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Priority Technology Holdings, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results
Strong Fourth Quarter Growth Driven by Performance Across Diverse Business Segments
ALPHARETTA, GA - March 10, 2026 -- Priority Technology Holdings, Inc. (NASDAQ: PRTH) ("Priority" or the "Company"), is a payments and banking fintech purpose-built to collect, store, lend and send money with a connected commerce engine that combines full-service merchant acquiring for accounts receivable, complete automated payables tools for bill payment, and sophisticated treasury management solutions to accelerate cash flow and optimize working capital for its customers, announced its fourth quarter and full year 2025 financial results including strong year-over-year diversified revenue growth.
Highlights of Consolidated Results
Fourth Quarter 2025 Compared with Fourth Quarter 2024
Financial highlights of the fourth quarter of 2025 compared with the fourth quarter of 2024, are as follows2:
•Revenue of $247.1 million increased 8.8% from $227.1 million, including 6.8% of organic growth
•Adjusted gross profit (a non-GAAP measure1) of $100.2 million increased 19.4% from $83.9 million
•Adjusted gross profit margin (a non-GAAP measure1) of 40.6% increased 360 basis points from 37.0%
•Operating income of $33.5 million decreased 1.9% from $34.1 million
•Adjusted EBITDA (a non-GAAP measure1) of $60.1 million increased 16.2% from $51.7 million
•Adjusted EPS - diluted (a non-GAAP measure1) of $0.27 increased 50.0% from $0.18
•In October 2025, the Company acquired the assets of Dealer Merchant Services, a leading provider of vertically focused software and payments in the automotive dealership arena

Full Year 2025 Compared with Full Year 2024

Financial highlights of the Full Year of 2025 compared with the Full Year of 2024, are as follows(2):
•Revenue of $953.0 million increased 8.3% from $879.7 million, including 7.7% in organic growth
•Adjusted gross profit (a non-GAAP measure1) of $374.7 million increased 14.2% from $328.1 million
•Adjusted gross profit margin (a non-GAAP measure1) of 39.3% increased 200 basis points from 37.3%
•Operating income of $141.2 million increased 5.9% from $133.4 million
•Adjusted EBITDA (a non-GAAP measure(1)) of $225.2 million increased 10.2% from $204.3 million
•Adjusted EPS - diluted (a non-GAAP measure(1)) of $1.03 increased 102.0% from $0.51
(1)See "Non-GAAP Financial Measures" and the reconciliations of Adjusted Gross Profit (non-GAAP), Adjusted Gross Profit Margin (non-GAAP), Adjusted EBITDA (non-GAAP), and Adjusted EPS (non-GAAP), to their most comparable GAAP measures provided below for additional information.
1

(2)Certain amounts/percentages may not add mathematically due to rounding

“Our results reflect the strength and diversification of Priority’s Connected Commerce platform, with almost 9% revenue growth and over 19% adjusted gross profit growth in the fourth quarter,” said Tom Priore, Chairman and CEO of Priority. “The ability to deliver payments and treasury solutions across our business segments generated over 18% revenue growth for Treasury Solutions and 13% growth for Payables, while adjusted gross profit margins expanded by nearly 360 basis points.”

Full Year 2026 Financial Guidance
Priority's outlook remains strong, which is reflected in our full year 2026 guidance:
•Revenue forecast to achieve a growth rate of 6% to 9% compared to fiscal 2025 results, resulting in a revenue range between $1.01 billion to $1.04 billion
•Adjusted gross profit (a non-GAAP measure) forecast to range between $405 million and $425 million
•Adjusted EBITDA (a non-GAAP measure) forecast to range between $230 million to $245 million

Conference Call
Priority's leadership will host a conference call on Tuesday, March 10, 2026 at 10:00 a.m. EST to discuss its fourth quarter and full-year 2025 financial results. Participants can access the call by phone in the U.S. or Canada at (833) 636-1319 or internationally at (412) 902-4286.
The Internet webcast link and accompanying slide presentation can be accessed at https://viavid.webcasts.com/starthere.jsp?ei=1751303&tp_key=851a6179f9 and will also be posted in the "Investor Relations" section of the Company's website at www.prioritycommerce.com.
An audio replay of the call will be available shortly after the conference call until March 24, 2026 at 11:59 p.m. EST. To listen to the audio replay, dial (844) 512-2921 or (412) 317-6671 and enter conference ID number 10206470. Alternatively, you may access the webcast replay in the "Investor Relations" section of the Company's website at https://ir.prioritycommerce.com/.


