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NEW HARTFORD, N.Y. - PAR Technology Corporation (NYSE:PAR) saw its stock jump 12.4% after reporting fourth quarter earnings that beat analyst expectations, driven by strong growth in recurring revenue and improved profitability.
The restaurant technology provider posted adjusted earnings per share of $0.00 for Q4 2024, surpassing the analyst consensus estimate of -$0.07. Revenue came in at $105.01 million, exceeding expectations of $99.5 million and representing a 50.2% increase YoY.
PAR’s annual recurring revenue (ARR) grew to $276.0 million, up 102% YoY including 21% organic growth. Quarterly subscription service revenues rose 95% YoY, with organic growth of 25%.
"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," said CEO Savneet Singh. He added that 2024 was a "milestone year" for PAR with its "best organic execution yet."
The company reported non-GAAP adjusted EBITDA of $5.8 million for Q4, compared to -$7.4 million in the same quarter last year. Subscription service gross margin improved to 53.2% from 48.1% YoY on a GAAP basis.
PAR’s Engagement Cloud, which includes its Punchh and PAR Ordering offerings, ended Q4 with $159.1 million in ARR across 119,700 active sites. The Operator Cloud segment, featuring PAR POS and payment services, reached $116.8 million in ARR with 54,800 active sites.
During the quarter, PAR acquired Delaget, a provider of restaurant analytics and business intelligence solutions, further expanding its product portfolio.
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