false000172059200017205922024-02-292024-02-29

 

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): February 29, 2024

 

 

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 February 29, 2024, Repay Holdings Corporation (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter and year ended December 31, 2023.

 

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 February 29, 2024, 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 February 29, 2024 by Repay Holdings Corporation
99.2*				Earnings Supplement, dated February 2024
99.3*				Investor Presentation, dated February 2024
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: February 29, 2024	By:	/s/ Timothy J. Murphy
		Timothy J. Murphy
		Chief Financial Officer

 

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REPAY Reports Fourth Quarter and Full Year 2023 Financial Results

 

Gross Profit Growth of 2% in Q4 and 6% Full Year 2023

Normalized Organic Gross Profit Growth1 of 13% in Q4 and 13% for Full Year 2023

Provides 2024 Outlook for Acceleration in Free Cash Flow Conversion

 

ATLANTA, February 29, 2024 -- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of vertically-integrated payment solutions, today reported financial results for its fourth quarter and full year ended December 31, 2023.

 

Fourth Quarter 2023 Financial Highlights

 

($ in millions)		Q4 2022				Q1 2023				Q2 2023				Q3 2023				Q4 2023				YoY Change
Card payment volume		$	6,611.8			$	6,591.3			$	6,254.4			$	6,401.3			$	6,421.0			(3%)
Revenue			72.7				74.5				71.8				74.3				76.0			5%
Gross profit (1)			57.8				56.6				54.9				56.7				58.7			2%
Net loss (2)			(8.2	)			(27.9	)			(5.3	)			(6.5	)			(77.7	)		-
Adjusted EBITDA (3)			36.0				31.2				30.3				31.9				33.5			(7%)

 

“We closed out the year seeing the continued demand from existing clients adopting more payment capabilities, and new clients demonstrating the need for our powerful payment technology. REPAY delivered solid performance in the fourth quarter, with normalized organic revenue and gross profit growth1 of 14% and 13%, respectively,” said John Morris, CEO of REPAY. We have become a one-stop platform to optimize payment streams and are consistently working to capture new payment flows while enhancing client relationships with many value-added services.”

 

Fourth Quarter 2023 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.

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Segments

 

The Company reports its financial results based on two reportable segments.

 

Consumer Payments – The Consumer Payments segment provides payment processing solutions (including debit and credit card processing, Automated Clearing House (“ACH”) processing and other electronic payment acceptance solutions, as well as REPAY’s loan disbursement product) that enable its clients to collect payments and disburse funds to consumers and includes its clearing and settlement solutions (“RCS”). RCS is REPAY’s proprietary clearing and settlement platform through which it markets customizable payment processing programs to other ISOs and payment facilitators. The strategic vertical markets served by the Consumer Payments segment primarily include personal loans, automotive loans, receivables management, credit unions, mortgage servicing, consumer healthcare and diversified retail.

 

Business Payments – The Business Payments segment provides payment processing solutions (including accounts payable automation, debit and credit card processing, virtual credit card processing, ACH processing and other electronic payment acceptance solutions) that enable REPAY’s clients to collect or send payments to other businesses. The strategic vertical markets served within the Business Payments segment primarily include retail automotive, education, field services, governments and municipalities, healthcare, media, homeowner association management and hospitality.

 

Segment Card Payment Volume, Revenue, Gross Profit, and Gross Profit Margin

 

		Three Months Ended December 31,										Year Ended December 31,
($ in thousand)		2023 (Unaudited)				2022 (Unaudited)				% Change		2023				2022				% Change
Card payment volume
Consumer Payments		$	5,361,683			$	5,009,527			7%		$	21,419,047			$	20,156,495			6%
Business Payments			1,059,276				1,602,295			(34%)			4,248,916				5,482,359			(22%)
Total card payment volume		$	6,420,959			$	6,611,822			(3%)		$	25,667,963			$	25,638,854			0%
Revenue
Consumer Payments		$	71,124			$	64,300			11%		$	275,708			$	248,191			11%
Business Payments			9,850				12,334			(20%)			38,058				42,600			(11%)
Elimination of intersegment revenues			(4,987	)			(3,961	)					(17,139	)			(11,564	)
Total revenue		$	75,987			$	72,673			5%		$	296,627			$	279,227			6%
Gross profit (1)
Consumer Payments		$	56,168			$	53,090			6%		$	216,096			$	195,542			11%
Business Payments			7,545				8,648			(13%)			27,967				30,423			(8%)
Elimination of intersegment revenues			(4,987	)			(3,961	)					(17,139	)			(11,564	)
Total gross profit		$	58,726			$	57,777			2%		$	226,924			$	214,401			6%
Total gross profit margin (2)		77%				80%						77%				77%

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2024 Outlook

 

“In 2024, we expect Adjusted EBITDA to grow faster than gross profit, and we also expect to reduce capital expenditures, leading to an acceleration of cash conversion,” said Tim Murphy, CFO of REPAY. “We expect Free Cash Flow Conversion to improve throughout 2024 as we realize the benefits from investments we’ve made in sales, product, and technology over the past several years. We have always focused on profitable growth, refining processes across the business where we can scale through automation while also maintaining investments towards innovation.”

 

REPAY expects the following financial results for full year 2024.

 

	Full Year 2024 Outlook
Revenue	$314 - 320 million
Gross Profit	$245 - 250 million
Adjusted EBITDA	$139 - 142 million
Free Cash Flow Conversion	~ 60%

REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures, such as forecasted 2024 Adjusted EBITDA and Free Cash Flow Conversion, 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 a 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 fourth quarter and full year 2023 financial results today, February 29, 2024 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 13743368. 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 business disposition, non-cash change in fair value of contingent consideration, non-cash impairment loss, 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, loss on business disposition, non-cash charges and/or non-recurring charges, such as non-cash change in fair value of contingent consideration, non-cash impairment loss, non-cash change in fair value of

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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 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 months and years ended December 31, 2023 and 2022 (excluding shares subject to forfeiture). Normalized organic revenue growth is a non-GAAP financial measure that represents year-on-year revenue growth that excludes incremental revenue attributable to acquisitions, dispositions and REPAY’s media payments business related to the cyclical political media spending in the applicable prior period or any subsequent period. 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 and divestitures made in the applicable prior period or any subsequent period. Normalized organic gross profit growth is a non-GAAP financial measure that represents year-on-year organic gross profit growth that excludes incremental gross profit attributable to REPAY’s media payments business related to the cyclical political media spending in the applicable prior period or any subsequent period. Free Cash Flow is a non-GAAP financial measure that represents net cash flow provided by operating activities less total capital expenditures. Free Cash Flow Conversion represents Free Cash Flow divided by Adjusted EBITDA. REPAY believes that Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, normalized organic revenue growth, organic gross profit growth, normalized organic gross profit growth, Free Cash Flow and Free Cash Flow Conversion provide useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, these non-GAAP financial measures 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 as the same 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 REPAY’s non-GAAP financial measures 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.

 

 

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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 2024 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 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, 2023, 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 bank failures or other adverse events affecting financial institutions, inflationary pressures, general economic slowdown or recession; 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.

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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:

ir@repay.com

 

Media Relations Contact for REPAY:

Kristen Hoyman

(404) 637-1665

khoyman@repay.com

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Consolidated Statements of Operations

 

		Three Months ended December 31,								Year ended December 31,
($ in thousands, except per share data)		2023 (Unaudited)				2022 (Unaudited)				2023				2022
Revenue		$	75,987			$	72,673			$	296,627			$	279,227
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)		$	17,261				14,896			$	69,703			$	64,826
Selling, general and administrative			36,679				41,682				148,653				149,061
Depreciation and amortization			24,711				25,309				103,857				107,751
Change in fair value of contingent consideration			—				990				—				(3,300	)
Loss on business disposition			—				—				10,027				—
Impairment loss			75,750				8,090				75,800				8,090
Total operating expenses		$	154,401			$	90,967			$	408,040			$	326,428
Loss from operations		$	(78,414	)		$	(18,294	)		$	(111,413	)		$	(47,201	)
Interest (expense) income, net			365				(1,117	)			(1,048	)			(4,245	)
Change in fair value of tax receivable liability			(2,903	)			11,390				(6,619	)			66,871
Other (loss) income			(145	)			(384	)			(455	)			(510	)
Total other income (expense)			(2,683	)			9,889				(8,122	)			62,116
Income (loss) before income tax benefit (expense)			(81,097	)			(8,405	)			(119,535	)			14,915
Income tax benefit (expense)			3,423				240				2,115				(6,174	)
Net income (loss)		$	(77,674	)		$	(8,165	)		$	(117,420	)		$	8,741
Net loss attributable to non-controlling interest			(4,387	)			(1,493	)			(6,930	)			(4,095	)
Net income (loss) attributable to the Company		$	(73,287	)		$	(6,672	)		$	(110,490	)		$	12,836
Weighted-average shares of Class A common stock outstanding - basic			91,206,870				88,519,236				90,048,638				88,792,453
Weighted-average shares of Class A common stock outstanding - diluted			91,206,870				88,519,236				90,048,638				110,671,731
Income (loss) per Class A share - basic		$	(0.80	)		$	(0.08	)		$	(1.23	)		$	0.14
Income (loss) per Class A share - diluted		$	(0.80	)		$	(0.08	)		$	(1.23	)		$	0.12

 

 

 

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Consolidated Balance Sheets

 

($ in thousands)		December 31, 2023				December 31, 2022
Assets
Cash and cash equivalents		$	118,096			$	64,895
Accounts receivable			36,017				33,544
Prepaid expenses and other			15,209				18,213
Total current assets			169,322				116,652
Property, plant and equipment, net			3,133				4,375
Restricted cash			26,049				28,668
Intangible assets, net			447,141				500,575
Goodwill			716,793				827,813
Operating lease right-of-use assets, net			8,023				9,847
Deferred tax assets			146,872				136,370
Other assets			2,500				2,500
Total noncurrent assets			1,350,511				1,510,148
Total assets		$	1,519,833			$	1,626,800
Liabilities
Accounts payable		$	22,030			$	21,781
Related party payable			—				1,000
Accrued expenses			32,906				29,016
Current operating lease liabilities			1,629				2,263
Current tax receivable agreement			580				24,454
Other current liabilities			318				3,593
Total current liabilities			57,463				82,107
Long-term debt			434,166				451,319
Noncurrent operating lease liabilities			7,247				8,295
Tax receivable agreement, net of current portion			188,331				154,673
Other liabilities			1,838				2,113
Total noncurrent liabilities			631,582				616,400
Total liabilities		$	689,045			$	698,507
Commitments and contingencies
Stockholders' equity
Class A common stock, $0.0001 par value; 2,000,000,000 shares authorized, 92,220,494 issued and 90,803,984 outstanding as of December 31, 2023; 89,354,754 issued and 88,276,613 outstanding as of December 31, 2022			9				9
Class V common stock, $0.0001 par value; 1,000 shares authorized and 100 shares issued and outstanding as of December 31, 2023 and 2022			—				—
Treasury stock, 1,416,510 and 1,078,141 shares as of December 31, 2023 and December 31, 2022, respectively			(12,528	)			(10,000	)
Additional paid-in capital			1,151,327				1,117,736
Accumulated other comprehensive loss			(3	)			(3	)
Accumulated deficit			(323,670	)			(213,180	)
Total Repay stockholders’ equity			815,135				894,562
Non-controlling interests			15,653				33,731
Total equity		$	830,788			$	928,293
Total liabilities and equity		$	1,519,833			$	1,626,800

 

 

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Consolidated Statements of Cash Flows

 

		Year Ended December 31,
($ in thousands)		2023				2022
Cash flows from operating activities
Net income (loss)		$	(117,420	)		$	8,741
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			103,857				107,751
Stock based compensation			22,156				20,255
Amortization of debt issuance costs			2,847				2,834
Loss on business disposition			10,027				—
Other loss			238				245
Fair value change in tax receivable agreement liability			6,619				(66,871	)
Fair value change in contingent consideration			—				(3,300	)
Impairment loss			75,800				8,090
Payments of contingent consideration in excess of acquisition date fair value			—				(8,896	)
Deferred tax expense (benefit)			(3,594	)			4,192
Change in accounts receivable			(3,986	)			696
Change in prepaid expenses and other			2,936				(5,786	)
Change in operating lease ROU assets			1,328				653
Change in accounts payable			(189	)			1,698
Change in related party payable			—				(347	)
Change in accrued expenses and other			3,890				2,197
Change in operating lease liabilities			(1,388	)			(523	)
Change in other liabilities			493				2,594
Net cash provided by operating activities			103,614				74,223
Cash flows from investing activities
Purchases of property and equipment			(733	)			(3,176	)
Purchases of intangible assets			(13,545	)			(2,750	)
Capitalized software development costs			(50,083	)			(33,615	)
Proceeds from sale of business, net of cash retained			40,273				—
Net cash used in investing activities			(24,088	)			(39,541	)
Cash flows from financing activities
Payments on long-term debt			(20,000	)			—
Shares repurchased under Incentive Plan and ESPP			(1,891	)			(2,657	)
Treasury shares repurchased			(2,528	)			(10,000	)
Distributions to Members			(3,525	)			(951	)
Payments of contingent consideration up to acquisition date fair value			(1,000	)			(3,851	)
Net cash provided by (used in) financing activities			(28,944	)			(17,459	)
Increase (decrease) in cash, cash equivalents and restricted cash			50,582				17,223
Cash, cash equivalents and restricted cash at beginning of period		$	93,563			$	76,340
Cash, cash equivalents and restricted cash at end of period		$	144,145			$	93,563
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest		$	1,024			$	1,540

 

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Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA

For the Three Months Ended December 31, 2023 and 2022

(Unaudited)

 

		Three Months Ended December 31,
($ in thousands)		2023				2022
Revenue		$	75,987			$	72,673
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)		$	17,261			$	14,896
Selling, general and administrative			36,679				41,682
Depreciation and amortization			24,711				25,309
Change in fair value of contingent consideration			—				990
Impairment loss			75,750				8,090
Total operating expenses		$	154,401			$	90,967
Loss from operations		$	(78,414	)		$	(18,294	)
Other (expense) income
Interest (expense) income, net			365				(1,117	)
Change in fair value of tax receivable liability			(2,903	)			11,390
Other (loss) income			(145	)			(384	)
Total other income (expense)			(2,683	)			9,889
Income (loss) before income tax benefit (expense)			(81,097	)			(8,405	)
Income tax benefit (expense)			3,423				240
Net income (loss)		$	(77,674	)		$	(8,165	)
Add:
Interest expense (income), net			(365	)			1,117
Depreciation and amortization (a)			24,711				25,309
Income tax (benefit) expense			(3,423	)			(240	)
EBITDA		$	(56,751	)		$	18,021
Non-cash change in fair value of contingent consideration (b)			—				990
Non-cash impairment loss (c)			75,750				8,090
Non-cash change in fair value of assets and liabilities (d)			3,778				(11,390	)
Share-based compensation expense (e)			5,899				5,990
Transaction expenses (f)			921				2,877
Restructuring and other strategic initiative costs (g)			3,372				3,705
Other non-recurring charges (h)			520				7,599
Adjusted EBITDA		$	33,489			$	35,882

 

 

 

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Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA

For the Years Ended December 31, 2023 and 2022

(Unaudited)

 

