(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit No. | Exhibit Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | The information in Item 2.02, Item 7.01 and Exhibit 99.1 of this current report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing. |
PAR TECHNOLOGY CORPORATION | ||||||||
(Registrant) | ||||||||
Date: | August 9, 2021 | /s/ Bryan A. Menar | ||||||
Bryan A. Menar | ||||||||
Chief Financial and Accounting Officer | ||||||||
(Principal Financial Officer) |
FOR RELEASE: CONTACT: | New Hartford, NY, August 9, 2021 Christopher R. Byrnes (315) 738-0600 ext. 6226 cbyrnes@partech.com, www.partech.com |
Assets | June 30, 2021 | December 31, 2020 | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 85,218 | $ | 180,686 | |||||||
Accounts receivable – net | 45,248 | 42,980 | |||||||||
Inventories – net | 29,947 | 21,638 | |||||||||
Other current assets | 16,592 | 3,625 | |||||||||
Total current assets | 177,005 | 248,929 | |||||||||
Property, plant and equipment – net | 14,006 | 13,856 | |||||||||
Goodwill | 458,773 | 41,214 | |||||||||
Intangible assets – net | 130,726 | 33,121 | |||||||||
Lease right-of-use assets | 4,779 | 2,569 | |||||||||
Other assets | 12,386 | 4,060 | |||||||||
Total assets | $ | 797,675 | $ | 343,749 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 685 | $ | 666 | |||||||
Accounts payable | 21,822 | 12,791 | |||||||||
Accrued salaries and benefits | 16,225 | 13,190 | |||||||||
Accrued expenses | 5,172 | 2,606 | |||||||||
Lease liabilities – current portion | 1,865 | 1,200 | |||||||||
Customer deposits and deferred service revenue | 14,584 | 9,506 | |||||||||
Total current liabilities | 60,353 | 39,959 | |||||||||
Lease liabilities – net of current portion | 3,322 | 1,462 | |||||||||
Deferred service revenue – noncurrent | 5,234 | 3,082 | |||||||||
Long-term debt | 279,087 | 105,844 | |||||||||
Other long-term liabilities | 13,118 | 4,997 | |||||||||
Total liabilities | 361,114 | 155,344 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, $.02 par value, 1,000,000 shares authorized, none outstanding | — | — | |||||||||
Common stock, $.02 par value, 58,000,000 shares authorized, 26,998,216 and 22,982,955 shares issued, 25,848,889 and 21,917,357 outstanding at June 30, 2021 and December 31, 2020, respectively | 540 | 459 | |||||||||
Additional paid in capital | 514,295 | 243,575 | |||||||||
Accumulated deficit | (64,933) | (46,706) | |||||||||
Accumulated other comprehensive loss | (3,883) | (3,936) | |||||||||
Treasury stock, at cost, 1,149,327 shares and 1,065,598 shares at June 30, 2021 and December 31, 2020, respectively | (9,458) | (4,987) | |||||||||
Total shareholders’ equity | 436,561 | 188,405 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 797,675 | $ | 343,749 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Product | $ | 23,939 | $ | 12,333 | $ | 42,495 | $ | 30,967 | |||||||||||||||
Service | 27,185 | 15,300 | 45,213 | 34,075 | |||||||||||||||||||
Contract | 17,826 | 18,058 | 35,709 | 35,381 | |||||||||||||||||||
68,950 | 45,691 | 123,417 | 100,423 | ||||||||||||||||||||
Costs of sales: | |||||||||||||||||||||||
Product | 18,487 | 9,982 | 33,372 | 24,887 | |||||||||||||||||||
Service | 18,940 | 9,912 | 31,635 | 22,558 | |||||||||||||||||||
Contract | 16,420 | 16,718 | 33,107 | 32,852 | |||||||||||||||||||
53,847 | 36,612 | 98,114 | 80,297 | ||||||||||||||||||||
Gross margin | 15,103 | 9,079 | 25,303 | 20,126 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | 22,946 | 10,049 | 37,483 | 21,476 | |||||||||||||||||||
Research and development | 8,643 | 4,538 | 14,452 | 9,403 | |||||||||||||||||||
Amortization of identifiable intangible assets | 489 | 210 | 764 | 420 | |||||||||||||||||||
Gain on insurance proceeds | — | — | (4,400) | — | |||||||||||||||||||
32,078 | 14,797 | 48,299 | 31,299 | ||||||||||||||||||||
Operating loss | (16,975) | (5,718) | (22,996) | (11,173) | |||||||||||||||||||
Other expense – net | (341) | (139) | (392) | (764) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (8,123) | |||||||||||||||||||
Interest expense – net | (4,937) | (2,111) | (7,097) | (4,083) | |||||||||||||||||||
Loss before provision for income taxes | (22,253) | (7,968) | (30,485) | (24,143) | |||||||||||||||||||
Benefit from (provision for) income taxes | 12,297 | (1,008) | 12,258 | 4,257 | |||||||||||||||||||
Net loss | $ | (9,956) | (8,976) | (18,227) | (19,886) | ||||||||||||||||||
Net loss per share (basic and diluted) | $ | (0.39) | $ | (0.49) | $ | (0.77) | $ | (1.10) | |||||||||||||||
