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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 09, 2022

 

 

REPAY HOLDINGS CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-38531	98-1496050
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
3 West Paces Ferry Road Suite 200
Atlanta, Georgia				30305
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 404 504-7472

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.0001 per share		RPAY		The NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 2.02. Results of Operations and Financial Condition.

 

On November 9, 2022, Repay Holdings Corporation (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter ended September 30, 2022.

 

A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference in this Item 2.02. As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

 

Item 7.01. Regulation FD Disclosure.

 

On November 9, 2022, the Company provided supplemental information regarding its business and operations in an earnings supplement and investor presentation that will be made available on the investor relations section of the Company’s website.

 

Copies of the earnings supplement and investor presentation are attached hereto as Exhibits 99.2 and 99.3 and are hereby incorporated by reference in this Item 7.01. As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.				Description
99.1*				Press release issued November 9, 2022 by Repay Holdings Corporation
99.2*				Earnings Supplement, dated November 2022
99.3*				Investor Presentation, dated November 2022
104				Cover Page Interactive Data File (embedded within the Inline XBRL document)
	*	Filed herewith

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	Repay Holdings Corporation
Dated: November 9, 2022	By:	/s/ Timothy J. Murphy
		Timothy J. Murphy
		Chief Financial Officer

 

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REPAY Reports Third Quarter 2022 Financial Results

 

Q3 2022 Gross Profit Growth of 20% Year-over-Year with Continued Solid Margins

Reaffirms Full Year 2022 Guidance

 

ATLANTA, November 9, 2022 -- 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 ended September 30, 2022.

 

Third Quarter 2022 Financial Highlights

 

(in $ millions)		Q3 2021				Q4 2021				Q1 2022				Q2 2022				Q3 2022				YoY Change
Card payment volume		$	5,574.7			$	5,643.1			$	6,404.6			$	6,196.3			$	6,416.8				15	%
Revenue			61.1				62.2				67.6				67.4				71.6				17	%
Gross profit (1)			45.8				47.2				51.0				50.7				54.9				20	%
Net (loss) income			(7.3	)			(17.4	)			12.9				(1.4	)			5.4				—
Adjusted EBITDA (2)			24.5				27.8				29.3				27.6				31.7				30	%
Adjusted Net Income (2)			17.1				27.0				18.4				16.1				22.8				33	%

 

“REPAY delivered strong results in the third quarter across both the top and bottom lines, with accelerated growth and expanding margins,” said John Morris, CEO of REPAY. “We remain encouraged by our addressable market opportunity, as the B2B and Consumer payment verticals we target represent over $5 trillion of combined annual payment volume. We also remain very encouraged by the continued tailwinds in our business, including the ongoing secular trends away from cash and check towards digital, embedded payments. We believe those opportunities – along with our unique offering, technology platform, and our exceptional team - position us well for long term, sustainable growth.”

 

Third Quarter 2022 Business Highlights

 

The Company's achievements in the quarter, including those highlighted below, reinforce management's belief in the ability of the Company to drive durable and sustained growth across REPAY's diversified business model.

1 Organic gross profit growth is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and the reconciliation to its most comparable GAAP measure provided below for additional information.

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2022 Outlook

 

REPAY reiterates its previously provided guidance for full year 2022, as shown below.

 

	Full Year 2022 Outlook
Card Payment Volume	$25.0 - 26.3 billion
Revenue	$268 - 286 million
Gross Profit	$204 - 216 million
Adjusted EBITDA	$118 - 126 million

 

REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures, such as forecasted 2022 Adjusted EBITDA, to the most directly comparable GAAP financial measure, because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have significant impact on such calculations, and providing them may imply a degree of precision that would be confusing or potentially misleading.

 

Conference Call

 

REPAY will host a conference call to discuss third quarter 2022 financial results today, November 9, 2022 at 5:00 pm ET. Hosting the call will be John Morris, CEO, and Tim Murphy, CFO. The call will be webcast live from REPAY’s investor relations website at https://investors.repay.com/investor-relations. The conference call can also be accessed live over the phone by dialing (877) 407-3982, or for international callers (201) 493-6780. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13732595. The replay will be available at https://investors.repay.com/investor-relations.

 

Non-GAAP Financial Measures

 

This report includes certain non-GAAP financial measures that management uses to evaluate the Company’s operating business, measure performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure that represents net income prior to interest expense, tax expense, depreciation and amortization, as adjusted to add back certain charges deemed to not be part of normal operating expenses, non-cash charges and/or non-recurring charges, such as loss on extinguishment of debt, loss on termination of interest rate hedge, non-cash change in fair value of contingent consideration, non-cash change in fair value of assets and liabilities, share-based compensation charges, transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. Adjusted Net Income is a non-GAAP financial measure that represents net income prior to amortization of acquisition-related intangibles, as adjusted to add back certain charges deemed to not be part of normal operating expenses, non-cash charges and/or non-recurring charges, such as loss on extinguishment of debt, loss on termination of interest rate hedge, non-cash change in fair value of contingent consideration, non-cash change in fair value of assets and liabilities, share-based compensation expense, transaction expenses, restructuring and other strategic initiative costs, other non-recurring charges, non-cash interest expense and net of tax effect associated with these adjustments. 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. Management believes that the adjustment of acquisition-related intangible amortization supplements GAAP financial measures because it allows for greater

 

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comparability of operating performance. Although REPAY excludes amortization from acquisition-related intangibles from its non-GAAP expenses, management believes that it is important for investors to understand that such intangibles were recorded as part of purchase accounting and contribute to revenue generation. Adjusted Net Income per share is a non-GAAP financial measure that represents Adjusted Net Income divided by the weighted average number of shares of Class A common stock outstanding (on an as-converted basis assuming conversion of the outstanding units exchangeable for shares of Class A common stock) for the three and nine months ended September 30, 2022 and 2021 (excluding shares subject to forfeiture). Organic gross profit growth is a non-GAAP financial measure that represents year-on-year gross profit growth that excludes incremental gross profit attributable to acquisitions made in the applicable prior period or any subsequent period. Adjusted Free Cash Flow is a non-GAAP financial measure that represents net cash flow provided by operating activities less total capital expenditures, as adjusted to add back certain charges deemed to not be part of normal operating expenses and/or non-recurring charges, such as transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. REPAY believes that Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, organic gross profit growth and Adjusted Free Cash Flow provide useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, organic gross profit growth and Adjusted Free Cash Flow are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, operating profit, net cash provided by operating activities, or any other operating performance measure calculated in accordance with GAAP. Using these non-GAAP financial measures to analyze REPAY’s business has material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in REPAY’s industry may report measures titled Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, organic gross profit growth, Adjusted Free Cash Flow, or similar measures, such non-GAAP financial measures may be calculated differently from how REPAY calculates its non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, you should consider Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, organic gross profit growth, and Adjusted Free Cash Flow alongside other financial performance measures, including net income, net cash provided by operating activities and REPAY’s other financial results presented in accordance with GAAP.

 

Forward-Looking Statements

 

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, REPAY’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “guidance,” “will likely result,” “are expected to,” “will continue,” “should,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, REPAY’s 2022 outlook and other financial guidance, expected demand on REPAY’s product offering, including further implementation of electronic payment options and statements regarding REPAY’s market and growth opportunities, and REPAY’s business strategy and the plans and objectives of management for future operations. Such forward-looking statements are based upon the current beliefs and expectations of REPAY’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond REPAY’s control.

 

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In addition to factors disclosed in REPAY’s reports filed with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021, and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: exposure to economic conditions and political risk affecting the consumer loan market, the receivables management industry and consumer and commercial spending, including inflationary pressures, general economic slowdown or recession; the impacts of the ongoing COVID-19 pandemic, including the continued emergence of new variants, and the actions taken to control or mitigate its spread; a delay or failure to integrate and/or realize the benefits of the Company’s recent acquisitions; changes in the payment processing market in which REPAY competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that REPAY targets, including the regulatory environment applicable to REPAY’s clients; the ability to retain, develop and hire key personnel; risks relating to REPAY’s relationships within the payment ecosystem; risk that REPAY may not be able to execute its growth strategies, including identifying and executing acquisitions; risks relating to data security; changes in accounting policies applicable to REPAY; and the risk that REPAY may not be able to maintain effective internal controls.

 

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. All information set forth herein speaks only as of the date hereof in the case of information about REPAY or the date of such information in the case of information from persons other than REPAY, and REPAY disclaims any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding REPAY’s industry and end markets are based on sources it believes to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

 

About REPAY

 

REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.

