February 21, 2024
ATLANTA--(BUSINESS WIRE)--Feb. 21, 2024-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of vertically-integrated payment solutions, today announced that the Company will attend the Wolfe Research FinTech Forum in New York, NY on Thursday, March 14, 2024.
Darin Horrocks, EVP of Business Payments, will be participating in a panel discussion titled, “B2B Payments - Cash is King but Digital Rules; Exiting the Paper Check Dark Ages”. In addition, the Company will be hosting investor meetings. If you would like to request a meeting, please reach out to the Wolfe conference team.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221641106/en/
Investor Relations for REPAY:
ir@repay.com
Media Relations for REPAY:
Kristen Hoyman
khoyman@repay.com
Source: Repay Holdings Corporation
Technology integration enables secure omni-channel payment options, simplifying accounts receivable management
February 22, 2024 08:30 AM Eastern Standard Time
ATLANTA--(BUSINESS WIRE)--Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced a new partnership and technology integration with Maxyfi, a provider of collections and accounts receivables management software for lenders, collection agencies, and law firms. The collaboration enables Maxyfi clients to offer flexible payment methods that accommodate consumer preferences and improve the overall collection process.
REPAY’s integration enables businesses utilizing the Maxyfi software to streamline payment collections, while optimizing internal workflows and reconciliation through real-time data exchange. The integration with REPAY also provides easily accessible and secure omni-channel payment methods, including online, text, mobile and IVR, enhancing collection efforts by empowering consumers to pay through the method that is most convenient for them.
“When consumers are able to make payments through their preferred payment channel and method, the collections process improves significantly,” said Jake Moore, EVP, Consumer Payments, REPAY. “Our partnership with Maxyfi enhances operations for collectors and modernizes accounts receivable management for consumers by empowering both parties to manage transactions without the hassle of outdated processes.”
“Enhancing our clients' experiences with our platform is at the forefront of our priorities,” said Ashraf Ali, Co-Founder & CSO of Maxyfi. “By leveraging REPAY's payment expertise and our seamless integration with their platform, we look forward to further supporting our clients’ collections processes by simplifying payments.”
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
About MaxyFi
Maxyfi is a SaaS-based automated debt collection software that is designed in such a way that it can be easily operated by collection agencies. Maxyfi's vision is to enable collection agencies and businesses with the right insights, strategies, and intelligent tools that will assist them in recovering debts and generating more revenue very quickly. Learn more at maxyfi.com.
Contacts
Investor Relations Contact for REPAY:
IR@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
khoyman@repay.com
Expanded integration offers AR and AP payment solutions to streamline payment acceptance and outbound vendor payments within Sage Intacct
February 20, 2024 08:30 AM Eastern Standard Time
ATLANTA--(BUSINESS WIRE)--Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY), a leading provider of vertically-integrated payment solutions, today announced an enhanced technology integration for Sage Intacct, which will enable businesses to utilize REPAY accounts receivable (AR) and accounts payable (AP) payment solutions to seamlessly send and receive payments within Sage’s flagship product. This enhanced integration supplements REPAY’s existing Sage 100, Sage X3 and Sage 300 integrations.
With REPAY and Sage Intacct, companies have a one-stop shop for all their B2B payments needs. Businesses can easily accept payments from customers by Automated Clearing House (ACH) or credit card on Order Entry Sales Orders, Order Entry Sales Invoices or AR Invoices. Additionally, they can now pay vendors and suppliers in a simple, secure way through various digital payment methods, including virtual cards, while eliminating paper checks, optimizing internal workflows and reducing costs. By automating vendor payments to pay bills more effectively, AP teams can maximize efficiency, minimize security concerns and boost the bottom line.
REPAY has been chosen as a Sage Tech Partner Plus – Fintech Partner, underscoring the impact of REPAY’s solutions within the Sage ecosystem. The 'Plus Tier' partner recognition indicates that REPAY's integration has undergone rigorous evaluation and validation, confirming its capability to boost the business performance for Sage's customers and partners.
“Further expanding our integration with Sage Intacct is yet another indication of our promise to deliver the most comprehensive, innovative B2B payment solutions for businesses,” said Darin Horrocks, EVP, B2B, REPAY. “We are looking forward to building on our success with the Sage 100 integration and bringing those integrated AP and AR services to the Intacct community. Additionally, we’re honored to be selected as one of the few Sage Tech Partner Plus – Fintech Partners and view this as a testament to our continued collaboration and commitment to helping Sage clients streamline their workflows and improve operational efficiencies.”
"This collaboration not only streamlines payment processes for our customers but also strengthens the capabilities within our partner ecosystem. As a Sage Tech Partner Plus – Fintech Partner, REPAY brings a level of innovation and efficiency that is essential for businesses looking to optimize their financial operations and grow in today's dynamic market,” says Chip Mahan, Global Head Payments & Banking, Sage.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
Contacts
Investor Relations Contact for REPAY:
IR@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
khoyman@repay.com
February 15, 2024
ATLANTA--(BUSINESS WIRE)--Feb. 15, 2024-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of vertically-integrated payment solutions, today announced that the Company will host a conference call to discuss fourth quarter and full year 2023 financial results on Thursday, February 29, 2024 at 5:00pm ET. A press release with fourth quarter and full year 2023 financial results will be issued after the market closes that same day.
The conference call will be webcast live from the Company's investor relations website at https://investors.repay.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (877) 407-3982, or for international callers (201) 493-6780. A replay will be available two hours after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13743368. The replay will be available until Thursday, March 14, 2024. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215670128/en/
Investor Relations for REPAY:
ir@repay.com
Media Relations for REPAY:
Kristen Hoyman
khoyman@repay.com
Source: Repay Holdings Corporation
REPAY’s embedded payment technology empowers simple, seamless payment experiences for financial institutions using Aperture, AKUVO’s flagship collections management platform
ATLANTA--(BUSINESS WIRE)--Dec. 12, 2023--Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced a new technology integration with AKUVO, a leading provider of cloud-based software that elevates how financial institutions collect and manage their portfolios. The REPAY integration with Aperture, AKUVO’s collections management software, enables financial institutions to accept digital payments, while utilizing a secure, real-time data exchange for streamlined operations, robust reporting and simpler reconciliation.
AKUVO clients can now leverage REPAY’s embedded payment technology to manage the full payments lifecycle and offer account holders a streamlined, convenient payment experience that can be accessed via a secure online portal. Banks and credit unions will have enhanced visibility into payment data within Aperture, reducing the need to switch between systems and driving faster payment reconciliation.
“Collections is a complex, multi-party process, and we recognize the importance of making the payment process simple and convenient for both financial institutions and consumers,” said Jake Moore, EVP, Consumer Payments, REPAY. “Our partnership with AKUVO is making it easier, faster and more secure for account holders to make payments and for financial institutions to collect payments and manage the data exchange through one single platform.”
“At AKUVO, we are committed to offering best-in-class technologies that deliver efficient, innovative experiences to our clients and their account holders,” said Mike Ruggiero, SVP of Relationships at AKUVO. “We’re thrilled to partner with REPAY to streamline collections and continue to help our clients grow revenue and scale operations.”
About AKUVO
AKUVO is a leading provider of cloud-based software that elevates how financial institutions collect and manage their portfolios via its product, Aperture. It provides the technology and data necessary to increase collections efficiency, reduce staff costs, anticipate delinquencies, and provide insight into future credit decisions. AKUVO is defining the future of collections and account performance management with a visionary, behavior-based approach while taking full advantage of emerging technologies such as artificial intelligence, natural language processing, and machine learning. To learn more, visit https://akuvo.com/.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231212985032/en/REPAY-Launches-Payment-Integration-with-AKUVO
CONTACTS
Investor Relations Contact for REPAY:
IR@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
khoyman@repay.com
Source: Repay Holdings Corporation
Through the partnership, REPAY’s AP technology will be embedded within Blackbaud’s Financial Edge NXT® software
ATLANTA--(BUSINESS WIRE)--Nov. 15, 2023-- Repay Holdings Corporation (NASDAQ: RPAY) ("REPAY"), a leading provider of vertically-integrated payment solutions, today announced a technology integration with Blackbaud, a leading provider of software for powering social impact. Under the partnership, REPAY is the exclusive embedded vendor payment solution for Blackbaud Financial Edge NXT®. Blackbaud’s large client base will be able to perform vendor payment automation directly within Blackbaud’s financial platform, while leveraging REPAY’s digital payments capabilities. This joint solution is designed to streamline vendor payments and reduce fraud.
Blackbaud clients will be able to utilize Payment Assistant functionality without ever having to leave Blackbaud Financial Edge NXT®. Payment Assistant embeds REPAY’s vendor payment solution to automate and accelerate electronic payment of invoices. Capabilities include virtual cards and ACH to REPAY’s extensive network of suppliers and vendors. By streamlining these outbound payments, Blackbaud clients can eliminate legacy paper check processes and pay vendors with increased efficiency, security and transparency while saving time and boosting their bottom line.
“Our mission at REPAY is to help businesses simplify and optimize their outbound payments through their preferred channels. We’re excited to continue to grow and enhance our vendor network and help companies across industries realize greater efficiencies with a seamless, secure payment experience,” said Darin Horrocks, EVP, Business Payments, at REPAY.
“The industry has seen an acceleration in adoption and preference of digital payments. We are thrilled to partner with REPAY to give our customers a consolidated payment workflow that will save them time and money,” said Heather Johnson, Director, Product Management, at Blackbaud.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231115428269/en/
Investor Relations Contact for REPAY:
IR@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
khoyman@repay.com
Source: Repay Holdings Corporation
Raising Full Year 2023 Revenue Outlook and Gross Profit Growth of 3% in Q3 and 7% Year-to-Date
Normalized Organic Gross Profit Growth1 of 12% in Q3 and 13% Year-to-Date
ATLANTA--(BUSINESS WIRE)--Nov. 9, 2023-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of vertically-integrated payment solutions, today reported financial results for its third quarter ended September 30, 2023.
Third Quarter 2023 Financial Highlights
| ($ in millions) | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | YoY Change | |||||
| Card payment volume | $6,416.8 | $6,611.8 | $6,591.3 | $6,254.4 | $6,401.3 | 0% | |||||
| Revenue | 71.6 | 72.7 | 74.5 | 71.8 | 74.3 | 4% | |||||
| Gross profit (1) | 54.9 | 57.8 | 56.6 | 54.9 | 56.7 | 3% | |||||
| Net income (loss) | 5.4 | (8.2) | (27.9) | (5.3) | (6.5) | - | |||||
| Adjusted EBITDA (2) | 31.7 | 36.0 | 31.2 | 30.3 | 31.9 | 1% |
| (1) | Gross profit represents revenue less costs of services. | |
| (2) | Adjusted EBITDA and Adjusted Net Income are non-GAAP financial measures. See “Non-GAAP Financial Measures” and the reconciliations of Adjusted EBITDA and Adjusted Net Income to their most comparable GAAP measures provided below for additional information. |
“REPAY delivered solid performance in the third quarter, with normalized organic revenue and gross profit growth1 of 11% and 12%, respectively,” said John Morris, CEO of REPAY. “We continued to see stable and resilient trends from our clients throughout the quarter. Our efforts in developing our go-to-market and implementation teams, as well as innovating on our payment technology, continue to be our top priorities. We remain excited about the future of REPAY as we strive to be a network to all networks.”
Third Quarter 2023 Business Highlights
The Company's achievements in the quarter, including those highlighted below, reinforce management's belief in the ability of the Company to drive durable and sustained growth across REPAY's diversified business model.
- 12% year-over-year normalized organic gross profit growth1 in Q3 and 13% year-to-date
- Consumer Payments organic gross profit growth1 of approximately 14% year-over-year
- Business Payments normalized organic gross profit growth1 of approximately 13% year-over-year
- Accelerated AP supplier network to over 233,000, an increase of approximately 60% year-over-year
- Added five new integrated software partners to bring the total to 257 software relationships as of the end of the third quarter
- Increased instant funding transaction volumes by approximately 50% year-over-year
- The Company now serves over 266 Credit Unions, an increase of approximately 16% year-over-year
| 1 Normalized organic revenue growth, organic gross profit growth and normalized organic gross profit growth are non-GAAP financial measures. See “Non-GAAP Financial Measures” and the reconciliation to their most comparable GAAP measure provided below for additional information. |
Segments
The Company reports its financial results based on two reportable segments.
