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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2024
OR
☐ TRANSITION REPORT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From __________ to __________
Commission File Number: 1-09720
PAR TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware | 16-1434688 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |
PAR Technology Park, 8383 Seneca Turnpike, New Hartford, New York 13413-4991 |
(Address of principal executive offices, including zip code) |
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(315) 738-0600 |
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $0.02 par value | PAR | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | |
Large Accelerated Filer ☑ | Accelerated Filer ☐ | Non-Accelerated Filer ☐ |
Smaller Reporting Company ☐ | Emerging Growth Company ☐ | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of August 6, 2024, 36,283,935 shares of the registrant’s common stock, $0.02 par value, were outstanding.
PAR TECHNOLOGY CORPORATION
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
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Item Number | Description | Page |
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
PART II |
OTHER INFORMATION |
Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 5. | | |
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Item 6. | | |
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“PAR®,” “Brink POS®,” “Punchh®,” “MENUTM,” “Data Central®,” "Open Commerce®,” "PAR® Pay”, “PAR® Payment Services”, "StuzoTM," "PAR RetailTM," and other trademarks identifying our products and services appearing in this Quarterly Report belong to us. This Quarterly Report may also contain trade names and trademarks of other companies. Our use of such other companies’ trade names or trademarks is not intended to imply any endorsement or sponsorship by these companies of us or our products or services.
Unless the context indicates otherwise, references in this Quarterly Report to "we," "us," "our," the "Company," and "PAR" mean PAR Technology Corporation and its consolidated subsidiaries.
FORWARD-LOOKING STATEMENTS
This Quarterly Report contains “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), Section 27A of the Securities Act of 1933, as amended (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 PAR's future operations, financial condition, financial results, business strategies and prospects. Forward-looking statements are generally identified by words such as “believe,” “could”, “continue,” “expect,” “estimate,” “future”, “may,” “will,” “would,” and similar expressions.
Forward-looking statements are based on management's current expectations and assumptions and are inherently uncertain. Actual results and outcomes could differ materially from those expressed in or implied by forward-looking statements, including statements relating to and PAR's expectations regarding:
•the plans, strategies and objectives of management for future operations, including PAR’s service and product offerings, its go-to-market strategies and the expected development, demand, performance, market share, or competitive performance of its products and services;
•PAR's ability to achieve and sustain profitability;
•projections of net revenue, margins, expenses, cash flows, or other financial items;
•PAR's annual recurring revenue, active sites, subscription service margins, net loss, net loss per share, and other key performance indicators and non-GAAP financial measures;
•PAR's expectations about the availability and terms of product and component supplies for our hardware;
•the timing and expected benefits of acquisitions, divestitures, and capital markets transactions;
•PAR’s human capital strategies and engagement;
•current or future macroeconomic trends or geopolitical events and the impact of those trends and events on PAR and its business, financial condition, and results of operations;
•claims, disputes, or other litigation matters; and
•assumptions underlying any of the foregoing.
Factors, risks, trends, and uncertainties that could cause PAR’s actual results to differ materially from those expressed in or implied by forward-looking statements include:
•PAR's ability to successfully develop or acquire and transition new products and services and enhance existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence;
•PAR's ability to add and maintain active sites, retain and manage suppliers, secure alternative suppliers, and manage inventory levels, navigate manufacturing disruptions or logistics challenges, shipping delays and shipping costs;
•the effects, costs and timing of acquisitions, divestitures, and capital markets transactions;
•PAR's ability to integrate acquisitions into its operations and the timing, complexity and costs associated therewith, including the acquisitions of Stuzo Holdings, LLC and TASK Group Holdings Limited;
•macroeconomic trends, such as a recession or slowed economic growth, fluctuating interest rates, inflation, and changes in consumer confidence and discretionary spending;
•geopolitical events, such as effects of the Russia-Ukraine war, tensions with China and between China and Taiwan, the Israel-Hamas conflict, other hostilities in the Middle East, and political and regulatory uncertainty relating to the 2024 presidential election in the United States;
•PAR's ability to successfully attract, develop and retain necessary qualified employees to develop and expand its business, execute product installations and respond to customer service level needs;
•the protection of PAR's intellectual property;
•PAR's ability to retain and add integration partners, and its success in acquiring and developing relevant technology for current, new, and potential customers for its service and product offerings;
•risks associated with PAR's international operations;
•PAR’s ability to generate sufficient cash flow or access additional financing sources as needed to repay its outstanding debts, including amounts owed under outstanding convertible notes and its credit facility;
•the effects of global pandemics, such as COVID-19 or other public health crises;
•changes in estimates and assumptions PAR makes in connection with the preparation of its financial statements, or in building its business and operational plans and in executing PAR's strategies;
•disruptions in operations from data breaches and cyberattacks, including heightened risks due to the rapid development and adoption of artificial intelligence technologies globally;
•PAR's ability to maintain proper and effective internal control over financial reporting;
•PAR's ability to execute its business, operational plans, and strategies and manage its business continuity risks, including disruptions or delays in product assembly and fulfillment;
•potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; and
•other factors, risks, trends and uncertainties disclosed in our filings with the Securities and Exchange Commission ("SEC"), particularly those listed under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in this Quarterly Report.
Given these risks and uncertainties, readers are cautioned not to place undue reliance on forward-looking statements. 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.
PART I – FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS (unaudited)
PAR TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(unaudited)
| | | | | | | | | | | | | |
Assets | June 30, 2024 | | December 31, 2023 | | |
Current assets: | | | | | |
Cash and cash equivalents | $ | 114,928 | | | $ | 37,183 | | | |
Cash held on behalf of customers | 12,804 | | | 10,170 | | | |
Short-term investments | 27,527 | | | 37,194 | | | |
Accounts receivable – net | 50,203 | | | 42,679 | | | |
Inventories | 25,526 | | | 23,560 | | | |
Other current assets | 9,427 | | | 8,123 | | | |
Current assets of discontinued operations | 6,382 | | | 21,690 | | | |
Total current assets | 246,797 | | | 180,599 | | | |
Property, plant and equipment – net | 14,452 | | | 15,524 | | | |
Goodwill | 623,875 | | | 488,918 | | | |
Intangible assets – net | 148,292 | | | 93,969 | | | |
Lease right-of-use assets | 4,740 | | | 3,169 | | | |
Other assets | 17,689 | | | 17,642 | | | |
Noncurrent assets of discontinued operations | 839 | | | 2,785 | | | |
Total Assets | $ | 1,056,684 | | | $ | 802,606 | | | |
Liabilities and Shareholders’ Equity | | | | | |
Current liabilities: | | | | | |
| | | | | |
Accounts payable | $ | 30,682 | | | $ | 25,599 | | | |
Accrued salaries and benefits | 13,954 | | | 14,128 | | | |
Accrued expenses | 4,047 | | | 3,533 | | | |
Customers payable | 12,804 | | | 10,170 | | | |
Lease liabilities – current portion | 1,288 | | | 1,120 | | | |
Customer deposits and deferred service revenue | 14,294 | | | 9,304 | | | |
Current liabilities of discontinued operations | 2,033 | | | 16,378 | | | |
Total current liabilities | 79,102 | | | 80,232 | | | |
Lease liabilities – net of current portion | 3,540 | | | 2,145 | | | |
Long-term debt | 378,672 | | | 377,647 | | | |
Deferred service revenue – noncurrent | 2,876 | | | 4,204 | | | |
Other long-term liabilities | 4,173 | | | 3,603 | | | |
Noncurrent liabilities of discontinued operations | — | | | 1,710 | | | |
Total liabilities | 468,363 | | | 469,541 | | | |
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Shareholders’ equity: | | | | | |
Preferred stock, $0.02 par value, 1,000,000 shares authorized | — | | | — | | | |
Common stock, $0.02 par value, 116,000,000 shares authorized, 35,574,128 and 29,386,234 shares issued, 34,104,235 and 28,029,915 outstanding at June 30, 2024 and December 31, 2023, respectively | 705 | | | 584 | | | |
Additional paid in capital | 852,406 | | | 625,154 | | | |
Accumulated deficit | (239,054) | | | (274,956) | | | |
Accumulated other comprehensive loss | (3,908) | | | (939) | | | |
Treasury stock, at cost, 1,469,893 shares and 1,356,319 shares at June 30, 2024 and December 31, 2023, respectively | (21,828) | | | (16,778) | | | |
Total shareholders’ equity | 588,321 | | | 333,065 | | | |
Total Liabilities and Shareholders’ Equity | $ | 1,056,684 | | | $ | 802,606 | | | |
See accompanying notes to unaudited interim condensed consolidated financial statements
PAR TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenues, net: | | | | | | | |
Hardware | $ | 20,116 | | | $ | 26,390 | | | $ | 38,342 | | | $ | 53,167 | |
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Subscription service | 44,872 | | | 30,372 | | | 83,251 | | | 58,337 | |
Professional service | 13,162 | | | 12,767 | | | 26,630 | | | 26,609 | |
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Total revenues, net | 78,150 | | | 69,529 | | | 148,223 | | | 138,113 | |
Cost of sales: | | | | | | | |
Hardware | 15,539 | | | 21,326 | | | 29,709 | | | 43,707 | |
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Subscription service | 21,041 | | | 17,233 | | | 39,635 | | | 31,158 | |
Professional service | 9,542 | | | 11,784 | | | 20,793 | | | 23,150 | |
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Total cost of sales | 46,122 | | | 50,343 | | | 90,137 | | | 98,015 | |
Gross margin | 32,028 | | | 19,186 | | | 58,086 | | | 40,098 | |
Operating expenses: | | | | | | | |
Sales and marketing | 9,811 | | | 10,075 | | | 20,737 | | | 19,473 | |
General and administrative | 25,369 | | | 16,434 | | | 50,544 | | | 35,401 | |
Research and development | 16,237 | | | 14,888 | | | 32,005 | | | 29,203 | |
Amortization of identifiable intangible assets | 1,946 | | | 465 | | | 2,878 | | | 929 | |
Adjustment to contingent consideration liability | (600) | | | (2,300) | | | (600) | | | (7,500) | |
Gain on insurance proceeds | — | | | (500) | | | — | | | (500) | |
Total operating expenses | 52,763 | | | 39,062 | | | 105,564 | | | 77,006 | |
Operating loss | (20,735) | | | (19,876) | | | (47,478) | | | (36,908) | |
Other (expense) income, net | (610) | | | 155 | | | (310) | | | 146 | |
Interest expense, net | (1,630) | | | (1,735) | | | (3,338) | | | (3,402) | |
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Loss from continuing operations before (provision for) benefit from income taxes | (22,975) | | | (21,456) | | | (51,126) | | | (40,164) | |
(Provision for) benefit from income taxes | (612) | | | (383) | | | 7,173 | | | (698) | |
Net loss from continuing operations | (23,587) | | | (21,839) | | | (43,953) | | | (40,862) | |
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Net income from discontinued operations | 77,777 | | | 2,137 | | | 79,855 | | | 5,255 | |
Net income (loss) | $ | 54,190 | | | $ | (19,702) | | | $ | 35,902 | | | $ | (35,607) | |
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Net income (loss) per share (basic and diluted): | | | | | | | |
Continuing operations | $ | (0.69) | | | $ | (0.80) | | | $ | (1.33) | | | $ | (1.49) | |
Discontinued operations | 2.29 | | | 0.08 | | | 2.42 | | | 0.19 | |
Total | $ | 1.60 | | | $ | (0.72) | | | $ | 1.09 | | | $ | (1.30) | |
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Weighted average shares outstanding (basic and diluted) | 34,015 | | 27,357 | | 32,935 | | 27,381 |
See accompanying notes to unaudited interim condensed consolidated financial statements
PAR TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income (loss) | $ | 54,190 | | | $ | (19,702) | | | $ | 35,902 | | | $ | (35,607) | |
Other comprehensive income (loss), net of applicable tax: | | | | | | | |
Foreign currency translation adjustments | (255) | | | (1,517) | | | (2,969) | | | (1,559) | |
Comprehensive income (loss) | $ | 53,935 | | | $ | (21,219) | | | $ | 32,933 | | | $ | (37,166) | |
See accompanying notes to unaudited interim condensed consolidated financial statements
PAR TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(In thousands)
(unaudited)
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| Common Stock | | Additional Paid in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total Shareholders’ Equity |
Shares | | Amount | | | | | Shares | | Amount | |
Balances at December 31, 2023 | 29,386 | | | $ | 584 | | | $ | 625,154 | | | $ | (274,956) | | | $ | (939) | | | 1,356 | | | $ | (16,778) | | | $ | 333,065 | |
Issuance of common stock upon the exercise of stock options | 107 | | | 2 | | | 1,103 | | | — | | | — | | | — | | | — | | | 1,105 | |
Net issuance of restricted stock awards and restricted stock units | 329 | | | 4 | | | (4) | | | — | | | — | | | — | | | — | | | — | |
Issuance of common stock for acquisition (see Note 3) | 442 | | | 9 | | | 19,161 | | | — | | | — | | | — | | | — | | | 19,170 | |
Proceeds from private placement of common stock, net of issuance costs of $5.5 million | 5,175 | | | 104 | | | 194,386 | | | — | | | — | | | — | | | — | | | 194,490 | |
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock | — | | | — | | | — | | | — | | | — | | | 109 | | | (4,838) | | | (4,838) | |
Stock-based compensation | — | | | — | | | 4,410 | | | — | | | — | | | — | | | — | | | 4,410 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (2,714) | | | — | | | — | | | (2,714) | |
Net loss | — | | | — | | | — | | | (18,288) | | | — | | | — | | | — | | | (18,288) | |
Balances at March 31, 2024 | 35,439 | | | $ | 703 | | | $ | 844,210 | | | $ | (293,244) | | | $ | (3,653) | | | 1,465 | | | $ | (21,616) | | | $ | 526,400 | |
Issuance of common stock upon the exercise of stock options | 35 | | | — | | | 432 | | | — | | | — | | | — | | | — | | | 432 | |
Net issuance of restricted stock awards and restricted stock units | 85 | | | 2 | | | (2) | | | — | | | — | | | — | | | — | | | — | |
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock | — | | | — | | | — | | | — | | | — | | | 5 | | | (212) | | | (212) | |
Issuance of common stock for employee stock purchase plan | 15 | | | — | | | 526 | | | — | | | — | | | — | | | — | | | 526 | |
Stock-based compensation | — | | | — | | | 7,240 | | | — | | | — | | | — | | | — | | | 7,240 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (255) | | | — | | | — | | | (255) | |
Net income | — | | | — | | | — | | | 54,190 | | | — | | | — | | | — | | | 54,190 | |
Balances at June 30, 2024 | 35,574 | | | $ | 705 | | | $ | 852,406 | | | $ | (239,054) | | | $ | (3,908) | | | 1,470 | | | $ | (21,828) | | | $ | 588,321 | |
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See accompanying notes to unaudited interim condensed consolidated financial statements
PAR TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(In thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total Shareholders’ Equity |
Shares | | Amount | | | | | Shares | | Amount | |
Balances at December 31, 2022 | 28,590 | | | $ | 570 | | | $ | 595,286 | | | $ | (205,204) | | | $ | (1,365) | | | 1,271 | | | $ | (14,093) | | | $ | 375,194 | |
Issuance of common stock upon the exercise of stock options | 5 | | | — | | | 52 | | | — | | | — | | | — | | | — | | | 52 | |
Net issuance of restricted stock awards and restricted stock units | 160 | | | 2 | | | — | | | — | | | — | | | — | | | — | | | 2 | |
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock | — | | | — | | | — | | | — | | | — | | | 79 | | | (2,478) | | | (2,478) | |
Stock-based compensation | — | | | — | | | 3,055 | | | — | | | — | | | — | | | — | | | 3,055 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (42) | | | — | | | — | | | (42) | |
Net loss | — | | | — | | | — | | | (15,905) | | | — | | | — | | | — | | | (15,905) | |
Balances at March 31, 2023 | 28,755 | | | $ | 572 | | | $ | 598,393 | | | $ | (221,109) | | | $ | (1,407) | | | 1,350 | | | $ | (16,571) | | | $ | 359,878 | |
Issuance of common stock upon the exercise of stock options | 9 | | | — | | | 147 | | | — | | | — | | | — | | | — | | | 147 | |
Net issuance of restricted stock awards and restricted stock units | 35 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock | — | | | — | | | — | | | — | | | — | | | 6 | | | (205) | | | (205) | |
Stock-based compensation | — | | | — | | | 3,615 | | | — | | | — | | | — | | | — | | | 3,615 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (1,517) | | | — | | | — | | | (1,517) | |
Net loss | — | | | — | | | — | | | (19,702) | | | — | | | — | | | — | | | (19,702) | |
Balances at June 30, 2023 | 28,799 | | | $ | 572 | | | $ | 602,155 | | | $ | (240,811) | | | $ | (2,924) | | | 1,356 | | | $ | (16,776) | | | $ | 342,216 | |
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See accompanying notes to unaudited interim condensed consolidated financial statements
PAR TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
| | | | | | | | | | | | | |
| Six Months Ended June 30, | | |
| 2024 | | 2023 | | |
Cash flows from operating activities: | | | | | |
Net income (loss) | $ | 35,902 | | | $ | (35,607) | | | |
Net income from discontinued operations | (79,855) | | | (5,255) | | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | |
Depreciation and amortization | 16,127 | | | 13,584 | | | |
Accretion of debt in interest expense, net | 1,025 | | | 1,053 | | | |
Accretion of discount on held to maturity investments in interest expense, net | 265 | | | — | | | |
Current expected credit losses | 1,553 | | | 784 | | | |
Provision for obsolete inventory | 684 | | | 352 | | | |
Stock-based compensation | 10,696 | | | 6,609 | | | |
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Adjustment to contingent consideration liability | (600) | | | (7,500) | | | |
Deferred income tax | (7,037) | | | — | | | |
Changes in operating assets and liabilities: | | | | | |
Accounts receivable | (7,963) | | | (4,489) | | | |
Inventories | (2,672) | | | 10,796 | | | |
Other current assets | (541) | | | (1,323) | | | |
Other assets | (125) | | | 564 | | | |
Accounts payable | 4,657 | | | 1,760 | | | |
Accrued salaries and benefits | (466) | | | (3,211) | | | |
Accrued expenses | (2,975) | | | 616 | | | |
Customer deposits and deferred service revenue | (4,017) | | | 25 | | | |
Customers payable | 2,634 | | | 1,819 | | | |
Other long-term liabilities | (327) | | | (486) | | | |
Cash used in operating activities - continuing operations | (33,035) | | | (19,909) | | | |
Cash (used in) provided by operating activities - discontinued operations | (4,387) | | | 7,114 | | | |
Net cash used in operating activities | (37,422) | | | (12,795) | | | |
Cash flows from investing activities: | | | | | |
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Cash paid for acquisition, net of cash acquired | (166,292) | | | — | | | |
Capital expenditures | (407) | | | (3,023) | | | |
Capitalization of software costs | (2,668) | | | (1,993) | | | |
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Proceeds from sale of held to maturity investments | 37,753 | | | 44,180 | | | |
Purchases of held to maturity investments | (28,351) | | | (45,115) | | | |
Cash used in investing activities - continuing operations | (159,965) | | | (5,951) | | | |
Cash provided by (used in) investing activities - discontinued operations | 87,051 | | | (214) | | | |
Net cash used in investing activities | (72,914) | | | (6,165) | | | |
Cash flows from financing activities: | | | | | |
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Proceeds from private placement of common stock, net of issuance costs | 194,490 | | | — | | | |
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Treasury stock acquired from employees upon vesting or forfeiture of restricted stock | (5,050) | | | (2,683) | | | |
Proceeds from employee stock purchase plan | 526 | | | — | | | |
Proceeds from exercise of stock options | 1,537 | | | 202 | | | |
Cash provided by (used in) financing activities - continuing operations | 191,503 | | | (2,481) | | | |
Cash provided by (used in) in financing activities - discontinued operations | — | | | — | | | |
Net cash provided by (used in) financing activities | 191,503 | | | (2,481) | | | |
See accompanying notes to unaudited interim condensed consolidated financial statements
PAR TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)
(unaudited)
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| Six Months Ended June 30, |
| 2024 | | 2023 |
Effect of exchange rate changes on cash and cash equivalents | (132) | | | (2,906) | |
Net increase (decrease) in cash and cash equivalents and cash held on behalf of customers | 81,035 | | | (24,347) | |
Cash and cash equivalents and cash held on behalf of customers at beginning of period | 47,539 | | | 77,533 | |
Cash and cash equivalents and cash held on behalf of customers at end of period | $ | 128,574 | | | $ | 53,186 | |
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Reconciliation of cash and cash equivalents and cash held on behalf of customers | | | |
Cash and cash equivalents | $ | 115,770 | | | $ | 44,162 | |
Cash held on behalf of customers | 12,804 | | | 9,024 | |
Total cash and cash equivalents and cash held on behalf of customers | $ | 128,574 | | | $ | 53,186 | |
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Supplemental disclosures of cash flow information: | | | |
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Cash paid for interest | $ | 3,713 | | | $ | 106 | |
Cash paid for income taxes | 792 | | | 525 | |
Capitalized software recorded in accounts payable | 35 | | | 642 | |
Capital expenditures in accounts payable | 88 | | | 131 | |
Common stock issued for acquisition | 19,170 | | | — | |
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Cash flows are presented on a consolidated basis and include $0.8 million and $0.2 million of cash and cash equivalents presented in current assets of discontinued operations in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. Refer to “Note 4 – Discontinued Operations” for additional information related to cash flows from discontinued operations.
See accompanying notes to unaudited interim condensed consolidated financial statements
PAR TECHNOLOGY CORPORATION
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1 — Summary of Significant Accounting Policies
Nature of Business
PAR Technology Corporation (the “Company” or “PAR,” “we,” or “us”), through its consolidated subsidiaries, operates in one segment, Restaurant/Retail. We report aggregate financial information on a consolidated basis to our Chief Executive Officer, who is the Company’s chief operating decision maker. The Restaurant/Retail segment provides leading omnichannel cloud-based software and hardware solutions to the restaurant and retail industries. Our product and service offerings include point-of-sale, customer engagement and loyalty, digital ordering and delivery, operational intelligence technologies, payment processing, hardware, and related technologies, solutions, and services. We provide enterprise restaurants, franchisees, and other restaurant outlets in the three major restaurant categories - quick service, fast casual, and table service - with operational efficiencies through a data-driven network with integration capabilities from point-of-sale to the kitchen, to fulfillment. Our subscription services are grouped into two product lines: Engagement Cloud, which includes Punchh and PAR Retail (formerly Stuzo) products and services, for customer loyalty and engagement, and MENU for omnichannel digital ordering and delivery and Operator Cloud, which includes Brink POS for front-of-house, PAR Payment Services and PAR Pay for payments, and Data Central for back-of-house. The accompanying consolidated financial statements include the Company's accounts and those of its consolidated subsidiaries. All significant intercompany transactions have been eliminated in consolidation.
Basis of Presentation
The accompanying financial statements of PAR Technology Corporation and its consolidated subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the instructions to Form 10-Q and Regulation S-X pertaining to interim financial statements as promulgated by the SEC. In the opinion of management, the Company's financial statements include all normal and recurring adjustments necessary in order to make the financial statements not misleading and to provide a fair presentation of the Company's financial results for the interim period included in this Quarterly Report. Interim results are not necessarily indicative of results for the full year or any future periods. The information included in this Quarterly Report should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”).
The results of operations of the Company's Government segment are reported as discontinued operations in the condensed consolidated statements of operations for all periods presented and the remaining related assets and liabilities associated with the discontinued operations are classified as held for sale in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. All results and information in the condensed consolidated financial statements are presented as continuing operations and exclude the Government segment unless otherwise noted specifically as discontinued operations.
Use of Estimates
The preparation of the financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to these estimates and assumptions include revenue recognition, stock-based compensation, the recognition and measurement of assets acquired and liabilities assumed in business combinations at fair value, the carrying amount of property, plant, and equipment including right-to-use assets and liabilities, identifiable intangible assets and goodwill, valuation allowances for receivables, valuation of excess and obsolete inventories, and measurement of contingent consideration at fair value. Actual results could differ from those estimates.
Cash and Cash Equivalents and Cash Held on Behalf of Customers
Cash and cash equivalents and cash held on behalf of customers consist of the following:
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(in thousands) | June 30, 2024 | | December 31, 2023 |
Cash and cash equivalents | | | |
Cash | $ | 55,806 | | | $ | 37,143 | |
Money market funds | 59,122 | | | 40 | |
Cash held on behalf of customers | 12,804 | | | 10,170 | |
Total cash and cash equivalents and cash held on behalf of customers | $ | 127,732 | | | $ | 47,353 | |
The Company maintained bank balances that, at times, exceeded the federally insured limit during the six months ended June 30, 2024. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts.
Short-Term Investments
The carrying value of investment securities consist of the following:
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(in thousands) | June 30, 2024 | | December 31, 2023 |
Short-term investments | | | |
Treasury bills and notes | $ | 27,527 | | | $ | 37,194 | |
Total short-term investments | $ | 27,527 | | | $ | 37,194 | |
The Company did not have any material gains or losses on these securities during the six months ended June 30, 2024. The estimated fair value of these securities approximated their carrying value as of June 30, 2024 and December 31, 2023.
Discontinued Operations
In determining whether a group of assets which has been disposed of (or is to be disposed of) should be presented as a discontinued operation, the Company analyzes whether the group of assets being disposed of represented a component of the entity; that is, whether it had historic operations and cash flows that were clearly distinguished (both operationally and for financial reporting purposes). In addition, the Company considers whether the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.
The assets and liabilities of a discontinued operation, other than goodwill, are measured at the lower of carrying amount or fair value less cost to sell. When a portion of a goodwill reporting unit that constitutes a business is to be disposed of, the goodwill associated with that business is included in the carrying amount of the business based on the relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. The Company allocates interest to discontinued operations if the interest is directly attributable to the discontinued operations or is interest on debt that is required to be repaid as a result of the disposal.
Other Assets
Other assets include deferred implementation costs of $8.2 million and $8.8 million and deferred commissions of $3.1 million and $2.6 million at June 30, 2024 and December 31, 2023, respectively.
The following table summarizes amortization expense for deferred implementation costs and deferred commissions:
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Amortization of deferred implementation costs | | $ | 1,549 | | | $ | 1,143 | | | $ | 3,044 | | | $ | 2,137 | |
Amortization of deferred commissions | | 411 | | | 206 | | | 804 | | | 391 | |
Other assets also include the cash surrender value of life insurance related to the Company’s deferred compensation plan eligible to certain employees. The funded balance is reviewed on an annual basis. The balance of the life insurance policies was $3.3 million and $3.3 million at June 30, 2024 and December 31, 2023, respectively.
Other Long-Term Liabilities
Other long-term liabilities include amounts owed to employees that participate in the Company’s deferred compensation plan. Amounts owed to employees participating in the deferred compensation plan were $0.3 million and $0.4 million at June 30, 2024 and December 31, 2023, respectively.
Gain on Insurance Proceeds
During the six months ended June 30, 2023, the Company received $0.5 million of insurance proceeds in connection with the settlement of a legacy claim. No insurance proceeds were received during the six months ended June 30, 2024.
Related Party Transactions
During the six months ended June 30, 2023, Ronald Shaich, the sole member of Act III Management LLC ("Act III Management"), served as a strategic advisor to the Company's board of directors pursuant to a strategic advisor agreement, which terminated on June 1, 2023. Keith Pascal, a director of the Company, is an employee of Act III Management and serves as its vice president and secretary. Mr. Pascal does not have an ownership interest in Act III Management.
As of June 30, 2024 and December 31, 2023, the Company had zero accounts payable owed to Act III Management. During the three months ended June 30, 2024 and 2023, the Company paid Act III Management zero and $0.1 million, respectively, and during the six months ended June 30, 2024 and 2023 the Company paid Act III Management zero and $0.1 million, respectively, for services performed under the strategic advisor agreement.
Recently Adopted Accounting Pronouncements
There were no recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2024 that are of significance or potential significance to the Company.
Note 2 — Revenue Recognition
Deferred Revenue
Deferred revenue is as follows:
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(in thousands) | June 30, 2024 | | December 31, 2023 |
Current | $ | 12,539 | | | $ | 7,250 | |
Non-current | 2,876 | | | 4,204 | |
Total | $ | 15,415 | | | $ | 11,454 | |
Most performance obligations greater than one year relate to service and support contracts, that the Company expects to fulfill within 36 months. The Company expects to fulfill 100% of service and support contracts within 60 months.
The changes in deferred revenue, inclusive of both current and long-term, are as follows:
| | | | | | | | | | | |
(in thousands) | 2024 | | 2023 |
Beginning balance - January 1 | $ | 11,454 | | | $ | 13,584 | |
Acquired deferred revenue (Note 3) | 7,680 | | | — | |
Recognition of deferred revenue | (42,052) | | | (14,112) | |
Deferral of revenue | 38,333 | | | 14,682 | |
Ending balance - June 30 | $ | 15,415 | | | $ | 14,154 | |
The above tables exclude customer deposits of $1.8 million and $1.6 million as of the six months ended June 30, 2024 and 2023, respectively. During the three months ended June 30, 2024 and 2023, the Company recognized revenue included in deferred revenue at the beginning of each respective period of $2.1 million and $2.9 million. During the six months ended June 30, 2024 and 2023, the Company recognized revenue included in deferred revenue at the beginning of each respective period of $4.9 million and $6.0 million.
Disaggregated Revenue
The Company disaggregates revenue from contracts with customers by major product line because the Company believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by contract terms and economic factors.
