0001564590-21-026028 | 10-K/A | XBRL Viewer

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Taxation (As Restated) - Schedule of Provision for Income Tax (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Deferred expense
Federal	$ (4,343,013)	$ (10,523,778)
State	(575,152)	(1,708,969)
Foreign	(72,824)	(125,278)
Total deferred benefit	(4,990,989)	(12,358,025)
Income tax benefit	$ (4,990,989)	$ (12,358,025)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Reporting	12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	16. Segment Reporting The Company conducts its operations through a single operating segment and, therefore, one reportable segment. Operating segments are revenue-generating components of a company for which separate financial information is internally produced for regular use by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess the performance of the business. Our CODM uses a variety of measures to assess the performance of the business; however, detailed profitability information of the nature that could be used to allocate resources and assess the performance of the business are managed and reviewed for the Company as a whole. There are no significant concentrations by state or geographical location, nor are there any significant individual customer concentrations by balance.

Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

16. Segment Reporting

The Company conducts its operations through a single operating segment and, therefore, one reportable segment. Operating segments are revenue-generating components of a company for which separate financial information is internally produced for regular use by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess the performance of the business. Our CODM uses a variety of measures to assess the performance of the business; however, detailed profitability information of the nature that could be used to allocate resources and assess the performance of the business are managed and reviewed for the Company as a whole.

There are no significant concentrations by state or geographical location, nor are there any significant individual customer concentrations by balance.

- 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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+ Details

Revenue - Summary of Disaggregation of Revenue (Details) - USD ($)		3 Months Ended								6 Months Ended		12 Months Ended
	Jul. 10, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2018
Revenue
Total Revenue	$ 2,334,000	$ 41,437,000	$ 37,635,000	$ 36,501,000	$ 39,463,000	$ 33,633,000	$ 23,927,000	$ 21,686,000	$ 23,024,000	$ 57,560,470	$ 47,042,917	$ 155,035,943	$ 130,012,940
Direct Relationships
Revenue
Total Revenue										56,370,030	45,693,961	152,247,190
Indirect Relationship
Revenue
Total Revenue										$ 1,190,440	$ 1,348,956	$ 2,788,753

- 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.

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+ Details

Taxation (As Restated) - Schedule of Income Before Income Taxes (Details) - USD ($)	3 Months Ended			6 Months Ended			9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jul. 10, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic					$ (51,540,441)	$ (23,668,078)		$ (129,267,523)	$ 10,537,443
Foreign					(269,721)	(74,452)		(456,747)
(Loss) income before income tax expense	$ (15,443,460)	$ (87,096,848)	$ (14,298,130)	$ (101,394,978)	$ (51,810,162)	$ (23,742,530)	$ (116,838,438)	$ (129,724,270)	$ 10,537,443

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Quarterly Financial Information (Unaudited and As Restated) - Summary of Reconciliation of the Restatement of our Unaudited Interim Condensed Consolidated Financial Statements (Details) - USD ($)		3 Months Ended								6 Months Ended			9 Months Ended	12 Months Ended
	Jul. 10, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019	Jul. 10, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Consolidated Balance Sheets
Warrant liabilities				$ 38,062,930	$ 45,543,718	$ 40,815,919				$ 38,062,930	$ 40,815,919
Total noncurrent liabilities		$ 488,360,392	$ 474,737,189	401,222,686	357,192,428	310,383,562				401,222,686	310,383,562		$ 474,737,189	$ 488,360,392
Total liabilities		553,796,069	531,069,878	460,555,584	423,938,814	362,342,999				460,555,584	362,342,999		531,069,878	553,796,069
Additional paid-in capital		691,675,072	697,198,599	526,569,801	292,782,302	283,555,118				526,569,801	283,555,118		697,198,599	691,675,072
Accumulated deficit		(175,931,713)	(166,725,271)	(159,962,453)	(80,665,290)	(70,335,151)				(159,962,453)	(70,335,151)		(166,725,271)	(175,931,713)
Total stockholders' equity	$ 252,823,323	509,313,721	521,214,889	359,730,310	206,791,091	213,537,117				359,730,310	213,537,117	$ 252,823,323	521,214,889	509,313,721
Consolidated Statements of Operations
Change in fair value of warrant liabilities			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Total other (expense) income			(2,334,093)	(80,406,936)	(10,918,795)					(91,325,731)	(24,198,679)	(3,145,129)	(93,659,824)	(97,714,684)	$ (6,073,915)
(Loss) income before income tax expense			(15,443,460)	(87,096,848)	(14,298,130)					(101,394,978)	(51,810,162)	(23,742,530)	(116,838,438)	(129,724,270)	10,537,443
Net (loss) income	(32,763,000)	(8,923,000)	(12,060,601)	(83,200,222)	(13,182,538)	(30,939,000)	$ (15,880,000)	$ 4,156,000	$ 4,864,000	(96,382,760)	(46,819,173)	(23,742,530)	(108,443,361)	(117,366,245)	10,537,443
Net (loss) income attributable to the Company	(32,763,000)	$ (9,208,000)	$ (6,762,819)	$ (79,297,163)	$ (10,330,139)	$ (23,067,000)	$ (8,481,000)	4,156,000	4,864,000	$ (89,627,302)	$ (31,548,130)	(23,742,530)	$ (96,390,120)	$ (105,596,562)	10,537,443
Loss per Class A share:
Basic and diluted		$ (0.13)	$ (0.12)	$ (1.90)	$ (0.27)	$ (0.62)	$ (0.25)			$ (2.26)	$ (0.88)		$ (2.10)	$ (2.02)
Consolidated Statements of Cash Flows
Net (loss) income	$ (32,763,000)	$ (8,923,000)	$ (12,060,601)	$ (83,200,222)	$ (13,182,538)	$ (30,939,000)	$ (15,880,000)	$ 4,156,000	$ 4,864,000	$ (96,382,760)	$ (46,819,173)	(23,742,530)	$ (108,443,361)	$ (117,366,245)	10,537,443
Adjustments to reconcile net income (loss) to net cash provided by operating activities					21,753,683					105,800,519	59,754,820		115,154,389	145,852,949
Net cash provided by operating activities					8,571,145					9,417,759	12,935,647	8,350,215	6,711,028	28,486,704	24,176,776
Net cash used in investing activities					(38,296,792)					(43,728,473)	(335,083,842)	(4,045,770)	(55,175,743)	(145,980,474)	(5,797,955)
Net cash provided by financing activities					36,215,853					176,118,827	360,049,312	$ (9,354,991)	203,242,483	186,097,387	$ (8,207,935)
As Reported
Consolidated Balance Sheets
Total noncurrent liabilities		488,360,392	474,737,189	363,159,756	311,648,710	269,567,643				363,159,756	269,567,643		474,737,189	488,360,392
Total liabilities		553,796,069	531,069,878	422,492,654	378,395,096	321,527,080				422,492,654	321,527,080		531,069,878	553,796,069
Additional paid-in capital		604,391,167	609,914,694	474,608,423	314,971,234	307,914,346				474,608,423	307,914,346		609,914,694	604,391,167
Accumulated deficit		(88,647,808)	(79,441,366)	(69,938,145)	(57,310,504)	(53,878,460)				(69,938,145)	(53,878,460)		(79,441,366)	(88,647,808)
Total stockholders' equity		509,313,721	521,214,889	397,793,240	252,334,809	254,353,036				397,793,240	254,353,036		521,214,889	509,313,721
Consolidated Statements of Operations
Total other (expense) income			(5,074,496)	(13,737,414)	(4,020,700)					(17,758,114)	(8,940,182)		(22,832,610)	(26,887,470)
(Loss) income before income tax expense			(18,183,863)	(20,427,326)	(7,400,035)					(27,827,361)	(36,551,665)		(46,011,224)	(58,897,056)
Net (loss) income			(14,801,004)	(16,530,700)	(6,284,443)					(22,815,143)	(31,560,676)		(37,616,147)	(46,539,031)
Net (loss) income attributable to the Company			$ (9,503,222)	$ (12,627,641)	$ (3,432,044)					$ (16,059,685)	$ (16,289,633)		$ (25,562,906)	$ (34,769,348)
Loss per Class A share:
Basic and diluted			$ (0.16)	$ (0.30)	$ (0.09)					$ (0.40)	$ (0.46)		$ (0.56)	$ (0.67)
Consolidated Statements of Cash Flows
Net (loss) income			$ (14,801,004)	$ (16,530,700)	$ (6,284,443)					$ (22,815,143)	$ (31,560,676)		$ (37,616,147)	$ (46,539,031)
Adjustments to reconcile net income (loss) to net cash provided by operating activities					14,855,588					32,232,902	44,496,323		44,327,175	75,025,735
Net cash provided by operating activities					8,571,145					9,417,759	12,935,647		6,711,028	28,486,704
Net cash used in investing activities					(38,296,792)					(43,728,473)	(335,083,842)		(55,175,743)	(145,980,474)
Net cash provided by financing activities					36,215,853					176,118,827	360,049,312		203,242,483	186,097,387
Adjustments
Consolidated Balance Sheets
Warrant liabilities				38,062,930	45,543,718	40,815,919				38,062,930	40,815,919
Total noncurrent liabilities				38,062,930	45,543,718	40,815,919				38,062,930	40,815,919
Total liabilities				38,062,930	45,543,718	40,815,919				38,062,930	40,815,919
Additional paid-in capital		87,283,905	87,283,905	51,961,378	(22,188,932)	(24,359,228)				51,961,378	(24,359,228)		87,283,905	87,283,905
Accumulated deficit		$ (87,283,905)	(87,283,905)	(90,024,308)	(23,354,786)	(16,456,691)				(90,024,308)	(16,456,691)		(87,283,905)	(87,283,905)
Total stockholders' equity				(38,062,930)	(45,543,718)	$ (40,815,919)				(38,062,930)	(40,815,919)
Consolidated Statements of Operations
Change in fair value of warrant liabilities			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Total other (expense) income			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
(Loss) income before income tax expense			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Net (loss) income			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Net (loss) income attributable to the Company			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Consolidated Statements of Cash Flows
Net (loss) income			$ 2,740,403	$ (66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Adjustments to reconcile net income (loss) to net cash provided by operating activities					$ 6,898,095					$ 73,567,617	$ 15,258,497		$ 70,827,214	$ 70,827,214

Taxation (As Restated) - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Tax Credits	$ 522,081	$ 52,314
Section 163(j) Limitation Carryover	250,095	719,773
Acquisition Costs	352,291	378,386
Federal Net Operating Losses	8,834,924	3,682,201
State Net Operating Losses	1,264,059	526,606
Foreign Net Operating Losses	202,517	74,444
Other Assets	2,997,426	10,320
Partnership basis tax differences	154,253,345
Total deferred tax asset	168,676,738	5,444,044
Valuation allowance	(33,339,509)	(5,799,118)
Total deferred tax asset, net of valuation allowance	135,337,229	(355,074)
Deferred tax liabilities
Partnership basis tax differences		(413,261)
Total deferred tax liabilities		(413,261)
Net deferred tax liabilities	$ 135,337,229	5,800,000
Net deferred tax liabilities		$ (768,335)

Organizational Structure and Corporate Information - Additional Information (Details)								6 Months Ended	12 Months Ended
	Nov. 03, 2020 USD ($) EarnoutPayment	Sep. 14, 2020 $ / shares shares	Sep. 09, 2020 $ / shares shares	Jul. 23, 2020 USD ($)	Jun. 02, 2020 $ / shares shares	May 28, 2020 $ / shares shares	Feb. 10, 2020 USD ($) EarnoutPayment	Dec. 31, 2019 shares	Dec. 31, 2020 USD ($) shares
Summary Of Significant Accounting Policies [Line Items]
Proceeds from exercise of warrants									$ 86,799,717
Unit Purchase Agreement \| CC Payment Holdings, L.L.C
Summary Of Significant Accounting Policies [Line Items]
Number of shares issued \| shares			14,364,816			5,200,000
Business combination price per share \| $ / shares			$ 23.425			$ 19.00
Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Issuance of new shares, shares \| shares		13,000,000							23,564,816
Number of shares of common stock sold \| shares					1,200,000
Sale of stock, per share \| $ / shares		$ 24.00
Underwriters option to purchase additional shares, days		30 days
Warrant exercise, shares \| shares								18	8,026,253
Class A Common Stock \| Underwriting Discounts and Commissions
Summary Of Significant Accounting Policies [Line Items]
Sale of stock, per share \| $ / shares		$ 23.425			$ 19.00
Class A Common Stock \| Follow-on Offering
Summary Of Significant Accounting Policies [Line Items]
Issuance of new shares, shares \| shares					9,200,000
Sale of stock, per share \| $ / shares					$ 20.00
Class A Common Stock \| Over-allotments
Summary Of Significant Accounting Policies [Line Items]
Number of shares of common stock sold \| shares		1,364,816
Exercised option to purchase additional shares \| shares		1,364,816
Ventanex
Summary Of Significant Accounting Policies [Line Items]
Payments made to acquire business							$ 35,939,129
Number of cash earn-out payments \| EarnoutPayment							2
cPayPlus
Summary Of Significant Accounting Policies [Line Items]
Payments made to acquire business				$ 7,956,963
Acquisition date				Jul. 23, 2020
Additional cash earn payment upon achievement of growth targets				$ 8,000,000.0
CPS
Summary Of Significant Accounting Policies [Line Items]
Payments made to acquire business	$ 78,000,000.0
Number of cash earn-out payments \| EarnoutPayment	2
Maximum \| Ventanex
Summary Of Significant Accounting Policies [Line Items]
Contingent earn-out right to be received							$ 14,000,000.0
Maximum \| cPayPlus
Summary Of Significant Accounting Policies [Line Items]
Contingent earn-out right to be received				$ 8,000,000.0
Maximum \| CPS
Summary Of Significant Accounting Policies [Line Items]
Contingent earn-out right to be received	$ 15,000,000.0

Share Based Compensation

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share Based Compensation

14. Share based compensation

Omnibus Incentive Plan

At the Shareholders Meeting, Thunder Bridge shareholders considered and approved the Incentive Plan which resulted in the reservation of 7,326,728 shares of common stock for issuance thereunder. The Incentive Plan became effective immediately upon the closing of the Business Combination.

Under this plan, the Company currently has three types of share-based compensation awards outstanding: restricted stock awards (RSAs), restricted stock units (RSUs) and performance stock units (PSUs). Activities for the year ended December 31, 2020 and the period from July 11, 2019 through December 31, 2019 were as follows:

	Class A Common Stock	Weighted Average Grant Date Fair Value
Unvested at July 11, 2019	—	$ —
Granted	3,275,229	12.07
Forfeited ⁽¹⁾	321,263	11.81
Vested	1,135,291	11.68
Unvested at December 31, 2019	1,818,675	12.39
Granted	1,389,063	18.40
Forfeited ⁽¹⁾⁽²⁾	80,794	13.40
Vested	603,513	12.10
Unvested at December 31, 2020	2,523,431	$15.71

⁽¹⁾	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

⁽²⁾	The forfeited shares include employee terminations for the year ended December 31, 2020; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

Unrecognized compensation expense related to unvested RSAs and RSUs was $23.7 million as of December 31, 2020, which is expected to be recognized as expense over the weighted-average period of 2.61 years. Unrecognized compensation expense related to unvested RSAs, RSUs and PSUs was $17.5 million as of December 31, 2019, which is expected to be recognized as expense over the weighted-average period of 2.26 years. The Company incurred $19.4 million and $22.0 million of share-based compensation expense for the year ended December 31, 2020 and the period from July 11, 2019 to December 31, 2019, respectively.

Original Equity Incentives

As a result of the change in ownership of Hawk Parent, 9,171 previously unvested profit interest units of the Predecessor with a weighted average grant date fair value of $180.87 were automatically vested, upon the closing of the Business Combination. A summary of the changes in non-vested units outstanding for the period from January 1, 2019 to July 10, 2019 is presented below:

	Units	Weighted average fair value per unit
Non-vested units at January 1, 2019	9,460	$182.83
Activity during the period:
Granted	—	—
Vested	(9,460)	(182.83)
Non-vested units at July 10, 2019	—	$ —

During the period from January 1, 2019 to July 10, 2019 and the year ended December 31, 2018, the Predecessor incurred $0.9 million and $0.8 million of share-based compensation expense, respectively, included in selling, general and administrative costs in the consolidated statements of operations.

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

As of December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk.

	Notional Amount		Fixed Interest Rate	Termination Date
Interest rate swap	$	140,000,000	1.598%	July 11, 2024
Interest rate swap	$	65,000,000	1.331%	February 10, 2025

Borrowings

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Predecessor Credit Agreement

The Predecessor entered into a Revolving Credit and Term Loan Agreement (the “Predecessor Credit Agreement”), with SunTrust Bank and the other lenders party thereto on September 28, 2017, and amended December 15, 2017, which included a revolving loan component, the term loan and a delayed draw term loan. The Predecessor Credit Agreement was collateralized by substantially all assets of the Predecessor, based on the Predecessor Credit Agreement’s collateral documents, and it included restrictive qualitative and quantitative covenants, as defined in the Predecessor Credit Agreement. The Predecessor was in compliance with its restrictive covenants under the Predecessor Credit Agreement as of December 31, 2018.

The Predecessor Credit Agreement provided for a maximum $10.0 million revolving loan at a variable interest rate. This facility was terminated upon the closing of the Business Combination and execution of the Successor Credit Agreement (defined below). At the closing of the Business Combination and December 31, 2018, the outstanding balance on the revolving loan was $3.5 million. This balance was settled upon the closing of the Business Combination. Interest expense on the line of credit totaled $0.1 million for the period from January 1, 2019 to July 10, 2019. Interest expense on the line of credit totaled $0.2 million for the year ended December 31, 2018.

Successor Credit Agreement

The Company entered into a Revolving Credit and Term Loan Agreement (the “Successor Credit Agreement”) on July 11, 2019, with Truist Bank (formerly SunTrust Bank) and the other lenders party thereto, which provided a revolving credit facility (the “Revolving Credit Facility”), a term loan A (the “Term Loan”), and a delayed draw term loan at a variable interest rate (3.65% as of December 31, 2020) (the “Delayed Draw Term Loan”). The Successor Credit Agreement provided for an aggregate revolving commitment of $20.0 million at a variable interest rate.

On February 10, 2020, as part of the financing for the acquisition of Ventanex, Repay entered into an agreement with Truist Bank and other members of its existing bank group to amend and upsize its previous credit agreement from $230.0 million to $346.0 million. The Successor

Credit Agreement was collateralized by substantially all of the Company’s assets, and included restrictive qualitative and quantitative covenants, as defined in the Successor Credit Agreement. The Company was in compliance with its restrictive covenants under the Successor Credit Agreement as of December 31, 2020.

The Successor Credit Agreement provided for a Term Loan of $256.0 million, a Delayed Draw Term Loan of $60.0 million, and a Revolving Credit Facility of $30.0 million. As of December 31, 2020, the Company had $14.4 million drawn against the Delayed Draw Term Loan and had $0.0 million drawn against the Revolving Credit Facility. The Company paid $231,168 in fees related to unused commitments for the year ended December 31, 2020. The Company’s interest expense on the line of credit totaled $62,008 and $0.1 million for the year ended December 31, 2020 and the period from July 11, 2019 to December 31, 2019, respectively.

As of December 31, 2020 and December 31, 2019, total borrowings under the Successor Credit Agreement consisted of the following, respectively:

	December 31, 2020	December 31, 2019
Non-current indebtedness:
Term Loan	$262,653,996	$208,937,500
Revolving Credit Facility	—	10,000,000
Total borrowings under credit facility⁽¹⁾	262,653,996	218,937,500
Less: Current maturities of long-term debt ⁽²⁾	6,760,650	5,500,000
Less: Long-term loan debt issuance cost ⁽³⁾	5,940,600	5,494,795
Total non-current borrowings	$249,952,746	$207,942,705

⁽¹⁾	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 3.65% and 5.26% as of December 31, 2020 and December 31, 2019, respectively

⁽²⁾	Pursuant to the terms of the Successor Credit Agreement, the Successor was required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).

⁽³⁾

The Company incurred $1.4 million and $0.6 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2020, and the period from July 11, 2020 to December 31, 2019, respectively. The Predecessor incurred $0.2 million for the period from January 1, 2019 to July 10, 2019.

Following is a summary of principal maturities of the Term Loans outstanding as of December 31, 2020 for each of the next five years ending December 31 and in the aggregate:

2021		6,760,650
2022		13,521,299
2023		19,831,949
2024		20,056,949
2025		202,483,149
2026		—
		$262,653,996

The Company incurred interest expense on the Term Loans of $11.5 million and $5.3 million for the year ended December 31, 2020 and the period from July 11, 2019 to December 31, 2019, respectively. The Predecessor incurred interest expense of $2.8 million and $5.5 million and $4.4 million for the period from January 1, 2019 to July 10, 2019 and the year ended December 31, 2018, respectively.

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Jan. 19, 2021	Sep. 14, 2020	Jun. 02, 2020	Dec. 31, 2020	Feb. 03, 2021	Feb. 02, 2021
Subsequent Event \| Senior Secured Revolving Credit Facility \| New Credit Agreement \| Truist Bank
Subsequent Event [Line Items]
Undrawn line of credit					$ 125.0
Subsequent Event \| Senior Secured Revolving Credit Facility \| Successor Credit Agreement
Subsequent Event [Line Items]
Undrawn line of credit						$ 30.0
Subsequent Event \| Notes Offering \| Notes
Subsequent Event [Line Items]
Aggregate principal amount	$ 440.0
Debt instrument, interest rate	0.00%
Debt instrument, maturity date	Feb. 01, 2026
Subsequent Event \| Notes Offering, Additional Option for Initial Purchasers \| Notes
Subsequent Event [Line Items]
Aggregate principal amount	$ 40.0
Class A Common Stock
Subsequent Event [Line Items]
Issuance of new shares, shares		13,000,000		23,564,816
Sale of stock, per share		$ 24.00
Number of shares of common stock sold			1,200,000
Class A Common Stock \| Subsequent Event \| Equity Offering
Subsequent Event [Line Items]
Issuance of new shares, shares	6,244,500
Sale of stock, per share	$ 24.00
Number of shares of common stock sold	814,500

Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes to Goodwill

The following table presents changes to goodwill for the years ended December 31, 2020 and 2019:

		Total
Balance at December 31, 2018 (Predecessor)		$119,529,202
Acquisitions		—
Dispositions		—
Impairment Loss		—
Balance at July 10, 2019 (Predecessor)		$119,529,202

Balance at July 11, 2019 (Successor)		$339,911,400
Acquisitions		49,749,119
Dispositions		—
Impairment Loss		—
Balance at December 31, 2019 (Successor)		$389,660,519
Acquisitions		62,263,733
Dispositions		—
Impairment Loss		—
Measurement period adjustment		7,046,003
Balance at December 31, 2020		$458,970,255

Quarterly Financial Information (Unaudited and As Restated) - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($)		3 Months Ended								6 Months Ended			9 Months Ended	12 Months Ended
	Jul. 10, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019	Jul. 10, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total Revenue	$ 2,334,000	$ 41,437,000	$ 37,635,000	$ 36,501,000	$ 39,463,000	$ 33,633,000	$ 23,927,000	$ 21,686,000	$ 23,024,000		$ 57,560,470	$ 47,042,917		$ 155,035,943	$ 130,012,940
(Loss) income from operations	(32,536,000)	(8,832,000)	(13,109,000)	(6,690,000)	(3,379,000)	(13,464,000)	(14,147,000)	5,626,000	6,313,000		(27,611,483)	(20,597,401)		(32,009,586)	16,611,358
Net (loss) income	(32,763,000)	(8,923,000)	(12,060,601)	(83,200,222)	(13,182,538)	(30,939,000)	(15,880,000)	4,156,000	4,864,000	$ (96,382,760)	(46,819,173)	(23,742,530)	$ (108,443,361)	(117,366,245)	10,537,443
Net (loss) income attributable to the Company	$ (32,763,000)	$ (9,208,000)	$ (6,762,819)	$ (79,297,163)	$ (10,330,139)	$ (23,067,000)	$ (8,481,000)	$ 4,156,000	$ 4,864,000	$ (89,627,302)	$ (31,548,130)	$ (23,742,530)	$ (96,390,120)	$ (105,596,562)	$ 10,537,443
Earnings (loss) per Class A share:
Basic and diluted		$ (0.13)	$ (0.12)	$ (1.90)	$ (0.27)	$ (0.62)	$ (0.25)			$ (2.26)	$ (0.88)		$ (2.10)	$ (2.02)

- Definition

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

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Property and Equipment

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Property and Equipment

7. Property and equipment

Property and equipment consisted of the following:

	December 31,	December 31,
	2020	2019
Furniture, fixtures, and office equipment	$1,112,702	$944,105
Computers	1,733,672	859,426
Leasehold improvements	340,333	223,145
Total	3,186,707	2,026,676
Less: Accumulated depreciation and amortization	1,558,268	416,024
	$1,628,439	$1,610,652

Depreciation expense for property and equipment was $1.2 million and $0.4 million for the year ended December 31, 2020 and the period from July 11, 2019 to December 31, 2019, respectively. Depreciation expense was $0.2 million and $0.4 million for the Predecessor period from January 1, 2019 to July 10, 2019 and the year ended December 31, 2018, respectively.

