Repay (RPAY) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
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, 2021
Document Fiscal Year Focus	2021
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		80,445,630
Class V Common Stock
Entity Common Stock, Shares Outstanding		100

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 390,921,782	$ 91,129,888
Accounts receivable		23,897,098	21,310,724
Prepaid expenses and other		6,078,434	6,925,115
Total current assets		420,897,314	119,365,727
Property, plant and equipment, net		1,980,100	1,628,439
Restricted cash		19,525,277	15,374,846
Customer relationships, net of amortization		272,923,320	280,887,486
Software, net of amortization		59,987,041	64,434,985
Other intangible assets, net of amortization		23,388,792	23,904,667
Goodwill		458,959,477	458,970,255
Operating lease right-of-use assets, net of amortization		9,650,463	10,074,506
Deferred tax assets		141,799,307	135,337,229
Total noncurrent assets		988,213,777	990,612,413
Total assets		1,409,111,091	1,109,978,140
Liabilities
Accounts payable		14,112,412	11,879,638
Related party payable		17,774,815	15,811,597
Accrued expenses		17,358,515	19,216,258
Current maturities of long-term debt	[1]		6,760,650
Current operating lease liabilities		1,562,964	1,527,224
Current tax receivable agreement		10,146,135	10,240,310
Total current liabilities		60,954,841	65,435,677
Long-term debt, net of current maturities		427,287,919	249,952,746
Noncurrent operating lease liabilities		8,470,264	8,836,655
Tax receivable agreement, net of current portion		220,237,348	218,987,795
Other liabilities		889,371	10,583,196
Total noncurrent liabilities		656,884,902	488,360,392
Total liabilities		717,839,743	553,796,069
Commitment and contingencies (Note 12)
Stockholders' equity
Additional paid-in capital		839,589,351	691,675,072
Accumulated other comprehensive (loss) income			(6,436,763)
Accumulated deficit		(191,725,614)	(175,931,713)
Total stockholders' equity		647,871,546	509,313,721
Equity attributable to non-controlling interests		43,399,802	46,868,350
Total liabilities and stockholders' equity and members' equity		1,409,111,091	1,109,978,140
Class A Common Stock
Stockholders' equity
Common stock value		7,809	7,125
Total stockholders' equity		$ 7,809	$ 7,125
[1]	Pursuant to the terms of the Amended Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	78,084,846	71,244,682
Common shares, shares outstanding	78,084,846	71,244,682
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

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 47,520,496	$ 39,462,537
Operating Expenses
Other costs of services	12,474,808	10,771,297
Selling, general and administrative	23,393,367	18,166,191
Depreciation and amortization	17,792,994	13,904,384
Change in fair value of contingent consideration	2,648,786
Total operating expenses	56,309,955	42,841,872
(Loss) Income from operations	(8,789,459)	(3,379,335)
Other (expense) income
Interest expense	(1,183,357)	(3,517,785)
Loss on extinguishment of debt	(5,940,600)
Change in fair value of warrant liabilities		(6,898,095)
Change in fair value of tax receivable liability	1,042,733	(541,963)
Other income	28,147	39,048
Other loss	(9,080,410)
Total other (expense) income	(15,133,487)	(10,918,795)
(Loss) income before income tax expense	(23,922,946)	(14,298,130)
Income tax benefit	5,941,773	1,115,592
Net (loss) income	(17,981,173)	(13,182,538)
Less: Net (loss) income attributable to non-controlling interests	(2,187,272)	(2,852,399)
Net (loss) income attributable to the Company	$ (15,793,901)	$ (10,330,139)
Loss per Class A share:
Basic and diluted	$ (0.21)	$ (0.27)
Weighted-average shares outstanding:
Basic and diluted	76,602,759	37,624,829

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (17,981,173)	$ (13,182,538)
Other comprehensive loss, before tax
Change in fair value of designated cash flow hedges		(9,854,764)
Total other comprehensive loss, before tax		(9,854,764)
Income tax related to items of other comprehensive income:
Tax benefit on change in fair value of designated cash flow hedges		1,314,843
Total income tax benefit on related to items of other comprehensive income		1,314,843
Total other comprehensive loss, net of tax		(8,539,921)
Total comprehensive loss	(17,981,173)	(21,722,459)
Less: Comprehensive loss attributable to non-controlling interests	(2,187,272)	(7,064,061)
Comprehensive loss attributable to the Company	$ (15,793,901)	$ (14,658,398)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($)	Total	Class A Common Stock	Class V Common Stock	Additional Paid-In Capital	Accumulated Deficit	Non-controlling Interests	Accumulated Other Comprehensive (Loss) Income
Balance at Dec. 31, 2019	$ 237,896,345	$ 3,753		$ 307,914,346	$ (70,335,151)	$ 206,162,035	$ 313,397
Balance, shares at Dec. 31, 2019		37,530,568	100
Stock-based compensation	3,522,731			3,522,731
Warrant exercise	3,534,188	$ 31		3,534,157
Warrant exercise, shares		308,051
Reclassification to warrant liabilities	(22,188,932)			(22,188,932)
Net loss	(10,330,139)				(10,330,139)	(2,852,399)
Accumulated other comprehensive (loss) income	(5,643,102)					(4,211,662)	(5,643,102)
Balance at March 31, 2020 at Mar. 31, 2020	206,791,091	$ 3,784		292,782,302	(80,665,290)	199,097,974	(5,329,705)
Balance, shares at Mar. 31, 2020		37,838,619	100
Balance at Dec. 31, 2020	509,313,721	$ 7,125		691,675,072	(175,931,713)	46,868,350	(6,436,763)
Balance, shares at Dec. 31, 2020		71,244,682	100
Issuance of new shares	142,412,013	$ 624		142,411,389		(313,652)
Issuance of new shares, shares		6,244,500
Exchange of Post-Merger Repay Units	2,158,412	$ 38		2,158,374		(2,158,412)
Exchange of Post-Merger Repay Units Shares		375,000
Release of share awards vested under Equity Plan		$ 22		(22)
Release of share awards vested under Equity Plan, shares		220,664
Treasury shares repurchased	(1,821,942)			(1,821,942)		3,995
Stock-based compensation	5,171,544			5,171,544		(20,945)
Valuation allowance on Ceiling Rule DTA	(5,064)			(5,064)
Net loss	(15,793,901)				(15,793,901)	(2,187,272)
Accumulated other comprehensive (loss) income	6,436,763					1,207,738	$ 6,436,763
Balance at March 31, 2020 at Mar. 31, 2021	$ 647,871,546	$ 7,809		$ 839,589,351	$ (191,725,614)	$ 43,399,802
Balance, shares at Mar. 31, 2021		78,084,846	100

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (17,981,173)	$ (13,182,538)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	17,792,994	13,904,384
Stock based compensation	5,150,599	3,522,731
Amortization of debt issuance costs	535,536	332,990
Loss on extinguishment of debt	5,940,600
Loss on sale of interest rate swaps	9,317,243
Fair value change in warrant liabilities		6,898,095
Fair value change in tax receivable agreement liability	(1,042,733)	541,963
Fair value change in other assets and liabilities	2,648,786	(4,531)
Deferred tax expense	(5,941,773)	(1,116,093)
Change in accounts receivable	(2,586,374)	242,818
Change in related party receivable		563,084
Change in prepaid expenses and other	846,681	(10,964)
Change in operating lease ROU assets	424,043
Change in accounts payable	2,232,774	1,149,433
Change in related party payable	(685,568)	(160,321)
Change in accrued expenses and other	(1,857,743)	(4,109,906)
Change in operating lease liabilities	(330,651)
Change in other liabilities	(9,693,825)
Net cash provided by operating activities	4,769,416	8,571,145
Cash flows from investing activities
Purchases of property and equipment	(640,467)	(366,694)
Purchases of software	(4,576,203)	(2,409,074)
Net cash used in investing activities	(5,205,892)	(38,296,792)
Cash flows from financing activities
Change in line of credit		(10,000,000)
Issuance of long-term debt	440,000,000	46,000,000
Payments on long-term debt	(262,653,996)	(1,562,500)
Repurchase of treasury shares	(1,817,947)
Exercise of warrants		3,534,188
Payment of loan costs	(13,247,617)	(1,755,835)
Net cash provided by financing activities	304,378,801	36,215,853
Increase in cash, cash equivalents and restricted cash	303,942,325	6,490,206
Cash, cash equivalents and restricted cash at beginning of period	106,504,734	37,901,117	$ 37,901,117
Cash, cash equivalents and restricted cash at end of period	410,447,059	44,391,323	$ 106,504,734
Cash paid during the year for:
Interest	647,821	3,184,795
Ventanex
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired		(35,521,024)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Acquisition in exchange for contingent consideration		10,800,000
CPS
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired	10,778
APS Payments
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Valuation adjustment to contingent consideration for acquisition		$ 6,580,549
Class A Common Stock
Cash flows from financing activities
Public issuance of Class A Common Stock	$ 142,098,361

