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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PAR Technology Corp | NYSE:PAR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.72 | 4.00% | 44.69 | 45.12 | 44.29 | 44.33 | 222,679 | 01:00:00 |
|
Delaware
|
16-1434688
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
|
|
PAR Technology Park
|
|
8383 Seneca Turnpike
|
|
New Hartford, New York
|
13413-4991
|
(Address of principal executive offices)
|
(Zip Code)
|
Large Accelerated Filer ☐
|
Accelerated Filer
þ
|
Non Accelerated Filer ☐
|
Smaller Reporting Company
þ
|
|
Emerging Growth Company ☐
|
Item
Number
|
|
Page
|
|
|
|
Item 1.
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
PART II
|
||
OTHER INFORMATION
|
||
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
Item 1.
|
Financial Statements
|
Assets
|
September 30, 2018
|
|
December 31, 2017
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
5,817
|
|
|
$
|
6,600
|
|
Accounts receivable-net
|
27,150
|
|
|
30,077
|
|
||
Inventories-net
|
24,345
|
|
|
21,746
|
|
||
Assets held for sale
|
901
|
|
|
939
|
|
||
Other current assets
|
4,486
|
|
|
4,209
|
|
||
Total current assets
|
62,699
|
|
|
63,571
|
|
||
Property, plant and equipment – net
|
11,933
|
|
|
9,816
|
|
||
Deferred income taxes
|
—
|
|
|
13,809
|
|
||
Goodwill
|
11,051
|
|
|
11,051
|
|
||
Intangible assets – net
|
12,567
|
|
|
12,070
|
|
||
Other assets
|
4,546
|
|
|
4,307
|
|
||
Total Assets
|
$
|
102,796
|
|
|
$
|
114,624
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
204
|
|
|
$
|
195
|
|
Borrowings of line of credit
|
6,965
|
|
|
950
|
|
||
Accounts payable
|
12,879
|
|
|
14,332
|
|
||
Accrued salaries and benefits
|
6,022
|
|
|
6,275
|
|
||
Accrued expenses
|
3,782
|
|
|
3,926
|
|
||
Customer deposits and deferred service revenue
|
10,235
|
|
|
10,241
|
|
||
Other current liabilities
|
2,600
|
|
|
—
|
|
||
Total current liabilities
|
42,687
|
|
|
35,919
|
|
||
Long-term debt
|
31
|
|
|
185
|
|
||
Deferred service revenue
|
4,641
|
|
|
2,668
|
|
||
Other long-term liabilities
|
3,392
|
|
|
6,866
|
|
||
Total liabilities
|
50,751
|
|
|
45,638
|
|
||
Shareholders’ Equity:
|
|
|
|
|
|
||
Preferred stock, $.02 par value, 1,000,000 shares authorized
|
—
|
|
|
—
|
|
||
Common stock, $.02 par value, 29,000,000 shares authorized; 17,869,430 and 17,677,161 shares issued, 16,161,321 and 15,969,052 outstanding at September 30, 2018 and December 31, 2017, respectively
|
357
|
|
|
354
|
|
||
Capital in excess of par value
|
49,849
|
|
|
48,349
|
|
||
Retained earnings
|
11,590
|
|
|
29,549
|
|
||
Accumulated other comprehensive loss
|
(3,915
|
)
|
|
(3,430
|
)
|
||
Treasury stock, at cost, 1,708,109 shares
|
(5,836
|
)
|
|
(5,836
|
)
|
||
Total shareholders’ equity
|
52,045
|
|
|
68,986
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
102,796
|
|
|
$
|
114,624
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net revenues:
