Priority Technology Holdings, Inc. Reports Third Quarter Financial Results
ALPHARETTA, Ga.--( BUSINESS WIRE)--Priority Technology Holdings, Inc. (NASDAQ: PRTH) ("Priority" or the "Company"), the payments and banking solution that streamlines collecting, storing, lending, and sending money to unlock revenue opportunities, today announced its third quarter 2025 financial results including strong year-over-year diversified revenue growth.
"Our third quarter results reflect the strength and diversification of Priority’s Connected Commerce platform, with over 6% revenue growth and 10% adjusted gross profit growth,” said Tom Priore, Chairman and CEO of Priority. “Our ability to connect payments and treasury solutions across our diverse business segments delivered over 18% revenue growth for Treasury Solutions and 14% growth for Payables, while adjusted gross profit margins expanded by nearly 140 basis points. In addition to the solid financial results, we had several key operational wins during the quarter - launching our dedicated residual financing facility to fuel ISO and ISV partner growth, activating card acquiring in Canada, adding real-time payments, and increasing deposits under administration by $200 million - along with the execution of accretive acquisitions and a 100 basis point reduction in our borrowing costs, reinforcing the strength of our platform which has produced 18% compound annual adjusted EBITDA growth since going public in 2018.”
Highlights of Consolidated Results and Additional Information 1
Third Quarter 2025 Financial Highlights compared with Third Quarter 2024
Certain amounts/percentages may not compute accurately due to rounding.
See "Non-GAAP Financial Measures" and the reconciliations of Adjusted Gross Profit (non-GAAP), Adjusted Gross Profit Margin (non-GAAP), Adjusted EBITDA, and Adjusted EPS- diluted (non-GAAP) to their most comparable GAAP measures provided within this document for additional information.
Full Year 2025 Financial Guidance
Priority's business remains strong, and we are adjusting our full year 2025 guidance to reflect year to date results combined with our current outlook for the fourth quarter. We anticipate continued strong double-digit revenue growth in Payables and Treasury Solutions will complement mid-single digit organic revenue growth in Merchant Solutions. The adjusted full year 2025 guidance is as follows:
Segment Reporting Update
Consistent with the evolution of Priority from its origins as a monoline merchant acquirer over 20 years ago to a diversified commerce platform today, we are renaming our operating segments to better reflect not only their respective solution sets, but the diverse mix of increasingly larger customers they serve. Merchant Solutions, Payables and Treasury Solutions replace SMB, B2B and Enterprise, respectively. The financial results of each respective reporting segment do not change as a result of this rebranding.
Conference Call
The Company will host a conference call on Thursday, November 6, 2025 at 10:00 a.m. EST to discuss its third quarter 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=1732695&tp_key=493d4ecd35 and will also be posted in the "Investor Relations" section of the Company's website at www.prioritycommerce.com/investors.
An audio replay of the call will be available shortly after the conference call until November 20, 2025, 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 10202505. Alternatively, you may access the webcast replay in the "Investor Relations" section of the Company's website at https://ir.prioritycommerce.com/.
Non-GAAP Financial Measures
This communication includes certain non-GAAP financial measures that we regularly review to evaluate our business and trends, measure our performance, prepare financial projections, allocate resources, and make strategic decisions. We believe these non-GAAP measures help to illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals. However, these non-GAAP measures are not superior to or a substitute for prominent measurements calculated in accordance with GAAP. Rather, the non-GAAP measures are meant to be a complement to understanding measures prepared in accordance with GAAP.
