PAR Technology Corporation (PAR) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 28, 2025 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the PAR Technology 2024 Fourth Quarter and Year End Financial Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Chris Byrnes, Senior Vice President of Investor Relations and Business Development. Please go ahead.

Christopher Byrnes

Thank you, Daniel. Good morning, everyone, and thank you for joining us today for PAR Technology's 2024 fourth quarter and year-end financial results call. Earlier this morning, we released our Q4 financial results. The earnings release is available on the Investor Relations page of our website at partech.com, where you can also find the Q4 financials presentation as well as in our related Form 8-K furnished to the SEC.

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and exclude the impact of certain items. A description and timing of these items along with a reconciliation of non-GAAP measures to the most comparable GAAP measures can be found in our earnings release. I'd also like to remind participants that this conference call may include forward-looking statements that reflect management's expectations based on currently available data.

However, actual results are subject to future events and uncertainties. The information on this conference call related to projections or other forward-looking statements may be relied upon and subject to the safe harbor statement included in our earnings release this morning and in our annual and quarterly filings with the SEC. Finally, I'd like to remind everyone that this call is being recorded and it will be made available for replay via a link available on the Investor Relations section of our website.

Joining me on the call today is PAR's CEO and President, Savneet Singh; and Bryan Menar, PAR's Chief Financial Officer.

I'd now like to turn the call over to Savneet for the formal remarks portion of the call, which will be followed by general Q&A. Savneet?

Savneet Singh

Thanks, Chris, and good morning, everyone.

We reported $105 million in revenues in Q4, an increase of more than 50% year-over-year. Subscription services ARR more than doubled to $276 million from last year and 21% organic growth when compared to Q4 2023. Alongside this revenue growth, our non-GAAP gross profit grew organically 30% year-over-year. Adjusted EBITDA came in at $5.8 million, more than doubling the sequential previous quarter, continuing to show the long-term margin expansion potential. The growth in profitability in the quarter was driven by both Operator and Engagement Cloud.