- PAR Technology Corporation PAR reported fourth-quarter FY22 sales growth of 19.7% year-on-year, to $97.65 million, beating the consensus of $90.94 million.
- Guest Engagement: ARR at the end of Q4 '22 totaled $58.9 million. New store Activations totaled approximately 2,800 sites, and Active Sites as of Dec. 31, 2022, totaled 69.9 thousand restaurants.
- Operator Solutions: ARR at the end of Q4 totaled $41.6 million. New store Activations totaled approximately 1,200 sites, and Active Sites as of Dec. 31, 2022, totaled about 19.5 thousand restaurants.
- Back Office: ARR at the end of Q4 totaled $10.9 million. New store Activations totaled approximately 350 sites, and Active Sites as of Dec. 31, 2022, totaled approximately 7.0 thousand restaurants.
- Gross margin for the quarter expanded over 400 basis points to 26.8%. Operating loss narrowed to $(10.7) million from $(16.7) million last year.
- The company held $70.3 million in cash and equivalents and $40.3 million in short-term investments as of Dec. 31, 2022.
- Adjusted EBITDA loss for the quarter was $(2.8) million versus a $(4.9) million loss last year.
- Adjusted EPS loss of $(0.26) beat the analyst consensus of $(0.45).
- PAR Technology CEO, Savneet Singh commented, "We expect to continue to scale our subscription revenues for enterprise restaurants in 2023, while simultaneously maintaining operating expenses at current levels demonstrating strong operating leverage."
- Price Action: PAR shares are trading lower by 0.79% at $33.88 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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