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

Dec. 31, 2020

Dec. 31, 2019

Debt Instrument [Line Items]

Total borrowings under credit facility

^[1]

$ 262,653,996

$ 218,937,500

Less: Current maturities of long-term debt

^[2]

6,760,650

5,500,000

Less: Long-term loan debt issuance cost

^[3]

5,940,600

5,494,795

Total non-current borrowings

249,952,746

207,942,705

Term Loan

Debt Instrument [Line Items]

Total borrowings under credit facility

$ 262,653,996

208,937,500

Revolving Credit Facility

Debt Instrument [Line Items]

Total borrowings under credit facility

$ 10,000,000

[1]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 3.65% and 5.26% as of December 31, 2020 and December 31, 2019, respectively
[2]	Pursuant to the terms of the Successor Credit Agreement, the Successor was required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).
[3]	The Company incurred $1.4 million and $0.6 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2020, and the period from July 11, 2020 to December 31, 2019, respectively. The Predecessor incurred $0.2 million for the period from January 1, 2019 to July 10, 2019.

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Summary of Disaggregation of Revenue

The table below presents a disaggregation of revenue by direct and indirect relationships.

	Year Ended December 31, 2020	From July 11, 2019 to December 31, 2019	From January 1, 2019 to July 10, 2019
	(Successor)		(Predecessor)
Revenue
Direct relationships	$152,247,190	$56,370,030	$45,693,961
Indirect relationships	2,788,753	1,190,440	1,348,956
Total Revenue	$155,035,943	$57,560,470	$47,042,917

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Furniture, Fixtures, and Office Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years
Computers
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	3 years
Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years

Earnings per Share (As Restated)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share (As Restated)

4. Earnings per share (As Restated)

During the year ended December 31, 2020 and the period from July 11, 2019 to December 31, 2019, basic and diluted net loss per common share are the same since the inclusion of the assumed exchange of all Post-Merger Repay Units and unvested restricted share awards would have been anti-dilutive.

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

	Year Ended December 31, 2020 (As Restated)	From July 11, 2019 to December 31, 2019 (As Restated)
Loss before income tax expense	$(129,724,270)	$(51,810,162)
Less: Net loss attributable to non-controlling interests	(11,769,683)	(15,271,043)
Income tax benefit	12,358,025	4,990,989
Net loss attributable to the Company	$(105,596,562)	$(31,548,130)

Weighted average shares of Class A common stock outstanding - basic and diluted	52,180,911	35,731,220

Loss per share of Class A common stock outstanding - basic and diluted	$(2.02)	$(0.88)

For the Successor periods, 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:

Post-Merger Repay Units exchangeable for Class A common stock	8,334,160	21,985,297
Earnout Post-Merger Repay Units exchangeable for Class A common stock	—	7,500,000
Dilutive warrants exercisable for Class A common stock	—	1,816,890
Unvested restricted share awards of Class A common stock	2,209,551	1,731,560
Share equivalents excluded from earnings (loss) per share	10,543,711	33,033,747

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.

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2020

Business Acquisition [Line Items]

Summary of Pro Forma Financial Information

The supplemental condensed consolidated results of the Company on an unaudited pro forma basis give effect to the Business Combination as well as the TriSource, APS, Ventanex, cPayPlus, and CPS acquisitions as if the transactions had occurred on January 1, 2018. The unaudited pro forma information reflects adjustments for the issuance of the Company’s common stock, debt incurred in connection with the transactions, the impact of the fair value of intangible assets acquired

and related amortization and other adjustments the Company believes are reasonable for the pro forma presentation. In addition, the pro forma earnings exclude acquisition-related costs.

	Pro Forma Year Ended December 31, 2020	Pro Forma Year Ended December 31, 2019
Revenue	$170,722,730	$150,678,474
Net loss	(115,494,972)	(60,051,287)
Net loss attributable to non-controlling interests	(11,220,007)	(19,690,407)
Net loss attributable to the Company	(104,274,965)	(40,360,880)

Loss per Class A share - basic and diluted	$(2.00)	$(1.11)

Hawk Parent Holdings LLC

Business Acquisition [Line Items]

Summary of Preliminary Purchase Consideration

The following summarizes the purchase consideration paid to the selling members of Hawk Parent:

Cash Consideration		$260,811,062
Unit Consideration ⁽¹⁾		220,452,964
Contingent consideration ⁽²⁾		12,300,000
Tax receivable agreement liability ⁽³⁾		65,537,761
Net working capital adjustment		(396,737)
Total purchase price		$558,705,050

⁽¹⁾	The Company issued 22,045,297 shares of Post-Merger Repay Units valued at $10.00 per share as of July 11, 2019.

⁽²⁾

Reflects the fair value of Earnout Units, the contingent consideration paid to the selling members of Hawk Parent, pursuant to the Merger Agreement. The Company reflected this as noncontrolling interests on its balance sheet. The Repay Unitholders received 7,500,000 Earnout Units based on the stock price of the Company.

⁽³⁾

^{Represents liability with an estimated fair value of $65.5 million as a result of the TRA. If all the Post-Merger Repay Units are ultimately exchanged, the liability will significantly increase based on a variety of factors present at the time of exchange including, but not limited to, the market price at the time of the exchange. If the Company were to elect to terminate the Tax Receivable Agreement early, the Company would be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the Tax Receivable Agreement, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits.}

Summary of Preliminary and Final Purchase Allocation

The final purchase price allocation is as follows:

Cash and cash equivalents		$11,281,078
Accounts receivable		10,593,867
Prepaid expenses and other current assets		890,745
Total current assets		22,765,690
Property, plant and equipment, net		1,167,872
Restricted cash		6,930,434
Identifiable intangible assets		301,000,000
Total identifiable assets acquired		331,863,996
Accounts payable		(4,206,413)
Accrued expenses		(8,831,363)
Accrued employee payments		(6,501,123)
Other liabilities		(16,864)
Repay debt assumed		(93,514,583)
Net identifiable assets acquired		218,793,650
Goodwill		339,911,400
Total purchase price		$558,705,050

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$3.0	2
Trade names	20.0	Indefinite
Developed technology	65.0	3
Merchant relationships	210.0	10
Channel relationships	3.0	10
	$301.0

TriSource Solutions, LLC

Business Acquisition [Line Items]

Summary of Preliminary Purchase Consideration

The following summarizes the purchase consideration paid to the selling members of TriSource:

Cash Consideration		$60,235,090
Contingent consideration ⁽¹⁾		2,250,000
Total purchase price		$62,485,090

⁽¹⁾

Reflects the fair value of TriSource earnout payment, the contingent consideration to be paid to the selling members of TriSource, pursuant to the TriSource purchase agreement. The selling members of TriSource had the contingent earnout right to receive a payment of up to $5.0 million dependent upon the Gross Profit, as defined in the TriSource purchase agreement, for the period commencing on July 1, 2019 and ending on June 30, 2020.

Summary of Preliminary and Final Purchase Allocation

The final purchase price allocation is as follows:

Cash and cash equivalents		$383,236
Accounts receivable		2,290,441
Prepaid expenses and other current assets		95,763
Total current assets		2,769,440
Property, plant and equipment, net		215,739
Restricted cash		509,019
Identifiable intangible assets		30,500,000
Total identifiable assets acquired		33,994,198
Accounts payable		(1,621,252)
Accrued expenses		(756,117)
Net identifiable assets acquired		31,616,829
Goodwill		30,868,261
Total purchase price		$62,485,090

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$0.4	5
Trade names	0.7	Indefinite
Developed technology	3.9	3
Merchant relationships	25.5	10
	$30.5

APS Payments

Business Acquisition [Line Items]

Summary of Preliminary Purchase Consideration

The following summarizes the purchase consideration paid to the selling members of APS:

Cash consideration		$30,465,454
Contingent consideration ⁽¹⁾		18,580,549
Total purchase price		$49,046,003

⁽¹⁾

Reflects the fair value of APS earnout payment, the contingent consideration to be paid to the selling members of APS, pursuant to the APS purchase agreement. On April 6, 2020, the Company paid the first APS earnout payment of $14.3 million. As of December 31, 2020, the remaining APS earnout was adjusted to $0, net of the first payment, which resulted in a $4.3 million adjustment included in the change in fair value of contingent consideration in the consolidated statements of operations for the year ended December 31, 2020.

Summary of Preliminary and Final Purchase Allocation

The final purchase price allocation is as follows:

Cash and cash equivalents		$ —
Accounts receivable		1,963,177
Prepaid expenses and other current assets		67,158
Total current assets		2,030,335
Property, plant and equipment, net		159,553
Restricted cash		549,978
Identifiable intangible assets		21,500,000
Total identifiable assets acquired		24,239,866
Accounts payable		(1,101,706)
Accrued expenses		(19,018)
Net identifiable assets acquired		23,119,142
Goodwill		25,926,861
Total purchase price		$49,046,003

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$0.5	5
Trade names	0.5	Indefinite
Merchant relationships	20.5	9
	21.5

Ventanex

Business Acquisition [Line Items]

Summary of Preliminary Purchase Consideration

The following summarizes the purchase consideration paid to the selling members of Ventanex:

Cash consideration		$35,939,129
Contingent consideration ⁽¹⁾		4,800,000
Total purchase price		$40,739,129

⁽¹⁾

Reflects the fair value of the Ventanex Earnout Payment, the contingent consideration to be paid to the selling members of Ventanex, pursuant to the Ventanex Purchase Agreement as of February 10, 2020. The selling partners of Ventanex will have the contingent earnout right to receive a payment of up to $14.0 million dependent upon the Gross Profit, as defined in the Ventanex Purchase Agreement, for the years ended December 31, 2020 and 2021. As of December 31, 2020, the remaining Ventanex Earnout was $4.8 million.

Summary of Preliminary and Final Purchase Allocation

The purchase price allocation is as follows:

Cash and cash equivalents		$50,663
Accounts receivable		1,376,539
Prepaid expenses and other current assets		180,514
Total current assets		1,607,716
Property, plant and equipment, net		137,833
Restricted cash		428,313
Identifiable intangible assets		26,890,000
Total identifiable assets acquired		29,063,862
Accounts payable		(152,035)
Accrued expenses		(373,159)
Net identifiable assets acquired		28,538,668
Goodwill		12,200,461
Total purchase price		$40,739,129

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$0.1	5
Trade names	0.4	Indefinite
Developed technology	4.1	3
Merchant relationships	22.3	10
	$26.9

cPayPlus

Business Acquisition [Line Items]

Summary of Preliminary Purchase Consideration

The following summarizes the preliminary purchase consideration paid to the selling members of cPayPlus:

Cash consideration		$7,956,963
Contingent consideration ⁽¹⁾		6,500,000
Total purchase price		$14,456,963

⁽¹⁾

^{Reflects the fair value of the cPayPlus Earnout Payment, the contingent consideration to be paid to the selling members of cPayPlus, pursuant to the cPayPlus Purchase Agreement as of July 23, 2020. The selling partners of cPayPlus will have the contingent earnout right to receive a payment of up to $8.0 million dependent upon the Gross Profit, as defined in the cPayPlus Purchase Agreement, in the third quarter of 2021.}

Summary of Preliminary and Final Purchase Allocation

The preliminary purchase price allocation is as follows:

Cash and cash equivalents		$262,331
Accounts receivable		164,789
Prepaid expenses and other current assets		37,660
Total current assets		464,780
Property, plant and equipment, net		20,976
Identifiable intangible assets		7,720,000
Total identifiable assets acquired		8,205,756
Accounts payable		(99,046)
Accrued expenses		(363,393)
Net identifiable assets acquired		7,743,317
Goodwill		6,713,646
Total purchase price		$14,456,963

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$0.1	5
Trade names	0.1	Indefinite
Developed technology	6.7	3
Merchant relationships	0.8	10
	$7.7

CPS Payment Services

Business Acquisition [Line Items]

Summary of Preliminary Purchase Consideration

The following summarizes the preliminary purchase consideration paid to the selling members of CPS:

Cash consideration		$83,886,556
Contingent consideration ⁽¹⁾		4,500,000
Total purchase price		$88,386,556

⁽¹⁾

^{Reflects the fair value of the CPS Earnout Payment, the contingent consideration to be paid to the selling members of CPS, pursuant to the CPS Purchase Agreement as of November 2, 2020. The selling partners of CPS will have the contingent earnout right to receive a payment of up to $15.0 million in two separate earnouts, dependent upon the Gross Profit, as defined in the CPS Purchase Agreement.}

CPS Payment Services LLC and Media Payments, LLC

Business Acquisition [Line Items]

Summary of Preliminary and Final Purchase Allocation

The preliminary purchase price allocation is as follows:

	CPS	MPI
Cash and cash equivalents	$1,667,066	$2,097,921
Accounts receivable	2,810,158	5,556,958
Prepaid expenses and other current assets	2,615,615	934,751
Total current assets	7,092,839	8,589,630
Property, plant and equipment, net	19,391	2,995
Restricted cash	407	35,318
Identifiable intangible assets	30,830,000	7,110,000
Total identifiable assets acquired	37,942,637	15,737,943
Accounts payable	(2,004,371)	(4,495,599)
Accrued expenses	(2,143,680)	—
Net identifiable assets acquired	33,794,586	11,242,344
Goodwill	40,747,939	2,601,687
Total purchase price	$74,542,525	$13,844,031

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value
	(in millions)		Useful life
Identifiable intangible assets	CPS	MPI	(in years)
Non-compete agreements	$0.1	$0.1	4
Trade names	0.5	0.1	Indefinite
Developed technology	7.2	0.7	3
Merchant relationships	23.0	6.3	10
	$30.8	$7.2

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule Of Definite-lived Intangible Assets

Definite-lived intangible assets consisted of the following:

	Gross Carrying Value	Accumulated Amortization	Net Carrying Value	Weighted Average Useful Life (Years)
Customer relationships	$308,450,000	$39,920,578	$268,529,422	8.64
Channel relationships	12,550,000	191,936	12,358,064	9.65
Software costs	104,715,101	40,280,116	64,434,985	1.85
Non-compete agreements	4,270,000	2,595,333	1,674,667	1.52
Balance as of December 31, 2020	$429,985,101	$82,987,963	$346,997,138	6.94

Customer relationships	$256,000,000	$11,393,825	$244,606,175	9.48
Channel relationships	3,000,000	141,935	2,858,065	10
Software costs	72,290,752	11,080,696	61,210,056	3
Non-compete agreements	3,900,000	733,495	3,166,505	2
Balance as of December 31, 2019	$335,190,752	$23,349,951	$311,840,801	7.90

Schedule of Estimated Amortization Expense

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

Year Ending December 31,		Estimated Future Amortization Expense
2021		$62,330,179
2022		55,242,518
2023		48,946,121
2024		30,146,318
2025		29,954,856
2026		32,242,778
Thereafter		88,134,367

Organizational Structure and Corporate Information (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Restatement of Previously Issued Financial Statements

As a result of the factors described above, the Company has included in this report restated financials to restate the following non-cash items:

	As of December 31, 2020			As of December 31, 2019
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Consolidated Balance Sheets
Warrant liabilities	$ —	$ —	$ —	$ —	$40,815,919	$40,815,919
Total noncurrent liabilities	488,360,392	—	488,360,392	269,567,643	40,815,919	310,383,562
Total liabilities	553,796,069	—	553,796,069	321,527,080	40,815,919	362,342,999
Additional paid-in capital	604,391,167	87,283,905	691,675,072	307,914,346	(24,359,228)	283,555,118
Accumulated deficit	(88,647,808)	(87,283,905)	(175,931,713)	(53,878,460)	(16,456,691)	(70,335,151)
Total stockholders' equity	509,313,721	—	509,313,721	254,353,036	(40,815,919)	213,537,117

	For the year ended December 31, 2020			From July 11, 2019 to December 31, 2019
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Consolidated Statements of Operations
Change in fair value of warrant liabilities	$ —	$(70,827,214)	$(70,827,214)	$ —	$(15,258,497)	$(15,258,497)
Total other (expense) income	(26,887,470)	(70,827,214)	(97,714,684)	(8,940,182)	(15,258,497)	(24,198,679)
(Loss) income before income tax expense	(58,897,056)	(70,827,214)	(129,724,270)	(36,551,665)	(15,258,497)	(51,810,162)
Net (loss) income	(46,539,031)	(70,827,214)	(117,366,245)	(31,560,676)	(15,258,497)	(46,819,173)
Net (loss) income attributable to the Company	(34,769,348)	(70,827,214)	(105,596,562)	(16,289,633)	(15,258,497)	(31,548,130)
Loss per Class A share:
Basic and diluted	$(0.67)		$(2.02)	$(0.46)		$(0.88)

	For the year ended December 31, 2020			From July 11, 2019 to December 31, 2019
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Consolidated Statements of Cash Flows
Net loss	$(46,539,031)	$(70,827,214)	$(117,366,245)	$(31,560,676)	$(15,258,497)	$(46,819,173)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	75,025,735	70,827,214	145,852,949	44,496,323	15,258,497	59,754,820
Net cash provided by operating activities	28,486,704	—	28,486,704	12,935,647	—	12,935,647
Net cash used in investing activities	(145,980,474)	—	(145,980,474)	(335,083,842)	—	(335,083,842)
Net cash provided by financing activities	186,097,387	—	186,097,387	360,049,312	—	360,049,312

Goodwill - Schedule of Changes to Goodwill (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 339,911,400	$ 119,529,202	$ 389,660,519
Acquisitions	49,749,119	0	62,263,733
Dispositions	0	0	0
Impairment Loss	0	0	0
Measurement period adjustment			7,046,003
Ending balance	$ 389,660,519	$ 119,529,202	$ 458,970,255

Revenue

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue

3. Revenue

Disaggregation of revenue

The table below presents a disaggregation of revenue by direct and indirect relationships.

	Year Ended December 31, 2020	From July 11, 2019 to December 31, 2019	From January 1, 2019 to July 10, 2019
	(Successor)		(Predecessor)
Revenue
Direct relationships	$152,247,190	$56,370,030	$45,693,961
Indirect relationships	2,788,753	1,190,440	1,348,956
Total Revenue	$155,035,943	$57,560,470	$47,042,917

Contract Costs

The incremental costs of obtaining a contract are recognized as an asset if the cost is incremental to obtaining a contract, and whether the costs are recoverable from the client. If both criteria are not met, costs are expensed as incurred. If the amortization period of the capitalized commission cost asset is less than one year, the Company may elect a practical expedient per ASC 340-40-25-4 to expense commissions as incurred. The amortization period is consistent with the concept of useful life under other accounting guidance, which is defined as the period over which an asset is expected to contribute directly or indirectly to future cash flows.

The Company currently incurs costs to obtain a contract through payments made to external referral partners. Commission payments are made to the external referral partner on a monthly basis based on a percentage of the profit on the contract, for as long as the customer and the external referral partner have agreements with the Company. Any capitalized commission cost assets have an amortization period of one year or less, therefore the Company utilizes the practical expedient to expense commissions as incurred.

Costs to fulfill contracts with customers either give rise to an asset or are expensed as incurred. If the cost is not already covered by other applicable accounting literature, fulfilment costs are capitalized to the extent they directly relate to a specific contract, are used to generate or enhance resources used in satisfying performance obligations and are expected to be recovered. The Company does not have any costs incurred to fulfill a contract.

Practical Expedients

The Company has utilized the portfolio approach practical expedient per Topic 606-10-10-4, which allows the application of Topic 606 to a portfolio of contracts with similar characteristics provided the accounting does not differ materially to application of Topic 606 to the individual contract.

The Company has also utilized the practical expedient for immaterial goods and services per Topic 606-10-25-16A, which permits the Company not to recognize a promised good or service as a performance obligation if it is considered an immaterial promise in the context of the contract.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Commitments and Contingencies - Schedule of Operating Lease and Supplemental Information (Details) - USD ($)	Dec. 31, 2020	Jan. 01, 2020
Operating Leases:
Right-of-use assets	$ 10,074,506	$ 10,100,000
Lease liability, current	1,527,224
Lease liability, long-term	8,836,655
Total lease liabilities	$ 10,363,879	$ 10,400,000
Weighted-average remaining lease term (in years)	6 years 2 months 12 days
Weighted-average discount rate (annual)	4.60%

Taxation (As Restated)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Taxation

15. Taxation (As Restated)

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 components of income before income taxes are as follows:

	Year ended December 31, 2020 (As Restated)	July 11, 2019 to December 31, 2019 (As Restated)	January 1, 2019 to July 10, 2019	Year ended December 31, 2018
	(Successor)		(Predecessor)
Domestic	$(129,267,523)	$(51,540,441)	$(23,668,078)	$10,537,443
Foreign	(456,747)	(269,721)	(74,452)	—
Income (loss) before income tax expense	$(129,724,270)	$(51,810,162)	$(23,742,530)	$10,537,443

The Company recorded a provision for income tax as follows:

	Year ended December 31, 2020	July 11, 2019 to December 31, 2019	January 1, 2019 to July 10, 2019	Year ended December 31, 2018
	(Successor)		(Predecessor)
Current expense
Federal	$ —	$ —	$ —	$ —
State	—	—	—	—
Foreign	—	—	—	—
Total current expense (benefit)	$ —	$ —	$ —	$ —
Deferred expense
Federal	$(10,523,778)	$(4,343,013)	$ —	$ —
State	(1,708,969)	(575,152)	—	—
Foreign	(125,278)	(72,824)	—	—
Total deferred benefit	(12,358,025)	(4,990,989)	—	—
Income tax benefit	$(12,358,025)	$(4,990,989)	$ —	$ —

A reconciliation of the United States statutory income tax rate to the Company’s effective income tax rate is as follows for the years indicated:

	Year ended December 31, 2020 (As Restated)	July 11, 2019 to December 31, 2019 (As Restated)	January 1, 2019 to July 10, 2019	Year ended December 31, 2018
	(Successor)		(Predecessor)
Federal income tax expense	21.0%	21.0%	0.0%	0.0%
State taxes, net of federal benefit	1.3%	1.1%	0.0%	0.0%
Income attributable to noncontrolling interest	(1.8%)	(6.1%)	0.0%	0.0%
Excess tax benefit related to share-based compensation	0.4%	0.4%	0.0%	0.0%
Change in fair value of warrant liabilities	(11.5%)	(6.2%)	0.0%	0.0%
Other	0.1%	(0.6%)	0.0%	0.0%
Total deferred benefit	9.5%	9.6%	0.0%	0.0%

The Company’s effective tax rate was 9.5% and 9.6% for the year ended December 31, 2020 and the period from July 11, 2019 to December 31, 2019, respectively. The comparison of the Company’s effective tax rate to the U.S. statutory tax rate of 24% was primarily influenced by the fact that the Company is not liable for the income taxes on the portion of Hawk Parent’s earnings that are attributable to noncontrolling interests. The results for the Predecessor do not reflect income tax expense because, prior to the closing of the Business Combination, the consolidated Hawk Parent was treated as a partnership for U.S. federal and most applicable state and local income tax purposes and was not subject to corporate tax.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Details of the Company's deferred tax assets and liabilities are as follows:

	December 31, 2020	December 31, 2019
Deferred tax assets
Tax Credits	$522,081	$52,314
Section 163(j) Limitation Carryover	250,095	719,773
Acquisition Costs	352,291	378,386
Federal Net Operating Losses	8,834,924	3,682,201
State Net Operating Losses	1,264,059	526,606
Foreign Net Operating Losses	202,517	74,444
Other Assets	2,997,426	10,320
Partnership basis tax differences	154,253,345	—
Total deferred tax asset	168,676,738	5,444,044
Valuation allowance	(33,339,509)	(5,799,118)
Total deferred tax asset, net of valuation allowance	135,337,229	(355,074)
Deferred tax liabilities
Partnership basis tax differences	—	(413,261)
Total deferred tax liabilities	—	(413,261)
Net deferred tax liabilities	$135,337,229	$(768,335)

As a result of the Follow-on Offerings, Warrant exercises and Post-Merger Repay Unit exchanges during the year ended December 31, 2020, the Company recognized an additional deferred tax asset (“DTA”) and offsetting deferred tax liability (“DTL”) in the amount of $27.5 million, compared to $5.8 million as a result of the Merger during the year ended December 31, 2019, to account for the portion of the Company’s outside basis in the partnership interest that it will not recover through tax deductions, a ceiling rule limitation arising under Internal Revenue Code (the “Code”) sec. 704(c). 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 of December 31, 2020. As such, a 100% valuation allowance was recognized.

