0000950170-24-125459 | 10-Q | XBRL Viewer

Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

7. Intangible Assets

The Company holds definite and indefinite-lived intangible assets. As of September 30, 2024 and December 31, 2023, the indefinite-lived intangible assets consist of one trade name, arising from the acquisition of Hawk Parent.

Intangible assets consisted of the following:


($ in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Client relationships	$	523,000	$	229,278	$	293,722		5.58
Channel relationships		29,885		7,157		22,728		7.61
Software costs		135,008		69,191		65,817		1.26
Non-compete agreements		3,770		3,745		25		0.03
Trade name		20,000		—		20,000		—
Balance as of September 30, 2024	$	711,663	$	309,371	$	402,292		4.80

Client relationships	$	523,850	$	190,591	$	333,259		6.32
Channel relationships		29,785		4,792		24,993		8.39
Software costs		246,996		178,323		68,673		0.83
Non-compete agreements		4,580		4,364		216		0.23
Trade name		20,000		—		20,000		—
Balance as of December 31, 2023	$	825,211	$	378,070	$	447,141		4.68

The Company’s amortization expense for intangible assets was $25.1 million and $78.1 million for the three and nine months ended September 30, 2024, respectively. The Company’s amortization expense for intangible assets was $26.2 million and $77.3 million for the three and nine months ended September 30, 2023, respectively.

The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:


($ in thousands)	Estimated Future
Year Ending December 31,	Amortization Expense
2024	$	24,946
2025		89,372
2026		74,592
2027		59,369
2028		55,167
Thereafter		78,846

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue

The following table presents the Company’s revenue disaggregated by segment and by the type of relationship for the periods indicated.


	Three Months Ended September 30, 2024
($ in thousands)	Consumer Payments		Business Payments		Elimination of intersegment revenues			Total
Revenue
Direct relationships	$	66,772	$	15,083	$	(5,341	)	$	76,514
Indirect relationships		2,417		214		—			2,631
Total Revenue	$	69,189	$	15,297	$	(5,341	)	$	79,145


	Three Months Ended September 30, 2023
($ in thousands)	Consumer Payments		Business Payments		Elimination of intersegment revenues			Total
Revenue
Direct relationships	$	65,773	$	9,422	$	(4,104	)	$	71,091
Indirect relationships		2,947		282		—			3,229
Total Revenue	$	68,720	$	9,704	$	(4,104	)	$	74,320


	Nine Months Ended September 30, 2024
($ in thousands)	Consumer Payments		Business Payments		Elimination of intersegment revenues			Total
Revenue
Direct relationships	$	206,857	$	34,928	$	(15,412	)	$	226,373
Indirect relationships		7,760		638		—			8,398
Total Revenue	$	214,617	$	35,566	$	(15,412	)	$	234,771


	Nine Months Ended September 30, 2023
($ in thousands)	Consumer Payments		Business Payments		Elimination of intersegment revenues			Total
Revenue
Direct relationships	$	195,183	$	27,348	$	(12,152	)	$	210,379
Indirect relationships		9,439		822		—			10,261
Total Revenue	$	204,622	$	28,170	$	(12,152	)	$	220,640

Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 560	$ 538	$ 1,659	$ 1,879
ROU assets obtained in exchange for lease liabilities:
Operating leases	$ 6,262		$ 6,262

Share Based Compensation - Schedule of Outstanding Performance Stock Units Activity (Details) - Performance Stock Units

9 Months Ended

Sep. 30, 2024

$ / shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Weighted average grant date fair value, Beginning Balance | $ / shares

$ 10.88

Weighted average grant date fair value, Granted | $ / shares

13.03

Weighted average grant date fair value, Ending Balance | $ / shares

$ 11.61

Class A Share

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unvested, Beginning Balance | shares

1,482,791

^[1]

Granted | shares

762,583

^[1]

Unvested, Ending Balance | shares

2,245,374

^[1]

[1]	Represent shares to be paid out at 100% target level.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (6,387,000)	$ (39,746,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	79,328,000	79,146,000
Stock based compensation	18,495,000	16,256,000
Amortization of debt issuance costs	2,185,000	2,136,000
Loss on business disposition		10,027,000
Gain on extinguishment of debt	(13,136,000)
Other loss		273,000
Fair value change in tax receivable agreement liability	12,758,000	3,716,000
Deferred tax expense	(149,000)	1,308,000
Change in accounts receivable	(5,107,000)	(4,857,000)
Change in prepaid expenses and other	279,000	4,161,000
Change in operating lease ROU assets	(3,541,000)	389,000
Change in accounts payable	6,762,000	(1,948,000)
Change in accrued expenses and other	19,339,000	(1,544,000)
Change in operating lease liabilities	3,281,000	(424,000)
Change in other liabilities	1,731,000	(142,000)
Net cash provided by operating activities	115,838,000	68,751,000
Cash flows from investing activities
Purchases of property and equipment	(782,000)	(1,062,000)
Capitalized software development costs	(33,278,000)	(36,678,000)
Proceeds from sale of business, net of cash retained		40,273,000
Net cash (used in) provided by investing activities	(34,060,000)	2,533,000
Cash flows from financing activities
Issuance of long-term debt	287,500,000
Payments on long-term debt	(205,150,000)	(20,000,000)
Payments of debt issuance costs	(9,350,000)
Payments for tax withholding related to shares vesting under Incentive Plan and ESPP	(2,720,000)	(1,510,000)
Treasury shares repurchased	(41,577,000)
Stock options exercised	395,000
Distributions to Members		(947,000)
Purchase of capped calls related to issuance of the 2029 Notes	(39,186,000)
Payment of Tax Receivable Agreement ("TRA")	(580,000)
Payment of contingent consideration liability up to acquisition-date fair value		(1,000,000)
Net cash used in financing activities	(10,668,000)	(23,457,000)
Increase in cash, cash equivalents and restricted cash	71,110,000	47,827,000
Cash, cash equivalents and restricted cash at beginning of period	144,145,000	93,563,000
Cash, cash equivalents and restricted cash at end of period	215,255,000	141,390,000
Cash paid during the year for:
Interest	643,000	840,000
Income taxes	$ 2,045,000	$ 1,201,000

Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segments

13. Segments

The Company organizes its business structure around two operating segments based on review of discrete financial results for each of the operating segments by the Company’s chief operating decision maker (“CODM”), for performance assessment and resource allocation purposes. Each of the Company’s operating segments represents a reportable segment based on ASC 280, Segment Reporting. The Company’s two reportable segments are as follows: (1) Consumer Payments and (2) Business Payments.

Consumer Payments

The Consumer Payments segment provides payment processing solutions (including debit and credit card processing, ACH processing and other electronic payment acceptance solutions, as well as our loan disbursement product) that enable the Company’s clients to collect payments and disburse funds to consumers and includes the Company’s clearing and settlement solutions (“RCS”) offering. RCS is the Company’s proprietary clearing and settlement platform through which the Company markets customizable payment processing programs to other Independent Sales Organizations (“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. The Consumer Payments segment represented approximately 81% and 85% of the Company’s total revenue after any intersegment eliminations for the three and nine months ended September 30, 2024, respectively. The Consumer Payments segment represented approximately 87% of the Company’s total revenue after any intersegment eliminations for both the three and nine months ended September 30, 2023.

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 the Company’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, HOA management and hospitality. The Business Payments segment represented approximately 19% and 15% of the Company’s total revenue after any intersegment eliminations for the three and nine months ended September 30, 2024, respectively. The Business Payments segment represented approximately 13% of the Company’s total revenue after any intersegment eliminations for both the three and nine months ended September 30, 2023.

The following table presents revenue and gross profit for each reportable segment.


	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)	2024			2023			2024			2023
Revenue
Consumer Payments	$	69,189		$	68,720		$	214,617		$	204,622
Business Payments		15,297			9,704			35,566			28,170
Elimination of intersegment revenues (1)		(5,341	)		(4,104	)		(15,412	)		(12,152	)
Total revenue	$	79,145		$	74,320		$	234,771		$	220,640
Gross profit (2)
Consumer Payments	$	54,889		$	53,599		$	170,026		$	159,929
Business Payments		12,013			7,188			27,077			20,421
Elimination of intersegment revenues		(5,341	)		(4,104	)		(15,412	)		(12,152	)
Total gross profit	$	61,561		$	56,683		$	181,691		$	168,198

Total other operating expenses (3)	$	62,236		$	61,802		$	188,291		$	201,147
Total other income (expense)		5,414			(3,363	)		64			(5,489	)
Income (loss) before income tax (expense) benefit		4,739			(8,482	)		(6,536	)		(38,438	)
Income tax benefit (expense)		(1,524	)		1,998			149			(1,308	)
Net income (loss)	$	3,215		$	(6,484	)	$	(6,387	)	$	(39,746	)

(1)

Represents intercompany eliminations between segments for consolidation purpose.

(2)

Represents revenue less costs of services (exclusive of depreciation and amortization).

(3)

Represents total operating expenses less costs of services (exclusive of depreciation and amortization).

Revenue and costs of services are attributed directly to each segment. There is no significant concentration of revenue or assets in foreign countries as of September 30, 2024. The CODM reporting package does not include interest income (expense), net, depreciation and amortization, income tax benefit (expense) and discrete asset details of the operating segments as this information is not considered by the CODM for resource allocation or other segment analysis purposes.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Commitments and Contingencies - Schedule of Maturity Analysis of the Company's Operating Leases Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 601
2025	1,915
2026	2,320
2027	2,028
2028	1,867
Thereafter	6,713
Total undiscounted lease payments	15,444
Less: Imputed interest	3,287
Total lease liabilities	$ 12,157	$ 8,876

Revenue - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset	$ 1.6	$ 1.4

Segments - Additional Information (Details) - Segment	3 Months Ended		9 Months Ended
Segments - Additional Information (Details) - Segment	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Number of operating segment			2
Number of reportable segments			2
Consumer Payments \| Revenue, Segment Benchmark \| Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	81.00%	87.00%	85.00%	87.00%
Business Payments \| Revenue, Segment Benchmark \| Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	19.00%	13.00%	15.00%	13.00%

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Legal Matters

The Company is a party to various claims and lawsuits incidental to its business. In the Company’s opinion, the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, are not expected to have a material adverse effect on its financial position, liquidity, results of operations or cash flows.

Leases

The Company has commitments under operating leases for real estate leased from third parties under non-cancelable operating leases. The Company’s leases typically have lease terms between three years and ten years, with the longest lease term having an expiration date in 2035. Most of these leases include one or more renewal options for five years or less, and certain leases also include lessee termination options. At lease commencement, the Company assesses whether it is reasonably certain to exercise a renewal option, or reasonably certain not to exercise a termination option, by considering various economic factors. Options that are reasonably certain of being exercised are factored into the

determination of the lease term, and related payments are included in the calculation of the right-of-use (“ROU”) asset and lease liability.

