Priority Technology Holdings, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

Strong Fourth Quarter Growth Driven by Performance Across Diverse Business Segments

Priority Technology Holdings, Inc. (NASDAQ: PRTH) ("Priority" or the "Company"), the platform for unified commerce that delivers integrated payments and banking services at scale, today announced its fourth quarter and full year 2023 financial results including strong year-over-year diversified revenue growth.

Highlights of Consolidated Results

Fourth Quarter 2023 Compared with Fourth Quarter 2022

Financial highlights of the fourth quarter of 2023 compared with the fourth quarter of 2022, are as follows2:

• Revenue of $199.3 million increased 12.2% from $177.6 million
• Adjusted gross profit (a non-GAAP measure1) of $72.9 million increased 19.5% from $61.0 million
• Adjusted gross profit margin (a non-GAAP measure1) of 36.6% increased 230 basis points from 34.3%
• Operating income of $22.0 million increased 21.1% from $18.2 million
• Adjusted EBITDA (a non-GAAP measure1) of $44.6 million increased 12.2% from $39.8 million

Full Year 2023 Compared with Full Year 2022

Financial highlights of the Full Year of 2023 compared with the Full Year of 2022, are as follows2:

• Revenue of $755.6 million increased 13.9% from $663.6 million
• Adjusted gross profit (a non-GAAP measure1) of $275.3 million increased 21.3% from $226.9 million
• Adjusted gross profit margin (a non-GAAP measure1) of 36.4% increased 220 basis points from 34.2%
• Operating income of $81.5 million increased 45.2% from $56.2 million
• Adjusted EBITDA (a non-GAAP measure1) of $168.3 million increased 20.0% from $140.3 million

(1)

See "Non-GAAP Financial Measures" and the reconciliations of Adjusted Gross Profit (non-GAAP), Adjusted Gross Profit Margin (non-GAAP), and Adjusted EBITDA, to their most comparable GAAP measures provided below for additional information.

(2)

Certain amounts/percentages may not add mathematically due to rounding.

"We delivered record fourth quarter and full year 2023 results, driven by continued strength in SMB acquiring, B2B payables and Enterprise payments," said Tom Priore, Chairman & CEO of Priority. "Everything we’ve done over the past several years – from the significant early investment in our technology infrastructure, to our focus on diversifying our offering through countercyclical assets, to our acquisition of Plastiq – was done with intention and purpose, to provide our customers with an elegant, unified commerce experience combining our core pillars of acquiring, banking and payables on a single platform. Our results demonstrate that we are achieving that goal."

Full Year 2024 Financial Guidance

Based on a combination of results for the full year ended December 31, 2023 and the forecasted results for the year, the Company has provided its outlook for the full year 2024 as follows:

• Revenue forecast to range between $875 million to $890 million, a growth rate of 16% to 18%, compared to fiscal 2023 results
• Adjusted EBITDA (a non-GAAP measure) forecast to range between $193 million to $198 million, a growth rate of 15% to 18% compared to fiscal 2023 results
• Adjusted gross profit (a non-GAAP measure) forecast to range between $325 million and $335 million, a growth rate of 18% to 22% compared to fiscal 2023 results

Conference Call

Priority's leadership will host a conference call on Tuesday, March 12, 2024 at 11:00 a.m. EDT to discuss its fourth quarter and full-year 2023 financial results. Participants can access the call by phone in the U.S. or Canada at [phone] or internationally at [phone].

The Internet webcast link and accompanying slide presentation can be accessed at https://edge.media-server.com/mmc/p/qdxgveed and will also be posted in the "Investor Relations" section of the Company's website at www.prioritycommerce.com.

An audio replay of the call will be available shortly after the conference call until March 19, 2024 at 2:00 p.m. EDT. To listen to the audio replay, dial [phone] or [phone] and enter conference ID number 1993467. Alternatively, you may access the webcast replay in the "Investor Relations" section of the Company's website at www.prioritycommerce.com.

Non-GAAP Financial Measures

This communication includes certain non-GAAP financial measures that we regularly review to evaluate our business and trends, measure our performance, prepare financial projections, allocate resources, and make strategic decisions. We believe these non-GAAP measures help to illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals. However, these non-GAAP measures are not superior to or a substitute for prominent measurements calculated in accordance with GAAP. Rather, the non-GAAP measures are meant to be a complement to understanding measures prepared in accordance with GAAP.

