Sign In  |  Register  |  About Livermore  |  Contact Us

Livermore, CA
September 01, 2020 1:25pm
7-Day Forecast | Traffic
  • Search Hotels in Livermore

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

PAR Technology Corporation Announces 2022 Second Quarter Results

  • Total revenues increase 23.4% year-over-year from Q2 '21
  • Software Annual Recurring Revenues (ARR)(1) grew to $98.6 million - a 29% increase from $76.7 million reported in Q2 '21

PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the “Company”) today announced its financial results for the second quarter ended June 30, 2022.

Summary of Fiscal 2022 Second Quarter

  • Revenues were reported at $85.1 million for the second quarter of 2022, a 23.4% increase compared to $69.0 million for the same period in 2021.
  • Net loss for the second quarter of 2022 was $18.8 million, or $0.70 net loss per share, compared to a net loss of $10.0 million, or $0.39 net loss per share reported for the same period in 2021.
  • EBITDA for the second quarter of 2022 was a loss of $9.9 million compared a loss of $10.8 million for the same period in 2021.
  • Adjusted EBITDA for the second quarter of 2022 was a loss of $5.8 million compared to Adjusted EBITDA loss of $3.6 million for the same period in 2021.
  • Adjusted net loss for the second quarter of 2022 was $9.8 million, or $0.36 adjusted diluted net loss per share, compared to an adjusted net loss of $9.2 million, or $0.36 adjusted diluted net loss per share, for the same period in 2021.

Summary of Year-to-Date Financial Results

  • Revenues were reported at $165.4 million for the six months ended June 30, 2022, a 34.0% increase compared to $123.4 million for the same period in 2021.
  • Net loss for the six months ended June 30, 2022 was $34.5 million, or $1.27 net loss per share, compared to a net loss of $18.2 million, or $0.77 net loss per share reported for the same period in 2021.
  • EBITDA for the second quarter of 2022 was a loss of $16.7 million compared a loss of $14.5 million for the same period in 2021.
  • Adjusted EBITDA for the six months ended June 30, 2022 was a loss of $8.4 million compared to Adjusted EBITDA loss of $8.9 million for the same period in 2021.
  • Adjusted net loss for the six months ended June 30, 2022 was $16.9 million, or $0.62 adjusted diluted net loss per share, compared to an adjusted net loss of $16.7 million, or $0.67 adjusted diluted net loss per share, for the same period in 2021.

A reconciliation and description of non-GAAP financial measures to corresponding GAAP financial measures are included in the tables at the end of this press release.

(1) See “Key Performance Indicators and Non-GAAP Financial Measures” below.

Highlights of Brink POS - Second Quarter 2022(1):

  • Brink POS ARR at end of Q2 '22 totaled $36.2 million
  • New store Activations in Q2 '22 totaled 962 sites
  • Brink POS Bookings in Q2 '22 totaled 939 sites
  • Brink POS open orders (backlog) totaled 1,540 sites at end of Q2 '22
  • Active Sites for Brink POS as of June 30, 2022 totaled 17,728 restaurants

Highlights of Punchh - Second Quarter 2022(1):

  • Punchh ARR at end of Q2 '22 totaled $53.2 million
  • New store Activations in Q2 '22 totaled 3,522 sites
  • Active Sites for Punchh as of June 30, 2022 totaled 62,300 restaurants

PAR Technology CEO, Savneet Singh commented, “PAR delivered strong results in the second quarter, setting the stage for a stronger second half. Our revenue increased 23.4% and we saw continued ARR growth in the quarter. ARR at end of Q2 2022 was $98.6 million and we saw growth across all business segments. Our success has been driven by adding new customer relationships, improving our operational efficiency and maintaining high customer and employee engagement. All aspects of our business are stronger than ever and, with a robust product roadmap, innovation and acquisition strategy, PAR is well positioned for continued success in the years ahead.”

Highlights Following Q2' 22

Following the end of the second quarter of 2022, the Company acquired MENU Technologies AG, a restaurant technology company offering fully integrated omnichannel ordering solutions to restaurants worldwide. The solution expands the Company's unified commerce offerings.