Consumer Payments –The Consumer Payments segment provides payment processing solutions (including debit and credit card processing, Automated Clearing House (“ACH”) processing and other electronic payment acceptance solutions, as well as REPAY’s loan disbursement product) that enable its clients to collect payments and disburse funds to consumers and includes its clearing and settlement solutions (“RCS”). RCS is REPAY’s proprietary clearing and settlement platform through which it markets customizable payment processing programs to other ISOs and payment facilitators. The strategic vertical markets served by the Consumer Payments segment primarily include personal loans, automotive loans, receivables management, credit unions, mortgage servicing, consumer healthcare and diversified retail.
Business Payments –The Business Payments segment provides payment processing solutions (including accounts payable automation, debit and credit card processing, virtual credit card processing, ACH processing and other electronic payment acceptance solutions) that enable REPAY’s clients to collect or send payments to other businesses. The strategic vertical markets served within the Business Payments segment primarily include retail automotive, education, field services, governments and municipalities, healthcare, media, homeowner association management and hospitality.
Segment Card Payment Volume, Revenue, Gross Profit, and Gross Profit Margin
| Three Months ended September 30, | Nine Months ended September 30, | |||||
| ($ in thousand) | 2023 | 2022 | % Change | 2023 | 2022 | % Change |
| Card payment volume | ||||||
| Consumer Payments | $5,338,250 | $4,937,825 | 8% | $16,057,365 | $15,146,967 | 6% |
| Business Payments | 1,063,088 | 1,479,002 | (28%) | 3,189,640 | 3,880,064 | (18%) |
| Total card payment volume | $6,401,338 | $6,416,827 | 0% | $19,247,005 | $19,027,031 | 1% |
| Revenue | ||||||
| Consumer Payments | $68,720 | $62,977 | 9% | $204,622 | $183,890 | 11% |
| Business Payments | 9,704 | 11,440 | (15%) | 28,170 | 30,266 | (7%) |
| Elimination of intersegment revenues | (4,104) | (2,862) | (12,152) | (7,602) | ||
| Total revenue | $74,320 | $71,555 | 4% | $220,640 | $206,554 | 8% |
| Gross profit (1) | ||||||
| Consumer Payments | $53,599 | $49,724 | 8% | $159,929 | $143,295 | 12% |
| Business Payments | 7,188 | 8,059 | 11% | 20,421 | 20,931 | 2% |
| Elimination of intersegment revenues | (4,104) | (2,862) | (12,152) | (7,602) | ||
| Total gross profit | $56,683 | $54,921 | 3% | $168,198 | $156,624 | 7% |
| Total gross profit margin (2) | 76% | 77% | 76% | 76% |
| (1) | Gross profit represents revenue less costs of services. | |
| (2) | Gross profit margin represents total gross profit / total revenue. |
2023 Outlook Update
“We have solid momentum heading into the fourth quarter and are confident in the fundamentals of our business model. Based on the results from the first nine months of the year, as well as current trends, we are raising the midpoint of our 2023 revenue outlook,” said Tim Murphy, CFO of REPAY. “We expect adjusted free cash flow conversion to accelerate into 2024 as we realize the benefits from investments we've made in sales, product and technology over the past several years.”
REPAY now expects the following financial results for full year 2023, which replaces the previously provided outlook.
| Full Year 2023 Outlook | |
| Card Payment Volume | $26.0 - 27.2 billion |
| Revenue | $286 - 292 million |
| Gross Profit | $218 - 228 million |
| Adjusted EBITDA | $122 - 130 million |
REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures, such as forecasted 2023 Adjusted EBITDA, to the most directly comparable GAAP financial measure, because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have a significant impact on such calculations, and providing them may imply a degree of precision that would be confusing or potentially misleading.
Conference Call
REPAY will host a conference call to discuss third quarter 2023 financial results today, November 9, 2023 at 5:00 pm ET. Hosting the call will be John Morris, CEO, and Tim Murphy, CFO. The call will be webcast live from REPAY’s investor relations website at https://investors.repay.com/investor-relations. The conference call can also be accessed live over the phone by dialing (877) 407-3982, or for international callers (201) 493-6780. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13741455. The replay will be available at https://investors.repay.com/investor-relations.
Non-GAAP Financial Measures
This report includes certain non-GAAP financial measures that management uses to evaluate the Company’s operating business, measure performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure that represents net income prior to interest expense, tax expense, depreciation and amortization, as adjusted to add back certain charges deemed to not be part of normal operating expenses, non-cash charges and/or non-recurring charges, such as loss on business disposition, non-cash change in fair value of contingent consideration, non-cash impairment loss, non-cash change in fair value of assets and liabilities, share-based compensation charges, transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. Adjusted Net Income is a non-GAAP financial measure that represents net income prior to amortization of acquisition-related intangibles, as adjusted to add back certain charges deemed to not be part of normal operating expenses, loss on business disposition, non-cash charges and/or non-recurring charges, such as non-cash change in fair value of contingent consideration, non-cash impairment loss, non-cash change in fair value of assets and liabilities, share-based compensation expense, transaction expenses, restructuring and other strategic initiative costs, other non-recurring charges, non-cash interest expense and net of tax effect associated with these adjustments. Adjusted Net Income is adjusted to exclude amortization of all acquisition-related intangibles as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible amortization supplements GAAP financial measures because it allows for greater comparability of operating performance. Although REPAY excludes amortization from acquisition-related intangibles from its non-GAAP expenses, management believes that it is important for investors to understand that such intangibles were recorded as part of purchase accounting and contribute to revenue generation. Adjusted Net Income per share is a non-GAAP financial measure that represents Adjusted Net Income divided by the weighted average number of shares of Class A common stock outstanding (on an as-converted basis assuming conversion of the outstanding units exchangeable for shares of Class A common stock) for the three and nine months ended September 30, 2023 and 2022 (excluding shares subject to forfeiture). Normalized organic revenue growth is a non-GAAP financial measure that represents year-on-year revenue growth that excludes incremental revenue attributable to acquisitions, dispositions and REPAY’s media payments business related to the cyclical political media spending in the applicable prior period or any subsequent period. Organic gross profit growth is a non-GAAP financial measure that represents year-on-year gross profit growth that excludes incremental gross profit attributable to acquisitions and divestitures made in the applicable prior period or any subsequent period. Normalized organic gross profit growth is a non-GAAP financial measure that represents year-on-year organic gross profit growth that excludes incremental gross profit attributable to REPAY’s media payments business related to the cyclical political media spending in the applicable prior period or any subsequent period. Free Cash Flow and Adjusted Free Cash Flow are non-GAAP financial measures that represents net cash flow provided by operating activities less total capital expenditures, and Adjusted Free Cash Flow is further adjusted to add back certain charges deemed to not be part of normal operating expenses and/or non-recurring charges, such as transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. REPAY believes that Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, normalized organic revenue growth, organic gross profit growth, normalized organic gross profit growth, Free Cash Flow and Adjusted Free Cash Flow provide useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, these non-GAAP financial measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, operating profit, net cash provided by operating activities, or any other operating performance measure calculated in accordance with GAAP. Using these non-GAAP financial measures to analyze REPAY’s business has material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in REPAY’s industry may report measures titled as the same or similar measures, such non-GAAP financial measures may be calculated differently from how REPAY calculates its non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, you should consider REPAY’s non-GAAP financial measures alongside other financial performance measures, including net income, net cash provided by operating activities and REPAY’s other financial results presented in accordance with GAAP.