On December 31, 2023, the Company entered into an amendment for one of the existing leases to relocate to another space within the building, commencing on August 1, 2024. The landlord provided a construction allowance, in the form of reimbursements, of up to $1.4 million related to approved improvements and renovations of the landlord’s property during the construction period. On July 25, 2024, the Company further amended and restated the agreement which modified the commencement date of the lease to September 1, 2024.

On July 12, 2024, the Company entered an agreement with a third party to sublease one of the operating leases. No impairment test was performed due to the anticipated sublease income exceeding the lease costs for the term of the sublease.

During the three and nine months ended September 30, 2024, the Company recognized sublease income of $0.1 million and $0.2 million, respectively, within Other (loss) income in the Company’s Consolidated Statements of Operations.

The components of lease cost are presented in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Components of total lease costs:
Operating lease cost	$	523	$	580	$	1,380	$	1,960
Short-term lease cost		6		11		18		22
Total lease cost	$	529	$	591	$	1,398	$	1,982

Amounts reported in the Condensed Consolidated Balance Sheets were as follows:


($ in thousands)	September 30, 2024			December 31, 2023
Operating leases:
ROU assets	$	11,564		$	8,023
Lease liability, current		1,199			1,629
Lease liability, long-term		10,958			7,247
Total lease liabilities	$	12,157		$	8,876

Weighted-average remaining lease term (in years)		6.0		4.3
Weighted-average discount rate (annualized)		6.2	%		5.8	%

Other information related to leases are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	560	$	538	$	1,659	$	1,879
ROU assets obtained in exchange for lease liabilities:
Operating leases		6,262		—		6,262		—

The following table presents a maturity analysis of the Company’s operating leases liabilities as of September 30, 2024:


($ in thousands)
2024	$	601
2025		1,915
2026		2,320
2027		2,028
2028		1,867
Thereafter		6,713
Total undiscounted lease payments		15,444
Less: Imputed interest		3,287
Total lease liabilities	$	12,157

Fair Value - Schedule of Carrying Value and Estimated Fair Value of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings	$ 482,632	$ 375,650
Carrying Value \| 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings	496,214
Carrying Value \| Convertible senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings		434,166
Fair Value \| Convertible senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings	$ 482,632	$ 375,650

Segments - Schedule of Revenue and Gross Profit for Each Reportable Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Segment Reporting Information [Line Items]

Total Revenue

$ 79,145

$ 74,320

$ 234,771

$ 220,640

Total gross profit

^[1]

61,561

56,683

181,691

168,198

Total other operating expenses

^[2]

62,236

61,802

188,291

201,147

Total other income (expense)

5,414

(3,363)

(5,489)

Income (loss) before income tax (expense) benefit

4,739

(8,482)

(6,536)

(38,438)

Income tax benefit (expense)

(1,524)

1,998

149

(1,308)

Net income (loss)

3,215

(6,484)

(6,387)

(39,746)

Operating Segments | Consumer Payments

Segment Reporting Information [Line Items]

Total Revenue

69,189

68,720

214,617

204,622

Total gross profit

^[1]

54,889

53,599

170,026

159,929

Operating Segments | Business Payments

Segment Reporting Information [Line Items]

Total Revenue

15,297

9,704

35,566

28,170

Total gross profit

^[1]

12,013

7,188

27,077

20,421

Intersegment Elimination

Segment Reporting Information [Line Items]

Total Revenue

^[3]

(5,341)

(4,104)

(15,412)

(12,152)

Total gross profit

^[1]

$ (5,341)

$ (4,104)

$ (15,412)

$ (12,152)

[1]	Represents revenue less costs of services (exclusive of depreciation and amortization).
[2]	Represents total operating expenses less costs of services (exclusive of depreciation and amortization).
[3]	Represents intercompany eliminations between segments for consolidation purpose.

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

6. Fair Value

The following table summarizes, by level within the fair value hierarchy, estimated fair values of the Company’s assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Condensed Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented.


	September 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	168,715	$	—	$	—	$	168,715
Restricted cash		46,540		—		—		46,540
Other assets		—		2,500		—		2,500
Total assets	$	215,255	$	2,500	$	—	$	217,755
Liabilities:
Borrowings	$	—	$	482,632	$	—	$	482,632
Tax receivable agreement		—		—		201,273		201,273
Total liabilities	$	—	$	482,632	$	201,273	$	683,905

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	118,096	$	—	$	—	$	118,096
Restricted cash		26,049		—		—		26,049
Other assets		—		2,500		—		2,500
Total assets	$	144,145	$	2,500	$	—	$	146,645
Liabilities:
Borrowings	$	—	$	375,650	$	—	$	375,650
Tax receivable agreement		—		—		188,911		188,911
Total liabilities	$	—	$	375,650	$	188,911	$	564,561

Cash and cash equivalents

Cash and cash equivalents contains cash on hand, demand deposit accounts, money market accounts and short term investments with original maturities of three months or less. They are classified within Level 1 of the fair value hierarchy, under Accounting Standard Codification (“ASC”) 820, Fair Value Measurements (“ASC 820”), as the price is obtained from quoted market prices in an active market. The carrying amounts of the Company’s cash and cash equivalents approximate their fair values due to the short maturities and highly liquid nature of these accounts.

Restricted Cash

Restricted cash is classified within Level 1 of the fair value hierarchy under ASC 820, as the primary component is cash that is used as collateral for debts. The carrying amounts of the Company’s restricted cash approximate their fair values due to the highly liquid nature.

Other assets

Other assets contain a minority equity investment in a privately-held company. The Company elected a measurement alternative for measuring this investment, in which the carrying amount is adjusted based on any observable price changes in orderly transactions. The investment is classified as Level 2 as observable adjustments to value are infrequent and occur in an inactive market.

Borrowings

The revolving credit facility and convertible senior notes are measured at amortized cost, which the carrying value is unpaid principal net of unamortized debt discount and debt issuance costs. The estimated fair value of the revolving credit facility approximates the unpaid principal because its interest rate approximates market interest rates. The estimated fair value of convertible senior notes is determined using the quoted prices from over-the-counter markets. The estimated fair value of the Company’s borrowings is classified within Level 2 of the fair value hierarchy, as the market interest rates and quoted prices are generally observable and do not contain a high level of subjectivity. As of September 30, 2024 and December 31, 2023, the Company had $0 drawn against the revolving credit facility.

The following table provides the carrying value and estimated fair value of borrowings. See Note 9. Borrowings for further discussion on borrowings.


	September 30, 2024				December 31, 2023
($ in thousands)	Carrying value		Fair value		Carrying value		Fair value
Convertible senior notes	$	496,214	$	482,632	$	434,166	$	375,650

Tax Receivable Agreement

Upon the completion of the Business Combination, the Company entered into the TRA with holders of Post-Merger Repay Units. As a result of the TRA, the Company established a liability in its condensed consolidated financial statements. The TRA is recorded at fair value based on estimates of discounted future cash flows associated with the estimated payments to the Post-Merger Repay Unit holders. These inputs are not observable in the market; thus, the TRA is classified within Level 3 of the fair value hierarchy, under ASC 820. The change in fair value is re-measured at each reporting period with the change in fair value being recognized in accordance with ASC 805, Business Combinations, which is recorded within Change in fair value of tax receivable liability in the Company’s Condensed Consolidated Statements of Operations.

The Company used a discount rate, also referred to as the Early Termination Rate, as defined in the TRA, to determine the present value, based on a risk-free rate plus a spread, pursuant to the TRA. A rate of 6.68% was applied to the forecasted TRA payments at September 30, 2024, in order to determine the fair value. A significant increase or decrease in the discount rate could have resulted in a lower or higher balance, respectively, as of the measurement date. During the nine months ended September 30, 2024, the TRA balance was adjusted by $12.4 million through an exchange, a payment, accretion expense and a valuation adjustment, related to a decrease in the income tax rate used to measure the TRA as of the Early Termination Date and a decrease in the discount rate, which was 7.10% as of December 31, 2023.

The following table provides a rollforward of the TRA related to the acquisition and exchanges of Post-Merger Repay Units. See Note 12. Taxation for further discussion on the TRA.


	Nine Months Ended September 30,
($ in thousands)	2024			2023
Balance at beginning of period	$	188,911		$	179,127
Purchases		185			3,058
Payments		(580	)		—
Accretion expense		10,182			—
Valuation adjustment		2,575			3,716
Balance at end of period	$	201,273		$	185,901

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies - Schedule of Operating Lease and Supplemental Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating leases:
ROU assets	$ 11,564	$ 8,023
Lease liability, current	1,199	1,629
Lease liability, long-term	10,958	7,247
Total lease liabilities	$ 12,157	$ 8,876
Weighted-average remaining lease term (in years)	6 years	4 years 3 months 18 days
Weighted-average discount rate (annualized)	6.20%	5.80%

Share Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share Based Compensation Expense and Related Income Tax Benefit

The following table summarizes share-based compensation expense and the related income tax benefit recognized for the Company’s share-based compensation awards. Share-based compensation expenses are recorded within Selling, general and administrative in the Company’s Condensed Consolidated Statement of Operations.


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Share-based compensation expense	$	6.5	$	5.7	$	18.5	$	16.3
Income tax benefit		0.2		0.2		2.5		1.5

Schedule of Outstanding Performance Stock Units Activity, Restricted Stock Awards, Restricted Stock Units and Performance-based Stock Options

Activity for RSAs for the nine months ended September 30, 2024 was as follows:


	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2023		3,550,365	$	9.26
Granted		1,887,965		8.00
Forfeited (1)		480,917		10.03
Vested		755,189		10.99
Unvested at September 30, 2024		4,202,224	$	8.30

(1)

The forfeited shares include shares forfeited as a result of employee terminations and shares withheld to satisfy employees’ tax withholding and payment obligations in connection with the vesting of restricted stock awards under the Incentive Plan during the nine months ended September 30, 2024; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

Activity for RSUs for the nine months ended September 30, 2024 was as follows:


	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2023		171,384	$	7.41
Granted		130,923		9.70
Forfeited		—		—
Vested		171,384		7.41
Unvested at September 30, 2024		130,923	$	9.70

Activity for PSUs for the nine months ended September 30, 2024 was as follows:


	Class A Common Stock (1)		Weighted Average Grant Date Fair Value
Unvested at December 31, 2023		1,482,791	$	10.88
Granted		762,583		13.03
Forfeited		—		—
Vested		—		—
Unvested at September 30, 2024		2,245,374	$	11.61

(1)

Represent shares to be paid out at 100% target level.