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

Gross Profit and Adjusted Gross Profit Margin
The Company's adjusted gross profit metric represents revenues less cost of services (excludes depreciation and amortization). Adjusted gross profit margin is adjusted gross profit divided by revenues. We review these non-GAAP measures to evaluate our underlying profit trends. The reconciliation of adjusted gross profit to its most comparable GAAP measure is provided below:
(in thousands)Three Months Ended December 31,Years Ended
 December 31,
2025202420252024
Revenues$247,128 $227,067 $953,009 $879,702 
Cost of services (excludes depreciation and amortization)(146,882)(143,134)(578,315)(551,621)
Adjusted gross profit$100,246 $83,933 $374,694 $328,081 
Adjusted gross profit margin40.6 %37.0 %39.3 %37.3 %
Depreciation and amortization of revenue generating assets(7,166)(4,467)(21,747)(16,516)
Gross profit$93,080 $79,466 $352,947 $311,565 
Gross profit margin37.7 %35.0 %37.0 %35.4 %


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

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

(in thousands)Three Months Ended December 31,Years Ended
December 31,
2025202420252024
Net income$8,946 $7,220 $55,681 $24,015 
Interest expense21,961 23,111 90,654 88,948 
Income tax expense (benefit)4,126 3,270 (9,402)13,266 
Depreciation and amortization20,191 13,811 63,183 58,041 
EBITDA55,224 47,412 200,116 184,270 
Debt modification and extinguishment expenses— 1,703 12,514 10,369 
Selling, general and administrative (non-recurring)1,633 1,379 5,718 3,510 
Non-cash stock-based compensation(1)
1,187 1,241 8,306 6,118 
Non-cash bargain purchase gain(2) (non-recurring)
(482)— (3,989)— 
Salary and employee benefits(3) (non-recurring)
2,501 — 2,501 — 
Adjusted EBITDA$60,063 $51,735 $225,166 $204,267 
(1) Excludes stock-based compensation settled in cash subsequent to December 31, 2025.
(2) Bargain purchase gain recognized from acquiring Sila, Inc.
(3) Represents stock-based compensation that was settled in cash (non-recurring).


Further detail of certain of these adjustments, and where these items are recorded in our consolidated statements of operations, is provided below:
(in thousands)Three Months Ended December 31,Years Ended
December 31,
2025202420252024
Selling, general and administrative expenses (non-recurring):
Certain legal fees$760 1,347 $3,203 2,769 
Professional, accounting and consulting fees869 20 2,092 544 
Other expenses, net4 12 293 197 
Litigation settlement— — 130 — 
$1,633 $1,379 $5,718 $3,510 


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Adjusted Earnings (Loss) Per Share (Adjusted EPS)

Adjusted EPS is a performance measure. Adjusted EPS is calculated by dividing adjusted net income attributable to common shareholders by weighted average number shares outstanding for the respective periods.

Adjusted net income attributable to common shareholders begins with net income attributable to common shareholders adjusted to exclude various items listed below. We believe that Adjusted EPS is a measure that is useful to investors and management in understanding our ongoing profitability and in analysis of ongoing profitability trends.

(in thousands)Three Months Ended
December 31, 		Years Ended
December 31,
2025202420252024
Reconciliation of Adjusted EPS
Net income (loss) attributable to common shareholders$8,946 $(3,769)$55,681 $(23,960)
Non-recurring release of valuation allowance on deferred tax assets284 — (20,386)— 
Accelerated accretion expense and excise tax attributable to redeemable senior preferred stockholders— 8,154 — 17,703 
Debt modification and extinguishment expenses— 1,703 12,514 10,369 
Non-cash stock-based compensation1,187 1,241 8,306 6,118 
Selling, general and administrative (non recurring)1,633 1,379 5,718 3,510 
Amortization of acquisition related intangible assets12,931 9,243 41,996 42,173 
Salary and employee benefits (non recurring)2,501 — 2,501 — 
Tax impact of adjustments(1)
(4,745)(3,526)(18,469)(16,158)
Non-cash bargain purchase gain (non-recurring)(482)— (3,989)— 
Adjusted net income attributable to common share holders$22,255 $14,425 $83,872 $39,755 
Weighted average common shares outstanding (basic)81,081 78,241 79,798 77,993 
Effect of dilutive potential common shares2,541 1,145 1,670 647 
Adjusted Weighted average shares outstanding (diluted)83,622 79,386 81,468 78,640 
Earnings (loss) per common share
Basic$0.11 $(0.05)$0.70 $(0.31)
Diluted$0.11 $(0.05)$0.68 $(0.31)
Adjusted earnings per common share
Basic$0.27 $0.18 $1.05 $0.51 
Diluted$0.27 $0.18 $1.03 $0.51 
(1) The tax impact calculated using the blended statutory income tax rate (i.e. 26.0% for 2025 and 26.0% for 2024)


