Company Quick10K Filing
Par Technology
Price23.60 EPS-1
Shares16 P/E-40
MCap386 P/FCF-40
Net Debt13 EBIT-10
TEV399 TEV/EBIT-42
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-04-17
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-11
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-31
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-14
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-04-04
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-22
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-10
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-08-07 Earnings, Regulation FD
8-K 2020-07-06
8-K 2020-06-04
8-K 2020-05-07
8-K 2020-03-29
8-K 2020-03-19
8-K 2020-03-12
8-K 2020-03-06
8-K 2020-02-27
8-K 2020-02-10
8-K 2020-02-05
8-K 2020-02-04
8-K 2019-12-18
8-K 2019-11-07
8-K 2019-09-30
8-K 2019-09-04
8-K 2019-08-06
8-K 2019-06-13
8-K 2019-05-06
8-K 2019-04-15
8-K 2019-04-09
8-K 2019-03-22
8-K 2019-03-14
8-K 2019-03-11
8-K 2019-03-04
8-K 2019-01-14
8-K 2018-12-06
8-K 2018-11-07
8-K 2018-08-08
8-K 2018-06-13
8-K 2018-06-05
8-K 2018-05-09
8-K 2018-04-12
8-K 2018-03-15
8-K 2018-03-08
8-K 2018-01-25

PAR 10Q Quarterly Report

Part I
Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Basis of Presentation
Note 2 - Revenue Recognition
Note 3 - Acquisitions
Note 4 - Divestiture
Note 5 - Accounts Receivable, Net
Note 6 - Inventories
Note 7 - Identifiable Intangible Assets and Goodwill
Note 8 - Debt
Note 9 - Stock Based Compensation
Note 10 - Net Loss per Share
Note 11 - Contingencies
Note 12 - Segment and Related Information
Note 13 - Fair Value of Financial Instruments
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-10.2 employmentagreementmci.htm
EX-10.3 mcicchinelliamendmentt.htm
EX-31.1 exhibit3112020q2.htm
EX-31.2 exhibit3122020q2.htm
EX-32.1 exhibit3212020q2.htm
EX-32.2 exhibit3222020q2.htm

Par Technology Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
16012896643202012201420172020
Assets, Equity
70523416-2-202012201420172020
Rev, G Profit, Net Income
604632184-102012201420172020
Ops, Inv, Fin

par-20200630
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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, 2020
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)
Delaware16-1434688
(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)
(315) 738-0600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockPARNew 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 þ 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 þ 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  þ
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 þ

As of August 1, 2020, 18,250,625 shares of the registrant’s common stock, $0.02 par value, were outstanding.




PAR TECHNOLOGY CORPORATION

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION
Item
Number
 Page
   
Item 1. 
   
 
   
 
   
 
   
4
 6
   
 7
   
Item 2.
   
Item 3.
   
Item 4.
   
PART II
OTHER INFORMATION
   
Item 1.28
   
Item 1A.
   
Item 2.
   
Item 6.29
   
 30

"PAR," "Brink POS®," "PixelPoint®," "PAR EverServ®," "Restaurant Magic®", and "Data Central®" are trademarks of PAR Technology Corporation. This report may also contain trade names and trademarks of other companies. Our use or reference to such other companies' trade names or trademarks is not intended to imply any endorsement or sponsorship by these companies of PAR Technology Corporation or its products or services.



PART I – FINANCIAL INFORMATION

Item 1.
Financial Statements (unaudited)
PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except share and per share amounts)
AssetsJune 30, 2020December 31, 2019
Current assets:  
Cash and cash equivalents$58,775  $28,036  
Accounts receivable – net38,236  41,774  
Inventories – net25,992  19,326  
Other current assets4,167  4,427  
Total current assets127,170  93,563  
Property, plant and equipment – net13,503  14,351  
Goodwill41,214  41,386  
Intangible assets – net34,305  32,948  
Lease right-of-use assets2,445  3,017  
Other assets4,249  4,347  
Total Assets$222,886  $189,612  
Liabilities and Shareholders’ Equity  
Current liabilities:  
Current portion of long-term debt$647  $630  
Accounts payable15,699  16,385  
Accrued salaries and benefits7,538  7,769  
Accrued expenses2,523  3,176  
Lease liabilities - current portion1,295  2,060  
Customer deposits and deferred service revenue9,625  12,084  
Total current liabilities37,327  42,104  
Lease liabilities - net of current portion1,235  1,021  
Deferred service revenue – non current3,937  3,916  
Long-term debt103,849  62,414  
Other long-term liabilities7,928  7,310  
Total liabilities154,276  116,765  
Commitments and contingencies
Shareholders’ Equity:  
Preferred stock, $.02 par value, 1,000,000 shares authorized
    
