Par Technology Corporation · NYSE:PAR
Par Technology — Q2 2023 Earnings Presentation
19 slides from Par Technology's earnings presentation, Aug 9, 2023
Slide 1: Q2 '23 Earnings Presentation
Q2 ‘23 Earnings Presentation August 9, 2023 NYSE: PAR
Slide 2: Forward-Looking Statements. Industry and Market Data.
Forward-Looking Statements. Industry and Market Data. This presentation contains forward-looking statements within the meaning of Section 21E of the Market, industry, and other data included in this presentation are from or based on our own Securities Exchange Act of 1934, as amended, Section 27A of
Slide 3: A little about us...
A little about us...
Slide 4: Mission: personalized experiences connecting people to brands, meals, moments
To enable personalized experiences that connect people to the brands, meals, and moments they love. au. sa... a
Slide 5: Our Journey … Thus Far ...
Our Journey … Thus Far ... $122.5M Q2 2023 Please see Appendix A – Key Performance Indicators for more information on ARR 5
Slide 6: Building a Unified Experience
Building a Unified Experience 6
Slide 7: Financial Review
Financial Review Second Quarter 2023 Highlights
Slide 8: Q2 '23 Financials
Q2 ‘23 Financials Three Months Ended June 30, in thousands 2023 2022 Revenues, net: Hardware $ 26,390 $ 28,390 Subscription service 30,372 23,150 Consolidated Highlights Professional service 12,767 12,631 Contract 31,015 20,922 Total revenues net 100,544 85,093 • 18% increase in revenue from Q2 2022
Slide 9: Quarterly KPI Trends: Guest Engagement
Quarterly KPI Trends Guest Engagement (Punchh + MENU) ARR ($‘000,000) Active Sites (‘000) 14% 13% Y/Y Growth Y/Y Growth 57.5 58.9 59.4 60.9 67.1 69.9 68.1 70.5 53.2 62.3 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Year-over-year metrics are for the quarter ended 6/30/2023 compared to
Slide 10: Quarterly KPI Trends: Operator Solutions
Quarterly KPI Trends Operator Solutions (Brink POS + PAR Payment Services + PAR Pay) ARR ($‘000,000) Active Sites (‘000) 38% 21% Y/Y Growth Y/Y Growth 50.0 19.5 20.5 21.5 41.6 45.2 17.7 18.6 36.2 38.9 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Year-over-year metrics are for the quar
Slide 11: Quarterly KPI Trends: Back Office
Quarterly KPI Trends Back Office (Data Central) ARR ($‘000,000) Active Sites (‘000) 26% 13% Y/Y Growth Y/Y Growth 10.9 11.3 11.6 9.2 10.2 6.4 6.7 7 7.1 7.2 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Year-over-year metrics are for the quarter ended 6/30/2023 compared to the quarter e
Slide 12: Annual KPI Trends: Subscription services
Annual KPI Trends Subscription services Adjusted Subscription ARR ($‘000,000) Service Gross Margin(1) 82% 17% CAGR CAGR 66% 73% 111.4 122.5 53% 66% 88.2 33.5 (3) (2) (3) 2020 2021 2022 Q2'23 2020 2021 2022 YTD'23 (1) Adjusted Subscription Service Gross Margin is a non-GAAP financial measure. Please
Slide 13: Annual KPI Trends: Hardware
Annual KPI Trends Hardware Hardware Revenue ($'000,000) 25% CAGR • Proving value of a complete tech stack • Navigating difficult/challenging supply chain 105 114 environment 73 53 (1) 2020 2021 2022 YTD'23 (1) YTD' 23 hardware revenue is for the six months ended June 30, 2023 CAGR stands for Compoun
Slide 14: Appendix A
Appendix A
Slide 15: Adjusted Subscription Gross Margin Non-GAAP Reconciliation
Adjusted Subscription Gross Margin Non-GAAP Reconciliation ($'000,000), except % 12 Months Ended 6 Months Ended Dec 2020 Dec 2021 Dec 2022 Jun 2023 Subscription Service Revenue $31 $63 $97 $58 Subscription Service Gross Margin 10 24 50 27 Add back Amortization from Acquired and Internally Developed
Slide 16: Adjusted Subscription Gross Margin Non-GAAP Reconciliation
Adjusted Subscription Gross Margin Non-GAAP Reconciliation ($'000,000), except % 3 Months Ended Jun 2022 Jun 2023 Subscription Service Revenue $23 $30 Subscription Service Gross Margin 12 13 Add back Amortization from Acquired and Internally Developed Technology included in Subscription Service 5 5
Slide 17: Investment Thesis
Investment Thesis 1. Foodservice market ready for disruption • Large TAM in restaurants with ~1m locations in the US spending 2-3% of total revenue on technology1 • The industry shift to cloud technology has led to an explosion in new technology from Voice AI to marketing technology 2. Meeting marke
Slide 18: Key Performance Indicators
Key Performance Indicators • 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 subscripti
Slide 19: Thank You!
Thank You!