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    PAR Technology Corporation Announces Fourth Quarter and Full Year 2024 Results

    2/28/25 7:30:00 AM ET
    $PAR
    Office Equipment/Supplies/Services
    Miscellaneous
    Get the next $PAR alert in real time by email
    • Annual Recurring Revenue (ARR)(1) grew to $276.0 million - total growth of 102% inclusive of organic growth of 21% from $136.9 million reported in Q4 '23
    • Quarterly subscription service revenues increased 95% year-over-year, inclusive of organic growth of 25% from Q4 '23
    • PAR acquired Delaget, LLC ("Delaget"), a leading provider of restaurant analytics and business intelligence solutions

    PAR Technology Corporation (NYSE:PAR) ("PAR Technology" or the "Company") today announced its financial results for the fourth quarter and year ended December 31, 2024.

    PAR CEO, Savneet Singh commented, "We delivered a strong fourth quarter, with 21% organic ARR growth year-over-year and our second consecutive quarter of positive Adjusted EBITDA, proving out our better together thesis. 2024 was a milestone year for PAR with what I believe is our best organic execution yet. That execution, combined with the addition of accretive modules, sets our company up to keep our flywheel moving aggressively for years to come. We continue to be confident in our ability to drive further long-term growth and deliver shareholder value."

    Q4 2024 Financial Highlights(2)

     

     

     

     

     

     

     

    (in millions, except % and per share amounts)

    GAAP

     

    Non-GAAP(1)

    Q4 2024

    Q4 2023

    vs. Q4 2023

     

    Q4 2024

    Q4 2023

    vs. Q4 2023

    Revenue

    $

    105.0

     

    $

    69.9

     

    better 50.2%

     

     

     

     

    Net Loss from Continuing Operations/Adjusted EBITDA

    $

    (25.3

    )

    $

    (21.5

    )

    worse $3.8 million

     

    $

    5.8

     

    $

    (7.4

    )

    better $13.1 million

    Diluted Net Loss Per Share from Continuing Operations

    $

    (0.68

    )

    $

    (0.77

    )

    better $0.09

     

    $

    (0.00

    )

    $

    (0.43

    )

    better $0.43

    Subscription Service Gross Margin Percentage

     

    53.2

    %

     

    48.1

    %

    better 5.1%

     

     

    64.7

    %

     

    65.3

    %

    worse 0.6%

    Full Year 2024 Financial Highlights(2)

     

     

     

     

     

     

    (in millions, except % and per share amounts)

    GAAP

     

    Non-GAAP(1)

    2024

    2023

    vs. 2023

     

    2024

    2023

    vs. 2023

    Revenue

    $

    350.0

     

    $

    276.7

     

    better 26.5%

     

     

     

     

    Net Loss from Continuing Operations/Adjusted EBITDA

    $

    (89.9

    )

    $

    (81.6

    )

    worse $8.3 million

     

    $

    (6.4

    )

    $

    (38.4

    )

    better $32.0 million

    Diluted Net Loss Per Share from Continuing Operations

    $

    (2.63

    )

    $

    (2.96

    )

    better $0.33

     

    $

    (0.73

    )

    $

    (1.96

    )

    better $1.23

    Subscription Service Gross Margin Percentage

     

    53.5

    %

     

    48.0

    %

    better 5.5%

     

     

    65.9

    %

     

    66.4

    %

    worse 0.5%

    (1) See "Key Performance Indicators and Non-GAAP Financial Measures" for reconciliations and descriptions of non-GAAP financial measures to corresponding GAAP financial measures. Amounts presented in the reconciliations and other tables presented herein may not sum due to rounding.

    (2) Results exclude historical results from our Government segment which are reported as discontinued operations.

    The Company's key performance indicators ARR and Active Sites(1) are presented as two subscription service product lines:

    • Engagement Cloud consisting of Punchh, PAR Retail, PAR Ordering, and Plexure product offerings.
    • Operator Cloud consisting of PAR POS, PAR Payment Services, PAR Pay, PAR OPS (Data Central and Delaget), and TASK product offerings.

    Highlights of Engagement Cloud - Fourth Quarter 2024(1):

    • ARR at end of Q4 '24 totaled $159.1 million
    • Active Sites as of December 31, 2024 totaled 119.7 thousand

    Highlights of Operator Cloud - Fourth Quarter 2024(1):

    • ARR at end of Q4 '24 totaled $116.8 million
    • Active Sites as of December 31, 2024 totaled 54.8 thousand

    (1) See "Key Performance Indicators and Non-GAAP Financial Measures" below.

