PAR Technology Corporation Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
PAR Technology Corporation Reports Q2 2024 Financial Results
PAR Technology Corporation (NYSE: PAR) has announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Consensus Estimate |
|---|---|---|---|
| Total Revenue | Not provided | Not provided | $115.11M |
| EPS | Not provided | Not provided | -$0.18 |
Interpretation: While specific data on the total revenue and EPS for Q2 2024 were not provided, it is important to note that the consensus estimates projected a revenue of $115.11 million and an EPS of -$0.18 for the quarter. Investors should look forward to the detailed quarterly report for these precise figures.
Revenue Breakdown Across Major Segments
| Segment | Q2 2024 Revenue | Previous Guidance |
|---|---|---|
| Engagement Cloud ARR | $107.9M | Not provided |
| Operator Cloud ARR | $84.2M | Not provided |
Interpretation: PAR Technology has reported strong performances in both its Engagement Cloud and Operator Cloud segments. The ARR for Engagement Cloud reached $107.9 million, while the Operator Cloud ARR amounted to $84.2 million by the end of Q2 2024. These figures underscore the company’s robust and scalable business model.
Key Operational Data
| Key Indicator | Q2 2024 |
|---|---|
| ARR | $192.2M |
| Active Sites (Engagement Cloud) | 94.6 thousand |
| Active Sites (Operator Cloud) | 27.7 thousand |
Comments from Company Officers
Savneet Singh, the CEO of PAR Technology, remarked, "We delivered a strong second quarter, aided by durable demand for our foodservice technology software. Our organic ARR grew by 24% and total ARR grew by 57% in the quarter from Q2 '23. Our business continues to scale and we are tracking to hit our goal to be adjusted EBITDA positive next quarter.”
Dividends and Share Repurchase Program
There was no information provided regarding dividends or a share repurchase program.
Forward Guidance
The company did not provide specific forward guidance figures in the earnings report. However, CEO Savneet Singh emphasized that PAR Technology is on track to achieve adjusted EBITDA positivity by the next quarter.
Stock Price Movement
Following the earnings release, PAR Technology's stock experienced a decline of 1.13%.
Overall, PAR Technology's Q2 2024 performance highlights the company's continued growth in recurring revenues and expansion through strategic acquisitions, positioning it strongly for future financial health and market competitiveness.