Weighted average shares outstanding (basic and outstanding) | 25,484 | 18,244 | 23,716 | 18,092 |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||||||||||||
Restaurant/Retail | |||||||||||||||||||||||||||||||||||
Hardware | $ | 23,355 | $ | 17,835 | $ | 21,595 | $ | 20,168 | $ | 12,129 | $ | 18,137 | |||||||||||||||||||||||
Software | 15,100 | 7,876 | 6,665 | 6,798 | 5,977 | 6,944 | |||||||||||||||||||||||||||||
Services | 12,669 | 10,873 | 11,863 | 10,381 | 9,527 | 12,328 | |||||||||||||||||||||||||||||
Total Restaurant Retail | $ | 51,124 | $ | 36,584 | $ | 40,123 | $ | 37,347 | $ | 27,633 | $ | 37,409 | |||||||||||||||||||||||
Government | |||||||||||||||||||||||||||||||||||
Intelligence, Surveillance, and Reconnaissance | $ | 9,284 | $ | 9,547 | $ | 9,990 | $ | 8,943 | $ | 9,741 | $ | 8,772 | |||||||||||||||||||||||
Mission Systems | 8,338 | 8,131 | 8,328 | 8,084 | 8,088 | 8,448 | |||||||||||||||||||||||||||||
Product Services | 204 | 205 | 75 | 473 | 229 | 103 | |||||||||||||||||||||||||||||
Total Government | $ | 17,826 | $ | 17,883 | $ | 18,393 | $ | 17,500 | $ | 18,058 | $ | 17,323 | |||||||||||||||||||||||
Total Revenue | $ | 68,950 | $ | 54,467 | $ | 58,516 | $ | 54,847 | $ | 45,691 | $ | 54,732 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Reconciliation of EBITDA and Adjusted EBITDA | |||||||||||
Net loss | $ | (9,956) | $ | (8,976) | |||||||
Benefit from (provision for) income taxes | (12,297) | 1,008 | |||||||||
Interest expense | 4,937 | 2,111 | |||||||||
Depreciation and amortization | 6,060 | 2,353 | |||||||||
EBITDA | $ | (11,256) | $ | (3,504) | |||||||
Stock-based compensation expense (1) | 4,251 | 1,123 | |||||||||
China/Singapore expense (2) | (225) | 121 | |||||||||
Pending litigation expense (3) | 125 | — | |||||||||
Severance (4) | — | 359 | |||||||||
Acquisition costs (5) | 2,702 | — | |||||||||
Other expense – net (6) | 341 | 139 | |||||||||
Adjusted EBITDA | $ | (4,062) | $ | (1,762) |
1 | Adjustments reflect stock-based compensation expense within selling, general and administrative expenses and cost of contracts of $3.2 million for the three months ended June 30, 2021 and for the three months ended June 30, 2020 of $1.1 million. | ||||
2 | Adjustment reflects the expenses related to the resolution of China/Singapore matter of ($0.2) million and $0.1 million for the three months ended June 30, 2021 and 2020, respectively. | ||||
3 | Adjustment reflects the resolution of a pending legal matter of $0.1 million for the three months ended June 30, 2021. | ||||
4 | Adjustment reflects the severance included in gross margin, selling, general and administrative expense and research and development expense of $0.4 million for the three months ended June 30, 2020. | ||||
5 | Adjustment reflects the expenses incurred in the acquisition transaction related to Punchh of $2.7 million for the three months ended June 30, 2021. | ||||
6 | Adjustment reflects foreign currency transaction gains and losses and rental income and losses are recorded in other expense, net in the accompanying statements of operations. | ||||
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Reconciliation of Adjusted Diluted Loss Per Share: | |||||||||||||||||||||||
Net loss / Diluted Loss Per Share | $ | (9,956) | $ | (0.39) | $ | (8,976) | $ | (0.49) | |||||||||||||||
Benefit from (provision for) income taxes (1) | (12,360) | (0.49) | 978 | 0.05 | |||||||||||||||||||
Non-cash interest expense (2) | 1,737 | 0.07 | 1,102 | 0.07 | |||||||||||||||||||
Acquired intangible assets amortization (3) | 4,212 | 0.17 | 1,038 | 0.06 | |||||||||||||||||||
Stock-based compensation expense (4) | 4,251 | 0.17 | 1,123 | 0.06 | |||||||||||||||||||
China/Singapore expense (5) | (225) | (0.01) | 121 | 0.01 | |||||||||||||||||||
Pending litigation expense (6) | 125 | — | — | — | |||||||||||||||||||
Severance (7) | — | — | 359 | 0.02 | |||||||||||||||||||
Acquisition costs (8) | 2,702 | 0.11 | — | — | |||||||||||||||||||
Other expense – net (9) | 341 | 0.01 | 139 | 0.01 | |||||||||||||||||||
Adjusted Net Loss / Adjusted Diluted Loss Per Share | $ | (9,173) | $ | (0.36) | $ | (4,116) | $ | (0.21) | |||||||||||||||
Adjusted weighted average common shares outstanding | 25,484 | 18,244 |
1 | Adjustment reflects a partial release of the Company's deferred taxed asset valuation allowance of $12.4 million related to the Punchh acquisition for the three months ended June 30, 2021; and, a reduction to the benefit of income taxes of $1.0 million for the three months ended June 30, 2020 related to the issuance of the 2.875% Convertible Senior Notes due 2026 (the “2026 Notes"). The income tax effect of this adjustment was not tax-effected due to the valuation allowance on all of our net deferred tax assets. | ||||