Earnings Conference Call.

There will be an earnings conference call at 9:00 a.m. (Eastern) on August 9, 2022, during which the Company’s management will discuss the financial results for the second quarter ended June 30, 2022. To participate on the conference call, please register in advance via the link provided at https://www.partech.com/investor-relations/. After registering, a confirmation email will be sent including dial-in details and unique conference call codes for entry. Registration is open through the live call, but to ensure you are connected for the full call we suggest registering at least 10 minutes before the start of the call. The conference call will also be webcast live. To access the webcast, please visit https://www.partech.com/investor-relations/; a recording of the webcast will be available on the site after the event.

About PAR Technology Corporation.

For more than 40 years, PAR Technology Corporation’s (NYSE: PAR) cutting-edge products and services have helped bold and passionate restaurant brands build lasting guest relationships. We are the partner enterprise restaurants rely on when they need to serve amazing moments from open to close, during the most hectic rush hours, and when the world forces them to adapt and overcome. More than 100,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, loyalty, and back-office software solutions as well as industry leading hardware and drive-thru offerings. To learn more, visit www.partech.com or connect with us on LinkedIn, Twitter, Facebook, and Instagram.

(1) See “Key Performance Indicators and Non-GAAP Financial Measures” below.

Key Performance Indicators and Non-GAAP Financial Measures.

We monitor certain operating data and non-GAAP financial measures in the evaluation and management of our business; certain key operating data and non-GAAP financial measures have been provided in this press release as we believe these to be useful in facilitating period-to-period comparisons of our business performance. Operating data and non-GAAP financial measures do not reflect and should be viewed independently of our financial performance determined in accordance with GAAP. Operating data 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 “About Non-GAAP Financial Measures”.

Unless otherwise indicated, financial and operating data included in this press release is as of June 30, 2022.

As used in this press release:

Annualized Recurring Revenue or "ARR” is the annualized revenue from SaaS and related revenue of our software products. We calculate ARR by annualizing the monthly recurring revenue for all active sites as of the last day of each month for the respective reporting period. ARR also includes recurring payment processing services revenue, net of expenses. We charge a per-transaction fee each time a customer payment is processed electronically.

“Active Sites” represent locations active on PAR’s SaaS software as of the last day of the respective fiscal period.

“Activations” are calculated as of the end of each month based on the number of SaaS customers that have initiated use of our software products/platforms. Once “activated”, PAR begins to invoice/bill the customer. In specific cases with Punchh, invoicing takes place before activation take place.

“Booking” is a customer purchase order for SaaS; upon PAR's acceptance, the customer is obligated to purchase the SaaS and pay PAR for the services. In specific cases with Punchh, bookings are added at the time of execution of the relevant master services agreement.

Trademarks.

“PARTM,” “Brink POS®,” “Punchh®,” “Data Central®,” “Restaurant Magic®,” “PAR PhaseTM,” “PixelPoint®” and other trademarks appearing in this press release belong to us.

Forward-Looking Statements.

This press release contains “forward-looking statements” within the meaning 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. Forward-looking statements are not historical in nature, but rather are predictive of our future operations, financial condition, financial results, business strategies and prospects. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “belief,” “continue,” “could,” “expect,” “estimate,” “intend,” “may,” “opportunity,” “plan,” “should,” “will,” “would,” “will likely result,” and similar expressions. Forward-looking statements are based on management's current expectations and assumptions that are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those expressed in or implied by forward-looking statements contained in this press release on our business, financial condition, and results of operations. Factors that could cause our actual results to differ materially from those expressed in or implied by forward-looking statements contained in this press release include the continuing impact of COVID-19 on our business and operating results, including actions taken by governmental authorities (including China's COVID-19 lockdowns), businesses and individuals in response, unfavorable macroeconomic conditions, such as a recession or continued slowed economic growth, a rise in interest rates, inflation, and a decline in consumer confidence and discretionary spending, and geopolitical events, such as the Russia-Ukraine war, the competitive marketplace for talent and its impact on employee recruitment and retention, component shortages and/or manufacturing disruptions and logistics challenges, and the other factors discussed in our filings with the Securities and Exchange Commission. 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 AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except share amounts)

