Priority technological shares is seeing widespread demand for its suite of services that includes software-as-a-service (SaaS) payments and banking services.
The company recorded strong performance in each of its three business segments, Tom Priorepresident and CEO of Priority Technology Holdings said Thursday (May 9) during the company’s quarterly earnings call.
“Maintaining the momentum we established throughout 2023, we delivered solid results in small and medium business acquisitions, B2B accounts payable It is corporate payments in the first quarter,” Priore said during the conference call. “Our vision of unified commerce has continued to resonate with our customers, combining payments and banking functionality on a single platform, accelerated by the strength of our diverse lines of business, where we are positioned to benefit from higher interest rates and to operate in a variety of macroeconomic aspects. environments, including the one we are experiencing today.”
In the company’s small and midsize business (SMB) procurement solutions business segment, Priority’s revenue in the first quarter was 7% lower than the same quarter a year ago, according to a presentation released in conjunction with the call.
The company attributed the drop to a single large dealer, saying that excluding that dealer, its revenue would have increased by 8%. Sequentially, compared to the previous quarter, SMB enterprise segment revenue increased 3%.
“As discussed in previous calls, a large reseller partner began diversifying its processing activity in the second quarter of 2023 and this effort was completed in the fourth quarter,” said Priority Chief Financial Officer Tim O’Leary he said during the call.
In the B2B business segment, Priority saw its revenue increase 658% year over year (YoY), driven by both its Plastic It is CPX offers. Plastic joined the company in August 2023.
The company’s third business segment, enterprise, saw a 50% increase in annual revenue. Priority attributed its growth here, in part, to increased Passport program managers, deposit balances It is interest rate.
Overall, Priority’s revenue increased 11.2% year over year, rising 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 full year Guidance for 2024 calls for annual revenue growth of 16% to 18%, according to a Thursday disclosure of results.
“Our performance demonstrates that partners consistently choose unified commerce applications across procurement, accounts payable It is bank that best adapts to your business to accelerate cash flow and optimize your working capital,” said Priore during the conference call. “They were laser focused We are committed to continued innovation across our suite of SaaS banking and payments services and the Accelerated Commerce Engine and look forward to meeting the evolving needs of our growing portfolio of customers and enterprise partners.”