2 | Adjustment reflects non-cash accretion of interest expense and amortization of issuance costs related to the 4.500% Convertible Senior Notes due 2024 (the “2024 Notes"), 2026 Notes and the senior secured term loan under the credit agreement the Company entered into with Owl Rock First Lien Master Fund, L.P. to fund a portion of the Punchh acquisition (the "Term Loan") of $1.7 million and $1.0 million for the three months ended June 30, 2021 and 2020, respectively. | ||||
3 | Adjustment amortization expense of acquired developed technology within gross margin of $3.7 million and $0.8 million for the three months ended June 30, 2021 and 2020; and amortization expense of acquired intangible assets of $0.5 million and $0.2 million for the three months ended June 30, 2021 and 2020, respectively. | ||||
4 | Adjustments reflect stock-based compensation expense within selling, general and administrative expenses and cost of contracts of $3.2 million for the three months ended June 30, 2021 and for the three months ended June 30, 2020 of $1.1 million. | ||||
5 | Adjustment reflects the expenses related to the resolution of China/Singapore matter of ($0.2) million and $0.1 million for the three months ended June 30, 2021 and 2020, respectively. | ||||
6 | Adjustment reflects the resolution of a pending legal matter of $0.1 million for the three months ended June 30, 2021. | ||||
7 | Adjustment reflects the severance included in gross margin, selling, general and administrative expense and research and development expense of $0.4 million for the three months ended June 30, 2020. | ||||
8 | Adjustment reflects the expenses incurred in the acquisition transaction related to Punchh of $2.7 million for the three months ended June 30, 2021. | ||||
9 | Adjustment reflects foreign currency transaction gains and losses and rental income and losses are recorded in other expense, net in the accompanying statements of operations. |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Reconciliation of EBITDA and Adjusted EBITDA | |||||||||||
Net loss | $ | (18,227) | $ | (19,886) | |||||||
Benefit from income taxes | (12,258) | (4,257) | |||||||||
Interest expense | 7,097 | 4,083 | |||||||||
Depreciation and amortization | 8,870 | 4,537 | |||||||||
EBITDA | $ | (14,518) | $ | (15,523) | |||||||
Stock-based compensation expense (1) | 5,571 | 2,212 | |||||||||
China/Singapore expense (2) | 50 | 126 | |||||||||
Pending litigation expense (3) | 600 | — | |||||||||
Acquisition costs (4) | 3,388 | — | |||||||||
Gain on insurance proceeds (5) | (4,400) | — | |||||||||
Severance (6) | — | 359 | |||||||||
Loss on extinguishment of debt (7) | — | 8,123 | |||||||||
Other expense – net (8) | 392 | 764 | |||||||||
Adjusted EBITDA | $ | (8,917) | $ | (3,939) |
1 | Adjustments reflect stock-based compensation expense within selling, general and administrative expenses and cost of contracts for the six months ended June 30, 2021 of $5.6 million and for the six months ended June 30, 2020 of $2.2 million. | ||||
2 | Adjustment reflects the expenses related to the resolution of China/Singapore matter of $0.1 million for both the six months ended June 30, 2021 and 2020. | ||||
3 | Adjustment reflects the resolution of a pending legal matter of $0.6 million for the six months ended June 30, 2021. | ||||
4 | Adjustment reflects the expenses incurred in the acquisition transaction related to Punchh of $3.4 million for the six months ended June 30, 2021. | ||||
5 | Adjustment represents the gain on insurance stemming from a legacy claim of $4.4 million for the six months ended June 30, 2021. | ||||
6 | Adjustment reflects the severance included in gross margin, selling, general and administrative expense and research and development expense of $0.4 million for the three months ended June 30, 2020. | ||||
7 | Adjustment reflects loss on extinguishment of debt related to the repurchase of approximately $66.3 million of the 2024 Notes of $8.1 million for the six months ended June 30, 2020. | ||||
8 | Adjustment reflects foreign currency transaction gains and losses and rental income and losses are recorded in other expense, net in the accompanying statements of operations. |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Reconciliation of Adjusted Diluted Loss Per Share: | |||||||||||||||||||||||