Organizational Structure and Co

Organizational Structure and Corporate Information	3 Months Ended
	Mar. 31, 2021
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 (1) before the Business Combination, to Hawk Parent and its consolidated subsidiaries and (2) from and after the Business Combination, to Repay Holdings Corporation and its consolidated subsidiaries. Throughout this section, unless otherwise noted or unless the context otherwise requires, “Thunder Bridge” refers to Thunder Bridge Acquisition. Ltd. prior to the consummation of the Business Combination. Thunder Bridge issued public warrants and private placement warrants (collectively, the “Warrants”), which were outstanding and recorded on the Company’s consolidated financial statements at the time of the Business Combination. On July 27, 2020, the Company completed the redemption of all outstanding Warrants. The Company is headquartered in Atlanta, Georgia. The Company’s legacy business was founded as M & A Ventures, LLC, a Georgia limited liability company doing business as REPAY: Realtime Electronic Payments (“REPAY LLC”), in 2006 by current executives John Morris and Shaler Alias. Hawk Parent was formed in 2016 in connection with the acquisition of a majority interest in the successor entity of REPAY LLC and its subsidiaries by certain investment funds sponsored by, or affiliated with, Corsair Capital LLC (“Corsair”). On January 19, 2021, the Company completed the previously announced underwritten public offering (the “Equity Offering”) of 6,244,500 shares of its Class A common stock at a public offering price of $24.00 per share. 814,500 shares of such Class A common stock were sold in the Equity Offering in connection with the full exercise of the underwriters’ option to purchase additional shares of Class A common stock pursuant to the underwriting agreement. Restatement of previously issued financial statements On April 12, 2021, the Securities and Exchange Commission (the “SEC”) issued a statement (the “Statement”) on the accounting and reporting considerations for warrants issued by special purpose acquisition companies (“SPACs”). The Statement referenced the guidance included in generally accepted accounting principles in the United States of America (“GAAP”) that entities must consider in determining whether to classify contracts that may be settled in its own stock, such as warrants, as equity or as an asset or liability. After considering the Statement, the Company re-evaluated its historical accounting for the Warrants and concluded it must amend the accounting treatment of the Warrants, which were recorded to the Company’s consolidated financial statements at the time of the Business Combination. At that time, the Warrants were presented within equity and did not impact any reporting periods prior to the Business Combination. The Company’s management concluded that the Warrants include provisions that, based on the Statement, preclude the Warrants from being classified as components of equity. Management, after consultation with the audit committee and our independent registered accounting firm, concluded that our previously issued audited financial statements as of December 31, 2019, for the period from July 11, 2019 through December 31, 2019 and as of and for the year ended December 31, 2020 and the Company’s unaudited condensed consolidated financial statements for the quarterly periods within those periods (the “Relevant Periods”) should no longer be relied upon. The Company has filed an amendment to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) restating the financial statements for the Relevant Periods (including the quarter ended March 31, 2020), as set forth in the Statement. The notes included herein should be read in conjunction with the restated financial reports included in the 2020 Form 10-K. This Quarterly Report on Form 10-Q reflects the restated financials for the quarter ended March 31, 2020. The Warrants were no longer outstanding as of the end of 2020, and therefore, the change in accounting policy triggered by the restatement has no impact on the financial statements for the quarter ended March 31, 2021 included in this Quarterly Report on Form 10-Q. The Company has reflected in this Quarterly Report on Form 10-Q restated financials as of December 31, 2020 and March 31, 2020 and for the quarter ended March 3 1 , 2020 to restate the following non-cash items: As of December 31, 2020 As of March 31, 2020 (Unaudited) As Reported Adjustments As Restated As Reported Adjustments As Restated Consolidated Balance Sheets Warrant liabilities $ — $ — $ — $ — $ 45,543,718 $ 45,543,718 Total noncurrent liabilities 488,360,392 — 488,360,392 311,648,710 45,543,718 357,192,428 Total liabilities 553,796,069 — 553,796,069 378,395,096 45,543,718 423,938,814 Additional paid-in capital 604,391,167 87,283,905 691,675,072 314,971,234 (22,188,932 ) 292,782,302 Accumulated deficit (88,647,808 ) (87,283,905 ) (175,931,713 ) (57,310,504 ) (23,354,786 ) (80,665,290 ) Total stockholders' equity 509,313,721 — 509,313,721 252,334,809 (45,543,718 ) 206,791,091 For the three months ended March 31, 2020 As Reported Adjustments As Restated Unaudited Consolidated Statements of Operations Change in fair value of warrant liabilities $ — $ (6,898,095 ) $ (6,898,095 ) Total other (expense) income (4,020,700 ) (6,898,095 ) (10,918,795 ) (Loss) income before income tax expense (7,400,035 ) (6,898,095 ) (14,298,130 ) Net (loss) income (6,284,443 ) (6,898,095 ) (13,182,538 ) Net (loss) income attributable to the Company (3,432,044 ) (6,898,095 ) (10,330,139 ) Loss per Class A share: Basic and diluted $ (0.09 ) $ (0.27 ) For the three months ended March 31, 2020 As Reported Adjustments As Restated Unaudited Consolidated Statements of Cash Flows Net loss $ (6,284,443 ) $ (6,898,095 ) $ (13,182,538 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities 14,855,588 6,898,095 21,753,683 Net cash provided by operating activities 8,571,145 — 8,571,145 Net cash used in investing activities (38,296,792 ) — (38,296,792 ) Net cash provided by financing activities 36,215,853 — 36,215,853 The restatement had no impact on the Company’s liquidity or cash position.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Unaudited Interim Consolidated Financial Statements These unaudited consolidated interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and accompanying notes for the periods ended December 31, 2020 and 2019, which are included in the 2020 Form 10-K. The accompanying unaudited consolidated interim financial statements have been prepared in accordance with 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 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 interim 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 consolidated financial statements include the accounts of Repay Holdings Corporation, the majority-owned Hawk Parent Holdings LLC and its 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 (“PaidSuite”), Marlin Acquirer, LLC (“Paymaxx”), REPAY International LLC, REPAY Canada Solutions ULC, TriSource Solutions, LLC (“TriSource”), Mesa Acquirer, LLC, CDT Technologies LTD, Viking GP Holdings, LLC, cPayPlus, LLC, CPS Payment Services, LLC, Media Payments, LLC and Custom Payment Systems, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. Basis of Financial Statement Presentation The accompanying interim consolidated financial statements of the Company were prepared in accordance with GAAP. 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. 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 Consolidated Statements of Operations during the reporting period. Actual results could differ materially from those estimates. Recently Adopted Accounting Pronouncements Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes (Topic 740) The Company adopted ASU 2019-12 as of January 1, 2021, using a modified retrospective transition approach. The adoption of this ASU does not have a material impact on the Company’s consolidated financial statements or related disclosures. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the FASB issued ASU Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity, Accounting Standards Codification (“ASC”) Topic No. 470 Debt ASC Topic No. 815 Derivatives and Hedging ASC Topic No. 260 Earnings Per Share ASU 2020-06 is effective for public companies beginning January 1, 2022, including interim periods within the fiscal years after the adoption date. Early adoption is also permitted beginning January 1, 2021, including interim periods within those fiscal years. The Company early adopted ASU 2020-06 as of January 1, 2021. The Company issued the 0.00% Convertible Senior Notes due 2026 (“2026 Notes”) in January 2021, which resulted in recognition of $440.0 million in noncurrent long-term debt of and $11.4 million in debt issuance cost. In determining the impact of the 2026 Notes on the Company’s diluted earnings per share calculations, the Company will apply the if-converted method. For additional information and required disclosures related to 2026 Notes, see Note 10. Borrowings.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue	3. Revenue For the Company’s accounting policies for recognizing revenue and contract costs, see Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Note 3. Revenue to the Company’s Notes to Consolidated Financial Statements in Part II, Item 8 of the 2020 Form 10-K. Disaggregation of revenue The table below presents a disaggregation of revenue by direct and indirect relationships for the periods indicated: Three Months Ended March 31, 2021 2020 Revenue Direct relationships $ 46,971,894 $ 38,715,624 Indirect relationships 548,602 746,913 Total Revenue $ 47,520,496 $ 39,462,537

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	4. Earnings Per Share During the three months ended March 31, 2021 and 2020, 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 restricted share awards and convertible debt conversion would have been anti-dilutive. The following table summarizes net loss attributable to the Company and the weighted average basic and basic and diluted shares outstanding: Three Months Ended March 31, 2021 2020 (As Restated) Loss before income tax expense $ (23,922,946 ) $ (14,298,130 ) Less: Net loss attributable to non-controlling interests (2,187,272 ) (2,852,399 ) Income tax benefit 5,941,773 1,115,592 Net loss attributable to the Company $ (15,793,901 ) $ (10,330,139 ) Weighted average shares of Class A common stock outstanding - basic and diluted 76,602,759 37,624,829 Loss per share of Class A common stock outstanding - basic and diluted $ (0.21 ) $ (0.27 ) For the three months ended March 31, 2021 and 2020, 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: Post-Merger Repay Units exchangeable for Class A common stock 7,959,160 29,505,623 Earnout Post-Merger Repay Units exchangeable for Class A common stock — — Dilutive warrants exercisable for Class A common stock — 1,925,108 Unvested restricted share awards of Class A common stock 2,939,545 2,905,053 2026 Notes convertible for Class A common stock 13,095,238 — Share equivalents excluded from earnings (loss) per share 23,993,943 34,335,784 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.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Business Combinations	5. Business Combinations Ventanex On February 10, 2020, the Company acquired all of the ownership interests of CDT Technologies, LTD d/b/a Ventanex (“Ventanex”). The following summarizes the purchase consideration paid to the selling members of Ventanex: Cash consideration $ 35,939,129 Contingent consideration (1) 4,800,000 Total purchase price $ 40,739,129 (1) The Company recorded a n allocation of the purchase price to Ventanex’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the February 10, 2020 closing date. The purchase price allocation is as follows: Cash and cash equivalents $ 50,663 Accounts receivable 1,376,539 Prepaid expenses and other current assets 180,514 Total current assets 1,607,716 Property, plant and equipment, net 137,833 Restricted cash 428,313 Identifiable intangible assets 26,890,000 Total identifiable assets acquired 29,063,862 Accounts payable (152,035 ) Accrued expenses (373,159 ) Net identifiable assets acquired 28,538,668 Goodwill 12,200,461 Total purchase price $ 40,739,129 The values allocated to identifiable intangible assets and their estimated useful lives are as follows: Fair Value Useful life Identifiable intangible assets (in millions) (in years) Non-compete agreements $ 0.1 5 Trade names 0.4 Indefinite Developed technology 4.1 3 Merchant relationships 22.3 10 $ 26.9 Goodwill of $12.2 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of Ventanex. cPayPlus On July 23, 2020, the Company acquired all of the ownership interests of cPayPlus. Under the terms of the securities purchase agreement between Repay Holdings, LLC and the direct and indirect owners of cPayPlus. (“cPayPlus Purchase Agreement”), the aggregate consideration paid at closing by the Company was approximately $8.0 million in cash. In addition to the closing consideration, the cPayPlus Purchase Agreement contains a performance-based earnout (the “cPayPlus Earnout Payment”), which was based on future results of the acquired business and could result in an additional payment to the former owners of cPayPlus of up to $8.0 million in the third quarter of 2021. The cPayPlus acquisition was financed with cash on hand. The cPayPlus Purchase Agreement contains customary representations, warranties and covenants by Repay and the former owners of cPayPlus, as well as a customary post-closing adjustment provision relating to working capital and similar items. The following summarizes the preliminary purchase consideration paid to the selling members of cPayPlus: Cash consideration $ 7,956,963 Contingent consideration (1) 6,500,000 Total purchase price $ 14,456,963 (1) The Company recorded a preliminary allocation of the purchase price to cPayPlus’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the July 23, 2020 closing date. The preliminary purchase price allocation is as follows: Cash and cash equivalents $ 262,331 Accounts receivable 164,789 Prepaid expenses and other current assets 37,660 Total current assets 464,780 Property, plant and equipment, net 20,976 Identifiable intangible assets 7,720,000 Total identifiable assets acquired 8,205,756 Accounts payable (99,046 ) Accrued expenses (363,393 ) Net identifiable assets acquired 7,743,317 Goodwill 6,713,646 Total purchase price $ 14,456,963 The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows: Fair Value Useful life Identifiable intangible assets (in millions) (in years) Non-compete agreements $ 0.1 5 Trade names 0.1 Indefinite Developed technology 6.7 3 Merchant relationships 0.8 10 $ 7.7 Goodwill of $6.7 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of cPayPlus. CPS On November 2, 2020, the Company acquired all of the ownership interests of CPS Payment Services, LLC, Media Payments, LLC (“MPI”), and Custom Payment Systems, LLC (collectively, “CPS”). Under the terms of the securities purchase agreement between Repay Holdings, LLC and the direct and indirect owners of CPS. (“CPS Purchase Agreement”), the aggregate consideration paid at closing by the Company was approximately $78.0 million in cash. In addition to the closing consideration, the CPS Purchase Agreement contains a performance-based earnout (the “CPS Earnout Payment”), which was based on future results of the acquired business and could result in an additional payment to the former owners of CPS of up to $15.0 million in two separate earnouts. The CPS acquisition was financed with cash on hand. The CPS Purchase Agreement contains customary representations, warranties and covenants by Repay and the former owners of CPS, as well as a customary post-closing adjustment provision relating to working capital and similar items. The following summarizes the preliminary purchase consideration paid to the selling members of CPS: Cash consideration $ 83,886,556 Contingent consideration (1) 4,500,000 Total purchase price $ 88,386,556 (1) Reflects the fair value of the CPS Earnout Payment, the contingent consideration to be paid to the selling members of CPS, pursuant to the CPS Purchase Agreement as of November 2, 2020. The selling partners of CPS will have the contingent earnout right to receive a payment of up to $15.0 million in two separate earnouts, dependent upon the Gross Profit, as defined in the CPS Purchase Agreement. As of March 31, 2021, the CPS earnout was $5.1 million, which resulted in a $0.6 million adjustment included in the change in fair value of contingent consideration in the Consolidated Statements of Operations for the three months ended March 31, 2021. The Company recorded a preliminary allocation of the purchase price to CPS’ and MPI’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the November 2, 2020 closing date. The preliminary purchase price allocation is as follows: CPS MPI Cash and cash equivalents $ 1,667,066 $ 2,097,921 Accounts receivable 2,810,158 5,556,958 Prepaid expenses and other current assets 2,615,615 934,751 Total current assets 7,092,839 8,589,630 Property, plant and equipment, net 19,391 2,995 Restricted cash 407 35,318 Identifiable intangible assets 30,830,000 7,110,000 Total identifiable assets acquired 37,942,637 15,737,943 Accounts payable (2,004,371 ) (4,495,599 ) Accrued expenses (2,143,680 ) — Net identifiable assets acquired 33,794,586 11,242,344 Goodwill 40,747,939 2,601,687 Total purchase price $ 74,542,525 $ 13,844,031 The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows: Fair Value (in millions) Useful life Identifiable intangible assets CPS MPI (in years) Non-compete agreements $ 0.1 $ 0.1 4 Trade names 0.5 0.1 Indefinite Developed technology 7.2 0.7 3 Merchant relationships 23.0 6.3 10 $ 30.8 $ 7.2 Goodwill of $43.3 million, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill consist primarily of the strong market position and the assembled workforce of CPS. Transaction Expenses The Company incurred transaction expenses of $1.6 million Pro Forma Financial Information (Unaudited) The supplemental condensed consolidated results of the Company on an unaudited pro forma basis give effect to the Ventanex, cPayPlus and CPS acquisitions as if the transactions had occurred on January 1, 2020. The unaudited pro forma information reflects adjustments for the issuance of the Company’s common stock, debt incurred in connection with the transactions, the impact of the fair value of intangible assets acquired and related amortization and other adjustments the Company believes are reasonable for the pro forma presentation. In addition, the pro forma earnings exclude acquisition-related costs. Three Months Ended March 31, 2021 Pro Forma Three Months Ended March 31, 2020 Revenue $ 47,520,496 $ 43,785,775 Net loss (17,981,173 ) (13,116,365 ) Net loss attributable to non-controlling interests (2,187,272 ) (2,824,118 ) Net loss attributable to the Company (15,793,901 ) (10,292,246 ) Loss per Class A share - basic and diluted $ (0.21 ) $ (0.27 )

