- Total quarterly revenues increased 18.2% year-over-year from
Q2 '22
- Annual Recurring Revenue (ARR)(1) grew to $122.5 million - a
24.3% increase from $98.6 million reported in Q2 '22
PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the
“Company”) today announced its financial results for the second
quarter ended June 30, 2023.
Summary of Fiscal 2023 Second Quarter
- Revenues were reported at $100.5 million for the three months
ended June 30, 2023, a 18.2% increase compared to $85.1 million for
the same period in 2022.
- Net loss for the three months ended June 30, 2023 was $19.7
million, or $0.72 net loss per share, compared to a net loss of
$18.8 million, or $0.70 net loss per share reported for the same
period in 2022.
- EBITDA(1) for the three months ended June 30, 2023 was a loss
of $10.6 million compared to a loss of $9.9 million for the same
period in 2022.
- Adjusted EBITDA(1) for the three months ended June 30, 2023 was
a loss of $9.9 million compared to an Adjusted EBITDA loss of $5.8
million for the same period in 2022.
- Adjusted net loss(1) for the three months ended June 30, 2023
was $14.1 million, or $0.52 adjusted diluted net loss per share(1),
compared to an adjusted net loss of $9.8 million, or $0.36 adjusted
diluted net loss per share, for the same period in 2022.
Summary of Year-to-Date Financial Results
- Revenues were reported at $201.0 million for the six months
ended June 30, 2023, a 21.5% increase compared to $165.4 million
for the same period in 2022.
- Net loss for the six months ended June 30, 2023 was $35.6
million, or $1.30 net loss per share, compared to a net loss of
$34.5 million, or $1.27 net loss per share reported for the same
period in 2022.
- EBITDA for the six months ended June 30, 2023 was a loss of
$17.7 million compared to a loss of $16.7 million for the same
period in 2022.
- Adjusted EBITDA for the six months ended June 30, 2023 was a
loss of $18.8 million compared to an Adjusted EBITDA loss of $8.4
million for the same period in 2022.
- Adjusted net loss for the six months ended June 30, 2023 was
$26.8 million, or $0.98 adjusted diluted net loss per share,
compared to an adjusted net loss of $16.9 million, or $0.62
adjusted diluted net loss per share, for the same period in
2022.
Reconciliations and descriptions 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.
The Company's key performance indicators ARR and Active
Sites(1) are organized into three categories: Guest
Engagement (Punchh and MENU), Operator Solutions (Brink POS, PAR
Pay, and PAR Payment Services), and Back Office (Data Central).
Highlights of Guest Engagement - Second Quarter
2023(1):
- ARR at end of Q2 '23 totaled $60.9 million
- New store Activations in Q2 '23 totaled approximately 3,400
sites
- Active Sites as of June 30, 2023 totaled 70.5 thousand
restaurants
Highlights of Operator Solutions - Second Quarter
2023(1):
- ARR at end of Q2 '23 totaled $50.0 million
- New store Activations in Q2 '23 totaled approximately 1,100
sites
- Bookings in Q2 '23 totaled approximately 1,100 sites
- Active Sites as of June 30, 2023 totaled 21.5 thousand
restaurants
Highlights of Back Office - Second Quarter 2023(1):
- ARR at end of Q2 '23 totaled $11.6 million
- New store Activations in Q2 '23 totaled approximately 200
sites
- Active Sites as of June 30, 2023 totaled 7.2 thousand
restaurants
PAR Technology CEO, Savneet Singh, commented on the results, “It
was another strong quarter of growth for PAR. Subscription service
revenues grew 31.2% and ARR grew 24.3% in Q2. This growth came as
we continued to hold operating expenses near flat, demonstrating
the durability of our growth and the continued focus on efficiency.
In the quarter we saw continued strong interest in our emerging
business lines and we’ve made the required investment behind them
to ensure the scale up in the second half of this year and
throughout 2024. We continue to believe that a deeply integrated
offering delivers a better together story for our customers and
helps drive, simplicity, lower total cost of ownership and a
stronger ROI.”
Earnings Conference Call.