As of December 31, 2020, the Company has a tax effected federal net operating loss carryforward of approximately $8.8 million, state net operating loss carryforwards of approximately $1.3 million, and a tax effected foreign net operating loss carryforwards of approximately $0.2 million, which will be available to offset future income taxes. The federal and

foreign net operating loss carryforwards have an indefinite life. The state net operating loss carryforwards will begin to expire between 2031 and 2035. Based on the weight of all positive and negative evidence, the Company expects that it its more likely than not going to utilize the net operating loss against earnings in future years.

On December 27, 2020, Congress passed, and President Trump signed into law, the Consolidated Appropriations Act, 2021 (the “Act”), which includes certain business tax provisions. The Company does not expect the Act to have a material impact on the Company’s effective tax rate or income tax expense for the year ending December 31, 2021.

No uncertain tax positions existed as of December 31, 2020.

Tax receivable agreement liability

Pursuant to our election under Section 754 of the Code, we expect to obtain an increase in our 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 our 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 our 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 Repay. 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 December 31, 2020, the Company had a liability of $229.2 million related to its projected obligations under the TRA, which is captioned as the tax receivable agreement liability in the Company’s consolidated balance sheet. The increase in the TRA liability for the year ended December 31, 2020, was primarily a result of the Unit Purchase Agreements entered into with CC Payment Holdings, L.L.C., an entity controlled by Corsair, pursuant to which the Company acquired 19,564,816 Post-Merger Repay Units held by Corsair. Additionally, other selling members of Hawk Parent exchanged 1,606,647 Post-Merger Repay Units during the year ended December 31, 2020. This resulted in an increase to the Company’s share of the tax basis in the net assets of Hawk Parent.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2020 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1

Borrowings - Additional Information (Details) - USD ($)	6 Months Ended		12 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 10, 2020	Feb. 09, 2020	Jul. 11, 2019
Debt Instrument [Line Items]
Line of credit	$ 10,000,000			$ 10,000,000
Term Loan
Debt Instrument [Line Items]
Line of credit Interest expense	5,300,000	$ 2,800,000	$ 11,500,000		$ 5,500,000	$ 4,400,000
Successor Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity							$ 346,000,000.0	$ 230,000,000.0
Line of credit Interest expense	$ 100,000		$ 62,008
Line of credit covenant compliance			The Company was in compliance with its restrictive covenants under the Successor Credit Agreement as of December 31, 2020.
Line of credit unused commitments fee			$ 231,168
Successor Credit Agreement \| Revolving Credit And Term Loan
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity			$ 20,000,000.0
Variable interest rate			3.65%
Successor Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity							256,000,000.0
Successor Credit Agreement \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity							60,000,000.0
Line of credit			$ 14,400,000
Revolving Loan
Debt Instrument [Line Items]
Variable interest rate			3.65%	5.26%
Revolving Loan \| Predecessor Credit Agreement
Debt Instrument [Line Items]
Line of credit					3,500,000
Line of credit maximum borrowing capacity									$ 10,000,000.0
Line of credit Interest expense		$ 100,000			$ 200,000
Revolving Loan \| Successor Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity							$ 30,000,000.0
Line of credit			$ 0.0

Fair Value of Assets and Liabilities (As Restated) - Additional Information (Details)	1 Months Ended		12 Months Ended
	Feb. 29, 2020 USD ($)	Oct. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019
Interest Rate Swap Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional amount	$ 30,000,000.0	$ 140,000,000.0		$ 65,000,000.0
Term of agreement	60 months	57 months
Variable-rate term loan		$ 140,000,000.0	$ 205,000,000.0
Tax Receivable Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
TRA, balance increased through accretion expense and valuation adjustment			$ 12,400,000
TRA, measurement input			0.0134		0.0300
Alternative Investment, Valuation Technique [Extensible List]			us-gaap:ValuationTechniqueDiscountedCashFlowMember
Alternative Investment, Measurement Input [Extensible List]			us-gaap:MeasurementInputDiscountRateMember
Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability, measurement input			6.6
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible List]			us-gaap:ValuationTechniqueDiscountedCashFlowMember
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]			us-gaap:MeasurementInputDiscountRateMember
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability, measurement input			7.0
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible List]			us-gaap:ValuationTechniqueDiscountedCashFlowMember
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]			us-gaap:MeasurementInputDiscountRateMember
Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability, measurement input			6.8
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible List]			us-gaap:ValuationTechniqueDiscountedCashFlowMember
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]			us-gaap:MeasurementInputDiscountRateMember

Derivative Instruments - Schedule of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Designated as Hedging Instrument - Cash Flow Hedging	12 Months Ended
	Dec. 31, 2020 USD ($)
Interest Rate Swap at 1.598%
Derivative Instruments Gain Loss [Line Items]
Notional Amount	$ 140,000,000
Fixed Interest Rate	1.598%
Termination Date	Jul. 11, 2024
Interest Rate Swap at 1.331%
Derivative Instruments Gain Loss [Line Items]
Notional Amount	$ 65,000,000
Fixed Interest Rate	1.331%
Termination Date	Feb. 10, 2025

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

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

		Year Ended December 31, 2020
Components of total lease costs:
Operating lease cost		$1,745,575
Short-term lease cost		—
Variable lease cost		48,150
Total lease cost		$1,793,725

Schedule of Operating Lease and Supplemental Information

As of December 31, 2020, amounts reported in the Consolidated Balance Sheets were as follows:

Operating Leases:
Right-of-use assets		$10,074,506
Lease liability, current		1,527,224
Lease liability, long-term		8,836,655
Total lease liabilities		$10,363,879

Weighted-average remaining lease term (in years)		6.2
Weighted-average discount rate (annual)		4.6%

Summary of Other Information Related to Lease

Other information related to leases are as follows:

		Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$1,504,352
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		11,430,120

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 December 31, 2020:

2021		$1,970,061
2022		1,903,329
2023		1,948,666
2024		1,847,041
2025		1,531,435
Thereafter		2,793,934
Total undiscounted lease payments		11,994,466
Less: Imputed interest		1,630,587
Total lease liabilities		$10,363,879

Consolidated Balance Sheets - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Assets

Cash and cash equivalents

$ 91,129,888

$ 24,617,996

Accounts receivable

21,310,724

14,068,477

Related party receivable

563,084

Prepaid expenses and other

6,925,115

4,632,965

Total current assets

119,365,727

43,882,522

Property, plant and equipment, net

1,628,439

1,610,652

Restricted cash

15,374,846

13,283,121

Customer relationships, net of amortization

280,887,486

247,589,240

Software, net of amortization

64,434,985

61,219,143

Other intangible assets, net of amortization

23,904,667

24,241,505

Goodwill

458,970,255

389,660,519

Operating lease ROU assets, net of amortization

10,074,506

Deferred tax assets

135,337,229

Other assets

555,449

Total noncurrent assets

990,612,413

738,159,629

Total assets

1,109,978,140

782,042,151

Liabilities

Accounts payable

11,879,638

9,586,001

Related party payable

15,811,597

14,571,266

Accrued expenses

19,216,258

15,965,683

Current maturities of long-term debt

^[1]

6,760,650

5,500,000

Current operating lease liabilities

1,527,224

Current tax receivable agreement

10,240,310

6,336,487

Total current liabilities

65,435,677

51,959,437

Long-term debt, net of current maturities

249,952,746

197,942,705

Line of credit

10,000,000

Warrant liabilities

40,815,919

Noncurrent operating lease liabilities

8,836,655

Tax receivable agreement, net of current portion

218,987,795

60,839,739

Deferred tax liability

768,335

Other liabilities

10,583,196

16,864

Total noncurrent liabilities

488,360,392

310,383,562

Total liabilities

553,796,069

362,342,999

Commitments and contingencies (Note 12)

Stockholders' equity

Additional paid-in capital

691,675,072

283,555,118

Accumulated other comprehensive (loss) income

(6,436,763)

313,397

Accumulated deficit

(175,931,713)

(70,335,151)

Total stockholders' equity

509,313,721

213,537,117

Equity attributable to non-controlling interests

46,868,350

206,162,035

Total liabilities and stockholders' equity and members' equity

1,109,978,140

782,042,151

Class A Common Stock

Stockholders' equity

Common stock value

7,125

3,753

Total stockholders' equity

$ 7,125

$ 3,753

[1]	Pursuant to the terms of the Successor Credit Agreement, the Successor was required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Related Party Payables

Related party payables consisted of the following:

	December 31,	December 31,
	2020	2019
TriSource accrued earnout liability	$ —	$2,250,000
APS Payments accrued earnout liability	—	12,000,000
Ventanex accrued earnout liability	4,800,000	—
cPayPlus accrued earnout liability	6,500,000	—
CPS accrued earnout liability	4,500,000
Other payables to related parties	11,597	321,266
	$15,811,597	$14,571,266

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:

	December 31,	December 31,
	2020	2019
Furniture, fixtures, and office equipment	$1,112,702	$944,105
Computers	1,733,672	859,426
Leasehold improvements	340,333	223,145
Total	3,186,707	2,026,676
Less: Accumulated depreciation and amortization	1,558,268	416,024
	$1,628,439	$1,610,652

Business Combinations - Summary of Preliminary Purchase Consideration (Parenthetical) (Details)						12 Months Ended
	Nov. 02, 2020 USD ($) EarnoutPayment	Apr. 06, 2020 USD ($)	Feb. 10, 2020 USD ($) EarnoutPayment	Oct. 14, 2019 USD ($) EarnoutPayment	Jul. 11, 2019 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Jul. 23, 2020 USD ($)	Aug. 13, 2019 USD ($)
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Number of shares issued \| shares					22,045,297
Business combination price per share \| $ / shares					$ 10.00
Earn-out units received \| shares					7,500,000
Tax receivable agreement liability					$ 65,537,761
Hawk Parent Holdings LLC \| Tax Receivable Agreement
Business Acquisition [Line Items]
Tax receivable agreement liability					$ 65,500,000
TriSource Solutions, LLC \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received								$ 5,000,000.0
APS Payments
Business Acquisition [Line Items]
Earnout payment		$ 14,300,000		$ 30,000,000.0
Remaining earn-out payment adjusted to first payment						$ 0
Adjustment included in change in fair value of contingent consideration						$ 4,300,000
Number of cash earn-out payments \| EarnoutPayment				3
Ventanex
Business Acquisition [Line Items]
Remaining earn-out payment			$ 4,800,000
Number of cash earn-out payments \| EarnoutPayment			2
Ventanex \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received			$ 14,000,000.0
cPayPlus \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received							$ 8,000,000.0
CPS Payment Services
Business Acquisition [Line Items]
Number of cash earn-out payments \| EarnoutPayment	2
CPS Payment Services \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received	$ 15,000,000.0

Business Combinations - Summary of Pro Forma Financial Information (Details) - TriSource, APS, Ventanex, cPayPlus, and CPS Acquisitions - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Revenue	$ 170,722,730	$ 150,678,474
Net loss	(115,494,972)	(60,051,287)
Net loss attributable to non-controlling interests	(11,220,007)	(19,690,407)
Net loss attributable to the Company	$ (104,274,965)	$ (40,360,880)
Loss per Class A share - basic and diluted	$ (2.00)	$ (1.11)

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

13. Related party transactions

Related party payables consisted of the following:

	December 31,	December 31,
	2020	2019
TriSource accrued earnout liability	$ —	$2,250,000
APS Payments accrued earnout liability	—	12,000,000
Ventanex accrued earnout liability	4,800,000	—
cPayPlus accrued earnout liability	6,500,000	—
CPS accrued earnout liability	4,500,000
Other payables to related parties	11,597	321,266
	$15,811,597	$14,571,266

The Predecessor paid management fees to Corsair, a related party having common ownership in the amount of $210,753 from January 1, 2019 to July 10, 2019. The Predecessor paid management fees of $0.4 million for the year ended December 31, 2018, which are included in selling, general, and administrative expenses in the consolidated statements of operations.

The Company incurred transaction costs on behalf of related parties of $3.1 million and $1.3 million for the year ended December 31, 2020 and the period from July 11, 2019 to December 31, 2019, respectively. These costs consist of retention bonuses and other compensation to employees, associated with the costs resulting from the integration of new businesses. The Predecessor incurred transaction costs on behalf of related parties of $6.8 million and $1.6 million for the period from January 1, 2019 to July 10, 2019 and the year ended December 31, 2018, respectively.

The Company held receivables from related parties of $0.1 million and $0.6 million as of December 31, 2020 and 2019 respectively. These amounts were due from employees, related to tax withholding on vesting of equity compensation. See Note 14. Share based compensation for more detail on these restricted share awards.

The Company owed $15.8 million and $14.3 million to related parties, in the form of contingent consideration payable to the sellers of TriSource, APS, Ventanex, cPayPlus, and CPS who were employees of REPAY, as of December 31, 2020 and 2019, respectively. Further, the Company owed employees $0.0 million and $0.3 million for amounts paid on behalf of the Company as of December 31, 2020 and 2019, respectively.

Consolidated Statements of Comprehensive Income - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (46,819,173)	$ (23,742,530)	$ (117,366,245)	$ 10,537,443
Other comprehensive (loss) income, before tax
Change in fair value of designated cash flow hedges	555,449		(9,867,782)
Total other comprehensive (loss) income, before tax	555,449		(9,867,782)
Income tax related to items of other comprehensive income:
Tax benefit (expense) on change in fair value of designated cash flow hedges	(54,303)		1,672,742
Total income tax benefit (expense) on related to items of other comprehensive income	(54,303)		1,672,742
Total other comprehensive (loss) income, net of tax	501,146		(8,195,040)
Total comprehensive (loss) income	(46,318,027)	(23,742,530)	(125,561,285)	10,537,443
Less: Comprehensive loss attributable to non-controlling interests	(15,027,371)		(14,668,288)
Comprehensive (loss) income attributable to the Company	$ (31,290,656)	$ (23,742,530)	$ (110,892,997)	$ 10,537,443

Quarterly Financial Information (Unaudited and As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Results of Operations

The following tables set forth certain unaudited quarterly results of operations for the indicated periods:

	Three months ended December 31, 2020	Three months ended September 30, 2020	Three months ended June 30, 2020	Three months ended March 31, 2020
(in thousands)	(Successor as restated)
Revenue	$41,437	$37,635	$36,501	$39,463
(Loss) income from operations	(8,832)	(13,109)	(6,690)	(3,379)
Net (loss) income	(8,923)	(12,061)	(83,200)	(13,183)
Net (loss) income attributable to the Company	(9,208)	(6,763)	(79,297)	(10,330)
Earnings (loss) per Class A share:
Basic and diluted	$(0.13)	$(0.12)	$(1.90)	$(0.27)

	Three months ended December 31, 2019 (As Restated)	From July 11, 2019 to September 30, 2019	From July 1, 2019 to July 10, 2019	Three months ended June 30, 2019	Three months ended March 31, 2019
(in thousands)	(Successor)		(Predecessor)
Revenue ⁽¹⁾	$33,633	$23,927	$2,334	$21,686	$23,024
Income (loss) from operations	(13,464)	(14,147)	(32,536)	5,626	6,313
Net (loss) income	(30,939)	(15,880)	(32,763)	4,156	4,864
Net (loss) income attributable to the Company	(23,067)	(8,481)	(32,763)	4,156	4,864
Earnings (loss) per Class A share:
Basic and diluted ⁽²⁾	$(0.62)	$(0.25)

Summary of Reconciliation of the Restatement of our Unaudited Interim Condensed Consolidated Financial Statements

The following tables represent the reconciliation of the restatement of our unaudited interim condensed consolidated financial statements for the periods indicated.

	As of March 31, 2020			As of June 30, 2020			As of September 30, 2020
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Unaudited Consolidated Balance Sheets
Warrant liabilities	$ —	$45,543,718	$45,543,718	$ —	$38,062,930	$38,062,930	$ —	$ —	$ —
Total noncurrent liabilities	311,648,710	45,543,718	357,192,428	363,159,756	38,062,930	401,222,686	474,737,189	—	474,737,189
Total liabilities	378,395,096	45,543,718	423,938,814	422,492,654	38,062,930	460,555,584	531,069,878	—	531,069,878
Additional paid-in capital	314,971,234	(22,188,932)	292,782,302	474,608,423	51,961,378	526,569,801	609,914,694	87,283,905	697,198,599
Accumulated deficit	(57,310,504)	(23,354,786)	(80,665,290)	(69,938,145)	(90,024,308)	(159,962,453)	(79,441,366)	(87,283,905)	(166,725,271)
Total stockholders' equity	252,334,809	(45,543,718)	206,791,091	397,793,240	(38,062,930)	359,730,310	521,214,889	—	521,214,889

	For the three months ended
	March 31, 2020			June 30, 2020			September 30, 2020
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Unaudited Consolidated Statements of Operations
Change in fair value of warrant liabilities	$ —	$(6,898,095)	$(6,898,095)	$ —	$(66,669,522)	$(66,669,522)	$ —	$2,740,403	$2,740,403
Total other (expense) income	(4,020,700)	(6,898,095)	(10,918,795)	(13,737,414)	(66,669,522)	(80,406,936)	(5,074,496)	2,740,403	(2,334,093)
(Loss) income before income tax expense	(7,400,035)	(6,898,095)	(14,298,130)	(20,427,326)	(66,669,522)	(87,096,848)	(18,183,863)	2,740,403	(15,443,460)
Net (loss) income	(6,284,443)	(6,898,095)	(13,182,538)	(16,530,700)	(66,669,522)	(83,200,222)	(14,801,004)	2,740,403	(12,060,601)
Net (loss) income attributable to the Company	(3,432,044)	(6,898,095)	(10,330,139)	(12,627,641)	(66,669,522)	(79,297,163)	(9,503,222)	2,740,403	(6,762,819)
Loss per Class A share:
Basic and diluted	$(0.09)		$(0.27)	$(0.30)		$(1.90)	$(0.16)		$(0.12)

	For the six months ended June 30, 2020			For the nine months ended September 30, 2020
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Unaudited Consolidated Statements of Operations
Change in fair value of warrant liabilities	$ —	$(73,567,617)	$(73,567,617)	$ —	$(70,827,214)	$(70,827,214)
Total other (expense) income	(17,758,114)	(73,567,617)	(91,325,731)	(22,832,610)	(70,827,214)	(93,659,824)
(Loss) income before income tax expense	(27,827,361)	(73,567,617)	(101,394,978)	(46,011,224)	(70,827,214)	(116,838,438)
Net (loss) income	(22,815,143)	(73,567,617)	(96,382,760)	(37,616,147)	(70,827,214)	(108,443,361)
Net (loss) income attributable to the Company	(16,059,685)	(73,567,617)	(89,627,302)	(25,562,906)	(70,827,214)	(96,390,120)
Loss per Class A share:
Basic and diluted	$(0.40)		$(2.26)	$(0.56)		$(2.10)

	For the three months ended March 31, 2020			For the six months ended June 30, 2020			For the nine months ended September 30, 2020
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Unaudited Consolidated Statements of Cash Flows
Net loss	$(6,284,443)	$(6,898,095)	$(13,182,538)	$(22,815,143)	$(73,567,617)	$(96,382,760)	$(37,616,147)	$(70,827,214)	$(108,443,361)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	14,855,588	6,898,095	21,753,683	32,232,902	73,567,617	105,800,519	44,327,175	70,827,214	115,154,389
Net cash provided by operating activities	8,571,145	—	8,571,145	9,417,759	—	9,417,759	6,711,028	—	6,711,028
Net cash used in investing activities	(38,296,792)	—	(38,296,792)	(43,728,473)	—	(43,728,473)	(55,175,743)	—	(55,175,743)
Net cash provided by financing activities	36,215,853	—	36,215,853	176,118,827	—	176,118,827	203,242,483	—	203,242,483

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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	71,244,682	37,530,568
Common shares, shares outstanding	71,244,682	37,530,568
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

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	May 05, 2021	Jun. 30, 2020
Document Type	10-K/A
Amendment Flag	true
Amendment Description	This Form 10-K/A (“Amendment No. 2”) amends the annual report on Form 10-K of Repay Holdings Corporation for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2021 and as amended on April 23, 2021 (the “2020 Form 10-K”). The purpose of Amendment No. 2 is to amend and restate certain items in the 2020 Form 10-K in connection with our restatement of previously issued audited financial statements. 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 (“SPAC”) 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 (the “Merger”) of a wholly owned subsidiary with and into Hawk Parent Holdings, LLC, a Delaware limited liability company (“Hawk Parent”). Thunder Bridge issued public warrants and private placement warrants (collectively, the “Warrants”), which were outstanding and recorded on our consolidated financial statements at the time of the Business Combination. On July 27, 2020, we completed the redemption of all outstanding Warrants. Unless otherwise noted or unless the context otherwise requires, the terms “we”, “us”, “Repay” and the “Company” and similar references refer (1) before the Business Combination, to Hawk Parent and its consolidated subsidiaries and (2) from and after the Business Combination, to Repay Holdings Corporation and its consolidated subsidiaries. Unless otherwise noted or unless the context otherwise requires, “Thunder Bridge” refers to Thunder Bridge Acquisition. Ltd. prior to the consummation of the Business Combination.
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
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	3 West Paces Ferry Road
Entity Address, Address Line Two	Suite 200
Entity Address, Postal Zip Code	30305
City Area Code	404
Local Phone Number	504-7472
Entity Public Float			$ 1,242,106,614
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		80,445,630
Class V Common Stock
Entity Common Stock, Shares Outstanding		100