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Priority does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of the information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for various cash and non-cash reconciling items that would be difficult to predict with reasonable accuracy. For example, stock-based compensation expense would be difficult to estimate because it depends on the Company's future hiring and retention needs, as well as the future fair market value of the Company's common stock, all of which are difficult to predict and subject to constant change. As a result, the Company does not believe that a GAAP reconciliation would provide meaningful supplemental information about the Company's outlook.
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About Priority Technology Holdings, Inc.
Priority is the payments and banking solution that enables businesses to collect, store, lend and send funds through a unified commerce engine. Our platform combines payables, merchant solutions, and treasury solutions so leaders can streamline financial operations efficiently — and our innovative industry experts help businesses navigate and build momentum on the path to growth. With the Priority Commerce Engine, leaders can accelerate cash flow, optimize working capital, reduce unnecessary costs, and unlock new revenue opportunities. To learn more about Priority (NASDAQ: PRTH), visit prioritycommerce.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services, and other statements identified by words such as "may," "will," "should," "anticipates," "believes," "expects," "plans," "future," "intends," "could," "estimate," "predict," "projects," "targeting," "potential" or "contingent," "guidance," "outlook" or words of similar meaning. These forward-looking statements include, but are not limited to, our 2026 outlook and statements regarding our market and growth opportunities. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. Our actual results could differ materially, and potentially adversely, from those discussed or implied herein.
We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings, including our most recent Annual Report on Form 10-K filed with the SEC on March 10, 2026. These filings are available online at www.sec.gov or www.prioritycommerce.com.
We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.
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Priority Technology Holdings, Inc.
Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts)

Three Months Ended December 31,Years Ended
December 31,
2025202420252024
Revenues$247,128$227,067$953,009$879,702
Operating expenses
Cost of services (excludes depreciation and amortization)146,882143,134578,315551,621
Salary and employee benefits28,81223,199107,78789,216
Depreciation and amortization20,19113,81163,18358,041
Selling, general and administrative17,74512,78462,47947,403
Total operating expenses213,630192,928811,764746,281
Operating income33,49834,139141,245133,421
Other expense
Interest expense(21,961)(23,111)(90,654)(88,948)
Debt extinguishment and modification costs—(1,703)(12,514)(10,369)
Other income, net1,5351,1658,2023,177
Total other expense, net(20,426)(23,649)(94,966)(96,140)
Income before income taxes13,07210,49046,27937,281
Income tax expense (benefit)4,1263,270(9,402)13,266
Net income8,9467,22055,68124,015
Less: Dividends, accretion, and related excise tax attributable to redeemable senior preferred stockholders—(10,989)—(47,336)
Less: Return on redeemable non-controlling interests in consolidated subsidiary, net of deferred tax benefit———(639)
Net income (loss) attributable to common shareholders8,946(3,769)$55,681$(23,960)
Other comprehensive loss
Foreign currency translation adjustments(15)(109)(34)(147)
Comprehensive income (loss)$8,931$(3,878)$55,647$(24,107)
Earnings (loss) per common share:
Basic $0.11 $(0.05)$0.70 $(0.31)
Diluted$0.11 $(0.05)$0.68 $(0.31)
Adjusted earnings per common share(1):
Basic $0.27 $0.18 $1.05 $0.51 
Diluted$0.27 $0.18 $1.03 $0.51 
Weighted-average common shares outstanding:
Basic 81,081 78,241 79,798 77,993 
Diluted83,622 78,241 81,468 77,993 


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Priority Technology Holdings, Inc.
Unaudited Consolidated Balance Sheets

