RPAY - Earnings call transcript Q2 2024 | Repay Holdings Corporation

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Operator

Good afternoon. I'd like to welcome everyone to REPAY's Second Quarter 2024 Earnings Conference Call. This call is being recorded today, August 8, 2024. I'd like to turn the session over to Grant Grisante (sic) [ Stewart Grisante ], