Repay Holdings Corporation (NASDAQ:RPAY) Q1 2024 Results Conference Call May 9, 2024 5:00 PM ET

Company Participants

Stewart Grisante - Head of IR
John Morris - CEO, Co-Founder and Director
Tim Murphy - CFO

Conference Call Participants

Ramsey El-Assal - Barclays
Sanjay Sakhrani - KBW
Peter Heckmann - D.A. Davidson
Joseph Vafi - Canaccord Genuity
Mike Grondahl - Northland Securities
Pat Ennis - UBS

Operator

Good afternoon. I'd like to welcome everyone to Repay's First Quarter 2024 Earnings Conference Call. This call is being recorded today, May 9, 2024.

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 first quarter 2024 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 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. 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.

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

John Morris

Thanks, Stewart. Good afternoon, everyone. Thank you for joining us today. Our Q1 results represent a strong start to the year as we aim to capture new payment flows, while enhancing client relationships with many value-added services. In Q1, we achieved organic revenue growth of 10%, organic gross profit growth of 11%, reported adjusted EBITDA growth of approximately 15% and reported free cash flow growth of 90% plus year-over-year, with each metric performing in line to our expectations.

In Q1, we made progress on our three main strategic initiatives, which drive growth in 2024 and beyond. They include our go-to-market efficiency, client implementations and a focus on product. This progress further enhances our vast ecosystem of payment flows, which we have combined and developed over the past decade. We face clients value our ability to move money efficiently and easily as well as provide omnimodality and omnichannel services with our one-stop payment technology.