Par Technology's Business Segments

PAR Technology Corporation (“PAR” or the “Company”) has operations in two distinct business segments: Hospitality and Government.

PAR’s Hospitality business segment, representing approximately 62% of consolidated revenue from continuing operations, provides technology solutions, including software, hardware and a full range of support services, to businesses and organizations within the global hospitality industry that includes restaurants, grocery stores and specialty retail outlets. The Company continues to be a leading provider of hospitality management technology solutions to restaurants (the quick service, fast casual and table service categories) with over 75,000 systems installed in over 110 countries. In addition, the Company is expanding its business into retail, big box retailers, grocery stores, food distribution, and contract food management organizations with PAR’s food safety and task management solution, SureCheck®. These technology solutions are marketed collectively through the Company’s hospitality segment.

PAR’s solutions for the restaurant industry integrate software applications, hardware platforms, software delivery, installation and lifecycle support services. PAR’s software offerings for the Restaurant market include front-of-store POS software applications, operations management software applications (known as back office software), and enterprise software applications for content management and business intelligence. PAR’s hardware offerings for the Restaurant market include Point-of-Sale (“POS”) terminals, tablets, kitchen systems utilizing printers and/or video monitors, and a wide range of food safety monitoring and task management hardware and software solutions.

 

Par Technology Corporation Overview

Par Technology Corporation operates primarily through two segments: Hospitality and Government. Each segment offers a range of products, services, and integrated solutions tailored to meet the needs of its respective markets.

Hospitality Segment

Par Technology’s Hospitality Segment provides comprehensive solutions tailored for the restaurant industry. This segment seamlessly integrates software applications, hardware platforms, software delivery, installation, and lifecycle support services. The offerings can be categorized broadly into software and hardware solutions:

1. Software Offerings
- Point of Sale (POS) Software Applications: This core product facilitates transactions at the front of the store, allowing restaurants to efficiently process sales.
- Operations Management Software (Back Office Software): Designed for internal restaurant management, this software helps streamline tasks such as inventory management, staff scheduling, and reporting.
- Enterprise Software Applications: These applications focus on content management and business intelligence, allowing restaurant operators to derive insights from their operations, enhance decision-making, and improve overall business performance.

Hardware Offerings
- POS Terminals: These are user-friendly, robust systems that handle sales transactions efficiently.
- Tablets and Mobile Devices: Used for taking orders and managing customer interactions, these devices enhance the dining experience by allowing staff to engage with customers directly at the table.
- Kitchen Systems: These systems may include printers and/or video monitors that facilitate communication between servers and kitchen staff, helping to ensure orders are prepared correctly and efficiently.
- Food Safety Monitoring and Task Management Hardware: This includes specialized equipment and software solutions to monitor food safety protocols and automate task management, ensuring compliance and operational efficiency.

Notable Partnerships and Customer Base
Par Technology’s established relationships with major industry leaders bolster its market position:
- McDonald’s Corporation: An approved provider of restaurant technology systems since 1980, PAR continues to support McDonalds operations which span over 36,525 restaurants globally.
- Yum! Brands, Inc.: With brands like Taco Bell, KFC, and Pizza Hut, PAR has been a trusted partner since 1983, catering to over 41,000 restaurants worldwide.
- SUBWAY: The company continues to expand its installed technology base with SUBWAY, which operates more than 43,000 restaurants.
- Additional customers include well-known brands such as Baskin-Robbins, Hardee’s, and Five Guys, highlighting PAR’s extensive reach across various food service operations.

Food Safety Solutions
The innovative SureCheck solution reflects PARs commitment to food safety, featuring intelligent checklists for temperature measurement and task management automation. Major retailers utilizing SureCheck include:
- Wegmans Food Markets: A customer with 88 stores.
- Walmart Stores Inc.: Encompassing 5,224 stores in the U.S. SureCheck assists in upholding stringent food safety standards.

Government Segment

Par Technology Corporations Government Segment delivers a spectrum of technical services primarily for the Department of Defense (DoD) and federal agencies, characterized by specialization in advanced signal and image processing systems, with a primary focus on geospatial intelligence and command and control applications.

1. Operating Sectors
The Government Segment is segmented into two key operating sectors:

- ISR Solutions (Intelligence, Surveillance, and Reconnaissance)
- This sector offers a comprehensive suite of systems engineering support and software-based solutions designed to enhance operational capabilities for intelligence purposes.
- Key areas include:
- Development and management of Full Motion Video (FMV) formats.
- Creation and integration of geospatial data management and visualization systems.
- Innovative advancements in radar system technology and sensor processing.
- Development of mobility applications that enhance real-time awareness for field teams.

- Mission Systems Sector
- Comprising three lines of business:
- Telecommunications: Providing operations and maintenance services for satellite and terrestrial communication.
- Satellite Control: Operating the U.S. Navy’s satellite operations center, which manages several communication constellations.
- Information Technology Services: Encompassing a wide range of IT solutions including systems management and user support.
- This segment operates with a significant global footprint, with services extending beyond the continental U.S. to regions including Europe, Africa, Australia, and various territories.

Client Relationships and Experience
Par Technology’s enduring relationships with key government clients are crucial to its operations. The company has maintained long-term contracts, often extending over 15 years, showcasing its reliability and capacity to adapt to changing needs within the government sector. The majority of the mission systems sector employees are based on-site at customer facilities, allowing for a deep understanding of client requirements and fostering a collaborative environment.

Summary
Par Technology Corporation stands as a pivotal player in both the hospitality and government sectors, offering integrated software and hardware solutions that cater to the complex needs of these industries. With a strong emphasis on innovation, client relationships, and a commitment to quality service delivery, PAR continues to strengthen its market presence and expand its operational capabilities.