10-Q Filing

PAR TECHNOLOGY CORP CIK: 708821 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000708821-19-000028`
Period End Date	20190331
Filing Date	20190507
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	par-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 36 Cash Flow Statement 68 Stockholders Equity 19 Comprehensive Income 6

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.14M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.02	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.02	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Accounts receivable-net	`AccountsReceivableNetCurrent`	$29.31M	USD	Point-in-time
Accounts receivable-net	`AccountsReceivableNetCurrent`	$26.22M	USD	Point-in-time
Inventories-net	`InventoryNet`	$22.74M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.02	USD	Point-in-time
Inventories-net	`InventoryNet`	$22.64M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.02	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.10M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	29.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.25M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	29.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	17.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$55.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$61.19M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	17.88M	shares	Point-in-time
Property, plant and equipment net	`PropertyPlantAndEquipmentNet`	$12.57M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	16.25M	shares	Point-in-time
Property, plant and equipment net	`PropertyPlantAndEquipmentNet`	$13.17M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	16.17M	shares	Point-in-time
Goodwill	`Goodwill`	$11.05M	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	1.71M	shares	Point-in-time
Goodwill	`Goodwill`	$11.05M	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	1.71M	shares	Point-in-time
Intangible assets net	`IntangibleAssetsNetExcludingGoodwill`	$11.18M	USD	Point-in-time
Intangible assets net	`IntangibleAssetsNetExcludingGoodwill`	$10.86M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.70M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.76M	USD	Point-in-time
Total Assets	`Assets`	$94.68M	USD	Point-in-time
Total Assets	`Assets`	$105.05M	USD	Point-in-time
Borrowings of line of credit	`LinesOfCreditCurrent`	$7.82M	USD	Point-in-time
Borrowings of line of credit	`LinesOfCreditCurrent`	$16.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.64M	USD	Point-in-time
Accrued salaries and benefits	`EmployeeRelatedLiabilitiesCurrent`	$5.14M	USD	Point-in-time
Accrued salaries and benefits	`EmployeeRelatedLiabilitiesCurrent`	$5.94M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.22M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.11M	USD	Point-in-time
Operating lease liabilities - current portion	`OperatingLeaseLiabilityCurrent`	$1.54M	USD	Point-in-time
Customer deposits and deferred service revenue	`CustomerDepositsCurrent`	$11.54M	USD	Point-in-time
Customer deposits and deferred service revenue	`CustomerDepositsCurrent`	$9.85M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.55M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$51.38M	USD	Point-in-time
Operating lease liabilities - net of current portion	`OperatingLeaseLiabilityNoncurrent`	$2.18M	USD	Point-in-time
Deferred service revenue	`ContractWithCustomerLiabilityNoncurrent`	$4.81M	USD	Point-in-time
Deferred service revenue	`ContractWithCustomerLiabilityNoncurrent`	$4.41M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.20M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$61.56M	USD	Point-in-time
Total liabilities	`Liabilities`	$48.73M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $.02 par value, 1,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.02 par value, 1,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.02 par value, 29,000,000 shares authorized; 17,956,318 and 17,879,761 shares issued, 16,248,209 and 16,171,652 outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$357.00K	USD	Point-in-time
Common stock, $.02 par value, 29,000,000 shares authorized; 17,956,318 and 17,879,761 shares issued, 16,248,209 and 16,171,652 outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$357.00K	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$50.25M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$50.53M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$5.43M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.25M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.26M	USD	Point-in-time
Treasury stock, at cost, 1,708,109 shares	`TreasuryStockValue`	$5.84M	USD	Point-in-time
Treasury stock, at cost, 1,708,109 shares	`TreasuryStockValue`	$5.84M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$43.48M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$69.66M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$45.95M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$68.99M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$105.05M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$94.68M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$44.68M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$55.66M	USD	1 Quarter
Contract	`CostOfGoodsAndServicesSold`	$43.81M	USD	1 Quarter
Contract	`CostOfGoodsAndServicesSold`	$34.92M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$43.81M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$34.92M	USD	1 Quarter
Gross margin	`GrossProfit`	$11.85M	USD	1 Quarter
Gross margin	`GrossProfit`	$9.76M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.60M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.56M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.06M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.87M	USD	1 Quarter
Amortization of identifiable intangible assets	`AmortizationOfIntangibleAssets`	$241.00K	USD	1 Quarter
Amortization of identifiable intangible assets	`AmortizationOfIntangibleAssets`	$241.00K	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$11.87M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$11.71M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-2.10M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$138.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$49.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-430.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-146.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-41.00K	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.68M	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$146.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$52.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$78.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$68.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Net (loss) income (in dollars per share)	`EarningsPerShareBasic`	$-0.17	USD	1 Quarter
