Press release
Priority Technology Holdings, Inc. Announces First Quarter 2023 Financial Results
Strong First Quarter Growth Driven by Performance Across Diverse Business Segments ALPHARETTA, Ga.--(BUSINESS WIRE)-- Priority Technology Holdings, Inc.
About this update from Priority Technology Holdings, Inc.
[{"type":"text","content":"\nStrong First Quarter Growth Driven by Performance Across Diverse Business Segments\n\n\n ALPHARETTA, Ga.--(BUSINESS WIRE)--\nPriority Technology Holdings, Inc. (NASDAQ: PRTH) (\"Priority\" or the \"Company\"), the platform for unified commerce that delivers integrated payments and banking services at scale, today announced its first quarter 2023 financial results including strong quarter-over-quarter diversified revenue growth.\n\n\nHighlights of Consolidated Results\n\n\nFirst Quarter 2023, Compared with First Quarter 2022\n\n\nFinancial highlights of the first quarter of 2023 compared with the first quarter of 2022, are as follows:\n\n\n\nRevenue of $185.0 million increased 20.8% from $153.2 million.\n\n\n\nAdjusted gross profit (a non-GAAP measure1) of $63.1 million increased 21.8% from $51.8 million.\n\n\n\nAdjusted gross profit margin (a non-GAAP measure1) of 34.1% increased 30 basis points from 33.8%.\n\n\n\nOperating income of $16.8 million increased 55.6% from $10.8 million.\n\n\n\nAdjusted EBITDA (a non-GAAP measure1) of $37.6 million increased 24.1% from $30.3 million\n\n\n\n\"We once again delivered excellent results, driven by the strength of our diverse business lines, particularly our counter cyclical businesses that are positioned to benefit from higher interest rates and the current economic conditions,\" said Tom Priore, Chairman & CEO of Priority. \"We are continuing to invest prudently in our vision for the convergence of payments and banking features that are essential to delivering a modern commerce experience for our acquiring and B2B customers, reselling and ISV partners, and long term value to our shareholders.\"\n\n\n\n\n(1)\n\n\n\n\n\n\n\nSee \"Non-GAAP Financial Measures\" and the reconciliations of Adjusted Gross Profit (non-GAAP),Adjusted Gross Profit Margin (non-GAAP), and Adjusted EBITDA, to their most comparable GAAP measures provided below for additional information.\n\n\n\n\n\n\n\nFull Year 2023 Financial Guidance\n\n\nPriority's outlook remains strong and we are reaffirming our full year 2023 guidance:\n\n\n\nRevenue forecasted to range between $740 million to $755 million, a growth rate of 12% to 14%.\n\n\n\nAdjusted EBITDA (a non-GAAP measure) is forecasted to range between $160 million to $165 million, a growth rate of 14% to 18%.\n\n\n\nConference Call\n\n\nPriority's leadership will host...