Repay Holdings Corporation · NASDAQ:RPAY
Repay — Q1 2025 Earnings Presentation
28 slides from Repay's earnings presentation, May 12, 2025
Slide 1: Q1 2025 Earnings Supplement
Exhibit 99.2 Q1 2025 Earnings Supplement May 2025
Slide 2: Disclaimer
Disclaimer 1 Repay Holdings Corporation (“REPAY” or the “Company”) is required to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”) Such filings, which you may obtain for free at the SEC’s website at http://www.sec.
Slide 3: Financial Update
2 1 Financial Update
Slide 4: Committed to executing towards profitable growth, optimizing payment flows
3 We are committed to executing towards profitable growth, with a continued focus on optimizing payment flows and enhancing operational efficiency We will continue to take advantage of the many secular trends towards frictionless digital payments that have been, and will continue to be, a tailwind d
Slide 5: Financial Update – Q1 2025 ($MM)
4 Financial Update – Q1 2025 ($MM) Revenue Gross Profit Adjusted EBITDA (2) Free Cash Flow (3) (4%) y/y decline (5%) y/y decline (7%) y/y decline $80.7 $61.5 $77.3 $35.5 $33.2 $13.7 $58.7 ($8.0) Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 % Margin (1) % Margin (2) FCF conversion
Slide 6: Q1 2025 Gross Profit & Free Cash Flow Bridges ($MM)
5 Q1 2025 Gross Profit & Free Cash Flow Bridges ($MM) Gross Profit Free Cash Flow (1) LSD growth when excluding impacts from political FCF Conversion (1) Similar media and client losses 38% FCF Conversion (1) $61.5 when excluding one- Political off impacts New media impact $58.7 $13.7 GP Dollars One
Slide 7: Consumer Payments Results – Q1 2025 ($MM)
6 Consumer Payments Results – Q1 2025 ($MM) Gross Profit Margin Key Business Highlights 78% 79% • ~6 points GP growth headwind from client losses (6%) y/y decline • GP margins benefited from processing costs optimization and strategic initiatives $76.1 $71.9 (5%) y/y decline • Resilent trends across
Slide 8: Business Payments Results – Q1 2025 ($MM)
7 Business Payments Results – Q1 2025 ($MM) Gross Profit Margin Key Business Highlights 17% y/y growth, excl. political media (1) 73% 69% • Strong sales pipeline within healthcare, property (14% y/y growth, as reported) management, and municipality verticals via direct sales and 12% y/y growth, new
Slide 9: Balance Sheet Flexibility and Net Leverage
8 Balance Sheet Flexibility and Net Leverage Liquidity & Near-Term Debt Maturity Net Leverage as of March 31, 2025 (In $ millions) $440 Total Debt $508 MM $415 On-going cash generation & Cash Balance $165 MM continued improvements in FCF conversion $220 Net Debt $343 MM LTM Adjusted EBITDA (3) $138
Slide 10: FY 2025 Outlook
9 FY 2025 Outlook REPAY expects the following financial outlook for full year 2025 GROSS PROFIT FREE CASH FLOW CONVERSION (1) Sequential quarterly acceleration in Exceed 50% in Q2 normalized growth y/y Q4 normalized growth Accelerate above 60% of HSD to LDD by the end of 2025 Note: REPAY does not pr
Slide 11: History of Sustained Growth Across All Key Metrics…
10 History of Sustained Growth Across All Key Metrics… Revenue (1) Gross Profit (1) (In $ Millions) (In $ Millions) $80.7 $79.1 $78.3 $77.3 $61.5 $61.6 $59.7 $58.7 $74.5 $71.8 $74.3 $76.0 $74.9 $57.8 $56.6 $58.7 $58.6 $71.6 $72.7 $54.9 $54.9 $56.7 $67.6 $67.4 $51.0 $50.7 $61.1 $62.2 $45.8 $47.2 $47.
