Priority Technology (PRTH) 10-Q9 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-37872
Entity Registrant Name	Priority Technology Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4257046
Entity Address, Address Line One	2001 Westside Parkway
Entity Address, Address Line Two	Suite 155
Entity Address, City or Town	Alpharetta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30004
City Area Code	404
Local Phone Number	952-2107
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	PRTH
Security Exchange Name	NASDAQ
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,065,145
Entity Central Index Key	0001653558
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 34,290	$ 39,604
Restricted cash	12,658	11,923
Accounts receivable, net of allowances of $5,536 and $5,289, respectively	67,137	58,551
Prepaid expenses and other current assets	13,699	13,273
Current portion of notes receivable, net of allowance of $0 and $0, respectively	1,972	1,468
Settlement assets and customer/subscriber account balances	752,590	756,475
Total current assets	882,346	881,294
Notes receivable, less current portion	4,549	3,728
Property, equipment and software, net	48,120	44,680
Goodwill	376,112	376,103
Intangible assets, net	261,658	273,350
Deferred income taxes, net	24,405	22,533
Other noncurrent assets	12,767	13,649
Total assets	1,609,957	1,615,337
Current liabilities:
Accounts payable and accrued expenses	49,329	52,643
Accrued residual commissions	35,965	33,025
Customer deposits and advance payments	4,090	3,934
Current portion of long-term debt	6,712	6,712
Settlement and customer/subscriber account obligations	753,850	755,754
Total current liabilities	849,946	852,068
Long-term debt, net of current portion, discounts and debt issuance costs	631,352	631,965
Other noncurrent liabilities	16,704	18,763
Total liabilities	1,498,002	1,502,796
Commitments and contingencies (Note 14)
Redeemable senior preferred stock, net of discounts and issuance costs:
Redeemable senior preferred stock, $0.001 par value; 250,000 shares authorized; 225,000 issued and outstanding at March 31, 2024 and December 31, 2023	264,240	258,605
Redeemable non-controlling interests in consolidated subsidiary	5,837	0
Stockholders' deficit:
Preferred stock, $0.001; 100,000,000 shares authorized; 0 issued or outstanding at March 31, 2024 and December 31, 2023	0	0
Common Stock, $0.000 par value; 1,000,000,000 shares authorized; 80,018,209 and 79,589,055 shares issued at March 31, 2024 and December 31, 2023, respectively; and 75,834,517 and 76,956,889 shares outstanding at March 31, 2024 and December 31, 2023, respectively	76	77
Treasury stock at cost, 4,183,692 and 2,632,166 shares at March 31, 2024 and December 31, 2023, respectively	(18,491)	(12,815)
Additional paid-in capital	0	0
Accumulated other comprehensive loss	(42)	(29)
Accumulated deficit	(141,412)	(134,951)
Total stockholders' deficit attributable to stockholders of PRTH	(159,869)	(147,718)
Non-controlling interests in consolidated subsidiaries	1,747	1,654
Total stockholders' deficit	(158,122)	(146,064)
Total liabilities, redeemable senior preferred stock, redeemable NCI and stockholders' deficit	$ 1,609,957	$ 1,615,337

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable allowance for credit loss	$ 5,536	$ 5,289
Notes receivable, allowance for credit loss	$ 0	$ 0
Temporary equity par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	250,000	250,000
Temporary equity, shares issued (in shares)	225,000	225,000
Temporary equity, shares outstanding (in shares)	225,000	225,000
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	80,018,209	79,589,055
Common stock, shares outstanding (in shares)	75,834,517	76,956,889
Treasury stock (in shares)	4,183,692	2,632,166

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 205,719	$ 185,028
Operating expenses
Cost of revenue (excludes depreciation and amortization)	129,298	121,966
Salary and employee benefits	22,150	19,048
Depreciation and amortization	15,253	18,048
Selling, general and administrative	10,995	9,118
Total operating expenses	177,696	168,180
Operating income	28,023	16,848
Other (expense) income
Interest expense	(20,880)	(17,699)
Other income, net	632	212
Total other expense, net	(20,248)	(17,487)
Income (loss) before income taxes	7,775	(639)
Income tax expense (benefit)	2,582	(133)
Net income (loss)	5,193	(506)
Less: Dividends and accretion attributable to redeemable senior preferred stockholders	(12,662)	(11,295)
Less: Return on redeemable NCI in consolidated subsidiary	(581)	0
Net loss attributable to common stockholders	(8,050)	(11,801)
Other comprehensive loss
Foreign currency translation adjustments	(13)	24
Comprehensive loss	$ (8,063)	$ (11,777)
Loss per common share:
Basic (in dollars per share)	$ (0.10)	$ (0.15)
Diluted (in dollars per share)	$ (0.10)	$ (0.15)
Weighted-average common shares outstanding:
Basic (in shares)	78,021	78,133
Diluted (in shares)	78,021	78,133

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Changes in Stockholders' Deficit and Non-Controlling Interest - USD ($) $ in Thousands	Total	Deficit Attributable to Stockholders	Common Stock	Treasury Stock	APIC	AOCI	Accumulated Deficit	NCIs
Beginning balance, common stock (in shares) at Dec. 31, 2022			76,044,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2022				2,341,000
Beginning balance at Dec. 31, 2022	$ (102,786)	$ (104,041)	$ 76	$ (11,559)	$ 9,650	$ 0	$ (102,208)	$ 1,255
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	1,936	1,936			1,936
ESPP compensation and vesting of stock-based compensation (in shares)			517,000
ESPP compensation and vesting of stock-based compensation	37	37			37
Shares withheld for taxes (in shares)			(157,000)	157,000
Shares withheld for taxes	(777)	(777)		$ (777)
Dividends on redeemable senior preferred stock	(10,477)	(10,477)			(10,477)
Accretion of redeemable senior preferred stock	(818)	(818)			(818)
Adjustment to NCI	(403)							(403)
Foreign currency translation adjustment	24	24				24
Net income (loss)	(506)	(506)					(506)
Ending balance, common stock (in shares) at Mar. 31, 2023			76,404,000
Ending balance, treasury stock (in shares) at Mar. 31, 2023				2,498,000
Ending balance at Mar. 31, 2023	$ (113,770)	(114,622)	$ 76	$ (12,336)	328	24	(102,714)	852
Beginning balance, common stock (in shares) at Dec. 31, 2023	76,956,889		76,957,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	2,632,166			2,632,000
Beginning balance at Dec. 31, 2023	$ (146,064)	(147,718)	$ 77	$ (12,815)	0	(29)	(134,951)	1,654
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	1,540	1,540			1,540
ESPP compensation and vesting of stock-based compensation (in shares)			429,000
ESPP compensation and vesting of stock-based compensation	49	49			49
Shares withheld for taxes (in shares)			(123,000)	123,000
Shares withheld for taxes	(421)	(421)		$ (421)
Exchange for PHOT redeemable NCI (in shares)			(1,428,000)	1,428,000
Exchange for PHOT redeemable NCI	(5,837)	(5,837)	$ (1)	$ (5,255)	(581)
Dividends on redeemable senior preferred stock	(11,821)	(11,821)			(11,821)
Accretion of redeemable senior preferred stock	(841)	(841)			(841)
Issuance of profit interests/common equity in subsidiaries	93							93
Foreign currency translation adjustment	(13)	(13)				(13)
Reclassification of negative additional paid-in capital	0	0			11,654		(11,654)
Net income (loss)	$ 5,193	5,193					5,193
Ending balance, common stock (in shares) at Mar. 31, 2024	75,834,517		75,835,000
Ending balance, treasury stock (in shares) at Mar. 31, 2024	4,183,692			4,183,000
Ending balance at Mar. 31, 2024	$ (158,122)	$ (159,869)	$ 76	$ (18,491)	$ 0	$ (42)	$ (141,412)	$ 1,747

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)		$ 5,193	$ (506)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of assets		15,253	18,048
Stock-based, ESPP and incentive units compensation		1,633	1,936
Amortization of debt issuance costs and discounts		1,065	903
Deferred income tax		(1,872)	(5,716)
Change in contingent consideration		972	229
Other non-cash items, net		(259)	14
Change in operating assets and liabilities:
Accounts receivable		(8,339)	81
Prepaid expenses and other current assets		(425)	481
Income taxes (receivable) payable		0	8,666
Notes receivable		(266)	(163)
Accounts payable and other accrued liabilities		1,590	3,916
Customer deposits and advance payments		157	250
Other assets and liabilities, net		(1,395)	(462)
Net cash provided by operating activities		13,307	27,677
Cash flows from investing activities:
Additions to property, equipment and software		(6,610)	(5,046)
Notes receivable, net		(1,059)	178
Acquisitions of assets and other investing activities		0	(2,715)
Net cash used in investing activities		(7,669)	(7,583)
Cash flows from financing activities:
Repayments of long-term debt		(1,678)	(1,550)
Repayments of borrowings under revolving credit facility		0	(6,000)
Repurchases of Common Stock and shares withheld for taxes		(421)	(777)
Dividends paid to redeemable senior preferred stockholders	[1]	(7,027)	(11,435)
Settlement and customer/subscriber accounts obligations, net		1,918	79,258
Payment of contingent consideration related to business combination		(3,071)	(1,959)
Net cash (used in) provided by financing activities		(10,279)	57,537
Net (decrease) increase in cash and cash equivalents, and restricted cash		(4,641)	77,631
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		791,582	638,241
Reconciliation of cash and cash equivalents, and restricted cash:
Cash and cash equivalents		34,290	15,882
Restricted cash		12,658	11,012
Cash and cash equivalents included in settlement assets and customer/subscriber account balances (see Note 4)		744,634	611,347
Cash paid for income taxes, net of refunds		791,582	638,241
Supplemental cash flow information:
Cash paid for interest		18,436	16,330
Non-cash investing and financing activities:
Forfeiture of liability-classified award		0	596
Acquisition of intangible asset		0	193
Issuance of NCI		$ 93	$ 0

