Repay (RPAY) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 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	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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		90,586,250
Class V Common Stock
Entity Common Stock, Shares Outstanding		100

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 120,400,640	$ 91,129,888
Accounts receivable		31,397,634	21,310,724
Prepaid expenses and other		9,229,945	6,925,115
Total current assets		161,028,219	119,365,727
Property, plant and equipment, net		2,603,063	1,628,439
Restricted cash		20,138,233	15,374,846
Customer relationships, net of amortization		470,026,755	280,887,486
Software, net of amortization		80,252,218	64,434,985
Other intangible assets, net of amortization		31,026,250	23,904,667
Goodwill		751,193,501	458,970,255
Operating lease right-of-use assets, net of amortization		10,882,410	10,074,506
Deferred tax assets		118,019,437	135,337,229
Total noncurrent assets		1,484,141,867	990,612,413
Total assets		1,645,170,086	1,109,978,140
Liabilities
Accounts payable		17,999,606	11,879,638
Related party payable		18,100,515	15,811,597
Accrued expenses		21,168,870	19,216,258
Current maturities of long-term debt	[1]		6,760,650
Current operating lease liabilities		1,828,000	1,527,224
Current tax receivable agreement		10,440,762	10,240,310
Total current liabilities		69,537,753	65,435,677
Long-term debt, net of current maturities		427,950,300	249,952,746
Noncurrent operating lease liabilities		9,525,372	8,836,655
Tax receivable agreement, net of current portion		224,523,900	218,987,795
Other liabilities		2,658,313	10,583,196
Total noncurrent liabilities		664,657,885	488,360,392
Total liabilities		734,195,638	553,796,069
Commitment and contingencies (Note 12)
Stockholders' equity
Additional paid-in capital		1,073,163,704	691,675,072
Accumulated other comprehensive (loss) income			(6,436,763)
Accumulated deficit		(203,994,711)	(175,931,713)
Total stockholders' equity		869,177,815	509,313,721
Equity attributable to non-controlling interests		41,796,633	46,868,350
Total liabilities and stockholders' equity and members' equity		1,645,170,086	1,109,978,140
Class A Common Stock
Stockholders' equity
Common stock value		8,822	7,125
Total stockholders' equity		$ 8,822	$ 7,125
[1]	Pursuant to the terms of the Amended Credit Agreement, the Company was 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	Jun. 30, 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	88,222,430	71,244,682
Common shares, shares outstanding	88,222,430	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 48,411,871	$ 36,500,525	$ 95,932,367	$ 75,963,062
Operating Expenses
Other costs of services	12,720,798	8,726,627	25,195,606	19,497,924
Selling, general and administrative	29,542,047	19,018,212	52,935,414	37,184,403
Depreciation and amortization	19,678,980	14,705,598	37,471,974	28,609,982
Change in fair value of contingent consideration	(1,200,000)	740,000	1,448,786	740,000
Total operating expenses	60,741,825	43,190,437	117,051,780	86,032,309
(Loss) Income from operations	(12,329,954)	(6,689,912)	(21,119,413)	(10,069,247)
Other (expense) income
Interest expense	(816,621)	(3,704,355)	(1,999,978)	(7,222,140)
Loss on extinguishment of debt			(5,940,600)
Change in fair value of warrant liabilities		(66,669,522)		(73,567,617)
Change in fair value of tax receivable liability	(4,355,183)	(10,038,458)	(3,312,450)	(10,580,421)
Other income	34,389	5,399	62,536	44,447
Other loss			(9,080,410)
Total other (expense) income	(5,137,415)	(80,406,936)	(20,270,902)	(91,325,731)
(Loss) income before income tax expense	(17,467,369)	(87,096,848)	(41,390,315)	(101,394,978)
Income tax benefit	4,117,474	3,896,626	10,059,247	5,012,218
Net (loss) income	(13,349,895)	(83,200,222)	(31,331,068)	(96,382,760)
Less: Net (loss) income attributable to non-controlling interests	(1,080,798)	(3,903,059)	(3,268,070)	(6,755,458)
Net (loss) income attributable to the Company	$ (12,269,097)	$ (79,297,163)	$ (28,062,998)	$ (89,627,302)
Loss per Class A share:
Basic and diluted	$ (0.15)	$ (1.90)	$ (0.36)	$ (2.26)
Weighted-average shares outstanding:
Basic and diluted	79,781,185	41,775,128	78,200,752	39,699,841

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (13,349,895)	$ (83,200,222)	$ (31,331,068)	$ (96,382,760)
Other comprehensive loss, before tax
Change in fair value of designated cash flow hedges		(13,933,220)		(11,247,984)
Total other comprehensive loss, before tax		(13,933,220)		(11,247,984)
Income tax related to items of other comprehensive income:
Tax benefit on change in fair value of designated cash flow hedges		236,527		1,551,370
Total income tax benefit on related to items of other comprehensive income		236,527		1,551,370
Total other comprehensive loss, net of tax		(13,696,693)		(9,696,614)
Total comprehensive loss	(13,349,895)	(96,896,915)	(31,331,068)	(106,079,374)
Less: Comprehensive loss attributable to non-controlling interests	(1,080,798)	(4,281,138)	(3,268,070)	(11,345,199)
Comprehensive loss attributable to the Company	$ (12,269,097)	$ (92,615,777)	$ (28,062,998)	$ (94,734,175)

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	$ 213,537,117	$ 3,753		$ 283,555,118	$ (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	2,170,296			2,170,296
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, 2019	213,537,117	$ 3,753		283,555,118	(70,335,151)	206,162,035	313,397
Balance, shares at Dec. 31, 2019		37,530,568	100
Net loss	(89,627,302)
Balance at March 31, 2020 at Jun. 30, 2020	359,730,310	$ 5,202		526,569,801	(159,962,453)	159,844,542	(6,882,240)
Balance, shares at Jun. 30, 2020		52,018,330	100
Balance 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
Issuance of new shares	173,992,308	$ 920		173,991,388
Issuance of new shares, shares		9,200,000
Redemption of Post-Merger Repay Units	(64,022,585)			(63,321,690)		(34,777,415)	(700,895)
Stock-based compensation	5,475,449			5,475,449
Warrant exercise	51,793,327	$ 498		51,792,829
Warrant exercise, shares		4,979,711
Valuation allowance on Ceiling Rule DTA	(8,300,787)			(8,300,787)
Reclassification to warrant liabilities	74,150,310			74,150,310
Net loss	(79,297,163)				(79,297,163)	(3,903,059)
Accumulated other comprehensive (loss) income	(851,640)					(572,958)	(851,640)
Balance at March 31, 2020 at Jun. 30, 2020	359,730,310	$ 5,202		526,569,801	(159,962,453)	159,844,542	(6,882,240)
Balance, shares at Jun. 30, 2020		52,018,330	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
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
Net loss	(28,062,998)
Balance at March 31, 2020 at Jun. 30, 2021	869,177,815	$ 8,822		1,073,163,704	(203,994,711)	41,796,633
Balance, shares at Jun. 30, 2021		88,222,430	100
Balance 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
Issuance of new shares	228,637,947	$ 1,005		228,636,942		(387,947)
Issuance of new shares, shares		10,051,302
Exchange of Post-Merger Repay Units	135,130	$ 2		135,128		(135,128)
Exchange of Post-Merger Repay Units Shares		25,267
Release of share awards vested under Equity Plan		$ 6		(6)
Release of share awards vested under Equity Plan, shares		61,015
Treasury shares repurchased	(704,589)			(704,589)		2,216
Stock-based compensation	5,507,001			5,507,001		(1,512)
Valuation allowance on Ceiling Rule DTA	(123)			(123)
Net loss	(12,269,097)				(12,269,097)	(1,080,798)
Balance at March 31, 2020 at Jun. 30, 2021	$ 869,177,815	$ 8,822		$ 1,073,163,704	$ (203,994,711)	$ 41,796,633
Balance, shares at Jun. 30, 2021		88,222,430	100

