REPAY Reports Third Quarter 2025 Financial Results
Stable growth and continued Free Cash Flow generation in Q3
Retired
Refining outlook for sustainable growth in Q4 2025
Third Quarter 2025 Financial Highlights |
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($ in millions) |
|
Q3 2024 |
|
|
Q4 2024 |
|
|
Q1 2025 |
|
|
Q2 2025 |
|
|
Q3 2025 |
|
|||||
Revenue |
|
$ |
79.1 |
|
|
$ |
78.3 |
|
|
$ |
77.3 |
|
|
$ |
75.6 |
|
|
$ |
77.7 |
|
Gross profit (1) |
|
|
61.6 |
|
|
|
59.7 |
|
|
|
58.7 |
|
|
|
57.2 |
|
|
|
57.8 |
|
Net (loss) income (2) |
|
|
3.2 |
|
|
|
(4.0 |
) |
|
|
(8.2 |
) |
|
|
(108.0 |
) |
|
|
(6.6 |
) |
Adjusted EBITDA (3) |
|
|
35.1 |
|
|
|
36.5 |
|
|
|
33.2 |
|
|
|
31.8 |
|
|
|
31.2 |
|
Net cash provided by operating activities |
|
|
60.1 |
|
|
|
34.3 |
|
|
|
2.5 |
|
|
|
33.1 |
|
|
|
32.2 |
|
Free Cash Flow (3) |
|
|
48.8 |
|
|
|
23.5 |
|
|
|
(8.0 |
) |
|
|
22.6 |
|
|
|
20.8 |
|
Free Cash Flow Conversion (3) |
|
|
139 |
% |
|
|
64 |
% |
|
|
(24 |
%) |
|
|
71 |
% |
|
|
67 |
% |
(1) |
Gross profit represents revenue less costs of services (exclusive of depreciation and amortization). |
(2) |
During the second quarter of 2025, Net loss was impacted by a |
(3) |
Adjusted EBITDA, Free Cash Flow and Free Cash Flow Conversion are non-GAAP financial measures. See “Non-GAAP Financial Measures” and the reconciliation of Adjusted EBITDA, Free Cash Flow and Free Cash Flow Conversion to their most comparable GAAP measure provided below for additional information. |
“During the third quarter, REPAY achieved solid normalized growth with strong Adjusted EBITDA margins and robust Free Cash Flow generation. We opportunistically deployed capital towards our organic growth initiatives, repurchased shares, and retired a significant portion of convertible notes,” said John Morris, Chief Executive Officer of REPAY. “These results demonstrate the strategic improvements that are underway. Our core growth strategy is built on our drive to optimize digital payment flows across our Consumer and Business Payments verticals. As we look towards the end of the year, we remain focused on our path of returning to sustainable growth.”
Third Quarter 2025 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 long-term growth across REPAY's diversified business model.
-
Reported revenue and gross profit declined
2% and6% year-over-year due to the impacts from previously announced client losses, which include certain losses due to consolidation, and the incremental gross profit attributable to political media spending associated with the 2024 election cycle in our media payments business -
Normalized revenue and gross profit growth1 increased
5% and1% year-over-year -
Consumer Payments gross profit growth was
1% , which was impacted by the previously announced client losses -
Business Payments normalized gross profit growth1 was approximately
12% year-over-year, which includes a headwind related to the previously communicated client loss during 2024 - Added five new integrated software partners to bring the total to 291 software relationships as of the end of the third quarter
-
Accelerated AP supplier network to over 524,000, an increase of approximately
59% year-over-year -
Instant funding volumes increased by approximately
36% year-over-year - Added 11 new credit unions & financial institutions within our financial institution vertical
2025 Outlook
REPAY is refining its previously provided financial outlook for fiscal 2025. In the fourth quarter, the Company now expects:
-
6% -8% normalized gross profit growth1 -
Free Cash Flow Conversion to be above
50%
REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures, such as forecasted normalized gross profit growth 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.
