Repay (RPAY) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	Repay Holdings Corporation
Entity Central Index Key	0001720592
Entity Tax Identification Number	98-1496050
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity File Number	001-38531
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Address, Address Line One	3 West Paces Ferry Road
Entity Address, Address Line Two	Suite 200
Entity Address, Postal Zip Code	30305
City Area Code	404
Local Phone Number	504-7472
Entity Incorporation, State or Country Code	DE
Trading Symbol	RPAY
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Address, State or Province	GA
Entity Address, City or Town	Atlanta
Class A Common Stock
Entity Common Stock, Shares Outstanding		95,786,041
Class V Common Stock
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 128,318	$ 118,096
Accounts receivable	39,984	36,017
Prepaid expenses and other	15,727	15,209
Total current assets	184,029	169,322
Property, plant and equipment, net	2,642	3,133
Restricted cash	26,512	26,049
Intangible assets, net	431,734	447,141
Goodwill	716,793	716,793
Operating lease right-of-use assets, net	5,939	8,023
Deferred tax assets	146,571	146,872
Other assets	2,500	2,500
Total noncurrent assets	1,332,691	1,350,511
Total assets	1,516,720	1,519,833
Liabilities
Accounts payable	23,709	22,030
Accrued expenses	27,924	32,906
Current operating lease liabilities	1,241	1,629
Current tax receivable agreement		580
Other current liabilities	549	318
Total current liabilities	53,423	57,463
Long-term debt	434,877	434,166
Noncurrent operating lease liabilities	5,435	7,247
Tax receivable agreement, net of current portion	191,244	188,331
Other liabilities	2,443	1,838
Total noncurrent liabilities	633,999	631,582
Total liabilities	687,422	689,045
Commitments and contingencies (Note 10)
Stockholders' equity
Treasury stock, 1,416,510 shares as of March 31, 2024 and December 31, 2023	(12,528)	(12,528)
Additional paid-in capital	1,155,215	1,151,324
Accumulated deficit	(328,882)	(323,670)
Total Repay stockholders' equity	813,814	815,135
Non-controlling interests	15,484	15,653
Total equity	829,298	830,788
Total liabilities and equity	1,516,720	1,519,833
Class A Common Stock
Stockholders' equity
Common stock value	$ 9	$ 9

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Treasury stock, shares	1,416,510	1,416,510
Class A Common Stock
Common shares, par value	$ 0.0001	$ 0.0001
Common shares, shares authorized	2,000,000,000	2,000,000,000
Common shares, shares issued	92,910,302	92,220,494
Common shares, shares outstanding	91,493,792	90,803,984
Class V Common Stock
Common shares, par value	$ 0.0001	$ 0.0001
Common shares, shares authorized	1,000	1,000
Common shares, shares issued	100	100
Common shares, shares outstanding	100	100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 80,720	$ 74,537
Operating expenses
Costs of services (exclusive of depreciation and amortization shown separately below)	19,175	17,965
Selling, general and administrative	37,021	38,518
Depreciation and amortization	27,028	26,140
Loss on business disposition		9,878
Total operating expenses	83,224	92,501
Loss from operations	(2,504)	(17,964)
Other income (expense)
Interest income (expense), net	380	(923)
Change in fair value of tax receivable liability	(2,913)	(4,538)
Other (loss) income, net	(26)	(150)
Total other income (expense)	(2,559)	(5,611)
Loss before income tax expense	(5,063)	(23,575)
Income tax expense	(302)	(4,357)
Net loss	(5,365)	(27,932)
Less: Net loss attributable to non-controlling interests	(153)	(1,540)
Net loss attributable to the Company	$ (5,212)	$ (26,392)
Loss per Class A share attributable to the Company:
Basic	$ (0.06)	$ (0.3)
Diluted	$ (0.06)	$ (0.3)
Weighted-average shares outstanding:
Basic	91,218,208	88,615,760
Diluted	91,218,208	88,615,760

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class V Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Non-controlling Interests
Balance at Dec. 31, 2022	$ 928,293	$ 9		$ 1,117,733	$ (10,000)	$ (213,180)	$ 33,731
Balance, shares at Dec. 31, 2022		88,276,613	100
Exchange of Post-Merger Repay Units				61			(61)
Exchange of Post-Merger Repay Units Shares		14,460
Release of share awards vested under Incentive Plan, Shares		528,843
Tax withholding related to shares vesting under Incentive Plan	(1,205)			(1,210)			5
Tax withholding related to shares vesting under Incentive Plan, Shares		(147,727)
Stock-based compensation	4,053			4,134			(81)
Tax distribution from Hawk Parent	(54)						(54)
Net loss	(27,932)					(26,392)	(1,540)
Balance at Mar. 31, 2023	903,155	$ 9		1,120,718	(10,000)	(239,572)	32,000
Balance, shares at Mar. 31, 2023		88,672,189	100
Balance at Dec. 31, 2023	830,788	$ 9		1,151,324	(12,528)	(323,670)	15,653
Balance, shares at Dec. 31, 2023		90,803,984	100
Release of share awards vested under Incentive Plan, Shares		935,184
Tax withholding related to shares vesting under Incentive Plan	(2,407)			(2,412)			5
Tax withholding related to shares vesting under Incentive Plan, Shares		(245,376)
Stock-based compensation	6,282			6,303			(21)
Net loss	(5,365)					(5,212)	(153)
Balance at Mar. 31, 2024	$ 829,298	$ 9		$ 1,155,215	$ (12,528)	$ (328,882)	$ 15,484
Balance, shares at Mar. 31, 2024		91,493,792	100

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (5,365,000)	$ (27,932,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	27,028,000	26,140,000
Stock based compensation	6,282,000	4,054,000
Amortization of debt issuance costs	712,000	712,000
Loss on business disposition		9,878,000
Fair value change in tax receivable agreement liability	2,913,000	4,538,000
Deferred tax expense	302,000	4,357,000
Change in accounts receivable	(3,967,000)	(2,541,000)
Change in prepaid expenses and other	(520,000)	3,921,000
Change in operating lease ROU assets	2,084,000	270,000
Change in accounts payable	1,679,000	(916,000)
Change in related party payable		435,000
Change in accrued expenses and other	(4,982,000)	(1,716,000)
Change in operating lease liabilities	(2,201,000)	(264,000)
Change in other liabilities	836,000	(105,000)
Net cash provided by operating activities	24,801,000	20,831,000
Cash flows from investing activities
Purchases of property and equipment	(87,000)	(528,000)
Capitalized software development costs	(11,042,000)	(13,201,000)
Proceeds from sale of business, net of cash retained		40,423,000
Net cash (used in) provided by investing activities	(11,129,000)	26,694,000
Cash flows from financing activities
Payments on long-term debt		(20,000,000)
Payments for tax withholding related to shares vesting under Incentive Plan	(2,407,000)	(1,205,000)
Distributions to Members		(54,000)
Payment of Tax Receivable Agreement ("TRA")	(580,000)
Payment of contingent consideration liability up to acquisition-date fair value		(1,000,000)
Net cash used in financing activities	(2,987,000)	(22,259,000)
Increase in cash, cash equivalents and restricted cash	10,685,000	25,266,000
Cash, cash equivalents and restricted cash at beginning of period	144,145,000	93,563,000	$ 93,563,000
Cash, cash equivalents and restricted cash at end of period	154,830,000	118,829,000	$ 144,145,000
Cash paid during the year for:
Interest	$ 200,000	$ 449,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,212)	$ (26,392)

Insider Trading Arrangements

Insider Trading Arrangements - Directors or Officers	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Organizational Structure and Co

