Q2 2024 Repay Holdings Corp Earnings Call Transcript
Key Points
- Repay Holdings Corp (RPAY) reported a 7% growth in gross profit and a 10% increase in adjusted EBITDA for Q2 2024.
- The company achieved a free cash flow conversion of 57%, representing over 90% growth year over year.
- RPAY added nine new credit unions to its platform, bringing the total to 300, and integrated its payment platform into multiple core credit union and financial institution software systems.
- The Instant Funding product saw a transaction volume increase of approximately 21% year over year.
- RPAY successfully completed a convertible notes offering, addressing half of its 2026 debt maturities and expanding its revolving credit facility, providing financial flexibility for future growth.
- Revenue growth was relatively modest at 4% over the prior year, with seasonality affecting quarter-over-quarter performance.
- There were implementation delays in both the consumer and business payments segments, impacting growth.
- The Instant Funding product experienced a deceleration in growth due to lapping a large client ramp from the previous year.
- The company is facing a competitive environment in the B2B payment space, with challenges in supplier acceptance of digital payments.
- RPAY's growth in the business payments segment is partially dependent on political media contributions, which are subject to timing fluctuations.
Good afternoon. I'd like to welcome everyone to Repay second-quarter 2024 earnings conference call. This call is being recorded today, August 8, 2024.
I'd like to turn the session over to Stewart Grisante, Head of Investor Relations at Repay. Stewart, you may proceed.
Thank you. Good afternoon, and welcome to our second-quarter 2024 earnings conference call. With us today are John Morris, Co-Founder and Chief Executive Officer; and Tim Murphy, Chief Financial Officer. During this call, we will be making forward-looking statements about our beliefs and estimates regarding future events and results. Those forward-looking statements are subject to risks and uncertainties, including those set forth in the SEC filings related to today's results and in our most recent Form 10-K.
Actual results may differ materially from any forward-looking statements that we make today. Forward-looking statements speak only as of today, and we do not assume any obligation or intend to update them,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