 

Contacts

Investor Relations Contact for REPAY:

repayIR@icrinc.com

 

Media Relations Contact for REPAY:

Kristen Hoyman

(404) 637-1665

khoyman@repay.com

 

 

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Condensed Consolidated Statement of Operations (Unaudited)

 

		Three Months ended September 30,								Nine Months ended September 30,
(in $ thousands)		2022				2021				2022				2021
Revenue		$	71,555			$	61,125			$	206,554			$	157,058
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)			16,634				15,288				49,930				40,483
Selling, general and administrative			36,032				33,696				107,379				86,632
Depreciation and amortization			24,662				25,907				82,442				63,379
Change in fair value of contingent consideration			(340	)			(1,550	)			(4,290	)			(101	)
Total operating expenses		$	76,988			$	73,341			$	235,461			$	190,393
Loss from operations		$	(5,433	)		$	(12,216	)		$	(28,907	)		$	(33,335	)
Interest expense			(1,130	)			(764	)			(3,170	)			(2,764	)
Loss on extinguishment of debt			—				—				—				(5,941	)
Change in fair value of tax receivable liability			11,411				3,411				55,481				99
Other income			54				19				70				81
Other loss			(4	)			(19	)			(154	)			(9,099	)
Total other income (expense)			10,331				2,647				52,227				(17,624	)
Income (loss) before income tax (expense) benefit			4,898				(9,569	)			23,320				(50,959	)
Income tax (expense) benefit			474				2,261				(6,414	)			12,320
Net income (loss)		$	5,372			$	(7,308	)		$	16,906			$	(38,639	)
Net loss attributable to non-controlling interest			(473	)			(1,042	)			(2,602	)			(4,310	)
Net income (loss) attributable to the Company		$	5,845			$	(6,266	)		$	19,508			$	(34,329	)
Weighted-average shares of Class A common stock outstanding - basic			88,735,518				88,273,194				88,749,417				81,595,128
Weighted-average shares of Class A common stock outstanding - diluted			110,114,054				88,273,194				110,789,646				81,595,128
Income (loss) per Class A share - basic		$	0.07			$	(0.07	)		$	0.22			$	(0.42	)
Income (loss) per Class A share - diluted		$	0.05			$	(0.07	)		$	0.18			$	(0.42	)

 

 

 

 

 

 

 

 

 

 

 

 

 

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Condensed Consolidated Balance Sheets

 

(in $ thousands)		September 30, 2022 (Unaudited)				December 31, 2021
Assets
Cash and cash equivalents		$	63,547			$	50,049
Accounts receivable			34,485				33,236
Prepaid expenses and other			15,483				12,427
Total current assets			113,515				95,712
Property, plant and equipment, net			4,703				3,801
Restricted cash			23,179				26,291
Intangible assets, net			523,148				577,694
Goodwill			827,802				824,082
Operating lease right-of-use assets, net			10,775				10,500
Deferred tax assets			134,275				145,260
Other assets			2,500				2,500
Total noncurrent assets			1,526,382				1,590,128
Total assets		$	1,639,897			$	1,685,840
Liabilities
Accounts payable		$	23,251			$	20,083
Related party payable			100				17,394
Accrued expenses			24,715				26,819
Current operating lease liabilities			2,307				1,990
Current tax receivable agreement			24,454				24,496
Other current liabilities			4				1,566
Total current liabilities			74,831				92,348
Long-term debt			450,608				448,485
Noncurrent operating lease liabilities			9,169				9,091
Tax receivable agreement, net of current portion			166,047				221,333
Other liabilities			4,335				1,547
Total noncurrent liabilities			630,159				680,456
Total liabilities		$	704,990			$	772,804
Commitments and contingencies
Stockholders' equity
Class A common stock, $0.0001 par value; 2,000,000,000 shares authorized, 89,078,338 issued and 88,397,790 outstanding as of September 30, 2022; 2,000,000,000 shares authorized, and 88,502,621 issued and outstanding as of December 31, 2021			9				9
Class V common stock, $0.0001 par value; 1,000 shares authorized and 100 shares issued and outstanding as of September 30, 2022 and December 31, 2021			—				—
Additional paid-in capital			1,112,546				1,100,012
Treasury stock, 680,548 and 0 shares as of September 30, 2022 and December 31, 2021, respectively			(6,824	)			—
Accumulated other comprehensive loss			(2	)			(2	)
Accumulated deficit			(206,508	)			(226,016	)
Total Repay stockholders' equity		$	899,221			$	874,003
Non-controlling interests			35,686				39,033
Total equity			934,907				913,036
Total liabilities and equity		$	1,639,897			$	1,685,840

 

 

 

 

 

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Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

		Nine Months Ended September 30,
(in $ thousands)		2022				2021
Cash flows from operating activities
Net income (loss)		$	16,906			$	(38,639	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			82,442				63,379
Stock based compensation			14,265				16,229
Amortization of debt issuance costs			2,123				1,860
Loss on disposal of property and equipment			57				19
Loss on termination of lease			96				—
Loss on extinguishment of debt			—				5,941
Loss on sale of interest rate swaps			—				9,317
Fair value change in tax receivable agreement liability			(55,481	)			(99	)
Fair value change in contingent consideration			(4,290	)			(101	)
Payment of contingent consideration liability in excess of acquisition-date fair value			(8,896	)			(1,500	)
Deferred tax expense			6,414				(12,320	)
Change in accounts receivable			(246	)			(5,508	)
Change in prepaid expenses and other			(3,055	)			(1,539	)
Change in operating lease ROU assets			(275	)			1,488
Change in accounts payable			3,168				2,664
Change in related party payable			(257	)			1,317
Change in accrued expenses and other			(2,200	)			(2,465	)
Change in operating lease liabilities			394				(820	)
Change in other liabilities			1,227				(7,740	)
Net cash provided by operating activities			52,392				31,483
Cash flows from investing activities
Purchases of property and equipment			(2,623	)			(1,928	)
Purchases of intangible assets			(26,232	)			(14,900	)
Purchase of equity investment			—				(2,500	)
Acquisition of CPS, net of cash and restricted cash acquired			—				11
Acquisition of BillingTree, net of cash and restricted cash acquired			—				(269,826	)
Acquisition of Kontrol, net of cash and restricted cash acquired			—				(7,471	)
Net cash used in investing activities			(28,855	)			(296,614	)
Cash flows from financing activities
Issuance of long-term debt			—				440,000
Payments on long-term debt			—				(262,654	)
Public issuance of Class A Common Stock			—				142,098
Shares repurchased under Incentive Plan and ESPP			(1,981	)			(2,976	)
Treasury shares repurchased			(6,831	)			—
Distributions to Members			(488	)			(62	)
Payment of loan costs			—				(13,248	)
Payment of contingent consideration liability up to acquisition-date fair value			(3,851	)			(7,449	)
Net cash (used in) provided by financing activities			(13,151	)			295,709
Increase in cash, cash equivalents and restricted cash			10,386				30,578
Cash, cash equivalents and restricted cash at beginning of period		$	76,340			$	106,505
Cash, cash equivalents and restricted cash at end of period		$	86,726			$	137,083
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest		$	1,047			$	903
SUPPLEMENTAL SCHEDULE OF NONCASH
INVESTING AND FINANCING ACTIVITIES
Acquisition of Kontrol in exchange for contingent consideration		$	—			$	500

 

 

 

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Key Operating and Non-GAAP Financial Data

Unless otherwise stated, all results compare three and nine month 2022 results to three and nine month 2021 results from continuing operations for the periods ended September 30, respectively.

The following tables and related notes reconcile these non-GAAP measures to GAAP information for the three and nine months ended September 30, 2022 and 2021:

 

		Three Months ended September 30,												Nine Months ended September 30,
(in $ thousands)		2022				2021				% Change				2022				2021				% Change
Card payment volume		$	6,416,827			$	5,574,656				15	%		$	19,027,031			$	14,812,161				28	%
Gross profit (1)			54,921				45,837				20	%			156,624				116,575				34	%
Adjusted EBITDA (2)			31,717				24,490				30	%			88,683				65,354				36	%

 

(1) Gross profit represents revenue less costs of services.

(2) Adjusted EBITDA is a non-GAAP financial measure that represents net income adjusted for interest expense, depreciation and amortization and certain other charges deemed to not be part of normal operating expenses, non-cash charges and/or non-recurring items. See “Non-GAAP Financial Measures” above and the reconciliation of Adjusted EBITDA to its most comparable GAAP measure below.