Slide 12: …With Expanding Gross Profit Margins and Accelerating FCF Conversion
11 …With Expanding Gross Profit Margins and Accelerating FCF Conversion Gross Profit Margin 80% 78% 75% 73% 70% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 FCF Conversion (1) 125% When excluding one-off impac
Slide 13: Strategy & Business Updates
12 Strategy & 2 Business Updates
Slide 14: We See Multiple Levers to Continue to Drive Growth
13 We See Multiple Levers to Continue to Drive Growth REPAY’s leading platform & attractive market opportunity position it to build on its record of robust growth & profitability EXECUTE ON BROADENING ADDRESSABLE EXISTING BUSINESS MARKET AND SOLUTIONS Expand Usage and Strategic M&A Increase Adoption
Slide 15: Executing on Growth Plan
14 Executing on Growth Plan BROADEN ADDRESSABLE EXPANDING EXISTING BUSINESS MARKET AND SOLUTIONS 283 SOFTWARE PARTNER RELATIONSHIPS(1), ADDED NEW CLIENTS VIA DIRECT SALESFORCE Expanded TAM to ~$5.6 trillion(2) through INCLUDING: ACROSS ALL VERTICALS strategic M&A CONSUMER PAYMENTS Ended Q1 2025 with
Slide 16: Ample Runway in Consumer Payments
15 Ample Runway in Consumer Payments Evolving consumer preferences and technology are requiring clients to embrace payment digitization $2.4Tn 6 182 TOTAL VERTICAL ISV INTEGRATION ADDRESSABLE END MARKETS PARTNERS MARKET(1) • REPAY’s integrated payment processing platform automates and modernizes our
Slide 17: Consumer Payments Offering Omnichannel Capabilities across Modalities
16 Consumer Payments Offering Omnichannel Capabilities across Modalities Clients in REPAY’s verticals look to partner with innovative vendors that can provide evolving payment functionality and acceptance solutions PAYMENT MODALITIES PAYMENT CHANNELS Credit and Debit Web Portal / eCash Virtual Termi
Slide 18: REPAY’s Growing Business Payments Segment
17 REPAY’s Growing Business Payments Segment Combined AR and AP automation solution provides a compelling value proposition to clients $3.2Tn 15+ 101 390,000+ TOTAL VERTICAL B2B INTEGRATED SUPPLIER ADDRESSABLE END MARKETS SOFTWARE PARTNERS NETWORK MARKET(1) B2B Merchant Acquiring B2B AP Automation •
Slide 19: Powerful Business Payments Offering
18 Powerful Business Payments Offering ACCOUNTS RECEIVABLE AUTOMATION ACCOUNTS PAYABLE AUTOMATION Suppliers Deep ERP Automated Reporting Integrations and Reconciliation Multiple Payment Multiple Payment Options Methods Cash TotalPay Cash Including Virtual Card and Cross Border Inflow Solution Outflo
Slide 20: Appendix
19 3 Appendix
Slide 21: Q1 2025 Financial Update
20 Q1 2025 Financial Update THREE MONTHS ENDED MARCH 31 CHANGE $MM 2025 2024 AMOUNT % Revenue $77.3 $80.7 ($3.4) (4%) Costs of Services 18.7 19.2 (0.5) (3%) Gross Profit $58.7 $61.5 ($2.9) (5%) Operating Expenses(1) 40.2 40.0 0.3 1% EBITDA $18.4 $21.6 ($3.2) (15%) Depreciation and Amortization 25.3
Slide 22: Q1 2025 Adjusted EBITDA Reconciliation
21 Q1 2025 Adjusted EBITDA Reconciliation Q1 Q1 1) Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through $MM the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software int
Slide 23: Q1 2025 Adjusted Net Income Reconciliation
22 Q1 2025 Adjusted Net Income Reconciliation 1) Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired ($MM) Q1 2025 Q1 2024 through the business combination with Thunder Bridge, and client relationships, non-compete agreement,
Slide 24: Free Cash Flow Reconciliation
23 Free Cash Flow Reconciliation 2022 2023 2024 2025 Full Year $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 Net Cash provided by $13.8 $13.3 $25.3 $21.8 $20.8 $20.0 $28.0 $34.9 $24.8 $31.0 $60.1 $34.3 $2.5 $74.2 $103.6 $150.1 Operating Activities Capital expenditures Cash paid for prope
Slide 25: Depreciation and Amortization Detail
24 Depreciation and Amortization Detail $MM Q1 2025 Q1 2024 Acquisition-related intangibles $19.3 $19.7 Software 5.5 6.7 Amortization $24.8 $26.4 Depreciation 0.5 0.6 Total Depreciation and Amortization $25.3 $27.0 Note Adjusted Net Income is adjusted to exclude amortization of all acquisition-relat
Slide 26: Q1 2025 Revenue and Gross Profit Growth Reconciliations
25 Q1 2025 Revenue and Gross Profit Growth Reconciliations Q1 2025 Consumer Business Total $MM Payments Payments Company Revenue Growth (6%) 14% (4%) Political Media contribution / (impact) n/a (3%) (<1%) Revenue Growth, excl. political media (6%) 17% (4%) Q1 2025 Consumer Business Total $MM Payment
Slide 27: Gross Profit Growth Reconciliation
26 Gross Profit Growth Reconciliation 2023 2024 2025 $MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Gross Profit Growth 11% 8% 3% 2% 6% 9% 7% 9% 2% 6% (5%) Acquisitions / (Divestitures) (2%) (4%) (6%) (6%) (4%) (2%) n/a n/a n/a (1%) n/a impact Organic Gross Profit 13% 12% 9% 8% 10% 11% 7% 9% 2% 7% (5%) Growth
Slide 28: Historical Segment Details
27 Historical Segment Details 2022 2023 2024 2025 Full Year $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 Consumer Payments $61.1 $59.8 $63.0 $64.3 $69.9 $65.9 $68.7 $71.1 $76.1 $69.3 $69.2 $66.3 $71.9 $248.2 $275.7 $281.0 Business Payments 8.9 9.9 11.4 12.3 8.7 9.8 9.7 9.9 9.7 10.6 15.3