Business Combinations - Additional Information (Details)									2 Months Ended	3 Months Ended									5 Months Ended		6 Months Ended			9 Months Ended	11 Months Ended	12 Months Ended
	Nov. 02, 2020 USD ($) EarnoutPayment	Jul. 23, 2020 USD ($)	Apr. 06, 2020 USD ($)	Feb. 10, 2020 USD ($) EarnoutPayment	Oct. 14, 2019 USD ($) EarnoutPayment	Aug. 13, 2019 USD ($)	Jul. 11, 2019 USD ($) shares	Jul. 10, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jul. 10, 2019 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Goodwill							$ 339,911,400	$ 119,529,202	$ 458,970,255	$ 458,970,255				$ 389,660,519	$ 389,660,519				$ 458,970,255	$ 389,660,519		$ 389,660,519	$ 119,529,202		$ 458,970,255	$ 458,970,255	$ 119,529,202
Total Revenue								2,334,000		41,437,000	$ 37,635,000	$ 36,501,000	$ 39,463,000	33,633,000		$ 23,927,000	$ 21,686,000	$ 23,024,000				57,560,470	47,042,917			155,035,943	130,012,940
Net Income (Loss)								(32,763,000)		(9,208,000)	$ (6,762,819)	$ (79,297,163)	$ (10,330,139)	(23,067,000)		$ (8,481,000)	$ 4,156,000	$ 4,864,000			$ (89,627,302)	(31,548,130)	(23,742,530)	$ (96,390,120)		$ (105,596,562)	$ 10,537,443
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Merger agreement, description																										The amount of cash consideration paid to selling Hawk Parent members at the closing of the Business Combination was equal to the following: (i) the total cash and cash equivalents of Thunder Bridge (including funds in its trust account after the redemption of its public stockholders and the proceeds of any debt or equity financing), minus (ii) the amount of Thunder Bridge’s unpaid expenses and obligations, plus (iii) the cash and cash equivalents of Hawk Parent as of immediately prior to the effective time of the Business Combination (excluding restricted cash), minus (iv) the amount of unpaid transaction expenses of Hawk Parent as of the closing of the Business Combination, minus (v) the amount of the indebtedness and other debt-like items of Hawk Parent and its subsidiaries as of the closing of the Business Combination, minus (vi) the amount of change of control and similar payments payable to employees of Hawk Parent in connection with the Business Combination, minus (vii) an amount of cash reserves equal to $10,000,000, minus (viii) a cash escrow of $150,000, minus (ix) an amount equal to $2,000,000 to be held by a representative of the selling Hawk Parent members, minus (x) the cash payment required in connection with the Warrant Amendment, minus (xi) an amount required to be deposited on the balance sheet of Hawk Parent in connection with the Business Combination.
Amount of equal cash reserve for merger consideration							10,000,000
Cash escrow							150,000
Amount to be held by representative for merger consideration							2,000,000
Goodwill							339,911,400
Cash Consideration							$ 260,811,062
Transaction expenses related to the business combination								34,700,000															34,700,000
TriSource Solutions, LLC
Business Acquisition [Line Items]
Goodwill						$ 30,868,261
Cash Consideration						60,235,090
Total Revenue																				9,200,000
Net Income (Loss)																				1,100,000
TriSource Solutions, LLC \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received						$ 5,000,000.0
APS Payments
Business Acquisition [Line Items]
Goodwill					$ 25,926,861
Cash Consideration					30,465,454
Total Revenue															3,200,000
Net Income (Loss)															800,000
Earnout payment			$ 14,300,000		$ 30,000,000.0
Number of cash earn-out payments \| EarnoutPayment					3
Ventanex
Business Acquisition [Line Items]
Goodwill				$ 12,200,461
Cash Consideration				$ 35,939,129
Total Revenue																									11,100,000
Net Income (Loss)																									1,300,000
Number of cash earn-out payments \| EarnoutPayment				2
Ventanex \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received				$ 14,000,000.0
cPayPlus
Business Acquisition [Line Items]
Goodwill		$ 6,713,646
Cash Consideration		7,956,963
Total Revenue																			1,000,000.0
Net Income (Loss)																			(1,100,000)
cPayPlus \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received		$ 8,000,000.0
CPS Payment Services LLC and Media Payments, LLC
Business Acquisition [Line Items]
Goodwill	$ 43,300,000
Cash Consideration	$ 78,000,000.0
Number of cash earn-out payments \| EarnoutPayment	2
CPS Payment Services LLC and Media Payments, LLC \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received	$ 15,000,000.0
CPS Payment Services
Business Acquisition [Line Items]
Goodwill	40,747,939
Cash Consideration	$ 83,886,556
Total Revenue									2,300,000
Net Income (Loss)									0.0
Number of cash earn-out payments \| EarnoutPayment	2
CPS Payment Services \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received	$ 15,000,000.0
APS, Ventanex, cPayPlus and CPS Acquisitions
Business Acquisition [Line Items]
Transaction expenses related to the business combination									$ 4,200,000	$ 4,200,000									$ 4,200,000						$ 4,200,000	$ 4,200,000
TriSource, and APS Acquisitions
Business Acquisition [Line Items]
Transaction expenses related to the business combination														$ 3,900,000	$ 3,900,000					$ 3,900,000		$ 3,900,000
Thunder Bridge Acquisition, LLC
Business Acquisition [Line Items]
Transaction expenses related to the business combination								$ 16,200,000															$ 16,200,000
Class V Common Stock
Business Acquisition [Line Items]
Number of shares exchanged for limited liability interest \| shares							1
Post Merger Repay Units
Business Acquisition [Line Items]
Percentage of tax savings							100.00%
Post Merger Repay Units \| Class A Common Stock
Business Acquisition [Line Items]
Number of shares exchanged for limited liability interest \| shares							1

Fair Value of Assets and Liabilities (As Restated)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities (As Restated)

6. Fair Value of Assets and Liabilities (As Restated)

The following table summarizes, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the 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. Refer to Note 5, Note 9 and Note 10 for additional information on these assets and liabilities.

	December 31, 2020
	Level 1	Level 2	Level 3	Total
Assets:
Cash and cash equivalents	$91,129,888	$ —	$ —	$91,129,888
Restricted cash	15,374,846	—	—	15,374,846
Total assets	$106,504,734	$ —	$ —	$106,504,734
Liabilities:
Contingent consideration	$ —	$ —	$15,800,000	$15,800,000
Borrowings	—	256,713,396	—	256,713,396
Tax receivable agreement	—	—	229,228,105	229,228,105
Interest rate swap	—	9,312,332	—	9,312,332
Total liabilities	$ —	$266,025,728	$245,028,105	$511,053,833

	December 31, 2019 (As Restated)
	Level 1	Level 2	Level 3	Total
Assets:
Cash and cash equivalents	$24,617,996	$ —	$ —	$24,617,996
Restricted cash	13,283,121	—	—	13,283,121
Interest rate swap	—	555,449	—	555,449
Total assets	$37,901,117	$555,449	$ —	$38,456,566
Liabilities:
Contingent consideration	$ —	$ —	$14,250,000	$14,250,000
Borrowings	—	213,908,388	—	213,908,388
Warrant liabilities	28,895,919	11,920,000	—	40,815,919
Tax receivable agreement	—	—	67,176,226	67,176,226
Total liabilities	$28,895,919	$225,828,388	$81,426,226	$336,150,533

Cash and cash equivalents

Cash and cash equivalents are classified within Level 1 of the fair value hierarchy, as the primary component of 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.

Contingent Consideration

Contingent consideration relates to potential payments that the Company may be required to make associated with acquisitions. The contingent consideration is recorded at fair value based on estimates of discounted future cash flows associated with the acquired businesses. To the extent that the valuation of these liabilities is based on inputs that are less observable or not observable in the market, the determination of fair value requires more judgment. Accordingly, the fair

value of contingent consideration 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 (“ASC 805”).

The Company used a discount rate to determine the present value, based on a risk-free rate adjusted for a credit spread, of the contingent consideration in the simulation approach. A range of 6.6% to 7.0% and weighted average of 6.8% was applied to the simulated contingent consideration payments, 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.

The following table provides a rollforward of the contingent consideration related to previous business acquisitions. Refer to Note 5 for more details.

	Year Ended December 31, 2020	From July 11, 2019 to December 31, 2019	From January 1, 2019 to July 10, 2019
	(Successor)		(Predecessor)
Balance at beginning of period	$14,250,000	$ —	$1,816,988
Measurement period adjustment	6,580,549	—	—
Purchases	15,800,000	14,250,000	—
Payments	(18,320,549)	—	(1,816,988)
Accretion expense	—	—	—
Valuation adjustment	(2,510,000)	—	—
Balance at end of period	$15,800,000	$14,250,000	$ —

Term loan

The carrying value of our term loan is net of unamortized debt discount and debt issuance costs. The fair value of our term loan was determined using a discounted cash flow model based on observable market factors, such as changes in credit spreads for comparable benchmark companies and credit factors specific to us. The fair value of our term loan is classified within Level 2 of the fair value hierarchy, as the inputs to the discounted cash flow model are generally observable and do not contain a high level of subjectivity.

Warrant liabilities

Public warrants are classified as level 1 financial instruments, as their value is derived using quoted market prices as of the measurement date. Private Placement Warrants are classified as level 2, which are valued using a Black-Sholes-Merton pricing model at of the measurement date.

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 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.

The Company used a discount rate, also referred to as the early termination rate, to determine the present value, based on a risk-free rate plus a spread, pursuant to the TRA. A rate of 1.34% was applied to the forecasted TRA payments as of December 31, 2020, 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. The TRA balance increased as a result of exchanges of Post-Merger Repay Units for Class A common stock pursuant to the Exchange Agreement. In addition, the TRA balance increased $12.4 million through accretion expense and a valuation adjustment, related to a decrease in the discount rate, which was 3.00%, as of December 31, 2019.

The following table provides a rollforward of the TRA related to the Business Combination and subsequent acquisition of Post-Merger Repay Units held by Corsair, pursuant to the Unit Purchase Agreements. See Note 15 for further discussion on the TRA.

	Year Ended December 31, 2020	From July 11, 2019 to December 31, 2019	From January 1, 2019 to July 10, 2019
	(Successor)		(Predecessor)
Balance at beginning of period	$67,176,226	$ —	$ —
Purchases	149,612,393	67,176,226	—
Payments	—	—	—
Accretion expense	2,955,148	—	—
Valuation adjustment	9,484,338	—	—
Balance at end of period	$229,228,105	$67,176,226	$ —

Interest rate swap

In October 2019, the Company entered into a $140.0 million notional, fifty-seven month interest rate swap agreement, and in February 2020, the Company entered into a $30.0 million notional, sixty month interest rate swap agreement, then a revised notional amount of $65.0 million beginning on September 30, 2020. These interest rate swap agreements are to hedge changes in its cash flows attributable to interest rate risk on a combined $205.0 million of Company’s variable-rate term loan to a fixed-rate basis, thus reducing the impact of interest rate changes on future interest expense.

These swaps involve the receipt of variable-rate amounts in exchange for fixed interest rate payments over the life of the agreement without an exchange of the underlying notional amount and was designated for accounting purposes as a cash flow hedge. The interest rate swap is carried at fair value on a recurring basis in the Consolidated Balance Sheets and is classified within Level 2 of the fair value hierarchy, as the inputs to the derivative pricing model are generally observable and do not contain a high level of subjectivity. The fair value was determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date.

- 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 + Details

Share Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested RSAs, RSUs and PSUs	$ 17.5		$ 23.7
Weighted-average period related to unvested RSAs, RSUs and PSUs	2 years 3 months 3 days		2 years 7 months 9 days
Share based compensation expense	$ 22.0		$ 19.4
Vested, Units		9,460	9,171
Weighted average grant date fair value		$ 182.83	$ 180.87
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense		$ 0.9		$ 0.8
Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance			7,326,728

Earnings per Share (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Summary of Net Loss and Weighted Average Basic and Diluted Shares Outstanding

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

	Year Ended December 31, 2020 (As Restated)	From July 11, 2019 to December 31, 2019 (As Restated)
Loss before income tax expense	$(129,724,270)	$(51,810,162)
Less: Net loss attributable to non-controlling interests	(11,769,683)	(15,271,043)
Income tax benefit	12,358,025	4,990,989
Net loss attributable to the Company	$(105,596,562)	$(31,548,130)

Weighted average shares of Class A common stock outstanding - basic and diluted	52,180,911	35,731,220

Loss per share of Class A common stock outstanding - basic and diluted	$(2.02)	$(0.88)

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

For the Successor periods, 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:

Post-Merger Repay Units exchangeable for Class A common stock	8,334,160	21,985,297
Earnout Post-Merger Repay Units exchangeable for Class A common stock	—	7,500,000
Dilutive warrants exercisable for Class A common stock	—	1,816,890
Unvested restricted share awards of Class A common stock	2,209,551	1,731,560
Share equivalents excluded from earnings (loss) per share	10,543,711	33,033,747

Borrowings - Summary of Borrowings under Credit Agreement (Parenthetical) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Percentage of initial principal amount of the term loans			0.625%
Interest expense for the amortization of deferred debt issuance costs	$ 570,671	$ 215,658	$ 1,416,012		$ 407,403
Interest Expense
Debt Instrument [Line Items]
Interest expense for the amortization of deferred debt issuance costs	$ 600,000	$ 200,000	$ 1,400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate			3.65%	5.26%
Term Loan
Debt Instrument [Line Items]
Variable interest rate			3.65%	5.26%
Delayed Draw Term Loan
Debt Instrument [Line Items]
Variable interest rate			3.65%	5.26%

Schedule of Related Party Payables (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party payables	$ 15,811,597	$ 14,571,266
TriSource
Related Party Transaction [Line Items]
Related party payables		2,250,000
APS Payments
Related Party Transaction [Line Items]
Related party payables		12,000,000
Ventanex
Related Party Transaction [Line Items]
Related party payables	4,800,000
cPayPlus
Related Party Transaction [Line Items]
Related party payables	6,500,000
CPS
Related Party Transaction [Line Items]
Related party payables	4,500,000
Other Payables to Related Parties
Related Party Transaction [Line Items]
Related party payables	$ 11,597	$ 321,266

Commitments and Contingencies - Schedule of Maturity Analysis of the Company's Operating Leases Liabilities (Details) - USD ($)	Dec. 31, 2020	Jan. 01, 2020
Commitments And Contingencies Disclosure [Abstract]
2021	$ 1,970,061
2022	1,903,329
2023	1,948,666
2024	1,847,041
2025	1,531,435
Thereafter	2,793,934
Total undiscounted lease payments	11,994,466
Less: Imputed interest	1,630,587
Lease liabilities	$ 10,363,879	$ 10,400,000

Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

9. Goodwill

The following table presents changes to goodwill for the years ended December 31, 2020 and 2019:

		Total
Balance at December 31, 2018 (Predecessor)		$119,529,202
Acquisitions		—
Dispositions		—
Impairment Loss		—
Balance at July 10, 2019 (Predecessor)		$119,529,202

Balance at July 11, 2019 (Successor)		$339,911,400
Acquisitions		49,749,119
Dispositions		—
Impairment Loss		—
Balance at December 31, 2019 (Successor)		$389,660,519
Acquisitions		62,263,733
Dispositions		—
Impairment Loss		—
Measurement period adjustment		7,046,003
Balance at December 31, 2020		$458,970,255

Business Combinations - Summary of Preliminary Purchase Consideration (Details) - USD ($)							12 Months Ended
	Nov. 02, 2020	Jul. 23, 2020	Feb. 10, 2020	Oct. 14, 2019	Aug. 13, 2019	Jul. 11, 2019	Dec. 31, 2020
Business Acquisition [Line Items]
Total purchase price							$ 4,070,549
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Cash Consideration						$ 260,811,062
Unit Consideration						220,452,964
Contingent consideration						12,300,000
Tax receivable agreement liability						65,537,761
Net working capital adjustment						(396,737)
Total purchase price						$ 558,705,050
TriSource Solutions, LLC
Business Acquisition [Line Items]
Cash Consideration					$ 60,235,090
Contingent consideration					2,250,000
Total purchase price					$ 62,485,090
APS Payments
Business Acquisition [Line Items]
Cash Consideration				$ 30,465,454
Contingent consideration				18,580,549
Total purchase price				$ 49,046,003
Ventanex
Business Acquisition [Line Items]
Cash Consideration			$ 35,939,129
Contingent consideration			4,800,000
Total purchase price			$ 40,739,129
cPayPlus
Business Acquisition [Line Items]
Cash Consideration		$ 7,956,963
Contingent consideration		6,500,000
Total purchase price		$ 14,456,963
CPS Payment Services
Business Acquisition [Line Items]
Cash Consideration	$ 83,886,556
Contingent consideration	4,500,000
Total purchase price	$ 88,386,556

Share Based Compensation - Summary of Changes in Non-Vested Units Outstanding (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jul. 10, 2019	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Non-vested units, Beginning Balance	9,460
Vested, Units	(9,460)	(9,171)
Weighted average fair value per unit, Beginning Balance	$ 182.83
Weighted average fair value per unit, Vested	$ (182.83)	$ (180.87)

Intangible Assets - Additional Information (Details) $ in Millions	6 Months Ended		12 Months Ended		18 Months Ended
	Dec. 31, 2019 USD ($) TradeName	Jul. 10, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) TradeName
Goodwill And Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets trade names	$ 21.2		$ 22.2		$ 22.2
Number of trade names \| TradeName	3				6
Amortization of Intangible Assets	$ 23.3	$ 5.9	$ 59.7	$ 10.0

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

The consolidated financial statements include the accounts of Repay Holdings Corporation, the majority-owned Hawk Parent Holdings LLC and its 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 (“PaidSuite”), Marlin Acquirer, LLC (“Paymaxx”), REPAY International LLC, REPAY Canada Solutions ULC, TriSource Solutions, LLC (“TriSource”), Mesa Acquirer, LLC, CDT Technologies LTD, Viking GP Holdings, LLC, cPayPlus, LLC, CPS Payment Services, LLC, Media Payments, LLC, and Custom Payment Systems, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.

Basis of Financial Statement Presentation

The accompanying consolidated financial statements of the Company were prepared in accordance with GAAP. 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.

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 consolidated statements of operations during the reporting period. Actual results could differ materially from those estimates.

Segment Reporting

Operating segments are defined as components of an enterprise about which discrete financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance for the organization. The Company’s chief decision maker is the Chief Executive Officer. The Company’s chief decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. Accordingly, the Company has determined that it has one operating segment; Merchant services.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposit accounts, and short‑term investments with original maturities of three months or less. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits.

Restricted Cash

Restricted cash consists of funds required to serve as security for services rendered by a service provider under a service provider agreement.

Accounts Receivable

Accounts receivable represent amounts due from customers and payment processors for services rendered. The Company has an established process for aging, provisioning and writing-off its uncollectible accounts receivable. Within this process the Company aggregates accounts receivable to the pools of receivables of similar risk characteristics. The Company uses Provision Matrix methodology to estimate the allowance for credit losses on accounts receivable, which estimated credit loss is calculated based on how long a receivable has been outstanding (e.g., under 30 days, 30–60 days, etc.). For accounts receivable outstanding more than 90 days, the Company evaluates and assesses whether the loss reserve percentage requires adjustment for reasonable and supportable forecast of relevant economic factors. As of December 31, 2020, the Company’s estimated credit losses on accounts receivable was immaterial.

Concentration of Credit Risk

The Company is highly diversified, and no single merchant represents greater than 10% of the business on a volume or profit basis.

Earnings per Share

Basic earnings per share of Class A common stock is computed by dividing net income attributable to the Company by the weighted average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to the Company, adjusted for the assumed exchange of all Post-Merger Repay Units, by the weighted average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive elements.

The Predecessor’s LLC membership structure included several different types of LLC interests including ownership interests and profits interests. The Company analyzed the calculation of earnings per unit by using the two‑class method and determined that it resulted in values that would not be meaningful to the users of these consolidated financial statements. Therefore, the Predecessor’s earnings per share information has not been presented for any period.

Property and Equipment

Property and equipment is carried at cost less accumulated depreciation and includes expenditures which substantially increase the useful lives of existing property and equipment. Maintenance, repairs, and minor renovations are charged to operations as incurred. When property and equipment is retired or otherwise disposed of, the related costs and accumulated depreciation are removed from their respective accounts, and any gain or loss on the disposition is credited or charged to operations.

The Company provides for depreciation of property and equipment using the straight-line method designed to amortize costs over estimated useful lives as follows:


		Estimated Useful Life
Furniture, fixtures, and office equipment		5 years
Computers		3 years
Leasehold improvements		5 years

Intangible Assets

Intangible assets consist of internal use software development costs, purchased software, channel relationships, customer relationships, certain key personnel non-compete agreements, and trade names. The Company is amortizing software development costs and purchased software on the straight‑line method over a three-year estimated useful life, a ten-year estimated useful life for channel and customer relationships, and an estimated useful life for non-compete agreements equal to the term of the agreement. Trade names are determined to have an indefinite useful life. The Company evaluates the recoverability of intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment, and actual results may

differ from assumed and estimated amounts. No indicators of impairment were identified in the periods ending December 31, 2020 and 2019.

Goodwill

Goodwill represents the excess of purchase price over tangible and intangible assets acquired less liabilities assumed arising from business combinations. Goodwill is generally allocated to reporting units based upon relative fair value (taking into consideration other factors such as synergies) when an acquired business is integrated into multiple reporting units. The Company’s reporting units are at the operating segment level or one level below the operating segment level for which discrete financial information is prepared and regularly reviewed by management. When a business within a reporting unit is disposed of, goodwill is allocated to the disposed business using the relative fair value method. Relative fair value is estimated using a discounted cash flow analysis.

The Company determined that no impairment of goodwill existed as of the last testing date, December 31, 2020. Future impairment reviews may require write‑downs in the Company’s goodwill and could have a material adverse impact on the Company’s operating results for the periods in which such write‑downs occur.

Revenue

Repay provides integrated payment processing solutions to niche markets that have specific transaction processing needs; for example, personal loans, automotive loans, and receivables management. The Company contracts with its customers through contractual agreements that set forth the general terms and conditions of the service relationship, including rights of obligations of each party, line item pricing, payment terms and contract duration. Most of our revenues are derived from volume-based payment processing fees (“discount fees”) and other related fixed per transaction fees. Discount fees represent a percentage of the dollar amount of each credit or debit transaction processed and include fees relating to processing and services that we provide. As our customers process increased volumes of payments, our revenues increase as a result of the fees we charge for processing these payments.

The Company’s performance obligation in its contracts with customers is the promise to stand-ready to provide front-end authorization and back-end settlement payment processing services ("processing services") for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related processing services. Accordingly, the total transaction price is variable. These services are stand-ready obligations, as the timing and quantity of transactions to be processed is not determinable. Under a stand-ready obligation, the Company’s performance obligation is satisfied over time throughout the contract term rather than at a point in time. Because the service of standing ready to perform processing services is substantially the same each day and has the same pattern of transfer to the customer, the Company has determined that its stand-ready performance obligation comprises a series of distinct days of service. Discount fees and other fixed per transaction fees are recognized each day using a time-elapsed output method based on the volume or transaction count at the time the merchants’ transactions are processed.

Revenues are also derived from transaction or service fees (e.g. chargebacks, gateway) as well as other miscellaneous service fees. These services are considered immaterial in the overall context of our contractual arrangements and, as such, do not represent distinct performance obligations. Instead, the fees associated with these services are bundled with the processing services performance obligation identified.

The transaction price for such processing services are determined, based on the judgment of the Company’s management, considering factors such as margin objectives, pricing practices and controls, customer segment pricing strategies, the product life cycle and the observable price of the service charged to similarly situated customers.

The Company follows the requirements of Topic 606-10-55-36 through -40, Revenue from Contracts with Customers, Principal Agent Considerations, in determining the gross versus net revenue recognition for each performance obligation in the contract with a customer. Revenue recorded with by the Company in the capacity as a principal is reported at on a gross basis equal to the full amount of consideration to which the Company expects in exchange for the good or service transferred. Revenue recorded with the Company acting in the capacity of an agent is reported on a net basis, exclusive of any consideration provided to the principal party in the transaction.

The principal versus agent evaluation is matter of judgment that depends on the facts and circumstances of the arrangement and is dependent on whether the Company controls the good or service before it is transferred to the customer or whether the Company is acting as an agent of a third party. This evaluation is performed separately for each performance obligation identified.

Interchange and network fees

Within its contracts with customers, the Company incurs interchange and network pass-through charges from the third-party card issuers and payment networks, respectively, related to the provision of payment authorization and routing services. The Company has determined that it is acting as an agent with respect to these payment authorization and routing services, based the fact that the Company has no discretion over which card-issuing bank or payment network will be used to process a transaction and is unable to direct the activity of the merchant to another card-issuing bank or payment network. As such, the Company views the card-issuing bank and the payment network as the principal for these performance obligations, as these parties are primarily responsible for fulfilling these promises to the merchant. Therefore, revenue allocated to the payment authorization performance obligation is presented net of interchange and card network fees paid to the card issuing banks and card networks, respectively, for the years ended December 31, 2020 and 2019, in connection with the adoption of ASC 606.

Indirect relationships

As a result of its past acquisitions, the Company has legacy relationships with Independent Sales Organizations (each an “ISO”), whereby the Company acts as the merchant acquirer for the ISO. The ISO maintains a direct relationship with the sponsor bank and the transaction processor, rather than the Company. Consequently, the Company recognizes revenue for these relationships net of the residual amount remitted to the ISO, based on the fact that the ISO is primarily responsible for providing the transaction processing services to the merchant. The Company is not focused on this sales model, and this relationship will represent an increasingly smaller portion of the business over time.

Transaction Costs

The Company expenses all transactions costs as incurred and are included in selling, general, and administrative expenses in the consolidated statements of operations. For the year ended December 31, 2020, the Company incurred $9.9 million transaction costs. For the period from July 11, 2019 to December 31, 2019 the Successor incurred $4.5 million of transaction costs for closed and pending transactions. The Predecessor incurred transaction costs of $34.9 million and $4.0 million for the period from January 1, 2019 to July 10, 2019 and the year ended December 31, 2018, respectively.