 

 

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Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA

For the Three Months Ended September 30, 2022 and 2021

(Unaudited)

 

	Three Months ended September 30,
(in $ thousands)	2022				2021
Revenue	$	71,555			$	61,125
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)	$	16,634			$	15,288
Selling, general and administrative		36,032				33,696
Depreciation and amortization		24,662				25,907
Change in fair value of contingent consideration		(340	)			(1,550	)
Total operating expenses	$	76,988			$	73,341
Loss from operations	$	(5,433	)		$	(12,216	)
Interest expense		(1,130	)			(764	)
Change in fair value of tax receivable liability		11,411				3,411
Other income		54				19
Other loss		(4	)			(19	)
Total other income (expense)		10,331				2,647
Income (loss) before income tax (expense) benefit		4,898				(9,569	)
Income tax (expense) benefit		474				2,261
Net income (loss)	$	5,372			$	(7,308	)
Add:
Interest expense		1,130				764
Depreciation and amortization (a)		24,662				25,907
Income tax expense (benefit)		(474	)			(2,261	)
EBITDA	$	30,690			$	17,102
Non-cash change in fair value of contingent consideration (b)		(340	)			(1,550	)
Non-cash change in fair value of assets and liabilities (c)		(11,411	)			(3,411	)
Share-based compensation expense (d)		5,250				5,573
Transaction expenses (e)		4,117				4,425
Restructuring and other strategic initiative costs (f)		1,484				1,362
Other non-recurring charges (g)		1,927				989
Adjusted EBITDA	$	31,717			$	24,490

 

 

 

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Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA

For the Nine Months Ended September 30, 2022 and 2021

(Unaudited)

 

	Nine Months ended September 30,
(in $ thousands)	2022				2021
Revenue	$	206,554			$	157,058
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)	$	49,930			$	40,483
Selling, general and administrative		107,379				86,632
Depreciation and amortization		82,442				63,379
Change in fair value of contingent consideration		(4,290	)			(101	)
Total operating expenses	$	235,461			$	190,393
Loss from operations	$	(28,907	)		$	(33,335	)
Interest expense		(3,170	)			(2,764	)
Loss on extinguishment of debt		—				(5,941	)
Change in fair value of tax receivable liability		55,481				99
Other income		70				81
Other loss		(154	)			(9,099	)
Total other income (expense)		52,227				(17,624	)
Income (loss) before income tax (expense) benefit		23,320				(50,959	)
Income tax (expense) benefit		(6,414	)			12,320
Net income (loss)	$	16,906			$	(38,639	)
Add:
Interest expense		3,170				2,764
Depreciation and amortization (a)		82,442				63,379
Income tax expense (benefit)		6,414				(12,320	)
EBITDA	$	108,932			$	15,184
Loss on extinguishment of debt (h)		—				5,941
Loss on termination of interest rate hedge (i)		—				9,080
Non-cash change in fair value of contingent consideration (b)		(4,290	)			(101	)
Non-cash change in fair value of assets and liabilities (c)		(55,481	)			(99	)
Share-based compensation expense (d)		14,542				16,229
Transaction expenses (e)		16,116				13,743
Restructuring and other strategic initiative costs (f)		4,165				2,935
Other non-recurring charges (g)		4,699				2,442
Adjusted EBITDA	$	88,683			$	65,354

 

 

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Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

For the Three Months Ended September 30, 2022 and 2021

(Unaudited)

 

	Three Months ended September 30,
(in $ thousands)	2022				2021
Revenue	$	71,555			$	61,125
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)	$	16,634			$	15,288
Selling, general and administrative		36,032				33,696
Depreciation and amortization		24,662				25,907
Change in fair value of contingent consideration		(340	)			(1,550	)
Total operating expenses	$	76,988			$	73,341
Loss from operations	$	(5,433	)		$	(12,216	)
Interest expense		(1,130	)			(764	)
Change in fair value of tax receivable liability		11,411				3,411
Other income		54				19
Other loss		(4	)			(19	)
Total other income (expense)		10,331				2,647
Income (loss) before income tax (expense) benefit		4,898				(9,569	)
Income tax (expense) benefit		474				2,261
Net income (loss)	$	5,372			$	(7,308	)
Add:
Amortization of acquisition-related intangibles (j)		20,847				23,449
Non-cash change in fair value of contingent consideration (b)		(340	)			(1,550	)
Non-cash change in fair value of assets and liabilities (c)		(11,411	)			(3,411	)
Share-based compensation expense (d)		5,250				5,573
Transaction expenses (e)		4,117				4,425
Restructuring and other strategic initiative costs (f)		1,484				1,362
Other non-recurring charges (g)		1,927				989
Non-cash interest expense (k)		712				662
Pro forma taxes at effective rate (l)		(5,152	)			(7,048	)
Adjusted Net Income	$	22,806			$	17,143
Shares of Class A common stock outstanding (on an as-converted basis) (m)		96,618,566				92,581,752
Adjusted Net Income per share	$	0.24			$	0.19

 

 

 

 

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Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

For the Nine Months Ended September 30, 2022 and 2021

(Unaudited)

 

	Nine Months ended September 30,
(in $ thousands)	2022				2021
Revenue	$	206,554			$	157,058
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)	$	49,930			$	40,483
Selling, general and administrative		107,379				86,632
Depreciation and amortization		82,442				63,379
Change in fair value of contingent consideration		(4,290	)			(101	)
Total operating expenses	$	235,461			$	190,393
Loss from operations	$	(28,907	)		$	(33,335	)
Interest expense		(3,170	)			(2,764	)
Loss on extinguishment of debt		—				(5,941	)
Change in fair value of tax receivable liability		55,481				99
Other income		70				81
Other loss		(154	)			(9,099	)
Total other income (expense)		52,227				(17,624	)
Income (loss) before income tax (expense) benefit		23,320				(50,959	)
Income tax (expense) benefit		(6,414	)			12,320
Net income (loss)	$	16,906			$	(38,639	)
Add:
Amortization of acquisition-related intangibles(j)		69,924				56,758
Loss on extinguishment of debt (h)		—				5,941
Loss on termination of interest rate hedge (i)		—				9,080
Non-cash change in fair value of contingent consideration (b)		(4,290	)			(101	)
Non-cash change in fair value of assets and liabilities (c)		(55,481	)			(99	)
Share-based compensation expense (d)		14,542				16,229
Transaction expenses (e)		16,116				13,743
Restructuring and other strategic initiative costs (f)		4,165				2,935
Other non-recurring charges (g)		4,699				2,442
Non-cash interest expense (k)		2,123				1,860
Pro forma taxes at effective rate (l)		(10,714	)			(23,600	)
Adjusted Net Income	$	57,990			$	46,549
Shares of Class A common stock outstanding (on an as-converted basis) (m)		96,646,974				89,548,106
Adjusted Net Income per share	$	0.60			$	0.52

 

 

 

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Reconciliation of Operating Cash Flow to Free Cash Flow and Adjusted Free Cash Flow

For the Three and Nine Months Ended September 30, 2022 and 2021

(Unaudited)

 

		Three Months ended September 30,								Nine Months ended September 30,
(in $ thousands)		2022				2021				2022				2021
Net cash provided by operating activities		$	19,409			$	14,615			$	52,392			$	31,482
Capital expenditures
Cash paid for property and equipment			(799	)			(943	)			(2,623	)			(1,928	)
Cash paid for intangible assets (n)			(8,657	)			(5,162	)			(23,482	)			(14,900	)
Total capital expenditures			(9,456	)			(6,105	)			(26,105	)			(16,828	)
Free cash flow		$	9,953			$	8,510			$	26,287			$	14,654
Adjustments
Transaction expenses (e)			4,117				4,425				16,116				13,743
Restructuring and other strategic initiative costs (f)			1,484				1,362				4,165				2,935
Other non-recurring charges (g)			1,927				989				4,699				2,442
Adjusted free cash flow		$	17,481			$	15,286			$	51,267			$	33,774

 

 

Reconciliation of Gross Profit Growth to Organic Gross Profit Growth

For the Year-over-Year Change Between the Three Months Ended September 30, 2022 and 2021

(Unaudited)

 

		Q3 YoY Change
Total gross profit growth			20	%
Less: growth from acquisitions			5	%
Organic gross profit growth (o)			15	%

 

 

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		Three Months ended September 30,								Nine Months ended September 30,
(in $ thousands)		2022				2021				2022				2021
Acquisition-related intangibles		$	20,847			$	23,449			$	69,924			$	56,758
Software			3,209				2,169				10,855				5,749
Amortization		$	24,056			$	25,618			$	80,779			$	62,507
Depreciation			606				289				1,663				872
Total Depreciation and amortization (1)		$	24,662			$	25,907			$	82,442			$	63,379

 

 

 

