Priority Technology Holdings, Inc. Announces Fourth Quarter and Full Year 2020 Financial Results | Nachricht – Digitalmunition




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Published on March 17th, 2021 📆 | 3077 Views ⚑

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Priority Technology Holdings, Inc. Announces Fourth Quarter and Full Year 2020 Financial Results | Nachricht

ALPHARETTA, Ga., March 16, 2021 /PRNewswire/ — Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority” or the “Company”), a leading provider of merchant acquiring, integrated payment software and commercial payment solutions, today announced its fourth quarter financial results including strong year-over-year revenue growth and further deleveraging during the quarter.

Highlights of Consolidated Results

Fourth Quarter 2020, Compared with Fourth Quarter 2019

Financial highlights of the fourth quarter of 2020 compared with the fourth quarter of 2019, are as follows:

  • Revenue of $106.1 million increased 8.1% from $98.2 million.
  • Gross profit (a non-GAAP measure1) of $32.5 million increased 3.2% from $31.4 million.
  • Gross profit margin (a non-GAAP measure1) of 30.6% decreased 144 basis points from 32.0%.
  • Income from operations of $6.2 million increased 489.3% from $1.1 million.
  • Net loss of $1.0 million compares with a net loss of $7.2 million.
  • Diluted loss per share of $0.01 compares with a diluted loss per share of $0.11.
  • Adjusted EBITDA (a non-GAAP measure1) of $18.2 million increased 12.7% from $16.2 million.
  • Total net leverage ratio of 5.85x at December 31, 2020 decreased from 6.16x at September 30, 20202.

The fourth quarter of 2019 includes the results of the RentPayment business sold to MRI Software in September 2020. The fourth quarter of 2020 compared with the results of the fourth quarter of 2019, excluding the RentPayment business3, are as follows:

  • Revenue increased 12.3% from $94.5 million.
  • Gross profit (a non-GAAP measure1) increased 15.5% from $28.2 million.
  • Gross profit margin (a non-GAAP measure1) increased 84 basis points from 29.8%.
  • Adjusted EBITDA (a non-GAAP measure1) increased 35.2% from $13.6 million.

Full Year 2020, Compared with Full Year 2019

Financial highlights of the full year 2020 compared with the full year 2019, are as follows:

  • Revenue of $404.3 million increased 8.7% from $371.9 million.
  • Gross profit (a non-GAAP measure1) of $127.0 million increased 6.4% from $119.3 million.
  • Gross profit margin (a non-GAAP measure1) of 31.4% decreased 68 basis points from 32.1%.
  • Income from operations of $20.9 million increased 190.4% from $7.2 million.
  • Net income of $25.7 million, which includes the pre-tax gain from the sale of the RentPayment business, net of non-controlling interests (“NCIs”), of $62.1 million, compares with a net loss of $33.6 million.
  • Diluted income per share of $0.38 compares with a diluted loss per share of $0.50.
  • Adjusted EBITDA (a non-GAAP measure1) of $70.3 million increased 19.4% from $58.9 million.

The consolidated results include the results of the RentPayment business from March 1, 2019 through September 22, 2020. Excluding the RentPayment business3, results for the full year 2020 compared with the results for the full year 2019 are as follows:

  • Revenue of $392.3 million increased 8.9% from $360.2 million.
  • Gross profit (a non-GAAP measure1) of $116.3 million increased 6.9% from $108.8 million.
  • Gross profit margin (a non-GAAP measure1) of 29.6% decreased 55 basis points from 30.2%.
  • Adjusted EBITDA (a non-GAAP measure1) of $62.1 million increased 25.0% from $49.7 million.

(1) See “Non-GAAP Financial Measures” and the reconciliations of Gross Profit, Gross Profit Margin, and Adjusted EBITDA to their most comparable GAAP measures provided below for additional information.
(2) See “Non-GAAP Financial Measures” and the calculation of Total Net Leverage Ratio for the year ended December 31, 2020, provided below for additional information.
(3) See “Results With and Without RentPayment” for a summary of the results for the three and the twelve months ended December 31, 2020 and 2019, excluding the actual results of the RentPayment business sold in September 2020.

“The momentum that we built in the third quarter continued through the fourth quarter and while these successes would have been meaningful in any year, I am especially proud of our team given the challenges presented by the pandemic,” said Tom Priore, Chairman and Chief Executive Officer of Priority. “We produced growth in revenue, gross profit and adjusted EBITDA and with our Finxera acquisition, we will be a one stop-shop for payments and virtual bank account management that today’s merchants and modern software companies are seeking in order to manage and monetize their payment networks.”

