Business
REPAY Reports Third 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 third quarter of 2020.\n\n“Our solid third quarter results are a testament to the value proposition of our business, which has grown even more evident since the COVID-19 pandemic began almost eight months ago. Compared to the third quarter of 2019, card payment volume and gross profit increased 44% and 40%, respectively,” said John Morris, CEO of REPAY. “We are thrilled by our latest acquisition of CPS Payment Services, which fortifies our B2B and AP automation offering and will help us satisfy the heightened demand for comprehensive, technology-first B2B automation and payment solutions.”\n\nThree Months Ended September 30, 2020 Highlights\n\n\nCard payment volume was $3.8 billion, an increase of 44% over the third quarter of 2019\n\n\nTotal revenue was $37.6 million, a 43% increase over the third quarter of 2019\n\n\nGross profit was $27.1 million, an increase of 40% over the third quarter of 2019\n\n\nPro forma net loss1 was $(6.6) million, as compared to net loss of $(41.4) million in the third quarter of 2019\n\n\nAdjusted EBITDA was $15.6 million, an increase of 31% over the third quarter of 2019\n\n\nAdjusted Net Income was $9.5 million, a decrease of 9% from the third quarter of 20192\n\n\nAdjusted Net Income per share was $0.12\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\nBusiness Combination \n\nThe Company was formed upon closing of the merger (the “Business Combination”) of Hawk Parent Holdings LLC (together with Repay Holdings, LLC and its other subsidiaries, “Hawk Parent”) with a subsidiary of Thunder Bridge Acquisition, Ltd. (“Thunder Bridge”), a special purpose acquisition company, on July 11, 2019 (the “Closing Date”). On the closing of the Business Combination, Thunder Bridge changed its name to Repay Holdings Corporation.\n\n\n_______________\n\n\n\n1 Please refer to “Basis of Presentation” below for an e...