Great earnings and increased Guidance!
Repay 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.
“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.”
Three Months Ended September 30, 2019 Highlights
Card payment volume was $2.6 billion, an increase of 40% over the third quarter of 2018
Total revenue on a combined basis1 was $41.1 million, an increase of 27% over the third quarter of 2018
Gross profit was $19.4 million, an increase of 39% over the third quarter of 2018
Pro forma net loss1 was ($41.4) million, as compared to net income of $3.7 million in the third quarter 2018
Adjusted EBITDA was $11.9 million, an increase of 29% over the third quarter of 2018
Adjusted Net Income was $10.4 million, an increase of 49% over the third quarter of 2018
Adjusted Net Income per share was $0.18
Nine Months Ended September 30, 2019 Highlights
Card payment volume was $7.3 billion, an increase of 33% over the first three quarters of 2018
Total revenue on a combined basis was $116.5 million, an increase of 21% over the first three quarters of 2018
Gross profit was $54.4 million, an increase of 34% over the first three quarters of 2018
Pro forma net loss was ($32.4) million, as compared to net income of $8.4 million over the first three quarters of 2018
Adjusted EBITDA was $33.7 million, an increase of 24% over the first three quarters of 2018
Adjusted Net Income was $27.1 million, an increase of 31% over the first three quarters of 2018
Adjusted Net Income per share was $0.47
2019 Outlook
The addition of APS Payments is expected to contribute the following to the remainder of 2019:
$500 million in card payment volume
$3.5 million in total revenue
$2.8 million in gross profit
$1.5 million in Adjusted EBITDA
REPAY now expects the below financial results for full year 2019, which reflects expected contributions from APS Payments. The difference between the Previous Guidance and the Updated Guidance is solely related to the contributions from APS.
Full Year 2019 Outlook
Previous Guidance / Updated Guidance
Card Payment Volume
$9.6 - 9.75 billion / $10.1 – 10.25 billion
Total Revenue
$157.0 - 162.0 million / $160.5 – 165.5 million
Gross Profit
$74.0 - 76.0 million / $76.8 – 78.8 million
Adjusted EBITDA
$45.3 - 46.8 million / $46.8 – 48.3 million
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