Organizational Structure and Corporate Information	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Organizational Structure and Corporate Information	1. Organizational Structure and Corporate Information Repay Holdings Corporation was incorporated as a Delaware corporation on July 11, 2019 in connection with the closing of a transaction (the “Business Combination”) pursuant to which Thunder Bridge Acquisition Ltd., a special purpose acquisition company organized under the laws of the Cayman Islands (“Thunder Bridge”), (a) domesticated into a Delaware corporation and changed its name to “Repay Holdings Corporation” and (b) consummated the merger of a wholly owned subsidiary of Thunder Bridge with and into Hawk Parent Holdings, LLC, a Delaware limited liability company (“Hawk Parent”). Throughout this section, unless otherwise noted or unless the context otherwise requires, the terms “we”, “us”, “Repay” and the “Company” and similar references refer to Repay Holdings Corporation and its consolidated subsidiaries. The Company is headquartered in Atlanta, Georgia.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Condensed Consolidated Financial Statements These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited condensed consolidated financial statements and accompanying notes, which are included in the Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with instructions to Form 10-Q and Rule 10-01 of SEC Regulation S-X as they apply to interim financial information. Accordingly, the interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company uses the accrual basis of accounting whereby revenues are recognized when earned, usually upon the date services are rendered, and expenses are recognized at the date services are rendered or goods are received. The interim condensed consolidated financial statements are unaudited, but in the Company’s opinion include all adjustments of a normal recurring nature or a description of the nature and amount of any adjustments other than normal recurring adjustments, operations and cash flows as of and for the periods presented. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year. Principles of Consolidation The condensed consolidated financial statements include the accounts of Repay Holdings Corporation and its majority-owned subsidiary, Hawk Parent Holdings LLC, along with Hawk Parent Holdings LLC’s wholly owned subsidiaries: Hawk Intermediate Holdings, LLC, Hawk Buyer Holdings, LLC, Repay Holdings, LLC, M&A Ventures, LLC, Repay Management Holdco Inc., Repay Management Services LLC, Sigma Acquisition, LLC, Wildcat Acquisition, LLC, Marlin Acquirer, LLC, REPAY International LLC, REPAY Canada Solutions ULC, TriSource Solutions, LLC (“TriSource”), Mesa Acquirer, LLC, CDT Technologies LTD (“Ventanex”), Viking GP Holdings, LLC, cPayPlus, LLC (“cPayPlus”), CPS Payment Services, LLC, Media Payments, LLC, Custom Payment Systems, LLC, Electronic Payment Providers, LLC, Internet Payment Exchange, LLC, Stratus Payment Solutions, LLC, Clear Payment Solutions, LLC, Harbor Acquisition LLC , Payix Holdings Incorporated and Payix Incorporated. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates 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 Condensed Consolidated Statements of Operations during the reporting period. Actual results could differ materially from those estimates. Reclassifications The Company changed its presentation for Interest expense to Interest income (expense), net within the Condensed Consolidated Statements of Operations. Prior period amounts have been revised to conform to the current presentation. Segment Reporting The Company reports operating results through two reportable segments: (1) Consumer Payments and (2) Business Payments, as further discussed in Note 13. Segments. Recently Issued Accounting Pronouncements not yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)”. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the effects of ASU No. 2023-07 on its Consolidated Financial Statements. Income Taxes In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosure s (“ASU 2023-09”)”. ASU 2023-09 requires public business entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the effects of ASU No. 2023-09 on its Consolidated Financial Statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue Disaggregation of revenue The Company’s revenue is from two types of relationships: (i) direct relationships and (ii) indirect relationships. The following table presents the Company’s revenue disaggregated by segment and by the type of relationship for the periods indicated. Three Months Ended March 31, 2024 ($ in thousands) Consumer Payments Business Payments Elimination of intersegment revenues Total Revenue Direct relationships $ 73,311 $ 9,471 $ ( 5,093 ) $ 77,689 Indirect relationships 2,825 206 — 3,031 Total Revenue $ 76,136 $ 9,677 $ ( 5,093 ) $ 80,720 Three Months Ended March 31, 2023 ($ in thousands) Consumer Payments Business Payments Elimination of intersegment revenues Total Revenue Direct relationships $ 66,473 $ 8,434 $ ( 4,078 ) $ 70,829 Indirect relationships 3,467 241 — 3,708 Total Revenue $ 69,940 $ 8,675 $ ( 4,078 ) $ 74,537 When the Company’s right to consideration for performance is contingent upon a future event or satisfaction of additional performance obligations, the amount of revenues the Company has recognized in excess of the amount the Company has billed to the client is recognized as a contract asset. The c ontract asset balanc e was $ 1.3 million and $ 1.4 million as of March 31, 2024 and December 31, 2023 , respectively, and is included within Prepaid expenses and other in the Consolidated Balance Sheets.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	4. Earnings Per Share During the three months ended March 31, 2024 and 2023, basic and diluted net loss per common share are the same since the inclusion of the assumed exchange of all limited liability company interests of Hawk Parent (“Post-Merger Repay Units”), unvested share-based awards, outstanding stock options and the Company’s Convertible Senior Notes due 2026 (“2026 Notes”) would have been anti-dilutive. The following table summarizes net loss attributable to the Company and the weighted average basic and diluted shares outstanding: Three Months Ended March 31, ($ in thousands, except per share data) 2024 2023 Loss before income tax expense $ ( 5,063 ) $ ( 23,575 ) Less: Net loss attributable to non-controlling interests ( 153 ) ( 1,540 ) Income tax expense ( 302 ) ( 4,357 ) Net loss attributable to the Company $ ( 5,212 ) $ ( 26,392 ) Weighted average shares of Class A common stock outstanding - basic and diluted 91,218,208 88,615,760 Loss per share of Class A common stock outstanding - basic and diluted $ ( 0.06 ) $ ( 0.30 ) For the three months ended March 31, 2024 and 2023, the following common stock equivalent shares were excluded from the computation of the diluted loss per share, since their inclusion would have been anti-dilutive: Three Months Ended March 31, 2024 2023 Post-Merger Repay Units exchangeable for Class A common stock 5,844,095 7,861,271 Unvested share-based awards of Class A common stock 6,072,126 5,906,580 Outstanding stock options for Class A common stock 1,148,822 1,148,822 2026 Notes convertible into Class A common stock 13,095,238 13,095,238 Share equivalents excluded from loss per share 26,160,281 28,011,911 Shares of the Company’s Class V common stock do not participate in the earnings or losses of the Company and, therefore, are not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V common stock under the two-class method has not been presented. Each share of the Company’s Class V common stock gives the holder the right to vote the number of shares corresponding to the number of Post-Merger Repay Units held by that holder, but shares of Class V common stock have no economic rights.

Business Disposition

Business Disposition	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Business Disposition	5. Business Disposition On February 15, 2023, the Company sold Blue Cow Software, LLC and a related entity (“BCS”) within the Consumer Payments segment for cash proceeds of $ 41.9 million. During the three months ended March 31, 2023, the Company recognized a loss of $ 9.9 million associated with the sale, comprised of the difference between the consideration received and the net carrying amount of the assets and liabilities of the business within Loss on business disposition in the Company’s Condensed Consolidated Statement of Operations. In connection with the disposition of BCS, the Company recognized a reduction in goodwill of $ 35.3 million within the Consumer Payments segment. See Note 8. Goodwill for further discussion. For the three months ended March 31, 2023, BCS contributed $ 1.2 million to the Consumer Payments segment revenue. Transaction Expenses The Company incurred transaction expenses of $ 3.4 million for the three months ended March 31, 2023 related to the disposition of BCS. Transaction expenses are included within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	6. Fair Value The following table summarizes, by level within the fair value hierarchy, estimated fair values of the Company’s assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Condensed Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. March 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 128,318 $ — $ — $ 128,318 Restricted cash 26,512 — — 26,512 Other assets — 2,500 — 2,500 Total assets $ 154,830 $ 2,500 $ — $ 157,330 Liabilities: Borrowings $ — $ 407,550 $ — $ 407,550 Tax receivable agreement — — 191,244 191,244 Total liabilities $ — $ 407,550 $ 191,244 $ 598,794 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 118,096 $ — $ — $ 118,096 Restricted cash 26,049 — — 26,049 Other assets — 2,500 — 2,500 Total assets $ 144,145 $ 2,500 $ — $ 146,645 Liabilities: Borrowings $ — $ 375,650 $ — $ 375,650 Tax receivable agreement — — 188,911 188,911 Total liabilities $ — $ 375,650 $ 188,911 $ 564,561 Cash and cash equivalents Cash and cash equivalents contains cash on hand, demand deposit accounts, money market accounts and short term investments with original maturities of three months or less. They are classified within Level 1 of the fair value hierarchy, under Accounting Standard Codification (“ASC”) 820, Fair Value Measurements (“ASC 820”), as the price is obtained from quoted market prices in an active market. The carrying amounts of the Company’s cash and cash equivalents approximate their fair values due to the short maturities and highly liquid nature of these accounts. Restricted Cash Restricted cash is classified within Level 1 of the fair value hierarchy under ASC 820, as the primary component is cash that is used as collateral for debts. The carrying amounts of the Company’s restricted cash approximate their fair values due to the highly liquid nature. Other assets Other assets contain a minority equity investment in a privately-held company. The Company elected a measurement alternative for measuring this investment, in which the carrying amount is adjusted based on any observable price changes in orderly transactions. The investment is classified as Level 2 as observable adjustments to value are infrequent and occur in an inactive market. Borrowings The revolving credit facility and 2026 Notes are measured at amortized cost, which the carrying value is unpaid principal net of unamortized debt discount and debt issuance costs. The estimated fair value of the revolving credit facility approximates the unpaid principal because its interest rate approximates market interest rates. The estimated fair value of the 2026 Notes is determined using the quoted prices from over-the-counter markets. The estimated fair value of the Company’s borrowings is classified within Level 2 of the fair value hierarchy, as the market interest rates and quoted prices are generally observable and do not contain a high level of subjectivity. As of March 31, 2024 and December 31, 2023 , the Company had $ 0 drawn against the revolving credit facility. The following table provides the carrying value and estimated fair value of borrowings. See Note 9. Borrowings for further discussion on borrowings. March 31, 2024 December 31, 2023 ($ in thousands) Carrying value Fair value Carrying value Fair value 2026 Notes $ 434,877 $ 407,550 $ 434,166 $ 375,650 Tax Receivable Agreement Upon the completion of the Business Combination, the Company entered into the TRA with holders of Post-Merger Repay Units. As a result of the TRA, the Company established a liability in its condensed consolidated financial statements. The TRA is recorded at fair value based on estimates of discounted future cash flows associated with the estimated payments to the Post-Merger Repay Unit holders. These inputs are not observable in the market; thus, the TRA is classified within Level 3 of the fair value hierarchy, under ASC 820. The change in fair value is re-measured at each reporting period with the change in fair value being recognized in accordance with ASC 805, Business Combinations , which is recorded within Change in fair value of tax receivable liability in the Company’s Condensed Consolidated Statements of Operations. The Company used a discount rate, also referred to as the Early Termination Rate, as defined in the TRA, to determine the prese nt value, based on a risk-free rate plus a spread , pursuant to the TRA. A rate of 7.06 % was applied to the forecasted TRA payments at March 31, 2024, in order to determine the fair value. A significant increase or decrease in the discount rate could have resulted in a lower or higher balance, respectively, as of the measurement date. During the three months ended March 31, 2024, t he TRA balance was adjusted by $ 2.3 million thr ough a payment, accretion expense and a valuation adjustment, related to a decrease in the income tax rate used to measure the TRA as of the Early Termination Date and a decrease in the discount rate, which was 7.1 % as of December 31, 2023. The following table provides a rollforward of the TRA related to the acquisition and exchanges of Post-Merger Repay Units. See Note 12. Taxation for further discussion on the TRA. Three Months Ended March 31, ($ in thousands) 2024 2023 Balance at beginning of period $ 188,911 $ 179,127 Purchases — 31 Payments ( 580 ) — Accretion expense 3,324 — Valuation adjustment ( 411 ) 4,538 Balance at end of period $ 191,244 $ 183,696