    Earnings Conference Call.

    There will be a conference call at 9:00 a.m. (Eastern) on February 28, 2025, during which management will discuss the Company's financial results for the fourth quarter ended December 31, 2024. The earnings conference call will be webcast live. To access the webcast, please visit the PAR Technology Investor Relations website at www.partech.com/investor-relations/. A recording of the webcast will be available on this site after the event.

    About PAR Technology Corporation.

    For over four decades, PAR Technology Corporation (NYSE:PAR) has been at the forefront of technology innovation in foodservice, helping businesses create exceptional guest experiences and connections. PAR's comprehensive suite of software and hardware solutions, including point-of-sale, digital ordering, loyalty, back-office management, and payments, serves a diverse range of hospitality and retail clients across more than 110 countries. With its "Better Together" ethos, PAR continues to deliver unified solutions that drive customer engagement, efficiency, and growth, all to make it easier for PAR's customers to manage their operations. To learn more, visit partech.com or connect with us on LinkedIn, X (formerly Twitter), Facebook, and Instagram. The Company's Environmental, Social, and Governance report can be found at https://www.partech.com/company/ESG.

    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 December 31, 2024.

    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 and related software support, managed platform development services, and transaction-based payment processing services. We generally 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. Our reported ARR is based on a constant currency, using the exchange rates established at the beginning of the year and consistently applied throughout the period and to comparative periods presented. For acquisitions made during each period, the constant currency rate applied is the exchange rate at the date of each acquisition's closure. There was no impact on our prior period ARR as a result of applying a constant currency as the exchange rate effects only began with the TASK Group Acquisition in 2024.

    "Active Sites" represent locations active on PAR's subscription services as of the last day of the respective reporting period.

    Trademarks.

    "PAR®," "PAR POS®" (formerly "Brink POS®"), "Punchh®," "PAR Ordering™" (formerly "MENU™"), "PAR OPS™," "Data Central®," "Delaget™," "PAR Retail™", "PAR® Pay", "PAR® Payment Services", and other trademarks identifying our products and services appearing in this press release belong to us.

    Forward-Looking Statements.

    This press release contains forward-looking statements made pursuant to the safe harbor provisions 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, the accuracy of such statements is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the plans, strategies and objectives of management relating to PAR's growth, results of operations, and financial performance, including service and product offerings, the development, demand, market share, and competitive performance of our products and services, continued growth of our business, our ability to achieve and sustain profitability, acceleration or improvement of financial results, annual recurring revenue (ARR) growth, active sites, future efficiencies and scale economics, customer retention, capital investment and re-investment, expanding our addressable markets, cross-selling efforts, and anticipated benefits of acquisitions, divestitures, and capital markets transactions. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements.

    Factors, risks, trends and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements include our ability to successfully develop or acquire and transition new products and services and enhance existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence (AI); our ability to successfully integrate acquisitions into our operations, and realize the anticipated benefits; macroeconomic trends, such as a recession or slowed economic growth, fluctuating interest rates, inflation, and changes in consumer confidence and discretionary spending; our ability to successfully expand our business or products into new markets or industries; geopolitical events, such the Russia-Ukraine war, tensions with China and between China and Taiwan, hostilities in the Middle East, including the Israel conflict(s), and uncertainty relating to new or increased tariffs or other trade restrictions implemented by the U.S. or retaliatory trade measures or tariffs implemented by other countries; and the other factors discussed in our most recent Annual Report on Form 10-K and our 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 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

    CONSOLIDATED BALANCE SHEETS

    (unaudited, in thousands, except share amounts)

    Assets

    December 31, 2024

     

    December 31, 2023

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    108,117

     

     

    $

    37,183

     

    Cash held on behalf of customers

     

    13,428

     

     

     

    10,170

     

    Short-term investments

     

    524

     

     

     

    37,194

     

    Accounts receivable – net

     

    59,726

     

     

     

    42,679

     

    Inventories

     

    21,861

     

     

     

    23,560

     

    Other current assets

     

    14,390

     

     

     

    8,123

     

    Current assets of discontinued operations

     

    —

     

     

     

    21,690

     

    Total current assets

     

    218,046

     

     

     

    180,599

     

    Property, plant and equipment – net

     

    14,107

     

     

     

    15,524

     

    Goodwill

     

    887,459

     

     

     

    488,918

     

