Q2 2024 PAR Technology Corp Earnings Call Transcript
Key Points
- PAR Technology Corp (PAR) achieved a 48% growth in subscription services revenue compared to the same period last year, highlighting the strength of its subscription model.
- The company successfully launched major rollouts with Burger King and Wendy's, indicating strong execution capabilities and expanding customer base.
- Annual Recurring Revenue (ARR) increased by 57% year-over-year, reaching $192 million, demonstrating robust growth in recurring revenue streams.
- PAR Technology Corp (PAR) divested its government business, allowing it to focus solely on being a pure-play foodservice technology company.
- The company reported a significant improvement in adjusted EBITDA, with a loss of $1.8 million after accounting for one-time charges, showing progress towards profitability.
- Despite improvements, PAR Technology Corp (PAR) still reported a net loss from continuing operations of $23.6 million for the second quarter of 2024.
- Hardware revenue decreased by 24% compared to the prior year, indicating challenges in this segment of the business.
- The company incurred $2.5 million in one-time charges related to customer credits and purchase price accounting adjustments, impacting financial results.
- Cash used in operating activities increased significantly to $37.4 million for the six months ended June 30, 2024, compared to $12.8 million in the prior year.
- The integration of recent acquisitions, such as TASK, is still in early stages, posing potential risks and uncertainties in realizing expected synergies.
Good day, and thank you for standing by. Welcome to the PAR Technology fiscal year 2024 second-quarter financial results conference call. (Operator Instructions)
I would now like to hand the conference over to your speaker today, Chris Byrnes, Senior Vice President of Investor Relations and Business Development.
Thank you, Amy. Good morning, everyone, and thank you for joining us today for PAR Technologies 2024 second-quarter financial results call.
Earlier this morning, we released our financial results. The earnings release is available on the Investor Relations page of our website at partech.com, where you can also find the Q2 financials presentation, as well as in our related Form 8-K furnished to the SEC.
During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and exclude the impact of certain items. A description and timing of these items along with a reconciliation of non-GAAP measures to the most comparable
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