1 |
Normalized revenue and gross profit growth are non-GAAP financial measures that account for cyclical political media spending contributions. See “Non-GAAP Financial Measures” and the reconciliations to their most comparable GAAP measures 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 from 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 payments from 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 |
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Three Months Ended
|
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|
|
|
Nine Months Ended
|
|
|
|
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($ in thousands) |
|
2025 |
|
|
2024 |
|
|
% Change |
|
2025 |
|
|
2024 |
|
|
% Change |
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consumer Payments |
|
$ |
71,721 |
|
|
$ |
69,189 |
|
|
|
|
$ |
214,138 |
|
|
$ |
214,617 |
|
|
( |
Business Payments |
|
|
12,010 |
|
|
|
15,297 |
|
|
( |
|
|
33,943 |
|
|
|
35,566 |
|
|
( |
Elimination of intersegment revenues |
|
|
(6,006 |
) |
|
|
(5,341 |
) |
|
|
|
|
(17,405 |
) |
|
|
(15,412 |
) |
|
|
Total revenue |
|
$ |
77,725 |
|
|
$ |
79,145 |
|
|
( |
|
$ |
230,676 |
|
|
$ |
234,771 |
|
|
( |
Gross profit (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consumer Payments |
|
$ |
55,562 |
|
|
$ |
54,889 |
|
|
|
|
$ |
167,702 |
|
|
$ |
170,026 |
|
|
( |
Business Payments |
|
|
8,234 |
|
|
|
12,013 |
|
|
( |
|
|
23,376 |
|
|
|
27,077 |
|
|
( |
Elimination of intersegment revenues |
|
|
(6,006 |
) |
|
|
(5,341 |
) |
|
|
|
|
(17,405 |
) |
|
|
(15,412 |
) |
|
|
Total gross profit |
|
$ |
57,790 |
|
|
$ |
61,561 |
|
|
( |
|
$ |
173,673 |
|
|
$ |
181,691 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total gross profit margin (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) |
Gross profit represents revenue less costs of services (exclusive of depreciation and amortization). |
(2) |
Gross profit margin represents total gross profit / total revenue. |
Conference Call
REPAY will host a conference call to discuss third quarter financial results today, November 10, 2025 at 5:00 pm ET. Hosting the call will be John Morris, CEO, and Robert Houser, 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 13755763. 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 gain on extinguishment of debt, 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, gain on extinguishment of debt 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, such as gain on extinguishment of debt, 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, 2025 and 2024 (excluding shares subject to forfeiture). 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. Normalized revenue growth represents year-over-year revenue growth that excludes incremental gross profit attributable to political media spending associated with the 2024 election cycle in our media payments business. Normalized gross profit growth represents year-over-year gross profit growth that excludes incremental gross profit attributable to political media spending associated with the 2024 election cycle in our media payments business. REPAY believes that Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, Free Cash Flow, Free Cash Flow Conversion, Normalized revenue growth and Normalized gross profit growth 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, including 2025 outlook, 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, statements regarding the strategic review process, REPAY’s market and growth opportunities, REPAY’s business strategy and the plans and objectives of management for future operations and the allocation of capital. 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
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.
Consolidated Statement of Operations |
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|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