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (13,349,895)	$ (83,200,222)	$ (31,331,068)	$ (96,382,760)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	19,678,980	14,705,598	37,471,974	28,609,982
Stock based compensation			10,656,090	8,998,180
Amortization of debt issuance costs			1,197,917	663,294
Loss on extinguishment of debt			5,940,600
Loss on sale of interest rate swaps			9,317,243
Fair value change in warrant liabilities		66,669,522		73,567,617
Fair value change in tax receivable agreement liability			3,312,450	10,580,421
Fair value change in other assets and liabilities			1,448,786	708,622
Deferred tax expense			(10,059,247)	(5,012,717)
Change in accounts receivable			(3,603,491)	1,213,666
Change in related party receivable				563,084
Change in prepaid expenses and other			(702,976)	178,443
Change in operating lease ROU assets			576,505
Change in accounts payable			3,567,717	486,986
Change in related party payable			340,132	(14,467,759)
Change in accrued expenses and other			(2,945,543)	(458,152)
Change in operating lease liabilities			(394,915)
Change in other liabilities			(7,924,883)	168,852
Net cash provided by operating activities			16,867,291	9,417,759
Cash flows from investing activities
Purchases of property and equipment			(985,274)	(539,008)
Purchases of software			(9,738,165)	(7,202,987)
Net cash used in investing activities			(286,509,580)	(43,728,473)
Cash flows from financing activities
Change in line of credit				(10,000,000)
Issuance of long-term debt			440,000,000	60,425,983
Payments on long-term debt			(262,653,996)	(2,965,162)
Repurchase of treasury shares			(2,520,320)
Exercise of warrants				55,327,515
Redemption of Post-Merger Repay Units				(98,800,000)
Payment of loan costs			(13,247,617)	(1,861,817)
Net cash provided by financing activities			303,676,428	176,118,827
Increase in cash, cash equivalents and restricted cash			34,034,139	141,808,113
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	$ 140,538,873	$ 179,709,230	140,538,873	179,709,230	$ 106,504,734
Cash paid during the year for:
Interest			802,060	6,433,715
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
APS Payments
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired				(465,454)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Valuation adjustment to contingent consideration for acquisition				6,580,549
CPS
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired			1,510,778
Billing Tree
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired			(269,825,725)
Kontrol
Cash flows from investing activities
Acquisition, net of cash and restricted cash acquired			(7,471,194)
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Acquisition in exchange for contingent consideration			500,000
Class A Common Stock
Cash flows from financing activities
Public issuance of Class A Common Stock			$ 142,098,361	$ 173,992,308

Organizational Structure and Co

Organizational Structure and Corporate Information	6 Months Ended
	Jun. 30, 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. On January 19, 2021, the Company also completed the previously announced offering of $440.0 million in aggregate principal amount of 0.00% Convertible Senior Notes due 2026 (the “2026 Notes”) in a private placement (the “Notes Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. $40.0 million in aggregate principal amount of such 2026 Notes were sold in the Notes Offering in connection with the full exercise of the initial purchasers’ option to purchase such additional 2026 Notes pursuant to the purchase agreement. The Notes will mature on February 1, 2026, unless earlier converted, repurchased or redeemed. On June 15, 2021, the Company acquired all of the equity interests of BT Intermediate, LLC (together with its subsidiaries, “BillingTree”) for approximately $506.6 million, consisting of approximately $278.3 million in cash from the Company’s balance sheet and approximately 10 million shares of newly issued Class A common stock, representing approximately 10% of the voting power of the Company’s outstanding shares of common stock. On June 22, 2021, the Company acquired substantially all of the assets of Kontrol LLC (“Kontrol”) for up to $11.0 million, of which approximately $7.5 million was paid at closing. The acquisition was financed with cash on hand. 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 ( as amended, the “2020 Form 10-K”) restating the financial statements for the Relevant Periods (including the three and six months ended June 30 , 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 three and six months ended June 30 , 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 three and six months ended June 30 , 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 June 30, 2020 and for the three and six months ended June 30, 2020 to restate the following non-cash items: As of December 31, 2020 As of June 30, 2020 (Unaudited) As Reported Adjustments As Restated As Reported Adjustments As Restated Consolidated Balance Sheets Warrant liabilities $ — $ — $ — $ — $ 38,062,930 $ 38,062,930 Total noncurrent liabilities 488,360,392 — 488,360,392 363,159,756 38,062,930 401,222,686 Total liabilities 553,796,069 — 553,796,069 422,492,654 38,062,930 460,555,584 Additional paid-in capital 604,391,167 87,283,905 691,675,072 474,608,423 51,961,378 526,569,801 Accumulated deficit (88,647,808 ) (87,283,905 ) (175,931,713 ) (69,938,145 ) (90,024,308 ) (159,962,453 ) Total stockholders' equity 509,313,721 — 509,313,721 397,793,240 (38,062,930 ) 359,730,310 For the three months ended June 30, 2020 For the six months ended June 30, 2020 As Reported Adjustments As Restated As Reported Adjustments As Restated Unaudited Consolidated Statements of Operations Change in fair value of warrant liabilities $ — $ (66,669,522 ) $ (66,669,522 ) $ — $ (73,567,617 ) $ (73,567,617 ) Total other (expense) income (13,737,414 ) (66,669,522 ) (80,406,936 ) (17,758,114 ) (73,567,617 ) (91,325,731 ) (Loss) income before income tax expense (20,427,326 ) (66,669,522 ) (87,096,848 ) (27,827,361 ) (73,567,617 ) (101,394,978 ) Net (loss) income (16,530,700 ) (66,669,522 ) (83,200,222 ) (22,815,143 ) (73,567,617 ) (96,382,760 ) Net (loss) income attributable to the Company (12,627,641 ) (66,669,522 ) (79,297,163 ) (16,059,685 ) (73,567,617 ) (89,627,302 ) Loss per Class A share: Basic and diluted $ (0.30 ) $ (1.90 ) $ (0.40 ) $ (2.26 ) For the six months ended June 30, 2020 As Reported Adjustments As Restated Unaudited Consolidated Statements of Cash Flows Net loss $ (22,815,143 ) $ (73,567,617 ) $ (96,382,760 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities 32,232,902 73,567,617 105,800,519 Net cash provided by operating activities 9,417,759 — 9,417,759 Net cash used in investing activities (43,728,473 ) — (43,728,473 ) Net cash provided by financing activities 176,118,827 — 176,118,827 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	6 Months Ended
	Jun. 30, 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, Custom Payment Systems, LLC, BT Intermediate, LLC, Electronic Payment Providers, LLC, Blue Cow Software, LLC, Hoot Payment Solutions, LLC, Internet Payment Exchange, LLC, Stratus Payment Solutions, LLC, Clear Payment Solutions, LLC and Harbor Acquisition 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 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	6 Months Ended
	Jun. 30, 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. Software Revenue As a result of the acquisition of BillingTree, the Company has acquired a software revenue stream. Software revenue has been presented within revenue on the Consolidated Statements of Operations. Software revenue consists of term license fees related to software products, and software maintenance and support (“PCS”). Customers typically enter into software contracts for contractual terms of three to twelve months period. The term license and PCS are each distinct performance obligations. The total consideration in the contract is allocated based on management’s assessment of the relative standalone selling price for each performance obligation. Revenue is recognized when the related performance obligations are satisfied. Revenue from the term license is recognized at a point in time, upon delivery to the client. Revenue from PCS is recognized over the term of the contract. When the Company receives an up-front deposit, the revenue is deferred until such a time that the term license or PCS is provided to the customer. Deferred revenue is expected to be recognized as revenue within one year and is classified within a current liability. As BillingTree was acquired during the three months ended June 30, 2021, there was no deferred revenue balance at the beginning of the period; however, the balance of deferred revenue as of June 30, 2021 incorporates the deferred revenue acquired in the BillingTree acquisition. See Note 5. Business Combinations for more detail regarding the BillingTree acquisition. Disaggregation of revenue The table below presents a disaggregation of revenue by direct and indirect relationships for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue Direct relationships $ 47,286,567 $ 35,873,834 $ 94,042,003 $ 74,589,458 Indirect relationships 1,125,304 626,691 1,890,364 1,373,604 Total Revenue $ 48,411,871 $ 36,500,525 $ 95,932,367 $ 75,963,062