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		Three Months ended September 30,				Nine Months ended September 30,
		2022		2021		2022		2021
Weighted average shares of Class A common stock outstanding - basic		88,735,518		88,273,194		88,749,417		81,595,128
Add: Non-controlling interests          Weighted average Post-Merger Repay Units exchangeable for Class A common stock		7,883,048		4,308,558		7,897,557		7,952,978
Shares of Class A common stock outstanding (on an as-converted basis)		96,618,566		92,581,752		96,646,974		89,548,106

 

 

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November 2022 Q3 2022 Earnings Supplement Exhibit 99.2

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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.gov, discuss some of the important risk factors that may affect REPAY’s business, results of operations and financial condition. On July 11, 2019 (the “Closing Date”), Thunder Bridge Acquisition Ltd. (“Thunder Bridge”) and Hawk Parent Holdings LLC (“Hawk Parent”) completed their previously announced business combination (the “Business Combination”) under which Thunder Bridge acquired Hawk Parent, upon which Thunder Bridge changed its name to Repay Holdings Corporation. Unless otherwise indicated, information provided in this presentation (a) that relates to any period ended prior to the Closing Date reflects that of Hawk Parent prior to the Business Combination, and (b) that relates to any period ended December 31, 2019 reflects the combination of (i) Hawk Parent for the periods from January 1, 2019 through July 10, 2019 and (ii) REPAY for the period from the Closing Date through December 31, 2019. Such combination reflects a simple arithmetic addition of the relevant periods. The historical financial information of Thunder Bridge prior to the Business Combination has not been reflected in any financial information of Hawk Parent. Forward-Looking Statements This presentation (the “Presentation”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, REPAY’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, REPAY’s 2022 outlook and other financial guidance, expected demand on REPAY’s product offering, including further implementation of electronic payment options and statements regarding REPAY’s market and growth opportunities, and REPAY’s business strategy and the plans and objectives of management for future operations. Such forward-looking statements are based upon the current beliefs and expectations of REPAY’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond REPAY’s control. In addition to factors previously disclosed in REPAY’s reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: exposure to economic conditions and political risk affecting the consumer loan market, the receivables management industry and consumer and commercial spending, including inflationary pressures, general economic slowdown or recession; the impacts of the ongoing COVID-19 pandemic, including the continued emergence of new variants, and the actions taken to control or mitigate its spread; a delay or failure to integrate and/or realize the benefits of REPAY’s recent acquisitions; changes in the payment processing market in which REPAY competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that REPAY targets, including the regulatory environment applicable to REPAY’s clients; the ability to retain, develop and hire key personnel; risks relating to REPAY’s relationships within the payment ecosystem; risk that REPAY may not be able to execute its growth strategies, including identifying and executing acquisitions; risks relating to data security; changes in accounting policies applicable to REPAY; and the risk that REPAY may not be able to maintain effective internal controls. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. All information set forth herein speaks only as of the date hereof in the case of information about REPAY or the date of such information in the case of information from persons other than REPAY, and REPAY disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this Presentation. Forecasts and estimates regarding our industry and end markets are based on sources REPAY believes to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. Industry and Market Data The information contained herein also includes information provided by third parties, such as market research firms. Neither of REPAY nor its affiliates and any third parties that provide information to REPAY, such as market research firms, guarantee the accuracy, completeness, timeliness or availability of any information. Neither REPAY nor its affiliates and any third parties that provide information to REPAY, such as market research firms, are responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such content. Neither REPAY nor its affiliates give any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. Non-GAAP Financial Measures This Presentation includes certain non-GAAP financial measures that REPAY’s management uses to evaluate its operating business, measure its performance and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure that represents net income prior to interest expense, tax expense, depreciation and amortization, as adjusted to add back certain charges deemed to not be part of normal operating expenses, non-cash and/or non-recurring charges, such as loss on extinguishment of debt, loss on termination of interest rate hedge, non-cash change in fair value of contingent consideration, non-cash change in fair value of assets and liabilities, share-based compensation charges, transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. Adjusted Net Income is a non-GAAP financial measure that represents net income prior to amortization of acquisition-related intangibles, as adjusted to add back certain charges deemed to not be part of normal operating expenses, non-cash and/or non-recurring charges, such as loss on extinguishment of debt, loss on termination of interest rate hedge, non-cash change in fair value of contingent consideration, non-cash change in fair value of assets and liabilities, share-based compensation expense, transaction expenses, restructuring and strategic initiative costs and other non-recurring charges, non-cash interest expense, net of tax effect associated with these adjustments. 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. Management believes that the adjustment of acquisition-related intangible amortization supplements GAAP financial measures because it allows for greater comparability of operating performance. Although management excludes amortization from acquisition-related intangibles from REPAY’s non-GAAP expenses, management believes that it is important for investors to understand that such intangibles were recorded as part of purchase accounting and contribute to revenue generation. Organic gross profit growth is a non-GAAP financial measure that represents year-on-year gross profit growth that excludes incremental gross profit attributable to acquisitions made in the applicable prior period or any subsequent period. Adjusted Free Cash Flow is a non-GAAP financial measure that represents net cash flow provided by operating activities less total capital expenditures, as adjusted to add back certain charges deemed to not be part of normal operating expenses and/or non-recurring charges, such as transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. REPAY believes that Adjusted EBITDA, Adjusted Net Income, organic gross profit growth and Adjusted Free Cash Flow provide useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, Adjusted EBITDA, Adjusted Net Income, organic gross profit growth and Adjusted Free Cash Flow are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, operating profit, or any other operating performance measure calculated in accordance with GAAP. Using these non-GAAP financial measures to analyze REPAY’s business has material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in REPAY’s industry may report measures titled Adjusted EBITDA, Adjusted Net Income, organic gross profit growth, Adjusted Free Cash Flow or similar measures, such non-GAAP financial measures may be calculated differently from how REPAY calculates its non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, you should consider Adjusted EBITDA, Adjusted Net Income, organic gross profit growth and Adjusted Free Cash Flow alongside other financial performance measures, including net income and REPAY’s other financial results presented in accordance with GAAP. .

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1 Financial Update & Outlook

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We remain positioned for another year of growth in 2022 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 driving our business

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Third Quarter 2022 Financial Highlights CARD PAYMENT VOLUME $6.4Bn (+15%) REVENUE GROSS PROFIT(1) ADJUSTED EBITDA REPAY’s Unique Model Translates Into a Highly Attractive Financial Profile (Represents YoY Growth) $71.6MM (+17%) $54.9MM (+20%) (+15% organic)(2) $31.7MM (+30%) Gross profit represents revenue less costs of services Represents organic gross profit growth (a non-GAAP financial measure). See slide 21 for additional details

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Card Payment Volume Gross Profit(1) Adjusted EBITDA Financial Update – Q3 2022 ($MM) Gross profit represents revenue less costs of services 75% 77% % Margin 40% 44% % Margin 20% 30% 15%

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Strong Liquidity Position as of September 30, 2022 Based on LTM September 2022 PF adjusted EBITDA, pro forma for adjusted EBITDA contribution of Payix Focused on Maintaining Significant Liquidity Preserve liquidity and profitability through: Implemented targeted hiring freeze Limited discretionary expenses Negotiations with vendors Business continues to show high cash flow conversion Continued investments in organic and inorganic growth Committed to Prudently Managing Leverage Proceeds from concurrent convertible notes and follow-on equity offerings used to refinance existing term loan No interest payments, no principal due until maturity in 2026 (if not converted) $185 million revolver facility provides flexibility for further acquisitions Secured net leverage covenant is max of 2.5x (definitionally excludes convertible notes balance) Drew $20 million to fund Payix acquisition Leverage Total Debt $460 MM Cash on Hand $64 MM Net Debt $396 MM PF Net Leverage(1) 3.4x Liquidity Cash on Hand $64 MM Revolver Capacity $165 MM Total Liquidity $229 MM

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FY 2022 Outlook Note: REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures such as forecasted 2022 Adjusted EBITDA to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have significant impact on such calculations, and providing them may imply a degree of precision that would be confusing or potentially misleading REPAY reiterates its previously provided guidance for full year 2022, as shown below CARD PAYMENT VOLUME REVENUE GROSS PROFIT ADJUSTED EBITDA $25.0 – $26.3Bn $268 – $286MM $204 – $216MM $118 – $126MM

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History of Sustained Growth Across All Key Metrics… Revenue Card Payment Volume Adjusted EBITDA(1) Gross Profit (In $ Billions) (In $ Millions) (In $ Millions) (In $ Millions) 32% CAGR 38% CAGR 38% CAGR 34% CAGR Certain periods experienced large declines due to a historical accounting presentation change

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…With Expanding Take Rates and Gross Profit Margins Gross Profit Margins Revenue Take Rates(1) Revenue take rate defined as revenue divided by card payment volume

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2 Strategy & Business Updates