There will be an earnings conference call at 4:30 p.m. (Eastern)
on August 9, 2023, during which the Company’s management will
discuss the financial results for the second quarter ended June 30,
2023. 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
throughout the live call, but to ensure you are connected for the
entire 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
Symbol: 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 70,000 restaurants in more than 110 countries use PAR’s
restaurant point-of-sale, customer loyalty and engagement,
payments, omnichannel digital ordering and delivery, and
back-office software solutions as well as industry leading hardware
and drive-thru offerings. To learn more, visit partech.com or
connect with us on LinkedIn, Twitter, Facebook, and Instagram. The
Company's Environmental, Social, and Governance report can be found
at https://www.partech.com/company/ESG.
_______
(1) See “Key Performance Indicators and Non-GAAP Financial
Measures” below.
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 press release 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.
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 “Non-GAAP
Financial Measures”.
Unless otherwise indicated, financial and operating data
included in this press release is as of June 30, 2023.
As used in this press release,
“Annual Recurring Revenue” or “ARR” is the annualized
revenue from subscription services, including subscription fees for
our SaaS solutions, related software support, and transaction-based
payment processing services. We calculate ARR by annualizing the
monthly subscription service revenue for all Active Sites as of the
last day of each month for the respective reporting period.
“Active Sites” represent locations active on PAR’s
subscription services 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 customers that have initiated use of our
subscription services. Once “activated”, PAR begins to invoice/bill
the customer. In specific cases with Punchh, invoicing takes place
before activation take place.
“Bookings” are customer purchase orders for subscription
services; upon PAR's acceptance, the customer is obligated to
purchase the subscription service and pay PAR for the subscription
services. In specific cases with Punchh, bookings are added at the
time of execution of the relevant master services agreement.
Trademarks.
“PAR®,” “Brink POS®,” “Punchh®,” “MENUTM,” “Data Central®,”
"PAR® Pay”, “PAR® Payment Services” 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 about our business, financial
condition, and results of operations. Factors, risks, trends and
uncertainties 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, among others,
the impact of COVID-19 on our business, financial condition, and
operating results, including actions taken by governmental
authorities, businesses and individuals in response; unfavorable
macroeconomic conditions, such as recession or slowed economic
growth, bank failures or other banking industry disruptions,
increased interest rates, inflation, and changes in consumer
confidence and discretionary spending; geopolitical events, such as
the Russia-Ukraine war and escalating tensions between China and
Taiwan; the competitive marketplace for talent and its impact on
employee recruitment and retention; component shortages, inventory
management, and/or manufacturing disruptions and logistics
challenges; risks associated with our international operations; our
ability to maintain proper and effective internal control over
financial reporting; changes in estimates and assumptions we make
in connection with the preparation of our financial statements, in
building our business and operational plans, and in executing our
strategies; and the other factors, risks, trends and uncertainties
discussed in our most recent Annual Report on Form 10-K/A and other
filings with the Securities and Exchange Commission. Undue reliance
should not be placed on the forward-looking statements in this
press release, which are based on the information available to us
on the date hereof. 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, 2023
December 31, 2022
Current assets:
Cash and cash equivalents
$
44,162
$
70,328
Cash held on behalf of customers
9,024
7,205
Short-term investments
41,225
40,290
Accounts receivable – net
62,894
59,960
Inventories
26,512
37,594
Other current assets
8,963
8,572
Total current assets
192,780
223,949
Property, plant and equipment – net
