Press release
Priority Technology Holdings, Inc. Announces Third Quarter 2023 Financial Results
Strong Third 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 Third 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 third quarter 2023 financial results including strong quarter-over-quarter diversified revenue growth.\n\n\nHighlights of Consolidated Results\n\n\nThird Quarter 2023 Compared with Third Quarter 2022\n\n\nFinancial highlights of the third quarter of 2023 compared with the third quarter of 2022, are as follows:\n\n\n\nRevenue of $189.0 million increased 13.6% from $166.4 million\n\n\n\nAdjusted gross profit (a non-GAAP measure1) of $72.3 million increased 23.6% from $58.5 million\n\n\n\nAdjusted gross profit margin (a non-GAAP measure1) of 38.3% increased 310 basis points from 35.2%\n\n\n\nOperating income of $23.5 million increased 66.7% from $14.1 million\n\n\n\nAdjusted EBITDA (a non-GAAP measure1) of $45.0 million increased 28.2% from $35.1 million\n\n\n\n\"Building on the momentum we saw in the first half of the year, during the third quarter we continued to execute in all three segments of our business, delivering strong results in SMB Acquiring, B2B and Enterprise Payments,\" said Tom Priore, Chairman & CEO of Priority. \"We are delivering on the promise of unified commerce with clear and sustainable financial performance, as clearly evidenced in our results throughout the tumultuous economic environments like the pandemic and today. We have invested thoughtfully in technology and built scalable operations and financial resources that will continue to outperform as market demands evolve.\"\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\nUpdated Full Year 2023 Financial Guidance\n\n\nBased on a combination of results for the nine month period ended September 30, 2023 and the forecasted results for the Company's fourth quarter, the Company has updated its outlook for the full year 2023 as follows:\n\n\n\nRevenue forecast revised to range between $755 million to $765 m...