Disaggregated revenue is as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 | | Three Months Ended June 30, 2023 |
(in thousands) | Restaurant/Retail point in time | | Restaurant/Retail over time | | Restaurant/Retail point in time | | Restaurant/Retail over time |
Hardware | $ | 20,116 | | | $ | — | | | $ | 26,390 | | | $ | — | |
Subscription service | — | | | 44,872 | | | — | | | 30,372 | |
Professional service | 4,914 | | | 8,248 | | | 5,709 | | | 7,058 | |
Total | $ | 25,030 | | | $ | 53,120 | | | $ | 32,099 | | | $ | 37,430 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 |
(in thousands) | Restaurant/Retail point in time | | Restaurant/Retail over time | | Restaurant/Retail point in time | | Restaurant/Retail over time |
Hardware | $ | 38,342 | | | $ | — | | | $ | 53,167 | | | $ | — | |
Subscription service | — | | | 83,251 | | | — | | | 58,337 | |
Professional service | 10,641 | | | 15,989 | | | 12,195 | | | 14,414 | |
Total | $ | 48,983 | | | $ | 99,240 | | | $ | 65,362 | | | $ | 72,751 | |
Note 3 — Acquisitions
On March 8, 2024, ParTech, Inc. ("ParTech"), acquired 100% of the outstanding equity interests of Stuzo Blocker, Inc., Stuzo Holdings, LLC and their subsidiaries (collectively, “Stuzo” and such acquisition, the “Stuzo Acquisition”), a digital engagement software provider to convenience and fuel retailers ("C-Stores"), for purchase consideration of approximately $170.5 million paid in cash (the "Cash Consideration"), subject to certain adjustments (including customary adjustments for Stuzo cash, debt, debt-like items, and net working capital), and $19.2 million paid in shares of Company common stock. 441,598 shares of common stock were issued as purchase consideration, determined using a fair value share price of $43.41. The Company acquired Stuzo to expand its footprint in the C-Stores market vertical with Stuzo's industry-leading guest engagement platform (PAR Retail) serving major brands in the space.
$1.5 million of the Cash Consideration was deposited into an escrow account administered by a third party to fund potential post-closing adjustments and obligations. The balance in the escrow account was $1.5 million as of June 30, 2024.
The Company incurred acquisition expenses related to the Stuzo Acquisition of approximately $2.8 million which are included in general and administrative in the condensed consolidated statements of operations.
The Stuzo Acquisition was accounted for as a business combination in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Accordingly, assets acquired and liabilities assumed have been accounted for at their preliminarily determined respective fair values as of March 8, 2024, (the "Acquisition Date"). The fair value determinations were based on management's estimates and assumptions, with the assistance of independent valuation and tax consultants. Preliminary fair values are subject to measurement period adjustments within the permitted measurement period (up to one year from the Acquisition Date) as management finalizes its procedures and net working capital adjustments (if any) are settled.
During the three months ended June 30, 2024, preliminary fair values of assets and liabilities as of the Acquisition Date were adjusted to reflect ongoing acquisition valuation analyses and net working capital adjustments. These adjustments included changes to accounts receivable, customer relationships, trademarks, non-competition agreements, goodwill, deferred revenue, and deferred taxes to reflect changes in underlying fair value assumptions. The Company is in the process of finalizing valuation assumptions for the intangibles and the sales tax liability exposure as of the Acquisition Date.
The following table presents management's current purchase price allocation and the initial purchase price allocation:
| | | | | | | | | | | |
(in thousands) | Current purchase price allocation | | Initial purchase price allocation |
Cash | $ | 4,244 | | | $ | 4,244 | |
Accounts receivable | 1,262 | | | 2,208 | |
Property and equipment | 307 | | | 307 | |
Developed technology | 18,200 | | | 18,200 | |
Customer relationships | 39,400 | | | 39,000 | |
Trademarks | 5,400 | | | 6,600 | |
Non-competition agreements | 3,500 | | | 4,800 | |
Prepaid and other acquired assets | 774 | | | 774 | |
Goodwill | 137,008 | | | 132,140 | |
Total assets | 210,095 | | | 208,273 | |
Accounts payable | 317 | | | 317 | |
Accrued expenses | 4,459 | | | 4,459 | |
Deferred revenue | 7,680 | | | 5,443 | |
Deferred taxes | 7,934 | | | 8,349 | |
Consideration paid | $ | 189,705 | | | $ | 189,705 | |
Intangible Assets
The Company identified four acquired intangible assets in the Stuzo Acquisition: developed technology; customer relationships; trademarks; and non-competition agreements. The preliminary fair value of developed technology and customer relationship intangible assets were determined utilizing the “multi-period excess earnings method”, which is predicated upon the calculation of the net present value of after-tax net cash flows respectively attributable to each asset. The Company applied a seven-year economic life and discount rate of 12.5% in determining the Stuzo developed technology preliminary intangible fair value and applied a 7.0% estimated annual attrition rate and discount rate of 12.5% in determining the Stuzo customer relationships intangible preliminary fair value. The preliminary fair value of trademarks intangible was determined utilizing the “relief from royalty” approach, which is a form of the income approach that attributes savings incurred from not having to pay a royalty for the use of an asset. The Company applied a fair and reasonable royalty rate of 1.0% and discount rate of 12.5% in determining the trademarks intangible preliminary fair value. The preliminary fair value of the Stuzo non-competition agreements was determined utilizing the discounted earnings method. The estimated useful life of these identifiable intangible assets was preliminarily determined to be: seven years for developed technology; fifteen years for customer relationships related to SaaS platform and related support; five years for customer relationships related to managed platform development services; indefinite for the trademarks; and five years for the non-competition agreements.
Goodwill
Goodwill represents the excess of consideration transferred for the fair value of net identifiable assets acquired and is tested for impairment at least annually. The goodwill value represents expected synergies from the product acquired and other benefits. It is not deductible for income tax purposes.
Deferred Taxes
The Company determined the deferred tax position to be recorded at the time of the Stuzo Acquisition in accordance with ASC Topic 740, Income Taxes, resulting in recognition of $7.9 million in deferred tax liabilities for future reversing of taxable temporary differences primarily for intangible assets.
The net deferred tax liability relating to the Stuzo Acquisition was determined by the Company to provide future taxable temporary differences that allow for the Company to utilize certain previously fully reserved deferred tax assets. Accordingly, the Company recognized a reduction to its valuation allowance resulting in a net tax benefit of $7.7 million for the six months ended June 30, 2024.
Pro Forma Financial Information - unaudited
For the three and six months ended June 30, 2024, the Stuzo Acquisition resulted in additional revenues of $10.1 million and $12.7 million, respectively and income before income taxes of $1.4 million and $1.8 million, respectively.
The following table summarizes the Company's unaudited pro forma results of operations for the three months ended June 30, 2023 and the six months ended June 30, 2024 and 2023 as if the Stuzo Acquisition had occurred on January 1, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
(in thousands) | 2023 | | 2024 | | 2023 | | |
Total revenue | $ | 79,676 | | | $ | 156,066 | | | $ | 158,025 | | | |
Net loss from continuing operations | (21,054) | | | (51,359) | | | (32,623) | | | |
The unaudited pro forma results presented above are for illustrative purposes only and do not reflect the realization of actual cost savings or any related integration costs. The unaudited pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future. These unaudited pro forma results include certain adjustments, primarily due to increases in amortization expense due to the fair value adjustments of intangible assets, acquisition related costs and the impact of income taxes on the pro forma adjustments. $2.4 million of acquisition costs have been reflected in the 2023 pro forma results.
Note 4 — Discontinued Operations
On June 7, 2024 (the “Closing Date”), the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Booz Allen Hamilton Inc. ("Booz Allen Hamilton") for the sale of PAR Government Systems Corporation ("PGSC"), a wholly owned subsidiary of the Company. Pursuant to the Purchase Agreement, on the Closing Date, Booz Allen Hamilton acquired 100% of the issued and outstanding shares of common stock of PGSC for a cash purchase price of $95.0 million, before customary post-closing adjustments based on PGSC’s indebtedness, working capital, cash, and transaction expenses at closing. At closing we entered into a transition services agreement with Booz Allen Hamilton ("TSA") pursuant to which the Company and Booz Allen Hamilton provide certain transitional services to each other as contemplated by and subject to the Purchase Agreement. The service period for the transitional services generally ends during the third quarter of 2025.
Additionally, on June 10, 2024, the Company announced that it had entered into an acquisition agreement for the sale of 100% of the issued and outstanding equity interests of Rome Research Corporation (“RRC”), a wholly-owned subsidiary of the Company. The sale was completed on July 1, 2024. Refer to “Note 15 – Subsequent Events” for additional information on the sale of RRC. The sale of PGSC and RRC comprise the sale of 100% of the Company's Government segment.
The Company recognized a pre-tax gain on sale of $76.8 million from the sale of PGSC for the three months ended June 30, 2024. Pursuant to the Purchase Agreement, within 120 days following the Closing Date Booz Allen Hamilton is required to deliver to the Company a closing statement setting forth its determination of net working capital and any resulting net working capital surplus or deficit. To the extent there is an adjustment to net working capital, as agreed to by the Company and Booz Allen Hamilton pursuant to the Purchase Agreement, any such change will be recorded as an adjustment to the gain on sale of discontinued operations for the period such change occurs.
As of June 30, 2024, the Company estimated the federal taxable gain on sale to be $73.9 million, however, we expect to offset the taxable gain through the utilization of several tax benefits including $41.4 million of our net operating loss carryforwards, $22.2 million of our Section 163(j) interest expense limitation carryforwards, and $1.6 million of our research and development tax credits. Additionally, the income tax associated with the gain will be impacted by the final allocation of the sales price, which may be materially different from the Company’s estimates. The impact of changes in estimated income tax (if any) will be recorded as an adjustment to discontinued operations in the period such change in estimate occurs.
The Company incurred expenses related to its disposition of PGSC of approximately $6.6 million which are included in net income from discontinued operations in the condensed consolidated statements of operations.
The accounting requirements for reporting the disposition of PGSC and RRC as discontinued operations were met when the disposition of PGSC was completed and the sale of RRC was deemed probable. Accordingly, the historical results of PGSC and RRC have been presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented.
The following table presents the major classes of assets and liabilities of discontinued operations for PGSC and RRC as of December 31, 2023 and RRC as of June 30, 2024:
| | | | | | | | | | | |
(in thousands) | June 30, 2024 | | December 31, 2023 |
Accounts receivable – net | $ | 5,262 | | | $ | 20,703 | |
Other current assets | 1,120 | | | 987 | |
Total current assets | 6,382 | | | 21,690 | |
Noncurrent assets | 839 | | | 2,785 | |
Total assets of discontinued operations | $ | 7,221 | | | $ | 24,475 | |
| | | |
Accounts payable | — | | | 4,209 | |
Accrued salaries and benefits | 1,284 | | | 5,013 | |
Accrued expenses | 724 | | | 6,910 | |
Other current liabilities | 25 | | | 246 | |
Total current liabilities | 2,033 | | | 16,378 | |
Noncurrent liabilities | — | | | 1,710 | |
Total liabilities of discontinued operations | $ | 2,033 | | | $ | 18,088 | |
| | | |
| | | |
The following table presents the major categories of income from discontinued operations:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
Contract revenue | $ | 31,116 | | | $ | 31,015 | | | $ | 66,540 | | | $ | 62,868 | |
Contract cost of sales | (28,185) | | | (28,778) | | | (60,218) | | | (57,464) | |
Operating income from discontinued operations | 2,931 | | | 2,237 | | | 6,322 | | | 5,404 | |
General and administrative expense | 449 | | | (14) | | | (870) | | | (13) | |
Other expense, net | (6) | | | (60) | | | — | | | (110) | |
Gain on sale of discontinued operations | 76,754 | | | — | | | 76,754 | | | — | |
Income from discontinued operations before provision for income taxes | 80,128 | | | 2,163 | | | 82,206 | | | 5,281 | |
Provision for income taxes | (2,351) | | | (26) | | | (2,351) | | | (26) | |
Net income from discontinued operations | $ | 77,777 | | | $ | 2,137 | | | $ | 79,855 | | | $ | 5,255 | |
In accordance with ASC Topic 205, Presentation of Financial Statements, the Company adjusted contract cost of sales to exclude corporate overhead allocated to discontinued operations for all periods presented.
The following table presents selected non-cash operating and investing activities related to cash flows from discontinued operations:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
Depreciation and amortization | $ | 84 | | | $ | 116 | | | $ | 200 | | | $ | 231 | |
Capital expenditures | 106 | | | 84 | | | 233 | | | 214 | |
Stock-based compensation | 906 | | | 14 | | | 954 | | | 61 | |
Note 5 — Accounts Receivable, net
At June 30, 2024 and December 31, 2023, the Company had current expected credit losses of $2.8 million and $1.9 million, respectively, against accounts receivable.
Changes in the current expected credit loss for the six months ended June 30 were:
| | | | | | | | | | | |
(in thousands) | 2024 | | 2023 |
Beginning Balance - January 1 | $ | 1,949 | | | $ | 2,134 | |
Provisions | 1,553 | | | 784 | |
Write-offs | (707) | | | (643) | |
| | | |
Ending Balance - June 30 | $ | 2,795 | | | $ | 2,275 | |
Note 6 — Inventories, net
The components of inventory, adjusted for reserves, consisted of the following:
| | | | | | | | | | | | | |
(in thousands) | June 30, 2024 | | December 31, 2023 | | |
Finished goods | $ | 16,212 | | | $ | 13,530 | | | |
Work in process | 161 | | | 216 | | | |
Component parts | 8,581 | | | 9,147 | | | |
Service parts | 572 | | | 667 | | | |
Inventories, net | $ | 25,526 | | | $ | 23,560 | | | |
At June 30, 2024 and December 31, 2023, the Company had excess and obsolescence reserves of $9.6 million and $9.0 million, respectively, against inventories.
Note 7 — Identifiable Intangible Assets and Goodwill
The Company's identifiable intangible assets represent intangible assets acquired in acquisitions and software development costs. The components of identifiable intangible assets are:
| | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | June 30, 2024 | | December 31, 2023 | | | | Estimated Useful Life | | Weighted-Average Amortization Period |
Acquired developed technology | $ | 138,000 | | | $ | 119,800 | | | | | 3 - 7 years | | 4.59 years |
Internally developed software costs | 36,605 | | | 34,735 | | | | | 3 years | | 2.64 years |
Customer relationships | 53,910 | | | 14,510 | | | | | 5 - 15 years | | 8.66 years |
Trade names | 1,410 | | | 1,410 | | | | | 2 - 5 years | | 0.5 years |
Non-competition agreements | 3,530 | | | 30 | | | | | 1 - 5 years | | 4.75 years |
| 233,455 | | | 170,485 | | | | | | | |
Impact of currency translation on intangible assets | 623 | | | 1,399 | | | | | | | |
Less: accumulated amortization | (101,106) | | | (87,001) | | | | | | | |
| 132,972 | | | 84,883 | | | | | | | |
Internally developed software costs not meeting general release threshold | 3,720 | | | 2,886 | | | | | | | |
Trademarks, trade names (non-amortizable) | 11,600 | | | 6,200 | | | | | Indefinite | | |
| $ | 148,292 | | | $ | 93,969 | | | | | | | |
Software costs placed into service during the three months ended June 30, 2024 and 2023, were $1.5 million and $1.4 million, respectively. Software costs placed into service during the six months ended June 30, 2024 and 2023, were $1.9 million and $2.2 million, respectively.
The following table summarizes amortization expense for acquired developed technology and internally developed software:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Amortization of acquired developed technology | | $ | 4,717 | | | $ | 4,092 | | | $ | 8,968 | | | $ | 8,171 | |
Amortization of internally developed software | | 1,192 | | | 1,507 | | | 2,423 | | | 3,147 | |
Amortization of identifiable intangible assets recorded in cost of sales | | 5,909 | | | 5,599 | | | 11,391 | | | 11,318 | |
Amortization expense recorded in operating expenses | | 1,946 | | | 465 | | | 2,878 | | | 929 | |
Impact of foreign currency translation on intangible assets | | (29) | | | (212) | | | 611 | | | (341) | |
| | | | | | | | |
The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software development costs not meeting the general release threshold is:
| | | | | |
(in thousands) | |
2024, remaining | $ | 15,424 | |
2025 | 29,447 | |
2026 | 27,435 | |
2027 | 23,335 | |
2028 | 13,584 | |
Thereafter | 23,747 | |
Total | $ | 132,972 | |
Goodwill carried is as follows:
| | | | | | | | | | | | |
(in thousands) | 2024 | | 2023 | |
Beginning balance - January 1 | $ | 488,918 | | | $ | 486,026 | | |
Stuzo Acquisition | 137,008 | | | — | | |
Foreign currency translation | (2,051) | | | 885 | | |
Ending balance - June 30 | $ | 623,875 | | | $ | 486,911 | | |
Note 8 — Debt
The following table summarizes information about the net carrying amounts of long-term debt as of June 30, 2024:
| | | | | | | | | | | | | | | | | |
(in thousands) | 2026 Notes | | 2027 Notes | | Total |
Principal amount of notes outstanding | $ | 120,000 | | | $ | 265,000 | | | $ | 385,000 | |
Unamortized debt issuance cost | (1,441) | | | (4,887) | | | (6,328) | |
| | | | | |
Total notes payable | $ | 118,559 | | | $ | 260,113 | | | $ | 378,672 | |
The following table summarizes information about the net carrying amounts of long-term debt as of December 31, 2023:
| | | | | | | | | | | | | | | | | |
(in thousands) | 2026 Notes | | 2027 Notes | | Total |
Principal amount of notes outstanding | $ | 120,000 | | | $ | 265,000 | | | $ | 385,000 | |
Unamortized debt issuance cost | (1,811) | | | (5,542) | | | (7,353) | |
Total notes payable | $ | 118,189 | | | $ | 259,458 | | | $ | 377,647 | |
The following table summarizes interest expense recognized on the long-term debt:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
Contractual interest expense | $ | 1,856 | | | $ | 2,011 | | | $ | 3,712 | | | $ | 4,005 | |
Accretion of debt in interest expense | 517 | | | 531 | | | 1,025 | | | 1,053 | |
Total interest expense | $ | 2,373 | | | $ | 2,542 | | | $ | 4,737 | | | $ | 5,058 | |
The following table summarizes the future principal payments as of June 30, 2024:
| | | | | |
(in thousands) | |
2024, remaining | $ | — | |
2025 | — | |
2026 | 120,000 | |
2027 | 265,000 | |
2028 | — | |
Thereafter | — | |
Total | $ | 385,000 | |
Note 9 — Common Stock
In connection with, and to partially fund the Cash Consideration related to the Stuzo Acquisition, on March 7, 2024, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with funds and accounts advised by T. Rowe Price Investment Management, Inc., ADW Capital, Voss Capital, Greenhaven Road Capital, Jane Street, Progeny 3, Fund 1 Investments LLC, Newtyn Capital, Ghisallo Capital Management and Burkehill Global Management (collectively, the “Purchasers”) to raise approximately $200 million through a private placement of PAR common stock. Pursuant to the Securities Purchase Agreement, PAR issued and sold 5,174,638 shares of its common stock at a 10% discount to the Purchasers for a gross purchase price of approximately $200 million ($38.65 per share). Net proceeds from the Securities Purchase Agreement were approximately $194.4 million, net of issuance costs of $5.5 million.
On January 2, 2024, the Company entered into a consulting agreement with PAR Act III, LLC ("PAR Act III") pursuant to which PAR Act III provides the Company with strategic consulting, merger and acquisition technology due diligence, and other professional and expert services that may be requested from time to time by the Company’s Chief Executive Officer through April 8, 2026. In consideration for the services provided under the consulting agreement, the Company amended its common stock purchase warrant issued to PAR Act III on April 8, 2021 (the "Warrant") to extend the termination date of the Warrant to April 8, 2028, subject to the consulting agreement remaining in effect through April 8, 2026.
The issuance date fair value of the Warrant extension was determined to be $4.5 million based on using the Black-Scholes model with the following assumptions as of January 2, 2024:
| | | | | | | | | | | | | | | |
| Original Warrant | | Modified Warrant | | | | |
Expected term | 2.25 years | | 4.25 years | | | | |
Risk free interest rate | 4.33 | % | | 3.93 | % | | | | |
Expected volatility | 55.01 | % | | 63.39 | % | | | | |
Expected dividend yield | None | | None | | | | |
Fair value (per warrant) | $ | 7.36 | | | $ | 16.21 | | | | | |
In connection with the Company's private placement of its common stock on March 7, 2024 to partially fund the Stuzo Acquisition, an additional 6,312 shares of common stock are available for purchase under the Warrant, increasing the total to 510,287 shares of common stock available for purchase at an exercise price of $74.96 per share.
The Warrant is accounted for as stock-based compensation to non-employees pursuant to ASC Topic 718, Stock Compensation, by way of ASC Topic 815, Derivatives and Hedging, due to the Warrant extension being in exchange for consulting services. The issuance date fair value of the Warrant extension of $4.5 million will be recognized as stock-based compensation expense ratably over the requisite service period for the Warrant extension ending April 8, 2026.
Note 10 — Stock-Based Compensation
Stock-based compensation expense, net of forfeitures and adjustments of $(0.4) million and $0.2 million, was $6.3 million and $3.6 million for the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense, net of forfeitures and adjustments of $0.2 million and $0.3 million, was $10.7 million and $6.6 million for the six months ended June 30, 2024 and 2023, respectively.
At June 30, 2024, the aggregate unrecognized compensation expense related to unvested equity awards was $36.7 million, which is expected to be recognized as compensation expense in fiscal years 2024 through 2027.
A summary of stock option activity for the six months ended June 30, 2024 is below:
| | | | | | | | | | | |
(in thousands, except for weighted average exercise price) | Options outstanding | | Weighted average exercise price |
Outstanding at January 1, 2024 | 920 | | | $ | 13.04 | |
| | | |
Exercised | (142) | | | 11.00 | |
Canceled/forfeited | (11) | | | 9.94 | |
Outstanding at June 30, 2024 | 767 | | | $ | 13.47 | |
A summary of unvested restricted stock units activity for the six months ended June 30, 2024 is below:
| | | | | | | | | | | |
(in thousands, except for weighted average award value) | Restricted Stock Unit Awards | | Weighted average award value |
Outstanding at January 1, 2024 | 839 | | | $ | 35.83 | |
Granted | 541 | | | 47.41 | |
Vested | (414) | | | 33.76 | |
Canceled/forfeited | (83) | | | 36.79 | |
Outstanding at June 30, 2024 | 883 | | | $ | 42.25 | |
A total of 330,000 shares of Company common stock were made available for purchase under the Company's 2021 Employee Stock Purchase Plan ("ESPP"), subject to adjustment as provided for in the ESPP. As of June 30, 2024, 15,251 shares of common stock were purchased.
Note 11 — Net Income (Loss) Per Share
Net income (loss) per share is calculated in accordance with ASC Topic 260, Earnings per Share, which specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”). It requires the presentation of basic and diluted EPS. Basic EPS excludes all dilution and is based upon the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that would occur if convertible securities or other contracts to issue common stock were exercised. At June 30, 2024, there were 767,000 anti-dilutive stock options outstanding compared to 1,003,000 as of June 30, 2023. At June 30, 2024, there were 883,000 anti-dilutive restricted stock units outstanding compared to 880,000 as of June 30, 2023.
Note 12 — Commitments and Contingencies
From time to time, the Company is party to legal proceedings arising in the ordinary course of business. Based on information currently available, and based on its evaluation of such information, the Company believes the legal proceedings in which it is currently involved are not material or are not likely to result in a material adverse effect on the Company’s business, financial condition or results of operations, or cannot currently be estimated.
Note 13 — Geographic Information and Customer Concentration
The following table represents revenues by country based on the location of the revenue:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
United States | $ | 73,181 | | | $ | 64,360 | | | $ | 137,714 | | | $ | 127,945 | |
International | 4,969 | | | 5,169 | | | 10,509 | | | 10,168 | |
Total | $ | 78,150 | | | $ | 69,529 | | | $ | 148,223 | | | $ | 138,113 | |
The following table represents assets by country based on the location of the assets:
| | | | | | | | | | | |
(in thousands) | June 30, 2024 | | December 31, 2023 |
| | | |
| | | |
| | | |
| | | |
United States | $ | 1,030,468 | | | $ | 767,894 | |
International | 26,216 | | | 34,712 | |
Total | $ | 1,056,684 | | | $ | 802,606 | |
Customers comprising 10% or more of the Company’s total revenues are summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
McDonald’s Corporation | 11 | % | | 14 | % | | 10 | % | | 12 | % |
Yum! Brands, Inc. | 10 | % | | 13 | % | | 11 | % | | 14 | % |
Dairy Queen | 9 | % | | 10 | % | | 9 | % | | 12 | % |
All Others | 70 | % | | 63 | % | | 70 | % | | 62 | % |
Total | 100 | % | | 100 | % | | 100 | % | | 100 | % |
No other customer within "All Others" represented 10% or more of the Company’s total revenue for the three and six months ended June 30, 2024 or 2023.
Note 14 — Fair Value of Financial Instruments
The Company’s financial instruments have been recorded at fair value using available market information and valuation techniques. The fair value hierarchy is based upon three levels of input, which are:
Level 1 — quoted prices in active markets for identical assets or liabilities (observable)
Level 2 — inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in inactive markets, or other inputs that are observable market data for essentially the full term of the asset or liability (observable)
Level 3 — unobservable inputs that are supported by little or no market activity, but are significant to determining the fair value of the asset or liability (unobservable)
The Company’s financial instruments primarily consist of cash and cash equivalents, cash held on behalf of customers, short-term investments, debt instruments and deferred compensation assets and liabilities. The carrying amounts of cash and cash equivalents, cash held on behalf of customers, and short-term investments as of June 30, 2024 and December 31, 2023 were considered representative of their fair values because of their short-term nature and are classified as Level 1 of the fair value hierarchy. Debt instruments are recorded at principal amount net of unamortized debt issuance cost and discount (refer to "Note 8 - Debt" for additional information). The estimated fair value of the 2.875% Convertible Senior Notes due 2026 (the "2026 Notes") and 1.50% Convertible Senior Notes due 2027 (the "2027 Notes") at June 30, 2024 was $152.9 million and $247.8 million respectively. The estimated fair value of the 2026 Notes and 2027 Notes at December 31, 2023 was $145.6 million and $236.1 million respectively. The valuation techniques used to determine the fair value of the Company's long-term debt are classified in Level 2 of the fair value hierarchy as they are derived from broker quotations.
Deferred compensation assets and liabilities primarily relate to the Company’s deferred compensation plan, which allows for pre-tax salary deferrals for certain key employees. Changes in the fair value of the deferred compensation liabilities are derived using quoted prices in active markets of the asset selections made by plan participants. Deferred compensation liabilities are classified in Level 2, the fair value classification as defined under FASB ASC Topic 820, Fair Value Measurements, because their inputs are derived principally from observable market data by correlation to the hypothetical investments. The Company holds insurance investments to partially offset the Company’s liabilities under its deferred compensation plan, which are recorded at fair value each period using the cash surrender value of the insurance investments.
The cash surrender value of the life insurance policy was $3.3 million and $3.3 million at June 30, 2024 and December 31, 2023, respectively, and is included in other assets on the condensed consolidated balance sheets. Amounts owed to employees participating in the deferred compensation plan at June 30, 2024 were $0.3 million compared to $0.4 million at December 31, 2023 and are included in other long-term liabilities on the condensed consolidated balance sheets.
The Company uses a Monte Carlo simulation of a discounted cash flow model to determine the fair value of the earn-out liability associated with the acquisition of MENU Technologies AG (the "MENU Acquisition"). Significant inputs used in the simulation are not observable in the market and thus the liability represents a Level 3 fair value measurement as defined in ASC 820. Ultimately, the liability will be equivalent to the amount paid, and the difference between the fair value estimate and amount paid will be recorded in earnings. The amount paid that is less than or equal to the liability on the acquisition date will be reflected as cash used in financing activities in the Company's condensed consolidated statements of cash flows. Any amount paid in excess of the liability on the acquisition date will be reflected as cash used in operating activities.
During the three months ended June 30, 2024, the Company determined that there would be no earn-out payment related to the MENU Acquisition. As such, the Company wrote off the remaining fair value of the earn-out liability.
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the six months ended June 30:
| | | | | | | | | | | |
(in thousands) | 2024 | | 2023 |
Balance at January 1 | $ | 600 | | | $ | 9,800 | |
| | | |
Change in fair value of contingent consideration | (600) | | | (7,500) | |
| | | |
Balance at June 30 | $ | — | | | $ | 2,300 | |
The balance of the fair value of the liability was recorded within "Accrued expenses" in the condensed consolidated balance sheets. The change in fair value of contingent consideration was recorded within "Adjustment to contingent consideration liability" in the condensed consolidated statements of operations.
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration as of December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Contingency Type | | Maximum Payout (1) (undiscounted) (in thousands) | | Fair Value | | Valuation Technique | | Unobservable Inputs | | Weighted Average or Range |
Revenue based payments | | $ | 5,600 | | | $ | 600 | | | Monte Carlo | | Revenue volatility | | 25.0 | % |
| | | | | | | | | | |
| | | | | | | | Discount rate | | 11.5 | % |
| | | | | | | | Projected year of payments | | 2024 |
(1) Maximum payout as determined by Monte Carlo valuation simulation; the disclosed contingency is not subject to a contractual maximum payout.
Note 15 — Subsequent Events
On July 1, 2024, the Company sold 100% of the issued and outstanding equity interests of RRC, a wholly-owned subsidiary of the Company, to NexTech Solutions Holdings, LLC for a cash purchase price of $7.0 million, before customary post-closing adjustments based on RRC’s indebtedness, working capital, cash, and transaction expenses at closing. The Company will recognize a pre-tax gain on sale of $0.6 million from the sale of RRC in the third quarter of 2024.
On July 5, 2024, the Company entered into a credit agreement (the "Credit Agreement"), as the borrower, with certain of its U.S. subsidiaries, as guarantors, the lenders party thereto, Blue Owl Capital Corporation, as administrative agent and collateral agent, and Blue Owl Credit Advisors, LLC, as lead arranger and bookrunner, that provides for a term loan in an initial aggregate principal amount of $90.0 million (the "Credit Facility" and, the loans thereunder, the “Term Loans”).