		Year Ended December 31,
($ in thousands)		2023				2022
Revenue		$	296,627			$	279,227
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)		$	69,703			$	64,826
Selling, general and administrative			148,653				149,061
Depreciation and amortization			103,857				107,751
Change in fair value of contingent consideration			—				(3,300	)
Loss on business disposition			10,027				—
Impairment loss			75,800				8,090
Total operating expenses		$	408,040			$	326,428
Loss from operations		$	(111,413	)		$	(47,201	)
Interest (expense) income, net			(1,048	)			(4,245	)
Change in fair value of tax receivable liability			(6,619	)			66,871
Other (loss) income			(455	)			(510	)
Total other income (expense)			(8,122	)			62,116
Income (loss) before income tax benefit (expense)			(119,535	)			14,915
Income tax benefit (expense)			2,115				(6,174	)
Net income (loss)		$	(117,420	)		$	8,741
Add:
Interest expense (income), net			1,048				4,245
Depreciation and amortization (a)			103,857				107,751
Income tax (benefit) expense			(2,115	)			6,174
EBITDA		$	(14,630	)		$	126,911
Loss on business disposition (i)			10,027				—
Loss on extinguishment of debt (j)			—				—
Loss on termination of interest rate hedge (k)			—				—
Non-cash change in fair value of contingent consideration (b)			—				(3,300	)
Non-cash impairment loss (c)			75,800				8,090
Non-cash change in fair value of assets and liabilities (d)			7,494				(66,871	)
Share-based compensation expense (e)			22,156				20,532
Transaction expenses (f)			8,523				18,993
Restructuring and other strategic initiative costs (g)			11,908				7,870
Other non-recurring charges (h)			5,528				12,294
Adjusted EBITDA		$	126,806			$	124,519

 

 

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

For the Three Months Ended December 31, 2023 and 2022

(Unaudited)

 

		Three Months Ended December 31,
($ in thousands)		2023				2022
Revenue		$	75,987			$	72,673
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)		$	17,261			$	14,896
Selling, general and administrative			36,679				41,682
Depreciation and amortization			24,711				25,309
Change in fair value of contingent consideration			—				990
Impairment loss			75,750				8,090
Total operating expenses		$	154,401			$	90,967
Loss from operations		$	(78,414	)		$	(18,294	)
Interest (expense) income, net			365				(1,117	)
Change in fair value of tax receivable liability			(2,903	)			11,390
Other (loss) income			(145	)			(384	)
Total other income (expense)			(2,683	)			9,889
Income (loss) before income tax benefit (expense)			(81,097	)			(8,405	)
Income tax benefit (expense)			3,423				240
Net income (loss)		$	(77,674	)		$	(8,165	)
Add:
Amortization of acquisition-related intangibles (l)			20,969				19,549
Non-cash change in fair value of contingent consideration (b)			—				990
Non-cash impairment loss (c)			75,750				8,090
Non-cash change in fair value of assets and liabilities(d)			3,778				(11,390	)
Share-based compensation expense (e)			5,899				5,990
Transaction expenses (f)			921				2,877
Restructuring and other strategic initiative costs (g)			3,372				3,705
Other non-recurring charges (h)			520				7,599
Non-cash interest expense (m)			712				712
Pro forma taxes at effective rate (n)			(7,906	)			(8,157	)
Adjusted Net Income		$	26,341			$	21,800
Shares of Class A common stock outstanding (on an as-converted basis) (o)			97,063,687				96,388,127
Adjusted Net Income per share		$	0.27			$	0.23

 

 

 

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

For the Years Ended December 31, 2023 and 2022

(Unaudited)

 

		Year Ended December 31,
($ in thousands)		2023				2022
Revenue		$	296,627			$	279,227
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)		$	69,703			$	64,826
Selling, general and administrative			148,653				149,061
Depreciation and amortization			103,857				107,751
Change in fair value of contingent consideration			—				(3,300	)
Loss on business disposition			10,027				—
Impairment loss			75,800				8,090
Total operating expenses		$	408,040			$	326,428
Loss from operations		$	(111,413	)		$	(47,201	)
Interest (expense) income, net			(1,048	)			(4,245	)
Change in fair value of tax receivable liability			(6,619	)			66,871
Other (loss) income			(455	)			(510	)
Total other income (expense)			(8,122	)			62,116
Income (loss) before income tax benefit (expense)			(119,535	)			14,915
Income tax benefit (expense)			2,115				(6,174	)
Net income (loss)		$	(117,420	)		$	8,741
Add:
Amortization of acquisition-related intangibles (l)			81,642				89,473
Loss on business disposition (i)			10,027				—
Loss on extinguishment of debt (j)			—				—
Loss on extinguishment of interest rate hedge (k)			—				—
Non-cash change in fair value of contingent consideration (b)			—				(3,300	)
Non-cash impairment loss (c)			75,800				8,090
Non-cash change in fair value of assets and liabilities (d)			7,494				(66,871	)
Share-based compensation expense (e)			22,156				20,532
Transaction expenses (f)			8,523				18,993
Restructuring and other strategic initiative costs (g)			11,908				7,870
Other non-recurring charges (h)			5,528				12,294
Non-cash interest expense (m)			2,848				2,835
Pro forma taxes at effective rate (n)			(23,564	)			(18,871	)
Adjusted Net Income		$	84,942			$	79,786
Shares of Class A common stock outstanding (on an as-converted basis) (o)			96,850,559				96,684,629
Adjusted Net Income per share		$	0.88			$	0.83

 

 

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Reconciliation of Operating Cash Flow to Free Cash Flow

For the Three Months and Years Ended December 31, 2023 and 2022

(Unaudited)

 

		Three Months ended December 31,								Year Ended December 31,
($ in thousands)		2023				2022				2023				2022
Net cash provided by operating activities		$	34,863			$	21,831			$	103,614			$	74,223
Capital expenditures
Cash paid for property and equipment			(183	)			(553	)			(733	)			(3,176	)
Capitalized software development costs			(12,893	)			(7,383	)			(50,083	)			(33,615	)
Total capital expenditures			(13,076	)			(7,936	)			(50,816	)			(36,791	)
Free cash flow		$	21,787			$	13,895			$	52,798			$	37,432
Free cash flow conversion (p)			65	%			39	%			42	%			30	%

 

 

Reconciliation of Revenue Growth to Organic Revenue Growth and Normalized Organic Revenue Growth

For the Year-over-Year Change Between the Three Months Ended December 31, 2023 and 2022

(Unaudited)

 

		Q4 YoY Change
Total Revenue growth			5	%
Less: Growth from acquisitions and dispositions			(5	%)
Organic revenue growth (q)			10	%
Less: Growth from contributions related to political media			(4	%)
Normalized organic revenue growth (r)			14	%

 

 

Reconciliation of Gross Profit Growth to Organic Gross Profit Growth and Normalized Organic Gross Profit Growth by Segment

For the Year-over-Year Change Between the Three Months Ended December 31, 2023 and 2022

(Unaudited)

 

		Consumer Payments				Business Payments				Total
Gross profit growth			6	%			(13	%)			2	%
Less: Growth from acquisitions and dispositions			(7	%)			—				(6	%)
Organic gross profit growth (s)			13	%			(13	%)			8	%
Less: Growth from contributions related to political media			—				(38	%)			(5	%)
Normalized organic gross profit growth (t)			13	%			25	%			13	%

 

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Reconciliation of Gross Profit Growth to Organic Gross Profit Growth and Normalized Organic Gross Profit Growth

For the Year-over-Year Change Between the Years Ended December 31, 2023 and 2022

(Unaudited)

 

		FY 2023 YoY Change
Gross profit growth			6	%
Less: Growth from acquisitions and dispositions			(4	%)
Organic gross profit growth (s)			10	%
Less: Growth from contributions related to political media			(3	%)
Normalized organic gross profit growth (t)			13	%

 

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		Three months ended December 31,								Year ended December 31,
($ in thousands)		2023				2022				2023				2022
Acquisition-related intangibles		$	20,969			$	19,549			$	81,642			$	89,473
Software			3,150				5,067				19,789				15,921
Amortization		$	24,119			$	24,616			$	101,431			$	105,394
Depreciation			592				693				2,426				2,357
Total Depreciation and amortization (1)		$	24,711			$	25,309			$	103,857			$	107,751