Adjusted Gross Profit and Adjusted Gross Profit Margin
The Company's adjusted gross profit metric represents revenues less cost of revenue (excluding depreciation and amortization). Adjusted gross profit margin is adjusted gross profit divided by revenues. We review these non-GAAP measures to evaluate our underlying profit trends. The reconciliation of adjusted gross profit to its most comparable GAAP measure is provided below:
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Revenues
$
241,439
$
227,049
$
705,881
$
652,635
Cost of revenue (excluding depreciation and amortization)
(146,681
)
(141,070
)
(431,433
)
(408,486
)
Adjusted gross profit
$
94,758
$
85,979
$
274,448
$
244,149
Adjusted gross profit margin
39.2
%
37.9
%
38.9
%
37.4
%
Depreciation and amortization of revenue generating assets
(4,985
)
(4,207
)
(14,581
)
(12,048
)
Gross profit
$
89,773
$
81,772
$
259,867
$
232,101
Gross profit margin
37.2
%
36.0
%
36.8
%
35.6
%
EBITDA and Adjusted EBITDA
EBITDA and adjusted EBITDA are performance measures. EBITDA is earnings before interest, income tax, and depreciation and amortization expenses ("EBITDA"). Adjusted EBITDA begins with EBITDA but further excludes certain non-cash costs, such as stock-based compensation and the write-off of the carrying value of investments or other assets, as well as debt extinguishment and modification expenses and other expenses and income items considered non-recurring, such as acquisition integration expenses, certain professional fees, and litigation settlements. We review the non-GAAP adjusted EBITDA measure to evaluate our business and trends, measure our performance, prepare financial projections, allocate resources, and make strategic decisions.
The reconciliation of adjusted EBITDA to its most comparable GAAP measure is provided below:
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net income
$
27,588
$
10,608
$
46,735
$
16,795
Interest expense
22,463
23,246
68,693
65,836
Income tax (benefit) expense
(20,201
)
4,899
(13,528
)
9,996
Depreciation and amortization
15,122
13,733
42,992
44,230
EBITDA
44,972
52,486
144,892
136,857
Debt modification and extinguishment expenses
12,476
43
12,514
8,666
Selling, general and administrative (non-recurring)
1,491
696
4,085
2,131
Non-cash stock-based compensation
2,327
1,416
7,119
4,878
Bargain purchase gain (non-recurring)
(3,507
)
—
(3,507
)
—
Adjusted EBITDA
$
57,759
$
54,641
$
165,103
$
152,532
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
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Selling, general and administrative expenses (non-recurring):
Certain legal fees
833
552
2,443
1,207
Professional, accounting and consulting fees
115
128
1,223
627
Other (income) expenses, net
253
16
289
186
Litigation settlement
290
—
130
111
$
1,491
$
696
$
4,085
$
2,131
Adjusted Earnings Per Share (Adjusted EPS)
Adjusted EPS is a performance measure. Adjusted EPS is calculated by dividing adjusted net income (loss) 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 (loss) 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
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Reconciliation of Adjusted EPS
Net income (loss) attributable to common shareholders
$
27,588
$
5,487
$
46,735
$
(20,192
)
Non-recurring release of valuation allowance on deferred tax assets
(21,170
)
—
(20,670
)
—
Accelerated accretion expense and excise tax attributable to redeemable senior preferred stockholders
—
—
—
9,549
Debt extinguishment and modification costs
12,476
43
12,514
8,666
Stock based compensation
2,327
1,416
7,119
4,878
Other non-recurring expenses
1,491
696
4,085
2,131
Amortization of acquisition related intangible assets
10,334
9,813
29,065
32,930
Tax impact of adjustments (1)
(6,924
)
(3,111
)
(13,724
)
(12,637
)
Bargain purchase gain (non-recurring)
(3,507
)
—
(3,507
)
—
Adjusted net income attributable to common share holders
$
22,615
$
14,344
$
61,617
$
25,325
Weighted average common shares outstanding (basic)
80,325
77,973
79,366
77,910
Effect of dilutive potential common shares
791
2,122
1,017
—
Weighted average common shares outstanding (diluted)
81,116
80,095
80,383
77,910
Earnings (loss) per common share:
Basic
$
0.34
$
0.07
$
0.59
$
(0.26
)
Diluted
$
0.34
$
0.07
$
0.58
$
(0.26
)
Adjusted earnings per common share
Basic
$
0.28
$
0.18
$
0.78
$
0.33
Diluted
$
0.28
$
0.18
$
0.77
$
0.33
(1) The tax impact calculated using the blended statutory income tax rate (i.e. 26.0% for three and nine months ended September 30, 2025 and 2024)
Priority does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of the information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for various cash and non-cash reconciling items that would be difficult to predict with reasonable accuracy. For example, stock-based compensation expense would be difficult to estimate because it depends on the Company's future hiring and retention needs, as well as the future fair market value of the Company's common stock, all of which are difficult to predict and subject to constant change. As a result, the Company does not believe that a GAAP reconciliation would provide meaningful supplemental information about the Company's outlook.