14,974
12,961
Goodwill
487,647
486,762
Intangible assets – net
101,635
111,097
Lease right-of-use assets
3,996
4,061
Other assets
15,450
16,028
Total assets
$
816,482
$
854,858
Liabilities and Shareholders’
Equity
Current liabilities:
Current portion of long-term debt
$
13,589
$
—
Accounts payable
27,156
23,283
Accrued salaries and benefits
15,366
18,936
Accrued expenses
6,002
6,531
Customers payable
9,024
7,205
Lease liabilities – current portion
1,011
1,307
Customer deposits and deferred service
revenue
11,353
10,562
Total current liabilities
83,501
67,824
Lease liabilities – net of current
portion
3,080
2,868
Deferred service revenue – noncurrent
4,359
5,125
Long-term debt
376,657
389,192
Other long-term liabilities
6,669
14,655
Total liabilities
474,266
479,664
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, 28,799,349 and 28,589,567 shares issued,
27,443,072 and 27,319,045 outstanding at June 30, 2023 and December
31, 2022, respectively
572
570
Additional paid in capital
602,155
595,286
Accumulated deficit
(240,811
)
(205,204
)
Accumulated other comprehensive loss
(2,924
)
(1,365
)
Treasury stock, at cost, 1,356,277 shares
and 1,270,522 shares at June 30, 2023 and December 31, 2022,
respectively
(16,776
)
(14,093
)
Total shareholders’ equity
342,216
375,194
Total Liabilities and Shareholders’
Equity
$
816,482
$
854,858
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, 2023 (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,
2023
2022
2023
2022
Revenues, net:
Hardware
$
26,390
$
28,390
$
53,167
$
53,477
Subscription service
30,372
23,150
58,337
44,421
Professional service
12,767
12,631
26,609
25,119
Contract
31,015
20,922
62,868
42,361
Total revenues, net
100,544
85,093
200,981
165,378
Costs of sales:
Hardware
21,326
24,211
43,707
44,208
Subscription service
17,233
10,661
31,158
21,277
Professional service
11,784
10,503
23,150
19,683
Contract
29,671
18,597
59,243
38,476
Total cost of sales
80,014
63,972
157,258
123,644
Gross margin
20,530
21,121
43,723
41,734
Operating expenses:
Selling, general and administrative
25,630
26,398
53,108
48,766
Research and development
14,888
10,101
29,203
20,942
Amortization of identifiable intangible
assets
465
721
929
934
Adjustment to contingent consideration
liability
(2,300
)
—
(7,500
)
—
Gain on insurance proceeds
(500
)
—
(500
)
—
Total operating expenses
38,183
37,220
75,240
70,642
Operating loss
(17,653
)
(16,099
)
(31,517
)
(28,908
)
Other income (expense), net
95
(257
)
36
(625
)
Interest expense, net
(1,735
)
(2,451
)
(3,402
)
(4,914
)
Loss before provision for income taxes
(19,293
)
(18,807
)
(34,883
)
(34,447
)
Provision for income taxes
(409
)
(41
)
(724
)
(51
)
Net loss
$
(19,702
)
$
(18,848
)
$
(35,607
)
$
(34,498
)
Net loss per share (basic and diluted)
$
(0.72
)
$
(0.70
)
$
(1.30
)
$
(1.27
)
Weighted average shares outstanding (basic
and diluted)
27,357
26,982
27,381
27,070
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:
Segment Revenue by Product
Line:
2023
2022
in thousands
Q2
Q1
Q4
Q3
Q2
Q1
Restaurant/Retail
Hardware
$
26,390
$
26,777
$
29,590
$
31,343
$
28,390
$
25,073
Subscription service
30,372
27,965
27,908
25,170
23,150
21,285
Professional service
12,767
13,842
13,479
11,840
12,631
12,488
Total Restaurant/Retail
$
69,529
$
68,584
$
70,977
$
68,353
$
64,171
$
58,846
Government
Mission systems
$
9,218
$
9,383
$
8,678
$
8,982
$
8,883
$
8,915
Intelligence, surveillance, and
reconnaissance solutions
21,510
22,216
17,394
14,710
11,747
12,290
Commercial software
287
254
601
722
292
234
Total Government
$
31,015
$
31,853
$
26,673
$
24,414
$
20,922
$
21,439
Total Revenue
$
100,544
$
100,437
$
97,650
$
92,767
$
85,093
$
80,285
Non-GAAP Financial Measures
The Company reports its financial results in accordance with
GAAP. However, the non-GAAP financial measures 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 represents EBITDA as
adjusted to exclude certain non-cash and non-recurring charges
including stock-based compensation, acquisition expenses, certain
pending litigation expenses, and other non-recurring charges that
may not be indicative of our financial performance; and adjusted
net loss and adjusted diluted net loss per share represents the
exclusion of amortization of acquired intangible assets, certain
non-cash and non-recurring charges, including stock-based
compensation, acquisition expense, certain pending litigation
expenses, and other non-recurring charges that may not be
indicative of our financial performance.