 

 

 

		Three Months Ended December 31,				Year Ended December 31,
		2023		2022		2023		2022
Weighted average shares of Class A common stock outstanding - basic		91,206,870		88,519,236		90,048,638		88,792,453
Add: Non-controlling interests          Weighted average Post-Merger Repay Units exchangeable for Class A common stock		5,856,817		7,868,891		6,801,921		7,892,176
Shares of Class A common stock outstanding (on an as-converted basis)		97,063,687		96,388,127		96,850,559		96,684,629

 

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Q4 2023 Earnings Supplement February 2024 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, Thunder Bridge Acquisition Ltd. (“Thunder Bridge”) and Hawk Parent Holdings LLC (“Hawk Parent”) completed their previously announced business combination under which Thunder Bridge acquired Hawk Parent, upon which Thunder Bridge changed its name to Repay Holdings Corporation. 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 2024 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, 2023, 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 bank failures or other adverse events affecting financial institutions, inflationary pressures, general economic slowdown or recession; 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 business disposition, 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 EBITDA margin is a non-GAAP financial measure that represents Adjusted EBITDA divided by GAAP revenue. 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 business disposition, 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. Each of “organic card payment volume growth,” “organic revenue growth,” and “organic gross profit (GP) growth” is a non-GAAP financial measure that represents the percentage change in the applicable metric for a fiscal period over the comparable prior fiscal period, exclusive of any incremental amount attributable to acquisitions or divestitures made in the comparable prior fiscal period or any subsequent fiscal period through the applicable current fiscal period. Any financial measure (whether GAAP or non-GAAP) that is modified by “excl. political media” or “normalized” (such as Normalized Organic GP Growth) is a non-GAAP financial measure that measures a defined growth rate exclusive of the estimated contribution from political media clients in the prior corresponding period. Free Cash Flow is a non-GAAP financial measure that represents net cash flow provided by operating activities less total capital expenditures.. Free Cash Flow Conversion represents Free Cash Flow divided by Adjusted EBITDA. REPAY believes that each of the non-GAAP financial measures referenced in this paragraph provide useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, these non-GAAP financial measures 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 with the same or similar description, 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 each of the non-GAAP financial measures referenced in this paragraph 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 profitable growth, while being focused on accelerating FCF conversion in 2024 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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Financial Update – Q4 2023 ($MM) Revenue Gross Profit Adjusted EBITDA (2) Organic growth, excluding political media is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 32 for reconciliation Adjusted EBITDA is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 25 for reconciliation. Adjusted EBITDA margin represents adjusted EBITDA / revenue Decline in year-over-year Adjusted EBITDA and margin due to the divestiture of Blue Cow Software and political media contributions in Q4 2022 Take rate represents revenue / card payment volume Gross profit margin represents gross profit / revenue 80% 77% % Margin (5) 49% 44% (3) % Margin (2) 1.10% 1.18% Take Rate (4) 13% y/y organic growth, excl. political media (1) 14% y/y organic growth, excl. political media (1) (3)

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Growth by Segment – Q4 2023 ($MM) Organic growth, excluding political media is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 32 for reconciliation Includes the impact from Intercompany eliminations Gross Profit Margin 79.5% 77.3% 14% y/y organic, excl. political media (1) Take Rate 1.10% 1.18% 13% y/y organic, excl. political media (1) Organic GP growth, excl. political media (1) Consumer Payments 13% Business Payments 25% Total Company (2) 13%

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FY 2023 Financial Highlights Gross profit represents revenue less costs of services Organic growth, excluding political media is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures.” See slides 30 and 31 for reconciliation Adjusted EBITDA is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 26 for reconciliation. Adjusted EBITDA margin represents adjusted EBITDA / revenue CARD PAYMENT VOLUME $25.7bn (+6% organic, excl. political media)(2) REVENUE ADJUSTED EBITDA(3) REPAY’s Unique Model Translates Into a Highly Attractive Financial Profile (Represents YoY Growth) $296.6MM (+12% organic, excl. political media)(2) GROSS PROFIT(1) $226.9MM (+13% organic, excl. political media)(2) $126.8MM 43% margin

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FY 2023 Gross Profit Bridge ($MM) New GP Dollars Political media impact Divestiture impact FY 2023 Gross Profit growth 6% Divestiture impact (4%) Organic Gross Profit Growth (1) 10% Political media impact (3%) Normalized Organic GP Growth (2) 13% Organic gross profit (or GP) growth is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 31 for reconciliation Normalized organic GP growth is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 31 for reconciliation

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Consumer Payments Results – FY 2023 ($MM) Key Business Highlights Strength across personal loans, credit unions, and mortgage servicing Winning large enterprise clients who are adopting more payment channels and modalities Take rates continued to benefit from our non-card volume-based businesses Executing on integration refreshes to further penetrate software partnerships, which leads to confidence in our sales pipeline Gross Profit Margin 78.8% 78.4% Take Rate 1.23% 1.29% 15% y/y organic growth (1) (11% y/y growth, as reported) 16% y/y organic growth (1) (11% y/y growth, as reported) Organic growth is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 31 for reconciliation

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Strong sales pipeline within healthcare, property management, auto, and municipality verticals via direct sales and new / refreshed integrations Increased our AP Supplier Network to over 261,000 suppliers Gross Profit growth impacted by lapping political media Sustained momentum of high-teens y/y growth, excluding political media GP margins benefited from processing costs optimization and automation initiatives Business Payments Results – FY 2023 ($MM) Key Business Highlights Gross Profit Margin 71.4% Take Rate 0.78% Revenue and gross profit growth, excluding political media are non-GAAP financial measures. See slide 1 under “Non-GAAP Financial Measures” and slide 31 for reconciliation 3% y/y growth, excl. political media (1) 10% y/y growth, excl. political media (1) (-11% y/y growth, as reported) (-8% y/y growth, as reported) 73.5% 0.90%

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Calculated using 2023 adjusted EBITDA, excluding estimated contribution from Blue Cow Focused on Maintaining Significant Liquidity Preserve liquidity and profitability through: Hiring focused on revenue generating / supporting roles Limited discretionary expenses Negotiations with vendors Business continues to show high cash flow conversion Continued investments in organic growth Committed to Prudently Managing Leverage Total Outstanding Debt comprised of 0% coupon on $440 million Convertible Note with 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) Paid down $20 million balance on February 28, 2023 Leverage Total Debt $440 MM Cash on Hand $118 MM Net Debt $322 MM Net Leverage(1) 2.6x Liquidity Cash on Hand $118 MM Revolver Capacity $185 MM Total Liquidity $303 MM Strong Liquidity Position as of December 31, 2023

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FY 2024 Outlook REVENUE GROSS PROFIT ADJUSTED EBITDA FREE CASH FLOW CONVERSION (1) $314 – $320MM $245 – $250MM $139 – $142MM ~60% Note: REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures such as forecasted Adjusted EBITDA, Free Cash Flow, and Free Cash Flow Conversion 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 Free Cash Flow Conversion represents Free Cash Flow / Adjusted EBITDA REPAY expects the following financial results for full year 2024 ~44% Margins ~78% Margins

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FY 2024 Gross Profit Outlook Bridge Blue Cow divestiture Existing Client Growth (1) Political media contribution (1) $245 - $250 New Client Growth (1) Management estimates as of 2/29/2024 (In $ Millions)

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FY 2024 Outlook Bridge Free Cash Flow Conversion represents Free Cash Flow / Adjusted EBITDA Free Cash Flow Conversion (1) Gross Profit & Adjusted EBITDA $245 - $250 $139 - $142 Adjusted EBITDA to grow faster than Gross Profit… (In $ Millions) … combined with Capex reduction, FCF Conversion to accelerate ~

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History of Sustained Growth Across All Key Metrics… Revenue (1) Card Payment Volume Adjusted EBITDA(2) Gross Profit (1) (In $ Billions) (In $ Millions) (In $ Millions) (In $ Millions) 14% CAGR 18% CAGR 20% CAGR 18% CAGR Consumer Payments Business Payments Consolidated Consolidated totals include the elimination of intersegment revenues Adjusted EBITDA is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 25 for reconciliation of Q4-2023 and Q4-2022. For other periods shown, see the reconciliations provided in the Company’s previous filings on Form 10-K or Form 10-Q with respect to such period ended.

