Repay Holdings Corporation (NASDAQ:RPAY) Q3 2023 Results Conference Call November 9, 2023 5:00 PM ET

Company Participants

Stewart Grisante - Head of Investor Relations

John Morris - CEO, Co-Founder and Director

Tim Murphy - Chief Financial Officer

Conference Call Participants

Bob Napoli - William Blair

Andrew Schmidt - Citi

Ryan Campbell - Barclays

Steven - KBW

Tim Chiodo - UBS

Joel Riechers - Truist Securities

Michael Infante - Morgan Stanley

Joseph Vafi - Canaccord Genuity

Operator

Good afternoon. I'd like to welcome everyone to Repay's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] This call is being recorded today, November 9, 2023.

I'd like to turn the session over to Stewart Grisante, Head of Investor Relations at REPAY. Stewart, you may proceed.

Stewart Grisante

Thank you. Good afternoon, and welcome to our third 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. Those forward-looking statements are subject to risks and uncertainties, including those set forth in the SEC filings related to today's results and in 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 intend 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 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 and normalized organic growth.

As described in our materials, Q3 2023 normalized organic growth is calculated by excluding contributions attributable to the divested Blue Cow software business and the contributions attributable to political media in the third quarter of 2022.

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

John Morris

Thanks, Stewart. Good afternoon, everyone. Thank you for joining us today to review our third quarter results.

On a normalized organic basis, in Q3, we reported revenue growth of 11% and gross profit growth of 12% and 13% year-to-date. We continue to see stable and resilient trends from our clients throughout the quarter. Our Q3 results performed in line to our expectations. And we believe that these results, as well as the demand we are seeing from our clients, demonstrate the need for our powerful technology and one-stop platform to optimize their payment flows.