Repay Holdings Corporation (RPAY) Tops Q1 EPS by 17c, Revenues Beat

Repay Holdings Corporation (NASDAQ: RPAY) reported Q1 EPS of $0.17, $0.17 better than the analyst estimate of $0.00. Revenue for the quarter came in at $39.46 million versus the consensus estimate of $36.62 million.

Three Months Ended March 31, 2020 Highlights

• Card payment volume was $3.8 billion, an increase of 58% over the first quarter of 2019
• Total revenue was $39.5 million, a 71% increase over the first quarter of 2019
• Gross profit was $28.7 million, an increase of 60% over the first quarter of 2019
• Pro forma net income1 was $1.9 million, as compared to net income of $4.9 million in the first quarter 2019
• Adjusted EBITDA was $17.4 million, an increase of 53% over the first quarter of 2019
• Adjusted Net Income was $11.4 million, an increase of 29% over the first quarter of 2019
• Adjusted Net Income per share was $0.17

“While the world has changed over the past few months, our mission and principles have remained the same and we’ve found the value proposition of our business has grown even stronger. We have continued to experience increased demand for our offerings, across existing and new clients, as our customers have accelerated implementation of electronic payment options. This is reflected in our first quarter results, which show growth in card payment volume and gross profit of 58% and 60%, respectively. Organically, we also had a successful quarter reporting organic gross profit growth of 20%, compared to the first quarter of 2019. While the business did experience some impact toward the end of March, we are seeing positive momentum early into the second quarter as consumers and merchants continue to adopt and implement remote payments,” said John Morris, CEO of REPAY. “We are proud to be able to serve our merchants, providing them with rapid access and deployment of the services they need to satisfy their customers in this unprecedented time. I could not be more grateful for our team and would like to personally thank them for their outstanding efforts through this challenging period. I would also like to offer my heartfelt empathy for the struggles that many in our market and community-at-large are facing.”

2020 Outlook

Due to the uncertainties associated with the COVID-19 pandemic, the Company is replacing its 2020 guidance with illustrative scenarios that make assumptions on the macroeconomic and market-specific drivers that may impact its business over the remainder of the year. Those illustrative scenarios, and their impact on the previously provided 2020 outlook, are shown in a supplemental information deck which can be found on the Investor Relations section of the company’s website: https://investors.repay.com/investor-relations.

For earnings history and earnings-related data on Repay Holdings Corporation (RPAY) click here.

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