Net (loss) income (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Net (loss) income (in dollars per share)	`EarningsPerShareDiluted`	$-0.17	USD	1 Quarter
Net (loss) income (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	15.95M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	16.04M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.04M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.29M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$68.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Depreciation, amortization and accretion	`DepreciationDepletionAndAmortization`	$1.06M	USD	1 Quarter
Depreciation, amortization and accretion	`DepreciationDepletionAndAmortization`	$1.01M	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$100.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$107.00K	USD	1 Quarter
Provision for obsolete inventory	`InventoryWriteDown`	$588.00K	USD	1 Quarter
Provision for obsolete inventory	`InventoryWriteDown`	$696.00K	USD	1 Quarter
Equity based compensation	`ShareBasedCompensation`	$181.00K	USD	1 Quarter
Equity based compensation	`ShareBasedCompensation`	$248.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	-	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$-78.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.20M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.93M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.34M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$490.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.10M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.85M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$240.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$84.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.15M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.21M	USD	1 Quarter
Accrued salaries and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-795.00K	USD	1 Quarter
Accrued salaries and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-879.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$110.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-142.00K	USD	1 Quarter
Customer deposits and deferred service revenue	`IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits`	$2.02M	USD	1 Quarter
Customer deposits and deferred service revenue	`IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits`	$2.09M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-307.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-213.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.21M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.54M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$887.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$568.00K	USD	1 Quarter
Capitalization of software costs	`PaymentsToDevelopSoftware`	$1.10M	USD	1 Quarter
Capitalization of software costs	`PaymentsToDevelopSoftware`	$1.04M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.92M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.67M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$48.00K	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Payment of contingent consideration for Brink Earn Out	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$3.00M	USD	Annual
Payment of contingent consideration for Brink Earn Out	`PaymentForContingentConsiderationLiabilityFinancingActivities`	-	USD	1 Quarter
Payment of contingent consideration for Brink Earn Out	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$2.55M	USD	1 Quarter
Payments of other borrowings	`RepaymentsOfOtherShortTermDebt`	$16.78M	USD	1 Quarter
Payments of other borrowings	`RepaymentsOfOtherShortTermDebt`	$2.00M	USD	1 Quarter
Proceeds from other borrowings	`ProceedsFromOtherShortTermDebt`	$25.10M	USD	1 Quarter
Proceeds from other borrowings	`ProceedsFromOtherShortTermDebt`	$5.00M	USD	1 Quarter
Proceeds from stock options	`ProceedsFromStockPlans`	-	USD	1 Quarter
Proceeds from stock options	`ProceedsFromStockPlans`	$30.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.80M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.95M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-10.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$423.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-838.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$657.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.14M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.48M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.60M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.76M	USD	Point-in-time
Cash and equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.14M	USD	Point-in-time
Cash and equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.48M	USD	Point-in-time
Cash and equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.60M	USD	Point-in-time
Cash and equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.76M	USD	Point-in-time
Interest	`InterestPaidNet`	$75.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$115.00K	USD	1 Quarter
Income taxes, net of refunds	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes, net of refunds	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Additions to right-of-use assets and deferred rent obtained from operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$3.72M	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance (in shares)	`CommonStockSharesOutstanding`	16.25M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	16.17M	shares	Point-in-time
Balance	`StockholdersEquity`	$43.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$69.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$45.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$68.99M	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$68.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Issuance of common stock upon the exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$30.00K	USD	1 Quarter
Equity based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$248.00K	USD	1 Quarter
Equity based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$181.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-10.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$423.00K	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	16.25M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	16.17M	shares	Point-in-time
Balance	`StockholdersEquity`	$43.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$69.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$45.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$68.99M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$68.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$423.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-10.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$491.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-2.74M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.