Priority Technology Holdings, Inc. - PRTH STOCK NEWS

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%.

Priority Technology Holdings (NASDAQ: PRTH) will release its fourth quarter and full-year 2021 financial results before markets open on March 17, 2022. The Company will host a conference call and webcast at 11:00 a.m. ET to discuss these results, followed by a Q&A session. An audio replay will be available until March 24, 2022. Priority Technology specializes in payments technology, offering solutions for customers to manage and monetize payment networks effectively.

Priority Technology Holdings, Inc. (NASDAQ: PRTH) has secured a group purchasing agreement with Premier, Inc. effective January 15, 2022. This agreement allows Premier’s members to access pre-negotiated pricing and terms for purchasing cards and electronic payables, enhancing payment solutions for healthcare providers.

Priority’s CPX solution streamlines accounts payable processes, improving transaction efficiency. This strategic partnership aims to support over 4,400 U.S. hospitals and 225,000 other healthcare providers in achieving better financial outcomes.