Priority Technology Holdings, Inc. (NASDAQ:PRTH) Q4 2022 Earnings Call Transcript

Tom Priore: Sure. So look, it’s — I’ll put it in relative terms. If you were to look at trends within, I’ll call it, consumer wellness prior — or let’s say, at the outset of COVID. The boarding trends of consumers electing to move into a consumer wellness program basically help them consolidate that, help them negotiate resolutions to debt. It’s doubled, since call it, a year ago. I don’t know that — and that’s to Tim’s comment, like, do we think it doubles again this year? Probably not. There’s incremental upside for sure. But it’s a pretty healthy rate. And look, just being very candid about the segment, we are very considerate of who sits on our platform because, unlike others that operate in the space, we are a licensed money transmitter which is a benefit but we want to be considerate of who we have on the platform.

And there are certain participants in the space that they’re just not — they’re not potential customers for us because of their distribution models. So, I think you’ll see modest but some kind of logo growth but what we have seen is by picking the right integrated partners in that segment who are leveraging our banking-as-a-service technology. They tend to be the winners over time. So we see the growth from those partners.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Tom Priore for closing remarks.

Tom Priore: All right. Well, wanted to say thank you to everyone for taking the time to join the call, your ongoing support to Priority. And just to reinforce that we are built for these times and we’re very excited about what the future holds, particularly given some of the dislocation that we’re seeing in not just aspects of the economy that we think we can be a better solution provider to businesses in need but also the growing opportunity that the transitional nature of the banking industry that we’re going to see probably in the next year that we can capitalize on. It’s why we built a platform we did and now we want to put it to work. So thank you to everyone and thanks to all the Priority colleagues listening. Let’s go get the job done. Take care, everybody.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.