$PAR
PAR TECHNOLOGY CORP

2023 Q2 Form 10-Q Financial Statement

#000070882123000050 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $100.5M $100.4M
YoY Change 18.16% 25.1%
Cost Of Revenue $80.01M $77.24M
YoY Change 25.08% 29.45%
Gross Profit $20.53M $23.19M
YoY Change -2.8% 12.52%
Gross Profit Margin 20.42% 23.09%
Selling, General & Admin $25.63M $27.48M
YoY Change -2.91% 22.85%
% of Gross Profit 124.84% 118.48%
Research & Development $14.89M $14.32M
YoY Change 47.39% 32.05%
% of Gross Profit 72.52% 61.72%
Depreciation & Amortization $6.882M $6.933M
YoY Change 6.58% 8.33%
% of Gross Profit 33.52% 29.89%
Operating Expenses $38.18M $37.06M
YoY Change 2.59% 10.88%
Operating Profit -$17.65M -$13.86M
YoY Change 9.65% 8.24%
Interest Expense -$1.735M -$1.667M
YoY Change -29.21% -32.32%
% of Operating Profit
Other Income/Expense, Net $95.00K -$59.00K
YoY Change -136.96% -83.97%
Pretax Income -$19.29M -$15.59M
YoY Change 2.58% -0.32%
Income Tax $409.0K $315.0K
% Of Pretax Income
Net Earnings -$19.70M -$15.91M
YoY Change 4.53% 1.63%
Net Earnings / Revenue -19.6% -15.84%
Basic Earnings Per Share -$0.72 -$0.58
Diluted Earnings Per Share -$0.72 -$0.58
COMMON SHARES
Basic Shares Outstanding 27.41M shares 27.32M shares
Diluted Shares Outstanding 27.36M shares 27.34M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.41M $96.83M
YoY Change -37.31% -40.67%
Cash & Equivalents $44.16M $48.66M
Short-Term Investments $41.23M $40.75M
Other Short-Term Assets $8.963M $11.09M
YoY Change 13.25% -2.54%
Inventory $26.51M $32.45M
Prepaid Expenses
Receivables $62.89M $66.49M
Other Receivables $0.00 $0.00
Total Short-Term Assets $192.8M $206.9M
YoY Change -26.2% -23.41%
LONG-TERM ASSETS
Property, Plant & Equipment $14.97M $13.24M
YoY Change -9.5% -1.42%
Goodwill $487.6M $487.1M
YoY Change 6.48%
Intangibles $101.6M $106.2M
YoY Change -7.31%
Long-Term Investments
YoY Change
Other Assets $15.45M $15.27M
YoY Change 15.1% 24.81%
Total Long-Term Assets $623.7M $625.4M
YoY Change 4.32% 3.96%
TOTAL ASSETS
Total Short-Term Assets $192.8M $206.9M
Total Long-Term Assets $623.7M $625.4M
Total Assets $816.5M $832.3M
YoY Change -4.96% -4.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.16M $28.21M
YoY Change 4.08% 24.69%
Accrued Expenses $6.002M $7.598M
YoY Change -68.93% 92.7%
Deferred Revenue $11.35M $9.099M
YoY Change -44.41%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.59M
YoY Change 3695.81%
Total Short-Term Liabilities $83.50M $64.80M
YoY Change 35.65% 11.08%
LONG-TERM LIABILITIES
Long-Term Debt $376.7M $389.7M
YoY Change -2.97% 0.52%
Other Long-Term Liabilities $6.669M $9.112M
YoY Change -51.96% 61.88%
Total Long-Term Liabilities $383.3M $398.8M
YoY Change -4.66% 1.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.50M $64.80M
Total Long-Term Liabilities $383.3M $398.8M
Total Liabilities $474.3M $472.4M
YoY Change 2.3% 2.65%
SHAREHOLDERS EQUITY
Retained Earnings -$240.8M -$221.1M
YoY Change 45.91%
Common Stock $572.0K $572.0K
YoY Change 1.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.57M
YoY Change 27.51%
Treasury Stock Shares 1.350M shares
Shareholders Equity $342.2M $359.9M
YoY Change
Total Liabilities & Shareholders Equity $816.5M $832.3M
YoY Change -4.96% -4.52%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$19.70M -$15.91M
YoY Change 4.53% 1.63%
Depreciation, Depletion And Amortization $6.882M $6.933M
YoY Change 6.58% 8.33%
Cash From Operating Activities $3.953M -$16.75M
YoY Change -138.04% -20.99%
INVESTING ACTIVITIES
Capital Expenditures $3.926M $823.0K
YoY Change -306.31% 193.93%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$472.0K -$463.0K
YoY Change -61.8%
Cash From Investing Activities -$4.398M -$1.767M
YoY Change 131.11% -42.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.00K -$2.426M
YoY Change -85.01% 71.93%
NET CHANGE
Cash From Operating Activities 3.953M -$16.75M
Cash From Investing Activities -4.398M -$1.767M
Cash From Financing Activities -55.00K -$2.426M
Net Change In Cash -500.0K -$21.45M
YoY Change -96.05% -14.91%
FREE CASH FLOW
Cash From Operating Activities $3.953M -$16.75M
Capital Expenditures $3.926M $823.0K
Free Cash Flow $27.00K -$17.57M
YoY Change -100.32% -18.19%

