Press release
Priority Technology Holdings, Inc. Announces Second Quarter Financial Results
Strong Second Quarter Growth Driven by Performance Across Unified Commerce Platform 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 Unified Commerce Platform\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 2024 financial results including strong year-over-year diversified revenue growth.\n\n\nHighlights of Consolidated Results\n\n\nSecond Quarter 2024 Compared with Second Quarter 2023\n\n\n\nFinancial highlights of the second quarter of 2024 compared with the second quarter of 2023, are as follows1:\n\n\n\nRevenue of $219.9 million increased 20.6% from $182.3 million\n\n\n\nAdjusted gross profit (a non-GAAP measure2) of $81.7 million increased 22.0% from $67.0 million\n\n\n\nAdjusted gross profit margin (a non-GAAP measure2) of 37.2% increased 40.0 basis points from 36.8%\n\n\n\nOperating income of $33.2 million increased 73.4% from $19.1 million\n\n\n\nAdjusted EBITDA (a non-GAAP measure2) of $51.6 million increased 25.4% from $41.1 million\n\n\n\n\n\n(1)\n\n\n\n\n\n\nCertain amounts/percentages may not add mathematically due to rounding.\n\n\n\n\n\n\n\n\n(2)\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\"We again reported record results in the second quarter by capitalizing on our leading unified commerce platform that delivers elegant product solutions across our segments and customer service that is committed to our partners' success,\" said Tom Priore, Chairman & CEO of Priority. \"Priority’s technology and operations are built for the future and executing on our mission to deliver a thriving ecosystem of financial solutions that accelerate cash flow and optimize working capital for businesses.\"\n\n\nFull Year 2024 Financial Guidance\n\n\nPriority's outlook remains strong and our adjusted full year 2024 guidance is as follows:\n\n\n\nRevenue forecast to range between $875 million to $883 million, from $875 million to $890 million, a growth rate of 16% to 17%, compared to fiscal 2023 results\n\n\n\nAdjusted gross profit (a non-GAAP measure) forecast to range between...