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	7. Intangible Assets The Company holds definite and indefinite-lived intangible assets. As of March 31, 2024 and December 31, 2023 , the indefinite-lived intangible assets consist of one trade name, arising from the acquisition of Hawk Parent. Intangible assets consisted of the following: ($ in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Useful Life (Years) Client relationships $ 523,850 $ 203,770 $ 320,080 6.07 Channel relationships 29,885 5,549 24,336 8.14 Software costs 257,938 190,770 67,168 0.78 Non-compete agreements 4,580 4,430 150 0.16 Trade name 20,000 — 20,000 — Balance as of March 31, 2024 $ 836,253 $ 404,519 $ 431,734 4.44 Client relationships $ 523,850 $ 190,591 $ 333,259 6.32 Channel relationships 29,785 4,792 24,993 8.39 Software costs 246,996 178,323 68,673 0.83 Non-compete agreements 4,580 4,364 216 0.23 Trade name 20,000 — 20,000 — Balance as of December 31, 2023 $ 825,211 $ 378,070 $ 447,141 4.68 The Company’s amortization expense for intangible assets was $ 26.4 million and $ 25.4 million for the three months ended March 31, 2024 and 2023, respectively. The estimated amortization expense for the next five years and thereafter in the aggregate is as follows: ($ in thousands) Estimated Future Year Ending December 31, Amortization Expense 2024 $ 72,126 2025 74,071 2026 67,199 2027 55,024 2028 55,167 Thereafter 88,147

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	8. Goodwill There were no changes in the carrying amount of goodwill for either the Consumer Payments or Business Payments segment during the three months ended March 31, 2024. The Company concluded that goodwill was no t impaired for either the Consumer Payments or Business Payments segment as of March 31, 2024. As of March 31, 2024 and December 31, 2023 , accumulated impairment losses were $ 75.7 million for the Business Payments segment.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings	9. Borrowings Amended Credit Agreement On February 3, 2021, the Company announced the closing of a new undrawn $ 125.0 million senior secured revolving credit facility through Truist Bank (the “Amended Credit Agreement”). On December 29, 2021, the Company increased its existing senior secured credit facility by $ 60.0 million to provide for a $ 185.0 million revolving credit facility in favor of Hawk Parent pursuant to an amendment to the Amended Credit Agreement. The revolving credit facility is guaranteed by Repay Holdings Corporation and certain of its subsidiaries. On February 9, 2023, the Company further amended the Amended Credit Agreement to replace London Inter-bank Offer Rate (“LIBOR”) with term Secured Overnight Financing Rate (“SOFR”) as the interest rate benchmark. On February 28, 2023, the Company repaid in full the entire amount of $ 20.0 million of the outstanding revolving credit facility. The undrawn capacity of the existing revolving credit facility under the Amended Credit Agreement became $ 185.0 million after the repayment. As of March 31, 2024 , the Company had $ 0 drawn against the revolving credit facility. The Company’s interest expense on the revolving credit facility, including unused commitment fees and amortization of deferred issuance costs, totale d $ 0.9 million and $ 1.2 million for the three months ended March 31, 2024 and 2023, respectively. Convertible Senior Debt On January 19, 2021, the Company issued $ 440.0 million in aggregate principal amount of 0.00 % Convertible Senior Notes due 2026 in a private placement. The initial conversion rate of any 2026 Notes was 29.7619 shares of Class A common stock per $1,000 principal amount of 2026 Notes (equivalent to an initial conversion price of approximately $ 33.60 per share of Class A common stock). Upon conversion of the 2026 Notes, the Company may choose to pay or deliver cash, shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock. The 2026 Notes will mature on February 1, 2026 , unless earlier converted, repurchased or redeemed. Subject to Nasdaq requirements, the Company controls the conversion rights prior to November 3, 2025, unless a fundamental change or an event of default occurs. During the three months ended March 31, 2024, the conversion contingencies of the 2026 Notes were not met, and the conversion terms of the 2026 Notes were not significantly changed. The following table summarizes the total borrowings under the Amended Credit Agreement and 2026 Notes: ($ in thousands) March 31, 2024 December 31, 2023 Non-current indebtedness: Convertible Senior Debt $ 440,000 $ 440,000 Total borrowings 440,000 440,000 Less: Long-term loan debt issuance cost (1) 5,123 5,834 Total non-current borrowings $ 434,877 $ 434,166 (1) The Company inc urred $ 0.7 million of in terest expense for the amortization of deferred debt issuance costs for the three months ended March 31, 2024 . The Company incurred $ 2.8 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2023 . The following is a summary of principal maturities of long‑term debt for each of the next five years ending December 31 and in the aggregate: ($ in thousands) 2024 $ — 2025 — 2026 440,000 2027 — 2028 — $ 440,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Matters The Company is a party to various claims and lawsuits incidental to its business. In the Company’s opinion, the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, are not expected to have a material adverse effect on its financial position, liquidity, results of operations or cash flows. Leases The Company has commitments under operating leases for real estate leased from third parties under non-cancelable operating leases. The Company’s leases typically have lease terms between three years and ten years , with the longest lease term having an expiration date in 2035 . Most of these leases include one or more renewal options for five years or less , and certain leases also include lessee termination options . At lease commencement, the Company assesses whether it is reasonably certain to exercise a renewal option, or reasonably certain not to exercise a termination option, by considering various economic factors. Options that are reasonably certain of being exercised are factored into the determination of the lease term, and related payments are included in the calculation of the right-of-use (“ROU”) asset and lease liability. On December 31, 2023, the Company entered an amendment for one of the existing leases to relocate to another space within the building commencing on August 1, 2024. The landlord provides a construction allowance, in the form of reimbursements, of up to $ 1.4 million related to approved improvements and renovations of the landlord’s property during the construction period between February 1, 2024 to July 31, 2024. As of March 31, 2024, no significant construction has taken place. During the three months ended March 31, 2024 , the Company recognized sublease income of $ 0.1 million within Other (loss) income in the Company’s Consolidated Statements of Operations. The components of lease cost are presented in the following table: Three Months Ended March 31, ($ in thousands) 2024 2023 Components of total lease costs: Operating lease cost $ 428 $ 659 Short-term lease cost 6 5 Variable lease cost — — Total lease cost $ 434 $ 664 Amounts reported in the Condensed Consolidated Balance Sheets were as follows: ($ in thousands) March 31, 2024 December 31, 2023 Operating leases: ROU assets $ 5,939 $ 8,023 Lease liability, current 1,241 1,629 Lease liability, long-term 5,435 7,247 Total lease liabilities $ 6,676 $ 8,876 Weighted-average remaining lease term (in years) 4.5 4.3 Weighted-average discount rate (annualized) 6.1 % 5.8 % Other information related to leases are as follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 551 $ 675 ROU assets obtained in exchange for lease liabilities: Operating leases — — The following table presents a maturity analysis of the Company’s operating leases liabilities as of March 31, 2024: ($ in thousands) 2024 $ 1,356 2025 1,390 2026 1,335 2027 924 2028 734 Thereafter 2,808 Total undiscounted lease payments 8,547 Less: Imputed interest 1,871 Total lease liabilities $ 6,676

