Business
REPAY Reports Second Quarter 2020 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 second quarter of 2020.\n\n\n“As the world continues to evolve throughout this pandemic, the value proposition of our business has become even more evident as digital payment solutions have proven increasingly necessary. This is reflected in our second quarter results, which show growth in card payment volume and gross profit of 63% and 63%, respectively, compared to the second quarter of 2019. We also reported organic gross profit growth of 21%, compared to the second quarter of 2019,” said John Morris, CEO of REPAY. “This pandemic has augmented the unprecedented demand for comprehensive, technology-first B2B automation and payment solutions. We are thrilled to have recently completed the acquisition of cPayPlus to further address these highly attractive and unique market opportunities.”\n\n\nThree Months Ended June 30, 2020 Highlights\n\n\n\nCard payment volume was $3.6 billion, an increase of 63% over the second quarter of 2019\n\n\nTotal revenue was $36.5 million, a 68% increase over the second quarter of 2019\n\n\nGross profit was $27.8 million, an increase of 63% over the second quarter of 2019\n\n\nPro forma net income1 was ($8.4) million, as compared to net income of $4.2 million in the second quarter 2019\n\n\nAdjusted EBITDA was $16.2 million, an increase of 55% over the second quarter of 2019\n\n\nAdjusted Net Income was $9.9 million, an increase of 27% over the second quarter of 2019\n\n\nAdjusted Net Income per share was $0.14\n\n\n\nGross profit represents total revenue less cost of services. Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share and organic gross profit growth 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\n\n____________________________________________________\n\n\n\n\n1\n\n\n\nPlease refer to “Basis of Presentation” below for an explanation of the presentation of this information.\n\n\n\n\n\nBusiness Combination \n\n\nThe Company was formed upon closing of the merger (the “Business Combination”) of Hawk Parent Holdi...