REPAY Q1 2022 Investor Presentation

Download as pdf or txt
Download as pdf or txt
You are on page 1of 28

Exhibit 99.

Investor Presentation
May 2022
1
Disclaimer
On July 11, 2019 (the “Closing Date”), Thunder Bridge Acquisition Ltd. (“Thunder Bridge”) and Hawk Parent Holdings LLC (“Hawk Parent”) completed their previously announced business combination (the “Business Combination”) under which Thunder Bridge acquired Hawk Parent,
upon which Thunder Bridge changed its name to Repay Holdings Corporation (“REPAY” or the “Company”). Unless otherwise indicated, information provided in this presentation (a) that relates to any period ended prior to the Closing Date reflects that of Hawk Parent prior to the
Business Combination, and (b) that relates to any period ended December 31, 2019 reflects the combination of (i) Hawk Parent for the periods from January 1, 2019 through July 10, 2019 and (ii) REPAY for the period from the Closing Date through December 31, 2019. Such
combination reflects a simple arithmetic addition of the relevant periods. The historical financial information of Thunder Bridge prior to the Business Combination has not been reflected in any financial information of Hawk Parent.

The Company’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect REPAY’s business, results of operations and financial condition.

Forward-Looking Statements This presentation (the “Presentation”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating
results, REPAY’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,”
“projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, expected demand on REPAY’s product offering, including further implementation of electronic payment options and statements regarding REPAY’s market and growth
opportunities, and our business strategy and the plans and objectives of management for future operations. Such forward-looking statements are based upon the current beliefs and expectations of REPAY’s management and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. In addition to factors previously disclosed in REPAY’s reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021, the
following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: exposure to economic conditions and political risk affecting the consumer loan
market, the receivables management industry and consumer and commercial spending; the impacts of the ongoing COVID-19 coronavirus pandemic and the actions taken to control or mitigate its spread; a delay or failure to integrate and/or realize the benefits of REPAY’s recent
acquisitions; changes in the payment processing market in which REPAY competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that REPAY targets, including the regulatory environment applicable to
REPAY’s clients; the ability to retain, develop and hire key personnel; risks relating to REPAY’s relationships within the payment ecosystem; risk that REPAY may not be able to execute its growth strategies, including identifying and executing acquisitions; risks relating to data security;
changes in accounting policies applicable to REPAY; and the risk that REPAY may not be able to maintain effective internal controls. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and
the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future
performance. All information set forth herein speaks only as of the date hereof in the case of information about us or the date of such information in the case of information from persons other than us, and we disclaim any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding our industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate
in whole or in part. Projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Industry and Market Data The information contained herein also includes information provided by third parties, such as market research firms. Neither of REPAY nor its affiliates and any third parties that provide information to REPAY, such as market research firms, guarantee the
accuracy, completeness, timeliness or availability of any information. Neither REPAY nor its affiliates and any third parties that provide information to REPAY, such as market research firms, are responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or
the results obtained from the use of such content. Neither REPAY nor its affiliates give any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability
for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein.

Non-GAAP Financial Measures This Presentation includes certain non-GAAP financial measures that REPAY’s management uses to evaluate its operating business, measure its performance and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure that represents
net income prior to interest expense, tax expense, depreciation and amortization, as adjusted to add back certain charges deemed not to be part of normal operating expenses, non-cash and/or non-recurring charges, such as loss on extinguishment of debt, non-cash change in fair value
of contingent consideration, non-cash change in fair value of assets and liabilities, non-cash change in fair value of warrant liabilities; share-based compensation charges, transaction expenses, management fees, employee recruiting costs, other taxes, strategic initiative related costs
and other non-recurring charges. REPAY believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, Adjusted EBITDA is not a financial measure calculated in
accordance with GAAP and should not be considered as a substitute for net income, operating profit, or any other operating performance measure calculated in accordance with GAAP. Using a non-GAAP financial measure to analyze REPAY’s business has material limitations because
the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in REPAY’s industry may report measures titled Adjusted EBITDA or
similar measures, such non-GAAP financial measures may be calculated differently from how REPAY calculates its non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, you should consider Adjusted EBITDA
alongside other financial performance measures, including net income and REPAY’s other financial results presented in accordance with GAAP.