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share Based Compensation	11. Share Based Compensation Omnibus Incentive Plan At the 2019 Annual Shareholders Meeting of Thunder Bridge, the shareholders considered and approved the 2019 Omnibus Incentive Plan (the “Incentive Plan”) which resulted in the reservation of 7,326,728 shares of Class A common stock for issuance thereunder. The Incentive Plan initially became effective immediately upon the closing of the Business Combination. In June 2022, the Incentive Plan was amended and restated to reserve a total of 13,826,728 shares of Class A common stock for issuance thereunder. Under this plan, the Company currently has four types of share-based compensation awards outstanding: performance stock units (“PSUs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based stock options (“PSOs”). Share-Based Awards The following table summarizes share-based compensation expense and the related income tax benefit recognized for the Company’s share-based compensation awards. Share-based compensation expenses are recorded within Selling, general and administrative in the Company’s Condensed Consolidated Statement of Operations. Three Months Ended March 31, ($ in millions) 2024 2023 Share-based compensation expense $ 6.3 $ 4.1 Income tax benefit 2.2 1.1 Activity for RSAs for the three months ended March 31, 2024 was as follows: Class A Common Stock Weighted Average Grant Date Fair Value Unvested at December 31, 2023 3,550,365 $ 9.26 Granted 1,832,799 7.97 Forfeited (1) 275,405 11.28 Vested 689,808 10.70 Unvested at March 31, 2024 4,417,951 $ 8.38 Activity for RSUs for the three months ended March 31, 2024 was as follows: Class A Common Stock Weighted Average Grant Date Fair Value Unvested at December 31, 2023 171,384 $ 7.41 Granted — — Forfeited — — Vested — — Unvested at March 31, 2024 171,384 $ 7.41 Activity for PSUs for the three months ended March 31, 2024 was as follows: Class A Common Stock (2) Weighted Average Grant Date Fair Value Unvested at December 31, 2023 1,482,791 $ 10.88 Granted — — Forfeited — — Vested — — Unvested at March 31, 2024 1,482,791 $ 10.88 (1) The forfeited shares include shares forfeited as a result of employee terminations and shares withheld to satisfy employees’ tax withholding and payment obligations in connection with the vesting of restricted stock awards under the Incentive Plan during the three months ended March 31, 2024 ; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan. (2) Represent shares to be paid out at 100 % target level. For PSUs, RSAs, and RSUs vested during the three months ended March 31, 2024 , the total fair value, based upon the Company’s Class A common stock price at the date vested, was $ 7.4 million. Unrecognized compensation expense related to unvested PSUs, RSAs and RSUs was $ 33.4 million at March 31, 2024 , which is expected to be recognized as expense over the weighted-average period of 2.0 years. Stock Options Activity for PSOs for the three months ended March 31, 2024 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2023 1,148,822 6.13 7.0 $ 2,768,661 Granted — — Forfeited — — Exercised — — Outstanding at March 31, 2024 1,148,822 $ 6.13 7.0 $ 5,594,763 Options vested and exercisable at March 31, 2024 — $ — — $ — The Company recognized compensation expense for PSOs of $ 0.5 million during the three months ended March 31, 2024. Unrecognized compensation expense related to outstanding PSOs was $ 1.1 million at March 31, 2024 , which is expected to be recognized as expense over the weighted-average period of 1.5 years. The weighted average grant date fair value of PSOs granted during the three months ended March 31, 2023 was $ 2.61 . Fair value was estimated on the date of grant using Monte Carlo simulation with the following weighted average assumptions: Three Months Ended March 31, 2023 Risk-free interest rate 3.42 % Expected volatility 52.82 % Dividend yield 0 % Expected term (in years) 4.5 The risk-free interest rate was based on the yield of a zero-coupon U.S. Treasury security with a maturity equal to the contractual term of seven years. The assumption on expected volatility was based on the average of historical peer group volatilities using daily prices. The dividend yield assumption was determined as 0 % since the Company pays no dividends. Expected term was based on the simplified method outlined in Staff Accounting Bulletin No. 14, Share-Based Payment due to the fact that Company does not have sufficient historical data upon which to estimate an expected term. Given that the Company’s Class A common stock has been publicly traded for less than seven years, the Company believes that the simplified method is an applicable methodology to estimate the expected term of the options as of the grant date. Employee Stock Purchase Plan On August 18, 2021, the Company’s stockholders approved the Repay Holdings Corporation 2021 Employee Stock Purchase Plan (the “ESPP”). The purpose of the ESPP is to provide eligible employees with the opportunity to purchase the Company’s Class A common stock through accumulated payroll deductions. A total of 1,000,000 shares of the Company’s Class A common stock are available for issuance under the ESPP. Under the ESPP, participants are offered the right to purchase shares of the Company’s Class A common stock at a discount during a series of offering periods. The length of the offering periods under the ESPP will be determined by the administrator and may be up to twenty-seven months long.

Taxation

Taxation	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Taxation	12. Taxation Repay Holdings Corporation is taxed as a corporation and is subject to paying corporate federal, state and local taxes on the income allocated to it from Hawk Parent, based upon Repay Holding Corporation’s economic interest held in Hawk Parent, as well as any stand-alone income or loss it generates. Hawk Parent is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Hawk Parent is not subject to U.S. federal and certain state and local income taxes. Hawk Parent’s members, including Repay Holdings Corporation, are liable for federal, state and local income taxes based on their allocable share of Hawk Parent’s pass-through taxable income. The Company’s effective tax rate was ( 6 %) for the three months ended March 31, 2024. The Company recorded an income tax expense of $ 0.3 million for the three months ended March 31, 2024. The effective tax rate for the three months ended March 31, 2024 includes a stock-based compensation adjustments net tax shortfall of $ 1.6 million related to restricted stock awards vesting and a $ 0.4 million state rate change impact on deferred taxes, which are required to be recorded discretely in the interim period in which they occur. The effective tax rate of the Company differs from the federal statutory rate of 21 % primarily due to the tax structure of the Company, the relative weighting of the noncontrolling interest, and lower income from operations over the current relevant period, as well as the aforementioned items required to be reported discretely in the interim period. The Company’s effective tax rate was ( 18 %) for the three months ended March 31, 2023 . The Company recorded an income tax expense of $ 4.4 million for the three months ended March 31, 2023. The effective tax rate for the three months ended March 31, 2023 includes a stock-based compensation adjustments net tax shortfall of $ 2.1 million related to restricted stock awards vesting, which is required to be recorded discretely in the interim period in which it occurs. In addition, the effective tax rate includes a net tax impact of $ 5.8 million related to the disposition of BCS, which is required to be recorded discretely in the interim period in which it occurs due to it being a significant, infrequently occurring item disclosed separately in the quarterly financial statements . The Company recognized an adjustment of $ 0.3 million for the three months ended March 31, 2024 , of deferred tax assets related to the income tax benefit and expense, respectively, derived from the net operating income generated over the same period. The Company recognized $( 4.4 ) million for the three months ended March 31, 2023, of deferred tax assets related to the income tax expense derived from the net operating income generated over the same period. Deferred tax assets, net of $ 146.6 million as of March 31, 2024 , relates primarily to the basis difference in the Company’s investment in Hawk Parent. The basis difference arose primarily as a result of the subsequent exchanges of Post-Merger Repay Units by the Company. In addition, as a result of the merger with BillingTree on June 15, 2021, an estimated opening deferred tax liability net of $ 36.1 million, as adjusted, was recorded. The merger was recognized as a Qualified Stock Purchase within the meaning of Internal Revenue Code (the “Code”) Section 338(d)(3). As such, no step up in the tax asset basis was permitted creating an estimated net deferred tax liability related to the tax asset basis difference in the investment in Hawk Parent on the opening balance sheet date. The Company did not recognize any adjustment to the deferred tax asset (“DTA”) and offsetting deferred tax liability (“DTL”) recorded as a result of the ceiling rule limitation arising under Code Sec. 704(c) for the three months ended March 31, 2024 , to account for the portion of the Company’s outside basis in the partnership interest that it will not recover through tax deductions. As the ceiling rule causes taxable income allocations to be in excess of 704(b) book allocations the DTL will unwind, leaving only the DTA, which may only be recovered through the sale of the partnership interest in Hawk Parent. The Company has concluded, based on the weight of all positive and negative evidence, that all of the DTA associated with the ceiling rule limitation is not likely to be realized. As such, a 100 % valuation allowance was recognized. No uncertain tax positions existed as of March 31, 2024. Tax Receivable Agreement Liability Pursuant to the Company’s election under Section 754 of the Code, the Company expects to obtain an increase in its share of the tax basis in the net assets of Hawk Parent when Post-Merger Repay Units are redeemed or exchanged for Class A common stock of Repay Holdings Corporation. The Company intends to treat any redemptions and exchanges of Post-Merger Repay Units as direct purchases for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. On July 11, 2019, the Company entered into a TRA that provides for the payment by the Company of 100 % of the amount of any tax benefits realized, or in some cases are deemed to realize, as a result of (i) increases in its share of the tax basis in the net assets of Hawk Parent resulting from any redemptions or exchanges of Post-Merger Repay Units and from its acquisition of the equity of the selling Hawk Parent members, (ii) tax basis increases attributable to payments made under the TRA, and (iii) deductions attributable to imputed interest pursuant to the TRA (the “TRA Payments”). The TRA Payments are not conditioned upon any continued ownership interest in Hawk Parent or the Company. The rights of each party under the TRA other than the Company are assignable. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the timing and amount of taxable income generated by the Company each year, as well as the tax rate then applicable, among other factors. As of March 31, 2024, the Company had a liability of $ 191.2 million related to its projected obligations under the TRA, which is captioned as tax receivable agreement liability in the Company’s Unaudited Condensed Consolidated Balance Sheet. The increase of $ 2.3 million in the TRA liability for the three months ended March 31, 2024, was primarily a result of the decrease in the Early Termination Rate and accretion, partially offset by a decrease in the tax rate and a payment of the current portion of the TRA liability, as reported at December 31, 2023, over the same period.