Equity Units Awarded

The Repay Holdings Corporation 2019 Omnibus Incentive Plan (the “Incentive Plan”) provides for the grant of various equity-based incentive awards to employees, directors, consultants and advisors to the Company. The types of equity-based awards that may be granted under the Incentive Plan include: stock options, stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and other stock-based awards. As of December 31, 2020, there were 7,326,728 shares of Class A common stock reserved for issuance under the Incentive Plan.

The Company accounts for stock-based compensation for employees and directors in accordance with ASC 718, Compensation (“ASC 718”). ASC 718 requires all share-based payments to employees, to be recognized in the statement of operations based on their fair values. Under the provisions of ASC 718, stock-based compensation costs are measured at the grant date, based on the fair value of the award, and are recognized as expense over the employee’s requisite or derived service period.

The Predecessor accounted for profit units awarded to management based on the fair value of the awards on the date of the grant and recognized compensation expense for those awards over the requisite service period. The profits units were fully vested as of the Closing.

The fair value of the RSAs and RSUs granted under the Incentive Plan and the profit interests granted under the profit unit plan of the Predecessor is estimated on the grant date using the Black‑Scholes option valuation model. The Black‑Scholes option valuation model incorporates assumptions as to dividend yield, expected volatility, an appropriate risk‑free interest rate, and the expected life of the option. Forfeitures are accounted for as they occur.

Debt Issuance Costs

The Company accounts for debt issuance costs according to the Financial Accounting Standards Board Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs, to present debt issuance costs as a reduction of the carrying amount of the debt.

Fair Value of Financial Instruments

The Company accounts for fair value measurements in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or the price paid to transfer a liability as of the measurement date. A three-tier, fair-value reporting hierarchy exists for disclosure of fair value measurements based on the observability of the inputs to the valuation of financial assets and liabilities. The three levels are:

•

Level 1 — Quoted prices for identical instruments in active markets.

•

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

•

Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets.

The carrying value of the Company’s financial instruments, including cash and cash equivalents, restricted cash and processing assets and liabilities approximated their fair values as of December 31, 2020 and 2019, because of the relatively short maturity dates on these instruments. The carrying amount of debt approximates fair value as of December 31, 2020 and 2019, because interest rates on these instruments approximate market interest rates.

Leases

The Company adopted ASC Topic 842, Leases, using a modified retrospective transition approach as of January 1, 2020. The Company has elected to adopt the package of transition practical expedients and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. The Company also elected the practical expedient to use hindsight for leases existing as of January 1, 2020.

The Company evaluates each of its lease and service arrangements at inception to determine if the arrangement is, or contains, a lease and the appropriate classification of each identified lease. A lease exists if the Company obtains substantially all of the economic benefits of, and has the right to control the use of, an asset for a period of time. The Company has operating leases for real estate. Operating leases with an original lease term in excess of twelve months are included in Other assets and Other liabilities in the Consolidated Balance Sheets. Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate to calculate the present value of lease payments. Lease terms consider options to extend or terminate based on the determination of whether such renewal or termination options are deemed reasonably certain. Lease agreements that contain non-lease components are generally accounted for as a single lease component.

Operating lease costs are recorded in Selling, general and administrative in the consolidated statements of operations based on the underlying asset. Variable costs, such as maintenance expenses, property and sales taxes, association dues and index-based rate increases, are expensed as they are incurred. Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented as operating expenses in Selling, general and administrative in the consolidated statements of operations.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases of all applicable class of underlying assets that have a lease term of twelve months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. Variable lease payments associated with these leases are recognized and presented in the same manner as for all other Company leases.

ROU assets for operating leases are periodically reduced by impairment losses. As of December 31, 2020, the Company has not encountered any impairment losses. The Company monitors for events or changes in circumstances that require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in gain or loss in the consolidated statements of operations.

Taxation

Income taxes are provided for in accordance with ASC 740. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to net operating losses, tax credits, and temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company reports a liability or a reduction of deferred tax assets for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. When applicable, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

Noncontrolling Interest

Noncontrolling interest

As of December 31, 2020, the Company held an 89.8% interest in Hawk Parent. The noncontrolling interest, for the year ended December 31, 2020, in the net loss of subsidiaries was $11.8 million. As of July 11, 2019, the Company held a 55.9% interest in Hawk Parent. The noncontrolling interest, for the period from July 11, 2019 to December 31, 2019, in the net loss of subsidiaries was $15.3 million.

Contingent Consideration

The Company estimates and records the acquisition date estimated fair value of contingent consideration as part of purchase price consideration for acquisitions. Additionally, each reporting period, the Company estimates changes in the fair value of contingent consideration, and any change in fair value is recognized in the consolidated income statements. An increase in the contingent consideration expected to be paid will result in a charge to operations in the period that the anticipated fair value of contingent consideration increases, while a decrease in the earn-out expected to be paid will result in a credit to operations in the period that the anticipated fair value of contingent consideration decreases. The estimate of the fair value of contingent consideration requires subjective assumptions to be made of future operating results, discount rates, and probabilities assigned to various potential operating result scenarios.

Emerging Growth Company

Prior to December 31, 2020, the Company was an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act, (JOBS Act), and elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies until the Company is no longer an EGC, including using the extended transition period for complying with new or revised accounting standards. As of December 31, 2020, the Company has become a large accelerated filer under the rules of the SEC and is no longer classified as an EGC.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements in Topic 820. After the adoption of ASU 2018-13, an entity will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; the valuation processes for Level 3 fair value measurements.

ASU 2018-13 is effective for the Company’s annual period beginning after December 15, 2019. The amendments on changes in unrealized gains and losses should be applied prospectively for only the most recent period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented on their effective date. After adopting ASU 2018-13, there was no material effect on the Company’s consolidated financial statements.

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016‑02, Leases (Subtopic 842). The purpose of this ASU is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this ASU require that lessees recognize the rights and obligations resulting from leases as assets and liabilities on their balance sheets, initially measured at the present value of the lease payments over the

term of the lease, including payments to be made in optional periods to extend the lease and payments to purchase the underlying assets if the lessee is reasonably certain of exercising those options. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP.

The effective date of this ASU for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.

As a result of the Company ceasing to be an EGC as of December 31, 2020, the Company adopted ASU 2016-02 and subsequent related ASUs, using a modified retrospective transition approach as of January 1, 2020, which resulted in the recognition of $10.1 million and $10.4 million in ROU assets and associated lease liabilities, respectively, arising from operating leases in which the Company is the lessee, on the Company’s consolidated balance sheets. The amount of the ROU assets and associated lease liabilities recorded upon adoption was based primarily on the present value of unpaid future minimum lease payments, the amount of which was based on the population of leases in effect as of January 1, 2020. The adoption did not have a significant impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. For additional information and required disclosures elated to ASC 842, see Note 12. Commitments and Contingencies.

Credit Losses

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life, instead of when incurred. The changes (as amended) are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

As a result of the Company ceasing to be an EGC as of December 31, 2020, the Company adopted ASU 2016-13 as of January 1, 2020. The adoption of this ASU does not have a material impact on the Company’s consolidated financial statements or related disclosures.

Recently Issued Accounting Pronouncements not yet Adopted

Accounting for Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU No. 2019-12"). ASU No. 2019-12 simplifies the accounting for income taxes, eliminates certain exceptions within Income Taxes (Topic 740), and clarifies certain aspects of the current guidance to promote consistency among reporting entities, and is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. Most amendments within ASU No. 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently in the process of evaluating the effects of ASU No. 2019-12 on its consolidated financial statements.

Reclassification

Certain amounts in the consolidated financial statements have been reclassified from their original presentation to conform to current year presentation. These reclassifications had no material impact on the consolidated financial statements as previously reported.

Commitments and Contingencies - Other Information Related to Leases (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,504,352
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 11,430,120

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and contingencies

The Company has commitments under operating leases for real estate leased from third parties under non-cancelable operating leases. A ROU asset and lease liability is recorded on the consolidated balance sheet for all leases except those with an original lease term of twelve months or less. The Company’s leases typically have lease terms between three years and ten years, with the longest lease term having an expiration date in 2029. Most of these leases include one or more renewal options for six 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 asset and lease liability.

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

		Year Ended December 31, 2020
Components of total lease costs:
Operating lease cost		$1,745,575
Short-term lease cost		—
Variable lease cost		48,150
Total lease cost		$1,793,725

As of December 31, 2020, amounts reported in the Consolidated Balance Sheets were as follows:

Operating Leases:
Right-of-use assets		$10,074,506
Lease liability, current		1,527,224
Lease liability, long-term		8,836,655
Total lease liabilities		$10,363,879

Weighted-average remaining lease term (in years)		6.2
Weighted-average discount rate (annual)		4.6%

Other information related to leases are as follows:

		Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$1,504,352
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		11,430,120

The following table presents a maturity analysis of the Company’s operating leases liabilities as of December 31, 2020:

2021		$1,970,061
2022		1,903,329
2023		1,948,666
2024		1,847,041
2025		1,531,435
Thereafter		2,793,934
Total undiscounted lease payments		11,994,466
Less: Imputed interest		1,630,587
Total lease liabilities		$10,363,879

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent events

18. Subsequent events

Management has evaluated subsequent events and their potential effects on these consolidated financial statements through the date the consolidated financial statements were available to be issued.

On January 19, 2021, the Company completed the previously announced underwritten public offering (the “Equity Offering”) of 6,244,500 shares of its Class A common stock at a public offering price of $24.00 per share. 814,500 shares of such Class A common stock were sold in the Equity Offering in connection with the full exercise of the underwriters’ option to purchase additional shares of Class A common stock pursuant to the underwriting agreement.

On January 19, 2021, the Company also completed the previously announced offering of $440.0 million in aggregate principal amount of 0.00% Convertible Senior Notes due 2026 (the “2026 Notes”) in a private placement (the “Notes Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. $40.0 million in aggregate principal amount of such 2026 Notes were sold in the Notes Offering in connection with the full exercise of the initial purchasers’ option to purchase such additional 2026 Notes pursuant to the purchase agreement. The Notes will mature on February 1, 2026, unless earlier converted, repurchased or redeemed.

On January 20, 2021, the Company used a portion of the proceeds from the Notes Offering to prepay in full the entire amount of the outstanding term loans under the Successor Credit Agreement. The Company also terminated in full all outstanding delayed draw term loan commitments under the Successor Credit Agreement.

On February 3, 2021, the Company announced the closing of a new undrawn $125 million senior secured revolving credit facility through Truist Bank. The Amended Credit Agreement replaces the Company’s Successor Credit Agreement, which included an undrawn $30 million revolving credit facility.

Consolidated Statements of Operations - USD ($)	6 Months Ended		12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2018
Revenue
Total Revenue	$ 57,560,470	$ 47,042,917	$ 155,035,943	$ 130,012,940
Operating Expenses
Selling, general and administrative	45,758,335	51,201,322	87,301,814	29,097,302
Depreciation and amortization	23,756,888	6,222,917	60,806,659	10,421,000
Change in fair value of contingent consideration			(2,510,000)	(1,103,012)
Total operating expenses	85,171,953	67,640,318	187,045,529	113,401,582
(Loss) Income from operations	(27,611,483)	(20,597,401)	(32,009,586)	16,611,358
Other (expense) income
Interest expense	(5,921,893)	(3,145,167)	(14,445,000)	(6,072,837)
Change in fair value of warrant liabilities	(15,258,497)		(70,827,214)
Change in fair value of tax receivable liability	(1,638,465)		(12,439,485)
Other (expenses) income	(1,379,824)	38	(2,985)	(1,078)
Total other (expense) income	(24,198,679)	(3,145,129)	(97,714,684)	(6,073,915)
(Loss) income before income tax expense	(51,810,162)	(23,742,530)	(129,724,270)	10,537,443
Income tax benefit	4,990,989		12,358,025
Net (loss) income	(46,819,173)	(23,742,530)	(117,366,245)	10,537,443
Less: Net (loss) income attributable to non-controlling interests	(15,271,043)		(11,769,683)
Net (loss) income attributable to the Company	$ (31,548,130)	(23,742,530)	$ (105,596,562)	10,537,443
Loss per Class A share:
Basic and diluted	$ (0.88)		$ (2.02)
Weighted-average shares outstanding:
Basic and diluted	35,731,220		52,180,911
Processing and Service Fees
Revenue
Total Revenue	$ 57,560,470	47,042,917	$ 155,035,943	82,186,411
Interchange and Network Fees
Revenue
Total Revenue				47,826,529
Operating Expenses
Cost of revenue				47,826,529
Other Costs of Services
Operating Expenses
Cost of revenue	$ 15,656,730	$ 10,216,079	$ 41,447,056	$ 27,159,763

Intangible Assets - Schedule of Definite-lived Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 429,985,101	$ 335,190,752
Accumulated Amortization	82,987,963	23,349,951
Net Carrying Value	$ 346,997,138	$ 311,840,801
Weighted Average Useful Life (Years)	6 years 11 months 8 days	7 years 10 months 24 days
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 308,450,000	$ 256,000,000
Accumulated Amortization	39,920,578	11,393,825
Net Carrying Value	$ 268,529,422	$ 244,606,175
Weighted Average Useful Life (Years)	8 years 7 months 20 days	9 years 5 months 23 days
Channel Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 12,550,000	$ 3,000,000
Accumulated Amortization	191,936	141,935
Net Carrying Value	$ 12,358,064	$ 2,858,065
Weighted Average Useful Life (Years)	9 years 7 months 24 days	10 years
Software Costs
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 104,715,101	$ 72,290,752
Accumulated Amortization	40,280,116	11,080,696
Net Carrying Value	$ 64,434,985	$ 61,210,056
Weighted Average Useful Life (Years)	1 year 10 months 6 days	3 years
Non-Complete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4,270,000	$ 3,900,000
Accumulated Amortization	2,595,333	733,495
Net Carrying Value	$ 1,674,667	$ 3,166,505
Weighted Average Useful Life (Years)	1 year 6 months 7 days	2 years

Taxation (As Restated) - Schedule of Reconciliation of United States Statutory Income Tax Rate to Effective Income Tax Rate (Details)	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income tax expense	21.00%	0.00%	21.00%	0.00%
State taxes, net of federal benefit	1.10%	0.00%	1.30%	0.00%
Income attributable to noncontrolling interest	(6.10%)	0.00%	(1.80%)	0.00%
Excess tax benefit related to share-based compensation	0.40%	(0.00%)	0.40%	(0.00%)
Change in fair value of warrant liabilities	(6.20%)	0.00%	(11.50%)	0.00%
Other	(0.60%)	0.00%	0.10%	0.00%
Total deferred benefit	9.60%	0.00%	9.50%	0.00%

Fair Value of Assets and Liabilities (As Restated) - Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 91,129,888	$ 24,617,996
Restricted cash	15,374,846	13,283,121
Interest rate swap		555,449
Total assets	106,504,734	38,456,566
Liabilities:
Contingent consideration	15,800,000	14,250,000
Borrowings	256,713,396	213,908,388
Warrant liabilities		40,815,919
Tax receivable agreement	229,228,105	67,176,226
Interest rate swap	9,312,332
Total liabilities	511,053,833	336,150,533
Level 1
Assets:
Cash and cash equivalents	91,129,888	24,617,996
Restricted cash	15,374,846	13,283,121
Total assets	106,504,734	37,901,117
Liabilities:
Warrant liabilities		28,895,919
Total liabilities		28,895,919
Level 2
Assets:
Interest rate swap		555,449
Total assets		555,449
Liabilities:
Borrowings	256,713,396	213,908,388
Warrant liabilities		11,920,000
Interest rate swap	9,312,332
Total liabilities	266,025,728	225,828,388
Level 3
Liabilities:
Contingent consideration	15,800,000	14,250,000
Tax receivable agreement	229,228,105	67,176,226
Total liabilities	$ 245,028,105	$ 81,426,226

Commitments and Contingencies - Summary of Components of Lease Cost (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Components of total lease costs:
Operating lease cost	$ 1,745,575
Variable lease cost	48,150
Total lease cost	$ 1,793,725

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended	6 Months Ended			9 Months Ended	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jul. 10, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Cash flows from operating activities
Net (loss) income	$ (13,182,538)	$ (96,382,760)	$ (46,819,173)	$ (23,742,530)	$ (108,443,361)	$ (117,366,245)	$ 10,537,443
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			23,756,888	6,222,917		60,806,659	10,421,000
Stock based compensation			22,013,287	908,978		19,445,800	796,967
Amortization of debt issuance costs			570,671	215,658		1,416,012	407,403
Loss on disposal of property and equipment							16,827
Fair value change in warrant liabilities	6,898,095	73,567,617	15,258,497		70,827,214	70,827,214
Fair value change in tax receivable agreement liability			1,638,465			12,439,485
Fair value change in other assets and liabilities						(2,509,840)	(1,103,012)
Payments of contingent consideration in excess of acquisition date fair value						(4,070,549)
Deferred tax benefit			(4,990,989)			(12,358,025)
Change in accounts receivable			779,008	(4,614,620)		(2,890,762)	(1,534,285)
Change in related party receivable			(563,084)			563,084
Change in prepaid expenses and other			(3,579,300)	(73,533)		541,639	(394,127)
Change in operating lease ROU assets						(10,074,506)
Change in accounts payable			2,656,630	1,297,035		38,185	1,502,090
Change in related party payable			14,571,266			(309,669)
Change in accrued expenses and other			(12,356,519)	28,136,310		370,343	3,526,470
Change in operating lease liabilities						10,363,879
Change in other liabilities						1,254,000
Net cash provided by operating activities	8,571,145	9,417,759	12,935,647	8,350,215	6,711,028	28,486,704	24,176,776
Cash flows from investing activities
Purchases of property and equipment			(498,513)	(203,026)		(994,147)	(913,498)
Purchases of software			(3,375,751)	(3,842,744)		(13,729,349)	(4,884,457)
Purchases of other intangible assets						(9,550,000)
Net cash used in investing activities	(38,296,792)	(43,728,473)	(335,083,842)	(4,045,770)	(55,175,743)	(145,980,474)	(5,797,955)
Cash flows from financing activities
Change in line of credit			6,500,000			(10,000,000)	3,000,000
Issuance of long-term debt			210,000,000			60,425,983
Payments on long-term debt			(90,862,500)	(2,450,000)		(6,709,486)	(4,900,000)
Repurchase of outstanding warrants			(38,700,000)
Repurchase of treasury shares			(4,507,544)			(1,414,732)
Issuance of warrants			207
Exercise of warrants						86,799,717
Conversion of Thunder Bridge Class A ordinary shares to Class A Common Stock			148,870,571
Redemption of Post-Merger Repay Units						(435,296,258)
Distributions to Members			(185,957)	(6,904,991)		(1,496,213)	(6,307,935)
Payment of loan costs			(6,065,465)			(1,861,817)
Payments of contingent consideration up to acquisition date fair value						(14,250,000)
Net cash provided by (used in) financing activities	36,215,853	176,118,827	360,049,312	(9,354,991)	203,242,483	186,097,387	(8,207,935)
Increase (decrease) in cash, cash equivalents and restricted cash			37,901,117	(5,050,546)		68,603,617	10,170,886
Cash, cash equivalents and restricted cash at beginning of period	$ 37,901,117	$ 37,901,117	18,211,512	23,262,058	$ 37,901,117	37,901,117	13,091,172
Cash, cash equivalents and restricted cash at end of period			37,901,117	18,211,512		106,504,734	23,262,058
Cash paid during the year for:
Interest			5,351,222	$ 2,929,509		11,486,760	$ 5,665,434
Class A Common Stock
Cash flows from financing activities
Public issuance of Class A Common Stock			135,000,000			509,900,193
Hawk Parent
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired			(242,599,551)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Acquisition of Hawk Parent in exchange for Class A Common Stock			220,056,226
Acquisition of Hawk Parent in exchange for amounts payable under Tax Receivable Agreement			67,176,226
Acquisition in exchange for contingent consideration			12,300,000
TriSource Solutions, LLC
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired			(59,160,005)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Acquisition in exchange for contingent consideration			2,250,000			1,750,000
APS Payments
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired			(29,450,022)			(465,454)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Acquisition in exchange for contingent consideration			$ 12,000,000			6,580,549
Ventanex
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired						(35,460,153)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Acquisition in exchange for contingent consideration						4,800,000
cPayPlus
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired						(7,694,632)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Acquisition in exchange for contingent consideration						6,500,000
CPS
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired						(78,086,739)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Acquisition in exchange for contingent consideration						$ 4,500,000

Disclosure - Earnings per Share (As Restated) - Summary of Net Loss and Weighted Average Basic and Diluted Shares Outstanding (Details) - USD ($)		3 Months Ended								6 Months Ended			9 Months Ended	12 Months Ended
	Jul. 10, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019	Jul. 10, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Earnings Per Share [Abstract]
Loss before income tax expense			$ (15,443,460)	$ (87,096,848)	$ (14,298,130)					$ (101,394,978)	$ (51,810,162)	$ (23,742,530)	$ (116,838,438)	$ (129,724,270)	$ 10,537,443
Less: Net loss attributable to non-controlling interests											(15,271,043)			(11,769,683)
Income tax benefit											4,990,989			12,358,025
Net (loss) income attributable to the Company	$ (32,763,000)	$ (9,208,000)	$ (6,762,819)	$ (79,297,163)	$ (10,330,139)	$ (23,067,000)	$ (8,481,000)	$ 4,156,000	$ 4,864,000	$ (89,627,302)	$ (31,548,130)	$ (23,742,530)	$ (96,390,120)	$ (105,596,562)	$ 10,537,443
Weighted average shares of Class A common stock outstanding - basic and diluted											35,731,220			52,180,911
Loss per share of Class A common stock outstanding - basic and diluted		$ (0.13)	$ (0.12)	$ (1.90)	$ (0.27)	$ (0.62)	$ (0.25)			$ (2.26)	$ (0.88)		$ (2.10)	$ (2.02)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

+ Details

Taxation (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

The components of income before income taxes are as follows:

	Year ended December 31, 2020 (As Restated)	July 11, 2019 to December 31, 2019 (As Restated)	January 1, 2019 to July 10, 2019	Year ended December 31, 2018
	(Successor)		(Predecessor)
Domestic	$(129,267,523)	$(51,540,441)	$(23,668,078)	$10,537,443
Foreign	(456,747)	(269,721)	(74,452)	—
Income (loss) before income tax expense	$(129,724,270)	$(51,810,162)	$(23,742,530)	$10,537,443

Schedule of Provision for Income Tax

The Company recorded a provision for income tax as follows:

	Year ended December 31, 2020	July 11, 2019 to December 31, 2019	January 1, 2019 to July 10, 2019	Year ended December 31, 2018
	(Successor)		(Predecessor)
Current expense
Federal	$ —	$ —	$ —	$ —
State	—	—	—	—
Foreign	—	—	—	—
Total current expense (benefit)	$ —	$ —	$ —	$ —
Deferred expense
Federal	$(10,523,778)	$(4,343,013)	$ —	$ —
State	(1,708,969)	(575,152)	—	—
Foreign	(125,278)	(72,824)	—	—
Total deferred benefit	(12,358,025)	(4,990,989)	—	—
Income tax benefit	$(12,358,025)	$(4,990,989)	$ —	$ —

Schedule of Reconciliation of United States Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the United States statutory income tax rate to the Company’s effective income tax rate is as follows for the years indicated:

	Year ended December 31, 2020 (As Restated)	July 11, 2019 to December 31, 2019 (As Restated)	January 1, 2019 to July 10, 2019	Year ended December 31, 2018
	(Successor)		(Predecessor)
Federal income tax expense	21.0%	21.0%	0.0%	0.0%
State taxes, net of federal benefit	1.3%	1.1%	0.0%	0.0%
Income attributable to noncontrolling interest	(1.8%)	(6.1%)	0.0%	0.0%
Excess tax benefit related to share-based compensation	0.4%	0.4%	0.0%	0.0%
Change in fair value of warrant liabilities	(11.5%)	(6.2%)	0.0%	0.0%
Other	0.1%	(0.6%)	0.0%	0.0%
Total deferred benefit	9.5%	9.6%	0.0%	0.0%