“We have executed on our plan to build out our Payment Infrastructure as a Service (PIaaS) solutions while continuing to grow our consumer, commercial and integrated payments divisions,” continued Priore. “We enter 2021 in growth mode with strong activity and a solid pipeline. We expect that the strength of our core acquiring business and complimentary high growth, countercyclical payment assets will drive strong financial performance in 2021.”

Conference Call

Priority Technology Holdings, Inc.’s leadership will host a conference call on Wednesday, March 17, 2021 at 11:00 a.m. EST to discuss its fourth quarter and full year 2020 financial results. Participants can access the call by Phone: US/Canada: (877) 501-3161 or International: (786) 815-8443.

The Internet webcast link and accompanying slide presentation can be accessed at https://edge.media-server.com/mmc/p/9rjzgeoo and will also be posted in the “Investor Relations” section of the Company’s website at www.PRTH.com.

An audio replay of the call will be available shortly after the conference call until March 20, 2021 at 1:30 p.m. EST. To listen to the audio replay, dial (855) 859-2056 or (404) 537-3406 and enter conference ID number 6918659. Alternatively, you may access the webcast replay in the “Investor Relations” section of the Company’s website at www.PRTH.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.

Gross Profit and Gross Profit Margin

The Company’s non-GAAP gross profit metric represents revenues less costs of services. Gross profit margin is gross profit divided by revenues. We review these non-GAAP measures to evaluate our underlying profit trends. The reconciliation of gross profit to its most comparable GAAP measure is provided below:

(in thousands)

Three Months Ended December 31,

Twelve Months Ended December 31,

2020

2019

2020

2019

Revenues

$

106,091

$

98,183

$

404,342

$

371,854

Costs of Services

(73,641)

(66,742)

(277,374)

(252,569)

Gross Profit

$

32,450

$

31,441

$

126,968

$

119,285

Gross Profit Margin

30.6

%

32.0

%

31.4

%

32.1

%

EBITDA, Adjusted EBITDA and Consolidated 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. Consolidated adjusted EBITDA, which is a liquidity measure used in determining our total net leverage ratio, is adjusted EBITDA further adjusted for items specified in the definition of consolidated adjusted EBITDA within our debt agreements, which include the pro-forma impact of acquisitions and dispositions and other specified adjustments. 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.

We review the non-GAAP consolidated adjusted EBITDA to evaluate compliance with our total net leverage ratio at each measurement period. The reconciliation of adjusted EBITDA to its most comparable GAAP measure is provided below:

(in thousands)

Three Months Ended December 31,

Twelve Months Ended December 31,

2020

2019

2020

2019

Net (loss) income

$

(1,004)

$

(7,169)

$

25,661

$

(33,589)

Interest expense

9,385

10,051

44,839

40,653

Income tax (benefit) expense

(2,020)

(1,638)

10,899

830

Depreciation and amortization

9,889

10,329

40,775

39,092

EBITDA

16,250

11,573

122,174

46,986

Gain on sale, net of NCIs

(62,091)

Debt extinguishment and modification

1,899

Write-off of equity-method investment

211

Selling, general and administrative

1,180

4,310

5,710

8,266

Non-cash stock-based compensation

803

298

2,430

3,652

Adjusted EBITDA

$

18,233

$

16,181

$

70,333

$

58,904

Reconciliation to Consolidated Adjusted EBITDA for the twelve months ended December 31, 2020:

Adjusted EBITDA

$

70,333

Allowable Board fee add-back

1,500

Other adjustments

161

RentPayment 2020 adjusted EBITDA

(8,221)

Consolidated Adjusted EBITDA

$

63,773

Consolidated Total Debt at December 31, 2020:

Current portion of long-term debt

$

19,442

Long-term debt, net of discounts and deferred financing costs

357,873

Unamortized debt discounts and deferred financing costs

4,725

382,040

Less unrestricted cash

(9,241)

Consolidated Net Debt

$

372,799

Total Net Leverage Ratio

5.85x

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,

Twelve Months Ended
December 31,

2020

2019

2020

2019

Segment

Selling, general and administrative expense:

Acquisition integration services

$

(119)

$

1,723

$

2,628

$

2,910

Integrated Partners

Intangible carrying value adjustment

773

1,753

Consumer

Legal and professional fees

416

3,173

1,941

6,353

Corporate

Legal settlements

3

34

(719)

