Press release
Priority Technology Holdings, Inc. Announces Fourth Quarter 2022 and Full Year Financial Results
Fourth Quarter Revenue and Adjusted Gross Profit (a Non-GAAP measure1) Growth Driven by Strong Performance Across all Business Segments ALPHARETTA,
About this update from Priority Technology Holdings, Inc.
[{"type":"text","content":"\nFourth Quarter Revenue and Adjusted Gross Profit (a Non-GAAP measure1) Growth Driven by Strong Performance Across all Business Segments\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 fourth quarter and full year 2022 financial results including strong quarter-over-quarter and year-over-year diversified revenue growth.\n\nHighlights of Consolidated Results\n\nFourth Quarter 2022, Compared with Fourth Quarter 2021\n\nFinancial highlights of the fourth quarter of 2022 compared with the fourth quarter of 2021, are as follows:\n\n\nRevenue of $177.6 million increased 23.3% from $144.0 million.\n\n\nAdjusted gross profit (a non-GAAP measure1) of $61.0 million increased 25.3% from $48.7 million.\n\n\nAdjusted gross profit margin (a non-GAAP measure1) of 34.3% increased 50 basis points from 33.8%.\n\n\nOperating income of $18.2 million increased 41.1% from $12.9 million.\n\n\nAdjusted EBITDA (a non-GAAP measure1) of $39.8 million increased 21.0% from $32.9 million\n\n\nFull Year 2022, Compared with Full Year 2021\n\nFinancial highlights of the full year 2022 compared with the full year 2021, are as follows:\n\n\nRevenue of $663.6 million increased 28.9% from $514.9 million.\n\n\nAdjusted gross profit (a non-GAAP measure1) of $226.9 million increased 46.4% from $155.0 million.\n\n\nAdjusted gross profit margin (a non-GAAP measure1) of 34.2% increased 410 basis points from 30.1%.\n\n\nOperating income of $56.2 million increased 69.8% from $33.1 million.\n\n\nAdjusted EBITDA (a non-GAAP measure1) of $140.3 million increased 45.7% from $96.3 million.\n\n\n1 See \"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\"Our outstanding fourth quarter and full year results reflect the strength of our market-leading unified commerce platform. Our business has been purpose-built to perform despite challenging economic environments like we have today. The results demonstrate that we are executing,\" said Tom Priore, Chairman & CEO of Priority. \"Looking ahead, we will rem...