The Credit Facility matures on the earlier of (i) July 5, 2029 and (ii) the date on which the Company's 2027 Notes become due and payable in accordance with their terms. The Term Loans bear interest at a rate equal to either of the following, as selected by the Company: (i) an alternate base rate plus an applicable margin of 4.50%, 4.00% or 3.50% based on a total net recurring revenue leverage ratio, or (ii) a secured overnight financing rate plus an applicable margin of 5.50%, 5.00% or 4.50% based on a total net recurring revenue leverage ratio. Voluntary prepayments of the Term Loans, as well as certain mandatory prepayments of the Term Loans, require payment of a prepayment premium of 4.0% during the first year of the Credit Facility, 3.0% during the second year of the Credit Facility, and 1.0% during the third year of the Credit Facility. Under the Credit Agreement, the Company is required to maintain liquidity of at least $20.0 million and a total net annual recurring revenue leverage ratio of no greater than 1.25 to 1.00.
On July 18, 2024 (New York Time), July 19, 2024 (Sydney Time) (the "TASK Closing Date"), the Company completed its acquisition of TASK Group Holdings Limited (“TASK”) pursuant to a court-approved scheme of arrangement. On the TASK Closing Date, the Company paid holders of TASK shares approximately $131.5 million in cash consideration, and issued 2,163,393 shares of common stock at a price of $52.70 per share of Company common stock, for a total purchase consideration of $245.5 million.
The initial accounting for the business combination was incomplete at August 8, 2024; however, the Company's financial results include costs related to the acquisition of TASK of $1.0 million and $2.0 million for the three and six months ended June 30, 2024, respectively. The assets and liabilities of TASK will be adjusted to their respective fair values as of the TASK Closing Date, including working capital, property, plant and equipment, and identifiable intangible assets acquired through the acquisition. The excess of the purchase price over the fair value of net assets acquired will be recorded as goodwill. Intangible assets acquired include, but are not limited to, developed technology and customer relationships. The estimated acquisition date fair value of these and other acquired assets and liabilities assumed may ultimately be based, in part, on inputs that are unobservable. The Company's initial purchase price allocation will be presented in the Company's Form 10-Q for the quarter ending September 30, 2024.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto included under "Part I, Item 1. Financial Statements (unaudited)" of this Quarterly Report and our audited consolidated financial statements and the notes thereto included under "Part II, Item 8. Financial Statements and Supplementary Data" of the 2023 Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under "Forward-Looking Statements".
OVERVIEW
Q2 2024 Operating Performance Highlights
| | | | | |
Organic - Year-over-year growth of 23.9% | Total - Year-over-year growth of 56.9% |
| | |
GAAP - Year-over-year 9.8% improvement |
| | |
Non-GAAP - Year-over-year 5.5% improvement |
| | |
Net Loss from Cont. Ops. Year-over-year decline of $1.7 million |
| | |
Adjusted EBITDA Year-over-year improvement of $7.9 million |
Q2 2024 Corporate Development Highlights
•Sale of PAR Government Systems Corporation: In June 2024, the Company sold PAR Government Systems Corporation for $95.0 million, before customary post-closing adjustments.
•After Period End - Completed Sale of Rome Research Corporation: On July 1, 2024, the Company sold Rome Research Corporation for $7.0 million, before customary post-closing adjustments.
•After Period End - Completed Acquisition of TASK: In July 2024, the Company secured a $90.0 million Credit Facility which was used to complete its acquisition of TASK Group Holdings Limited ("TASK"). TASK, an Australia-based entity, offers international unified commerce solutions, including interactive customer engagement and seamless integration, tailored for major brands worldwide. This has made TASK’s transaction management platform the platform of choice for some of the world’s most successful and recognized foodservice brands including, Starbucks and Guzman Y Gomez, while its loyalty customer engagement platform is used by McDonald’s in 65 markets. With the addition of TASK, the Company will be able to serve the top enterprise foodservice brands across the globe with a unified commerce approach from front-of-house to back-of-house.
Refer to “Note 15 – Subsequent Events” of the notes to interim condensed consolidated financial statements in "Part I, Item 1. Financial Statements and Supplementary Data" of this Quarterly Report for additional information about the sale of RRC, the Credit Facility, and the acquisition of TASK.
Refer to "Key Performance Indicators and Non-GAAP Financial Measures" below for important information on key performance indicators and non-GAAP financial measures, including annual recurring revenue ("ARR"), non-GAAP subscription service gross margin percentage, and adjusted EBITDA. We use these key performance indicators and non-GAAP financial measures to evaluate our performance.
RESULTS OF OPERATIONS
Consolidated Results:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) | |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 | |
Revenues, net: | | | | | | | | | | |
Hardware | $ | 20,116 | | | $ | 26,390 | | | 25.7 | % | | 38.0 | % | | (23.8) | % | |
| | | | | | | | | | |
Subscription service | 44,872 | | | 30,372 | | | 57.4 | % | | 43.7 | % | | 47.7 | % | |
Professional service | 13,162 | | | 12,767 | | | 16.8 | % | | 18.4 | % | | 3.1 | % | |
Total revenues, net | $ | 78,150 | | | $ | 69,529 | | | 100.0 | % | | 100.0 | % | | 12.4 | % | |
| | | | | | | | | | |
Gross margin: | | | | | | | | | | |
Hardware | $ | 4,577 | | | $ | 5,064 | | | 5.9 | % | | 7.3 | % | | (9.6) | % | |
| | | | | | | | | | |
Subscription service | 23,831 | | | 13,139 | | | 30.5 | % | | 18.9 | % | | 81.4 | % | |
Professional service | 3,620 | | | 983 | | | 4.6 | % | | 1.4 | % | | > 200% | |
Total gross margin | $ | 32,028 | | | $ | 19,186 | | | 41.0 | % | | 27.6 | % | | 66.9 | % | |
| | | | | | | | | | |
Operating expenses: | | | | | | | | | | |
Sales and marketing | $ | 9,811 | | | $ | 10,075 | | | 12.6 | % | | 14.5 | % | | (2.6) | % | |
General and administrative | 25,369 | | | 16,434 | | | 32.5 | % | | 23.6 | % | | 54.4 | % | |
Research and development | 16,237 | | | 14,888 | | | 20.8 | % | | 21.4 | % | | 9.1 | % | |
Amortization of identifiable intangible assets | 1,946 | | | 465 | | | 2.5 | % | | 0.7 | % | | > 200% | |
Adjustment to contingent consideration liability | (600) | | | (2,300) | | | (0.8) | % | | (3.3) | % | | (73.9) | % | |
Gain on insurance proceeds | — | | | (500) | | | — | % | | (0.7) | % | | (100.0) | % | |
Total operating expenses | $ | 52,763 | | | $ | 39,062 | | | 67.5 | % | | 56.2 | % | | 35.1 | % | |
| | | | | | | | | | |
Operating loss | $ | (20,735) | | | $ | (19,876) | | | (26.5) | % | | (28.6) | % | | 4.3 | % | |
Other (expense) income, net | (610) | | | 155 | | | (0.8) | % | | 0.2 | % | | (493.5) | % | |
Interest expense, net | (1,630) | | | (1,735) | | | (2.1) | % | | (2.5) | % | | (6.1) | % | |
| | | | | | | | | | |
Loss from continuing operations before benefit from (provision for) income taxes | (22,975) | | | (21,456) | | | (29.4) | % | | (30.9) | % | | 7.1 | % | |
Provision for income taxes | (612) | | | (383) | | | (0.8) | % | | (0.6) | % | | 59.8 | % | |
Net loss from continuing operations | $ | (23,587) | | | $ | (21,839) | | | (30.2) | % | | (31.4) | % | | 8.0 | % | |
Net income from discontinued operations | 77,777 | | | 2,137 | | | 99.5 | % | | 3.1 | % | | > 200% | |
Net income (loss) | $ | 54,190 | | | $ | (19,702) | | | 69.3 | % | | (28.3) | % | | (375.0) | % | |
Consolidated Results (continued):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Revenues, net: | | | | | | | | | |
Hardware | $ | 38,342 | | | $ | 53,167 | | | 25.9 | % | | 38.5 | % | | (27.9) | % |
| | | | | | | | | |
Subscription service | 83,251 | | | 58,337 | | | 56.2 | % | | 42.2 | % | | 42.7 | % |
Professional service | 26,630 | | | 26,609 | | | 18.0 | % | | 19.3 | % | | 0.1 | % |
Total revenues, net | $ | 148,223 | | | $ | 138,113 | | | 100.0 | % | | 100.0 | % | | 7.3 | % |
| | | | | | | | | |
Gross margin: | | | | | | | | | |
Hardware | $ | 8,633 | | | $ | 9,460 | | | 5.8 | % | | 6.8 | % | | (8.7) | % |
| | | | | | | | | |
Subscription service | 43,616 | | | 27,179 | | | 29.4 | % | | 19.7 | % | | 60.5 | % |
Professional service | 5,837 | | | 3,459 | | | 3.9 | % | | 2.5 | % | | 68.7 | % |
Total gross margin | $ | 58,086 | | | $ | 40,098 | | | 39.2 | % | | 29.0 | % | | 44.9 | % |
| | | | | | | | | |
Operating expenses: | | | | | | | | | |
Sales and marketing | $ | 20,737 | | | $ | 19,473 | | | 14.0 | % | | 14.1 | % | | 6.5 | % |
General and administrative | 50,544 | | | 35,401 | | | 34.1 | % | | 25.6 | % | | 42.8 | % |
Research and development | 32,005 | | | 29,203 | | | 21.6 | % | | 21.1 | % | | 9.6 | % |
Amortization of identifiable intangible assets | 2,878 | | | 929 | | | 1.9 | % | | 0.7 | % | | > 200% |
Adjustment to contingent consideration liability | (600) | | | (7,500) | | | (0.4) | % | | (5.4) | % | | (92.0) | % |
Gain on insurance proceeds | — | | | (500) | | | — | % | | (0.4) | % | | (100.0) | % |
Total operating expenses | $ | 105,564 | | | $ | 77,006 | | | 71.2 | % | | 55.8 | % | | 37.1 | % |
| | | | | | | | | |
Operating loss | $ | (47,478) | | | $ | (36,908) | | | (32.0) | % | | (26.7) | % | | 28.6 | % |
Other (expense) income, net | (310) | | | 146 | | | (0.2) | % | | 0.1 | % | | (312.3) | % |
Interest expense, net | (3,338) | | | (3,402) | | | (2.3) | % | | (2.5) | % | | (1.9) | % |
| | | | | | | | | |
Loss from continuing operations before benefit from (provision for) income taxes | (51,126) | | | (40,164) | | | (34.5) | % | | (29.1) | % | | 27.3 | % |
Benefit from (provision for) income taxes | 7,173 | | | (698) | | | 4.8 | % | | (0.5) | % | | < 200% |
Net loss from continuing operations | $ | (43,953) | | | $ | (40,862) | | | (29.7) | % | | (29.6) | % | | 7.6 | % |
Net income from discontinued operations | 79,855 | | | 5,255 | | | 53.9 | % | | 3.8 | % | | > 200% |
Net income (loss) | $ | 35,902 | | | $ | (35,607) | | | 24.2 | % | | (25.8) | % | | (200.8) | % |
Revenues, Net
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Hardware | $ | 20,116 | | | $ | 26,390 | | | 25.7 | % | | 38.0 | % | | (23.8) | % |
| | | | | | | | | |
Subscription service | 44,872 | | | 30,372 | | | 57.4 | % | | 43.7 | % | | 47.7 | % |
Professional service | 13,162 | | | 12,767 | | | 16.8 | % | | 18.4 | % | | 3.1 | % |
Total revenues, net | $ | 78,150 | | | $ | 69,529 | | | 100.0 | % | | 100.0 | % | | 12.4 | % |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
Total revenues were $78.2 million for the three months ended June 30, 2024, an increase of $8.6 million or
12.4% compared to $69.5 million for the three months ended June 30, 2023.
Hardware revenues were $20.1 million for the three months ended June 30, 2024, a decrease of $6.3 million or 23.8% compared to $26.4 million for the three months ended June 30, 2023. The decrease primarily consists of decreases in hardware revenues from terminals of $2.8 million, kitchen display systems of $2.1 million, and peripherals (scanners, printers, and components) of $0.6 million. These decreases were all substantially driven by the timing of tier one enterprise customer hardware refresh cycles, onboarding of Operator Cloud customers buying hardware, and the Company's market launch of its next generation PAR headset.
Subscription service revenues were $44.9 million for the three months ended June 30, 2024, an increase of $14.5 million or 47.7% compared to $30.4 million for the three months ended June 30, 2023. The increase includes increased subscription service revenues from our Engagement Cloud services of $9.1 million, of which revenues of $10.1 million were contributed by the business and products that we acquired in the Stuzo Acquisition, and now sold under PAR Retail. Refer to “Note 3 – Acquisitions” of the notes to interim condensed consolidated financial statements in "Part I, Item 1. Financial Statements and Supplementary Data" of this Quarterly Report for additional information regarding Stuzo and the Stuzo Acquisition. Our Operator Cloud services increased $5.3 million driven by an 18.4% increase in active sites and a 14.0% increase in average revenue per site equally driven by cross-selling initiatives, upselling, and price increases.
Professional service revenues were $13.2 million for the three months ended June 30, 2024, an increase of $0.4 million or 3.1% from $12.8 million for the three months ended June 30, 2023. The increase was substantially driven by a $1.0 million increase in hardware repair services and a $0.5 million increase in field operations, partially offset by a $1.2 million decrease in installation services.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Hardware | $ | 38,342 | | | $ | 53,167 | | | 25.9 | % | | 38.5 | % | | (27.9) | % |
| | | | | | | | | |
Subscription service | 83,251 | | | 58,337 | | | 56.2 | % | | 42.2 | % | | 42.7 | % |
Professional service | 26,630 | | | 26,609 | | | 18.0 | % | | 19.3 | % | | 0.1 | % |
Total revenues, net | $ | 148,223 | | | $ | 138,113 | | | 100.0 | % | | 100.0 | % | | 7.3 | % |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
Total revenues were $148.2 million for the six months ended June 30, 2024, an increase of $10.1 million or 7.3% compared to $138.1 million for the six months ended June 30, 2023.
Hardware revenues were $38.3 million for the six months ended June 30, 2024, a decrease of $14.8 million or 27.9% compared to $53.2 million for the six months ended June 30, 2023. The decrease primarily consists of decreases in hardware revenues from terminals of $6.0 million, peripherals of $3.4 million, and kitchen display systems of $3.4 million. These decreases were all substantially driven by the timing of tier one enterprise customer hardware refresh cycles, onboarding of Operator Cloud customers buying hardware, and the Company's market launch of its next generation PAR headset.
Subscription service revenues were $83.3 million for the six months ended June 30, 2024, an increase of $24.9 million or 42.7% compared to $58.3 million for the six months ended June 30, 2023. The increase was substantially driven by increased subscription service revenues from our Engagement Cloud services of $13.6 million, of which revenues of $12.7 million were contributed by the business and products that we acquired in the Stuzo Acquisition, and now sold under PAR Retail. The residual increase of $0.9 million from our Engagement Cloud services was driven by a 3.9% organic increase in active sites. Our Operator Cloud services increased $11.2 million driven by a 19.7% increase in active sites and a 17.8% increase in average revenue per site equally driven by cross-selling initiatives, upselling, and price increases.
Professional service revenues were $26.6 million for the six months ended June 30, 2024, which was relatively unchanged from $26.6 million for the six months ended June 30, 2023.
Gross Margin
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Gross Margin Percentage | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Hardware | $ | 4,577 | | | $ | 5,064 | | | 22.8 | % | | 19.2 | % | | 3.6 | % |
| | | | | | | | | |
Subscription service | 23,831 | | | 13,139 | | | 53.1 | % | | 43.3 | % | | 9.8 | % |
Professional service | 3,620 | | | 983 | | | 27.5 | % | | 7.7 | % | | 19.8 | % |
Total gross margin | 32,028 | | | 19,186 | | | 41.0 | % | | 27.6 | % | | 13.4 | % |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
Total gross margin as a percentage of revenue for the three months ended June 30, 2024, increased to 41.0% as compared to 27.6% for the three months ended June 30, 2023.
Hardware margin as a percentage of hardware revenue for the three months ended June 30, 2024, increased to 22.8% as compared to 19.2% for the three months ended June 30, 2023. The increase in margin primarily consisted of increased margins from terminals and kitchen display systems, both substantially driven by price increases.
Subscription service margin as a percentage of subscription service revenue for the three months ended June 30, 2024, increased to 53.1% as compared to 43.3% for the three months ended June 30, 2023. The increase was substantially driven by a continued focus on efficiency improvements with our hosting and customer support costs as well as improved margins stemming from post-acquisition operations of PAR Retail.
Professional service margin as a percentage of professional service revenue for the three months ended June 30, 2024, increased to 27.5% as compared to 7.7% for the three months ended June 30, 2023. The increase primarily consists of increases in margins for hardware service repair and field operations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | Gross Margin Percentage | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Hardware | $ | 8,633 | | | $ | 9,460 | | | 22.5 | % | | 17.8 | % | | 4.7 | % |
| | | | | | | | | |
Subscription service | 43,616 | | | 27,179 | | | 52.4 | % | | 46.6 | % | | 5.8 | % |
Professional service | 5,837 | | | 3,459 | | | 21.9 | % | | 13.0 | % | | 8.9 | % |
Total gross margin | 58,086 | | | 40,098 | | | 39.2 | % | | 29.0 | % | | 10.2 | % |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
Total gross margin as a percentage of revenue for the six months ended June 30, 2024, increased to 39.2% as compared to 29.0% for the six months ended June 30, 2023.
Hardware margin as a percentage of hardware revenue for the six months ended June 30, 2024, increased to 22.5% as compared to 17.8% for the six months ended June 30, 2023. The increase in margin primarily consisted of improved inventory management resulting in lower excess and obsolescent inventory charges, and improved margins from terminals and kitchen display systems, primarily driven by price increases.
Subscription service margin as a percentage of subscription service revenue for the six months ended June 30, 2024, increased to 52.4% as compared to 46.6% for the six months ended June 30, 2023. The increase was substantially driven by a continued focus on efficiency improvements with our hosting and customer support costs as well as improved margins stemming from post-acquisition operations of PAR Retail.
Professional service margin as a percentage of professional service revenue for the six months ended June 30, 2024, increased to 21.9% as compared to 13.0% for the six months ended June 30, 2023. The increase primarily consists of an increase in margin for hardware service repair and field operations.
Sales and Marketing Expense ("S&M")
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| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Sales and marketing | $ | 9,811 | | | $ | 10,075 | | | 12.6 | % | | 14.5 | % | | (2.6) | % |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
S&M expenses were $9.8 million for the three months ended June 30, 2024, a decrease of $0.3 million or 2.6% compared to $10.1 million for the three months ended June 30, 2023. The decrease primarily consists of a decrease in organic S&M expense of $1.1 million due to decreases in marketing expense and commissions, partially offset by an increase in inorganic S&M expense of $0.8 million stemming from post-acquisition operations of PAR Retail.
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| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Sales and marketing | $ | 20,737 | | | $ | 19,473 | | | 14.0 | % | | 14.1 | % | | 6.5 | % |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
S&M expenses were $20.7 million for the six months ended June 30, 2024, an increase of $1.3 million or 6.5% compared to $19.5 million for the six months ended June 30, 2023. The increase primarily consists of an increase in inorganic S&M expense of $1.0 million stemming from post-acquisition operations of PAR Retail. Organic S&M expense remained flat for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
General and Administrative Expense ("G&A")
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| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
General and administrative | $ | 25,369 | | | $ | 16,434 | | | 32.5 | % | | 23.6 | % | | 54.4 | % |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
G&A expenses were $25.4 million for the three months ended June 30, 2024, an increase of $8.9 million or 54.4% compared to $16.4 million for the three months ended June 30, 2023. The increase primarily consists of a $2.7 million increase in stock-based compensation and a $1.7 million increase in costs related to transaction due diligence, which are both classified as non-GAAP adjustments for management reporting. Please refer to "Non-GAAP Financial Measures" below for additional information regarding non-GAAP adjustments.
The residual increase was primarily driven by inorganic G&A expense of $1.2 million stemming from post-acquisition operations of PAR Retail and higher organic compensation costs of $2.2 million.
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| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
General and administrative | $ | 50,544 | | | $ | 35,401 | | | 34.1 | % | | 25.6 | % | | 42.8 | % |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
G&A expenses were $50.5 million for the six months ended June 30, 2024, an increase of $15.1 million or 42.8% compared to $35.4 million for the six months ended June 30, 2023. The increase primarily consists of increases of $5.0 million in costs related to transaction due diligence, $4.5 million in stock-based compensation, $0.6 million in severance, and $0.5 million in depreciation and amortization, which are classified as non-GAAP adjustments for management reporting. Please refer to "Non-GAAP Financial Measures" below for additional information regarding non-GAAP adjustments.
The residual increase was primarily driven by inorganic G&A expense of $1.5 million stemming from post-acquisition operations of PAR Retail and higher organic compensation costs of $2.5 million.
Research and Development Expenses ("R&D")
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| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Research and development | $ | 16,237 | | | $ | 14,888 | | | 20.8 | % | | 21.4 | % | | 9.1 | % |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
R&D expenses were $16.2 million for the three months ended June 30, 2024, an increase of $1.3 million or 9.1% compared to $14.9 million for the three months ended June 30, 2023. The increase primarily consists of an increase in inorganic R&D expense of $2.3 million driven by post-acquisition operations of PAR Retail, partially offset by a decrease in organic R&D expense for our other Engagement Cloud offerings of $0.8 million as we right sized our headcount associated with our early stage product offerings.
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| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Research and development | $ | 32,005 | | | $ | 29,203 | | | 21.6 | % | | 21.1 | % | | 9.6 | % |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
R&D expenses were $32.0 million for the six months ended June 30, 2024, an increase of $2.8 million or 9.6% compared to $29.2 million for the six months ended June 30, 2023. The increase primarily consists of an increase in inorganic R&D expense of $2.9 million driven by post-acquisition operations of PAR Retail. Organic R&D expense remained flat for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
Other Operating Expenses
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| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Amortization of identifiable intangible assets | $ | 1,946 | | | $ | 465 | | | 2.5 | % | | 0.7 | % | | > 200% |
Adjustment to contingent consideration liability | (600) | | | (2,300) | | | (0.8) | % | | (3.3) | % | | (73.9) | % |
Gain on insurance proceeds | — | | | (500) | | | — | % | | (0.7) | % | | (100.0) | % |
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For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
Amortization of identifiable intangible assets was $1.9 million for the three months ended June 30, 2024, an increase of $1.5 million as compared to $0.5 million for the three months ended June 30, 2023. The increase primarily consists of an increase in amortizable intangible assets stemming from the Stuzo Acquisition.
Included in operating expenses for the three months ended June 30, 2024, was a $0.6 million decrease to the fair value of the contingent consideration liability for certain post-closing revenue focused milestones from the MENU Acquisition compared to a $2.3 million decrease for the three months ended June 30, 2023.
Gain on insurance proceeds was $0.5 million for the three months ended June 30, 2023, which consists of $0.5 million in proceeds received from the settlement of a legacy insurance claim. There was no comparable gain for the three months ended June 30, 2024.
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| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Amortization of identifiable intangible assets | $ | 2,878 | | | $ | 929 | | | 1.9 | % | | 0.7 | % | | > 200% |
Adjustment to contingent consideration liability | (600) | | | (7,500) | | | (0.4) | % | | (5.4) | % | | (92.0) | % |
Gain on insurance proceeds | — | | | (500) | | | — | % | | (0.4) | % | | (100.0) | % |
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For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
Amortization of identifiable intangible assets was $2.9 million for the six months ended June 30, 2024, an increase of $1.9 million as compared to $0.9 million for the six months ended June 30, 2023. The increase was primarily driven by an increase in amortizable intangible assets stemming from the Stuzo Acquisition.
Included in operating expenses for the six months ended June 30, 2024, was a $0.6 million decrease to the fair value of the contingent consideration liability for certain post-closing revenue focused milestones from the MENU Acquisition compared to a $7.5 million decrease for the six months ended June 30, 2023.
Gain on insurance proceeds was $0.5 million for the six months ended June 30, 2023, which consists of $0.5 million in proceeds received from the settlement of a legacy insurance claim. There was no comparable gain for the six months ended June 30, 2024.
Other (Expense) Income, Net
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| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Other (expense) income, net | $ | (610) | | | $ | 155 | | | (0.8) | % | | 0.2 | % | | (493.5) | % |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
Other (expense) income, net was $(0.6) million for the three months ended June 30, 2024, a decrease of $0.8 million compared to $0.2 million for the three months ended June 30, 2023. Other (expense) income, net primarily consists of rental income, net of applicable expenses, foreign currency transactions gains and losses and other non-operating income/expenses. The change was substantially driven by increases in sales and use tax expense and other miscellaneous expenses.
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| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Other (expense) income, net | $ | (310) | | | $ | 146 | | | (0.2) | % | | 0.1 | % | | (312.3) | % |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
Other (expense) income, net was $(0.3) million for the six months ended June 30, 2024, a decrease of $0.5 million compared to $0.1 million for the six months ended June 30, 2023. Other (expense) income, net primarily consists of rental income, net of applicable expenses, foreign currency transactions gains and losses and other non-operating income/expenses. The change was substantially driven by increases in sales and use tax expense and other miscellaneous expenses.
Interest Expense, Net
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| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Interest expense, net | $ | (1,630) | | | $ | (1,735) | | | (2.1) | % | | (2.5) | % | | (6.1) | % |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
Interest expense, net was relatively unchanged at $1.6 million for the three months ended June 30, 2024 as compared to $1.7 million for the three months ended June 30, 2023.
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| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Interest expense, net | $ | (3,338) | | | $ | (3,402) | | | (2.3) | % | | (2.5) | % | | (1.9) | % |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
Interest expense, net was relatively unchanged at $3.3 million for the six months ended June 30, 2024 as compared to $3.4 million for the six months ended June 30, 2023.
Taxes
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| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Provision for income taxes | $ | (612) | | | $ | (383) | | | (0.8) | % | | (0.6) | % | | 59.8 | % |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
Provision for income taxes was $0.6 million for the three months ended June 30, 2024, an increase of $0.2 million as compared to $0.4 million for the three months ended June 30, 2023. The change was substantially driven by an increase in foreign jurisdiction tax obligations.
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| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Benefit from (provision for) income taxes | $ | 7,173 | | | $ | (698) | | | 4.8 | % | | (0.5) | % | | (1127.7) | % |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
Benefit from (provision for) income taxes was $7.2 million for the six months ended June 30, 2024, an increase of $7.9 million as compared to $(0.7) million for the six months ended June 30, 2023. The change was substantially driven by a reduction of the Company’s valuation allowance which resulted from the establishment of deferred tax liabilities related to the Stuzo Acquisition.
Net Income from Discontinued Operations
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| Three Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Net income from discontinued operations | $ | 77,777 | | | $ | 2,137 | | | 99.5 | % | | 3.1 | % | | > 200% |
For the three months ended June 30, 2024 compared to the three months ended June 30, 2023
Net income from discontinued operations was $77.8 million for the three months ended June 30, 2024, an increase of $75.6 million as compared to $2.1 million for the three months ended June 30, 2023. The increase was substantially driven by a $76.8 million gain from the sale of PGSC. The residual amount represents PGSC and RRC operating income, offset by a provision for income taxes relating to the gain from the sale of PGSC.
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| Six Months Ended June 30, | | Percentage of total revenue | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | 2024 vs 2023 |
Net income from discontinued operations | $ | 79,855 | | | $ | 5,255 | | | 53.9 | % | | 3.8 | % | | > 200% |
For the six months ended June 30, 2024 compared to the six months ended June 30, 2023
Net income from discontinued operations was $79.9 million for the six months ended June 30, 2024, an increase of $74.6 million as compared to $5.3 million for the six months ended June 30, 2023. The increase was substantially driven by a $76.8 million gain from the sale of PGSC. The residual amount represents PGSC and RRC operating income, offset by a provision for income taxes relating to the gain from the sale of PGSC.
Key Performance Indicators and Non-GAAP Financial Measures:
We monitor certain key performance indicators and non-GAAP financial measures in the evaluation and management of our business; certain key performance indicators and non-GAAP financial measures are provided in this Quarterly Report because we believe they are useful in facilitating period-to-period comparisons of our business performance. Key performance indicators and non-GAAP financial measures do not reflect and should be viewed independently of our financial performance determined in accordance with GAAP. Key performance indicators and non-GAAP financial measures are not forecasts or indicators of future or expected results and should not have undue reliance placed upon them by investors.
Key Performance Indicators
Within this Quarterly Report the Company makes reference to annual recurring revenue, or ARR, and active sites, which are both key performance indicators. The Company uses ARR and active sites as key performance indicators of the scale of our subscription services for both new and existing customers.
ARR is the annualized revenue from our subscription services, which includes subscription fees for our SaaS solutions and related support, managed platform development services, and transaction-based fees for payment processing services. We generally calculate ARR by annualizing the monthly recurring revenue for all
active sites as of the last day of each month for the respective reporting period. ARR is an operating measure, it does not reflect our revenue determined in accordance with GAAP, and ARR should be viewed independently of, and not combined with or substituted for, our revenue and other financial information determined in accordance with GAAP. Further, ARR is not a forecast of future revenue and investors should not place undue reliance on ARR as an indicator of our future or expected results.
Active sites represent locations active on our subscription services as of the last day of the respective reporting period.
Our key performance indicators ARR and active sites are presented as two subscription service product lines: Engagement Cloud (Punchh, PAR Retail, and MENU) and Operator Cloud (Brink POS, PAR Payment Services, PAR Pay, and Data Central).