 

Assets

June 30, 2022

 

December 31,

2021

Current assets:

 

 

 

Cash and cash equivalents

$

150,600

 

 

$

188,419

 

Accounts receivable – net

 

60,673

 

 

 

49,978

 

Inventories

 

42,042

 

 

 

35,078

 

Other current assets

 

7,914

 

 

 

9,532

 

Total current assets

 

261,229

 

 

 

283,007

 

Property, plant and equipment – net

 

13,067

 

 

 

13,709

 

Goodwill

 

457,433

 

 

 

457,306

 

Intangible assets – net

 

110,483

 

 

 

118,763

 

Lease right-of-use assets

 

3,478

 

 

 

4,348

 

Other assets

 

13,423

 

 

 

11,016

 

Total assets

$

859,113

 

 

$

888,149

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

358

 

 

$

705

 

Accounts payable

 

26,091

 

 

 

20,845

 

Accrued salaries and benefits

 

14,344

 

 

 

17,265

 

Accrued expenses

 

3,308

 

 

 

5,042

 

Other current liabilities

 

2,031

 

 

 

 

Lease liabilities – current portion

 

1,668

 

 

 

2,266

 

Customer deposits and deferred service revenue

 

13,755

 

 

 

14,394

 

Total current liabilities

 

61,555

 

 

 

60,517

 

Lease liabilities – net of current portion

 

2,059

 

 

 

2,440

 

Long-term debt

 

388,176

 

 

 

305,845

 

Deferred service revenue – noncurrent

 

6,327

 

 

 

7,597

 

Other long-term liabilities

 

5,496

 

 

 

7,405

 

Total liabilities

 

463,613

 

 

 

383,804

 

Shareholders’ equity:

 

 

 

Preferred stock, $.02 par value, 1,000,000 shares authorized, none

outstanding

 

 

 

 

 

Common stock, $0.02 par value, 58,000,000 shares authorized,

28,331,349 and 28,094,333 shares issued, 27,093,634 and 26,924,397

outstanding at June 30, 2022 and December 31, 2021, respectively

 

565

 

 

 

562

 

Additional paid in capital

 

582,064

 

 

 

640,937

 

Accumulated deficit

 

(170,383

)

 

 

(122,505

)

Accumulated other comprehensive loss

 

(3,353

)

 

 

(3,704

)

Treasury stock, at cost, 1,237,715 shares and 1,181,449 shares at June

30, 2022 and December 31, 2021, respectively

 

(13,393

)

 

 

(10,945

)

Total shareholders’ equity

 

395,500

 

 

 

504,345

 

Total Liabilities and Shareholders’ Equity

$

859,113

 

 

$

888,149

 

See notes to unaudited interim condensed consolidated financial statements included in the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2022 (the “Quarterly Report”).

PAR TECHNOLOGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

 

2022

 

2021

 

2022

 

2021

Revenues, net:

 

 

 

 

 

 

 

Product

$

28,390

 

 

$

23,939

 

 

$

53,477

 

 

$

42,495

 

Service

 

35,781

 

 

 

27,185

 

 

 

69,540

 

 

 

45,213

 

Contract

 

20,922

 

 

 

17,826

 

 

 

42,361

 

 

 

35,709

 

Total revenues, net

 

85,093

 

 

 

68,950

 

 

 

165,378

 

 

 

123,417

 

Costs of sales:

 

 

 

 

 

 

 

Product

 

24,211

 

 

 

18,487

 

 

 

44,208

 

 

 

33,372

 

Service

 

21,164

 

 

 

18,940

 

 

 

40,960

 

 

 

31,635

 

Contract

 

18,597

 

 

 

16,420

 

 

 

38,476

 

 

 

33,107

 

Total cost of sales

 

63,972

 

 

 

53,847

 

 

 

123,644

 

 

 

98,114

 

Gross margin

 

21,121

 

 

 

15,103

 

 

 