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	6. Fair Value The following table summarizes, by level within the fair value hierarchy, the carrying amounts and 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 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. Refer to Note 5, Note 10 and Note 11 for additional information on these liabilities. March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 390,921,782 $ — $ — $ 390,921,782 Restricted cash 19,525,277 — — 19,525,277 Total assets $ 410,447,059 $ — $ — $ 410,447,059 Liabilities: Contingent consideration $ — $ — $ 17,500,000 $ 17,500,000 Borrowings — 427,287,919 — 427,287,919 Tax receivable agreement — — 230,383,483 230,383,483 Total liabilities $ — $ 427,287,919 $ 247,883,483 $ 675,171,402 December 31, 2020 (As Restated) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 91,129,888 $ — $ — $ 91,129,888 Restricted cash 15,374,846 — — 15,374,846 Total assets $ 106,504,734 $ — $ — $ 106,504,734 Liabilities: Contingent consideration $ — $ — $ 15,800,000 $ 15,800,000 Borrowings — 256,713,396 — 256,713,396 Tax receivable agreement — — 229,228,105 229,228,105 Interest rate swap — 9,312,332 — 9,312,332 Total liabilities $ — $ 266,025,728 $ 245,028,105 $ 511,053,833 Cash and cash equivalents Cash and cash equivalents are classified within Level 1 of the fair value hierarchy, under ASC 820, Fair Value Measurements Restricted Cash Restricted cash is classified within Level 1 of the fair value hierarchy, under ASC 820, Fair Value Measurements Contingent Consideration Contingent consideration relates to potential payments that the Company may be required to make associated with acquisitions. The contingent consideration is recorded at fair value based on estimates of discounted future cash flows associated with the acquired businesses. To the extent that the valuation of these liabilities is based on inputs that are less observable or not observable in the market, the determination of fair value requires more judgment. Accordingly, the fair value of contingent consideration 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 The Company used a discount rate to determine the present value, based on a risk-free rate adjusted for a credit spread, of the contingent consideration in the simulation approach. A range of 4.6% to 4.7% and weighted average of 4.6% was applied to the simulated contingent consideration payments, 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. The following table provides a rollforward of the contingent consideration related to previous business acquisitions. Refer to Note 5 for more details. Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 15,800,000 $ 14,250,000 Measurement period adjustment — 6,580,549 Purchases — 10,800,000 Payments (948,786 ) — Accretion expense — — Valuation adjustment 2,648,786 — Balance at end of period $ 17,500,000 $ 31,630,549 Borrowings The carrying value of the Company’s 2026 Notes and term loan is net of unamortized debt discount and debt issuance costs. The fair value of the Company’s borrowings was determined using a discounted cash flow model based on observable market factors, such as changes in credit spreads for comparable benchmark companies and credit factors specific to us. The fair value of Company’s borrowings is classified within Level 2 of the fair value hierarchy, as the inputs to the discounted cash flow model are generally observable and do not contain a high level of subjectivity. See Note 10 for further discussion on borrowings. Tax Receivable Agreement Upon the completion of the Business Combination, the Company entered into the Tax Receivable Agreement (the “TRA”) with holders of Post-Merger Repay Units. As a result of the TRA, the Company established a liability in its 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. The Company used a discount rate, also referred to as the early termination rate, to determine the present value, based on a risk-free rate plus a spread, pursuant to the TRA. A rate of 1.28% was applied to the forecasted TRA payments at March 31, 2021, 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. The TRA balance increased as a result of exchanges of Post-Merger Repay Units for Class A common stock pursuant to the Exchange Agreement The following table provides a rollforward of the TRA related to the Business Combination and subsequent acquisition and exchanges of Post-Merger Repay Units. See Note 15 for further discussion on the TRA. Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 229,228,105 $ 67,176,226 Purchases 2,198,111 — Payments — — Accretion expense 806,375 541,963 Valuation adjustment (1,849,108 ) — Balance at end of period $ 230,383,483 $ 67,718,189 Interest rate swap In October 2019, the Company entered into a $140.0 million notional, fifty-seven month interest rate swap agreement, and in February 2020, the Company entered into a $30.0 million notional, sixty month interest rate swap agreement, then a revised notional amount of $65.0 million beginning on September 30, 2020. These interest rate swap agreements are to hedge changes in its cash flows attributable to interest rate risk on a combined $205.0 million of Company’s variable-rate term loan to a fixed-rate basis, thus reducing the impact of interest rate changes on future interest expense. These swaps involve the receipt of variable-rate amounts in exchange for fixed interest rate payments over the lives of the agreements without an exchange of the underlying notional amounts and were designated for accounting purposes as cash flow hedges. The interest rate swaps are carried at fair value on a recurring basis in the Consolidated Balance Sheets and are classified within Level 2 of the fair value hierarchy, as the inputs to the derivative pricing model are generally observable and do not contain a high level of subjectivity. The fair value was determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. As of March 31, 2021, both interest rate swaps were settled.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	7. Property and Equipment Property and equipment consisted of the following: March 31, December 31, 2021 2020 Furniture, fixtures, and office equipment $ 1,506,085 $ 1,112,702 Computers 1,980,757 1,733,672 Leasehold improvements 340,333 340,333 Total 3,827,175 3,186,707 Less: Accumulated depreciation and amortization 1,847,075 1,558,268 $ 1,980,100 $ 1,628,439 Depreciation expense for property and equipment was $0.3 million

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	8. Intangible Assets The Company holds definite and indefinite-lived intangible assets. As of March 31, 2021, the indefinite-lived intangible assets consist of trade names of $22.2 million, and this balance consists of six trade names, arising from the acquisitions of Hawk Parent, TriSource, APS Payments (“APS”), Ventanex, cPayPlus and CPS. Definite-lived intangible assets consisted of the following: Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Useful Life (Years) Customer relationships $ 308,450,000 $ 47,320,995 $ 261,129,005 8.39 Channel relationships 12,550,000 755,685 11,794,315 9.40 Software costs 109,198,942 49,211,901 59,987,041 1.53 Non-compete agreements 4,270,000 3,111,208 1,158,792 1.27 Balance as of March 31, 2021 $ 434,468,942 $ 100,399,789 $ 334,069,153 6.62 Customer relationships $ 308,450,000 $ 39,920,578 $ 268,529,422 8.64 Channel relationships 12,550,000 191,936 12,358,064 9.65 Software costs 104,715,101 40,280,116 64,434,985 1.85 Non-compete agreements 4,270,000 2,595,333 1,674,667 1.52 Balance as of December 31, 2020 $ 429,985,101 $ 82,987,963 $ 346,997,138 6.95 The Company’s amortization expense for intangible assets was $17.5 million The estimated amortization expense for the next five years and thereafter in the aggregate is as follows: Year Ending December 31, Estimated Future Amortization Expense 2021 $ 45,556,445 2022 58,105,482 2023 39,879,266 2024 32,577,868 2025 32,254,856 2026 32,242,778 Thereafter 93,452,457