(377)

Corporate

Change in fair value of contingent consideration

(360)

(620)

(360)

(620)

Consumer

Write-down of note receivable

467

467

Consumer

$

1,180

$

4,310

$

5,710

$

8,266

Salary and employee benefit expense:

Non-cash stock-based compensation

$

108

$

141

$

440

$

1,572

Consumer

Non-cash stock-based compensation

27

32

122

588

Commercial

Non-cash stock-based compensation

1

1

2

3

Integrated Partners

Non-cash stock-based compensation

667

124

1,866

1,489

Corporate

$

803

$

298

$

2,430

$

3,652

Other:

Debt extinguishment and modification

$

1,899

Write-off of equity-method investment

211

$

2,110

Gain on sale of business

$

107,239

Attributable to NCIs

(45,148)

Gain on sale, net of NCIs

$

62,091

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 leading provider of merchant acquiring, integrated payment software and commercial payment solutions, offering unique product and service capabilities to its merchant network and distribution partners. Priority’s enterprise operates from a purpose-built business platform that includes tailored customer service offerings and bespoke technology development, allowing the Company to provide end-to-end solutions for payment and payment-adjacent opportunities. Additional information can be found at www.PRTH.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, expected timing of the closing of Priority Technology Holdings, Inc.’s (“Priority”, “we”, “our”, or “us”) merger with Finxera Holdings, Inc. (“Finxera”) and our 2021 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. These forward-looking statements may include, but are not limited to, statements about the effects of the COVID-19 pandemic on our revenues and financial operating results. 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 30, 2020. These filings are available online at www.sec.gov or www.PRTH.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.
Condensed Consolidated Statements of Operations
Unaudited

(in thousands, except per share amounts)

Three Months Ended
December 31,

Year Ended
December 31,

2020

2019

2020

2019

REVENUES

$

106,091

$

98,183

$

404,342

$

371,854

OPERATING EXPENSES:

Costs of services

73,641

66,742

277,374

252,569

Salary and employee benefits

9,812

10,291

39,507

42,214

Depreciation and amortization

9,889

10,329

40,775

39,092

Selling, general and administrative

6,520

9,764

25,825

30,795

Total operating expenses

99,862

97,126

383,481

364,670

Income from operations

6,229

1,057

20,861

7,184

OTHER (EXPENSES) INCOME:

Interest expense

(9,385)

(10,051)

(44,839)

(40,653)

Debt extinguishment and modification costs

(1,899)

Gain on sale of business

107,239

Other income, net

182

187

596

710

Total other (expenses) income, net

(9,203)

(9,864)

61,097

(39,943)

(Loss) income before income taxes

(2,974)

(8,807)

81,958

(32,759)

Income tax (benefit) expense

(2,020)

(1,638)

10,899

830

Net (loss) income

(954)

(7,169)

71,059

(33,589)

Less net income attributable to non-controlling interests

(50)

(45,398)

Net (loss) income attributable to stockholders of
Priority Technology Holdings, Inc.

$

(1,004)

$

(7,169)

$

25,661

$

(33,589)

Income (loss) per common share:

Basic and diluted

$

(0.01)

$

(0.11)

$

0.38

$

(0.50)

Weighted-average common shares and equivalents:

Basic

67,288

67,019

67,158

67,086

Diluted

67,532

67,019

67,263

67,086

PRIORITY TECHNOLOGY HOLDINGS, INC.
Condensed Consolidated Balance Sheets

(in thousands)

Unaudited

December 31, 2020

December 31, 2019

ASSETS

Current assets:

Cash

$

9,241

$

3,234

Restricted cash

78,879

47,231

Accounts receivable, net of allowance for doubtful accounts

41,321

37,993

Prepaid expenses and other current assets

3,500

3,897

Current portion of notes receivable

2,190

1,326

Settlement assets

753

533

Total current assets

135,884

94,214

Notes receivable, less current portion

5,527

4,395

Property, equipment and software, net

22,875

23,518

Goodwill

106,832

109,515

Intangible assets, net

98,057

182,826

Deferred income taxes, net

46,697

49,657

Other non-current assets

1,957

380

Total assets

$

417,829

$

464,505

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable and accrued expenses

$

29,821

$

26,965

Accrued residual commissions

23,824

19,315

Customer deposits and advance payments

2,883

4,928

Current portion of long-term debt

19,442

4,007

Settlement obligations

72,878

37,789

Total current liabilities

148,848

93,004

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

357,873

485,578

Other non-current liabilities

9,672

6,612

Total long-term liabilities

367,545

492,190

Total liabilities

516,393

585,194

Stockholders’ deficit:

