Priority Technology Holdings Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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FY2023 · Filed Mar 12, 2024
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3. Revenues
- Revenues
Disaggregation of Revenues
The following table presents a disaggregation of our consolidated revenues by type:
| Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Revenue Type: | |||
| Merchant card fees | $595,205 | $553,037 | $468,764 |
| Money transmission services | 98,137 | 71,536 | 19,415 |
| Outsourced services and other services | 49,600 | 29,627 | 21,033 |
| Equipment | 12,670 | 9,441 | 5,689 |
| Total revenues(1)(2) | $755,612 | $663,641 | $514,901 |
(1)Includes contracts with an original duration of one year or less and variable consideration under a stand-ready series of distinct days of service. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.
(2)Approximately $33.4 million, $7.5 million and $0.7 million, of interest income for the years ended December 31, 2023, 2022 and 2021, respectively, is included in outsourced services and other services revenue in the table above.
The following table presents a disaggregation of our consolidated revenues by segment:
| Year Ended December 31, 2023 | |||||
|---|---|---|---|---|---|
| (in thousands) | Merchant Card Fees | Money Transmission Services | Outsourced and Other Services | Equipment | Total |
| Segment | |||||
| SMB | $563,878 | $— | $6,322 | $12,670 | $582,870 |
| B2B | 31,114 | — | 9,612 | — | 40,726 |
| Enterprise | 213 | 98,137 | 33,666 | — | 132,016 |
| Total revenues | $595,205 | $98,137 | $49,600 | $12,670 | $755,612 |
| Year Ended December 31, 2022 | |||||
|---|---|---|---|---|---|
| (in thousands) | Merchant Card Fees | Money Transmission Services | Outsourced and Other Services | Equipment | Total |
| Segment | |||||
| SMB | $549,646 | $— | $3,150 | $9,441 | $562,237 |
| B2B | 3,391 | — | 15,499 | — | 18,890 |
| Enterprise | — | 71,536 | 10,978 | — | 82,514 |
| Total revenues | $553,037 | $71,536 | $29,627 | $9,441 | $663,641 |
| Year Ended December 31, 2021 | |||||
|---|---|---|---|---|---|
| (in thousands) | Merchant Card Fees | Money Transmission Services | Outsourced and Other Services | Equipment | Total |
| Segment | |||||
| SMB | $466,819 | $— | $3,122 | $5,689 | $475,630 |
| B2B | 1,945 | — | 15,193 | — | 17,138 |
| Enterprise | — | 19,415 | 2,718 | — | 22,133 |
| Total revenues | $468,764 | $19,415 | $21,033 | $5,689 | $514,901 |
Deferred revenues were not material for the years ended December 31, 2023, 2022 and 2021.
Contract Assets and Contract Liabilities
Material contract assets and liabilities are presented net at the individual contract level in the Consolidated Balance Sheets and are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations.
Contract liabilities were $0.6 million, $0.2 million and $1.3 million as of December 31, 2023, 2022, and 2021, respectively. Substantially all of these balances are recognized as revenue within 12 months.
Net contract assets were not material for any period presented.
Impairment losses recognized on receivables or contract assets arising from the Company's contracts with customers were $0.5 million for the year ended December 31, 2023. For the years ended December 31, 2022 or 2021, the impairment losses on receivables or contract assets arising from the Company's contracts with customers werenot material.
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