- Total revenues increase 23.4% year-over-year from Q2
'21
- Software Annual Recurring Revenues (ARR)(1) grew to $98.6
million - a 29% increase from $76.7 million reported in Q2
'21
PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the
“Company”) today announced its financial results for the second
quarter ended June 30, 2022.
Summary of Fiscal 2022 Second Quarter
- Revenues were reported at $85.1 million for the second quarter
of 2022, a 23.4% increase compared to $69.0 million for the same
period in 2021.
- Net loss for the second quarter of 2022 was $18.8 million, or
$0.70 net loss per share, compared to a net loss of $10.0 million,
or $0.39 net loss per share reported for the same period in
2021.
- EBITDA for the second quarter of 2022 was a loss of $9.9
million compared a loss of $10.8 million for the same period in
2021.
- Adjusted EBITDA for the second quarter of 2022 was a loss of
$5.8 million compared to Adjusted EBITDA loss of $3.6 million for
the same period in 2021.
- Adjusted net loss for the second quarter of 2022 was $9.8
million, or $0.36 adjusted diluted net loss per share, compared to
an adjusted net loss of $9.2 million, or $0.36 adjusted diluted net
loss per share, for the same period in 2021.
Summary of Year-to-Date Financial Results
- Revenues were reported at $165.4 million for the six months
ended June 30, 2022, a 34.0% increase compared to $123.4 million
for the same period in 2021.
- Net loss for the six months ended June 30, 2022 was $34.5
million, or $1.27 net loss per share, compared to a net loss of
$18.2 million, or $0.77 net loss per share reported for the same
period in 2021.
- EBITDA for the second quarter of 2022 was a loss of $16.7
million compared a loss of $14.5 million for the same period in
2021.
- Adjusted EBITDA for the six months ended June 30, 2022 was a
loss of $8.4 million compared to Adjusted EBITDA loss of $8.9
million for the same period in 2021.
- Adjusted net loss for the six months ended June 30, 2022 was
$16.9 million, or $0.62 adjusted diluted net loss per share,
compared to an adjusted net loss of $16.7 million, or $0.67
adjusted diluted net loss per share, for the same period in
2021.
A reconciliation and description of non-GAAP financial measures
to corresponding GAAP financial measures are included in the tables
at the end of this press release.
(1) See “Key Performance Indicators and Non-GAAP Financial
Measures” below.
Highlights of Brink POS - Second Quarter 2022(1):
- Brink POS ARR at end of Q2 '22 totaled $36.2 million
- New store Activations in Q2 '22 totaled 962 sites
- Brink POS Bookings in Q2 '22 totaled 939 sites
- Brink POS open orders (backlog) totaled 1,540 sites at end of
Q2 '22
- Active Sites for Brink POS as of June 30, 2022 totaled 17,728
restaurants
Highlights of Punchh - Second Quarter 2022(1):
- Punchh ARR at end of Q2 '22 totaled $53.2 million
- New store Activations in Q2 '22 totaled 3,522 sites
- Active Sites for Punchh as of June 30, 2022 totaled 62,300
restaurants
PAR Technology CEO, Savneet Singh commented, “PAR delivered
strong results in the second quarter, setting the stage for a
stronger second half. Our revenue increased 23.4% and we saw
continued ARR growth in the quarter. ARR at end of Q2 2022 was
$98.6 million and we saw growth across all business segments. Our
success has been driven by adding new customer relationships,
improving our operational efficiency and maintaining high customer
and employee engagement. All aspects of our business are stronger
than ever and, with a robust product roadmap, innovation and
acquisition strategy, PAR is well positioned for continued success
in the years ahead.”
Highlights Following Q2' 22
Following the end of the second quarter of 2022, the Company
acquired MENU Technologies AG, a restaurant technology company
offering fully integrated omnichannel ordering solutions to
restaurants worldwide. The solution expands the Company's unified
commerce offerings.
Earnings Conference Call.
There will be an earnings conference call at 9:00 a.m. (Eastern)
on August 9, 2022, during which the Company’s management will
discuss the financial results for the second quarter ended June 30,
2022. To participate on the conference call, please register in
advance via the link provided at
https://www.partech.com/investor-relations/. After registering, a
confirmation email will be sent including dial-in details and
unique conference call codes for entry. Registration is open
through the live call, but to ensure you are connected for the full
call we suggest registering at least 10 minutes before the start of
the call. The conference call will also be webcast live. To access
the webcast, please visit
https://www.partech.com/investor-relations/; a recording of the
webcast will be available on the site after the event.