[1] The dividend payable for the quarter ended March 31, 2024, was paid on April 1, 2024.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Business, Consolidation and Presentation Priority Technology Holdings, Inc. is a holding company with no material operations of its own. Priority Technology Holdings, Inc. and its consolidated subsidiaries are referred to herein collectively as "Priority," "PRTH," the "Company," "we," "our" or "us," unless the context requires otherwise. Priority is a provider of merchant acquiring, integrated payment software, money transmission services and commercial payments solutions. The Company operates on a calendar year ending each December 31 and on four calendar quarters ending on March 31, June 30, September 30 and December 31 of each year. Results of operations reported for interim periods are not necessarily indicative of results for the entire year. The accompanying Unaudited Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. These Unaudited Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information pursuant to the rules and regulations of the SEC. The Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 but does not include all disclosures required by GAAP for annual financial statements. NCI represents the equity interest in certain consolidated entities in which the Company owns less than 100% of the profit interests. Changes in the Company's ownership interest while the Company retains its controlling interest are accounted for as equity transactions. As of March 31, 2024, there was no income or loss attributable to NCI in accordance with the applicable operating agreements. Redeemable NCI represents non-controlling ownership of certain redeemable preferred units in one of the Company's consolidated subsidiaries. These preferred units carry a compounded coupon rate of 6% per annum. The return on the redeemable NCI for the three months ended March 31, 2024, since the reissuance of these redeemable preferred units, is $0.6 million. Refer to Note 13. Related Party Transactions . In the opinion of the Company's management, all known adjustments necessary for a fair presentation of the Unaudited Consolidated Financial Statements for interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amounts of assets and liabilities. These Unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results for the quarter ended March 31, 2024 include the results of the Plastiq business acquired through Chapter 11 bankruptcy process on July 31, 2023. Use of Estimates The preparation of Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the reported period. Actual results could materially differ from those estimates. Foreign Currency The Company's reporting currency is the U.S. dollar. The functional currency of the Indian subsidiary of the Company is Indian Rupee (i.e. local currency of Republic of India). The functional currency of the Canadian subsidiary of the Company is the Canadian Dollar. Accordingly, assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate on the last day of the reporting period. Revenues and expenses are translated using the average exchange rate in effect during the reporting period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss). Reclassification In January 2024, the Company changed the grouping of certain business activity to conform to the way we internally manage and monitor the business. As a result, certain immaterial activity was reassigned from the SMB Payments segment to the Enterprise Payments segment effective January 1, 2024. Impact on prior year segment results were determined to be immaterial and have not been reclassified to reflect this change. Recently Issued Accounting Standards Pending Adoption Segment Reporting ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods after December 15, 2024. The Company will adopt this guidance for the year ended December 31, 2024. This guidance is expected to only impact the disclosures with no impact on the results of operations, financial position or cash flows. Income Taxes ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The guidance includes improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the potential effects this guidance will have on its disclosures. Profit Interest ASU 2024-01 In March 2024, the FASB issued ASU 2024-01, Profit Interest and Similar Awards ("ASU 2024-01"), to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope in paragraph 718-10-15-3 to determine whether profit interest and similar awards should be accounted for in accordance with Topic 718, Compensation- Stock Compensation. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the potential effects this guidance will have on its disclosures.

Acquisition

Acquisition	3 Months Ended
Acquisition	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition Plastiq Acquisition On May 23, 2023, PRTH’s subsidiary, Plastiq, Powered by Priority, LLC (the "acquiring entity"), entered into a stalking horse equity and asset purchase agreement (the "Purchase Agreement") with Plastiq, Inc. and certain of its affiliates ("Plastiq") to acquire substantially all of the assets of Plastiq, including the equity interest in Plastiq Canada, Inc. Plastiq is a buyer funded B2B payments platform offering bill pay and instant access to working capital to its customers and will complement the Company's existing supplier-funded B2B payments business. On May 24, 2023, Plastiq filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. The purchase was completed on July 31, 2023 for a total purchase consideration of approximately $37.0 million. The total purchase consideration included $28.5 million in cash and the remaining consideration is in the nature of deferred or contingent consideration and certain equity interest in the acquiring entity. The cash consideration for the purchase was funded by borrowings from the Company's revolving credit facility. The acquisition was accounted for as a business combination using the acquisition method of accounting, under which the acquired assets and assumed liabilities were recognized at their fair values as of July 31, 2023, with the excess of the fair value of consideration transferred over the fair value of the net assets acquired recognized as goodwill. The fair values of the acquired assets and assumed liabilities as of July 31, 2023 were estimated by management using the discounted cash flow method and other factors specific to certain assets and liabilities. The preliminary purchase price allocation is set forth in the table below and expected to be finalized as soon as practicable but no later than one year from the closing date. (in thousands) Consideration: Cash $ 28,500 Contingent consideration payments (1) 8,419 Common equity of acquiring entity 330 Less: cash and restricted cash acquired (278) Total purchase consideration, net of cash and restricted cash acquired $ 36,971 Recognized amounts of assets acquired and liabilities assumed: Accounts receivable $ 831 Prepaid expenses 469 Settlement assets 8,277 Equipment, net 47 Goodwill (3) 7,261 Intangible assets (2) 30,460 Accounts payable and accrued expenses (1,881) Customer deposits (214) Settlement obligations (8,279) Total purchase consideration $ 36,971 (1) The fair value of the contingent consideration payments issued was determined utilizing a Monte Carlo simulation. The contingent consideration payments were calculated based on the path for the simulated metrics and the contractual terms of the contingent consideration payments and were discounted to present value at a rate reflecting the risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation. (2) The intangible assets acquired consist of $13.0 million for customer relationships, $7.0 million for referral partner relationships, $6.5 million for technology and $3.9 million for trade name. (3) During the first quarter of 2024, the Company recorded an immaterial measurement period adjustment due to a pre-acquisition tax accrual which resulted in an adjustment to goodwill and accounts payable and accrued expenses.

Revenues

Revenues	3 Months Ended
Revenues	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregation of Revenues The following table presents a disaggregation of our consolidated revenues by type: Three Months Ended March 31, (in thousands) 2024 2023 Revenue Type: Merchant card fees $ 157,947 $ 149,644 Money transmission services 29,144 21,406 Outsourced services and other services 15,665 11,005 Equipment 2,963 2,973 Total revenues (1),(2) $ 205,719 $ 185,028 (1) Includes contracts with an original duration of one year or less and variable consideration under a stand-ready series of distinct days of service. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. (2) Approximately $11.9 million and $5.0 million of interest income for the three months ended March 31, 2024 and 2023, respectively, is included in outsourced services and other services revenue in the table above. Approximately $0.6 million and $0.2 million of interest income for the three months ended March 31, 2024, and 2023, respectively, is included in other income, net on the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss and not reflected in the table above. The following table presents a disaggregation of our consolidated revenues by segment: Three months ended March 31, 2024 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 139,488 $ — $ 1,300 $ 2,963 $ 143,751 B2B Payments 18,289 — 2,826 — 21,115 Enterprise Payments 170 29,144 11,539 — 40,853 Total revenues $ 157,947 $ 29,144 $ 15,665 $ 2,963 $ 205,719 Three Months Ended March 31, 2023 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 148,688 $ — $ 3,272 $ 2,973 $ 154,933 B2B Payments 927 — 1,859 — 2,786 Enterprise Payments 29 21,406 5,874 — 27,309 Total revenues $ 149,644 $ 21,406 $ 11,005 $ 2,973 $ 185,028 Deferred revenues were not material for the three months ended March 31, 2024 and 2023. Contract Assets and Contract Liabilities Material contract assets and liabilities are presented net at the individual contract level in the Unaudited Consolidated Balance Sheets and are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations. Contract liabilities were $0.6 million and $0.6 million as of March 31, 2024 and December 31, 2023, respectively. Substantially all of these balances are recognized as revenue within 12 months. Net contract assets were not material for any period presented.

Settlement Assets and Customer_

Settlement Assets and Customer/Subscriber Account Balances and Related Obligations	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Settlement Assets and Customer/Subscriber Account Balances and Related Obligations	Settlement Assets and Customer/Subscriber Account Balances and Related Obligations SMB Payments Segment In the Company's SMB Payments reportable segment, funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants. The standards of the card networks require possession of funds during the settlement process by a member bank which controls the clearing transactions. Since settlement funds are required to be in the possession of a member bank until the merchant is funded, these funds are not assets of the Company and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Unaudited Consolidated Balance Sheets. Member banks held merchant funds of $109.2 million and $98.0 million at March 31, 2024 and December 31, 2023, respectively. Exception items that become the liability of the Company are recorded as merchant losses, a component of cost of revenue in the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss. Exception items that the Company is still attempting to collect from the merchants through the funds settlement process or merchant reserves are recognized as settlement assets and customer/subscriber account balances in the Company's Unaudited Consolidated Balance Sheets, with an offsetting reserve for those amounts the Company estimates it will not be able to recover. Expenses for merchant losses for the three months ended March 31, 2024 and 2023 were $4.7 million and $1.0 million, respectively. B2B Payments Segment In the Company's B2B Payments segment, the Company earns revenues by processing transactions for FIs and other business customers. Customers transfer funds to the Company, which are held in either company-owned bank accounts controlled by the Company or bank-owned FBO accounts controlled by the banks, until such time that the transactions are settled with the customer payees. Amounts due to customer payees that are held by the Company in company-owned bank accounts are included in restricted cash. Amounts due to customer payees that are held in bank-owned FBO accounts are not assets of the Company, and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Unaudited Consolidated Balance Sheets. Bank-owned FBO accounts held funds of $79.1 million and $69.0 million at March 31, 2024 and December 31, 2023, respectively. Company-owned bank accounts held $1.6 million and $1.2 million at March 31, 2024 and December 31, 2023, respectively, which are included in restricted cash and settlement and customer/subscriber account obligations in the Company's Unaudited Consolidated Balance Sheets. Exception items that the Company is still attempting to collect from the customers through the funds settlement process are recognized as settlement assets and customer/subscriber account balances in the Company's Unaudited Consolidated Balance Sheets, with an offsetting reserve for those amounts the Company estimates it will not be able to recover. Expenses for these merchant losses for the three months ended March 31, 2024 were $0.2 million. There were no expenses for these merchant losses in 2023. For the Plastiq business, the Company accepts card payments from its customers and processes disbursements to their vendors. The time lag between authorization and settlement of card transactions creates certain receivables (from card networks) and payables (to the vendors of customers). These receivables and payables arise from the settlement activities that the Company performs on the behalf of its customers and therefore, are presented as Settlement assets and related obligations. Enterprise Payments Segment In the Company's Enterprise Payments segment revenue is derived primarily from enrollment fees, monthly subscription fees and transaction-based fees from licensed money transmission services. As part of its licensed money transmission services, the Company accepts deposits from consumers and subscribers which are held in bank accounts maintained by the Company on behalf of consumers and subscribers. After accepting deposits, the Company is allowed to invest available balances in these accounts in certain permitted investments, and the return on such investments contributes to the Company's net cash inflows. These balances are payable on demand. As such, the Company recorded these balances and related obligations as current assets and current liabilities. The nature of these balances are cash and cash equivalents, but they are not available for day-to-day operations of the Company. Therefore, the Company has classified these balances as settlement assets and customer/subscriber account balances and the related obligations as settlement and customer/subscriber account obligations in the Company's Unaudited Consolidated Balance Sheets. In certain states, the Company accepts deposits under agency arrangement with member banks wherein accepted deposits remain under the control of the member banks. Therefore, the Company does not record assets for the deposits accepted and liabilities for the associated obligation. Agency owned accounts held $46.2 million and $19.6 million at March 31, 2024 and December 31, 2023, respectively. The Company's consolidated settlement assets and customer/subscriber account balances and settlement and customer/subscriber account obligations were as follows: (in thousands) March 31, 2024 December 31, 2023 Settlement Assets, net of estimated losses (1) : Card settlements due from merchants $ 881 $ 2,705 Card settlements due from networks 6,338 8,185 Other settlement assets 737 889 Customer/subscriber account balances Cash and cash equivalents 744,634 744,696 Total settlement assets and customer/subscriber account balances $ 752,590 $ 756,475 Settlement and Customer/Subscriber Account Obligations: Customer account obligations $ 703,212 $ 710,775 Subscriber account obligations 41,422 33,921 Total customer/subscriber account obligations 744,634 744,696 Due to customers' payees (2) 9,216 11,058 Total settlement and customer/subscriber account obligations $ 753,850 $ 755,754 (1) Allowance for estimated losses was $9.2 million and $6.6 million as of March 31, 2024 and December 31, 2023, respectively (2) Card settlements due from networks includes $6.3 million and $8.2 million as of March 31, 2024 and December 31, 2023, respectively, related assets and remainder are included in restricted cash on our Unaudited Consolidated Balance Sheets.