Activity for PSOs for the nine months ended September 30, 2024 was as follows:


	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		1,148,822		6.13		7.0	$	2,768,661
Granted		—		—
Forfeited		—		—
Exercised		58,892		6.13				113,374
Outstanding at September 30, 2024		1,089,930	$	6.13		7.0	$	2,190,759

Options vested and exercisable at September 30, 2024		294,462	$	6.13		7.0	$	591,869

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

Fair value was estimated on the date of grant using Monte Carlo simulation with the following weighted average assumptions:


	Nine Months Ended September 30, 2023
Risk-free interest rate		3.42	%
Expected volatility		52.82	%
Dividend yield		0	%
Expected term (in years)		4.5

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:


($ in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Client relationships	$	523,000	$	229,278	$	293,722		5.58
Channel relationships		29,885		7,157		22,728		7.61
Software costs		135,008		69,191		65,817		1.26
Non-compete agreements		3,770		3,745		25		0.03
Trade name		20,000		—		20,000		—
Balance as of September 30, 2024	$	711,663	$	309,371	$	402,292		4.80

Client relationships	$	523,850	$	190,591	$	333,259		6.32
Channel relationships		29,785		4,792		24,993		8.39
Software costs		246,996		178,323		68,673		0.83
Non-compete agreements		4,580		4,364		216		0.23
Trade name		20,000		—		20,000		—
Balance as of December 31, 2023	$	825,211	$	378,070	$	447,141		4.68

Schedule of Estimated Amortization Expense

The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:


($ in thousands)	Estimated Future
Year Ending December 31,	Amortization Expense
2024	$	24,946
2025		89,372
2026		74,592
2027		59,369
2028		55,167
Thereafter		78,846

Organizational Structure and Corporate Information

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Organizational Structure and Corporate Information

1. Organizational Structure and Corporate Information

Repay Holdings Corporation was incorporated as a Delaware corporation on July 11, 2019 in connection with the closing of a transaction (the “Business Combination”) pursuant to which Thunder Bridge Acquisition Ltd., a special purpose acquisition company organized under the laws of the Cayman Islands (“Thunder Bridge”), (a) domesticated into a Delaware corporation and changed its name to “Repay Holdings Corporation” and (b) consummated the merger of a wholly owned subsidiary of Thunder Bridge with and into Hawk Parent Holdings, LLC, a Delaware limited liability company (“Hawk Parent”).

Throughout this section, unless otherwise noted or unless the context otherwise requires, the terms “we”, “us”, “Repay” and the “Company” and similar references refer to Repay Holdings Corporation and its consolidated subsidiaries.

The Company is headquartered in Atlanta, Georgia.

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 711,663	$ 825,211
Accumulated Amortization	309,371	378,070
Net Carrying Value	$ 402,292	$ 447,141
Weighted Average Useful Life (Years)	4 years 9 months 18 days	4 years 8 months 4 days
Client Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 523,000	$ 523,850
Accumulated Amortization	229,278	190,591
Net Carrying Value	$ 293,722	$ 333,259
Weighted Average Useful Life (Years)	5 years 6 months 29 days	6 years 3 months 25 days
Channel Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 29,885	$ 29,785
Accumulated Amortization	7,157	4,792
Net Carrying Value	$ 22,728	$ 24,993
Weighted Average Useful Life (Years)	7 years 7 months 9 days	8 years 4 months 20 days
Software Costs
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 135,008	$ 246,996
Accumulated Amortization	69,191	178,323
Net Carrying Value	$ 65,817	$ 68,673
Weighted Average Useful Life (Years)	1 year 3 months 3 days	9 months 29 days
Non-Complete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 3,770	$ 4,580
Accumulated Amortization	3,745	4,364
Net Carrying Value	$ 25	$ 216
Weighted Average Useful Life (Years)	10 days	2 months 23 days
Trade Names
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 20,000	$ 20,000
Net Carrying Value	$ 20,000	$ 20,000

Share Based Compensation - Schedule of Outstanding Performance-based Stock Options (Details) - Performance based Stock Options - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding beginning balance	1,089,930	1,148,822
Exercised		58,892
Outstanding ending balance			1,148,822
Options vested and exercisable at September 30, 2024	294,462	294,462
Weighted Average Exercise Price, Outstanding		$ 6.13
Weighted Average Exercise Price, Exercised		6.13
Weighted Average Exercise Price, Outstanding	$ 6.13	6.13	$ 6.13
Weighted Average Exercise Price, Options vested and exercisable at September 30, 2024	$ 6.13	$ 6.13
Weighted Average Remaining Contractual Term (in years), Outstanding		7 years	7 years
Weighted Average Remaining Contractual Term (in years), Options vested and exercisable at September 30, 2024		7 years
Aggregate Intrinsic Value, Outstanding	$ 2,190,759	$ 2,190,759	$ 2,768,661
Aggregate Intrinsic Value, Exercised		113,374
Aggregate Intrinsic Value, Options vested and exercisable at September 30, 2024	$ 591,869	$ 591,869

Earnings Per Share - Additional Information (Details) - Class A Common Stock	3 Months Ended
	Sep. 30, 2024 shares
Earnings Per Share [Line Items]
Incremental shares in computation of diluted net income (loss) per share	6,547,619,000
2029 Notes
Earnings Per Share [Line Items]
Incremental shares in computation of diluted net income (loss) per share	0

Fair Value - Schedule of Rollforward of TRA related to Acquisition and Exchanges of Post-Merger (Details) - Tax Receivable Agreement - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at beginning of period	$ 188,911	$ 179,127
Purchases	185	3,058
Payments	(580)
Accretion expense	10,182
Valuation adjustment	2,575	3,716
Balance at end of period	$ 201,273	$ 185,901

Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Borrowings under Credit Agreement

The following table summarizes the total borrowings under the credit agreements and convertible senior notes:


($ in thousands)	September 30, 2024		December 31, 2023
Non-current indebtedness:
Convertible senior notes:
2026 Notes	$	220,000	$	440,000
2029 Notes		287,500		—
Total borrowings		507,500		440,000
Less: Long-term loan debt issuance cost (1)		11,286		5,834
Total non-current borrowings	$	496,214	$	434,166

(1)

The Company incurred $0.8 million and $2.2 million of interest expense for the amortization of deferred debt issuance costs for the three and nine months ended September 30, 2024, respectively. The Company incurred $0.7 million and $2.1 million of interest expense for the amortization of deferred debt issuance costs for the three and nine months ended September 30, 2023, respectively.

Summary of Principal Maturities of Long-term Debt

The following is a summary of principal maturities of long‑term debt for each of the next five years ending December 31 and in the aggregate:


($ in thousands)
2024	$	—
2025		—
2026		220,000
2027		—
2028		—
	$	220,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

4. Earnings Per Share

During the three months ended September 30, 2024, the aggregate principal amount of the 2029 notes are not included in the computation of diluted net income (loss) per share as the Company is required to settle such amount in cash. The Company may elect to settle the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2029 Notes being converted in cash, shares of the Company’s Class A common stock, or a combination of cash and shares. Because the average market price of the Company’s Class A common stock for the period was less than the conversion price, there are no incremental shares to be considered in the computation of diluted net income (loss) per share. See Note 9. Borrowings for further discussion on the 2029 Notes. During the three months ended September 30, 2023 and nine months ended September 30, 2024 and 2023, basic and diluted net loss per common share are the same since the inclusion of the assumed exchange of all limited liability company interests of Hawk Parent (“Post-Merger Repay Units”), unvested share-based awards, outstanding stock options, outstanding employee stock purchase plan (“ESPP”) purchase rights and the Company’s convertible senior notes would have been anti-dilutive.

The following table summarizes net income (loss) attributable to the Company and the weighted average basic and diluted shares outstanding:


	Three Months Ended September 30,					Nine Months Ended September 30,
($ in thousands, except per share data)	2024		2023			2024			2023
Net income (loss) attributable to the Company	$	3,243	$	(6,168	)	$	(6,040	)	$	(37,203	)

Weighted average shares of Class A common stock outstanding - basic		88,263,285		91,160,415			90,426,364			89,658,318
Add weighted average effect of dilutive common stock equivalent shares:
Post-Merger Repay Units exchangeable for Class A common stock		5,811,526
Unvested share-based awards of Class A common stock		2,413,385
Outstanding stock options of Class A common stock		90,267
Outstanding ESPP purchase rights for Class A common stock		3,825
2026 Notes convertible into Class A common stock		6,547,619
Weighted average shares of Class A common stock outstanding - diluted		103,129,907		91,160,415			90,426,364			89,658,318

Income (loss) per share of Class A common stock outstanding - basic	$	0.04	$	(0.07	)	$	(0.07	)	$	(0.41	)
Income (loss) per share of Class A common stock outstanding - diluted	$	0.03	$	(0.07	)	$	(0.07	)	$	(0.41	)

For the three months ended September 30, 2023 and nine months ended September 30, 2024 and 2023, the following common stock equivalent shares were excluded from the computation of the diluted loss per share, since their inclusion would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023		2024		2023
Post-Merger Repay Units exchangeable for Class A common stock		5,861,271		5,728,480		5,861,271
Unvested share-based awards of Class A common stock		5,618,759		6,578,521		5,618,759
Outstanding stock options for Class A common stock		1,148,822		1,089,930		1,148,822
Senior notes convertible into Class A common stock		13,095,238		6,547,619		13,095,238
Share equivalents excluded from loss per share		25,724,090		19,944,550		25,724,090

Shares of the Company’s Class V common stock do not participate in the earnings or losses of the Company and, therefore, are not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V common stock under the two-class method has not been presented. Each share of the Company’s Class V common stock gives the holder the right to vote the number of shares corresponding to the number of Post-Merger Repay Units held by that holder, but shares of Class V common stock have no economic rights.

Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue and Gross Profit for Each Reportable Segment

The following table presents revenue and gross profit for each reportable segment.


	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)	2024			2023			2024			2023
Revenue
Consumer Payments	$	69,189		$	68,720		$	214,617		$	204,622
Business Payments		15,297			9,704			35,566			28,170
Elimination of intersegment revenues (1)		(5,341	)		(4,104	)		(15,412	)		(12,152	)
Total revenue	$	79,145		$	74,320		$	234,771		$	220,640
Gross profit (2)
Consumer Payments	$	54,889		$	53,599		$	170,026		$	159,929
Business Payments		12,013			7,188			27,077			20,421
Elimination of intersegment revenues		(5,341	)		(4,104	)		(15,412	)		(12,152	)
Total gross profit	$	61,561		$	56,683		$	181,691		$	168,198

Total other operating expenses (3)	$	62,236		$	61,802		$	188,291		$	201,147
Total other income (expense)		5,414			(3,363	)		64			(5,489	)
Income (loss) before income tax (expense) benefit		4,739			(8,482	)		(6,536	)		(38,438	)
Income tax benefit (expense)		(1,524	)		1,998			149			(1,308	)
Net income (loss)	$	3,215		$	(6,484	)	$	(6,387	)	$	(39,746	)

(1)

Represents intercompany eliminations between segments for consolidation purpose.

(2)

Represents revenue less costs of services (exclusive of depreciation and amortization).

(3)

Represents total operating expenses less costs of services (exclusive of depreciation and amortization).