Annual Recurring Revenue
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| As of June 30, | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 vs 2023 |
Engagement Cloud: | | | | | |
Organic | 67,577 | | | 60,893 | | | 11.0 | % |
Inorganic | 40,356 | | | — | | | — | % |
Total Engagement Cloud* | 107,933 | | | 60,893 | | | 77.3 | % |
Operator Cloud | 84,235 | | | 61,601 | | | 36.7 | % |
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Total | $ | 192,168 | | | $ | 122,494 | | | 56.9 | % |
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*Inorganic Engagement Cloud ARR represents PAR Retail ARR only in the six months ended June 30, 2024. During the three months ended June 30, 2024, PAR Retail ARR was adjusted as of the acquisition date as a result of measurement periods adjustments to the purchase price allocation in accordance with ASC Topic 805, Business Combinations.
Active Sites
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| As of June 30, | | Increase (decrease) |
(in thousands) | 2024 | | 2023 | | 2024 vs 2023 |
Engagement Cloud: | | | | | |
Organic | 73.9 | | | 70.5 | | | 4.8 | % |
Inorganic | 20.7 | | | — | | | — | % |
Total Engagement Cloud* | 94.6 | | | 70.5 | | | 34.2 | % |
Operator Cloud | 27.7 | | | 23.4 | | | 18.4 | % |
*Inorganic Engagement Cloud active sites includes PAR Retail active sites only in the six months ended June 30, 2024.
Non-GAAP Financial Measures
In addition to disclosing financial results in accordance with GAAP, this Quarterly Report contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. Our non-GAAP financial measures reflect adjustments based on one or more of the following items below. The income tax effect of the below adjustments, with the exception of (provision for) benefit from income taxes, were not tax-effected due to the valuation allowance on all of our net deferred tax assets.
Our non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Additionally, these measures may not be comparable to similarly titled measures disclosed by other companies.
Beginning with this Quarterly Report, we have modified our definition of adjusted subscription service gross margin percentage and have renamed this non-GAAP measure to non-GAAP subscription service gross margin percentage. Non-GAAP subscription service gross margin percentage is adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, and severance costs included within subscription service cost of sales. Our prior definition of adjusted subscription service gross margin percentage only excluded amortization from acquired and internally developed software. This change was made to conform with the methodology that we use to calculate other non-GAAP measures, including adjusted EBITDA outlined below, and to align with how management views our core operating performance.
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Non-GAAP Measure | Definition | Usefulness to management and investors |
Non-GAAP subscription service gross margin percentage | Non-GAAP subscription service gross margin percentage represents subscription service gross margin percentage adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, and severance. | We believe that non-GAAP subscription service gross margin percentage and adjusted EBITDA provide useful perspectives with respect to the Company's core operating performance and ongoing cash earnings by adjusting for certain non-cash and non-recurring charges that may not be indicative of our financial performance. |
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Adjusted EBITDA | Adjusted EBITDA represents net income (loss) before income taxes, interest expense and depreciation and amortization adjusted to exclude certain non-cash and non-recurring charges that may not be indicative of our financial performance. |
Non-GAAP diluted net loss per share | Non-GAAP diluted net loss per share represents net loss per share excluding amortization of acquired intangible assets and certain non-cash and non-recurring charges that may not be indicative of our financial performance. | We believe that adjusting our non-GAAP diluted net loss per share to remove non-cash and non-recurring charges provides a useful perspective with respect to the Company's operating performance as well as comparisons to past and competitor operating results. |
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Non-GAAP Adjustment | Definition | Usefulness to management and investors |
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Stock-based compensation | Stock-based compensation consists of charges related to our employee equity incentive plans. | We exclude stock-based compensation because these non-cash charges are not viewed by management as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
Contingent consideration | Adjustment reflects a non-cash reduction to the fair market value of the contingent consideration liability related to the MENU Acquisition. | We exclude changes to the fair market value of our contingent consideration liability because management does not view these non-cash, non-recurring charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
Transaction costs | Adjustment reflects non-recurring professional fees incurred in transaction due diligence, including costs incurred in the acquisitions of Stuzo and TASK. | We exclude professional fees incurred in corporate development because management does not view these non-recurring charges, which are inconsistent in size and are significantly impacted by the timing and valuation of our transactions, as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. |
Gain on insurance proceeds | Adjustment reflects the gain on insurance proceeds due to the settlement of a legacy claim. | We exclude these non-recurring adjustments because these costs do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results. |
Severance | Adjustment reflects the severance included in cost of sales, sales and marketing expense, general and administrative expense, and research and development expense. |
Discontinued operations | Adjustment reflects income from discontinued operations related to the disposition of our Government segment. |
Other expense (income), net | Adjustment reflects foreign currency transaction gains and losses, rental income and losses, and other non-recurring expenses recorded in other expense (income), net, in the accompanying statements of operations. |
(Provision for) benefit from income taxes | Adjustment reflects a partial release of our deferred tax asset valuation allowance resulting from the Stuzo Acquisition. | We exclude these non-cash and non-recurring adjustments for purposes of calculating non-GAAP diluted net loss per share because these costs do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends. |
Non-cash interest | Adjustment reflects non-cash amortization of issuance costs related to the Company's long-term debt. |
Acquired intangible assets amortization | Adjustment reflects amortization expense of acquired developed technology included within cost of sales and amortization expense of acquired intangible assets. |
The tables below provide reconciliations between net income (loss) and adjusted EBITDA, diluted net income (loss) per share and non-GAAP diluted net loss per share, and subscription service gross margin percentage and non-GAAP subscription service gross margin percentage.
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(in thousands) | Three Months Ended June 30, | | Six Months Ended June 30, | | | | |
Reconciliation of Net Income (Loss) to Adjusted EBITDA | 2024 | | 2023 | | 2024 | | 2023 | | | | |
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Net income (loss) | $ | 54,190 | | $ | (19,702) | | $ | 35,902 | | $ | (35,607) | | | | |
Discontinued operations | (77,777) | | (2,137) | | (79,855) | | (5,255) | | | | |
Net loss from continuing operations | (23,587) | | (21,839) | | (43,953) | | (40,862) | | | | |
Provision for (benefit from) income taxes | 612 | | 383 | | (7,173) | | 698 | | | | |
Interest expense, net | 1,630 | | 1,735 | | 3,338 | | 3,402 | | | | |
Depreciation and amortization | 8,834 | | 6,817 | | 16,127 | | 13,584 | | | | |
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Stock-based compensation | 6,286 | | 3,601 | | 10,696 | | 6,609 | | | | |
Contingent consideration | (600) | | (2,300) | | (600) | | (7,500) | | | | |
Transaction costs | 1,573 | | — | | 4,978 | | — | | | | |
Gain on insurance proceeds | — | | (500) | | — | | (500) | | | | |
Severance | 294 | | — | | 1,728 | | 253 | | | | |
Other expense (income), net | 610 | | (155) | | 310 | | (146) | | | | |
Adjusted EBITDA | $ | (4,348) | | $ | (12,258) | | $ | (14,549) | | $ | (24,462) | | | | |
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(in thousands, except per share amounts) | Three Months Ended June 30, | | Six Months Ended June 30, | | | | |
Reconciliation between GAAP and Non-GAAP Diluted Net Income (Loss) per share | 2024 | | 2023 | | 2024 | | 2023 | | | | |
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Diluted net income (loss) per share | $ | 1.60 | | | $ | (0.72) | | | $ | 1.09 | | | $ | (1.30) | | | | | |
Discontinued operations | (2.29) | | | (0.08) | | | (2.42) | | | (0.19) | | | | | |
Diluted net loss per share from continuing operations | (0.69) | | | (0.80) | | | (1.33) | | | (1.49) | | | | | |
Provision for (benefit from) income taxes | 0.01 | | | — | | | (0.23) | | | — | | | | | |
Non-cash interest | 0.02 | | | 0.02 | | | 0.03 | | | 0.04 | | | | | |
Acquired intangible assets amortization | 0.20 | | | 0.16 | | | 0.36 | | | 0.32 | | | | | |
Stock-based compensation | 0.18 | | | 0.13 | | | 0.32 | | | 0.24 | | | | | |
Contingent consideration | (0.02) | | | (0.08) | | | (0.02) | | | (0.27) | | | | | |
Transaction costs | 0.05 | | | — | | | 0.15 | | | — | | | | | |
Gain on insurance proceeds | — | | | (0.02) | | | — | | | (0.02) | | | | | |
Severance | 0.01 | | | — | | | 0.05 | | | 0.01 | | | | | |
Other expense (income), net | 0.02 | | | (0.01) | | | 0.01 | | | (0.01) | | | | | |
Non-GAAP diluted net loss per share | $ | (0.23) | | | $ | (0.60) | | | $ | (0.66) | | | $ | (1.18) | | | | | |
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Diluted weighted average shares outstanding | 34,015 | | | 27,357 | | | 32,935 | | | 27,381 | | | | | |
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| Three Months Ended June 30, | | Six Months Ended June 30, |
Reconciliation between GAAP and Non-GAAP Subscription Service Gross Margin Percentage | 2024 | | 2023 | | 2024 | | 2023 |
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Subscription Service Gross Margin Percentage | 53.1 | % | | 43.3 | % | | 52.4 | % | | 46.6 | % |
Depreciation and amortization | 13.1 | % | | 17.4 | % | | 13.4 | % | | 18.8 | % |
Stock-based compensation | 0.2 | % | | 0.2 | % | | 0.2 | % | | 0.2 | % |
Severance | — | % | | — | % | | 0.1 | % | | — | % |
Non-GAAP Subscription Service Gross Margin Percentage | 66.4 | % | | 60.9 | % | | 66.1 | % | | 65.6 | % |
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LIQUIDITY AND CAPITAL RESOURCES
Our primary sources of liquidity are cash and cash equivalents and short-term investments. As of June 30, 2024, we had cash and cash equivalents of $114.9 million and short-term investments of $27.5 million. Cash and cash equivalents consist of highly liquid investments with maturities of 90 days or less, including money market funds. Short-term investments are held-to-maturity investment securities consisting of investment-grade interest bearing instruments, primarily treasury bills and notes, which are stated at amortized cost.
Cash used in operating activities was $37.4 million for the six months ended June 30, 2024, compared to $12.8 million for the six months ended June 30, 2023. Cash used in operating activities for the six months ended June 30, 2024 primarily consisted of a net loss from continuing operations net of non cash charges of $21.2 million and additional net working capital requirements substantially driven by an increase in accounts receivable of $8.0 million resulting from revenue growth.
Cash used in investing activities was $72.9 million for the six months ended June 30, 2024 compared to $6.2 million for the six months ended June 30, 2023. Cash used in investing activities during the six months ended June 30, 2024 included $166.3 million of cash consideration paid in connection with the Stuzo Acquisition (net of cash acquired) and capital expenditures of $2.7 million for developed technology costs associated with our software platforms, partially offset by $87.1 million of cash consideration received in connection with the disposition of PGSC and $9.4 million of proceeds from net sales of short-term held-to-maturity investments.
Cash provided by financing activities was $191.5 million for the six months ended June 30, 2024, compared to cash used in financing activities of $2.5 million for the six months ended June 30, 2023. Cash provided by financing activities during the six months ended June 30, 2024 primarily consisted of a private placement of common stock of $194.5 million (net of issuance costs). We do not have any off-balance sheet arrangements or obligations.
We expect our available cash and cash equivalents will be sufficient to meet our operating needs for at least the next 12 months. Over the next 12 months our total contractual obligations are $44.6 million, consisting of purchase commitments for normal operations (purchase of inventory, software licensing, use of external labor, and third-party cloud services) of $36.1 million, principal and interest payments on long-term debt of $7.4 million and facility lease obligations of $1.1 million. We expect to fund such commitments with cash provided by operating activities and our sources of liquidity.
Our non-current contractual obligations are $442.7 million, consisting of purchase commitments for normal operations (purchase of inventory, software licensing, use of external labor, and third-party cloud services) of $43.4 million, interest payments of $12.0 million and principal payments of $385.0 million related to long-term debt, and facility leases of $2.3 million. Refer to “Note 8 – Debt” of the notes to interim condensed consolidated financial statements in "Part I, Item 1. Financial Statements and Supplementary Data" of this Quarterly Report for additional information.
Our actual cash needs will depend on many factors, including our rate of revenue growth, growth of our SaaS revenues, the timing and extent of spending to support our product development and acquisition integration efforts, the timing of introductions of new products and enhancements to existing products, market acceptance of our products, and the factors described above in "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations”, elsewhere in this Quarterly Report, in the 2023 Annual Report, and in our other filings with the SEC.
From time to time, we may seek to raise additional capital through equity, equity-linked, and debt financing arrangements. In addition, our board of directors and management regularly evaluate our business, strategy, and financial plans and prospects. As part of this evaluation, the board of directors and management periodically consider strategic alternatives to maximize value for our shareholders, including strategic transactions such as an acquisition, or a sale or spin-off of non-strategic company assets or businesses. We cannot provide assurance that any additional financing or strategic alternatives will be available to us on acceptable terms or at all.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our financial statements are based on the application of accounting principles generally accepted in the United States of America. GAAP requires the use of estimates, assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue, and expense amounts reported. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently applied. Valuations based on estimates are reviewed for reasonableness and adequacy on a consistent basis. Significant items subject to these estimates and assumptions include revenue recognition, stock-based compensation, the recognition and measurement of assets acquired and liabilities assumed in business combinations at fair value, the carrying amount of property, plant, and equipment including right-to-use assets and liabilities, identifiable intangible assets and goodwill, valuation allowances for receivables, valuation of excess and obsolete inventories, and measurement of contingent consideration at fair value. Actual results could differ from these estimates. Our estimates are subject to uncertainties, including those associated with market conditions, risks and trends. Refer to "Part II, Item 1A. Risk Factors" of this Quarterly Report for additional information. Our critical accounting policies have not changed materially from the discussion of those policies included under “Critical Accounting Policies and Estimates” in our 2023 Annual Report.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign Currency Exchange Risk
Our primary exposures relate to certain non-dollar denominated sales and operating expenses in Canada, Europe, Asia, and Australia. These primary currencies are the Great British Pound, the Euro, the Swiss Franc, the Serbian Dinar, the Australian dollar, the Singapore dollar, the Canadian dollar, the Indian Rupee and the Chinese Renminbi. Accordingly, changes in exchange rates may negatively affect our revenue and net income (loss) as expressed in U.S. dollars. We also have foreign currency risk related to foreign currency transactions and monetary assets and liabilities, including intercompany balances denominated in currencies that are not the functional currency. We have experienced and will continue to experience fluctuations in our net income (loss) as a result of gains (losses) on these foreign currency transactions and the remeasurement of monetary assets and liabilities. As of June 30, 2024, the impact of foreign currency exchange rate changes on our revenues and net income (loss) was not material. The volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy.
Interest Rate Risk
As of June 30, 2024, we had $120.0 million, and $265.0 million in aggregate principal amount outstanding on the 2026 Notes and the 2027 Notes, respectively.
We carry the long-term debt at face value less amortized debt issuance costs on the condensed consolidated balance sheets. Since the long-term debt bears interest at fixed rates, we have no financial statement risk associated with changes in interest rates. However, the fair value of the long-term debt changes when the market price of our common stock fluctuates or interest rates change.
Item 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2024. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2024.
Changes in Internal Control Over Financial Reporting
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, did not identify changes that occurred in our internal control over financial reporting during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Part II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
The information in Note 12 – "Commitments and Contingencies” of the notes to the financial statements in Part I, Item 1. "Financial Statements" is incorporated herein by reference. We do not believe that we have any pending litigation that would have a material adverse effect on our financial condition or results of operations.
Item 1A. RISK FACTORS
The risks described in the Part I, Item 1A. "Risk Factors” section of our 2023 Annual Report could materially and adversely affect our business, financial condition, and results of operations, and the trading price of our common stock could decline. Except as modified, updated, or supplemented below, the Risk Factors section in our 2023 Annual Report remains current in all material respects. Refer also to the other information set forth in this Quarterly Report, including in the sections "Forward-Looking Statements," Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations," and Part 1, Item 1. "Financial Statements (unaudited)."
We may not have sufficient cash flow from our operating subsidiaries to pay our debt, which may seriously harm our business.
As of June 30, 2024, we had $385.0 million of aggregate principal amount outstanding under our 2.875% Convertible Senior Notes due 2026 (the “2026 Notes”) and 1.50% Convertible Senior Notes due 2027 (the “2027 Notes”, and together with the 2026 Notes, the “Senior Notes”). On July 5, 2024, we entered into the Credit Agreement which provided for a $90.0 million term loan (the "Credit Facility"). Our ability to make scheduled payments or to refinance the Senior Notes and Credit Facility depends on our performance, which is subject to economic, financial, competitive, geopolitical, and other factors that may be beyond our control. If our operating subsidiaries are unable to generate sufficient cash flow from operations to service our debt under the Senior Notes and Credit Facility, we may be required to adopt one or more alternatives to secure cash flow, such as selling assets or obtaining additional capital; any sale of assets or transaction to raise capital could be on terms that may be onerous or highly dilutive. Our ability to raise funds through debt or equity issuances and otherwise access the credit and capital markets at the times and in the amounts needed and on acceptable terms will depend on our financial condition and the condition of the capital markets at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default under the indentures governing the Senior Notes, the Credit Agreement governing the Credit Facility and other debt obligations.
Our indebtedness under the Senior Notes and Credit Facility, could, among other things, restrict or limit our ability to plan and react to changes in our business and our industries; place us at a disadvantage compared to our competitors who have less debt; and limit our ability to borrow additional amounts to fund acquisitions, for working capital, and for other general corporate purposes.
The covenants in the Credit Agreement that govern our Credit Facility may limit our operating and financial flexibility.
The covenants in the Credit Agreement limit our ability to:
•incur debt and liens;
•make investments, loans and advances;
•consummate a merger or consolidation;
•sell, lease, assign, transfer or otherwise dispose of property;
•declare or pay dividends;
•prepay, redeem or repurchase debt;
•engage in affiliate transactions;
•change our business; and
•terminate or modify our organizational documents.
Under the Credit Agreement, the Company is required to maintain liquidity of at least $20 million and a first lien net annual recurring revenue leverage ratio of no greater than 1.25 to 1.00.
These covenants may limit our ability to make strategic acquisitions, fund investments or otherwise engage in other business activities that could be in our interest.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On June 12, 2024, the Company issued 11,018 shares of its common stock, representing an issuance date fair value of $0.5 million, as a stock award to a former employee in connection with the sale of PGSC. The shares of common stock were issued without registration in a private transaction exempt from registration pursuant to Section 4(a)(2) of the Securities Act.
Under our equity incentive plan, employees may elect to have us withhold shares to satisfy minimum statutory federal, state and local tax withholding obligations arising from the vesting of their restricted stock and restricted stock units. When we withhold these shares, we are required to remit to the appropriate taxing authorities the market price of the shares withheld, which could be deemed a purchase of shares by us on the date of withholding. For the three months ended June 30, 2024, 4,684 shares were withheld.
The table below presents information regarding the Company's purchases of its common stock for the time periods presented.
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Period | | Total Number of Shares Withheld | | Average Price Paid Per Share |
April 1, 2024 - April 30, 2024 | | — | | | $ | — | |
May 1, 2024 - May 31, 2024 | | — | | | $ | — | |
June 1, 2024 - June 30, 2024 | | 4,684 | | | $ | 45.26 | |
Total | | 4,684 | | | $ | 45.26 | |
Item 5. OTHER INFORMATION
During the three months ended June 30, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K).
Item 6. EXHIBITS
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Exhibit Number | | Incorporated by reference into this Quarterly Report on Form 10-Q | Date Filed or Furnished |
Exhibit Description | Form | Exhibit No. |
2.1 | | Form 8-K (File No.001-09720) | 2.1 | 6/10/2024 |
3.1 | | Form 8-K (File No.001-09720) | 3.2 | 6/6/2024 |
3.2 | | Form 8-K (File No.001-09720) | 3.1 | 2/14/2024 |
10.1 | | | | Filed herewith |
31.1 | | | | Filed herewith |
31.2 | | | | Filed herewith |
32.1 | | | | Furnished herewith |
32.2 | | | | Furnished herewith |
101.INS | Inline XBRL Instance Document | | | Filed herewith |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | | | Filed herewith |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | | Filed herewith |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | | | Filed herewith |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | | | Filed herewith |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | | Filed herewith |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | | | Filed herewith |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | PAR TECHNOLOGY CORPORATION |
| | (Registrant) |
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Date: | August 8, 2024 | /s/ Bryan A. Menar |
| | Bryan A. Menar |
| | Chief Financial Officer |
| | (Principal Financial Officer) |
AMENDED AND RESTATED
PAR TECHNOLOGY CORPORATION
2015 EQUITY INCENTIVE PLAN
1.Purpose and Eligibility. The purpose of this Amended and Restated 2015 Equity Incentive Plan (the “Plan”) of PAR Technology Corporation, a Delaware corporation (the “Company”) is to provide stock options, stock issuances and other equity interests in the Company (each, an “Award”) to employees, officers, directors, consultants and advisors of the Company and its Subsidiaries. Any person to whom an Award has been granted under the Plan is called a “Participant”. Except where the context otherwise requires, the term “Company” shall include any of the Company’s present or future Subsidiary. Additional definitions are contained in Section 10.
2.Administration.
a.Administration by Board of Directors. The Plan will be administered by the Board of Directors of the Company (the “Board”). The Board, in its sole discretion, shall have the authority to grant and amend Awards. The Board shall have authority, subject to the express limitations of the Plan, (i) to construe and determine the respective Award Agreements (defined below), Awards and the Plan, (ii) to prescribe, amend and rescind rules and regulations relating to the Plan and any Awards, (iii) to determine the terms and conditions of the Awards, and (iv) to make all other determinations or certifications and take such other actions that, in the judgment of the Board, are necessary or desirable for the administration and interpretation of the Plan. The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent it shall deem expedient to carry-out the Plan or to effectuate any Award and it shall be the sole and final judge of such expediency. All decisions by the Board shall be final and binding on all interested persons. A Participant or other holder of an Award may contest a decision or action by the Board or other person exercising authority under the Plan only on the grounds that such decision or action was arbitrary or capricious or was unlawful, and any review of such decision or action shall be limited to determining whether the Board’s or such other person’s decision or action was arbitrary or capricious or was unlawful.
b.Appointment of Committee. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan to the Compensation Committee of the Board (the “Committee”). All references in the Plan to the “Board” shall include the Committee to the extent that some or all of such powers have been delegated to the Committee.
c.Delegation to Executive Officers. To the extent permitted by applicable law, the Board or Committee may delegate to one or more executive officers of the Company the power to grant Awards and exercise such other powers under the Plan as the Board or Committee may determine, provided that the Board or Committee shall fix the maximum number of Awards to be
granted and the maximum number of shares of Common Stock issuable to any one Participant pursuant to Awards granted by such executive officers, and shall provide that no authorized executive officer may designate himself or herself or any Reporting Person (as defined below) as a recipient of any Award. Any actions taken by any executive officer of the Company pursuant to such delegation of authority shall be deemed to have been taken by the Board or the Committee, as applicable.
d.Applicability of Section Rule 16b-3. The Plan shall be administered in a manner consistent with Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor rules (“Rule 16b-3”), such that all Awards to Reporting Persons shall be exempt under such rule. Those provisions of the Plan that make express reference to Rule 16b-3 or are required in order for certain transactions to qualify for exemption under Rule 16b-3 shall apply only to such persons as are required to file reports under Section 16(a) of the Exchange Act (a “Reporting Person”).
e.Applicability of Section 162 (m). Any provisions in the Plan to the contrary notwithstanding, whenever the Board is authorized to exercise its discretion in the administration or amendment of the Plan or any Award hereunder or otherwise, the Board may not exercise such discretion in a manner that would cause any outstanding Award that would otherwise qualify as performance-based compensation under Section 162(m) of the Code to fail to so qualify under Section 162(m).
3.Stock Available for Awards.
a.Number of Shares. Subject to adjustment under Section 3(d), the aggregate number of shares of Common Stock that may be issued under the Plan is 6,350,000; 100% of such shares of Common Stock may be issued as Incentive Stock Options. If any Award expires, or is terminated, surrendered or forfeited, in whole or in part, the unissued Common Stock covered by such Award shall again be available for the grant of Awards under the Plan. Shares to be delivered under the Plan may consist, in whole or in part, of authorized but unissued Common Stock or treasury stock.
b.Per-Participant Limit. Subject to adjustment under Section 3(d), no Participant may be granted Awards during any one fiscal year to purchase more than the number of shares of Common Stock that are authorized for issuance under the Plan.
c.Outside Director Awards. The aggregate dollar value of Awards (based on the grant date Fair Market Value of any such Awards) granted under the Plan during any calendar year to any non-employee director of the Board (each an “Outside Director”) shall not exceed $200,000; provided, however, that in the calendar year in which an Outside Director first joins the Board or is first designated as an Outside Director, the aggregate dollar value of Awards granted to the Outside Director may be up to 200% of the foregoing limit.
d.Adjustment to Stock. Subject to Section 7, in the event of a Capitalization Adjustment, the Board or Committee will appropriately and proportionately adjust (i) the number and class(es) of Stock available for Awards under the Plan and the per- Participant share limit; (ii) the class(es) and maximum number of shares of Stock that may be issued pursuant to the exercise of Incentive Stock Options; and (iii) the class(es) and number of shares of Stock or other property and value (including the price per share of Stock) subject to outstanding Awards. The Board or Committee will make such adjustments, and its determination will be final, binding and conclusive.
e.Substitute Awards. To the maximum extent permitted by applicable law and any securities exchange or NYSE rule, Awards granted or Stock issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company or any Subsidiary, or with which the Company or any Subsidiary combines (“Substitute Awards”) shall not be charged against the limitation provided for in Section 3(a). The terms and conditions of the Substitute Awards may vary from the terms and conditions set forth in the Plan to the extent the Board or Committee may deem appropriate to conform, in whole or in part, to the provisions of the awards being assumed, substituted or exchanged. Additionally, in the event that a company acquired by the Company or any Subsidiary, or with which the Company or any Subsidiary combines, has shares available under a pre-existing plan approved by the acquired company’s stockholders and not adopted in contemplation of such acquisition or combination, such shares (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of the same class of shares of the company party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the shares of Stock authorized for issuance under the Plan; provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were employees of such acquired or combined company before such acquisition or combination or to any employee who first commences employment with the Company or any Subsidiary after such acquisition or combination.
4.Stock Options.
a.General. The Board or Committee may grant options to purchase shares of Common Stock (each, an “Option”) and determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option and the shares of Common Stock issued upon the exercise of each Option, including, but not limited to, vesting provisions, and restrictions relating to applicable federal or state securities laws. Each Option will be evidenced by a Stock Option Agreement (a “Stock Option Agreement”).
b.Incentive Stock Options. An Option that the Board or Committee intends to be an incentive stock option (an “Incentive Stock Option”) as defined in Section 422 of the Code (“Section 422”) shall be granted only to an employee of the Company or a Subsidiary and shall be subject to and shall be construed consistently with the requirements of Section 422 and regulations thereunder. Neither the Board, Committee nor the Company shall have any liability if an Option or any part thereof that is intended to be an Incentive Stock Option does not qualify as such. An Option or any part thereof that does not qualify as an Incentive Stock Option is referred to herein as a “Nonstatutory Stock Option” or “Non-Qualified Stock Option.”
c.Dollar Limitation. For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other incentive stock option plans of the Company) which are intended to qualify as Incentive Stock Options shall not qualify as Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for shares of Common Stock with an aggregate Fair Market Value (determined as of the respective date or dates of grant) of more than $100,000. The amount of Incentive Stock Options which exceed such $100,000 limitation shall be deemed to be Non-Qualified Stock Options. For the purpose of this limitation, unless otherwise required by the Code or determined by the Board or Committee, Options shall be taken into account in the order granted, and the Board or Committee may designate that portion of any Incentive Stock Option that shall be treated as a Non-Qualified Stock Option in the event that the provisions of this paragraph apply to a portion of any Option. The designation described in the preceding sentence may be made at such time as the Board or Committee considers appropriate, including after the issuance of the Option or at the time of its exercise.
d.Exercise Price. The Board or Committee shall establish the exercise price (or determine the method by which the exercise price shall be determined) at the time each Option is granted and specify the exercise price in the applicable Stock Option Agreement, provided, however, in no event may the per share exercise price be less than the Fair Market Value (as defined below) of the Common Stock on the date of grant. In the case of an Incentive Stock Option granted to a Participant who, on the date of grant, owns Common Stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company, the exercise price shall be not less than 110% of the Fair Market Value of the Common Stock on the date of grant.
e.Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board or Committee may specify in the applicable Stock Option Agreement, but no Option will be exercisable more than ten (10) years from the date of grant; provided, in the case of an Incentive Stock Option granted to a Participant who, on the date of grant, owns Common Stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company, the term of the Option shall be no longer than five (5) years from the date of grant.
f.Exercise of Option. Options may be exercised only by delivery to the Company of a written notice of exercise signed by the proper person together with payment in full as specified in Section 4(g) and the Stock Option Agreement for the number of shares of Common Stock for which the Option is exercised.
g.Payment Upon Exercise. Common Stock purchased upon the exercise of an Option shall be paid for by one or any combination of the following forms of payment as permitted by the Board or Committee in its sole and absolute discretion:
i.by cash or check payable to the order of the Company;
ii.only if the Common Stock is then publicly traded, by delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price, or delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price;
iii.by the delivery of shares of Common Stock owned by the Participant having a Fair Market Value on the date of exercise equal to the exercise price;
iv.by the surrender of shares of Common Stock issuable upon the exercise of the Option having a Fair Market Value on the date of exercise equal to the exercise price; or
v.payment of such other lawful consideration as the Board may determine.