Beginning with the quarter ended December 31, 2021, REPAY changed its method of calculating Adjusted EBITDA by removing the adjustment related to legacy commission restructuring charges and their tax effects. Adjusted EBITDA for the years ended December 31, 2020 and 2019
were also adjusted to conform to the current presentation, resulting in reductions in the Adjusted EBITDA from the previously reported amounts. The presentation for Adjusted EBITDA for all periods presented have been updated to reflect these changes and a reconciliation between
the revised and previous definition of Adjusted EBITDA has been provided within the “Adjusted EBITDA Reconciliation – Historical” slide contained herein.
2

Agenda

1 Introduction to REPAY

2 REPAY Investment Highlights

3 REPAY Financial Overview


3

Introduction
1 to REPAY
4

REPAY provides integrated payment processing solutions to


verticals that have specific transaction processing needs

REPAY’s proprietary, integrated payment technology platform reduces the complexity


of electronic payments for clients, while enhancing the overall experience
for consumers and businesses
5

Your Industry. Our Expertise.

B2B MERCHANT
ARM AUTOMOTIVE LOANS B2B AP AUTOMATION
ACQUIRING

CREDIT UNIONS ENERGY HEALTHCARE MORTGAGE PERSONAL LOANS


6

Who We Are

A leading, highly-integrated omni-channel payment


technology platform modernizing
B2B payments, loan repayment verticals,
and healthcare payments $20.5Bn 44%
2021 ANNUAL CARD HISTORICAL GROSS
PAYMENT VOLUME PROFIT CAGR(1)

225 76%
SOFTWARE CASH FLOW
INTEGRATIONS(2) CONVERSION(3)

1) CAGR is from 2019A–2021A


2) As of 3/31/2022
3) 2021A Cash Flow Conversion calculated as Adjusted EBITDA –
Capex / Adjusted EBITDA
7

Driving Shareholder Value

M&A CATALYSTS
=
ORGANIC GROWTH LONG-TERM GROWTH

Secular trends away from cash and check Deepen presence in


toward digital payments existing verticals ~$5.3Tn TAM(1)
(e.g. Automotive, B2B, Credit Unions,
Creates long runway for growth
Revenue Cycle Management, Healthcare)

Transaction growth Deep presence in key verticals creates


Expand into new verticals/geographies significant defensibility
in key verticals

Further penetrate Transformational acquisitions extending Highly attractive


existing clients broader solution suite financial model

1) Third-party research and management estimates as of 12/31/2021


8

Our Strong Execution and Momentum

AT INITIAL BUSINESS
COMBINATION (IBC) First Quarter 2022(1)

TOTAL ADDRESSABLE
MARKET ~$535Bn ~$5.3Tn(2)

CLIENT COUNT ~4,000 ~19,000+(3)

# OF ISV
INTEGRATIONS 53 225(4)

Delivering Superior Results (FY 2021)

+35% +44% +57%


CARD PAYMENT VOLUME GROSS PROFIT ADJ. EBITDA

(Represents YoY Growth)


1) As of 3/31/2022
2) Third-party research and management estimates
3) Management estimate, includes TriSource, APS, Ventanex, cPayPlus , CPS Payments, BillingTree, Kontrol Payables and Payix
4) Includes integrations from APS, Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix
9

REPAY Investment
2 Highlights
10

Business Strengths and Strategies

1 Fast growing and underpenetrated market opportunity

Vertically integrated payment technology platform driving frictionless


2 payments experience

A leading, 3 Key software integrations enabling unique distribution model


omni-channel
payment technology
4 Highly strategic and diverse client base
provider

