- PAR Technology Corporation PAR reported Fourth quarter FY22 revenue growth of 19.7% year-over-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. Total new store activations totaled approximately 2,800 websites and active websites totaled 69.9 thousand restaurants as of December 31, 2022.
- operator solutions: ARR at the end of the fourth quarter totaled $41.6 million. Total new store activations totaled approximately 1,200 sites and active sites totaled approximately 19.5,000 restaurants as of December 31, 2022.
- Back office: ARR at the end of the fourth quarter totaled $10.9 million. Total new store activations totaled approximately 350 websites and active websites totaled approximately 7,000 restaurants as of December 31, 2022.
- Gross margin for the quarter increased over 400 basis points to 26.8%. Operating loss decreased to $(10.7) million from $(16.7) million in the prior year.
- The Company held $70.3 million in cash and cash equivalents and $40.3 million in short-term investments as of December 31, 2022.
- Adjusted EBITDA loss for the quarter was $(2.8) million compared to a loss of $(4.9) million in the prior year.
- Adjusted EPS loss of $(0.26) beat analyst consensus of $(0.45).
- Savneet Singh, CEO of PAR Technology, commented, “We expect to continue growing our corporate restaurant subscription revenue in 2023 while maintaining operating expenses at current levels, demonstrating strong operational leverage.”
- Price promotion: PAR shares traded 0.79% lower at $33.88 on the last check Wednesday.
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