Notes Receivable

Notes Receivable	3 Months Ended
Notes Receivable	Mar. 31, 2024
Receivables [Abstract]
Notes Receivable	Notes Receivable The Company had notes receivable of $6.5 million and $5.2 million as of March 31, 2024 and December 31, 2023, respectively, which are reported as current portion of notes receivable and notes receivable less current portion on the Company's Unaudited Consolidated Balance Sheets. The notes receivable carried weighted-average interest rates of 18.5% and 18.6% as of March 31, 2024 and December 31, 2023. The notes receivable are comprised of notes receivable from ISOs, and under the terms of the agreements the Company preserves the right to hold back residual payments due to the ISOs and to apply such residuals against future payments due to the Company. As of March 31, 2024 and December 31, 2023, the Company had no allowance for doubtful notes receivable. As of March 31, 2024, the principal payments for the Company's notes receivable are due as follows: (in thousands) Twelve months ending March 31, 2025 $ 1,972 2026 1,688 2027 1,522 2028 1,092 After 2028 247 Total $ 6,521

Property, Equipment and Softwar

Property, Equipment and Software	3 Months Ended
Property, Equipment and Software	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Equipment and Software	Property, Equipment and Software A summary of property, equipment and software, net was as follows: (in thousands) March 31, 2024 December 31, 2023 Computer software $ 85,933 $ 78,492 Equipment 10,712 10,377 Leasehold improvements 2,788 1,535 Furniture and fixtures 1,442 1,442 Property, equipment and software 100,875 91,846 Less: Accumulated depreciation (59,549) (56,442) Capital work in-progress 6,794 9,276 Property, equipment and software, net $ 48,120 $ 44,680 Three Months Ended March 31, (in thousands) 2024 2023 Depreciation expense $ 3,170 $ 2,757 Computer software represents purchased software and internally developed software that is used to provide the Company's services to its customers. Fully depreciated assets are retained in property, equipment and software, net, until removed from service. During the quarter ended March 31, 2024, certain fully depreciated assets were removed from service.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
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, 2024 December 31, 2023 SMB Payments $ 124,139 $ 124,139 Enterprise Payments 244,712 244,712 Plastiq (B2B Payments) 7,261 7,252 Total $ 376,112 $ 376,103 The following table summarizes the changes in the carrying value of goodwill: (in thousands) Amount Balance at December 31, 2023 $ 376,103 Plastiq adjustment 9 Balance at March 31, 2024 $ 376,112 As of March 31, 2024, 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, 2024 Weighted-average (in thousands, except weighted-average data) Gross Carrying Value Accumulated Amortization Net Carrying Value Other intangible assets: ISO and referral partner relationships $ 182,339 $ (39,824) $ 142,515 14.6 Residual buyouts 135,164 (95,505) 39,659 6.3 Customer relationships 109,017 (93,459) 15,558 8.4 Merchant portfolios 83,350 (59,565) 23,785 6.5 Technology 57,639 (23,989) 33,650 8.7 Trade names 7,104 (2,713) 4,391 10.6 Non-compete agreements 3,390 (3,390) — 0.0 Money transmission licenses (1) 2,100 — 2,100 Total $ 580,103 $ (318,445) $ 261,658 9.6 (1) These assets have an indefinite useful life. December 31, 2023 Weighted-average (in thousands, except weighted-average data) Gross Carrying Value Accumulated Amortization Net Carrying Value Other intangible assets: ISO and referral partner relationships $ 182,339 $ (36,506) $ 145,833 14.7 Residual buyouts 135,164 (92,699) 42,465 6.3 Customer relationships 109,017 (92,781) 16,236 8.4 Merchant portfolios 83,350 (56,139) 27,211 6.5 Technology 57,639 (22,712) 34,927 9.0 Trade names 7,104 (2,526) 4,578 11.7 Non-compete agreements 3,390 (3,390) — 0.0 Money transmission licenses (1) 2,100 — 2,100 Total $ 580,103 $ (306,753) $ 273,350 9.7 (1) These assets have an indefinite useful life. Three Months Ended March 31, (in thousands) 2024 2023 Amortization expense (1) $ 12,083 $ 15,291 (1) Included in amortization expense is $0.4 million and $0.1 million as of March 31, 2024 and 2023, respectively, related to the amortization of certain contract acquisition costs.

Debt Obligations

Debt Obligations	3 Months Ended
Debt Obligations	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Outstanding debt obligations consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Term facility - matures April 27, 2027, interest rates of 11.19% and 11.21% at March 31, 2024 and December 31, 2023, respectively $ 652,695 $ 654,373 Revolving credit facility - $65.0 million line as of March 31, 2024 and December 31, 2023, matures April 27, 2026, interest rate of 10.20% at March 31, 2024 and December 31, 2023 — — Total debt obligations 652,695 654,373 Less: current portion of long-term debt (6,712) (6,712) Less: unamortized debt discounts and deferred financing costs (14,631) (15,696) Long-term debt, net $ 631,352 $ 631,965 Interest Expense and Amortization of Deferred Loan Costs and Discounts Deferred financing costs and debt discounts are amortized using the effective interest method over the remaining term of the respective debt and are recorded as a component of interest expense. Unamortized deferred financing costs and debt discounts are included in long-term debt on the Company's Unaudited Consolidated Balance Sheets. Interest expense for outstanding debt, including fees for undrawn amounts and amortization of deferred financing costs and debt discounts was as follows: Three Months Ended March 31, (in thousands) 2024 2023 Interest expense (1),(2) $ 20,880 $ 17,699 (1) Included in interest expense is $1.0 million and $0.1 million related to the accretion of contingent consideration from acquisitions for the three months ended March 31, 2024, and 2023, respectively. (2) Interest expense included amortization of deferred financing costs and debt discounts of $1.1 million and $0.9 million for the three months ended March 31, 2024, and 2023, respectively. Debt Covenants The Credit Agreement contains representations and warranties, financial and collateral requirements, mandatory payment events, events of default and affirmative and negative covenants, including without limitation, covenants that restrict among other things, the ability to create liens, pay dividends or distribute assets from the loan parties to the Company, merge or consolidate, dispose of assets, incur additional indebtedness, make certain investments or acquisitions, enter into certain transactions (including with affiliates) and to enter into certain leases. If the aggregate principal amount of outstanding revolving loans and letters of credit under the Credit Agreement exceeds 35% of the total revolving credit facility thereunder, the loan parties are required to comply with certain restrictions on its Total Net Leverage Ratio. If applicable, the maximum permitted Total Net Leverage Ratio is: 1) 6.50:1.00 at each fiscal quarter ended September 30, 2021 through June 30, 2022; 2) 6.00:1.00 at each fiscal quarter ended September 30, 2022 through June 30, 2023; and 3) 5.50:1.00 at each fiscal quarter ended September 30, 2023 each fiscal quarter thereafter. As of March 31, 2024, the Company was in compliance with the covenants in the Credit Agreement.

