Priority Technology Holdings, Inc. to Provide Comments on Second Quarter 2020 Trends During Today’s Annual Meeting of Stockholders

About this update from Priority Technology Holdings, Inc.

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority” or the “Company”), a leading provider of merchant acquiring, integrated payment software and commercial payment solutions, today will provide the following comments during its annual meeting of stockholders regarding 2019 and 2020, including second quarter 2020 trends. We ended 2019 with an excellent fourth quarter, benefitting from solid business fundamentals and strong underlying momentum. While full year 2019 revenue was slightly down due to the remnants of the subscription e-commerce runoff, fourth quarter 2019 revenue increased 11% over the prior fourth quarter as we moved beyond the difficult comparisons related to the earlier decline in subscription-billing e-commerce. Perhaps the greatest success of 2019 was strengthening our foundation for countercyclical growth through the resilience of our commercial payments platform and defensively positioned integrated verticals, including healthcare, real estate, mobile hospitality, and specialized merchant acquiring services. Early in the year, we noted that Priority is managing its business several quarters ahead by building a platform to maintain impeccable stability and long-term compound growth through varying economic cycles. While we obviously could not have predicted that a global pandemic would be the catalyst for an economic slowdown, the benefits of our strategic positioning is evident in our 2020 performance to date. We entered 2020 with a great start, carrying the momentum we experienced during the fourth quarter of 2019 into the new year. As previously reported, total processing dollar volume was up approximately 12% in the first two months of the year. We began to see the effects from the pandemic in mid-March with volume declines of approximately 34%, which continued into April. Despite the COVID-19 pandemic’s impact in the second half of March, we still delivered very strong revenue growth of 11% and income from operations grew $2.6 million in the first quarter compared to the prior year. Our April and May 2020 results are preliminary, and subject to revision upon completion of our comprehensive second quarter financial statement closing process. Although preliminary results in April showed volume declines of nearly 35%, our consolidated revenue was down only 11%, and income from operations incr...

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