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…With Expanding Take Rates and Gross Profit Margins Gross Profit Margin Take Rate

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2 Strategy & Business Updates

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Acquire New Clients in Existing Verticals With Our Q4 2023 Performance We SeeMultiple Levers to Continue to Drive Growth Q4 2023 Normalized Organic GP Growth 13% 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 Consumer Payments growth from further penetration of existing client base Majority of Business Payments growth from acquiring new clients

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ADDED NEW CLIENTS VIA DIRECT SALESFORCE ACROSS ALL VERTICALS 262 SOFTWARE PARTNER RELATIONSHIPS(1), INCLUDING: As of 12/31/2023 Third-party research and management estimates as of 12/31/2023 Executing on Growth Plan BROADEN ADDRESSABLE MARKET AND SOLUTIONS ERP & accounting software integrations provide vertical agnostic opportunities Expanded TAM to ~$5.2 trillion(2) through strategic M&A 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 $302 million(1) to pursue deals Engaged ~45 software developers thus farthrough relationship with Protego in Ireland to enhance and accelerate new product and research & development capabilities EXPANDING EXISTING BUSINESS CONSUMER PAYMENTS BUSINESS PAYMENTS Ended Q4 2023 with 276 credit union clients VISA ACCEPTANCE FASTRACK PROGRAM

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Ample Runway in Consumer Payments Third-party research and management estimates as of 12/31/2023 Evolving consumer preferences and technology are requiring clients to embrace payment digitization TOTAL ADDRESSABLE MARKET(1) $1.8Tn VERTICAL END MARKETS 6 ISV INTEGRATION PARTNERS 165 REPAY’s integrated payment processing platform automates and modernizes our clients' operations, resulting in increased cash flow, lower costs, and improved customer experience Loan repayments expertise is core to our efficiency: from tokenization to our clearing & settlement engine Instant Funding accelerates the time at which borrowers receive loans while increasing digital repayments Multipronged go-to-market approach leverages both direct and indirect sales Continuing to invest into deeper ISV integrations, product innovation, and vertical specific technologies

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Consumer Payments Offering Omnichannel Capabilities across Modalities Clients in REPAY’s verticals look to partner with innovative vendors that can provide evolving payment functionality and acceptance solutions Credit and Debit Card Processing ACH Processing Instant Funding eCash New & Emerging Payments Virtual Terminal IVR / Phone Pay Mobile Application Web Portal / Online Bill Pay Hosted Payment Page POS Equipment Text Pay PAYMENT MODALITIES PAYMENT CHANNELS REPRESENTATIVE CLIENTS

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REPAY’s Growing Business Payments Segment Third-party research and management estimates as of 12/31/2023 $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+ SUPPLIER NETWORK ~261,000 B2B INTEGRATED SOFTWARE PARTNERS 97 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 B2B Merchant Acquiring B2B AP Automation

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

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3 Appendix

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Q4 2023 Financial Update Note: Not meaningful (NM) for comparison SG&A includes expense associated with non-cash impairment loss, the change in fair value of tax receivable liability, change in fair value of contingent consideration, loss on extinguishment of debt, and other income / expenses See “Adjusted EBITDA Reconciliation” on slide 25 for reconciliation of Adjusted EBITDA to its most comparable GAAP measure See “Adjusted Net Income Reconciliation” on slide 27 for reconciliation of Adjusted Net Income to its most comparable GAAP measure THREE MONTHS ENDED DECEMBER 31 CHANGE $MM 2023 2022 AMOUNT %           Card Payment Volume $6,421.0 $6,611.8 ($190.9) (3%) Revenue $76.0 $72.7 $3.3 5% Costs of Services 17.3 14.9 2.4 16% Gross Profit $58.7 $57.8 $0.9 2% SG&A(1) 115.5 39.8 75.7 NM EBITDA ($56.8) $18.0 ($74.8) NM Depreciation and Amortization 24.7 25.3 (0.6) (2%) Interest Expense (Income), net (0.4) 1.1 (1.5) NM Income Tax Expense (Benefit) (3.4) (0.2) (3.2) NM Net Income (Loss) ($77.7) ($8.2) ($69.5) NM Adjusted EBITDA(2) $33.5 $35.9 ($2.4) (7%) Adjusted Net Income(3) $26.3 $21.8 $4.5 21%

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Adjusted EBITDA Reconciliation For the three months ended December 31, 2023 and 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. 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 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. For the three months ended December 31, 2023, reflects non-cash goodwill impairment loss related to the Business Payments segment. For the three months ended December 31, 2022, reflects non-cash impairment loss related to trade names write-offs of BillingTree and Kontrol. For the three months ended December 31, 2023, reflects the changes in management’s estimates of (i) the fair value of the liability relating to the Tax Receivable Agreement, and (ii) non-cash insurance reserve. For the three months ended December 31, 2022, 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. Primarily consists of (i) during the three months ended December 31, 2023, professional service fees and other costs incurred in connection with the disposition of Blue Cow Software, and (ii) during the three months ended December 31, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix. Reflects costs associated with reorganization of operations, 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 December 31, 2023 and 2022. For the three months ended December 31, 2023, reflects payments made to third-parties in connection with an expansion of our personnel, franchise taxes and other non-income based taxes and one-time payments to certain partners. For the three months ended December 31, 2022, reflects one-time payments to certain clients and partners, payments made to third-parties in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, other payments related to COVID-19 and non-cash rent expense. Beginning in the period ended December 31, 2023, no longer reflects non-cash rent expense. $MM Q4 2023 Q4 2022 Net Income (Loss) ($77.7) ($8.2) Interest Expense (Income), net (0.4) 1.1 Depreciation and Amortization(1) 24.7 25.3 Income Tax Expense (Benefit) (3.4) (0.2) EBITDA ($56.8) $18.0 Non-cash change in fair value of contingent consideration(2) – 1.0 Non-cash impairment loss(3) 75.8 8.1 Non-cash change in fair value of assets and liabilities(4) 3.8 (11.4) Share-based compensation expense(5) 5.9 6.0 Transaction expenses(6) 0.9 2.9 Restructuring and other strategic initiative costs(7) 3.4 3.7 Other non-recurring charges(8) 0.5 7.6 Adjusted EBITDA $33.5 $35.9

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Adjusted Full Year EBITDA Reconciliation For the years ended December 31, 2023 and 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. 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 the loss recognized related to the disposition of Blue Cow. 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. For the year ended December 31, 2023, reflects non-cash goodwill impairment loss related to the Business Payments segment and non-cash impairment loss related to a trade name write-off of Media Payments. For the year ended December 31, 2022, reflects non-cash impairment loss related to trade names write-offs of BillingTree and Kontrol. For the year ended December 31, 2023, reflects the changes in management’s estimates of (i) the fair value of the liability relating to the Tax Receivable Agreement, and (ii) non-cash insurance reserve. For the year ended December 31, 2022, 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. Primarily consists of (i) during the year ended December 31, 2023, professional service fees and other costs incurred in connection with the disposition of Blue Cow Software, and (ii) during the year ended December 31, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix. Reflects costs associated with reorganization of operations, 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, 2023 and 2022. For the year ended December 31, 2023, reflects payments made to third-parties in connection with an expansion of our personnel, franchise taxes and other non-income based taxes and one-time payments to certain partners. For the year ended December 31, 2022, reflects one-time payments to certain clients and partners, payments made to third-parties in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, other payments related to COVID-19 and non-cash rent expense. Beginning in the period ended December 31, 2023, no longer reflects non-cash rent expense. $MM FY 2023 FY 2022 Net Income (Loss) ($117.4) $8.7 Interest Expense (Income), net 1.0 4.2 Depreciation and Amortization(1) 103.9 107.8 Income Tax Expense (Benefit) (2.1) 6.2 EBITDA ($14.6) $126.9 Loss on business disposition(2) 10.0 – Non-cash change in fair value of contingent consideration(3) – (3.3) Non-cash impairment loss (4) 75.8 8.1 Non-cash change in fair value of assets and liabilities(5) 7.5 (66.9) Share-based compensation expense(6) 22.2 20.5 Transaction expenses(7) 8.5 19.0 Restructuring and other strategic initiative costs(8) 11.9 7.9 Other non-recurring charges(9) 5.5 12.3 Adjusted EBITDA $126.8 $124.5

