Priority Technology Holdings, Inc (NASDAQ:PRTH) Q4 2019 Earnings Conference Call - Final Transcript

Mar 31, 2020 • 11:00 am ET


Priority Technology Holdings, Inc (NASDAQ:PRTH) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Priority Technology Holdings Fourth Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Chris Kettmann. Please go ahead, sir.

Chris Kettmann

Good morning and thank you for joining us today. With me today are Tom Priore, Chairman and Chief Executive Officer of Priority Technology Holdings and Mike Vollkommer, Chief Financial Officer.

Before we provide our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, regarding future expectations about the company's business, management's plans for future operations or similar matters, which are subject to certain risks and uncertainties. The company's actual results could differ materially due to several important factors, many of which are beyond the company's control, including those risks and uncertainties described in the current report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2020.

Any forward-looking statements we make today are only as of today's date and we undertake no obligation to publicly update or review any forward-looking statements. Additionally, we may refer to non-GAAP measures including EBITDA, adjusted EBITDA and earnout Adjusted EBITDA during the call. Please refer to our public filings and disclosures, including those referenced in our press release announcing this call for definitions of our non-GAAP measures and the reconciliation of these measures to net income. We have also provided an accompanying presentation with today's call that will help us more clearly articulate our results and go-forward strategy. With that, I would now like to turn the call over to our Chairman and CEO, Tom Priore.

Thomas C. Priore

Thank you, Chris. And thanks to everyone for joining us. Before we discuss Priority's results and path forward, I want to first offer my thoughts and well-wishes to all of you and your families, particularly those who have loved ones in the medical and healthcare community, law enforcement and the military. I hope that everyone is safe and healthy during this incredibly challenging time in our country and the world.

In light of the current environment, on today's call, we will be adjusting our format from previous earnings calls. I'll briefly highlight the extremely strong Q4 and full year results. And then turn it over to Mike who will go into more detail on the performance of each business segment for the quarter and year, overall. Following Mike's commentary, I intend to provide visibility into our Q1 performance in light of the widespread COVID-19 pandemic, how it is influencing Priority and could continue to in the upcoming months.

As you can see in our earnings release, we reported excellent fourth quarter 2019 results, reflecting the fundamental integrity of our business segments and the strong underlying momentum we've seen over the past several quarters. As we work through the