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Priority Technology Holdings, Inc. (NASDAQ: PRTH) is a prominent provider of merchant acquiring and commercial payment solutions in the United States. The company operates through three main segments: Consumer Payments, Commercial Payments, and Integrated Partners. These segments work in unison to offer a comprehensive suite of services tailored to meet the diverse needs of small and medium-sized businesses (SMBs) as well as large enterprises.
The company's flagship offerings include the MX Product Suite and CPX Platform. The MX Product Suite encompasses solutions such as MX ISO/Agent and Vimas Reseller Technology Systems, along with MX Merchant Products. These tools provide resellers and merchant clients with customizable business applications that enhance operational efficiency and revenue performance management.
In the commercial payments arena, Priority Technology Holdings offers the CPX Platform, a turnkey solution designed to streamline the accounts payable (AP) process. The platform includes CPX Access, CPX Gateway, CPX Commercial Acceptance, and CPX Payments Solutions, all of which aim to automate vendor payments and improve financial rebates for businesses.
Additionally, the company provides a range of managed services and integrated automated payment solutions to financial institutions and card networks. These services are complemented by payment-adjacent technologies that facilitate transaction processing and financial management.
Priority Technology Holdings is noted for its innovative approach to payment solutions, leveraging its proprietary software platform to deliver full-service acquiring and payment solutions for B2C transactions through its SMB Payments segment. The company also offers AP automation solutions via its B2B Payments segment, catering to corporations, software partners, and industry financial institutions (FIs). The Enterprise Payments segment focuses on embedded payment and treasury solutions that help modernize legacy platforms and support software partners' strategies to monetize payments.
The company continues to advance its offerings to meet the evolving needs of the market, positioning itself as a leader in the payment solutions industry.
Priority Technology Holdings (NASDAQ: PRTH) has filed a shelf registration statement on Form S-3 with the SEC for registration of common stock shares. Once effective, this registration will allow the company to offer and sell common stock on a registered basis in the U.S. for up to three years. The company views this move as enhancing financial flexibility to meet long-term strategic goals and improve capital markets liquidity, following the retirement of preferred shares. Specific terms of future offerings would be detailed in separate prospectus supplements.
Priority Technology Holdings (NASDAQ: PRTH) announced the complete redemption of its remaining preferred stock, totaling $113.3 million, including $2.6 million in accrued dividends. The redemption was funded through a $115 million increase to its existing term loan due May 2031. This follows the company's May 2024 establishment of an $835 million term loan and redemption of $170 million in preferred stock. The transaction is expected to increase net income available to common shareholders by $8.9 million annually, adding to the $22 million positive impact from May 2024 transactions. The company's Q3 2024 adjusted earnings per share would have been $0.10 compared to the reported $0.07 if the transaction had occurred earlier.
Priority Technology Holdings (NASDAQ: PRTH) reported strong Q3 2024 financial results with revenue increasing 20.1% to $227.0 million from $189.0 million in Q3 2023. Operating income grew 62.0% to $38.1 million, while Adjusted EBITDA rose 21.5% to $54.6 million. The company affirmed its full-year 2024 revenue guidance between $875-883 million, representing 16-17% growth, and increased Adjusted EBITDA forecast to $200-204 million, projecting 19-21% growth compared to 2023.
Priority Technology Holdings (NASDAQ: PRTH) has announced it will release its third quarter 2024 financial results on Thursday, November 7, 2024, before market open. The company will host a conference call and webcast at 11:00 a.m. Eastern Time, followed by a Q&A session. Priority operates as a unified commerce platform provider, serving over 1 million active customers across SMB, B2B, and Enterprise channels, processing $125 billion in annual transaction volume and administering over $1 billion in deposits.
Priority has announced a major update to its bill pay solution, Plastiq, making all features free for all businesses. The company has removed subscription tiers, allowing users to access all capabilities, including those previously reserved for premium plans, with only a transparent transaction fee per use. This change aims to empower businesses of all sizes to better manage their finances.
Plastiq offers a comprehensive suite of features, including:
- Paying any vendor with credit card, ACH transfer, or wire
- Streamlining bill payments with tools like invoice data capture and team workflows
- Accessing instant working capital
- Earning rewards on business purchases
Lauren Hearne, VP of Relationship Sales and Management for Plastiq at Priority, stated that this move reflects the company's commitment to providing businesses with essential tools for growth and financial management.
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.
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