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Acquire New Clients in Existing Verticals With Our Q3 2022 Performance We SeeMultiple Levers to Continue to Drive Growth Q3 2022 Gross Profit Growth 20% 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 Operational Efficiencies Expand Usage and Increase Adoption Strategic M&A Future Market Expansion Opportunities Majority of growth derived from further penetration of existing client base

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ADDED NEW CUSTOMERS VIA DIRECT SALESFORCE ACROSS ALL VERTICALS 236 SOFTWARE PARTNER RELATIONSHIPS(1), INCLUDING: As of September 30, 2022; certain logos added post this date Third-party research and management estimates as of 9/30/2022 Executing on Growth Plan BROADEN ADDRESSABLE MARKET AND SOLUTIONS Partnered with Veem to expand ability to deliver cross-border payment options Ended Q3 2022 with 227 total credit union customers Expanded TAM to ~$5.3 trillion(2) through strategic M&A, including our acquisitions of BillingTree, Kontrol Payables and Payix Continued to grow existing relationships and add new names to our Buy Now Pay Later pipeline Completed concurrent common stock and convertible notes offerings in Q1 2021, as well as amended our revolving credit facility – providing the Company with ample liquidity of $229 million to pursue deals Engaged ~45 software developers thus farthrough relationship with Protego to enhance and accelerate new product and research & development capabilities EXPANDING EXISTING BUSINESS B2B CROSS BORDER LOAN REPAYMENT / ARM / CREDIT UNION B2B AR / VIRTUAL CARD / AP AUTOMATION MORTGAGE PAYMENTS Further product expansion in loan repayments, through partnership with Finicity VISA ACCEPTANCE FASTRACK PROGRAM

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REPAY’s Growing B2B Payments Business $1.2Tn 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 acquisition Cross sell initiative happening within Sage and Acumatica ERPs to add AP solutions TOTAL ADDRESSABLE MARKET(1) $3.4Tn VERTICAL END MARKETS 15+ ANNUALIZED PAYMENT VOLUME(2) ~$6.0Bn CLIENTS ~3,900 SUPPLIER NETWORK ~147K B2B INTEGRATED SOFTWARE PARTNERS ~85 Combined AR and AP automation solution provides a compelling value proposition to clients $2.2Tn total addressable market Fully integrated AP automation platform with electronic payment capabilities including virtual cards and ACH Expanded into AP automation vertical via cPayPlus, CPS, and Kontrol acquisitions Entered the B2B healthcare space through Ventanex acquisition Third-party research and management estimates as of 9/30/22 Volume includes merchant acquiring credit and debit card, virtual card, and enhanced ACH B2B Merchant Acquiring B2B AP Automation

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One-stop-shop B2B payments solutions provider REPRESENTATIVE CLIENTS Automated Reporting and Reconciliation Multiple Payment Options Including Virtual Card and Cross Border Vendor Management Customer Rebates Deep ERP Integrations Multiple Payment Methods Tracking and Reconciliation Highly Secure ACCOUNTS RECEIVABLE AUTOMATION ACCOUNTS PAYABLE AUTOMATION TotalPay Solution Cash Inflow Cash Outflow Buyers Suppliers Powerful B2B Offering

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3 Appendix

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Q3 2022 Financial Update Gross Profit is defined as Revenue less Costs of Services SG&A includes expense associated with the change in fair value of tax receivable liability, change in fair value of contingent consideration, and other income / expenses See “Adjusted EBITDA Reconciliation” on slide 17 for reconciliation of Adjusted EBITDA to its most comparable GAAP measure See “Adjusted Net Income Reconciliation” on slide 18 for reconciliation of Adjusted Net Income to its most comparable GAAP measure old THREE MONTHS ENDED SEPTEMBER 30 CHANGE ($MM) 2022 2021 AMOUNT %           Card Payment Volume $6,416.8 $5,574.7 $842.2 15% Revenue $71.6 $61.1 $10.4 17% Costs of Services 16.6 15.3 1.3 9% Gross Profit(1) $54.9 $45.8 $9.1 20% SG&A(2) 24.2 28.7 (4.5) 16% EBITDA $30.7 $17.1 $13.6 79% Depreciation and Amortization 24.7 25.9 (1.2) (5%) Interest Expense 1.1 0.8 0.4 48% Income Tax Expense (Benefit) (0.5) (2.3) 1.8 NM Net Income (Loss) $5.4 ($7.3) $12.7 174% Adjusted EBITDA(3) $31.7 $24.5 $7.2 30% Adjusted Net Income(4) $22.8 $17.1 $5.7 33%

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Adjusted EBITDA Reconciliation For the three months ended September 30, 2022, 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 acquired through REPAY's acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix. For the three months ended September 30, 2021 reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination, and client relationships, non-compete agreement, and software intangibles acquired through REPAY's acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS, BillingTree, and Kontrol Payables. This adjustment excludes the amortization of other intangible assets which were acquired in the regular course of business, such as capitalized internally developed software and purchased software. See additional information below for an analysis of amortization expenses. Reflects the changes in management’s estimates of future cash consideration to be paid in connection with prior acquisitions from the amount estimated as of the most recent balance sheet date. Reflects the changes in management’s estimates of the fair value of the liability relating to the Tax Receivable Agreement. Represents compensation expense associated with equity compensation plans, totaling $5.3 million and $5.6 million the three months ended September 30, 2022 and 2021, respectively. Primarily consists of (i) during the three months ended September 30, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix, and (ii) during the three months ended September 30, 2021, professional service fees and other costs incurred in connection with the acquisition of Ventanex, cPayPlus, CPS, BillingTree and Kontrol Payables, as well as professional service expenses related to the January 2021 equity and convertible notes offerings. Reflects consulting fees related to processing services and other operational improvements, including restructuring and integration activities related to acquired businesses, that were not in the ordinary course during the three months ended September 30, 2022 and 2021. For the three months ended September 30, 2022 and 2021, reflects payments made to third-party recruiters in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, extraordinary refunds to clients and other payments related to COVID-19, and non-cash rent expense. Additionally, for the three months ended September 30, 2022, reflects loss on disposal of fixed assets. ($MM) Q3 2022 Q3 2021 Net Income (Loss)   $5.4 ($7.3) Interest Expense   1.1 0.8 Depreciation and Amortization(1)   24.7 25.9 Income Tax Expense (Benefit)   (0.5) (2.3) EBITDA   $30.7 $17.1 Non-cash change in fair value of contingent consideration(2)   (0.3) (1.6) Non-cash change in fair value of assets and liabilities(3)   (11.4) (3.4) Share-based compensation expense(4)   5.3 5.6 Transaction expenses(5)   4.1 4.4 Restructuring and other strategic initiative costs(6)   1.5 1.4 Other non-recurring charges(7)   1.9 1.0 Adjusted EBITDA   $31.7 $24.5

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Adjusted Net Income Reconciliation For the three months ended September 30, 2022, 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 acquired through REPAY's acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix. For the three months ended September 30, 2021 reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination, and client relationships, non-compete agreement, and software intangibles acquired through REPAY's acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS, BillingTree, and Kontrol Payables. This adjustment excludes the amortization of other intangible assets which were acquired in the regular course of business, such as capitalized internally developed software and purchased software. See additional information below for an analysis of amortization expenses. Reflects the changes in management’s estimates of future cash consideration to be paid in connection with prior acquisitions from the amount estimated as of the most recent balance sheet date. Reflects the changes in management’s estimates of the fair value of the liability relating to the Tax Receivable Agreement. Represents compensation expense associated with equity compensation plans, totaling $5.3 million and $5.6 million the three months ended September 30, 2022 and 2021, respectively. Primarily consists of (i) during the three months ended September 30, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix, and (ii) during the three months ended September 30, 2021, professional service fees and other costs incurred in connection with the acquisition of Ventanex, cPayPlus, CPS, BillingTree and Kontrol Payables, as well as professional service expenses related to the January 2021 equity and convertible notes offerings. Reflects consulting fees related to processing services and other operational improvements, including restructuring and integration activities related to acquired businesses, that were not in the ordinary course during the three months ended September 30, 2022 and 2021. For the three months ended September 30, 2022 and 2021, reflects payments made to third-party recruiters in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, extraordinary refunds to clients and other payments related to COVID-19, and non-cash rent expense. Additionally, for the three months ended September 30, 2022, reflects loss on disposal of fixed assets. Represents amortization of non-cash deferred debt issuance costs. Represents pro forma income tax adjustment effect associated with items adjusted above. ($MM) Q3 2022 Q3 2021 Net Income (Loss)   $5.4 ($7.3) Amortization of acquisition-related intangibles(1)   20.8 23.4 Non-cash change in fair value of contingent consideration(2)   (0.3) (1.6) Non-cash change in fair value of assets and liabilities(3)   (11.4) (3.4) Share-based compensation expense(4) 5.3 5.6 Transaction expenses(5)   4.1 4.4 Restructuring and other strategic initiative costs(6)   1.5 1.4 Other non-recurring charges(7)   1.9 1.0 Non-cash interest expense(8)   0.7 0.7 Pro forma taxes at effective rate(9) (5.2) (7.0) Adjusted Net Income   $22.8 $17.1

