Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Prior to the consummation of the Business Combination on July 25, 2018, MI Acquisitions' common stock, warrants and units were each listed on The Nasdaq Capital Market under the symbol "MACQ," "MACQW" and "MACQU," respectively. Upon the consummation of the Business Combination and the change of the Company's name to Priority Technology Holdings, Inc., our common stock commenced trading on The Nasdaq Global Market under the symbol "PRTH" and our warrants and units commenced trading under the symbols "PRTHW" and "PRTHU," respectively. As of March 6, 2019, our warrants and units were delisted from trading on The Nasdaq Global Market. Following their delisting, our warrants and units became available to be quoted in the over-the-counter market under the symbols "PRTHW" and "PRTHU," respectively.
Holders
As of March 24, 2021, we had 32 holders of record of our common stock. This figure does not include the number of persons whose securities are held in nominee or "street" name accounts through brokers. With the exception of one holder, all of our outstanding warrants and units were held in nominee or "street" name accounts through brokers.
Dividends
We have never declared or paid, and do not anticipate declaring or paying in the foreseeable future, any cash dividends on our common stock.
Recent Sales of Unregistered Securities
None.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None.
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ITEM 6. SELECTED FINANCIAL DATA
The following table sets forth selected historical financial information derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. You should read the following selected financial data in conjunction with the sections entitled " Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations " and the audited consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K.
Year Ended December 31,
(in thousands, except per share amounts) 2020 2019 2018
Statement of operations data:
Revenues $ 404,342 $ 371,854 $ 375,822
Operating expenses 383,481 364,670 359,429
Income from operations 20,861 7,184 16,393
Interest expense (44,839) (40,653) (29,935)
Gain on sale of business, net 107,239 — —
Debt extinguishment and modification expenses (1,899) — (2,043)
Other income (expenses), net 596 710 (4,741)
Income (loss) before income taxes 81,958 (32,759) (20,326)
Income tax expense (benefit) 10,899 830 (2,490)
Net income (loss) 71,059 (33,589) (17,836)
Less earnings attributable to redeemable and redeemed non-controlling interests (45,398) — —
Net income (loss) attributable to stockholders of Priority Technology Holdings, Inc. $ 25,661 $ (33,589) $ (17,836)
Common stockholders of Priority Technology Holdings, Inc.:
Basic earnings (loss) per common share $ 0.38 $ (0.50) $ (0.29)
Diluted earnings (loss) per common share $ 0.38 $ (0.50) $ (0.29)
Year Ended December 31,
2020 2019 2018
Statement of cash flows data:
Net cash provided by (used in):
Operating activities $ 47,072 $ 39,364 $ 31,348
Investing activities $ 166,396 $ (97,747) $ (108,928)
Financing activities $ (175,813) $ 75,017 $ 67,252
As of December 31,
2020 2019
Balance sheet data:
Cash and restricted cash $ 88,120 $ 50,465
Total assets $ 417,829 $ 464,505
Total liabilities $ 516,393 $ 585,194
Total stockholders' deficit $ (98,564) $ (120,689)
Shares of common stock outstanding 67,391 67,061
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