Priority Technology Holdings recognizes widespread demand for a suite of SaaS (Software-as-a-Service) services that include both payments and banking.
The company recorded strong performance in each of its three business segments. tom priorePriority Technology Holdings’ Chairman and CEO said this on Thursday (May 9th) during the company’s quarterly earnings call.
“We maintained the momentum we established throughout 2023, delivering solid results in SMB acquisitions and B2B accounts payable.” and Payments to businesses are expected in the first quarter,” Priore said on a conference call. “Our unified commerce vision continues to resonate with our customers by consolidating payments and banking functions on a single platform, positioning our company to benefit from rising interest rates and perform in a variety of macroeconomic conditions. Accelerated by the strengths of our diverse business sectors,” including the environment we are experiencing today. ”
Priority’s first-quarter revenue in the company’s Small and Medium-sized Business (SMB) Acquiring Solutions business segment fell 7% compared to the same period last year, according to a study. presentation Release at the call.
The company blamed the decline on one major reseller, saying that without that reseller, sales would have increased 8%. Continuing, compared to the previous quarter, the SMB business segment’s revenue increased by 3%.
“As discussed in a previous conference call, our leading reseller partner began diversifying its processing activities in the second quarter of 2023, and that effort was completed in the fourth quarter,” said Preferred Chief Financial Officer. says. Tim O’Leary I said during the call.
In the B2B business segment, Priority’s revenue grew 658% year over year. plastic and CPX An offering.plastic I participated Company established in August 2023.
The company’s third business segment, Enterprise, saw a 50% year-over-year increase in sales. Some of the growth priorities here are: passport Program Manager, Deposit Balance and Interest level.
Overall, Priority’s revenue increased 11.2% year over year, from $185 million in the first quarter of 2023 to $205.7 million in the first quarter of 2024, according to the presentation.
Looking to the future, the company is All year round According to Thursday’s announcement, 2024 guidance calls for sales to increase 16% to 18% year over year. earnings release.
“Our track record shows that our partners are consistently choosing unified commerce applications for acquisition and accounts payable processing. and Choose the best bank for your business to accelerate cash flow and optimize working capital,” Priore said on the conference call. “was laser focus We are committed to continued innovation of our suite of SaaS payments and banking services and Accelerated Commerce Engine, and are passionate about meeting the evolving needs of our growing portfolio of customers and enterprise partners. ”
