PAR Technology Corporation (PAR) Quarterly 10-Q Report

PAR Technology Corporation (PAR) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing an increase in total revenues to $96.8 million from $68.7 million in the same quarter the previous year. This growth is attributed to significant increases in subscription service revenues.

Subscription service revenues rose to $59.9 million, a 91.0% increase from the previous year, driven by both organic growth and contributions from recent acquisitions.

Hardware revenues decreased by 12.3% to $22.7 million, primarily due to timing of customer hardware refresh cycles.

Professional service revenues increased by 23.3% to $14.2 million, supported by growth in hardware repair services and field operations.

Gross margin improved to 44.5% from 36.6%, with subscription service margins benefiting from efficiency improvements.

Operating expenses increased to $58.2 million from $42.2 million, reflecting higher general and administrative costs, including acquisition-related expenses.

Net loss from continuing operations was $20.7 million, slightly higher than the $19.2 million loss in the previous year.

Net income from discontinued operations was $0.8 million, down from $3.7 million, due to the completion of the sale of Rome Research Corporation.

PAR completed the acquisition of TASK Group, enhancing its international presence and product offerings. The acquisition was funded in part by a $90.0 million term loan.

The company continues to focus on expanding its subscription services and improving operational efficiencies.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PAR Technology Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].