Business
REPAY Reports First Quarter 2022 Financial Results
ATLANTA--(BUSINESS WIRE)-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of vertically-integrated payment
About this update from Repay Holdings Corporation
[{"type":"text","content":" ATLANTA--(BUSINESS WIRE)--\nRepay 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, 2022.\n\n“We started 2022 off strong, experiencing growth across all of our verticals, which led to first quarter card payment volume and gross profit growth of 39% and 46%, respectively, compared to the first quarter of 2021,” said John Morris, CEO of REPAY. “We are making solid progress on our growth initiatives, including increasing our AP supplier network – which now totals more than 127,000 - as well as signing new virtual card clients, expanding virtual card adoption and formally commercializing our AR/AP unified capabilities for our B2B business. In addition, we are making progress on optimizing our processing infrastructure while also developing the best software and payment solutions for all verticals. Ongoing progress with these strategies coupled with the secular trends towards frictionless digital payments will continue to drive our business, positioning us well for near- and long-term growth.”\n\nThree Months Ended March 31, 2022 Highlights\n\n\nCard payment volume was $6.4 billion, an increase of 39% over the first quarter of 2021\n\n\nTotal revenue was $67.6 million, a 42% increase over the first quarter of 2021\n\n\nGross profit was $51.0 million, an increase of 46% over the first quarter of 2021\n\n\nNet income was $12.9 million, as compared to a net loss of ($18.0) million in the first quarter of 2021\n\n\nAdjusted EBITDA was $29.3 million, an increase of 43% over the first quarter of 2021\n\n\nAdjusted Net Income was $18.4 million, an increase of 22% over the first quarter of 2021\n\n\nAdjusted Net Income per share was $0.19\n\n\nGross profit represents total revenue less cost of services. Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per share 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.\n\n2022 Outlook\n\nREPAY reiterates its previously provided guidance for full year 2022, as shown below.\n\n\n\n \n\n\n\nFull Year 2022 Outlook\n\n\n\n\n\nCard Payment Volume\n\n\n\n$27 - 28 billion\n\n\n\n\n\nTot...