Borrowings - Summary of Borrowings under Credit Agreement (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Total borrowings

$ 507,500

$ 440,000

Less: Long-term loan debt issuance cost

^[1]

11,286

5,834

Total non-current borrowings

496,214

434,166

2026 Notes

Debt Instrument [Line Items]

Total borrowings

220,000

$ 440,000

2029 Notes

Debt Instrument [Line Items]

Total borrowings

$ 287,500

[1]

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share Based Compensation - Schedule of Outstanding Restricted Stock Units Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, Beginning Balance \| $ / shares	$ 7.41
Weighted average grant date fair value, Granted \| $ / shares	9.70
Weighted average grant date fair value, Vested \| $ / shares	7.41
Weighted average grant date fair value, Ending Balance \| $ / shares	$ 9.70
Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Beginning Balance \| shares	171,384
Granted \| shares	130,923
Vested \| shares	171,384
Unvested, Ending Balance \| shares	130,923

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

Management has evaluated subsequent events and their potential effects on these unaudited condensed consolidated financial statements. Based upon the review, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Treasury stock, shares	5,492,733	1,416,510
Class A Common Stock
Common shares, par value	$ 0.0001	$ 0.0001
Common shares, shares authorized	2,000,000,000	2,000,000,000
Common shares, shares issued	93,213,403	92,220,494
Common shares, shares outstanding	87,720,670	90,803,984
Class V Common Stock
Common shares, par value	$ 0.0001	$ 0.0001
Common shares, shares authorized	1,000	1,000
Common shares, shares issued	100	100
Common shares, shares outstanding	100	100

Commitments and Contingencies - Additional Information (Details) - USD ($)		3 Months Ended	6 Months Ended	9 Months Ended
	Jul. 12, 2024	Sep. 30, 2024	Jul. 31, 2024	Sep. 30, 2024
Lease [Line Items]
Operating lease expiration year				2035
Lessee, operating lease, existence of option to extend [true false]				true
Operating lease, option to extend				Most of these leases include one or more renewal options for five years or less
Operating lease, existence of option to terminate [true false]				true
Operating lease, option to terminate				certain leases also include lessee termination options
Construction allowance to be used on relocated space for design and construction of improvements and renovations			$ 1,400,000
Operating lease, impairment loss	$ 0
Other (Loss) Income
Lease [Line Items]
Sublease income		$ 100,000		$ 200,000
Minimum
Lease [Line Items]
Operating lease, term of contract		3 years		3 years
Maximum
Lease [Line Items]
Operating lease, term of contract		10 years		10 years
Operating lease, renewal term		5 years		5 years

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 79,145	$ 74,320	$ 234,771	$ 220,640
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)	17,584	17,637	53,080	52,442
Selling, general and administrative	36,707	35,279	108,963	111,974
Depreciation and amortization	25,529	26,523	79,328	79,146
Loss on business disposition				10,027
Total operating expenses	79,820	79,439	241,371	253,589
Loss from operations	(675)	(5,119)	(6,600)	(32,949)
Other income (expense)
Interest (expense) income, net	(1,310)	(103)	(376)	(1,413)
Gain on extinguishment of debt	13,136		13,136
Change in fair value of tax receivable liability	(6,479)	(3,234)	(12,758)	(3,716)
Other income (loss), net	67	(26)	62	(360)
Total other income (expense)	5,414	(3,363)	64	(5,489)
Income (loss) before income tax (expense) benefit	4,739	(8,482)	(6,536)	(38,438)
Income tax benefit (expense)	(1,524)	1,998	149	(1,308)
Net income (loss)	3,215	(6,484)	(6,387)	(39,746)
Less: Net loss attributable to non-controlling interests	(28)	(316)	(347)	(2,543)
Net income (loss) attributable to the Company	$ 3,243	$ (6,168)	$ (6,040)	$ (37,203)
Income (loss) per Class A share attributable to the Company:
Basic	$ 0.04	$ (0.07)	$ (0.07)	$ (0.41)
Diluted	$ 0.03	$ (0.07)	$ (0.07)	$ (0.41)
Weighted-average shares outstanding:
Basic	88,263,285	91,160,415	90,426,364	89,658,318
Diluted	103,129,907	91,160,415	90,426,364	89,658,318

Borrowings - Additional Information (Details)					3 Months Ended		9 Months Ended
Borrowings - Additional Information (Details)	Jul. 10, 2024 USD ($)	Jul. 08, 2024 USD ($)	Feb. 28, 2023 USD ($)	Jan. 19, 2021 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 29, 2021 USD ($)	Dec. 28, 2021 USD ($)	Feb. 03, 2021 USD ($)
Debt Instrument [Line Items]
Gain on extinguishment of debt					$ 13,136,000		$ 13,136,000
Notes Offering
Debt Instrument [Line Items]
Gain on extinguishment of debt					13,100,000		13,100,000
New Credit Agreement
Debt Instrument [Line Items]
Line of credit					0		0		$ 0
Interest expense					$ 2,900,000	$ 900,000	$ 4,700,000	$ 3,000,000
New Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Undrawn line of credit			$ 185,000,000
Line of credit facility repaid amount			$ 20,000,000
Senior Secured Revolving Credit Facility \| New Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity										$ 185,000,000	$ 60,000,000
Senior Secured Revolving Credit Facility \| New Credit Agreement \| Truist Bank
Debt Instrument [Line Items]
Undrawn line of credit												$ 125,000,000
Senior Secured Revolving Credit Facility \| Second Amended Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 250,000,000
Debt instrument, maturity date	Jul. 10, 2029
2026 Notes \| Notes Offering
Debt Instrument [Line Items]
Aggregate principal amount				$ 440,000,000
Debt instrument interest rate				0.00%
Debt instrument, maturity date				Feb. 01, 2026
Aggregate principal amount repurchased		$ 220,000,000
Cash payment of debt		205,200,000
2026 Notes \| Notes Offering \| Class A Common Stock
Debt Instrument [Line Items]
Debt instrument, convertible notes, conversion rate				29.7619
Debt instrument, convertible notes, conversion price per share \| $ / shares				$ 33.6
2029 Notes \| Notes Offering
Debt Instrument [Line Items]
Aggregate principal amount		$ 287,500,000
Debt instrument interest rate		2.875%
Debt instrument, maturity date		Jul. 15, 2029
2029 Notes \| Purchase Agreement \| Notes Offering
Debt Instrument [Line Items]
Aggregate principal amount		$ 27,500,000
Net proceeds after fees and expenses incurred		$ 279,200,000

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments	2

Taxation - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended
Taxation - Additional Information (Details) - USD ($)	Jul. 08, 2024	Jul. 11, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 15, 2021
Valuation Allowance [Line Items]
Effective tax rate			(18.20%)	24.00%	2.30%	(3.00%)
Income tax expense (benefit)			$ 1,524,000	$ (1,998,000)	$ (149,000)	$ 1,308,000
Stock based compensation adjustments net tax shortfall			1,700,000	$ 2,400,000	1,700,000	$ 2,400,000
State rate change impact on deferred taxes			400,000		400,000
Cancellation of debt income			3,700,000		3,700,000
Write-off of unamortized debt issuance costs			(400,000)		$ (400,000)
Federal statutory rate					21.00%
Deferred tax liabilities, net								$ 36,100,000
Deferred tax assets, net			157,097,000		$ 157,097,000		$ 146,872,000
Valuation allowance recognized, percentage					100.00%
Uncertain tax positions			0		$ 0
Percentage of tax benefits payable under Tax Receivable Agreement		100.00%
Liability related to projected obligations under Tax Receivable Agreement			$ 201,300,000		201,300,000
Increase in TRA liability					12,400,000
Private Placement
Valuation Allowance [Line Items]
Capped call transaction cost	$ 39,200,000
Capped call, initial strike price	$ 13.02
Capped call, cap price	$ 20.42
Deferred tax assets, capped call	$ 9,900,000
Blue Cow Software
Valuation Allowance [Line Items]
Net tax impact					$ 5,900,000

Earnings Per Share - Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	25,724,090	19,944,550	25,724,090
Class A Common Stock \| Post-Merger Repay Units Exchangeable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	5,861,271	5,728,480	5,861,271
Class A Common Stock \| Unvested Share-based Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	5,618,759	6,578,521	5,618,759
Class A Common Stock \| Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	1,148,822	1,089,930	1,148,822
Senior Notes Convertible \| Class A Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	13,095,238	6,547,619	13,095,238

Borrowings - Summary of Principal Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2026	$ 220,000
Total borrowings	$ 220,000

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 06, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	Repay Holdings Corporation
Entity Central Index Key	0001720592
Entity Tax Identification Number	98-1496050
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity File Number	001-38531
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Address, Address Line One	3060 Peachtree Road NW
Entity Address, Address Line Two	Suite 1100
Entity Address, Postal Zip Code	30305
City Area Code	404
Local Phone Number	504-7472
Entity Incorporation, State or Country Code	DE
Trading Symbol	RPAY
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Address, State or Province	GA
Entity Address, City or Town	Atlanta
Class A Common Stock
Entity Common Stock, Shares Outstanding		91,904,449
Class V Common Stock
Entity Common Stock, Shares Outstanding		100
Former Address [Member]
Entity Address, Address Line One	3 West Paces Ferry Road
Entity Address, Address Line Two	Suite 200
Entity Address, Postal Zip Code	30305
Entity Address, State or Province	GA
Entity Address, City or Town	Atlanta

Taxation

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Taxation

12. Taxation

Repay Holdings Corporation is taxed as a corporation and is subject to paying corporate federal, state and local taxes on the income allocated to it from Hawk Parent, based upon Repay Holding Corporation’s economic interest held in Hawk Parent, as well as any stand-alone income or loss it generates. Hawk Parent is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Hawk Parent is not subject to U.S. federal and certain state and local income taxes. Hawk Parent’s members, including Repay Holdings Corporation, are liable for federal, state and local income taxes based on their allocable share of Hawk Parent’s pass-through taxable income.

The Company’s effective tax rate was (18.2)% and 2.3% for the three and nine months ended September 30, 2024, respectively. The Company recorded an income tax expense of $1.5 million and an income tax benefit of $0.1 million for the three and nine months ended September 30, 2024, respectively. The effective tax rate for the three and nine months ended September 30, 2024 includes a stock-based compensation adjustments net tax shortfall of $1.7 million related to restricted stock awards vesting and a $0.4 million state rate change impact on deferred taxes. In addition, the effective tax rate includes a net $3.7 million and a ($0.4) million impact related to cancellation of debt income and write-off of unamortized debt issuance costs, respectively, associated with the partial repurchase of the 2026 Notes, which are required to be recorded discretely in the interim period in which they occur. The effective tax rate of the Company differs from the federal statutory rate of 21% primarily due to the tax structure of the Company, the relative weighting of the noncontrolling interest, and lower income from operations over the current relevant period, as well as the aforementioned items required to be reported discretely in the interim period. The Company’s effective tax rate was 24% and (3%) for the three and nine months ended September 30, 2023, respectively. The Company recorded an income tax benefit of $2.0 million and an income tax expense of $1.3 million for the three and nine months ended September 30, 2023, respectively. The effective tax rate for the three and nine months ended September 30, 2023 includes a stock-based compensation adjustments net tax shortfall of $2.4 million related to restricted stock awards vesting, which is required to be recorded discretely in the interim period in which it occurs. In addition, the effective tax rate includes a net tax impact of $5.9 million related to the disposition of BCS, which is required to be recorded discretely in the interim period in which it occurs due to it being a significant, infrequently occurring item disclosed separately in the quarterly financial statements.

