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Priority Technology Holdings Inc. (PRTH+3.91%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations across its three primary business segments: SMB Payments, B2B Payments, and Enterprise Payments. Priority Technology Holdings reported a total revenue of $879.7 million for the year, reflecting a 16.4% increase from the previous year.
The SMB Payments segment generated $613.5 million in revenue, an increase attributed to higher merchant card fee rates and increased transaction volumes. The B2B Payments segment reported a revenue of $89.1 million, driven by the acquisition of Plastiq and increased volumes in the CPX business.
The Enterprise Payments segment reported $180.4 million in revenue, benefiting from increased customer enrollments and higher interest income from customer balances.
The company reported an operating income of $133.4 million, up from $81.5 million in the previous year. Net income for the year was $24.0 million, compared to a net loss of $1.3 million in 2023.
Priority Technology Holdings highlighted a material weakness in its internal controls over financial reporting related to the design and operation of certain automated controls. The company is taking steps to remediate this issue.
The company completed a refinancing of its credit facilities, entering into a new Credit Agreement providing a $950 million term loan and a $70 million revolving credit facility. Proceeds were used to repay existing debt and redeem redeemable senior preferred stock.
Priority Technology Holdings also settled a class action lawsuit related to alleged non-consensual recordation of telephonic communications, agreeing to a settlement payment of $19.5 million.
The company does not anticipate paying cash dividends on its common stock in the foreseeable future, as it intends to retain earnings for operations and debt repayment.
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. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.