Segments

Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	13. Segments The Company organizes its business structure around two operating segments based on review of discrete financial results for each of the operating segments by the Company’s chief operating decision maker (“CODM”), for performance assessment and resource allocation purposes. Each of the Company’s operating segments represents a reportable segment based on ASC 280, Segment Reporting. The Company’s two reportable segments are as follows: (1) Consumer Payments and (2) Business Payments. Consumer Payments The Consumer Payments segment provides payment processing solutions (including debit and credit card processing, ACH processing and other electronic payment acceptance solutions, as well as our loan disbursement product) that enable the Company’s clients to collect payments and disburse funds to consumers and includes the Company’s clearing and settlement solutions (“RCS”) offering. RCS is the Company’s proprietary clearing and settlement platform through which the Company markets customizable payment processing programs to other Independent Sales Organizations (“ISOs”) and payment facilitators. The strategic vertical markets served by the Consumer Payments segment primarily include personal loans, automotive loans, receivables management, credit unions, mortgage servicing, consumer healthcare and diversified retail. The Consumer Payments segment represented approximately 88 % of the Company’s total revenue after any intersegment eliminations for the three months ended March 31, 2024. Business Payments The Business Payments segment provides payment processing solutions (including accounts payable automation, debit and credit card processing, virtual credit card processing, ACH processing and other electronic payment acceptance solutions) that enable the Company’s clients to collect or send payments to other businesses. The strategic vertical markets served within the Business Payments segment primarily include retail automotive, education, field services, governments and municipalities, healthcare, HOA management and hospitality. The Business Payments segment represented approximately 12 % of the Company’s total revenue after any intersegment eliminations for the three months ended March 31, 2024. The following table presents revenue and gross profit for each reportable segment. Three Months Ended March 31, ($ in thousand) 2024 2023 Revenue Consumer Payments $ 76,136 $ 69,940 Business Payments 9,677 8,675 Elimination of intersegment revenues (1) ( 5,093 ) ( 4,078 ) Total revenue $ 80,720 $ 74,537 Gross profit (2) Consumer Payments $ 59,591 $ 54,625 Business Payments 7,047 6,025 Elimination of intersegment revenues ( 5,093 ) ( 4,078 ) Total gross profit $ 61,545 $ 56,572 Total other operating expenses (3) $ 64,049 $ 74,536 Total other income (expense) ( 2,559 ) ( 5,611 ) Loss before income tax expense ( 5,063 ) ( 23,575 ) Income tax expense ( 302 ) ( 4,357 ) Net loss $ ( 5,365 ) $ ( 27,932 ) (1) Represents intercompany eliminations between segments for consolidation purpose. (2) Represents revenue less costs of services (exclusive of depreciation and amortization). (3) Represents total operating expenses less costs of services (exclusive of depreciation and amortization). Revenue and costs of services are attributed directly to each segment. There is no significant concentration of revenue or assets in foreign countries as of March 31, 2024 . The CODM reporting package does not include interest income (expense), net, depreciation and amortization, income tax benefit (expense) and discrete asset details of the operating segments as this information is not considered by the CODM for resource allocation or other segment analysis purposes.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent events Management has evaluated subsequent events and their potential effects on these unaudited condensed consolidated financial statements. Based upon the review, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Unaudited Interim Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited condensed consolidated financial statements and accompanying notes, which are included in the Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with instructions to Form 10-Q and Rule 10-01 of SEC Regulation S-X as they apply to interim financial information. Accordingly, the interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company uses the accrual basis of accounting whereby revenues are recognized when earned, usually upon the date services are rendered, and expenses are recognized at the date services are rendered or goods are received. The interim condensed consolidated financial statements are unaudited, but in the Company’s opinion include all adjustments of a normal recurring nature or a description of the nature and amount of any adjustments other than normal recurring adjustments, operations and cash flows as of and for the periods presented. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Repay Holdings Corporation and its majority-owned subsidiary, Hawk Parent Holdings LLC, along with Hawk Parent Holdings LLC’s wholly owned subsidiaries: Hawk Intermediate Holdings, LLC, Hawk Buyer Holdings, LLC, Repay Holdings, LLC, M&A Ventures, LLC, Repay Management Holdco Inc., Repay Management Services LLC, Sigma Acquisition, LLC, Wildcat Acquisition, LLC, Marlin Acquirer, LLC, REPAY International LLC, REPAY Canada Solutions ULC, TriSource Solutions, LLC (“TriSource”), Mesa Acquirer, LLC, CDT Technologies LTD (“Ventanex”), Viking GP Holdings, LLC, cPayPlus, LLC (“cPayPlus”), CPS Payment Services, LLC, Media Payments, LLC, Custom Payment Systems, LLC, Electronic Payment Providers, LLC, Internet Payment Exchange, LLC, Stratus Payment Solutions, LLC, Clear Payment Solutions, LLC, Harbor Acquisition LLC , Payix Holdings Incorporated and Payix Incorporated. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates 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 Condensed Consolidated Statements of Operations during the reporting period. Actual results could differ materially from those estimates.
Reclassifications	The Company changed its presentation for Interest expense to Interest income (expense), net within the Condensed Consolidated Statements of Operations. Prior period amounts have been revised to conform to the current presentation.
Segment Reporting	Segment Reporting The Company reports operating results through two reportable segments: (1) Consumer Payments and (2) Business Payments, as further discussed in Note 13. Segments.
Recently Issued Accounting Pronouncements not yet Adopted	Recently Issued Accounting Pronouncements not yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)”. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the effects of ASU No. 2023-07 on its Consolidated Financial Statements. Income Taxes In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosure s (“ASU 2023-09”)”. ASU 2023-09 requires public business entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the effects of ASU No. 2023-09 on its Consolidated Financial Statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents the Company’s revenue disaggregated by segment and by the type of relationship for the periods indicated. Three Months Ended March 31, 2024 ($ in thousands) Consumer Payments Business Payments Elimination of intersegment revenues Total Revenue Direct relationships $ 73,311 $ 9,471 $ ( 5,093 ) $ 77,689 Indirect relationships 2,825 206 — 3,031 Total Revenue $ 76,136 $ 9,677 $ ( 5,093 ) $ 80,720 Three Months Ended March 31, 2023 ($ in thousands) Consumer Payments Business Payments Elimination of intersegment revenues Total Revenue Direct relationships $ 66,473 $ 8,434 $ ( 4,078 ) $ 70,829 Indirect relationships 3,467 241 — 3,708 Total Revenue $ 69,940 $ 8,675 $ ( 4,078 ) $ 74,537 When the Company’s right to consideration for performance is contingent upon a future event or satisfaction of additional performance obligations, the amount of revenues the Company has recognized in excess of the amount the Company has billed to the client is recognized as a contract asset. The c

