PAR PAR Technology Corp

• 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 chris_byrnes@partech.com, www.partech.com