Forward-Looking Statements
This communication 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, REPAY’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “guidance,” “will likely result,” “are expected to,” “will continue,” “should,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, REPAY’s 2023 outlook update and other financial guidance, expected demand on REPAY’s product offering, including further implementation of electronic payment options and statements regarding REPAY’s market and growth opportunities, and REPAY’s business strategy and the plans and objectives of management for future operations. Such forward-looking statements are based upon the current beliefs and expectations of REPAY’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond REPAY’s control.
In addition to factors disclosed in REPAY’s reports filed with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent Form 10-Qs, and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: exposure to economic conditions and political risk affecting the consumer loan market, the receivables management industry and consumer and commercial spending, including bank failures or other adverse events affecting financial institutions, inflationary pressures, general economic slowdown or recession; changes in the payment processing market in which REPAY competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that REPAY targets, including the regulatory environment applicable to REPAY’s clients; the ability to retain, develop and hire key personnel; risks relating to REPAY’s relationships within the payment ecosystem; risk that REPAY may not be able to execute its growth strategies, including identifying and executing acquisitions; risks relating to data security; changes in accounting policies applicable to REPAY; and the risk that REPAY may not be able to maintain effective internal controls.
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. All information set forth herein speaks only as of the date hereof in the case of information about REPAY or the date of such information in the case of information from persons other than REPAY, and REPAY disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding REPAY’s industry and end markets are based on sources it believes to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
Condensed Consolidated Statement of Operations (Unaudited)
| Three Months ended September 30, | Nine Months ended September 30 | ||||
| ($ in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |
| Revenue | $74,320 | $71,555 | $220,640 | $206,554 | |
| Operating expenses | |||||
| Costs of services (exclusive of depreciation and amortization shown separately below) | 17,637 | 16,634 | 52,442 | 49,930 | |
| Selling, general and administrative | 35,279 | 36,032 | 111,974 | 107,379 | |
| Depreciation and amortization | 26,523 | 24,662 | 79,146 | 82,442 | |
| Change in fair value of contingent consideration | - | (340) | - | (4,290) | |
| Loss on business disposition | - | - | 10,027 | - | |
| Total operating expenses | 79,439 | 76,988 | 253,589 | 235,461 | |
| Loss from operations | (5,119) | (5,433) | (32,949) | (28,907) | |
| Other income (expense) | |||||
| Interest expense | (103) | (1,100) | (1,413) | (3,128) | |
| Change in fair value of tax receivable liability | (3,234) | 11,411 | (3,716) | 55,481 | |
| Other income | (26) | 20 | (360) | (126) | |
| Total other income (expense) | (3,363) | 10,331 | (5,489) | 52,227 | |
| Income (loss) before income tax benefit (expense) | (8,482) | 4,898 | (38,438) | 23,320 | |
| Income tax benefit (expense) | 1,998 | 474 | (1,308) | (6,414) | |
| Net income (loss) | ($6,484) | $5,372 | ($39,746) | $16,906 | |
| Net loss attributable to non-controlling interest | (316) | (473) | (2,543) | (2,602) | |
| Net income (loss) attributable to the Company | ($6,168) | $5,845 | ($37,203) | $19,508 | |
| Weighted-average shares of Class A common stock outstanding - basic | 91,160,415 | 88,735,518 | 89,658,318 | 88,749,417 | |
| Weighted-average shares of Class A common stock outstanding - diluted | 91,160,415 | 110,114,054 | 89,658,318 | 110,789,646 | |
| Income (loss) per Class A share - basic | ($0.07) | $0.07 | ($0.41) | $0.22 | |
| Income (loss) per Class A share - diluted | ($0.07) | $0.05 | ($0.41) | $0.18 |
Condensed Consolidated Balance Sheets
| ($ in thousands) | September 30, 2023 (Unaudited) | December 31, 2022 | ||
| Assets | ||||
| Cash and cash equivalents | $117,730 | $64,895 | ||
| Accounts receivable | 36,889 | 33,544 | ||
| Prepaid expenses and other | 13,984 | 18,213 | ||
| Total current assets | 168,603 | 116,652 | ||
| Property, plant and equipment, net | 3,557 | 4,375 | ||
| Restricted cash | 23,660 | 28,668 | ||
| Intangible assets, net | 444,822 | 500,575 | ||
| Goodwill | 792,543 | 827,813 | ||
| Operating lease right-of-use assets, net | 8,961 | 9,847 | ||
| Deferred tax assets | 138,121 | 136,370 | ||
| Other assets | 2,500 | 2,500 | ||
| Total noncurrent assets | 1,414,164 | 1,510,148 | ||
| Total assets | $1,582,767 | $1,626,800 | ||
| Liabilities | ||||
| Accounts payable | $20,271 | $21,781 | ||
| Related party payable | - | 1,000 | ||
| Accrued expenses | 27,473 | 29,016 | ||
| Current operating lease liabilities | 1,786 | 2,263 | ||
| Current tax receivable agreement | - | 24,454 | ||
| Other current liabilities | 1,603 | 3,593 | ||
| Total current liabilities | 51,133 | 82,107 | ||
| Long-term debt | 433,454 | 451,319 | ||
| Noncurrent operating lease liabilities | 8,054 | 8,295 | ||
| Tax receivable agreement, net of current portion | 185,901 | 154,673 | ||
| Other liabilities | 1,879 | 2,113 | ||
| Total noncurrent liabilities | 629,288 | 616,400 | ||
| Total liabilities | $680,421 | $698,507 | ||
| Commitments and contingencies | ||||
| Stockholders' equity | ||||
| Class A common stock, $0.0001 par value; 2,000,000,000 shares authorized; 92,014,648 issued and 90,936,507 outstanding as of September 30, 2023; 89,354,754 issued and 88,276,613 outstanding as of December 31, 2022 | 9 | 9 | ||
| Class V common stock, $0.0001 par value; 1,000 shares authorized and 100 shares issued and outstanding as of September 30, 2023 and December 31, 2022 | — | — | ||
| Additional paid-in capital | 1,140,588 | 1,117,736 | ||