41,734

 

 

 

25,303

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative

 

26,398

 

 

 

22,946

 

 

 

48,766

 

 

 

37,483

 

Research and development

 

10,101

 

 

 

8,643

 

 

 

20,942

 

 

 

14,452

 

Amortization of identifiable intangible assets

 

721

 

 

 

489

 

 

 

934

 

 

 

764

 

Gain on insurance proceeds

 

 

 

 

 

 

 

 

 

 

(4,400

)

Total operating expenses

 

37,220

 

 

 

32,078

 

 

 

70,642

 

 

 

48,299

 

Operating loss

 

(16,099

)

 

 

(16,975

)

 

 

(28,908

)

 

 

(22,996

)

Other expense, net

 

(257

)

 

 

(341

)

 

 

(625

)

 

 

(392

)

Interest expense, net

 

(2,451

)

 

 

(4,937

)

 

 

(4,914

)

 

 

(7,097

)

Loss before provision for income taxes

 

(18,807

)

 

 

(22,253

)

 

 

(34,447

)

 

 

(30,485

)

(Provision for) benefit from income taxes

 

(41

)

 

 

12,297

 

 

 

(51

)

 

 

12,258

 

Net loss

$

(18,848

)

 

$

(9,956

)

 

$

(34,498

)

 

$

(18,227

)

Net loss per share (basic and diluted)

$

(0.70

)

 

$

(0.39

)

 

$

(1.27

)

 

$

(0.77

)

Weighted average shares outstanding (basic and

diluted)

 

26,982

 

 

 

25,484

 

 

 

27,070

 

 

 

23,716

 

See notes to unaudited interim condensed consolidated financial statements included in the Quarterly Report.

PAR TECHNOLOGY CORPORATION

SUPPLEMENTAL INFORMATION

(Unaudited)

The following table sets forth certain unaudited supplemental financial data for the six trailing quarters indicated (in thousands):

Segment Revenue by Product Line:

 

 

2022

 

2021

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

Restaurant/Retail

 

 

 

 

 

 

 

 

 

 

 

Hardware

$

27,771

 

$

24,653

 

$

31,207

 

$

29,669

 

$

23,355

 

$

17,835

Software

 

20,629

 

 

19,347

 

 

17,710

 

 

17,168

 

 

15,100

 

 

7,876

Services

 

15,771

 

 

14,846

 

 

13,905

 

 

12,984

 

 

12,669

 

 

10,873

Total Restaurant/Retail

$

64,171

 

$

58,846

 

$

62,822

 

$

59,821

 

$

51,124

 

$

36,584

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

 

 

 

 

 

 

 

 

 

Intelligence, Surveillance, and Reconnaissance

$

11,747

 

$

12,290

 

$

9,861

 

$

9,619

 

$

9,284

 

$

9,547

Mission Systems

 

8,883

 

 

8,915

 

 

8,482

 

 

8,237

 

 

8,338

 

 

8,131

Product Services

 

292

 

 

234

 

 

434

 

 

183

 

 

204

 

 

205

Total Government

$

20,922

 

$

21,439

 

$

18,777

 

$

18,039

 

$

17,826

 

$

17,883

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

$

85,093

 

$

80,285

 

$

81,599

 

$

77,860

 

$

68,950

 

$

54,467

About Non-GAAP Financial Measures

The Company reports its financial results in accordance with GAAP. However, non-GAAP adjusted financial measures, as set forth in the reconciliation tables below, are provided because management uses these non-GAAP financial measures in evaluating the results of the Company's continuing operations and believes this information provides investors supplemental insight into underlying business trends and operating results. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. While we believe that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. In addition, these non-GAAP financial measures should be read in conjunction with the Company’s unaudited interim condensed consolidated financial statements prepared in accordance with GAAP.

Within this press release, the Company makes reference to EBITDA, adjusted EBITDA, adjusted net loss, and adjusted diluted net loss per share which are non-GAAP financial measures. EBITDA represents net loss before income taxes, interest expense and depreciation and amortization. Adjusted EBITDA and adjusted net loss, net of tax, represent EBITDA as adjusted to exclude certain non-cash and non-recurring charges, including stock-based compensation, acquisition and integration expense, certain litigation expenses and other non-recurring charges that may not be indicative of the Company’s financial performance.