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	9. Goodwill The following table presents changes to goodwill for the three months ended March 31, 2021 and 2020. Total Balance at December 31, 2020 $ 458,970,255 Acquisitions — Dispositions — Impairment Loss — Measurement period adjustment (10,778 ) Balance at March 31, 2021 $ 458,959,477 The Company has only one operating segment and, based on the criteria outlined in ASC 350, Intangibles – Goodwill and Other

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Borrowings	10. Borrowings Successor Credit Agreement The Company entered into a Revolving Credit and Term Loan Agreement (as the “Successor Credit Agreement”) on July 11, 2019, with Truist Bank (formerly SunTrust Bank) and the other lenders party thereto, which provided a revolving credit facility (the “Revolving Credit Facility”), a term loan A (the “Term Loan”), and a delayed draw term loan at a variable interest rate On February 10, 2020, as part of the financing for the acquisition of Ventanex, the Company entered into an agreement with Truist Bank and other members of its existing bank group to amend and upsize its previous credit agreement from $230.0 The Successor Credit Agreement is collateralized by substantially all of the Company’s assets, and includes restrictive qualitative and quantitative covenants, as defined in the Successor Credit Agreement. On January 20, 2021, the Company used a portion of the proceeds from the 2026 Notes to prepay in full the entire amount of the outstanding Term Loans under the Successor Credit Agreement. The Company also terminated in full all outstanding Delayed Draw Term Loan commitments under such credit facilities. Amended Credit Agreement On February 3, 2021, the Company announced the closing of a new undrawn $125 million senior secured revolving credit facility through Truist Bank. The Amended Credit Agreement replaces the Company’s Successor Credit Agreement, which included an undrawn $30 million Revolving Credit Facility. The Company was in compliance with its restrictive covenants under the Amended Credit Agreement at March 31, 2021. The Amended Credit Agreement provides for a Revolving Credit Facility of $125.0 million. As of March 31, 2021, the Company The Company’s interest expense on the line of credit totaled $0 and $62,008 for the three months ended March 31, 2021 and 2020, 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 conversion rate of any 2026 Notes will initially be 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. During the three months ended March 31, 2021, the conversion contingencies of the 2026 Notes were not met, and the conversion terms of the 2026 Notes were not significantly changed. At March 31, 2021 and December 31, 2020, total borrowings under the Successor Credit Agreement, Amended Credit Agreement, and 2026 Notes consisted of the following, respectively: March 31, 2020 December 31, 2020 Non-current indebtedness: Term Loan $ — $ 262,653,996 Revolving Credit Facility — — Convertible Senior Debt 440,000,000 — Total borrowings under credit facility and convertible senior debt (1) 440,000,000 262,653,996 Less: Current maturities of long-term debt (2) — 6,760,650 Less: Long-term loan debt issuance cost (3) 12,712,081 5,940,600 Total non-current borrowings $ 427,287,919 $ 249,952,746 (1) The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were (2) Pursuant to the terms of the Amended Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”). (3) The Company incurred $0.5 million 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: 2021 $ — 2022 — 2023 — 2024 — 2025 — 2026 440,000,000 $ 440,000,000 The Company incurred interest expense on the Term Loans of $3.2 million for the three months ended March 31, 2020.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	11. Derivative Instruments The Company does not hold or use derivative instruments for trading purposes. Derivative Instruments Designated as Hedges Interest rate fluctuations expose the Company’s variable-rate term loan to changes in interest expense and cash flows. As part of its risk management strategy, the Company may use interest rate derivatives, such as interest rate swaps, to manage its exposure to interest rate movements. In October 2019, the Company entered into a $140.0 million notional, five-year On February 21, 2020, the Company entered into a swap transaction with Regions Bank. On a quarterly basis, commencing on March 31, 2020 up to and including the termination date of February 10, 2025, the Company will make fixed payments on a beginning notional amount of $30.0 million, then a revised notional amount of $65.0 million beginning on September 30, 2020. On a quarterly basis, commencing on February 21, 2020 up to and including the termination date of February 10, 2025, the counterparty will make floating rate payments based on the 3-month LIBOR on the beginning notional amount of $30.0 million, then a revised notional amount of $65.0 million beginning on September 30, 2020. Both interest rate swaps were settled as of March 31, 2021, with realized loss of $9.3 million recorded in Other loss in the Consolidated Statements of Operations during the three months ended March 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies The Company has commitments under operating leases for real estate leased from third parties under non-cancelable operating leases. A right-of-use (“ROU”) asset and lease liability is recorded on the Consolidated Balance Sheet for all leases except those with an original lease term of twelve months or less. The Company’s leases typically have lease terms between three years and ten years, with the longest lease term having an expiration date in 2029. Most of these leases include one or more renewal options for six 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 ROU asset and lease liability. The components of lease cost are presented in the following table: Three Months Ended March 31, 2021 Components of total lease costs: Operating lease cost $ 540,639 Short-term lease cost 12,450 Variable lease cost — Total lease cost $ 553,089 Amounts reported in the Consolidated Balance Sheets were as follows: March 31, 2021 December 31, 2020 Operating leases: ROU assets $ 9,650,463 $ 10,074,506 Lease liability, current 1,562,964 1,527,224 Lease liability, long-term 8,470,264 8,836,655 Total lease liabilities $ 10,033,228 $ 10,363,879 Weighted-average remaining lease term (in years) 6.0 6.2 Weighted-average discount rate (annual) 4.6 % 4.6 % Other information related to leases are as follows: Three Months Ended March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 459,698 Right-of-use 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, 2021: 2021 $ 1,522,813 2022 1,903,329 2023 1,948,666 2024 1,847,041 2025 1,531,435 Thereafter 2,793,934 Total undiscounted lease payments 11,547,220 Less: Imputed interest 1,513,991 Total lease liabilities $ 10,033,228

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions Related party payables consisted of the following: March 31, December 31, 2021 2020 Ventanex accrued earnout liability $ 4,600,000 $ 4,800,000 cPayPlus accrued earnout liability 7,800,000 6,500,000 CPS accrued earnout liability 5,100,000 4,500,000 Other payables to related parties 274,815 11,597 $ 17,774,815 $ 15,811,597 The Company incurred transaction costs on behalf of related parties of $1.3 million and

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share Based Compensation	14. 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 became effective immediately upon the closing of the Business Combination. Under this plan, the Company currently has two types of share-based compensation awards outstanding: restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). Activities for the three months ended March 31, 2021 and 2020 are as follows: Class A Common Stock Weighted Average Grant Date Fair Value Unvested at December 31, 2020 2,523,431 $ 15.71 Granted 713,785 22.84 Forfeited (1)(2) 77,007 16.16 Vested 220,664 15.58 Unvested at March 31, 2021 2,939,545 $ 18.09 (1) The forfeited shares include employee terminations during the three months ended March 31, 2021; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan. (2) Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan. Unrecognized compensation expense related to unvested RSAs and RSUs was $34.8 million at March 31, 2021, which is expected to be recognized as expense over the weighted-average period of 2.91 years. Unrecognized compensation expense related to unvested RSAs and RSUs was $32.8 million at March 31, 2020, which is expected to be recognized as expense over the weighted-average period of 2.64 years. The Company incurred $5.2 million $3.5 million

Taxation

Taxation	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Taxation	15. 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 24.8% and 7.8%, as restated, for the three months ended March 31, 2021 and 2020, respectively. The Company recorded an income tax benefit of $5.9 million, The Company recognized $5.9 million and $1.1 million for the three months ended March 31, 2021 and 2020, respectively, of deferred tax assets related to the income tax benefit derived from the net operating loss over the same periods. The Company did no t recognize any changes to the valuation allowance as of March 31, 2021 , and the facts and circumstances remain unchanged. Deferred tax assets, net of $141.8 million for the three months ended March 31, 2021, relates primarily to the basis difference in the Company’s investment in Hawk Parent. The basis difference arose primarily as a result of a subsequent purchase of Post-Merger Repay Units by the Company pursuant to the Unit Purchase Agreements and the subsequent exchanges of Post-Merger Repay Units for shares of the Company’s Class A common stock in accordance with the Exchange Agreement. As a result of the Post-Merger Repay Unit exchange during the three months ended March 31, 2021, the Company recognized an additional deferred tax asset (“DTA”) and offsetting deferred tax liability (“DTL”) in the amount of $5,064 to account for the portion of the Company’s outside basis in the partnership interest that it will not recover through tax deductions, a ceiling rule limitation arising under Internal Revenue Code (the “Code”) sec. 704(c). 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, 2021. 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, 2021, the Company had a liability of $230.4 million related to its projected obligations under the TRA, which is captioned as tax receivable agreement liability in the Company’s Unaudited Consolidated Balance Sheet. The increase in the TRA liability for the three months ended March 31, 2021, was primarily a result of a selling member of Hawk Parent exchanging 375,000 Post -Merger Repay Units for shares of the Company’s Class A common stock in the three months ended March 31, 2021 in accordance with the Exchange Agreement. This resulted in an increase to the Company’s share of the tax basis in the net assets of Hawk Parent.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent events	16. Subsequent events Management has evaluated subsequent events and their potential effects on these unaudited consolidated financial statements through May 10, 2021, which is the date the unaudited consolidated financial statements were available to be issued. On May 10, 2021, the Company announced the acquisition of BillingTree for approximately $503.0 million, consisting of $275.0 million in cash and $228.0 million in shares of newly issued Class A common stock. The cash consideration for the transaction will be financed with cash on hand and is expected to close by the end of the second quarter, subject to certain customary closing conditions

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Unaudited Interim Consolidated Financial Statements	Unaudited Interim Consolidated Financial Statements These unaudited consolidated interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and accompanying notes for the periods ended December 31, 2020 and 2019, which are included in the 2020 Form 10-K. The accompanying unaudited consolidated interim financial statements have been prepared in accordance with 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 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 interim 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 consolidated financial statements include the accounts of Repay Holdings Corporation, the majority-owned Hawk Parent Holdings LLC and its 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 (“PaidSuite”), Marlin Acquirer, LLC (“Paymaxx”), REPAY International LLC, REPAY Canada Solutions ULC, TriSource Solutions, LLC (“TriSource”), Mesa Acquirer, LLC, CDT Technologies LTD, Viking GP Holdings, LLC, cPayPlus, LLC, CPS Payment Services, LLC, Media Payments, LLC and Custom Payment Systems, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The accompanying interim consolidated financial statements of the Company were prepared in accordance with GAAP. 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.
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 Consolidated Statements of Operations during the reporting period. Actual results could differ materially from those estimates.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Income Taxes (Topic 740) The Company adopted ASU 2019-12 as of January 1, 2021, using a modified retrospective transition approach. The adoption of this ASU does not have a material impact on the Company’s consolidated financial statements or related disclosures. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the FASB issued ASU Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity, Accounting Standards Codification (“ASC”) Topic No. 470 Debt ASC Topic No. 815 Derivatives and Hedging ASC Topic No. 260 Earnings Per Share ASU 2020-06 is effective for public companies beginning January 1, 2022, including interim periods within the fiscal years after the adoption date. Early adoption is also permitted beginning January 1, 2021, including interim periods within those fiscal years. The Company early adopted ASU 2020-06 as of January 1, 2021. The Company issued the 0.00% Convertible Senior Notes due 2026 (“2026 Notes”) in January 2021, which resulted in recognition of $440.0 million in noncurrent long-term debt of and $11.4 million in debt issuance cost. In determining the impact of the 2026 Notes on the Company’s diluted earnings per share calculations, the Company will apply the if-converted method. For additional information and required disclosures related to 2026 Notes, see Note 10. Borrowings.