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Net Income (Loss) and Weighted Average Basic and Diluted Shares Outstanding	The following table summarizes net loss attributable to the Company and the weighted average basic and diluted shares outstanding: Three Months Ended March 31, ($ in thousands, except per share data) 2024 2023 Loss before income tax expense $ ( 5,063 ) $ ( 23,575 ) Less: Net loss attributable to non-controlling interests ( 153 ) ( 1,540 ) Income tax expense ( 302 ) ( 4,357 ) Net loss attributable to the Company $ ( 5,212 ) $ ( 26,392 ) Weighted average shares of Class A common stock outstanding - basic and diluted 91,218,208 88,615,760 Loss per share of Class A common stock outstanding - basic and diluted $ ( 0.06 ) $ ( 0.30 )
Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share	For the three months ended March 31, 2024 and 2023, the following common stock equivalent shares were excluded from the computation of the diluted loss per share, since their inclusion would have been anti-dilutive: Three Months Ended March 31, 2024 2023 Post-Merger Repay Units exchangeable for Class A common stock 5,844,095 7,861,271 Unvested share-based awards of Class A common stock 6,072,126 5,906,580 Outstanding stock options for Class A common stock 1,148,822 1,148,822 2026 Notes convertible into Class A common stock 13,095,238 13,095,238 Share equivalents excluded from loss per share 26,160,281 28,011,911

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value	The following table summarizes, by level within the fair value hierarchy, estimated fair values of the Company’s assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Condensed Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. March 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 128,318 $ — $ — $ 128,318 Restricted cash 26,512 — — 26,512 Other assets — 2,500 — 2,500 Total assets $ 154,830 $ 2,500 $ — $ 157,330 Liabilities: Borrowings $ — $ 407,550 $ — $ 407,550 Tax receivable agreement — — 191,244 191,244 Total liabilities $ — $ 407,550 $ 191,244 $ 598,794 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 118,096 $ — $ — $ 118,096 Restricted cash 26,049 — — 26,049 Other assets — 2,500 — 2,500 Total assets $ 144,145 $ 2,500 $ — $ 146,645 Liabilities: Borrowings $ — $ 375,650 $ — $ 375,650 Tax receivable agreement — — 188,911 188,911 Total liabilities $ — $ 375,650 $ 188,911 $ 564,561
Schedule of Rollforward of TRA related to Acquisition and Exchanges of Post-Merger	The following table provides a rollforward of the TRA related to the acquisition and exchanges of Post-Merger Repay Units. See Note 12. Taxation for further discussion on the TRA. Three Months Ended March 31, ($ in thousands) 2024 2023 Balance at beginning of period $ 188,911 $ 179,127 Purchases — 31 Payments ( 580 ) — Accretion expense 3,324 — Valuation adjustment ( 411 ) 4,538 Balance at end of period $ 191,244 $ 183,696
Schedule of Carrying Value and Estimated Fair Value of Borrowings	The following table provides the carrying value and estimated fair value of borrowings. See Note 9. Borrowings for further discussion on borrowings. March 31, 2024 December 31, 2023 ($ in thousands) Carrying value Fair value Carrying value Fair value 2026 Notes $ 434,877 $ 407,550 $ 434,166 $ 375,650

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of the following: ($ in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Useful Life (Years) Client relationships $ 523,850 $ 203,770 $ 320,080 6.07 Channel relationships 29,885 5,549 24,336 8.14 Software costs 257,938 190,770 67,168 0.78 Non-compete agreements 4,580 4,430 150 0.16 Trade name 20,000 — 20,000 — Balance as of March 31, 2024 $ 836,253 $ 404,519 $ 431,734 4.44 Client relationships $ 523,850 $ 190,591 $ 333,259 6.32 Channel relationships 29,785 4,792 24,993 8.39 Software costs 246,996 178,323 68,673 0.83 Non-compete agreements 4,580 4,364 216 0.23 Trade name 20,000 — 20,000 — Balance as of December 31, 2023 $ 825,211 $ 378,070 $ 447,141 4.68
Schedule of Estimated Amortization Expense	The estimated amortization expense for the next five years and thereafter in the aggregate is as follows: ($ in thousands) Estimated Future Year Ending December 31, Amortization Expense 2024 $ 72,126 2025 74,071 2026 67,199 2027 55,024 2028 55,167 Thereafter 88,147

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Borrowings under Credit Agreement	The following table summarizes the total borrowings under the Amended Credit Agreement and 2026 Notes: ($ in thousands) March 31, 2024 December 31, 2023 Non-current indebtedness: Convertible Senior Debt $ 440,000 $ 440,000 Total borrowings 440,000 440,000 Less: Long-term loan debt issuance cost (1) 5,123 5,834 Total non-current borrowings $ 434,877 $ 434,166 (1) The Company inc urred $ 0.7 million of in terest expense for the amortization of deferred debt issuance costs for the three months ended March 31, 2024 . The Company incurred $ 2.8 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2023 .
Summary of Principal Maturities of Long-term Debt	The following is a summary of principal maturities of long‑term debt for each of the next five years ending December 31 and in the aggregate: ($ in thousands) 2024 $ — 2025 — 2026 440,000 2027 — 2028 — $ 440,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Components of Lease Cost	The components of lease cost are presented in the following table: Three Months Ended March 31, ($ in thousands) 2024 2023 Components of total lease costs: Operating lease cost $ 428 $ 659 Short-term lease cost 6 5 Variable lease cost — — Total lease cost $ 434 $ 664
Schedule of Operating Lease and Supplemental Information	Amounts reported in the Condensed Consolidated Balance Sheets were as follows: ($ in thousands) March 31, 2024 December 31, 2023 Operating leases: ROU assets $ 5,939 $ 8,023 Lease liability, current 1,241 1,629 Lease liability, long-term 5,435 7,247 Total lease liabilities $ 6,676 $ 8,876 Weighted-average remaining lease term (in years) 4.5 4.3 Weighted-average discount rate (annualized) 6.1 % 5.8 %
Summary of Other Information Related to Lease	Other information related to leases are as follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 551 $ 675 ROU assets obtained in exchange for lease liabilities: Operating leases — —
Schedule of Maturity Analysis of the Company's Operating Leases Liabilities	The following table presents a maturity analysis of the Company’s operating leases liabilities as of March 31, 2024: ($ in thousands) 2024 $ 1,356 2025 1,390 2026 1,335 2027 924 2028 734 Thereafter 2,808 Total undiscounted lease payments 8,547 Less: Imputed interest 1,871 Total lease liabilities $ 6,676

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share Based Compensation Expense and Related Income Tax Benefit	The following table summarizes share-based compensation expense and the related income tax benefit recognized for the Company’s share-based compensation awards. Share-based compensation expenses are recorded within Selling, general and administrative in the Company’s Condensed Consolidated Statement of Operations. Three Months Ended March 31, ($ in millions) 2024 2023 Share-based compensation expense $ 6.3 $ 4.1 Income tax benefit 2.2 1.1
Schedule of Outstanding Performance Stock Units Activity, Restricted Stock Awards, Restricted Stock Units and Performance-based Stock Options	Activity for RSAs for the three months ended March 31, 2024 was as follows: Class A Common Stock Weighted Average Grant Date Fair Value Unvested at December 31, 2023 3,550,365 $ 9.26 Granted 1,832,799 7.97 Forfeited (1) 275,405 11.28 Vested 689,808 10.70 Unvested at March 31, 2024 4,417,951 $ 8.38 Activity for RSUs for the three months ended March 31, 2024 was as follows: Class A Common Stock Weighted Average Grant Date Fair Value Unvested at December 31, 2023 171,384 $ 7.41 Granted — — Forfeited — — Vested — — Unvested at March 31, 2024 171,384 $ 7.41 Activity for PSUs for the three months ended March 31, 2024 was as follows: Class A Common Stock (2) Weighted Average Grant Date Fair Value Unvested at December 31, 2023 1,482,791 $ 10.88 Granted — — Forfeited — — Vested — — Unvested at March 31, 2024 1,482,791 $ 10.88 (1) The forfeited shares include shares forfeited as a result of employee terminations and shares withheld to satisfy employees’ tax withholding and payment obligations in connection with the vesting of restricted stock awards under the Incentive Plan during the three months ended March 31, 2024 ; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan. (2) Represent shares to be paid out at 100 % target level. Activity for PSOs for the three months ended March 31, 2024 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2023 1,148,822 6.13 7.0 $ 2,768,661 Granted — — Forfeited — — Exercised — — Outstanding at March 31, 2024 1,148,822 $ 6.13 7.0 $ 5,594,763 Options vested and exercisable at March 31, 2024 — $ — — $ —
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Fair value was estimated on the date of grant using Monte Carlo simulation with the following weighted average assumptions: Three Months Ended March 31, 2023 Risk-free interest rate 3.42 % Expected volatility 52.82 % Dividend yield 0 % Expected term (in years) 4.5

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenue and Gross Profit for Each Reportable Segment	The following table presents revenue and gross profit for each reportable segment. Three Months Ended March 31, ($ in thousand) 2024 2023 Revenue Consumer Payments $ 76,136 $ 69,940 Business Payments 9,677 8,675 Elimination of intersegment revenues (1) ( 5,093 ) ( 4,078 ) Total revenue $ 80,720 $ 74,537 Gross profit (2) Consumer Payments $ 59,591 $ 54,625 Business Payments 7,047 6,025 Elimination of intersegment revenues ( 5,093 ) ( 4,078 ) Total gross profit $ 61,545 $ 56,572 Total other operating expenses (3) $ 64,049 $ 74,536 Total other income (expense) ( 2,559 ) ( 5,611 ) Loss before income tax expense ( 5,063 ) ( 23,575 ) Income tax expense ( 302 ) ( 4,357 ) Net loss $ ( 5,365 ) $ ( 27,932 ) (1) Represents intercompany eliminations between segments for consolidation purpose. (2) Represents revenue less costs of services (exclusive of depreciation and amortization). (3) Represents total operating expenses less costs of services (exclusive of depreciation and amortization).