The Company is presenting adjusted EBITDA and adjusted net loss because we believe that they provide a more meaningful comparison than EBITDA and net loss of the Company's core business operating results and those of other similar companies. Management believes that adjusted EBITDA and adjusted net loss, when viewed with the Company's results of operations in accordance with GAAP and the accompanying reconciliations in the tables below, provide useful information about operating performance and period-over-period growth, and provide additional information that is useful for evaluating the operating performance of the Company's core business without regard to potential distortions. Additionally, management believes that adjusted EBITDA permits investors to gain an understanding of the factors and trends affecting its ongoing cash earnings, from which capital investments are made and debt is serviced.

However, EBITDA, adjusted EBITDA and adjusted net loss are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as alternatives to net income (loss) from operations or cash flow from operating activities as indicators of operating performance or liquidity. Also, these measures may not be comparable to similarly titled captions of other companies. The tables below provide reconciliations between net loss and EBITDA, adjusted EBITDA and adjusted net loss.

The Company's results of operations are impacted by certain non-cash and non-recurring charges, including stock-based compensation, acquisition and divestiture related expenditures, expense related to the Company's efforts to resolve a regulatory matter, and other non-recurring charges that may not be indicative of the Company’s financial performance. Management believes that adjusting its costs of sales, operating expenses, operating loss, net loss and diluted loss per share to remove non-recurring charges, provides a useful perspective with respect to the Company's operating results and provides supplemental information to both management and investors by removing items that are difficult to predict and are often unanticipated.

The following tables set forth certain unaudited supplemental financial and other data for the periods indicated (in thousands, except per share and footnote amounts):

 

Three Months Ended

June 30,

 

2022

 

2021

Reconciliation of EBITDA and Adjusted EBITDA

 

 

 

Net loss

$

(18,848

)

 

$

(9,956

)

Provision for (benefit from) income taxes

 

41

 

 

 

(12,297

)

Interest expense

 

2,451

 

 

 

4,936

 

Depreciation and amortization

 

6,441

 

 

 

6,552

 

EBITDA

$

(9,915

)

 

$

(10,765

)

Stock-based compensation expense (1)

 

3,232

 

 

 

4,251

 

Regulatory matter (2)

 

 

 

 

(225

)

Litigation expense (3)

 

 

 

 

125

 

Acquisition and integration costs (4)

 

666

 

 

 

2,702

 

Other expense – net (5)

 

257

 

 

 

341

 

Adjusted EBITDA

$

(5,760

)

 

$

(3,571

)

1

Adjustments reflect stock-based compensation expense included within selling, general, and administrative expenses and cost of contracts of $3.2 million and $4.3 million for the three months ended June 30, 2022 and 2021, respectively.

2

Adjustment reflects the benefit related to our efforts to resolve a regulatory matter and other non-recurring charges of $0.2 million for the three months ended June 30, 2021.

3

Adjustment reflects the expenses accrued for a legal matter of $0.1 million for the three months ended June 30, 2021.

4

Adjustment reflects the expenses incurred in the acquisition of MENU Technologies AG of $0.7 million for the three months ended June 30, 2022, and the acquisition and integration of Punchh Inc. of $2.7 million for the three months ended June 30, 2021.

5

Adjustment reflects foreign currency transaction gains and losses, rental income and losses, and other non-recurring expenses recorded in other expense, net in the accompanying statements of operations.