5 Multiple avenues for long-term growth

6 Experienced board with deep payments expertise


11
1 We are Capitalizing on Large, Underserved Market Opportunities

REPAY’s existing verticals represent ~$5.3Tn(1) of projected annual


total payment volume Growth Opportunities
END MARKET OPPORTUNITIES
B2B AP Automation $2.2Tn
Future New Verticals
B2B Merchant Acquiring $1.2Tn
Automotive Loans $600Bn
Mortgage $500Bn
$420Bn Canada
Healthcare

Credit Unions $185Bn

ARM $70Bn
Personal Loans $70Bn Buy Now. Pay Later.
Energy $30Bn $20.5Bn
REPAY’s 2021 Annual
Card Payment Volume

1) Third-party research and management estimates as of 12/31/2021


1
Key end markets have been underserved by payment 12

technology and service providers

CLIENTS SERVING REPAY’S MARKETS


LOAN REPAYMENT, B2B, AND
ARE FACING INCREASING DEMAND
HEALTHCARE MARKETS
FROM CUSTOMERS
Lagged behind other industry verticals in moving
to electronic payments They want electronic and omnichannel
payment solutions

Credit cards are not permitted in loan repayment


which has resulted in overall low card penetration

B2B payments have traditionally been made


via check or ACH (including AP and AR)
CONSUMER BUSINESS
PAYMENTS PAYMENTS
Shift towards high deductible health plans
resulting in growing proportion of consumer payments
13
1 Card and Debit Payments Underpenetrated in Our Verticals

Card Payment Penetration


Across REPAY’s Verticals(2)
Across Industries(1)
67%
59% Healthcare 53%
50%
29% Auto 47%
26%
23% Receivables Management 41%

Personal Loans 15%


38%
33% B2B AP Automation
27% 13%

Mortgage 10%
2012A 2017A 2022E
B2B Acquiring 8%
Credit Card Penetration Debit Card Penetration

1) The Nilson Report – December 2018. Represents debit and credit as a percentage of all U.S. consumer payment systems, including various forms of paper, card, and electronic payment methods
2) Third-party research and management estimates
14
2 REPAY Has Built a Leading Next-Gen Software Platform

Proprietary, integrated payment


technology platform reduces
complexity for a unified
commerce experience

Pay
Businesses and
Clients Anywhere, Consumers
Any Way,
Any Time
15
2 REPAY Has Built a Leading Next-Gen Software Platform

Value Proposition to REPAY’s Clients

• Accelerated payment cycle (ability to lend


more / faster) through card processing

• Faster access to funds to help businesses


with working capital
Pay • 24 / 7 payment acceptance through
Clients Anywhere, “always open” omni-channel offering
Any Way,
• Direct software integrations into loan,
Any Time dealer, and business management systems
reduces operational complexity for client

• Improved regulatory compliance through


fewer ACH returns
16
2 REPAY Has Built a Leading Next-Gen Software Platform

Value Proposition to REPAY’s Clients’


End Customers

• Self-service capabilities through ability to pay anywhere,


any way and any time, 24 / 7

• Option to make real-time payments through use of card


transactions
Pay
Businesses and
• Immediate feedback that payment Consumers
has been processed Anywhere,
Any Way,
• Omni-channel payment methods Any Time
(e.g. Web, Mobile, IVR, Text)

• Fewer ancillary charges (e.g. NSF fees) for borrowers


through automatic recurring online debit card payments
17
3 Key Software Integrations Accelerate Distribution

