Priority Technology Holdings, Inc. Announces Fourth Quarter 2022 and Full Year Financial Results

Fourth Quarter Revenue and Adjusted Gross Profit (a Non-GAAP measure1) Growth Driven by Strong Performance Across all Business Segments

ALPHARETTA, Ga.–(BUSINESS WIRE)–Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority” or the “Company”), the platform for unified commerce that delivers integrated payments and banking services at scale, today announced its fourth quarter and full year 2022 financial results including strong quarter-over-quarter and year-over-year diversified revenue growth.

Highlights of Consolidated Results

Fourth Quarter 2022, Compared with Fourth Quarter 2021

Financial highlights of the fourth quarter of 2022 compared with the fourth quarter of 2021, are as follows:

  • Revenue of $177.6 million increased 23.3% from $144.0 million.
  • Adjusted gross profit (a non-GAAP measure1) of $61.0 million increased 25.3% from $48.7 million.
  • Adjusted gross profit margin (a non-GAAP measure1) of 34.3% increased 50 basis points from 33.8%.
  • Operating income of $18.2 million increased 41.1% from $12.9 million.
  • Adjusted EBITDA (a non-GAAP measure1) of $39.8 million increased 21.0% from $32.9 million

Full Year 2022, Compared with Full Year 2021

Financial highlights of the full year 2022 compared with the full year 2021, are as follows:

  • Revenue of $663.6 million increased 28.9% from $514.9 million.
  • Adjusted gross profit (a non-GAAP measure1) of $226.9 million increased 46.4% from $155.0 million.
  • Adjusted gross profit margin (a non-GAAP measure1) of 34.2% increased 410 basis points from 30.1%.
  • Operating income of $56.2 million increased 69.8% from $33.1 million.
  • Adjusted EBITDA (a non-GAAP measure1) of $140.3 million increased 45.7% from $96.3 million.

1 See “Non-GAAP Financial Measures” and the reconciliations of Adjusted Gross Profit (non-GAAP),Adjusted Gross Profit Margin (non-GAAP), and Adjusted EBITDA, to their most comparable GAAP measures provided below for additional information.

“Our outstanding fourth quarter and full year results reflect the strength of our market-leading unified commerce platform. Our business has been purpose-built to perform despite challenging economic environments like we have today. The results demonstrate that we are executing,” said Tom Priore, Chairman & CEO of Priority. “Looking ahead, we will remain focused on our mission to deliver payments and banking as a service solutions for our SMB, B2B and Enterprise payments partners and driving long term value for our shareholders.”

Full Year 2023 Financial Guidance

Priority’s outlook remains strong, which is reflected in our full year 2023 guidance:

  • Revenue forecasted to range between $740 million to $755 million, a growth rate of 12% to 14%.
  • Adjusted EBITDA (a non-GAAP measure) is forecasted to range between $160 million to $165 million, a growth rate of 14% to 18%.

Conference Call

Priority Technology Holdings, Inc.’s leadership will host a conference call on Thursday, March 23, 2023 at 11:00 a.m. EDT to discuss its fourth quarter 2022 financial results. Participants can access the call by phone in the U.S. or Canada at (833) 636-1319 or internationally at (412) 902-4286.

The Internet webcast link and accompanying slide presentation can be accessed at https://edge.media-server.com/mmc/p/gw4f4523 and will also be posted in the “Investor Relations” section of the Company’s website at www.prioritycommerce.com.

An audio replay of the call will be available shortly after the conference call until March 30, 2023 at 2:00 p.m. EDT. To listen to the audio replay, dial (877) 344-7529 or (412) 317-0088 and enter conference ID number 5272926. Alternatively, you may access the webcast replay in the “Investor Relations” section of the Company’s website at www.prioritycommerce.com.

Non-GAAP Financial Measures

This communication includes certain non-GAAP financial measures that we regularly review to evaluate our business and trends, measure our performance, prepare financial projections, allocate resources, and make strategic decisions. We believe these non-GAAP measures help to illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals. However, these non-GAAP measures are not superior to or a substitute for prominent measurements calculated in accordance with GAAP. Rather, the non-GAAP measures are meant to be a complement to understanding measures prepared in accordance with GAAP.