|
|
|
|
|
|
|
|
||||||||
Product
|
$
|
15,451
|
|
|
$
|
20,706
|
|
|
$
|
62,658
|
|
|
$
|
90,594
|
|
Service
|
13,475
|
|
|
13,317
|
|
|
40,615
|
|
|
42,694
|
|
||||
Contract
|
17,436
|
|
|
14,915
|
|
|
51,321
|
|
|
43,776
|
|
||||
|
46,362
|
|
|
48,938
|
|
|
154,594
|
|
|
177,064
|
|
||||
Costs of sales:
|
|
|
|
|
|
|
|
|
|
|
|||||
Product
|
12,065
|
|
|
15,861
|
|
|
46,844
|
|
|
67,822
|
|
||||
Service
|
10,248
|
|
|
10,241
|
|
|
30,000
|
|
|
31,113
|
|
||||
Contract
|
15,511
|
|
|
13,608
|
|
|
46,005
|
|
|
39,264
|
|
||||
|
37,824
|
|
|
39,710
|
|
|
122,849
|
|
|
138,199
|
|
||||
Gross margin
|
8,538
|
|
|
9,228
|
|
|
31,745
|
|
|
38,865
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling, general and administrative
|
7,967
|
|
|
9,054
|
|
|
25,587
|
|
|
27,581
|
|
||||
Research and development
|
2,992
|
|
|
2,529
|
|
|
9,082
|
|
|
8,161
|
|
||||
Amortization of identifiable intangible assets
|
241
|
|
|
241
|
|
|
724
|
|
|
724
|
|
||||
|
11,200
|
|
|
11,824
|
|
|
35,393
|
|
|
36,466
|
|
||||
Operating (loss) income from continuing operations
|
(2,662
|
)
|
|
(2,596
|
)
|
|
(3,648
|
)
|
|
2,399
|
|
||||
Other income (expense), net
|
455
|
|
|
(70
|
)
|
|
120
|
|
|
(264
|
)
|
||||
Interest expense, net
|
(142
|
)
|
|
(39
|
)
|
|
(261
|
)
|
|
(84
|
)
|
||||
(Loss) income from continuing operations before benefit from / (provision for) income taxes
|
(2,349
|
)
|
|
(2,705
|
)
|
|
(3,789
|
)
|
|
2,051
|
|
||||
Benefit from / (provision for) income taxes
|
(14,355
|
)
|
|
1,188
|
|
|
(14,170
|
)
|
|
(327
|
)
|
||||
(Loss) income from continuing operations
|
(16,704
|
)
|
|
(1,517
|
)
|
|
(17,959
|
)
|
|
1,724
|
|
||||
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from discontinued operations (net of tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
183
|
|
||||
Net (loss) income
|
$
|
(16,704
|
)
|
|
$
|
(1,517
|
)
|
|
$
|
(17,959
|
)
|
|
$
|
1,907
|
|
Basic (Loss) Earnings per Share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from continuing operations
|
(1.04
|
)
|
|
(0.10
|
)
|
|
(1.12
|
)
|
|
0.11
|
|
||||
Income from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
||||
Net (loss) income per share
|
$
|
(1.04
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(1.12
|
)
|
|
$
|
0.12
|
|
Diluted (Loss) Earnings per Share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from continuing operations
|
(1.04
|
)
|
|
(0.10
|
)
|
|
(1.12
|
)
|
|
0.11
|
|
||||
Income from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
||||
Net (loss) income per share
|
$
|
(1.04
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(1.12
|
)
|
|
$
|
0.12
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
16,071
|
|
|
15,976
|
|
|
16,033
|
|
|
15,949
|
|
||||
Diluted
|
16,071
|
|
|
15,976
|
|
|
16,033
|
|
|
16,260
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net (loss) income
|
$
|
(16,704
|
)
|
|
$
