Gross Profit Growth of 9% and Organic Gross
Profit Growth1 of 11% in Q1
Faster Pace of Adjusted EBITDA Growth with
Expanding Margins
Reiterates 2024 Outlook, Including an
Acceleration in Free Cash Flow Conversion During 2024
Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the
“Company”), a leading provider of vertically-integrated payment
solutions, today reported financial results for its first quarter
ended March 31, 2024.
First Quarter 2024 Financial Highlights
(in $ millions)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
YoY Change
Revenue
$
74.5
$
71.8
$
74.3
$
76.0
$
80.7
8%
Gross profit (1)
56.6
54.9
56.7
58.7
61.5
9%
Net loss
(27.9
)
(5.3
)
(6.5
)
(77.7
)
(5.4
)
81%
Adjusted EBITDA (2)
30.9
30.5
31.9
33.5
35.5
15%
Net cash provided by operating
activities
20.8
20.0
28.0
34.9
24.8
19%
Free Cash Flow (2)
7.1
10.0
13.9
21.8
13.7
93%
(1)
Gross profit represents revenue less costs of services
(exclusive of depreciation and amortization).
(2)
Adjusted EBITDA and Free Cash Flow are non-GAAP financial
measures. See “Non-GAAP Financial Measures” and the reconciliation
of Adjusted EBITDA and Free Cash Flow to their most comparable GAAP
measure provided below for additional information.
“REPAY’s Q1 results represent a strong start to the year, with
organic gross profit growth1 of 11%, demonstrating continued
success in enhancing our client’s embedded payment flows,” said
John Morris, CEO of REPAY. “As we continue to strengthen our
technical and go-to-market relationships with our software
partners, we are excited about the multi-year growth opportunities
across our Consumer and Business Payment’s verticals.”
First Quarter 2024 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.
- 11% year-over-year organic gross profit growth1 in Q1
- Consumer Payments organic gross profit growth1 of approximately
11% year-over-year
- Business Payments organic gross profit growth1 of approximately
17% year-over-year
- Accelerated AP supplier network to over 279,000, an increase of
approximately 60% year-over-year
- Added four new integrated software partners to bring the total
to 266 software relationships as of the end of the first
quarter
- Increased instant funding transactions by approximately 33%
year-over-year
- Added 15 new credit unions, an acceleration from last quarter,
bringing total credit union clients to 291
1 Organic gross profit growth is a non-GAAP financial measure.
See “Non-GAAP Financial Measures” and the reconciliation to its
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 REPAY’S 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 Revenue, Gross Profit,
and Gross Profit Margin
Three Months Ended March
31,
($ in thousand)
2024
2023
% Change
Revenue
Consumer Payments
$
76,136
$
69,940
9%
Business Payments
9,677
8,675
12%
Elimination of intersegment revenues
(5,093
)
(4,078
)
Total revenue
$
80,720
$
74,537
8%
Gross profit (1)
Consumer Payments
$
59,591
$
54,625
9%
Business Payments
7,047
6,025
17%
Elimination of intersegment revenues
(5,093
)
(4,078
)
Total gross profit
$
61,545
$
56,572
9%
Total gross profit margin (2)
76%
76%
(1)
Gross profit represents revenue
less costs of services (exclusive of depreciation and
amortization).
(2)
Gross profit margin represents
total gross profit / total revenue.
2024 Outlook
“We are off to a strong start in 2024 and therefore we are
reaffirming our 2024 outlook,” said Tim Murphy, CFO of REPAY. “We
feel good about our Q1 execution and continue to expect Adjusted
EBITDA to grow faster than gross profit. As we demonstrated with
our Q1 results, we plan to reduce overall capex spending, giving us
the confidence to accelerate our free cash flow conversion
throughout 2024.”
REPAY reiterates its previously provided outlook for full year
2024, as shown below.