(in thousands)
December 31, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$77,192 $58,600 
Restricted cash16,457 11,090 
Accounts receivable, net of allowances91,300 67,969 
Prepaid expenses and other current assets32,145 22,990 
Current portion of notes receivable, net of allowance2,062 3,638 
Settlement assets1,295,896 940,798 
Total current assets1,515,052 1,105,085 
Notes receivable, less current portion17,629 4,919 
Property, equipment and software, net58,636 52,477 
Goodwill416,641 376,091 
Intangible assets, net315,190 240,874 
Deferred income taxes, net46,350 24,697 
Other noncurrent assets29,306 22,717 
Total assets$2,398,804 $1,826,860 
Liabilities, Stockholders' Deficit and Non-controlling interests
Current liabilities:
Accounts payable and accrued expenses$70,636 $62,149 
Accrued residual commissions40,463 37,560 
Customer deposits and advance payments1,972 2,246 
Current portion of long-term debt— 9,503 
Settlement obligations1,297,263 940,213 
Total current liabilities1,410,334 1,051,671 
Long-term debt, net of current portion, discounts and debt issuance costs1,039,358 920,888 
Other noncurrent liabilities41,484 19,326 
Total liabilities2,491,176 1,991,885 
Stockholders' deficit:
Preferred stock— — 
Common stock82 77 
Treasury stock, at cost(22,759)(19,607)
Additional paid-in capital13,925 — 
Accumulated other comprehensive loss(210)(176)
Accumulated deficit(91,453)(147,134)
Total stockholders' deficit attributable to shareholders of PRTH(100,415)(166,840)
Non-controlling interests8,043 1,815 
Total stockholders' deficit(92,372)(165,025)
Total liabilities, stockholders' deficit and Non-controlling interests$2,398,804 $1,826,860 







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Priority Technology Holdings, Inc
Unaudited Consolidated Statements of Cash Flows
(in thousands)
Years Ended December 31,
20252024
Cash flows from operating activities:
Net income$55,681 $24,015 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of assets63,183 58,041 
Stock-based compensation, ESPP, and incentive units compensation10,807 6,118 
Amortization of debt issuance costs and discounts1,798 2,736 
Debt extinguishment and modification costs12,514 10,369 
Deferred income tax benefit(12,153)(2,194)
Change in contingent consideration liability2,692 2,839 
Other non-cash items, net(293)(147)
Bargain purchase gain(3,989)— 
Change in operating assets and liabilities:
Accounts receivable (21,863)(9,387)
Prepaid expenses and other current assets(84)(6,062)
Income taxes (receivable) payable(8,554)(3,633)
Accounts payable and accrued expenses5,743 4,535 
Accrued residuals commissions2,903 5,027 
Customer deposits and advance payments(319)(1,688)
Other assets, net(4,449)(6,214)
Other liabilities, net(3,612)1,254 
Net cash provided by operating activities100,005 85,609 
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired(39,301)— 
Additions to property, equipment and software(24,926)(21,693)
Notes receivable, net(11,134)(3,361)
Acquisition of assets(69,462)(5,667)
Other investing activities(29,218)(4,825)
Net cash used in investing activities(174,041)(35,546)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of issue discount1,066,607 945,126 
Debt issuance and modification costs paid(4,826)(7,680)
Repayments of long-term debt(960,985)(658,835)
Redemption of senior preferred stock— (225,000)
Redemption of accumulated dividend on redeemable preferred stock— (54,557)
Redemption of redeemable non-controlling interest in subsidiary(7,017)(2,130)
Shares withheld for taxes(3,152)(1,538)
Dividends paid to redeemable senior preferred stockholders— (23,646)
Proceeds from the exercise of stock options467 1,816 
Settlement obligations, net355,127 179,614 
Payment of contingent consideration related to a business combination(20,051)(5,592)
Net cash provided by financing activities426,170 147,578 

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Priority Technology Holdings, Inc
Unaudited Consolidated Statements of Cash Flows
(in thousands)
Years Ended December 31,
20252024
Net change in cash and cash equivalents, and restricted cash:
Net increase in cash and cash equivalents, and restricted cash352,134 197,641 
Cash and cash equivalents, and restricted cash at beginning of period993,864 796,223 
Cash and cash equivalents, and restricted cash equivalents at end of period$1,345,998 $993,864 
Reconciliation of cash and cash equivalents, and restricted cash:
Cash and cash equivalents$77,192 $58,600 
Restricted cash16,457 11,090 
Cash and cash equivalents included in settlement assets (restricted in nature)1,252,349 924,174 
Total cash and cash equivalents, and restricted cash$1,345,998 $993,864 
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Priority Technology Holdings, Inc.
Unaudited Reportable Segments' Results