|
(1,517
|
)
|
|
$
|
(17,959
|
)
|
|
$
|
1,907
|
|
Other comprehensive (loss) income, net of applicable tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments
|
(283
|
)
|
|
75
|
|
|
(485
|
)
|
|
(81
|
)
|
||||
Comprehensive (loss) income
|
$
|
(16,987
|
)
|
|
$
|
(1,442
|
)
|
|
$
|
(18,444
|
)
|
|
$
|
1,826
|
|
|
Nine Months Ended
September 30, |
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(17,959
|
)
|
|
$
|
1,907
|
|
Income from discontinued operations
|
—
|
|
|
(183
|
)
|
||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation, amortization and accretion
|
3,491
|
|
|
2,805
|
|
||
Provision for bad debts
|
493
|
|
|
302
|
|
||
Provision for obsolete inventory
|
965
|
|
|
1,543
|
|
||
Equity based compensation
|
754
|
|
|
301
|
|
||
Deferred income tax
|
13,809
|
|
|
415
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
2,434
|
|
|
1,549
|
|
||
Inventories
|
(3,564
|
)
|
|
(2,022
|
)
|
||
Income tax receivable
|
—
|
|
|
117
|
|
||
Other current assets
|
(277
|
)
|
|
441
|
|
||
Other assets
|
(239
|
)
|
|
(57
|
)
|
||
Accounts payable
|
(1,453
|
)
|
|
(7,239
|
)
|
||
Accrued salaries and benefits
|
(253
|
)
|
|
441
|
|
||
Accrued expenses
|
(1,270
|
)
|
|
(862
|
)
|
||
Customer deposits and deferred service revenue
|
1,967
|
|
|
(7,318
|
)
|
||
Other long-term liabilities
|
(874
|
)
|
|
85
|
|
||
Net cash used in operating activities-continuing operations
|
(1,976
|
)
|
|
(7,775
|
)
|
||
Net cash provided by operating activities-discontinued operations
|
—
|
|
|
462
|
|
||
Net cash used in operating activities
|
(1,976
|
)
|
|
(7,313
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(3,001
|
)
|
|
(3,947
|
)
|
||
Capitalization of software costs
|
(3,066
|
)
|
|
(3,276
|
)
|
||
Proceeds from real estate
|
1,126
|
|
|
—
|
|
||
Net cash used in investing activities
|
(4,941
|
)
|
|
(7,223
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Payments of long-term debt
|
(145
|
)
|
|
(138
|
)
|
||
Payments of other borrowings
|
(28,921
|
)
|
|
(16,700
|
)
|
||
Proceeds from other borrowings
|
34,936
|
|
|
18,150
|
|
||
Proceeds from stock options
|
749
|
|
|
1,675
|
|
||
Proceeds from note receivable
|
—
|
|
|
3,794
|
|
||
Net cash provided by financing activities
|
6,619
|
|
|
6,781
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(485
|
)
|
|
(127
|
)
|
||
Net decrease in cash and cash equivalents
|
(783
|
)
|
|
(7,882
|
)
|
||
Cash and cash equivalents at beginning of period
|
6,600
|
|
|
9,055
|
|
||
Cash and equivalents at end of period
|
$
|
5,817
|
|
|
$
|
1,173
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
Cash paid during the period for:
|
|
|
|
||||
Interest
|
206
|
|
|
102
|
|
||
Income taxes, net of refunds
|
142
|
|
|
432
|
|
Restaurant and Retail
|
||
Performance Obligation
|
Stand-alone Selling Price
|
Cost Plus Margin
|
Hardware
|
X
|
|
Pass Thru Hardware (Terminals, Printers, Card Readers, etc.)