Redeemable Senior Preferred Sto

Redeemable Senior Preferred Stock and Warrants	3 Months Ended
Redeemable Senior Preferred Stock and Warrants	Mar. 31, 2024
Temporary Equity [Abstract]
Redeemable Senior Preferred Stock and Warrants	Redeemable Senior Preferred Stock and Warrants The redeemable senior preferred stock ranks senior to the Company's Common Stock, equal with any other class of the Company's stock designated as being ranked on a parity basis with the redeemable senior preferred stock and junior to any other class of the Company's stock, including preferred stock, that is designated as being ranked senior to the redeemable senior preferred stock, with respect to the payment and distribution of dividends, the purchase or redemption of the Company's stock and the liquidation, winding up of and distribution of assets of the Company. The following table provides the redemption value of the redeemable senior preferred stock for the periods presented: (in thousands) March 31, 2024 December 31, 2023 Redeemable senior preferred stock $ 225,000 $ 225,000 Accumulated unpaid dividend 48,197 43,498 Dividend payable 7,122 7,027 Redemption value 280,319 275,525 Less: unamortized discounts and issuance costs (16,079) (16,920) Redeemable senior preferred stock, net of discounts and issuance costs: $ 264,240 $ 258,605 The following table provides a reconciliation of the beginning and ending carrying amounts of the redeemable senior preferred stock for the periods presented: (in thousands) Shares Amount December 31, 2023 225 $ 258,605 Unpaid dividend on redeemable senior preferred stock — 4,699 Accretion of discounts and issuance costs — 841 Cash portion of dividend outstanding at March 31, 2024 — 7,122 Payment of cash portion of dividend outstanding at December 31, 2023 (7,027) March 31, 2024 225 $ 264,240 The dividend rate as of March 31, 2024 and December 31, 2023, was 17.6% and 17.7% respectively. The following table provides a summary of the dividends for the period presented: Three Months Ended March 31, (in thousands) 2024 2023 Dividends paid in cash (1) $ 7,122 $ 6,094 Accumulated dividends accrued as part of the carrying value of redeemable senior preferred stock 4,699 4,383 Dividends declared $ 11,821 $ 10,477 (1) Dividend payable for the three months ended March 31, 2024 was paid on April 1, 2024. Under the Amended Certificate of Designation, the dividend rate (capped at 22.50%) is equal to the three-month term SOFR (minimum of 1.00%), plus the three-month term SOFR spread adjustment of 0.26% plus the applicable margin of 12.00%. The dividend rate is subject to future increases if the Company doesn't comply with the minimum cash payment requirements outlined in the agreement, which includes required payments of dividends, required payments related to redemption or required prepayments. The dividend rate may also increase if the Company fails to obtain the required stockholder approval for a forced sale transaction triggered by investors or if an event of default as outlined in the agreement occurs.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's consolidated effective income tax rate for the three months ended March 31, 2024, was 33.2% compared to a consolidated effective income tax rate of 20.8% for the three months ended March 31, 2023. The effective rates differed from the statutory rate of 21.0% primarily due to an increase in the valuation allowance against certain business interest carryover deferred tax assets, and certain forecasted nondeductible expenses. Valuation Allowance for Deferred Income Tax Assets The Company considers all available positive and negative evidence to determine whether sufficient taxable income will be generated in the future to permit realization of the existing deferred tax assets. In accordance with the provisions of ASC 740, Income Taxes , the Company is required to provide a valuation allowance against deferred income tax assets when it is "more likely than not" that some portion or all of the deferred tax assets will not be realized. Based on management's assessment, as of March 31, 2024, the Company continues to record a full valuation allowance against non-deductible interest expense. The Company will continue to evaluate the realizability of the net deferred tax asset on a quarterly basis and, as a result, the valuation allowance may change in future periods.

Stockholders' Deficit

Stockholders' Deficit	3 Months Ended
Stockholders' Deficit	Mar. 31, 2024
Equity [Abstract]
Stockholders' Deficit	Stockholders' Deficit The Company is authorized to issue 100,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. As of March 31, 2024 and December 31, 2023, the Company has not issued any shares of preferred stock. Share Repurchase Program In 2022, PRTH's Board of Directors authorized a general share repurchase program under which the Company may purchase up to 2.0 million shares of its outstanding Common Stock for a total of up to $10.0 million. Under the terms of this plan, the Company may purchase shares through open market purchases, unsolicited or solicited privately negotiated transactions, or in another manner so long as it complies with applicable rules and regulations. There have been no shares repurchased under this plan since December 2022.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based compensation expense was as follows: Three Months Ended March 31, (in thousands) 2024 2023 Stock options compensation expense $ 1,528 $ 1,922 Incentive units compensation expense 93 — ESPP compensation expense 12 14 Total $ 1,633 $ 1,936 Income tax benefit for stock-based compensation was immaterial for the three months ended March 31, 2024 and 2023. No stock-based compensation has been capitalized. 2018 Plan The Company's 2018 Plan initially provided for the issuance of up to 6,685,696 shares of the Company's Common Stock. On March 17, 2022, the Company's Board of Directors unanimously approved an amendment to the 2018 Plan, which was subsequently approved by our shareholders, to increase the number of shares authorized for issuance under the plan by 2,500,000 shares, resulting in 9,185,696 shares of the Company's Common Stock authorized for issuance under the plan. 2021 Stock Purchase Plan The 2021 Stock Purchase Plan provides for up to 200,000 shares to be purchased under the plan. Shares issued under the plan may be authorized but unissued or reacquired shares of Common Stock. All employees of the Company who work more than 20 hours per week and have been employed by the Company for at least 30 days may participate in the 2021 Stock Purchase Plan. Under the 2021 Stock Purchase Plan, participants are offered, on the first day of the offering period, the option to purchase shares of Common Stock at a discount on the last day of the offering period. The offering period shall be for a period of three months, and the first offering period began on January 10, 2022. The 2021 Stock Purchase Plan provides eligible employees the opportunity to purchase shares of the Company's Common Stock on a quarterly basis through payroll deductions at a price equal to 95% of the lesser of the fair value on the first and last trading day of each offering period. Non-voting Incentive Units

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In February 2019, PHOT, a subsidiary of the Company, received a contribution of substantially all of the operating assets of eTab and Cumulus under asset contribution agreements. PHOT is a part of the Company's SMB reportable segment. These contributed assets were primarily composed of technology-related assets. Prior to these transactions, eTab was 80.0% owned by the Company's Chairman and Chief Executive Officer ("CEO"). No cash consideration was paid to the contributors of the eTab or Cumulus assets on the date of the transactions. As consideration for these contributed assets, the contributors were issued redeemable non-controlling preferred equity interests ("redeemable NCIs") in PHOT. Under these redeemable NCIs, the contributors were eligible to receive up to $4.5 million of profits earned by PHOT, plus a preferred yield (6.0% per year) on any undistributed preferred equity interest ("Total Preferred Equity Interest"). Once the total preferred equity interest is distributed to the holders, the redeemable NCIs cease to exist. The Company's CEO initially owned 83.3% of the redeemable NCIs, which ownership interest was subsequently reduced to 35.3% through the CEO's disposition of interests to others. In November 2020, the Company agreed with the contributors to an exchange of shares of common stock of the Company, or cash, for the remaining undistributed Total Preferred Equity Interests of $4.8 million. An exchange valuation for the Company's common stock was established as of November 12, 2020 at the prior 20-day volume weighted average price of $2.78 per share. The exchange was contingent upon receiving approval of the Company's lenders; therefore, the binding exchange agreements were not entered into until after lender approval was received in April 2021 in connection with the debt refinancing. In May 2021, the Company entered into exchange agreements and completed the exchange of 1,428,358 shares of common stock and $0.8 million of cash for the Total Preferred Equity Interests. The CEO received 605,623 shares of common stock of the Company in exchange for his 35.3% interest, and the Company's Chief Operating Officer (“COO”) received 413,081 shares of common stock of the Company in exchange for her 24.1% interest.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Minimum Annual Commitments with Third-party Processors The Company has multi-year agreements with third parties to provide certain payment processing services to the Company. The Company pays processing fees under these agreements. Based on existing contracts in place, the Company is committed to pay minimum processing fees under these agreements of approximately $21.6 million in 2024 and $25.0 million in 2025. Annual Commitment with Vendor Effective January 1, 2022, the Company entered into a three year business cooperation agreement with a vendor to resell its services. Under the agreement, the Company purchased vendor services worth $1.5 million for the year ended December 31, 2023, and is committed to purchase vendor services worth $2.3 million in 2024. Capital Commitments The Company committed to capital contributions to fund the operations of certain subsidiaries totaling $26.0 million as March 31, 2024 and December 31, 2023. The Company is obligated to make the contributions within 10 business days of receiving notice for such contribution from the subsidiary. As of March 31, 2024 and December 31, 2023, the Company has contributed $13.4 million and $11.8 million, respectively. Merchant Reserves See Note 4. Settlement Assets and Customer/Subscriber Account Balances and Related Obligations , for information about merchant reserves. Contingent Consideration The following table provides a reconciliation of the beginning and ending balance of the Company's contingent consideration liabilities related to completed acquisitions: (in thousands) Contingent Consideration Liabilities December 31, 2023 $ 13,438 Accretion of contingent consideration 972 Payment of contingent consideration (3,071) March 31, 2024 $ 11,339 Legal Proceedings The Company is involved in certain legal proceedings and claims which arise in the ordinary course of business. In the opinion of the Company and based on consultations with internal and external counsel, the results of any of these matters, individually and in the aggregate, are not expected to have a material effect on the Company's results of operations, financial condition or cash flows. As more information becomes available, and the Company determines that an unfavorable outcome is probable on a claim and that the amount of probable loss that the Company will incur on that claim is reasonably estimable, the Company will record an accrued expense for the claim in question. If and when the Company records such an accrual, it could be material and could adversely impact the Company's results of operations, financial condition and cash flows. The Company is involved in a case that was filed on October 11, 2023 and is currently pending in the United States District Court for the Northern District of California (the “Complaint”). The Complaint is a putative class action against The Credit Wholesale Company, Inc. (“Wholesale”), Priority Technology Holdings, Inc., Priority Payment Systems (“PPS”), LLC and Wells Fargo Bank, N.A. (“Wells Fargo”). The Complaint alleges that Wholesale is an agent of Priority, PPS and Wells Fargo and that it made non-consensual recordation of telephonic communications with California businesses in violation of California Invasion of Privacy Act (the “Act”). T he Complaint seeks to certify a class of affected businesses and an award of $5,000 per violation of the Act. As of May 9, 2024, the financial impact, if any, of the outcome of this legal proceeding is neither probable nor estimable. Concentration of Risks The Company's revenue is substantially derived from processing Visa and Mastercard bankcard transactions. Because the Company is not a member bank, in order to process these bankcard transactions, the Company maintains sponsorship agreements with member banks which require, among other things, that the Company abide by the by-laws and regulations of the card associations. As of March 31, 2024 , the Company's customer account balances of $703 million are maintained in FDIC insured eligible accounts with certain FIs (refer to Note 4. Settlement Assets and Customer/Subscriber Account Balances and Related Obligations ) A majority of the Company's cash and restricted cash is held in certain FIs, substantially all of which is in excess of FDIC limits. The Company does not believe it is exposed to any significant credit risk from these transactions.