(in thousands)
Three Months Ended December 31Years Ended December 31
 2025202420252024
Merchant Solutions:  
Revenues$165,275 $155,672 $642,069 $613,547 
Adjusted EBITDA$30,612 $26,648 $111,793 $108,913 
Key Indicators:
Total card processing dollar value$18,549,964 $18,137,274 $72,373,800 $71,566,091 
Total card transaction count218,807 215,267 888,688 857,548 
Payables:
Revenues$26,759 $23,735 $100,872 $89,103 
Adjusted EBITDA$3,850 $2,395 $14,591 $7,605 
Key Indicators:
Buyer funded card processing dollar value$795,210 $733,680 $3,090,310 $2,816,270 
Supplier funded issuing dollar value$231,461 $63 $244,689 $919,860 $977,278 
ACH transaction count5,009 4,860 19,286 17,182 
Treasury Solutions:
Revenues$57,349 $48,690 $215,779 $180,448 
Adjusted EBITDA$47,554 $42,025 $182,231 $154,936 
Key Indicators:
Average CFTPay billed clients1,101,919 891,157 1,022,225 797,567 
Average CFTPay monthly enrollments53,542 52,444 57,123 56,072 
Average total account balances$1,336,551 $970,572 $1,193,011 $878,257 























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Priority Technology Holdings, Inc.
Unaudited Reportable Segments' Results



Three Months Ended December 31, 2025
Merchant Solutions Payables Treasury SolutionsCorporateTotal Consolidated
Reconciliation of Adjusted EBITDA to GAAP Measure:
Adjusted EBITDA$30,612 $3,850 $47,554 $(21,953)$60,063 
Interest expense(967)— (147)(20,847)(21,961)
Depreciation and amortization(10,237)(1,283)(5,119)(3,552)(20,191)
Selling, general and administrative (non-recurring)— — — (1,633)(1,633)
Non-cash stock based compensation(1)
— (35)(32)(1,120)(1,187)
Salary and employee benefits (non recurring)(2)
— — — (2,501)(2,501)
Bargain purchase gain (non-recurring)— — — 482 482 
Income (loss) before taxes$19,408 $2,532 $42,256 $(51,124)$13,072 
Income tax expense(4,126)
Net income$8,946 

Year Ended December 31, 2025
Merchant Solutions Payables SolutionsTreasury SolutionsCorporateTotal Consolidated
Reconciliation of Adjusted EBITDA to GAAP Measure:
Adjusted EBITDA$111,793 $14,591 $182,231 $(83,449)$225,166 
Interest expense(1,324)(2,158)(532)(86,640)(90,654)
Depreciation and amortization(31,102)(5,081)(19,626)(7,374)(63,183)
Debt modification and extinguishment expenses— — — (12,514)(12,514)
Selling, general and administrative (non-recurring)— — — (5,718)(5,718)
Non-cash stock based compensation(1)
(1)(336)(130)(7,839)(8,306)
Salary and employee benefits (non recurring)(2)
— — — (2,501)(2,501)
Bargain purchase gain (non-recurring)— — — 3,989 3,989 
Income (loss) before taxes$79,366 $7,016 $161,943 $— $(202,046)$— $46,279 
Income tax benefit9,402 
Net income$55,681 

(1) excludes stock based compensation settled in cash of $2.5 million subsequent to the year ended December 31, 2025
(2) represents cash settled stock based compensation which is non-recurring in nature

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Priority Technology Holdings, Inc.
Unaudited Reportable Segments' Results
Three Months Ended December 31, 2024
Merchant Solutions Payables Treasury SolutionsCorporateTotal Consolidated
Reconciliation of Adjusted EBITDA to GAAP Measure:
Adjusted EBITDA$26,648 $2,395 $42,025 $(19,333)$51,735 
Interest expense— (1,060)— (22,051)(23,111)
Depreciation and amortization(6,799)(1,266)(4,498)(1,248)(13,811)
Debt modification and extinguishment expenses— — — (1,703)(1,703)
Selling, general and administrative (non-recurring)— — — (1,379)(1,379)
Non-cash stock based compensation(4)79 (33)(1,283)(1,241)
Income (loss) before taxes$19,845 $148 $37,494 $(46,997)$10,490 
Income tax expense(3,270)
Net income$7,220 

Year Ended December 31, 2024
Merchant SolutionsPayablesTreasury SolutionsCorporateTotal Consolidated
Reconciliation of Adjusted EBITDA to GAAP Measure:
Adjusted EBITDA$108,913 $7,605 $154,936 $(67,187)$204,267 
Interest expense(1)(4,340)— (84,607)(88,948)
Depreciation and amortization(30,865)(5,258)(16,928)(4,990)(58,041)
Debt modification and extinguishment expenses— — — (10,369)(10,369)
Selling, general and administrative (non-recurring)— — — (3,510)(3,510)
Non-cash stock based compensation(16)(220)(131)(5,751)(6,118)
Income (loss) before taxes$78,031 $(2,213)$137,877 $(176,414)$37,281 
Income tax expense(13,266)
Net income$24,015 
























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