| Treasury stock, 1,078,141 shares as of June 30, 2023 and December 31, 2022 | (10,000) | (10,000) | ||
| Accumulated other comprehensive loss | (3) | (3) | ||
| Accumulated deficit | (250,383) | (213,180) | ||
| Total REPAY stockholders' equity | $880,211 | $894,562 | ||
| Non-controlling interests | 22,135 | 33,731 | ||
| Total equity | 902,346 | 928,293 | ||
| Total liabilities and equity | $1,582,767 | $1,626,800 |
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine Months ended September 30, | |||
| ($ in thousands) | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net income (loss) | ($39,746) | $16,906 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 79,146 | 82,442 | |
| Stock based compensation | 16,256 | 14,265 | |
| Amortization of debt issuance costs | 2,136 | 2,123 | |
| Loss on business disposition | 10,027 | - | |
| Other loss | 273 | 154 | |
| Fair value change in tax receivable agreement liability | 3,716 | (55,481) | |
| Fair value change in contingent consideration | - | (4,290) | |
| Payment of contingent consideration liability in excess of acquisition-date fair value | - | (8,896) | |
| Deferred tax expense | 1,308 | 6,414 | |
| Change in accounts receivable | (4,857) | (246) | |
| Change in prepaid expenses and other | 4,161 | (3,056) | |
| Change in operating lease ROU assets | 389 | (275) | |
| Change in accounts payable | (1,948) | 3,168 | |
| Change in related party payable | - | (257) | |
| Change in accrued expenses and other | (1,544) | (2,200) | |
| Change in operating lease liabilities | (424) | 394 | |
| Change in other liabilities | (142) | 1,227 | |
| Net cash provided by operating activities | 68,751 | 52,392 | |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (1,062) | (2,623) | |
| Capitalized software development costs | (36,678) | (26,232) | |
| Proceeds from sale of business, net of cash retained | 40,273 | - | |
| Net cash provided by (used in) investing activities | 2,533 | (28,855) | |
| Cash flows from financing activities | |||
| Payments on long-term debt | (20,000) | - | |
| Shares repurchased under Incentive Plan and ESPP | (1,510) | (1,981) | |
| Treasury shares repurchased | - | (6,831) | |
| Distributions to Members | (947) | (488) | |
| Payments of contingent consideration up to acquisition date fair value | (1,000) | (3,851) | |
| Net cash used in financing activities | (23,457) | (13,151) | |
| Increase in cash, cash equivalents and restricted cash | 47,827 | 10,386 | |
| Cash, cash equivalents and restricted cash at beginning of period | $93,563 | $76,340 | |
| Cash, cash equivalents and restricted cash at end of period | $141,390 | $86,726 | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Cash paid during the year for: | |||
| Interest | $840 | $1,047 |
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA
For the Three Months Ended September 30, 2023 and 2022
(Unaudited)
| Three Months ended September 30, | ||
| ($ in thousands) | 2023 | 2022 |
| Revenue | $74,320 | $71,555 |
| Operating expenses | ||
| Costs of services (exclusive of depreciation and amortization shown separately below) | $17,637 | $16,634 |
| Selling, general and administrative | 35,279 | 36,032 |
| Depreciation and amortization | 26,523 | 24,662 |
| Change in fair value of contingent consideration | - | (340) |
| Total operating expenses | $79,439 | $76,988 |
| Loss from operations | ($5,119) | ($5,433) |
| Other income (expense) | ||
| Interest (expense) income, net | (103) | (1,100) |
| Change in fair value of tax receivable liability | (3,234) | 11,411 |
| Other (loss) income | (26) | 20 |
| Total other income (expense) | (3,363) | 10,331 |
| Income (loss) before income tax benefit (expense) | (8,482) | 4,898 |
| Income tax benefit (expense) | 1,998 | 474 |
| Net income (loss) | ($6,484) | $5,372 |
| Add: | ||
| Interest expense (income), net | 103 | 1,100 |
| Depreciation and amortization (a) | 26,523 | 24,662 |
| Income tax (benefit) expense | (1,998) | (474) |
| EBITDA | $18,144 | $30,660 |
| Non-cash change in fair value of contingent consideration (b) | - | (340) |
| Non-cash change in fair value of assets and liabilities (c) | 3,234 | (11,411) |
| Share-based compensation expense (d) | 5,686 | 5,250 |
| Transaction expenses (e) | 812 | 4,117 |
| Restructuring and other strategic initiative costs (f) | 3,084 | 1,484 |
| Other non-recurring charges (g) | 894 | 1,903 |
| Adjusted EBITDA | $31,854 | $31,663 |
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA
For the Nine Months Ended September 30, 2023 and 2022
(Unaudited)
| Three Months ended September 30, | ||
| ($ in thousands) | 2023 | 2022 |
| Revenue | $220,640 | $206,554 |
| Operating expenses | ||
| Costs of services (exclusive of depreciation and amortization shown separately below) | $52,442 | $49,930 |
| Selling, general and administrative | 111,974 | 107,379 |
| Depreciation and amortization | 79,146 | 82,442 |
| Change in fair value of contingent consideration | - | (4,290) |
| Loss on business disposition | 10,027 | - |
| Total operating expenses | $253,589 | $235,461 |
| Loss from operations | ($32,949) | ($28,907) |
| Other income (expense) | ||
| Interest (expense) income, net | (1,413) | (3,128) |
| Change in fair value of tax receivable liability | (3,716) | 55,481 |
| Other (loss) income | (360) | (126) |
| Total other income (expense) | (5,489) | 52,227 |
| Income (loss) before income tax benefit (expense) | (38,438) | 23,320 |
| Income tax benefit (expense) | (1,308) | (6,414) |
| Net income (loss) | ($39,746) | $16,906 |
| Add: | ||
| Interest expense (income), net | 1,413 | 3,128 |
| Depreciation and amortization (a) | 79,146 | 82,442 |
| Income tax (benefit) expense | 1,308 | 6,414 |
| EBITDA | $42,121 | $108,890 |
| Loss on business disposition (h) | 10,027 | - |
| Non-cash change in fair value of contingent consideration (b) | - | (4,290) |
| Non-cash impairment loss (i) | 50 | |
| Non-cash change in fair value of assets and liabilities (c) | 3,716 | (55,481) |
| Share-based compensation expense (d) | 16,257 | 14,542 |
| Transaction expenses (e) | 7,602 | 16,116 |
| Restructuring and other strategic initiative costs (f) | 8,536 | 4,165 |
| Other non-recurring charges (g) | 5,008 | 4,671 |