About Priority Technology Holdings, Inc.
Priority is 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 2025 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 6, 2025. These filings are available online at www.sec.gov or www.prioritycommerce.com.
We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.
Priority Technology Holdings, Inc.
Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenues
$
241,439
$
227,049
$
705,881
$
652,635
Operating expenses
Cost of revenue (excludes depreciation and amortization)
146,681
141,070
431,433
408,486
Salary and employee benefits
26,140
21,748
78,975
66,017
Depreciation and amortization
15,122
13,733
42,992
44,230
Selling, general and administrative
15,724
12,413
44,734
34,620
Total operating expenses
203,667
188,964
598,134
553,353
Operating income
37,772
38,085
107,747
99,282
Other (expense) income
Interest expense
(22,463
)
(23,246
)
(68,693
)
(65,836
)
Debt extinguishment and modification costs
(12,476
)
(43
)
(12,514
)
(8,666
)
Other income, net
4,554
711
6,667
2,011
Total other expense, net
(30,385
)
(22,578
)
(74,540
)
(72,491
)
Income before income taxes
7,387
15,507
33,207
26,791
Income tax expense
(20,201
)
4,899
(13,528
)
9,996
Net income
27,588
10,608
46,735
16,795
Less: Dividends and accretion attributable to redeemable senior preferred stockholders
—
(5,121
)
—
(36,348
)
Less: Return on redeemable NCI
—
—
—
(639
)
Net income (loss) attributable to common stockholders
27,588
5,487
$
46,735
$
(20,192
)
Other comprehensive income (loss)
Foreign currency translation adjustments
(279
)
(28
)
(19
)
(37
)
Comprehensive income (loss)
$
27,309
$
5,459
$
46,716
$
(20,229
)
Earnings (loss) per common share:
Basic
$
0.34
$
0.07
$
0.59
$
(0.26
)
Diluted
$
0.34
$
0.07
$
0.58
$
(0.26
)
Adjusted earnings per common share (1):
Basic
$
0.28
$
0.18
$
0.78
$
0.33
Diluted
$
0.28
$
0.18
$
0.77
$
0.33
Weighted-average common shares outstanding:
Basic
80,325
77,973
79,366
77,910
Diluted
81,116
80,095
80,383
77,910
(1) Adjusted EPS in a non-GAAP earnings measure. See Adjusted EPS reconciliation for further detail.
Priority Technology Holdings, Inc.
Unaudited Consolidated Balance Sheets
(in thousands)
September 30, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
56,978
$
58,600
Restricted cash
12,984
11,090
Accounts receivable, net of allowances
92,437
67,969
Prepaid expenses and other current assets
35,042
22,990
Current portion of notes receivable, net of allowance
1,742
3,638
Settlement assets
1,187,417
940,798
Total current assets
1,386,600
1,105,085
Notes receivable, less current portion
11,875
4,919
Property, equipment and software, net
59,306
52,477
Goodwill
382,388
376,091
Intangible assets, net
302,435
240,874
Deferred income taxes, net
50,428
24,697
Other noncurrent assets
24,100
22,717
Total assets
$
2,217,132
1,826,860
Liabilities, Stockholders' Deficit and NCI
Current liabilities:
Accounts payable and accrued expenses
$
65,731
$
62,149
Accrued residual commissions
38,678
37,560
Customer deposits and advance payments
2,150
2,246
Current portion of long-term debt
10,000
9,503
Settlement obligations
1,188,071
940,213
Total current liabilities
1,304,630
1,051,671
Long-term debt, net of current portion, discounts and debt issuance costs
997,549
920,888
Other noncurrent liabilities
23,467
19,326
Total liabilities
2,325,646
1,991,885
Stockholders' deficit:
Preferred stock
—
—
Common stock
82
77
Treasury stock, at cost
(22,613
)
(19,607
)
Additional paid-in capital
12,827
—
Accumulated other comprehensive loss
(195
)
(176
)
Accumulated deficit
(100,399
)
(147,134
)
Total stockholders' deficit attributable to stockholders of Priority
(110,298
)
(166,840
)
Non-controlling interests in consolidated subsidiaries
1,784
1,815
Total stockholders' deficit
(108,514
)
(165,025
)
Total liabilities, stockholders' deficit and NCI
$
2,217,132
$
1,826,860
Priority Technology Holdings, Inc.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
Nine Months Ended September 30,
2025
2024
Cash flows from operating activities:
Net income
$
46,735
$
16,795
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of assets
42,992
44,230
Stock-based compensation
7,119
4,878
Amortization of debt issuance costs and discounts
1,329
2,250
Debt extinguishment and modification costs
12,514
8,666
Deferred income tax
(16,090
)
(2,944
)
Change in deferred consideration
2,449
3,280
Bargain purchase gain
(3,506
)
Other non-cash items, net
(130
)
(37
)
Change in operating assets and liabilities:
Accounts receivable
(22,995
)
(15,712
)
Prepaid expenses and other current assets
(2,054
)
(2,808
)
Income taxes (receivable) payable
(7,669
)
(3,000
)
Notes receivable
—
(883
)
Accounts payable and accrued expenses
1,498
12,864
Accrued residuals commissions
1,118
—
Customer deposits and advance payments
(142
)
271
Other noncurrent assets and liabilities, net
(7
)
(5,998
)
Net cash provided by operating activities
63,161
61,852
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired
(77,369
)
—
Additions to property, equipment and software
(18,952
)
(17,044
)
Notes receivable, net
(5,060
)
(216
)
Acquisitions of assets and other investing activities
(50,517
)
(7,474
)
Net cash used in investing activities
(151,898
)
(24,734
)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of issue discount
1,019,714
830,200
Debt issuance and modification costs paid
(4,725
)
(6,901
)
Repayments of long-term debt
(945,537
)
(656,460
)
Redemption of PHOT redeemable NCI
—
(2,130
)
Repurchases of shares withheld for taxes
(3,006
)
(1,208
)
Redemption of senior preferred stock
—
(136,936
)
Redemption of accumulated unpaid dividend on redeemable senior preferred stock
—
(30,819
)
Dividends paid to redeemable senior preferred stockholders
—
(22,099
)
Proceeds from exercise of stock options
413
—
Settlement obligations, net
247,531
116,065
Payment of deferred/contingent consideration related to business combination
(19,756
)
(4,996
)
NCI repurchase
(6,000
)
—
Net cash provided by financing activities
288,634
84,716
Net change in cash and cash equivalents and restricted cash:
Net increase in cash and cash equivalents, and restricted cash
199,897
121,834
Cash and cash equivalents and restricted cash at beginning of period
993,864
796,223
Cash and cash equivalents and restricted cash at end of period
$
1,193,761
$
918,057
Reconciliation of cash and cash equivalents, and restricted cash:
Cash and cash equivalents
$
56,978
$
41,072
Restricted cash
12,984
13,398
Cash and cash equivalents included in settlement assets (restricted in nature)
1,123,799
863,587
Total cash and cash equivalents, and restricted cash
$
1,193,761
$
918,057
Priority Technology Holdings, Inc.
Unaudited Reportable Segments' Results
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Merchant Solutions:
Revenues
$
161,874
$
158,770
$
476,794
$
457,875
Adjusted EBITDA
$
27,727
$
28,644
$
81,181
$
82,265
Key Indicators:
Total card processing dollar value
$
18,469,447
$
18,076,156
$
54,822,837
$
53,428,816
Total card transaction count
230,741
223,700
671,233
642,827
Payables:
Revenues
$
25,162
$
22,143
$
74,113
$
65,368
Adjusted EBITDA
$
3,455
$
1,933
$
10,741
$
5,209
Key Indicators:
Buyer funded card processing dollar value
$
789,700
$
700,510
$
2,295,100
$
2,082,590
Supplier funded issuing dollar value
$
230,882
$
255,323
$
688,399
$
732,589
ACH transaction count
14,451
11,042
41,085
29,621
Treasury Solutions:
Revenues
$
55,684
$
47,099
$
158,430
$
131,758
Adjusted EBITDA
$
46,676
$
40,940
$
134,677
$
112,911
Key Indicators:
Average CFTPay billed clients
1,054,238
832,351
995,660
766,370
Average CFTPay monthly enrollments
61,185
62,875
58,316
57,281
Average total account balances (1)
$
1,248,432
$
900,690
$
1,145,164
$
847,486
(1) This represents the average total account balance during the three and nine months ended on September 30, 2025, in the Treasury solutions segment, and excludes the deposits and balances maintained in the Merchant Solution and Payables segment. The total account and deposit balances as of September 30, 2025, were $1.6 billion.