Adjusted Gross Profit and Adjusted Gross Profit Margin

The Company’s adjusted gross profit metric represents revenues less cost of revenue (excluding depreciation and amortization). Adjusted gross profit margin is adjusted gross profit divided by revenues. We review these non-GAAP measures to evaluate our underlying profit trends. The reconciliation of adjusted gross profit to its most comparable GAAP measure is provided below:

 

(in thousands)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Revenues

$

177,555

 

 

$

144,048

 

 

$

663,641

 

 

$

514,901

 

Cost of revenue (excluding depreciation and amortization)

 

(116,566

)

 

 

(95,358

)

 

 

(436,753

)

 

 

(359,885

)

Adjusted gross profit

 

60,989

 

 

 

48,690

 

 

 

226,888

 

 

 

155,016

 

Adjusted gross profit margin

 

34.3

%

 

 

33.8

%

 

 

34.2

%

 

 

30.1

%

Depreciation and amortization of revenue generating assets

 

(2,762

)

 

 

(2,401

)

 

 

(10,355

)

 

 

(6,940

)

Gross profit

 

58,227

 

 

 

46,289

 

 

 

216,533

 

 

 

148,076

 

Gross profit margin

 

32.8

%

 

 

32.1

%

 

 

32.6

%

 

 

28.8

%

EBITDA and Adjusted EBITDA

EBITDA and adjusted EBITDA are performance measures. EBITDA is earnings before interest, income tax, and depreciation and amortization expenses (“EBITDA”). Adjusted EBITDA begins with EBITDA but further excludes certain non-cash costs, such as stock-based compensation and the write-off of the carrying value of investments or other assets, as well as debt extinguishment and modification expenses and other expenses and income items considered non-recurring, such as acquisition integration expenses, certain professional fees, and litigation settlements. We review the non-GAAP adjusted EBITDA measure to evaluate our business and trends, measure our performance, prepare financial projections, allocate resources, and make strategic decisions.

The reconciliation of adjusted EBITDA to its most comparable GAAP measure is provided below:

 

(in thousands)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Net (loss) income

$

(1,312

)

 

$

14,094

 

 

$

(2,150

)

 

$

1,389

 

Interest expense

 

16,272

 

 

 

11,877

 

 

 

53,554

 

 

 

36,485

 

Income tax expense (benefit)

 

3,517

 

 

 

(5,307

)

 

 

5,350

 

 

 

(5,258

)

Depreciation and amortization

 

18,006

 

 

 

17,574

 

 

 

70,681

 

 

 

49,697

 

EBITDA

 

36,483

 

 

 

38,238

 

 

 

127,435

 

 

 

82,313

 

Debt extinguishment and modification

 

 

 

 

 

 

 

 

 

 

8,322

 

Gain on sale of business and investment

 

 

 

 

(7,643

)

 

 

 

 

 

(7,643

)

Selling, general and administrative (non-recurring)

 

1,112

 

 

 

1,403

 

 

 

5,395

 

 

 

10,089

 

Non-cash stock-based compensation

 

2,024

 

 

 

864

 

 

 

6,228

 

 

 

3,213

 

Change in the fair value of contingent consideration

 

172

 

 

 

 

 

 

1,244

 

 

 

 

Adjusted EBITDA

$

39,791

 

 

$

32,862

 

 

$

140,302

 

 

$

96,294

 

Further detail of certain of these adjustments, and where these items are recorded in our consolidated statements of operations, is provided below:

 

(in thousands)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Selling, general and administrative expenses (non-recurring):

 

 

 

 

 

 

 

Certain legal fees

$

340

 

$

170

 

$

916

 

$

7,291

Professional, accounting and consulting fees

 

641

 

 

 

 

1,300

 

 

Other expenses

 

131

 

 

1,233

 

 

3,179

 

 

2,798

 

$

1,112

 

$

1,403

 

$

5,395

 

$

10,089

Priority does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of the information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for various cash and non-cash reconciling items that would be difficult to predict with reasonable accuracy. For example, stock-based compensation expense would be difficult to estimate because it depends on the Company’s future hiring and retention needs, as well as the future fair market value of the Company’s common stock, all of which are difficult to predict and subject to constant change. As a result, the Company does not believe that a GAAP reconciliation would provide meaningful supplemental information about the Company’s outlook.