|
|
X
|
Hardware Support (i.e., Advanced Exchange)
|
|
X
|
Installation
|
|
X
|
Maintenance
|
|
X
|
Software
|
X
|
|
Software Updates
|
|
X
|
Professional Services / Project Management
|
|
X
|
Software Activation
|
|
X
|
|
As of September 30, 2018
|
|||||
|
Current - under one year
|
Non-current - over one year
|
||||
Restaurant
|
$
|
10,188
|
|
$
|
4,641
|
|
Government
|
47
|
|
—
|
|
||
TOTAL
|
$
|
10,235
|
|
$
|
4,641
|
|
|
As of December 31, 2017
|
|||||
|
Current - under one year
|
Non-current - over one year
|
||||
Restaurant
|
$
|
6,199
|
|
$
|
2,668
|
|
Government
|
585
|
|
—
|
|
||
TOTAL
|
$
|
6,784
|
|
$
|
2,668
|
|
|
Nine months ended September 30, 2018
|
|||||
|
Restaurant/Retail - Point in Time
|
Restaurant/Retail - Over Time
|
Government - Over Time
|
|||
Restaurant
|
81,422
|
|
17,258
|
|
—
|
|
Grocery
|
2,251
|
|
2,342
|
|
—
|
|
Mission Systems
|
—
|
|
—
|
|
25,324
|
|
ISR Solutions
|
—
|
|
—
|
|
25,997
|
|
TOTAL
|
83,673
|
|
19,600
|
|
51,321
|
|
|
Three Months
Ended September 30, |
Nine Months
Ended September 30, |
||||||||||||
|
2018
|
|
2017
|
2018
|
|
2017
|
||||||||
Operations
|
|
|
|
|
|
|
||||||||
Total revenues
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from discontinued operations before income taxes
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
284
|
|
Provision for income taxes
|
—
|
|
|
—
|
|
—
|
|
|
(101
|
)
|
||||
Income from discontinued operations, net of taxes
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
183
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Government segment:
|
|
|
|
||||
Billed
|
$
|
8,712
|
|
|
$
|
9,028
|
|
Advanced billings
|
(729
|
)
|
|
(1,977
|
)
|
||
|
7,983
|
|
|
7,051
|
|
||
|
|
|
|
||||
Restaurant/Retail segment:
|
19,167
|
|
|
23,026
|
|
||
Accounts receivable - net
|
$
|
27,150
|
|
|
$
|
30,077
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Finished goods
|
$
|
12,952
|
|
|
$
|
9,535
|
|
Work in process
|
418
|
|
|
766
|
|
||
Component parts
|
5,425
|
|
|
5,480
|
|
||
Service parts
|
5,550
|
|
|
5,965
|
|
||
|
$
|
24,345
|
|
|
$
|
21,746
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|
Estimated
Useful Life
|
||||
Acquired and internally developed software costs
|
$
|
22,736
|
|
|
$
|
19,670
|
|
|
3 - 7 years
|
Customer relationships
|
160
|
|
|
160
|
|
|
7 years
|
||
Non-competition agreements
|
30
|
|
|
30
|
|
|
1 year
|
||
|
22,926
|
|
|
19,860
|
|
|
|
||
Less accumulated amortization
|
(10,759
|
)
|
|
(8,190
|
)
|
|
|
||
|
$
|
12,167
|
|
|
$
|
11,670
|
|
|
|
Trademarks, trade names (non-amortizable)
|
400
|
|
|
400
|
|
|
N/A
|
||
|
$
|
12,567
|
|
|
$
|
12,070
|
|
|
|
2018
|
$
|
1,107
|
|
2019
|
3,082
|
|
|
2020
|
2,640
|
|
|
2021
|
1,685
|
|
|
2022
|
692
|
|
|
Thereafter
|
2,961
|
|
|
Total
|
$
|
12,167
|
|
|
Three Months
Ended September 30, |
||||||
|
2018
|
|
2017
|
||||
Net loss from continuing operations
|
$
|
(16,704
|
)
|
|
$
|
(1,517
|
)
|
|
|
|
|
||||
Basic:
|
|
|
|
|
|
||
Shares outstanding at beginning of period
|
15,993
|
|
|
15,907
|
|
||
Weighted average shares issued during the period, net
|
78
|
|
|
69
|
|
||
Weighted average common shares, basic