    Intangible assets – net

     

    237,333

     

     

     

    93,969

     

    Lease right-of-use assets

     

    8,221

     

     

     

    3,169

     

    Other assets

     

    15,561

     

     

     

    17,642

     

    Noncurrent assets of discontinued operations

     

    —

     

     

     

    2,785

     

    Total Assets

    $

    1,380,727

     

     

    $

    802,606

     

    Liabilities and Shareholders' Equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    34,784

     

     

    $

    25,599

     

    Accrued salaries and benefits

     

    22,487

     

     

     

    14,128

     

    Accrued expenses

     

    13,938

     

     

     

    3,533

     

    Customers payable

     

    13,428

     

     

     

    10,170

     

    Lease liabilities – current portion

     

    2,256

     

     

     

    1,120

     

    Customer deposits and deferred service revenue

     

    24,944

     

     

     

    9,304

     

    Current liabilities of discontinued operations

     

    —

     

     

     

    16,378

     

    Total current liabilities

     

    111,837

     

     

     

    80,232

     

    Lease liabilities – net of current portion

     

    6,053

     

     

     

    2,145

     

    Long-term debt

     

    368,355

     

     

     

    377,647

     

    Deferred service revenue – noncurrent

     

    1,529

     

     

     

    4,204

     

    Other long-term liabilities

     

    21,243

     

     

     

    3,603

     

    Noncurrent liabilities of discontinued operations

     

    —

     

     

     

    1,710

     

    Total liabilities

     

    509,017

     

     

     

    469,541

     

    Shareholders' equity:

     

     

     

    Preferred stock, $.02 par value, 1,000,000 shares authorized, none outstanding

     

    —

     

     

     

    —

     

    Common stock, $.02 par value, 116,000,000 shares authorized; 40,187,671 and 29,386,234 shares issued, 38,717,366 and 28,029,915 outstanding at December 31, 2024 and December 31, 2023, respectively

     

    798

     

     

     

    584

     

    Additional paid in capital

     

    1,085,473

     

     

     

    625,154

     

    Equity consideration payable

     

    108,182

     

     

     

    —

     

    Accumulated deficit

     

    (279,943

    )

     

     

    (274,956

    )

    Accumulated other comprehensive loss

     

    (20,951

    )

     

     

    (939

    )

    Treasury stock, at cost, 1,470,305 and 1,356,319 shares at December 31, 2024 and December 31, 2023, respectively

     

    (21,849

    )

     

     

    (16,778

    )

    Total shareholders' equity

     

    871,710

     

     

     

    333,065

     

    Total Liabilities and Shareholders' Equity

    $

    1,380,727

     

     

    $

    802,606

     

    See notes to consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2024 (the "Annual Report").

    PAR TECHNOLOGY CORPORATION

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited, in thousands, except per share amounts)

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

     

     

     

    2024

     

    2023

     

    2024

     

    2023

    Revenues, net:

     

     

     

     

     

     

     

    Subscription service

    $

    64,262

     

     

    $

    32,897

     

     

    $

    207,422

     

     

    $

    122,597

     

    Hardware

     

    26,048

     

     

     

    24,400

     

     

     

    87,040

     

     

     

    103,391

     

    Professional service

     

    14,695

     

     

     

    12,603

     

     

     

    55,520

     

     

     

    50,726

     

    Total revenues, net

     

    105,005

     

     

     

    69,900

     

     

     

    349,982

     

     

     

    276,714

     

    Cost of sales:

     

     

     

     

     

     

     

    Subscription service

     

    30,095

     

     

     

    17,080

     

     

     

    96,519

     

     

     

    63,735

     

    Hardware

     

    19,336

     

     

     

    17,317

     

     

     

    65,923

     

     

     

    80,319

     

    Professional service

     

    10,567

     

     

     

    11,289

     

     

     

    41,416

     

     

     

    43,214

     

    Total cost of sales

     

    59,998

     

     

     

    45,686

     

     

     

    203,858

     

     

     

    187,268

     

    Gross margin

     

    45,007

     

     

     

    24,214

     

     

     

    146,124

     

     

     

    89,446

     

    Operating expenses:

     

     

     

     

     

     

     

    Sales and marketing

     

    10,471

     

     

     

    9,508

     

     

     

    41,708

     

     

     

    38,513

     

    General and administrative

     

    31,002

     

     

     

    19,213

     

     

     

    108,898

     

     

     

    72,139

     

    Research and development

     