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Adjusted Net Income Reconciliation For the three months ended December 31, 2023 and 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. 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 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. For the three months ended December 31, 2023, reflects non-cash goodwill impairment loss related to the Business Payments segment. For the three months ended December 31, 2022, reflects non-cash impairment loss related to trade names write-offs of BillingTree and Kontrol. For the three months ended December 31, 2023, reflects the changes in management’s estimates of (i) the fair value of the liability relating to the Tax Receivable Agreement, and (ii) non-cash insurance reserve. For the three months ended December 31, 2022, 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. Primarily consists of (i) during the three months ended December 31, 2023, professional service fees and other costs incurred in connection with the disposition of Blue Cow Software, and (ii) during the three months ended December 31, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix. Reflects costs associated with reorganization of operations, 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 December 31, 2023 and 2022. For the three months ended December 31, 2023, reflects payments made to third-parties in connection with an expansion of our personnel, franchise taxes and other non-income based taxes and one-time payments to certain partners. For the three months ended December 31, 2022, reflects one-time payments to certain clients and partners, payments made to third-parties in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, other payments related to COVID-19 and non-cash rent expense. Beginning in the period ended December 31, 2023, no longer reflects non-cash rent expense. Represents amortization of non-cash deferred debt issuance costs. Represents pro forma income tax adjustment effect associated with items adjusted above. ($MM) Q4 2023 Q4 2022 Net Income (Loss)   ($77.7) ($8.2) Amortization of acquisition-related intangibles(1)   21.0 19.5 Non-cash change in fair value of contingent consideration(2)   – 1.0 Non-cash impairment loss(3) 75.8 8.1 Non-cash change in fair value of assets and liabilities(4)   3.8 (11.4) Share-based compensation expense(5)   5.9 6.0 Transaction expenses(6)   0.9 2.9 Restructuring and other strategic initiative costs(7)   3.4 3.7 Other non-recurring charges(8)   0.5 7.6 Non-cash interest expense(9)   0.7 0.7 Pro forma taxes at effective rate(10) (7.9) (8.2) Adjusted Net Income   $26.3 $21.8

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Free Cash Flow Reconciliation Primarily consists of (i) during the three months ended December 31, 2023, professional service fees and other costs incurred in connection with the disposition of Blue Cow Software, and (ii) during the three months ended December 31, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix. Reflects costs associated with reorganization of operations, 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 December 31, 2023 and 2022. For the three months ended December 31, 2023, reflects payments made to third-parties in connection with an expansion of our personnel, franchise taxes and other non-income based taxes and one-time payments to certain partners. For the three months ended December 31, 2022, reflects one-time payments to certain clients and partners, payments made to third-parties in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, other payments related to COVID-19 and non-cash rent expense. Beginning in the period ended December 31, 2023, no longer reflects non-cash rent expense. Represents Free Cash Flow / Adjusted EBITDA. $MM Q4 2023 Q4 2022 Net Cash provided by Operating Activities   $34.9 $21.8 Capital expenditures       Cash paid for property and equipment   (0.2) (0.6) Cash paid for intangible assets   (12.9) (7.4) Total capital expenditures (13.1) (7.9) Free Cash Flow   $21.8 $13.9 Adjusted EBITDA $33.5 $35.9 Free Cash Flow Conversion(4)   65% 39%

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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 presented above). 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 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. 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 Q4 2023 Q4 2022 Acquisition-related intangibles $21.0 $19.5 Software 3.2 5.1 Amortization $24.1 $24.6 Depreciation 0.6 0.7 Total Depreciation and Amortization $24.7 $25.3

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Card Payment Volume Growth Reconciliation 2023 Full Year $MM Q1 Q2 Q3 Q4 2023 Card Payment Volume Growth 3% 1% (0%) (3%) 0% Acquisitions / (Divestitures) impact (1%) (2%) (2%) (3%) (2%) Organic Card Payment Volume Growth 4% 3% 2% 0% 2% Political media impact (0%) (2%) (5%) (8%) (4%) Normalized Organic Card Payment Volume Growth 4% 5% 7% 8% 6%

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Revenue and Gross Profit Growth Reconciliations FY 2023 $MM Consumer Payments Business Payments Total Company Revenue Growth 11% (11%) 6% Acquisitions / (Divestitures) impact (4%) n/a (4%) Organic Revenue Growth 15% (11%) 10% Political Media impact n/a (14%) (2%) Organic Revenue Growth, excl. political media 15% 3% 12% FY 2023 $MM Consumer Payments Business Payments Total Company Gross Profit Growth 11% (8%) 6% Acquisitions / (Divestitures) impact (5%) n/a (4%) Organic Gross Profit Growth 16% (8%) 10% Political Media impact n/a (18%) (3%) Organic GP Growth, excl. political media 16% 10% 13%

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Q4 Revenue and Gross Profit Growth Reconciliations Q4 2023 $MM Consumer Payments Business Payments Total Company Revenue Growth 11% (20%) 5% Acquisitions / (Divestitures) impact (6%) n/a (5%) Organic Revenue Growth 17% (20%) 10% Political Media impact n/a (24%) (4%) Organic Revenue Growth, excl. political media 17% 4% 14% Q4 2023 $MM Consumer Payments Business Payments Total Company Gross Profit Growth 6% (13%) 2% Acquisitions / (Divestitures) impact (7%) n/a (6%) Organic Gross Profit Growth 13% (13%) 8% Political Media impact n/a (38%) (5%) Organic GP Growth, excl. political media 13% 25% 13%

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Gross Profit Growth Reconciliation 2022 2023 $MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Gross Profit Growth 46% 42% 20% 22% 31% 11% 8% 3% 2% 6% Acquisitions / (Divestitures) impact 41% 32% 5% 5% 19% (2%) (4%) (6%) (6%) (4%) Organic Gross Profit Growth 12% 13% 12% 9% 8% 10% Political Media impact 3% (<1%) (2%) (3%) (5%) (3%) Organic GP Growth excl. political media 9% 13% 14% 12% 13% 13%