About PAR Technology Corporation.
For more than 40 years, PAR Technology Corporation’s (NYSE: PAR)
cutting-edge products and services have helped bold and passionate
restaurant brands build lasting guest relationships. We are the
partner enterprise restaurants rely on when they need to serve
amazing moments from open to close, during the most hectic rush
hours, and when the world forces them to adapt and overcome. More
than 100,000 restaurants in more than 110 countries use PAR’s
restaurant point-of-sale, loyalty, and back-office software
solutions as well as industry leading hardware and drive-thru
offerings. To learn more, visit www.partech.com or connect with us
on LinkedIn, Twitter, Facebook, and Instagram.
(1) See “Key Performance Indicators and Non-GAAP Financial
Measures” below.
Key Performance Indicators and Non-GAAP Financial
Measures.
We monitor certain operating data and non-GAAP financial
measures in the evaluation and management of our business; certain
key operating data and non-GAAP financial measures have been
provided in this press release as we believe these to be useful in
facilitating period-to-period comparisons of our business
performance. Operating data and non-GAAP financial measures do not
reflect and should be viewed independently of our financial
performance determined in accordance with GAAP. Operating data 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.
Where non-GAAP financial measures are included in this press
release, the most directly comparable GAAP financial measures and a
detailed reconciliation between GAAP and non-GAAP financial
measures is included in this press release under “About Non-GAAP
Financial Measures”.
Unless otherwise indicated, financial and operating data
included in this press release is as of June 30, 2022.
As used in this press release:
Annualized Recurring Revenue or "ARR” is the annualized
revenue from SaaS and related revenue of our software products. We
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 also includes recurring payment processing
services revenue, net of expenses. We charge a per-transaction fee
each time a customer payment is processed electronically.
“Active Sites” represent locations active on PAR’s SaaS
software as of the last day of the respective fiscal period.
“Activations” are calculated as of the end of each month
based on the number of SaaS customers that have initiated use of
our software products/platforms. Once “activated”, PAR begins to
invoice/bill the customer. In specific cases with Punchh, invoicing
takes place before activation take place.
“Booking” is a customer purchase order for SaaS; upon
PAR's acceptance, the customer is obligated to purchase the SaaS
and pay PAR for the services. In specific cases with Punchh,
bookings are added at the time of execution of the relevant master
services agreement.
Trademarks.
“PARTM,” “Brink POS®,” “Punchh®,” “Data Central®,” “Restaurant
Magic®,” “PAR PhaseTM,” “PixelPoint®” and other trademarks
appearing in this press release belong to us.
Forward-Looking Statements.
This press release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, Section 27A of the Securities Act of 1933, as amended,
and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical in nature, but rather
are predictive of our future operations, financial condition,
financial results, business strategies and prospects.
Forward-looking statements are generally identified by words such
as “anticipate,” “believe,” “belief,” “continue,” “could,”
“expect,” “estimate,” “intend,” “may,” “opportunity,” “plan,”
“should,” “will,” “would,” “will likely result,” and similar
expressions. Forward-looking statements are based on management's
current expectations and assumptions that are subject to a variety
of risks and uncertainties, many of which are beyond our control,
which could cause our actual results to differ materially from
those expressed in or implied by forward-looking statements
contained in this press release on our business, financial
condition, and results of operations. Factors that could cause our
actual results to differ materially from those expressed in or
implied by forward-looking statements contained in this press
release include the continuing impact of COVID-19 on our business
and operating results, including actions taken by governmental
authorities (including China's COVID-19 lockdowns), businesses and
individuals in response, unfavorable macroeconomic conditions, such
as a recession or continued slowed economic growth, a rise in
interest rates, inflation, and a decline in consumer confidence and
discretionary spending, and geopolitical events, such as the
Russia-Ukraine war, the competitive marketplace for talent and its
impact on employee recruitment and retention, component shortages
and/or manufacturing disruptions and logistics challenges, and the
other factors discussed in our filings with the Securities and
Exchange Commission. We undertake no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required
under applicable securities law.
