New Brink Bookings in Q4 = 1,525 a 67% YoY increase from Q4 ‘19
Total Company Revenues increased 10.6% vs. Q4 ‘19
New Hartford, NY- March 15, 2021 — PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the “Company”) today announced its results for its fourth quarter and for the year ended December 31, 2020.
Summary of Fiscal 2020 Fourth Quarter
- Revenues were $58.5 million for the fourth quarter of 2020, compared to $52.9 million for the same period in 2019, a 10.6% increase.
- GAAP net loss for the fourth quarter of 2020 was $13.0 million, or $0.60 loss per share, compared to a GAAP net loss of $5.8 million, or $0.35 loss per share reported for the same period in 2019.
- Non-GAAP net loss for the fourth quarter of 2020 was $8.0 million, or $0.37 loss per share, compared to non-GAAP net loss of $3.8 million, or $0.23 loss per share, for the same period in 2019.
Summary of Year-to-Date Financial Results
- Revenues were $213.8 million for the year ended December 31, 2020, compared to $187.2 million for the same period in 2019, a 14.2% increase.
- GAAP net loss for the year ended December 31, 2020 was $36.6 million, or $1.92 loss per share, compared to a GAAP net loss of $15.6 million, or $0.96 loss per share, reported for the same period in 2019.
- Non-GAAP net loss for the year ended December 31, 2020 was $20.0 million, or $1.05 loss per share, compared to non-GAAP net loss of $10.8 million, or $0.67 loss per share, for the same period in 2019.
A reconciliation and description of non-GAAP financial measures to corresponding GAAP financial measures is included in the tables at the end of this press release.
Savneet Singh, PAR Technology CEO & President commented on the quarter, “Q4 was the strongest bookings quarter in Brink history, continuing the acceleration we saw in Q3 and totaling 1,525. The strong pace of bookings were ahead of our internal expectations, and we installed 885 new Brink sites in Q4 ’20, a 42% increase from Q4 ’19. Strategically, our pipeline of newly signed customers is higher than it has ever been and I am looking forward to sharing additional details on these wins with you when appropriate.”
Mr. Singh continued, “Throughout 2020, we sustained our revenue growth, while maintaining a strong focus on investment, all the while managing the impact of the pandemic. We accelerated our investments in people, internal product development, customer service and more recently, sales. These important investments are necessary to build upon our compelling competitive advantages in enterprise restaurants. These initiatives reflect our commitment to aggressively pursue the substantial market opportunities ahead for our Company and the strong desire we have to ensure we are positioned to win. I am proud of our team’s execution and I am energized by the opportunities in front of us as a Company.”
Highlights of Brink Product Line – Fourth Quarter 2020:
— Brink ARR at end of Q4 ’20 totaled $24.7 million – an increase of $5.5 million, 29% from end of Q4 ’19
— New store activations in Q4 ’20 totaled 885 sites
— Brink bookings in Q4 ‘20 totaled 1,525 sites
— Brink backlog totaled 2,546 sites at the end of Q4 ’20
— Active Brink sites as of December 31st total 11,722 restaurants
Highlights of Restaurant Magic Product Line – Fourth Quarter 2020:
–Restaurant Magic ARR at end of Q4 ’20 totaled $8.8 million
–New store activations in Q4 ’20 totaled 406 sites
–Restaurant Magic bookings in Q4 ’20 totaled 146 sites
–Active Restaurant Magic sites as of December 31st total 5,892 restaurants
There will be a conference call at 4:30 p.m. (Eastern) on March 15, 2021, during which the Company’s management will discuss the financial results for the fourth quarter and year ended December 31, 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 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 March 15, 2021 through March 22, 2021 by dialing 855-859-2056 and using conference ID 2996764.
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 and table service 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 other 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, include but are not limited to, those described in our filings with the Securities and Exchange Commission.