Press release
Priority Technology Holdings, Inc. Announces Third Quarter 2021 Financial Results
Strong Third Quarter Financial Performance Completion of Finxera Acquisition Creates Premier Payment Solutions that Collect, Store and Send Money ALPHARETTA,
About this update from Priority Technology Holdings, Inc.
[{"type":"text","content":"\nStrong Third Quarter Financial Performance \n\nCompletion of Finxera Acquisition Creates Premier Payment Solutions that Collect, Store and Send Money\n\n ALPHARETTA, Ga.--(BUSINESS WIRE)--\nPriority Technology Holdings, Inc. (NASDAQ: PRTH) (\"Priority\" or the \"Company\"), a leading payments technology company building innovative payment solutions that collect, store and send money to power modern commerce, today announced its third quarter 2021 financial results.\n\nHighlights of Consolidated Results\n\nThird Quarter 2021, Compared with Third Quarter 2020\n\nFinancial highlights of third quarter 2021 compared with third quarter 2020, are as follows (gross profit, gross profit margin, and adjusted EBITDA are non-GAAP measures1):\n\n\nRevenue2 of $132.5 million increased 21.6% from $109.0 million.\n\n\nGross profit of $39.7 million increased 16.8% from $34.0 million.\n\n\nGross profit margin of 30.0% decreased from 31.2%.\n\n\nOperating Income of $8.3 million increased 17.2% from $7.0 million.\n\n\nNet loss of $0.5 million compares with net income of $85.7 million, which included a one-time $94.9 million after tax gain on sale of a business in third quarter 2020.\n\n\nDiluted loss per share of $0.09 compares with diluted earnings per share of $0.60, which included $0.74 diluted earnings per share from the one-time gain on sale of a business in the third quarter 2020.\n\n\nAdjusted EBITDA1,3 of $23.6 million increased 20.0% from $19.6 million.\n\n\n\"We delivered exceptional third quarter results, driven by impressive growth in our Consumer segment and strong demand in our Commercial and Integrated Partners businesses,” said Tom Priore, Chairman and Chief Executive Officer of Priority. “We now offer an unmatched suite of payment solutions to collect, store and send money on a single technology platform in several strategic, high-growth verticals. Priority is built for the future of payments and is better positioned than ever to deliver long-term value for shareholders.\"\n\nUpdated Full Year 2021 Financial Guidance\n\nThe Company has updated its outlook for full year 2021 to include the forecasted post-acquisition contribution from Finxera, as follows:\n\n\nRevenue is forecast to range between $500 to $520 million.\n\n\nAdjusted EBITDA1 (a non-GAAP measure) is forecast to range between $94 to $98 million.\n\n\n\n\n\n \n\n\n\n(1...