    17,432

     

     

     

    14,493

     

     

     

    67,258

     

     

     

    58,356

     

    Amortization of identifiable intangible assets

     

    2,875

     

     

     

    465

     

     

     

    8,452

     

     

     

    1,858

     

    Adjustment to contingent consideration liability

     

    —

     

     

     

    (1,700

    )

     

     

    (600

    )

     

     

    (9,200

    )

    Gain on insurance proceeds

     

    (348

    )

     

     

    —

     

     

     

    (495

    )

     

     

    (500

    )

    Total operating expenses

     

    61,432

     

     

     

    41,979

     

     

     

    225,221

     

     

     

    161,166

     

    Operating loss

     

    (16,425

    )

     

     

    (17,765

    )

     

     

    (79,097

    )

     

     

    (71,720

    )

    Other income (expense), net

     

    2,856

     

     

     

    (369

    )

     

     

    1,146

     

     

     

    (485

    )

    Loss on extinguishment of debt

     

    (6,560

    )

     

     

    (635

    )

     

     

    (6,560

    )

     

     

    (635

    )

    Interest expense, net

     

    (3,412

    )

     

     

    (1,779

    )

     

     

    (10,167

    )

     

     

    (6,931

    )

    Loss from continuing operations before income taxes

     

    (23,541

    )

     

     

    (20,548

    )

     

     

    (94,678

    )

     

     

    (79,771

    )

    Benefit from (provision for) income taxes

     

    (1,752

    )

     

     

    (975

    )

     

     

    4,768

     

     

     

    (1,848

    )

    Net loss from continuing operations

     

    (25,293

    )

     

     

    (21,523

    )

     

     

    (89,910

    )

     

     

    (81,619

    )

    Net income from discontinued operations

     

    4,236

     

     

     

    2,894

     

     

     

    84,923

     

     

     

    11,867

     

    Net loss

    $

    (21,057

    )

     

    $

    (18,629

    )

     

    $

    (4,987

    )

     

    $

    (69,752

    )

     

     

     

     

     

     

     

     

    Net income (loss) per share (basic and diluted):

     

     

     

     

     

     

     

    Continuing operations

    $

    (0.68

    )

     

    $

    (0.77

    )

     

    $

    (2.63

    )

     

    $

    (2.96

    )

    Discontinued operations

     

    0.11

     

     

     

    0.10

     

     

     

    2.49

     

     

     

    0.43

     

    Total

    $

    (0.57

    )

     

    $

    (0.67

    )

     

    $

    (0.14

    )

     

    $

    (2.53

    )

     

     

     

     

     

     

     

     

    Weighted average shares outstanding (basic and diluted)

     

    37,197

     

     

     

    27,968

     

     

     

    34,155

     

     

     

    27,552

     

    See notes to consolidated financial statements included in the Annual Report.

    PAR TECHNOLOGY CORPORATION

    SUPPLEMENTAL INFORMATION

    (unaudited)

    Non-GAAP Financial Measures

    In addition to disclosing financial results in accordance with GAAP, this press release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. The income tax effect of the below adjustments, with the exception of non-recurring income taxes, were not tax-effected due to the valuation allowance on all of our net deferred tax assets.

    Our non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Additionally, these measures may not be comparable to similarly titled measures disclosed by other companies.

    Non-GAAP Measure or Adjustment

    Definition

    Usefulness to management and investors

    Non-GAAP subscription service gross margin percentage

    Represents subscription service gross margin percentage adjusted to exclude amortization from acquired and internally developed software, stock-based compensation, and severance.

    We believe that non-GAAP subscription service gross margin percentage and adjusted EBITDA provide useful perspectives with respect to the Company's core operating performance and ongoing cash earnings by adjusting for certain non-cash and non-recurring charges that may not be indicative of our financial performance.

    Adjusted EBITDA

    Represents net loss before income taxes, interest expense and depreciation and amortization adjusted to exclude certain non-cash and non-recurring charges that may not be indicative of our financial performance.

    Non-GAAP diluted net loss per share

    Represents net loss per share excluding amortization of acquired intangible assets and certain non-cash and non-recurring charges that may not be indicative of our financial performance.

    We believe that adjusting our diluted net loss per share to remove non-cash and non-recurring charges provides a useful perspective with respect to the Company's operating performance as well as comparisons to past and competitor operating results.

    Stock-based compensation

    Consists of non-cash charges related to our employee equity incentive plans.