Preferred stock

Common stock

68

68

Treasury stock, at cost

(2,388)

(2,388)

Additional paid-in capital

5,769

3,651

Accumulated deficit

(102,013)

(127,674)

Total Priority Technology Holdings, Inc. stockholders’ deficit

(98,564)

(126,343)

Non-controlling interest in subsidiary

5,654

Total stockholders’ deficit

(98,564)

(120,689)

Total liabilities and stockholders’ deficit

$

417,829

$

464,505

PRIORITY TECHNOLOGY HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
Unaudited

(in thousands)

Year Ended December 31,

2020

2019

Cash flows from operating activities:

Net income (loss)

$

71,059

$

(33,589)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Gain recognized on sale of business

(107,239)

Transaction costs upon sale of business

(5,383)

Depreciation and amortization of assets

40,775

39,092

Equity-classified and liability-classified stock compensation

2,430

3,652

Amortization of debt issuance costs and discounts

2,396

1,667

Deferred income tax expense, net of change in allowance

2,960

765

Payment-in-kind interest

8,573

5,126

Write off of deferred loan costs and discount

1,523

Impairment charges for intangible assets

1,753

Other non-cash items, net

84

(1,428)

Change in operating assets and liabilities, excluding business sale:

Accounts receivable

(5,160)

(1,736)

Settlement assets and obligations, net

34,870

27,284

Prepaid expenses and other current assets

65

(1,230)

Notes receivable

(2,230)

(390)

Accounts payable and other accrued liabilities

1,343

(1,061)

Customer deposits and advance payments

(2,045)

1,646

Other assets and liabilities, net

1,298

(434)

Net cash provided by operating activities

47,072

39,364

Cash flows from investing activities:

Sale of business

179,416

Additions to property, equipment and software

(7,461)

(11,118)

Acquisitions of intangible assets

(5,559)

(82,945)

Notes receivable loan funding

(3,500)

Other investing activity

(184)

Net cash provided by (used in) investing activities

166,396

(97,747)

Cash flows from financing activities:

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

69,650

Repayments of long-term debt

(110,507)

(3,828)

Profit distributions to non-controlling interests of subsidiaries

(45,398)

Borrowings under revolving credit facility

7,000

14,000

Repayments under revolving credit facility

(18,505)

(2,500)

Debt issuance and modification costs (paid) refunded

(2,749)

83

Redemption of redeemable non-controlling interest of subsidiary

(5,654)

Repurchases of common stock

(2,388)

Net cash (used in) provided by financing activities

(175,813)

75,017

Net change in cash and restricted cash:

Net increase in cash and restricted cash

37,655

16,634

Cash and restricted cash at beginning of year

50,465

33,831

Cash and restricted cash at end of year

$

88,120

$

50,465

PRIORITY TECHNOLOGY HOLDINGS, INC.
Reportable Segments’ Results
Unaudited

(in thousands)

Three Months Ended December 31,

Year Ended December 31,

2020

2019

2020

2019

Consumer Payments:

Revenue

$

100,777

$

87,394

$

367,816

$

330,599

Operating expenses

87,905

77,453

329,424

298,362

Income from operations

$

12,872

$

9,941

$

38,392

$

32,237

Operating margin

12.8

%

11.4

%

10.4

%

9.8

%

Depreciation and amortization

$

9,281

$

8,627

$

35,002

$

32,842

Key indicators:

Merchant bankcard processing dollar value

$

11,070,937

$

10,752,475

$

41,703,661

$

42,303,880

Merchant bankcard transaction volume

120,344

129,176

455,240

511,852

Commercial Payments:

Revenue

$

3,905

$

6,488

20,922

25,980

Operating expenses

4,390

6,264

19,999

26,871

Income (loss) from operations

$

(485)

$

224

$

923

$

(891)

Operating margin

(12.4)

%

3.5

%

4.4

%

(3.4)

%

Depreciation and amortization

$

75

$

75

$

306

$

323

Key indicators:

Merchant bankcard processing dollar value

$

53,775

$

75,626

$

249,004

$

312,342

Merchant bankcard transaction volume

29

25

99

109

Integrated Partners:

Revenue

$

1,409

$

4,301

$

15,604

$

15,275

Operating expenses

1,471

4,918

14,200

14,550

Income from operations

$

(62)

$

(617)