($ in thousands, except per share data) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Revenue |
|
$ |
77,725 |
|
|
$ |
79,145 |
|
|
$ |
230,676 |
|
|
$ |
234,771 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Costs of services (exclusive of depreciation and amortization shown separately below) |
|
|
19,935 |
|
|
|
17,584 |
|
|
|
57,003 |
|
|
|
53,080 |
|
Selling, general and administrative |
|
|
35,159 |
|
|
|
36,707 |
|
|
|
105,010 |
|
|
|
108,963 |
|
Depreciation and amortization |
|
|
25,640 |
|
|
|
25,529 |
|
|
|
76,415 |
|
|
|
79,328 |
|
Impairment loss |
|
|
— |
|
|
|
— |
|
|
|
103,781 |
|
|
|
— |
|
Total operating expenses |
|
|
80,734 |
|
|
|
79,820 |
|
|
|
342,209 |
|
|
|
241,371 |
|
Loss from operations |
|
|
(3,009 |
) |
|
|
(675 |
) |
|
|
(111,533 |
) |
|
|
(6,600 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
911 |
|
|
|
1,608 |
|
|
|
3,464 |
|
|
|
4,363 |
|
Interest expense |
|
|
(3,085 |
) |
|
|
(2,918 |
) |
|
|
(9,279 |
) |
|
|
(4,739 |
) |
Gain on extinguishment of debt |
|
|
1,374 |
|
|
|
13,136 |
|
|
|
1,374 |
|
|
|
13,136 |
|
Change in fair value of tax receivable liability |
|
|
(4,607 |
) |
|
|
(6,479 |
) |
|
|
(10,138 |
) |
|
|
(12,758 |
) |
Other income (loss), net |
|
|
(9 |
) |
|
|
67 |
|
|
|
(262 |
) |
|
|
62 |
|
Total other income (expense) |
|
|
(5,416 |
) |
|
|
5,414 |
|
|
|
(14,841 |
) |
|
|
64 |
|
Income (loss) before income tax benefit (expense) |
|
|
(8,425 |
) |
|
|
4,739 |
|
|
|
(126,374 |
) |
|
|
(6,536 |
) |
Income tax benefit (expense) |
|
|
1,808 |
|
|
|
(1,524 |
) |
|
|
3,557 |
|
|
|
149 |
|
Net income (loss) |
|
$ |
(6,617 |
) |
|
$ |
3,215 |
|
|
$ |
(122,817 |
) |
|
$ |
(6,387 |
) |
Net loss attributable to non-controlling interest |
|
|
(203 |
) |
|
|
(28 |
) |
|
|
(6,205 |
) |
|
|
(347 |
) |
Net income (loss) attributable to the Company |
|
$ |
(6,414 |
) |
|
$ |
3,243 |
|
|
$ |
(116,612 |
) |
|
$ |
(6,040 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average shares of Class A common stock outstanding - basic |
|
|
82,579,954 |
|
|
|
88,263,285 |
|
|
|
86,720,963 |
|
|
|
90,426,364 |
|
Weighted-average shares of Class A common stock outstanding - diluted |
|
|
82,579,954 |
|
|
|
103,129,907 |
|
|
|
86,720,963 |
|
|
|
90,426,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) per Class A share - basic |
|
$ |
(0.08 |
) |
|
$ |
0.04 |
|
|
$ |
(1.34 |
) |
|
$ |
(0.07 |
) |
Income (loss) per Class A share - diluted |
|
$ |
(0.08 |
) |
|
$ |
0.03 |
|
|
$ |
(1.34 |
) |
|
$ |
(0.07 |
) |
Consolidated Balance Sheets |
||||||||
|
||||||||
($ in thousands) |
|
September 30,
|
|
|
December 31,
|
|
||
Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
95,691 |
|
|
$ |
189,530 |
|
Current restricted cash |
|
|
34,595 |
|
|
|
35,654 |
|
Accounts receivable, net |
|
|
33,215 |
|
|
|
32,950 |
|
Prepaid expenses and other |
|
|
16,696 |
|
|
|
17,114 |
|
Total current assets |
|
|
180,197 |
|
|
|
275,248 |
|
|
|
|
|
|
|
|
||
Property and equipment, net |
|
|
1,407 |
|
|
|
2,383 |
|
Noncurrent restricted cash |
|
|
11,622 |
|
|
|
11,525 |
|
Intangible assets, net |
|
|
345,773 |
|
|
|
389,034 |
|
Goodwill |
|
|
613,012 |
|
|
|
716,793 |
|
Operating lease right-of-use assets, net |
|
|
9,662 |
|
|
|
11,142 |
|
Deferred tax assets |
|
|
166,962 |
|
|
|
163,283 |
|
Other assets |
|
|
4,854 |
|
|
|
2,500 |
|
Total noncurrent assets |
|
|
1,153,292 |
|
|
|
1,296,660 |
|
Total assets |
|
$ |
1,333,489 |
|
|
$ |
1,571,908 |
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
22,990 |
|
|
$ |
28,912 |
|
Accrued expenses |
|
|
50,655 |
|
|
|
55,501 |
|
Current maturities of long-term debt |
|
|
146,289 |
|
|
|
— |
|
Current operating lease liabilities |
|
|
1,577 |
|
|
|
1,230 |
|
Current tax receivable agreement ( |
|
|
— |
|
|
|
16,337 |
|
Other current liabilities |
|
|
769 |
|
|
|
267 |
|
Total current liabilities |
|
|
222,280 |
|
|
|
102,247 |
|
|
|
|
|
|
|
|
||