About Priority Technology Holdings, Inc.

Priority is a payments technology company that leverages a purpose-built platform to enable clients to collect, store and send money, operating at scale. Priority helps its customers take and make payments while managing business and consumer operating accounts to monetize payment networks. Priority’s tailored, agile technology powers high-value payments products bolstered by industry-leading personalized support, and delivers value to its partners by leveraging its payments and embedded finance technology to deliver solutions that power modern commerce. The Company’s approach is simple – Priority handles the complexities of payments and embedded finance to free its partners to focus on their core business objectives. Priority’s solutions are offered via API or proprietary applications with nationwide money transmission licenses, providing end-to-end operational support including automated risk management and underwriting, full compliance and industry leading customer service. Additional information can be found at www.prioritycommerce.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services, and other statements identified by words such as “may,” “will,” “should,” “anticipates,” “believes,” “expects,” “plans,” “future,” “intends,” “could,” “estimate,” “predict,” “projects,” “targeting,” “potential” or “contingent,” “guidance,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, our 2023 outlook and statements regarding our market and growth opportunities. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. Our actual results could differ materially, and potentially adversely, from those discussed or implied herein.

We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings, including our most recent Annual Report on Form 10-K filed with the SEC on March 23, 2023. These filings are available online at www.sec.gov or www.prioritycommerce.com.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

Priority Technology Holdings, Inc.

Unaudited Consolidated Statements of Operations

 

(in thousands, except per share amounts)

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Revenues

$

177,555

 

 

$

144,048

 

 

$

663,641

 

 

$

514,901

 

Operating expenses

 

 

 

 

 

 

 

Cost of revenue (excludes depreciation and amortization)

 

116,566

 

 

 

95,358

 

 

 

436,753

 

 

 

359,885

 

Salary and employee benefits

 

16,846

 

 

 

12,010

 

 

 

65,077

 

 

 

43,818

 

Depreciation and amortization

 

18,006

 

 

 

17,574

 

 

 

70,681

 

 

 

49,697

 

Selling, general and administrative

 

7,938

 

 

 

6,195

 

 

 

34,965

 

 

 

28,408

 

Total operating expenses

 

159,356

 

 

 

131,137

 

 

 

607,476

 

 

 

481,808

 

Operating income

 

18,199

 

 

 

12,911

 

 

 

56,165

 

 

 

33,093

 

Other (expense) income

 

 

 

 

 

 

 

Interest expense

 

(16,272

)

 

 

(11,877

)

 

 

(53,554

)

 

 

(36,485

)

Debt extinguishment and modification costs

 

 

 

 

 

 

 

 

 

 

(8,322

)

Gain on sale of business and investment

 

 

 

 

7,643

 

 

 

 

 

 

7,643

 

Other income, net

 

278

 

 

 

110

 

 

 

589

 

 

 

202

 

Total other expense, net

 

(15,994

)

 

 

(4,124

)

 

 

(52,965

)

 

 

(36,962

)

Income (loss) before income taxes

 

2,205

 

 

 

8,787

 

 

 

3,200

 

 

 

(3,869

)

Income tax expense (benefit)

 

3,517

 

 

 

(5,307

)

 

 

5,350

 

 

 

(5,258

)

Net (loss) income

 

(1,312

)

 

 

14,094

 

 

 

(2,150

)

 

 

1,389

 

Less: Dividends and accretion attributable to redeemable senior preferred stockholders

 

(10,465

)

 

 

(8,285

)

 

 

(36,880

)

 

 

(18,009

)

Less: Non-controlling interest preferred unit redemptions

 

