Today, Purchasing Power reported vigorous revenue growth for 2018, a 12.4 percent increase over 2017. Furthermore, adjusted EBITDA in 2018 increased by 10.4 percent compared to the previous year’s performance.
“I’m incredibly proud of the double-digit revenue growth streak we’ve achieved, not only this year but over the last decade,” said Richard Carrano, Purchasing Power CEO. “Very few companies recording close to a half billion dollars in annual sales can also point to an ever-increasing growth trajectory like ours. It confirms the fundamental value that the Purchasing Power platform offers our clients and customers, helping them to avoid more expensive and time-demanding credit options for products and services they need.”
Further 2018 highlights for Purchasing Power include the following:
• reaching a new milestone of $3 billion in total earned revenue;
• charting an outstanding 68 NPS (Net Promoter Score) average for 2018, up 11.4% compared to 2017 (61);
• attracting 41 new clients to the company’s 300+ existing clients;
• gaining a seven percent increase in existing client usage of the employee purchase program;
• adding 460,000 new eligible customers to its customer base; and
• expanding the Purchasing Power catalog to more than 60,000 products and services.
Purchasing Power ranked #30 on the Atlanta Business Chronicle’s list of top private companies in the Atlanta Metro Area (up from #35 in 2017). Purchasing Power’s industry recognition included the 2018 Gold Stevie Award for Outbound Marketing Program of the Year; the 2018 Silver Stevie Award for Best Customer Satisfaction Strategy; a 2018 “Best and Brightest Company to Work For® in the Nation” citation; and the “2018 Impact Award – Corporate Volunteer Program of the Year” from the Corporate Volunteer Council of Atlanta.
“One of the key areas of focus for Purchasing Power last year was Quality Management—reexamining and refreshing all business practices, operations and techniques to perform at optimum levels,” noted Wade Pierce, Purchasing Power CFO. “These annual results clearly proved the value of this widespread investment, and we continue to improve and streamline our company today. We are exceptionally proud of our 2018 achievements and look forward to continued growth in 2019.”
Headquartered in Atlanta, Purchasing Power is one of the fastest-growing voluntary benefit providers in the industry, offering financial flexibility options to cash-strapped U.S. workers. Accessed through employers or government/trade organizations, the employee purchase program gives workers the opportunity to purchase brand-name consumer products/services through payroll deduction, when they are unable or prefer not to use cash or credit. Participants make manageable, fixed payments over a 6- or 12-month term, with no ballooning interest, hidden fees, or late fees – it is a transparent payment plan for the customer. In addition to the purchase program, Purchasing Power also offers customers access to free financial wellness tools and resources that help them take control of their total financial picture