Schedule of Deferred Tax Assets and Liabilities

	December 31, 2020	December 31, 2019
Deferred tax assets
Tax Credits	$522,081	$52,314
Section 163(j) Limitation Carryover	250,095	719,773
Acquisition Costs	352,291	378,386
Federal Net Operating Losses	8,834,924	3,682,201
State Net Operating Losses	1,264,059	526,606
Foreign Net Operating Losses	202,517	74,444
Other Assets	2,997,426	10,320
Partnership basis tax differences	154,253,345	—
Total deferred tax asset	168,676,738	5,444,044
Valuation allowance	(33,339,509)	(5,799,118)
Total deferred tax asset, net of valuation allowance	135,337,229	(355,074)
Deferred tax liabilities
Partnership basis tax differences	—	(413,261)
Total deferred tax liabilities	—	(413,261)
Net deferred tax liabilities	$135,337,229	$(768,335)

Business Combinations - Summary of Preliminary and Final Purchase Allocation (Details) - USD ($)	Dec. 31, 2020	Nov. 02, 2020	Jul. 23, 2020	Feb. 10, 2020	Dec. 31, 2019	Oct. 14, 2019	Aug. 13, 2019	Jul. 11, 2019	Jul. 10, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 458,970,255				$ 389,660,519			$ 339,911,400	$ 119,529,202	$ 119,529,202
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Cash and cash equivalents								11,281,078
Accounts receivable								10,593,867
Prepaid expenses and other current assets								890,745
Total current assets								22,765,690
Property, plant and equipment, net								1,167,872
Restricted cash								6,930,434
Identifiable intangible assets								301,000,000
Total identifiable assets acquired								331,863,996
Accounts payable								(4,206,413)
Accrued expenses								(8,831,363)
Accrued employee payments								(6,501,123)
Other liabilities								(16,864)
Repay debt assumed								(93,514,583)
Net identifiable assets acquired								218,793,650
Goodwill								339,911,400
Total purchase price								$ 558,705,050
TriSource Solutions, LLC
Business Acquisition [Line Items]
Cash and cash equivalents							$ 383,236
Accounts receivable							2,290,441
Prepaid expenses and other current assets							95,763
Total current assets							2,769,440
Property, plant and equipment, net							215,739
Restricted cash							509,019
Identifiable intangible assets							30,500,000
Total identifiable assets acquired							33,994,198
Accounts payable							(1,621,252)
Accrued expenses							(756,117)
Net identifiable assets acquired							31,616,829
Goodwill							30,868,261
Total purchase price							$ 62,485,090
APS Payments
Business Acquisition [Line Items]
Accounts receivable						$ 1,963,177
Prepaid expenses and other current assets						67,158
Total current assets						2,030,335
Property, plant and equipment, net						159,553
Restricted cash						549,978
Identifiable intangible assets						21,500,000
Total identifiable assets acquired						24,239,866
Accounts payable						(1,101,706)
Accrued expenses						(19,018)
Net identifiable assets acquired						23,119,142
Goodwill						25,926,861
Total purchase price						$ 49,046,003
Ventanex
Business Acquisition [Line Items]
Cash and cash equivalents				$ 50,663
Accounts receivable				1,376,539
Prepaid expenses and other current assets				180,514
Total current assets				1,607,716
Property, plant and equipment, net				137,833
Restricted cash				428,313
Identifiable intangible assets				26,890,000
Total identifiable assets acquired				29,063,862
Accounts payable				(152,035)
Accrued expenses				(373,159)
Net identifiable assets acquired				28,538,668
Goodwill				12,200,461
Total purchase price				$ 40,739,129
cPayPlus
Business Acquisition [Line Items]
Cash and cash equivalents			$ 262,331
Accounts receivable			164,789
Prepaid expenses and other current assets			37,660
Total current assets			464,780
Property, plant and equipment, net			20,976
Identifiable intangible assets			7,720,000
Total identifiable assets acquired			8,205,756
Accounts payable			(99,046)
Accrued expenses			(363,393)
Net identifiable assets acquired			7,743,317
Goodwill			6,713,646
Total purchase price			$ 14,456,963
CPS
Business Acquisition [Line Items]
Cash and cash equivalents		$ 1,667,066
Accounts receivable		2,810,158
Prepaid expenses and other current assets		2,615,615
Total current assets		7,092,839
Property, plant and equipment, net		19,391
Restricted cash		407
Identifiable intangible assets		30,830,000
Total identifiable assets acquired		37,942,637
Accounts payable		(2,004,371)
Accrued expenses		(2,143,680)
Net identifiable assets acquired		33,794,586
Goodwill		40,747,939
Total purchase price		74,542,525
MPI
Business Acquisition [Line Items]
Cash and cash equivalents		2,097,921
Accounts receivable		5,556,958
Prepaid expenses and other current assets		934,751
Total current assets		8,589,630
Property, plant and equipment, net		2,995
Restricted cash		35,318
Identifiable intangible assets		7,110,000
Total identifiable assets acquired		15,737,943
Accounts payable		(4,495,599)
Net identifiable assets acquired		11,242,344
Goodwill		2,601,687
Total purchase price		$ 13,844,031

Share Based Compensation - Schedule of Outstanding Restricted Stock Awards, Restricted Stock Units and Performance Stock Units Activity (Details) - Restricted Stock Awards (RSAs), Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) - Class A Common Stock - $ / shares

6 Months Ended

12 Months Ended

Dec. 31, 2019

Dec. 31, 2020

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

Unvested, Beginning Balance

1,818,675

Granted

3,275,229

1,389,063

Forfeited

^[1]

321,263

80,794

^[2]

Vested

1,135,291

603,513

Unvested, Ending Balance

1,818,675

2,523,431

Weighted average grant date fair value, Beginning Balance

$ 12.39

Weighted average grant date fair value, Granted

$ 12.07

18.40

Weighted average grant date fair value, Forfeited

^[1]

11.81

13.40

^[2]

Weighted average grant date fair value, Vested

11.68

12.10

Weighted average grant date fair value, Ending Balance

$ 12.39

$ 15.71

[1]	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.
[2]	The forfeited shares include employee terminations for the year ended December 31, 2020; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

Business Combinations

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business Combinations

5. Business combinations

Hawk Parent Holdings LLC

Thunder Bridge and Hawk Parent entered into the Merger Agreement effective as of January 21, 2019 and announced consummation of the transactions contemplated by the Merger Agreement on July 11, 2019. Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the closing of the Business Combination, (a) Thunder Bridge effected the domestication to become a Delaware corporation and (b) a wholly-owned subsidiary of Thunder Bridge merged with and into Hawk Parent, with Hawk Parent continuing as the surviving entity and becoming a subsidiary of the Company (with Thunder Bridge receiving membership interests in Hawk Parent as the surviving entity and becoming the managing member of the surviving entity). At the effective time of the Business Combination, Thunder Bridge changed its corporate name to “Repay Holdings Corporation” and all outstanding securities of Hawk Parent converted into the right to receive the consideration specified in the Merger Agreement.

Each member of Hawk Parent received in exchange for their limited liability interests (i) one share of Class V common stock of the Company and (ii) a pro rata share of (A) non-voting limited liability units of Hawk Parent as the surviving entity, referred to as Post-Merger Repay Units, (B) certain cash consideration, and (C) the contingent right to receive certain additional Post-Merger Repay Units issued as an earn-out under the Merger Agreement after the closing of the Business Combination (“Earnout Units”). Shares of Class A common stock of the Company will provide the holder with voting and economic rights with respect to the Company as a holder of common stock. Each share of Class V common stock of the Company entitles the holder to vote as a stockholder of the Company, with the number of votes equal to the number of Post-Merger Repay Units held by the holder but provides no economic rights to the holder. At any time after the six month anniversary of the closing of the Business Combination, pursuant to the terms of the Exchange Agreement, each holder of a Post-Merger Repay Unit will be entitled to exchange such unit for one share of Class A common stock of the Company.

The amount of cash consideration paid to selling Hawk Parent members at the closing of the Business Combination was equal to the following: (i) the total cash and cash equivalents of Thunder Bridge (including funds in its trust account after the redemption of its public stockholders and the proceeds of any debt or equity financing), minus (ii) the amount of Thunder Bridge’s unpaid expenses and obligations, plus (iii) the cash and cash equivalents of Hawk Parent as of immediately prior to the effective time of the Business Combination (excluding restricted cash), minus (iv) the amount of unpaid transaction expenses of Hawk Parent as of the closing of the Business Combination, minus (v) the amount of the indebtedness and other debt-like items of Hawk Parent and its subsidiaries as of the closing of the Business Combination, minus (vi) the amount of

change of control and similar payments payable to employees of Hawk Parent in connection with the Business Combination, minus (vii) an amount of cash reserves equal to $10,000,000, minus (viii) a cash escrow of $150,000, minus (ix) an amount equal to $2,000,000 to be held by a representative of the selling Hawk Parent members, minus (x) the cash payment required in connection with the Warrant Amendment, minus (xi) an amount required to be deposited on the balance sheet of Hawk Parent in connection with the Business Combination.

Pursuant to a Tax Receivable Agreement (“Tax Receivable Agreement” or “TRA”) between the Company and the selling Hawk Parent members, the Company will pay to exchanging holders of Post-Merger Repay Units 100% of the tax savings that the Company realizes as a result of increases in tax basis in the Company’s assets as a result of the exchange of the Post-Merger Repay Units for shares of Class A common stock pursuant to the Exchange Agreement between the Company and the Class A unit holders of Hawk Parent Holdings LLC, excluding the Company, dated as of July 11, 2019, and certain other tax attributes of Repay and tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA.

Hawk Parent constitutes a business, with inputs, processes, and outputs. Accordingly, the Business Combination constitutes the acquisition of a business for purposes of ASC 805 and, due to the changes in control from the Business Combination, is accounted for using the acquisition method. Under the acquisition method, the acquisition date fair value of the gross consideration paid by Thunder Bridge to close the Business Combination was allocated to the assets acquired and the liabilities assumed based on their estimated fair values.

The following summarizes the purchase consideration paid to the selling members of Hawk Parent:

Cash Consideration		$260,811,062
Unit Consideration ⁽¹⁾		220,452,964
Contingent consideration ⁽²⁾		12,300,000
Tax receivable agreement liability ⁽³⁾		65,537,761
Net working capital adjustment		(396,737)
Total purchase price		$558,705,050

⁽¹⁾	The Company issued 22,045,297 shares of Post-Merger Repay Units valued at $10.00 per share as of July 11, 2019.

⁽²⁾

⁽³⁾

The Company recorded an allocation of the purchase price to Hawk Parent’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the July 11, 2019 closing date. The final purchase price allocation is as follows:

Cash and cash equivalents		$11,281,078
Accounts receivable		10,593,867
Prepaid expenses and other current assets		890,745
Total current assets		22,765,690
Property, plant and equipment, net		1,167,872
Restricted cash		6,930,434
Identifiable intangible assets		301,000,000
Total identifiable assets acquired		331,863,996
Accounts payable		(4,206,413)
Accrued expenses		(8,831,363)
Accrued employee payments		(6,501,123)
Other liabilities		(16,864)
Repay debt assumed		(93,514,583)
Net identifiable assets acquired		218,793,650
Goodwill		339,911,400
Total purchase price		$558,705,050

The values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$3.0	2
Trade names	20.0	Indefinite
Developed technology	65.0	3
Merchant relationships	210.0	10
Channel relationships	3.0	10
	$301.0

Goodwill, $339.9 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of Hawk Parent.

TriSource Solutions, LLC

On August 13, 2019, the Company acquired all of the ownership interests of TriSource. Under the terms of the securities purchase agreement, between Repay Holdings, LLC and the direct and indirect owners of TriSource, as of August 13, 2019, the aggregate consideration paid at closing by Repay was approximately $60.2 million in cash. In addition to the closing consideration, the TriSource purchase agreement contains a performance based earnout based on future results of the acquired business, which could result in an additional payment to the former owners of TriSource of up to $5.0 million. The TriSource acquisition was financed with a combination of cash on hand and committed borrowing capacity under the Company’s existing credit facility. The TriSource purchase agreement contains customary representations, warranties and covenants by the Company and the former owners of TriSource, as well as a customary post-closing adjustment provision relating to working capital and similar items.

The following summarizes the purchase consideration paid to the selling members of TriSource:

Cash Consideration		$60,235,090
Contingent consideration ⁽¹⁾		2,250,000
Total purchase price		$62,485,090

⁽¹⁾

The Company recorded an allocation of the purchase price to TriSource’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the August 13, 2019 closing date. The final purchase price allocation is as follows:

Cash and cash equivalents		$383,236
Accounts receivable		2,290,441
Prepaid expenses and other current assets		95,763
Total current assets		2,769,440
Property, plant and equipment, net		215,739
Restricted cash		509,019
Identifiable intangible assets		30,500,000
Total identifiable assets acquired		33,994,198
Accounts payable		(1,621,252)
Accrued expenses		(756,117)
Net identifiable assets acquired		31,616,829
Goodwill		30,868,261
Total purchase price		$62,485,090

The values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$0.4	5
Trade names	0.7	Indefinite
Developed technology	3.9	3
Merchant relationships	25.5	10
	$30.5

Goodwill, $30.9 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of TriSource.

From August 14, 2019 to December 31, 2019, TriSource contributed $9.2 million to revenue and $1.1 million in net income to the Company’s consolidated statement of operations.

APS Payments

On October 14, 2019, the Company acquired substantially all of the assets of APS for $30.0 million in cash. In addition to the $30.0 million cash consideration, the APS selling equity holders may be entitled to a total of $30.0 million in three separate cash earnout payments, dependent on the achievement of certain growth targets.

The following summarizes the purchase consideration paid to the selling members of APS:

Cash consideration		$30,465,454
Contingent consideration ⁽¹⁾		18,580,549
Total purchase price		$49,046,003

⁽¹⁾

The Company recorded an allocation of the purchase price to APS’ tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the October 11, 2019 closing date. The final purchase price allocation is as follows:

Cash and cash equivalents		$ —
Accounts receivable		1,963,177
Prepaid expenses and other current assets		67,158
Total current assets		2,030,335
Property, plant and equipment, net		159,553
Restricted cash		549,978
Identifiable intangible assets		21,500,000
Total identifiable assets acquired		24,239,866
Accounts payable		(1,101,706)
Accrued expenses		(19,018)
Net identifiable assets acquired		23,119,142
Goodwill		25,926,861
Total purchase price		$49,046,003

The values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$0.5	5
Trade names	0.5	Indefinite
Merchant relationships	20.5	9
	21.5

Goodwill, $25.9 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of APS Payments.

From October 15, 2019 to December 31, 2019, APS Payments contributed $3.2 million to revenue and $0.8 million in net income to the Company’s consolidated statements of operations.

Ventanex

On February 10, 2020, the Company acquired all of the ownership interests of CDT Technologies, LTD d/b/a Ventanex (“Ventanex”). Under the terms of the securities purchase agreement between Repay Holdings, LLC and the direct and indirect owners of CDT Technologies, LTD. (“Ventanex Purchase Agreement”), the aggregate consideration paid at closing by the Company was approximately $36.0 million in cash. In addition to the closing consideration, the Ventanex Purchase Agreement contains a performance-based earnout (the “Ventanex Earnout Payment”), which was based on future results of the acquired business and could result in an additional payment to the former owners of Ventanex of up to $14.0 million. The Ventanex acquisition was financed with a combination of cash on hand and committed borrowing capacity under the Company’s existing credit facility. The Ventanex Purchase Agreement contains customary representations, warranties and covenants by Repay and the former owners of Ventanex, as well as a customary post-closing adjustment provision relating to working capital and similar items.

The following summarizes the purchase consideration paid to the selling members of Ventanex:

Cash consideration		$35,939,129
Contingent consideration ⁽¹⁾		4,800,000
Total purchase price		$40,739,129

⁽¹⁾

The Company recorded an allocation of the purchase price to Ventanex’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the February 10, 2020 closing date. The purchase price allocation is as follows:

Cash and cash equivalents		$50,663
Accounts receivable		1,376,539
Prepaid expenses and other current assets		180,514
Total current assets		1,607,716
Property, plant and equipment, net		137,833
Restricted cash		428,313
Identifiable intangible assets		26,890,000
Total identifiable assets acquired		29,063,862
Accounts payable		(152,035)
Accrued expenses		(373,159)
Net identifiable assets acquired		28,538,668
Goodwill		12,200,461
Total purchase price		$40,739,129

The values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$0.1	5
Trade names	0.4	Indefinite
Developed technology	4.1	3
Merchant relationships	22.3	10
	$26.9

Goodwill of $12.2 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of Ventanex.

From February 11, 2020 to December 31, 2020, Ventanex contributed $11.1 million to revenue and $1.3 million in net income to the Company’s consolidated statement of operations.

cPayPlus

On July 23, 2020, the Company acquired all of the ownership interests of cPayPlus. Under the terms of the securities purchase agreement between Repay Holdings, LLC and the direct and indirect owners of cPayPlus (“cPayPlus Purchase Agreement”), the aggregate consideration paid at closing by the Company was approximately $8.0 million in cash. In addition to the closing consideration, the cPayPlus Purchase Agreement contains a performance-based earnout (the “cPayPlus Earnout Payment”), which was based on future results of the acquired business and could result in an additional payment to the former owners of cPayPlus of up to $8.0 million. The cPayPlus acquisition was financed with cash on hand. The cPayPlus Purchase Agreement contains customary representations, warranties and covenants by Repay and the former owners of cPayPlus, as well as a customary post-closing adjustment provision relating to working capital and similar items.

The following summarizes the preliminary purchase consideration paid to the selling members of cPayPlus:

Cash consideration		$7,956,963
Contingent consideration ⁽¹⁾		6,500,000
Total purchase price		$14,456,963

⁽¹⁾

The Company recorded a preliminary allocation of the purchase price to cPayPlus’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the July 23, 2020 closing date. The preliminary purchase price allocation is as follows:

Cash and cash equivalents		$262,331
Accounts receivable		164,789
Prepaid expenses and other current assets		37,660
Total current assets		464,780
Property, plant and equipment, net		20,976
Identifiable intangible assets		7,720,000
Total identifiable assets acquired		8,205,756
Accounts payable		(99,046)
Accrued expenses		(363,393)
Net identifiable assets acquired		7,743,317
Goodwill		6,713,646
Total purchase price		$14,456,963

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value	Useful life
Identifiable intangible assets	(in millions)	(in years)
Non-compete agreements	$0.1	5
Trade names	0.1	Indefinite
Developed technology	6.7	3
Merchant relationships	0.8	10
	$7.7

Goodwill of $6.7 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of cPayPlus.

From July 24, 2020 to December 31, 2020, cPayPlus contributed $1.0 million to revenue and ($1.1) million in net income to the Company’s consolidated statements of operations.

CPS

On November 2, 2020, the Company acquired all of the ownership interests of CPS. Under the terms of the securities purchase agreement between Repay Holdings, LLC and the direct and indirect owners of CPS. (“CPS Purchase Agreement”), the aggregate consideration paid at closing by the Company was approximately $78.0 million in cash. In addition to the closing consideration, the CPS Purchase Agreement contains a performance-based earnout (the “CPS Earnout Payment”), which was based on future results of the acquired business and could result in an additional payment to the former owners of CPS of up to $15.0 million in two separate earnouts. The CPS acquisition was financed with cash on hand. The CPS Purchase Agreement contains customary representations, warranties and covenants by Repay and the former owners of CPS, as well as a customary post-closing adjustment provision relating to working capital and similar items.

The following summarizes the preliminary purchase consideration paid to the selling members of CPS:

Cash consideration		$83,886,556
Contingent consideration ⁽¹⁾		4,500,000
Total purchase price		$88,386,556

⁽¹⁾

The Company recorded a preliminary allocation of the purchase price to CPS’ and MPI’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the November 2, 2020 closing date. The preliminary purchase price allocation is as follows:

	CPS	MPI
Cash and cash equivalents	$1,667,066	$2,097,921
Accounts receivable	2,810,158	5,556,958
Prepaid expenses and other current assets	2,615,615	934,751
Total current assets	7,092,839	8,589,630
Property, plant and equipment, net	19,391	2,995
Restricted cash	407	35,318
Identifiable intangible assets	30,830,000	7,110,000
Total identifiable assets acquired	37,942,637	15,737,943
Accounts payable	(2,004,371)	(4,495,599)
Accrued expenses	(2,143,680)	—
Net identifiable assets acquired	33,794,586	11,242,344
Goodwill	40,747,939	2,601,687
Total purchase price	$74,542,525	$13,844,031

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:

	Fair Value
	(in millions)		Useful life
Identifiable intangible assets	CPS	MPI	(in years)
Non-compete agreements	$0.1	$0.1	4
Trade names	0.5	0.1	Indefinite
Developed technology	7.2	0.7	3
Merchant relationships	23.0	6.3	10
	$30.8	$7.2

Goodwill of $43.3 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of CPS.

From November 3, 2020 to December 31, 2020, CPS has contributed $2.3 million to revenue and $0.0 million in net income to the Company’s consolidated statements of operations.

The Company incurred transaction expenses of $4.2 million for the year ended December 31, 2020, related to the APS, Ventanex, cPayPlus, and CPS acquisitions. The Company incurred transaction expenses of $3.9 million from July 11, 2019 to December 31, 2019, related to the Business Combination, TriSource, and APS acquisitions. The Predecessor incurred $34.7 million of transaction expenses from January 1 to July 10, 2019. Thunder Bridge incurred $16.2 million of transaction expenses, not reported in the Predecessor consolidated statements of operations, directly related to the Business Combination for the period from January 1, 2019 to July 10, 2019.

Pro Forma Financial Information (Unaudited)

and related amortization and other adjustments the Company believes are reasonable for the pro forma presentation. In addition, the pro forma earnings exclude acquisition-related costs.

	Pro Forma Year Ended December 31, 2020	Pro Forma Year Ended December 31, 2019
Revenue	$170,722,730	$150,678,474
Net loss	(115,494,972)	(60,051,287)
Net loss attributable to non-controlling interests	(11,220,007)	(19,690,407)
Net loss attributable to the Company	(104,274,965)	(40,360,880)

Loss per Class A share - basic and diluted	$(2.00)	$(1.11)

Organizational Structure and Corporate Information

12 Months Ended

Dec. 31, 2020

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 (1) before the Business Combination, to Hawk Parent and its consolidated subsidiaries and (2) from and after the Business Combination, to Repay Holdings Corporation and its consolidated subsidiaries. Throughout this section, unless otherwise noted or unless the context otherwise requires, “Thunder Bridge” refers to Thunder Bridge Acquisition. Ltd. prior to the consummation of the Business Combination.

The Company is headquartered in Atlanta, Georgia. The Company’s legacy business was founded as M & A Ventures, LLC, a Georgia limited liability company doing business as REPAY: Realtime Electronic Payments (“REPAY LLC”), in 2006 by current executives John Morris and Shaler Alias. Hawk Parent was formed in 2016 in connection with the acquisition of a majority interest in the successor entity of REPAY LLC and its subsidiaries by certain investment funds sponsored by, or affiliated with, Corsair Capital LLC (“Corsair”).

On February 10, 2020, the Company acquired all of the equity interests of CDT Technologies, LTD. d/b/a Ventanex (“Ventanex”) for $36.0 million in cash. In addition to the $36.0 million cash consideration, the Ventanex selling equity holders may be entitled to up to a total of $14.0 million in two separate cash earnout payments, dependent on the achievement of certain growth targets.

On June 2, 2020, the Company completed an underwritten offering of 9,200,000 shares of its Class A common stock (the “June Follow-on Offering”) pursuant to the terms of an Underwriting Agreement (the “June Underwriting Agreement”), dated May 28, 2020, with Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and Barclays Capital Inc., as representatives of the several underwriters named therein. 1,200,000 shares of such Class A common stock were sold in the offering in connection with the full exercise of the underwriters’ option to purchase additional shares pursuant to the Underwriting Agreement. The shares of Class A common stock issued by the Company were sold at a price to the public of $20.00 per share ($19.00 per share net of underwriting discounts and commissions).

In connection with the June Follow-on Offering, the Company entered into a unit purchase agreement, dated May 28, 2020 (the “June Unit Purchase Agreement”), with CC Payment Holdings, L.L.C., an entity controlled by Corsair, pursuant to which the Company acquired 5,200,000 units representing limited liability company interests of Hawk Parent (“Post-Merger Repay Units”) at a purchase price of $19.00 per Post-Merger Repay Unit, which was equal to the purchase price per share of Class A common stock paid to the Company by the underwriters for shares of Class A common stock in connection with the June Follow-on Offering.

