Foodservice firm PAR Technology's Q2 revenue up 43.8%, beats estimates

Overview

• PAR Technology Q2 revenue rises 43.8%, beating analyst expectations

• Quarterly subscription service revenues up 60% yr/yr, with 21% organic growth

• Adjusted EBITDA improves significantly, reflecting operational progress

Outlook

• Company highlights strong pipeline for future growth and profitability

Result Drivers

• ARR GROWTH - Annual Recurring Revenue grew 49% to $286.7 mln, driven by organic growth of 16%

• SUBSCRIPTION REVENUE - Quarterly subscription service revenues increased 60% yr/yr, with 21% organic growth

• MULTI-PRODUCT SIGNINGS - Record number of multi-product logos signed, contributing to strong Q2 performance

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the office equipment peer group is "buy"

• Wall Street's median 12-month price target for PAR Technology Corp is $90.00, about 35.5% above its August 7 closing price of $58.03

• The stock recently traded at 127 times the next 12-month earnings vs. a P/E of 156 three months ago

Press Release: ID:nBw7XdK6ca