Organizational Structure and _2

Organizational Structure and Corporate Information (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Restatement of Previously Issued Financial Statements	As of December 31, 2020 As of March 31, 2020 (Unaudited) As Reported Adjustments As Restated As Reported Adjustments As Restated Consolidated Balance Sheets Warrant liabilities $ — $ — $ — $ — $ 45,543,718 $ 45,543,718 Total noncurrent liabilities 488,360,392 — 488,360,392 311,648,710 45,543,718 357,192,428 Total liabilities 553,796,069 — 553,796,069 378,395,096 45,543,718 423,938,814 Additional paid-in capital 604,391,167 87,283,905 691,675,072 314,971,234 (22,188,932 ) 292,782,302 Accumulated deficit (88,647,808 ) (87,283,905 ) (175,931,713 ) (57,310,504 ) (23,354,786 ) (80,665,290 ) Total stockholders' equity 509,313,721 — 509,313,721 252,334,809 (45,543,718 ) 206,791,091 For the three months ended March 31, 2020 As Reported Adjustments As Restated Unaudited Consolidated Statements of Operations Change in fair value of warrant liabilities $ — $ (6,898,095 ) $ (6,898,095 ) Total other (expense) income (4,020,700 ) (6,898,095 ) (10,918,795 ) (Loss) income before income tax expense (7,400,035 ) (6,898,095 ) (14,298,130 ) Net (loss) income (6,284,443 ) (6,898,095 ) (13,182,538 ) Net (loss) income attributable to the Company (3,432,044 ) (6,898,095 ) (10,330,139 ) Loss per Class A share: Basic and diluted $ (0.09 ) $ (0.27 ) For the three months ended March 31, 2020 As Reported Adjustments As Restated Unaudited Consolidated Statements of Cash Flows Net loss $ (6,284,443 ) $ (6,898,095 ) $ (13,182,538 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities 14,855,588 6,898,095 21,753,683 Net cash provided by operating activities 8,571,145 — 8,571,145 Net cash used in investing activities (38,296,792 ) — (38,296,792 ) Net cash provided by financing activities 36,215,853 — 36,215,853 The restatement had no impact on the Company’s liquidity or cash position.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue	The table below presents a disaggregation of revenue by direct and indirect relationships for the periods indicated: Three Months Ended March 31, 2021 2020 Revenue Direct relationships $ 46,971,894 $ 38,715,624 Indirect relationships 548,602 746,913 Total Revenue $ 47,520,496 $ 39,462,537

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Net 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 basic and diluted shares outstanding: Three Months Ended March 31, 2021 2020 (As Restated) Loss before income tax expense $ (23,922,946 ) $ (14,298,130 ) Less: Net loss attributable to non-controlling interests (2,187,272 ) (2,852,399 ) Income tax benefit 5,941,773 1,115,592 Net loss attributable to the Company $ (15,793,901 ) $ (10,330,139 ) Weighted average shares of Class A common stock outstanding - basic and diluted 76,602,759 37,624,829 Loss per share of Class A common stock outstanding - basic and diluted $ (0.21 ) $ (0.27 )
Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share	For the three months ended March 31, 2021 and 2020, 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: Post-Merger Repay Units exchangeable for Class A common stock 7,959,160 29,505,623 Earnout Post-Merger Repay Units exchangeable for Class A common stock — — Dilutive warrants exercisable for Class A common stock — 1,925,108 Unvested restricted share awards of Class A common stock 2,939,545 2,905,053 2026 Notes convertible for Class A common stock 13,095,238 — Share equivalents excluded from earnings (loss) per share 23,993,943 34,335,784

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2021
Business Acquisition [Line Items]
Summary of Pro Forma Financial Information	The supplemental condensed consolidated results of the Company on an unaudited pro forma basis give effect to the Ventanex, cPayPlus and CPS acquisitions as if the transactions had occurred on January 1, 2020. The unaudited pro forma information reflects adjustments for the issuance of the Company’s common stock, debt incurred in connection with the transactions, the impact of the fair value of intangible assets acquired and related amortization and other adjustments the Company believes are reasonable for the pro forma presentation. In addition, the pro forma earnings exclude acquisition-related costs. Three Months Ended March 31, 2021 Pro Forma Three Months Ended March 31, 2020 Revenue $ 47,520,496 $ 43,785,775 Net loss (17,981,173 ) (13,116,365 ) Net loss attributable to non-controlling interests (2,187,272 ) (2,824,118 ) Net loss attributable to the Company (15,793,901 ) (10,292,246 ) Loss per Class A share - basic and diluted $ (0.21 ) $ (0.27 )
Ventanex
Business Acquisition [Line Items]
Summary of Preliminary Purchase Consideration	The following summarizes the purchase consideration paid to the selling members of Ventanex: Cash consideration $ 35,939,129 Contingent consideration (1) 4,800,000 Total purchase price $ 40,739,129
Summary of Preliminary and Final Purchase Allocation	The purchase price allocation is as follows: Cash and cash equivalents $ 50,663 Accounts receivable 1,376,539 Prepaid expenses and other current assets 180,514 Total current assets 1,607,716 Property, plant and equipment, net 137,833 Restricted cash 428,313 Identifiable intangible assets 26,890,000 Total identifiable assets acquired 29,063,862 Accounts payable (152,035 ) Accrued expenses (373,159 ) Net identifiable assets acquired 28,538,668 Goodwill 12,200,461 Total purchase price $ 40,739,129
Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives	The values allocated to identifiable intangible assets and their estimated useful lives are as follows: Fair Value Useful life Identifiable intangible assets (in millions) (in years) Non-compete agreements $ 0.1 5 Trade names 0.4 Indefinite Developed technology 4.1 3 Merchant relationships 22.3 10 $ 26.9
cPayPlus
Business Acquisition [Line Items]
Summary of Preliminary Purchase Consideration	The following summarizes the preliminary purchase consideration paid to the selling members of cPayPlus: Cash consideration $ 7,956,963 Contingent consideration (1) 6,500,000 Total purchase price $ 14,456,963 (1)
Summary of Preliminary and Final Purchase Allocation	The preliminary purchase price allocation is as follows: Cash and cash equivalents $ 262,331 Accounts receivable 164,789 Prepaid expenses and other current assets 37,660 Total current assets 464,780 Property, plant and equipment, net 20,976 Identifiable intangible assets 7,720,000 Total identifiable assets acquired 8,205,756 Accounts payable (99,046 ) Accrued expenses (363,393 ) Net identifiable assets acquired 7,743,317 Goodwill 6,713,646 Total purchase price $ 14,456,963
Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives	The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows: Fair Value Useful life Identifiable intangible assets (in millions) (in years) Non-compete agreements $ 0.1 5 Trade names 0.1 Indefinite Developed technology 6.7 3 Merchant relationships 0.8 10 $ 7.7
CPS Payment Services
Business Acquisition [Line Items]
Summary of Preliminary Purchase Consideration	The following summarizes the preliminary purchase consideration paid to the selling members of CPS: Cash consideration $ 83,886,556 Contingent consideration (1) 4,500,000 Total purchase price $ 88,386,556 (1) Reflects the fair value of the CPS Earnout Payment, the contingent consideration to be paid to the selling members of CPS, pursuant to the CPS Purchase Agreement as of November 2, 2020. The selling partners of CPS will have the contingent earnout right to receive a payment of up to $15.0 million in two separate earnouts, dependent upon the Gross Profit, as defined in the CPS Purchase Agreement. As of March 31, 2021, the CPS earnout was $5.1 million, which resulted in a $0.6 million adjustment included in the change in fair value of contingent consideration in the Consolidated Statements of Operations for the three months ended March 31, 2021.
CPS Payment Services LLC and Media Payments, LLC
Business Acquisition [Line Items]
Summary of Preliminary and Final Purchase Allocation	The preliminary purchase price allocation is as follows: CPS MPI Cash and cash equivalents $ 1,667,066 $ 2,097,921 Accounts receivable 2,810,158 5,556,958 Prepaid expenses and other current assets 2,615,615 934,751 Total current assets 7,092,839 8,589,630 Property, plant and equipment, net 19,391 2,995 Restricted cash 407 35,318 Identifiable intangible assets 30,830,000 7,110,000 Total identifiable assets acquired 37,942,637 15,737,943 Accounts payable (2,004,371 ) (4,495,599 ) Accrued expenses (2,143,680 ) — Net identifiable assets acquired 33,794,586 11,242,344 Goodwill 40,747,939 2,601,687 Total purchase price $ 74,542,525 $ 13,844,031
Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives	The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows: Fair Value (in millions) Useful life Identifiable intangible assets CPS MPI (in years) Non-compete agreements $ 0.1 $ 0.1 4 Trade names 0.5 0.1 Indefinite Developed technology 7.2 0.7 3 Merchant relationships 23.0 6.3 10 $ 30.8 $ 7.2

