Business
REPAY Reports Fourth Quarter and Full Year 2019 Financial Results
Provides Outlook for Full Year 2020 ATLANTA--(BUSINESS WIRE)-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of
About this update from Repay Holdings Corporation
[{"type":"text","content":"\nProvides Outlook for Full Year 2020\n\n 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 fourth quarter and full year ended December 31, 2019.\n\n\n“2019 was a milestone year for REPAY. We completed our business combination with Thunder Bridge, which resulted in REPAY becoming a publicly traded company. We also announced two strategic acquisitions – TriSource Solutions, which increased our back end capabilities, and APS Payments, which brought us into the B2B vertical and increased our total addressable market by more than one trillion dollars. Including the impact of these acquisitions, we experienced year-over-year growth in card payment volume and gross profit of 44% and 43%, respectively. Organically, we also had a very productive year reporting 29% organic gross profit growth compared to 2018,” said John Morris, CEO of REPAY. “2020 is shaping up to be another great year for the Company. With the addition of Ventanex, which brings us significant growth opportunities in the mortgage servicing and B2B healthcare markets, we now have a total annual projected payment volume opportunity of $2.3 trillion. Our leading platform, coupled with this attractive market opportunity, positions us well for robust growth and profitability.” \n\n\nThree Months Ended December 31, 2019 Highlights\n\n\n\nCard payment volume was $3.4 billion, an increase of 72% over the fourth quarter of 2018\n\n\nTotal revenue including the impact of the new revenue recognition standard was $33.6 million\n\n\nTotal revenue excluding the impact of the new revenue recognition standard was $49.3 million, an increase of 45% over the fourth quarter of 2018\n\n\nGross profit was $24.3 million, an increase of 67% over the fourth quarter of 2018\n\n\nPro forma net loss1 was ($7.5) million, as compared to net income of $2.1 million in the fourth quarter 2018\n\n\nAdjusted EBITDA was $14.7 million, an increase of 52% over the fourth quarter of 2018\n\n\nAdjusted Net Income was $12.3 million, an increase of 70% over the fourth quarter of 2018\n\n\nAdjusted Net Income per share was $0.20\n\n\n\nTwelve Months Ended December 31, 2019 Highlights\n\n\n\nCard payment volume was $10.7 billion, an increase of 44% over the full y...