Net loss / Diluted Loss Per Share | $ | (18,227) | $ | (0.77) | $ | (19,886) | $ | (1.10) | |||||||||||||||
Benefit from income taxes (1) | (12,360) | (0.52) | (4,408) | (0.24) | |||||||||||||||||||
Non-cash interest expense (2) | 2,917 | 0.12 | 2,059 | 0.12 | |||||||||||||||||||
Acquired intangible assets amortization (3) | 5,351 | 0.23 | 2,075 | 0.11 | |||||||||||||||||||
Stock-based compensation expense (4) | 5,571 | 0.23 | 2,212 | 0.12 | |||||||||||||||||||
China/Singapore expense (5) | 50 | — | 126 | 0.01 | |||||||||||||||||||
Pending litigation expense (6) | 600 | 0.03 | — | — | |||||||||||||||||||
Acquisition costs (7) | 3,388 | 0.14 | — | — | |||||||||||||||||||
Gain on insurance proceeds (8) | (4,400) | (0.19) | — | — | |||||||||||||||||||
Severance (9) | — | — | 359 | 0.02 | |||||||||||||||||||
Loss on extinguishment of debt (10) | — | — | 8,123 | 0.45 | |||||||||||||||||||
Other expense – net (11) | 392 | 0.03 | 764 | 0.04 | |||||||||||||||||||
Adjusted Net Loss / Adjusted Diluted Loss Per Share | $ | (16,718) | $ | (0.70) | $ | (8,576) | $ | (0.47) | |||||||||||||||
Adjusted weighted average common shares outstanding | 23,716 | 18,092 |
1 | Adjustment reflects a partial release of the Company's deferred taxed asset valuation allowance of $12.4 million related to the Punchh acquisition for the six months ended June 30, 2021; and, a reduction to the benefit of income taxes of $4.4 million for the six months ended June 30, 2020 related to the issuance of the 2.875% Convertible Senior Notes due 2026 and partial repurchase of the 4.500% Convertible Senior Notes due 2024. The income tax effect of this adjustment was not tax-effected due to the valuation allowance on all of our net deferred tax assets. | ||||
2 | Adjustment reflects non-cash accretion of interest expense and amortization of issuance costs related to the 2024 Notes, the 2026 Notes and the Term Loan of $2.9 million and $2.1 million for the six months ended June 30, 2021 and 2020, respectively. | ||||
3 | Adjustment amortization expense of acquired developed technology within gross margin of $4.6 million and $1.7 million for the six months ended June 30, 2021 and 2020, respectively; and amortization expense of acquired intangible assets of $0.8 million and $0.4 million for the six months ended June 30, 2021 and 2020, respectively. | ||||
4 | Adjustments reflect stock-based compensation expense within selling, general and administrative expenses and cost of contracts for the six months ended June 30, 2021 of $5.6 million and for the six months ended June 30, 2020 of $2.2 million. | ||||
5 | Adjustment reflects the expenses related to the resolution of China/Singapore matter of $0.1 million for both the six months ended June 30, 2021 and 2020. | ||||
6 | Adjustment reflects the resolution of a pending legal matter of $0.6 million for the six months ended June 30, 2021. | ||||
7 | Adjustment reflects the expenses incurred in the acquisition transaction related to Punchh of $3.4 million for the six months ended June 30, 2021. | ||||
8 | Adjustment represents the gain on insurance stemming from a legacy claim of $4.4 million for the six months ended June 30, 2021. | ||||
9 | Adjustment reflects the severance included in gross margin, selling, general and administrative expense and research and development expense of $0.4 million for the six months ended June 30, 2020. | ||||
10 | Adjustment reflects loss on extinguishment of debt related to the repurchase of approximately $66.3 million of the 2024 Notes of $8.1 million for the six months ended June 30, 2020. | ||||
11 | Adjustment reflects foreign currency transaction gains and losses and rental income and losses are recorded in other expense, net in the accompanying statements of operations. |
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Cover Page |
Aug. 06, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 09, 2021 |
Entity Registrant Name | PAR Technology Corp |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-09720 |
Entity Tax Identification Number | 16-1434688 |
Entity Address, Address Line One | PAR Technology Park |
Entity Address, Address Line Two | 8383 Seneca Turnpike |
Entity Address, City or Town | New Hartford |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 13413-4991 |
City Area Code | 315 |
Local Phone Number | 738-0600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | PAR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000708821 |
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