The Company recognized adjustments of $1.5 million and $0.1 million for the three and nine months ended September 30, 2024, respectively, of deferred tax assets related to the income tax expense and benefit, respectively, derived from the net operating income generated over the same period. The Company recognized adjustments of $2.0 million and $1.3 million for the three and nine months ended September 30, 2023, respectively, of deferred tax assets related to the income tax benefit and expense, respectively, derived from the net operating income generated over the same period.

Deferred tax assets, net of $157.1 million as of September 30, 2024, relates primarily to the basis difference in the Company’s investment in Hawk Parent. The basis difference arose primarily as a result of the subsequent exchanges of Post-Merger Repay Units by the Company. In addition, as a result of the merger with BillingTree on June 15, 2021, an estimated opening deferred tax liability net of $36.1 million, as adjusted, was recorded. The merger was recognized as a Qualified Stock Purchase within the meaning of Internal Revenue Code (the “Code”) Section 338(d)(3). As such, no step up in the tax asset basis was permitted creating an estimated net deferred tax liability related to the tax asset basis difference in the investment in Hawk Parent on the opening balance sheet date. Furthermore, as part of the 2029 Notes issuance on July 8, 2024, the Company incurred $39.2 million of costs for privately negotiated capped call transactions with certain financial institutions to cover the number of shares of Class A common stock underlying the 2029 Notes. The capped call had an initial strike price of $13.02 per share and a cap price of $20.42 per share, which is subject to certain adjustments. For Tax purposes, this is considered a tax-efficient capped call (i.e., the capped call is integrated with the 2029 Notes in accordance with Section 1.1275-6 of the Code). As such, the total $39.2 million incurred to acquire the capped call is treated as original issue discount (“OID”) on synthetic debt and eligible for a deduction as interest expense over the life of the instrument, subject to certain limitations under 163(j). As a result of the capped call being booked as equity for GAAP purposes instead of OID on synthetic debt, the Company is required to set up a tax effected deferred tax asset of $9.9 million for the equivalent amount of the capped call. This temporary difference created as a result of the OID Interest Expense deduction is expected to be realized over the term of the instrument.

The Company did not recognize any adjustment to the deferred tax asset (“DTA”) and offsetting deferred tax liability (“DTL”) recorded as a result of the ceiling rule limitation arising under Code Sec. 704(c) for the three and nine months ended September 30, 2024, to account for the portion of the Company’s outside basis in the partnership interest that it will not recover through tax deductions. As the ceiling rule causes taxable income allocations to be in excess of

704(b) book allocations the DTL will unwind, leaving only the DTA, which may only be recovered through the sale of the partnership interest in Hawk Parent. The Company has concluded, based on the weight of all positive and negative evidence, that all of the DTA associated with the ceiling rule limitation is not likely to be realized. As such, a 100% valuation allowance was recognized.

No uncertain tax positions existed as of September 30, 2024.

Tax Receivable Agreement Liability

Pursuant to the Company’s election under Section 754 of the Code, the Company expects to obtain an increase in its share of the tax basis in the net assets of Hawk Parent when Post-Merger Repay Units are redeemed or exchanged for Class A common stock of Repay Holdings Corporation. The Company intends to treat any redemptions and exchanges of Post-Merger Repay Units as direct purchases for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

On July 11, 2019, the Company entered into a TRA that provides for the payment by the Company of 100% of the amount of any tax benefits realized, or in some cases are deemed to realize, as a result of (i) increases in its share of the tax basis in the net assets of Hawk Parent resulting from any redemptions or exchanges of Post-Merger Repay Units and from its acquisition of the equity of the selling Hawk Parent members, (ii) tax basis increases attributable to payments made under the TRA, and (iii) deductions attributable to imputed interest pursuant to the TRA (the “TRA Payments”). The TRA Payments are not conditioned upon any continued ownership interest in Hawk Parent or the Company. The rights of each party under the TRA other than the Company are assignable. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the timing and amount of taxable income generated by the Company each year, as well as the tax rate then applicable, among other factors.

As of September 30, 2024, the Company had a liability of $201.3 million related to its projected obligations under the TRA, which is captioned as tax receivable agreement liability in the Company’s Unaudited Condensed Consolidated Balance Sheet. The increase of $12.4 million in the TRA liability for the nine months ended September 30, 2024, was primarily a result of the decrease in the Early Termination Rate and accretion, partially offset by a decrease in the tax rate and a payment of the current portion of the TRA liability, as reported at December 31, 2023, over the same period.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

8. Goodwill

There were no changes in the carrying amount of goodwill for either the Consumer Payments or Business Payments segment during the nine months ended September 30, 2024.

The Company concluded that goodwill was not impaired for either the Consumer Payments or Business Payments segment as of September 30, 2024. As of September 30, 2024 and December 31, 2023, accumulated impairment losses were $75.7 million for the Business Payments segment.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Unaudited Interim Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited condensed consolidated financial statements and accompanying notes, which are included in the Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with instructions to Form 10-Q and Rule 10-01 of SEC Regulation S-X as they apply to interim financial information. Accordingly, the interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company uses the accrual basis of accounting whereby revenues are recognized when earned, usually upon the date services are rendered, and expenses are recognized at the date services are rendered or goods are received. The interim condensed consolidated financial statements are unaudited, but in the Company’s opinion include all adjustments of a normal recurring nature or a description of the nature and amount of any adjustments other than normal recurring adjustments, operations and cash flows as of and for the periods presented. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Repay Holdings Corporation and its majority-owned subsidiary, Hawk Parent Holdings LLC, along with Hawk Parent Holdings LLC’s wholly owned subsidiaries: Hawk Intermediate Holdings, LLC, Hawk Buyer Holdings, LLC, Repay Holdings, LLC, M&A Ventures, LLC, Repay Management Holdco Inc., Repay Management Services LLC, Sigma Acquisition, LLC, Wildcat Acquisition, LLC, Marlin Acquirer, LLC, REPAY International LLC, REPAY Canada Solutions ULC, TriSource Solutions, LLC (“TriSource”), Mesa Acquirer, LLC, CDT Technologies LTD (“Ventanex”), Viking GP Holdings, LLC, cPayPlus, LLC (“cPayPlus”), CPS Payment Services, LLC, Media Payments, LLC, Custom Payment Systems, LLC, Electronic Payment Providers, LLC, Internet Payment Exchange, LLC, Stratus Payment Solutions, LLC, Clear Payment Solutions, LLC, Harbor Acquisition LLC, Payix Holdings Incorporated and Payix Incorporated. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported Condensed Consolidated Statements of Operations during the reporting period. Actual results could differ materially from those estimates.
Segment Reporting	Segment Reporting The Company reports operating results through two reportable segments: (1) Consumer Payments and (2) Business Payments, as further discussed in Note 13. Segments.
Recently Issued Accounting Pronouncements not yet Adopted	Recently Issued Accounting Pronouncements not yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)”. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the effects of ASU No. 2023-07 on its Consolidated Financial Statements. Income Taxes In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”)”. ASU 2023-09 requires public business entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the effects of ASU No. 2023-09 on its Consolidated Financial Statements.

- Definition

Disclosure of accounting policy for segment reporting.

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-SubTopic 10
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-Section 50
-Paragraph 29
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-Subparagraph (a)
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-Section 50
-Paragraph 29
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Share Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 31, 2024	Jun. 30, 2022	Aug. 18, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested PSUs, RSAs and RSUs	$ 32.0		$ 32.0
Weighted-average period related to unvested PSUs, RSAs, RSUs and PSOs			1 year 10 months 24 days
Recognized compensation expense related to PSOs	6.5	$ 5.7	$ 18.5	$ 16.3
Dividend yield			0.00%
Performance based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to PSOs	0.7		$ 0.7
Weighted-average period related to unvested PSUs, RSAs, RSUs and PSOs			1 year 2 months 12 days
Weighted average grant date fair value, Granted				$ 2.61
Recognized compensation expense related to PSOs	$ 0.2	$ 0.5	$ 0.8	$ 1.0
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, Granted			$ 13.03
Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value vested related to PSUs, RSAs and RSUs			$ 12.0
Class A Common Stock \| Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares to be paid out at target level percentage			100.00%
2019 Plan \| Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	7,326,728		7,326,728		8,400,000	6,500,000
2021 Employee Stock Purchase Plan \| Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance							1,000,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,243	$ (6,168)	$ (6,040)	$ (37,203)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Borrowings - Summary of Borrowings under Credit Agreement (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Interest expense for the amortization of deferred debt issuance costs			$ 2,185	$ 2,136
Interest Expense
Debt Instrument [Line Items]
Interest expense for the amortization of deferred debt issuance costs	$ 800	$ 700	$ 2,200	$ 2,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share Based Compensation - Schedule of Share Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 6.5	$ 5.7	$ 18.5	$ 16.3
Income tax benefit	$ 0.2	$ 0.2	$ 2.5	$ 1.5

Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Estimated Future Amortization Expense
2024	$ 24,946
2025	89,372
2026	74,592
2027	59,369
2028	55,167
Thereafter	$ 78,846

Earnings Per Share - Summary of Net Income (Loss) and Weighted Average Basic and Diluted Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) attributable to the Company	$ 3,243	$ (6,168)	$ (6,040)	$ (37,203)
Weighted average shares of Class A common stock outstanding - basic	88,263,285	91,160,415	90,426,364	89,658,318
Add weighted average effect of dilutive common stock equivalent shares:
Weighted average shares of Class A common stock outstanding - diluted	103,129,907	91,160,415	90,426,364	89,658,318
Income (loss) per share of Class A common stock outstanding - basic	$ 0.04	$ (0.07)	$ (0.07)	$ (0.41)
Income (loss) per share of Class A common stock outstanding - diluted	$ 0.03	$ (0.07)	$ (0.07)	$ (0.41)
Class A Common Stock
Weighted average shares of Class A common stock outstanding - basic	88,263,285	91,160,415	90,426,364	89,658,318
Add weighted average effect of dilutive common stock equivalent shares:
Post-Merger Repay Units exchangeable for Class A common stock	5,811,526
Unvested share-based awards of Class A common stock	2,413,385
Outstanding stock options of Class A common stock	90,267
Outstanding ESPP purchase rights for Class A common stock	3,825
2026 Notes convertible into Class A common stock	6,547,619
Weighted average shares of Class A common stock outstanding - diluted	103,129,907	91,160,415	90,426,364	89,658,318
Income (loss) per share of Class A common stock outstanding - basic	$ 0.04	$ (0.07)	$ (0.07)	$ (0.41)
Income (loss) per share of Class A common stock outstanding - diluted	$ 0.03	$ (0.07)	$ (0.07)	$ (0.41)

