Press release
Priority Technology Holdings, Inc. Announces Second Quarter 2023 Financial Results
Strong Second 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 Second 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 second quarter 2023 financial results including strong quarter-over-quarter diversified revenue growth.\n\n\nHighlights of Consolidated Results\n\n\nSecond Quarter 2023 Compared with Second Quarter 2022\n\n\nFinancial highlights of the second quarter of 2023 compared with the second quarter of 2022, are as follows:\n\n\n\nRevenue of $182.3 million increased 9.6% from $166.4 million\n\n\n\nAdjusted gross profit (a non-GAAP measure1) of $67.0 million increased 20.3% from $55.7 million\n\n\n\nAdjusted gross profit margin (a non-GAAP measure1) of 36.8% increased 330 basis points from 33.5%\n\n\n\nOperating income of $19.1 million increased 45.8% from $13.1 million\n\n\n\nAdjusted EBITDA (a non-GAAP measure1) of $41.1 million increased 21.2% from $33.9 million\n\n\n\n\"Consistent with the first few months of the year, we continued to deliver strong results as we executed our unified commerce vision combining payments and banking on a single platform, enhanced by the strength of our counter cyclical business lines that were positioned to benefit from higher interest rates and weakening macroeconomic trends,\" said Tom Priore, Chairman & CEO of Priority. \"We continue to invest thoughtfully, as our recent acquisition of Plastiq demonstrates, to deliver differentiated solutions to our business and integrated software clients that accelerate cash flow and optimize working capital, which will drive consistent long-term performance for our shareholders.\"\n\n\n\n\n(1)\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\nUpdated Full Year 2023 Financial Guidance\n\n\nThe Company has updated its outlook for the full year 2023 to include the forecasted post-acquisition contribution from the Plastiq business as follows:\n\n\n\nRevenue forecast revised to range between $765 million to $780 million, a growth...