The Board or Committee shall determine in its sole and absolute discretion and subject to the securities laws and the Company’s insider trading policy whether to accept consideration other than cash.
h.Determination of Fair Market Value. For purposes of the Plan, “Fair Market Value” will be determined as follows: (i) if the Common Stock trades on a national securities exchange, the closing sale price (for the primary trading session) for a share of Common Stock on the date of grant; or (ii) if the Company Stock does not trade on any such exchange, the average of the closing bid and asked prices for a share of Common Stock on the date of grant as reported by an over-the-counter marketplace designated by the Board; or (iii) if the Common Stock is not publicly traded, the Board will determine the Fair Market Value of a share of Common Stock for purposes of the Plan using any measure of value it determines to be appropriate (including, as it considers appropriate, relying on appraisals). For any date that is not a trading day, the Fair Market Value of a share of Common Stock for such date will be determined by using the closing sale price or average of the bid and asked prices, as applicable, for the immediately preceding trading day and with the timing formulas specified in clauses (i) and (ii) above adjusted accordingly. The Board has sole discretion to determine the Fair Market Value of a share of Common Stock for purposes of the Plan, and all Awards are conditioned on
the Participants’ agreement that the Board’s determination is conclusive and binding even though others might make a different determination.
i.No Repricing of Options or Stock Appreciation Rights (“SAR”). Unless otherwise approved by the Company’s stockholders, the Board or the Committee may not “reprice” any Option or SAR. For purposes of this Section 4(i) , “reprice” means any of the following or any other action that has the same effect: (i) amending an Option or SAR to reduce its exercise price or base price, (ii) canceling an Option or SAR at a time when its exercise price or base price exceeds the Fair Market Value of a share of Common Stock in exchange for cash or an Option, SAR, or other equity award or (iii) taking any other action that is treated as a repricing under GAAP, provided that nothing in this Section 4(i) shall prevent the Board or the Committee from making adjustments pursuant to Section 3(d).
5.Restricted Stock.
a.Grants. The Board or Committee may grant Awards entitling recipients to acquire shares of Common Stock subject to such terms and conditions as shall be established by the Board or Committee consistent with the Plan (each, a “Restricted Stock Award”). Each Restricted Stock Award will be evidenced by a Restricted Stock Award Agreement (a “Restricted Stock Award Agreement”).
b.Terms and Conditions; Stock Certificates. The Board or Committee shall determine the terms and conditions of any Restricted Stock Award. Any stock certificates issued in respect of shares of a Restricted Stock Award shall be registered in the name of the Participant and, unless otherwise determined by the Board or Committee, deposited by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). After the expiration of the applicable restrictions, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or, if the Participant has died, to his or her Designated Beneficiary. “Designated Beneficiary” means (i) the beneficiary designated, in a manner determined by the Board or Committee, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or (ii) in the absence of an effective designation by a Participant, the Participant’s estate.
6.Other Stock-Based Awards. The Board or Committee shall have the right to grant other Awards based upon the Common Stock having such terms and conditions as the Board or Committee may determine, including, without limitation, the grant of shares based upon certain conditions, the grant of securities convertible into Common Stock and the grant of SARs, phantom stock awards or stock units; provided, however, that any such grant that would be subject to Section 409A of the Code, shall in all respects be compliant with Section 409A.
7.General Provisions Applicable to Awards.
a.Transferability of Awards. Except as the Board or Committee may otherwise determine or provide in an Award or Award Agreement, Awards shall not be sold, assigned,
transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution; and, during the life of the Participant, shall only be exercisable by the Participant; provided, however, except as the Board or Committee may otherwise determine or provide in an Award or Award Agreement, Non-Statutory Options and Restricted Stock Awards may be transferred during the Participant’s lifetime pursuant to a domestic relations order (as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder) or to a grantor-retained annuity trust or a similar estate-planning vehicle in which the trust is bound by all provisions of the Award Agreement, which are applicable to the Participant. References to a Participant, to the extent relevant in the context, shall include references to transferees authorized by this paragraph.
b.Documentation. Each Award under the Plan shall be evidenced by a written instrument in such form as the Board shall determine or as executed by a duly authorized officer of the Company pursuant to authority delegated by the Board or Committee (including a Stock Option Agreement and Restricted Stock Award Agreement, an “Award Agreement”). Each Award may contain terms and conditions in addition to those set forth in the Plan, provided that such terms and conditions do not contravene the provisions of the Plan or applicable law.
c.Discretion. The terms of each type of Award need not be identical, and the Board or Committee need not treat Participants uniformly.
d.Change of Control of the Company. Unless otherwise expressly provided in the applicable Award or Award Agreement, in connection with the occurrence of a Change in Control (as defined below), the Board or Committee shall, in its sole discretion, as to any outstanding Award (including any portion thereof; on the same basis or on different bases, as the Board or Committee shall specify), take one or any combination of the following actions:
i.make appropriate provision for the continuation of the Award by the Company or the assumption of the Award by the surviving or acquiring entity and by substituting on an equitable basis for the shares of Common Stock then subject to the Award either (x) the consideration payable with respect to the outstanding shares of Common Stock in connection with the Change of Control, (y) shares of stock of the surviving or acquiring corporation or (z) such other securities as the Board or Committee deems appropriate, the Fair Market Value of which (as determined by the Board in its sole discretion) shall not materially differ from the Fair Market Value of the shares of Common Stock subject to the Award immediately preceding the Change of Control;
ii.accelerate the date of exercise or vesting of the Award; or
iii.permit the exchange of the Award for the right to participate in any stock option or other employee benefit plan of any successor corporation.
For the purpose of this Agreement, a “Change of Control” shall mean:
i.The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the then outstanding shares of voting stock of the Company (the “Outstanding Voting Stock”); provided, however, that any acquisition by the Company or its Subsidiaries, or any employee benefit plan (or related trust) of the Company or its Subsidiaries of 50% or more of Outstanding Voting Stock shall not constitute a Change in Control; and provided, further, that any acquisition by a corporation with respect to which, following such acquisition, more than 50% of the then outstanding shares of common stock of such corporation, is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Voting Stock immediately prior to such acquisition in substantially the same proportion as their ownership immediately prior to such acquisition, of the Outstanding Voting Stock, shall not constitute a Change in Control; or
ii.Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute a majority of the members of the Board; provided that any individual who becomes a director after the Effective Date whose election or nomination for election by the Company’s stockholders was approved by a majority of the members of the Incumbent Directors (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened “election contest” relating to the election of the Directors of the Company (as such terms are used in Rule 14a-11 under the Exchange Act), “tender offer” (as such term is used in Section 14(d) of the Exchange Act) or a proposed Merger (as defined below) shall be deemed to be members of the Incumbent Directors; or
iii.The consummation of (A) a reorganization, merger or consolidation (any of the foregoing, a “Merger”), in each case, with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Voting Stock immediately prior to such Merger do not, following such Merger, beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock of the corporation resulting from Merger in substantially the same proportion as their ownership immediately prior to such Merger, (B) a complete liquidation or dissolution of the Company or (C) the sale or other disposition of all or substantially all of the assets of the Company, excluding a sale or other disposition of assets to a Subsidiary.
e.Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Board or Committee shall notify each Participant as soon as practicable prior to the effective date of such proposed transaction. The Board or Committee in its sole discretion may provide for a Participant to have the right to exercise his or her Award until fifteen (15) days (or such other time determined by the Board) prior to such transaction as to all of the shares of Common Stock covered by the Option or Award, including shares as to which the Option or Award would not otherwise be exercisable, which exercise may in the sole
discretion of the Board, be made subject to and conditioned upon the consummation of such proposed transaction. In addition, the Board may provide that any Company repurchase option applicable to any shares of Common Stock purchased upon exercise of an Option or Award shall lapse as to all such shares of Common Stock, provided the proposed dissolution and liquidation takes place at the time and in the manner contemplated. To the extent it has not been previously exercised or settled or shares of Common Stock have not previously been issued, an Award will terminate upon the consummation of such proposed action.
f.Parachute Payments and Parachute Awards. Notwithstanding any other provision of the Plan (including Section 7(d) ) or the terms of any Award Agreement, if, in connection with a Change of Control described therein, a tax under Section 4999 of the Code would be imposed on the Participant (after taking into account the exceptions set forth in Sections 280G(b)(4) and 280G(b)(5) of the Code, if applicable), then the number of Awards which shall become exercisable, realizable or vested as provided in the Award Agreement and other provisions of the Plan without regard to this Section 7(f) (the “Parachute Awards”) shall be reduced (or delayed), to the minimum extent necessary, so that no such tax would be imposed on the Participant; provided, however, that if the after-tax value of the Parachute Awards (including taking into consideration any tax under Section 4999 of the Code) would exceed the after-tax value of the Parachute Awards after taking into consideration such potential reduction or delay, then the Awards shall become immediately exercisable, realizable and vested in accordance with the terms of the Plan and the applicable Award Agreements without regard to the provisions of this sentence. All determinations required to be made under this Section 7(f) shall be made by the Company or a tax attorney or accountant selected by the Company.
g.Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations.
h.Acceleration. The Board may at any time provide that any Options shall become immediately exercisable in full or in part, that any Restricted Stock Awards shall be free of some or all restrictions, or that any other stock-based Awards may become exercisable in full or in part or free of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be, despite the fact that the foregoing actions may (i) cause the application of Sections 280G and 4999 of the Code if a Change in Control of the Company occurs, or (ii) disqualify all or part of the Option as an Incentive Stock Option.
i.Clawback, Recovery and Recoupment. All Awards shall be subject to clawback, recovery or recoupment in accordance with any compensation clawback, recovery or recoupment policy adopted by the Board or otherwise required by applicable law, government regulation or stock exchange listing requirement and, in addition to any other remedies available under such policy and applicable law, government regulation or stock exchange listing requirement, may require the forfeiture and cancelation of outstanding Awards and the recoupment of any gains realized with respect to any Awards. The Board may impose any such clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate.
8.Withholding. The Participant must satisfy all applicable federal, state, and local or other income and employment tax withholding obligations before the Company will deliver stock certificates or otherwise recognize ownership of shares of Common Stock covered by an Award. The Company shall have the right to deduct or withhold from payments of any kind otherwise due to the Participant any federal, state, local or other income and employment taxes of any kind required by law to be withheld with respect to any shares of Common Stock covered by an Award. Subject to the prior approval of the Company, including without limitation, its determination that such withholding complies with applicable tax and securities laws, which may be withheld by the Company in its sole discretion, the Participant may elect to satisfy the tax obligations, in whole or in part, (a) by causing the Company to withhold or retain shares of Common Stock from the Award creating the tax obligation or (b) by delivering to the Company shares of Common Stock already owned by the Participant; provided that the shares withheld, retained or delivered shall be valued at their Fair Market Value as shall be determined by the Company as of the date the amount of tax obligation is determined. A Participant who has made an election pursuant to this Section may only satisfy his or her tax obligation with shares of Common Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. The delivery of shares of Common Stock may be delayed by the Company until the Participant has made arrangements for the satisfaction of such tax withholding obligations to the satisfaction of the Company.
9.Treatment of Award if Engagement or Employment Terminated for Cause. If the employment or engagement of any Participant is terminated “for Cause”, the Award may terminate, upon a determination of the Board or Company, on the date of such termination and the Award shall thereupon be forfeited. For purposes of the Plan, “for Cause” shall be defined as follows: (a) if the Participant has executed an employment agreement, the definition of “Cause” contained therein, if any, shall govern, or otherwise (b) conduct, as determined by the Board or Committee, involving one or more of the following: (i) gross misconduct; (ii) the commission of an act of embezzlement, fraud or theft, which results in economic loss, damage or injury to the Company; (iii) the unauthorized use or disclosure of any trade secret or confidential information of the Company (or of any client, customer, supplier or other third party who has a business relationship with the Company) or the violation of any non-competition, non-disparagement or
non-solicitation covenant or assignment of inventions obligation with the Company; (iv) the commission of an act which constitutes unfair competition with the Company or which induces any customer or prospective customer of the Company to breach a contract with the Company or to decline to do business with the Company; (v) the indictment of the Participant for a felony or serious misdemeanor offense, either in connection with the performance of his or her obligations to the Company or which shall adversely affect the Participant’s ability to perform such obligations; (vi) the commission of an act of fraud or breach of fiduciary duty which results in loss, damage or injury to the Company; (vii) the failure of the Participant to perform in a material respect his or her employment, consulting or advisory obligations without proper cause; or (viii) intentional violation of securities laws or the Company’s Insider Trading Policy. In the event of a conflict between “for Cause” as defined the Plan and any other agreement to which the Participant is otherwise subject, the terms that are enforceable and most protective of the Company shall govern. In making such determination, the Board or Committee shall act reasonably and fairly. The Board or Committee may in its discretion waive or modify the provisions of this Section with respect to any individual Participant with regard to the facts and circumstances of any particular situation involving a determination under this Section.
10.Miscellaneous.
a.Definitions.
i.“Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, B-7 change in corporate structure or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.
ii.“Code” means the Internal Revenue Code of 1986, as amended, and any regulations thereunder.
iii.“Common Stock” means the common stock of the Company.
iv.“Subsidiary” has the meaning in Section 424(f) of the Code, provided, however, for purposes of Awards other than Incentive Stock Options, “Subsidiary” shall also include any other business venture in which the Company has a direct or indirect significant interest that allow it to be treated as a subsidiary for purposes of Rule 405 promulgated under the Securities Act of 1933, as amended.
b.No Right to Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant at any time, with or without “for Cause”, with or without advance notice, and for any reason or no reason, free from any liability or claim under the Plan.
c.No Rights as Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be issued with respect to an Award until becoming the record holder of such shares. In accepting an Award under the Plan, a Participant agrees to be bound by any clawback policy the Company has in effect or may adopt in the future.
d.Effective Date and Term of Plan. The Plan shall become effective on the date on which it is approved by the stockholders in 2019 (the “Effective Date”). No Awards shall be granted under the Plan after the completion of ten (10) years from the Effective Date, but Awards previously granted may extend beyond that date.
e.Amendment of Plan. Subject to the limitations set forth in this Section 10(e), the Board or Committee may amend, suspend or terminate the Plan or any portion thereof at any time; provided, however, that no amendment for which shareholder approval is required either (i) by any securities exchange or inter-dealer quotation system on which the Common Stock is listed or traded or (ii) in order for the Plan and Awards to continue to comply with applicable provisions of the Code, shall be effective unless such amendment shall be approved by the requisite vote of the shareholders of the Company entitled to vote thereon. Any such amendment shall, to the extent deemed necessary or advisable by the Board or the Committee, be applicable to any outstanding Awards theretofore granted under the Plan, notwithstanding any contrary provisions contained in any Award Agreement. In the event of any such amendment to the Plan, the holder of any Award outstanding under the Plan shall, upon request of the Board or the Committee and as a condition to the exercisability thereof, execute a conforming amendment in the form prescribed by the Board or the Committee to any Award Agreement relating thereto. Notwithstanding anything contained in the Plan to the contrary, unless required by law, no action contemplated or permitted by this Section 10(e) shall materially adversely affect any rights of Participants or obligations of the Company to Participants with respect to any Award theretofore granted under the Plan without the consent of the affected Participant.
f.Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the laws of the state of incorporation of the Company, Delaware, without regard to any applicable conflicts of law.
Approvals:
Adopted by the Board of Directors on: April 16, 2019
Approved by the Company’s stockholders on: June 10, 2019, as amended June 4, 2020, June 3, 2022 and June 3, 2024.
EXHIBIT 31.1
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)
of the Securities Exchange Act of 1934, as amended
I, Savneet Singh, certify that:
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1. | I have reviewed this quarterly report on Form 10-Q of PAR Technology Corporation; |
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2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
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a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
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5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
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a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
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August 8, 2024 | /s/ Savneet Singh |
| Savneet Singh |
| Chief Executive Officer & President |
| (Principal Executive Officer) |
EXHIBIT 31.2
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)
of the Securities Exchange Act of 1934, as amended
I, Bryan A. Menar, certify that:
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1. | I have reviewed this quarterly report on Form 10-Q of PAR Technology Corporation; |
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2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
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a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
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5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
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a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
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August 8, 2024 | /s/ Bryan A. Menar |
| Bryan A. Menar |
| Chief Financial Officer |
| (Principal Financial Officer) |
EXHIBIT 32.1
Certification of Principal Executive Officer
pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended,
and 18 U.S.C. Section 1350
In connection with the Quarterly Report of PAR Technology Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Savneet Singh, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. § 1350, that, to my knowledge:
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(i) | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
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(ii) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
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August 8, 2024 |
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/s/ Savneet Singh |
Savneet Singh |
Chief Executive Officer & President |
(Principal Executive Officer) |
EXHIBIT 32.2
Certification of Principal Financial Officer
pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended,
and 18 U.S.C. Section 1350
In connection with the Quarterly Report of PAR Technology Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bryan A. Menar, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, that, to my knowledge:
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(i) | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
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(ii) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| | |
|
August 8, 2024 |
|
|
/s/ Bryan A. Menar |
Bryan A. Menar |
Chief Financial Officer |
(Principal Financial Officer) |
v3.24.2.u1
Cover Page - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 06, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
1-09720
|
|
Entity Registrant Name |
PAR TECHNOLOGY CORPORATION
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
16-1434688
|
|
Entity Address, Address Line One |
PAR Technology Park
|
|
Entity Address, Address Line Two |
8383 Seneca Turnpike
|
|
Entity Address, City or Town |
New Hartford
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
13413-4991
|
|
City Area Code |
315
|
|
Local Phone Number |
738-0600
|
|
Title of 12(b) Security |
Common Stock, $0.02 par value
|
|
Trading Symbol |
PAR
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
36,283,935
|
Entity Central Index Key |
0000708821
|
|
Current Fiscal Year End Date |
--12-31
|
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Document Fiscal Year Focus |
2024
|
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Document Fiscal Period Focus |
Q2
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 114,928
|
$ 37,183
|
Cash held on behalf of customers |
12,804
|
10,170
|
Short-term investments |
27,527
|
37,194
|
Accounts receivable – net |
50,203
|
42,679
|
Inventories |
25,526
|
23,560
|
Other current assets |
9,427
|
8,123
|
Current assets of discontinued operations |
6,382
|
21,690
|
Total current assets |
246,797
|
180,599
|
Property, plant and equipment – net |
14,452
|
15,524
|
Goodwill |
623,875
|
488,918
|
Intangible assets – net |
148,292
|
93,969
|
Lease right-of-use assets |
4,740
|
3,169
|
Other assets |
17,689
|
17,642
|
Noncurrent assets of discontinued operations |
839
|
2,785
|
Total Assets |
1,056,684
|
802,606
|
Current liabilities: |
|
|
Accounts payable |
30,682
|
25,599
|
Accrued salaries and benefits |
13,954
|
14,128
|
Accrued expenses |
4,047
|
3,533
|
Customers payable |
12,804
|
10,170
|
Lease liabilities – current portion |
1,288
|
1,120
|
Customer deposits and deferred service revenue |
14,294
|
9,304
|
Current liabilities of discontinued operations |
2,033
|
16,378
|
Total current liabilities |
79,102
|
80,232
|
Lease liabilities – net of current portion |
3,540
|
2,145
|
Long-term debt |
378,672
|
377,647
|
Deferred service revenue – noncurrent |
2,876
|
4,204
|
Other long-term liabilities |
4,173
|
3,603
|
Noncurrent liabilities of discontinued operations |
0
|
1,710
|
Total liabilities |
468,363
|
469,541
|
Shareholders’ equity: |
|
|
Preferred stock, $0.02 par value, 1,000,000 shares authorized |
0
|
0
|
Common stock, $0.02 par value, 116,000,000 shares authorized, 35,574,128 and 29,386,234 shares issued, 34,104,235 and 28,029,915 outstanding at June 30, 2024 and December 31, 2023, respectively |
705
|
584
|
Additional paid in capital |
852,406
|
625,154
|
Accumulated deficit |
(239,054)
|
(274,956)
|
Accumulated other comprehensive loss |
(3,908)
|
(939)
|
Treasury stock, at cost, 1,469,893 shares and 1,356,319 shares at June 30, 2024 and December 31, 2023, respectively |
(21,828)
|
(16,778)
|
Total shareholders’ equity |
588,321
|
333,065
|
Total Liabilities and Shareholders’ Equity |
$ 1,056,684
|
$ 802,606
|
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.02
|
$ 0.02
|
Preferred stock, authorized (in shares) |
1,000,000
|
1,000,000
|
Common stock, par value (in dollars per share) |
$ 0.02
|
$ 0.02
|
Common stock, authorized (in shares) |
116,000,000
|
116,000,000
|
Common stock, issued (in shares) |
35,574,128
|
29,386,234
|
Common stock, outstanding (in shares) |
34,104,235
|
28,029,915
|
Treasury stock (in shares) |
1,469,893
|
1,356,319
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues, net: |
|
|
|
|
Total revenues, net |
$ 78,150
|
$ 69,529
|
$ 148,223
|
$ 138,113
|
Cost of sales: |
|
|
|
|
Total cost of sales |
46,122
|
50,343
|
90,137
|
98,015
|
Gross margin |
32,028
|
19,186
|
58,086
|
40,098
|
Operating expenses: |
|
|
|
|
Sales and marketing |
9,811
|
10,075
|
20,737
|
19,473
|
General and administrative |
25,369
|
16,434
|
50,544
|
35,401
|
Research and development |
16,237
|
14,888
|
32,005
|
29,203
|
Amortization of identifiable intangible assets |
1,946
|
465
|
2,878
|
929
|
Adjustment to contingent consideration liability |
(600)
|
(2,300)
|
(600)
|
(7,500)
|
Gain on insurance proceeds |
0
|
(500)
|
0
|
(500)
|
Total operating expenses |
52,763
|
39,062
|
105,564
|
77,006
|
Operating loss |
(20,735)
|
(19,876)
|
(47,478)
|
(36,908)
|
Other (expense) income, net |
(610)
|
155
|
(310)
|
146
|
Interest expense, net |
(1,630)
|
(1,735)
|
(3,338)
|
(3,402)
|
Loss from continuing operations before (provision for) benefit from income taxes |
(22,975)
|
(21,456)
|
(51,126)
|
(40,164)
|
(Provision for) benefit from income taxes |
(612)
|
(383)
|
7,173
|
(698)
|
Net loss from continuing operations |
(23,587)
|
(21,839)
|
(43,953)
|
(40,862)
|
Net income from discontinued operations |
77,777
|
2,137
|
79,855
|
5,255
|
Net income (loss) |
$ 54,190
|
$ (19,702)
|
$ 35,902
|
$ (35,607)
|
Net income (loss) per share (basic and diluted): |
|
|
|
|
Continuing operations, basic (in dollars per share) |
$ (0.69)
|
$ (0.80)
|
$ (1.33)
|
$ (1.49)
|
Continuing operations, diluted (in dollars per share) |
(0.69)
|
(0.80)
|
(1.33)
|
(1.49)
|
Discontinued operations, basic (in dollars per share) |
2.29
|
0.08
|
2.42
|
0.19
|
Discontinued operations, diluted (in dollars per share) |
2.29
|
0.08
|
2.42
|
0.19
|
Total, basic (in dollars per share) |
1.60
|
(0.72)
|
1.09
|
(1.30)
|
Total, diluted (in dollars per share) |
$ 1.60
|
$ (0.72)
|
$ 1.09
|
$ (1.30)
|
Weighted average shares outstanding, basic (in shares) |
34,015
|
27,357
|
32,935
|
27,381
|
Weighted average shares outstanding, diluted (in shares) |
34,015
|
27,357
|
32,935
|
27,381
|
Hardware |
|
|
|
|
Revenues, net: |
|
|
|
|
Total revenues, net |
$ 20,116
|
$ 26,390
|
$ 38,342
|
$ 53,167
|
Cost of sales: |
|
|
|
|
Total cost of sales |
15,539
|
21,326
|
29,709
|
43,707
|
Subscription service |
|
|
|
|
Revenues, net: |
|
|
|
|
Total revenues, net |
44,872
|
30,372
|
83,251
|
58,337
|
Cost of sales: |
|
|
|
|
Total cost of sales |
21,041
|
17,233
|
39,635
|
31,158
|
Professional service |
|
|
|
|
Revenues, net: |
|
|
|
|
Total revenues, net |
13,162
|
12,767
|
26,630
|
26,609
|
Cost of sales: |
|
|
|
|
Total cost of sales |
$ 9,542
|
$ 11,784
|
$ 20,793
|
$ 23,150
|
X |
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income (loss) |
$ 54,190
|
$ (19,702)
|
$ 35,902
|
$ (35,607)
|
Other comprehensive income (loss), net of applicable tax: |
|
|
|
|
Foreign currency translation adjustments |
(255)
|
(1,517)
|
(2,969)
|
(1,559)
|
Comprehensive income (loss) |
$ 53,935
|
$ (21,219)
|
$ 32,933
|
$ (37,166)
|
X |
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2022 |
|
28,590,000
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 375,194
|
$ 570
|
$ 595,286
|
$ (205,204)
|
$ (1,365)
|
$ (14,093)
|
Treasury stock (in shares) at Dec. 31, 2022 |
|
|
|
|
|
1,271,000
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Issuance of common stock upon the exercise of stock options (in shares) |
|
5,000
|
|
|
|
|
Issuance of common stock upon the exercise of stock options |
52
|
|
52
|
|
|
|
Net issuance of restricted stock awards and restricted stock units (in shares) |
|
160,000
|
|
|
|
|
Net issuance of restricted stock awards and restricted stock units |
2
|
$ 2
|
|
|
|
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock (in shares) |
|
|
|
|
|
79,000
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock |
(2,478)
|
|
|
|
|
$ (2,478)
|
Stock-based compensation |
3,055
|
|
3,055
|
|
|
|
Foreign currency translation adjustments |
(42)
|
|
|
|
(42)
|
|
Net income (loss) |
(15,905)
|
|
|
(15,905)
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
28,755,000
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
359,878
|
$ 572
|
598,393
|
(221,109)
|
(1,407)
|
$ (16,571)
|
Treasury stock (in shares) at Mar. 31, 2023 |
|
|
|
|
|
1,350,000
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
28,590,000
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
375,194
|
$ 570
|
595,286
|
(205,204)
|
(1,365)
|
$ (14,093)
|
Treasury stock (in shares) at Dec. 31, 2022 |
|
|
|
|
|
1,271,000
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Foreign currency translation adjustments |
(1,559)
|
|
|
|
|
|
Net income (loss) |
(35,607)
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
28,799,000
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
342,216
|
$ 572
|
602,155
|
(240,811)
|
(2,924)
|
$ (16,776)
|
Treasury stock (in shares) at Jun. 30, 2023 |
|
|
|
|
|
1,356,000
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
28,755,000
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
359,878
|
$ 572
|
598,393
|
(221,109)
|
(1,407)
|
$ (16,571)
|
Treasury stock (in shares) at Mar. 31, 2023 |
|
|
|
|
|
1,350,000
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Issuance of common stock upon the exercise of stock options (in shares) |
|
9,000
|
|
|
|
|
Issuance of common stock upon the exercise of stock options |
147
|
|
147
|
|
|
|
Net issuance of restricted stock awards and restricted stock units (in shares) |
|
35,000
|
|
|
|
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock (in shares) |
|
|
|
|
|
6,000
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock |
(205)
|
|
|
|
|
$ (205)
|
Stock-based compensation |
3,615
|
|
3,615
|
|
|
|
Foreign currency translation adjustments |
(1,517)
|
|
|
|
(1,517)
|
|
Net income (loss) |
(19,702)
|
|
|
(19,702)
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
28,799,000
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 342,216
|
$ 572
|
602,155
|
(240,811)
|
(2,924)
|
$ (16,776)
|
Treasury stock (in shares) at Jun. 30, 2023 |
|
|
|
|
|
1,356,000
|
Beginning balance (in shares) at Dec. 31, 2023 |
28,029,915
|
29,386,000
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
$ 333,065
|
$ 584
|
625,154
|
(274,956)
|
(939)
|
$ (16,778)
|
Treasury stock (in shares) at Dec. 31, 2023 |
1,356,319
|
|
|
|
|
1,356,000
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Issuance of common stock upon the exercise of stock options (in shares) |
|
107,000
|
|
|
|
|
Issuance of common stock upon the exercise of stock options |
$ 1,105
|
$ 2
|
1,103
|
|
|
|
Net issuance of restricted stock awards and restricted stock units (in shares) |
|
329,000
|
|
|
|
|
Net issuance of restricted stock awards and restricted stock units |
0
|
$ 4
|
(4)
|
|
|
|
Issuance of common stock for acquisition (in shares) |
|
442,000
|
|
|
|
|
Issuance of common stock for acquisition (see Note 3) |
19,170
|
$ 9
|
19,161
|
|
|
|
Proceeds from private placement of common stock, net of issuance costs (in shares) |
|
5,175,000
|
|
|
|
|
Proceeds from private placement of common stock, net of issuance costs |
194,490
|
$ 104
|
194,386
|
|
|
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock (in shares) |
|
|
|
|
|
109,000
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock |
(4,838)
|
|
|
|
|
$ (4,838)
|
Stock-based compensation |
4,410
|
|
4,410
|
|
|
|
Foreign currency translation adjustments |
(2,714)
|
|
|
|
(2,714)
|
|
Net income (loss) |
(18,288)
|
|
|
(18,288)
|
|
|
Ending balance (in shares) at Mar. 31, 2024 |
|
35,439,000
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
$ 526,400
|
$ 703
|
844,210
|
(293,244)
|
(3,653)
|
$ (21,616)
|
Treasury stock (in shares) at Mar. 31, 2024 |
|
|
|
|
|
1,465,000
|
Beginning balance (in shares) at Dec. 31, 2023 |
28,029,915
|
29,386,000
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
$ 333,065
|
$ 584
|
625,154
|
(274,956)
|
(939)
|
$ (16,778)
|
Treasury stock (in shares) at Dec. 31, 2023 |
1,356,319
|
|
|
|
|
1,356,000
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Issuance of common stock upon the exercise of stock options (in shares) |
142,000
|
|
|
|
|
|
Foreign currency translation adjustments |
$ (2,969)
|
|
|
|
|
|
Net income (loss) |
$ 35,902
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
34,104,235
|
35,574,000
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 588,321
|
$ 705
|
852,406
|
(239,054)
|
(3,908)
|
$ (21,828)
|
Treasury stock (in shares) at Jun. 30, 2024 |
1,469,893
|
|
|
|
|
1,470,000
|
Beginning balance (in shares) at Mar. 31, 2024 |
|
35,439,000
|
|
|
|
|
Beginning balance at Mar. 31, 2024 |
$ 526,400
|
$ 703
|
844,210
|
(293,244)
|
(3,653)
|
$ (21,616)
|
Treasury stock (in shares) at Mar. 31, 2024 |
|
|
|
|
|
1,465,000
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Issuance of common stock upon the exercise of stock options (in shares) |
|
35,000
|
|
|
|
|
Issuance of common stock upon the exercise of stock options |
432
|
$ 0
|
432
|
|
|
|
Net issuance of restricted stock awards and restricted stock units (in shares) |
|
85,000
|
|
|
|
|
Net issuance of restricted stock awards and restricted stock units |
0
|
$ 2
|
(2)
|
|
|
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock (in shares) |
|
|
|
|
|
5,000
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock |
(212)
|
|
|
|
|
$ (212)
|
Issuance of common stock for employee stock purchase plan (in shares) |
|
15,000
|
|
|
|
|
Issuance of common stock for employee stock purchase plan |
526
|
|
526
|
|
|
|
Stock-based compensation |
7,240
|
|
7,240
|
|
|
|
Foreign currency translation adjustments |
(255)
|
|
|
|
(255)
|
|
Net income (loss) |
$ 54,190
|
|
|
54,190
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
34,104,235
|
35,574,000
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 588,321
|
$ 705
|
$ 852,406
|
$ (239,054)
|
$ (3,908)
|
$ (21,828)
|
Treasury stock (in shares) at Jun. 30, 2024 |
1,469,893
|
|
|
|
|
1,470,000
|
X |
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ 35,902
|
$ (35,607)
|
Net income from discontinued operations |
(79,855)
|
(5,255)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
16,127
|
13,584
|
Accretion of debt in interest expense, net |
1,025
|
1,053
|
Accretion of discount on held to maturity investments in interest expense, net |
265
|
0
|
Current expected credit losses |
1,553
|
784
|
Provision for obsolete inventory |
684
|
352
|
Stock-based compensation |
10,696
|
6,609
|
Adjustment to contingent consideration liability |
(600)
|
(7,500)
|
Deferred income tax |
(7,037)
|
0
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(7,963)
|
(4,489)
|
Inventories |
(2,672)
|
10,796
|
Other current assets |
(541)
|
(1,323)
|
Other assets |
(125)
|
564
|
Accounts payable |
4,657
|
1,760
|
Accrued salaries and benefits |
(466)
|
(3,211)
|
Accrued expenses |
(2,975)
|
616
|
Customer deposits and deferred service revenue |
(4,017)
|
25
|
Customers payable |
2,634
|
1,819
|
Other long-term liabilities |
(327)
|
(486)
|
Cash used in operating activities - continuing operations |
(33,035)
|
(19,909)
|
Cash (used in) provided by operating activities - discontinued operations |
(4,387)
|
7,114
|
Net cash used in operating activities |
(37,422)
|
(12,795)
|
Cash flows from investing activities: |
|
|
Cash paid for acquisition, net of cash acquired |
(166,292)
|
0
|
Capital expenditures |
(407)
|
(3,023)
|
Capitalization of software costs |
(2,668)
|
(1,993)
|
Proceeds from sale of held to maturity investments |
37,753
|
44,180
|
Purchases of held to maturity investments |
(28,351)
|
(45,115)
|
Cash used in investing activities - continuing operations |
(159,965)
|
(5,951)
|
Cash provided by (used in) investing activities - discontinued operations |
87,051
|
(214)
|
Net cash used in investing activities |
(72,914)
|
(6,165)
|
Cash flows from financing activities: |
|
|
Proceeds from private placement of common stock, net of issuance costs |
194,490
|
0
|
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock |
(5,050)
|
(2,683)
|
Proceeds from employee stock purchase plan |
526
|
0
|
Proceeds from exercise of stock options |
1,537
|
202
|
Cash provided by (used in) financing activities - continuing operations |
191,503
|
(2,481)
|
Cash provided by (used in) in financing activities - discontinued operations |
0
|
0
|
Net cash provided by (used in) financing activities |
191,503
|
(2,481)
|
Effect of exchange rate changes on cash and cash equivalents |
(132)
|
(2,906)
|
Net increase (decrease) in cash and cash equivalents and cash held on behalf of customers |
81,035
|
(24,347)
|
Cash and cash equivalents and cash held on behalf of customers at beginning of period |
47,539
|
77,533
|
Cash and cash equivalents and cash held on behalf of customers at end of period |
128,574
|
53,186
|
Reconciliation of cash and cash equivalents and cash held on behalf of customers |
|
|
Cash and cash equivalents |
115,770
|
44,162
|
Cash held on behalf of customers |
12,804
|
9,024
|
Total cash and cash equivalents and cash held on behalf of customers |
128,574
|
53,186
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for interest |
3,713
|
106
|
Cash paid for income taxes |
792
|
525
|
Capitalized software recorded in accounts payable |
35
|
642
|
Capital expenditures in accounts payable |
88
|
131
|
Common stock issued for acquisition |
19,170
|
$ 0
|
Cash and cash equivalents included in discontinued operations |
$ 800
|
|
X |
- DefinitionCapitalized Software Recorded In Accounts Payable
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Nature of Business
PAR Technology Corporation (the “Company” or “PAR,” “we,” or “us”), through its consolidated subsidiaries, operates in one segment, Restaurant/Retail. We report aggregate financial information on a consolidated basis to our Chief Executive Officer, who is the Company’s chief operating decision maker. The Restaurant/Retail segment provides leading omnichannel cloud-based software and hardware solutions to the restaurant and retail industries. Our product and service offerings include point-of-sale, customer engagement and loyalty, digital ordering and delivery, operational intelligence technologies, payment processing, hardware, and related technologies, solutions, and services. We provide enterprise restaurants, franchisees, and other restaurant outlets in the three major restaurant categories - quick service, fast casual, and table service - with operational efficiencies through a data-driven network with integration capabilities from point-of-sale to the kitchen, to fulfillment. Our subscription services are grouped into two product lines: Engagement Cloud, which includes Punchh and PAR Retail (formerly Stuzo) products and services, for customer loyalty and engagement, and MENU for omnichannel digital ordering and delivery and Operator Cloud, which includes Brink POS for front-of-house, PAR Payment Services and PAR Pay for payments, and Data Central for back-of-house. The accompanying consolidated financial statements include the Company's accounts and those of its consolidated subsidiaries. All significant intercompany transactions have been eliminated in consolidation.