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Adjusted Free Cash Flow Reconciliation Excludes acquisition costs that are capitalized as channel relationships. Primarily consists of (i) during the three months ended September 30, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix, and (ii) during the three months ended September 30, 2021, professional service fees and other costs incurred in connection with the acquisition of Ventanex, cPayPlus, CPS, BillingTree and Kontrol Payables, as well as professional service expenses related to the January 2021 equity and convertible notes offerings. Reflects consulting fees related to processing services and other operational improvements, including restructuring and integration activities related to acquired businesses, that were not in the ordinary course during the three months ended September 30, 2022 and 2021. For the three months ended September 30, 2022 and 2021, reflects payments made to third-party recruiters in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, extraordinary refunds to clients and other payments related to COVID-19, and non-cash rent expense. Additionally, for the three months ended September 30, 2022, reflects loss on disposal of fixed assets. ($MM) Q3 2022 Q3 2021 Net Cash provided by Operating Activities   $19.4 $14.6 Capital expenditures       Cash paid for property and equipment   (0.8) (0.9) Cash paid for intangible assets(1)   (8.7) (5.2) Total capital expenditures (9.5) (6.1) Free Cash Flow   $10.0 $8.5 Adjustments       Transaction expenses(2)   4.1 4.4 Restructuring and other strategic initiative costs(3)   1.5 1.4 Other non-recurring charges(4)   1.9 1.0 Adjusted Free Cash Flow   $17.5 $15.3

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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 the reconciliation of net income to Adjusted Net Income on slide 18). Management believes that the adjustment of acquisition-related intangible amortization supplements GAAP financial measures because it allows for greater comparability of operating performance. Although REPAY excludes amortization from acquisition-related intangibles from our non-GAAP expenses, management believes that it is important for investors to understand that such intangibles were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangibles that relate to past acquisitions will recur in future periods until such intangibles have been fully amortized. Any future acquisitions may result in the amortization of additional intangibles. ($MM) Q3 2022 Q3 2021 Acquisition-related intangibles $20.8 $23.4 Software 3.2 2.2 Amortization 24.1 25.6 Depreciation 0.6 0.3 Total Depreciation and Amortization $24.7 $25.9

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Organic Gross Profit Reconciliation Q3 2022A Total Gross Profit Growth 20% Less: Growth from Acquisitions 5% Organic Gross Profit Growth(1) 15% Organic gross profit growth is a non-GAAP financial measure that represents year-on-year gross profit growth that excludes incremental gross profit attributable to acquisitions made in the applicable prior period (or any subsequent period)

November 2022 Investor Presentation Exhibit 99.3

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Disclaimer On July 11, 2019 (the “Closing Date”), Thunder Bridge Acquisition Ltd. (“Thunder Bridge”) and Hawk Parent Holdings LLC (“Hawk Parent”) completed their previously announced business combination (the “Business Combination”) under which Thunder Bridge acquired Hawk Parent, upon which Thunder Bridge changed its name to Repay Holdings Corporation (“REPAY” or the “Company”). Unless otherwise indicated, information provided in this presentation (a) that relates to any period ended prior to the Closing Date reflects that of Hawk Parent prior to the Business Combination, and (b) that relates to any period ended December 31, 2019 reflects the combination of (i) Hawk Parent for the periods from January 1, 2019 through July 10, 2019 and (ii) REPAY for the period from the Closing Date through December 31, 2019. Such combination reflects a simple arithmetic addition of the relevant periods. The historical financial information of Thunder Bridge prior to the Business Combination has not been reflected in any financial information of Hawk Parent. The Company’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect REPAY’s business, results of operations and financial condition. Forward-Looking Statements This presentation (the “Presentation”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, REPAY’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, expected demand on REPAY’s product offering, including further implementation of electronic payment options and statements regarding REPAY’s market and growth opportunities, and our business strategy and the plans and objectives of management for future operations. Such forward-looking statements are based upon the current beliefs and expectations of REPAY’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. In addition to factors previously disclosed in REPAY’s reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: exposure to economic conditions and political risk affecting the consumer loan market, the receivables management industry and consumer and commercial spending, including inflationary pressures, general economic slowdown or recession; the impacts of the ongoing COVID-19 pandemic, including the continued emergence of new variants, and the actions taken to control or mitigate its spread; a delay or failure to integrate and/or realize the benefits of REPAY’s recent acquisitions; changes in the payment processing market in which REPAY competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that REPAY targets, including the regulatory environment applicable to REPAY’s clients; the ability to retain, develop and hire key personnel; risks relating to REPAY’s relationships within the payment ecosystem; risk that REPAY may not be able to execute its growth strategies, including identifying and executing acquisitions; risks relating to data security; changes in accounting policies applicable to REPAY; and the risk that REPAY may not be able to maintain effective internal controls. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. All information set forth herein speaks only as of the date hereof in the case of information about us or the date of such information in the case of information from persons other than us, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding our industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. Industry and Market Data The information contained herein also includes information provided by third parties, such as market research firms. Neither of REPAY nor its affiliates and any third parties that provide information to REPAY, such as market research firms, guarantee the accuracy, completeness, timeliness or availability of any information. Neither REPAY nor its affiliates and any third parties that provide information to REPAY, such as market research firms, are responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such content. Neither REPAY nor its affiliates give any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. Non-GAAP Financial Measures This Presentation includes certain non-GAAP financial measures that REPAY’s management uses to evaluate its operating business, measure its performance and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure that represents net income prior to interest expense, tax expense, depreciation and amortization, as adjusted to add back certain charges deemed not to be part of normal operating expenses, non-cash and/or non-recurring charges, such as loss on extinguishment of debt, non-cash change in fair value of contingent consideration, non-cash change in fair value of assets and liabilities, non-cash change in fair value of warrant liabilities; share-based compensation charges, transaction expenses, management fees, employee recruiting costs, other taxes, strategic initiative related costs and other non-recurring charges. Adjusted Free Cash Flow is a non-GAAP financial measure that represents net cash flow provided by operating activities less total capital expenditures, as adjusted to add back certain charges deemed not to be part of normal operating expenses and/or non-recurring charges, such as transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. REPAY believes that Adjusted EBITDA and Adjusted Free Cash Flow provide useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, Adjusted EBITDA and Adjusted Free Cash Flow are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, operating profit, or any other operating performance measure calculated in accordance with GAAP. Using these non-GAAP financial measures to analyze REPAY’s business has material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in REPAY’s industry may report measures titled Adjusted EBITDA, Adjusted Free Cash Flow or similar measures, such non-GAAP financial measures may be calculated differently from how REPAY calculates its non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, you should consider Adjusted EBITDA and Adjusted Free Cash Flow alongside other financial performance measures, including net income and REPAY’s other financial results presented in accordance with GAAP. Beginning with the quarter ended December 31, 2021, REPAY changed its method of calculating Adjusted EBITDA by removing the adjustment related to legacy commission restructuring charges and their tax effects. Adjusted EBITDA for the years ended December 31, 2020 and 2019 were also adjusted to conform to the current presentation, resulting in reductions in the Adjusted EBITDA from the previously reported amounts. The presentation for Adjusted EBITDA for all periods presented have been updated to reflect these changes and a reconciliation between the revised and previous definition of Adjusted EBITDA has been provided within the “Adjusted EBITDA Reconciliation – Historical” slide contained herein.

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Agenda Introduction to REPAY REPAY Investment Highlights REPAY Financial Overview 1 2 3 2

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1 Introduction to REPAY

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REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs

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ENERGY AUTOMOTIVE LOANS B2B MERCHANT ACQUIRING PERSONAL LOANS CREDIT UNIONS HEALTHCARE MORTGAGE ARM B2B AP AUTOMATION Your Industry. Our Expertise.

