Priority Technology Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
PRTH$7.900.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $16,795 | $(1,205) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization of assets | 44,230 | 53,303 |
| Stock-based, ESPP and incentive units compensation | 4,878 | 5,183 |
| Amortization of debt issuance costs and discounts | 2,250 | 2,812 |
| Debt extinguishment and modification costs | 8,666 | — |
| Deferred income tax | (2,944) | (2,432) |
| Change in contingent consideration | 3,280 | 906 |
| Other non-cash items, net | (37) | (169) |
| Change in operating assets and liabilities: | ||
| Accounts receivable | (15,712) | 17,931 |
| Prepaid expenses and other current assets | (2,808) | (2,630) |
| Income taxes (receivable) payable | (3,000) | 498 |
| Notes receivable | (883) | (668) |
| Accounts payable and other accrued liabilities | 12,864 | 302 |
| Customer deposits and advance payments | 271 | 3,802 |
| Other assets and liabilities, net | (5,998) | (4,953) |
| Net cash provided by operating activities | 61,852 | 72,680 |
| Cash flows from investing activities: | ||
| Acquisition of business, net of cash acquired | — | (28,182) |
| Additions to property, equipment and software | (17,044) | (15,268) |
| Notes receivable, net | (216) | 151 |
| Acquisitions of assets and other investing activities | (7,474) | (7,925) |
| Net cash used in investing activities | (24,734) | (51,224) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of long-term debt, net of issue discount | 830,200 | — |
| Debt issuance and modification costs paid | (6,901) | (807) |
| Repayments of long-term debt | (656,460) | (4,650) |
| Borrowings under revolving credit facility | — | 44,000 |
| Repayments of borrowings under revolving credit facility | — | (23,500) |
| Redemption of PHOT redeemable NCI | (2,130) | — |
| Repurchases of shares withheld for taxes | (1,208) | (1,018) |
| Redemption of senior preferred stock | (136,936) | — |
| Redemption of accumulated unpaid dividend on redeemable senior preferred stock | (30,819) | — |
| Dividends paid to redeemable senior preferred stockholders | (22,099) | (17,908) |
| Settlement and customer/subscriber accounts obligations, net | 116,065 | 165,610 |
| Payment of contingent consideration related to business combination | (4,996) | (4,698) |
| Net cash provided by financing activities | 84,716 | 157,029 |
| Net change in cash and cash equivalents and restricted cash: | ||
| Net increase in cash and cash equivalents, and restricted cash | 121,834 | 178,485 |
| Cash and cash equivalents and restricted cash at beginning of period | 796,223 | 560,610 |
| Cash and cash equivalents and restricted cash at end of period | $918,057 | $739,095 |
Unaudited Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Reconciliation of cash and cash equivalents, and restricted cash: | ||
| Cash and cash equivalents | $41,072 | $24,595 |
| Restricted cash | 13,398 | 13,890 |
| Cash and cash equivalents included in settlement assets and customer/subscriber account balances (see Note 4) | 863,587 | 700,610 |
| Total cash and cash equivalents, and restricted cash | $918,057 | $739,095 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $53,406 | $54,670 |
| Non-cash investing and financing activities: | ||
| Adjustment to value of profit interest units | $— | $596 |
| Acquisition of intangible asset | $(5,751) | $193 |
| Measurement period adjustment to purchase price | $12 | $110 |
| Cash portion of dividend payable for redeemable senior preferred stock(1) | $— | $6,810 |
| Issuance of NCI | $236 | $184 |
(1)Paid on October 2, 2023
See Notes to Unaudited Consolidated Statements
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