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^®," "MENU^TM," "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,
	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.

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PAR Technology Corporation Announces Second Quarter 2023 Results