Revenue - Summary of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Revenue

Total Revenue

$ 79,145

$ 74,320

$ 234,771

$ 220,640

Elimination of Intersegment Revenues

Revenue

Total Revenue

^[1]

(5,341)

(4,104)

(15,412)

(12,152)

Consumer Payments | Operating Segments

Revenue

Total Revenue

69,189

68,720

214,617

204,622

Business Payments | Operating Segments

Revenue

Total Revenue

15,297

9,704

35,566

28,170

Direct Relationships

Revenue

Total Revenue

76,514

71,091

226,373

210,379

Direct Relationships | Elimination of Intersegment Revenues

Revenue

Total Revenue

(5,341)

(4,104)

(15,412)

(12,152)

Direct Relationships | Consumer Payments | Operating Segments

Revenue

Total Revenue

66,772

65,773

206,857

195,183

Direct Relationships | Business Payments | Operating Segments

Revenue

Total Revenue

15,083

9,422

34,928

27,348

Indirect Relationships

Revenue

Total Revenue

2,631

3,229

8,398

10,261

Indirect Relationships | Consumer Payments | Operating Segments

Revenue

Total Revenue

2,417

2,947

7,760

9,439

Indirect Relationships | Business Payments | Operating Segments

Revenue

Total Revenue

$ 214

$ 282

$ 638

$ 822

[1]	Represents intercompany eliminations between segments for consolidation purpose.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-Topic 280
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-Paragraph 41
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-Publisher FASB
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 168,715	$ 118,096
Accounts receivable	41,124	36,017
Prepaid expenses and other	14,930	15,209
Total current assets	224,769	169,322
Property, plant and equipment, net	2,713	3,133
Restricted cash	46,540	26,049
Intangible assets, net	402,292	447,141
Goodwill	716,793	716,793
Operating lease right-of-use assets, net	11,564	8,023
Deferred tax assets	157,097	146,872
Other assets	2,500	2,500
Total noncurrent assets	1,339,499	1,350,511
Total assets	1,564,268	1,519,833
Liabilities
Accounts payable	28,792	22,030
Accrued expenses	52,246	32,906
Current operating lease liabilities	1,199	1,629
Current tax receivable agreement		580
Other current liabilities	1,026	318
Total current liabilities	83,263	57,463
Long-term debt	496,214	434,166
Noncurrent operating lease liabilities	10,958	7,247
Tax receivable agreement, net of current portion	201,273	188,331
Other liabilities	2,861	1,838
Total noncurrent liabilities	711,306	631,582
Total liabilities	794,569	689,045
Commitments and contingencies (Note 10)
Stockholders' equity
Treasury stock, 5,492,733 and 1,416,510 shares as of September, 2024 and December 31, 2023, respectively	(53,782)	(12,528)
Additional paid-in capital	1,138,160	1,151,324
Accumulated deficit	(329,710)	(323,670)
Total Repay stockholders' equity	754,677	815,135
Non-controlling interests	15,022	15,653
Total equity	769,699	830,788
Total liabilities and equity	1,564,268	1,519,833
Class A Common Stock
Stockholders' equity
Common stock value	$ 9	$ 9

Intangible Assets - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) TradeName	Sep. 30, 2023 USD ($)	Dec. 31, 2023 TradeName
Schedule of Indefinite-Lived Intangible Assets [Table]
Number of trade names \| TradeName			1		1
Amortization of Intangible Assets \| $	$ 25.1	$ 26.2	$ 78.1	$ 77.3

Business Disposition - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 15, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Cash proceeds from sale of business, net of cash retained					$ 40,273
Loss on business disposition					(10,027)
Revenue		$ 79,145	$ 74,320	$ 234,771	220,640
Blue Cow Software
Business Acquisition [Line Items]
Transaction expenses related to the business combination			$ 0		3,400
Cash proceeds from sale of business, net of cash retained	$ 40,300
Cash retained	$ 1,600
Loss on business disposition					(10,000)
Blue Cow Software \| Consumer Payments
Business Acquisition [Line Items]
Dispositions				$ 35,300
Revenue					$ 1,200

- Definition

+ References

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+ Details

Goodwill - Additional Information (Details) - USD ($)	9 Months Ended
Goodwill - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 716,793,000	$ 716,793,000
Consumer Payments
Goodwill [Line Items]
Goodwill	0
Goodwill impairment loss	0
Business Payments
Goodwill [Line Items]
Goodwill	0
Goodwill impairment loss	0
Accumulated impairment losses	$ 75,700,000	$ 75,700,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Business Disposition

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Business Disposition

5. Business Disposition

On February 15, 2023, the Company sold Blue Cow Software, LLC and a related entity (“BCS”) within the Consumer Payments segment for cash proceeds of $40.3 million, net of cash retained of $1.6 million. During the nine months ended September 30, 2023, the Company recognized a loss of $10.0 million associated with the sale, comprised of the difference between the consideration received and the net carrying amount of the assets and liabilities of the business within Loss on business disposition in the Company’s Condensed Consolidated Statement of Operations.

In connection with the disposition of BCS, the Company recognized a reduction in goodwill of $35.3 million within the Consumer Payments segment. See Note 8. Goodwill for further discussion. For the nine months ended September 30, 2023, BCS contributed $1.2 million to the Consumer Payments segment revenue.

Transaction Expenses

The Company incurred transaction expenses of $0 and $3.4 million for the three and nine months ended September 30, 2023 related to the disposition of BCS. Transaction expenses are included within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of total lease costs:
Operating lease cost	$ 523	$ 580	$ 1,380	$ 1,960
Short-term lease cost	6	11	18	22
Total lease cost	$ 529	$ 591	$ 1,398	$ 1,982

Share Based Compensation - Schedule of Outstanding Restricted Stock Awards Activity (Details) - Unvested Restricted Share Awards

9 Months Ended

Sep. 30, 2024

$ / shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Weighted average grant date fair value, Beginning Balance | $ / shares

$ 9.26

Weighted average grant date fair value, Granted | $ / shares

8.00

Weighted average grant date fair value, Forfeited | $ / shares

10.03

^[1]

Weighted average grant date fair value, Vested | $ / shares

10.99

Weighted average grant date fair value, Ending Balance | $ / shares

$ 8.30

Class A Common Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unvested, Beginning Balance | shares

3,550,365

Granted | shares

1,887,965

Forfeited | shares

480,917

^[1]

Vested | shares

755,189

Unvested, Ending Balance | shares

4,202,224

[1]

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value


	September 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	168,715	$	—	$	—	$	168,715
Restricted cash		46,540		—		—		46,540
Other assets		—		2,500		—		2,500
Total assets	$	215,255	$	2,500	$	—	$	217,755
Liabilities:
Borrowings	$	—	$	482,632	$	—	$	482,632
Tax receivable agreement		—		—		201,273		201,273
Total liabilities	$	—	$	482,632	$	201,273	$	683,905

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	118,096	$	—	$	—	$	118,096
Restricted cash		26,049		—		—		26,049
Other assets		—		2,500		—		2,500
Total assets	$	144,145	$	2,500	$	—	$	146,645
Liabilities:
Borrowings	$	—	$	375,650	$	—	$	375,650
Tax receivable agreement		—		—		188,911		188,911
Total liabilities	$	—	$	375,650	$	188,911	$	564,561

Schedule of Rollforward of TRA related to Acquisition and Exchanges of Post-Merger

The following table provides a rollforward of the TRA related to the acquisition and exchanges of Post-Merger Repay Units. See Note 12. Taxation for further discussion on the TRA.


	Nine Months Ended September 30,
($ in thousands)	2024			2023
Balance at beginning of period	$	188,911		$	179,127
Purchases		185			3,058
Payments		(580	)		—
Accretion expense		10,182			—
Valuation adjustment		2,575			3,716
Balance at end of period	$	201,273		$	185,901

Schedule of Carrying Value and Estimated Fair Value of Borrowings

The following table provides the carrying value and estimated fair value of borrowings. See Note 9. Borrowings for further discussion on borrowings.


	September 30, 2024				December 31, 2023
($ in thousands)	Carrying value		Fair value		Carrying value		Fair value
Convertible senior notes	$	496,214	$	482,632	$	434,166	$	375,650

Fair Value - Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 168,715	$ 118,096
Restricted cash	46,540	26,049
Other assets	2,500	2,500
Total assets	217,755	146,645
Liabilities:
Borrowings	482,632	375,650
Tax receivable agreement	201,273	188,911
Total liabilities	683,905	564,561
Level 1
Assets:
Cash and cash equivalents	168,715	118,096
Restricted cash	46,540	26,049
Total assets	215,255	144,145
Level 2
Assets:
Other assets	2,500	2,500
Total assets	2,500	2,500
Liabilities:
Borrowings	482,632	375,650
Total liabilities	482,632	375,650
Level 3
Liabilities:
Tax receivable agreement	201,273	188,911
Total liabilities	$ 201,273	$ 188,911

Fair Value - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Increase in TRA liability	$ 12,400
New Credit Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Line of credit	0	$ 0
Tax Receivable Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
TRA, balance adjusted through an exchange, a payment, accretion expense and valuation adjustment	$ 12,400
TRA, measurement input	6.68	0.071
Alternative Investment, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Alternative Investment, Measurement Input [Extensible List]	us-gaap:MeasurementInputDiscountRateMember
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair value change in tax receivable agreement liability

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Directors or Officers
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Tim Murphy
Trading Arrangements, by Individual
Name	Tim Murphy
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 6, 2024
Aggregate Available	285,000

Share Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.42%
Expected volatility	52.82%
Dividend yield	0.00%
Expected term (in years)	4 years 6 months

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Net Income (Loss) and Weighted Average Basic and Diluted Shares Outstanding

The following table summarizes net income (loss) attributable to the Company and the weighted average basic and diluted shares outstanding:


	Three Months Ended September 30,					Nine Months Ended September 30,
($ in thousands, except per share data)	2024		2023			2024			2023
Net income (loss) attributable to the Company	$	3,243	$	(6,168	)	$	(6,040	)	$	(37,203	)

Weighted average shares of Class A common stock outstanding - basic		88,263,285		91,160,415			90,426,364			89,658,318
Add weighted average effect of dilutive common stock equivalent shares:
Post-Merger Repay Units exchangeable for Class A common stock		5,811,526
Unvested share-based awards of Class A common stock		2,413,385
Outstanding stock options of Class A common stock		90,267
Outstanding ESPP purchase rights for Class A common stock		3,825
2026 Notes convertible into Class A common stock		6,547,619
Weighted average shares of Class A common stock outstanding - diluted		103,129,907		91,160,415			90,426,364			89,658,318

Income (loss) per share of Class A common stock outstanding - basic	$	0.04	$	(0.07	)	$	(0.07	)	$	(0.41	)
Income (loss) per share of Class A common stock outstanding - diluted	$	0.03	$	(0.07	)	$	(0.07	)	$	(0.41	)

Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023		2024		2023
Post-Merger Repay Units exchangeable for Class A common stock		5,861,271		5,728,480		5,861,271
Unvested share-based awards of Class A common stock		5,618,759		6,578,521		5,618,759
Outstanding stock options for Class A common stock		1,148,822		1,089,930		1,148,822
Senior notes convertible into Class A common stock		13,095,238		6,547,619		13,095,238
Share equivalents excluded from loss per share		25,724,090		19,944,550		25,724,090

Share Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share Based Compensation

11. Share Based Compensation

Omnibus Incentive Plan

At the 2019 Annual Shareholders Meeting of Thunder Bridge, the shareholders considered and approved the 2019 Omnibus Incentive Plan (the “Incentive Plan”) which resulted in the reservation of 7,326,728 shares of Class A common stock for issuance thereunder. The Incentive Plan initially became effective immediately upon the closing of the Business Combination. In June 2022, the Incentive Plan was amended and restated to reserve an additional 6,500,000 shares of Class A common stock for issuance thereunder. In May 2024, the Incentive Plan was again amended and restated to reserve an additional 8,400,000 shares of Class A common stock for issuance thereunder.