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	4. Earnings Per Share During the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loss before income tax expense $ (17,467,369 ) $ (87,096,848 ) $ (41,390,315 ) $ (101,394,978 ) Less: Net loss attributable to non-controlling interests (1,080,798 ) (3,903,059 ) (3,268,070 ) (6,755,458 ) Income tax benefit 4,117,474 3,896,626 10,059,247 5,012,218 Net loss attributable to the Company $ (12,269,097 ) $ (79,297,163 ) $ (28,062,998 ) $ (89,627,302 ) Weighted average shares of Class A common stock outstanding - basic and diluted 79,781,185 41,775,128 78,200,752 39,699,841 Loss per share of Class A common stock outstanding - basic and diluted $ (0.15 ) $ (1.90 ) $ (0.36 ) $ (2.26 ) For the three and six months ended June 30, 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: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Post-Merger Repay Units exchangeable for Class A common stock 7,933,893 24,305,623 7,933,893 24,305,623 Dilutive warrants exercisable for Class A common stock — 1,758,145 — 1,758,145 Unvested restricted share awards of Class A common stock 2,860,945 2,899,272 2,860,945 2,899,272 2026 Notes convertible for Class A common stock 13,095,238 — 13,095,238 — Share equivalents excluded from earnings (loss) per share 23,890,076 28,963,040 23,890,076 28,963,040 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	6 Months Ended
	Jun. 30, 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) Reflects the fair value of the Ventanex Earnout Payment, the contingent consideration to be paid to the selling members of Ventanex , pursuant to the Ventanex Purchase Agreement as of February 10, 2020. The selling partners of Ventanex will have the contingent earn-out right to receive a payment of up to $ 14.0 million dependent upon the Gross Profit, as defined in the Ventanex Purchase Agreement, for the years ended December 31, 2020 and 2021. In February 2021 , the Company paid the sellers of Ventanex $ 0.9 million, pursuant to the terms of the Ventanex Purchase Agreement. As of June 30 , 202 1 , the Ventanex e arnout was $ million , which resulted in a ($0.8) million and ($1.0) million adjustment included in the change in fair value of contingent consideration in the C onsolidated S tatements of O perations for the three and six months ended June 30 , 2021 , respectively . The Company recorded an 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, of which $8.3 million on a gross basis is expected to be deductible for tax purposes. 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 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 an 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 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 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, of which $0.2 million on a gross basis is expected to be deductible for tax purposes. 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 June 30, 2021, the CPS earnout was $4.5 million, which resulted in a ($0.6) million and $0.0 million adjustment included in the change in fair value of contingent consideration in the Consolidated Statements of Operations for the three and six months ended June 30, 2021, respectively. 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, of which $38.8 million on a gross basis is expected to be deductible for tax purposes. 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. BillingTree On June 15, 2021, the Company acquired BillingTree. Under the terms of the agreement and plan of merger between BT Intermediate, LLC, the Company, two newly formed subsidiaries of the Company and the owner of BT Intermediate, LLC (“BillingTree Merger Agreement”), the aggregate consideration paid at closing by the Company was approximately $506.6 million, consisting of approximately $278.3 million in cash and approximately 10 million shares of newly issued Class A common stock. The BillingTree Merger Agreement contains customary representations, warranties and covenants by Repay and the former owner of BillingTree, 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 seller of BillingTree: Cash consideration $ 278,344,249 Unit consideration 228,250,000 Total purchase price $ 506,594,249 The Company recorded a preliminary allocation of the purchase price to BillingTree’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the June 15, 2021 closing date. The preliminary purchase price allocation is as follows: Cash and cash equivalents $ 8,243,570 Accounts receivable 6,483,419 Prepaid expenses and other current assets 1,601,854 Total current assets 16,328,843 Property, plant and equipment, net 541,244 Restricted cash 274,954 Other assets 1,384,409 Identifiable intangible assets 232,320,000 Total identifiable assets acquired 250,849,450 Accounts payable (2,552,251 ) Accrued expenses (6,282,563 ) Deferred tax liability (28,123,217 ) Net identifiable assets acquired 213,891,419 Goodwill 292,702,830 Total purchase price $ 506,594,249 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 $ 0.3 2 Trade names 7.8 Indefinite Developed technology 26.2 3 Merchant relationships 198.0 10 $ 232.3 Goodwill of $292.7 million represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired, of which $47.7 million on a gross basis is expected to be deductible for tax purposes. 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 BillingTree. BillingTree contributed $2.4 million to revenue and $(0.3) million in net income to the Company’s unaudited interim Consolidated Statements of Operations, from June 15, 2021 through June 30, 2021. Kontrol On June 22, 2021, the Company acquired substantially all of the assets of Kontrol LLC (“Kontrol”). Under the terms of the asset purchase agreement between a newly formed subsidiary of Repay Holdings, LLC and the owner of Kontrol (“Kontrol Purchase Agreement”), the aggregate consideration paid at closing by the Company was up to $11.0 million in cash, of which $7.5 million was paid at closing. The Kontrol Purchase Agreement contains customary representations, warranties and covenants by Repay and the former owner of Kontrol, 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 owner of Kontrol: Cash consideration $ 7,471,194 Contingent consideration 500,000 Total purchase price $ 7,971,194 The Company recorded a preliminary allocation of the purchase price to Kontrol’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the June 22, 2021 closing date. The preliminary purchase price allocation is as follows: Identifiable intangible assets $ 6,940,000 Total identifiable assets acquired 6,940,000 Goodwill 1,031,194 Total purchase price $ 7,971,194 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) Trade names $ 0.0 Indefinite Merchant relationships 6.9 8 $ 6.9 Goodwill of $1.0 million represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired, of which $0.5 million on a gross basis is expected to be deductible for tax purposes. 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 Kontrol. Kontrol contributed $0.1 million to revenue and $0.0 million in net income to the Company’s unaudited interim Consolidated Statements of Operations, from June 22, 2021 through June 30, 2021. Transaction Expenses The Company incurred transaction expenses of $2.7 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, CPS, BillingTree and Kontrol 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. Pro Forma Three Months Ended June 30, Pro Forma Six Months Ended June 30, 2021 2020 2021 2020 Revenue $ 61,191,338 $ 53,165,376 $ 124,699,561 $ 111,516,262 Net loss (7,331,232 ) (83,795,121 ) (28,023,722 ) (96,175,597 ) Net loss attributable to non-controlling interests (538,196 ) (4,199,266 ) (2,969,849 ) (6,835,622 ) Net loss attributable to the Company (6,793,036 ) (79,595,855 ) (25,053,873 ) (89,339,975 ) Loss per Class A share - basic and diluted $ (0.09 ) $ (1.91 ) $ (0.32 ) $ (2.25 )

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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. June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 120,400,640 $ — $ — $ 120,400,640 Restricted cash 20,138,233 — — 20,138,233 Total assets $ 140,538,873 $ — $ — $ 140,538,873 Liabilities: Contingent consideration $ — $ — $ 17,800,000 $ 17,800,000 Borrowings — 427,950,300 — 427,950,300 Tax receivable agreement — — 234,964,662 234,964,662 Total liabilities $ — $ 427,950,300 $ 252,764,662 $ 680,714,962 December 31, 2020 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 within Related party payable in the Consolidated Balance Sheets. 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 3.3% to 3.4% and weighted average of 3.4% 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. Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 15,800,000 $ 14,250,000 Measurement period adjustment — 6,580,549 Purchases 1,500,000 10,800,000 Payments (948,786 ) (14,320,549 ) Accretion expense — — Valuation adjustment 1,448,786 740,000 Balance at end of period $ 17,800,000 $ 18,050,000 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 1.25% was applied to the forecasted TRA payments at June 30, 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 was adjusted by $ million through accretion expense and a valuation adjustment, related to a decrease in the discount rate, which was 1.34 % as of December 31, 2020. 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. Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 229,228,105 $ 67,176,226 Purchases 2,424,107 29,822,986 Payments — — Accretion expense 1,522,939 1,096,084 Valuation adjustment 1,789,511 9,484,337 Balance at end of period $ 234,964,662 $ 107,579,633 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 within Other assets 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 June 30, 2021, both interest rate swaps were settled.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	7. Property and Equipment Property and equipment consisted of the following: June 30, December 31, 2021 2020 Furniture, fixtures, and office equipment $ 2,084,797 $ 1,112,702 Computers 2,242,161 1,733,672 Leasehold improvements 390,748 340,333 Total 4,717,706 3,186,707 Less: Accumulated depreciation and amortization 2,114,643 1,558,268 $ 2,603,063 $ 1,628,439 Depreciation expense for property and equipment was $0.3 million

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	8. Intangible Assets The Company holds definite and indefinite-lived intangible assets. As of June 30, 2021, the indefinite-lived intangible assets consist of trade names of $30.1 million, and this balance consists of seven trade names, arising from the acquisitions of Hawk Parent, TriSource, APS Payments (“APS”), Ventanex, cPayPlus, CPS, BillingTree and Kontrol. As of December 31, 2020, 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, 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 $ 513,350,000 $ 54,803,810 $ 458,546,190 4.89 Channel relationships 12,550,000 1,069,435 11,480,565 9.15 Software costs 139,015,287 58,763,069 80,252,218 1.01 Non-compete agreements 4,590,000 3,633,750 956,250 0.95 Balance as of June 30, 2021 $ 669,505,287 $ 118,270,064 $ 551,235,223 4.14 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 $19.1 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 $ 30,143,812 2022 52,062,854 2023 37,121,611 2024 32,147,468 2025 32,245,856 2026 32,242,778 Thereafter 335,270,843 The Company has only one operating segment and, based on the criteria outlined in ASC 350, Intangibles – Goodwill and Other

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	9. Goodwill The following table presents changes to goodwill for the six months ended June 30, 2021. Total Balance at December 31, 2020 $ 458,970,255 Acquisitions 293,734,024 Dispositions — Impairment Loss — Measurement period adjustment (1,510,778 ) Balance at June 30, 2021 $ 751,193,501 The Company has only one operating segment and, based on the criteria outlined in ASC 350, Intangibles – Goodwill and Other