 

 

 

2,756

 

 

 

 

 

 

(8,021

)

Net (loss) income attributable to common stockholders

$

(11,777

)

 

$

8,565

 

 

$

(39,030

)

 

$

(24,641

)

 

 

 

 

 

 

 

 

(Loss) earnings per common share:

 

 

 

 

 

 

 

Basic

$

(0.15

)

 

$

0.11

 

 

$

(0.50

)

 

$

(0.34

)

Diluted

$

(0.15

)

 

$

0.11

 

 

$

(0.50

)

 

$

(0.34

)

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic and diluted

 

77,984

 

 

 

78,467

 

 

 

78,233

 

 

 

71,902

 

Diluted

 

77,984

 

 

 

79,013

 

 

 

78,233

 

 

 

71,902

 

 

 

 

 

 

 

 

 

`

Priority Technology Holdings, Inc.

Unaudited Consolidated Balance Sheets

 

(in thousands)

 

 

 

 

December 31, 2022

 

December 31, 2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

18,454

 

 

$

20,300

 

Restricted cash

 

10,582

 

 

 

28,859

 

Accounts receivable, net of allowances

 

78,113

 

 

 

58,423

 

Prepaid expenses and other current assets

 

11,832

 

 

 

15,807

 

Current portion of notes receivable

 

1,471

 

 

 

272

 

Settlement assets and customer/subscriber account balances

 

532,018

 

 

 

479,471

 

Total current assets

 

652,470

 

 

 

603,132

 

Notes receivable, less current portion

 

3,191

 

 

 

105

 

Property, equipment and software, net

 

34,687

 

 

 

25,233

 

Goodwill

 

369,337

 

 

 

365,740

 

Intangible assets, net

 

288,794

 

 

 

340,211

 

Deferred income taxes, net

 

16,447

 

 

 

8,265

 

Other noncurrent assets

 

8,437

 

 

 

9,256

 

Total assets

$

1,373,363

 

 

$

1,351,942

 

Liabilities, Redeemable Senior Preferred Stock and Stockholders’ Deficit

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

51,864

 

 

$

42,523

 

Accrued residual commissions

 

35,979

 

 

 

29,532

 

Customer deposits and advance payments

 

2,618

 

 

 

5,021

 

Current portion of long-term debt

 

6,200

 

 

 

6,200

 

Settlement and customer/subscriber account obligations

 

533,340

 

 

 

500,291

 

Total current liabilities

 

630,001

 

 

 

583,567

 

Long-term debt, net of current portion, discounts and debt issuance costs

 

598,926

 

 

 

604,105

 

Other noncurrent liabilities

 

11,643

 

 

 

18,349

 

Total noncurrent liabilities

 

610,569

 

 

 

622,454

 

Total liabilities

 

1,240,570

 

 

 

1,206,021

 

Redeemable senior preferred stock

 

235,579

 

 

 

210,158

 

Stockholders’ deficit:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

76

 

 

 

77

 

Additional paid-in capital

 

9,650

 

 

 

39,835

 

Treasury stock, at cost

 

(11,559

)

 

 

(4,091

)

Accumulated deficit

 

(102,208

)

 

 

(100,058

)

Total stockholders’ deficit attributable to stockholders of PRTH

 

(104,041

)

 

 

(64,237

)

Non-controlling interest

 

1,255

 

 

 

 

Total stockholders’ deficit

 

(102,786

)

 

 

(64,237

)

Total liabilities, redeemable senior preferred stock and stockholders’ deficit

$

1,373,363

 

 

$

1,351,942

 

Priority Technology Holdings, Inc.

