Repay Holdings Corporation · NASDAQ:RPAY
Repay — Q2 2025 Earnings Presentation
28 slides from Repay's earnings presentation, Aug 11, 2025
Slide 1: Q2 2025 Earnings Supplement
Q2 2025 Earnings Supplement August 2025 Exhibit 99.2
Slide 2: Disclaimer
Disclaimer 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.go
Slide 3: Financial Update
1 Financial Update
Slide 4: Committed to executing towards profitable growth
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 dri
Slide 5: Financial Update – Q2 2025
Financial Update – Q2 2025 ($MM) Revenue Gross Profit Adjusted EBITDA (2) Gross profit margin represents gross profit / revenue Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See slide 1 under “Non-GAAP Financial Measures” and slide 21 for reconciliation. Adjusted EBITDA
Slide 6: Q2 2025 Gross Profit Bridge
Q2 2025 Gross Profit Bridge ($MM) New GP Dollars Political media impact One-off client loss impact LSD growth when excluding impacts from political media and client losses (2%) y/y decline, as reported
Slide 7: Consumer Payments Results – Q2 2025
Consumer Payments Results – Q2 2025 ($MM) Key Business Highlights ~3 points GP growth headwind from one-off client losses GP margins benefited from processing costs optimization and strategic initiatives Resilent trends across auto loans, personal loans, credit unions, and mortgage servicing, while
Slide 8: Business Payments Results – Q2 2025
Strong sales pipeline within healthcare, property management, and municipality verticals via direct sales and new / refreshed integrations Increased our AP Supplier Network ~47% y/y to 440,000+ suppliers Gross Profit increased when excluding political media, despite being partially offset by: ~10 po
Slide 9: Balance Sheet Flexibility and Net Leverage
Balance Sheet Flexibility and Net Leverage Total liquidity represents cash balance plus the undrawn revolver facility as of 3/31/2025 and 6/30/2025 Management estimated total liquidity for 2025E expected to be in excess of near-term debt maturity Adjusted EBITDA is a non-GAAP financial measure. See
Slide 10: FY 2025 Outlook
FY 2025 Outlook GROSS PROFIT FREE CASH FLOW CONVERSION (1) Note: REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures such as forecasted Normalized Gross Profit Growth and Free Cash Flow Conversion to the most directly comparable GAAP financial measure b
Slide 11: History of Sustained Growth Across All Key Metrics
History of Sustained Growth Across All Key Metrics… Gross Profit (1) Revenue (1) Free Cash Flow (2) Adjusted EBITDA(2) (In $ Millions) (In $ Millions) (In $ Millions) (In $ Millions) 12% CAGR Consumer Payments Business Payments Consolidated Consolidated totals include the elimination of intersegment
Slide 12: Expanding Gross Profit Margins and Accelerating FCF Conversion
…With Expanding Gross Profit Margins and Accelerating FCF Conversion FCF Conversion (1) Gross Profit Margin Free Cash Flow Conversion represents Free Cash Flow / Adjusted EBITDA. Free Cash Flow Conversion is non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 23 for
Slide 13: Strategy & Business Updates
2 Strategy & Business Updates
Slide 14: Multiple Levers to Continue to Drive Growth
Acquire New Clients in Existing Verticals We See Multiple Levers to Continue to Drive Growth EXECUTE ON EXISTING BUSINESS BROADENING ADDRESSABLE MARKET AND SOLUTIONS REPAY’s leading platform & attractive market opportunity position it to build on its record of robust growth & profitability Expand Ne
Slide 15: Executing on Growth Plan
ADDED NEW CLIENTS VIA DIRECT SALESFORCE ACROSS ALL VERTICALS 286 SOFTWARE PARTNER RELATIONSHIPS(1), INCLUDING: As of 6/30/2025 Third-party research and management estimates as of 6/30/2025 Total liquidity represents cash balance as of 6/30/2025 plus undrawn $250 million revolver facility. See slide
Slide 16: Ample Runway in Consumer Payments
Ample Runway in Consumer Payments Third-party research and management estimates as of 6/30/2025 Evolving consumer preferences and technology are requiring clients to embrace payment digitization TOTAL ADDRESSABLE MARKET(1) $2.4Tn VERTICAL END MARKETS 6 ISV INTEGRATION PARTNERS 185 REPAY’s integrated
Slide 17: Consumer Payments Offering Omnichannel Capabilities across Modalities
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 Credit and Debit Card Processing ACH Processing Instant Funding eCash New & Emerging Pay
Slide 18: REPAY's Growing Business Payments Segment
REPAY’s Growing Business Payments Segment Third-party research and management estimates as of 6/30/2025 $1.5Tn total addressable market Integrations with leading ERP platforms, serving a highly diversified client base across a wide range of industry verticals Expanded into B2B vertical via APS acqui
Slide 19: Powerful Business Payments Offering
Powerful Business Payments Offering One-stop-shop B2B payments solutions provider REPRESENTATIVE CLIENTS Automated Reporting and Reconciliation Multiple Payment Options Including Virtual Card and Cross Border Vendor Management Client Rebates Deep ERP Integrations Multiple Payment Methods Tracking an
Slide 20: Appendix
3 Appendix
Slide 21: Q2 2025 Financial Update
Q2 2025 Financial Update Note: Not meaningful (NM) for comparison Operating expenses includes SG&A and expenses associated with non-cash impairment loss, the change in fair value of tax receivable liability, change in fair value of contingent consideration, loss on extinguishment of debt, and other
Slide 22: Q2 2025 Adjusted EBITDA Reconciliation
Q2 2025 Adjusted EBITDA Reconciliation Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software intangibles acquire
Slide 23: Q2 2025 Adjusted Net Income Reconciliation
Q2 2025 Adjusted Net Income Reconciliation Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software intangibles acq
Slide 24: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 2021 2022 2023 2024 2025 $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Cash provided by Operating Activities $4.8 $12.1 $14.6 $21.8 $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 $33.1 Capital expenditures Cash paid for prop
Slide 25: Depreciation and Amortization Detail
Depreciation and Amortization Detail Note Adjusted Net Income is adjusted to exclude amortization of all acquisition-related intangibles as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions (see corresponding adjustments in
Slide 26: Q2 2025 Revenue and Gross Profit Growth Reconciliations
Q2 2025 Revenue and Gross Profit Growth Reconciliations Q2 2025 $MM Consumer Payments Business Payments Total Company Revenue Growth 2% 3% 1% Political Media contribution / (impact) n/a (6%) (1%) Revenue Growth, excl. political media 2% 9% 2% Q2 2025 $MM Consumer Payments Business Payments Total Com
Slide 27: Gross Profit Growth Reconciliation
Gross Profit Growth Reconciliation 2023 2024 2025 $MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Gross Profit Growth 11% 8% 3% 2% 6% 9% 7% 9% 2% 6% (5%) (2%) Acquisitions / (Divestitures) impact (2%) (4%) (6%) (6%) (4%) (2%) n/a n/a n/a (1%) n/a n/a Organic Gross Profit Growth 13% 12% 9% 8% 10% 11% 7% 9% 2
Slide 28: Historical Segment Details
Historical Segment Details Note: Historical periods reflect the reclassification of revenue and gross profit between Consumer Payments and Business Payments segments 2022 2023 2024 2025 Full Year $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Consumer Payments $61.1 $59.8 $63.0 $64.3 $