Full Year 2024 Outlook
Revenue
$314 - 320 million
Gross Profit
$245 - 250 million
Adjusted EBITDA
$139 - 142 million
Free Cash Flow Conversion
~ 60%
REPAY does not provide quantitative reconciliation of
forward-looking, non-GAAP financial measures, such as forecasted
2024 Adjusted EBITDA and Free Cash Flow Conversion, 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 first quarter 2024
financial results today, May 9, 2024 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 13745435. 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 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 loss on business
disposition, 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 months ended March
31, 2024 and 2023 (excluding shares subject to forfeiture). 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. Free Cash Flow is
a non-GAAP financial measure that represents net cash flow provided
by operating activities less total capital expenditures. Free Cash
Flow Conversion represents Free Cash Flow divided by Adjusted
EBITDA. REPAY believes that Adjusted EBITDA, Adjusted Net Income,
Adjusted Net Income per share, organic gross profit growth, Free
Cash Flow and Free Cash Flow Conversion 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 2024 outlook 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, 2023 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 March
31,
(in $ thousands, except per share
data)
2024
2023
Revenue
$
80,720
$
74,537
Operating expenses
Costs of services (exclusive of
depreciation and amortization shown separately below)
19,175
17,965
Selling, general and administrative
37,021
38,518
Depreciation and amortization
27,028
26,140
Loss on business disposition
—
9,878
Total operating expenses
83,224
92,501
Loss from operations
(2,504
)
(17,964
)
Other income (expense)
Interest income (expense), net
380
(923
)
Change in fair value of tax receivable
liability
(2,913
)
(4,538
)
Other (loss) income, net
(26
)
(150
)
Total other income (expense)
(2,559
)
(5,611
)
Loss before income tax expense
(5,063
)
(23,575
)
Income tax expense
(302
)
(4,357
)
Net loss
$
(5,365
)
$
(27,932
)
Net loss attributable to non-controlling
interest
(153
)
(1,540
)
Net loss attributable to the
Company
$
(5,212
)
$
(26,392
)
Weighted-average shares of Class A common
stock outstanding - basic and diluted
91,218,208
88,615,760
Loss per Class A share - basic and
diluted
$
(0.06
)
$
(0.30
)
Condensed Consolidated Balance
Sheets
(in $ thousands)
March 31, 2024
(Unaudited)
December 31, 2023
Assets
Cash and cash equivalents
$
128,318
$
118,096
Accounts receivable
39,984
36,017
Prepaid expenses and other
15,727
15,209
Total current assets
184,029
169,322
Property, plant and equipment, net
2,642
3,133
Restricted cash
26,512
26,049
Intangible assets, net
431,734
447,141
Goodwill
716,793
716,793
Operating lease right-of-use assets,
net
5,939
8,023
Deferred tax assets
146,571
146,872
Other assets
2,500
2,500
Total noncurrent assets
1,332,691
1,350,511
Total assets
$
1,516,720
$
1,519,833
Liabilities
Accounts payable
$
23,709
$
22,030
Accrued expenses
27,924
32,906
Current operating lease liabilities
1,241
1,629
Current tax receivable agreement
—
580
Other current liabilities
549
318
Total current liabilities
53,423
57,463
Long-term debt
434,877
434,166
Noncurrent operating lease liabilities
5,435
7,247
Tax receivable agreement, net of current
portion
191,244
188,331
Other liabilities
2,443
1,838
Total noncurrent liabilities
633,999
631,582
Total liabilities
$
687,422
$
689,045
Commitments and contingencies
Stockholders' equity
Class A common stock, $0.0001 par value;
2,000,000,000 shares authorized; 92,910,302 issued and 91,493,792
outstanding as of March 31, 2024; 92,220,494 issued and 90,803,984
outstanding as of December 31, 2023
9
9
Class V common stock, $0.0001 par value;
1,000 shares authorized and 100 shares issued and outstanding as of
March 31, 2024 and December 31, 2023
—
—
Treasury stock, 1,416,510 shares as of
March 31, 2024 and December 31, 2023
(12,528
)
(12,528
)
Additional paid-in capital
1,155,215
1,151,324