Basis of Presentation
The accompanying financial statements of PAR Technology Corporation and its consolidated subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the instructions to Form 10-Q and Regulation S-X pertaining to interim financial statements as promulgated by the SEC. In the opinion of management, the Company's financial statements include all normal and recurring adjustments necessary in order to make the financial statements not misleading and to provide a fair presentation of the Company's financial results for the interim period included in this Quarterly Report. Interim results are not necessarily indicative of results for the full year or any future periods. The information included in this Quarterly Report should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”).
The results of operations of the Company's Government segment are reported as discontinued operations in the condensed consolidated statements of operations for all periods presented and the remaining related assets and liabilities associated with the discontinued operations are classified as held for sale in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. All results and information in the condensed consolidated financial statements are presented as continuing operations and exclude the Government segment unless otherwise noted specifically as discontinued operations. Use of Estimates
The preparation of the financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to these estimates and assumptions include revenue recognition, stock-based compensation, the recognition and measurement of assets acquired and liabilities assumed in business combinations at fair value, the carrying amount of property, plant, and equipment including right-to-use assets and liabilities, identifiable intangible assets and goodwill, valuation allowances for receivables, valuation of excess and obsolete inventories, and measurement of contingent consideration at fair value. Actual results could differ from those estimates. Cash and Cash Equivalents and Cash Held on Behalf of Customers
Cash and cash equivalents and cash held on behalf of customers consist of the following:
| | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | Cash and cash equivalents | | | | Cash | $ | 55,806 | | | $ | 37,143 | | Money market funds | 59,122 | | | 40 | | Cash held on behalf of customers | 12,804 | | | 10,170 | | Total cash and cash equivalents and cash held on behalf of customers | $ | 127,732 | | | $ | 47,353 | |
The Company maintained bank balances that, at times, exceeded the federally insured limit during the six months ended June 30, 2024. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts.
Short-Term Investments
The carrying value of investment securities consist of the following:
| | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | Short-term investments | | | | Treasury bills and notes | $ | 27,527 | | | $ | 37,194 | | Total short-term investments | $ | 27,527 | | | $ | 37,194 | |
The Company did not have any material gains or losses on these securities during the six months ended June 30, 2024. The estimated fair value of these securities approximated their carrying value as of June 30, 2024 and December 31, 2023.
Discontinued Operations
In determining whether a group of assets which has been disposed of (or is to be disposed of) should be presented as a discontinued operation, the Company analyzes whether the group of assets being disposed of represented a component of the entity; that is, whether it had historic operations and cash flows that were clearly distinguished (both operationally and for financial reporting purposes). In addition, the Company considers whether the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.
The assets and liabilities of a discontinued operation, other than goodwill, are measured at the lower of carrying amount or fair value less cost to sell. When a portion of a goodwill reporting unit that constitutes a business is to be disposed of, the goodwill associated with that business is included in the carrying amount of the business based on the relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. The Company allocates interest to discontinued operations if the interest is directly attributable to the discontinued operations or is interest on debt that is required to be repaid as a result of the disposal.
Other Assets
Other assets include deferred implementation costs of $8.2 million and $8.8 million and deferred commissions of $3.1 million and $2.6 million at June 30, 2024 and December 31, 2023, respectively. The following table summarizes amortization expense for deferred implementation costs and deferred commissions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Amortization of deferred implementation costs | | $ | 1,549 | | | $ | 1,143 | | | $ | 3,044 | | | $ | 2,137 | | Amortization of deferred commissions | | 411 | | | 206 | | | 804 | | | 391 | |
Other assets also include the cash surrender value of life insurance related to the Company’s deferred compensation plan eligible to certain employees. The funded balance is reviewed on an annual basis. The balance of the life insurance policies was $3.3 million and $3.3 million at June 30, 2024 and December 31, 2023, respectively.
Other Long-Term Liabilities
Other long-term liabilities include amounts owed to employees that participate in the Company’s deferred compensation plan. Amounts owed to employees participating in the deferred compensation plan were $0.3 million and $0.4 million at June 30, 2024 and December 31, 2023, respectively.
Gain on Insurance Proceeds
During the six months ended June 30, 2023, the Company received $0.5 million of insurance proceeds in connection with the settlement of a legacy claim. No insurance proceeds were received during the six months ended June 30, 2024.
Related Party Transactions
During the six months ended June 30, 2023, Ronald Shaich, the sole member of Act III Management LLC ("Act III Management"), served as a strategic advisor to the Company's board of directors pursuant to a strategic advisor agreement, which terminated on June 1, 2023. Keith Pascal, a director of the Company, is an employee of Act III Management and serves as its vice president and secretary. Mr. Pascal does not have an ownership interest in Act III Management.
As of June 30, 2024 and December 31, 2023, the Company had zero accounts payable owed to Act III Management. During the three months ended June 30, 2024 and 2023, the Company paid Act III Management zero and $0.1 million, respectively, and during the six months ended June 30, 2024 and 2023 the Company paid Act III Management zero and $0.1 million, respectively, for services performed under the strategic advisor agreement.
Recently Adopted Accounting Pronouncements
There were no recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2024 that are of significance or potential significance to the Company.
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v3.24.2.u1
Revenue Recognition
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Revenue Recognition Deferred Revenue Deferred revenue is as follows: | | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | Current | $ | 12,539 | | | $ | 7,250 | | Non-current | 2,876 | | | 4,204 | | Total | $ | 15,415 | | | $ | 11,454 | |
Most performance obligations greater than one year relate to service and support contracts, that the Company expects to fulfill within 36 months. The Company expects to fulfill 100% of service and support contracts within 60 months. The changes in deferred revenue, inclusive of both current and long-term, are as follows:
| | | | | | | | | | | | (in thousands) | 2024 | | 2023 | Beginning balance - January 1 | $ | 11,454 | | | $ | 13,584 | | Acquired deferred revenue (Note 3) | 7,680 | | | — | | Recognition of deferred revenue | (42,052) | | | (14,112) | | Deferral of revenue | 38,333 | | | 14,682 | | Ending balance - June 30 | $ | 15,415 | | | $ | 14,154 | |
The above tables exclude customer deposits of $1.8 million and $1.6 million as of the six months ended June 30, 2024 and 2023, respectively. During the three months ended June 30, 2024 and 2023, the Company recognized revenue included in deferred revenue at the beginning of each respective period of $2.1 million and $2.9 million. During the six months ended June 30, 2024 and 2023, the Company recognized revenue included in deferred revenue at the beginning of each respective period of $4.9 million and $6.0 million.
Disaggregated Revenue
The Company disaggregates revenue from contracts with customers by major product line because the Company believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by contract terms and economic factors.
Disaggregated revenue is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Three Months Ended June 30, 2023 | (in thousands) | Restaurant/Retail point in time | | Restaurant/Retail over time | | Restaurant/Retail point in time | | Restaurant/Retail over time | Hardware | $ | 20,116 | | | $ | — | | | $ | 26,390 | | | $ | — | | Subscription service | — | | | 44,872 | | | — | | | 30,372 | | Professional service | 4,914 | | | 8,248 | | | 5,709 | | | 7,058 | | Total | $ | 25,030 | | | $ | 53,120 | | | $ | 32,099 | | | $ | 37,430 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | (in thousands) | Restaurant/Retail point in time | | Restaurant/Retail over time | | Restaurant/Retail point in time | | Restaurant/Retail over time | Hardware | $ | 38,342 | | | $ | — | | | $ | 53,167 | | | $ | — | | Subscription service | — | | | 83,251 | | | — | | | 58,337 | | Professional service | 10,641 | | | 15,989 | | | 12,195 | | | 14,414 | | Total | $ | 48,983 | | | $ | 99,240 | | | $ | 65,362 | | | $ | 72,751 | |
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.2.u1
Acquisitions
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Acquisitions |
Acquisitions On March 8, 2024, ParTech, Inc. ("ParTech"), acquired 100% of the outstanding equity interests of Stuzo Blocker, Inc., Stuzo Holdings, LLC and their subsidiaries (collectively, “Stuzo” and such acquisition, the “Stuzo Acquisition”), a digital engagement software provider to convenience and fuel retailers ("C-Stores"), for purchase consideration of approximately $170.5 million paid in cash (the "Cash Consideration"), subject to certain adjustments (including customary adjustments for Stuzo cash, debt, debt-like items, and net working capital), and $19.2 million paid in shares of Company common stock. 441,598 shares of common stock were issued as purchase consideration, determined using a fair value share price of $43.41. The Company acquired Stuzo to expand its footprint in the C-Stores market vertical with Stuzo's industry-leading guest engagement platform (PAR Retail) serving major brands in the space.
$1.5 million of the Cash Consideration was deposited into an escrow account administered by a third party to fund potential post-closing adjustments and obligations. The balance in the escrow account was $1.5 million as of June 30, 2024. The Company incurred acquisition expenses related to the Stuzo Acquisition of approximately $2.8 million which are included in general and administrative in the condensed consolidated statements of operations.
The Stuzo Acquisition was accounted for as a business combination in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Accordingly, assets acquired and liabilities assumed have been accounted for at their preliminarily determined respective fair values as of March 8, 2024, (the "Acquisition Date"). The fair value determinations were based on management's estimates and assumptions, with the assistance of independent valuation and tax consultants. Preliminary fair values are subject to measurement period adjustments within the permitted measurement period (up to one year from the Acquisition Date) as management finalizes its procedures and net working capital adjustments (if any) are settled.
During the three months ended June 30, 2024, preliminary fair values of assets and liabilities as of the Acquisition Date were adjusted to reflect ongoing acquisition valuation analyses and net working capital adjustments. These adjustments included changes to accounts receivable, customer relationships, trademarks, non-competition agreements, goodwill, deferred revenue, and deferred taxes to reflect changes in underlying fair value assumptions. The Company is in the process of finalizing valuation assumptions for the intangibles and the sales tax liability exposure as of the Acquisition Date.
The following table presents management's current purchase price allocation and the initial purchase price allocation:
| | | | | | | | | | | | (in thousands) | Current purchase price allocation | | Initial purchase price allocation | Cash | $ | 4,244 | | | $ | 4,244 | | Accounts receivable | 1,262 | | | 2,208 | | Property and equipment | 307 | | | 307 | | Developed technology | 18,200 | | | 18,200 | | Customer relationships | 39,400 | | | 39,000 | | Trademarks | 5,400 | | | 6,600 | | Non-competition agreements | 3,500 | | | 4,800 | | Prepaid and other acquired assets | 774 | | | 774 | | Goodwill | 137,008 | | | 132,140 | | Total assets | 210,095 | | | 208,273 | | Accounts payable | 317 | | | 317 | | Accrued expenses | 4,459 | | | 4,459 | | Deferred revenue | 7,680 | | | 5,443 | | Deferred taxes | 7,934 | | | 8,349 | | Consideration paid | $ | 189,705 | | | $ | 189,705 | |
Intangible Assets
The Company identified four acquired intangible assets in the Stuzo Acquisition: developed technology; customer relationships; trademarks; and non-competition agreements. The preliminary fair value of developed technology and customer relationship intangible assets were determined utilizing the “multi-period excess earnings method”, which is predicated upon the calculation of the net present value of after-tax net cash flows respectively attributable to each asset. The Company applied a seven-year economic life and discount rate of 12.5% in determining the Stuzo developed technology preliminary intangible fair value and applied a 7.0% estimated annual attrition rate and discount rate of 12.5% in determining the Stuzo customer relationships intangible preliminary fair value. The preliminary fair value of trademarks intangible was determined utilizing the “relief from royalty” approach, which is a form of the income approach that attributes savings incurred from not having to pay a royalty for the use of an asset. The Company applied a fair and reasonable royalty rate of 1.0% and discount rate of 12.5% in determining the trademarks intangible preliminary fair value. The preliminary fair value of the Stuzo non-competition agreements was determined utilizing the discounted earnings method. The estimated useful life of these identifiable intangible assets was preliminarily determined to be: seven years for developed technology; fifteen years for customer relationships related to SaaS platform and related support; five years for customer relationships related to managed platform development services; indefinite for the trademarks; and five years for the non-competition agreements. Goodwill
Goodwill represents the excess of consideration transferred for the fair value of net identifiable assets acquired and is tested for impairment at least annually. The goodwill value represents expected synergies from the product acquired and other benefits. It is not deductible for income tax purposes.
Deferred Taxes
The Company determined the deferred tax position to be recorded at the time of the Stuzo Acquisition in accordance with ASC Topic 740, Income Taxes, resulting in recognition of $7.9 million in deferred tax liabilities for future reversing of taxable temporary differences primarily for intangible assets.
The net deferred tax liability relating to the Stuzo Acquisition was determined by the Company to provide future taxable temporary differences that allow for the Company to utilize certain previously fully reserved deferred tax assets. Accordingly, the Company recognized a reduction to its valuation allowance resulting in a net tax benefit of $7.7 million for the six months ended June 30, 2024.
Pro Forma Financial Information - unaudited
For the three and six months ended June 30, 2024, the Stuzo Acquisition resulted in additional revenues of $10.1 million and $12.7 million, respectively and income before income taxes of $1.4 million and $1.8 million, respectively.
The following table summarizes the Company's unaudited pro forma results of operations for the three months ended June 30, 2023 and the six months ended June 30, 2024 and 2023 as if the Stuzo Acquisition had occurred on January 1, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | (in thousands) | 2023 | | 2024 | | 2023 | | | Total revenue | $ | 79,676 | | | $ | 156,066 | | | $ | 158,025 | | | | Net loss from continuing operations | (21,054) | | | (51,359) | | | (32,623) | | | |
The unaudited pro forma results presented above are for illustrative purposes only and do not reflect the realization of actual cost savings or any related integration costs. The unaudited pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future. These unaudited pro forma results include certain adjustments, primarily due to increases in amortization expense due to the fair value adjustments of intangible assets, acquisition related costs and the impact of income taxes on the pro forma adjustments. $2.4 million of acquisition costs have been reflected in the 2023 pro forma results.
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v3.24.2.u1
Discontinued Operations
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
Discontinued Operations On June 7, 2024 (the “Closing Date”), the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Booz Allen Hamilton Inc. ("Booz Allen Hamilton") for the sale of PAR Government Systems Corporation ("PGSC"), a wholly owned subsidiary of the Company. Pursuant to the Purchase Agreement, on the Closing Date, Booz Allen Hamilton acquired 100% of the issued and outstanding shares of common stock of PGSC for a cash purchase price of $95.0 million, before customary post-closing adjustments based on PGSC’s indebtedness, working capital, cash, and transaction expenses at closing. At closing we entered into a transition services agreement with Booz Allen Hamilton ("TSA") pursuant to which the Company and Booz Allen Hamilton provide certain transitional services to each other as contemplated by and subject to the Purchase Agreement. The service period for the transitional services generally ends during the third quarter of 2025.
Additionally, on June 10, 2024, the Company announced that it had entered into an acquisition agreement for the sale of 100% of the issued and outstanding equity interests of Rome Research Corporation (“RRC”), a wholly-owned subsidiary of the Company. The sale was completed on July 1, 2024. Refer to “Note 15 – Subsequent Events” for additional information on the sale of RRC. The sale of PGSC and RRC comprise the sale of 100% of the Company's Government segment. The Company recognized a pre-tax gain on sale of $76.8 million from the sale of PGSC for the three months ended June 30, 2024. Pursuant to the Purchase Agreement, within 120 days following the Closing Date Booz Allen Hamilton is required to deliver to the Company a closing statement setting forth its determination of net working capital and any resulting net working capital surplus or deficit. To the extent there is an adjustment to net working capital, as agreed to by the Company and Booz Allen Hamilton pursuant to the Purchase Agreement, any such change will be recorded as an adjustment to the gain on sale of discontinued operations for the period such change occurs.
As of June 30, 2024, the Company estimated the federal taxable gain on sale to be $73.9 million, however, we expect to offset the taxable gain through the utilization of several tax benefits including $41.4 million of our net operating loss carryforwards, $22.2 million of our Section 163(j) interest expense limitation carryforwards, and $1.6 million of our research and development tax credits. Additionally, the income tax associated with the gain will be impacted by the final allocation of the sales price, which may be materially different from the Company’s estimates. The impact of changes in estimated income tax (if any) will be recorded as an adjustment to discontinued operations in the period such change in estimate occurs.
The Company incurred expenses related to its disposition of PGSC of approximately $6.6 million which are included in net income from discontinued operations in the condensed consolidated statements of operations.
The accounting requirements for reporting the disposition of PGSC and RRC as discontinued operations were met when the disposition of PGSC was completed and the sale of RRC was deemed probable. Accordingly, the historical results of PGSC and RRC have been presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented.
The following table presents the major classes of assets and liabilities of discontinued operations for PGSC and RRC as of December 31, 2023 and RRC as of June 30, 2024:
| | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | Accounts receivable – net | $ | 5,262 | | | $ | 20,703 | | Other current assets | 1,120 | | | 987 | | Total current assets | 6,382 | | | 21,690 | | Noncurrent assets | 839 | | | 2,785 | | Total assets of discontinued operations | $ | 7,221 | | | $ | 24,475 | | | | | | Accounts payable | — | | | 4,209 | | Accrued salaries and benefits | 1,284 | | | 5,013 | | Accrued expenses | 724 | | | 6,910 | | Other current liabilities | 25 | | | 246 | | Total current liabilities | 2,033 | | | 16,378 | | Noncurrent liabilities | — | | | 1,710 | | Total liabilities of discontinued operations | $ | 2,033 | | | $ | 18,088 | | | | | | | | | |
The following table presents the major categories of income from discontinued operations:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Contract revenue | $ | 31,116 | | | $ | 31,015 | | | $ | 66,540 | | | $ | 62,868 | | Contract cost of sales | (28,185) | | | (28,778) | | | (60,218) | | | (57,464) | | Operating income from discontinued operations | 2,931 | | | 2,237 | | | 6,322 | | | 5,404 | | General and administrative expense | 449 | | | (14) | | | (870) | | | (13) | | Other expense, net | (6) | | | (60) | | | — | | | (110) | | Gain on sale of discontinued operations | 76,754 | | | — | | | 76,754 | | | — | | Income from discontinued operations before provision for income taxes | 80,128 | | | 2,163 | | | 82,206 | | | 5,281 | | Provision for income taxes | (2,351) | | | (26) | | | (2,351) | | | (26) | | Net income from discontinued operations | $ | 77,777 | | | $ | 2,137 | | | $ | 79,855 | | | $ | 5,255 | |
In accordance with ASC Topic 205, Presentation of Financial Statements, the Company adjusted contract cost of sales to exclude corporate overhead allocated to discontinued operations for all periods presented.
The following table presents selected non-cash operating and investing activities related to cash flows from discontinued operations:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Depreciation and amortization | $ | 84 | | | $ | 116 | | | $ | 200 | | | $ | 231 | | Capital expenditures | 106 | | | 84 | | | 233 | | | 214 | | Stock-based compensation | 906 | | | 14 | | | 954 | | | 61 | |
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v3.24.2.u1
Accounts Receivable, net
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
Accounts Receivable, net |
Accounts Receivable, net At June 30, 2024 and December 31, 2023, the Company had current expected credit losses of $2.8 million and $1.9 million, respectively, against accounts receivable.
Changes in the current expected credit loss for the six months ended June 30 were:
| | | | | | | | | | | | (in thousands) | 2024 | | 2023 | Beginning Balance - January 1 | $ | 1,949 | | | $ | 2,134 | | Provisions | 1,553 | | | 784 | | Write-offs | (707) | | | (643) | | | | | | Ending Balance - June 30 | $ | 2,795 | | | $ | 2,275 | |
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v3.24.2.u1
Inventories, net
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories, net |
Inventories, net The components of inventory, adjusted for reserves, consisted of the following:
| | | | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | | | Finished goods | $ | 16,212 | | | $ | 13,530 | | | | Work in process | 161 | | | 216 | | | | Component parts | 8,581 | | | 9,147 | | | | Service parts | 572 | | | 667 | | | | Inventories, net | $ | 25,526 | | | $ | 23,560 | | | |
At June 30, 2024 and December 31, 2023, the Company had excess and obsolescence reserves of $9.6 million and $9.0 million, respectively, against inventories.
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v3.24.2.u1
Identifiable Intangible Assets and Goodwill
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Identifiable Intangible Assets and Goodwill |
Identifiable Intangible Assets and Goodwill The Company's identifiable intangible assets represent intangible assets acquired in acquisitions and software development costs. The components of identifiable intangible assets are: | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | | | | Estimated Useful Life | | Weighted-Average Amortization Period | Acquired developed technology | $ | 138,000 | | | $ | 119,800 | | | | | 3 - 7 years | | 4.59 years | Internally developed software costs | 36,605 | | | 34,735 | | | | | 3 years | | 2.64 years | Customer relationships | 53,910 | | | 14,510 | | | | | 5 - 15 years | | 8.66 years | Trade names | 1,410 | | | 1,410 | | | | | 2 - 5 years | | 0.5 years | Non-competition agreements | 3,530 | | | 30 | | | | | 1 - 5 years | | 4.75 years | | 233,455 | | | 170,485 | | | | | | | | Impact of currency translation on intangible assets | 623 | | | 1,399 | | | | | | | | Less: accumulated amortization | (101,106) | | | (87,001) | | | | | | | | | 132,972 | | | 84,883 | | | | | | | | Internally developed software costs not meeting general release threshold | 3,720 | | | 2,886 | | | | | | | | Trademarks, trade names (non-amortizable) | 11,600 | | | 6,200 | | | | | Indefinite | | | | $ | 148,292 | | | $ | 93,969 | | | | | | | |
Software costs placed into service during the three months ended June 30, 2024 and 2023, were $1.5 million and $1.4 million, respectively. Software costs placed into service during the six months ended June 30, 2024 and 2023, were $1.9 million and $2.2 million, respectively.