PAR TECHNOLOGY CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited, in thousands, except
share amounts)
Assets
June 30, 2022
December 31, 2021
Current assets:
Cash and cash equivalents
$
150,600
$
188,419
Accounts receivable – net
60,673
49,978
Inventories
42,042
35,078
Other current assets
7,914
9,532
Total current assets
261,229
283,007
Property, plant and equipment – net
13,067
13,709
Goodwill
457,433
457,306
Intangible assets – net
110,483
118,763
Lease right-of-use assets
3,478
4,348
Other assets
13,423
11,016
Total assets
$
859,113
$
888,149
Liabilities and Shareholders’
Equity
Current liabilities:
Current portion of long-term debt
$
358
$
705
Accounts payable
26,091
20,845
Accrued salaries and benefits
14,344
17,265
Accrued expenses
3,308
5,042
Other current liabilities
2,031
—
Lease liabilities – current portion
1,668
2,266
Customer deposits and deferred service
revenue
13,755
14,394
Total current liabilities
61,555
60,517
Lease liabilities – net of current
portion
2,059
2,440
Long-term debt
388,176
305,845
Deferred service revenue – noncurrent
6,327
7,597
Other long-term liabilities
5,496
7,405
Total liabilities
463,613
383,804
Shareholders’ equity:
Preferred stock, $.02 par value, 1,000,000
shares authorized, none outstanding
—
—
Common stock, $0.02 par value, 58,000,000
shares authorized, 28,331,349 and 28,094,333 shares issued,
27,093,634 and 26,924,397 outstanding at June 30, 2022 and December
31, 2021, respectively
565
562
Additional paid in capital
582,064
640,937
Accumulated deficit
(170,383
)
(122,505
)
Accumulated other comprehensive loss
(3,353
)
(3,704
)
Treasury stock, at cost, 1,237,715 shares
and 1,181,449 shares at June 30, 2022 and December 31, 2021,
respectively
(13,393
)
(10,945
)
Total shareholders’ equity
395,500
504,345
Total Liabilities and Shareholders’
Equity
$
859,113
$
888,149
See notes to unaudited interim condensed consolidated financial
statements included in the Company's quarterly report on Form 10-Q
for the quarter ended June 30, 2022 (the “Quarterly Report”).
PAR TECHNOLOGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except
per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Revenues, net:
Product
$
28,390
$
23,939
$
53,477
$
42,495
Service
35,781
27,185
69,540
45,213
Contract
20,922
17,826
42,361
35,709
Total revenues, net
85,093
68,950
165,378
123,417
Costs of sales:
Product
24,211
18,487
44,208
33,372
Service
21,164
18,940
40,960
31,635
Contract
18,597
16,420
38,476
33,107
Total cost of sales
63,972
53,847
123,644
98,114
Gross margin
21,121
15,103
41,734
25,303
Operating expenses:
Selling, general and administrative
26,398
22,946
48,766
37,483
Research and development
10,101
8,643
20,942
14,452
Amortization of identifiable intangible
assets
721
489
934
764
Gain on insurance proceeds
—
—
—
(4,400
)
Total operating expenses
37,220
32,078
70,642
48,299
Operating loss
(16,099
)
(16,975
)
(28,908
)
(22,996
)
Other expense, net
(257
)
(341
)
(625
)
(392
)
Interest expense, net
(2,451
)
(4,937
)
(4,914
)
(7,097
)
Loss before provision for income taxes
(18,807
)
(22,253
)
(34,447
)
(30,485
)
(Provision for) benefit from income
taxes
(41
)
12,297
(51
)
12,258
Net loss
$
(18,848
)
$
(9,956
)
$
(34,498
)
$
(18,227
)
Net loss per share (basic and diluted)
$
(0.70
)
$
(0.39
)
$
(1.27
)
$
(0.77
)
Weighted average shares outstanding (basic
and diluted)
26,982
25,484
27,070
23,716
See notes to unaudited interim condensed consolidated financial
statements included in the Quarterly Report.