|
16,071
|
|
|
15,976
|
|
||
Net loss from continuing operations per common share, basic
|
$
|
(1.04
|
)
|
|
$
|
(0.10
|
)
|
Diluted:
|
|
|
|
|
|
||
Weighted average common shares, basic
|
16,071
|
|
|
15,976
|
|
||
Dilutive impact of stock options and restricted stock awards
|
—
|
|
|
—
|
|
||
Weighted average common shares, diluted
|
16,071
|
|
|
15,976
|
|
||
Net loss from continuing operations per common share, diluted
|
$
|
(1.04
|
)
|
|
$
|
(0.10
|
)
|
|
Nine Months
Ended September 30, |
||||||
|
2018
|
|
2017
|
||||
Net (loss) income from continuing operations
|
$
|
(17,959
|
)
|
|
$
|
1,724
|
|
|
|
|
|
|
|
||
Basic:
|
|
|
|
|
|
||
Shares outstanding at beginning of period
|
15,949
|
|
|
15,771
|
|
||
Weighted average shares issued during the period, net
|
84
|
|
|
178
|
|
||
Weighted average common shares, basic
|
16,033
|
|
|
15,949
|
|
||
Net (loss) income from continuing operations per common share, basic
|
$
|
(1.12
|
)
|
|
$
|
0.11
|
|
Diluted:
|
|
|
|
|
|
||
Weighted average common shares, basic
|
16,033
|
|
|
15,949
|
|
||
Dilutive impact of stock options and restricted stock awards
|
—
|
|
|
311
|
|
||
Weighted average common shares, diluted
|
16,033
|
|
|
16,260
|
|
||
Net (loss) income from continuing operations per common share, diluted
|
$
|
(1.12
|
)
|
|
$
|
0.11
|
|
|
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Restaurant/Retail
|
$
|
28,926
|
|
|
$
|
34,023
|
|
|
$
|
103,273
|
|
|
$
|
133,288
|
|
Government
|
17,436
|
|
|
14,915
|
|
|
51,321
|
|
|
43,776
|
|
||||
Total
|
$
|
46,362
|
|
|
$
|
48,938
|
|
|
$
|
154,594
|
|
|
$
|
177,064
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restaurant/Retail
|
$
|
(3,836
|
)
|
|
$
|
(3,559
|
)
|
|
$
|
(7,244
|
)
|
|
$
|
603
|
|
Government
|
1,854
|
|
|
1,267
|
|
|
5,132
|
|
|
4,364
|
|
||||
Other
|
(680
|
)
|
|
(304
|
)
|
|
(1,536
|
)
|
|
(2,568
|
)
|
||||
|
(2,662
|
)
|
|
(2,596
|
)
|
|
(3,648
|
)
|
|
2,399
|
|
||||
Other income (expense), net
|
455
|
|
|
(70
|
)
|
|
120
|
|
|
(264
|
)
|
||||
Interest expense, net
|
(142
|
)
|
|
(39
|
)
|
|
(261
|
)
|
|
(84
|
)
|
||||
(Loss) income before benefit from / (provision for) income taxes
|
$
|
(2,349
|
)
|
|
$
|
(2,705
|
)
|
|
$
|
(3,789
|
)
|
|
$
|
2,051
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation, amortization and accretion:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restaurant/Retail
|
$
|
1,215
|
|
|
$
|
886
|
|
|
$
|
3,014
|
|
|
$
|
2,481
|
|
Government
|
6
|
|
|
5
|
|
|
17
|
|
|
16
|
|
||||
Other
|
157
|
|
|
62
|
|
|
460
|
|
|
308
|
|
||||
Total
|
$
|
1,378
|
|
|
$
|
953
|
|
|
$
|
3,491
|
|
|
$
|
2,805
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures including software costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restaurant/Retail
|
$
|
1,098
|
|
|
$
|
1,121
|
|
|
$
|
3,363
|
|
|
$
|
3,452
|
|
Government
|
67
|
|
|
—
|
|
|
104
|
|
|
7
|
|
||||
Other
|
1,067
|
|
|
457
|
|
|
2,600
|
|
|
3,764
|
|
||||
Total
|
$
|
2,232
|
|
|
$
|
1,578
|
|
|
$
|
6,067
|
|
|
$
|
7,223
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues by country:
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