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 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 (the “Delayed Draw Term Loan”). The Successor Credit Agreement provided for an aggregate revolving commitment of $20.0 million 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 the Successor 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 June 30, 2021. As of June 30, 2021, the Company The Company’s interest expense on the line of credit totaled $0 for both the three and six months ended June 30, 2021. The Company’s interest expense on the line of credit totaled $4,356 and $66,364 for the three and six months ended June 30, 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 c ommon s tock, or a combination of cash and shares of the Company’s Class A c ommon s tock. The 2026 Notes will mature on February 1, 2026 , unless earlier converted, repurchased or redeemed. Subject to Nasdaq requirements, the Company controls the conversion rights prior to November 3, 2025, unless a fundamental change or an event of default occurs. During the six months ended June 30, 2021, the conversion contingencies of the 2026 Notes were not met, and the conversion terms of the 2026 Notes were not significantly changed. The shares issuable upon conversion of the 2026 Notes were excluded from the computation of the diluted loss per share, since their inclusion would have been anti-dilutive. At June 30, 2021 and December 31, 2020, total borrowings under the Successor Credit Agreement, Amended Credit Agreement, and 2026 Notes consisted of the following, respectively: June 30, 2021 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) 12,049,700 5,940,600 Total non-current borrowings $ 427,950,300 $ 249,952,746 (1) The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility beared interest, at variable rates, which were 3.65% at December 31, 2020. (2) Pursuant to the terms of the Amended Credit Agreement, the Company was 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 $0.7 million and $1.2 million of interest expense for the amortization of deferred debt issuance costs for the three and six months ended June 30, 2021, respectively. The Company incurred $1.4 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2020. The Company incurred interest expense on the Term Loans of $3.2 million and $6.4 million for the three and six months ended June 30, 2020, respectively. 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

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 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 made 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 made 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 June 30, 2021, with realized loss of $9.3 million recorded in Other loss in the Consolidated Statements of Operations during the six months ended June 30, 2021.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2021 Six Months Ended June 30, 2021 Components of total lease costs: Operating lease cost $ 555,384 $ 1,096,023 Short-term lease cost 15,841 27,241 Variable lease cost — — Total lease cost $ 571,225 $ 1,123,264 Amounts reported in the Consolidated Balance Sheets were as follows: June 30, 2021 December 31, 2020 Operating leases: ROU assets $ 10,882,410 $ 10,074,506 Lease liability, current 1,828,000 1,527,224 Lease liability, long-term 9,525,372 8,836,655 Total lease liabilities $ 11,353,372 $ 10,363,879 Weighted-average remaining lease term (in years) 5.7 6.2 Weighted-average discount rate (annual) 4.3 % 4.6 % Other information related to leases are as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 472,705 $ 931,353 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 June 30, 2021: 2021 $ 1,164,049 2022 2,261,605 2023 2,311,391 2024 2,124,176 2025 1,936,698 Thereafter 3,095,550 Total undiscounted lease payments 12,893,469 Less: Imputed interest 1,540,097 Total lease liabilities $ 11,353,372

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions Related party payables consisted of the following: June 30, December 31, 2021 2020 Ventanex accrued earnout liability $ 3,800,000 $ 4,800,000 cPayPlus accrued earnout liability 8,000,000 6,500,000 CPS accrued earnout liability 4,500,000 4,500,000 BillingTree accrued earnout liability (1) 1,000,000 — Kontrol accrued earnout liability 500,000 — Other payables to related parties 300,515 11,597 $ 18,100,515 $ 15,811,597 (1) The accrued earnout liability is related to an acquisition by Clear Payment Solutions, LLC, a subsidiary of BT Intermediate, LLC, prior to the acquisition of BillingTree by the Company. The Company incurred transaction costs on behalf of related parties of $1.7 million and

Share Based Compensation

Share Based Compensation	6 Months Ended
	Jun. 30, 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 three types of share-based compensation awards outstanding: performance stock units (“PSUs”), restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). Activities for the six months ended June 30, 2021 are as follows: Class A Common Stock Weighted Average Grant Date Fair Value Unvested at December 31, 2020 2,523,431 $ 15.71 Granted 748,428 22.83 Forfeited (1)(2) 129,235 15.33 Vested 281,679 14.74 Unvested at June 30, 2021 2,860,945 $ 17.68 (1) The forfeited shares include employee terminations during the six months ended June 30, 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 PSUs, RSAs and RSUs was $29.9 million at June 30, 2021, which is expected to be recognized as expense over the weighted-average period of 2.74 years. Unrecognized compensation expense related to unvested PSUs, RSAs and RSUs was $29.1 million at June 30, 2020, which is expected to be recognized as expense over the weighted-average period of 3.02 years. The Company incurred $5.5 million $10.7 million

Taxation

Taxation	6 Months Ended
	Jun. 30, 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 23.6% and 24.3%, for the three and six months ended June 30, 2021, respectively. The Company recorded an income tax benefit of $4.1 million, 10.1 million include a stock-based compensation adjustments excess tax benefit related to restricted stock awards vesting, which is required to be recorded discretely in the interim period in which it occurs. The Company’s effective tax rate was 4.5 % and 4.9 %, as restated for the three and six months ended June 30, 2020, respectively. The Company recorded an income tax benefit of $ 3.9 million and $ 5.0 million for the three and six months ended June 30, 2020 , respectively. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax. As such, the effective tax rate can vary from period to period. The Company recognized $4.1 million and $10.1 Deferred tax liability, net of $23.8 million, and a deferred tax asset, net of $118.0 million, for the three and six months ended June 30, 2021, respectively, relates primarily to the basis difference in the Company’s investment in Hawk Parent. The basis difference arose primarily as a result of the subsequent purchase of Post-Merger Repay Units by the Company pursuant to the 2020 Unit Purchase Agreements with CC Payment Holdings, LLC, an entity controlled by Corsair, 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. In addition, as a result of the merger with BillingTree on June 15, 2021, an estimated opening deferred tax liability net of $28.1 million was recorded. The merger was recognized as a Qualified Stock Purchase within the meaning of Internal Revenue Code (the “Code”) Section 338(d)(3). As such, no step up in the tax asset basis was permitted creating an estimated net deferred tax liability related to the tax asset basis difference in the investment in Hawk Parent on the opening balance sheet date. As a result of the Post-Merger Repay Unit exchanges during the six months ended June 30, 2021, the Company recognized an additional deferred tax asset (“DTA”) and offsetting deferred tax liability (“DTL”) in the amounts of $123 and $5,187 for the three and six months ended June 30, 2021, respectively, 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 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 June 30, 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 June 30, 2021, the Company had a liability of $235.0 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 of $5.7 million in the TRA liability for the six months ended June 30, 2021, was primarily a result of the change in the Early Termination Rate, as defined in the TRA, and selling members of Hawk Parent exchanging 400,267 Post -Merger Repay Units for shares of the Company’s Class A common stock during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 August 9, 2021, which is the date the unaudited consolidated financial statements were available to be issued. Based upon the review, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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, Custom Payment Systems, LLC, BT Intermediate, LLC, Electronic Payment Providers, LLC, Blue Cow Software, LLC, Hoot Payment Solutions, LLC, Internet Payment Exchange, LLC, Stratus Payment Solutions, LLC, Clear Payment Solutions, LLC and Harbor Acquisition 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 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)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Restatement of Previously Issued Financial Statements	As of December 31, 2020 As of June 30, 2020 (Unaudited) As Reported Adjustments As Restated As Reported Adjustments As Restated Consolidated Balance Sheets Warrant liabilities $ — $ — $ — $ — $ 38,062,930 $ 38,062,930 Total noncurrent liabilities 488,360,392 — 488,360,392 363,159,756 38,062,930 401,222,686 Total liabilities 553,796,069 — 553,796,069 422,492,654 38,062,930 460,555,584 Additional paid-in capital 604,391,167 87,283,905 691,675,072 474,608,423 51,961,378 526,569,801 Accumulated deficit (88,647,808 ) (87,283,905 ) (175,931,713 ) (69,938,145 ) (90,024,308 ) (159,962,453 ) Total stockholders' equity 509,313,721 — 509,313,721 397,793,240 (38,062,930 ) 359,730,310 For the three months ended June 30, 2020 For the six months ended June 30, 2020 As Reported Adjustments As Restated As Reported Adjustments As Restated Unaudited Consolidated Statements of Operations Change in fair value of warrant liabilities $ — $ (66,669,522 ) $ (66,669,522 ) $ — $ (73,567,617 ) $ (73,567,617 ) Total other (expense) income (13,737,414 ) (66,669,522 ) (80,406,936 ) (17,758,114 ) (73,567,617 ) (91,325,731 ) (Loss) income before income tax expense (20,427,326 ) (66,669,522 ) (87,096,848 ) (27,827,361 ) (73,567,617 ) (101,394,978 ) Net (loss) income (16,530,700 ) (66,669,522 ) (83,200,222 ) (22,815,143 ) (73,567,617 ) (96,382,760 ) Net (loss) income attributable to the Company (12,627,641 ) (66,669,522 ) (79,297,163 ) (16,059,685 ) (73,567,617 ) (89,627,302 ) Loss per Class A share: Basic and diluted $ (0.30 ) $ (1.90 ) $ (0.40 ) $ (2.26 ) For the six months ended June 30, 2020 As Reported Adjustments As Restated Unaudited Consolidated Statements of Cash Flows Net loss $ (22,815,143 ) $ (73,567,617 ) $ (96,382,760 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities 32,232,902 73,567,617 105,800,519 Net cash provided by operating activities 9,417,759 — 9,417,759 Net cash used in investing activities (43,728,473 ) — (43,728,473 ) Net cash provided by financing activities 176,118,827 — 176,118,827 The restatement had no impact on the Company’s liquidity or cash position.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue Direct relationships $ 47,286,567 $ 35,873,834 $ 94,042,003 $ 74,589,458 Indirect relationships 1,125,304 626,691 1,890,364 1,373,604 Total Revenue $ 48,411,871 $ 36,500,525 $ 95,932,367 $ 75,963,062

