New Hartford, NY- March 12, 2020 — PAR Technology Corporation (NYSE: PAR) (“Company” or “PAR”) today announced results for its fourth quarter and full year ended December 31, 2019.
Summary of Fiscal 2019 Fourth Quarter Financial Results
- Revenues were reported at $52.9 million for the fourth quarter of 2019, compared to $46.7 million for the same period in 2018, a 13.4% increase.
- GAAP net loss for the fourth quarter of 2019 was $5.8 million, or $0.35 loss per share, compared to the GAAP net loss of $6.2 million, or $0.38 loss per share reported for the same period in 2018.
- Non-GAAP net loss for the fourth quarter of 2019 was $4.3 million, or $0.26 loss per share, compared to non-GAAP net loss of $3.7 million, or $0.23 loss per share, for the same period in 2018.
Summary of Full Year Financial Results
- Revenues were reported at $187.2 million for the full year ended December 31, 2019, compared to $201.2 million for the same period in 2018, a 7.0% decrease.
- GAAP net loss for the full year ended December 31, 2019 was $15.5 million, or $0.96 loss per share, a decrease from the GAAP net loss of $24.1 million, or $1.50 loss per share reported for the same period in 2018.
- Non-GAAP net loss for the full year ended December 31, 2019 was $9.2 million, or $0.57 loss per share, compared to non-GAAP net loss of $5.0 million or $0.31 loss per share, for the same period in 2018
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.
“Our fourth quarter numbers reflect a growing company amidst a continued transition. We are moving away from a software license and hardware sales model to a subscription model that provides recurring revenues, offers considerable customer benefits and will produce solid profitability for our Company in the long term. We are building an industry leading restaurant management platform by accelerating both our organic and inorganic growth, with a constant focus on long term success,” commented Savneet Singh, PAR Technology CEO & President. “We are experiencing strong demand for our SaaS solutions, and are excited about the successful integration and performance of recently acquired businesses along with our recently introduced payment services solution. We are carefully monitoring the market impacts surrounding the recent Coronavirus outbreaks and are taking steps to mitigate near-term supply chain issues and challenges for our customers. We continue to prioritize the health and safety of our employees and have strengthened our oversight given the current concerns.”
Highlights of the Fourth Quarter 2019:
— Brink ARR* at end of Q4 ’19 now totals $19.2 million – an increase of 32% and $4.7 million from end of Q4 ’18
— New store activations in Q4 totaled 622 sites
— Brink bookings in Q4 ’19 – 913 restaurants
— Active Brink sites at end of December now total 9,800 restaurants (net of churn)
— Brink Open Orders (backlog) totaled 1,390 stores at end of Q4
— Brink bookings in Q4 ’19 ASP** = over $183 per month
*ARR – Run rate of annual recurring revenues – SaaS and support revenues
**ASP – Average selling price SaaS and support revenues
There will be a conference call at 4:30 p.m. (Eastern) on March 12, 2020, during which the Company’s management will discuss the financial results for its fourth quarter and full year ended December 31, 2019. 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. Individual & Institutional Investors will have the opportunity to listen to the conference call/event over the internet by visiting the Company’s website at www.partech.com/about/news. Alternatively, listeners may access an archived version of the presentation call after 7:30 p.m. on March 12, 2020 through March 19, 2020 by dialing 855-859-2056 and using conference ID 6782657.
About PAR Technology Corporation.
PAR is a customer success-driven, global restaurant/retail technology company. PAR has over 40 years of experience and 100,000+ restaurants in more than 110 countries that are utilizing its point of sale hardware and software. PAR’s Brink integration ecosystem enables quick service, fast casual, table service, and cloud restaurants to improve their operational efficiency by combining its cloud-based POS software with the world’s leading restaurant technology platforms. PAR’s Government segment is a leader in providing computer-based system design, engineering and technical services to the Department of Defense and various federal agencies. PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. For more information, visit www.partech.com or connect with PAR on Facebook at www.facebook.com/parpointofsale or Twitter at www.twitter.com/Par_tech.
This press release contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act, Section 27A of 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 our future operations, financial condition, 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 current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those expressed in, or implied by, the forward-looking statements, including: risks related to delays in new product development and/or product introduction; changes in customer base, or in product and service demands from our customers, particularly as to those restaurant chain customers and the U.S. Department of Defense that represent a significant portion of our revenue; risks associated with the internal investigation into conduct at our China and Singapore offices, including sanctions and fines that may be imposed by China and Singapore authorities; our ability to successfully integrate our recent acquisitions and realize expected synergies therefrom; and our ability to execute our business plan and grow our Brink business. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our filings with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
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