    We exclude stock-based compensation because management does not view these non-cash charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results.

    Contingent consideration

    Adjustment reflects a non-cash reduction to the fair market value of the contingent consideration liability related to our acquisition of MENU Technologies AG (the "MENU Acquisition").

    We exclude changes to the fair market value of our contingent consideration liability because management does not view these non-cash, non-recurring charges as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results.

    Transaction costs

    Adjustment reflects non-recurring professional fees incurred in transaction due diligence and integration, including costs incurred in the acquisitions of Stuzo Blocker, Inc., Stuzo Holdings, LLC and their subsidiaries (the "Stuzo Acquisition"), TASK Group Holdings Limited, and Delaget (the "Delaget Acquisition")

    We exclude professional fees incurred in corporate development and integration because management does not view these non-recurring charges, which are inconsistent in size and are significantly impacted by the timing and valuation of our transactions, as part of our core operating performance. This adjustment facilitates a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends.

    Gain on insurance proceeds

    Adjustment reflects the gain on insurance proceeds due to the settlement of legacy claims.

    We exclude these non-recurring adjustments because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance as well as comparisons to past and competitor operating results.

    Severance

    Adjustment reflects severance tied to non-recurring restructuring events included in cost of sales, sales and marketing expense, general and administrative expense, and research and development expense.

    Litigation expense

    Adjustment reflects the release of a loss contingency and settlement expenses for legal matters.

    Loss on extinguishment of debt

    Adjustment reflects loss on extinguishment of debt related to the conversion of the 4.500% Convertible Senior Notes due 2024 and a portion of the 2.875% Convertible Senior Notes due 2026.

    Discontinued operations

    Adjustment reflects income from discontinued operations related to the disposition of our Government segment.

    Impairment loss

    Adjustment reflects impairment loss related to the discontinuance of the Brink POS trademark and the impairment of internally developed software costs not meeting the general release threshold as a result of acquiring go-to-market software in the MENU Acquisition.

    Other (income) expense, net

    Adjustment reflects foreign currency transaction gains and losses and other non-recurring income and expenses recorded in other (income) expense, net in the accompanying statements of operations.

    Non-recurring income taxes

    Adjustment reflects a partial release of our deferred tax asset valuation allowance resulting from the Stuzo Acquisition and Delaget Acquisition.

    We exclude these non-cash and non-recurring adjustments for purposes of calculating non-GAAP diluted net loss per share because management does not view these costs as part of our core operating performance. These adjustments facilitate a useful evaluation of our current operating performance, comparisons to past and competitor operating results, and additional means to evaluate expense trends.

    Non-cash interest

    Adjustment reflects non-cash amortization of issuance costs and discount related to the Company's long-term debt.

    Acquired intangible assets amortization

    Adjustment reflects amortization expense of acquired developed technology included within cost of sales and amortization expense of other acquired intangible assets.

    The tables below provide reconciliations between net loss and adjusted EBITDA, diluted net loss per share and non-GAAP diluted net loss per share, and subscription service gross margin percentage and non-GAAP subscription service gross margin percentage.

    (in thousands)

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

    Reconciliation of Net Loss to Adjusted EBITDA

    2024

     

    2023

     

    2024

     

    2023

    Net loss

    $

    (21,057

    )

     

    $

    (18,629

    )

     

    $

    (4,987

    )

     

    $

    (69,752

    )

    Discontinued operations

     

    (4,236

    )

     

     

    (2,894

    )

     

     

    (84,923

    )

     

     

    (11,867

    )

    Net loss from continuing operations

     

    (25,293

    )

     

     

    (21,523

    )

     

     

    (89,910

    )

     

     

    (81,619

    )

    Provision for (benefit from) income taxes

     

    1,752

     

     

     

    975

     

     

     

    (4,768

    )

     

     

    1,848

     

    Interest expense, net

     

    3,412

     

     

     

    1,779

     

     

     

    10,167

     

     

     

    6,931

     

    Depreciation and amortization

     

    11,205

     

     

     

    6,881

     

     

     

    37,907

     

     

     

    27,014

     

    Stock-based compensation

     

    7,905

     

     

     

    3,747

     

     

     

    24,487

     

     

     

    14,291

     

    Contingent consideration

     

    —

     

     

     

    (1,700

    )

     

     

    (600

    )

     

     

    (9,200

    )

    Litigation expense

     

    —

     

     

     

    (808

    )

     

     

    —

     

     

     

    (808

    )

    Transaction costs

     