Accumulated deficit
(328,882
)
(323,670
)
Total Repay stockholders'
equity
$
813,814
$
815,135
Non-controlling interests
15,484
15,653
Total equity
829,298
830,788
Total liabilities and equity
$
1,516,720
$
1,519,833
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Three Months Ended March
31,
(in $ thousands)
2024
2023
Cash flows from operating
activities
Net loss
$
(5,365
)
$
(27,932
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
27,028
26,140
Stock based compensation
6,282
4,054
Amortization of debt issuance costs
712
712
Loss on business disposition
—
9,878
Fair value change in tax receivable
agreement liability
2,913
4,538
Deferred tax expense
302
4,357
Change in accounts receivable
(3,967
)
(2,541
)
Change in prepaid expenses and other
(520
)
3,921
Change in operating lease ROU assets
2,084
270
Change in accounts payable
1,679
(916
)
Change in related party payable
—
435
Change in accrued expenses and other
(4,982
)
(1,716
)
Change in operating lease liabilities
(2,201
)
(264
)
Change in other liabilities
836
(105
)
Net cash provided by operating
activities
24,801
20,831
Cash flows from investing
activities
Purchases of property and equipment
(87
)
(528
)
Capitalized software development costs
(11,042
)
(13,201
)
Proceeds from sale of business, net of
cash retained
—
40,423
Net cash provided by (used in)
investing activities
(11,129
)
26,694
Cash flows from financing
activities
Payments on long-term debt
—
(20,000
)
Payments for tax withholding related to
shares vesting under Incentive Plan
(2,407
)
(1,205
)
Distributions to Members
—
(54
)
Payment of Tax Receivable Agreement
(580
)
—
Payment of contingent consideration
liability up to acquisition-date fair value
—
(1,000
)
Net cash used in financing
activities
(2,987
)
(22,259
)
Increase in cash, cash equivalents and
restricted cash
10,685
25,266
Cash, cash equivalents and restricted
cash at beginning of period
$
144,145
$
93,563
Cash, cash equivalents and restricted
cash at end of period
$
154,830
$
118,829
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash paid during the year for:
Interest
$
200
$
449
Reconciliation of GAAP Net
Income to Non-GAAP Adjusted EBITDA
For the Three Months Ended
March 31, 2024 and 2023
(Unaudited)
Three Months ended March
31,
(in $ thousands)
2024
2023
Revenue
$
80,720
$
74,537
Operating expenses
Costs of services (exclusive of
depreciation and amortization shown separately below)
$
19,175
$
17,965
Selling, general and administrative
37,021
38,518
Depreciation and amortization
27,028
26,140
Loss on business disposition
—
9,878
Total operating expenses
$
83,224
$
92,501
Loss from operations
$
(2,504
)
$
(17,964
)
Other income (expense)
Interest income (expense), net
380
(923
)
Change in fair value of tax receivable
liability
(2,913
)
(4,538
)
Other (loss) income, net
(26
)
(150
)
Total other income (expense)
(2,559
)
(5,611
)
Loss before income tax expense
(5,063
)
(23,575
)
Income tax expense
(302
)
(4,357
)
Net loss
$
(5,365
)
$
(27,932
)
Add:
Interest expense (income), net
(380
)
923
Depreciation and amortization (a)
27,028
26,140
Income tax expense
302
4,357
EBITDA
$
21,585
$
3,488
Loss on business disposition (b)
—
9,878
Non-cash change in fair value of assets
and liabilities (c)
2,913
4,538
Share-based compensation expense (d)
6,923
4,054
Transaction expenses (e)
677
5,997
Restructuring and other strategic
initiative costs (f)
2,184
1,411
Other non-recurring charges (g)
1,231
1,572
Adjusted EBITDA
$
35,513
$
30,938
Reconciliation of GAAP Net
Income to Non-GAAP Adjusted Net Income
For the Three Months Ended
March 31, 2024 and 2023
(Unaudited)
Three Months ended March
31,
(in $ thousands)
2024
2023
Revenue
$
80,720
$
74,537
Operating expenses
Costs of services (exclusive of
depreciation and amortization shown separately below)
$
19,175
$
17,965
Selling, general and administrative
37,021
38,518
Depreciation and amortization
27,028
26,140
Loss on business disposition
—
9,878
Total operating expenses
$
83,224
$
92,501
Loss from operations
$
(2,504
)
$
(17,964
)
Interest income (expense), net
380
(923
)