The following table summarizes amortization expense for acquired developed technology and internally developed software:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Amortization of acquired developed technology | | $ | 4,717 | | | $ | 4,092 | | | $ | 8,968 | | | $ | 8,171 | | Amortization of internally developed software | | 1,192 | | | 1,507 | | | 2,423 | | | 3,147 | | Amortization of identifiable intangible assets recorded in cost of sales | | 5,909 | | | 5,599 | | | 11,391 | | | 11,318 | | Amortization expense recorded in operating expenses | | 1,946 | | | 465 | | | 2,878 | | | 929 | | Impact of foreign currency translation on intangible assets | | (29) | | | (212) | | | 611 | | | (341) | | | | | | | | | | |
The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software development costs not meeting the general release threshold is:
| | | | | | (in thousands) | | 2024, remaining | $ | 15,424 | | 2025 | 29,447 | | 2026 | 27,435 | | 2027 | 23,335 | | 2028 | 13,584 | | Thereafter | 23,747 | | Total | $ | 132,972 | |
Goodwill carried is as follows:
| | | | | | | | | | | | | (in thousands) | 2024 | | 2023 | | Beginning balance - January 1 | $ | 488,918 | | | $ | 486,026 | | | Stuzo Acquisition | 137,008 | | | — | | | Foreign currency translation | (2,051) | | | 885 | | | Ending balance - June 30 | $ | 623,875 | | | $ | 486,911 | | |
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v3.24.2.u1
Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Debt The following table summarizes information about the net carrying amounts of long-term debt as of June 30, 2024:
| | | | | | | | | | | | | | | | | | (in thousands) | 2026 Notes | | 2027 Notes | | Total | Principal amount of notes outstanding | $ | 120,000 | | | $ | 265,000 | | | $ | 385,000 | | Unamortized debt issuance cost | (1,441) | | | (4,887) | | | (6,328) | | | | | | | | Total notes payable | $ | 118,559 | | | $ | 260,113 | | | $ | 378,672 | |
The following table summarizes information about the net carrying amounts of long-term debt as of December 31, 2023:
| | | | | | | | | | | | | | | | | | (in thousands) | 2026 Notes | | 2027 Notes | | Total | Principal amount of notes outstanding | $ | 120,000 | | | $ | 265,000 | | | $ | 385,000 | | Unamortized debt issuance cost | (1,811) | | | (5,542) | | | (7,353) | | Total notes payable | $ | 118,189 | | | $ | 259,458 | | | $ | 377,647 | |
The following table summarizes interest expense recognized on the long-term debt: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Contractual interest expense | $ | 1,856 | | | $ | 2,011 | | | $ | 3,712 | | | $ | 4,005 | | Accretion of debt in interest expense | 517 | | | 531 | | | 1,025 | | | 1,053 | | Total interest expense | $ | 2,373 | | | $ | 2,542 | | | $ | 4,737 | | | $ | 5,058 | |
The following table summarizes the future principal payments as of June 30, 2024: | | | | | | (in thousands) | | 2024, remaining | $ | — | | 2025 | — | | 2026 | 120,000 | | 2027 | 265,000 | | 2028 | — | | Thereafter | — | | Total | $ | 385,000 | |
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v3.24.2.u1
Common Stock
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Common Stock |
Common Stock In connection with, and to partially fund the Cash Consideration related to the Stuzo Acquisition, on March 7, 2024, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with funds and accounts advised by T. Rowe Price Investment Management, Inc., ADW Capital, Voss Capital, Greenhaven Road Capital, Jane Street, Progeny 3, Fund 1 Investments LLC, Newtyn Capital, Ghisallo Capital Management and Burkehill Global Management (collectively, the “Purchasers”) to raise approximately $200 million through a private placement of PAR common stock. Pursuant to the Securities Purchase Agreement, PAR issued and sold 5,174,638 shares of its common stock at a 10% discount to the Purchasers for a gross purchase price of approximately $200 million ($38.65 per share). Net proceeds from the Securities Purchase Agreement were approximately $194.4 million, net of issuance costs of $5.5 million.
On January 2, 2024, the Company entered into a consulting agreement with PAR Act III, LLC ("PAR Act III") pursuant to which PAR Act III provides the Company with strategic consulting, merger and acquisition technology due diligence, and other professional and expert services that may be requested from time to time by the Company’s Chief Executive Officer through April 8, 2026. In consideration for the services provided under the consulting agreement, the Company amended its common stock purchase warrant issued to PAR Act III on April 8, 2021 (the "Warrant") to extend the termination date of the Warrant to April 8, 2028, subject to the consulting agreement remaining in effect through April 8, 2026.
The issuance date fair value of the Warrant extension was determined to be $4.5 million based on using the Black-Scholes model with the following assumptions as of January 2, 2024:
| | | | | | | | | | | | | | | | | Original Warrant | | Modified Warrant | | | | | Expected term | 2.25 years | | 4.25 years | | | | | Risk free interest rate | 4.33 | % | | 3.93 | % | | | | | Expected volatility | 55.01 | % | | 63.39 | % | | | | | Expected dividend yield | None | | None | | | | | Fair value (per warrant) | $ | 7.36 | | | $ | 16.21 | | | | | |
In connection with the Company's private placement of its common stock on March 7, 2024 to partially fund the Stuzo Acquisition, an additional 6,312 shares of common stock are available for purchase under the Warrant, increasing the total to 510,287 shares of common stock available for purchase at an exercise price of $74.96 per share.
The Warrant is accounted for as stock-based compensation to non-employees pursuant to ASC Topic 718, Stock Compensation, by way of ASC Topic 815, Derivatives and Hedging, due to the Warrant extension being in exchange for consulting services. The issuance date fair value of the Warrant extension of $4.5 million will be recognized as stock-based compensation expense ratably over the requisite service period for the Warrant extension ending April 8, 2026.
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v3.24.2.u1
Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
Stock-Based Compensation Stock-based compensation expense, net of forfeitures and adjustments of $(0.4) million and $0.2 million, was $6.3 million and $3.6 million for the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense, net of forfeitures and adjustments of $0.2 million and $0.3 million, was $10.7 million and $6.6 million for the six months ended June 30, 2024 and 2023, respectively.
At June 30, 2024, the aggregate unrecognized compensation expense related to unvested equity awards was $36.7 million, which is expected to be recognized as compensation expense in fiscal years 2024 through 2027.
A summary of stock option activity for the six months ended June 30, 2024 is below: | | | | | | | | | | | | (in thousands, except for weighted average exercise price) | Options outstanding | | Weighted average exercise price | Outstanding at January 1, 2024 | 920 | | | $ | 13.04 | | | | | | Exercised | (142) | | | 11.00 | | Canceled/forfeited | (11) | | | 9.94 | | Outstanding at June 30, 2024 | 767 | | | $ | 13.47 | |
A summary of unvested restricted stock units activity for the six months ended June 30, 2024 is below: | | | | | | | | | | | | (in thousands, except for weighted average award value) | Restricted Stock Unit Awards | | Weighted average award value | Outstanding at January 1, 2024 | 839 | | | $ | 35.83 | | Granted | 541 | | | 47.41 | | Vested | (414) | | | 33.76 | | Canceled/forfeited | (83) | | | 36.79 | | Outstanding at June 30, 2024 | 883 | | | $ | 42.25 | |
A total of 330,000 shares of Company common stock were made available for purchase under the Company's 2021 Employee Stock Purchase Plan ("ESPP"), subject to adjustment as provided for in the ESPP. As of June 30, 2024, 15,251 shares of common stock were purchased.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Net Income (Loss) Per Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Net Income (Loss) Per Share |
Net Income (Loss) Per ShareNet income (loss) per share is calculated in accordance with ASC Topic 260, Earnings per Share, which specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”). It requires the presentation of basic and diluted EPS. Basic EPS excludes all dilution and is based upon the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that would occur if convertible securities or other contracts to issue common stock were exercised. At June 30, 2024, there were 767,000 anti-dilutive stock options outstanding compared to 1,003,000 as of June 30, 2023. At June 30, 2024, there were 883,000 anti-dilutive restricted stock units outstanding compared to 880,000 as of June 30, 2023.
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and ContingenciesFrom time to time, the Company is party to legal proceedings arising in the ordinary course of business. Based on information currently available, and based on its evaluation of such information, the Company believes the legal proceedings in which it is currently involved are not material or are not likely to result in a material adverse effect on the Company’s business, financial condition or results of operations, or cannot currently be estimated.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
Geographic Information and Customer Concentration
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Geographic Information and Customer Concentration |
Geographic Information and Customer Concentration The following table represents revenues by country based on the location of the revenue:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | | United States | $ | 73,181 | | | $ | 64,360 | | | $ | 137,714 | | | $ | 127,945 | | International | 4,969 | | | 5,169 | | | 10,509 | | | 10,168 | | Total | $ | 78,150 | | | $ | 69,529 | | | $ | 148,223 | | | $ | 138,113 | |
The following table represents assets by country based on the location of the assets:
| | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | | | | | | | | | | | | | | | | | United States | $ | 1,030,468 | | | $ | 767,894 | | International | 26,216 | | | 34,712 | | Total | $ | 1,056,684 | | | $ | 802,606 | |
Customers comprising 10% or more of the Company’s total revenues are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | McDonald’s Corporation | 11 | % | | 14 | % | | 10 | % | | 12 | % | Yum! Brands, Inc. | 10 | % | | 13 | % | | 11 | % | | 14 | % | Dairy Queen | 9 | % | | 10 | % | | 9 | % | | 12 | % | All Others | 70 | % | | 63 | % | | 70 | % | | 62 | % | Total | 100 | % | | 100 | % | | 100 | % | | 100 | % |
No other customer within "All Others" represented 10% or more of the Company’s total revenue for the three and six months ended June 30, 2024 or 2023.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.2.u1
Fair Value of Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments The Company’s financial instruments have been recorded at fair value using available market information and valuation techniques. The fair value hierarchy is based upon three levels of input, which are:
Level 1 — quoted prices in active markets for identical assets or liabilities (observable)
Level 2 — inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in inactive markets, or other inputs that are observable market data for essentially the full term of the asset or liability (observable)
Level 3 — unobservable inputs that are supported by little or no market activity, but are significant to determining the fair value of the asset or liability (unobservable)
The Company’s financial instruments primarily consist of cash and cash equivalents, cash held on behalf of customers, short-term investments, debt instruments and deferred compensation assets and liabilities. The carrying amounts of cash and cash equivalents, cash held on behalf of customers, and short-term investments as of June 30, 2024 and December 31, 2023 were considered representative of their fair values because of their short-term nature and are classified as Level 1 of the fair value hierarchy. Debt instruments are recorded at principal amount net of unamortized debt issuance cost and discount (refer to "Note 8 - Debt" for additional information). The estimated fair value of the 2.875% Convertible Senior Notes due 2026 (the "2026 Notes") and 1.50% Convertible Senior Notes due 2027 (the "2027 Notes") at June 30, 2024 was $152.9 million and $247.8 million respectively. The estimated fair value of the 2026 Notes and 2027 Notes at December 31, 2023 was $145.6 million and $236.1 million respectively. The valuation techniques used to determine the fair value of the Company's long-term debt are classified in Level 2 of the fair value hierarchy as they are derived from broker quotations. Deferred compensation assets and liabilities primarily relate to the Company’s deferred compensation plan, which allows for pre-tax salary deferrals for certain key employees. Changes in the fair value of the deferred compensation liabilities are derived using quoted prices in active markets of the asset selections made by plan participants. Deferred compensation liabilities are classified in Level 2, the fair value classification as defined under FASB ASC Topic 820, Fair Value Measurements, because their inputs are derived principally from observable market data by correlation to the hypothetical investments. The Company holds insurance investments to partially offset the Company’s liabilities under its deferred compensation plan, which are recorded at fair value each period using the cash surrender value of the insurance investments.
The cash surrender value of the life insurance policy was $3.3 million and $3.3 million at June 30, 2024 and December 31, 2023, respectively, and is included in other assets on the condensed consolidated balance sheets. Amounts owed to employees participating in the deferred compensation plan at June 30, 2024 were $0.3 million compared to $0.4 million at December 31, 2023 and are included in other long-term liabilities on the condensed consolidated balance sheets.
The Company uses a Monte Carlo simulation of a discounted cash flow model to determine the fair value of the earn-out liability associated with the acquisition of MENU Technologies AG (the "MENU Acquisition"). Significant inputs used in the simulation are not observable in the market and thus the liability represents a Level 3 fair value measurement as defined in ASC 820. Ultimately, the liability will be equivalent to the amount paid, and the difference between the fair value estimate and amount paid will be recorded in earnings. The amount paid that is less than or equal to the liability on the acquisition date will be reflected as cash used in financing activities in the Company's condensed consolidated statements of cash flows. Any amount paid in excess of the liability on the acquisition date will be reflected as cash used in operating activities.
During the three months ended June 30, 2024, the Company determined that there would be no earn-out payment related to the MENU Acquisition. As such, the Company wrote off the remaining fair value of the earn-out liability.
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the six months ended June 30:
| | | | | | | | | | | | (in thousands) | 2024 | | 2023 | Balance at January 1 | $ | 600 | | | $ | 9,800 | | | | | | Change in fair value of contingent consideration | (600) | | | (7,500) | | | | | | Balance at June 30 | $ | — | | | $ | 2,300 | |
The balance of the fair value of the liability was recorded within "Accrued expenses" in the condensed consolidated balance sheets. The change in fair value of contingent consideration was recorded within "Adjustment to contingent consideration liability" in the condensed consolidated statements of operations.
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contingency Type | | Maximum Payout (1) (undiscounted) (in thousands) | | Fair Value | | Valuation Technique | | Unobservable Inputs | | Weighted Average or Range | Revenue based payments | | $ | 5,600 | | | $ | 600 | | | Monte Carlo | | Revenue volatility | | 25.0 | % | | | | | | | | | | | | | | | | | | | | Discount rate | | 11.5 | % | | | | | | | | | Projected year of payments | | 2024 |
(1) Maximum payout as determined by Monte Carlo valuation simulation; the disclosed contingency is not subject to a contractual maximum payout.
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Subsequent Events On July 1, 2024, the Company sold 100% of the issued and outstanding equity interests of RRC, a wholly-owned subsidiary of the Company, to NexTech Solutions Holdings, LLC for a cash purchase price of $7.0 million, before customary post-closing adjustments based on RRC’s indebtedness, working capital, cash, and transaction expenses at closing. The Company will recognize a pre-tax gain on sale of $0.6 million from the sale of RRC in the third quarter of 2024. On July 5, 2024, the Company entered into a credit agreement (the "Credit Agreement"), as the borrower, with certain of its U.S. subsidiaries, as guarantors, the lenders party thereto, Blue Owl Capital Corporation, as administrative agent and collateral agent, and Blue Owl Credit Advisors, LLC, as lead arranger and bookrunner, that provides for a term loan in an initial aggregate principal amount of $90.0 million (the "Credit Facility" and, the loans thereunder, the “Term Loans”). The Credit Facility matures on the earlier of (i) July 5, 2029 and (ii) the date on which the Company's 2027 Notes become due and payable in accordance with their terms. The Term Loans bear interest at a rate equal to either of the following, as selected by the Company: (i) an alternate base rate plus an applicable margin of 4.50%, 4.00% or 3.50% based on a total net recurring revenue leverage ratio, or (ii) a secured overnight financing rate plus an applicable margin of 5.50%, 5.00% or 4.50% based on a total net recurring revenue leverage ratio. Voluntary prepayments of the Term Loans, as well as certain mandatory prepayments of the Term Loans, require payment of a prepayment premium of 4.0% during the first year of the Credit Facility, 3.0% during the second year of the Credit Facility, and 1.0% during the third year of the Credit Facility. Under the Credit Agreement, the Company is required to maintain liquidity of at least $20.0 million and a total net annual recurring revenue leverage ratio of no greater than 1.25 to 1.00. On July 18, 2024 (New York Time), July 19, 2024 (Sydney Time) (the "TASK Closing Date"), the Company completed its acquisition of TASK Group Holdings Limited (“TASK”) pursuant to a court-approved scheme of arrangement. On the TASK Closing Date, the Company paid holders of TASK shares approximately $131.5 million in cash consideration, and issued 2,163,393 shares of common stock at a price of $52.70 per share of Company common stock, for a total purchase consideration of $245.5 million. The initial accounting for the business combination was incomplete at August 8, 2024; however, the Company's financial results include costs related to the acquisition of TASK of $1.0 million and $2.0 million for the three and six months ended June 30, 2024, respectively. The assets and liabilities of TASK will be adjusted to their respective fair values as of the TASK Closing Date, including working capital, property, plant and equipment, and identifiable intangible assets acquired through the acquisition. The excess of the purchase price over the fair value of net assets acquired will be recorded as goodwill. Intangible assets acquired include, but are not limited to, developed technology and customer relationships. The estimated acquisition date fair value of these and other acquired assets and liabilities assumed may ultimately be based, in part, on inputs that are unobservable. The Company's initial purchase price allocation will be presented in the Company's Form 10-Q for the quarter ending September 30, 2024.
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure |
|
|
|
|
|
|
Net income (loss) |
$ 54,190
|
$ (18,288)
|
$ (19,702)
|
$ (15,905)
|
$ 35,902
|
$ (35,607)
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying financial statements of PAR Technology Corporation and its consolidated subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the instructions to Form 10-Q and Regulation S-X pertaining to interim financial statements as promulgated by the SEC. In the opinion of management, the Company's financial statements include all normal and recurring adjustments necessary in order to make the financial statements not misleading and to provide a fair presentation of the Company's financial results for the interim period included in this Quarterly Report. Interim results are not necessarily indicative of results for the full year or any future periods. The information included in this Quarterly Report should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”). The results of operations of the Company's Government segment are reported as discontinued operations in the condensed consolidated statements of operations for all periods presented and the remaining related assets and liabilities associated with the discontinued operations are classified as held for sale in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. All results and information in the condensed consolidated financial statements are presented as continuing operations and exclude the Government segment unless otherwise noted specifically as discontinued operations.
|
Use of Estimates |
Use of Estimates The preparation of the financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to these estimates and assumptions include revenue recognition, stock-based compensation, the recognition and measurement of assets acquired and liabilities assumed in business combinations at fair value, the carrying amount of property, plant, and equipment including right-to-use assets and liabilities, identifiable intangible assets and goodwill, valuation allowances for receivables, valuation of excess and obsolete inventories, and measurement of contingent consideration at fair value. Actual results could differ from those estimates.
|
Cash and Cash Equivalents and Cash Held on Behalf of Customers |
Cash and Cash Equivalents and Cash Held on Behalf of Customers The Company maintained bank balances that, at times, exceeded the federally insured limit during the six months ended June 30, 2024. The Company has not experienced losses relating to these deposits and management does not believe that the Company is exposed to any significant credit risk with respect to these amounts.
|
Discontinued Operations, Policy |
Discontinued Operations
In determining whether a group of assets which has been disposed of (or is to be disposed of) should be presented as a discontinued operation, the Company analyzes whether the group of assets being disposed of represented a component of the entity; that is, whether it had historic operations and cash flows that were clearly distinguished (both operationally and for financial reporting purposes). In addition, the Company considers whether the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.
The assets and liabilities of a discontinued operation, other than goodwill, are measured at the lower of carrying amount or fair value less cost to sell. When a portion of a goodwill reporting unit that constitutes a business is to be disposed of, the goodwill associated with that business is included in the carrying amount of the business based on the relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. The Company allocates interest to discontinued operations if the interest is directly attributable to the discontinued operations or is interest on debt that is required to be repaid as a result of the disposal.
|
Other assets |
Other Assets
Other assets include deferred implementation costs of $8.2 million and $8.8 million and deferred commissions of $3.1 million and $2.6 million at June 30, 2024 and December 31, 2023, respectively. The following table summarizes amortization expense for deferred implementation costs and deferred commissions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Amortization of deferred implementation costs | | $ | 1,549 | | | $ | 1,143 | | | $ | 3,044 | | | $ | 2,137 | | Amortization of deferred commissions | | 411 | | | 206 | | | 804 | | | 391 | |
Other assets also include the cash surrender value of life insurance related to the Company’s deferred compensation plan eligible to certain employees. The funded balance is reviewed on an annual basis.
|
Other Long-Term Liabilities |
Other Long-Term Liabilities Other long-term liabilities include amounts owed to employees that participate in the Company’s deferred compensation plan. Amounts owed to employees participating in the deferred compensation plan were $0.3 million and $0.4 million at June 30, 2024 and December 31, 2023, respectively.
|
Related Party Transactions |
Related Party Transactions
During the six months ended June 30, 2023, Ronald Shaich, the sole member of Act III Management LLC ("Act III Management"), served as a strategic advisor to the Company's board of directors pursuant to a strategic advisor agreement, which terminated on June 1, 2023. Keith Pascal, a director of the Company, is an employee of Act III Management and serves as its vice president and secretary. Mr. Pascal does not have an ownership interest in Act III Management. As of June 30, 2024 and December 31, 2023, the Company had zero accounts payable owed to Act III Management. During the three months ended June 30, 2024 and 2023, the Company paid Act III Management zero and $0.1 million, respectively, and during the six months ended June 30, 2024 and 2023 the Company paid Act III Management zero and $0.1 million, respectively, for services performed under the strategic advisor agreement.
|
Recently Adopted Accounting Pronouncements |
Recently Adopted Accounting Pronouncements
There were no recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2024 that are of significance or potential significance to the Company.
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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Cash and Cash Equivalents and Cash Held on Behalf of Customers |
Cash and cash equivalents and cash held on behalf of customers consist of the following:
| | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | Cash and cash equivalents | | | | Cash | $ | 55,806 | | | $ | 37,143 | | Money market funds | 59,122 | | | 40 | | Cash held on behalf of customers | 12,804 | | | 10,170 | | Total cash and cash equivalents and cash held on behalf of customers | $ | 127,732 | | | $ | 47,353 | |
|
Schedule of Short-Term Investment |
The carrying value of investment securities consist of the following:
| | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | Short-term investments | | | | Treasury bills and notes | $ | 27,527 | | | $ | 37,194 | | Total short-term investments | $ | 27,527 | | | $ | 37,194 | |
|
Schedule of Amortization Expense for Deferred Implementation Costs and Deferred Commissions |
The following table summarizes amortization expense for deferred implementation costs and deferred commissions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Amortization of deferred implementation costs | | $ | 1,549 | | | $ | 1,143 | | | $ | 3,044 | | | $ | 2,137 | | Amortization of deferred commissions | | 411 | | | 206 | | | 804 | | | 391 | |
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v3.24.2.u1
Revenue Recognition (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Performance Obligations |
Deferred revenue is as follows: | | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | Current | $ | 12,539 | | | $ | 7,250 | | Non-current | 2,876 | | | 4,204 | | Total | $ | 15,415 | | | $ | 11,454 | |
The changes in deferred revenue, inclusive of both current and long-term, are as follows:
| | | | | | | | | | | | (in thousands) | 2024 | | 2023 | Beginning balance - January 1 | $ | 11,454 | | | $ | 13,584 | | Acquired deferred revenue (Note 3) | 7,680 | | | — | | Recognition of deferred revenue | (42,052) | | | (14,112) | | Deferral of revenue | 38,333 | | | 14,682 | | Ending balance - June 30 | $ | 15,415 | | | $ | 14,154 | |
|
Schedule of Disaggregated Revenue |
Disaggregated revenue is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Three Months Ended June 30, 2023 | (in thousands) | Restaurant/Retail point in time | | Restaurant/Retail over time | | Restaurant/Retail point in time | | Restaurant/Retail over time | Hardware | $ | 20,116 | | | $ | — | | | $ | 26,390 | | | $ | — | | Subscription service | — | | | 44,872 | | | — | | | 30,372 | | Professional service | 4,914 | | | 8,248 | | | 5,709 | | | 7,058 | | Total | $ | 25,030 | | | $ | 53,120 | | | $ | 32,099 | | | $ | 37,430 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | (in thousands) | Restaurant/Retail point in time | | Restaurant/Retail over time | | Restaurant/Retail point in time | | Restaurant/Retail over time | Hardware | $ | 38,342 | | | $ | — | | | $ | 53,167 | | | $ | — | | Subscription service | — | | | 83,251 | | | — | | | 58,337 | | Professional service | 10,641 | | | 15,989 | | | 12,195 | | | 14,414 | | Total | $ | 48,983 | | | $ | 99,240 | | | $ | 65,362 | | | $ | 72,751 | |
|
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.2.u1
Acquisition (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Schedule of Pro Forma Financial Information |
The following table presents management's current purchase price allocation and the initial purchase price allocation:
| | | | | | | | | | | | (in thousands) | Current purchase price allocation | | Initial purchase price allocation | Cash | $ | 4,244 | | | $ | 4,244 | | Accounts receivable | 1,262 | | | 2,208 | | Property and equipment | 307 | | | 307 | | Developed technology | 18,200 | | | 18,200 | | Customer relationships | 39,400 | | | 39,000 | | Trademarks | 5,400 | | | 6,600 | | Non-competition agreements | 3,500 | | | 4,800 | | Prepaid and other acquired assets | 774 | | | 774 | | Goodwill | 137,008 | | | 132,140 | | Total assets | 210,095 | | | 208,273 | | Accounts payable | 317 | | | 317 | | Accrued expenses | 4,459 | | | 4,459 | | Deferred revenue | 7,680 | | | 5,443 | | Deferred taxes | 7,934 | | | 8,349 | | Consideration paid | $ | 189,705 | | | $ | 189,705 | |
|
Schedule of Pro Forma Financial Information |
The following table summarizes the Company's unaudited pro forma results of operations for the three months ended June 30, 2023 and the six months ended June 30, 2024 and 2023 as if the Stuzo Acquisition had occurred on January 1, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | (in thousands) | 2023 | | 2024 | | 2023 | | | Total revenue | $ | 79,676 | | | $ | 156,066 | | | $ | 158,025 | | | | Net loss from continuing operations | (21,054) | | | (51,359) | | | (32,623) | | | |
The unaudited pro forma results presented above are for illustrative purposes only and do not reflect the realization of actual cost savings or any related integration costs. The unaudited pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future. These unaudited pro forma results include certain adjustments, primarily due to increases in amortization expense due to the fair value adjustments of intangible assets, acquisition related costs and the impact of income taxes on the pro forma adjustments. $2.4 million of acquisition costs have been reflected in the 2023 pro forma results.
