Repay Holdings Corporation (NASDAQ:RPAY) Q2 2023 Earnings Conference Call August 9, 2023 5:00 PM ET

Company Participants

Stewart Grisante - Head, IR

John Morris - CEO, Co-Founder & Director

Timothy Murphy - CFO

Conference Call Participants

Ramsey El-Assal - Barclays

Peter Heckmann - D.A. Davidson

Andrew Schmidt - Citigroup Inc.

Andrew Jeffrey - Truist Securities

Timothy Chiodo - Credit Suisse

Operator

Good afternoon. I'd like to welcome everybody to REPAY's Second Quarter 2023 Earnings Conference Call. This call is being recorded today, August 9, 2023.

I would like to turn the session over to Stewart Grisante, Head of Investor Relations at REPAY. Stewart, you may begin.

Stewart Grisante

Thank you. Good afternoon, and welcome to our second quarter 2023 earnings conference call. With us today are John Morris, Co-Founder and Chief Executive Officer; and Tim Murphy, Chief Financial Officer.

During this call, we will be making forward-looking statements about our beliefs and estimates regarding future events and results. These forward-looking statements are subject to risks and uncertainties, including those set forth in the SEC filings related to today's results and our most recent Form 10-K. Actual results may differ materially from any forward-looking statements that we make today. Forward-looking statements speak only as of today, and we do not assume any obligation or intent to update them, except as required by law.

In an effort to provide additional information to investors, today's discussion will also include references to certain non-GAAP financial measures. Reconciliation and other explanation of those non-GAAP financial measures can be found in today's press release and in the earnings supplement, each of which are available on the company's IR site. Those materials include reconciliations and other explanations with respect to REPAY's organic growth. As described in other materials, Q2 2023 organic growth is calculated by excluding contributions attributable to the Blue Cow software business in the second quarter of 2022, since REPAY divested Blue Cow during Q1 2023.

With that, I would now like to turn the call over to John.

John Morris

Thank you, Stewart, and good afternoon, everyone. Thank you for joining us today to review our second quarter results. On an organic basis, in Q2, we reported revenue growth of 9% and gross profit growth of 12%. Our strong results through the first half of the year give us the confidence to raise the midpoint of our revenue and gross profit guidance for 2023, which Tim will discuss in greater detail. Our focus as a company is to help businesses acceptance and payments by providing integrated payment solutions to verticals that have specific transaction processing needs. Our proprietary embedded payment technology reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.