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1651000 usd
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IncreaseDecreaseInPayablesToCustomersCurrent
216000 usd
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PaymentsToAcquirePropertyPlantAndEquipment
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CY2023Q1 us-gaap Repayments Of Secured Debt
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CY2022Q1 us-gaap Payments For Repurchase Of Other Equity
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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
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EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
77533000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
188419000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56080000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 us-gaap Use Of Estimates
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Use of Estimates The preparation of the financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to these estimates and assumptions include revenue recognition, stock-based compensation, the recognition and measurement of assets acquired and liabilities assumed in business combinations at fair value, the carrying amount of property, plant, and equipment including right-to-use assets and liabilities, identifiable intangible assets and goodwill, credit losses for receivables, valuation of excess and obsolete inventories, and measurement of contingent consideration at fair value. Actual results could differ from those estimates.
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
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CY2023Q1 par Increase Decrease In Contract With Customer Liability Excluded From Performance Obligations Outstanding
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CY2022Q1 par Increase Decrease In Contract With Customer Liability Excluded From Performance Obligations Outstanding
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CY2023Q1 us-gaap Short Term Investments
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CY2022Q4 us-gaap Short Term Investments
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CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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CY2021Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q1 par Contract With Customer Liability Revenue Recognized Including Liabilities Incurred In The Current Period
ContractWithCustomerLiabilityRevenueRecognizedIncludingLiabilitiesIncurredInTheCurrentPeriod
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CY2022Q1 par Contract With Customer Liability Revenue Recognized Including Liabilities Incurred In The Current Period
ContractWithCustomerLiabilityRevenueRecognizedIncludingLiabilitiesIncurredInTheCurrentPeriod
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ContractWithCustomerLiabilityLiabilityRecorded
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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RevenueRemainingPerformanceObligation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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RevenueRemainingPerformanceObligation
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CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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AllowanceForDoubtfulAccountsReceivableCurrent
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2023Q1 dei Document Fiscal Year Focus
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CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
18640000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
21998000 usd
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
362000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q1 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
12561000 usd
CY2022Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
13749000 usd
CY2023Q1 par Service Parts Net Of Reserves
ServicePartsNetOfReserves
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CY2022Q4 par Service Parts Net Of Reserves
ServicePartsNetOfReserves
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CY2023Q1 us-gaap Inventory Net
InventoryNet
32454000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
37594000 usd
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
11000000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
10900000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
166732000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
165874000 usd
CY2023Q1 par Impact Of Currency Translation On Finite Lived Intangible Assets
ImpactOfCurrencyTranslationOnFiniteLivedIntangibleAssets
434000 usd
CY2022Q4 par Impact Of Currency Translation On Finite Lived Intangible Assets
ImpactOfCurrencyTranslationOnFiniteLivedIntangibleAssets
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CY2023Q1 par Finite Lived Intangible Assets Accumulated Amortization And Currency Translation
FiniteLivedIntangibleAssetsAccumulatedAmortizationAndCurrencyTranslation
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FiniteLivedIntangibleAssetsAccumulatedAmortizationAndCurrencyTranslation
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FiniteLivedIntangibleAssetsNet
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FiniteLivedIntangibleAssetsNet
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IntangibleAssetsNetExcludingGoodwill
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IntangibleAssetsNetExcludingGoodwill
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CY2023Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
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CY2022Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
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CY2023Q1 us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
IndefiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
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CY2022Q1 us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
IndefiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
17969000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
21401000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
19572000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
17698000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
14748000 usd
CY2023Q1 par Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
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FiniteLivedIntangibleAssetsNet
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CY2023Q1 dei Document Fiscal Year Focus
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InterestExpenseDebtExcludingAmortization
2011000 usd
CY2022Q4 us-gaap Goodwill
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486762000 usd
CY2023Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
321000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
487083000 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
398750000 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
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9036000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
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389714000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
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398750000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
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9558000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
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389192000 usd
CY2022Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2003000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs
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522000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
486000 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2533000 usd
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2489000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
13750000 usd
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265000000 usd
CY2023Q1 par Long Term Debt Maturity After Year Four
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CY2023Q1 us-gaap Long Term Debt
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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
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CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
24200000 usd
CY2023Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.82
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
12.86
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1021000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.84
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2023Q1 us-gaap Number Of Reportable Segments
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2 reporting_unit
CY2023Q1 us-gaap Number Of Operating Segments
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2 reporting_unit
CY2023Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2023Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2023Q1 par Depreciation Amortization And Accretion
DepreciationAmortizationAndAccretion
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CY2022Q1 par Depreciation Amortization And Accretion
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CY2023Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
2167000 usd
CY2022Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1848000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q1 us-gaap Assets
Assets
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CY2022Q4 us-gaap Assets
Assets
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CY2023Q1 us-gaap Noncurrent Assets
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CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
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CY2023Q1 us-gaap Goodwill
Goodwill
487083000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
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CY2023Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q1 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
3300000 usd
CY2022Q4 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
3200000 usd
CY2023Q1 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
1600000 usd
CY2022Q4 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
1700000 usd

Files In Submission

Name View Source Status
par-20230331_pre.xml Edgar Link unprocessable
par-20230331_lab.xml Edgar Link unprocessable
0000708821-23-000050-index-headers.html Edgar Link pending
0000708821-23-000050-index.html Edgar Link pending
0000708821-23-000050.txt Edgar Link pending
0000708821-23-000050-xbrl.zip Edgar Link pending
a10qexhibit311-q12023.htm Edgar Link pending
a10qexhibit312-q12023.htm Edgar Link pending
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