New Hartford, NY- August 9th, 2021 — PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the “Company”) today announced its results for the second quarter ended June 30, 2021.
Summary of Fiscal 2021 Second Quarter
- Revenues were reported at $69.0 million for the second quarter of 2021, a 50.9% increase compared to $45.7 million for the same period in 2020.
- Net loss for the second quarter of 2021 was $10.0 million, or $0.39 loss per share, compared to a net loss of $9.0 million, or $0.49 loss per share reported for the same period in 2020.
- EBITDA for the second quarter of 2021 was a loss of $11.3 million compared to an EBITDA loss of $3.5 million for the same period in 2020.**
- Adjusted EBITDA for the second quarter of 2021 was a loss of $4.1 million compared to an Adjusted EBITDA loss of $1.8 million for the same period in 2020.**
- Adjusted net loss for the second quarter of 2021 was $9.2 million, or $0.36 loss per share, compared to an adjusted net loss of $4.1 million, or $0.21 loss per share, for the same period in 2020.**
Summary of Year-to-Date Financial Results
- Revenues were reported at $123.4 million for the six months ended June 30, 2021, an increase of 22.9% when compared to $100.4 million for the same period in 2020.
- Net loss for the six months ended June 30, 2021 was $18.2 million, or $0.77 loss per share, compared to a net loss of $19.9 million, or $1.10 loss per share reported for the same period in 2020.
- EBITDA for the six months ended June 30, 2021 was a loss of $14.5 million compared to an EBITDA loss of $15.5 million for the same period in 2020.**
- Adjusted EBITDA for the six months ended June 30, 2021 was a loss of $8.9 million compared to an Adjusted EBITDA loss of $3.9 million for the same period in 2020.**
- Adjusted net loss for the six months ended June 30, 2021 was $16.7 million, or $0.70 loss per share, compared to an adjusted net loss of $8.6 million, or $0.47 loss per share, for the same period in 2020.**
* Annualized Recurring Revenue, or ARR, represents all revenues derived from software as a service and related recurring support services for the last month in each quarter multiplied by 12. ARR is a key performance indicator we use to help us evaluate our business and measure our performance. ARR also provides our investors with an additional measure to evaluate the performance of our software business. ARR is not, however, a substitute for GAAP revenue and it is not predictive of our future software subscription revenues.
** 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 unified commerce cloud platform continues to drive our improved performance and our cloud solutions are garnering interest from both new and current customers as they focus on using technology to improve the customer experience in quick serve and fast casual restaurants. In spite of challenges with the global supply chains, we reported increased bookings and activations from the same period one year ago. Punchh, our newly acquired loyalty and customer engagement solution will be a significant growth driver of our combined software business with a reported ARR at the end of the second quarter of $40.3 million. Brink bookings and activations improved from the second quarter a year ago in spite of challenges within the global supply chain.”
Singh continued, “Our focus and efforts are to scale our software business quickly and to enhance our annual recurring revenue. Our combined ARR at the end of Q2 now totals $76.7 million, a 166% increase from the end of Q2 last year with the addition of Punchh, and we are well positioned to continue on this favorable trajectory. If including Punchh Q2’ 2020 revenue, the combined ARR growth would be 42.5%. Q3 activations for Brink have gotten off to a strong start and we expect that to continue. Additionally, our acquisition pipeline remains active and strong as we look to continue to build out our unified commerce cloud platform.”
Highlights of Brink – Second Quarter 2021:
— Brink ARR at end of Q2 ’21 totaled $27.6 million
— New store activations in Q2 ’21 totaled 1,099 sites
— Brink bookings in Q2 ’21 totaled 1,012 sites
— Brink Open Orders (backlog) totaled 3,119 sites at end of Q2 ’21
— Active Brink sites as of June 30, 2021 totaled 13,234 restaurants
Highlights of Punchh – Second Quarter 2021:
–Punchh ARR at end of Q2 ’21 totaled $40.3 million / contracted ARR at end of Q2 ’21 totaled $60.5 million
–New store activations in Q2 ’21 totaled 2,774 sites
–Active Punchh sites as of June 30, 2021 totaled 48,376 restaurants
There will be a conference call at 4:30 p.m. (Eastern) on August 9, 2021, during which the Company’s management will discuss the financial results for the second quarter ended June 30, 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 August 9, 2021 through August 16, 2021 by dialing 855-859-2056 and using conference ID 5306708.
About PAR Technology Corporation.
For more than 40 years, PAR’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 hardware, software, drive-thru, and back-office solutions. With the recent acquisition of Punchh Inc. (“Punchh”), a leading SaaS-based customer 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.
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 and our expectations regarding the Punchh business and the anticipated benefits of such acquisition, and the impact of the COVID-19 pandemic, including the new Delta variant, 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.
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