Adjusted Gross Profit and Adjusted Gross Profit Margin

The Company's adjusted gross profit metric represents revenues less cost of revenue (excluding depreciation and amortization). Adjusted gross profit margin is adjusted gross profit divided by revenues. We review these non-GAAP measures to evaluate our underlying profit trends. The reconciliation of adjusted gross profit to its most comparable GAAP measure is provided below:

 

 

 

 

 

 

 

 

(in thousands)

Three Months Ended December 31,

 

Years Ended December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues

$

199,279

 

 

$

177,555

 

 

$

755,612

 

 

$

663,641

 

Cost of revenue (excluding depreciation and amortization)

 

(126,378

)

 

 

(116,566

)

 

 

(480,307

)

 

 

(436,753

)

Adjusted gross profit

$

72,901

 

 

$

60,989

 

 

$

275,305

 

 

$

226,888

 

Adjusted gross profit margin

 

36.6

%

 

 

34.3

%

 

 

36.4

%

 

 

34.2

%

Depreciation and amortization of revenue generating assets

 

(3,638

)

 

 

(2,762

)

 

 

(12,628

)

 

 

(10,355

)

Gross profit

$

69,263

 

 

$

58,227

 

 

$

262,677

 

 

$

216,533

 

Gross profit margin

 

34.8

%

 

 

32.8

%

 

 

34.8

%

 

 

32.6

%

EBITDA and Adjusted EBITDA

EBITDA and adjusted EBITDA are performance measures. EBITDA is earnings before interest, income tax, and depreciation and amortization expenses ("EBITDA"). Adjusted EBITDA begins with EBITDA but further excludes certain non-cash costs, such as stock-based compensation and the write-off of the carrying value of investments or other assets, as well as debt extinguishment and modification expenses and other expenses and income items considered non-recurring, such as acquisition integration expenses, certain professional fees, and litigation settlements. We review the non-GAAP adjusted EBITDA measure to evaluate our business and trends, measure our performance, prepare financial projections, allocate resources, and make strategic decisions.

The reconciliation of adjusted EBITDA to its most comparable GAAP measure is provided below:

(in thousands)

Three Months Ended December 31,

 

Years Ended December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net loss

$

(106

)

 

$

(1,312

)

 

$

(1,311

)

 

$

(2,150

)

Interest expense

 

20,647

 

 

 

16,272

 

 

 

76,108

 

 

 

53,554

 

Income tax expense

 

1,913

 

 

 

3,517

 

 

 

8,463

 

 

 

5,350

 

Depreciation and amortization

 

15,092

 

 

 

18,006

 

 

 

68,395

 

 

 

70,681

 

EBITDA

 

37,546

 

 

 

36,483

 

 

 

151,655

 

 

 

127,435

 

Selling, general and administrative (non-recurring)

 

5,256

 

 

 

1,284

 

 

 

9,825

 

 

 

6,639

 

Non-cash stock-based compensation

 

1,585

 

 

 

2,024

 

 

 

6,768

 

 

 

6,228

 

Non-cash other losses

 

250

 

 

 

—

 

 

 

84

 

 

 

—

 

Adjusted EBITDA

$

44,637

 

 

$

39,791

 

 

$

168,332

 

 

$

140,302

 

Further detail of certain of these adjustments, and where these items are recorded in our consolidated statements of operations, is provided below:

(in thousands)

Three Months Ended December 31,

 

Years Ended December 31,

 

2023

 

2022

 

2023

 

2022

Selling, general and administrative expenses (non-recurring):

 

 

 

 

 

 

 

Non-cash restructuring costs

$

3,530

 

$

—

 

$

3,530

 

$

—

Certain legal fees

 

752

 

 

340

 

 

3,005

 

 

916

Professional, accounting and consulting fees

 

204

 

 

641

 

 

2,138

 

 

1,300

Other expenses, net

 

370

 

 

131

 

 

702

 

 

3,179

Change in the fair value of contingent consideration

 

—

 

 

172

 

 

—

 

 

1,244

Litigation settlement

 

400

 

 

—

 

 

450

 

 

—

 

$

5,256

 

$

1,284

 

$

9,825

 

$

6,639

Priority does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of the information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for various cash and non-cash reconciling items that would be difficult to predict with reasonable accuracy. For example, stock-based compensation expense would be difficult to estimate because it depends on the Company's future hiring and retention needs, as well as the future fair market value of the Company's common stock, all of which are difficult to predict and subject to constant change. As a result, the Company does not believe that a GAAP reconciliation would provide meaningful supplemental information about the Company's outlook.

About Priority Technology Holdings, Inc.