| Adjusted EBITDA | $93,317 | $88,613 |
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
For the Three Months Ended September 30, 2023 and 2022
(Unaudited)
| Three Months ended September 30, | ||
| ($ in thousands) | 2023 | 2022 |
| Revenue | $74,320 | $71,555 |
| Operating expenses | ||
| Costs of services (exclusive of depreciation and amortization shown separately below) | $17,637 | $16,634 |
| Selling, general and administrative | 35,279 | 36,032 |
| Depreciation and amortization | 26,523 | 24,662 |
| Change in fair value of contingent consideration | - | (340) |
| Total operating expenses | $79,439 | $76,988 |
| Loss from operations | ($5,119) | ($5,433) |
| Interest (expense) income, net | (103) | (1,100) |
| Change in fair value of tax receivable liability | (3,234) | 11,411 |
| Other (loss) income | (26) | 20 |
| Total other income (expense) | (3,363) | 10,331 |
| Income (loss) before income tax benefit (expense) | (8,482) | 4,898 |
| Income tax benefit (expense) | 1,998 | 474 |
| Net income (loss) | ($6,484) | $5,372 |
| Add: | ||
| Amortization of acquisition-related intangibles (j) | 19,786 | 20,847 |
| Non-cash change in fair value of contingent consideration (b) | - | (340) |
| Non-cash change in fair value of assets and liabilities (c) | 3,234 | (11,411) |
| Share-based compensation expense (d) | 5,686 | 5,250 |
| Transaction expenses (e) | 812 | 4,117 |
| Restructuring and other strategic initiative costs (f) | 3,084 | 1,484 |
| Other non-recurring charges (g) | 894 | 1,903 |
| Non-cash interest expense (k) | 712 | 712 |
| Pro forma taxes at effective rate (l) | (7,828) | (5,152) |
| Adjusted Net Income | $19,896 | $22,782 |
| Shares of Class A common stock outstanding (on an as-converted basis) (m) | 97,052,574 | 96,618,566 |
| Adjusted Net Income per share | $0.21 | $0.24 |
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
For the Nine Months Ended September 30, 2023 and 2022
(Unaudited)
| Nine Months ended September 30, | ||
| ($ in thousands) | 2023 | 2022 |
| Revenue | $220,640 | $206,554 |
| Operating expenses | ||
| Costs of services (exclusive of depreciation and amortization shown separately below) | $52,442 | $49,930 |
| Selling, general and administrative | 111,974 | 107,379 |
| Depreciation and amortization | 79,146 | 82,442 |
| Change in fair value of contingent consideration | - | (4,290) |
| Loss on business disposition | 10,027 | - |
| Total operating expenses | $253,589 | $235,461 |
| Loss from operations | ($32,949) | ($28,907) |
| Other expense | ||
| Interest (expense) income, net | (1,413) | (3,128) |
| Change in fair value of tax receivable liability | (3,716) | 55,481 |
| Other income | - | - |
| Other (loss) | (360) | (126) |
| Total other income (expense) | (5,489) | 52,227 |
| Income (loss) before income tax benefit (expense) | (38,438) | 23,320 |
| Income tax benefit (expense) | (1,308) | (6,414) |
| Net income (loss) | ($39,746) | $16,906 |
| Add: | ||
| Amortization of acquisition-related intangibles (j) | 60,673 | 69,924 |
| Loss on business disposition (h) | 10,027 | - |
| Non-cash change in fair value of contingent consideration (b) | - | (4,290) |
| Non-cash impairment loss (i) | 50 | - |
| Non-cash change in fair value of assets and liabilities (c) | 3,716 | (55,481) |
| Share-based compensation expense (d) | 16,257 | 14,542 |
| Transaction expenses (e) | 7,602 | 16,116 |
| Restructuring and other strategic initiative costs (f) | 8,536 | 4,165 |
| Other non-recurring charges (g) | 5,008 | 4,671 |
| Non-cash interest expense (k) | 2,136 | 2,123 |
| Pro forma taxes at effective rate (l) | (15,658) | (10,714) |
| Adjusted Net Income | $58,601 | $57,962 |
| Shares of Class A common stock outstanding (on an as-converted basis) (m) | 96,778,735 | 96,646,974 |
| Adjusted Net Income per share | $0.61 | $0.60 |
Reconciliation of Operating Cash Flow to Free Cash Flow and Adjusted Free Cash Flow
For the Three and Nine Months Ended September 30, 2023 and 2022
(Unaudited)
| Three Months ended September 30, | Nine Months ended September 30, | |||
| ($ in thousands) | 2023 | 2022 | 2023 | 2022 |
| Net cash provided by operating activities | $27,967 | $25,332 | $68,751 | $52,392 |
| Capital expenditures | ||||
| Cash paid for property and equipment | (948) | (799) | (1,062) | (2,623) |
| Cash paid for intangible assets (n) | (13,078) | (8,657) | (36,678) | (23,482) |
| Total capital expenditures | (14,026) | (9,456) | (37,740) | (26,105) |
| Free cash flow | $13,941 | $15,876 | $31,011 | $26,287 |
| Adjustments | ||||
| Transaction expenses (e) | 812 | 4,117 | 7,602 | 16,116 |
| Restructuring and other strategic initiative costs (f) | 3,084 | 1,484 | 8,536 | 4,165 |
| Other non-recurring charges (g) | 894 | 1,903 | 5,008 | 4,671 |
| Adjusted free cash flow | $18,731 | $23,380 | $52,157 | $51,239 |
Reconciliation of Revenue Growth to Organic Revenue Growth and Normalized Organic Revenue Growth
For the Year-over-Year Change Between the Three Months Ended September 30, 2023 and 2022
(Unaudited)
| Q3 YoY Change | |
| Total gross profit growth | 4% |
| Less: Growth from acquisitions and dispositions | (4%) |
| Organic gross profit growth (o) | 8% |
| Less: Growth from contributions related to political media | (3%) |
| Normalized organic revenue growth (p) | 11% |
Reconciliation of Gross Profit Growth to Organic Gross Profit Growth and Normalized Organic Gross Profit Growth by Segment
For the Year-over-Year Change Between the Three Months Ended September 30, 2023 and 2022
(Unaudited)
| Consumer Payments | Business Payments | Total | ||||||
| Gross profit growth | 8 | (11%) | 3% | |||||
| Less: Growth from acquisitions and dispositions | (6%) | - | (6%) | |||||
| Organic gross profit growth (q) | 14% | (11%) | 9% | |||||
| Less: Growth from contributions related to political media | - | (24%) | (3%) | |||||
| Normalized organic gross profit growth (r) | 14% | 13% | 12% | |||||
Reconciliation of Gross Profit Growth to Organic Gross Profit Growth and Normalized Organic Gross Profit Growth
For the Year-over-Year Change Between the Nine Months Ended September 30, 2023 and 2022
(Unaudited)
| Q3 Year-to-Date YoY Change | |||
| Gross profit growth | 7% | ||
| Less: Growth from acquisitions and dispositions | (4%) | ||
