- New Brink Bookings in Q3 = 1,181 a 45% sequential increase from Q2
- Total Company Revenues increase 20.7% vs. prior year
New Hartford, NY- November 6, 2020 — PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the “Company”) today announced its results for its third quarter ended September 30, 2020.
Summary of Fiscal 2020 Third Quarter
- Revenues were reported at $54.8 million for the third quarter of 2020, compared to $45.4 million for the same period in 2019, a 20.7% increase. $7.2 million of the growth was driven by inorganic growth related to our Drive-Thru and Restaurant Magic acquisitions, that was partially offset by our divestiture of SureCheck.
- GAAP net loss for the third quarter of 2020 was $3.7 million, or $0.20 loss per share, a decrease from GAAP net loss of $5.9 million, or $0.36 loss per share reported for the same period in 2019.
- Non-GAAP net loss for the third quarter of 2020 was $2.7 million, or $0.15 loss per share, compared to non-GAAP net loss of $3.5 million, or $0.21 loss per share, for the same period in 2019.
Summary of Year-to-Date Financial Results
- Revenues were reported at $155.3 million for the first nine months of 2020, compared to $134.3 million for the same period in 2019, a 15.6% increase. $16.3 million of the growth was driven by inorganic growth related to our Drive-Thru and Restaurant Magic acquisitions, that was partially offset by our divestiture of SureCheck.
- GAAP net loss for the first nine months of 2020 was $23.6 million, or $1.30 loss per share, an increase from the GAAP net loss of $9.7 million, or $0.61 loss per share reported for the same period in 2019.
- Non-GAAP net loss for the first nine months of 2020 was $12.1 million, or $0.67 loss per share, compared to non-GAAP net loss of $7.1 million or $0.44 loss per share, for the same period in 2019.
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 results in Q3 highlight the resiliency of the restaurant industry and importantly the acceleration in cloud adoption. Q3 bookings were the most we’ve seen in almost three years and highlights how quickly enterprise restaurants are reacting during the Covid-19 pandemic. As the world stabilizes, we expect activations and bookings to continue to grow,” commented Savneet Singh, PAR Technology’s CEO & President. “Alongside our strong software bookings were solid results in our hardware business. We saw strong demand for our drive thru product line and a recovery in our core terminal business. By design, our Company provides business critical technology to the most resilient sector of the restaurant industry. Our customers rely on PAR to consistently provide the products and services they require to serve their customers and improve their operations.”
Mr. Singh continued, “We are confident our Company is navigating current market conditions from a position of strength. Our recent capital raise in September gives us the strength and flexibility to increase market share by both organic and inorganic means. The pandemic continues to highlight the strength of our cloud solutions and further validates the subscription economy within enterprise restaurants. PAR remains well positioned to achieve our strategic goals, even during the most challenging environment for restaurants in history.”
Highlights of Brink – Third Quarter 2020:
— Brink ARR at end of Q3 ’20 totaled $22.9 million – an increase of $5.0 million, 29% from end of Q3 ’19
— New store activations in Q3 totaled 761 sites
— Brink bookings in Q3 ‘20 totaled 1,181 sites
— Brink Open Orders (backlog) totaled 1,977 sites at end of Q3 ’20
— Active Brink sites as of September 30th total 10,990 restaurants
Highlights Restaurant Magic – Third Quarter 2020:
–Restaurant Magic ARR at end of Q3 ’20 totaled $8.7 million
–New store activations in Q3 ’20 totaled 473 sites
–Restaurant Magic bookings in Q3 ’20 totaled 506 sites
–Active Restaurant Magic sites as of September 30th total 5,723
There will be a conference call at 9:00 a.m. (Eastern) on November 6, 2020, during which the Company’s management will discuss the financial results for the third quarter ended September 30, 2020. 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 www.partech.com/news. Alternatively, listeners may access an archived version of the presentation call after 12:30 p.m. on November 6, 2020 through November 13, 2020 by dialing 855-859-2056 and using conference ID 2508219.
About PAR Technology Corporation.
PAR Technology Corporation through its wholly owned subsidiary ParTech, Inc., is a customer success-driven, global restaurant and retail technology company with over 100,000 restaurants in more than 110 countries using its point of sale hardware and software. ParTech’s Brink POS® 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 Technology’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’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 Technology on Facebook or Twitter.
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, 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 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, including forward-looking statements relating to our expectations regarding the impact of the COVID-19 pandemic on our business, operations, financial condition, and financial results. 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 are described in our most recent Annual Report on Form 10-K, as updated by our most recent quarterly report on Form 10-Q, and other filings with the Securities and Exchange Commission.