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Loss before income tax expense $ (17,467,369 ) $ (87,096,848 ) $ (41,390,315 ) $ (101,394,978 ) Less: Net loss attributable to non-controlling interests (1,080,798 ) (3,903,059 ) (3,268,070 ) (6,755,458 ) Income tax benefit 4,117,474 3,896,626 10,059,247 5,012,218 Net loss attributable to the Company $ (12,269,097 ) $ (79,297,163 ) $ (28,062,998 ) $ (89,627,302 ) Weighted average shares of Class A common stock outstanding - basic and diluted 79,781,185 41,775,128 78,200,752 39,699,841 Loss per share of Class A common stock outstanding - basic and diluted $ (0.15 ) $ (1.90 ) $ (0.36 ) $ (2.26 )
Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share	For the three and six months ended June 30, 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: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Post-Merger Repay Units exchangeable for Class A common stock 7,933,893 24,305,623 7,933,893 24,305,623 Dilutive warrants exercisable for Class A common stock — 1,758,145 — 1,758,145 Unvested restricted share awards of Class A common stock 2,860,945 2,899,272 2,860,945 2,899,272 2026 Notes convertible for Class A common stock 13,095,238 — 13,095,238 — Share equivalents excluded from earnings (loss) per share 23,890,076 28,963,040 23,890,076 28,963,040

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 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, CPS, BillingTree and Kontrol 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. Pro Forma Three Months Ended June 30, Pro Forma Six Months Ended June 30, 2021 2020 2021 2020 Revenue $ 61,191,338 $ 53,165,376 $ 124,699,561 $ 111,516,262 Net loss (7,331,232 ) (83,795,121 ) (28,023,722 ) (96,175,597 ) Net loss attributable to non-controlling interests (538,196 ) (4,199,266 ) (2,969,849 ) (6,835,622 ) Net loss attributable to the Company (6,793,036 ) (79,595,855 ) (25,053,873 ) (89,339,975 ) Loss per Class A share - basic and diluted $ (0.09 ) $ (1.91 ) $ (0.32 ) $ (2.25 )
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 (1) Reflects the fair value of the Ventanex Earnout Payment, the contingent consideration to be paid to the selling members of Ventanex , pursuant to the Ventanex Purchase Agreement as of February 10, 2020. The selling partners of Ventanex will have the contingent earn-out right to receive a payment of up to $ 14.0 million dependent upon the Gross Profit, as defined in the Ventanex Purchase Agreement, for the years ended December 31, 2020 and 2021. In February 2021 , the Company paid the sellers of Ventanex $ 0.9 million, pursuant to the terms of the Ventanex Purchase Agreement. As of June 30 , 202 1 , the Ventanex e arnout was $ million , which resulted in a ($0.8) million and ($1.0) million adjustment included in the change in fair value of contingent consideration in the C onsolidated S tatements of O perations for the three and six months ended June 30 , 2021 , respectively .
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 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 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 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 June 30, 2021, the CPS earnout was $4.5 million, which resulted in a ($0.6) million and $0.0 million adjustment included in the change in fair value of contingent consideration in the Consolidated Statements of Operations for the three and six months ended June 30, 2021, respectively.
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
Billing Tree
Business Acquisition [Line Items]
Summary of Preliminary Purchase Consideration	The following summarizes the preliminary purchase consideration paid to the seller of BillingTree: Cash consideration $ 278,344,249 Unit consideration 228,250,000 Total purchase price $ 506,594,249
Summary of Preliminary and Final Purchase Allocation	The preliminary purchase price allocation is as follows: Cash and cash equivalents $ 8,243,570 Accounts receivable 6,483,419 Prepaid expenses and other current assets 1,601,854 Total current assets 16,328,843 Property, plant and equipment, net 541,244 Restricted cash 274,954 Other assets 1,384,409 Identifiable intangible assets 232,320,000 Total identifiable assets acquired 250,849,450 Accounts payable (2,552,251 ) Accrued expenses (6,282,563 ) Deferred tax liability (28,123,217 ) Net identifiable assets acquired 213,891,419 Goodwill 292,702,830 Total purchase price $ 506,594,249
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 $ 0.3 2 Trade names 7.8 Indefinite Developed technology 26.2 3 Merchant relationships 198.0 10 $ 232.3
Kontrol
Business Acquisition [Line Items]
Summary of Preliminary Purchase Consideration	The following summarizes the preliminary purchase consideration paid to the owner of Kontrol: Cash consideration $ 7,471,194 Contingent consideration 500,000 Total purchase price $ 7,971,194
Summary of Preliminary and Final Purchase Allocation	The preliminary purchase price allocation is as follows: Identifiable intangible assets $ 6,940,000 Total identifiable assets acquired 6,940,000 Goodwill 1,031,194 Total purchase price $ 7,971,194
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) Trade names $ 0.0 Indefinite Merchant relationships 6.9 8 $ 6.9

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 120,400,640 $ — $ — $ 120,400,640 Restricted cash 20,138,233 — — 20,138,233 Total assets $ 140,538,873 $ — $ — $ 140,538,873 Liabilities: Contingent consideration $ — $ — $ 17,800,000 $ 17,800,000 Borrowings — 427,950,300 — 427,950,300 Tax receivable agreement — — 234,964,662 234,964,662 Total liabilities $ — $ 427,950,300 $ 252,764,662 $ 680,714,962 December 31, 2020 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. Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 15,800,000 $ 14,250,000 Measurement period adjustment — 6,580,549 Purchases 1,500,000 10,800,000 Payments (948,786 ) (14,320,549 ) Accretion expense — — Valuation adjustment 1,448,786 740,000 Balance at end of period $ 17,800,000 $ 18,050,000
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. Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 229,228,105 $ 67,176,226 Purchases 2,424,107 29,822,986 Payments — — Accretion expense 1,522,939 1,096,084 Valuation adjustment 1,789,511 9,484,337 Balance at end of period $ 234,964,662 $ 107,579,633

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: June 30, December 31, 2021 2020 Furniture, fixtures, and office equipment $ 2,084,797 $ 1,112,702 Computers 2,242,161 1,733,672 Leasehold improvements 390,748 340,333 Total 4,717,706 3,186,707 Less: Accumulated depreciation and amortization 2,114,643 1,558,268 $ 2,603,063 $ 1,628,439

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 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 $ 513,350,000 $ 54,803,810 $ 458,546,190 4.89 Channel relationships 12,550,000 1,069,435 11,480,565 9.15 Software costs 139,015,287 58,763,069 80,252,218 1.01 Non-compete agreements 4,590,000 3,633,750 956,250 0.95 Balance as of June 30, 2021 $ 669,505,287 $ 118,270,064 $ 551,235,223 4.14 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 $ 30,143,812 2022 52,062,854 2023 37,121,611 2024 32,147,468 2025 32,245,856 2026 32,242,778 Thereafter 335,270,843

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes to Goodwill	The following table presents changes to goodwill for the six months ended June 30, 2021. Total Balance at December 31, 2020 $ 458,970,255 Acquisitions 293,734,024 Dispositions — Impairment Loss — Measurement period adjustment (1,510,778 ) Balance at June 30, 2021 $ 751,193,501