| Organic gross profit growth (q) | 11% | ||
| Less: Growth from contributions related to political media | (2%) | ||
| Normalized organic gross profit growth (r) | 13% | ||
| (a) | See footnote (j) for details on amortization and depreciation expenses. | |
| (b) | Reflects the changes in management’s estimates of future cash consideration to be paid in connection with prior acquisitions from the amount estimated as of the most recent balance sheet date. | |
| (c) | Reflects the changes in management’s estimates of the fair value of the liability relating to the Tax Receivable Agreement. | |
| (d) | Represents compensation expense associated with equity compensation plans, totaling $5.7 million and $16.3 million for the three and nine months ended September 30, 2023, respectively, and totaling $5.3 million and $14.5 million for the three and nine months ended September 30, 2022, respectively. | |
| (e) | Primarily consists of (i) during the three and nine months ended September 30, 2023, professional service fees and other costs incurred in connection with the disposition of Blue Cow Software, and (ii) during the three and nine months ended September 30, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix. | |
| (f) | Reflects costs associated with reorganization of operations, consulting fees related to processing services and other operational improvements, including restructuring and integration activities related to acquired businesses, that were not in the ordinary course during the three and nine months ended September 30, 2023 and 2022. | |
| (g) | For the three and nine months ended September 30, 2023, reflects payments made to third-parties in connection with an expansion of our personnel, franchise taxes and other non-income based taxes and one-time payments to certain partners. For the three and nine months ended September 30, 2022, reflects one-time payments to certain clients and partners, payments made to third-parties in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, other payments related to COVID-19 and non-cash rent expense. Beginning in the period ended September 30, 2023, no longer reflects non-cash rent expense.. | |
| (h) | Reflects the loss recognized related to the disposition of Blue Cow. | |
| (i) | Reflects impairment loss related to trade name write-off of Media Payments. | |
| (j) | For the three and nine months ended September 30, 2023 and 2022, reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software intangibles acquired through REPAY's acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix. This adjustment excludes the amortization of other intangible assets which were acquired in the regular course of business, such as capitalized internally developed software and purchased software. See additional information below for an analysis of amortization expenses: |
| Three Months ended September 30, | Nine Months ended September 30, | ||||
| ($ in thousands) | 2023 | 2022 | 2023 | 2022 | |
| Acquisition-related intangibles | $19,786 | $20,847 | $60,673 | $69,924 | |
| Software | 6,391 | 3,209 | 16,639 | 10,855 | |
| Amortization | $26,177 | $24,056 | $77,312 | $80,779 | |
| Depreciation | 346 | 606 | 1,834 | 1,663 | |
| Total Depreciation and amortization (1) | $26,523 | $24,662 | $79,146 | $82,442 |
| (1) | Adjusted Net Income is adjusted to exclude amortization of all acquisition-related intangibles as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions (see corresponding adjustments in the reconciliation of net income to Adjusted Net Income presented above). Management believes that the adjustment of acquisition-related intangible amortization supplements GAAP financial measures because it allows for greater comparability of operating performance. Although REPAY excludes amortization from acquisition-related intangibles from its non-GAAP expenses, management believes that it is important for investors to understand that such intangibles were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangibles that relate to past acquisitions will recur in future periods until such intangibles have been fully amortized. Any future acquisitions may result in the amortization of additional intangibles. |
| (k) | Represents amortization of non-cash deferred debt issuance costs. |
| (l) | Represents pro forma income tax adjustment effect associated with items adjusted above. |
| (m) | Represents the weighted average number of shares of Class A common stock outstanding (on an as-converted basis assuming conversion of outstanding Post-Merger REPAY Units) for the three and nine months ended September 30, 2023 and 2022. These numbers do not include any shares issuable upon conversion of the Company’s convertible senior notes due 2026. See the reconciliation of basic weighted average shares outstanding to the non-GAAP Class A common stock outstanding on an as-converted basis for each respective period below: |
| Three Months ended September 30, | Nine Months ended September 30, | |||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| Weighted average shares of Class A common stock outstanding - basic | 91,160,415 | 88,735,518 | 89,658,318 | 88,749,417 | ||||
| Add: Non-controlling interests | ||||||||
| Weighted average Post-Merger REPAY Units exchangeable for Class A common stock | 5,892,159 | 7,883,048 | 7,120,417 | 7,897,557 | ||||
| Shares of Class A common stock outstanding (on an as-converted basis) | 97,052,574 | 96,618,566 | 96,778,735 | 96,646,974 | ||||
| (n) | Excludes acquisition costs that are capitalized as channel relationships. |
| (o) | Represents year-on-year revenue growth that excludes incremental revenue attributable to acquisitions and dispositions made in the applicable prior period or any subsequent period. |
| (p) | Represents year-on-year organic revenue growth that excludes incremental revenue attributable to REPAY’s media payments business related to the cyclical political media spending associated with the 2022 mid-term elections in the applicable prior period or any subsequent period. |
| (q) | Represents year-on-year gross profit growth that excludes incremental gross profit attributable to acquisitions and dispositions made in the applicable prior period or any subsequent period. |