Priority Technology Holdings, Inc.
Unaudited Reportable Segments' Results
(in thousands)
Three Months Ended September 30, 2025
Merchant
Solutions
Payables
Treasury
Solutions
Corporate
Total
Consolidated
Reconciliation of Adjusted EBITDA to GAAP Measure:
Adjusted EBITDA
$
27,727
$
3,455
$
46,676
$
(20,099
)
$
57,759
Interest expense
(357
)
(361
)
(143
)
(21,602
)
(22,463
)
Depreciation and amortization
(7,607
)
(1,275
)
(4,924
)
(1,316
)
(15,122
)
Debt modification and extinguishment expenses
—
—
—
(12,476
)
(12,476
)
Selling, general and administrative (non-recurring)
—
—
—
(1,491
)
(1,491
)
Non-cash stock based compensation
—
(133
)
(33
)
(2,161
)
(2,327
)
Bargain purchase gain (non-recurring)
—
—
—
3,507
3,507
Income (loss) before taxes
$
19,763
$
1,686
$
41,576
$
(55,638
)
$
7,387
Income tax expense
20,201
Net income
$
27,588
Nine Months Ended September 30, 2025
Merchant
Solutions
Payables
Treasury
Solutions
Corporate
Total
Consolidated
Reconciliation of Adjusted EBITDA to GAAP Measure:
Adjusted EBITDA
$
81,181
$
10,741
$
134,677
$
(61,496
)
$
165,103
Interest expense
(357
)
(2,158
)
(385
)
(65,793
)
(68,693
)
Depreciation and amortization
(20,865
)
(3,798
)
(14,507
)
(3,822
)
(42,992
)
Debt modification and extinguishment expenses
—
—
—
(12,514
)
(12,514
)
Selling, general and administrative (non-recurring)
—
—
—
(4,085
)
(4,085
)
Non-cash stock based compensation
1
(301
)
(98
)
(6,721
)
(7,119
)
Bargain purchase gain (non-recurring)
—
—
—
3,507
3,507
Income (loss) before taxes
$
59,960
$
4,484
$
119,687
$
(150,924
)
$
33,207
Income tax expense
13,528
Net income
$
46,735
Three Months Ended September 30, 2024
Merchant
Solutions
Payables
Treasury
Solutions
Corporate
Total
Consolidated
Reconciliation of Adjusted EBITDA to GAAP Measure:
Adjusted EBITDA
$
28,644
$
1,933
$
40,940
$
(16,876
)
$
54,641
Interest expense
—
(1,066
)
—
(22,180
)
(23,246
)
Depreciation and amortization
(6,939
)
(1,261
)
(4,304
)
(1,229
)
(13,733
)
Debt modification and extinguishment expenses
—
—
—
(43
)
(43
)
Selling, general and administrative (non-recurring)
—
—
—
(696
)
(696
)
Non-cash stock based compensation
(4
)
(73
)
(33
)
(1,306
)
(1,416
)
Income (loss) before taxes
$
21,701
$
(467
)
$
36,603
$
(42,330
)
$
15,507
Income tax expense
(4,899
)
Net income
$
10,608
Nine Months Ended September 30, 2024
Merchant
Solutions
Payables
Treasury
Solutions
Corporate
Total
Consolidated
Reconciliation of Adjusted EBITDA to GAAP Measure:
Adjusted EBITDA
$
82,265
$
5,209
$
112,911
$
(47,853
)
$
152,532
Interest expense
(1
)
(3,280
)
—
(62,555
)
(65,836
)
Depreciation and amortization
(24,065
)
(3,992
)
(12,431
)
(3,742
)
(44,230
)
Debt modification and extinguishment expenses
—
—
—
(8,666
)
(8,666
)
Selling, general and administrative (non-recurring)
—
—
—
(2,131
)
(2,131
)
Non-cash stock based compensation
(12
)
(299
)
(98
)
(4,469
)
(4,878
)
Income (loss) before taxes
$
58,187
$
(2,362
)
$
100,382
$
(129,416
)
$
26,791
Income tax expense
(9,996
)
Net income
$
16,795