Press release
Priority Technology Holdings, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results
Strong Fourth 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 Fourth 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 fourth quarter and full year 2023 financial results including strong year-over-year diversified revenue growth.\n\n\nHighlights of Consolidated Results\n\n\nFourth Quarter 2023 Compared with Fourth Quarter 2022\n\n\nFinancial highlights of the fourth quarter of 2023 compared with the fourth quarter of 2022, are as follows2:\n\n\n\nRevenue of $199.3 million increased 12.2% from $177.6 million\n\n\n\nAdjusted gross profit (a non-GAAP measure1) of $72.9 million increased 19.5% from $61.0 million\n\n\n\nAdjusted gross profit margin (a non-GAAP measure1) of 36.6% increased 230 basis points from 34.3%\n\n\n\nOperating income of $22.0 million increased 21.1% from $18.2 million\n\n\n\nAdjusted EBITDA (a non-GAAP measure1) of $44.6 million increased 12.2% from $39.8 million\n\n\n\nFull Year 2023 Compared with Full Year 2022\n\n\nFinancial highlights of the Full Year of 2023 compared with the Full Year of 2022, are as follows2:\n\n\n\nRevenue of $755.6 million increased 13.9% from $663.6 million\n\n\n\nAdjusted gross profit (a non-GAAP measure1) of $275.3 million increased 21.3% from $226.9 million\n\n\n\nAdjusted gross profit margin (a non-GAAP measure1) of 36.4% increased 220 basis points from 34.2%\n\n\n\nOperating income of $81.5 million increased 45.2% from $56.2 million\n\n\n\nAdjusted EBITDA (a non-GAAP measure1) of $168.3 million increased 20.0% from $140.3 million\n\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\n\n(2)\n\n\n\n\n\n\n\nCertain amounts/percentages may not add mathematically due to rounding.\n\n\n\n\n\n\n\n\"We delivered record fourth quarter and full year 2023 results, driven by continued strength in SMB acquiring, B2B payables and Enterprise payments,\" said Tom Priore, Chairman & CEO of Priority. \"Everything we’ve done over the past several years – from th...