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    Adam Wyden • ADW Capital Management LLC

    Adam Wyden's questions to PAR Technology Corp (PAR) leadership

    Adam Wyden's questions to PAR Technology Corp (PAR) leadership • Q2 2025

    Question

    Adam Wyden asked about the financial impact of pausing TASK rollouts, specifically if it was affecting gross margins, and questioned PAR's M&A strategy, asking if the company would consider being acquired given its current valuation.

    Answer

    CEO Savneet Singh confirmed that increased investment in TASK to build out capabilities for Tier 1 deals is impacting costs in both COGS and R&D. On M&A, Singh stated, 'we are for sale every day,' and the board would support a sale if it maximized long-term shareholder value. He also noted that while PAR's multiple makes large M&A more selective, the company still feels good about its pipeline of accretive, capability-driven tuck-in acquisitions.

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    Adam Wyden's questions to PAR Technology Corp (PAR) leadership • Q1 2025

    Question

    Adam Wyden of ADW Capital Management LLC sought clarification on the nature of recent Tier 1 wins, the status of the sales pipeline, the company's long-term M&A vision, and the specific FX impact on revenue and EBITDA.

    Answer

    CEO Savneet Singh explained that of the seven Tier 1s in the pipeline a year ago, six were net new logos, and four have been won. He confirmed the pipeline's dollar value is now larger. His long-term vision is for PAR to dominate the broader foodservice technology space by applying its integrated M&A playbook to adjacent verticals. CFO Bryan Menar quantified the quarterly FX headwind at approximately $1 million to revenue and $700,000 to EBITDA.

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    Adam Wyden's questions to PAR Technology Corp (PAR) leadership • Q4 2024

    Question

    Adam Wyden asked about the potential for materially higher incremental gross margins on subscription software. He also questioned the M&A strategy in relation to PAR's stock valuation and cost of capital, and the long-term duration of the company's growth.

    Answer

    CFO Bryan Menar confirmed that margin improvements would drive higher gross profit. CEO and President Savneet Singh addressed the M&A topic by stating that strong financial performance will ultimately drive the company's valuation. He emphasized that M&A is a core part of their product strategy and that they can still execute accretive deals with a strong pipeline.

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    Adam Wyden's questions to PAR Technology Corp (PAR) leadership • Q3 2024

    Question

    Adam Wyden asked for an update on the Burger King rollout and progress with other RBI brands. He also inquired about the company's appetite for bolt-on M&A to acquire new modules, given the current market for smaller private companies.

    Answer

    CEO Savneet Singh described the Burger King relationship as "really strong" with a long way to go, and confirmed active engagement with other RBI brands. He affirmed that PAR's M&A focus is on bolt-on modules that can be pushed through its distribution pipeline and agreed that the current market contains many "stranded" businesses, making the environment robust for such deals.

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