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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM                                                           TO

Commission File Number 001-38531

 

 

 

Repay Holdings Corporation

(Exact name of Registrant as specified in its Charter)

 

 

 

Delaware

98-1496050

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

3 West Paces Ferry Road,

Suite 200

Atlanta, GA

30305

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (404504-7472

 

 

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

 

RPAY

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 

 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes  No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

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

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 

As of November 4, 2021, there are 90,553,868 shares of the registrant’s Class A Common Stock, par value $0.0001 per share, outstanding (which number includes 2,126,602 shares of unvested restricted stock that have voting rights) and 100 shares of the registrant’s Class V Common Stock, par value of $0.0001 per share, outstanding. As of November 4, 2021, the holders of such outstanding shares of Class V common stock also hold 7,926,576 units in a subsidiary of the registrant and such units are exchangeable into shares of the registrant’s Class A common stock on a one-for-one basis. 

 

 


 

 

REPAY HOLDINGS CORPORATION

Quarterly Report on Form 10‑Q

For the quarter ended September 30, 2021

 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

Item 1.

Consolidated Financial Statements

1

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

 

 

 

Item 4.

Controls and Procedures

46

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

47

 

 

 

Item 1A.

Risk Factors

47

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

 

 

 

Item 3.

Defaults Upon Senior Securities

47

 

 

 

Item 4.

Mine Safety Disclosures

47

 

 

 

Item 5.

Other Information

48

 

 

 

Item 6.

Exhibits

49

 

 

 

 

Signatures

50

 

 


 


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements reflect our current views with respect to, among other things, anticipated benefits from our recent acquisitions, the effects of the COVID-19 pandemic, expected demand on our product offering, including further implementation of electronic payment options and statements regarding our market and growth opportunities, and our business strategy and the plans and objectives of management for future operations. You generally can identify these statements by the use of words such as “outlook,” “potential,” “continue,” “may,” “seek,” “approximately,” “predict,” “believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements may be found under Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include, but are not limited to: exposure to economic conditions and political risk affecting the consumer loan market, the receivables management industry and consumer and commercial spending; the impacts of the ongoing COVID-19 coronavirus pandemic and the actions taken to control or mitigate its spread; a delay or failure to integrate and/or realize the benefits of our recent acquisitions; changes in the payment processing market in which we compete, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that we target, including the regulatory environment applicable to our customers; risks relating to our relationships within the payment ecosystem; risk that we may not be able to execute our growth strategies, including identifying and executing acquisitions; risks relating to data security; changes in accounting policies applicable to us; the risk that we may not be able to maintain effective internal controls; and those risks described under Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, as amended. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

 

 


 

 

PART I

FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

REPAY HOLDINGS CORPORATION

Consolidated Balance Sheets

 

 

September 30, 2021 (Unaudited)

 

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

116,486,111

 

 

 

$

91,129,888

 

Accounts receivable

 

30,510,431

 

 

 

 

21,310,724

 

Prepaid expenses and other

 

10,071,770

 

 

 

 

6,925,115

 

Total current assets

 

157,068,312

 

 

 

 

119,365,727

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

3,160,008

 

 

 

 

1,628,439

 

Restricted cash

 

20,595,849

 

 

 

 

15,374,846

 

Customer and channel relationships, net of amortization

 

461,131,685

 

 

 

 

280,887,486

 

Software, net of amortization

 

75,017,159

 

 

 

 

64,434,985

 

Other intangible assets, net of amortization

 

30,768,286

 

 

 

 

23,904,667

 

Goodwill

 

751,534,841

 

 

 

 

458,970,255

 

Operating lease right-of-use assets, net of amortization

 

10,369,453

 

 

 

 

10,074,506

 

Deferred tax assets

 

133,258,928

 

 

 

 

135,337,229

 

Other assets

 

2,499,997

 

 

 

 

 

Total noncurrent assets

 

1,488,336,206

 

 

 

 

990,612,413

 

Total assets

$

1,645,404,518

 

 

 

$

1,109,978,140

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable

$

17,760,390

 

 

 

$

11,879,638

 

Related party payable

 

8,578,588

 

 

 

 

15,811,597

 

Accrued expenses

 

22,350,134

 

 

 

 

19,216,258

 

Current maturities of long-term debt

 

 

 

 

 

6,760,650

 

Current operating lease liabilities

 

1,869,813

 

 

 

 

1,527,224

 

Current tax receivable agreement

 

10,440,762

 

 

 

 

10,240,310

 

Other current liabilities

 

1,660,318

 

 

 

 

 

Total current liabilities

 

62,660,005

 

 

 

 

65,435,677

 

 

 

 

 

 

 

 

 

 

Long-term debt, net of current maturities

 

428,612,681

 