Priority is a solution provider in Payments and Banking as a Service operating at scale with 860,000 active customers across its SMB, B2B and Enterprise channels processing $120 billion in annual transaction volume and providing administration for $900 million in deposits. Priority’s purpose-built technology enables clients to collect, store, lend and send money and provides customers the acceptance and AP payment applications and Passport financial tools that best optimize their cash flow and maximize working capital. Additional information can be found at www.prioritycommerce.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services, and other statements identified by words such as "may," "will," "should," "anticipates," "believes," "expects," "plans," "future," "intends," "could," "estimate," "predict," "projects," "targeting," "potential" or "contingent," "guidance," "outlook" or words of similar meaning. These forward-looking statements include, but are not limited to, our 2023 outlook and statements regarding our market and growth opportunities. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. Our actual results could differ materially, and potentially adversely, from those discussed or implied herein.

We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings, including our most recent Annual Report on Form 10-K filed with the SEC on March 12, 2024. These filings are available online at www.sec.gov or www.prioritycommerce.com.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

Priority Technology Holdings, Inc.

Unaudited Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share amounts)

 

Three Months Ended December 31,

 

Years Ended December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues

$

199,279

 

 

$

177,555

 

 

$

755,612

 

 

$

663,641

 

Operating expenses

 

 

 

 

 

 

 

Cost of revenue (excludes depreciation and amortization)

 

126,378

 

 

 

116,566

 

 

 

480,307

 

 

 

436,753

 

Salary and employee benefits

 

21,688

 

 

 

16,846

 

 

 

79,974

 

 

 

65,077

 

Depreciation and amortization

 

15,092

 

 

 

18,006

 

 

 

68,395

 

 

 

70,681

 

Selling, general and administrative

 

14,084

 

 

 

7,938

 

 

 

45,412

 

 

 

34,965

 

Total operating expenses

 

177,242

 

 

 

159,356

 

 

 

674,088

 

 

 

607,476

 

Operating income

 

22,037

 

 

 

18,199

 

 

 

81,524

 

 

 

56,165

 

Other (expense) income

 

 

 

 

 

 

 

Interest expense

 

(20,647

)

 

 

(16,272

)

 

 

(76,108

)

 

 

(53,554

)

Other income, net

 

417

 

 

 

278

 

 

 

1,736

 

 

 

589

 

Total other expense, net

 

(20,230

)

 

 

(15,994

)

 

 

(74,372

)

 

 

(52,965

)

Income before income taxes

 

1,807

 

 

 

2,205

 

 

 

7,152

 

 

 

3,200

 

Income tax expense

 

1,913

 

 

 

3,517

 

 

 

8,463

 

 

 

5,350

 

Net loss

 

(106

)

 

 

(1,312

)

 

 

(1,311

)

 

 

(2,150

)

Less: Dividends and accretion attributable to redeemable senior preferred stockholders

 

(12,492

)

 

 

(10,465

)

 

 

(47,744

)

 

 

(36,880

)

Net loss attributable to common stockholders

 

(12,598

)

 

 

(11,777

)

 

$

(49,055

)

 

$

(39,030

)

Other comprehensive loss

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

5

 

 

 

—

 

 

 

(29

)

 

 

—

 

Comprehensive loss

$

(12,593

)

 

$

(11,777

)

 

$

(49,084

)

 

$

(39,030

)

 

 

 

 

 

 

 

 

Loss per common share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.16

)

 

$

(0.15

)

 

$

(0.63

)

 

$

(0.50

)

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic and diluted

 

78,532

 

 

 

77,984

 

 

 

78,333

 

 

 

78,233

 

Priority Technology Holdings, Inc.

Unaudited Consolidated Balance Sheets

(in thousands)

 

 

 

 

 

December 31, 2023

 

December 31, 2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

39,604

 

 

$

18,454

 

Restricted cash

 

11,923

 

 

 

10,582

 

Accounts receivable, net of allowances

 

58,551

 

 

 

78,113

 

Prepaid expenses and other current assets

 

13,273

 

 

 

11,832

 

Current portion of notes receivable, net of allowance

 

1,468

 

 

 

1,471

 

Settlement assets and customer/subscriber account balances

 

756,475

 

 

 

532,018

 

Total current assets

 

881,294

 

 

 

652,470

 

Notes receivable, less current portion

 

3,728

 

 

 

3,191

 

Property, equipment and software, net

 

44,680

 

 

 

34,687

 

Goodwill

 

376,103

 

 

 

369,337

 