Long-term debt |
|
|
279,536 |
|
|
|
496,778 |
|
Noncurrent operating lease liabilities |
|
|
9,158 |
|
|
|
10,507 |
|
Tax receivable agreement, net of current portion ( |
|
|
197,568 |
|
|
|
187,308 |
|
Other liabilities |
|
|
2,533 |
|
|
|
1,899 |
|
Total noncurrent liabilities |
|
|
488,795 |
|
|
|
696,492 |
|
Total liabilities |
|
$ |
711,075 |
|
|
$ |
798,739 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Stockholders' equity |
|
|
|
|
|
|
||
Class A common stock, |
|
|
8 |
|
|
|
9 |
|
Class V common stock, |
|
|
— |
|
|
|
— |
|
Treasury stock, 13,375,889 and 5,492,733 as of September 30, 2025 and December 31, 2024, respectively |
|
|
(92,033 |
) |
|
|
(53,782 |
) |
Additional paid-in capital |
|
|
1,159,367 |
|
|
|
1,148,871 |
|
Accumulated deficit |
|
|
(450,438 |
) |
|
|
(333,826 |
) |
Total Repay stockholders' equity |
|
$ |
616,904 |
|
|
$ |
761,272 |
|
Non-controlling interests |
|
|
5,510 |
|
|
|
11,897 |
|
Total equity |
|
|
622,414 |
|
|
|
773,169 |
|
Total liabilities and equity |
|
$ |
1,333,489 |
|
|
$ |
1,571,908 |
|
|
|
|
|
|
|
|||
Consolidated Statements of Cash Flows |
||||||||
|
||||||||
|
|
Nine Months Ended June 30, |
|
|||||
($ in thousands) |
|
2025 |
|
|
2024 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net loss |
|
$ |
(122,817 |
) |
|
$ |
(6,387 |
) |
|
|
|
|
|
|
|
||
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
76,415 |
|
|
|
79,328 |
|
Stock based compensation |
|
|
13,900 |
|
|
|
18,495 |
|
Amortization of debt issuance costs |
|
|
2,397 |
|
|
|
2,185 |
|
Gain on extinguishment of debt |
|
|
(1,374 |
) |
|
|
(13,136 |
) |
Other loss |
|
|
267 |
|
|
|
— |
|
Fair value change in tax receivable agreement liability |
|
|
10,138 |
|
|
|
12,758 |
|
Impairment loss |
|
|
103,781 |
|
|
|
— |
|
Deferred tax benefit |
|
|
(3,557 |
) |
|
|
(149 |
) |
Change in accounts receivable |
|
|
(265 |
) |
|
|
(5,107 |
) |
Change in prepaid expenses and other |
|
|
418 |
|
|
|
279 |
|
Change in operating lease ROU assets |
|
|
1,480 |
|
|
|
(3,541 |
) |
Change in other assets |
|
|
(2,354 |
) |
|
|
— |
|
Change in accounts payable |
|
|
(5,922 |
) |
|
|
6,762 |
|
Change in accrued expenses and other |
|
|
(4,846 |
) |
|
|
19,339 |
|
Change in operating lease liabilities |
|
|
(1,002 |
) |
|
|
3,281 |
|
Change in other liabilities |
|
|
1,136 |
|
|
|
1,731 |
|
Net cash provided by operating activities |
|
|
67,795 |
|
|
|
115,838 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(199 |
) |
|
|
(782 |
) |
Capitalized software development costs |
|
|
(32,246 |
) |
|
|
(33,278 |
) |
Net cash used in investing activities |
|
|
(32,445 |
) |
|
|
(34,060 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Issuance of long-term debt |
|
|
— |
|
|
|
287,500 |
|
Payments on long-term debt |
|
|
(71,976 |
) |
|
|
(205,150 |
) |
Payments of debt issuance costs |
|
|
— |
|
|
|
(9,350 |
) |
Payments for tax withholding related to shares vesting under Incentive Plan and ESPP |
|
|
(3,433 |
) |
|
|
(2,720 |
) |
Treasury shares repurchased |
|
|
(38,405 |
) |
|
|
(41,577 |
) |
Stock options exercised |
|
|
— |
|
|
|
395 |
|
Purchase of capped calls related to issuance of convertible notes |
|
|
— |
|
|
|
(39,186 |
) |
Payment of Tax Receivable Agreement |
|
|
(16,337 |
) |
|
|
(580 |
) |
Net cash used in financing activities |
|
|
(130,151 |
) |
|
|
(10,668 |
) |
|
|
|
|
|
|
|
||
(Decrease) increase in cash, cash equivalents and restricted cash |
|
|
(94,801 |
) |
|
|
71,110 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
$ |
236,709 |
|
|
$ |
144,145 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
141,908 |
|
|
$ |
215,255 |
|
|
|
|
|
|
|
|
||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
|
|
||
Cash paid during the period for: |
|
|
|
|
|
|
||
Interest |
|
$ |
9,114 |
|
|
$ |
643 |
|
Income taxes (net of refunds received) |
|
$ |
1,703 |
|
|
$ |
2,045 |
|
|
|
|
|
|
|
|