43,183
|
|
|
$
|
44,418
|
|
|
$
|
144,706
|
|
|
$
|
163,606
|
|
Other Countries
|
3,179
|
|
|
4,520
|
|
|
9,888
|
|
|
13,458
|
|
||||
Total
|
$
|
46,362
|
|
|
$
|
48,938
|
|
|
$
|
154,594
|
|
|
$
|
177,064
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Restaurant/Retail
|
$
|
75,132
|
|
|
$
|
74,257
|
|
Government
|
9,518
|
|
|
8,714
|
|
||
Other
|
18,146
|
|
|
31,653
|
|
||
Total
|
$
|
102,796
|
|
|
$
|
114,624
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
United States
|
$
|
90,970
|
|
|
$
|
99,284
|
|
Other Countries
|
11,826
|
|
|
15,340
|
|
||
Total
|
$
|
102,796
|
|
|
$
|
114,624
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Restaurant/Retail
|
$
|
10,315
|
|
|
$
|
10,315
|
|
Government
|
736
|
|
|
736
|
|
||
Total
|
$
|
11,051
|
|
|
$
|
11,051
|
|
|
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Restaurant/Retail segment
:
|
|
|
|
|
|
|
|
||||
McDonald’s Corporation
|
15
|
%
|
|
23
|
%
|
|
20
|
%
|
|
35
|
%
|
Yum! Brands, Inc.
|
13
|
%
|
|
17
|
%
|
|
11
|
%
|
|
14
|
%
|
Government segment
:
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Department of Defense
|
38
|
%
|
|
31
|
%
|
|
33
|
%
|
|
25
|
%
|
All Others
|
34
|
%
|
|
29
|
%
|
|
36
|
%
|
|
26
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Level 3 Inputs
|
||
|
Liabilities
|
||
Balance at January 1, 2017
|
$
|
4,000
|
|
New level 3 liability
|
—
|
|
|
Total (gains) losses reported in earnings
|
(1,000
|
)
|
|
Transfers into or out of Level 3
|
$
|
—
|
|
Balance at December 31, 2017
|
$
|
3,000
|
|
New level 3 liability
|
—
|
|
|
Total (gains) losses reported in earnings
|
(400
|
)
|
|
Transfers into or out of Level 3
|
—
|
|
|
Balance at September 30, 2018
|
$
|
2,600
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4
.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use Of Proceeds
|
Item 5.
|
Other Information
|
Item 6
.
|
Exhibits
|
Exhibit
Number
|
|
Incorporated by reference into
this Quarterly Report on Form 10-Q
|
Date
Filed or
Furnished
|
|
Exhibit Description
|
Form
|
Exhibit No.
|
||
|
|
|
|
|
10.1
††
|
Offer Letter Amendment (Donald H. Foley), dated August 7, 2018
|
10-Q
|
10.8
|
August 9, 2018
|
|
|
|
|
|
31.1
|
|
|
Filed herewith
|
|
|
|
|
|
|
31.2
|
|
|
Filed herewith
|
|
|
|
|
|
|
32.1
|
|
|
Furnished herewith
|
|
|
|
|
|
|
32.2
|
|
|
Furnished herewith
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
Filed herewith
|
|
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
Filed herewith
|
|
|
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
Filed herewith
|
|
|
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
Filed herewith
|
|
|
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
Filed herewith
|
|
|
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
Filed herewith
|
|
|
PAR TECHNOLOGY CORPORATION
|
|
|
(Registrant)
|
|
|
|
Date:
|
November 9, 2018
|
/s/ Bryan A. Menar
|
|
|
Bryan A. Menar
|
|
|
Chief Financial and Accounting Officer
|
|
|
(Principal Financial Officer)
|
1 Year PAR Technology Chart |
1 Month PAR Technology Chart |
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