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Historical Segment Details Note: Historical periods reflect the reclassification of volumes, revenue, and gross profit between Consumer Payments and Business Payments segments 2022 2023 Full Year $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023                   Consumer Payments $5,290.5 $4,918.6 $4,937.8 $5,009.5 $5,534.7 $5,184.4 $5,338.3 $5,361.7 $20,156.5 $21,419.0 Business Payments 1,123.4 1,277.7 1,479.0 1,602.3 1,056.6 1,069.9 1,063.1 1,059.3 5,482.4 4,248.9 Card Payment Volume $6,414.0 $6,196.3 $6,416.8 $6,611.8 $6,591.3 $6,254.4 $6,401.3 $6,421.0 $25,638.9 $25,668.0 Consumer Payments $61.1 $59.8 $63.0 $64.3 $69.9 $65.9 $68.7 $71.1 $248.2 $275.7 Business Payments 8.9 9.9 11.4 12.3 8.7 9.8 9.7 9.9 42.6 38.1 Intercompany eliminations (2.4) (2.3) (2.9) (4.0) (4.1) (4.0) (4.1) (5.0) (11.6) (17.1) Revenue $67.6 $67.4 $71.6 $72.7 $74.5 $71.8 $74.3 $76.0 $279.2 $296.6 Consumer Payments $47.5 $46.1 $49.7 $53.1 $54.6 $51.7 $53.6 $56.2 $195.5 $216.1 Business Payments 5.9 7.0 8.1 8.6 6.0 7.2 7.2 7.5 30.4 28.0 Intercompany eliminations (2.4) (2.3) (2.9) (4.0) (4.1) (4.0) (4.1) (5.0) (11.6) (17.1) Gross Profit $51.0 $50.7 $54.9 $57.8 $56.6 $54.9 $56.7 $58.7 $214.4 $226.9 Consumer Payments 1.15% 1.22% 1.28% 1.28% 1.26% 1.27% 1.29% 1.33% 1.23% 1.29% Business Payments 0.79% 0.78% 0.77% 0.77% 0.82% 0.92% 0.91% 0.93% 0.78% 0.90% Take Rate 1.05% 1.09% 1.12% 1.10% 1.13% 1.15% 1.16% 1.18% 1.09% 1.16% Consumer Payments 77.8% 77.0% 79.0% 82.6% 78.1% 78.4% 78.0% 79.0% 78.8% 78.4% Business Payments 66.5% 70.0% 70.4% 70.1% 69.5% 73.3% 74.1% 76.6% 71.4% 73.5% Gross Profit Margin 75.5% 75.2% 76.8% 79.5% 75.9% 76.5% 76.3% 77.3% 76.8% 76.5%

Investor Presentation Exhibit 99.3 February 2024

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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 a 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”). 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, 2023, 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 bank failures or other adverse events affecting financial institutions, inflationary pressures, general economic slowdown or recession; 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, 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, non-cash change in fair value of warrant liabilities; share-based compensation charges, transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. Each of “organic card payment volume growth,” “organic revenue growth,” and “organic gross profit (GP) growth” is a non-GAAP financial measure that represents the percentage change in the applicable metric for a fiscal period over the comparable prior fiscal period, exclusive of any incremental amount attributable to acquisitions or divestitures made in the comparable prior fiscal period or any subsequent fiscal period through the applicable current fiscal period. Any financial measure (whether GAAP or non-GAAP) that is modified by “excl. political media” or “normalized” (such as Normalized Organic GP Growth) is a non-GAAP financial measure that measures a defined growth rate exclusive of the estimated contribution from political media clients in the prior corresponding period. Free Cash Flow is a non-GAAP financial measure that represents net cash flow provided by operating activities less total capital expenditures. Free Cash Flow Conversion represents Free Cash Flow divided by Adjusted EBITDA. REPAY believes that each of the non-GAAP financial measures referenced in this paragraph provide useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, these non-GAAP financial measures 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 with the same or similar descriptions, 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 each of the non-GAAP financial measures referenced in this paragraph alongside other financial performance measures, including net income and REPAY’s other financial results presented in accordance with GAAP.

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

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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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AUTO FINANCE PERSONAL FINANCE AR AUTOMATION CREDIT UNIONS HEALTHCARE MORTGAGE ARM AP AUTOMATION Your Industry. Our Expertise. CONSUMER PAYMENTS BUSINESS PAYMENTS

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Who We Are A leading, highly-integrated omnichannel payment technology platform modernizing Consumer and Business Payments CAGR is from 2021A–2023A As of 12/31/2023 Free Cash Flow Conversion calculated as 2023A Free Cash Flow / 2023A Adjusted EBITDA. These are non-GAAP measures. See slide 1 for definitions and slides 30 and 31 for additional details 2023 ANNUAL CARD PAYMENT VOLUME HISTORICAL GROSS PROFIT CAGR(1) SOFTWARE INTEGRATIONS(2) $25.7Bn 18% 262 42% FREE 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 12/31/2023 Secular trends away from cash and check toward digital payments Transaction growth in key verticals Further penetrate existing clients ~$5.2Tn 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 ~$5.2Tn(3) SUPPLIER NETWORK _ ~261,000 # OF ISV INTEGRATIONS 53 262 Delivering Superior Results (4) Fourth Quarter 2023(2) July 2019(1) REVENUE GROSS PROFIT ADJ. EBITDA +16% +18% As of 7/11/2019 (the closing date of the Business Combination) As of 12/31/2023 Third-party research and management estimates Represents CAGR from 2021A-2023A +17%

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Driving Value for Shareholders Fast growing, large and underpenetrated market opportunity Deep presence in key verticals drives competitive moat Highly strategic and diverse client base Multiple avenues for long term, durable growth Experienced Board and Management team Highly attractive and profitable financial model Accelerating cash flow generation Strong balance sheet Investment Rationale

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2 REPAY Investment Highlights

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1 A leading, omnichannel 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 Business Strengths and Strategies

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1 We are Capitalizing on Large, Underserved Market Opportunities REPAY’s existing verticals represent ~$5.2Tn(1) of projected annual total payment volume END MARKET OPPORTUNITIES Healthcare $185Bn $70Bn $420Bn $500Bn $70Bn $600Bn $1.2Tn $2.2Tn Credit Unions ARM Mortgage Personal Loans Automotive Loans AR Automation AP Automation Future New Verticals Expand New & Existing Software Partnerships Buy Now. Pay Later. Growth Opportunities $25.7Bn REPAY’s 2023 Annual Card Payment Volume 1) Third-party research and management estimates as of 12/31/2023 Business Payments Consumer Payments

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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. Personal Loans and Mortgage verticals represent debit card only. 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 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” omnichannel offering Direct software integrations into loan,dealer, and business management systems reduces operational complexity for client Improved regulatory compliance through fewer ACH returns 2 Clients Pay Anywhere, Any Way, Any Time

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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 Omnichannel 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 Businesses and Consumers REPAY Has Built a Leading Next-Gen Software Platform

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Consumer Payments Offering Omnichannel Capabilities across Modalities 2 Clients in REPAY’s verticals look to partner with innovative vendors that can provide evolving payment functionality and acceptance solutions Credit and Debit Card Processing ACH Processing Instant Funding eCash New & Emerging Payments Virtual Terminal IVR / Phone Pay Mobile Application Web Portal / Online Bill Pay Hosted Payment Page POS Equipment Text Pay PAYMENT MODALITIES PAYMENT CHANNELS REPRESENTATIVE CLIENTS

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Powerful Business Payments Offering 2 One-stop-shop B2B payments solutions provider Automated Reporting and Reconciliation Multiple Payment Options Including Virtual Card and Cross Border Vendor Management Client 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 One-stop-shop B2B payments solutions provider REPRESENTATIVE CLIENTS

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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 (1) Sales Strategy / Distribution Model 3 42% CAGR Software Integrations Management estimate as of 12/31/2023

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Attractive and Diverse Client Base Across Key Verticals REPAY’s platform provides significant value to our clients offering solutions across a variety of industry verticals Healthcare Other ARM B2B Loan Repayment ~20%of card paymentvolume(2) 4 Management estimate as of 12/31/2023 Management estimate as of 12/31/2023, which includes normalization for political media contributions Percentage of Card Payment Volume (2) One-stop shop B2B payments solutions provider, offering AP automation and AR merchant acquiring solutions Integrations with ~97(1) leading ERP platforms, serving a highly diversified client base across a wide range of industry verticals AP: Media, Healthcare, Home Services & Property Management, Auto, Municipality, and Other AR: Manufacturing, Distribution, and Hospitality BUSINESS PAYMENTS CONSUMER PAYMENTS ~80% Blue chip ISV partnerships with ~165(1) integrations Market leader in several niche verticals, including the following: Personal Finance Auto Finance Credit Unions ARM Healthcare Mortgage Diversified Retail & Other RCS: Best-in-class clearing & settlement solutions for ~30(1) ISOs and owned clients Expansions into adjacent Buy-Now-Pay-Later vertical as well as Canada ~20%