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Who We Are A leading, highly-integrated omni-channel payment technology platform modernizing B2B payments, loan repayment verticals, and healthcare payments CAGR is from 2019A–2021A As of 9/30/2022 Cash Flow Conversion calculated as 2021A Adjusted Free Cash Flow / 2021A Adjusted EBITDA. See slide 27 for additional details 2021 ANNUAL CARD PAYMENT VOLUME HISTORICAL GROSS PROFIT CAGR(1) SOFTWARE INTEGRATIONS(2) $20.5Bn 44% 236 63% CASH FLOW CONVERSION(3)

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LONG-TERM GROWTH ORGANIC GROWTH M&A CATALYSTS Deepen presence in existing verticals (e.g. Automotive, B2B, Credit Unions, Revenue Cycle Management, Healthcare) Expand into new verticals/geographies Transformational acquisitions extending broader solution suite Driving Shareholder Value 1) Third-party research and management estimates as of 9/30/2022 Secular trends away from cash and check toward digital payments Transaction growth in key verticals Further penetrate existing clients ~$5.3Tn TAM(1)Creates long runway for growth Deep presence in key verticals creates significant defensibility Highly attractivefinancial model =

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Our Strong Execution and Momentum TOTAL ADDRESSABLE MARKET ~$535Bn ~$5.3Tn(3) # OF ISV INTEGRATIONS 53 236(5) CLIENT COUNT ~4,000 ~22,000+(4) Delivering Superior Results (FY 2021) Third Quarter 2022(2) July 2019(1) CARD PAYMENT VOLUME GROSS PROFIT ADJ. EBITDA +35% +44% +57% As of 7/11/2019 (the closing date of the Business Combination) As of 9/30/2022 Third-party research and management estimates Management estimate, includes TriSource, APS, Ventanex, cPayPlus , CPS Payments, BillingTree, Kontrol Payables and Payix Includes integrations from APS, Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix (Represents YoY Growth)

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2 REPAY Investment Highlights

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1 Business Strengths and Strategies A leading, omni-channel payment technology provider Fast growing and underpenetrated market opportunity Vertically integrated payment technology platform driving frictionless payments experience Experienced board with deep payments expertise Multiple avenues for long-term growth Highly strategic and diverse client base 2 3 4 5 6 Key software integrations enabling unique distribution model

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1 We are Capitalizing on Large, Underserved Market Opportunities REPAY’s existing verticals represent ~$5.3Tn(1) of projected annual total payment volume END MARKET OPPORTUNITIES Healthcare $30Bn $185Bn $70Bn $420Bn $500Bn $70Bn $600Bn $1.2Tn $2.2Tn Energy Credit Unions ARM Mortgage Personal Loans Automotive Loans B2B Merchant Acquiring B2B AP Automation Future New Verticals Canada Buy Now. Pay Later. Growth Opportunities $20.5Bn REPAY’s 2021 Annual Card Payment Volume 1) Third-party research and management estimates as of 9/30/2022

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1 Key end markets have been underserved by payment technology and service providers Credit cards are not permitted in loan repayment which has resulted in overall low card penetration CLIENTS SERVING REPAY’S MARKETS ARE FACING INCREASING DEMAND FROM CUSTOMERS They want electronic and omnichannel payment solutions LOAN REPAYMENT, B2B, AND HEALTHCARE MARKETS Lagged behind other industry verticals in moving to electronic payments CONSUMER PAYMENTS BUSINESS PAYMENTS B2B payments have traditionally been made via check or ACH (including AP and AR) Shift towards high deductible health plans resulting in growing proportion of consumer payments

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Card and Debit Payments Underpenetrated in Our Verticals The Nilson Report. Represents debit and credit as a percentage of all U.S. consumer payment systems, including various forms of paper, card, and electronic payment methods Third-party research and management estimates Across REPAY’s Verticals(2) Card Payment Penetration Across Industries(1) 1

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REPAY Has Built a Leading Next-Gen Software Platform Proprietary, integrated payment technology platform reduces complexity for a unified commerce experience Pay Anywhere, Any Way, Any Time Businesses and Consumers Clients 2

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REPAY Has Built a Leading Next-Gen Software Platform Clients Value Proposition to REPAY’s Clients Accelerated payment cycle (ability to lend more / faster) through card processing Faster access to funds to help businesseswith working capital 24 / 7 payment acceptance through “always open” omni-channel offering Direct software integrations into loan,dealer, and business management systemsreduces operational complexity for client Improved regulatory compliance through fewer ACH returns 2 Pay Anywhere, Any Way, Any Time

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REPAY Has Built a Leading Next-Gen Software Platform Businesses and Consumers Value Proposition to REPAY’s Clients’ End Customers Self-service capabilities through ability to pay anywhere, any way and any time, 24 / 7 Option to make real-time payments through use of card transactions Immediate feedback that payment has been processed Omni-channel payment methods (e.g. Web, Mobile, IVR, Text) Fewer ancillary charges (e.g. NSF fees) for borrowers through automatic recurring online debit card payments 2 Pay Anywhere, Any Way, Any Time

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Key Software Integrations Accelerate Distribution REPAY leverages a vertically tiered sales strategy supplemented by software integrations to drive new client acquisitions Tier 3 (Direct Sales) $5MM+ Monthly Volume Tier 2 (Direct Sales) $1MM – $5MM Monthly Volume Tier 1 (Call Center) <$1MM Monthly Volume Sales Support Team NUMBER OF SOFTWARE INTEGRATION PARTNERS Sales Strategy / Distribution Model 3 55% CAGR Software Integrations

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Attractive and Diverse Client Base Across Key Verticals REPAY’s platform provides significant value to >22,000(1) clients offering solutions across a variety of industry verticals offering solutions across a variety of industry verticals Healthcare Other ARM B2B Loan Repayment ~20%of card paymentvolume(2) One-stop shop B2B payments solutions provider, offering AP automation and B2B merchant acquiring solutions Integrations with ~85 leading ERP platforms, serving a highly diversified client base across a wide range of industry verticals Percentage of Card Payment Volume(2) B2B Deep domain expertise in compliance, underwriting and risk management Omni-channel payment options integrated into 100% of solution providers ARM Emerging software and payments platform in large and growing $420Bn(3) healthcare payments market Comprehensive, streamlined payments acceptance and communications solutions HEALTHCARE Expanding presence in nascent markets with increasing card penetration (i.e., energy) Best-in-class processing technology solutions for ISOs, acquirers and owned clients OTHER LOAN REPAYMENT 4 Management estimate, including TriSource, APS, Ventanex, cPayPlus, CPS Payments , BillingTree, Kontrol Payables and Payix as of 9/30/2022 As of 9/30/2022 Represents out-of-pocket payments to providers Market leader in personal loans, automotive loans and mortgage servicing Blue chip ISV partnerships and ~5,500(2) clients, including ~230(2) credit unions Recent expansions into adjacent Buy-Now-Pay-Later vertical as well as Canada

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Demonstrated Ability to Acquire and Successfully Integrate Businesses Represents a significant opportunity to enhance organic growth in existing verticals and accelerate entry into new markets and services Extend Solution Set viaNew Capabilities New Vertical Expansion Deepen Presence inExisting Verticals Back-end transaction processing capabilities, which enhance M&A strategy Value-add complex exception processing capabilities Expansion into the Healthcare, Automotive, Receivables Management, B2B Acquiring, B2B Healthcare, Mortgage Servicing, B2B AP Automation, BNPL verticals Accelerates expansion into Automotive, Credit Union and Receivables Management verticals THEME Demonstrated ability to source, acquire and integrate various targets across different verticals Dedicated team to manage robust M&A pipeline ACQUISITIONS RATIONALE 5 2017 2019 2016 2017 * 2019 * 2020 2020 * * 2020 * 2020 * 2021 2021 * * 2021 * 2021 * 2021 * *Completed since becoming a public company *

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*Majority of growth derived from further penetration of existing client base Multiple Levers to Continue to Drive Growth EXPAND USAGE AND INCREASE ADOPTION* ACQUIRE NEW CLIENTS IN EXISTING VERTICALS OPERATIONAL EFFICIENCIES FUTURE MARKET EXPANSION OPPORTUNITIES STRATEGIC M&A REPAY’s leading platform & attractive market opportunity position it to build on its record of robust growth & profitability EXECUTE ON EXISTING BUSINESS BROADEN ADDRESSABLE MARKET AND SOLUTIONS 5

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Richard Thornburgh Senior Advisor, Corsair Bob Hartheimer Former Managing Director, Promontory Experienced Board with Deep Payments Expertise John Morris CEO & Co-Founder Shaler Alias President & Co-Founder William Jacobs Former SVP, Mastercard / Board Member, Global Payments and Green Dot Peter Kight Chairman, Founder of CheckFree / Former Vice Chairman, Fiserv Paul Garcia Former Chairman and CEO, Global Payments Maryann Goebel Former CIO, Fiserv 9-member board of directors comprised of industry veterans and influential leaders in the financial services and payment industries Emnet Rios CFO and COO,Digital Asset 6