PAR TECHNOLOGY CORPORATION
SUPPLEMENTAL INFORMATION
(Unaudited)
The following table sets forth certain unaudited supplemental
financial data for the six trailing quarters indicated (in
thousands):
Segment Revenue by Product
Line:
2022
2021
Q2
Q1
Q4
Q3
Q2
Q1
Restaurant/Retail
Hardware
$
27,771
$
24,653
$
31,207
$
29,669
$
23,355
$
17,835
Software
20,629
19,347
17,710
17,168
15,100
7,876
Services
15,771
14,846
13,905
12,984
12,669
10,873
Total Restaurant/Retail
$
64,171
$
58,846
$
62,822
$
59,821
$
51,124
$
36,584
Government
Intelligence, Surveillance, and
Reconnaissance
$
11,747
$
12,290
$
9,861
$
9,619
$
9,284
$
9,547
Mission Systems
8,883
8,915
8,482
8,237
8,338
8,131
Product Services
292
234
434
183
204
205
Total Government
$
20,922
$
21,439
$
18,777
$
18,039
$
17,826
$
17,883
Total Revenue
$
85,093
$
80,285
$
81,599
$
77,860
$
68,950
$
54,467
About Non-GAAP Financial Measures
The Company reports its financial results in accordance with
GAAP. However, non-GAAP adjusted financial measures, as set forth
in the reconciliation tables below, are provided because management
uses these non-GAAP financial measures in evaluating the results of
the Company's continuing operations and believes this information
provides investors supplemental insight into underlying business
trends and operating results. These non-GAAP financial measures are
not based on any comprehensive set of accounting rules or
principles and should not be considered a substitute for, or
superior to, financial measures calculated in accordance with GAAP.
While we believe that these non-GAAP financial measures provide
useful supplemental information to investors, there are limitations
associated with the use of these non-GAAP financial measures. In
addition, these non-GAAP financial measures should be read in
conjunction with the Company’s unaudited interim condensed
consolidated financial statements prepared in accordance with
GAAP.
Within this press release, the Company makes reference to
EBITDA, adjusted EBITDA, adjusted net loss, and adjusted diluted
net loss per share which are non-GAAP financial measures. EBITDA
represents net loss before income taxes, interest expense and
depreciation and amortization. Adjusted EBITDA and adjusted net
loss, net of tax, represent EBITDA as adjusted to exclude certain
non-cash and non-recurring charges, including stock-based
compensation, acquisition and integration expense, certain
litigation expenses and other non-recurring charges that may not be
indicative of the Company’s financial performance.
The Company is presenting adjusted EBITDA and adjusted net loss
because we believe that they provide a more meaningful comparison
than EBITDA and net loss of the Company's core business operating
results and those of other similar companies. Management believes
that adjusted EBITDA and adjusted net loss, when viewed with the
Company's results of operations in accordance with GAAP and the
accompanying reconciliations in the tables below, provide useful
information about operating performance and period-over-period
growth, and provide additional information that is useful for
evaluating the operating performance of the Company's core business
without regard to potential distortions. Additionally, management
believes that adjusted EBITDA permits investors to gain an
understanding of the factors and trends affecting its ongoing cash
earnings, from which capital investments are made and debt is
serviced.
However, EBITDA, adjusted EBITDA and adjusted net loss are not
measures of financial performance or liquidity under GAAP and,
accordingly, should not be considered as alternatives to net income
(loss) from operations or cash flow from operating activities as
indicators of operating performance or liquidity. Also, these
measures may not be comparable to similarly titled captions of
other companies. The tables below provide reconciliations between
net loss and EBITDA, adjusted EBITDA and adjusted net loss.
The Company's results of operations are impacted by certain
non-cash and non-recurring charges, including stock-based
compensation, acquisition and divestiture related expenditures,
expense related to the Company's efforts to resolve a regulatory
matter, and other non-recurring charges that may not be indicative
of the Company’s financial performance. Management believes that
adjusting its costs of sales, operating expenses, operating loss,
net loss and diluted loss per share to remove non-recurring
charges, provides a useful perspective with respect to the
Company's operating results and provides supplemental information
to both management and investors by removing items that are
difficult to predict and are often unanticipated.