||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA |
|||||||
For the Three Months Ended September 30, 2025 and 2024 |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Three Months Ended
|
|
|||||
($ in thousands) |
2025 |
|
|
2024 |
|
||
Revenue |
$ |
77,725 |
|
|
$ |
79,145 |
|
Operating expenses |
|
|
|
|
|
||
Costs of services (exclusive of depreciation and amortization shown separately below) |
$ |
19,935 |
|
|
$ |
17,584 |
|
Selling, general and administrative |
|
35,159 |
|
|
|
36,707 |
|
Depreciation and amortization |
|
25,640 |
|
|
|
25,529 |
|
Total operating expenses |
$ |
80,734 |
|
|
$ |
79,820 |
|
Loss from operations |
$ |
(3,009 |
) |
|
$ |
(675 |
) |
Other income (expense) |
|
|
|
|
|
||
Interest income |
|
911 |
|
|
|
1,608 |
|
Interest expense |
|
(3,085 |
) |
|
|
(2,918 |
) |
Gain on extinguishment of debt |
|
1,374 |
|
|
|
13,136 |
|
Change in fair value of tax receivable liability |
|
(4,607 |
) |
|
|
(6,479 |
) |
Other income (loss), net |
|
(9 |
) |
|
|
67 |
|
Total other income (expense) |
|
(5,416 |
) |
|
|
5,414 |
|
Income (loss) before income tax benefit (expense) |
|
(8,425 |
) |
|
|
4,739 |
|
Income tax benefit (expense) |
|
1,808 |
|
|
|
(1,524 |
) |
Net income (loss) |
$ |
(6,617 |
) |
|
$ |
3,215 |
|
|
|
|
|
|
|
||
Add: |
|
|
|
|
|
||
Interest income |
|
(911 |
) |
|
|
(1,608 |
) |
Interest expense |
|
3,085 |
|
|
|
2,918 |
|
Depreciation and amortization (a) |
|
25,640 |
|
|
|
25,529 |
|
Income tax (benefit) expense |
|
(1,808 |
) |
|
|
1,524 |
|
EBITDA |
$ |
19,389 |
|
|
$ |
31,578 |
|
|
|
|
|
|
|
||
Gain on extinguishment of debt (b) |
|
(1,374 |
) |
|
|
(13,136 |
) |
Non-cash change in fair value of assets and liabilities (c) |
|
4,607 |
|
|
|
6,479 |
|
Share-based compensation expense (d) |
|
5,508 |
|
|
|
6,477 |
|
Transaction expenses (e) |
|
238 |
|
|
|
937 |
|
Restructuring and other strategic initiative costs (f) |
|
1,492 |
|
|
|
2,202 |
|
Other non-recurring charges (g) |
|
1,342 |
|
|
|
562 |
|
Adjusted EBITDA |
$ |
31,202 |
|
|
$ |
35,099 |
|
|
|||||||
Quarterly Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
|
|
Three Months Ended |
|
|||||||||
($ in thousands) |
|
December 31,
|
|
|
March 31,
|
|
|
June 30,
|
|
|||
Net income (loss) |
|
$ |
(3,958 |
) |
|
$ |
(8,168 |
) |
|
$ |
(108,032 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Add: |
|
|
|
|
|
|
|
|
|
|||
Interest income |
|
$ |
(1,629 |
) |
|
$ |
(1,356 |
) |
|
$ |
(1,197 |
) |
Interest expense |
|
|
3,134 |
|
|
|
3,107 |
|
|
|
3,087 |
|
Depreciation and amortization (a) |
|
|
24,382 |
|
|
|
25,294 |
|
|
|
25,481 |
|
Income tax (benefit) expense |
|
|
(426 |
) |
|
|
(452 |
) |
|
|
(1,297 |
) |
EBITDA |
|
$ |
21,503 |
|
|
$ |
18,425 |
|
|
$ |
(81,958 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Non-cash impairment loss (h) |
|
|
— |
|
|
|
— |
|
|
|
103,781 |
|
Non-cash change in fair value of assets and liabilities (c) |
|
|
1,785 |
|
|
|
3,022 |
|
|
|
2,509 |
|
Share-based compensation expense (d) |
|
|
5,921 |
|
|
|
6,045 |
|
|
|
3,049 |
|
Transaction expenses (e) |
|
|
297 |
|
|
|
782 |
|
|
|
394 |
|
Restructuring and other strategic initiative costs (f) |
|
|
5,524 |
|
|
|
3,511 |
|
|
|
2,724 |
|
Other non-recurring charges (g) |
|
|
1,440 |
|
|
|
1,390 |
|
|
|
1,312 |
|
Adjusted EBITDA |
|
$ |
36,470 |
|
|
$ |
33,175 |
|
|
$ |
31,811 |
|
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA |
|||||||
For the Nine Months Ended September 30, 2025 and 2024 |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Nine Months Ended
|
|
|||||
($ in thousands) |
2025 |
|
|
2024 |
|
||
Revenue |
$ |
230,676 |
|
|
$ |
234,771 |
|
Operating expenses |
|
|
|
|
|
||
Costs of services (exclusive of depreciation and amortization shown separately below) |
$ |
57,003 |
|
|
$ |
53,080 |
|
Selling, general and administrative |
|
105,010 |
|
|
|
108,963 |
|
Depreciation and amortization |
|
76,415 |
|
|
|
79,328 |