Common stock, $.02 par value, 58,000,000 shares authorized; 19,295,313 and 18,360,205 shares issued, 18,245,225 and 16,629,177 outstanding at June 30, 2020 and December 31, 2019, respectively
386  367  
Additional paid in capital107,540  94,372  
Accumulated deficit(30,030) (10,144) 
Accumulated other comprehensive loss(5,009) (5,368) 
Treasury stock, at cost, 1,050,088 shares and 1,731,028 shares at June 30, 2020 and December 31, 2019, respectively
(4,277) (6,380) 
Total shareholders’ equity68,610  72,847  
Total Liabilities and Shareholders’ Equity$222,886  $189,612  
See accompanying notes to unaudited interim condensed consolidated financial statements
1


PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net revenues:    
Product$12,333  $14,728  $30,967  $30,245  
Service15,300  13,534  34,075  27,577  
Contract18,058  15,985  35,381  31,107  
 45,691  44,247  100,423  88,929  
Costs of sales:    
Product9,982  11,412  24,887  22,653  
Service9,912  10,118  22,558  20,385  
Contract16,718  14,386  32,852  28,036  
 36,612  35,916  80,297  71,074  
Gross margin9,079  8,331  20,126  17,855  
Operating expenses:    
Selling, general and administrative10,049  9,059  21,476  17,623  
Research and development4,538  2,725  9,403  5,786  
Amortization of identifiable intangible assets210    420    
 14,797  11,784  31,299  23,409  
Operating loss(5,718) (3,453) (11,173) (5,554) 
Other expense, net(139) (374) (764) (804) 
Interest expense, net(2,111) (1,244) (4,083) (1,390) 
Loss on extinguishment of debt    (8,123)   
Loss before benefit from (provision for) income taxes(7,968) (5,071) (24,143) (7,748) 
(Provision for) benefit from income taxes(1,008) 3,962  4,257  3,910  
Net loss$(8,976) $(1,109) $(19,886) $(3,838) 
Basic Earnings per Share:    
Net loss$(0.49) $(0.07) $(1.10) $(0.24) 
Diluted Earnings per Share:
Net loss$(0.49) $(0.07) $(1.10) $(0.24) 
Weighted average shares outstanding:    
Basic18,244  16,290  18,092  16,085  
Diluted18,244  16,290  18,092  16,085  
See accompanying notes to unaudited interim condensed consolidated financial statements

2


PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net loss$(8,976) $(1,109) $(19,886) $(3,838) 
Other comprehensive income, net of applicable tax:    
Foreign currency translation adjustments158  131  359  121  
Comprehensive loss$(8,818) $(978) $(19,527) $(3,717) 
See accompanying notes to unaudited interim condensed consolidated financial statements
3


PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited, in thousands, except share and per share amounts)
Common StockAdditional Paid in CapitalAccumulated deficitAccumulated
Other
Comprehensive
Loss
Treasury StockTotal
Shareholders’
Equity
SharesAmountSharesAmount
Balances at December 31, 201918,360  $367  $94,372  $(10,144) $(5,368) 1,731  $(6,380) $72,847  
Net loss—  —  —  (10,910) —  —  —  (10,910) 
Issuance of common stock upon the exercise of stock options2  —  30  —  —  —  30  
Net issuance of restricted stock awards21  —  —  —  —  —    
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock—  —  —  —  —  38  (524) (524) 
Issuance of restricted stock for acquisition908  19  —  —  —  —  —  19  
Equity component of redeemed 2024 convertible notes, net of deferred taxes and issuance costs—  —  (7,988) —  —  (722) 2,435  (5,553) 
Equity component of issued 2026 convertible notes, net of deferred taxes and issuance costs—  —  19,097  —  —  —  —  19,097  
Stock-based compensation—  —  1,089  —  —  —  —  1,089  
Foreign currency translation adjustments—  —  —  —  201  —  —  201  
Balances at March 31, 202019,291  $386  $106,600  $(21,054) $(5,167) 1,047  $(4,469) $76,296  
Net loss—  —  —  (8,976) —  —  —  (8,976) 
Issuance of common stock upon the exercise of stock options4  —  12  —  —  —  —  12  
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock—  —  (195) —  —  3  192  (3) 
Stock-based compensation—  —  1,123  —  —  —  —  1,123  
Foreign currency translation adjustments—  —  —  —  158  —  —  158  
Balances at June 30, 202019,295  386  107,540  (30,030) (5,009) 1,050  (4,277) 68,610  
4


PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited, in thousands, except share and per share amounts)
Common StockAdditional paid in capitalRetained
Earnings (accumulated deficit)
Accumulated
Other
Comprehensive
Loss
Treasury StockTotal
Shareholders’
Equity
SharesAmountSharesAmount
Balances at December 31, 201817,878  $357  $50,251  $5,427  $(4,253) 1,708  $(5,836) $45,946  
Net loss—  —  —  (2,729) —  —  —  (2,729) 
Issuance of common stock upon the exercise of stock options78  —  30  —  —  —  —  30  
Stock-based compensation—  —  248  —  —  —  —  248  
Foreign currency translation adjustments—  —  —  —  (10) —  —  (10) 
Balances at March 31, 201917,956  $357  $50,529  $2,698  $(4,263) 1,708  $(5,836) $43,485  
Net loss(1,109) (1,109) 
Issuance of common stock upon the exercise of stock options79  3  210  $213  
Stock-based compensation602  602  
Foreign currency translation adjustments131  $131  
Convertible notes conversion discount (net of taxes $4.1 million and issuance costs of $1.1 million)

12,465  12,465  
Balances at June 30, 201918,035  360  63,806  1,589  (4,132) 1,708  (5,836) 55,787  
See accompanying notes to unaudited interim condensed consolidated financial statements

5


PAR TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands, except share and per share amounts)
Six Months Ended
June 30,
 20202019
Cash flows from operating activities:  
Net loss$(19,886) $(3,838) 
Adjustments to reconcile net loss to net cash used in operating activities:  
Depreciation, amortization and accretion6,700  3,121  
Current expected credit losses978  397  
Provision for obsolete inventory1,439  (522) 
Stock-based compensation2,212  850  
Loss on debt extinguishment8,123    
Deferred income tax(4,408) (4,065) 
Changes in operating assets and liabilities:  
Accounts receivable2,560  (284) 
Inventories(8,105) 1,876  
Other current assets260  (3,406) 
Other assets119  150  
Accounts payable(931) (2,208) 
Accrued salaries and benefits(231) (240) 
Accrued expenses(652) 2,840  
Customer deposits and deferred service revenue(2,438) 1,548  
Other long-term liabilities618  (2,760) 
Net cash used in operating activities(13,642) (6,541) 
Cash flows from investing activities:  
Settlement of working capital for acquisitions172    
Capital expenditures(188) (1,693) 
Capitalization of software costs(4,613) (1,624) 
Net cash used in investing activities(4,629) (3,317) 
Cash flows from financing activities:  
Payments of long-term debt(313)   
Payment of contingent consideration  (2,550) 
Payments of bank borrowings  (17,459) 
Proceeds from bank borrowings  9,640  
Payments for the extinguishment of notes payable(66,250)   
Proceeds from notes payable, net of issuance costs115,916  75,039  
Treasury stock acquired from employees upon vesting or forfeiture of restricted stock(332)   
Proceeds from exercise of stock options
42  243  
Net cash provided by financing activities49,063  64,913  
Effect of exchange rate changes on cash and cash equivalents(53) 121  
Net increase in cash and cash equivalents30,739  55,176  
Cash and cash equivalents at beginning of period28,036  3,485  
Cash and equivalents at end of period$58,775  $58,661  
Supplemental disclosures of cash flow information:  
Cash paid for interest$