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Borrowings under Credit Agreement	At June 30, 2021 and December 31, 2020, total borrowings under the Successor Credit Agreement, Amended Credit Agreement, and 2026 Notes consisted of the following, respectively: June 30, 2021 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) 12,049,700 5,940,600 Total non-current borrowings $ 427,950,300 $ 249,952,746 (1) The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility beared interest, at variable rates, which were 3.65% at December 31, 2020. (2) Pursuant to the terms of the Amended Credit Agreement, the Company was 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 $0.7 million and $1.2 million of interest expense for the amortization of deferred debt issuance costs for the three and six months ended June 30, 2021, respectively. The Company incurred $1.4 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2020.
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)	6 Months Ended
	Jun. 30, 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 June 30, 2021 Six Months Ended June 30, 2021 Components of total lease costs: Operating lease cost $ 555,384 $ 1,096,023 Short-term lease cost 15,841 27,241 Variable lease cost — — Total lease cost $ 571,225 $ 1,123,264
Schedule of Operating Lease and Supplemental Information	Amounts reported in the Consolidated Balance Sheets were as follows: June 30, 2021 December 31, 2020 Operating leases: ROU assets $ 10,882,410 $ 10,074,506 Lease liability, current 1,828,000 1,527,224 Lease liability, long-term 9,525,372 8,836,655 Total lease liabilities $ 11,353,372 $ 10,363,879 Weighted-average remaining lease term (in years) 5.7 6.2 Weighted-average discount rate (annual) 4.3 % 4.6 %
Summary of Other Information Related to Lease	Other information related to leases are as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 472,705 $ 931,353 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 June 30, 2021: 2021 $ 1,164,049 2022 2,261,605 2023 2,311,391 2024 2,124,176 2025 1,936,698 Thereafter 3,095,550 Total undiscounted lease payments 12,893,469 Less: Imputed interest 1,540,097 Total lease liabilities $ 11,353,372

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Payables	Related party payables consisted of the following: June 30, December 31, 2021 2020 Ventanex accrued earnout liability $ 3,800,000 $ 4,800,000 cPayPlus accrued earnout liability 8,000,000 6,500,000 CPS accrued earnout liability 4,500,000 4,500,000 BillingTree accrued earnout liability (1) 1,000,000 — Kontrol accrued earnout liability 500,000 — Other payables to related parties 300,515 11,597 $ 18,100,515 $ 15,811,597 (1) The accrued earnout liability is related to an acquisition by Clear Payment Solutions, LLC, a subsidiary of BT Intermediate, LLC, prior to the acquisition of BillingTree by the Company.

Share based compensation (Table

Share based compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Outstanding Restricted Stock Awards And Restricted Stock Units Activity	Activities for the six months ended June 30, 2021 are as follows: Class A Common Stock Weighted Average Grant Date Fair Value Unvested at December 31, 2020 2,523,431 $ 15.71 Granted 748,428 22.83 Forfeited (1)(2) 129,235 15.33 Vested 281,679 14.74 Unvested at June 30, 2021 2,860,945 $ 17.68 (1) The forfeited shares include employee terminations during the six months ended June 30, 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) - USD ($) $ / shares in Units, $ in Millions	Jun. 22, 2021	Jun. 15, 2021	Jan. 19, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jan. 01, 2021
BT Intermediate LLC
Summary Of Significant Accounting Policies [Line Items]
Payments made to acquire business		$ 506.6
Business combination, cash consideration		$ 278.3
Kontrol LLC
Summary Of Significant Accounting Policies [Line Items]
Payments made to acquire business	$ 7.5
Business combination, cash consideration	$ 11
2026 Notes
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal amount							$ 440
Notes Offering | 2026 Notes
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal amount			$ 440
Debt Instrument, Interest Rate, Stated Percentage			0.00%
Debt instrument, maturity date			Feb. 1, 2026
Additional Option for Initial Purchasers | 2026 Notes
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal amount			$ 40
Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Issuance of new shares, shares				10,051,302	6,244,500	9,200,000
Class A Common Stock | BT Intermediate LLC
Summary Of Significant Accounting Policies [Line Items]
Business combination, stock transaction		10,000,000
Business combination, common stock voting power		10
Class A Common Stock | 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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Warrant liabilities			$ 38,062,930			$ 38,062,930
Total noncurrent liabilities	$ 664,657,885		401,222,686		$ 664,657,885	401,222,686	$ 488,360,392
Total liabilities	734,195,638		460,555,584		734,195,638	460,555,584	553,796,069
Additional paid-in capital	1,073,163,704		526,569,801		1,073,163,704	526,569,801	691,675,072
Accumulated deficit	(203,994,711)		(159,962,453)		(203,994,711)	(159,962,453)	(175,931,713)
Total stockholders' equity	869,177,815	$ 647,871,546	359,730,310	$ 206,791,091	869,177,815	359,730,310	509,313,721	$ 213,537,117
Consolidated Statements of Operations
Change in fair value of warrant liabilities			(66,669,522)			(73,567,617)
Total other (expense) income	(5,137,415)		(80,406,936)		(20,270,902)	(91,325,731)
(Loss) income before income tax expense	(17,467,369)		(87,096,848)		(41,390,315)	(101,394,978)
Net (loss) income	(13,349,895)		(83,200,222)		(31,331,068)	(96,382,760)
Net (loss) income attributable to the Company	$ (12,269,097)	$ (15,793,901)	$ (79,297,163)	$ (10,330,139)	$ (28,062,998)	$ (89,627,302)
Loss per Class A share:
Basic and diluted	$ (0.15)		$ (1.90)		$ (0.36)	$ (2.26)
Consolidated Statements of Cash Flows
Net (loss) income	$ (13,349,895)		$ (83,200,222)		$ (31,331,068)	$ (96,382,760)
Adjustments to reconcile net income (loss) to net cash provided by operating activities						105,800,519
Net cash provided by operating activities					16,867,291	9,417,759
Net cash used in investing activities					(286,509,580)	(43,728,473)
Net cash provided by financing activities					$ 303,676,428	176,118,827
As Reported
Consolidated Balance Sheets
Total noncurrent liabilities			363,159,756			363,159,756	488,360,392
Total liabilities			422,492,654			422,492,654	553,796,069
Additional paid-in capital			474,608,423			474,608,423	604,391,167
Accumulated deficit			(69,938,145)			(69,938,145)	(88,647,808)
Total stockholders' equity			397,793,240			397,793,240	509,313,721
Consolidated Statements of Operations
Total other (expense) income			(13,737,414)			(17,758,114)
(Loss) income before income tax expense			(20,427,326)			(27,827,361)
Net (loss) income			(16,530,700)			(22,815,143)
Net (loss) income attributable to the Company			$ (12,627,641)			$ (16,059,685)
Loss per Class A share:
Basic and diluted			$ (0.30)			$ (0.40)
Consolidated Statements of Cash Flows
Net (loss) income			$ (16,530,700)			$ (22,815,143)
Adjustments to reconcile net income (loss) to net cash provided by operating activities						32,232,902
Net cash provided by operating activities						9,417,759
Net cash used in investing activities						(43,728,473)
Net cash provided by financing activities						176,118,827
Adjustments
Consolidated Balance Sheets
Warrant liabilities			38,062,930			38,062,930
Total noncurrent liabilities			38,062,930			38,062,930
Total liabilities			38,062,930			38,062,930
Additional paid-in capital			51,961,378			51,961,378	87,283,905
Accumulated deficit			(90,024,308)			(90,024,308)	$ (87,283,905)
Total stockholders' equity			(38,062,930)			(38,062,930)
Consolidated Statements of Operations
Change in fair value of warrant liabilities			(66,669,522)			(73,567,617)
Total other (expense) income			(66,669,522)			(73,567,617)
(Loss) income before income tax expense			(66,669,522)			(73,567,617)
Net (loss) income			(66,669,522)			(73,567,617)
Net (loss) income attributable to the Company			(66,669,522)			(73,567,617)
Consolidated Statements of Cash Flows
Net (loss) income			$ (66,669,522)			(73,567,617)
Adjustments to reconcile net income (loss) to net cash provided by operating activities						$ 73,567,617

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)		Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Debt issuance costs	[1]	$ 12,049,700		$ 5,940,600
2026 Notes
Summary Of Significant Accounting Policies [Line Items]
Long term debt, noncurrent			$ 440,000,000
Debt issuance costs			$ 11,400,000
[1]	The Company incurred $0.7 million and $1.2 million of interest expense for the amortization of deferred debt issuance costs for the three and six months ended June 30, 2021, respectively. The Company incurred $1.4 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2020.

