Business
REPAY Reports Second 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 second quarter ended June 30, 2022.\n\n“In the second quarter, we experienced card payment volume and gross profit growth of 34% and 42%, respectively, compared to the second quarter of 2021,” said John Morris, CEO of REPAY. “We continue to see growth across many areas of our business, especially our B2B payments business where our supplier network has reached 135,000, and this growth is aided by strong secular tailwinds and the digitization of business payments. While we continue to believe there is a large and underserved consumer lending opportunity, our clients are experiencing varying degrees of loan growth on the personal loan side. Therefore, we expect that the recovery for this business will take longer than we originally anticipated. In the second half of the year, we will remain focused on executing our strategy by increasing card penetration across our verticals, optimizing our processing infrastructure, developing the best software and payments solutions and practicing thoughtful capital allocation. This approach will help us continue to deliver sustainable, durable growth with strong unit economics.”\n\nThree Months Ended June 30, 2022 Highlights\n\n\nCard payment volume was $6.2 billion, an increase of 34% over the second quarter of 2021\n\n\nTotal revenue was $67.4 million, a 39% increase over the second quarter of 2021\n\n\nGross profit was $50.7 million, an increase of 42% over the second quarter of 2021\n\n\nNet loss was ($1.4) million, as compared to a net loss of ($13.4) million in the second quarter of 2021\n\n\nAdjusted EBITDA was $27.6 million, an increase of 35% over the second quarter of 2021\n\n\nAdjusted Net Income was $16.1 million, an increase of 15% over the second quarter of 2021\n\n\nAdjusted Net Income per share was $0.17\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 Update\n\nRE...