Unaudited Consolidated Statements of Cash Flows

 

(in thousands)

Years Ended December 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net (loss) income

$

(2,150

)

 

$

1,389

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Gain and transaction costs recognized on sale of business and investment

 

 

 

 

(7,643

)

Depreciation and amortization of assets

 

70,681

 

 

 

49,697

 

Stock-based compensation

 

6,228

 

 

 

3,213

 

Amortization of debt issuance costs and discounts

 

3,521

 

 

 

2,305

 

Write-off of deferred loan costs and discount

 

 

 

 

2,580

 

Deferred income tax

 

(8,183

)

 

 

(2,559

)

Change in contingent consideration

 

2,059

 

 

 

 

PIK interest (paid)

 

 

 

 

(23,715

)

Other non-cash items, net

 

74

 

 

 

462

 

Change in operating assets and liabilities:

 

 

 

Accounts receivable

 

(19,580

)

 

 

(16,694

)

Prepaid expenses and other current assets

 

(160

)

 

 

(1,597

)

Income taxes (receivable) payable

 

6,260

 

 

 

(5,107

)

Notes receivable

 

377

 

 

 

333

 

Accounts payable and other accrued liabilities

 

19,794

 

 

 

7,018

 

Customer deposits and advance payments

 

(2,403

)

 

 

2,138

 

Other assets and liabilities, net

 

(6,000

)

 

 

(2,443

)

Net cash provided by operating activities

 

70,518

 

 

 

9,377

 

Cash flows from investing activities:

 

 

 

Acquisitions of businesses, net of cash acquired

 

(4,976

)

 

 

(407,129

)

Proceeds from sale of business and investment

 

 

 

 

15,278

 

Additions to property, equipment and software

 

(18,882

)

 

 

(9,719

)

Notes receivable loan funding

 

(4,662

)

 

 

 

Acquisitions of assets and other investing activities

 

(7,983

)

 

 

(49,463

)

Net cash (used in) provided by investing activities

 

(36,503

)

 

 

(451,033

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of long-term debt, net of issue discount

 

 

 

 

607,318

 

Debt issuance and modification costs paid

 

 

 

 

(9,073

)

Repayments of long-term debt

 

(6,200

)

 

 

(361,425

)

Borrowings under revolving credit facility

 

29,500

 

 

 

30,000

 

Repayments of borrowings under revolving credit facility

 

(32,000

)

 

 

(15,000

)

Proceeds from the issuance of redeemable senior preferred stock, net of discount

 

 

 

 

219,062

 

Redeemable senior preferred stock issuance fees and costs

 

 

 

 

(8,098

)

Repurchases of Common Stock and shares withheld for taxes

 

(7,468

)

 

 

(1,703

)

Dividends paid to redeemable senior preferred stockholders

 

(11,459

)

 

 

(7,460

)

Profit distributions to redeemable NCIs of subsidiaries

 

 

 

 

(815

)

Proceeds from exercise of stock options

 

 

 

 

1,196

 

Settlement and customer/subscriber accounts obligations, net

 

43,143

 

 

 

417,627

 

Payment of contingent consideration

 

(7,014

)

 

 

 

Net cash (used in) provided by financing activities

 

8,502

 

 

 

871,629

 

Net change in cash and cash equivalents, and restricted cash:

 

 

 

Net increase in cash and cash equivalents, and restricted cash

 

42,517

 

 

 

429,973

 

Cash and cash equivalents, and restricted cash at beginning of period

 

518,093

 

 

 

88,120

 

Cash and cash equivalents, and restricted cash equivalents at end of period

$

560,610

 

 

$

518,093

 

 

 

 

 

Reconciliation of cash and cash equivalents, and restricted cash:

 

 

 

Cash and cash equivalents

$

18,454

 

 

$

20,300

 

Restricted cash

 

10,582

 

 

 

28,859

 

Cash and cash equivalents included in settlement assets and customer/subscriber account balances

 

531,574

 

 

 

468,934

 

Total cash and cash equivalents, and restricted cash

$

560,610

 

 

$

518,093

 

Priority Technology Holdings, Inc.