Under this plan, the Company currently has four types of share-based compensation awards outstanding: performance stock units (“PSUs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based stock options (“PSOs”).

Share-Based Awards


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Share-based compensation expense	$	6.5	$	5.7	$	18.5	$	16.3
Income tax benefit		0.2		0.2		2.5		1.5

Activity for RSAs for the nine months ended September 30, 2024 was as follows:


	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2023		3,550,365	$	9.26
Granted		1,887,965		8.00
Forfeited (1)		480,917		10.03
Vested		755,189		10.99
Unvested at September 30, 2024		4,202,224	$	8.30

(1)

Activity for RSUs for the nine months ended September 30, 2024 was as follows:


	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2023		171,384	$	7.41
Granted		130,923		9.70
Forfeited		—		—
Vested		171,384		7.41
Unvested at September 30, 2024		130,923	$	9.70

On May 30, 2024, the Company’s Compensation Committee approved two PSU grant agreements, with one vesting based on relative total stock return (“TSR PSUs”) and one vesting based on adjusted EBITDA growth (“EBITDA PSUs”). TSR PSUs are based on a performance condition, such that the Company’s total shareholder return relative to a comparator group for the applicable performance period determines the number of shares (if any) that is ultimately issued upon vesting. The grant date fair value of TSR PSUs is estimated using the Monte Carlo simulation. Compensation expense of TSR PSUs generally is recognized on a straight-line basis over the applicable performance period. EBITDA PSUs are based on a performance condition, such that the growth of the Company’s adjusted EBITDA during each fiscal year within the applicable performance period determines the number of shares (if any) that is ultimately issued upon vesting. The grant date fair value of EBITDA PSUs is based on the quoted market value of the Company’s Class A common stock on the grant date. As the Company determines that the performance condition associated with EBITDA PSUs is probable, the attributable compensation expense generally is recognized on a straight-line basis over the applicable performance period. If, in the future, it is determined that achieving the performance condition related to EBITDA PSUs is improbable, the Company would reverse any compensation expense recognized to date associated with EBITDA PSUs.

Activity for PSUs for the nine months ended September 30, 2024 was as follows:


	Class A Common Stock (1)		Weighted Average Grant Date Fair Value
Unvested at December 31, 2023		1,482,791	$	10.88
Granted		762,583		13.03
Forfeited		—		—
Vested		—		—
Unvested at September 30, 2024		2,245,374	$	11.61

(1)

Represent shares to be paid out at 100% target level.

For PSUs, RSAs, and RSUs vested during the nine months ended September 30, 2024, the total fair value, based upon the Company’s Class A common stock price at the date vested, was $12.0 million. Unrecognized compensation expense related to unvested PSUs, RSAs and RSUs was $32.0 million at September 30, 2024, which is expected to be recognized as expense over the weighted-average period of 1.9 years.

Stock Options

Activity for PSOs for the nine months ended September 30, 2024 was as follows:


	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		1,148,822		6.13		7.0	$	2,768,661
Granted		—		—
Forfeited		—		—
Exercised		58,892		6.13				113,374
Outstanding at September 30, 2024		1,089,930	$	6.13		7.0	$	2,190,759

Options vested and exercisable at September 30, 2024		294,462	$	6.13		7.0	$	591,869

The Company recognized compensation expense for PSOs of $0.2 million and $0.8 million during the three and nine months ended September 30, 2024, respectively. The Company recognized compensation expense for PSOs of $0.5 million and $1.0 million during the three and nine months ended September 30, 2023, respectively. Unrecognized compensation expense related to outstanding PSOs was $0.7 million at September 30, 2024, which is expected to be recognized as expense over the weighted-average period of 1.2 years.

The weighted average grant date fair value of PSOs granted during the nine months ended September 30, 2023 was $2.61. Fair value was estimated on the date of grant using Monte Carlo simulation with the following weighted average assumptions:


	Nine Months Ended September 30, 2023
Risk-free interest rate		3.42	%
Expected volatility		52.82	%
Dividend yield		0	%
Expected term (in years)		4.5

The risk-free interest rate was based on the yield of a zero-coupon U.S. Treasury security with a maturity equal to the contractual term of seven years. The assumption on expected volatility was based on the average of historical peer group volatilities using daily prices. The dividend yield assumption was determined as 0% since the Company pays no dividends. Expected term was based on the simplified method outlined in Staff Accounting Bulletin No. 14, Share-Based Payment due to the fact that Company does not have sufficient historical data upon which to estimate an expected term. Given that the Company’s Class A common stock has been publicly traded for less than seven years, the Company believes that the simplified method is an applicable methodology to estimate the expected term of the options as of the grant date.

Employee Stock Purchase Plan

On August 18, 2021, the Company’s stockholders approved the Repay Holdings Corporation 2021 Employee Stock Purchase Plan. The purpose of the ESPP is to provide eligible employees with the opportunity to purchase the Company’s Class A common stock through accumulated payroll deductions. A total of 1,000,000 shares of the Company’s Class A common stock are available for issuance under the ESPP. Under the ESPP, participants are offered the right to purchase shares of the Company’s Class A common stock at a discount during a series of offering periods. The length of the offering periods under the ESPP will be determined by the administrator and may be up to twenty-seven months long.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

The components of lease cost are presented in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Components of total lease costs:
Operating lease cost	$	523	$	580	$	1,380	$	1,960
Short-term lease cost		6		11		18		22
Total lease cost	$	529	$	591	$	1,398	$	1,982

Schedule of Operating Lease and Supplemental Information

Amounts reported in the Condensed Consolidated Balance Sheets were as follows:


($ in thousands)	September 30, 2024			December 31, 2023
Operating leases:
ROU assets	$	11,564		$	8,023
Lease liability, current		1,199			1,629
Lease liability, long-term		10,958			7,247
Total lease liabilities	$	12,157		$	8,876

Weighted-average remaining lease term (in years)		6.0		4.3
Weighted-average discount rate (annualized)		6.2	%		5.8	%

Summary of Other Information Related to Lease

Other information related to leases are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	560	$	538	$	1,659	$	1,879
ROU assets obtained in exchange for lease liabilities:
Operating leases		6,262		—		6,262		—

Schedule of Maturity Analysis of the Company's Operating Leases Liabilities

The following table presents a maturity analysis of the Company’s operating leases liabilities as of September 30, 2024:


($ in thousands)
2024	$	601
2025		1,915
2026		2,320
2027		2,028
2028		1,867
Thereafter		6,713
Total undiscounted lease payments		15,444
Less: Imputed interest		3,287
Total lease liabilities	$	12,157

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	2029 Notes	Common Stock Class A Common Stock	Common Stock Class V Common Stock	Additional Paid-In Capital	Additional Paid-In Capital 2029 Notes	Treasury Stock	Accumulated Deficit	Non-controlling Interests
Balance at Dec. 31, 2022	$ 928,293		$ 9		$ 1,117,733		$ (10,000)	$ (213,180)	$ 33,731
Balance, shares at Dec. 31, 2022			88,276,613	100
Exchange of Post-Merger Repay Units					8,038				(8,038)
Exchange of Post-Merger Repay Units Shares			2,014,460
Release of share awards vested under Incentive Plan and ESPP					2				(2)
Release of share awards vested under Incentive Plan and ESPP, Shares			839,699
Tax withholding related to shares vesting under Incentive Plan and ESPP	(1,510)				(1,522)				12
Tax withholding related to shares vesting under Incentive Plan and ESPP, Shares			(194,265)
Stock-based compensation	16,256				16,334				(78)
Tax distribution from Hawk Parent	(947)								(947)
Net income (loss)	(39,746)							(37,203)	(2,543)
Balance at Sep. 30, 2023	902,346		$ 9		1,140,585		(10,000)	(250,383)	22,135
Balance, shares at Sep. 30, 2023			90,936,507	100
Balance at Jun. 30, 2023	903,616		$ 9		1,132,717		(10,000)	(244,215)	25,105
Balance, shares at Jun. 30, 2023			90,294,728	100
Exchange of Post-Merger Repay Units					2,322				(2,322)
Exchange of Post-Merger Repay Units Shares			597,882
Release of share awards vested under Equity Plan, Shares			61,489
Tax withholding related to shares vesting under Incentive Plan and ESPP	(134)				(138)				4
Tax withholding related to shares vesting under Incentive Plan and ESPP, Shares			(17,592)
Stock-based compensation	5,686				5,684				2
Tax distribution from Hawk Parent	(338)								(338)
Net income (loss)	(6,484)							(6,168)	(316)
Balance at Sep. 30, 2023	902,346		$ 9		1,140,585		(10,000)	(250,383)	22,135
Balance, shares at Sep. 30, 2023			90,936,507	100
Balance at Dec. 31, 2023	830,788		$ 9		1,151,324		(12,528)	(323,670)	15,653
Balance, shares at Dec. 31, 2023			90,803,984	100
Exchange of Post-Merger Repay Units					304				(304)
Exchange of Post-Merger Repay Units Shares			115,615
Release of share awards vested under Incentive Plan and ESPP					1				(1)
Release of share awards vested under Incentive Plan and ESPP, Shares			1,098,165
Tax withholding related to shares vesting under Incentive Plan and ESPP	(2,720)				(2,726)				6
Tax withholding related to shares vesting under Incentive Plan and ESPP, Shares			(279,763)
Treasury shares repurchased	(41,577)				(360)		(41,254)		37
Treasury shares repurchased, Shares			(4,076,223)
Stock options exercised	395				396				(1)
Stock options exercised, Shares			58,892
Stock-based compensation	18,495				18,516				(21)
Purchase of capped calls related to issuance of the 2029 Notes		$ (29,295)				$ (29,295)
Net income (loss)	(6,387)							(6,040)	(347)
Balance at Sep. 30, 2024	769,699		$ 9		1,138,160		(53,782)	(329,710)	15,022
Balance, shares at Sep. 30, 2024			87,720,670	100
Balance at Jun. 30, 2024	830,725		$ 9		1,160,879		(12,528)	(332,953)	15,318
Balance, shares at Jun. 30, 2024			91,571,033	100
Exchange of Post-Merger Repay Units					304				(304)
Exchange of Post-Merger Repay Units Shares			115,615
Release of share awards vested under Equity Plan, Shares			72,570
Tax withholding related to shares vesting under Incentive Plan and ESPP	(231)				(231)
Tax withholding related to shares vesting under Incentive Plan and ESPP, Shares			(21,217)
Treasury shares repurchased	(41,577)				(360)		(41,254)		37
Treasury shares repurchased, Shares			(4,076,223)
Stock options exercised	395				396				(1)
Stock options exercised, Shares			58,892
Stock-based compensation	6,467				6,467
Purchase of capped calls related to issuance of the 2029 Notes		$ (29,295)				$ (29,295)
Net income (loss)	3,215							3,243	(28)
Balance at Sep. 30, 2024	$ 769,699		$ 9		$ 1,138,160		$ (53,782)	$ (329,710)	$ 15,022
Balance, shares at Sep. 30, 2024			87,720,670	100