Organizational Structure and _2

Organizational Structure and Corporate Information (Additional Information) (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 15, 2023	Mar. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Cash proceeds from sale of business		$ 40,423
Loss on business disposition		(9,878)
Blue Cow Software
Summary Of Significant Accounting Policies [Line Items]
Cash proceeds from sale of business	$ 41,900
Loss on business disposition		$ (9,900)

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments	2

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenue
Total Revenue		$ 80,720	$ 74,537
Elimination of Intersegment Revenues
Revenue
Total Revenue	[1]	(5,093)	(4,078)
Consumer Payments | Operating Segments
Revenue
Total Revenue		76,136	69,940
Business Payments | Operating Segments
Revenue
Total Revenue		9,677	8,675
Direct Relationships
Revenue
Total Revenue		77,689	70,829
Direct Relationships | Elimination of Intersegment Revenues
Revenue
Total Revenue		(5,093)	(4,078)
Direct Relationships | Consumer Payments | Operating Segments
Revenue
Total Revenue		73,311	66,473
Direct Relationships | Business Payments | Operating Segments
Revenue
Total Revenue		9,471	8,434
Indirect Relationships
Revenue
Total Revenue		3,031	3,708
Indirect Relationships | Consumer Payments | Operating Segments
Revenue
Total Revenue		2,825	3,467
Indirect Relationships | Business Payments | Operating Segments
Revenue
Total Revenue		$ 206	$ 241
[1] Represents intercompany eliminations between segments for consolidation purpose.

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset	$ 1.3	$ 1.4

Earnings Per Share - Summary of

Earnings Per Share - Summary of Net Income (Loss) and Weighted Average Basic and Diluted Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss before income tax expense	$ (5,063)	$ (23,575)
Less: Net loss attributable to non-controlling interests	(153)	(1,540)
Income tax expense	(302)	(4,357)
Net loss attributable to the Company	$ (5,212)	$ (26,392)
Weighted average shares of Class A common stock outstanding - basic	91,218,208	88,615,760
Weighted average shares of Class A common stock outstanding - diluted	91,218,208	88,615,760
Loss per share of Class A common stock outstanding - basic	$ (0.06)	$ (0.3)
Loss per share of Class A common stock outstanding - diluted	$ (0.06)	$ (0.3)
Class A Common Stock
Weighted average shares of Class A common stock outstanding - basic	91,218,208	88,615,760
Weighted average shares of Class A common stock outstanding - diluted	91,218,208	88,615,760
Loss per share of Class A common stock outstanding - basic	$ (0.06)	$ (0.3)
Loss per share of Class A common stock outstanding - diluted	$ (0.06)	$ (0.3)

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	26,160,281	28,011,911
Class A Common Stock | Post-Merger Repay Units Exchangeable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	5,844,095	7,861,271
Class A Common Stock | Unvested Share-based Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	6,072,126	5,906,580
Class A Common Stock | Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	1,148,822	1,148,822
Class A Common Stock | 2026 Notes Convertible
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from loss per share	13,095,238	13,095,238

Business Disposition - Addition

Business Disposition - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 15, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Cash proceeds from sale of business			$ 40,423
Loss on business disposition			(9,878)
Revenue		$ 80,720	74,537
Blue Cow Software
Business Acquisition [Line Items]
Transaction expenses related to the business combination			3,400
Cash proceeds from sale of business	$ 41,900
Loss on business disposition			(9,900)
Blue Cow Software | Consumer Payments
Business Acquisition [Line Items]
Dispositions		$ 35,300
Revenue			$ 1,200

Fair Value - Summary of Carryin

Fair Value - Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 128,318	$ 118,096
Restricted cash	26,512	26,049
Other assets	2,500	2,500
Total assets	157,330	146,645
Liabilities:
Borrowings	407,550	375,650
Tax receivable agreement	191,244	188,911
Total liabilities	598,794	564,561
Level 1
Assets:
Cash and cash equivalents	128,318	118,096
Restricted cash	26,512	26,049
Total assets	154,830	144,145
Level 2
Assets:
Other assets	2,500	2,500
Total assets	2,500	2,500
Liabilities:
Borrowings	407,550	375,650
Total liabilities	407,550	375,650
Level 3
Liabilities:
Tax receivable agreement	191,244	188,911
Total liabilities	$ 191,244	$ 188,911

Fair Value - Additional Informa

Fair Value - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Increase in TRA liability		$ 2,300
New Credit Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Line of credit	$ 0		$ 0
Tax Receivable Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
TRA, balance adjusted through a payment, accretion expense and valuation adjustment	$ 2,300
TRA, measurement input	7.06		0.071
Alternative Investment, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Alternative Investment, Measurement Input [Extensible List]	us-gaap:MeasurementInputDiscountRateMember
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair value change in tax receivable agreement liability

Fair Value - Schedule of Carryi

Fair Value - Schedule of Carrying Value and Estimated Fair Value of Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings	$ 407,550	$ 375,650
Carrying Value | 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings	434,877	434,166
Fair Value | 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings	$ 407,550	$ 375,650

Fair Value - Schedule of Rollfo

Fair Value - Schedule of Rollforward of TRA related to Acquisition and Exchanges of Post-Merger (Details) - Tax Receivable Agreement - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at beginning of period	$ 188,911	$ 179,127
Purchases		31
Payments	(580)
Accretion expense	3,324
Valuation adjustment	(411)	4,538
Balance at end of period	$ 191,244	$ 183,696

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 TradeName
Schedule of Indefinite-Lived Intangible Assets [Table]
Number of trade names | TradeName			1
Amortization of Intangible Assets | $	$ 26.4	$ 25.4

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 836,253	$ 825,211
Accumulated Amortization	404,519	378,070
Net Carrying Value	$ 431,734	$ 447,141
Weighted Average Useful Life (Years)	4 years 5 months 8 days	4 years 8 months 4 days
Client Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 523,850	$ 523,850
Accumulated Amortization	203,770	190,591
Net Carrying Value	$ 320,080	$ 333,259
Weighted Average Useful Life (Years)	6 years 25 days	6 years 3 months 25 days
Channel Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 29,885	$ 29,785
Accumulated Amortization	5,549	4,792
Net Carrying Value	$ 24,336	$ 24,993
Weighted Average Useful Life (Years)	8 years 1 month 20 days	8 years 4 months 20 days
Software Costs
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 257,938	$ 246,996
Accumulated Amortization	190,770	178,323
Net Carrying Value	$ 67,168	$ 68,673
Weighted Average Useful Life (Years)	9 months 10 days	9 months 29 days
Non-Complete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4,580	$ 4,580
Accumulated Amortization	4,430	4,364
Net Carrying Value	$ 150	$ 216
Weighted Average Useful Life (Years)	1 month 28 days	2 months 23 days
Trade Names
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 20,000	$ 20,000
Net Carrying Value	$ 20,000	$ 20,000

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Estimated Future Amortization Expense
2024	$ 72,126
2025	74,071
2026	67,199
2027	55,024
2028	55,167
Thereafter	$ 88,147

Goodwill - Schedule of Changes

Goodwill - Schedule of Changes to Goodwill (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Line Items]
Beginning balance	$ 716,793,000
Ending balance	716,793,000
Consumer Payments
Goodwill [Line Items]
Ending balance	$ 0

Goodwill - Additional Informati

Goodwill - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 716,793,000	$ 716,793,000
Consumer Payments
Goodwill [Line Items]
Goodwill	0
Goodwill impairment loss	0
Business Payments
Goodwill [Line Items]
Accumulated impairment losses	$ 75.7	$ 75.7

Borrowings - Additional Informa

Borrowings - Additional Information (Details)			3 Months Ended
	Feb. 28, 2023 USD ($)	Jan. 19, 2021 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 29, 2021 USD ($)	Dec. 28, 2021 USD ($)	Feb. 03, 2021 USD ($)
New Credit Agreement
Debt Instrument [Line Items]
Line of credit			$ 0		$ 0
Interest expense			$ 900,000	$ 1,200,000
New Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Undrawn line of credit	$ 185,000,000
Line of credit facility repaid amount	$ 20,000,000
Senior Secured Revolving Credit Facility | New Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity						$ 185,000,000	$ 60,000,000
Senior Secured Revolving Credit Facility | New Credit Agreement | Truist Bank
Debt Instrument [Line Items]
Undrawn line of credit								$ 125,000,000
2026 Notes | Notes Offering
Debt Instrument [Line Items]
Aggregate principal amount		$ 440,000,000
Debt instrument interest rate		0%
Debt instrument, maturity date		Feb. 01, 2026
2026 Notes | Notes Offering | Class A Common Stock
Debt Instrument [Line Items]
Debt instrument, convertible notes, conversion rate		29.7619
Debt instrument, convertible notes, conversion price per share | $ / shares		$ 33.6

Borrowings - Summary of Borrowi

Borrowings - Summary of Borrowings under Credit Agreement (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total borrowings		$ 440,000	$ 440,000
Less: Long-term loan debt issuance cost	[1]	5,123	5,834
Total non-current borrowings		434,877	434,166
Convertible Senior Debt
Debt Instrument [Line Items]
Total borrowings		$ 440,000	$ 440,000
[1] The Company inc urred $ 0.7 million of in terest expense for the amortization of deferred debt issuance costs for the three months ended March 31, 2024 . The Company incurred $ 2.8 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2023 .