The Company is presenting adjusted EBITDA and adjusted net loss
because we believe that these financial measures provide
supplemental information that may be useful to investors in
evaluating the Company's core business operating results and
comparing such results to 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 reconciliations to the most directly comparable GAAP
measures provided 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. Management believes that adjusted EBITDA
permits investors to gain an understanding of the factors and
trends affecting the Company's ongoing cash earnings, from which
capital investments are made and debt is serviced.
The Company's results of operations are impacted by certain
non-cash and non-recurring charges, including stock-based
compensation, acquisition related expenditures, and other
non-recurring charges that may not be indicative of the Company’s
financial performance. Management believes that adjusting its 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.
EBITDA, adjusted EBITDA, adjusted net loss, and adjusted diluted
net loss per share are not measures of financial performance or
liquidity under GAAP and, accordingly, should not be considered as
alternatives to net income (loss) 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, as well as diluted loss per share and adjusted
diluted loss per share.
The following tables set forth certain unaudited supplemental
financial and other data for the periods indicated:
Three Months Ended June 30,
in thousands
2023
2022
Reconciliation of Net Loss to EBITDA and
Adjusted EBITDA
Net loss
$
(19,702
)
$
(18,848
)
Provision for income taxes
409
41
Interest expense
1,735
2,451
Depreciation and amortization
6,933
6,441
EBITDA
$
(10,625
)
$
(9,915
)
Stock-based compensation expense (1)
3,615
3,232
Contingent consideration (2)
(2,300
)
—
Acquisition costs (3)
—
666
Gain on insurance proceeds (4)
(500
)
—
Other (income) expense – net (5)
(95
)
257
Adjusted EBITDA
$
(9,905
)
$
(5,760
)
1
Adjustments reflect stock-based
compensation expense of $3.6 million and $3.2 million for the three
months ended June 30, 2023 and 2022, respectively.
2
Adjustment reflects non-cash changes to
the fair market value of the contingent consideration liability
related to the acquisition of MENU Technologies AG in July 2022
(the "MENU Acquisition").
3
Adjustment reflects the expenses incurred
in the MENU Acquisition.
4
Adjustment reflects the gain on insurance
proceeds due to the settlement of a legacy claim.
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.
in thousands, except per share amounts
Three Months Ended June 30,
Reconciliation of Net Loss/Diluted Net
Loss per Share to Adjusted Net Loss/Adjusted Diluted Loss per
Share:
2023
2022
Net loss/diluted loss per share
$
(19,702
)
$
(0.72
)
$
(18,848
)
$
(0.70
)
Non-cash interest expense (1)
531
0.02
495
0.02
Acquired intangible assets amortization
(2)
4,328
0.16
4,371
0.16
Stock-based compensation expense (3)
3,615
0.13
3,232
0.12
Contingent consideration (4)
(2,300
)
(0.08
)
—
—
Acquisition costs (5)
—
—
666
0.02
Gain on insurance proceeds (6)
(500
)
(0.02
)
—
—
Other (income) expense – net (7)
(95
)
—
257
0.01
Adjusted net loss/adjusted diluted loss
per share
$
(14,123
)
$
(0.52
)
$
(9,827
)
$
(0.36
)
Adjusted weighted average common shares
outstanding
27,357
26,982
1
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 (the "2024
Notes"), 2.875% Convertible Senior Notes due 2026 (the "2026
Notes"), and the 1.500% Convertible Senior Notes due 2027 (the
“2027 Notes”, and together with the 2024 Notes and the 2026 Notes,
the “Senior Notes”) of $0.5 million and $0.5 million for the three
months ended June 30, 2023 and 2022, respectively.