On July 23, 2020, the Company acquired all of the equity interests of cPayPlus, LLC (“cPayPlus”) for $8.0 million in cash. In addition to the $8.0 million cash consideration, the cPayPlus selling equity holders may be entitled up to a total of $8.0 million cash earnout payment, dependent upon the achievement of certain growth targets.

On September 14, 2020, the Company completed an underwritten offering of 13,000,000 shares of its Class A common stock (the “September Follow-on Offering” and together with the June Follow-on Offering, the “Follow-on Offerings”) pursuant to the terms of an Underwriting Agreement (the “September Underwriting Agreement”), dated September 9, 2020, with Morgan Stanley & Co. LLC, as underwriter. Pursuant to the September Underwriting Agreement, the Company granted the underwriter a 30-day option to purchase up to an aggregate of 1,364,816 additional shares of Class A common stock solely to cover over-allotments. On September 22, 2020 the underwriter exercised the option to purchase 1,364,816 shares of the Company’s Class A common stock. The shares of Class A common stock issued by the Company were sold at a price to the public of $24.00 per share ($23.425 per share net of underwriting discounts and commissions).

In connection with the September Follow-on Offering, the Company entered into a unit purchase agreement, dated September 9, 2020 (the “September Unit Purchase Agreement” and, together with the June Unit Purchase Agreement, the “Unit Purchase Agreements”), with CC Payment Holdings, L.L.C., an entity controlled by Corsair, pursuant to which the Company acquired 14,364,816 Post-Merger Repay Units at a purchase price of $23.425 per Post-Merger Repay Unit, which was equal to the purchase price per share of Class A common stock paid to the Company by the underwriters for shares of Class A common stock in connection with the September Follow-on Offering.

On November 2, 2020, the Company acquired all of the equity interests of CPS Payment Services, LLC Media Payments, LLC (“MPI”), and Custom Payment Systems, LLC (collectively, “CPS”) for $78.0 million in cash. In addition to the $78.0 million cash consideration, the CPS selling equity holders may be entitled to up to a total of $15.0 million in two separate cash earnout payments, dependent upon the achievement of certain growth targets.

During the year ended December 31, 2020, warrant holders of the Company exercised warrants in exchange for 8.0 million shares of Class A common stock. The Company received $86.8 million upon the exercise of the warrants. On July 27, 2020, the Company completed the redemption of all of its outstanding warrants to purchase shares of the Company’s Class A common stock.

Business Overview

The Company provides integrated payment processing solutions to industry-oriented markets in which businesses have specific transaction processing needs. The Company refers to these markets as “vertical markets” or “verticals.” The Company’s proprietary, integrated payment technology platform reduces the complexity of the electronic payments process for business. The Company charges its customers processing fees based on the volume of payment transactions processed and other transaction or service fees. The Company intends to continue to strategically target verticals where the Company believes its ability to tailor payment solutions to its customers’ needs, its deep knowledge of the Company’s vertical markets and the embedded nature of its integrated payment solutions will drive strong growth by attracting new customers and fostering long-term customer relationships.

The Company provides payment processing solutions to customers primarily operating in the personal loans, automotive loans, receivables management, and business-to-business verticals. The Company’s payment processing solutions enable consumers and businesses in these verticals to make payments using electronic payment methods, rather than cash or check, which have historically been the primary methods of payment in these verticals. The Company believes that a growing number of consumers and businesses prefer the convenience and efficiency of paying with cards and other electronic methods and that the Company is poised to benefit from the significant growth opportunity of electronic payment processing as these verticals continue to shift from cash and check to electronic payments. The personal loans vertical is predominately characterized by installment loans, which are typically utilized by consumers to finance everyday expenses. The automotive loans vertical predominantly includes subprime automotive loans, automotive title loans and automotive buy-here-pay-here loans and also includes near-prime and prime automotive loans. The Company’s receivables management vertical relates to consumer loan collections, which typically enter the receivables management process due to delinquency on credit card bills or as a result of major life events, such as job loss or major medical issues. The business-to-business vertical relates to transactions occurring between a wide variety of enterprise customers, many of which operate in the manufacturing, wholesale, distribution, healthcare, and education industries.

The Company’s go-to-market strategy combines direct sales with integrations with key software providers in its target verticals. The integration of the Company’s technology with key software providers in the verticals that the Company serves, including loan management systems, dealer management systems, collection management systems, and enterprise resource planning software systems, allows the Company to embed its omni-channel payment processing technology into its customers’ critical workflow software and ensure seamless operation of the Company’s solutions within its customers’ enterprise management systems. The Company refers to these software providers as its “software integration partners.” This integration allows the Company’s sales force to readily access new customer opportunities or respond to inbound leads because, in many cases, a business will prefer, or in some cases only consider, a payments provider that has already integrated or is able to integrate its solutions with the business’ primary enterprise management system. The Company has successfully integrated its technology solutions with numerous, widely-used enterprise management systems in the verticals that it serves, which makes its platform a more compelling choice for the businesses that use them. Moreover, the Company’s relationships with its partners help it to develop deep industry knowledge regarding trends in customer needs. The Company’s integrated model fosters long-term relationships with its customers, which supports its volume retention rates that the Company believes are above industry averages. As of December 31, 2020, the Company maintained approximately 124 integrations with various software providers.

Restatement of previously issued financial statements

On April 12, 2021, the SEC issued a statement (the “Statement”) on the accounting and reporting considerations for warrants issued by SPACs. The Statement referenced the guidance included in generally accepted accounting principles in the United States of America (“GAAP”) that entities must consider in determining whether to classify contracts that may be settled in its own stock, such as warrants, as equity or as an asset or liability.

After considering the Statement, the Company re-evaluated its historical accounting for its warrants and concluded it must amend the accounting treatment of the public warrants and private placement warrants (collectively, the “Warrants”) outstanding and recorded on the Company’s consolidated financial statements at the time of the Business Combination. At that time, the Warrants were presented within equity and did not impact the financial statements of Hawk Parent presented in Predecessor reporting periods of the Company prior to the Business Combination. On July 27, 2020, the Company completed the redemption of all outstanding Warrants.

The Company has concluded that the Warrants did not meet the conditions to be classified within equity under the Statement and should have been presented as a liability and marked to fair value each reporting period. The audit committee concluded that the Company’s previously issued audited financial statements as of December 31, 2019, for the period from July 11, 2019 through December 31, 2019 and as of and for the year ended December 31, 2020 and the Company’s unaudited condensed consolidated financial statements for the quarterly periods within those periods (collectively, the “Relevant Periods”) should no longer be relied upon and that is was appropriate to restate the financial statements for the Relevant Periods. The restated classification and reported values of the Warrants as accounted for under ASC 815-40 are included in the financial statements herein.

As a result of the factors described above, the Company has included in this report restated financials to restate the following non-cash items:

	As of December 31, 2020			As of December 31, 2019
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Consolidated Balance Sheets
Warrant liabilities	$ —	$ —	$ —	$ —	$40,815,919	$40,815,919
Total noncurrent liabilities	488,360,392	—	488,360,392	269,567,643	40,815,919	310,383,562
Total liabilities	553,796,069	—	553,796,069	321,527,080	40,815,919	362,342,999
Additional paid-in capital	604,391,167	87,283,905	691,675,072	307,914,346	(24,359,228)	283,555,118
Accumulated deficit	(88,647,808)	(87,283,905)	(175,931,713)	(53,878,460)	(16,456,691)	(70,335,151)
Total stockholders' equity	509,313,721	—	509,313,721	254,353,036	(40,815,919)	213,537,117

	For the year ended December 31, 2020			From July 11, 2019 to December 31, 2019
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Consolidated Statements of Operations
Change in fair value of warrant liabilities	$ —	$(70,827,214)	$(70,827,214)	$ —	$(15,258,497)	$(15,258,497)
Total other (expense) income	(26,887,470)	(70,827,214)	(97,714,684)	(8,940,182)	(15,258,497)	(24,198,679)
(Loss) income before income tax expense	(58,897,056)	(70,827,214)	(129,724,270)	(36,551,665)	(15,258,497)	(51,810,162)
Net (loss) income	(46,539,031)	(70,827,214)	(117,366,245)	(31,560,676)	(15,258,497)	(46,819,173)
Net (loss) income attributable to the Company	(34,769,348)	(70,827,214)	(105,596,562)	(16,289,633)	(15,258,497)	(31,548,130)
Loss per Class A share:
Basic and diluted	$(0.67)		$(2.02)	$(0.46)		$(0.88)

	For the year ended December 31, 2020			From July 11, 2019 to December 31, 2019
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Consolidated Statements of Cash Flows
Net loss	$(46,539,031)	$(70,827,214)	$(117,366,245)	$(31,560,676)	$(15,258,497)	$(46,819,173)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	75,025,735	70,827,214	145,852,949	44,496,323	15,258,497	59,754,820
Net cash provided by operating activities	28,486,704	—	28,486,704	12,935,647	—	12,935,647
Net cash used in investing activities	(145,980,474)	—	(145,980,474)	(335,083,842)	—	(335,083,842)
Net cash provided by financing activities	186,097,387	—	186,097,387	360,049,312	—	360,049,312

The restatement had no impact on the Company’s liquidity or cash position.

Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Lease [Line Items]
Operating lease expiration year	2029
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 six 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
Minimum [Member]
Lease [Line Items]
Operating lease, term of contract	3 years
Maximum
Lease [Line Items]
Operating lease, term of contract	10 years
Operating lease, renewal term	6 years

Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible assets

The Company holds definite and indefinite-lived intangible assets. As of December 31, 2020, the indefinite-lived intangible assets consist of trade names of $22.2 million, and this balance consists of six trade names, arising from the acquisitions of Hawk Parent, TriSource, APS, Ventanex, cPayPlus, and CPS in the Successor period from July 11, 2019 to December 31, 2020. As of December 31, 2019, the indefinite-lived intangible assets consist of trade names, of $21.2 million. This balance consists of three trade names, arising from the acquisitions of Hawk Parent, TriSource and APS Payments in the Successor period from July 11, 2019 to December 31, 2019.

Definite-lived intangible assets consisted of the following:

	Gross Carrying Value	Accumulated Amortization	Net Carrying Value	Weighted Average Useful Life (Years)
Customer relationships	$308,450,000	$39,920,578	$268,529,422	8.64
Channel relationships	12,550,000	191,936	12,358,064	9.65
Software costs	104,715,101	40,280,116	64,434,985	1.85
Non-compete agreements	4,270,000	2,595,333	1,674,667	1.52
Balance as of December 31, 2020	$429,985,101	$82,987,963	$346,997,138	6.94

Customer relationships	$256,000,000	$11,393,825	$244,606,175	9.48
Channel relationships	3,000,000	141,935	2,858,065	10
Software costs	72,290,752	11,080,696	61,210,056	3
Non-compete agreements	3,900,000	733,495	3,166,505	2
Balance as of December 31, 2019	$335,190,752	$23,349,951	$311,840,801	7.90

The Company’s amortization expense for intangible assets was $59.7 million and $23.3 million for the year ended December 31, 2020 and the period from July 11, 2019 to December 31, 2019, respectively. Amortization expense for intangible assets was $5.9 million and $10.0 million for the Predecessor period from January 1, 2019 to July 10, 2019 and the year ended December 31, 2018, respectively.

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

Year Ending December 31,		Estimated Future Amortization Expense
2021		$62,330,179
2022		55,242,518
2023		48,946,121
2024		30,146,318
2025		29,954,856
2026		32,242,778
Thereafter		88,134,367

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Principles of Consolidation

Basis of Financial Statement Presentation

Use of Estimates

Segment Reporting

Cash and Cash Equivalents

Restricted Cash

Restricted cash consists of funds required to serve as security for services rendered by a service provider under a service provider agreement.

Accounts Receivable

Concentration of Credit Risk

The Company is highly diversified, and no single merchant represents greater than 10% of the business on a volume or profit basis.

Earnings per Share

Property and Equipment

The Company provides for depreciation of property and equipment using the straight-line method designed to amortize costs over estimated useful lives as follows:


		Estimated Useful Life
Furniture, fixtures, and office equipment		5 years
Computers		3 years
Leasehold improvements		5 years

Intangible Assets

differ from assumed and estimated amounts. No indicators of impairment were identified in the periods ending December 31, 2020 and 2019.

Goodwill

Revenue

Interchange and network fees

Indirect relationships

Transaction Costs

Equity Units Awarded

Debt Issuance Costs

Fair Value of Financial Instruments

•

Level 1 — Quoted prices for identical instruments in active markets.

•

Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets.

Leases

Taxation

Noncontrolling interest

Contingent Consideration

Emerging Growth Company

Recently Adopted Accounting Pronouncements

Fair Value Measurement

Leases

The effective date of this ASU for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.

Credit Losses

Recently Issued Accounting Pronouncements not yet Adopted

Accounting for Income Taxes

Reclassification

Fair Value of Assets and Liabilities (As Restated) - Schedule of Contingent Consideration Related to Previous Business Acquisitions (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020
Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at beginning of period		$ 1,816,988	$ 14,250,000
Measurement period adjustment			6,580,549
Purchases	$ 14,250,000		15,800,000
Payments		$ (1,816,988)	(18,320,549)
Valuation adjustment			(2,510,000)
Balance at end of period	14,250,000		15,800,000
Tax Receivable Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at beginning of period			67,176,226
Purchases	67,176,226		149,612,393
Accretion expense			2,955,148
Valuation adjustment			9,484,338
Balance at end of period	$ 67,176,226		$ 229,228,105

Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Outstanding Restricted Stock Awards, Restricted Stock Units and Performance Stock Units Activity

Activities for the year ended December 31, 2020 and the period from July 11, 2019 through December 31, 2019 were as follows:

	Class A Common Stock	Weighted Average Grant Date Fair Value
Unvested at July 11, 2019	—	$ —
Granted	3,275,229	12.07
Forfeited ⁽¹⁾	321,263	11.81
Vested	1,135,291	11.68
Unvested at December 31, 2019	1,818,675	12.39
Granted	1,389,063	18.40
Forfeited ⁽¹⁾⁽²⁾	80,794	13.40
Vested	603,513	12.10
Unvested at December 31, 2020	2,523,431	$15.71

⁽¹⁾	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

⁽²⁾	The forfeited shares include employee terminations for the year ended December 31, 2020; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

Summary of Changes in Non-Vested Units Outstanding

A summary of the changes in non-vested units outstanding for the period from January 1, 2019 to July 10, 2019 is presented below:

	Units	Weighted average fair value per unit
Non-vested units at January 1, 2019	9,460	$182.83
Activity during the period:
Granted	—	—
Vested	(9,460)	(182.83)
Non-vested units at July 10, 2019	—	$ —

Disclosure - Earnings per Share (As Restated) - Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share (Details) - shares	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	33,033,747	10,543,711
Class A Common Stock \| Post-Merger Repay Units Exchangeable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	21,985,297	8,334,160
Class A Common Stock \| Earn-out Post-Merger Repay Units Exchangeable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	7,500,000
Class A Common Stock \| Dilutive Warrants Exercisable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	1,816,890
Class A Common Stock \| Unvested Restricted Share Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	1,731,560	2,209,551

Consolidated Statements of Changes in Equity - USD ($)	Total	Class A Common Stock	Class A Common Stock Founder	Class V Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Founder	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Balance at Dec. 31, 2017	$ 104,051,883
Net Income (Loss)	10,537,443
Stock based compensation	796,967
Distribution to members	(6,307,936)
Balance at Dec. 31, 2018	109,078,357
Net Income (Loss)	(23,742,530)
Stock based compensation	908,978
Distribution to members	(6,904,991)
Balance at Jul. 10, 2019	79,339,814
Balance at Jul. 10, 2019	252,823,323	$ 3,343			$ 290,408,807		$ (37,588,827)		$ 221,375,364
Balance, shares at Jul. 10, 2019		33,430,259		100
Release of shares			$ 297			$ (297)
Release of Shares, share			$ 2,965,000
Release of share awards vested under Incentive Plan		$ 113			(113)
Release of share awards vested under 2019 Plan, shares		1,135,291
Treasury shares repurchased	(4,507,544)				(4,507,544)
Stock-based compensation	22,013,286				22,013,286
Warrant exercise	207				207
Warrant exercise, shares		18
Tax distribution from Hawk Parent									(185,957)
Reclassification to warrant liabilities	(25,557,422)				(24,359,228)		(1,198,194)
Net Income (Loss)	(31,548,130)						(31,548,130)		(15,271,043)
Accumulated other comprehensive income	313,397							$ 313,397	243,671
Balance at Dec. 31, 2019	213,537,117	$ 3,753			283,555,118		(70,335,151)	313,397	206,162,035
Balance, shares at Dec. 31, 2019		37,530,568		100
Net Income (Loss)	(10,330,139)
Balance at Mar. 31, 2020	206,791,091
Balance at Dec. 31, 2019	213,537,117	$ 3,753			283,555,118		(70,335,151)	313,397	206,162,035
Balance, shares at Dec. 31, 2019		37,530,568		100
Net Income (Loss)	(89,627,302)
Balance at Jun. 30, 2020	359,730,310
Balance at Dec. 31, 2019	213,537,117	$ 3,753			283,555,118		(70,335,151)	313,397	206,162,035
Balance, shares at Dec. 31, 2019		37,530,568		100
Net Income (Loss)	(96,390,120)
Balance at Sep. 30, 2020	521,214,889
Balance at Dec. 31, 2019	213,537,117	$ 3,753			283,555,118		(70,335,151)	313,397	206,162,035
Balance, shares at Dec. 31, 2019		37,530,568		100
Issuance of new shares	514,354,665	$ 2,356			514,451,331			(99,022)	(4,454,472)
Issuance of new shares, shares		23,564,816
Exchange of Post-Merger Repay Units	9,837,315	$ 161			10,065,244			(228,090)	(9,837,154)
Exchange of Post-Merger Repay Units Shares		1,606,647
Redemption Of Post Merger Repay Units	(314,351,348)				(311,736,352)			(2,614,996)	(120,944,910)
Release of share awards vested under Incentive Plan		$ 52			(52)
Release of share awards vested under 2019 Plan, shares		516,398
Treasury shares repurchased	(1,430,796)				(1,431,172)			376	16,064
Stock-based compensation	20,473,539				20,489,298			(15,759)	(1,027,739)
Warrant exercise	92,055,148	$ 803			92,178,915			(124,570)	(5,255,431)
Warrant exercise, shares		8,026,253
Tax distribution from Hawk Parent									(1,496,213)
Valuation allowance on Ceiling Rule DTA	(27,537,597)				(27,540,391)			2,794
Reclassification to warrant liabilities	111,643,133				111,643,133
Net Income (Loss)	(105,596,562)						(105,596,562)		(11,769,683)
Accumulated other comprehensive income	(3,670,893)							(3,670,893)	(4,524,147)
Balance at Dec. 31, 2020	509,313,721	$ 7,125			691,675,072		(175,931,713)	(6,436,763)	46,868,350
Balance, shares at Dec. 31, 2020		71,244,682		100
Balance at Mar. 31, 2020	206,791,091
Net Income (Loss)	(79,297,163)
Balance at Jun. 30, 2020	359,730,310
Net Income (Loss)	(6,762,819)
Balance at Sep. 30, 2020	521,214,889
Net Income (Loss)	(9,208,000)
Balance at Dec. 31, 2020	$ 509,313,721	$ 7,125			$ 691,675,072		$ (175,931,713)	$ (6,436,763)	$ 46,868,350
Balance, shares at Dec. 31, 2020		71,244,682		100

Intangible Assets - Schedule of Estimated Amortization Expense (Details)	Dec. 31, 2020 USD ($)
Estimated Future Amortization Expense
2021	$ 62,330,179
2022	55,242,518
2023	48,946,121
2024	30,146,318
2025	29,954,856
2026	32,242,778
Thereafter	$ 88,134,367

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Estimated Useful Life of Property and Equipment

The Company provides for depreciation of property and equipment using the straight-line method designed to amortize costs over estimated useful lives as follows:


		Estimated Useful Life
Furniture, fixtures, and office equipment		5 years
Computers		3 years
Leasehold improvements		5 years

Quarterly Financial Information (Unaudited and As Restated)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited and As Restated)

17. Quarterly Financial Information (Unaudited and As Restated)

The following tables set forth certain unaudited quarterly results of operations for the indicated periods:

	Three months ended December 31, 2020	Three months ended September 30, 2020	Three months ended June 30, 2020	Three months ended March 31, 2020
(in thousands)	(Successor as restated)
Revenue	$41,437	$37,635	$36,501	$39,463
(Loss) income from operations	(8,832)	(13,109)	(6,690)	(3,379)
Net (loss) income	(8,923)	(12,061)	(83,200)	(13,183)
Net (loss) income attributable to the Company	(9,208)	(6,763)	(79,297)	(10,330)
Earnings (loss) per Class A share:
Basic and diluted	$(0.13)	$(0.12)	$(1.90)	$(0.27)

	Three months ended December 31, 2019 (As Restated)	From July 11, 2019 to September 30, 2019	From July 1, 2019 to July 10, 2019	Three months ended June 30, 2019	Three months ended March 31, 2019
(in thousands)	(Successor)		(Predecessor)
Revenue ⁽¹⁾	$33,633	$23,927	$2,334	$21,686	$23,024
Income (loss) from operations	(13,464)	(14,147)	(32,536)	5,626	6,313
Net (loss) income	(30,939)	(15,880)	(32,763)	4,156	4,864
Net (loss) income attributable to the Company	(23,067)	(8,481)	(32,763)	4,156	4,864
Earnings (loss) per Class A share:
Basic and diluted ⁽²⁾	$(0.62)	$(0.25)

Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements

In lieu of filing amended quarterly reports on Form 10-Q, the following tables represent the Company’s restated unaudited condensed consolidated financial statements for each of the quarters during the year ended December 31, 2020. See Note 1 for additional information.

The following tables represent the reconciliation of the restatement of our unaudited interim condensed consolidated financial statements for the periods indicated.

