Repay Holdings Corp

NASDAQ:RPAYUnited States

Nov 12, 2024

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• -- Earnings Flash (RPAY) REPAY HOLDINGS CORPORATION Posts Q3 Revenue $79.1M, from 4:15PM ET on Tuesday Nov 12, 2024 by MT Newswires

  4:15PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: RPAY
  04:15 PM EST, 11/12/2024 (MT Newswires) -- ...

• -- Earnings Flash (RPAY) REPAY HOLDINGS CORPORATION Reports Q3 EPS $0.23, from 4:15PM ET on Tuesday Nov 12, 2024 by MT Newswires

  4:15PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: RPAY
  04:15 PM EST, 11/12/2024 (MT Newswires) -- ...

• REPAY Reports Third Quarter 2024 Financial Results, from 4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: RPAY
  months ended September 30, 2023 and the three months ended December 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. (g) For the three and nine months ended September 30, 2024, the three months ended June 30, 2024 and the three months ended March 31, 2024, reflects franchise taxes and other non-income based taxes, non-recurring legal and other litigation expenses and payments made to third-parties in connection with our IT security and personnel. For the three and nine months ended September 30, 2023 and the three months ended December 31, 2023, reflects non-recurring payments made to third-parties in connection with an expansion of our personnel, one-time payments to certain partners and franchise taxes and other non-income based taxes. (h) Reflects the loss recognized related to the disposition of Blue Cow. (i) For the nine months ended September 30, 2023, reflects impairment loss related to a trade name write-off of Media Payments. For the three months ended December 31, 2023, reflects non-cash goodwill impairment loss related to the Business Payments segment. (j) 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 Nine Months ended 30, September 30, ---------------- ------------------ (in $ thousands) 2024 2023 2024 2023 ------- ------- ------- --------- Acquisition-related intangibles $19,111 $19,786 $58,549 $60,673 Software 6,008 6,391 19,577 16,639 ------ ------ ------ ------ Amortization $25,119 $26,177 $78,126 $77,312 Depreciation 410 346 1,202 1,834 ------ ------ ------ ------ Total Depreciation and amortization (1) $25,529 $26,523 $79,328 $79,146 ====== ====== ====== ====== Three Months ended December 31, March 31, (in $ thousands) 2023 2024 June 30, 2024 ------------- ------------- --------------- Acquisition-related intangibles $ 20,969 $ 19,736 $ 19,702 Software 3,150 6,713 6,856 --- -------- --------- --------- Amortization $ 24,119 $ 26,449 $ 26,558 Depreciation 592 579 213 --- -------- --------- --------- Total Depreciation and amortization (1) $ 24,711 $ 27,028 $ 26,771 === ======== ========= ========= (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, 2024 and 2023. These numbers do not include any shares issuable upon conversion of the Company's convertible senior notes. 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 Nine Months ended September 30, September 30, ---------------------- ------------------------ 2024 2023 2024 2023 ---------- ---------- ---------- ------------ Weighted average shares of Class A common stock outstanding - basic 88,263,285 91,160,415 90,426,364 89,658,318 Add: Non-controlling interests Weighted average Post-Merger Repay Units exchangeable for Class A common stock 5,811,526 5,892,159 5,833,159 7,120,417 ---------- ---------- ---------- ---------- Shares of Class A common stock outstanding (on an as-converted basis) 94,074,811 97,052,574 96,259,523 96,778,735 ========== ========== ========== ========== (n) 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.