Repay Holdings Corporation (NASDAQ:RPAY) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET

Company Participants

John Morris - Chief Executive Officer and Co-Founder, Director

Tim Murphy - Chief Financial Officer

Conference Call Participants

Ramsey El-Assal - Barclays

Peter Heckmann - D.A. Davidson

Andrew Jeffrey - Truist

Timothy Chiodo - Credit Suisse

Jeffrey Goldstein - Morgan Stanley

Andrew Schmidt - Citi

Noah Katz - William Blair

Sanjay Sakhrani - KBW

Operator

Welcome to today's Earnings Conference Call being hosted by Repay. 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 as well as in our most recent Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements that we make today.

The 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. Reconciliations and other explanations of those non-GAAP financial measures can be found in today's press release and in earnings supplement, each of which are available on the company's IR site.

I would now like to turn the call over to Mr. Morris. Please go ahead, sir. You may begin your presentation at this time.

John Morris

Thank you, operator, and good afternoon, everyone. There are three subjects I will be covering on today's call. First, I'll briefly review our Q2 results and business updates; second, provide color on our current trends and what we're expecting for the rest of the year; and lastly, discuss our medium-term vision for the business.

First, on the second quarter, we reported card payment volume growth of 34%, total revenue growth of 39% and gross profit growth of 42%. Organic gross profit growth in the quarter was 10%. We view these as solid results in light of the increasingly uncertain macro environment. We continue to see strength in our B2B payments business during the quarter. This strength is driven by secular tailwinds, including the digitization of business payments, as well as the need to find more efficiencies now that many U.S. businesses are implementing hiring freezes. This has been aided by our focus on our B2B go-to-market strategy, which is partially through our direct sales team, which continues to expand as well as through our 85 software integration partners.