New Brink Bookings in Q1 = 1,345 stores – 85% increase from Q1 ‘20
New Hartford, NY- May 10, 2021 — PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the “Company”) today announced its results for the first quarter ended March 31, 2021.
Summary of Fiscal 2021 First Quarter
- Revenues were reported at $54.5 million for the first quarter of 2021, a slight decrease compared to $54.7 million for the same period in 2020.
- Net loss for the first quarter of 2021 was $8.3 million, or $0.38 loss per share, compared to a net loss of $10.9 million, or $0.61 loss per share reported for the same period in 2020.
- EBITDA for the first quarter of 2021 was a loss of $3.3 million compared to an EBITDA loss of $12.0 million for the same period in 2020.
- Adjusted EBITDA for the first quarter of 2021 was a loss of $4.9 million compared to an Adjusted EBITDA loss of $2.4 million for the same period in 2020.
- Adjusted net loss for the first quarter of 2021 was $7.6 million, or $0.34 loss per share, compared to an adjusted net loss of $4.7 million, or $0.26 loss per share, for the same period in 2020.
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.
PAR Technology CEO, Savneet Singh commented, “Our Q1 performance showed the strength and resiliency of our business and the continued aggressive investments in technology from our customers. In the quarter we saw significant demand for our cloud Brink POS® software and bookings in Q1 totaled 1,345 stores, which is an 85% increase from the Brink bookings in Q1 last year. Our backlog at the end of Q1 was over 3,300+ stores, by far the highest number we’ve ever had. As the effects of the pandemic mitigate, we are seeing a strong activation pace in Q2 and expect that to continue throughout the year which will bring our backlog down.”
Singh continued, “Just a brief update on our recently closed acquisition of Punchh. This acquisition is an important piece towards executing our strategy to enhance and build out our software platform. The addition of Punchh makes PAR a unified commerce cloud platform for enterprise restaurants and positions PAR to fast-track new customer wins with integrated point-of-sale, back office, payment and guest engagement solutions. This is an exciting step in the evolution of both PAR and the restaurant industry. Customer loyalty and CRM SaaS has rapidly evolved from being a novelty for restaurants to now a business-critical form of managing the customer relationship and revenue generation for enterprise brands. Our customers have been very supportive of the transaction and are excited to realize the benefits of the integrated PAR/Punchh platform.”
Highlights of Brink Product Line – First Quarter 2021:
— Brink ARR at end of Q1 ’21 totaled $25.6 million
— New store activations in Q1 ’21 totaled 718 sites
— Brink bookings in Q1 ’21 totaled 1,345 sites
— Brink Open Orders (backlog) totaled 3,327 sites at end of Q1 ’21
— Active Brink sites as of March 31st total 12,141 restaurants
Highlights of Restaurant Magic Product Line – First Quarter 2021:
–Restaurant Magic ARR at end of Q1 ’21 totaled $9.0 million
–New store activations in Q1 ’21 totaled 360 sites
–Restaurant Magic bookings in Q1 ’21 totaled 231 sites
–Active Restaurant Magic sites as of March 31st total 6,022
There will be a conference call at 4:30 p.m. (Eastern) on May 10, 2021, during which the Company’s management will discuss the financial results for the first quarter ended March 31, 2021. 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/about-us/investor-relations/. Alternatively, listeners may access an archived version of the presentation call after 7:30 p.m. on May 10, 2021 through May 17, 2021 by dialing 855-859-2056 and using conference ID 9894339.
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. With the recent acquisition of leading loyalty solutions provider, Punchh Inc., PAR has become a unified commerce cloud platform for enterprise restaurants. PAR’s platform enables quick service, fast casual and table service restaurants to improve their operational efficiency by combining its cloud-based Brink POS®, Data Central® back office, PAR payments and now Punchh loyalty 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 other federal agencies. PAR Technology’s stock is traded on the New York Stock Exchange under the symbol PAR. To learn more, visit www.partech.com or connect with us on LinkedIn, Twitter, Facebook, and Instagram.
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, include but are not limited to, those described in our filings with the Securities and Exchange Commission.