PAR Technology (PAR) Misses Q4 EPS by 14c, Revenues Beat
PAR Technology (NYSE: PAR) reported Q4 EPS of ($0.37), $0.14 worse than the analyst estimate of ($0.23). Revenue for the quarter came in at $58.5 million versus the consensus estimate of $57.72 million.
Summary of Fiscal 2020 Fourth Quarter
- Revenues were $58.5 million for the fourth quarter of 2020, compared to $52.9 million for the same period in 2019, a 10.6% increase.
- GAAP net loss for the fourth quarter of 2020 was $13.0 million, or $0.60 loss per share, compared to a GAAP net loss of $5.8 million, or $0.35 loss per share reported for the same period in 2019.
- Non-GAAP net loss for the fourth quarter of 2020 was $8.0 million, or $0.37 loss per share, compared to non-GAAP net loss of $3.8 million, or $0.23 loss per share, for the same period in 2019.
Savneet Singh, PAR Technology CEO & President commented on the quarter, “Q4 was the strongest bookings quarter in Brink history, continuing the acceleration we saw in Q3 and totaling 1,525. The strong pace of bookings were ahead of our internal expectations, and we installed 885 new Brink sites in Q4 '20, a 42% increase from Q4 ’19. Strategically, our pipeline of newly signed customers is higher than it has ever been and I am looking forward to sharing additional details on these wins with you when appropriate.”
Mr. Singh continued, “Throughout 2020, we sustained our revenue growth, while maintaining a strong focus on investment, all the while managing the impact of the pandemic. We accelerated our investments in people, internal product development, customer service and more recently, sales. These important investments are necessary to build upon our compelling competitive advantages in enterprise restaurants. These initiatives reflect our commitment to aggressively pursue the substantial market opportunities ahead for our Company and the strong desire we have to ensure we are positioned to win. I am proud of our team’s execution and I am energized by the opportunities in front of us as a Company.”
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