$RPAY
Repay Holdings Corp

2021 Q1 Form 10-Q Financial Statement

#000156459021026051 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $47.52M $39.46M
YoY Change 20.42% 71.4%
Cost Of Revenue $12.47M $10.77M
YoY Change 15.82% 110.41%
Gross Profit $35.05M $28.69M
YoY Change 22.15% 60.25%
Gross Profit Margin 73.75% 72.71%
Selling, General & Admin $23.39M $18.17M
YoY Change 28.77% 109.37%
% of Gross Profit 66.75% 63.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $300.0K $200.0K
YoY Change 50.0% 100.0%
% of Gross Profit 0.86% 0.7%
Operating Expenses $56.31M $18.17M
YoY Change 209.97% 109.37%
Operating Profit -$8.789M -$3.379M
YoY Change 160.09% -153.53%
Interest Expense -$1.183M -$3.518M
YoY Change -66.36% 142.79%
% of Operating Profit
Other Income/Expense, Net -$15.13M -$10.92M
YoY Change 38.6% 653.61%
Pretax Income -$23.92M -$14.30M
YoY Change 67.32% -393.93%
Income Tax -$5.900M -$1.100M
% Of Pretax Income
Net Earnings -$15.79M -$10.33M
YoY Change 52.89% -312.36%
Net Earnings / Revenue -33.24% -26.18%
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share -$0.21 -$91.17K
COMMON SHARES
Basic Shares Outstanding 76.60M
Diluted Shares Outstanding 76.60M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $390.9M $32.70M
YoY Change 1095.48% 16250.0%
Cash & Equivalents $410.4M $32.71M
Short-Term Investments
Other Short-Term Assets $6.078M $4.800M
YoY Change 26.63% 4700.0%
Inventory
Prepaid Expenses
Receivables $23.90M $15.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $420.9M $52.74M
YoY Change 698.07% 26269.63%
LONG-TERM ASSETS
Property, Plant & Equipment $1.980M $1.876M
YoY Change 5.53%
Goodwill $459.0M $411.7M
YoY Change 11.48% 244.44%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $161.3M $12.00M
YoY Change 1244.37% -95.47%
Total Long-Term Assets $988.2M $777.1M
YoY Change 27.17% 193.46%
TOTAL ASSETS
Total Short-Term Assets $420.9M $52.74M
Total Long-Term Assets $988.2M $777.1M
Total Assets $1.409B $829.8M
YoY Change 69.81% 213.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.11M $10.89M
YoY Change 29.62% 988.75%
Accrued Expenses $18.92M $12.23M
YoY Change 54.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $5.502M
YoY Change -100.0%
Total Short-Term Liabilities $60.95M $66.75M
YoY Change -8.68% 5034.34%
LONG-TERM LIABILITIES
Long-Term Debt $427.3M $427.3M
YoY Change 0.0%
Other Long-Term Liabilities $9.360M $9.312M
YoY Change 0.52% -4.0%
Total Long-Term Liabilities $436.6M $357.2M
YoY Change 22.24% 3582.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.95M $66.75M
Total Long-Term Liabilities $436.6M $357.2M
Total Liabilities $761.2M $423.9M
YoY Change 79.56% 3753.99%
SHAREHOLDERS EQUITY
Retained Earnings -$80.67M
YoY Change
Common Stock $292.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $647.9M $206.8M
YoY Change
Total Liabilities & Shareholders Equity $1.409B $829.8M
YoY Change 69.81% 213.14%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$15.79M -$10.33M
YoY Change 52.89% -312.36%
Depreciation, Depletion And Amortization $300.0K $200.0K
YoY Change 50.0% 100.0%
Cash From Operating Activities $4.769M $8.571M
YoY Change -44.35% -2598.82%
INVESTING ACTIVITIES
Capital Expenditures $640.5K $366.7K
YoY Change 74.66% 257.79%
Acquisitions $35.52M
YoY Change
Other Investing Activities $10.78K -$35.52M
YoY Change -100.03%
Cash From Investing Activities -$5.206M -$38.30M
YoY Change -86.41% 1776.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.818M
YoY Change
Debt Paid & Issued, Net $262.7M $1.563M
YoY Change 16709.86% 27.55%
Cash From Financing Activities 304.4M 36.22M
YoY Change 740.46% -2730.51%
NET CHANGE
Cash From Operating Activities 4.769M 8.571M
Cash From Investing Activities -5.206M -38.30M
Cash From Financing Activities 304.4M 36.22M
Net Change In Cash 303.9M 6.490M
YoY Change 4583.09% -272.57%
FREE CASH FLOW
Cash From Operating Activities $4.769M $8.571M
Capital Expenditures $640.5K $366.7K
Free Cash Flow $4.129M $8.204M
YoY Change -49.67% -1941.64%