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2021
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, the carrying amounts and 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 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. Refer to Note 5, Note 10 and Note 11 for additional information on these liabilities. March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 390,921,782 $ — $ — $ 390,921,782 Restricted cash 19,525,277 — — 19,525,277 Total assets $ 410,447,059 $ — $ — $ 410,447,059 Liabilities: Contingent consideration $ — $ — $ 17,500,000 $ 17,500,000 Borrowings — 427,287,919 — 427,287,919 Tax receivable agreement — — 230,383,483 230,383,483 Total liabilities $ — $ 427,287,919 $ 247,883,483 $ 675,171,402 December 31, 2020 (As Restated) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 91,129,888 $ — $ — $ 91,129,888 Restricted cash 15,374,846 — — 15,374,846 Total assets $ 106,504,734 $ — $ — $ 106,504,734 Liabilities: Contingent consideration $ — $ — $ 15,800,000 $ 15,800,000 Borrowings — 256,713,396 — 256,713,396 Tax receivable agreement — — 229,228,105 229,228,105 Interest rate swap — 9,312,332 — 9,312,332 Total liabilities $ — $ 266,025,728 $ 245,028,105 $ 511,053,833
Contingent Consideration
Schedule of Contingent Consideration Related to Previous Business Acquisitions	The following table provides a rollforward of the contingent consideration related to previous business acquisitions. Refer to Note 5 for more details. Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 15,800,000 $ 14,250,000 Measurement period adjustment — 6,580,549 Purchases — 10,800,000 Payments (948,786 ) — Accretion expense — — Valuation adjustment 2,648,786 — Balance at end of period $ 17,500,000 $ 31,630,549
Tax Receivable Agreement
Schedule of Contingent Consideration Related to Previous Business Acquisitions	The following table provides a rollforward of the TRA related to the Business Combination and subsequent acquisition and exchanges of Post-Merger Repay Units. See Note 15 for further discussion on the TRA. Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 229,228,105 $ 67,176,226 Purchases 2,198,111 — Payments — — Accretion expense 806,375 541,963 Valuation adjustment (1,849,108 ) — Balance at end of period $ 230,383,483 $ 67,718,189

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: March 31, December 31, 2021 2020 Furniture, fixtures, and office equipment $ 1,506,085 $ 1,112,702 Computers 1,980,757 1,733,672 Leasehold improvements 340,333 340,333 Total 3,827,175 3,186,707 Less: Accumulated depreciation and amortization 1,847,075 1,558,268 $ 1,980,100 $ 1,628,439

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule Of Definite-lived Intangible Assets	Definite-lived intangible assets consisted of the following: Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Useful Life (Years) Customer relationships $ 308,450,000 $ 47,320,995 $ 261,129,005 8.39 Channel relationships 12,550,000 755,685 11,794,315 9.40 Software costs 109,198,942 49,211,901 59,987,041 1.53 Non-compete agreements 4,270,000 3,111,208 1,158,792 1.27 Balance as of March 31, 2021 $ 434,468,942 $ 100,399,789 $ 334,069,153 6.62 Customer relationships $ 308,450,000 $ 39,920,578 $ 268,529,422 8.64 Channel relationships 12,550,000 191,936 12,358,064 9.65 Software costs 104,715,101 40,280,116 64,434,985 1.85 Non-compete agreements 4,270,000 2,595,333 1,674,667 1.52 Balance as of December 31, 2020 $ 429,985,101 $ 82,987,963 $ 346,997,138 6.95
Schedule of Estimated Amortization Expense	The estimated amortization expense for the next five years and thereafter in the aggregate is as follows: Year Ending December 31, Estimated Future Amortization Expense 2021 $ 45,556,445 2022 58,105,482 2023 39,879,266 2024 32,577,868 2025 32,254,856 2026 32,242,778 Thereafter 93,452,457

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes to Goodwill	The following table presents changes to goodwill for the three months ended March 31, 2021 and 2020. Total Balance at December 31, 2020 $ 458,970,255 Acquisitions — Dispositions — Impairment Loss — Measurement period adjustment (10,778 ) Balance at March 31, 2021 $ 458,959,477

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Borrowings under Credit Agreement	At March 31, 2021 and December 31, 2020, total borrowings under the Successor Credit Agreement, Amended Credit Agreement, and 2026 Notes consisted of the following, respectively: March 31, 2020 December 31, 2020 Non-current indebtedness: Term Loan $ — $ 262,653,996 Revolving Credit Facility — — Convertible Senior Debt 440,000,000 — Total borrowings under credit facility and convertible senior debt (1) 440,000,000 262,653,996 Less: Current maturities of long-term debt (2) — 6,760,650 Less: Long-term loan debt issuance cost (3) 12,712,081 5,940,600 Total non-current borrowings $ 427,287,919 $ 249,952,746 (1) The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were (2) Pursuant to the terms of the Amended Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”). (3) The Company incurred $0.5 million
Summary of Principal Maturities of Long-term Debt	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: 2021 $ — 2022 — 2023 — 2024 — 2025 — 2026 440,000,000 $ 440,000,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Components of total lease costs: Operating lease cost $ 540,639 Short-term lease cost 12,450 Variable lease cost — Total lease cost $ 553,089
Schedule of Operating Lease and Supplemental Information	Amounts reported in the Consolidated Balance Sheets were as follows: March 31, 2021 December 31, 2020 Operating leases: ROU assets $ 9,650,463 $ 10,074,506 Lease liability, current 1,562,964 1,527,224 Lease liability, long-term 8,470,264 8,836,655 Total lease liabilities $ 10,033,228 $ 10,363,879 Weighted-average remaining lease term (in years) 6.0 6.2 Weighted-average discount rate (annual) 4.6 % 4.6 %
Summary of Other Information Related to Lease	Other information related to leases are as follows: Three Months Ended March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 459,698 Right-of-use 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, 2021: 2021 $ 1,522,813 2022 1,903,329 2023 1,948,666 2024 1,847,041 2025 1,531,435 Thereafter 2,793,934 Total undiscounted lease payments 11,547,220 Less: Imputed interest 1,513,991 Total lease liabilities $ 10,033,228

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Payables	Related party payables consisted of the following: March 31, December 31, 2021 2020 Ventanex accrued earnout liability $ 4,600,000 $ 4,800,000 cPayPlus accrued earnout liability 7,800,000 6,500,000 CPS accrued earnout liability 5,100,000 4,500,000 Other payables to related parties 274,815 11,597 $ 17,774,815 $ 15,811,597

Share based compensation (Table

Share based compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Outstanding Restricted Stock Awards And Restricted Stock Units Activity	Activities for the three months ended March 31, 2021 and 2020 are as follows: Class A Common Stock Weighted Average Grant Date Fair Value Unvested at December 31, 2020 2,523,431 $ 15.71 Granted 713,785 22.84 Forfeited (1)(2) 77,007 16.16 Vested 220,664 15.58 Unvested at March 31, 2021 2,939,545 $ 18.09 (1) The forfeited shares include employee terminations during the three months ended March 31, 2021; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan. (2) Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

Organizational Structure and _3

Organizational Structure and Corporate Information - Additional Information (Details) - Class A Common Stock - $ / shares	Jan. 19, 2021	Mar. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Issuance of new shares, shares		6,244,500
Equity Offering
Summary Of Significant Accounting Policies [Line Items]
Issuance of new shares, shares	6,244,500
Number of shares of common stock sold	814,500
Public offering price	$ 24

Organizational Structure and _4

Organizational Structure and Corporate Information - Summary of Restatement of Previously Issued Financial Statements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Warrant liabilities		$ 45,543,718
Total noncurrent liabilities	$ 656,884,902	357,192,428	$ 488,360,392
Total liabilities	717,839,743	423,938,814	553,796,069
Additional paid-in capital	839,589,351	292,782,302	691,675,072
Accumulated deficit	(191,725,614)	(80,665,290)	(175,931,713)
Total stockholders' equity	647,871,546	206,791,091	509,313,721	$ 237,896,345
Consolidated Statements of Operations
Change in fair value of warrant liabilities		(6,898,095)
Total other (expense) income	(15,133,487)	(10,918,795)
(Loss) income before income tax expense	(23,922,946)	(14,298,130)
Net (loss) income	(17,981,173)	(13,182,538)
Net (loss) income attributable to the Company	$ (15,793,901)	$ (10,330,139)
Loss per Class A share:
Basic and diluted	$ (0.21)	$ (0.27)
Consolidated Statements of Cash Flows
Net (loss) income	$ (17,981,173)	$ (13,182,538)
Adjustments to reconcile net income (loss) to net cash provided by operating activities		21,753,683
Net cash provided by operating activities	4,769,416	8,571,145
Net cash used in investing activities	(5,205,892)	(38,296,792)
Net cash provided by financing activities	$ 304,378,801	36,215,853
As Reported
Consolidated Balance Sheets
Total noncurrent liabilities		311,648,710	488,360,392
Total liabilities		378,395,096	553,796,069
Additional paid-in capital		314,971,234	604,391,167
Accumulated deficit		(57,310,504)	(88,647,808)
Total stockholders' equity		252,334,809	509,313,721
Consolidated Statements of Operations
Total other (expense) income		(4,020,700)
(Loss) income before income tax expense		(7,400,035)
Net (loss) income		(6,284,443)
Net (loss) income attributable to the Company		$ (3,432,044)
Loss per Class A share:
Basic and diluted		$ (0.09)
Consolidated Statements of Cash Flows
Net (loss) income		$ (6,284,443)
Adjustments to reconcile net income (loss) to net cash provided by operating activities		14,855,588
Net cash provided by operating activities		8,571,145
Net cash used in investing activities		(38,296,792)
Net cash provided by financing activities		36,215,853
Adjustments
Consolidated Balance Sheets
Warrant liabilities		45,543,718
Total noncurrent liabilities		45,543,718
Total liabilities		45,543,718
Additional paid-in capital		(22,188,932)	87,283,905
Accumulated deficit		(23,354,786)	$ (87,283,905)
Total stockholders' equity		(45,543,718)
Consolidated Statements of Operations
Change in fair value of warrant liabilities		(6,898,095)
Total other (expense) income		(6,898,095)
(Loss) income before income tax expense		(6,898,095)
Net (loss) income		(6,898,095)
Net (loss) income attributable to the Company		(6,898,095)
Consolidated Statements of Cash Flows
Net (loss) income		(6,898,095)
Adjustments to reconcile net income (loss) to net cash provided by operating activities		$ 6,898,095

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)		Jan. 01, 2021	Dec. 31, 2020	Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Debt issuance costs	[1]		$ 5,940,600	$ 12,712,081
2026 Notes
Summary Of Significant Accounting Policies [Line Items]
Debt instrument interest rate		0.00%
Long term debt, noncurrent		$ 440,000,000
Debt issuance costs		$ 11,400,000
[1]	The Company incurred $0.5 million

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue
Total Revenue	$ 47,520,496	$ 39,462,537
Direct Relationships
Revenue
Total Revenue	46,971,894	38,715,624
Indirect Relationship
Revenue
Total Revenue	$ 548,602	$ 746,913

Earnings per Share - Summary of

Earnings per Share - Summary of Net Loss and Weighted Average Basic and Diluted Shares Outstanding (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Loss before income tax expense	$ (23,922,946)	$ (14,298,130)
Less: Net loss attributable to non-controlling interests	(2,187,272)	(2,852,399)
Income tax benefit	5,941,773	1,115,592
Net (loss) income attributable to the Company	$ (15,793,901)	$ (10,330,139)
Weighted average shares of Class A common stock outstanding - basic and diluted	76,602,759	37,624,829
Loss per share of Class A common stock outstanding - basic and diluted	$ (0.21)	$ (0.27)