 

 

 

249,952,746

 

Noncurrent operating lease liabilities

 

9,058,364

 

 

 

 

8,836,655

 

Tax receivable agreement, net of current portion

 

221,044,018

 

 

 

 

218,987,795

 

Other liabilities

 

1,182,408

 

 

 

 

10,583,196

 

Total noncurrent liabilities

 

659,897,471

 

 

 

 

488,360,392

 

Total liabilities

$

722,557,476

 

 

 

$

553,796,069

 

 

 

 

 

 

 

 

 

 

Commitment and contingencies (Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Class A common stock, $0.0001 par value; 2,000,000,000 shares authorized and 88,323,068 issued and outstanding as of September 30, 2021; 2,000,000,000 shares authorized and 71,244,682 issued and outstanding as of December 31, 2020

 

8,832

 

 

 

 

7,125

 

Class V common stock, $0.0001 par value; 1,000 shares authorized and 100 shares issued and outstanding as of September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Additional paid-in capital

 

1,092,446,820

 

 

 

 

691,675,072

 

Accumulated other comprehensive (loss) income

 

 

 

 

 

(6,436,763

)

Accumulated deficit

 

(210,260,747

)

 

 

 

(175,931,713

)

Total stockholders' equity

$

882,194,905

 

 

 

$

509,313,721

 

Equity attributable to non-controlling interests

 

40,652,137

 

 

 

 

46,868,350

 

Total liabilities and stockholders' equity and members' equity

$

1,645,404,518

 

 

 

$

1,109,978,140

 

 

See accompanying notes to consolidated financial statements.

1


 

REPAY HOLDINGS CORPORATION

Consolidated Statements of Operations

(Unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

$

61,125,384

 

 

$

37,634,537

 

 

$

157,057,751

 

 

$

113,597,599

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other costs of services

 

15,287,720

 

 

 

10,492,011

 

 

 

40,483,326

 

 

 

29,989,935

 

Selling, general and administrative

 

33,696,220

 

 

 

28,580,764

 

 

 

86,631,634

 

 

 

65,765,167

 

Depreciation and amortization

 

25,907,374

 

 

 

15,421,129

 

 

 

63,379,348

 

 

 

44,031,111

 

Change in fair value of contingent consideration

 

(1,550,000

)

 

 

(3,750,000

)

 

 

(101,214

)

 

 

(3,010,000

)

Total operating expenses

 

73,341,314

 

 

 

50,743,904

 

 

 

190,393,094

 

 

 

136,776,213

 

Loss from operations

 

(12,215,930

)

 

 

(13,109,367

)

 

 

(33,335,343

)

 

 

(23,178,614

)

Other (expense) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(763,614

)

 

 

(3,624,499

)

 

 

(2,763,592

)

 

 

(10,846,639

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

(5,940,600

)

 

 

 

Change in fair value of warrant liabilities

 

 

 

 

2,740,403

 

 

 

 

 

 

(70,827,214

)

Change in fair value of tax receivable liability

 

3,410,955

 

 

 

(1,475,376

)

 

 

98,505

 

 

 

(12,055,797

)

Other income

 

18,816

 

 

 

25,379

 

 

 

81,352

 

 

 

69,826

 

Other loss

 

(19,041

)

 

 

 

 

 

(9,099,451

)

 

 

 

Total other (expense) income

 

2,647,116

 

 

 

(2,334,093

)

 

 

(17,623,786

)

 

 

(93,659,824

)

Loss before income tax expense

 

(9,568,814

)

 

 

(15,443,460

)

 

 

(50,959,129

)

 

 

(116,838,438

)

Income tax benefit

 

2,260,704

 

 

 

3,382,859

 

 

 

12,319,951

 

 

 

8,395,077

 

Net loss

$

(7,308,110

)

 

$

(12,060,601

)

 

$

(38,639,178

)

 

$

(108,443,361

)

Less: Net loss attributable to

   non-controlling interests

 

(1,042,074

)

 

 

(5,297,782

)

 

 

(4,310,144

)

 

 

(12,053,241

)

Net loss attributable to the Company

$

(6,266,036

)

 

$

(6,762,819

)

 

$

(34,329,034

)

 

$

(96,390,120

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per Class A share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.07

)

 

$

(0.12

)

 

$

(0.42

)

 

$

(2.10

)

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

88,273,194

 

 

 

57,913,089

 

 

 

81,595,128

 

 

 

45,806,225

 

 

See accompanying notes to consolidated financial statements.