2
Adjustment amortization expense of
acquired developed technology included within cost of sales of $3.9
million and $3.7 million for the three months ended June 30, 2023
and 2022, respectively; and amortization expense of acquired
intangible assets of $0.4 million and $0.7 million for the three
months ended June 30, 2023 and 2022, respectively.
3
Adjustment reflects stock-based
compensation expense of $3.6 million and $3.2 million for the three
months ended June 30, 2023 and 2022, respectively.
4
Adjustment reflects non-cash changes to
the fair market value of the contingent consideration liability
related to the MENU Acquisition.
5
Adjustment reflects the expenses incurred
in the MENU Acquisition.
6
Adjustment reflects the gain on insurance
proceeds due to the settlement of a legacy claim.
7
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
2023
2022
Reconciliation of Net Loss to EBITDA and
Adjusted EBITDA
Net loss
$
(35,607
)
$
(34,498
)
Provision for income taxes
724
51
Interest expense
3,402
4,914
Depreciation and amortization
13,815
12,825
EBITDA
$
(17,666
)
$
(16,708
)
Stock-based compensation expense (1)
6,670
6,767
Contingent consideration (2)
(7,500
)
—
Acquisition costs (3)
—
951
Gain on insurance proceeds (4)
(500
)
—
Severance (5)
253
—
Other (income) expense – net (6)
(36
)
625
Adjusted EBITDA
$
(18,779
)
$
(8,365
)
1
Adjustments reflect stock-based
compensation expense of $6.7 million and $6.8 million for the six
months ended June 30, 2023 and 2022, respectively.
2
Adjustment reflects non-cash changes to
the fair market value of the contingent consideration liability
related to the MENU Acquisition.
3
Adjustment reflects the expenses incurred
in the MENU Acquisition.
4
Adjustment reflects the gain on insurance
proceeds due to the settlement of a legacy claim.
5
Adjustment reflects severance included in
SG&A and R&D expense.
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.
in thousands, except per share amounts
Six Months Ended June 30,
Reconciliation of Net Loss/Diluted Net
Loss per Share to Adjusted Net Loss/Adjusted Diluted Loss per
Share:
2023
2022
Net loss/diluted loss per share
$
(35,607
)
$
(1.30
)
$
(34,498
)
$
(1.27
)
Non-cash interest expense (1)
1,053
0.04
981
0.04
Acquired intangible assets amortization
(2)
8,892
0.32
8,229
0.30
Stock-based compensation expense (3)
6,670
0.24
6,767
0.25
Contingent consideration (4)
(7,500
)
(0.27
)
—
—
Acquisition costs (5)
—
—
951
0.04
Gain on insurance proceeds (6)
(500
)
(0.02
)
—
—
Severance (7)
253
0.01
—
—
Other (income) expense – net (8)
(36
)
—
625
0.02
Adjusted net loss/adjusted diluted loss
per share
$
(26,775
)
$
(0.98
)
$
(16,945
)
$
(0.62
)
Adjusted weighted average common shares
outstanding
27,381
27,070
1
Adjustment reflects non-cash accretion of
interest expense and amortization of issuance costs related to the
Senior Notes of $1.1 million and $1.0 million for the six months
ended June 30, 2023 and 2022, respectively.
2
Adjustment amortization expense of
acquired developed technology included within cost of sales of $8.0
million and $7.3 million for the six months ended June 30, 2023 and
2022, respectively; and amortization expense of acquired intangible
assets of $0.9 million and $0.9 million for the six months ended
June 30, 2023 and 2022, respectively.
3
Adjustment reflects stock-based
compensation expense of $6.7 million and $6.8 million for the the
six months ended June 30, 2023 and 2022, respectively.
4
Adjustment reflects non-cash changes to
the fair market value of the contingent consideration liability
related to the MENU Acquisition.
5
Adjustment reflects the expenses incurred
in the MENU Acquisition.
6
Adjustment reflects the gain on insurance
proceeds due to the settlement of a legacy claim.
7
Adjustment reflects severance included in
SG&A and R&D expense.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230809301947/en/
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
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