The following tables set forth certain unaudited supplemental
financial and other data for the periods indicated (in thousands,
except per share and footnote amounts):
Three Months Ended June
30,
2022
2021
Reconciliation of EBITDA and Adjusted
EBITDA
Net loss
$
(18,848
)
$
(9,956
)
Provision for (benefit from) income
taxes
41
(12,297
)
Interest expense
2,451
4,936
Depreciation and amortization
6,441
6,552
EBITDA
$
(9,915
)
$
(10,765
)
Stock-based compensation expense (1)
3,232
4,251
Regulatory matter (2)
—
(225
)
Litigation expense (3)
—
125
Acquisition and integration costs (4)
666
2,702
Other expense – net (5)
257
341
Adjusted EBITDA
$
(5,760
)
$
(3,571
)
1
Adjustments reflect stock-based
compensation expense included within selling, general, and
administrative expenses and cost of contracts of $3.2 million and
$4.3 million for the three months ended June 30, 2022 and 2021,
respectively.
2
Adjustment reflects the benefit related to
our efforts to resolve a regulatory matter and other non-recurring
charges of $0.2 million for the three months ended June 30,
2021.
3
Adjustment reflects the expenses accrued
for a legal matter of $0.1 million for the three months ended June
30, 2021.
4
Adjustment reflects the expenses incurred
in the acquisition of MENU Technologies AG of $0.7 million for the
three months ended June 30, 2022, and the acquisition and
integration of Punchh Inc. of $2.7 million for the three months
ended June 30, 2021.
5
Adjustment reflects foreign currency
transaction gains and losses, rental income and losses, and other
non-recurring expenses recorded in other expense, net in the
accompanying statements of operations.
Three Months Ended June
30,
2022
2021
Reconciliation of Adjusted Net
Loss/Adjusted Diluted Loss per Share:
Net loss/diluted loss per share
$
(18,848
)
$
(0.70
)
$
(9,956
)
$
(0.39
)
Provision for income taxes (1)
—
—
(12,360
)
(0.49
)
Non-cash interest expense (2)
495
0.02
1,737
0.07
Acquired intangible assets amortization
(3)
4,371
0.16
4,212
0.17
Stock-based compensation expense (4)
3,232
0.12
4,251
0.17
Regulatory matter (5)
—
—
(225
)
(0.01
)
Litigation expense (6)
—
—
125
—
Acquisition and integration costs (7)
666
0.03
2,702
0.11
Other expense – net (8)
257
0.01
341
0.01
Adjusted net loss/adjusted diluted loss
per share
$
(9,827
)
$
(0.36
)
$
(9,173
)
$
(0.36
)
Adjusted weighted average common shares
outstanding
26,982
25,484
1
Adjustment reflects a partial release of
the Company's deferred taxed asset valuation allowance of $12.4
million related to the acquisition of Punchh Inc. for the three
months ended June 30, 2021.
2
Adjustment reflects non-cash accretion of
interest expense and amortization of issuance costs related to the
Company's 4.500% Convertible Senior Notes due 2024, 2.875%
Convertible Senior Notes due 2026 and 1.500% Convertible Senior
Notes due 2027 (collectively, the "Notes") of $0.5 million and $1.7
million for the three months ended June 30, 2022 and 2021,
respectively.
3
Adjustment amortization expense of
acquired developed technology included within cost of sales of $3.7
million for the three months ended June 30, 2022 and 2021; and
amortization expense of acquired intangible assets of $0.7 million
and $0.5 million for the three months ended June 30, 2022 and 2021,
respectively.
4
Adjustments reflect stock-based
compensation expense included within selling, general, and
administrative expenses and cost of contracts of $3.2 million and
$4.3 million for the three months ended June 30, 2022 and 2021,
respectively.
5
Adjustment reflects the expenses related
to our efforts to resolve a regulatory matter and other
non-recurring charges of $0.2 million for the three months ended
June 30, 2021.
6
Adjustment reflects the expenses accrued
for a legal matter of $0.1 million for the three months ended June
30, 2021.
7
Adjustment reflects the expenses incurred
in the acquisition of MENU Technologies AG of $0.7 million for the
three months ended June 30, 2022, and the acquisition and
integration of Punchh Inc. of $2.7 million for the three months
ended June 30, 2021.
8
Adjustment reflects foreign currency
transaction gains and losses, rental income and losses, and other
non-recurring expenses recorded in other expense, net in the
accompanying statements of operations.