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurements Contingent consideration related to the Company's business combinations is estimated based on the present value of a weighted payout probability at the measurement date, which falls within Level 3 on the fair value hierarchy. The current portion of contingent consideration is included in accounts payable and accrued expenses on the Company's Unaudited Consolidated Balance Sheets and the noncurrent portion of contingent consideration is included in other noncurrent liabilities on the Company's Unaudited Consolidated Balance Sheets. Liabilities measured at fair value on a recurring basis consisted of the following: (in thousands) Fair Value Hierarchy March 31, 2024 December 31, 2023 Contingent consideration, current portion Level 3 $ 2,880 $ 5,951 Contingent consideration, noncurrent portion Level 3 $ 8,459 7,487 Total contingent consideration $ 11,339 $ 13,438 During the three months ended March 31, 2024, there were no transfers into, out of, or between levels of the fair value hierarchy. Fair Value Disclosures Notes Receivable Notes receivable are carried at amortized cost. Substantially all of the Company's notes receivable are secured, and the Company provides for allowances when it believes that certain notes receivable may not be collectible. The carrying value of the Company's notes receivable, net approximates fair value and was approximately $6.5 million and $5.2 million at March 31, 2024 and December 31, 2023, respectively. On the fair value hierarchy, Level 3 inputs are used to estimate the fair value of these notes receivable. Debt Obligations Outstanding debt obligations (see Note 8. Debt Obligations ) are reflected in the Company's Unaudited Consolidated Balance Sheets at carrying value since the Company did not elect to remeasure debt obligations to fair value at the end of each reporting period. The fair value of the term facility was estimated to be $651.9 million at March 31, 2024 and December 31, 2023 and was estimated using binding and non-binding quoted prices in an active secondary market, which considers the credit risk and market related conditions, and is within Level 2 of the fair value hierarchy. The carrying values of the other long-term debt obligations approximate fair value due to mechanisms in the credit agreements that adjust the applicable interest rates and the lack of a market for these debt obligations.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: • SMB Payments – Provides full-service acquiring and payment-enabled solutions for B2C transactions, leveraging Priority's proprietary software platform, distributed through ISO, direct sales and vertically focused ISV channels. • B2B Payments – provides market-leading AP automation solutions to corporations, software partners and industry leading FIs (including Citibank and Mastercard) in addition to working improving cash flow by providing instant access to working capital. • Enterprise Payments – Provides embedded finance and treasury solutions to enterprise customers to modernize legacy platforms and accelerate software partners' strategies to monetize payments. Corporate includes costs of corporate functions and shared services not allocated to our reportable segments. In January 2024, the Company changed the grouping of certain business activity to conform to the way we internally manage and monitor the business. As a result, certain immaterial activity was reassigned from the SMB Payments segment to the Enterprise Payments segment effective January 1, 2024. Impact on prior year segment results were determined to be immaterial and have not been reclassified to reflect this change. Information on reportable segments and reconciliations to consolidated revenues, consolidated depreciation and amortization, and consolidated operating income are as follows: (in thousands) Three Months Ended March 31, 2024 2023 Revenues: SMB Payments $ 143,751 $ 154,933 B2B Payments 21,115 2,786 Enterprise Payments 40,853 27,309 Consolidated revenues $ 205,719 $ 185,028 Depreciation and amortization: SMB Payments $ 8,802 $ 10,846 B2B Payments 1,640 125 Enterprise Payments 4,356 6,690 Corporate 455 387 Consolidated depreciation and amortization $ 15,253 $ 18,048 Operating income (loss): SMB Payments $ 12,383 $ 12,011 B2B Payments (793) (849) Enterprise Payments 25,547 12,663 Corporate (9,114) (6,977) Consolidated operating income $ 28,023 $ 16,848 A reconciliation of total operating income of reportable segments to the Company's net (loss) income is provided in the following table: (in thousands) Three Months Ended March 31, 2024 2023 Total operating income of reportable segments $ 37,137 $ 23,825 Corporate (9,114) (6,977) Interest expense (20,880) (17,699) Other income, net 632 212 Income tax (expense) benefit (2,582) 133 Net income (loss) $ 5,193 $ (506)

Loss per Common Share

Loss per Common Share	3 Months Ended
Loss per Common Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Loss per Common Share	Loss per Common Share The following tables set forth the computation of the Company's basic and diluted loss per common share: Three Months Ended March 31, (in thousands except per share amounts) 2024 2023 Numerator: Net income (loss) $ 5,193 $ (506) Less: Dividends and accretion attributable to redeemable senior preferred stockholders (12,662) (11,295) Less: Return on redeemable NCI in consolidated subsidiary (581) — Net loss attributable to common stockholders $ (8,050) $ (11,801) Denominator: Basic and diluted: Weighted-average common shares outstanding (1) 78,021 78,133 Loss per common share $ (0.10) $ (0.15) (1) The weighted-average common shares outstanding includes 1,803,841 warrants (refer to Note 9. Redeemable Senior Preferred Stock and Warrants ). For the three months ended March 31, 2024 and 2023, all potentially dilutive securities were anti-dilutive, so diluted net loss per share was equivalent to basic net loss per share. Potentially anti-dilutive securities that were excluded from the Company's loss per common share are as follows: Three Months Ended March 31, (in thousands) 2024 2023 Outstanding warrants on Common Stock (1) — 3,557 Outstanding options and warrants issued to adviser (2) — 600 Restricted stock awards (3) 1,078 2,245 Outstanding stock option awards (3) 864 952 Total 1,942 7,354 (1) The warrants were issued in 2018 and were exercisable at $11.50 per share. These warrants expired on August 24, 2023. (2) The warrants were issued in 2018 and were exercisable at $12.00 per share. These warrants expired on August 24, 2023. (3) Granted under the 2018 Plan.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies - (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Consolidation	The accompanying Unaudited Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation	These Unaudited Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information pursuant to the rules and regulations of the SEC. The Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 but does not include all disclosures required by GAAP for annual financial statements. NCI represents the equity interest in certain consolidated entities in which the Company owns less than 100% of the profit interests. Changes in the Company's ownership interest while the Company retains its controlling interest are accounted for as equity transactions. As of March 31, 2024, there was no income or loss attributable to NCI in accordance with the applicable operating agreements. Redeemable NCI represents non-controlling ownership of certain redeemable preferred units in one of the Company's consolidated subsidiaries. These preferred units carry a compounded coupon rate of 6% per annum. The return on the redeemable NCI for the three months ended March 31, 2024, since the reissuance of these redeemable preferred units, is $0.6 million. Refer to Note 13. Related Party Transactions . In the opinion of the Company's management, all known adjustments necessary for a fair presentation of the Unaudited Consolidated Financial Statements for interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amounts of assets and liabilities. These Unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results for the quarter ended March 31, 2024 include the results of the Plastiq business acquired through Chapter 11 bankruptcy process on July 31, 2023.
Use of Estimates	The preparation of Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the reported period. Actual results could materially differ from those estimates.
Foreign Currency	The Company's reporting currency is the U.S. dollar. The functional currency of the Indian subsidiary of the Company is Indian Rupee (i.e. local currency of Republic of India). The functional currency of the Canadian subsidiary of the Company is the Canadian Dollar. Accordingly, assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate on the last day of the reporting period. Revenues and expenses are translated using the average exchange rate in effect during the reporting period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss).
Reclassification	In January 2024, the Company changed the grouping of certain business activity to conform to the way we internally manage and monitor the business. As a result, certain immaterial activity was reassigned from the SMB Payments segment to the Enterprise Payments segment effective January 1, 2024. Impact on prior year segment results were determined to be immaterial and have not been reclassified to reflect this change.
Recently Issued Accounting Standards Pending Adoption	Segment Reporting ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods after December 15, 2024. The Company will adopt this guidance for the year ended December 31, 2024. This guidance is expected to only impact the disclosures with no impact on the results of operations, financial position or cash flows. Income Taxes ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The guidance includes improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the potential effects this guidance will have on its disclosures. Profit Interest ASU 2024-01 In March 2024, the FASB issued ASU 2024-01, Profit Interest and Similar Awards ("ASU 2024-01"), to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope in paragraph 718-10-15-3 to determine whether profit interest and similar awards should be accounted for in accordance with Topic 718, Compensation- Stock Compensation. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the potential effects this guidance will have on its disclosures.

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
Acquisition (Tables)	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary purchase price allocation is set forth in the table below and expected to be finalized as soon as practicable but no later than one year from the closing date. (in thousands) Consideration: Cash $ 28,500 Contingent consideration payments (1) 8,419 Common equity of acquiring entity 330 Less: cash and restricted cash acquired (278) Total purchase consideration, net of cash and restricted cash acquired $ 36,971 Recognized amounts of assets acquired and liabilities assumed: Accounts receivable $ 831 Prepaid expenses 469 Settlement assets 8,277 Equipment, net 47 Goodwill (3) 7,261 Intangible assets (2) 30,460 Accounts payable and accrued expenses (1,881) Customer deposits (214) Settlement obligations (8,279) Total purchase consideration $ 36,971 (1) The fair value of the contingent consideration payments issued was determined utilizing a Monte Carlo simulation. The contingent consideration payments were calculated based on the path for the simulated metrics and the contractual terms of the contingent consideration payments and were discounted to present value at a rate reflecting the risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation. (2) The intangible assets acquired consist of $13.0 million for customer relationships, $7.0 million for referral partner relationships, $6.5 million for technology and $3.9 million for trade name. (3) During the first quarter of 2024, the Company recorded an immaterial measurement period adjustment due to a pre-acquisition tax accrual which resulted in an adjustment to goodwill and accounts payable and accrued expenses.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
Revenues (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents a disaggregation of our consolidated revenues by type: Three Months Ended March 31, (in thousands) 2024 2023 Revenue Type: Merchant card fees $ 157,947 $ 149,644 Money transmission services 29,144 21,406 Outsourced services and other services 15,665 11,005 Equipment 2,963 2,973 Total revenues (1),(2) $ 205,719 $ 185,028 (1) Includes contracts with an original duration of one year or less and variable consideration under a stand-ready series of distinct days of service. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. (2) Approximately $11.9 million and $5.0 million of interest income for the three months ended March 31, 2024 and 2023, respectively, is included in outsourced services and other services revenue in the table above. Approximately $0.6 million and $0.2 million of interest income for the three months ended March 31, 2024, and 2023, respectively, is included in other income, net on the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss and not reflected in the table above. The following table presents a disaggregation of our consolidated revenues by segment: Three months ended March 31, 2024 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 139,488 $ — $ 1,300 $ 2,963 $ 143,751 B2B Payments 18,289 — 2,826 — 21,115 Enterprise Payments 170 29,144 11,539 — 40,853 Total revenues $ 157,947 $ 29,144 $ 15,665 $ 2,963 $ 205,719 Three Months Ended March 31, 2023 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 148,688 $ — $ 3,272 $ 2,973 $ 154,933 B2B Payments 927 — 1,859 — 2,786 Enterprise Payments 29 21,406 5,874 — 27,309 Total revenues $ 149,644 $ 21,406 $ 11,005 $ 2,973 $ 185,028