|
Impairment loss |
|
103,781 |
|
|
|
— |
|
Total operating expenses |
$ |
342,209 |
|
|
$ |
241,371 |
|
Loss from operations |
$ |
(111,533 |
) |
|
$ |
(6,600 |
) |
Other income (expense) |
|
|
|
|
|
||
Interest income |
|
3,464 |
|
|
|
4,363 |
|
Interest expense |
|
(9,279 |
) |
|
|
(4,739 |
) |
Gain on extinguishment of debt |
|
1,374 |
|
|
|
13,136 |
|
Change in fair value of tax receivable liability |
|
(10,138 |
) |
|
|
(12,758 |
) |
Other income (loss), net |
|
(262 |
) |
|
|
62 |
|
Total other income (expense) |
|
(14,841 |
) |
|
|
64 |
|
Income (loss) before income tax benefit (expense) |
|
(126,374 |
) |
|
|
(6,536 |
) |
Income tax benefit (expense) |
|
3,557 |
|
|
|
149 |
|
Net income (loss) |
$ |
(122,817 |
) |
|
$ |
(6,387 |
) |
|
|
|
|
|
|
||
Add: |
|
|
|
|
|
||
Interest income |
|
(3,464 |
) |
|
|
(4,363 |
) |
Interest expense |
|
9,279 |
|
|
|
4,739 |
|
Depreciation and amortization (a) |
|
76,415 |
|
|
|
79,328 |
|
Income tax (benefit) expense |
|
(3,557 |
) |
|
|
(149 |
) |
EBITDA |
$ |
(44,144 |
) |
|
$ |
73,168 |
|
|
|
|
|
|
|
||
Non-cash impairment loss (h) |
|
103,781 |
|
|
|
— |
|
Gain on extinguishment of debt (b) |
|
(1,374 |
) |
|
|
(13,136 |
) |
Non-cash change in fair value of assets and liabilities (c) |
|
10,138 |
|
|
|
12,758 |
|
Share-based compensation expense (d) |
|
14,602 |
|
|
|
19,274 |
|
Transaction expenses (e) |
|
1,414 |
|
|
|
2,028 |
|
Restructuring and other strategic initiative costs (f) |
|
7,727 |
|
|
|
6,970 |
|
Other non-recurring charges (g) |
|
4,044 |
|
|
|
3,278 |
|
Adjusted EBITDA |
$ |
96,188 |
|
|
$ |
104,340 |
|
|
|||||||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income |
|||||||
For the Three Months Ended September 30, 2025 and 2024 |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Three Months Ended
|
|
|||||
($ in thousands) |
2025 |
|
|
2024 |
|
||
Revenue |
$ |
77,725 |
|
|
$ |
79,145 |
|
Operating expenses |
|
|
|
|
|
||
Costs of services (exclusive of depreciation and amortization shown separately below) |
$ |
19,935 |
|
|
$ |
17,584 |
|
Selling, general and administrative |
|
35,159 |
|
|
|
36,707 |
|
Depreciation and amortization |
|
25,640 |
|
|
|
25,529 |
|
Total operating expenses |
$ |
80,734 |
|
|
$ |
79,820 |
|
Loss from operations |
$ |
(3,009 |
) |
|
$ |
(675 |
) |
Interest income |
|
911 |
|
|
|
1,608 |
|
Interest expense |
|
(3,085 |
) |
|
|
(2,918 |
) |
Gain on extinguishment of debt |
|
1,374 |
|
|
|
13,136 |
|
Change in fair value of tax receivable liability |
|
(4,607 |
) |
|
|
(6,479 |
) |
Other income (loss), net |
|
(9 |
) |
|
|
67 |
|
Total other income (expense) |
|
(5,416 |
) |
|
|
5,414 |
|
Income (loss) before income tax benefit (expense) |
|
(8,425 |
) |
|
|
4,739 |
|
Income tax benefit (expense) |
|
1,808 |
|
|
|
(1,524 |
) |
Net income (loss) |
$ |
(6,617 |
) |
|
$ |
3,215 |
|
|
|
|
|
|
|
||
Add: |
|
|
|
|
|
||
Amortization of acquisition-related intangibles (i) |
|
19,723 |
|
|
|
19,111 |
|
Gain on extinguishment of debt (b) |
|
(1,374 |
) |
|
|
(13,136 |
) |
Non-cash change in fair value of assets and liabilities (c) |
|
4,607 |
|
|
|
6,479 |
|
Share-based compensation expense (d) |
|
5,508 |
|
|
|
6,477 |
|
Transaction expenses (e) |
|
238 |
|
|
|
937 |
|
Restructuring and other strategic initiative costs (f) |
|
1,492 |
|
|
|
2,202 |
|
Other non-recurring charges (g) |
|
1,342 |
|
|
|
562 |
|
Non-cash interest expense (j) |
|
779 |
|
|
|
762 |
|
Pro forma taxes at effective rate (k) |
|
(7,450 |
) |
|
|
(5,364 |
) |
Adjusted Net Income |
$ |
18,248 |
|
|
$ |
21,245 |
|
|
|
|
|
|
|
||
Shares of Class A common stock outstanding (on an as-converted basis) (l) |
|
87,868,105 |
|
|
|
94,074,811 |
|
Adjusted Net Income per share |
$ |
0.21 |
|
|
$ |
0.23 |
|
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income |
|||||||
For the Nine Months Ended September 30, 2025 and 2024 |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Nine Months Ended
