Business
REPAY Reports Third Quarter 2019 Financial Results and Increases Outlook for Full Year 2019
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 third quarter and nine months ended September 30, 2019.\n\n\n“We are proud of our third quarter results, which included positive contributions from our TriSource acquisition, resulting in year-over-year growth in card payment volume and gross profit of 40% and 39%, respectively,” said John Morris, CEO of REPAY. “We are also thrilled to have recently entered the B2B payments space with the previously-announced acquisition of APS Payments.”\n\n\nThree Months Ended September 30, 2019 Highlights\n\n\n\nCard payment volume was $2.6 billion, an increase of 40% over the third quarter of 2018\n\n\nTotal revenue on a combined basis1 was $41.1 million, an increase of 27% over the third quarter of 2018\n\n\nGross profit was $19.4 million, an increase of 39% over the third quarter of 2018\n\n\nPro forma net loss1 was ($41.4) million, as compared to net income of $3.7 million in the third quarter 2018\n\n\nAdjusted EBITDA was $11.9 million, an increase of 29% over the third quarter of 2018\n\n\nAdjusted Net Income was $10.4 million, an increase of 49% over the third quarter of 2018\n\n\nAdjusted Net Income per share was $0.18\n\n\n\nNine Months Ended September 30, 2019 Highlights\n\n\n\nCard payment volume was $7.3 billion, an increase of 33% over the first three quarters of 2018\n\n\nTotal revenue on a combined basis was $116.5 million, an increase of 21% over the first three quarters of 2018\n\n\nGross profit was $54.4 million, an increase of 34% over the first three quarters of 2018\n\n\nPro forma net loss was ($32.4) million, as compared to net income of $8.4 million over the first three quarters of 2018\n\n\nAdjusted EBITDA was $33.7 million, an increase of 24% over the first three quarters of 2018\n\n\nAdjusted Net Income was $27.1 million, an increase of 31% over the first three quarters of 2018\n\n\nAdjusted Net Income per share was $0.47\n\n\n\nGross profit represents total revenue less interchange and network fees and other costs of services. Adjusted EBITDA is a non-GAAP financial measure that represents net income (loss) adjusted for interest expense, tax expense, depreciation and amortization and certain other non-cash charges an...