Priority Technology Holdings Inc
For the period ended Mar 31, 2025. Filed May 6, 2025.
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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.
Mar 31, 2025 · Filed May 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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7. Goodwill and Other Intangible Assets
- Goodwill and Other Intangible Assets
Goodwill
The Company's goodwill relates to the following reporting units:
| (in thousands) | March 31, 2025 | December 31, 2024 |
|---|---|---|
| SMB Payments | $124,139 | $124,139 |
| Enterprise Payments | 255,443 | 244,712 |
| Plastiq (B2B Payments) | 7,240 | 7,240 |
| Total | $386,822 | $376,091 |
The following table summarizes the changes in the carrying value of goodwill:
| (in thousands) | Amount |
|---|---|
| Balance at December 31, 2024 | $376,091 |
| Payslate acquisition | 10,669 |
| Foreign currency translation adjustment | 62 |
| Balance at March 31, 2025 | $386,822 |
As of March 31, 2025, the Company is not aware of any triggering events for impairment that have occurred since the last annual impairment test.
Other Intangible Assets
Other intangible assets consisted of the following:
| March 31, 2025 · Weighted-average Useful Life | ||||
|---|---|---|---|---|
| (in thousands, except weighted-average data) · Gross Carrying Value · Accumulated Amortization · Net Carrying Value | ||||
| Other intangible assets: | ||||
| ISO and referral partner relationships | $182,339 | $(52,719) | $129,620 | 14.6 |
| Residual buyouts | 143,862 | (108,006) | 35,856 | 6.2 |
| Customer relationships | 109,017 | (95,896) | 13,121 | 8.4 |
| Merchant portfolios | 83,350 | (66,160) | 17,190 | 6.5 |
| Technology | 58,639 | (28,718) | 29,921 | 8.6 |
| Trade names | 7,104 | (3,352) | 3,752 | 10.6 |
| Non-compete agreements | 3,390 | (3,390) | — | 0.0 |
| Money transmission licenses(1) | 2,100 | — | 2,100 | |
| Total | $589,801 | $(358,241) | $231,560 | 9.5 |
(1)These assets have an indefinite useful life.
| December 31, 2024 · Weighted-average Useful Life | ||||
|---|---|---|---|---|
| (in thousands, except weighted-average data) · Gross Carrying Value · Accumulated Amortization · Net Carrying Value | ||||
| Other intangible assets: | ||||
| ISO and referral partner relationships | $182,339 | $(49,501) | $132,838 | 14.6 |
| Residual buyouts | 143,862 | (104,766) | 39,096 | 6.2 |
| Customer relationships | 109,017 | (95,320) | 13,697 | 8.4 |
| Merchant portfolios | 83,350 | (65,285) | 18,065 | 6.5 |
| Technology | 58,639 | (27,473) | 31,166 | 8.7 |
| Trade names | 7,104 | (3,192) | 3,912 | 10.6 |
| Non-compete agreements | 3,390 | (3,390) | — | 0.0 |
| Money transmission licenses(1) | 2,100 | — | 2,100 | |
| Total | $589,801 | $(348,927) | $240,874 | 9.5 |
(1)These assets have an indefinite useful life.
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Amortization expense(1) | $9,915 | $12,083 |
(1)Included in amortization expense is $0.6 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively, related to the amortization of certain contract acquisition costs.
As of March 31, 2025, there were no impairment indicators present.
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