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, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	23,993,943	34,335,784
Class A Common Stock | Post-Merger Repay Units Exchangeable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	7,959,160	29,505,623
Class A Common Stock | Dilutive Warrants Exercisable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share		1,925,108
Class A Common Stock | Unvested Restricted Share Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	2,939,545	2,905,053
Class A Common Stock | 2026 Notes Convertible
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	13,095,238

Business Combinations - Additio

Business Combinations - Additional Information (Details)	Nov. 02, 2020USD ($)EarnoutPayment	Jul. 23, 2020USD ($)	Feb. 10, 2020USD ($)	Mar. 31, 2021USD ($)	Feb. 28, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Goodwill				$ 458,959,477		$ 458,970,255
Ventanex
Business Acquisition [Line Items]
Cash Consideration			$ 35,939,129
Contingent earn-out right to be received					$ 900,000
Goodwill			12,200,461
Transaction expenses related to the business combination				1,600,000			$ 1,000,000
Ventanex | Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received			$ 14,000,000
cPayPlus
Business Acquisition [Line Items]
Cash Consideration		$ 7,956,963
Goodwill		6,713,646
Transaction expenses related to the business combination				1,600,000
cPayPlus | Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received		$ 8,000,000
CPS Payment Services LLC and Media Payments, LLC
Business Acquisition [Line Items]
Cash Consideration	$ 78,000,000
Goodwill	$ 43,300,000
Number of cash earn-out payments | EarnoutPayment	2
Transaction expenses related to the business combination				$ 1,600,000
CPS Payment Services LLC and Media Payments, LLC | Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received	$ 15,000,000

Business Combinations - Summary

Business Combinations - Summary of Preliminary Purchase Consideration (Details) - USD ($)	Nov. 02, 2020	Jul. 23, 2020	Feb. 10, 2020
Ventanex
Business Acquisition [Line Items]
Cash Consideration			$ 35,939,129
Contingent consideration			4,800,000
Total purchase price			$ 40,739,129
cPayPlus
Business Acquisition [Line Items]
Cash Consideration		$ 7,956,963
Contingent consideration		6,500,000
Total purchase price		$ 14,456,963
CPS Payment Services
Business Acquisition [Line Items]
Cash Consideration	$ 83,886,556
Contingent consideration	4,500,000
Total purchase price	$ 88,386,556

Business Combinations - Summa_2

Business Combinations - Summary of Preliminary Purchase Consideration (Parenthetical) (Details)	Nov. 02, 2020USD ($)EarnoutPayment	Mar. 31, 2021USD ($)	Feb. 28, 2021USD ($)	Jul. 23, 2020USD ($)	Feb. 10, 2020USD ($)
Ventanex
Business Acquisition [Line Items]
Contingent earn-out right to be received			$ 900,000
Earnout payment		$ 4,600,000
Adjustment included in change in fair value of contingent consideration		700,000
Ventanex | Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received					$ 14,000,000
cPayPlus
Business Acquisition [Line Items]
Earnout payment		7,800,000
Adjustment included in change in fair value of contingent consideration		1,300,000
cPayPlus | Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received				$ 8,000,000
CPS Payment Services
Business Acquisition [Line Items]
Earnout payment		5,100,000
Adjustment included in change in fair value of contingent consideration		$ 600,000
Number of cash earn-out payments | EarnoutPayment	2
CPS Payment Services | Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received	$ 15,000,000

Business Combinations - Summa_3

Business Combinations - Summary of Preliminary and Final Purchase Allocation (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Nov. 02, 2020	Jul. 23, 2020	Feb. 10, 2020
Business Acquisition [Line Items]
Goodwill	$ 458,959,477	$ 458,970,255
Ventanex
Business Acquisition [Line Items]
Cash and cash equivalents					$ 50,663
Accounts receivable					1,376,539
Prepaid expenses and other current assets					180,514
Total current assets					1,607,716
Property, plant and equipment, net					137,833
Restricted cash					428,313
Identifiable intangible assets					26,890,000
Total identifiable assets acquired					29,063,862
Accounts payable					(152,035)
Accrued expenses					(373,159)
Net identifiable assets acquired					28,538,668
Goodwill					12,200,461
Total purchase price					$ 40,739,129
cPayPlus
Business Acquisition [Line Items]
Cash and cash equivalents				$ 262,331
Accounts receivable				164,789
Prepaid expenses and other current assets				37,660
Total current assets				464,780
Property, plant and equipment, net				20,976
Identifiable intangible assets				7,720,000
Total identifiable assets acquired				8,205,756
Accounts payable				(99,046)
Accrued expenses				(363,393)
Net identifiable assets acquired				7,743,317
Goodwill				6,713,646
Total purchase price				$ 14,456,963
CPS
Business Acquisition [Line Items]
Cash and cash equivalents			$ 1,667,066
Accounts receivable			2,810,158
Prepaid expenses and other current assets			2,615,615
Total current assets			7,092,839
Property, plant and equipment, net			19,391
Restricted cash			407
Identifiable intangible assets			30,830,000
Total identifiable assets acquired			37,942,637
Accounts payable			(2,004,371)
Accrued expenses			(2,143,680)
Net identifiable assets acquired			33,794,586
Goodwill			40,747,939
Total purchase price			74,542,525
MPI
Business Acquisition [Line Items]
Cash and cash equivalents			2,097,921
Accounts receivable			5,556,958
Prepaid expenses and other current assets			934,751
Total current assets			8,589,630
Property, plant and equipment, net			2,995
Restricted cash			35,318
Identifiable intangible assets			7,110,000
Total identifiable assets acquired			15,737,943
Accounts payable			(4,495,599)
Net identifiable assets acquired			11,242,344
Goodwill			2,601,687
Total purchase price			$ 13,844,031

Business Combinations - Summa_4

Business Combinations - Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives (Details) - USD ($)	Nov. 02, 2020	Jul. 23, 2020	Feb. 10, 2020	Mar. 31, 2021
Ventanex
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 26,890,000
Ventanex | Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			400,000
Identifiable intangible assets, useful life, description				Indefinite
Ventanex | Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 100,000
Identifiable intangible assets, useful life			5 years
Ventanex | Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 4,100,000
Identifiable intangible assets, useful life			3 years
Ventanex | Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 22,300,000
Identifiable intangible assets, useful life			10 years
cPayPlus
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 7,720,000
cPayPlus | Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		100,000
Identifiable intangible assets, useful life, description				Indefinite
cPayPlus | Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 100,000
Identifiable intangible assets, useful life		5 years
cPayPlus | Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 6,700,000
Identifiable intangible assets, useful life		3 years
cPayPlus | Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 800,000
Identifiable intangible assets, useful life		10 years
CPS Payment Services
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 30,830,000
CPS Payment Services | Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	500,000
Identifiable intangible assets, useful life, description				Indefinite
CPS Payment Services | Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 100,000
Identifiable intangible assets, useful life	4 years
CPS Payment Services | Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 7,200,000
Identifiable intangible assets, useful life	3 years
CPS Payment Services | Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 23,000,000
Identifiable intangible assets, useful life	10 years
MPI
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 7,110,000
MPI | Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	100,000
Identifiable intangible assets, useful life, description				Indefinite
MPI | Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 100,000
Identifiable intangible assets, useful life	4 years
MPI | Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 700,000
Identifiable intangible assets, useful life	3 years
MPI | Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 6,300,000
Identifiable intangible assets, useful life	10 years

Business Combinations - Summa_5

Business Combinations - Summary of Pro Forma Financial Information (Details) - Ventanex, cPayPlus, and CPS Acquisitions - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Revenue	$ 47,520,496	$ 43,785,775
Net loss	(17,981,173)	(13,116,365)
Net loss attributable to non-controlling interests	(2,187,272)	(2,824,118)
Net loss attributable to the Company	$ (15,793,901)	$ (10,292,246)
Loss per Class A share - basic and diluted	$ (0.21)	$ (0.27)

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 ($)	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 390,921,782	$ 91,129,888
Restricted cash	19,525,277	15,374,846
Total assets	410,447,059	106,504,734
Liabilities:
Contingent consideration	17,500,000	15,800,000
Borrowings	427,287,919	256,713,396
Tax receivable agreement	230,383,483	229,228,105
Interest rate swap		9,312,332
Total liabilities	675,171,402	511,053,833
Level 1
Assets:
Cash and cash equivalents	390,921,782	91,129,888
Restricted cash	19,525,277	15,374,846
Total assets	410,447,059	106,504,734
Level 2
Liabilities:
Borrowings	427,287,919	256,713,396
Interest rate swap		9,312,332
Total liabilities	427,287,919	266,025,728
Level 3
Liabilities:
Contingent consideration	17,500,000	15,800,000
Tax receivable agreement	230,383,483	229,228,105
Total liabilities	$ 247,883,483	$ 245,028,105

Fair Value - Additional Informa

Fair Value - Additional Information (Details)	1 Months Ended		12 Months Ended
	Feb. 29, 2020USD ($)	Oct. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)
Interest Rate Swap Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional amount	$ 30,000,000	$ 140,000,000			$ 65,000,000
Term of agreement	60 months	57 months
Variable-rate term loan				$ 205,000,000
Tax Receivable Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
TRA, balance increased through accretion expense and valuation adjustment			$ 1,000,000
TRA, measurement input			1.34	1.28
Alternative Investment, Valuation Technique [Extensible List]				us-gaap:ValuationTechniqueDiscountedCashFlowMember
Alternative Investment, Measurement Input [Extensible List]				us-gaap:MeasurementInputDiscountRateMember
Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability, measurement input				4.6
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible List]				us-gaap:ValuationTechniqueDiscountedCashFlowMember
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]				us-gaap:MeasurementInputDiscountRateMember
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability, measurement input				4.7
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible List]				us-gaap:ValuationTechniqueDiscountedCashFlowMember
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]				us-gaap:MeasurementInputDiscountRateMember
Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability, measurement input				4.6
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible List]				us-gaap:ValuationTechniqueDiscountedCashFlowMember
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]				us-gaap:MeasurementInputDiscountRateMember

Fair Value - Schedule of Contin

Fair Value - Schedule of Contingent Consideration Related to Previous Business Acquisitions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at beginning of period	$ 15,800,000	$ 14,250,000
Measurement period adjustment		6,580,549
Purchases		10,800,000
Payments	(948,786)
Valuation adjustment	2,648,786
Balance at end of period	17,500,000	31,630,549
Tax Receivable Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at beginning of period	229,228,105	67,176,226
Purchases	2,198,111
Accretion expense	806,375	541,963
Valuation adjustment	(1,849,108)
Balance at end of period	$ 230,383,483	$ 67,718,189

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	$ 3,827,175	$ 3,186,707
Less: Accumulated depreciation and amortization	1,847,075	1,558,268
Property, plant and equipment, net	1,980,100	1,628,439
Furniture, Fixtures, and Office Equipment
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	1,506,085	1,112,702
Computers
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	1,980,757	1,733,672
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	$ 340,333	$ 340,333