Six Months Ended June
30,
(in thousands)
2022
2021
Reconciliation of EBITDA and adjusted
EBITDA:
Net loss
$
(34,498
)
$
(18,227
)
Provision for (benefit from) income
taxes
51
(12,258
)
Interest expense
4,914
7,097
Depreciation and amortization
12,825
8,870
EBITDA
$
(16,708
)
$
(14,518
)
Stock-based compensation expense (1)
6,767
5,571
Regulatory matter (2)
—
50
Litigation expense (3)
—
600
Acquisition and integration costs (4)
951
3,388
Gain on insurance proceeds (5)
—
(4,400
)
Other expense – net (6)
625
392
Adjusted EBITDA
$
(8,365
)
$
(8,917
)
1
Adjustment reflects stock-based
compensation expense included within selling, general and
administrative expenses and cost of contracts of $6.8 million and
$5.6 million for the six months ended June 30, 2022 and 2021,
respectively.
2
Adjustment reflects the expenses related
to our efforts to resolve a regulatory matter and other
non-recurring charges of $0.05 million for the six months ended
June 30, 2021.
3
Adjustment reflects the expenses accrued
for a legal matter of $0.6 million for the six months ended June
30, 2021.
4
Adjustment reflects the expenses incurred
in the acquisition of MENU Technologies AG of $1.0 million for the
six months ended June 30, 2022, and the acquisition and integration
of Punchh Inc. of $3.4 million for the six months ended June 30,
2021.
5
Adjustment reflects a gain from insurance
proceeds stemming from a legacy claim of $4.4 million for the six
months ended June 30, 2021.
6
Adjustment reflects foreign currency
transaction gains and losses, rental income and losses, and other
non-recurring expenses recorded in other expense, net in the
accompanying statements of operations.
Six Months Ended June
30,
2022
2021
Reconciliation of adjusted net
loss/diluted loss per share:
Net loss/diluted loss per share
$
(34,498
)
$
(1.27
)
$
(18,227
)
$
(0.72
)
Provision for income taxes (1)
—
—
(12,360
)
(0.49
)
Non-cash interest expense (2)
981
0.04
2,917
0.11
Acquired intangible assets amortization
(3)
8,229
0.30
5,351
0.21
Stock-based compensation expense (4)
6,767
0.25
5,571
0.22
Regulatory matter (5)
—
—
50
—
Litigation expense (6)
—
—
600
0.02
Acquisition and integration costs (7)
951
0.04
3,388
0.13
Gain on insurance proceeds (8)
—
—
(4,400
)
(0.17
)
Other expense – net (9)
625
0.02
392
0.02
Adjusted net loss/adjusted diluted loss
per share
$
(16,945
)
$
(0.62
)
$
(16,718
)
$
(0.67
)
Adjusted weighted average common shares
outstanding
26,982
25,484
1
Adjustment reflects a partial release of
the Company's deferred taxed asset valuation allowance of $12.4
million related to the acquisition of Punchh Inc. for the six
months ended June 30, 2021.
2
Adjustment reflects non-cash accretion of
interest expense and amortization of issuance costs related to the
Notes of $0.9 million and $2.9 million for the six months ended
June 30, 2022 and 2021, respectively.
3
Adjustment amortization expense of
acquired developed technology included within cost of sales of $7.3
million and $4.6 million for the six months ended June 30, 2022 and
2021, respectively; and amortization expense of acquired intangible
assets of $0.9 million and $0.8 million for the six months ended
June 30, 2022 and 2021, respectively.
4
Adjustment reflects stock-based
compensation expense included within selling, general and
administrative expenses and cost of contracts of $6.8 million and
$5.6 million for the six months ended June 30, 2022 and 2021,
respectively.
5
Adjustment reflects the expenses related
to our efforts to resolve a regulatory matter and other
non-recurring charges of $0.05 million for the six months ended
June 30, 2021.
6
Adjustment reflects the expenses accrued
for a legal matter of $0.6 million for the six months ended June
30, 2021.
7
Adjustment reflects the expenses incurred
in the acquisition of MENU Technologies AG of $1.0 million for the
six months ended June 30, 2022, and the acquisition and integration
of Punchh Inc. of $3.4 million for the six months ended June 30,
2021.
8
Adjustment reflects the a gain from
insurance proceeds stemming from a legacy claim of $4.4 million for
the six months ended June 30, 2021.
9
Adjustment reflects foreign currency
transaction gains and losses, rental income and losses, and other
non-recurring expenses recorded in other expense, net in the
accompanying statements of operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005455/en/
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
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