Settlement Assets and Custome_2

Settlement Assets and Customer/Subscriber Account Balances and Related Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Settlement Assets	The Company's consolidated settlement assets and customer/subscriber account balances and settlement and customer/subscriber account obligations were as follows: (in thousands) March 31, 2024 December 31, 2023 Settlement Assets, net of estimated losses (1) : Card settlements due from merchants $ 881 $ 2,705 Card settlements due from networks 6,338 8,185 Other settlement assets 737 889 Customer/subscriber account balances Cash and cash equivalents 744,634 744,696 Total settlement assets and customer/subscriber account balances $ 752,590 $ 756,475 Settlement and Customer/Subscriber Account Obligations: Customer account obligations $ 703,212 $ 710,775 Subscriber account obligations 41,422 33,921 Total customer/subscriber account obligations 744,634 744,696 Due to customers' payees (2) 9,216 11,058 Total settlement and customer/subscriber account obligations $ 753,850 $ 755,754 (1) Allowance for estimated losses was $9.2 million and $6.6 million as of March 31, 2024 and December 31, 2023, respectively (2) Card settlements due from networks includes $6.3 million and $8.2 million as of March 31, 2024 and December 31, 2023, respectively, related assets and remainder are included in restricted cash on our Unaudited Consolidated Balance Sheets.
Settlement Obligations	The Company's consolidated settlement assets and customer/subscriber account balances and settlement and customer/subscriber account obligations were as follows: (in thousands) March 31, 2024 December 31, 2023 Settlement Assets, net of estimated losses (1) : Card settlements due from merchants $ 881 $ 2,705 Card settlements due from networks 6,338 8,185 Other settlement assets 737 889 Customer/subscriber account balances Cash and cash equivalents 744,634 744,696 Total settlement assets and customer/subscriber account balances $ 752,590 $ 756,475 Settlement and Customer/Subscriber Account Obligations: Customer account obligations $ 703,212 $ 710,775 Subscriber account obligations 41,422 33,921 Total customer/subscriber account obligations 744,634 744,696 Due to customers' payees (2) 9,216 11,058 Total settlement and customer/subscriber account obligations $ 753,850 $ 755,754 (1) Allowance for estimated losses was $9.2 million and $6.6 million as of March 31, 2024 and December 31, 2023, respectively (2) Card settlements due from networks includes $6.3 million and $8.2 million as of March 31, 2024 and December 31, 2023, respectively, related assets and remainder are included in restricted cash on our Unaudited Consolidated Balance Sheets.

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
Notes Receivable (Tables)	Mar. 31, 2024
Receivables [Abstract]
Financing Receivable, before Allowance for Credit Loss, Maturity	As of March 31, 2024, the principal payments for the Company's notes receivable are due as follows: (in thousands) Twelve months ending March 31, 2025 $ 1,972 2026 1,688 2027 1,522 2028 1,092 After 2028 247 Total $ 6,521

Property, Equipment and Softw_2

Property, Equipment and Software (Tables)	3 Months Ended
Property, Equipment and Software (Tables)	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Equipment and Software	A summary of property, equipment and software, net was as follows: (in thousands) March 31, 2024 December 31, 2023 Computer software $ 85,933 $ 78,492 Equipment 10,712 10,377 Leasehold improvements 2,788 1,535 Furniture and fixtures 1,442 1,442 Property, equipment and software 100,875 91,846 Less: Accumulated depreciation (59,549) (56,442) Capital work in-progress 6,794 9,276 Property, equipment and software, net $ 48,120 $ 44,680 Three Months Ended March 31, (in thousands) 2024 2023 Depreciation expense $ 3,170 $ 2,757

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - (Tables)	3 Months Ended
Goodwill and Other Intangible Assets - (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The Company's goodwill relates to the following reporting units: (in thousands) March 31, 2024 December 31, 2023 SMB Payments $ 124,139 $ 124,139 Enterprise Payments 244,712 244,712 Plastiq (B2B Payments) 7,261 7,252 Total $ 376,112 $ 376,103 The following table summarizes the changes in the carrying value of goodwill: (in thousands) Amount Balance at December 31, 2023 $ 376,103 Plastiq adjustment 9 Balance at March 31, 2024 $ 376,112
Schedule of Other Intangible Assets	Other intangible assets consisted of the following: March 31, 2024 Weighted-average (in thousands, except weighted-average data) Gross Carrying Value Accumulated Amortization Net Carrying Value Other intangible assets: ISO and referral partner relationships $ 182,339 $ (39,824) $ 142,515 14.6 Residual buyouts 135,164 (95,505) 39,659 6.3 Customer relationships 109,017 (93,459) 15,558 8.4 Merchant portfolios 83,350 (59,565) 23,785 6.5 Technology 57,639 (23,989) 33,650 8.7 Trade names 7,104 (2,713) 4,391 10.6 Non-compete agreements 3,390 (3,390) — 0.0 Money transmission licenses (1) 2,100 — 2,100 Total $ 580,103 $ (318,445) $ 261,658 9.6 (1) These assets have an indefinite useful life. December 31, 2023 Weighted-average (in thousands, except weighted-average data) Gross Carrying Value Accumulated Amortization Net Carrying Value Other intangible assets: ISO and referral partner relationships $ 182,339 $ (36,506) $ 145,833 14.7 Residual buyouts 135,164 (92,699) 42,465 6.3 Customer relationships 109,017 (92,781) 16,236 8.4 Merchant portfolios 83,350 (56,139) 27,211 6.5 Technology 57,639 (22,712) 34,927 9.0 Trade names 7,104 (2,526) 4,578 11.7 Non-compete agreements 3,390 (3,390) — 0.0 Money transmission licenses (1) 2,100 — 2,100 Total $ 580,103 $ (306,753) $ 273,350 9.7 (1) These assets have an indefinite useful life. Three Months Ended March 31, (in thousands) 2024 2023 Amortization expense (1) $ 12,083 $ 15,291 (1)

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
Debt Obligations (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Outstanding debt obligations consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Term facility - matures April 27, 2027, interest rates of 11.19% and 11.21% at March 31, 2024 and December 31, 2023, respectively $ 652,695 $ 654,373 Revolving credit facility - $65.0 million line as of March 31, 2024 and December 31, 2023, matures April 27, 2026, interest rate of 10.20% at March 31, 2024 and December 31, 2023 — — Total debt obligations 652,695 654,373 Less: current portion of long-term debt (6,712) (6,712) Less: unamortized debt discounts and deferred financing costs (14,631) (15,696) Long-term debt, net $ 631,352 $ 631,965
Schedule of Interest Expense for Outstanding Debt	Interest expense for outstanding debt, including fees for undrawn amounts and amortization of deferred financing costs and debt discounts was as follows: Three Months Ended March 31, (in thousands) 2024 2023 Interest expense (1),(2) $ 20,880 $ 17,699 (1) Included in interest expense is $1.0 million and $0.1 million related to the accretion of contingent consideration from acquisitions for the three months ended March 31, 2024, and 2023, respectively. (2)

Redeemable Senior Preferred S_2

Redeemable Senior Preferred Stock and Warrants (Tables)	3 Months Ended
Redeemable Senior Preferred Stock and Warrants (Tables)	Mar. 31, 2024
Temporary Equity [Abstract]
Temporary Equity	The following table provides the redemption value of the redeemable senior preferred stock for the periods presented: (in thousands) March 31, 2024 December 31, 2023 Redeemable senior preferred stock $ 225,000 $ 225,000 Accumulated unpaid dividend 48,197 43,498 Dividend payable 7,122 7,027 Redemption value 280,319 275,525 Less: unamortized discounts and issuance costs (16,079) (16,920) Redeemable senior preferred stock, net of discounts and issuance costs: $ 264,240 $ 258,605 The following table provides a reconciliation of the beginning and ending carrying amounts of the redeemable senior preferred stock for the periods presented: (in thousands) Shares Amount December 31, 2023 225 $ 258,605 Unpaid dividend on redeemable senior preferred stock — 4,699 Accretion of discounts and issuance costs — 841 Cash portion of dividend outstanding at March 31, 2024 — 7,122 Payment of cash portion of dividend outstanding at December 31, 2023 (7,027) March 31, 2024 225 $ 264,240 The following table provides a summary of the dividends for the period presented: Three Months Ended March 31, (in thousands) 2024 2023 Dividends paid in cash (1) $ 7,122 $ 6,094 Accumulated dividends accrued as part of the carrying value of redeemable senior preferred stock 4,699 4,383 Dividends declared $ 11,821 $ 10,477 (1) Dividend payable for the three months ended March 31, 2024 was paid on April 1, 2024.