	As of March 31, 2020			As of June 30, 2020			As of September 30, 2020
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Unaudited Consolidated Balance Sheets
Warrant liabilities	$ —	$45,543,718	$45,543,718	$ —	$38,062,930	$38,062,930	$ —	$ —	$ —
Total noncurrent liabilities	311,648,710	45,543,718	357,192,428	363,159,756	38,062,930	401,222,686	474,737,189	—	474,737,189
Total liabilities	378,395,096	45,543,718	423,938,814	422,492,654	38,062,930	460,555,584	531,069,878	—	531,069,878
Additional paid-in capital	314,971,234	(22,188,932)	292,782,302	474,608,423	51,961,378	526,569,801	609,914,694	87,283,905	697,198,599
Accumulated deficit	(57,310,504)	(23,354,786)	(80,665,290)	(69,938,145)	(90,024,308)	(159,962,453)	(79,441,366)	(87,283,905)	(166,725,271)
Total stockholders' equity	252,334,809	(45,543,718)	206,791,091	397,793,240	(38,062,930)	359,730,310	521,214,889	—	521,214,889

	For the three months ended
	March 31, 2020			June 30, 2020			September 30, 2020
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Unaudited Consolidated Statements of Operations
Change in fair value of warrant liabilities	$ —	$(6,898,095)	$(6,898,095)	$ —	$(66,669,522)	$(66,669,522)	$ —	$2,740,403	$2,740,403
Total other (expense) income	(4,020,700)	(6,898,095)	(10,918,795)	(13,737,414)	(66,669,522)	(80,406,936)	(5,074,496)	2,740,403	(2,334,093)
(Loss) income before income tax expense	(7,400,035)	(6,898,095)	(14,298,130)	(20,427,326)	(66,669,522)	(87,096,848)	(18,183,863)	2,740,403	(15,443,460)
Net (loss) income	(6,284,443)	(6,898,095)	(13,182,538)	(16,530,700)	(66,669,522)	(83,200,222)	(14,801,004)	2,740,403	(12,060,601)
Net (loss) income attributable to the Company	(3,432,044)	(6,898,095)	(10,330,139)	(12,627,641)	(66,669,522)	(79,297,163)	(9,503,222)	2,740,403	(6,762,819)
Loss per Class A share:
Basic and diluted	$(0.09)		$(0.27)	$(0.30)		$(1.90)	$(0.16)		$(0.12)

	For the six months ended June 30, 2020			For the nine months ended September 30, 2020
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Unaudited Consolidated Statements of Operations
Change in fair value of warrant liabilities	$ —	$(73,567,617)	$(73,567,617)	$ —	$(70,827,214)	$(70,827,214)
Total other (expense) income	(17,758,114)	(73,567,617)	(91,325,731)	(22,832,610)	(70,827,214)	(93,659,824)
(Loss) income before income tax expense	(27,827,361)	(73,567,617)	(101,394,978)	(46,011,224)	(70,827,214)	(116,838,438)
Net (loss) income	(22,815,143)	(73,567,617)	(96,382,760)	(37,616,147)	(70,827,214)	(108,443,361)
Net (loss) income attributable to the Company	(16,059,685)	(73,567,617)	(89,627,302)	(25,562,906)	(70,827,214)	(96,390,120)
Loss per Class A share:
Basic and diluted	$(0.40)		$(2.26)	$(0.56)		$(2.10)

	For the three months ended March 31, 2020			For the six months ended June 30, 2020			For the nine months ended September 30, 2020
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Unaudited Consolidated Statements of Cash Flows
Net loss	$(6,284,443)	$(6,898,095)	$(13,182,538)	$(22,815,143)	$(73,567,617)	$(96,382,760)	$(37,616,147)	$(70,827,214)	$(108,443,361)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	14,855,588	6,898,095	21,753,683	32,232,902	73,567,617	105,800,519	44,327,175	70,827,214	115,154,389
Net cash provided by operating activities	8,571,145	—	8,571,145	9,417,759	—	9,417,759	6,711,028	—	6,711,028
Net cash used in investing activities	(38,296,792)	—	(38,296,792)	(43,728,473)	—	(43,728,473)	(55,175,743)	—	(55,175,743)
Net cash provided by financing activities	36,215,853	—	36,215,853	176,118,827	—	176,118,827	203,242,483	—	203,242,483

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	$ 3,186,707	$ 2,026,676
Less: Accumulated depreciation and amortization	1,558,268	416,024
Property, plant and equipment, net	1,628,439	1,610,652
Furniture, Fixtures, and Office Equipment
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	1,112,702	944,105
Computers
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	1,733,672	859,426
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	$ 340,333	$ 223,145

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 0.4	$ 0.2	$ 1.2	$ 0.4

Organizational Structure and Corporate Information - Summary of Restatement of Previously Issued Financial Statements (Details) - USD ($)		3 Months Ended								6 Months Ended			9 Months Ended	12 Months Ended
	Jul. 10, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019	Jul. 10, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Consolidated Balance Sheets
Warrant liabilities				$ 38,062,930	$ 45,543,718	$ 40,815,919				$ 38,062,930	$ 40,815,919
Total noncurrent liabilities		$ 488,360,392	$ 474,737,189	401,222,686	357,192,428	310,383,562				401,222,686	310,383,562		$ 474,737,189	$ 488,360,392
Total liabilities		553,796,069	531,069,878	460,555,584	423,938,814	362,342,999				460,555,584	362,342,999		531,069,878	553,796,069
Additional paid-in capital		691,675,072	697,198,599	526,569,801	292,782,302	283,555,118				526,569,801	283,555,118		697,198,599	691,675,072
Accumulated deficit		(175,931,713)	(166,725,271)	(159,962,453)	(80,665,290)	(70,335,151)				(159,962,453)	(70,335,151)		(166,725,271)	(175,931,713)
Total stockholders' equity	$ 252,823,323	509,313,721	521,214,889	359,730,310	206,791,091	213,537,117				359,730,310	213,537,117	$ 252,823,323	521,214,889	509,313,721
Consolidated Statements of Operations
Change in fair value of warrant liabilities			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Total other (expense) income			(2,334,093)	(80,406,936)	(10,918,795)					(91,325,731)	(24,198,679)	(3,145,129)	(93,659,824)	(97,714,684)	$ (6,073,915)
(Loss) income before income tax expense			(15,443,460)	(87,096,848)	(14,298,130)					(101,394,978)	(51,810,162)	(23,742,530)	(116,838,438)	(129,724,270)	10,537,443
Net (loss) income	(32,763,000)	(8,923,000)	(12,060,601)	(83,200,222)	(13,182,538)	(30,939,000)	$ (15,880,000)	$ 4,156,000	$ 4,864,000	(96,382,760)	(46,819,173)	(23,742,530)	(108,443,361)	(117,366,245)	10,537,443
Net (loss) income attributable to the Company	(32,763,000)	$ (9,208,000)	$ (6,762,819)	$ (79,297,163)	$ (10,330,139)	$ (23,067,000)	$ (8,481,000)	4,156,000	4,864,000	$ (89,627,302)	$ (31,548,130)	(23,742,530)	$ (96,390,120)	$ (105,596,562)	10,537,443
Loss per Class A share:
Basic and diluted		$ (0.13)	$ (0.12)	$ (1.90)	$ (0.27)	$ (0.62)	$ (0.25)			$ (2.26)	$ (0.88)		$ (2.10)	$ (2.02)
Consolidated Statements of Cash Flows
Net (loss) income	$ (32,763,000)	$ (8,923,000)	$ (12,060,601)	$ (83,200,222)	$ (13,182,538)	$ (30,939,000)	$ (15,880,000)	$ 4,156,000	$ 4,864,000	$ (96,382,760)	$ (46,819,173)	(23,742,530)	$ (108,443,361)	$ (117,366,245)	10,537,443
Adjustments to reconcile net income (loss) to net cash provided by operating activities					21,753,683					105,800,519	59,754,820		115,154,389	145,852,949
Net cash provided by operating activities					8,571,145					9,417,759	12,935,647	8,350,215	6,711,028	28,486,704	24,176,776
Net cash used in investing activities					(38,296,792)					(43,728,473)	(335,083,842)	(4,045,770)	(55,175,743)	(145,980,474)	(5,797,955)
Net cash provided by financing activities					36,215,853					176,118,827	360,049,312	$ (9,354,991)	203,242,483	186,097,387	$ (8,207,935)
As Reported
Consolidated Balance Sheets
Total noncurrent liabilities		488,360,392	474,737,189	363,159,756	311,648,710	269,567,643				363,159,756	269,567,643		474,737,189	488,360,392
Total liabilities		553,796,069	531,069,878	422,492,654	378,395,096	321,527,080				422,492,654	321,527,080		531,069,878	553,796,069
Additional paid-in capital		604,391,167	609,914,694	474,608,423	314,971,234	307,914,346				474,608,423	307,914,346		609,914,694	604,391,167
Accumulated deficit		(88,647,808)	(79,441,366)	(69,938,145)	(57,310,504)	(53,878,460)				(69,938,145)	(53,878,460)		(79,441,366)	(88,647,808)
Total stockholders' equity		509,313,721	521,214,889	397,793,240	252,334,809	254,353,036				397,793,240	254,353,036		521,214,889	509,313,721
Consolidated Statements of Operations
Total other (expense) income			(5,074,496)	(13,737,414)	(4,020,700)					(17,758,114)	(8,940,182)		(22,832,610)	(26,887,470)
(Loss) income before income tax expense			(18,183,863)	(20,427,326)	(7,400,035)					(27,827,361)	(36,551,665)		(46,011,224)	(58,897,056)
Net (loss) income			(14,801,004)	(16,530,700)	(6,284,443)					(22,815,143)	(31,560,676)		(37,616,147)	(46,539,031)
Net (loss) income attributable to the Company			$ (9,503,222)	$ (12,627,641)	$ (3,432,044)					$ (16,059,685)	$ (16,289,633)		$ (25,562,906)	$ (34,769,348)
Loss per Class A share:
Basic and diluted			$ (0.16)	$ (0.30)	$ (0.09)					$ (0.40)	$ (0.46)		$ (0.56)	$ (0.67)
Consolidated Statements of Cash Flows
Net (loss) income			$ (14,801,004)	$ (16,530,700)	$ (6,284,443)					$ (22,815,143)	$ (31,560,676)		$ (37,616,147)	$ (46,539,031)
Adjustments to reconcile net income (loss) to net cash provided by operating activities					14,855,588					32,232,902	44,496,323		44,327,175	75,025,735
Net cash provided by operating activities					8,571,145					9,417,759	12,935,647		6,711,028	28,486,704
Net cash used in investing activities					(38,296,792)					(43,728,473)	(335,083,842)		(55,175,743)	(145,980,474)
Net cash provided by financing activities					36,215,853					176,118,827	360,049,312		203,242,483	186,097,387
Adjustments
Consolidated Balance Sheets
Warrant liabilities				38,062,930	45,543,718	40,815,919				38,062,930	40,815,919
Total noncurrent liabilities				38,062,930	45,543,718	40,815,919				38,062,930	40,815,919
Total liabilities				38,062,930	45,543,718	40,815,919				38,062,930	40,815,919
Additional paid-in capital		87,283,905	87,283,905	51,961,378	(22,188,932)	(24,359,228)				51,961,378	(24,359,228)		87,283,905	87,283,905
Accumulated deficit		$ (87,283,905)	(87,283,905)	(90,024,308)	(23,354,786)	(16,456,691)				(90,024,308)	(16,456,691)		(87,283,905)	(87,283,905)
Total stockholders' equity				(38,062,930)	(45,543,718)	$ (40,815,919)				(38,062,930)	(40,815,919)
Consolidated Statements of Operations
Change in fair value of warrant liabilities			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Total other (expense) income			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
(Loss) income before income tax expense			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Net (loss) income			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Net (loss) income attributable to the Company			2,740,403	(66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Consolidated Statements of Cash Flows
Net (loss) income			$ 2,740,403	$ (66,669,522)	(6,898,095)					(73,567,617)	(15,258,497)		(70,827,214)	(70,827,214)
Adjustments to reconcile net income (loss) to net cash provided by operating activities					$ 6,898,095					$ 73,567,617	$ 15,258,497		$ 70,827,214	$ 70,827,214

Related Party Transactions - Additional Information (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2018
Related Party Transaction [Line Items]
Transaction costs incurred on behalf of related parties	$ 1,300,000	$ 6,800,000	$ 3,100,000	$ 1,600,000
Receivables from related parties	600,000		100,000
Related party owed to employees	300,000		0.0
TriSource, APS, Ventanex, cPayPlus, and CPS Acquisitions
Related Party Transaction [Line Items]
Contingent consideration payable to related parties	$ 14,300,000		$ 15,800,000
Corsair Capital LLC
Related Party Transaction [Line Items]
Management fees		$ 210,753
Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
Management fees				$ 400,000

Taxation (As Restated) - Additional Information (Details) - USD ($)		6 Months Ended		12 Months Ended
	Jul. 11, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Taxation [Line Items]
Effective tax rate		9.60%	0.00%	9.50%		0.00%
U.S. statutory tax rate		24.00%		24.00%
Additional deferred tax asset (DTA) and offsetting deferred tax liability (DTL) amount				$ 27,500,000
Deferred tax asset and offsetting deferred tax liability		$ 5,800,000		135,337,229	$ 5,800,000
Valuation allowance recognized, percentage					100.00%
Uncertain tax positions				0
Percentage of tax benefits payable under Tax Receivable Agreement	100.00%
Liability related to projected obligations under Tax Receivable Agreement				$ 229,200,000
Corsair Capital LLC
Taxation [Line Items]
Post-merger repay units acquired				19,564,816
Hawk Parent Holdings LLC
Taxation [Line Items]
Exchange of Post-Merger Repay Units Shares				1,606,647
Minimum [Member]
Taxation [Line Items]
State net operating loss carryforwards expiration year				2031
Maximum
Taxation [Line Items]
State net operating loss carryforwards expiration year				2035
Federal
Taxation [Line Items]
Net operating loss carryforwards				$ 8,800,000
State
Taxation [Line Items]
Net operating loss carryforwards				1,300,000
Foreign
Taxation [Line Items]
Net operating loss carryforwards				$ 200,000

Borrowings - Summary of Principal Maturities of Term Loans Outstanding (Details) - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Debt Disclosure [Abstract]

$ 6,760,650

13,521,299

19,831,949

20,056,949

202,483,149

Total borrowings under credit facility

^[1]

$ 262,653,996

$ 218,937,500

[1]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 3.65% and 5.26% as of December 31, 2020 and December 31, 2019, respectively

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended			12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Jul. 10, 2019 USD ($)	Dec. 31, 2020 USD ($) Segment Merchant shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2020 USD ($)	Jul. 11, 2019
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment \| Segment				1
Number of merchant represents greater than 10% of volume or profit basis \| Merchant				0
Intangible assets, estimated useful life				6 years 11 months 8 days	7 years 10 months 24 days
Impairment of intangible assets				$ 0	$ 0
Impairment of goodwill	$ 0		$ 0	$ 0
Lease, Practical Expedients, Package [true false]				true
Lease, Practical Expedient, Use of Hindsight [true false]				true
Net loss attributable to noncontrolling interest		$ 15,271,043		$ 11,769,683
Operating lease ROU assets, net of amortization				10,074,506			$ 10,100,000
Lease liabilities				$ 10,363,879			$ 10,400,000
Hawk Parent Holdings LLC
Summary Of Significant Accounting Policies [Line Items]
Noncontrolling interest, ownership percentage				89.80%				55.90%
Net loss attributable to noncontrolling interest		15,300,000		$ 11,800,000
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, ASU, adopted				true
Change in accounting principle, ASU, adoption date				Jan. 01, 2020
Change in accounting principle, ASU, Transition option elected				usgaap:AccountingStandardsUpdate201602RetrospectiveMember
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, ASU, adopted				true
Change in accounting principle, ASU, adoption date				Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]				true
Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Common stock reserved for issuance \| shares				7,326,728
Incentive Plan \| Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock reserved for issuance \| shares				7,326,728
Selling, General and Administrative Expenses
Summary Of Significant Accounting Policies [Line Items]
Transaction costs		$ 4,500,000	$ 34,900,000	$ 9,900,000		$ 4,000,000.0
Purchased Software
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life				1 year 10 months 6 days	3 years
Channel Relationships
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life				9 years 7 months 24 days	10 years
Customer Relationships
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life				8 years 7 months 20 days	9 years 5 months 23 days
Maximum \| Software Development Costs
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life				3 years
Maximum \| Purchased Software
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life				3 years
Maximum \| Channel Relationships
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life				10 years
Maximum \| Customer Relationships
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life				10 years
Volume or Profit Basis \| Credit Concentration Risk \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				10.00%

Derivative Instruments - Additional Information (Details) - USD ($)		1 Months Ended	12 Months Ended
	Feb. 21, 2020	Oct. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Feb. 29, 2020
Interest Rate Swap Agreement
Derivative Instruments Gain Loss [Line Items]
Notional amount		$ 140,000,000.0			$ 65,000,000.0	$ 30,000,000.0
Variable-rate term loan		$ 140,000,000.0	$ 205,000,000.0
Term of agreement		5 years
Pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense			$ 1,400,000	$ (100,000)
Interest Rate Swap at 1.331% \| Regions Bank
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 30,000,000.0				65,000,000.0
Swap transaction inception date	Mar. 31, 2020
Swap transaction termination date	Feb. 10, 2025
Interest Rate Swap at 1.331% \| Regions Bank \| LIBOR
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 30,000,000.0				$ 65,000,000.0

Derivative Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

11. Derivative Instruments

The Company does not hold or use derivative instruments for trading purposes.

Derivative Instruments Designated as Hedges

Interest rate fluctuations expose the Company’s variable-rate term loan to changes in interest expense and cash flows. As part of its risk management strategy, the Company may use interest rate derivatives, such as interest rate swaps, to manage its exposure to interest rate movements.

In October 2019, the Company entered into a $140.0 million notional, five-year interest rate swap agreement to hedge changes in cash flows attributable to interest rate risk on $140.0 million of its variable-rate term loan. This agreement

involves the receipt of variable-rate amounts in exchange for fixed interest rate payments over the life of the agreement without an exchange of the underlying notional amount. This interest rate swap was designated for accounting purposes as a cash flow hedge. As such, changes in the interest rate swap’s fair value are deferred in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and are subsequently reclassified into interest expense in each period that a hedged interest payment is made on the Company’s variable-rate term loan. Pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense was $1.4 million and ($0.1) million for the year ended December 31, 2020 and 2019, respectively.

On February 21, 2020, the Company entered into a swap transaction with Regions Bank. On a quarterly basis, commencing on March 31, 2020 up to and including the termination date of February 10, 2025, the Company will make fixed payments on a beginning notional amount of $30.0 million, then a revised notional amount of $65.0 million beginning on September 30, 2020. On a quarterly basis, commencing on February 21, 2020 up to and including the termination date of February 10, 2025, the counterparty will make floating rate payments based on the 3-month LIBOR on the beginning notional amount of $30.0 million, then a revised notional amount of $65.0 million beginning on September 30, 2020.

All interest rate swaps are considered an effective hedge, as of December 31, 2020. Changes in fair value are included in other comprehensive income (loss).

As of December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk.

	Notional Amount		Fixed Interest Rate	Termination Date
Interest rate swap	$	140,000,000	1.598%	July 11, 2024
Interest rate swap	$	65,000,000	1.331%	February 10, 2025

Fair Value of Assets and Liabilities (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

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

	December 31, 2020
	Level 1	Level 2	Level 3	Total
Assets:
Cash and cash equivalents	$91,129,888	$ —	$ —	$91,129,888
Restricted cash	15,374,846	—	—	15,374,846
Total assets	$106,504,734	$ —	$ —	$106,504,734
Liabilities:
Contingent consideration	$ —	$ —	$15,800,000	$15,800,000
Borrowings	—	256,713,396	—	256,713,396
Tax receivable agreement	—	—	229,228,105	229,228,105
Interest rate swap	—	9,312,332	—	9,312,332
Total liabilities	$ —	$266,025,728	$245,028,105	$511,053,833

	December 31, 2019 (As Restated)
	Level 1	Level 2	Level 3	Total
Assets:
Cash and cash equivalents	$24,617,996	$ —	$ —	$24,617,996
Restricted cash	13,283,121	—	—	13,283,121
Interest rate swap	—	555,449	—	555,449
Total assets	$37,901,117	$555,449	$ —	$38,456,566
Liabilities:
Contingent consideration	$ —	$ —	$14,250,000	$14,250,000
Borrowings	—	213,908,388	—	213,908,388
Warrant liabilities	28,895,919	11,920,000	—	40,815,919
Tax receivable agreement	—	—	67,176,226	67,176,226
Total liabilities	$28,895,919	$225,828,388	$81,426,226	$336,150,533

Contingent Consideration

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the contingent consideration related to previous business acquisitions. Refer to Note 5 for more details.

	Year Ended December 31, 2020	From July 11, 2019 to December 31, 2019	From January 1, 2019 to July 10, 2019
	(Successor)		(Predecessor)
Balance at beginning of period	$14,250,000	$ —	$1,816,988
Measurement period adjustment	6,580,549	—	—
Purchases	15,800,000	14,250,000	—
Payments	(18,320,549)	—	(1,816,988)
Accretion expense	—	—	—
Valuation adjustment	(2,510,000)	—	—
Balance at end of period	$15,800,000	$14,250,000	$ —

Tax Receivable Agreement

Schedule of Contingent Consideration Related to Previous Business Acquisitions

	Year Ended December 31, 2020	From July 11, 2019 to December 31, 2019	From January 1, 2019 to July 10, 2019
	(Successor)		(Predecessor)
Balance at beginning of period	$67,176,226	$ —	$ —
Purchases	149,612,393	67,176,226	—
Payments	—	—	—
Accretion expense	2,955,148	—	—
Valuation adjustment	9,484,338	—	—
Balance at end of period	$229,228,105	$67,176,226	$ —

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of Borrowings under Credit Agreement

As of December 31, 2020 and December 31, 2019, total borrowings under the Successor Credit Agreement consisted of the following, respectively:

	December 31, 2020	December 31, 2019
Non-current indebtedness:
Term Loan	$262,653,996	$208,937,500
Revolving Credit Facility	—	10,000,000
Total borrowings under credit facility⁽¹⁾	262,653,996	218,937,500
Less: Current maturities of long-term debt ⁽²⁾	6,760,650	5,500,000
Less: Long-term loan debt issuance cost ⁽³⁾	5,940,600	5,494,795
Total non-current borrowings	$249,952,746	$207,942,705

⁽¹⁾	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 3.65% and 5.26% as of December 31, 2020 and December 31, 2019, respectively

⁽²⁾	Pursuant to the terms of the Successor Credit Agreement, the Successor was required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).

⁽³⁾

Summary of Principal Maturities of Long-term Debt

Following is a summary of principal maturities of the Term Loans outstanding as of December 31, 2020 for each of the next five years ending December 31 and in the aggregate:

2021		6,760,650
2022		13,521,299
2023		19,831,949
2024		20,056,949
2025		202,483,149
2026		—
		$262,653,996

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Business Combinations - Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives (Details) - USD ($)							12 Months Ended
	Nov. 02, 2020	Jul. 23, 2020	Feb. 10, 2020	Oct. 14, 2019	Aug. 13, 2019	Jul. 11, 2019	Dec. 31, 2020
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Identifiable intangible assets, fair value						$ 301,000,000
Hawk Parent Holdings LLC \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, useful life, description							Indefinite
Identifiable intangible assets, fair value						$ 20,000,000.0
Hawk Parent Holdings LLC \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, useful life						2 years
Identifiable intangible assets, fair value						$ 3,000,000.0
Hawk Parent Holdings LLC \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, useful life						3 years
Identifiable intangible assets, fair value						$ 65,000,000.0
Hawk Parent Holdings LLC \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, useful life						10 years
Identifiable intangible assets, fair value						$ 210,000,000.0
Hawk Parent Holdings LLC \| Channel Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, useful life						10 years
Identifiable intangible assets, fair value						$ 3,000,000.0
TriSource Solutions, LLC
Business Acquisition [Line Items]
Identifiable intangible assets, fair value					$ 30,500,000
TriSource Solutions, LLC \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, useful life, description							Indefinite
Identifiable intangible assets, fair value					$ 700,000
TriSource Solutions, LLC \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, useful life					5 years
Identifiable intangible assets, fair value					$ 400,000
TriSource Solutions, LLC \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, useful life					3 years
Identifiable intangible assets, fair value					$ 3,900,000
TriSource Solutions, LLC \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, useful life					10 years
Identifiable intangible assets, fair value					$ 25,500,000
APS Payments
Business Acquisition [Line Items]
Identifiable intangible assets, fair value				$ 21,500,000
APS Payments \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, useful life, description							Indefinite
Identifiable intangible assets, fair value				$ 500,000
APS Payments \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, useful life				5 years
Identifiable intangible assets, fair value				$ 500,000
APS Payments \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, useful life				9 years
Identifiable intangible assets, fair value				$ 20,500,000
Ventanex
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 26,890,000
Ventanex \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, useful life, description							Indefinite
Identifiable intangible assets, fair value			$ 400,000
Ventanex \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, useful life			5 years
Identifiable intangible assets, fair value			$ 100,000
Ventanex \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, useful life			3 years
Identifiable intangible assets, fair value			$ 4,100,000
Ventanex \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, useful life			10 years
Identifiable intangible assets, fair value			$ 22,300,000
cPayPlus
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 7,720,000
cPayPlus \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, useful life, description							Indefinite
Identifiable intangible assets, fair value		$ 100,000
cPayPlus \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, useful life		5 years
Identifiable intangible assets, fair value		$ 100,000
cPayPlus \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, useful life		3 years
Identifiable intangible assets, fair value		$ 6,700,000
cPayPlus \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, useful life		10 years
Identifiable intangible assets, fair value		$ 800,000
MPI
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 7,110,000
MPI \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, useful life, description							Indefinite
Identifiable intangible assets, fair value	$ 100,000
MPI \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, useful life	4 years
Identifiable intangible assets, fair value	$ 100,000
MPI \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, useful life	3 years
Identifiable intangible assets, fair value	$ 700,000
MPI \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, useful life	10 years
Identifiable intangible assets, fair value	$ 6,300,000
CPS Payment Services
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	30,830,000
CPS Payment Services \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, useful life, description							Indefinite
Identifiable intangible assets, fair value	$ 500,000
CPS Payment Services \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, useful life	4 years
Identifiable intangible assets, fair value	$ 100,000
CPS Payment Services \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, useful life	3 years
Identifiable intangible assets, fair value	$ 7,200,000
CPS Payment Services \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, useful life	10 years
Identifiable intangible assets, fair value	$ 23,000,000.0