|
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- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.24.2.u1
Discontinued Operations (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Schedule of Carrying Amount of Net Assets Classified as Held for Sale |
The following table presents the major classes of assets and liabilities of discontinued operations for PGSC and RRC as of December 31, 2023 and RRC as of June 30, 2024:
| | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | Accounts receivable – net | $ | 5,262 | | | $ | 20,703 | | Other current assets | 1,120 | | | 987 | | Total current assets | 6,382 | | | 21,690 | | Noncurrent assets | 839 | | | 2,785 | | Total assets of discontinued operations | $ | 7,221 | | | $ | 24,475 | | | | | | Accounts payable | — | | | 4,209 | | Accrued salaries and benefits | 1,284 | | | 5,013 | | Accrued expenses | 724 | | | 6,910 | | Other current liabilities | 25 | | | 246 | | Total current liabilities | 2,033 | | | 16,378 | | Noncurrent liabilities | — | | | 1,710 | | Total liabilities of discontinued operations | $ | 2,033 | | | $ | 18,088 | | | | | | | | | |
The following table presents the major categories of income from discontinued operations:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Contract revenue | $ | 31,116 | | | $ | 31,015 | | | $ | 66,540 | | | $ | 62,868 | | Contract cost of sales | (28,185) | | | (28,778) | | | (60,218) | | | (57,464) | | Operating income from discontinued operations | 2,931 | | | 2,237 | | | 6,322 | | | 5,404 | | General and administrative expense | 449 | | | (14) | | | (870) | | | (13) | | Other expense, net | (6) | | | (60) | | | — | | | (110) | | Gain on sale of discontinued operations | 76,754 | | | — | | | 76,754 | | | — | | Income from discontinued operations before provision for income taxes | 80,128 | | | 2,163 | | | 82,206 | | | 5,281 | | Provision for income taxes | (2,351) | | | (26) | | | (2,351) | | | (26) | | Net income from discontinued operations | $ | 77,777 | | | $ | 2,137 | | | $ | 79,855 | | | $ | 5,255 | |
The following table presents selected non-cash operating and investing activities related to cash flows from discontinued operations:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Depreciation and amortization | $ | 84 | | | $ | 116 | | | $ | 200 | | | $ | 231 | | Capital expenditures | 106 | | | 84 | | | 233 | | | 214 | | Stock-based compensation | 906 | | | 14 | | | 954 | | | 61 | |
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- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.24.2.u1
Inventories, net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Components of Inventory |
The components of inventory, adjusted for reserves, consisted of the following:
| | | | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | | | Finished goods | $ | 16,212 | | | $ | 13,530 | | | | Work in process | 161 | | | 216 | | | | Component parts | 8,581 | | | 9,147 | | | | Service parts | 572 | | | 667 | | | | Inventories, net | $ | 25,526 | | | $ | 23,560 | | | |
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v3.24.2.u1
Identifiable Intangible Assets and Goodwill (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Components of Identifiable Intangible Assets |
The components of identifiable intangible assets are: | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | | | | Estimated Useful Life | | Weighted-Average Amortization Period | Acquired developed technology | $ | 138,000 | | | $ | 119,800 | | | | | 3 - 7 years | | 4.59 years | Internally developed software costs | 36,605 | | | 34,735 | | | | | 3 years | | 2.64 years | Customer relationships | 53,910 | | | 14,510 | | | | | 5 - 15 years | | 8.66 years | Trade names | 1,410 | | | 1,410 | | | | | 2 - 5 years | | 0.5 years | Non-competition agreements | 3,530 | | | 30 | | | | | 1 - 5 years | | 4.75 years | | 233,455 | | | 170,485 | | | | | | | | Impact of currency translation on intangible assets | 623 | | | 1,399 | | | | | | | | Less: accumulated amortization | (101,106) | | | (87,001) | | | | | | | | | 132,972 | | | 84,883 | | | | | | | | Internally developed software costs not meeting general release threshold | 3,720 | | | 2,886 | | | | | | | | Trademarks, trade names (non-amortizable) | 11,600 | | | 6,200 | | | | | Indefinite | | | | $ | 148,292 | | | $ | 93,969 | | | | | | | |
|
Schedule of Amortization Expense |
The following table summarizes amortization expense for acquired developed technology and internally developed software:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Amortization of acquired developed technology | | $ | 4,717 | | | $ | 4,092 | | | $ | 8,968 | | | $ | 8,171 | | Amortization of internally developed software | | 1,192 | | | 1,507 | | | 2,423 | | | 3,147 | | Amortization of identifiable intangible assets recorded in cost of sales | | 5,909 | | | 5,599 | | | 11,391 | | | 11,318 | | Amortization expense recorded in operating expenses | | 1,946 | | | 465 | | | 2,878 | | | 929 | | Impact of foreign currency translation on intangible assets | | (29) | | | (212) | | | 611 | | | (341) | | | | | | | | | | |
|
Schedule of Expected Future Amortization of Intangible Assets |
The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software development costs not meeting the general release threshold is:
| | | | | | (in thousands) | | 2024, remaining | $ | 15,424 | | 2025 | 29,447 | | 2026 | 27,435 | | 2027 | 23,335 | | 2028 | 13,584 | | Thereafter | 23,747 | | Total | $ | 132,972 | |
|
Schedule of Goodwill |
Goodwill carried is as follows:
| | | | | | | | | | | | | (in thousands) | 2024 | | 2023 | | Beginning balance - January 1 | $ | 488,918 | | | $ | 486,026 | | | Stuzo Acquisition | 137,008 | | | — | | | Foreign currency translation | (2,051) | | | 885 | | | Ending balance - June 30 | $ | 623,875 | | | $ | 486,911 | | |
|
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v3.24.2.u1
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt Instruments |
The following table summarizes information about the net carrying amounts of long-term debt as of June 30, 2024:
| | | | | | | | | | | | | | | | | | (in thousands) | 2026 Notes | | 2027 Notes | | Total | Principal amount of notes outstanding | $ | 120,000 | | | $ | 265,000 | | | $ | 385,000 | | Unamortized debt issuance cost | (1,441) | | | (4,887) | | | (6,328) | | | | | | | | Total notes payable | $ | 118,559 | | | $ | 260,113 | | | $ | 378,672 | |
The following table summarizes information about the net carrying amounts of long-term debt as of December 31, 2023:
| | | | | | | | | | | | | | | | | | (in thousands) | 2026 Notes | | 2027 Notes | | Total | Principal amount of notes outstanding | $ | 120,000 | | | $ | 265,000 | | | $ | 385,000 | | Unamortized debt issuance cost | (1,811) | | | (5,542) | | | (7,353) | | Total notes payable | $ | 118,189 | | | $ | 259,458 | | | $ | 377,647 | |
|
Summary of Equity and Liability Components of the Notes |
The following table summarizes interest expense recognized on the long-term debt: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Contractual interest expense | $ | 1,856 | | | $ | 2,011 | | | $ | 3,712 | | | $ | 4,005 | | Accretion of debt in interest expense | 517 | | | 531 | | | 1,025 | | | 1,053 | | Total interest expense | $ | 2,373 | | | $ | 2,542 | | | $ | 4,737 | | | $ | 5,058 | |
|
Schedule of Maturities of Long-term Debt |
The following table summarizes the future principal payments as of June 30, 2024: | | | | | | (in thousands) | | 2024, remaining | $ | — | | 2025 | — | | 2026 | 120,000 | | 2027 | 265,000 | | 2028 | — | | Thereafter | — | | Total | $ | 385,000 | |
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v3.24.2.u1
Common Stock (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of Assumptions for Fair Value of Options at the Date of the Grant |
The issuance date fair value of the Warrant extension was determined to be $4.5 million based on using the Black-Scholes model with the following assumptions as of January 2, 2024:
| | | | | | | | | | | | | | | | | Original Warrant | | Modified Warrant | | | | | Expected term | 2.25 years | | 4.25 years | | | | | Risk free interest rate | 4.33 | % | | 3.93 | % | | | | | Expected volatility | 55.01 | % | | 63.39 | % | | | | | Expected dividend yield | None | | None | | | | | Fair value (per warrant) | $ | 7.36 | | | $ | 16.21 | | | | | |
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Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Stock Option Activity |
A summary of stock option activity for the six months ended June 30, 2024 is below: | | | | | | | | | | | | (in thousands, except for weighted average exercise price) | Options outstanding | | Weighted average exercise price | Outstanding at January 1, 2024 | 920 | | | $ | 13.04 | | | | | | Exercised | (142) | | | 11.00 | | Canceled/forfeited | (11) | | | 9.94 | | Outstanding at June 30, 2024 | 767 | | | $ | 13.47 | |
|
Schedule of Unvested Restricted Stock Units Activity |
A summary of unvested restricted stock units activity for the six months ended June 30, 2024 is below: | | | | | | | | | | | | (in thousands, except for weighted average award value) | Restricted Stock Unit Awards | | Weighted average award value | Outstanding at January 1, 2024 | 839 | | | $ | 35.83 | | Granted | 541 | | | 47.41 | | Vested | (414) | | | 33.76 | | Canceled/forfeited | (83) | | | 36.79 | | Outstanding at June 30, 2024 | 883 | | | $ | 42.25 | |
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v3.24.2.u1
Geographic Information and Customer Concentration (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Information of the Company's Segments |
The following table represents revenues by country based on the location of the revenue:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | | United States | $ | 73,181 | | | $ | 64,360 | | | $ | 137,714 | | | $ | 127,945 | | International | 4,969 | | | 5,169 | | | 10,509 | | | 10,168 | | Total | $ | 78,150 | | | $ | 69,529 | | | $ | 148,223 | | | $ | 138,113 | |
|
Schedule of Revenue by Geographic Area |
The following table represents assets by country based on the location of the assets:
| | | | | | | | | | | | (in thousands) | June 30, 2024 | | December 31, 2023 | | | | | | | | | | | | | | | | | United States | $ | 1,030,468 | | | $ | 767,894 | | International | 26,216 | | | 34,712 | | Total | $ | 1,056,684 | | | $ | 802,606 | |
|
Schedule of Revenue by Major Customers |
Customers comprising 10% or more of the Company’s total revenues are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | McDonald’s Corporation | 11 | % | | 14 | % | | 10 | % | | 12 | % | Yum! Brands, Inc. | 10 | % | | 13 | % | | 11 | % | | 14 | % | Dairy Queen | 9 | % | | 10 | % | | 9 | % | | 12 | % | All Others | 70 | % | | 63 | % | | 70 | % | | 62 | % | Total | 100 | % | | 100 | % | | 100 | % | | 100 | % |
|
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v3.24.2.u1
Fair Value of Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Changes in Fair Value of the Company's Level 3 Liabilities , That Are Measured Using Significant Unobservable Inputs (Level 3) |
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the six months ended June 30:
| | | | | | | | | | | | (in thousands) | 2024 | | 2023 | Balance at January 1 | $ | 600 | | | $ | 9,800 | | | | | | Change in fair value of contingent consideration | (600) | | | (7,500) | | | | | | Balance at June 30 | $ | — | | | $ | 2,300 | |
|
Schedule of Fair Value, Liabilities Measured on Recurring Basis |
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contingency Type | | Maximum Payout (1) (undiscounted) (in thousands) | | Fair Value | | Valuation Technique | | Unobservable Inputs | | Weighted Average or Range | Revenue based payments | | $ | 5,600 | | | $ | 600 | | | Monte Carlo | | Revenue volatility | | 25.0 | % | | | | | | | | | | | | | | | | | | | | Discount rate | | 11.5 | % | | | | | | | | | Projected year of payments | | 2024 |
(1) Maximum payout as determined by Monte Carlo valuation simulation; the disclosed contingency is not subject to a contractual maximum payout.
|
X |
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v3.24.2.u1
Summary of Significant Accounting Policies - Narrative (Details)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
reporting_unit
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Number of operating segments (in reporting units) | reporting_unit |
|
|
1
|
|
|
Number of reportable segments (in reporting units) | reporting_unit |
|
|
1
|
|
|
Deferred costs and other assets |
$ 8,200,000
|
|
$ 8,200,000
|
|
$ 8,800,000
|
Deferred commission |
3,100,000
|
|
3,100,000
|
|
2,600,000
|
Life insurance balance |
3,300,000
|
|
3,300,000
|
|
3,300,000
|
Deferred compensation liability |
300,000
|
|
300,000
|
|
400,000
|
Proceeds from insurance settlement |
|
|
0
|
$ 500,000
|
|
Developed Technology Rights | Director |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts Payable |
0
|
|
0
|
|
$ 0
|
Master Development Agreement | Director |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Amount paid for services to act III management |
$ 0
|
$ 100,000
|
$ 0
|
$ 100,000
|
|
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v3.24.2.u1
Summary of Significant Accounting Policies - Cash and Cash Equivalents and Cash Held on Behalf of Customers (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
Cash |
$ 55,806
|
$ 37,143
|
|
Money market funds |
59,122
|
40
|
|
Cash held on behalf of customers |
12,804
|
10,170
|
$ 9,024
|
Total cash and cash equivalents and cash held on behalf of customers |
$ 127,732
|
$ 47,353
|
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v3.24.2.u1
Revenue Recognition - Performance Obligations (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
|
|
Performance obligations |
$ 15,415
|
$ 11,454
|
$ 14,154
|
$ 13,584
|
Current |
|
|
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
|
|
Performance obligations |
12,539
|
7,250
|
|
|
Non-current |
|
|
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
|
|
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$ 2,876
|
$ 4,204
|
|
|
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v3.24.2.u1
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Customer deposits |
$ 1.8
|
$ 1.6
|
$ 1.8
|
$ 1.6
|
Recognition of deferred revenue |
$ 2.1
|
$ 2.9
|
$ 4.9
|
$ 6.0
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Performance obligations, period |
60 months
|
|
60 months
|
|
Performance obligation, percentage |
100.00%
|
|
100.00%
|
|
Non-current | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Performance obligations, period |
36 months
|
|
36 months
|
|
X |
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v3.24.2.u1
Revenue Recognition - Deferred Revenue for Long-term (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue, Remaining Performance Obligation [Roll Forward] |
|
|
Beginning balance - January 1 |
$ 11,454
|
$ 13,584
|
Acquired deferred revenue (Note 3) |
7,680
|
0
|
Recognition of deferred revenue |
(42,052)
|
(14,112)
|
Deferral of revenue |
38,333
|
14,682
|
Ending balance - June 30 |
$ 15,415
|
$ 14,154
|
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v3.24.2.u1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 78,150
|
$ 69,529
|
$ 148,223
|
$ 138,113
|
Hardware |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
20,116
|
26,390
|
38,342
|
53,167
|
Subscription service |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
44,872
|
30,372
|
83,251
|
58,337
|
Professional service |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
13,162
|
12,767
|
26,630
|
26,609
|
Restaurant/Retail | Point in Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
25,030
|
32,099
|
48,983
|
65,362
|
Restaurant/Retail | Over Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
53,120
|
37,430
|
99,240
|
72,751
|
Restaurant/Retail | Hardware | Point in Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
20,116
|
26,390
|
38,342
|
53,167
|
Restaurant/Retail | Hardware | Over Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Restaurant/Retail | Subscription service | Point in Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
0
|
0
|
0
|
0
|
Restaurant/Retail | Subscription service | Over Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
44,872
|
30,372
|
83,251
|
58,337
|
Restaurant/Retail | Professional service | Point in Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
4,914
|
5,709
|
10,641
|
12,195
|
Restaurant/Retail | Professional service | Over Time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 8,248
|
$ 7,058
|
$ 15,989
|
$ 14,414
|
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v3.24.2.u1
Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
6 Months Ended |
Mar. 08, 2024
USD ($)
intangibleAsset
$ / shares
shares
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
(Provision for) benefit from income taxes |
|
$ (612)
|
$ (383)
|
$ 7,173
|
$ (698)
|
Stuzo Acquisition |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Percentage of interest acquired of limited liability company |
100.00%
|
|
|
|
|
Business acquisition, cash paid |
$ 170,500
|
|
|
|
|
Business combination, consideration transferred, equity interests issued and issuable |
$ 19,200
|
|
|
|
|
Equity interest issued (in shares) | shares |
441,598
|
|
|
|
|
Business acquisition, share price (in dollars per share) | $ / shares |
$ 43.41
|
|
|
|
|
Escrow deposit |
$ 1,500
|
1,500
|
|
1,500
|
|
Transaction costs |
$ 2,800
|
|
|
|
|
Number of acquired intangible assets | intangibleAsset |
4
|
|
|
|
|
Deferred taxes |
$ 8,349
|
7,934
|
|
7,934
|
|
(Provision for) benefit from income taxes |
|
|
|
7,700
|
|
Revenue of acquiree |
|
10,100
|
|
12,700
|
|
Net income of acquiree |
|
$ 1,400
|
|
$ 1,800
|
|
Stuzo Acquisition | Developed Technology Rights |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Estimated useful life (in years) |
7 years
|
|
|
|
|
Estimated useful lives |
7 years
|
|
|
|
|
Stuzo Acquisition | Developed Technology Rights | Measurement Input, Discount Rate |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value measurement input |
12.50%
|
|
|
|
|
Stuzo Acquisition | Customer relationships |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Estimated useful lives |
15 years
|
|
|
|
|
Stuzo Acquisition | Customer relationships | Measurement Input, Discount Rate |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value measurement input |
12.50%
|
|
|
|
|
Stuzo Acquisition | Customer relationships | Measurement Input, Annual Attrition Rate |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value measurement input |
7.00%
|
|
|
|
|
Stuzo Acquisition | Trade names |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Estimated useful lives |
5 years
|
|
|
|
|
Stuzo Acquisition | Trade names | Measurement Input, Discount Rate |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value measurement input |
12.50%
|
|
|
|
|
Stuzo Acquisition | Trade names | Measurement Input, Relief From Royalty Rate |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value measurement input |
1.00%
|
|
|
|
|
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v3.24.2.u1
Acquisitions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Mar. 08, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Goodwill |
$ 623,875
|
|
$ 488,918
|
$ 486,911
|
$ 486,026
|
Stuzo Acquisition |
|
|
|
|
|
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Cash |
4,244
|
$ 4,244
|
|
|
|
Accounts receivable |
1,262
|
2,208
|
|
|
|
Property and equipment |
307
|
307
|
|
|
|
Prepaid and other acquired assets |
774
|
774
|
|
|
|
Goodwill |
137,008
|
132,140
|
|
|
|
Total assets |
210,095
|
208,273
|
|
|
|
Accounts payable |
317
|
317
|
|
|
|
Accrued expenses |
4,459
|
4,459
|
|
|
|
Deferred revenue |
7,680
|
5,443
|
|
|
|
Deferred taxes |
7,934
|
8,349
|
|
|
|
Consideration paid |
189,705
|
189,705
|
|
|
|
Stuzo Acquisition | Developed technology |
|
|
|
|
|
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Finite-lived intangible assets |
18,200
|
18,200
|
|
|
|
Stuzo Acquisition | Customer relationships |
|
|
|
|
|
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Finite-lived intangible assets |
39,400
|
39,000
|
|
|
|
Stuzo Acquisition | Trademarks |
|
|
|
|
|
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Finite-lived intangible assets |
5,400
|
6,600
|
|
|
|
Stuzo Acquisition | Non-competition agreements |
|
|
|
|
|
Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Finite-lived intangible assets |
$ 3,500
|
$ 4,800
|
|
|
|
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Acquisitions - Pro Forma Information (Details) - Stuzo Acquisition - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Business Acquisition [Line Items] |
|
|
|
|
Total revenue |
$ 79,676
|
$ 156,066
|
$ 158,025
|
|
Net loss from continuing operations |
$ (21,054)
|
$ (51,359)
|
$ (32,623)
|
|
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|
|
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$ 2,400
|
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Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 07, 2024 |
Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
Current liabilities of discontinued operations |
$ 2,033
|
$ 2,033
|
|
$ 2,033
|
|
|
$ 16,378
|
Discontinued Operations, Disposed of by Sale | PGSC and RRC |
|
|
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
Purchase price |
|
|
|
|
|
$ 95,000
|
|
Pre tax gain on sale |
|
76,754
|
$ 0
|
76,754
|
$ 0
|
|
|
Accounts receivable – net |
5,262
|
5,262
|
|
5,262
|
|
|
20,703
|
Other current assets |
1,120
|
1,120
|
|
1,120
|
|
|
987
|
Total assets of discontinued operations |
7,221
|
7,221
|
|
7,221
|
|
|
24,475
|
Current liabilities of discontinued operations |
2,033
|
2,033
|
|
2,033
|
|
|
$ 16,378
|
Discontinued Operations, Disposed of by Sale | PGSC |
|
|
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
Pre tax gain on sale |
|
76,800
|
|
|
|
|
|
Gain on sale |
73,900
|
73,900
|
|
73,900
|
|
|
|
Operating loss carryforwards |
41,400
|
41,400
|
|
41,400
|
|
|
|
Interest expense limitation carryforwards |
22,200
|
22,200
|
|
22,200
|
|
|
|
Research and development tax credit |
1,600
|
$ 1,600
|
|
$ 1,600
|
|
|
|
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$ 6,600
|
|
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Jun. 30, 2024 |
Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
Current assets of discontinued operations |
$ 6,382
|
$ 21,690
|
Noncurrent assets of discontinued operations |
839
|
2,785
|
Current liabilities of discontinued operations |
2,033
|
16,378
|
Noncurrent liabilities |
0
|
1,710
|
Discontinued Operations, Disposed of by Sale | PGSC and RRC |
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
Accounts receivable – net |
5,262
|
20,703
|
Other current assets |
1,120
|
987
|
Current assets of discontinued operations |
6,382
|
21,690
|
Noncurrent assets of discontinued operations |
839
|
2,785
|
Total assets of discontinued operations |
7,221
|
24,475
|
Accounts payable |
0
|
4,209
|
Accrued salaries and benefits |
1,284
|
5,013
|
Accrued expenses |
724
|
6,910
|
Other current liabilities |
25
|
246
|
Current liabilities of discontinued operations |
2,033
|
16,378
|
Noncurrent liabilities |
0
|
1,710
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$ 2,033
|
$ 18,088
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v3.24.2.u1
Discontinued Operations - Schedule of Major Categories of Income from Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
Net income from discontinued operations |
$ 77,777
|
$ 2,137
|
$ 79,855
|
$ 5,255
|
Discontinued Operations, Disposed of by Sale | PGSC and RRC |
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
Contract revenue |
31,116
|
31,015
|
66,540
|
62,868
|
Contract cost of sales |
(28,185)
|
(28,778)
|
(60,218)
|
(57,464)
|
Operating income from discontinued operations |
2,931
|
2,237
|
6,322
|
5,404
|
Other expense, net |
(6)
|
(60)
|
0
|
(110)
|
Gain on sale of discontinued operations |
76,754
|
0
|
76,754
|
0
|
Income from discontinued operations before provision for income taxes |
80,128
|
2,163
|
82,206
|
5,281
|
Provision for income taxes |
(2,351)
|
(26)
|
(2,351)
|
(26)
|
Net income from discontinued operations |
77,777
|
2,137
|
79,855
|
5,255
|
Discontinued Operations, Disposed of by Sale | PGSC and RRC Including Adjustments |
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
General and administrative expense |
$ 449
|
$ (14)
|
$ (870)
|
$ (13)
|
X |
- DefinitionDisposal Group, Including Discontinued Operation, Other (Expense) Income, Net
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6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
Beginning balance |
$ 1,949
|
$ 2,134
|
Provisions |
1,553
|
784
|
Write-offs |
(707)
|
(643)
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$ 2,795
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$ 2,275
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Inventories, net - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Finished goods |
$ 16,212
|
$ 13,530
|
Work in process |
161
|
216
|
Component parts |
8,581
|
9,147
|
Service parts |
572
|
667
|
Inventories, net |
$ 25,526
|
$ 23,560
|
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v3.24.2.u1
Identifiable Intangible Assets and Goodwill - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Finite-lived intangible assets, gross |
$ 233,455
|
$ 170,485
|
Impact of currency translation on intangible assets |
623
|
1,399
|
Less: accumulated amortization |
(101,106)
|
(87,001)
|
Total |
132,972
|
84,883
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
Intangible assets – net |
148,292
|
93,969
|
Internally developed software costs not meeting general release threshold |
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
Indefinite-lived intangible assets, gross |
3,720
|
2,886
|
Trademarks, trade names (non-amortizable) |
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
Indefinite-lived intangible assets, gross |
11,600
|
6,200
|
Acquired developed technology |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Finite-lived intangible assets, gross |
$ 138,000
|
119,800
|
Weighted-Average Amortization Period |
4 years 7 months 2 days
|
|
Acquired developed technology | Minimum |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Estimated Useful Life |
3 years
|
|
Acquired developed technology | Maximum |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Estimated Useful Life |
7 years
|
|
Internally developed software costs |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Finite-lived intangible assets, gross |
$ 36,605
|
34,735
|
Estimated Useful Life |
3 years
|
|
Weighted-Average Amortization Period |
2 years 7 months 20 days
|
|
Customer relationships |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Finite-lived intangible assets, gross |
$ 53,910
|
14,510
|
Weighted-Average Amortization Period |
8 years 7 months 28 days
|
|
Customer relationships | Minimum |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Estimated Useful Life |
5 years
|
|
Customer relationships | Maximum |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Estimated Useful Life |
15 years
|
|
Trade names |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Finite-lived intangible assets, gross |
$ 1,410
|
1,410
|
Weighted-Average Amortization Period |
6 months
|
|
Trade names | Minimum |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Estimated Useful Life |
2 years
|
|
Trade names | Maximum |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Estimated Useful Life |
5 years
|
|
Non-competition agreements |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Finite-lived intangible assets, gross |
$ 3,530
|
$ 30
|
Weighted-Average Amortization Period |
4 years 9 months
|
|
Non-competition agreements | Minimum |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Estimated Useful Life |
1 year
|
|
Non-competition agreements | Maximum |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Estimated Useful Life |
5 years
|
|
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Identifiable Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
Research and development |
$ 16,237
|
$ 14,888
|
$ 32,005
|
$ 29,203
|
Amortization of identifiable intangible assets |
1,946
|
465
|
2,878
|
929
|
Impact of foreign currency translation on intangible assets |
(29)
|
(212)
|
611
|
(341)
|
Amortization of identifiable intangible assets recorded in cost of sales |
|
|
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
Amortization of identifiable intangible assets |
5,909
|
5,599
|
11,391
|
11,318
|
Amortization expense recorded in operating expenses |
|
|
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
Amortization of identifiable intangible assets |
1,946
|
465
|
2,878
|
929
|
Amortization of acquired developed technology |
|
|
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
Research and development |
4,717
|
4,092
|
8,968
|
8,171
|
Amortization of internally developed software |
|
|
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
Research and development |
$ 1,192
|
$ 1,507
|
$ 2,423
|
$ 3,147
|
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Jun. 30, 2024 |
Dec. 31, 2023 |
Future amortization of intangible assets [Abstract] |
|
|
2024, remaining |
$ 15,424
|
|
2025 |
29,447
|
|
2026 |
27,435
|
|
2027 |
23,335
|
|
2028 |
13,584
|
|
Thereafter |
23,747
|
|
Total |
$ 132,972
|
$ 84,883
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v3.24.2.u1
Debt - Equity and Liability Components of the Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
Principal amount of notes outstanding |
$ 385,000
|
$ 385,000
|
Unamortized debt issuance cost |
(6,328)
|
(7,353)
|
Total notes payable |
378,672
|
377,647
|
Convertible Notes | 2026 Notes |
|
|
Debt Instrument [Line Items] |
|
|
Principal amount of notes outstanding |
120,000
|
120,000
|
Unamortized debt issuance cost |
(1,441)
|
(1,811)
|
Total notes payable |
118,559
|
118,189
|
Convertible Notes | 2027 Notes |
|
|
Debt Instrument [Line Items] |
|
|
Principal amount of notes outstanding |
265,000
|
265,000
|
Unamortized debt issuance cost |
(4,887)
|
(5,542)
|
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$ 260,113
|
$ 259,458
|
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3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
|
|
|
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$ 1,856
|
$ 2,011
|
$ 3,712
|
$ 4,005
|
Accretion of debt in interest expense, net |
517
|
531
|
1,025
|
1,053
|
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$ 2,373
|
$ 2,542
|
$ 4,737
|
$ 5,058
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Common Stock - Narrative (Details) $ / shares in Units, $ in Millions |
|
3 Months Ended |
|
Mar. 07, 2024
USD ($)
$ / shares
shares
|
Mar. 31, 2024
USD ($)
|
Jan. 02, 2024
USD ($)
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Payments for common stock issuance costs |
|
$ 5.5
|
|
Number of shares of common stock available for purchase | shares |
510,287
|
|
|
Warrant, exercise price (in dollars per share) | $ / shares |
$ 74.96
|
|
|
Warrant |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Derivative, fair value |
|
|
$ 4.5
|
Private Placement |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Sale of stock, consideration received on transaction |
$ 200.0
|
|
|
Sale of stock, consideration received for gross purchase price ratio |
0.10
|
|
|
Proceeds from issuance of private placement |
$ 194.4
|
|
|
Payments for common stock issuance costs |
$ 5.5
|
|
|
Number of shares of common stock available for purchase | shares |
6,312
|
|
|
Private Placement | PAR Common Stock |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Number of shares issued | shares |
5,174,638
|
|
|
Consideration received per transaction |
$ 200.0
|
|
|
Sale of stock (in dollars per share) | $ / shares |
$ 38.65
|
|
|
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v3.24.2.u1
Geographic Information and Customer Concentration - Information of the Company's Segments (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 78,150
|
$ 69,529
|
$ 148,223
|
$ 138,113
|
United States |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
73,181
|
64,360
|
137,714
|
127,945
|
International |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 4,969
|
$ 5,169
|
$ 10,509
|
$ 10,168
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
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v3.24.2.u1
Geographic Information and Customer Concentration - Reconciliation of Segment Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] |
|
|
Assets |
$ 1,056,684
|
$ 802,606
|
United States |
|
|
Segment Reporting, Asset Reconciling Item [Line Items] |
|
|
Assets |
1,030,468
|
767,894
|
International |
|
|
Segment Reporting, Asset Reconciling Item [Line Items] |
|
|
Assets |
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|
$ 34,712
|
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Geographic Information and Customer Concentration - Revenue by Major Customers (Details) - Revenue - Customer Concentration Risk
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue, Major Customer [Line Items] |
|
|
|
|
Concentration risk, percentage |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
McDonald’s Corporation |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Concentration risk, percentage |
11.00%
|
14.00%
|
10.00%
|
12.00%
|
Yum! Brands, Inc. |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Concentration risk, percentage |
10.00%
|
13.00%
|
11.00%
|
14.00%
|
Dairy Queen |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Concentration risk, percentage |
9.00%
|
10.00%
|
9.00%
|
12.00%
|
All Others |
|
|
|
|
Revenue, Major Customer [Line Items] |
|
|
|
|
Concentration risk, percentage |
70.00%
|
63.00%
|
70.00%
|
62.00%
|
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v3.24.2.u1
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Life insurance balance |
$ 3.3
|
$ 3.3
|
Amounts owed to employees participating in the deferred compensation plan |
$ 0.3
|
0.4
|
2026 Notes | Convertible Notes |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Stated interest rate |
2.875%
|
|
2026 Notes | Convertible Notes | Fair Value, Inputs, Level 2 |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Fair value of debt |
$ 152.9
|
145.6
|
2027 Notes | Convertible Notes |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Stated interest rate |
1.50%
|
|
2027 Notes | Convertible Notes | Fair Value, Inputs, Level 2 |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Fair value of debt |
$ 247.8
|
$ 236.1
|
X |
- DefinitionFair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.
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v3.24.2.u1
Fair Value of Financial Instruments - Contingent Consideration Liability (Details) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023
USD ($)
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [extensible enumeration] |
Adjustment to contingent consideration liability
|
|
Revenue based payments |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Contingent consideration liability |
|
$ 5,600
|
Fair Value |
|
$ 600
|
Revenue based payments | Revenue volatility |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Weighted Average or Range |
|
0.250
|
Revenue based payments | Discount rate |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Weighted Average or Range |
|
0.115
|
X |
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v3.24.2.u1
Subsequent Events (Details) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
Jul. 18, 2024 |
Jul. 05, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Jul. 01, 2024 |
TASK Group Holdings Limited |
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Subsequent Event [Line Items] |
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Acquisition related costs |
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$ 1,000,000
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$ 2,000,000
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Discontinued Operations, Disposed of by Sale | RRC | Forecast |
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Subsequent Event [Line Items] |
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Pre tax gain on sale |
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$ 600,000
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Subsequent Event | TASK Group Holdings Limited |
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Subsequent Event [Line Items] |
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Business acquisition, cash paid |
$ 131,500,000
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Equity interest issued (in shares) |
2,163,393
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Business acquisition, share price (in dollars per share) |
$ 52.70
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Total purchase consideration |
$ 245,500,000
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Subsequent Event | Secured Debt |
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Subsequent Event [Line Items] |
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Prepayment premium , credit facility, year one, percentage |
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4.00%
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Prepayment remium , premium , credit facility, year two, percentage |
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3.00%
|
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|
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Prepayment, premium , credit facility, year three, percentage |
|
1.00%
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Liquidity requirement |
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$ 20,000,000
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Subsequent Event | Secured Debt | Line of Credit |
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Subsequent Event [Line Items] |
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Debt instrument, face amount |
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$ 90,000,000
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Subsequent Event | Secured Debt | Maximum |
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Subsequent Event [Line Items] |
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Net annual recurring revenue leverage ratio |
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1.25
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Subsequent Event | Secured Debt | Minimum |
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Subsequent Event [Line Items] |
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Net annual recurring revenue leverage ratio |
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1.00
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Subsequent Event | Variable Rate Component One | Secured Debt | Secured Overnight Financing Rate (SOFR) |
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Subsequent Event [Line Items] |
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Variable rate |
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5.50%
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Subsequent Event | Variable Rate Component One | Secured Debt | Base rate |
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Subsequent Event [Line Items] |
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Variable rate |
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4.50%
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Subsequent Event | Variable Rate Component Two | Secured Debt | Secured Overnight Financing Rate (SOFR) |
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Subsequent Event [Line Items] |
|
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Variable rate |
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5.00%
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Subsequent Event | Variable Rate Component Two | Secured Debt | Base rate |
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Subsequent Event [Line Items] |
|
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Variable rate |
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4.00%
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Subsequent Event | Variable Rate Component Three | Secured Debt | Secured Overnight Financing Rate (SOFR) |
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|
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Subsequent Event [Line Items] |
|
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Variable rate |
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4.50%
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Subsequent Event | Variable Rate Component Three | Secured Debt | Base rate |
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Subsequent Event [Line Items] |
|
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Variable rate |
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3.50%
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Subsequent Event | Discontinued Operations, Disposed of by Sale | RRC |
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Subsequent Event [Line Items] |
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Purchase price |
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$ 7,000,000
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