REPAY leverages a vertically tiered sales strategy supplemented by


software integrations to drive new client acquisitions

Sales Strategy / Distribution Model Software Integrations


300

250 55% 225


CAGR
222
Tier 3
(Direct 200
Sales)
$5MM+
Monthly Volume 150 124

Tier 2 100
(Direct Sales) 70
$1MM – $5MM Monthly Volume 53
50 37
16 25

Tier 1 0
(Call Center) 2015A 2016A 2017A 2018A 2019A 2020A 2021A Q1 2022A
<$1MM Monthly Volume
NUMBER OF SOFTWARE
INTEGRATION PARTNERS
18
4 Attractive and Diverse Client Base Across Key Verticals
REPAY’s platform provides significant value to >19,000(1) clients offering solutions across
a variety of industry verticals
Percentage of Card Payment Volume(2)
B2B
LOAN REPAYMENT
• One-stop shop B2B payments solutions provider, offering AP
automation and B2B merchant acquiring solutions
• Market leader in personal loans, automotive
loans and mortgage servicing 20% • Integrations with ~85 leading ERP platforms, serving a highly
diversified client base across a wide range of industry
• Blue chip ISV partnerships and ~5,000(2) clients, including
verticals
210+(2) credit unions
• Recent expansions into adjacent
Buy-Now-Pay-Later vertical as well
as Canada ARM
50% 10% • Deep domain expertise in compliance, underwriting and risk
management
• Omni-channel payment options integrated
into 100% of solution providers
offering solutions across a
10%
variety of industry verticals
OTHER HEALTHCARE

• Expanding presence in nascent markets with increasing card • Emerging software and payments platform
10% in large and growing $420Bn(3) healthcare payments market
penetration (i.e., energy)
• Best-in-class processing technology solutions • Comprehensive, streamlined payments acceptance and
for ISOs, acquirers and owned clients communications solutions

1) Management estimate, including TriSource, APS, Ventanex, cPayPlus, CPS Payments , BillingTree, Kontrol Payables and Payix as of 3/31/2022
2) As of 3/31/2022
3) Represents out-of-pocket payments to providers
19
5 Demonstrated Ability to Acquire and Successfully Integrate Businesses

Represents a significant opportunity to enhance organic growth in existing verticals


and accelerate entry into new markets and services

THEME ACQUISITIONS RATIONALE


* *
* • Expansion into the Healthcare,
2016 2017 2019 2020 Automotive, Receivables Management,
New Vertical Expansion B2B Acquiring, B2B Healthcare, Mortgage
* * * * *
Servicing, B2B AP Automation, BNPL
2020 2020 2021 2021 2021 verticals

Deepen Presence in * * • Accelerates expansion into Automotive,


Credit Union and Receivables
Existing Verticals 2017 2021 2021 Management verticals

• Back-end transaction processing


*
Extend Solution Set via * capabilities, which enhance M&A strategy
New Capabilities 2019 2020 • Value-add complex exception processing
capabilities
*Completed since becoming a public company

Demonstrated ability to source, acquire and integrate Dedicated team to manage robust
various targets across different verticals M&A pipeline
20
5 Multiple Levers to Continue to Drive Growth

EXECUTE ON EXISTING BUSINESS

REPAY’s leading platform


& attractive market
opportunity position it to
build EXPAND USAGE AND ACQUIRE NEW CLIENTS IN OPERATIONAL
INCREASE ADOPTION* EXISTING VERTICALS EFFICIENCIES
on its record
of robust growth &
BROADEN ADDRESSABLE MARKET AND SOLUTIONS
profitability

FUTURE MARKET EXPANSION STRATEGIC


OPPORTUNITIES M&A
*Majority of growth derived from further penetration
of existing client base
21
6 Experienced Board with Deep Payments Expertise

9-member board of
directors comprised of John Morris Shaler Alias Paul Garcia Maryann Goebel
CEO & Co-Founder President & Co-Founder Former Chairman Former CIO, Fiserv
industry veterans and and CEO,
Global Payments
influential leaders
in the financial
services and payment
industries

Bob Hartheimer William Jacobs Peter Kight Emnet Rios Richard Thornburgh
Former Managing Director, Former SVP, Chairman, Founder of CFO and COO, Senior Advisor, Corsair
Promontory Mastercard / Board CheckFree / Former Vice Digital Asset
Member, Global Payments Chairman, Fiserv
and Green Dot
22