Facts In Submission

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<p style="margin-top:10pt;text-align:justify;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.41%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported Consolidated Statements of Operations during the reporting period. Actual results could differ materially from those estimates.</p>
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
32242778
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23993943
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34335784
CY2021Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
390921782
CY2021Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
19525277
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
410447059
CY2021Q1 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
17500000
CY2021Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
427287919
CY2021Q1 rpay Tax Receivable Agreement Fair Value Disclosure
TaxReceivableAgreementFairValueDisclosure
230383483
CY2021Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
675171402
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
91129888
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
15374846
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
106504734
CY2020Q4 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
15800000
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
256713396
CY2020Q4 rpay Tax Receivable Agreement Fair Value Disclosure
TaxReceivableAgreementFairValueDisclosure
229228105
CY2020Q4 rpay Interest Rate Swap Liabilities Fair Value
InterestRateSwapLiabilitiesFairValue
9312332
CY2020Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
511053833
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
58105482
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
39879266
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
32577868
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
32254856
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3827175
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3186707
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1847075
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1558268
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1980100
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1628439
CY2021Q1 us-gaap Depreciation
Depreciation
300000
CY2020Q1 us-gaap Depreciation
Depreciation
200000
CY2021Q1 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
22200000
CY2021Q1 rpay Number Of Trade Names
NumberOfTradeNames
6
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
434468942
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
100399789
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
334069153
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
429985101
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
82987963
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
346997138
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
17500000
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13700000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
45556445
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
93452457
CY2020Q4 us-gaap Goodwill
Goodwill
458970255
CY2021Q1 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
0
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-10778
CY2021Q1 us-gaap Goodwill
Goodwill
458959477
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
440000000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
262653996
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
6760650
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
12712081
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5940600
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
427287919
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
249952746
CY2020 rpay Percentage Of Initial Principal Amount Of The Term Loans
PercentageOfInitialPrincipalAmountOfTheTermLoans
0.00625
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
440000000
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
440000000
CY2021Q1 rpay Lessee Operating Lease Expiration Year
LesseeOperatingLeaseExpirationYear
2029
CY2021Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Most of these leases include one or more renewal options for six years or less
CY2021Q1 us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
certain leases also include lessee termination options
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
540639
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
12450
CY2021Q1 us-gaap Lease Cost
LeaseCost
553089
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9650463
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10074506
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1562964
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1527224
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8470264
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8836655
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10033228
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10363879
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.046
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.046
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
459698
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1522813
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1903329
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1948666
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1847041
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1531435
CY2021Q1 rpay Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2793934
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11547220
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1513991
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10033228
CY2021Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
17774815
CY2020Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
15811597
CY2021Q1 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
1300000
CY2020Q1 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
500000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
34800000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M28D
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
32800000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M20D
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5200000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3500000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.248
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.078
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5900000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1100000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5900000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1100000
CY2021Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2021Q1 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
141800000
CY2021Q1 rpay Additional Deferred Tax Asset And Offsetting Deferred Tax Liability Amount
AdditionalDeferredTaxAssetAndOffsettingDeferredTaxLiabilityAmount
5064
CY2021Q1 rpay Percentage Of Valuation Allowance Recognized
PercentageOfValuationAllowanceRecognized
1
CY2021Q1 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2019Q3 rpay Percentage Of Tax Benefits Payable Under Tax Receivable Agreement
PercentageOfTaxBenefitsPayableUnderTaxReceivableAgreement
1
CY2021Q1 rpay Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
230400000

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