Welcome to our dedicated page for Priority Technology Hldgs news (Ticker: PRTH), a resource for investors and traders seeking the latest updates and insights on Priority Technology Hldgs stock.
News about Priority Technology Holdings, Inc. (NASDAQ: PRTH) centers on its role as a payments and banking solution provider that enables businesses to collect, store, lend and send funds through a unified commerce engine. The company’s communications emphasize a connected commerce platform that brings together payables, merchant solutions or services, and treasury and banking solutions to streamline financial operations and support business growth.
On this page, readers can review company-issued updates such as quarterly and year-to-date financial results, where Priority discusses revenue trends, adjusted gross profit, operating income, EBITDA, Adjusted EBITDA, and Adjusted EPS. These releases often include definitions and reconciliations of non-GAAP measures and commentary on segment performance across Merchant Solutions, Payables, and Treasury Solutions.
Priority’s news flow also includes announcements of strategic acquisitions and financing arrangements. Recent press releases describe the acquisition of certain assets of Boom Commerce, an existing reseller partner, and the acquisition of substantially all of the assets of DMSJV, LLC (Dealer Merchant Services), a vertically focused reseller in the auto and truck dealership sector. The company has also announced a senior secured delayed draw credit facility tied to receivables related to reseller residuals, as well as amendments and refinancings of its credit and guaranty agreements and a broadly syndicated credit facility.
Another important category of news involves strategic and corporate actions. Priority has disclosed a preliminary, non-binding proposal from an investor group led by its Chairman and Chief Executive Officer to acquire the remaining shares of the company’s common stock not already held by that group. The board formed a special committee of independent and disinterested directors to evaluate this proposal and potential strategic alternatives, and subsequent news has covered the engagement of financial and legal advisors to support that review.
Investors and followers of PRTH can use this news feed to monitor Priority’s financial reporting, capital structure developments, acquisition activity, and board-level evaluations of strategic options, all based on the company’s own press releases and related disclosures.
Priority, a payments and banking fintech, has announced significant enhancements to its Passport product within its banking and treasury solutions platform. The new features include:
- Cash Builder: An FDIC-insured savings account with competitive interest rates and an embedded yield API for various investment options.
- Cash Builder+: Accounts offering higher yields for qualified deposits.
- Consumer Accounts: Individual Passport accounts allowing fund reception, bill payments, ATM access, and integration with digital wallets.
These enhancements aim to help businesses accelerate cash flow, streamline transaction reconciliation, and optimize working capital. CEO Tom Priore emphasized Passport's simple integration, ease of use, and functionality as unrivaled in the industry.
Priority Technology Holdings (NASDAQ: PRTH) reported its Q2 2024 financial results, showcasing significant growth. Revenue rose to $219.9 million, a 20.6% increase from Q2 2023. Adjusted gross profit improved to $81.7 million from $67.0 million, up 22.0%, with a margin boost to 37.2%. Operating income surged 73.4% to $33.2 million. Adjusted EBITDA climbed 25.4% to $51.6 million.
For the full year 2024, the company expects revenue between $875 million and $883 million, and adjusted gross profit ranging from $325 million to $330 million. Adjusted EBITDA is forecast between $196 million and $200 million.
CEO Tom Priore emphasized their leading unified commerce platform and commitment to customer success as key drivers for this growth.
Priority Technology Holdings, Inc. (NASDAQ: PRTH), a unified commerce platform, has announced the release date for its second quarter 2024 financial results. The results will be unveiled before market open on Thursday, August 8, 2024, followed by a conference call and webcast at 11:00 a.m. Eastern Time. The company will host a Q&A session after reviewing its financial and operating results. Investors can access the call via phone or internet webcast, with an audio replay available until August 15, 2024. Priority operates at scale in Payments and Banking as a Service, processing nearly $125 billion in annual transaction volume and administering over $1 billion in deposits across more than 1 million active accounts.
Priority Technology Holdings (NASDAQ: PRTH) announced the successful completion of a debt refinancing, involving the repayment of approximately $170 million in preferred equity and reducing the cost of outstanding debt by 100 basis points.
The refinance included issuing a new $835 million term loan and setting up a new $70 million revolving line of credit.
The proceeds refinanced the existing $653 million term loan due April 2027, leaving $110 million in preferred equity outstanding.
The expected net leverage ratio post-transaction is approximately 4.5x.
This refinancing is anticipated to increase free cash flow by over $5.5 million and net income available to common shareholders by nearly $20 million annually.
The new debt arrangement extends the term loan maturity to May 2031, providing flexibility to execute on the company's Unified Commerce vision and deliver strong shareholder value.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) reported strong first quarter 2024 financial results with revenue of $205.7 million, an 11.2% increase from the previous year. Adjusted gross profit rose to $76.4 million, up 21.2%, and operating income increased by 66.3% to $28.0 million. The company reaffirmed its full-year 2024 guidance with revenue expected to range between $875 million to $890 million and adjusted EBITDA between $193 million to $198 million.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) will release its first quarter 2024 financial results on Thursday, May 9, 2024, followed by a conference call to review financial and operating results. The company operates at scale with 860,000 active customers and processes $120 billion in annual transaction volume.
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