Borrowings - Summary of Borro_2

Borrowings - Summary of Borrowings under Credit Agreement (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense for the amortization of deferred debt issuance costs	$ 712	$ 712
Interest Expense
Debt Instrument [Line Items]
Interest expense for the amortization of deferred debt issuance costs	$ 700		$ 2,800

Borrowings - Summary of Princip

Borrowings - Summary of Principal Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2026	$ 440,000
Total borrowings	$ 440,000	$ 440,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jul. 31, 2024
Lease [Line Items]
Operating lease expiration year	2035
Lessee, operating lease, existence of option to extend [true false]	true
Operating lease, option to extend	Most of these leases include one or more renewal options for five years or less
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	certain leases also include lessee termination options
Other (Loss) Income
Lease [Line Items]
Sublease income	$ 0.1
Minimum
Lease [Line Items]
Operating lease, term of contract	3 years
Maximum
Lease [Line Items]
Operating lease, term of contract	10 years
Operating lease, renewal term	5 years
Scenario Forecast
Lease [Line Items]
Construction allowance to be used on relocated space for design and construction of improvements and renovations		$ 1.4

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Components of total lease costs:
Operating lease cost	$ 428	$ 659
Short-term lease cost	6	5
Total lease cost	$ 434	$ 664

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Operating Lease and Supplemental Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating leases:
ROU assets	$ 5,939	$ 8,023
Lease liability, current	1,241	1,629
Lease liability, long-term	5,435	7,247
Total lease liabilities	$ 6,676	$ 8,876
Weighted-average remaining lease term (in years)	4 years 6 months	4 years 3 months 18 days
Weighted-average discount rate (annualized)	6.10%	5.80%

Commitments and Contingencies_4

Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 551	$ 675

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Maturity Analysis of the Company's Operating Leases Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 1,356
2025	1,390
2026	1,335
2027	924
2028	734
Thereafter	2,808
Total undiscounted lease payments	8,547
Less: Imputed interest	1,871
Total lease liabilities	$ 6,676	$ 8,876

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Aug. 18, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested PSUs, RSAs and RSUs	$ 33.4
Weighted-average period related to unvested PSUs, RSAs, RSUs and PSOs	2 years
Recognized compensation expense related to PSOs	$ 6.3	$ 4.1
Dividend yield	0%	0%
Performance based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to PSOs	$ 1.1
Weighted-average period related to unvested PSUs, RSAs, RSUs and PSOs	1 year 6 months
Weighted average grant date fair value, Granted		$ 2.61
Recognized compensation expense related to PSOs	$ 0.5
Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value vested related to PSUs, RSAs and RSUs	$ 7.4
Class A Common Stock | Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares to be paid out at target level percentage	100%
2019 Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	7,326,728
2019 Amended Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	13,826,728
2021 Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance			1,000,000

Share Based Compensation - Sche

Share Based Compensation - Schedule of Share Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 6.3	$ 4.1
Income tax benefit	$ 2.2	$ 1.1

Share Based Compensation - Sc_2

Share Based Compensation - Schedule of Outstanding Restricted Stock Awards Activity (Details) - Unvested Restricted Share Awards	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, Beginning Balance | $ / shares	$ 9.26
Weighted average grant date fair value, Granted | $ / shares	7.97
Weighted average grant date fair value, Forfeited | $ / shares	11.28	[1]
Weighted average grant date fair value, Vested | $ / shares	10.70
Weighted average grant date fair value, Ending Balance | $ / shares	$ 8.38
Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Beginning Balance | shares	3,550,365
Granted | shares	1,832,799
Forfeited | shares	275,405	[1]
Vested | shares	689,808
Unvested, Ending Balance | shares	4,417,951
[1] The forfeited shares include shares forfeited as a result of employee terminations and shares withheld to satisfy employees’ tax withholding and payment obligations in connection with the vesting of restricted stock awards under the Incentive Plan during the three months ended March 31, 2024 ; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

Share Based Compensation - Sc_3

Share Based Compensation - Schedule of Outstanding Restricted Stock Units Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, Beginning Balance | $ / shares	$ 7.41
Weighted average grant date fair value, Ending Balance | $ / shares	$ 7.41
Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Beginning Balance | shares	171,384
Unvested, Ending Balance | shares	171,384

Share Based Compensation - Sc_4

Share Based Compensation - Schedule of Outstanding Performance Stock Units Activity (Details) - Performance Stock Units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, Beginning Balance | $ / shares	$ 10.88
Weighted average grant date fair value, Ending Balance | $ / shares	$ 10.88
Class A Share
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Beginning Balance | shares	1,482,791	[1]
Unvested, Ending Balance | shares	1,482,791	[1]
[1] Represent shares to be paid out at 100 % target level.

Share Based Compensation - Sc_5

Share Based Compensation - Schedule of Outstanding Performance-based Stock Options (Details) - Performance based Stock Options - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding beginning balance	1,148,822
Outstanding ending balance	1,148,822	1,148,822
Weighted Average Exercise Price, Outstanding	$ 6.13
Weighted Average Exercise Price, Outstanding	$ 6.13	$ 6.13
Weighted Average Remaining Contractual Term (in years), Outstanding	7 years	7 years
Aggregate Intrinsic Value, Outstanding	$ 5,594,763	$ 2,768,661

Share Based Compensation - Sc_6

Share Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate		3.42%
Expected volatility		52.82%
Dividend yield	0%	0%
Expected term (in years)		4 years 6 months

Taxation - Additional Informati

Taxation - Additional Information (Details) - USD ($)		3 Months Ended
	Jul. 11, 2019	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 15, 2021
Valuation Allowance [Line Items]
Effective tax rate		(6.00%)	(18.00%)
Income tax expense		$ (302,000)	$ (4,357,000)
Stock based compensation adjustments net tax shortfall		1,600,000	2,100,000
State rate change impact on deferred taxes		$ 400,000
Federal statutory rate		21%
Deferred tax liabilities, net					$ 36,100,000
Deferred tax assets, net		$ 146,571,000		$ 146,872,000
Valuation allowance recognized, percentage		100%
Uncertain tax positions		$ 0
Percentage of tax benefits payable under Tax Receivable Agreement	100%
Liability related to projected obligations under Tax Receivable Agreement		191,200,000
Increase in TRA liability			$ 2,300,000
Blue Cow Software
Valuation Allowance [Line Items]
Net tax impact		$ 5,800,000

Segments - Additional Informati

Segments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting Information [Line Items]
Number of operating segment	2
Number of reportable segments	2
Consumer Payments | Revenue, Segment Benchmark | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	88%
Business Payments | Revenue, Segment Benchmark | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	12%

Segments - Schedule of Revenue

Segments - Schedule of Revenue and Gross Profit for Each Reportable Segment (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total Revenue		$ 80,720	$ 74,537
Total gross profit	[1]	61,545	56,572
Total other operating expenses	[2]	64,049	74,536
Total other income (expense)		(2,559)	(5,611)
Loss before income tax expense		(5,063)	(23,575)
Income tax expense		(302)	(4,357)
Net loss		(5,365)	(27,932)
Operating Segments | Consumer Payments
Segment Reporting Information [Line Items]
Total Revenue		76,136	69,940
Total gross profit	[1]	59,591	54,625
Operating Segments | Business Payments
Segment Reporting Information [Line Items]
Total Revenue		9,677	8,675
Total gross profit	[1]	7,047	6,025
Intersegment Elimination
Segment Reporting Information [Line Items]
Total Revenue	[3]	(5,093)	(4,078)
Total gross profit	[1]	$ (5,093)	$ (4,078)
[1] Represents revenue less costs of services (exclusive of depreciation and amortization). Represents total operating expenses less costs of services (exclusive of depreciation and amortization). Represents intercompany eliminations between segments for consolidation purpose.