings, LLC and TASK Group Holdings Limited, to expand its service capabilities[7]. - The Stuzo Acquisition was completed for a total consideration of approximately $170.5 million in cash and $19.2 million in stock, aimed at expanding the Company's presence in the convenience store market[38]. - The acquisition of TASK Group Holdings Limited was completed for a total consideration of $245.5 million, enhancing the company's service offerings[81]. Operational Challenges - PAR is facing risks related to macroeconomic trends, including inflation and geopolitical events, which could impact its financial performance[7]. - The company is navigating challenges related to supply chain management and manufacturing disruptions, which could affect product availability[7]. Internal Controls and Compliance - The company emphasizes the importance of maintaining effective internal controls over financial reporting to ensure accuracy[8]. - The report includes certifications from the Principal Financial Officer and Principal Executive Officer as per the Securities Exchange Act of 1934[31.2][32.1][32.2]. Future Outlook - PAR's management is focused on enhancing product offerings and market strategies to improve future operations and financial results[6]. - The company plans to continue focusing on market expansion and new product development to drive future growth[131]. Revenue Breakdown - Revenue from hardware for the six months ended June 30, 2024, was $38.3 million, compared to $53.2 million for the same period in 2023, indicating a decline of 28.0%[37]. - Subscription service revenues increased to $83.3 million, up $24.9 million or 42.7% from $58.3 million in the prior year, driven by Engagement Cloud services and the Stuzo Acquisition[98]. Expenses and Liabilities - General and Administrative (G&A) expenses for the six months ended June 30, 2024, were $50.5 million, an increase of $15.1 million or 42.8% compared to $35.4 million in the prior year[110]. - The company incurred capital expenditures of $407 for the six months ended June 30, 2024, compared to $3,023 in the same period of 2023[18]. Stock and Financing - The company raised approximately $200 million through a private placement of common stock at a 10% discount, resulting in net proceeds of approximately $194.4 million after issuance costs[62]. - The company secured a $90.0 million Credit Facility to finance the TASK acquisition, maturing by July 5, 2029[80].

PAR Technology (PAR) came out with a quarterly loss of $0.23 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to loss of $0.52 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -53.33%. A quarter ago, it was expected that this software provider for the hospitality industry would post a loss of $0.31 per share when it actually produced a loss of $0.36, delivering a surprise of -16.13%. Over the last ...

Exhibit 99.1 | --- | --- | |----------------|----------------------------------------------| | | | | | New Hartford, NY, August 8, 2024 | | FOR RELEASE: | Christopher R. Byrnes (315) 743-8376 | | CONTACT: | cbyrnes@partech.com, www.partech.com | PAR TECHNOLOGY CORPORATION ANNOUNCES SECOND QUARTER 2024 RESULTS (1) • Annual Recurring Revenue (ARR) grew to $192.2 million - total growth of 56.9% inclusive of organic growth of 23.9% from $122.5 million reported in Q2 '23 • Quarterly subscription service revenues ...

BOSTON and SAN DIEGO, July 29, 2024 (GLOBE NEWSWIRE) -- Rapport Therapeutics, Inc. (Nasdaq: RAPP), a clinical-stage biotechnology company focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system disorders, today announced that the Company will present preclinical data on RTX-1738, an analog to Rapport's lead product candidate RAP219, across a variety of acute and chronic pain models at the upcoming International Association for the ...

PAR Technology Corporation (NYSE: PAR), a global restaurant technology company providing unified commerce solutions for enterprise foodservice, announced today that it has agreed to the sale of its Government operating segment via the sale of its wholly owned subsidiaries: PAR Government Systems Corporation (PGSC) and Rome Research Corporation (RRC) for a combined total of $102 million. "This acquisition marks a significant milestone for NTS. We are excited to welcome the talented RRC Team and continue buil ...

1 Forward-Looking Statements. Market, industry, and other data included in this presentation are from or based on our own internal good faith estimates and research, and on publicly available publications, research, surveys and studies conducted by third parties, which we believe are reliable, but have not independently verified. Similarly, while we believe our internal estimates and research are reliable, we have not independently verified our internal estimates or research. While we are not aware of any m ...

PAR Technology Corporation. (NYSE:PAR) Q1 2024 Earnings Conference Call May 9, 2024 9:00 AM ET Company Participants Chris Byrnes - Senior Vice President of Business Development Savneet Singh - Chief Executive Officer Bryan Menar - Chief Financial Officer Conference Call Participants George Sutton - Craig-Hallum Eric Martinozzi - Lake Street Stephen Sheldon - William Blair Adam Wyden - ADW Operator Good day and thank you for standing by. Welcome to Par Technology Fiscal Year 2023 Fourth Quarter Financial Res ...

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR ☐ TRANSITION REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the Transition Period From __________ to __________ Commission File Number: 1-09720 PAR TECHNOLOGY CORPORATION (Exact name of registrant as specified in its charter) Delaware 16-1434688 (State or other jur ...