Stock-based Compensation - (Tab

Stock-based Compensation - (Tables)	3 Months Ended
Stock-based Compensation - (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation	Stock-based compensation expense was as follows: Three Months Ended March 31, (in thousands) 2024 2023 Stock options compensation expense $ 1,528 $ 1,922 Incentive units compensation expense 93 — ESPP compensation expense 12 14 Total $ 1,633 $ 1,936

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
Commitment and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Fair Value, Net Derivative Asset (Liability), Unobservable Input Reconciliation	The following table provides a reconciliation of the beginning and ending balance of the Company's contingent consideration liabilities related to completed acquisitions: (in thousands) Contingent Consideration Liabilities December 31, 2023 $ 13,438 Accretion of contingent consideration 972 Payment of contingent consideration (3,071) March 31, 2024 $ 11,339

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	Liabilities measured at fair value on a recurring basis consisted of the following: (in thousands) Fair Value Hierarchy March 31, 2024 December 31, 2023 Contingent consideration, current portion Level 3 $ 2,880 $ 5,951 Contingent consideration, noncurrent portion Level 3 $ 8,459 7,487 Total contingent consideration $ 11,339 $ 13,438

Segment Information - (Tables)

Segment Information - (Tables)	3 Months Ended
Segment Information - (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	Information on reportable segments and reconciliations to consolidated revenues, consolidated depreciation and amortization, and consolidated operating income are as follows: (in thousands) Three Months Ended March 31, 2024 2023 Revenues: SMB Payments $ 143,751 $ 154,933 B2B Payments 21,115 2,786 Enterprise Payments 40,853 27,309 Consolidated revenues $ 205,719 $ 185,028 Depreciation and amortization: SMB Payments $ 8,802 $ 10,846 B2B Payments 1,640 125 Enterprise Payments 4,356 6,690 Corporate 455 387 Consolidated depreciation and amortization $ 15,253 $ 18,048 Operating income (loss): SMB Payments $ 12,383 $ 12,011 B2B Payments (793) (849) Enterprise Payments 25,547 12,663 Corporate (9,114) (6,977) Consolidated operating income $ 28,023 $ 16,848
Reconciliation of Revenue from Segments to Consolidated	A reconciliation of total operating income of reportable segments to the Company's net (loss) income is provided in the following table: (in thousands) Three Months Ended March 31, 2024 2023 Total operating income of reportable segments $ 37,137 $ 23,825 Corporate (9,114) (6,977) Interest expense (20,880) (17,699) Other income, net 632 212 Income tax (expense) benefit (2,582) 133 Net income (loss) $ 5,193 $ (506)

Loss per Common Share - (Tables

Loss per Common Share - (Tables)	3 Months Ended
Loss per Common Share - (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share	The following tables set forth the computation of the Company's basic and diluted loss per common share: Three Months Ended March 31, (in thousands except per share amounts) 2024 2023 Numerator: Net income (loss) $ 5,193 $ (506) Less: Dividends and accretion attributable to redeemable senior preferred stockholders (12,662) (11,295) Less: Return on redeemable NCI in consolidated subsidiary (581) — Net loss attributable to common stockholders $ (8,050) $ (11,801) Denominator: Basic and diluted: Weighted-average common shares outstanding (1) 78,021 78,133 Loss per common share $ (0.10) $ (0.15) (1) The weighted-average common shares outstanding includes 1,803,841 warrants (refer to Note 9. Redeemable Senior Preferred Stock and Warrants
Schedule of Antidilutive Securities	Potentially anti-dilutive securities that were excluded from the Company's loss per common share are as follows: Three Months Ended March 31, (in thousands) 2024 2023 Outstanding warrants on Common Stock (1) — 3,557 Outstanding options and warrants issued to adviser (2) — 600 Restricted stock awards (3) 1,078 2,245 Outstanding stock option awards (3) 864 952 Total 1,942 7,354 (1) The warrants were issued in 2018 and were exercisable at $11.50 per share. These warrants expired on August 24, 2023. (2) The warrants were issued in 2018 and were exercisable at $12.00 per share. These warrants expired on August 24, 2023. (3) Granted under the 2018 Plan.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Return on redeemable NCI in consolidated subsidiary	$ 581	$ 0
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred units coupon rate	6%

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Plastiq $ in Thousands	Jul. 31, 2023 USD ($)
Business Acquisition [Line Items]
Consideration transferred	$ 37,000
Cash paid to acquire business	$ 28,500

Acquisition - Schedule of Plast

Acquisition - Schedule of Plastiq Business Acquisition (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Recognized amounts of assets acquired and liabilities assumed:
Goodwill		$ 376,112	$ 376,103
Plastiq
Consideration:
Cash	$ 28,500
Contingent consideration payments	8,419
Common equity of acquiring entity	330
Less: cash and restricted cash acquired	(278)
Total purchase consideration, net of cash and restricted cash acquired	36,971
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable	831
Prepaid expenses	469
Settlement assets	8,277
Equipment, net	47
Goodwill	7,261
Intangible assets	30,460
Accounts payable and accrued expenses	(1,881)
Customer deposits	(214)
Settlement obligations	(8,279)
Total purchase consideration	36,971
Plastiq \| Customer relationships
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired	13,000
Plastiq \| Referral Partner Relationships
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired	7,000
Plastiq \| Technology
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired	6,500
Plastiq \| Trade names
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired	$ 3,900

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 205,719	$ 185,028
Other income, net	632	212
SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	143,751	154,933
B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	21,115	2,786
Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	40,853	27,309
Merchant card fees
Disaggregation of Revenue [Line Items]
Revenues	157,947	149,644
Merchant card fees \| SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	139,488	148,688
Merchant card fees \| B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	18,289	927
Merchant card fees \| Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	170	29
Money transmission services
Disaggregation of Revenue [Line Items]
Revenues	29,144	21,406
Money transmission services \| SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	0	0
Money transmission services \| B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	0	0
Money transmission services \| Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	29,144	21,406
Outsourced services and other services
Disaggregation of Revenue [Line Items]
Revenues	15,665	11,005
Other income, net	11,900	5,000
Outsourced services and other services \| SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	1,300	3,272
Outsourced services and other services \| B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	2,826	1,859
Outsourced services and other services \| Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	11,539	5,874
Equipment
Disaggregation of Revenue [Line Items]
Revenues	2,963	2,973
Equipment \| SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	2,963	2,973
Equipment \| B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	0	0
Equipment \| Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liabilities	$ 0.6	$ 0.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue, period (in months)	12 months

Settlement Assets and Custome_3

Settlement Assets and Customer/Subscriber Account Balances and Related Obligations - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement and customer/subscriber account obligations	$ 753,850		$ 755,754
SMB Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Merchant reserves held by sponsor banks	109,200		98,000
Provision for merchant losses	4,700	$ 1,000
B2B Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for merchant losses	200	$ 0
Enterprise Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deposits, agency-owned accounts	46,200		19,600
Due To ACH Payees \| B2B Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement and customer/subscriber account obligations	1,600		1,200
Due To ACH Payees \| Bank \| B2B Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement and customer/subscriber account obligations	$ 79,100		$ 69,000

Settlement Assets and Custome_4

Settlement Assets and Customer/Subscriber Account Balances and Related Obligations - Schedule of Settlement Assets and Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	$ 752,590	$ 756,475
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	753,850	755,754
Allowance for settlement assets	9,200	6,600
Total customer/subscriber account obligations
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	744,634	744,696
Customer account obligations
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	703,212	710,775
Subscriber account obligations
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	41,422	33,921
Due to customer payees
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	9,216	11,058
Cash and cash equivalents
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	744,634	744,696
Card settlements due from merchants
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	881	2,705
Card settlements due from networks
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	6,338	8,185
Other settlement assets
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	$ 737	$ 889

Notes Receivable - Narrative (D

Notes Receivable - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
Notes Receivable - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Notes receivable	$ 6,521,000	$ 5,200,000
Notes receivable, average interest rate	18.50%	18.60%
Notes receivable allowance for credit loss	$ 0	$ 0

Notes Receivable - Schedule of

Notes Receivable - Schedule of Principal Payments to be Received (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
2025	$ 1,972
2026	1,688
2027	1,522
2028	1,092
After 2028	247
Total	$ 6,521	$ 5,200

Property, Equipment and Softw_3

Property, Equipment and Software (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 100,875		$ 91,846
Less: Accumulated depreciation	(59,549)		(56,442)
Property, equipment and software, net	48,120		44,680
Depreciation expense	3,170	$ 2,757
Computer software
Property, Plant and Equipment [Line Items]
Property, equipment and software	85,933		78,492
Equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	10,712		10,377
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software	2,788		1,535
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software	1,442		1,442
Capital work in-progress
Property, Plant and Equipment [Line Items]
Capital work in-progress	$ 6,794		$ 9,276

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 376,112	$ 376,103
SMB Payments
Goodwill [Line Items]
Goodwill	124,139	124,139
Enterprise Payments
Goodwill [Line Items]
Goodwill	244,712	244,712
Plastiq (B2B Payments)
Goodwill [Line Items]
Goodwill	$ 7,261	$ 7,252

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 376,103
Plastiq adjustment	9
Goodwill, ending balance	$ 376,112

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (318,445)	$ (306,753)
Weighted-average Useful Life	9 years 7 months 6 days	9 years 8 months 12 days
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Value	$ 580,103	$ 580,103
Net Carrying Value	261,658	273,350
Money transmission licenses
Indefinite-lived Intangible Assets [Line Items]
Money transmission licenses	2,100	2,100
ISO and referral partner relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	182,339	182,339
Accumulated Amortization	(39,824)	(36,506)
Net Carrying Value	$ 142,515	$ 145,833
Weighted-average Useful Life	14 years 7 months 6 days	14 years 8 months 12 days
Residual buyouts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 135,164	$ 135,164
Accumulated Amortization	(95,505)	(92,699)
Net Carrying Value	$ 39,659	$ 42,465
Weighted-average Useful Life	6 years 3 months 18 days	6 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 109,017	$ 109,017
Accumulated Amortization	(93,459)	(92,781)
Net Carrying Value	$ 15,558	$ 16,236
Weighted-average Useful Life	8 years 4 months 24 days	8 years 4 months 24 days
Merchant portfolios
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 83,350	$ 83,350
Accumulated Amortization	(59,565)	(56,139)
Net Carrying Value	$ 23,785	$ 27,211
Weighted-average Useful Life	6 years 6 months	6 years 6 months
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 57,639	$ 57,639
Accumulated Amortization	(23,989)	(22,712)
Net Carrying Value	$ 33,650	$ 34,927
Weighted-average Useful Life	8 years 8 months 12 days	9 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 7,104	$ 7,104
Accumulated Amortization	(2,713)	(2,526)
Net Carrying Value	$ 4,391	$ 4,578
Weighted-average Useful Life	10 years 7 months 6 days	11 years 8 months 12 days
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 3,390	$ 3,390
Accumulated Amortization	(3,390)	(3,390)
Net Carrying Value	$ 0	$ 0
Weighted-average Useful Life	0 years	0 years