Change in fair value of tax receivable
liability
(2,913
)
(4,538
)
Other (loss) income, net
(26
)
(150
)
Total other income (expense)
(2,559
)
(5,611
)
Loss before income tax expense
(5,063
)
(23,575
)
Income tax expense
(302
)
(4,357
)
Net loss
$
(5,365
)
$
(27,932
)
Add:
Amortization of acquisition-related
intangibles (h)
19,736
19,924
Loss on business disposition (b)
—
9,878
Non-cash change in fair value of assets
and liabilities (c)
2,913
4,538
Share-based compensation expense (d)
6,923
4,054
Transaction expenses (e)
677
5,997
Restructuring and other strategic
initiative costs (f)
2,184
1,411
Other non-recurring charges (g)
1,231
1,572
Non-cash interest expense (i)
712
712
Pro forma taxes at effective rate (j)
(6,633
)
(961
)
Adjusted Net Income
$
22,378
$
19,193
Shares of Class A common stock outstanding
(on an as-converted basis) (k)
97,062,303
96,481,208
Adjusted Net Income per share
$
0.23
$
0.20
Reconciliation of Operating
Cash Flow to Free Cash Flow
For the Three Months Ended
March 31, 2024 and 2023
(Unaudited)
Three Months ended March
31,
(in $ thousands)
2024
2023
Net cash provided by operating
activities
$
24,801
$
20,831
Capital expenditures
Cash paid for property and equipment
(87
)
(528
)
Capitalized software development costs
(11,042
)
(13,201
)
Total capital expenditures
(11,129
)
(13,729
)
Free cash flow
$
13,672
$
7,102
Free cash flow conversion
38
%
23
%
Reconciliation of Gross Profit
Growth to Organic Gross Profit Growth by Segment
For the Year-over-Year Change
Between the Three Months Ended March 31, 2024 and 20231
(Unaudited)
Consumer Payments
Business Payments
Total
Gross profit growth
9
%
17
%
9
%
Less: Growth from acquisitions and
dispositions
(2
%)
—
(2
%)
Organic gross profit growth (l)
11
%
17
%
11
%
(a)
See footnote (h) for details on
amortization and depreciation expenses.
(b)
Reflects the loss recognized related to
the disposition of Blue Cow.
(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.
(e)
Primarily consists of (i) during the three
months ended March 31, 2024, professional service fees incurred in
connection with prior transactions, and (ii) during the three
months ended March 31, 2023, professional service fees and other
costs incurred in connection with the disposition of Blue Cow
Software.
(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
months ended March 31, 2024 and 2023.
(g)
For the three months ended March 31, 2024,
reflects non-recurring legal and other litigation expenses,
payments made to third-parties in connection with our personnel,
and franchise taxes and other non-income based taxes. For the three
months ended March 31, 2023, reflects non-recurring payments made
to third-parties in connection with a significant expansion of our
personnel and one-time payments to certain partners.
(h)
For the three months ended March 31, 2024
and 2023, 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 March
31,
(in $ thousands)
2024
2023
Acquisition-related intangibles
$
19,736
$
19,924
Software
6,713
5,475
Amortization
$
26,449
$
25,399
Depreciation
579
741
Total Depreciation and amortization
(1)
$
27,028
$
26,140
(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.
(i)
Represents amortization of non-cash
deferred debt issuance costs.
(j)
Represents pro forma income tax adjustment
effect associated with items adjusted above.
(k)
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 months ended March 31, 2024 and 2023. 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 March
31,
2024
2023
Weighted average shares of Class A common
stock outstanding - basic
91,218,208
88,615,760
Add: Non-controlling interests
Weighted average Post-Merger Repay Units
exchangeable for Class A common stock
5,844,095
7,865,448
Shares of Class A common stock
outstanding (on an as-converted basis)
97,062,303
96,481,208
(l)
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240509424308/en/
Investor Relations Contact for REPAY: ir@repay.com
Media Relations Contact for REPAY: Kristen Hoyman (404) 637-1665
khoyman@repay.com
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