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Apr. 01, 2021
Disaggregation Of Revenue [Line Items]
Deferred revenue		$ 0
Maximum
Disaggregation Of Revenue [Line Items]
Contractual term of software agreement	12 months
Minimum
Disaggregation Of Revenue [Line Items]
Contractual term of software agreement	3 months

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Total Revenue	$ 48,411,871	$ 36,500,525	$ 95,932,367	$ 75,963,062
Direct Relationships
Revenue
Total Revenue	47,286,567	35,873,834	94,042,003	74,589,458
Indirect Relationship
Revenue
Total Revenue	$ 1,125,304	$ 626,691	$ 1,890,364	$ 1,373,604

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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Loss before income tax expense	$ (17,467,369)		$ (87,096,848)		$ (41,390,315)	$ (101,394,978)
Less: Net loss attributable to non-controlling interests	(1,080,798)		(3,903,059)		(3,268,070)	(6,755,458)
Income tax benefit	4,117,474		3,896,626		10,059,247	5,012,218
Net (loss) income attributable to the Company	$ (12,269,097)	$ (15,793,901)	$ (79,297,163)	$ (10,330,139)	$ (28,062,998)	$ (89,627,302)
Weighted average shares of Class A common stock outstanding - basic and diluted	79,781,185		41,775,128		78,200,752	39,699,841
Loss per share of Class A common stock outstanding - basic and diluted	$ (0.15)		$ (1.90)		$ (0.36)	$ (2.26)

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	23,890,076	28,963,040	23,890,076	28,963,040
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	7,933,893	24,305,623	7,933,893	24,305,623
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		1,758,145		1,758,145
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	2,860,945	2,899,272	2,860,945	2,899,272
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		13,095,238

Business Combinations - Additio

Business Combinations - Additional Information (Details)

Jun. 30, 2021USD ($)

Jun. 22, 2021USD ($)

Jun. 15, 2021USD ($)

Nov. 02, 2020USD ($)EarnoutPayment

Jul. 23, 2020USD ($)

Feb. 10, 2020USD ($)

Jun. 30, 2021USD ($)

Jun. 30, 2021USD ($)

Jun. 30, 2020USD ($)

Jun. 30, 2021USD ($)

Jun. 30, 2020USD ($)

Feb. 28, 2021USD ($)

Dec. 31, 2020USD ($)

Business Acquisition [Line Items]

Goodwill

$ 751,193,501

$ 751,193,501

$ 751,193,501

$ 751,193,501

$ 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

Goodwill expected to be deductible for tax purposes

8,300,000

Payments made to acquire business

40,739,129

Transaction expenses related to the business combination

2,700,000

$ 1,000,000

3,700,000

$ 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

Goodwill expected to be deductible for tax purposes

200,000

Payments made to acquire business

14,456,963

Transaction expenses related to the business combination

2,700,000

3,700,000

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

Goodwill expected to be deductible for tax purposes

$ 38,800,000

Number of cash earn-out payments | EarnoutPayment

2

Transaction expenses related to the business combination

2,700,000

3,700,000

CPS Payment Services LLC and Media Payments, LLC | Maximum

Business Acquisition [Line Items]

Contingent earn-out right to be received

$ 15,000,000

Billing Tree

Business Acquisition [Line Items]

Cash Consideration

$ 278,344,249

Goodwill

292,702,830

Goodwill expected to be deductible for tax purposes

47,700,000

Payments made to acquire business

506,594,249

Revenue

2,400,000

Net income

$ (300,000)

Transaction expenses related to the business combination

2,700,000

3,700,000

Billing Tree | Class A Common Stock

Business Acquisition [Line Items]

Business combination, stock transaction

$ 10,000,000

Kontrol

Business Acquisition [Line Items]

Cash Consideration

$ 7,471,194

Goodwill

1,031,194

Goodwill expected to be deductible for tax purposes

500,000

Payments made to acquire business

7,971,194

Revenue

100,000

Net income

$ 0

Transaction expenses related to the business combination

$ 2,700,000

$ 3,700,000

Kontrol | Maximum

Business Acquisition [Line Items]

Contingent earn-out right to be received

$ 11,000,000

Business Combinations - Summary

Business Combinations - Summary of Preliminary Purchase Consideration (Details) - USD ($)	Jun. 22, 2021	Jun. 15, 2021	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
Billing Tree
Business Acquisition [Line Items]
Cash Consideration		$ 278,344,249
Contingent consideration		228,250,000
Total purchase price		$ 506,594,249
Kontrol
Business Acquisition [Line Items]
Cash Consideration	$ 7,471,194
Contingent consideration	500,000
Total purchase price	$ 7,971,194

Business Combinations - Summa_2

Business Combinations - Summary of Preliminary Purchase Consideration (Parenthetical) (Details)	Nov. 02, 2020USD ($)EarnoutPayment	Jul. 23, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Feb. 28, 2021USD ($)	Feb. 10, 2020USD ($)
Ventanex
Business Acquisition [Line Items]
Contingent earn-out right to be received					$ 900,000
Earnout payment				$ 3,800,000
Adjustment included in change in fair value of contingent consideration			$ (800,000)	(1,000,000)
Ventanex | Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received						$ 14,000,000
cPayPlus
Business Acquisition [Line Items]
Earnout payment		$ 8,000,000
Adjustment included in change in fair value of contingent consideration			200,000	1,500,000
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				4,500,000
Adjustment included in change in fair value of contingent consideration			$ (600,000)	$ 0
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 ($)	Jun. 30, 2021	Jun. 22, 2021	Jun. 15, 2021	Dec. 31, 2020	Nov. 02, 2020	Jul. 23, 2020	Feb. 10, 2020
Business Acquisition [Line Items]
Goodwill	$ 751,193,501			$ 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
Billing Tree
Business Acquisition [Line Items]
Cash and cash equivalents			$ 8,243,570
Accounts receivable			6,483,419
Prepaid expenses and other current assets			1,601,854
Total current assets			16,328,843
Property, plant and equipment, net			541,244
Restricted cash			274,954
Other assets			1,384,409
Identifiable intangible assets			232,320,000
Total identifiable assets acquired			250,849,450
Accounts payable			(2,552,251)
Accrued expenses			(6,282,563)
Deferred tax liability			(28,123,217)
Net identifiable assets acquired			213,891,419
Goodwill			292,702,830
Total purchase price			$ 506,594,249
Kontrol
Business Acquisition [Line Items]
Identifiable intangible assets		$ 6,940,000
Total identifiable assets acquired		6,940,000
Goodwill		1,031,194
Total purchase price		$ 7,971,194

Business Combinations - Summa_4

Business Combinations - Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives (Details) - USD ($)	Jun. 22, 2021	Jun. 15, 2021	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
Billing Tree
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 232,320,000
Billing Tree | Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		7,800,000
Identifiable intangible assets, useful life, description						Indefinite
Billing Tree | Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 300,000
Identifiable intangible assets, useful life		2 years
Billing Tree | Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 26,200,000
Identifiable intangible assets, useful life		3 years
Billing Tree | Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 198,000,000
Identifiable intangible assets, useful life		10 years
Kontrol
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 6,940,000
Kontrol | Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	0
Identifiable intangible assets, useful life, description						Indefinite
Kontrol | Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 6,900,000
Identifiable intangible assets, useful life	8 years

Business Combinations - Summa_5

Business Combinations - Summary of Pro Forma Financial Information (Details) - Ventanex, cPayPlus, and CPS Acquisitions - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Revenue	$ 61,191,338	$ 53,165,376	$ 124,699,561	$ 111,516,262
Net loss	(7,331,232)	(83,795,121)	(28,023,722)	(96,175,597)
Net loss attributable to non-controlling interests	(538,196)	(4,199,266)	(2,969,849)	(6,835,622)
Net loss attributable to the Company	$ (6,793,036)	$ (79,595,855)	$ (25,053,873)	$ (89,339,975)
Loss per Class A share - basic and diluted	$ (0.09)	$ (1.91)	$ (0.32)	$ (2.25)

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 ($)	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 120,400,640	$ 91,129,888
Restricted cash	20,138,233	15,374,846
Total assets	140,538,873	106,504,734
Liabilities:
Contingent consideration	17,800,000	15,800,000
Borrowings	427,950,300	256,713,396
Tax receivable agreement	234,964,662	229,228,105
Interest rate swap		9,312,332
Total liabilities	680,714,962	511,053,833
Level 1
Assets:
Cash and cash equivalents	120,400,640	91,129,888
Restricted cash	20,138,233	15,374,846
Total assets	140,538,873	106,504,734
Level 2
Liabilities:
Borrowings	427,950,300	256,713,396
Interest rate swap		9,312,332
Total liabilities	427,950,300	266,025,728
Level 3
Liabilities:
Contingent consideration	17,800,000	15,800,000
Tax receivable agreement	234,964,662	229,228,105
Total liabilities	$ 252,764,662	$ 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 ($)	Jun. 30, 2021USD ($)	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			$ 3,300,000
TRA, measurement input			1.34	1.25
Alternative Investment, Valuation Technique [Extensible List]				us-gaap:ValuationTechniqueDiscountedCashFlowMember
Alternative Investment, Measurement Input [Extensible List]				us-gaap:MeasurementInputDiscountRateMember
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability, measurement input				3.3
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				3.4
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				3.4
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 ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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	1,500,000	10,800,000
Payments	(948,786)	(14,320,549)
Valuation adjustment	1,448,786	740,000
Balance at end of period	17,800,000	18,050,000
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	2,424,107	29,822,986
Accretion expense	1,522,939	1,096,084
Valuation adjustment	1,789,511	9,484,337
Balance at end of period	$ 234,964,662	$ 107,579,633