REPAY Financial
3 Overview
23

Financial Highlights

REPAY’s Unique Model Translates Into A Highly Attractive Financial Profile

$20.5B 225 76% 38% 44% 41%


2021 ANNUAL CARD SOFTWARE CASH FLOW HISTORICAL CARD HISTORICAL GROSS HISTORICAL ADJUSTED
PAYMENT VOLUME INTEGRATIONS(1) CONVERSION(2) PAYMENT PROFIT CAGR(3) EBITDA CAGR(3)
VOLUME CAGR(3)

✓ Low volume attrition and low risk portfolio ✓ Deeply integrated with customer base

✓ Differentiated technology platform & ecosystem ✓ Recurring transaction / volume-based revenue

1) As of 3/31/2022
2) 2021A Cash Flow Conversion calculated as Adjusted EBITDA – Capex / Adjusted EBITDA
3) CAGR is from 2019A-2021A
24

Significant Volume and Revenue Growth

TOTAL CARD PAYMENT VOLUME ($BN) TOTAL REVENUE ($MM)

REPAY has generated strong, consistent volume growth, resulting REPAY’s revenue growth has been strong, resulting in 45% CAGR from 2019
in ~$20.5Bn in annual card processing volume in 2021 to 2021

38% CAGR $20.5 45% CAGR $219.3

$15.2 $155.0
$10.7 $104.6

2019A 2020A 2021A 2019A 2020A 2021A


YoY 42% 44% 42% YoY 27% 48% 35%
Growth Growth
25

...Translating into Accelerating Profitability

GROSS PROFIT ($MM)(1) ADJUSTED EBITDA ($MM)(2)

Gross margins are improving due to a decrease in processing costs Highly scalable platform with attractive margins

