PAR Technology Corporation (NYSE:PAR) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 04:30 pm ET

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PAR Technology Corporation (NYSE:PAR) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, ladies and gentlemen, and welcome to the fiscal year 2019 third quarter financial results. [Operator Instructions]

I would now like to turn the conference over to your host. Chris Byrnes, you may begin.

Executive
Christopher R. Byrnes

Thank you, JP, and good afternoon, everyone. I'd also like to welcome you today to the call for PAR's 2019 Third Quarter Financial Results Review. The complete disclosure of our results can be found in our press release issued this afternoon as well as in our related Form 8-K furnished to the SEC. To access the press release and the financial details, please see the Investor Relations and News section of our website at www.partech.com.

At this time, I'd like to take care of certain details in regards to the call this afternoon. Participants on the call should be aware that we are recording the call this afternoon, and it will be available for playback. Also, we are broadcasting the conference call via the worldwide web, so please be advised if you ask a question, it will be included in both our live conference and any future use of the recording.

I'd like to remind participants that this conference call includes 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 statements included in our earnings release this afternoon and in our annual and quarterly filings with the SEC.

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?

Executive
Savneet Singh

Thanks, Chris, and good afternoon, everyone, and thank you for joining us today to discuss our third quarter 2019 results. In the third quarter, we continued to execute our strategy to deliver industry-leading cloud technology solutions to our restaurant clients globally with products, services and solutions that drive favorable business outcomes for our clients and, in turn, will result in improved performance for our business.

We're making progress improving on our customer product experience and it's paying off. We're excited about the momentum in our business and our opportunities to continue to create value as we finish out 2019 and aggressively begin 2020 and beyond. In addition, we have exciting new initiatives, which we are eager to walk through detailing how we expect this to fuel our growth even further.

At the top of that list, I am pleased to announce today our plans to acquire Restaurant Magic to strategically expand our scale and reach with new and existing restaurant clients. We are building out PAR's technology stack with one of the leading back office cloud software providers for restaurants. We acquired the business for $42 million, consisting of $13 million in cash, $27 million in PAR