 

Three Months Ended June 30,

 

2022

 

2021

Reconciliation of Adjusted Net Loss/Adjusted Diluted Loss per

Share:

 

 

 

 

 

 

 

Net loss/diluted loss per share

$

(18,848

)

 

$

(0.70

)

 

$

(9,956

)

 

$

(0.39

)

Provision for income taxes (1)

 

 

 

 

 

 

 

(12,360

)

 

 

(0.49

)

Non-cash interest expense (2)

 

495

 

 

 

0.02

 

 

 

1,737

 

 

 

0.07

 

Acquired intangible assets amortization (3)

 

4,371

 

 

 

0.16

 

 

 

4,212

 

 

 

0.17

 

Stock-based compensation expense (4)

 

3,232

 

 

 

0.12

 

 

 

4,251

 

 

 

0.17

 

Regulatory matter (5)

 

 

 

 

 

 

 

(225

)

 

 

(0.01

)

Litigation expense (6)

 

 

 

 

 

 

 

125

 

 

 

 

Acquisition and integration costs (7)

 

666

 

 

 

0.03

 

 

 

2,702

 

 

 

0.11

 

Other expense – net (8)

 

257

 

 

 

0.01

 

 

 

341

 

 

 

0.01

 

Adjusted net loss/adjusted diluted loss per share

$

(9,827

)

 

$

(0.36

)

 

$

(9,173

)

 

$

(0.36

)

 

 

 

 

 

 

 

 

Adjusted weighted average common shares outstanding

 

26,982

 

 

 

 

 

25,484

 

 

 

1

Adjustment reflects a partial release of the Company's deferred taxed asset valuation allowance of $12.4 million related to the acquisition of Punchh Inc. for the three months ended June 30, 2021.

2

Adjustment reflects non-cash accretion of interest expense and amortization of issuance costs related to the Company's 4.500% Convertible Senior Notes due 2024, 2.875% Convertible Senior Notes due 2026 and 1.500% Convertible Senior Notes due 2027 (collectively, the "Notes") of $0.5 million and $1.7 million for the three months ended June 30, 2022 and 2021, respectively.

3

Adjustment amortization expense of acquired developed technology included within cost of sales of $3.7 million for the three months ended June 30, 2022 and 2021; and amortization expense of acquired intangible assets of $0.7 million and $0.5 million for the three months ended June 30, 2022 and 2021, respectively.

4

Adjustments reflect stock-based compensation expense included within selling, general, and administrative expenses and cost of contracts of $3.2 million and $4.3 million for the three months ended June 30, 2022 and 2021, respectively.

5

Adjustment reflects the expenses related to our efforts to resolve a regulatory matter and other non-recurring charges of $0.2 million for the three months ended June 30, 2021.

6

Adjustment reflects the expenses accrued for a legal matter of $0.1 million for the three months ended June 30, 2021.

7

Adjustment reflects the expenses incurred in the acquisition of MENU Technologies AG of $0.7 million for the three months ended June 30, 2022, and the acquisition and integration of Punchh Inc. of $2.7 million for the three months ended June 30, 2021.

8

Adjustment reflects foreign currency transaction gains and losses, rental income and losses, and other non-recurring expenses recorded in other expense, net in the accompanying statements of operations.

 

Six Months

Ended June 30,

(in thousands)

2022

 

2021

Reconciliation of EBITDA and adjusted EBITDA:

 

 

 

Net loss

$

(34,498

)

 

$

(18,227

)

Provision for (benefit from) income taxes

 

51

 

 

 

(12,258

)

Interest expense

 

4,914

 

 

 

7,097

 

Depreciation and amortization

 

12,825

 

 

 

8,870

 

EBITDA

$

(16,708

)

 

$

(14,518

)

Stock-based compensation expense (1)

 

6,767

 

 

 

5,571

 

Regulatory matter (2)

 

 

 

 

50

 

Litigation expense (3)

 

 

 

 

600

 

Acquisition and integration costs (4)

 

951

 

 

 

3,388

 

Gain on insurance proceeds (5)

 

 

 

 

(4,400

)

Other expense – net (6)

 

625

 

 

 

392

 

Adjusted EBITDA

$

(8,365

)

 

$

(8,917

)

1

Adjustment reflects stock-based compensation expense included within selling, general and administrative expenses and cost of contracts of $6.8 million and $5.6 million for the six months ended June 30, 2022 and 2021, respectively.

2

Adjustment reflects the expenses related to our efforts to resolve a regulatory matter and other non-recurring charges of $0.05 million for the six months ended June 30, 2021.