    2,351

     

     

     

    2,273

     

     

     

    8,454

     

     

     

    2,273

     

    Gain on insurance proceeds

     

    (348

    )

     

     

    —

     

     

     

    (495

    )

     

     

    (500

    )

    Severance

     

    1,088

     

     

     

    —

     

     

     

    2,769

     

     

     

    253

     

    Loss on extinguishment of debt

     

    6,560

     

     

     

    635

     

     

     

    6,560

     

     

     

    635

     

    Impairment loss

     

    —

     

     

     

    —

     

     

     

    225

     

     

     

    —

     

    Other (income) expense, net

     

    (2,856

    )

     

     

    369

     

     

     

    (1,146

    )

     

     

    485

     

    Adjusted EBITDA

    $

    5,776

     

     

    $

    (7,372

    )

     

    $

    (6,350

    )

     

    $

    (38,397

    )

    (in thousands, except per share amounts)

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

    Reconciliation between GAAP and Non-GAAP diluted net loss per share

    2024

     

    2023

     

    2024

     

    2023

    Diluted net loss per share

    $

    (0.57

    )

     

    $

    (0.67

    )

     

    $

    (0.14

    )

     

    $

    (2.53

    )

    Discontinued operations

     

    (0.11

    )

     

     

    (0.10

    )

     

     

    (2.49

    )

     

     

    (0.43

    )

    Diluted net loss per share from continuing operations

     

    (0.68

    )

     

     

    (0.77

    )

     

     

    (2.63

    )

     

     

    (2.96

    )

    Non-recurring income taxes

     

    0.03

     

     

     

    —

     

     

     

    (0.19

    )

     

     

    —

     

    Non-cash interest

     

    0.02

     

     

     

    0.02

     

     

     

    0.07

     

     

     

    0.08

     

    Acquired intangible assets amortization

     

    0.24

     

     

     

    0.16

     

     

     

    0.84

     

     

     

    0.66

     

    Stock-based compensation

     

    0.21

     

     

     

    0.13

     

     

     

    0.72

     

     

     

    0.52

     

    Contingent consideration

     

    —

     

     

     

    (0.06

    )

     

     

    (0.02

    )

     

     

    (0.33

    )

    Litigation expense

     

    —

     

     

     

    (0.03

    )

     

     

    —

     

     

     

    (0.03

    )

    Transaction costs

     

    0.06

     

     

     

    0.08

     

     

     

    0.25

     

     

     

    0.08

     

    Gain on insurance proceeds

     

    (0.01

    )

     

     

    —

     

     

     

    (0.01

    )

     

     

    (0.02

    )

    Severance

     

    0.03

     

     

     

    —

     

     

     

    0.08

     

     

     

    0.01

     

    Loss on extinguishment of debt

     

    0.18

     

     

     

    0.02

     

     

     

    0.19

     

     

     

    0.02

     

    Impairment loss

     

    —

     

     

     

    —

     

     

     

    0.01

     

     

     

    —

     

    Other (income) expense, net

     

    (0.08

    )

     

     

    0.01

     

     

     

    (0.03

    )

     

     

    0.02

     

    Non-GAAP diluted net loss per share

    $

    (0.00

    )

     

    $

    (0.43

    )

     

    $

    (0.73

    )

     

    $

    (1.96

    )

     

     

     

     

     

     

     

     

    Diluted weighted average shares outstanding

     

    37,197

     

     

     

    27,968

     

     

     

    34,155

     

     

     

    27,552

     

     

    Three Months Ended

    December 31,

     

    Year Ended

    December 31,

    Reconciliation between GAAP and Non-GAAP

    Subscription Service Gross Margin Percentage

    2024

     

    2023

     

    2024

     

    2023

    Subscription Service Gross Margin Percentage

    53.2

    %

     

    48.1

    %

     

    53.5

    %

     

    48.0

    %

    Depreciation and amortization

    11.3

    %

     

    16.9

    %

     

    12.2

    %

     

    18.1

    %

    Stock-based compensation

    0.1

    %

     

    0.3

    %

     

    0.1

    %

     

    0.3

    %

    Severance

    0.1

    %

     

    —

    %

     

    0.1

    %

     

    —

    %

    Non-GAAP Subscription Service Gross Margin Percentage

    64.7

    %

     

    65.3

    %

     

    65.9

    %

     

    66.4

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250228377338/en/

    Christopher R. Byrnes (315) 743-8376

    [email protected], www.partech.com

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