 


2


 

 

REPAY HOLDINGS CORPORATION

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(7,308,110

)

 

$

(12,060,601

)

 

$

(38,639,178

)

 

$

(108,443,361

)

Other comprehensive loss, before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of designated cash flow hedges

 

 

 

 

 

560,800

 

 

 

 

 

 

(10,687,184

)

Total other comprehensive income (loss), before tax

 

 

 

 

 

560,800

 

 

 

 

 

 

(10,687,184

)

Income tax related to items of other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax benefit on change in fair value of designated cash flow hedges

 

 

 

 

 

47,122

 

 

 

 

 

 

1,598,492

 

Total income tax benefit on related to items of other comprehensive income

 

 

 

 

 

47,122

 

 

 

 

 

 

1,598,492

 

Total other comprehensive loss, net of tax

 

 

 

 

 

607,922

 

 

 

 

 

 

(9,088,692

)

Total comprehensive loss

 

$

(7,308,110

)

 

$

(11,452,679

)

 

$

(38,639,178

)

 

$

(117,532,053

)

Less: Comprehensive loss attributable to non-controlling interests

 

 

(1,042,074

)

 

 

(4,534,744

)

 

 

(4,310,144

)

 

 

(15,879,944

)

Comprehensive loss attributable to the Company

 

$

(6,266,036

)

 

$

(6,917,935

)

 

$

(34,329,034

)

 

$

(101,652,109

)

 

 

See accompanying notes to consolidated financial statements.

 

 

 

3


 

 

REPAY HOLDINGS CORPORATION

Consolidated Statements of Changes in Equity

(Unaudited)

 

 

 

Class A Common

Stock

 

 

Class V Common

Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Accumulated Other Comprehensive

 

 

Total

Stockholders'

 

 

Non-controlling

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Loss) Income

 

 

Equity

 

 

Interests

 

Balance at June 30, 2020

 

 

52,018,330

 

 

$

5,202

 

 

 

100

 

 

$

-

 

 

$

526,569,801

 

 

$

(159,962,453

)

 

$

(6,882,240

)

 

$

359,730,310

 

 

$

159,844,542

 

Issuance of new shares

 

 

14,364,816

 

 

 

1,436

 

 

 

 

 

 

 

-

 

 

 

336,373,074

 

 

 

-

 

 

 

-

 

 

 

336,374,510

 

 

 

-

 

Exchange of Post-Merger Repay Units

 

 

1,579,330

 

 

 

158

 

 

 

 

 

 

 

-

 

 

 

13,796,879

 

 

 

-

 

 

 

(340,358

)

 

 

13,456,679

 

 

 

(13,456,679

)

Redemption of Post-Merger Repay Units

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

(236,701,453

)

 

 

-

 

 

 

(2,458,401

)

 

 

(239,159,854

)

 

 

(97,335,959

)

Release of share awards vested under Equity Plan

 

 

387,022

 

 

 

39

 

 

 

 

 

 

 

-

 

 

 

(39

)

 

 

-

 

 

 

 

 

 

 

-

 

 

 

-

 

Treasury shares repurchased

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

(701,374

)

 

 

-

 

 

 

 

 

 

 

(701,374

)

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

5,768,220

 

 

 

-

 

 

 

-

 

 

 

5,768,220

 

 

 

-

 

Warrant exercise

 

 

2,738,491

 

 

 

274

 

 

 

 

 

 

 

-

 

 

 

31,471,057

 

 

 

-

 

 

 

-

 

 

 

31,471,331

 

 

 

-

 

Tax distribution from Hawk Parent

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

(1,496,336

)

Valuation allowance on Ceiling Rule DTA

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

(14,700,093

)

 

 

-

 

 

 

-

 

 

 

(14,700,093

)

 

 

-

 

Reclassification to warrant liabilities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

35,322,527

 

 

 

-

 

 

 

-

 

 

 

35,322,527

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

(6,762,819

)

 

 

-

 

 

 

(6,762,819

)

 

 

(5,297,782

)

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

415,451

 

 

 

415,451

 

 

 

145,349

 

Balance at September 30, 2020

 

 

71,087,989

 

 

$

7,109

 

 

 

100

 

 

$

-

 

 

$

697,198,599

 

 

$

(166,725,271

)

 

$

(9,265,548

)

 

$

521,214,889

 

 

$

42,403,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

37,530,568

 

 

$

3,753

 

 

 

100

 

 

$

-

 

 

$

283,555,118

 

 

$

(70,335,151

)

 

$

313,397

 

 

$

213,537,117

 

 

$

206,162,035

 

Issuance of new shares

 

 

23,564,816

 

 

 

2,356

 

 

 

 

 

 

 

-

 

 

 

510,364,462

 

 

 

-

 

 

 

-

 

 

 

510,366,818

 

 

 

-

 

Exchange of Post-Merger Repay Units

 

 

1,579,330

 

 

 

158

 

 

 

 

 

 

 

-

 

 

 

13,796,879