Intangible assets, net

 

273,350

 

 

 

288,794

 

Deferred income taxes, net

 

22,533

 

 

 

16,447

 

Other noncurrent assets

 

13,649

 

 

 

8,437

 

Total assets

$

1,615,337

 

 

 

1,373,363

 

Liabilities, Redeemable Senior Preferred Stock and Stockholders' Deficit

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

52,643

 

 

$

51,864

 

Accrued residual commissions

 

33,025

 

 

 

35,979

 

Customer deposits and advance payments

 

3,934

 

 

 

2,618

 

Current portion of long-term debt

 

6,712

 

 

 

6,200

 

Settlement and customer/subscriber account obligations

 

755,754

 

 

 

533,340

 

Total current liabilities

 

852,068

 

 

 

630,001

 

Long-term debt, net of current portion, discounts and debt issuance costs

 

631,965

 

 

 

598,926

 

Other noncurrent liabilities

 

18,763

 

 

 

11,643

 

Total liabilities

 

1,502,796

 

 

 

1,240,570

 

Redeemable senior preferred stock, net of discounts and issuance costs

 

258,605

 

 

 

235,579

 

Stockholders' deficit:

 

 

 

Preferred stock

 

—

 

 

 

—

 

Common stock

 

77

 

 

 

76

 

Treasury stock, at cost

 

(12,815

)

 

 

(11,559

)

Additional paid-in capital

 

—

 

 

 

9,650

 

Accumulated other comprehensive loss

 

(29

)

 

 

—

 

Accumulated deficit

 

(134,951

)

 

 

(102,208

)

Total stockholders' deficit attributable to stockholders of PRTH

 

(147,718

)

 

 

(104,041

)

Non-controlling interest

 

1,654

 

 

 

1,255

 

Total stockholders' deficit

 

(146,064

)

 

 

(102,786

)

Total liabilities, redeemable senior preferred stock and stockholders' deficit

$

1,615,337

 

 

$

1,373,363

 

Priority Technology Holdings, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)

 

Years Ended December 31,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

Net loss

$

(1,311

)

 

$

(2,150

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization of assets

 

68,395

 

 

 

70,681

 

Stock-based, ESPP and incentive units compensation

 

6,769

 

 

 

6,228

 

Amortization of debt issuance costs and discounts

 

3,849

 

 

 

3,521

 

Deferred income tax

 

(6,086

)

 

 

(8,183

)

Change in contingent consideration

 

(1,639

)

 

 

2,059

 

Other non-cash items, net

 

(3,924

)

 

 

74

 

Change in operating assets and liabilities:

 

 

 

Accounts receivable

 

24,471

 

 

 

(19,580

)

Prepaid expenses and other current assets

 

(936

)

 

 

(160

)

Income taxes (receivable) payable

 

(273

)

 

 

6,260

 

Notes receivable

 

(912

)

 

 

377

 

Accounts payable and other accrued liabilities

 

(3,218

)

 

 

19,794

 

Customer deposits and advance payments

 

1,102

 

 

 

(2,403

)

Other assets and liabilities, net

 

(5,031

)

 

 

(6,000

)

Net cash provided by operating activities

 

81,256

 

 

 

70,518

 

Cash flows from investing activities:

 

 

 

Acquisition of business, net of cash acquired

 

(28,222

)

 

 

(4,976

)

Additions to property, equipment and software

 

(21,256

)

 

 

(18,882

)

Notes receivable, net

 

376

 

 

 

(4,662

)

Acquisitions of assets and other investing activities

 

(6,646

)

 

 

(7,983

)

Net cash used in investing activities

 

(55,748

)

 

 

(36,503

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of long-term debt, net of issue discount

 

49,750

 

 

 

—

 

Debt issuance and modification costs paid

 

(1,220

)

 

 

—

 

Repayments of long-term debt

 

(6,328

)

 

 

(6,200

)

Borrowings under revolving credit facility

 

44,000

 

 

 

29,500

 

Repayments of borrowings under revolving credit facility

 

(56,500

)

 

 

(32,000

)

Repurchases of Common Stock and shares withheld for taxes

 

(1,256

)

 

 

(7,468

)

Dividends paid to redeemable senior preferred stockholders

 

(24,718

)

 

 

(11,459

)

Settlement and customer/subscriber accounts obligations, net

 

211,077

 

 

 

43,143

 

Payment of contingent consideration related to business combination

 

(4,700

)

 

 

(7,014

)

Net cash provided by financing activities

 

210,105

 

 

 

8,502

 