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3 REPAY Financial Overview

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Financial Highlights Low volume attrition and low risk portfolio Differentiated technology platform & ecosystem Deeply integrated with customer base Recurring transaction / volume-based revenue 2021 ANNUAL CARD PAYMENT VOLUME $20.5B SOFTWAREINTEGRATIONS(1) 236 CASH FLOWCONVERSION(2) 63% HISTORICAL CARD PAYMENTVOLUME CAGR(3) 38% HISTORICAL GROSS PROFIT CAGR(3) 44% HISTORICAL ADJUSTED EBITDA CAGR(3) 41% REPAY’s Unique Model Translates Into A Highly Attractive Financial Profile As of 9/30/2022 Cash Flow Conversion calculated as 2021A Adjusted Free Cash Flow / 2021A Adjusted EBITDA. See slide 27 for additional details CAGR is from 2019A-2021A

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Total Card Payment Volume ($Bn) Revenue ($MM) Significant Volume and Revenue Growth REPAY has generated strong, consistent volume growth, resulting in ~$20.5Bn in annual card processing volume in 2021 REPAY’s revenue growth has been strong, resulting in 45% CAGR from 2019 to 2021 42% 42% 44% 27% YoYGrowth 48% 35% YoYGrowth 38% CAGR 45% CAGR

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Gross Profit ($MM)(1) Adjusted EBITDA ($MM)(2) ...Translating into Accelerating Profitability Gross margins are improving due to a decrease in processing costs Highly scalable platform with attractive margins 75% 75% 73% 44% % Margin 41% CAGR 38% 43% % Margin 44% CAGR Gross profit represents revenue less costs of services See “Adjusted EBITDA Reconciliation” on slide 26

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Adjusted EBITDA Reconciliation Note: Financials have been updated to match the Company’s restated financials in its Form 10-K for the year ended December 31, 2021. For the year ended December 31, 2021, reflects amortization of customer relationships, non-compete agreement, software, and channel relationship intangibles acquired through the Business Combination, and customer relationships, non-compete agreement, and software intangibles acquired through REPAY’s acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS Payments, BillingTree and Kontrol Payables. For the year ended December 31, 2020 reflects amortization of customer relationships, non-compete agreement, software, and channel relationship intangibles acquired through the Business Combination, and customer relationships, non-compete agreement, and software intangibles acquired through REPAY’s acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus and CPS. This adjustment excludes the amortization of other intangible assets which were acquired in the regular course of business, such as capitalized internally developed software and purchased software. For the year ended December 31, 2019, reflects amortization of client relationships intangibles acquired through Hawk Parent’s acquisitions and the recapitalization transaction in 2016 and the acquisition of TriSource Solutions and APS Payments. This adjustment excludes the amortization of other intangible assets which were acquired in the regular course of business, such as capitalized internally developed software and purchased software. Reflects write-offs of debt issuance costs relating to Hawk Parent’s term loans. Reflects realized loss of REPAY’s interest rate hedging arrangement which terminated in conjunction with the repayment of Term Loans. Reflects the mark-to-market fair value adjustments of the warrant liabilities. Reflects the changes in management’s estimates of future cash consideration to be paid in connection with prior acquisitions from the amount estimated as of the most recent balance sheet date. Reflects the changes in management’s estimates of the fair value of the liability relating to the Tax Receivable Agreement. Represents compensation expense associated with equity compensation plans, totaling $22,311,251 in the year ended December 31, 2021, and totaling $19,445,800 in the year ended December 31, 2020, and totaling $22,922,265 in the year ended December 31, 2019. Primarily consists of (i) during the year ended December 31, 2021, professional service fees and other costs incurred in connection with the acquisitions of Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix, as well as professional service expenses related to the January 2021 equity and convertible notes offerings, and (ii) during the year ended December 31, 2020, professional service fees and other costs incurred in connection with the acquisition of CPS Payments, and additional transaction expenses incurred in connection with the Business Combination and the acquisitions of TriSource Solutions, APS Payments, Ventanex and cPayPlus, as well as professional service expenses related to the June 2020 and September 2020 equity offerings, and (iiI) during the year ended December 31, 2019, professional service fees and other costs in connection with the Business Combination, as well as the acquisitions of TriSource Solutions and APS Payments. Reflects management fees paid to Corsair Investments, L.P. pursuant to the management agreement, which terminated upon the completion of the Business Combination. Represents payments made to third-party recruiters in connection with a significant expansion of REPAY’s personnel, which REPAY expects will become more moderate in subsequent periods. Reflects franchise taxes and other non-income based taxes. Reflects consulting fees related to processing services and other operational improvements, including restructuring and integration activities related to acquired businesses, that were not in the ordinary course during the years ended December 31, 2021, 2020 and 2019. For the years ended December 31, 2021 and 2020, reflects extraordinary refunds to clients and other payments related to COVID-19. Additionally, in the year ended December 31, 2021, reflects non-cash rent expense and loss on disposal of fixed assets, and in the year ended December 31, 2020, reflects expenses incurred related to one-time accounting system and compensation plan implementation related to becoming a public company. For the year ended December 31, 2019, reflects expenses incurred related to other one-time legal and compliance matters, as well as a one-time credit issued to a customer which was not in the ordinary course of business. Represents fully discretionary charges incurred to restructure certain sales representatives’ commission arrangements, by making a one-time payment to the representative to buy out the right to receive future monthly commission payments associated with a portfolio of client contracts. The commission restructuring transactions are subject to negotiation and therefore do not follow a fixed structure, timetable or standard terms. Neither the Company nor the representatives are obligated to offer or accept such restructuring of commission arrangements. Beginning the quarter ended December 31, 2021, REPAY changed its method of calculating Adjusted EBITDA by removing the adjustment related to legacy commission restructuring charges. Does not include adjustments of $32.6 million and $15.4 million for the year ended December 31, 2020 and 2019, respectively, which were presented as pro forma adjustments in previously filed annual reports, for incremental depreciation and amortization recorded due to fair-value adjustments for Hawk Parent under ASC 805 as a result of Business Combination. ($MM) 2019A(15) 2020A(15) 2021A Net Loss ($70.6) ($117.4) ($56.0)         Interest Expense 9.1 14.4 3.7 Depreciation and Amortization(1) 30.0 60.8 89.7 Income Tax Benefit (5.0) (12.4) (30.7) EBITDA ($36.5) ($54.5) $6.6         Loss on extinguishment of debt(2) 1.4 – 5.9 Loss on termination of interest rate hedge(3) – – 9.1 Non-cash change in fair value of warrant liabilities(4) 15.3 70.8 – Non-cash change in fair value of contingent consideration(5) – (2.5) 5.8 Non-cash change in fair value of assets and liabilities(6) 1.6 12.4 14.1 Share-based compensation expense(7) 22.9 19.4 22.3 Transaction expenses(8) 40.1 10.9 19.3 Management fees(9) 0.2 – – Employee recruiting costs(10) 0.1 0.2 0.6 Other taxes(11) 0.2 0.4 1.0 Restructuring and other strategic initiative costs(12) 0.4 1.1 4.6 Other non-recurring charges(13) 0.2 1.2 3.9 Adjusted EBITDA, revised definition $45.9 $59.6 $93.2         Revised definition no longer adjusts for:       Commission restructuring charges(14) 2.6 8.6 2.5 Adjusted EBITDA, previous definition $48.4 $68.2 $95.7

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Adjusted Free Cash Flow Reconciliation Excludes purchase of equity investment. Primarily consists of professional service fees and other costs incurred in connection with the acquisitions of Ventanex, cPayPlus, CPS, BillingTree, Kontrol and Payix, as well as professional service expenses related to the January 2021 equity and convertible notes offerings during the year ended December 31, 2021. Reflects consulting fees related to our processing services and other operational improvements, including restructuring and integration activities related to our acquired businesses, that were not in the ordinary course during the year ended December 31, 2021. For the year ended December 31, 2021, reflects payments made to third-party recruiters in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, extraordinary refunds to clients and other payments related to COVID-19, trade names impairment, non-cash rent expense and loss on disposal of fixed assets. Represents Adjusted free cash flow / Adjusted EBITDA. ($MM)   2021A Net Cash provided by Operating Activities $53.3 Capital expenditures     Cash paid for property and equipment   (2.9) Cash paid for intangible assets (20.6) Total capital expenditures(1)   (23.5) Free Cash Flow $29.8 Adjustments     Transaction expenses(2) 19.3 Restructuring and other strategic initiative costs(3)   4.6 Other non-recurring charges(4) 5.4 Adjusted free cash flow   $59.1 Adjusted EBITDA   $93.2 Adjusted free cash flow conversion(5)   63%

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Thank you