3

Adjustment reflects the expenses accrued for a legal matter of $0.6 million for the six months ended June 30, 2021.

4

Adjustment reflects the expenses incurred in the acquisition of MENU Technologies AG of $1.0 million for the six months ended June 30, 2022, and the acquisition and integration of Punchh Inc. of $3.4 million for the six months ended June 30, 2021.

5

Adjustment reflects a gain from insurance proceeds stemming from a legacy claim of $4.4 million for the six months ended June 30, 2021.

6

Adjustment reflects foreign currency transaction gains and losses, rental income and losses, and other non-recurring expenses recorded in other expense, net in the accompanying statements of operations.

 

Six Months Ended June 30,

 

2022

 

2021

Reconciliation of adjusted net loss/diluted loss per share:

 

 

 

 

 

 

 

Net loss/diluted loss per share

$

(34,498

)

 

$

(1.27

)

 

$

(18,227

)

 

$

(0.72

)

Provision for income taxes (1)

 

 

 

 

 

 

 

(12,360

)

 

 

(0.49

)

Non-cash interest expense (2)

 

981

 

 

 

0.04

 

 

 

2,917

 

 

 

0.11

 

Acquired intangible assets amortization (3)

 

8,229

 

 

 

0.30

 

 

 

5,351

 

 

 

0.21

 

Stock-based compensation expense (4)

 

6,767

 

 

 

0.25

 

 

 

5,571

 

 

 

0.22

 

Regulatory matter (5)

 

 

 

 

 

 

 

50

 

 

 

 

Litigation expense (6)

 

 

 

 

 

 

 

600

 

 

 

0.02

 

Acquisition and integration costs (7)

 

951

 

 

 

0.04

 

 

 

3,388

 

 

 

0.13

 

Gain on insurance proceeds (8)

 

 

 

 

 

 

 

(4,400

)

 

 

(0.17

)

Other expense – net (9)

 

625

 

 

 

0.02

 

 

 

392

 

 

 

0.02

 

Adjusted net loss/adjusted diluted loss per share

$

(16,945

)

 

$

(0.62

)

 

$

(16,718

)

 

$

(0.67

)

 

 

 

 

 

 

 

 

Adjusted weighted average common shares outstanding

 

26,982

 

 

 

 

 

25,484

 

 

 

1

Adjustment reflects a partial release of the Company's deferred taxed asset valuation allowance of $12.4 million related to the acquisition of Punchh Inc. for the six months ended June 30, 2021.

2

Adjustment reflects non-cash accretion of interest expense and amortization of issuance costs related to the Notes of $0.9 million and $2.9 million for the six months ended June 30, 2022 and 2021, respectively.

3

Adjustment amortization expense of acquired developed technology included within cost of sales of $7.3 million and $4.6 million for the six months ended June 30, 2022 and 2021, respectively; and amortization expense of acquired intangible assets of $0.9 million and $0.8 million for the six months ended June 30, 2022 and 2021, respectively.

4

Adjustment reflects stock-based compensation expense included within selling, general and administrative expenses and cost of contracts of $6.8 million and $5.6 million for the six months ended June 30, 2022 and 2021, respectively.

5

Adjustment reflects the expenses related to our efforts to resolve a regulatory matter and other non-recurring charges of $0.05 million for the six months ended June 30, 2021.

6

Adjustment reflects the expenses accrued for a legal matter of $0.6 million for the six months ended June 30, 2021.

7

Adjustment reflects the expenses incurred in the acquisition of MENU Technologies AG of $1.0 million for the six months ended June 30, 2022, and the acquisition and integration of Punchh Inc. of $3.4 million for the six months ended June 30, 2021.

8

Adjustment reflects the a gain from insurance proceeds stemming from a legacy claim of $4.4 million for the six months ended June 30, 2021.

9

Adjustment reflects foreign currency transaction gains and losses, rental income and losses, and other non-recurring expenses recorded in other expense, net in the accompanying statements of operations.

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Livermore.com & California Media Partners, LLC. All rights reserved.