44% CAGR $163.8 41% CAGR $93.2

$113.6 $59.6
$78.7 $45.9

2019A 2020A 2021A 2019A 2020A 2021A


% Margin 75% 73% 75% % Margin 44% 38% 43%

1) Gross profit represents total revenue less other costs of services


2) See “Adjusted EBITDA Reconciliation” on slide 26
26

Adjusted EBITDA Reconciliation – Historical


Note: Financials have been updated to match the Company’s restated financials in its Form 10-K for the year ended December 31, 2020.
($MM) 2019A 2020A(15) 2021A 1) For the year ended December 31, 2021, reflects amortization of customer relationships, non-compete agreement, software, and channel relationship
intangibles acquired through the Business Combination, and customer relationships, non-compete agreement, and software intangibles acquired through
Net Loss ($70.6) ($117.4) ($56.0) REPAY’s acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS Payments, BillingTree and Kontrol Payables. For the year ended
December 31, 2020 reflects amortization of customer relationships, non-compete agreement, software, and channel relationship intangibles acquired
through the Business Combination, and customer relationships, non-compete agreement, and software intangibles acquired through REPAY’s acquisitions
of TriSource Solutions, APS Payments, Ventanex, cPayPlus and CPS. This adjustment excludes the amortization of other intangible assets which were
Interest Expense 9.1 14.4 3.7 acquired in the regular course of business, such as capitalized internally developed software and purchased software. For the year ended December 31,
2019, reflects amortization of client relationships intangibles acquired through Hawk Parent’s acquisitions and the recapitalization transaction in 2016 and
Depreciation and Amortization(1) 30.0 60.8 89.7 the acquisition of TriSource Solutions and APS Payments. This adjustment excludes the amortization of other intangible assets which were acquired in the
regular course of business, such as capitalized internally developed software and purchased software.
Income Tax Benefit (5.0) (12.4) (30.7) 2) Reflects write-offs of debt issuance costs relating to Hawk Parent’s term loans.
EBITDA ($36.5) ($54.5) $6.6 3) Reflects realized loss of REPAY’s interest rate hedging arrangement which terminated in conjunction with the repayment of Term Loans.
4) Reflects the mark-to-market fair value adjustments of the warrant liabilities.
5) Reflects the changes in management’s estimates of future cash consideration to be paid in connection with prior acquisitions from the amount estimated
as of the most recent balance sheet date.
Loss on extinguishment of debt(2) 1.4 – 5.9 6) Reflects the changes in management’s estimates of the fair value of the liability relating to the Tax Receivable Agreement.
7) Represents compensation expense associated with equity compensation plans, totaling $22,311,251 in the year ended December 31, 2021, and totaling
Loss on termination of interest rate hedge(3) – – 9.1 $19,445,800 in the year ended December 31, 2020, and totaling $22,922,265 in the year ended December 31, 2019.
8) Primarily consists of (i) during the year ended December 31, 2021, professional service fees and other costs incurred in connection with the acquisitions of
Non-cash change in fair value of warrant liabilities(4) 15.3 70.8 – Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix, as well as professional service expenses related to the January 2021 equity and
convertible notes offerings, and (ii) during the year ended December 31, 2020, professional service fees and other costs incurred in connection with the
Non-cash change in fair value of contingent consideration(5) – (2.5) 5.8 acquisition of CPS Payments, and additional transaction expenses incurred in connection with the Business Combination and the acquisitions of TriSource
Solutions, APS Payments, Ventanex and cPayPlus, as well as professional service expenses related to the June 2020 and September 2020 equity offerings,
Non-cash change in fair value of assets and liabilities(6) 1.6 12.4 14.1 and (iiI) during the year ended December 31, 2019, professional service fees and other costs in connection with the Business Combination, as well as the
acquisitions of TriSource Solutions and APS Payments.
Share-based compensation expense(7) 22.9 19.4 22.3 9) Reflects management fees paid to Corsair Investments, L.P. pursuant to the management agreement, which terminated upon the completion of the
Business Combination.
Transaction expenses(8) 40.1 10.9 19.3 10) Represents payments made to third-party recruiters in connection with a significant expansion of REPAY’s personnel, which REPAY expects will become
more moderate in subsequent periods.
Management fees(9) 0.2 – – 11) Reflects franchise taxes and other non-income based taxes.
12) Reflects consulting fees related to processing services and other operational improvements, including restructuring and integration activities related to
Employee recruiting costs(10) 0.1 0.2 0.6 acquired businesses, that were not in the ordinary course during the years ended December 31, 2021, 2020 and 2019.
13) For the years ended December 31, 2021 and 2020, reflects extraordinary refunds to clients and other payments related to COVID-19. Additionally, in the
Other taxes(11) 0.2 0.4 1.0 year ended December 31, 2021, reflects non-cash rent expense and loss on disposal of fixed assets, and in the year ended December 31, 2020, reflects
expenses incurred related to one-time accounting system and compensation plan implementation related to becoming a public company. For the year
Restructuring and other strategic initiative costs(12) 0.4 1.1 4.6 ended December 31, 2019, reflects expenses incurred related to other one-time legal and compliance matters, as well as a one-time credit issued to a
customer which was not in the ordinary course of business.
Other non-recurring charges(13) 0.2 1.2 3.9 14) Represents fully discretionary charges incurred to restructure certain sales representatives’ commission arrangements, by making a one-time payment to
the representative to buy out the right to receive future monthly commission payments associated with a portfolio of client contracts. The commission
restructuring transactions are subject to negotiation and therefore do not follow a fixed structure, timetable or standard terms. Neither the Company nor
Adjusted EBITDA, revised definition $45.9 $59.6 $93.2 the representatives are obligated to offer or accept such restructuring of commission arrangements. Beginning the quarter ended December 31, 2021,
REPAY changed its method of calculating Adjusted EBITDA by removing the adjustment related to legacy commission restructuring charges.
15) Does not include adjustments of $32.6 million for the year ended December 31, 2020, which were presented as pro forma adjustments in previously filed
reports, for incremental depreciation and amortization recorded due to fair-value adjustments for Hawk Parent under ASC 805 as a result of Business
Revised definition no longer adjusts for: Combination.

Commission restructuring charges(14) 2.6 8.6 2.5


Adjusted EBITDA, previous definition $48.4 $68.2 $95.7
Thank you

You might also like