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	$ 4,717,706	$ 3,186,707
Less: Accumulated depreciation and amortization	2,114,643	1,558,268
Property, plant and equipment, net	2,603,063	1,628,439
Furniture, Fixtures, and Office Equipment
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	2,084,797	1,112,702
Computers
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	2,242,161	1,733,672
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	$ 390,748	$ 340,333

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 0.3	$ 0.3	$ 0.6	$ 0.5

Intangible Assets - Additional

Intangible Assets - Additional Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)TradeNameSegmentUnit	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)TradeName
Goodwill And Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets trade names	$ 30,100,000		$ 30,100,000		$ 22,200,000
Number of trade names | TradeName			7		6
Amortization of Intangible Assets	$ 19,100,000	$ 14,400,000	$ 36,600,000	$ 28,100,000
Number of operating segment | Segment			1
Number of reporting unit | Unit			1
Goodwill impairment loss			$ 0

Intangible Assets - Schedule of

Intangible Assets - Schedule of Definite-lived Intangible Assets (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 669,505,287	$ 429,985,101
Accumulated Amortization	118,270,064	82,987,963
Net Carrying Value	$ 551,235,223	$ 346,997,138
Weighted Average Useful Life (Years)	4 years 1 month 20 days	6 years 11 months 12 days
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 513,350,000	$ 308,450,000
Accumulated Amortization	54,803,810	39,920,578
Net Carrying Value	$ 458,546,190	$ 268,529,422
Weighted Average Useful Life (Years)	4 years 10 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	1,069,435	191,936
Net Carrying Value	$ 11,480,565	$ 12,358,064
Weighted Average Useful Life (Years)	9 years 1 month 24 days	9 years 7 months 24 days
Software Costs
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 139,015,287	$ 104,715,101
Accumulated Amortization	58,763,069	40,280,116
Net Carrying Value	$ 80,252,218	$ 64,434,985
Weighted Average Useful Life (Years)	1 year 3 days	1 year 10 months 6 days
Non-Complete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4,590,000	$ 4,270,000
Accumulated Amortization	3,633,750	2,595,333
Net Carrying Value	$ 956,250	$ 1,674,667
Weighted Average Useful Life (Years)	11 months 12 days	1 year 6 months 7 days

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Estimated Amortization Expense (Details)	Jun. 30, 2021USD ($)
Estimated Future Amortization Expense
2021	$ 30,143,812
2022	52,062,854
2023	37,121,611
2024	32,147,468
2025	32,245,856
2026	32,242,778
Thereafter	$ 335,270,843

Goodwill - Schedule of Changes

Goodwill - Schedule of Changes to Goodwill (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 458,970,255
Acquisitions	293,734,024
Dispositions	0
Impairment Loss	0
Measurement period adjustment	(1,510,778)
Ending balance	$ 751,193,501

Goodwill - Additional Informati

Goodwill - Additional Information (Details)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	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		$ 119,792	$ 92,240	$ 217,014	$ 134,601
Line of credit Interest expense		0	4,356	0	66,364
New Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit		0		0
Revolving Credit And Term Loan | Successor Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 20,000,000		$ 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
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		$ 6,400,000

Borrowings - Summary of Borrowi

Borrowings - Summary of Borrowings under Credit Agreement (Details) - USD ($)		Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
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]	12,049,700		5,940,600
Total non-current borrowings		427,950,300		249,952,746
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 beared interest, at variable rates, which were 3.65% at December 31, 2020
[2]	Pursuant to the terms of the Amended Credit Agreement, the Company was 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 $0.7 million and $1.2 million of interest expense for the amortization of deferred debt issuance costs for the three and six months ended June 30, 2021, respectively. The Company incurred $1.4 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2020.

Borrowings - Summary of Borro_2

Borrowings - Summary of Borrowings under Credit Agreement (Parenthetical) (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 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		$ 1,197,917	$ 663,294
Interest Expense
Debt Instrument [Line Items]
Interest expense for the amortization of deferred debt issuance costs	$ 700,000	$ 1,200,000		$ 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 ($)		Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2026		$ 440,000,000
Total borrowings under credit facility and convertible senior debt	[1]	$ 440,000,000	$ 262,653,996
[1]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility beared interest, at variable rates, which were 3.65% at December 31, 2020

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($)	Feb. 21, 2020	Oct. 31, 2019	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 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		$ 200,000
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)	6 Months Ended
	Jun. 30, 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
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) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Components of total lease costs:
Operating lease cost	$ 555,384	$ 1,096,023
Short-term lease cost	15,841	27,241
Total lease cost	$ 571,225	$ 1,123,264

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Operating Lease and Supplemental Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Operating leases:
ROU assets	$ 10,882,410	$ 10,074,506
Lease liability, current	1,828,000	1,527,224
Lease liability, long-term	9,525,372	8,836,655
Total lease liabilities	$ 11,353,372	$ 10,363,879
Weighted-average remaining lease term (in years)	5 years 8 months 12 days	6 years 2 months 12 days
Weighted-average discount rate (annual)	4.30%	4.60%

Commitments and Contingencies_4

Commitments and Contingencies - Other Information Related to Leases (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 472,705	$ 931,353

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Maturity Analysis of the Company's Operating Leases Liabilities (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
2021	$ 1,164,049
2022	2,261,605
2023	2,311,391
2024	2,124,176
2025	1,936,698
Thereafter	3,095,550
Total undiscounted lease payments	12,893,469
Less: Imputed interest	1,540,097
Total lease liabilities	$ 11,353,372	$ 10,363,879

Schedule of Related Party Payab

Schedule of Related Party Payables (Details) - USD ($)		Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party payables		$ 18,100,515	$ 15,811,597
Ventanex
Related Party Transaction [Line Items]
Related party payables		3,800,000	4,800,000
cPayPlus
Related Party Transaction [Line Items]
Related party payables		8,000,000	6,500,000
CPS Payment Services
Related Party Transaction [Line Items]
Related party payables		4,500,000	4,500,000
Billing Tree
Related Party Transaction [Line Items]
Related party payables	[1]	1,000,000
Kontrol
Related Party Transaction [Line Items]
Related party payables		500,000
Other Payables to Related Parties
Related Party Transaction [Line Items]
Related party payables		$ 300,515	$ 11,597
[1]	The accrued earnout liability is related to an acquisition by Clear Payment Solutions, LLC, a subsidiary of BT Intermediate, LLC, prior to the acquisition of BillingTree by the Company.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transactions [Abstract]
Transaction costs incurred on behalf of related parties	$ 1.7	$ 0.7	$ 2.9	$ 1.2

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested PSUs, RSAs and RSUs	$ 29.9	$ 29.1	$ 29.9	$ 29.1
Weighted-average period related to unvested PSUs, RSAs and RSUs			2 years 8 months 26 days	3 years 7 days
Share based compensation expense	$ 5.5	$ 5.5	$ 10.7	$ 9
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		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	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Beginning Balance | shares	2,523,431
Granted | shares	748,428
Forfeited | shares	129,235	[1],[2]
Vested | shares	281,679
Unvested, Ending Balance | shares	2,860,945
Weighted average grant date fair value, Beginning Balance | $ / shares	$ 15.71
Weighted average grant date fair value, Granted | $ / shares	22.83
Weighted average grant date fair value, Forfeited | $ / shares	15.33	[1],[2]
Weighted average grant date fair value, Vested | $ / shares	14.74
Weighted average grant date fair value, Ending Balance | $ / shares	$ 17.68
[1]	The forfeited shares include employee terminations during the six months ended June 30, 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	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 15, 2021	Dec. 31, 2020
Taxation [Line Items]
Effective tax rate		23.60%		4.50%	24.30%	4.90%
Income tax benefit		$ 4,117,474		$ 3,896,626	$ 10,059,247	$ 5,012,218
Change to valuation allowance					0
Deferred tax liabilities, net		23,800,000			23,800,000		$ 28,100,000
Deferred tax assets, net		118,019,437			118,019,437			$ 135,337,229
Additional deferred tax asset (DTA) and offsetting deferred tax liability (DTL) amount		$ 123			$ 5,187
Percentage of valuation allowance recognized		100.00%			100.00%
Uncertain tax positions		$ 0			$ 0
Percentage of tax benefits payable under Tax Receivable Agreement	100.00%
Liability related to projected obligations under Tax Receivable Agreement		$ 235,000,000			235,000,000
Increase in TRA Liability					$ 5,700,000
Class A Common Stock
Taxation [Line Items]
Post-merger repay units exchanged		25,267	375,000
Hawk Parent | Class A Common Stock
Taxation [Line Items]
Post-merger repay units exchanged					400,267