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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, Inc. (NASDAQ: PRTH) will release its third quarter 2022 financial results before the market opens on November 10, 2022. The Company will hold a conference call at 11:00 a.m. Eastern Time to discuss its financial and operating results, followed by a Q&A session. An audio replay will be available until November 17, 2022. Priority is known for its unified commerce platform, providing integrated payments and banking solutions. More details are accessible on the Company's website.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) has appointed Tim O’Leary as its new Chief Financial Officer, succeeding Mike Vollkommer who retires on September 16. O’Leary brings over 20 years of experience in capital markets focused on technology firms, previously serving at Truist Securities. The CEO, Thomas C. Priore, expressed confidence in O’Leary’s expertise to support the company’s growth strategies. Priority is recognized for its payments technology solutions and aims to enhance its unified commerce offerings.
Priority Technology Holdings, Inc. (NASDAQ: PRTH) reported strong financial results for Q2 2022, with revenue of $166.4 million, up 33.1% from $125.0 million in Q2 2021. Gross profit increased 58.2% to $55.7 million, with a gross profit margin of 33.5%. Operating income rose 77.0% to $13.1 million, and Adjusted EBITDA was $33.9 million, a 61.4% increase. The company reaffirmed its 2022 guidance, projecting revenue between $650 million and $665 million, marking expected growth of 26% to 29%.
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.
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