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Priority Technology Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports consolidated revenue of $227 million for the quarter, an increase from $189 million in the same period the previous year. This growth is attributed to increased merchant bankcard volume and new enrollments.
Operating expenses for the quarter totaled $188.96 million, up from $165.51 million in the previous year. The increase is primarily due to higher costs of revenue and salary expenses.
The company reported an operating income of $38.09 million, compared to $23.51 million in the previous year. This increase is driven by higher revenues.
Interest expense for the quarter was $23.25 million, up from $19.99 million, due to increased outstanding debt balances.
Net income for the quarter was $10.61 million, compared to a net loss of $87,000 in the previous year. After preferred dividends, net income attributable to common stockholders was $5.49 million.
Cash provided by operating activities was $61.85 million, while cash used in investing activities was $24.73 million. Cash provided by financing activities was $84.72 million.
The company had a working capital of $37.69 million as of September 30, 2024. It reports sufficient liquidity to meet its short-term and long-term obligations.
The filing also details the refinancing of its credit facilities, resulting in a new term loan facility and revolving credit facility.
Priority Technology Holdings does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its payments and banking fintech services, leveraging its commerce engine to streamline financial operations for businesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Priority Technology Holdings Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.