Press release
Priority Technology Holdings, Inc. Announces Third Quarter 2022 Financial Results
Strong Third Quarter Revenue and Gross Profit (Non-GAAP) Growth Across all Business Segments ALPHARETTA, Ga.--(BUSINESS WIRE)-- Priority Technology Holdings,
About this update from Priority Technology Holdings, Inc.
[{"type":"text","content":"\nStrong Third Quarter Revenue and Gross Profit (Non-GAAP) Growth Across all Business Segments\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 at scale, today announced its third quarter 2022 financial results including strong quarter-over-quarter diversified revenue growth.\n\nHighlights of Consolidated Results\n\nThird Quarter 2022, Compared with Third Quarter 2021\n\nFinancial highlights of the third quarter of 2022 compared with the third quarter of 2021, are as follows:\n\n\nRevenue of $166.4 million increased 25.6% from $132.5 million.\n\n\nGross profit (a non-GAAP measure1) of $58.5 million increased 47.4% million from $39.7 million.\n\n\nGross profit margin (a non-GAAP measure1) of 35.1% increased 510 basis points from 30.0%.\n\n\nOperating income of $14.1 million increased 69.9% from $8.3 million.\n\n\nAdjusted EBITDA (a non-GAAP measure1) of $35.1 million increased 48.7% from $23.6 million.\n\n\n\n\n\nSee \"Non-GAAP Financial Measures\" and the reconciliations of Gross Profit (non-GAAP),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\"We are pleased that our excellent third quarter results, by all financial metrics, continue to reinforce the strength of the solutions we offer our SMB, B2B and Enterprise payments partners,\" said Tom Priore, Chairman & CEO of Priority. \"Our consistently strong performance through COVID and the current economic turmoil demonstrates the differentiation of our unified commerce platform that performs in varying business cycles and is poised to capitalize on emerging opportunities.\"\n\nFull Year 2022 Financial Guidance\n\nPriority's outlook remains strong and we are reaffirming our full-year 2022 revenue guidance while revising our adjusted EBITDA guidance for the year.\n\n\nRevenue remains forecasted to range between $650 million to $665 million, a growth rate of 26% to 29%.\n\n\n\nAdjusted EBITDA (a non-GAAP measure) is forecasted to range between $140 million to $145 million, a growth rate of 46% to 50%, compared to the prior forecasted range of $145 million to $150 million.\n\n\nConference Call\n\nPriority Technology Holdings, Inc.'s ...