| (r) | Represents year-on-year organic gross profit growth that excludes incremental gross profit attributable to REPAY’s media payments business related to the cyclical political media spending associated with the 2022 mid-term elections in the applicable prior period or any subsequent period. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108706347/en/
Investor Relations Contact for REPAY:
ir@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
(404) 637-1665
khoyman@repay.com
Source: Repay Holdings Corporation
Partnership enables PDI Technologies convenience retail and petroleum wholesale customers to simplify and optimize their vendor payment processes
ATLANTA--(BUSINESS WIRE)-November 2, 2023-Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, announced a technology integration with PDI Technologies, Inc. (PDI), a global leader delivering powerful solutions and insights that serve as the backbone of the convenience retail and petroleum wholesale ecosystem, to offer embedded accounts payable (AP) automation to PDI Enterprise customers.
Through the integrated offering, PDI customers will have access to innovative and dynamic AP automation solutions. By utilizing the embedded payment technology from REPAY, AP teams can digitize and optimize outbound payments to vendors and suppliers, enabling companies to gain operational efficiencies and improve internal workflows by removing manual, paper-intensive processes. The use of digital payment methods, including virtual cards, reduces risk by minimizing human error and eliminating paper checks. Furthermore, AP teams will benefit from greater control over the payment process and increased visibility into payment tracking and exceptions.
“REPAY’s mission is to provide best-in-class payment solutions that allow businesses of all types to easily embrace digital payments that provide a better experience for clients, vendors and employees,” said Darin Horrocks, EVP, Business Payments at REPAY. “We are thrilled to partner with PDI to help their customers digitize AP vendor payments and realize efficiencies that ultimately benefit the bottom line.”
“Having a proven and reliable full-service B2B AP payments solution like REPAY helps retailers and wholesalers solve what is otherwise a cumbersome manual process often associated with high costs, payment delays and fraud risk,” said Drew Mize, EVP and GM, North America Enterprise Productivity, PDI. “PDI customers can reduce costs and improve employee productivity when integrating REPAY with the PDI Enterprise solution.”
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
Contacts
Investor Relations Contact for REPAY:
IR@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
khoyman@repay.com
ATLANTA--(BUSINESS WIRE)--Oct. 30, 2023-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of vertically-integrated payment solutions, today announced that the Company will host a conference call to discuss third quarter 2023 financial results on Thursday, November 9, 2023 at 5:00pm ET. A press release with third quarter 2023 financial results will be issued after the market closes that same day.
The conference call will be webcast live from the Company's investor relations website at https://investors.repay.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (877) 407-3982, or for international callers (201) 493-6780. A replay will be available two hours after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13741455. The replay will be available until Thursday, November 23, 2023. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231030942328/en/
Investor Relations for REPAY:
ir@repay.com
Media Relations for REPAY:
Kristen Hoyman
khoyman@repay.com
Source: Repay Holdings CorporationIR Tools
Collaboration empowers debt collectors to securely accept and track payments in real time.
ATLANTA--(BUSINESS WIRE)-October 24,2023-Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced a new partnership and technology integration with Kredit Financial (“Kredit”), a leading digital debt resolution platform and network. The collaboration enables collection agencies, debt buyers and collection law firms that use Kredit’s technology platform to offer flexible payment methods that reduce friction and increase transparency and accountability in every financial transaction.
Through the integration, Kredit users will be able to accept card and ACH payments directly through Kredit’s debt resolution platform, streamlining the payment collection process and enabling businesses to optimize internal workflows and simplify reconciliation. Providing easily accessible and secure ways to pay, including through Kredit’s online portal, improves collection efforts by empowering consumers to pay when it’s most convenient for them.
“The collections process can be challenging and complex,” said Jake Moore, EVP, Consumer Payments, REPAY. “By partnering with Kredit, we’re making it easier, faster and more secure for debt collectors to accept payments and track payment progress, which is critical in this industry. On the other side, we’re also reducing friction and making it more convenient and flexible for consumers to pay their debts using their preferred methods.”
“We place a strong emphasis on our clients and their experiences with our technology platform, and we’re continuously looking for new ways to add value and convenience,” said Dave Hanrahan, Co-founder and CEO of Kredit. “We look forward to working with REPAY to modernize collections and make it easier for clients to collect payments and communicate with consumers.”
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.
About Kredit Financial
Kredit is the leading digital debt resolution platform and network. Its software applications help creditors, ARM organizations, and consumer financial advisors to simplify and modernize their collection communications. It also enables Kredit’s consumers to unify all accounts in collection into a single platform while managing, paying, and communicating with vendors in a friendly, efficient, and consumer-oriented way.
Contacts
Investor Relations Contact for REPAY:
IR@repay.com
Media Relations Contact for REPAY:
Kristen Hoyman
khoyman@repay.com
Company Contact for Kredit Financial:
Cayla Riggs
Cayla@trykredit.com