Unaudited Reportable Segments’ Results

 

(in thousands)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

 

2022

 

2021

 

2022

 

2021

SMB Payments:

 

 

 

 

 

 

 

 

Revenue

 

$

149,880

 

 

$

121,482

 

 

$

562,237

 

 

$

475,630

 

Operating expenses

 

 

134,942

 

 

 

110,978

 

 

 

507,371

 

 

 

422,746

 

Operating income

 

$

14,938

 

 

$

10,504

 

 

$

54,866

 

 

$

52,884

 

Operating margin

 

 

10.0

%

 

 

8.6

%

 

 

9.8

%

 

 

11.1

%

Depreciation and amortization

 

$

11,081

 

 

$

11,014

 

 

$

43,925

 

 

$

41,144

 

Key indicators:

 

 

 

 

 

 

 

 

Merchant bankcard processing dollar value

 

$

14,862,635

 

 

$

13,847,825

 

 

$

59,440,491

 

 

$

53,411,622

 

Merchant bankcard transaction volume

 

 

160,492

 

 

 

147,138

 

 

 

636,576

 

 

 

578,102

 

B2B Payments:

 

 

 

 

 

 

 

 

Revenue

 

$

2,802

 

 

$

5,416

 

 

$

18,890

 

 

$

17,138

 

Operating expenses

 

 

3,883

 

 

 

4,865

 

 

 

18,682

 

 

 

17,003

 

Operating income (loss)

 

$

(1,081

)

 

$

551

 

 

$

208

 

 

$

135

 

Operating margin

 

 

(38.6

)%

 

 

10.2

%

 

 

1.1

%

 

 

0.8

%

Depreciation and amortization

 

$

303

 

 

$

74

 

 

$

744

 

 

$

294

 

Key indicators:

 

 

 

 

 

 

 

 

Merchant bankcard processing dollar value

 

$

146,595

 

 

$

97,447

 

 

$

526,812

 

 

$

323,502

 

Merchant bankcard transaction volume

 

 

65

 

 

 

77

 

 

 

304

 

 

 

220

 

Enterprise Payments:

 

 

 

 

 

 

 

 

Revenue

 

$

24,873

 

 

$

17,150

 

 

$

82,514

 

 

$

22,133

 

Operating expenses

 

 

13,440

 

 

 

11,952

 

 

 

51,577

 

 

 

15,370

 

Operating income

 

$

11,433

 

 

$

5,198

 

 

$

30,937

 

 

$

6,763

 

Operating margin

 

 

46.0

%

 

 

30.3

%

 

 

37.5

%

 

 

30.6

%

Depreciation and amortization

 

$

6,293

 

 

$

6,219

 

 

$

24,892

 

 

$

7,158

 

Key indicators:

 

 

 

 

 

 

 

 

Merchant bankcard processing dollar value

 

$

571,485

 

 

$

13,573

 

 

$

1,760,518

 

 

$

52,376

 

Merchant bankcard transaction volume

 

 

756

 

 

 

144

 

 

 

2,779

 

 

 

549

 

Average billed clients

 

 

424,601

 

 

 

341,339

 

 

 

380,233

 

 

 

345,828

 

 

 

 

 

 

 

 

 

 

Operating income of reportable segments

 

$

25,290

 

 

$

16,253

 

 

$

86,011

 

 

$

59,782

 

Less: Corporate expense

 

 

(7,091

)

 

 

(3,342

)

 

 

(29,846

)

 

 

(26,689

)

Consolidated operating income

 

$

18,199

 

 

$

12,911

 

 

$

56,165

 

 

$

33,093

 

Corporate depreciation and amortization

 

$

329

 

 

$

267

 

 

$

1,120

 

 

$

1,101

 

Key indicators:

 

 

 

 

 

 

 

 

Merchant bankcard processing dollar value

 

$

15,580,715

 

 

$

13,958,845

 

 

$

61,727,821

 

 

$

53,787,500

 

Merchant bankcard transaction volume

 

 

161,313

 

 

 

147,359

 

 

 

639,659

 

 

 

578,871

 

Average number of billed clients

 

 

424,601

 

 

 

341,339

 

 

 

380,233

 

 

 

345,828

 

 

Contacts

Priority Investor Inquiries:

Chris Kettmann

ckettmann@lincolnchurchilladvisors.com
(773) 497-7575

error: Content is protected !!
Exit mobile version