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 12,083	$ 15,291
Amortization of acquisition costs	$ 400	$ 100

Debt Obligations - Schedule of

Debt Obligations - Schedule of Long-Term Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt obligations	$ 652,695,000	$ 654,373,000
Less: current portion of long-term debt	(6,712,000)	(6,712,000)
Less: unamortized debt discounts and deferred financing costs	(14,631,000)	(15,696,000)
Long-term debt, net	631,352,000	631,965,000
Credit Agreement \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Total debt obligations	$ 652,695,000	$ 654,373,000
Interest rate during period	11.19%	11.21%
Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations	$ 0	$ 0
Interest rate during period	10.20%	10.20%
Maximum borrowing capacity	$ 65,000,000	$ 65,000,000

Debt Obligations - Interest Exp

Debt Obligations - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition, Contingent Consideration [Line Items]
Interest expense for outstanding debt	$ 20,880	$ 17,699
Amortization of debt discount (premium) and debt issuance costs	1,100	900
Prior Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Interest expense for outstanding debt	$ 1,000	$ 100

Debt Obligations - Narrative (D

Debt Obligations - Narrative (Details) - Credit Agreement - Line of Credit - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2024
Debt Instrument [Line Items]
Maximum percentage of credit outstanding (as a percent)	35%
Net leverage ratio, period one	6.50
Net leverage ratio, period two	6
Net leverage ratio, period three	5.50

Redeemable Senior Preferred S_3

Redeemable Senior Preferred Stock and Warrants - Redemption Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Temporary Equity [Abstract]
Redeemable senior preferred stock	$ 225,000	$ 225,000
Accumulated unpaid dividend	48,197	43,498
Dividend payable	7,122	7,027
Redemption value	280,319	275,525
Less: unamortized discounts and issuance costs	(16,079)	(16,920)
Redeemable senior preferred stock, net of discounts and issuance costs:	$ 264,240	$ 258,605

Redeemable Senior Preferred S_4

Redeemable Senior Preferred Stock and Warrants - Reconciliation of Temporary Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)	225,000
Beginning balance	$ 258,605
Unpaid dividend on redeemable senior preferred stock	4,699	$ 4,383
Accretion of discounts and issuance costs	841
Cash portion of dividend outstanding at March 31, 2024	7,122
Payment of cash portion of dividend outstanding at December 31, 2023	$ (7,027)
Ending balance (in shares)	225,000
Ending balance	$ 264,240

Redeemable Senior Preferred S_5

Redeemable Senior Preferred Stock and Warrants - Narrative (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Dividend rate (as a percent)	17.60%	17.70%
Dividend rate, floor (as a percent)	1%
Warrants and rights, number of shares allowed to purchase (in shares)	1,803,841		1,803,841	1,803,841
Warrants, exercise price (in dollars per share)				$ 0.001
Base Rate \| Dividend Rate 1
Debt and Equity Securities, FV-NI [Line Items]
Variable rate (as a percent)	12%
Secured Overnight Financing Rate (SOFR)
Debt and Equity Securities, FV-NI [Line Items]
Temporary equity, adjustment rate	0.0026
Secured Overnight Financing Rate (SOFR) \| Maximum
Debt and Equity Securities, FV-NI [Line Items]
Variable rate (as a percent)	22.50%

Redeemable Senior Preferred S_6

Redeemable Senior Preferred Stock and Warrants - Schedule of Dividends (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Temporary Equity [Abstract]
Dividends paid in cash	$ 7,122	$ 6,094
Accumulated dividends accrued as part of the carrying value of redeemable senior preferred stock	4,699	4,383
Dividends declared	$ 11,821	$ 10,477

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	33.20%	20.80%

Stockholders' Deficit - Narrati

Stockholders' Deficit - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Authorized amount to be repurchased (in shares)			2,000,000
Authorized amount to be repurchased			$ 10

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,633	$ 1,936
Stock options compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,528	1,922
Incentive units compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	93	0
ESPP compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 12	$ 14

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)		3 Months Ended		12 Months Ended
Stock-based Compensation - Narrative (Details)	Mar. 17, 2022 shares	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2021 hour shares	Dec. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense capitalized \| $		$ 0	$ 0
Maximum hours per week \| hour				20
2021 Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for purchase (in shares)				200,000
Minimum number of days employed to be eligible for plan				30 days
Purchase price (as a percent)				95%
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for purchase (in shares)	9,185,696				6,685,696
Additional number of shares available for purchase (in shares)	2,500,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Nov. 12, 2020	Jan. 31, 2019	May 31, 2021	Feb. 28, 2019	Nov. 30, 2020
Chief Executive Officer And Chairman
Related Party Transaction [Line Items]
Percentage ownership prior to transaction		80%
Redemption value				$ 4.5
Redeemable non-controlling interest preferred yield percent				6%
Percentage of preferred stock owned				83.30%
Percentage of ownership after transaction			35.30%
Chief Executive Officer And Chairman \| Share Exchange
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)			605,623
Subsidiaries
Related Party Transaction [Line Items]
Redemption value					$ 4.8
Subsidiaries \| Share Exchange
Related Party Transaction [Line Items]
Volume of days	20 days
Exercise price (in dollars per share)	$ 2.78
Number of shares issued in transaction (in shares)			1,428,358
Purchase price			$ 0.8
Chief Operating Officer
Related Party Transaction [Line Items]
Percentage of ownership after transaction			24.10%
Chief Operating Officer \| Share Exchange
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)			413,081

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jan. 01, 2022
Other Commitments [Line Items]
Purchase commitment, term			3 years
Payments for purchase obligation		$ 1,500,000
Damages sought per violation	$ 5,000
Settlement and customer/subscriber account obligations	753,850,000	755,754,000
Customer account obligations
Other Commitments [Line Items]
Settlement and customer/subscriber account obligations	$ 703,212,000	710,775,000
Capital Commitments
Other Commitments [Line Items]
Other commitment		26,000,000
Purchase commitment, maximum contractual term	10 days
Payments to acquire interest in subsidiaries and affiliates	$ 13,400,000	11,800,000
Third-Party Processing Fees
Other Commitments [Line Items]
Purchase obligation current year	21,600,000
Purchase obligation next year	$ 25,000,000
Vendor Services
Other Commitments [Line Items]
Purchase obligation next year		$ 2,300,000

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Consideration Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 13,438
Accretion of contingent consideration	$ 972
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other noncurrent liabilities
Payment of contingent consideration	$ (3,071)
Ending balance	$ 11,339

Fair Value - Contingent Conside

Fair Value - Contingent Consideration Current and Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total contingent consideration	$ 11,339	$ 13,438
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, current portion	2,880	5,951
Contingent consideration, noncurrent portion	$ 8,459	$ 7,487

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, fair value	$ 6.5	$ 5.2
Line of Credit \| Credit Agreement \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 651.9	$ 651.9

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 205,719	$ 185,028
Depreciation and amortization:
Depreciation and amortization	15,253	18,048
Operating income (loss):
Consolidated operating income	28,023	16,848
Operating Segments
Operating income (loss):
Consolidated operating income	37,137	23,825
Corporate
Depreciation and amortization:
Depreciation and amortization	455	387
Operating income (loss):
Consolidated operating income	(9,114)	(6,977)
SMB Payments
Revenues:
Revenues	143,751	154,933
SMB Payments \| Operating Segments
Depreciation and amortization:
Depreciation and amortization	8,802	10,846
Operating income (loss):
Consolidated operating income	12,383	12,011
B2B Payments
Revenues:
Revenues	21,115	2,786
B2B Payments \| Operating Segments
Depreciation and amortization:
Depreciation and amortization	1,640	125
Operating income (loss):
Consolidated operating income	(793)	(849)
Enterprise Payments
Revenues:
Revenues	40,853	27,309
Enterprise Payments \| Operating Segments
Depreciation and amortization:
Depreciation and amortization	4,356	6,690
Operating income (loss):
Consolidated operating income	$ 25,547	$ 12,663

Segment Information - Reconcili

Segment Information - Reconciliation of Total Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Operating income	$ 28,023	$ 16,848
Interest expense	(20,880)	(17,699)
Other income, net	632	212
Income tax (expense) benefit	(2,582)	133
Net income (loss)	5,193	(506)
Operating Segments
Segment Reporting Information [Line Items]
Operating income	37,137	23,825
Corporate
Segment Reporting Information [Line Items]
Operating income	$ (9,114)	$ (6,977)

Loss per Common Share - Schedul

Loss per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021
Numerator:
Net income (loss)	$ 5,193	$ (506)
Less: Dividends and accretion attributable to redeemable senior preferred stockholders	(12,662)	(11,295)
Less: Return on redeemable NCI in consolidated subsidiary	(581)	0
Net loss attributable to common stockholders	$ (8,050)	$ (11,801)
Basic weighted-average common shares outstanding (in shares)	78,021,000	78,133,000
Diluted weighted-average common shares outstanding (in shares)	78,021,000	78,133,000
Basic loss per common share (in dollars per share)	$ (0.10)	$ (0.15)
Diluted loss per common share (in dollars per share)	$ (0.10)	$ (0.15)
Warrants and rights, number of shares allowed to purchase (in shares)	1,803,841	1,803,841	1,803,841

Loss per Common Share - Sched_2

Loss per Common Share - Schedule of Antidilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	1,942	7,354
Warrants, exercise price (in dollars per share)			$ 0.001
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants, exercise price (in dollars per share)	$ 11.50
Warrants Issued To Advisor
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants, exercise price (in dollars per share)	$ 12
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	0	3,557
Outstanding options and warrants issued to adviser
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	0	600
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	1,078	2,245
Outstanding stock option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	864	952