Press release
Priority Technology Holdings, Inc. Announces Fourth Quarter and Full Year 2019 Results
ALPHARETTA, Ga.--(BUSINESS WIRE)-- Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority” or the “Company”), a leading provider of merchant acquiring,
About this update from Priority Technology Holdings, Inc.
[{"type":"text","content":" ALPHARETTA, Ga.--(BUSINESS WIRE)--\nPriority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority” or the “Company”), a leading provider of merchant acquiring, integrated payment software and commercial payment solutions, today announced its fourth quarter and full-year 2019 financial results.\n\n\nHighlights of Consolidated Results\n\n\nFourth Quarter 2019, Compared with Fourth Quarter 2018\n\n\n\nRevenue of $98.2 million increased 10.7% from $88.7 million.\n\n\nGross profit of $31.4 million increased 15.1% from $27.3 million. The Company’s non-GAAP gross profit metric represents revenue less costs of services.\n\n\nGross profit margin of 32.0% increased 124 basis points from 30.8%. Gross profit margin is non-GAAP gross profit divided by revenue.\n\n\nIncome from operations of $1.1 million declined $1.6 million from $2.7 million, driven by a $3.3 million increase in depreciation and amortization expense.\n\n\nInterest expense of $10.1 million increased $2.0 million from $8.0 million.\n\n\nNet loss of $7.2 million increased $1.5 million from $5.7 million.\n\n\nAdjusted EBITDA of $16.2 million increased 34.9% from $12.0 million. The Company’s non-GAAP adjusted EBITDA measure is net loss before interest, taxes, depreciation and amortization (EBITDA), further adjusted for non-cash compensation and certain other expenses considered non-recurring.\n\n\nTotal merchant bankcard processing dollar volume of $11.0 billion increased 16.2% from $9.4 billion.\n\n\n\nFull-Year 2019, Compared with Full-Year 2018\n\n\n\nRevenue of $371.9 million decreased 1.1% from $375.8 million.\n\n\nGross profit of $119.3 million increased 12.0% from $106.5 million.\n\n\nGross profit margin of 32.1% increased 373 basis points from 28.3%.\n\n\nIncome from operations of $7.2 million declined $9.2 million from $16.4 million, driven by a $19.4 million increase in depreciation and amortization expense, and a $17.8 million decrease in income from operations from certain subscription-billing e-commerce merchants.\n\n\nInterest expense of $40.7 million increased $10.7 million from $29.9 million.\n\n\nNet loss of $33.6 million increased $15.8 million from $17.8 million.\n\n\nAdjusted EBITDA of $58.9 million increased 19.2% from $49.4 million.\n\n\nTotal merchant bankcard processing dollar volume of $43.0 billion increased 12.7% from $38.2 billion.\n\n\n\n\"We reporte...