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 Technology Holdings, Inc. (NASDAQ: PRTH) announced the release of its second quarter 2022 financial results on August 9, 2022, prior to market opening. The company will host a conference call at 11:00 a.m. ET to discuss these results, followed by a Q&A session. An audio replay of the call will be available until August 16, 2022. Priority aims to provide innovative payment solutions, driving the convergence of payments and banking through its robust technology platform.
Priority Technology Holdings (NASDAQ: PRTH) has announced the promotion of Ranjana Ram to Chief Operating Officer. Previously the Executive Vice President of Corporate Development, Ram has been instrumental in leading transaction activities since the company's inception, including its 2018 public offering. With over 18 years of experience in banking and payments, her role will involve company-wide leadership and strategic implementation. Tom Priore, CEO, highlighted her operational excellence and strategic focus as key factors in her promotion.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) has announced a new share repurchase program authorized by its Board of Directors, allowing for the repurchase of up to
Priority Technology Holdings (NASDAQ: PRTH) announced the retirement of CFO Michael Vollkommer, effective September 1, 2022. Vollkommer has served as CFO since December 2018 and will continue in an advisory role to assist with the transition and strategic initiatives. The company is actively searching for his replacement, expected to be appointed in Q3. Chairman Tom Priore expressed gratitude for Vollkommer's contributions, highlighting his role in establishing a solid foundation for the company as a public entity.
Priority Technology Holdings (NASDAQ: PRTH) will showcase innovative solutions for construction payment challenges at the CFMA annual conference from May 14-18, 2022, in Atlanta. With 84% of construction firms facing cash flow issues, the company's platform aims to streamline payments and banking processes. Tom Priore, CEO, emphasized the urgency for digital transformation within the industry, exacerbated by the pandemic. A forecast suggests a 42% increase in construction output by 2030, highlighting the need for efficient cash flow management to maintain a competitive edge.
Priority Technology Holdings, Inc. (PRTH) announced strong first quarter 2022 results, reporting revenue of $153.2 million, a 35.2% increase from $113.3 million in Q1 2021. Gross profit rose to $51.8 million, up $20.4 million, with a gross profit margin of 33.8%. Operating income surged 140.0% to $10.8 million, while adjusted EBITDA increased 68.3% to $30.3 million. The company reaffirmed its 2022 revenue guidance between $650 million and $665 million, suggesting a 26% to 29% growth rate.
Priority Technology Holdings (NASDAQ: PRTH) will release its first quarter 2022 financial results on May 11, 2022, before market opening. A conference call to discuss these results will occur at 11:00 a.m. Eastern Time on the same day. Participants can join via phone or an internet webcast. An audio replay will be available until May 18, 2022. Priority is a payments technology company facilitating the collection, storage, and sending of money, aiming to enhance payment networks.
Priority Technology Holdings (NASDAQ: PRTH) has partnered with Century Bank to provide an advanced accounts payable solution, CPX, to Century Bank customers. This collaboration aims to streamline manual processes, enhance payment efficiencies, and optimize revenue for both buyers and suppliers. Stephen Tackett, EVP at Priority, highlighted the benefits of automation and increased treasury value for Century Bank's clients. The partnership addresses a critical need for effective digital banking solutions among community banks, empowering them to better serve their clients.
Priority Technology Holdings (NASDAQ: PRTH) has partnered with SYSPRO USA to enhance accounts payable (AP) capabilities through a new solution called Automated Payables for SYSPRO, powered by Priority CPX. This integration digitizes the AP process, offering flexible payment options such as ACH, virtual card, check, and wire. By automating payment processes, the solution aims to reduce costs, streamline operations, and decrease the risk of payment fraud, which affects 75% of companies as per J.P. Morgan.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) showcased robust financial performance for Q4 and the full year 2021, reporting a revenue increase of 35.7% to $144.0 million compared to Q4 2020. The gross profit surged 49.8% to $48.7 million, with a gross profit margin of 33.8%. Operating income rose 108.1% to $12.9 million, and adjusted EBITDA improved by 80.8% to $32.9 million. For 2021, total revenue reached $514.9 million, up 27.4%. The company anticipates 2022 revenue between $650 million and $665 million, reflecting a growth rate of 26% to 29%.