$

1,404

$

725

Operating margin

(4.4)

%

(14.3)

%

9.0

%

4.7

%

Depreciation and amortization

$

251

$

1,312

$

4,299

$

4,398

Key indicators:

Merchant bankcard processing dollar value

$

11,940

$

126,207

$

364,084

$

386,101

Merchant bankcard transaction volume

109

467

1,316

1,380

Income from operations of reportable segments

$

12,325

$

9,548

$

40,719

$

32,071

Less: Corporate expense

(6,096)

(8,491)

(19,858)

(24,887)

Consolidated income from operations

$

6,229

$

1,057

$

20,861

$

7,184

Corporate depreciation and amortization

$

282

$

315

$

1,168

$

1,529

Key indicators:

Merchant bankcard processing dollar value

$

11,136,652

$

10,954,308

$

42,316,749

$

43,002,323

Merchant bankcard transaction volume

120,482

129,668

456,655

513,341

PRIORITY TECHNOLOGY HOLDINGS, INC.
Results With and Without RentPayment
Unaudited

(in thousands)

(in thousands)

Twelve Months Ended December 31, 2020

Twelve Months Ended December 31, 2019

Consolidated

RentPayment

Excl RentPayment

Consolidated

RentPayment

Excl RentPayment

Revenues

$

404,342

$

12,042

$

392,300

$

371,854

$

11,694

$

360,160

Operating Expenses:

Costs of services

277,374

1,362

276,012

252,569

1,166

251,403

Salary and employee benefits

39,507

1,649

37,858

42,214

882

41,332

Depreciation and amortization

40,775

3,668

37,107

39,092

4,031

35,061

Selling, general and administrative

25,825

3,538

22,287

30,795

3,340

27,455

Total operating expenses

383,481

10,217

373,264

364,670

9,419

355,251

Income from operations

20,861

1,825

19,036

7,184

2,275

4,909

Depreciation and amortization

40,775

3,668

37,107

39,092

4,031

35,061

Other income, net

807

807

710

710

Net income attributable to NCIs

(250)

(250)

Non-cash stock-based compensation

2,430

2,430

3,652

3,652

Legal and professional fees

1,941

1,941

6,353

6,353

Legal settlements

(719)

100

(819)

(377)

(377)

Acquisition integration services

2,628

2,628

2,910

2,910

Intangible carrying value adjustment

1,753

1,753

Change in FV of contingent consideration

(360)

(360)

(620)

(620)

Write-down of note receivable

467

467

Adjusted EBITDA

$

70,333

$

8,221

$

62,112

$

58,904

$

9,216

$

49,688

PRIORITY TECHNOLOGY HOLDINGS, INC.
Results With and Without RentPayment
Unaudited

(in thousands)

(in thousands)

Fourth Quarter 2020

Fourth Quarter 2019

Consolidated

RentPayment (1)

Excl RentPayment

Consolidated

RentPayment

Excl RentPayment

Revenues

$

106,091

$

(76)

$

106,167

$

98,183

$

3,636

$

94,547

Operating Expenses:

Costs of services

73,641

(7)

73,648

66,742

362

66,380

Salary and employee benefits

9,812

23

9,789

10,291

441

9,850

Depreciation and amortization

9,889

9,889

10,329

1,208

9,121

Selling, general and administrative

6,520

(113)

6,633

9,764

1,935

7,829

Total operating expenses

99,862

(97)

99,959

97,126

3,946

93,180

Income (loss) from operations

6,229

21

6,208

1,057

(310)

1,367

Depreciation and amortization

9,889

9,889

10,329

1,208

9,121

Other income, net

182

182

187

187

Net income attributable to NCIs

(50)

(50)

Non-cash stock-based compensation

803

803

298

298

Legal and professional fees

416

416

3,173

3,173

Legal settlements

3

3

34

34

Acquisition integration services

(119)

(119)

1,723

1,723

Intangible carrying value adjustment

773

773

Change in FV of contingent consideration

(360)

(360)

(620)

(620)

Write-down of note receivable

467

467

Adjusted EBITDA

$

18,233

$

(98)

$

18,331

$

16,181

$

2,621

$

13,560

(1)

RentPayment activity in the fourth quarter of 2020 relates to finalization of pre-sale operations.

View original content:http://www.prnewswire.com/news-releases/priority-technology-holdings-inc-announces-fourth-quarter-and-full-year-2020-financial-results-301248893.html

SOURCE Priority Technology Holdings, Inc.

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