|
|
|||||
($ in thousands) |
2025 |
|
|
2024 |
|
||
Revenue |
$ |
230,676 |
|
|
$ |
234,771 |
|
Operating expenses |
|
|
|
|
|
||
Costs of services (exclusive of depreciation and amortization shown separately below) |
$ |
57,003 |
|
|
$ |
53,080 |
|
Selling, general and administrative |
|
105,010 |
|
|
|
108,963 |
|
Depreciation and amortization |
|
76,415 |
|
|
|
79,328 |
|
Impairment loss |
|
103,781 |
|
|
|
— |
|
Total operating expenses |
$ |
342,209 |
|
|
$ |
241,371 |
|
Loss from operations |
$ |
(111,533 |
) |
|
$ |
(6,600 |
) |
Other expenses |
|
|
|
|
|
||
Interest income |
|
3,464 |
|
|
|
4,363 |
|
Interest expense |
|
(9,279 |
) |
|
|
(4,739 |
) |
Gain on extinguishment of debt |
|
1,374 |
|
|
|
13,136 |
|
Change in fair value of tax receivable liability |
|
(10,138 |
) |
|
|
(12,758 |
) |
Other income (loss), net |
|
(262 |
) |
|
|
62 |
|
Total other income (expense) |
|
(14,841 |
) |
|
|
64 |
|
Income (loss) before income tax benefit (expense) |
|
(126,374 |
) |
|
|
(6,536 |
) |
Income tax benefit (expense) |
|
3,557 |
|
|
|
149 |
|
Net income (loss) |
$ |
(122,817 |
) |
|
$ |
(6,387 |
) |
|
|
|
|
|
|
||
Add: |
|
|
|
|
|
||
Amortization of acquisition-related intangibles (i) |
|
58,558 |
|
|
|
58,549 |
|
Non-cash impairment loss (h) |
|
103,781 |
|
|
|
— |
|
Gain on extinguishment of debt (b) |
|
(1,374 |
) |
|
|
(13,136 |
) |
Non-cash change in fair value of assets and liabilities (c) |
|
10,138 |
|
|
|
12,758 |
|
Share-based compensation expense (d) |
|
14,602 |
|
|
|
19,274 |
|
Transaction expenses (e) |
|
1,414 |
|
|
|
2,028 |
|
Restructuring and other strategic initiative costs (f) |
|
7,727 |
|
|
|
6,970 |
|
Other non-recurring charges (g) |
|
4,044 |
|
|
|
3,278 |
|
Non-cash interest expense (j) |
|
2,398 |
|
|
|
2,186 |
|
Pro forma taxes at effective rate (k) |
|
(20,861 |
) |
|
|
(20,135 |
) |
Adjusted Net Income |
$ |
57,610 |
|
|
$ |
65,385 |
|
|
|
|
|
|
|
||
Shares of Class A common stock outstanding (on an as-converted basis) (l) |
|
92,030,806 |
|
|
|
96,259,523 |
|
Adjusted Net Income per share |
$ |
0.63 |
|
|
$ |
0.68 |
|
Reconciliation of Operating Cash Flow to Free Cash Flow |
||||||||||||||||
For the Three and Nine Months and Ended September 30, 2025 and 2024 |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
($ in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net cash provided by operating activities |
|
$ |
32,227 |
|
|
$ |
60,058 |
|
|
$ |
67,795 |
|
|
$ |
115,838 |
|
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash paid for property and equipment |
|
|
(122 |
) |
|
|
(211 |
) |
|
|
(199 |
) |
|
|
(782 |
) |
Capitalized software development costs |
|
|
(11,321 |
) |
|
|
(11,029 |
) |
|
|
(32,246 |
) |
|
|
(33,278 |
) |
Total capital expenditures |
|
|
(11,443 |
) |
|
|
(11,240 |
) |
|
|
(32,445 |
) |
|
|
(34,060 |
) |
Free cash flow |
|
$ |
20,784 |
|
|
$ |
48,818 |
|
|
$ |
35,350 |
|
|
$ |
81,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow conversion |
|
|
67 |
% |
|
|
139 |
% |
|
|
37 |
% |
|
|
78 |
% |
Quarterly Reconciliation of Operating Cash Flow to Free Cash Flow |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
|
|
Three Months Ended |
|
|||||||||
($ in thousands) |
|
December 31,
|
|
|
March 31,
|
|
|
June 30,
|
|
|||
Net cash provided by operating activities |
|
$ |
34,252 |
|
|
$ |
2,503 |
|
|
$ |
33,065 |
|
Capital expenditures |
|
|
|
|
|
|
|
|
|
|||
Cash paid for property and equipment |
|
|
(207 |
) |
|
|
(146 |
) |
|
|
69 |
|
Capitalized software development costs |
|
|
(10,586 |
) |
|
|
(10,391 |
) |
|
|
(10,534 |
) |
Total capital expenditures |
|
|
(10,793 |
) |
|
|
(10,537 |
) |
|
|
(10,465 |
) |
Free cash flow |
|
$ |
23,459 |
|
|
$ |
(8,034 |
) |
|
$ |
22,600 |
|
|
|
|
|
|
|
|
|
|
|
|||
Free cash flow conversion |
|
|
64 |
% |
|
|
(24 |
%) |
|
|
71 |
% |
Reconciliation of Revenue Growth to Normalized Revenue Growth |