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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 within Consumer Payments is derived from further penetration of existing client base. Majority of growth within Business Payments is derived from acquiring new clients. Multiple Levers to Continue to Drive Growth EXPAND USAGE AND INCREASE ADOPTION (1) ACQUIRE NEW CLIENTS IN EXISTING VERTICALS (2) 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 Senior Advisor, Klaros Group Experienced Board with Deep Payments Expertise John Morris CEO & Co-Founder Shaler Alias President & Co-Founder William Jacobs Former Board Member, Global Payments Board Member, Green Dot Former SVP, Mastercard 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, 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 client base Recurring transaction / volume-based revenue 2022 ANNUAL CARD PAYMENT VOLUME $25.7B SOFTWAREINTEGRATIONS(1) 262 FREE CASH FLOWCONVERSION(2) 42% HISTORICAL REVENUE CAGR(3) 16% HISTORICAL GROSS PROFIT CAGR(3) 18% HISTORICAL ADJUSTED EBITDA CAGR(3) 17% REPAY’s Unique Model Translates Into A Highly Attractive Financial Profile As of 12/31/2023 Free Cash Flow Conversion calculated as 2023A Free Cash Flow / 2023A Adjusted EBITDA. These are non-GAAP measures. See slide 1 under “Non-GAAP Financial Measures” and see slides 30 and 31 for reconciliations CAGR is from 2021A-2023A

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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 ~$25.7Bn in annual card processing volume in 2023 REPAY’s revenue growth has been strong, resulting in 16% CAGR from 2021 to 2023 1.07% 1.09% 1.16% 12% CAGR 16% CAGR Take Rate (1) Take rate represents revenue / card payment volume

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Gross Profit ($MM)(1) Adjusted EBITDA ($MM)(2) ...Translating into Accelerating Profitability… Gross margins continue to improve from processing cost savings Highly scalable platform with attractive margins 75% 77% 77% 43% % Margin 45% 43% % Margin Gross profit represents revenue less costs of services These are non-GAAP measures. See slide 1 under “Non-GAAP Financial Measures” and see slide 30 for reconciliation 17% CAGR 18% CAGR

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Consumer Payments Business Payments …Across Our Segments 15% y/y organic growth (2) Gross Profit Margin 78.8% 78.4% Take Rate 1.23% 1.29% Take rate represents revenue / card payment volume Organic growth is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 32 for reconciliation Business Payments revenue and gross profits excl. political media is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 32 for reconciliation Gross Profit Margin 71.4% 73.5% Take Rate 0.78% 0.90% (1) (1) 16% y/y organic growth (2) (11% reported growth) (11% reported growth) 3% y/y growth, excl. political media (3) (-11% reported growth) 10% y/y growth, excl. political media (3) (-8% reported growth)

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Adjusted EBITDA Reconciliation For the years ended December 31, 2023, 2022 and 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 our acquisitions of TriSource, APS, Ventanex, cPayPlus, CPS, BillingTree, Kontrol and Payix. 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 the loss recognized related to the disposition of BCS. Reflects write-offs of debt issuance costs relating to Term Loans. Reflects realized loss of our interest rate hedging arrangement which terminated in conjunction with the repayment of Term Loans. 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. For the year ended December 31, 2023, reflects non-cash goodwill impairment loss related to the Business Payments segment and impairment loss related to a trade name write-off of Media Payments. For the year ended December 31, 2022, reflects impairment loss related to trade names write-offs of BillingTree and Kontrol. For the year ended December 31, 2021, reflects impairment loss related to trade names write-offs of TriSource, APS, Ventanex, cPayPlus and CPS. For the year ended December 31, 2023, reflects the changes in management’s estimates of (i) the fair value of the liability relating to the Tax Receivable Agreement, and (ii) non-cash insurance reserve. For the years ended December 31, 2022 and 2021, 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. Primarily consists of (i) during the year ended December 31, 2023, professional service fees and other costs incurred in connection with the disposition of BCS, (ii) during the year ended December 31, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol and Payix and (iii) during the year ended December 31, 2021, 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. Reflects costs associated with reorganization of operations, 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 years ended December 31, 2023, 2022 and 2021. Additionally, for the year ended December 31, 2022, reflects one-time severance payments. For the year ended December 31, 2023, reflects payments made to third-parties in connection with an expansion of our personnel, franchise taxes and other non-income based taxes and one-time payments to certain partners. For the year ended December 31, 2022, reflects one-time payments to certain clients and partners, payments made to third-parties in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, other payments related to COVID-19 and non-cash rent expense. For the year ended December 31, 2021, reflects one-time payments to certain clients and partners, other payments related to COVID-19, payments made to third-parties in connection with expansion of our personnel, franchise taxes and other non-income based taxes and non-cash rent expense. Beginning in the year ended December 31, 2023, no longer reflects non-cash rent expense. ($MM) 2021A 2022A 2023A Net Loss ($56.0) $8.7 ($117.4)         Interest Expense 3.7 4.2 1.0 Depreciation and Amortization(1) 89.7 107.8 103.9 Income Tax Benefit (30.7) 6.2 (2.1) EBITDA $6.6 $126.9 ($14.6)         Loss on business disposition (2) – – 10.0 Loss on extinguishment of debt(3) 5.9 – – Loss on termination of interest rate hedge(4) 9.1 – – Non-cash change in fair value of contingent consideration(5) 5.8 (3.3) – Non-cash impairment loss(6) 2.2 8.1 75.8 Non-cash change in fair value of assets and liabilities(7) 14.1 (66.9) 7.5 Share-based compensation expense(8) 22.3 20.5 22.2 Transaction expenses(9) 19.3 19.0 8.5 Restructuring and other strategic initiative costs(10) 4.6 7.9 11.9 Other non-recurring charges(11) 3.3 12.3 5.5 Adjusted EBITDA $93.2 $124.5 $126.8

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Free Cash Flow Reconciliation Excludes acquisition costs that are capitalized as channel relationships. Primarily consists of (i) during the year ended December 31, 2023, professional service fees and other costs incurred in connection with the disposition of Blue Cow Software, and (ii) during the year ended December 31, 2022, professional service fees and other costs incurred in connection with the acquisitions of BillingTree, Kontrol Payables and Payix. Reflects costs associated with reorganization of operations, 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, 2023 and 2022. For the year ended December 31, 2023, reflects payments made to third-parties in connection with an expansion of our personnel, franchise taxes and other non-income based taxes and one-time payments to certain partners. For the year ended December 31, 2022, reflects one-time payments to certain clients and partners, payments made to third-parties in connection with a significant expansion of our personnel, franchise taxes and other non-income based taxes, other payments related to COVID-19 and non-cash rent expense. Beginning in the period ended December 31, 2023, no longer reflects non-cash rent expense. Represents Free Cash Flow / Adjusted EBITDA. ($MM) 2022A 2023A Net Cash provided by Operating Activities $74.2 $103.6 Capital expenditures     Cash paid for property and equipment (3.2) (0.7) Cash paid for intangible assets (33.6) (50.1) Total capital expenditures(1) (36.8) (50.8) Free Cash Flow $37.4 $52.8 Adjusted EBITDA $124.5 $126.8     Free Cash Flow conversion(5) 30% 42%

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2023 Growth Reconciliation FY 2023 $MM Consumer Payments Business Payments Total Company Revenue Growth 11% (11%) 6% Growth from Acquisitions / (Divestitures) (4%) n/a (4%) Organic Revenue Growth 15% (11%) 10% Growth from Political Media n/a (14%) (2%) Organic Revenue Growth, excl. political media 15% 3% 12% FY 2023 $MM Consumer Payments Business Payments Total Company Gross Profit Growth 11% (8%) 6% Growth from Acquisitions / (Divestitures) (5%) n/a (4%) Organic Gross Profit Growth 16% (8%) 10% Growth from Political Media n/a (18%) (3%) Organic GP Growth, excl. political media 16% 10% 13%

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Thank you