Repay Holdings Corporation (NASDAQ:RPAY) Q1 2022 Earnings Conference Call May 10, 2022 5:30 PM ET

Company Participants

John Morris - Co-Founder & Chief Executive Officer

Timothy Murphy - Chief Financial Officer

Conference Call Participants

Ramsey El-Assal - Barclays

Sanjay Sakhrani - KBW

Peter Heckmann - D.A. Davidson

Andrew Schmidt - Citigroup

Andrew Jeffrey - Truist Securities

Jeffrey Goldstein - Morgan Stanley

Cris Kennedy - William Blair

Operator

Greetings. 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 the 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 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. An explanation of those non-GAAP financial measures, 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.

John Morris

Thank you, operator, and good afternoon, everyone. Thank you for joining us today to review our first quarter results. During the quarter, we reported card payment volume growth of 39%, total revenue growth of 42% and gross profit growth of 46%. We also now have 225 total software integration partners. In addition, Q1 new client implementations across our business was a record, setting us up well for 2022 and beyond.

Moving on to our first quarter business highlights. First, our business payments vertical, which is going after a massive 3.4 trillion TAM, continued to perform well during the quarter. On our Q4 call, we talked about our initiative to focus on cross-selling our AR/AP unified capabilities in a more streamlined and formal way. One recent example of this was with Hotel Investor Apps, HIA, which is a hospitality management ERP provider, who currently uses Repay for payment processing and learned of our payables capability during Q4 2021. We signed a partnership to begin adding our payable solution to HIA properties during the second quarter of this year.