|||||
For the Year-over-Year Change Between the Three Months Ended September 30, 2025 and 2024 |
|||||
(Unaudited) |
|||||
|
|||||
|
|
Q3 YoY Change |
|
|
|
Total Revenue growth |
|
|
(2 |
%) |
|
Less: Growth from contributions related to political media |
|
|
(7 |
%) |
|
Normalized revenue growth (m) |
|
|
5 |
% |
|
Reconciliation of Gross Profit Growth to Normalized Gross Profit Growth by Segment |
||||||||||||
For the Year-over-Year Change Between the Three Months Ended September 30, 2025 and 2024 |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
|
|
Consumer
|
|
|
Business
|
|
|
Total |
|
|||
Gross profit growth |
|
|
1 |
% |
|
|
(31 |
%) |
|
|
(6 |
%) |
Less: Growth from contributions related to political media |
|
|
— |
|
|
|
(43 |
%) |
|
|
(7 |
%) |
Normalized gross profit growth (n) |
|
|
1 |
% |
|
|
12 |
% |
|
|
1 |
% |
(a) |
See footnote (i) for details on amortization and depreciation expenses. |
(b) |
Reflects a gain on the repurchase of 2026 Notes principal, net of a write-off of debt issuance costs relating to the repurchased principal. |
(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 professional service fees incurred in connection with prior transactions. |
(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) |
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. |
(h) |
Reflects non-cash goodwill impairment loss primarily related to the Consumer Payments segment. |
(i) |
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
|
|
|
Nine Months Ended
|
|
||||||||||
($ in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Acquisition-related intangibles |
|
$ |
19,723 |
|
|
$ |
19,111 |
|
|
$ |
58,558 |
|
|
$ |
58,549 |
|
Software |
|
|
5,652 |
|
|
|
6,008 |
|
|
|
16,949 |
|
|
|
19,577 |
|
Amortization |
|
$ |
25,375 |
|
|
$ |
25,119 |
|
|
$ |
75,507 |
|
|
$ |
78,126 |
|
Depreciation |
|
|
265 |
|
|
|
410 |
|
|
|
908 |
|
|
|
1,202 |
|
Total Depreciation and amortization (1) |
|
$ |
25,640 |
|
|
$ |
25,529 |
|
|
$ |
76,415 |
|
|
$ |
79,328 |
|
|
|
Three Months Ended |
|
|||||||||
($ in thousands) |
|
December 31,
|
|
|
March 31,
|
|
|
June 30,
|
|
|||
Acquisition-related intangibles |
|
$ |
18,595 |
|
|
$ |
19,329 |
|
|
$ |
19,506 |
|
Software |
|
|
5,249 |
|
|
|
5,482 |
|
|
|
5,815 |
|
Amortization |
|
$ |
23,844 |
|
|
$ |
24,811 |
|
|
$ |
25,321 |
|
Depreciation |
|
|
538 |
|
|
|
483 |
|
|
|
160 |
|
Total Depreciation and amortization (1) |
|
$ |
24,382 |
|
|
$ |
25,294 |
|
|
$ |
25,481 |
|
(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. |
|
|
(j) |
Represents amortization of non-cash deferred debt issuance costs. |
(k) |
Represents pro forma income tax adjustment effect associated with items adjusted above. |
(l) |
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, 2025 and 2024. 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
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Weighted average shares of Class A common stock outstanding - basic |
|
82,579,954 |
|
88,263,285 |
|
86,720,963 |
|
90,426,364 |
Add: Non-controlling interests |
|
|
|
|
|
|
|
|
Weighted average Post-Merger Repay Units exchangeable for Class A common stock |
|
5,288,151 |
|
5,811,526 |
|
5,309,843 |
|
5,833,159 |
Shares of Class A common stock outstanding (on an as-converted basis) |
|
87,868,105 |
|
94,074,811 |
|
92,030,806 |
|
96,259,523 |
(m) |
Represents year-over-year revenue growth that excludes incremental revenue attributable to political media spending in Q3 2024 associated with the 2024 election cycle in our media payments business. |
(n) |
Represents year-over-year gross profit growth that excludes incremental gross profit attributable to political media spending in Q3 2024 associated with the 2024 election cycle in our media payments business. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251110748787/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