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 0.3	$ 0.2

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)TradeName	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets trade names	$ 22.2
Number of trade names | TradeName	6
Amortization of Intangible Assets	$ 17.5	$ 13.7

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-lived Intangible Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 434,468,942	$ 429,985,101
Accumulated Amortization	100,399,789	82,987,963
Net Carrying Value	$ 334,069,153	$ 346,997,138
Weighted Average Useful Life (Years)	6 years 7 months 13 days	6 years 11 months 12 days
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 308,450,000	$ 308,450,000
Accumulated Amortization	47,320,995	39,920,578
Net Carrying Value	$ 261,129,005	$ 268,529,422
Weighted Average Useful Life (Years)	8 years 4 months 20 days	8 years 7 months 20 days
Channel Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 12,550,000	$ 12,550,000
Accumulated Amortization	755,685	191,936
Net Carrying Value	$ 11,794,315	$ 12,358,064
Weighted Average Useful Life (Years)	9 years 4 months 24 days	9 years 7 months 24 days
Software Costs
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 109,198,942	$ 104,715,101
Accumulated Amortization	49,211,901	40,280,116
Net Carrying Value	$ 59,987,041	$ 64,434,985
Weighted Average Useful Life (Years)	1 year 6 months 10 days	1 year 10 months 6 days
Non-Complete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4,270,000	$ 4,270,000
Accumulated Amortization	3,111,208	2,595,333
Net Carrying Value	$ 1,158,792	$ 1,674,667
Weighted Average Useful Life (Years)	1 year 3 months 7 days	1 year 6 months 7 days

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Estimated Amortization Expense (Details)	Mar. 31, 2021USD ($)
Estimated Future Amortization Expense
2021	$ 45,556,445
2022	58,105,482
2023	39,879,266
2024	32,577,868
2025	32,254,856
2026	32,242,778
Thereafter	$ 93,452,457

Goodwill - Schedule of Changes

Goodwill - Schedule of Changes to Goodwill (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 458,970,255
Dispositions	0
Impairment Loss	0
Measurement period adjustment	(10,778)
Ending balance	$ 458,959,477

Goodwill - Additional Informati

Goodwill - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)SegmentUnit
Goodwill And Intangible Assets Disclosure [Abstract]
Number of operating segment | Segment	1
Number of reporting unit | Unit	1
Goodwill impairment loss | $	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details)	Jan. 19, 2021USD ($)$ / shares	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Feb. 03, 2021USD ($)	Feb. 02, 2021USD ($)	Jan. 01, 2021USD ($)	Feb. 10, 2020USD ($)	Feb. 09, 2020USD ($)
Successor Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity							$ 346,000,000	$ 230,000,000
New Credit Agreement
Debt Instrument [Line Items]
Line of credit unused commitments fee		$ 97,222	$ 42,361
Line of credit Interest expense		0	62,008
New Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity				$ 125,000,000
Line of credit		0
Revolving Credit And Term Loan | Successor Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 20,000,000
Senior Secured Revolving Credit Facility | Successor Credit Agreement
Debt Instrument [Line Items]
Undrawn line of credit					$ 30,000,000
Senior Secured Revolving Credit Facility | New Credit Agreement | Truist Bank
Debt Instrument [Line Items]
Undrawn line of credit				$ 125,000,000
2026 Notes
Debt Instrument [Line Items]
Aggregate principal amount						$ 440,000,000
Debt instrument interest rate						0.00%
2026 Notes | Notes Offering
Debt Instrument [Line Items]
Aggregate principal amount	$ 440,000,000
Debt instrument interest rate	0.00%
Debt instrument, maturity date	Feb. 1, 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	$ 33.60
Term Loan
Debt Instrument [Line Items]
Line of credit Interest expense			$ 3,200,000

Borrowings - Summary of Borrowi

Borrowings - Summary of Borrowings under Credit Agreement (Details) - USD ($)		Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020		Mar. 31, 2020
Debt Instrument [Line Items]
Total borrowings under credit facility and convertible senior debt		$ 440,000,000		$ 262,653,996	[1]	$ 440,000,000	[1]
Less: Current maturities of long-term debt	[2]			6,760,650
Less: Long-term loan debt issuance cost	[3]			5,940,600		12,712,081
Total non-current borrowings				249,952,746		427,287,919
Convertible Senior Debt
Debt Instrument [Line Items]
Total borrowings under credit facility and convertible senior debt						$ 440,000,000
Less: Long-term loan debt issuance cost			$ 11,400,000
Term Loan
Debt Instrument [Line Items]
Total borrowings under credit facility and convertible senior debt				$ 262,653,996
[1]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were
[2]	Pursuant to the terms of the Amended Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).
[3]	The Company incurred $0.5 million

Borrowings - Summary of Borro_2

Borrowings - Summary of Borrowings under Credit Agreement (Parenthetical) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Percentage of initial principal amount of the term loans			0.625%
Interest expense for the amortization of deferred debt issuance costs	$ 535,536	$ 332,990
Interest Expense
Debt Instrument [Line Items]
Interest expense for the amortization of deferred debt issuance costs	$ 500,000		$ 1,400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate			3.65%
Term Loan
Debt Instrument [Line Items]
Variable interest rate			3.65%
Delayed Draw Term Loan
Debt Instrument [Line Items]
Variable interest rate			3.65%

Borrowings - Summary of Princip

Borrowings - Summary of Principal Maturities of Long-term Debt (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	[1]	Mar. 31, 2020	[1]
Debt Disclosure [Abstract]
2026	$ 440,000,000
Total borrowings under credit facility and convertible senior debt	$ 440,000,000	$ 262,653,996		$ 440,000,000
[1]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($)	Feb. 21, 2020	Oct. 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Feb. 29, 2020
Interest Rate Swap Agreement
Derivative Instruments Gain Loss [Line Items]
Notional amount		$ 140,000,000			$ 65,000,000	$ 30,000,000
Variable-rate term loan			$ 205,000,000
Regions Bank | Interest Rate Swap Agreement
Derivative Instruments Gain Loss [Line Items]
Notional amount		140,000,000
Variable-rate term loan		$ 140,000,000
Term of agreement		5 years
Pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense				$ 100,000
Regions Bank | Swap Transaction
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 30,000,000				65,000,000
Swap transaction inception date	Mar. 31, 2020
Swap transaction termination date	Feb. 10, 2025
Regions Bank | Swap Transaction | Other Loss
Derivative Instruments Gain Loss [Line Items]
Derivative, Notional Amount			$ 9,300,000
Regions Bank | Swap Transaction | LIBOR
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 30,000,000				$ 65,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021
Lease [Line Items]
Operating lease expiration year	2029
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 six 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
Minimum [Member]
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	6 years

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Components of Lease Cost (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Components of total lease costs:
Operating lease cost	$ 540,639
Short-term lease cost	12,450
Total lease cost	$ 553,089

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Operating Lease and Supplemental Information (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Operating leases:
ROU assets	$ 9,650,463	$ 10,074,506
Lease liability, current	1,562,964	1,527,224
Lease liability, long-term	8,470,264	8,836,655
Total lease liabilities	$ 10,033,228	$ 10,363,879
Weighted-average remaining lease term (in years)	6 years	6 years 2 months 12 days
Weighted-average discount rate (annual)	4.60%	4.60%

Commitments and Contingencies_4

Commitments and Contingencies - Other Information Related to Leases (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 459,698

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Maturity Analysis of the Company's Operating Leases Liabilities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
2021	$ 1,522,813
2022	1,903,329
2023	1,948,666
2024	1,847,041
2025	1,531,435
Thereafter	2,793,934
Total undiscounted lease payments	11,547,220
Less: Imputed interest	1,513,991
Total lease liabilities	$ 10,033,228	$ 10,363,879

Schedule of Related Party Payab

Schedule of Related Party Payables (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party payables	$ 17,774,815	$ 15,811,597
Ventanex
Related Party Transaction [Line Items]
Related party payables	4,600,000	4,800,000
cPayPlus
Related Party Transaction [Line Items]
Related party payables	7,800,000	6,500,000
CPS Payment Services
Related Party Transaction [Line Items]
Related party payables	5,100,000	4,500,000
Other Payables to Related Parties
Related Party Transaction [Line Items]
Related party payables	$ 274,815	$ 11,597

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transactions [Abstract]
Transaction costs incurred on behalf of related parties	$ 1.3	$ 0.5

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested RSAs and RSUs	$ 34.8	$ 32.8
Weighted-average period related to unvested RSAs and RSUs	2 years 10 months 28 days	2 years 7 months 20 days
Share based compensation expense	$ 5.2	$ 3.5
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

Share Based Compensation - Sche

Share Based Compensation - Schedule of Outstanding Restricted Stock Awards And Restricted Stock Units Activity (Details) - Restricted Stock Award (RSAs) And Restricted Stock Units (RSU) - Class A Common Stock	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Beginning Balance | shares	2,523,431
Granted | shares	713,785
Forfeited | shares	77,007	[1],[2]
Vested | shares	220,664
Unvested, Ending Balance | shares	2,939,545
Weighted average grant date fair value, Beginning Balance | $ / shares	$ 15.71
Weighted average grant date fair value, Granted | $ / shares	22.84
Weighted average grant date fair value, Forfeited | $ / shares	16.16	[1],[2]
Weighted average grant date fair value, Vested | $ / shares	15.58
Weighted average grant date fair value, Ending Balance | $ / shares	$ 18.09
[1]	The forfeited shares include employee terminations during the three months ended March 31, 2021; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.
[2]	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

Taxation - Additional Informati

Taxation - Additional Information (Details) - USD ($)	Jul. 11, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Taxation [Line Items]
Effective tax rate		24.80%	7.80%
Income tax benefit		$ 5,941,773	$ 1,115,592
Change to valuation allowance		0
Deferred tax assets, net		141,799,307		$ 135,337,229
Additional deferred tax asset (DTA) and offsetting deferred tax liability (DTL) amount		$ 5,064
Percentage of valuation allowance recognized		100.00%
Uncertain tax positions		$ 0
Percentage of tax benefits payable under Tax Receivable Agreement	100.00%
Liability related to projected obligations under Tax Receivable Agreement		$ 230,400,000
Class A Common Stock
Taxation [Line Items]
Post-merger repay units exchanged		375,000
Hawk Parent | Class A Common Stock
Taxation [Line Items]
Post-merger repay units exchanged		375,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Billing Tree [Member] - Subsequent Event $ in Millions	May 10, 2021USD ($)
Subsequent Event [Line Items]
Acquisition date	May 10, 2021
Payments made to acquire business	$ 503
Business combination, cash consideration	275
Class A Common Stock
Subsequent Event [Line Items]
Business combination, stock transaction	$ 228