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Condensed Consolidated Financial Statements These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited condensed consolidated financial statements and accompanying notes, which are included in the Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with instructions to Form 10-Q and Rule 10-01 of SEC Regulation S-X as they apply to interim financial information. Accordingly, the interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company uses the accrual basis of accounting whereby revenues are recognized when earned, usually upon the date services are rendered, and expenses are recognized at the date services are rendered or goods are received. The interim condensed consolidated financial statements are unaudited, but in the Company’s opinion include all adjustments of a normal recurring nature or a description of the nature and amount of any adjustments other than normal recurring adjustments, operations and cash flows as of and for the periods presented. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year. Principles of Consolidation The condensed consolidated financial statements include the accounts of Repay Holdings Corporation and its majority-owned subsidiary, Hawk Parent Holdings LLC, along with Hawk Parent Holdings LLC’s wholly owned subsidiaries: Hawk Intermediate Holdings, LLC, Hawk Buyer Holdings, LLC, Repay Holdings, LLC, M&A Ventures, LLC, Repay Management Holdco Inc., Repay Management Services LLC, Sigma Acquisition, LLC, Wildcat Acquisition, LLC, Marlin Acquirer, LLC, REPAY International LLC, REPAY Canada Solutions ULC, TriSource Solutions, LLC (“TriSource”), Mesa Acquirer, LLC, CDT Technologies LTD (“Ventanex”), Viking GP Holdings, LLC, cPayPlus, LLC (“cPayPlus”), CPS Payment Services, LLC, Media Payments, LLC, Custom Payment Systems, LLC, Electronic Payment Providers, LLC, Internet Payment Exchange, LLC, Stratus Payment Solutions, LLC, Clear Payment Solutions, LLC, Harbor Acquisition LLC, Payix Holdings Incorporated and Payix Incorporated. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported Condensed Consolidated Statements of Operations during the reporting period. Actual results could differ materially from those estimates. Segment Reporting The Company reports operating results through two reportable segments: (1) Consumer Payments and (2) Business Payments, as further discussed in Note 13. Segments. Recently Issued Accounting Pronouncements not yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)”. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the effects of ASU No. 2023-07 on its Consolidated Financial Statements. Income Taxes In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”)”. ASU 2023-09 requires public business entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the effects of ASU No. 2023-09 on its Consolidated Financial Statements.

Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

9. Borrowings

Amended Credit Agreement

On February 3, 2021, the Company announced the closing of a new undrawn $125.0 million senior secured revolving credit facility through Truist Bank (the “Amended Credit Agreement”).

On December 29, 2021, the Company increased its existing senior secured credit facility by $60.0 million to provide for a $185.0 million revolving credit facility in favor of Hawk Parent pursuant to an amendment to the Amended Credit Agreement. The revolving credit facility is guaranteed by Repay Holdings Corporation and certain of its subsidiaries.

On February 9, 2023, the Company further amended the Amended Credit Agreement to replace London Inter-bank Offer Rate (“LIBOR”) with term Secured Overnight Financing Rate (“SOFR”) as the interest rate benchmark.

On February 28, 2023, the Company repaid in full the entire amount of $20.0 million of the outstanding revolving credit facility. The undrawn capacity of the existing revolving credit facility under the Amended Credit Agreement became $185.0 million after the repayment.

Second Amended Credit Agreement

On July 10, 2024, the Company entered into a Second Amended and Restated Revolving Credit Agreement (the “Second Amended Credit Agreement”) with certain financial institutions, as lenders, and Truist Bank, as administrative agent. The Second Amended Credit Agreement amends and restates the Amended Credit Agreement. The Second Amended Credit Agreement establishes a $250.0 million senior secured revolving credit facility. This facility matures on the earlier of (a) July 10, 2029, (b) the date that is 91 days prior to the maturity date of the 2026 Notes (defined below) (subject to certain exceptions for adequate liquidity) and (c) the date that is 91 days prior to the maturity date of the 2029 Notes (defined below) (subject to certain exceptions for adequate liquidity). The maturity date may be extended, subject to certain terms and conditions.

As of September 30, 2024, the Company had $0 drawn against the revolving credit facility. The Company’s interest expense on the revolving credit facility, including unused commitment fees and amortization of deferred issuance costs, totaled $2.9 million and $4.7 million for the three and nine months ended September 30, 2024, respectively. Interest expense was $0.9 million and $3.0 million for the three and nine months ended September 30, 2023, respectively.

Convertible Senior Notes

On January 19, 2021, the Company issued $440.0 million in aggregate principal amount of 0.00% Convertible Senior Notes due 2026 (the “2026 Notes”) in a private placement. The initial conversion rate of any 2026 Notes was 29.7619 shares of Class A common stock per $1,000 principal amount of 2026 Notes (equivalent to an initial conversion price of approximately $33.60 per share of Class A common stock). Upon conversion of the 2026 Notes, the Company may choose to pay or deliver cash, shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock. The 2026 Notes will mature on February 1, 2026, unless earlier converted, repurchased or redeemed. Subject to Nasdaq requirements, the Company controls the conversion rights prior to November 3, 2025, unless a fundamental change or an event of default occurs. On July 8, 2024, the Company repurchased $220.0 million in aggregate principal amount of the 2026 Notes at a discount based on the quoted prices from over-the-counter markets, with a cash payment of $205.2 million. The repurchase of the 2026 Notes resulted in a gain of $13.1 million, net of a write-off of debt issuance costs relating to the repurchased principal during the three and nine months ended September 30, 2024, and was recorded within Gain on debt extinguishment in the Company’s Condensed Consolidated Statements of Operations.

On July 8, 2024, the Company issued $287.5 million aggregate principal amount of 2.875% Convertible Senior Notes due 2029 (the “2029 Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. $27.5 million aggregate principal amount of the 2029 Notes were sold in connection with the full exercise of the initial purchasers’ option to purchase such additional 2029 Notes offering pursuant to the purchase agreement. The net proceeds of the 2029 Notes were $279.2 million after

fees and expenses incurred. The 2029 Notes bear interest at a fixed rate of 2.875% per year, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2025. The 2029 Notes will mature on July 15, 2029, unless earlier repurchased, redeemed, or converted in accordance with their terms. The 2029 Notes are convertible at the option of the holders, under certain circumstances and during certain periods, into cash up to the aggregate principal amount of the 2029 Notes to be converted and cash, shares of the Company’s Class A common stock, or a combination of cash and shares, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2029 Notes being converted.

During the nine months ended September 30, 2024, the conversion contingencies of the convertible senior notes were not met, and the conversion terms of the 2026 Notes and 2029 Notes were not significantly changed.

The following table summarizes the total borrowings under the credit agreements and convertible senior notes:


($ in thousands)	September 30, 2024		December 31, 2023
Non-current indebtedness:
Convertible senior notes:
2026 Notes	$	220,000	$	440,000
2029 Notes		287,500		—
Total borrowings		507,500		440,000
Less: Long-term loan debt issuance cost (1)		11,286		5,834
Total non-current borrowings	$	496,214	$	434,166

(1)

The following is a summary of principal maturities of long‑term debt for each of the next five years ending December 31 and in the aggregate:


($ in thousands)
2024	$	—
2025		—
2026		220,000
2027		—
2028		—
	$	220,000

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Disaggregation of revenue

The Company’s revenue is from two types of relationships: (i) direct relationships and (ii) indirect relationships. The following table presents the Company’s revenue disaggregated by segment and by the type of relationship for the periods indicated.


	Three Months Ended September 30, 2024
($ in thousands)	Consumer Payments		Business Payments		Elimination of intersegment revenues			Total
Revenue
Direct relationships	$	66,772	$	15,083	$	(5,341	)	$	76,514
Indirect relationships		2,417		214		—			2,631
Total Revenue	$	69,189	$	15,297	$	(5,341	)	$	79,145


	Three Months Ended September 30, 2023
($ in thousands)	Consumer Payments		Business Payments		Elimination of intersegment revenues			Total
Revenue
Direct relationships	$	65,773	$	9,422	$	(4,104	)	$	71,091
Indirect relationships		2,947		282		—			3,229
Total Revenue	$	68,720	$	9,704	$	(4,104	)	$	74,320


	Nine Months Ended September 30, 2024
($ in thousands)	Consumer Payments		Business Payments		Elimination of intersegment revenues			Total
Revenue
Direct relationships	$	206,857	$	34,928	$	(15,412	)	$	226,373
Indirect relationships		7,760		638		—			8,398
Total Revenue	$	214,617	$	35,566	$	(15,412	)	$	234,771


	Nine Months Ended September 30, 2023
($ in thousands)	Consumer Payments		Business Payments		Elimination of intersegment revenues			Total
Revenue
Direct relationships	$	195,183	$	27,348	$	(12,152	)	$	210,379
Indirect relationships		9,439		822		—			10,261
Total Revenue	$	204,622	$	28,170	$	(12,152	)	$	220,640

When the Company’s right to consideration for performance is contingent upon a future event or satisfaction of additional performance obligations, the amount of revenues the Company has recognized in excess of the amount the Company has billed to the client is recognized as a contract asset. The contract asset balance was $1.6 million and $1.4 million as of September 30, 2024 and December 31, 2023, respectively, and is included within Prepaid expenses and other in the Consolidated Balance Sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 15
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details