Net change in cash and cash equivalents and restricted cash:

 

 

 

Net increase in cash and cash equivalents, and restricted cash

 

235,613

 

 

 

42,517

 

Cash and cash equivalents and restricted cash at beginning of period

 

560,610

 

 

 

518,093

 

Cash and cash equivalents and restricted cash at end of period

$

796,223

 

 

$

560,610

 

 

 

 

 

Reconciliation of cash and cash equivalents, and restricted cash:

 

 

 

Cash and cash equivalents

$

39,604

 

 

$

18,454

 

Restricted cash

 

11,923

 

 

 

10,582

 

Cash and cash equivalents included in settlement assets and customer/subscriber account balances

 

744,696

 

 

 

531,574

 

Total cash and cash equivalents, and restricted cash

$

796,223

 

 

$

560,610

 

Priority Technology Holdings, Inc.

Unaudited Reportable Segments' Results

(in thousands)

 

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

SMB Payments:

 

 

 

 

 

 

 

 

Revenue

 

$

139,933

 

 

$

149,880

 

 

$

582,870

 

 

$

562,237

 

Operating expenses

 

 

128,825

 

 

 

134,942

 

 

 

536,388

 

 

 

507,371

 

Operating income

 

$

11,108

 

 

$

14,938

 

 

$

46,482

 

 

$

54,866

 

Operating margin

 

 

7.9

%

 

 

10.0

%

 

 

8.0

%

 

 

9.8

%

Depreciation and amortization

 

$

9,563

 

 

$

11,081

 

 

$

41,036

 

 

$

43,925

 

Key indicators:

 

 

 

 

 

 

 

 

Merchant bankcard processing dollar value

 

$

14,570,549

 

 

$

14,862,635

 

 

$

59,054,039

 

 

$

59,440,491

 

Merchant bankcard transaction count

 

 

173,732

 

 

 

160,492

 

 

 

696,203

 

 

$

636,576

 

B2B Payments:

 

 

 

 

 

 

 

 

Revenue

 

$

21,221

 

 

$

2,802

 

 

$

40,726

 

 

$

18,890

 

Operating expenses

 

 

22,966

 

 

 

3,883

 

 

 

43,261

 

 

 

18,682

 

Operating income (loss)

 

$

(1,745

)

 

$

(1,081

)

 

$

(2,535

)

 

$

208

 

Operating margin

 

 

(8.2

)%

 

 

(38.6

)%

 

 

(6.2

)%

 

 

1.1

%

Depreciation and amortization

 

$

1,197

 

 

$

303

 

 

$

2,221

 

 

$

744

 

Key indicators:

 

 

 

 

 

 

 

 

B2B issuing dollar volume

 

$

215,587

 

 

$

217,299

 

 

$

851,948

 

 

$

814,964

 

B2B issuing transaction count

 

 

259

 

 

 

250

 

 

 

1,087

 

 

 

933

 

Enterprise Payments:

 

 

 

 

 

 

 

 

Revenue

 

$

38,125

 

 

$

24,873

 

 

$

132,016

 

 

$

82,514

 

Operating expenses

 

 

14,242

 

 

 

13,440

 

 

 

58,052

 

 

 

51,577

 

Operating income

 

$

23,883

 

 

$

11,433

 

 

$

73,964

 

 

$

30,937

 

Operating margin

 

 

62.6

%

 

 

46.0

%

 

 

56.0

%

 

 

37.5

%

Depreciation and amortization

 

$

4,196

 

 

$

6,293

 

 

$

23,753

 

 

$

24,892

 

Key indicators:

 

 

 

 

 

 

 

 

Average billed clients

 

 

650,280

 

 

 

424,601

 

 

 

556,526

 

 

 

379,725

 

Average monthly new enrollments

 

 

48,643

 

 

 

38,614

 

 

 

51,059

 

 

 

32,013

 

 

 

 

 

 

 

 

 

 

Operating income of reportable segments

 

$

33,246

 

 

$

25,290

 

 

$

117,911

 

 

$

86,011

 

Less: Corporate expense

 

 

(11,209

)

 

 

(7,091

)

 

 

(36,387

)

 

 

(29,846

)

Consolidated operating income

 

$

22,037

 

 

$

18,199

 

 

$

81,524

 

 

$

56,165

 

Corporate depreciation and amortization

 

$

136

 

 

$

329

 

 

$

1,385

 

 

$

1,120

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240312256640/en/

Priority Investor Inquiries: Chris Kettmann [e-mail] [phone]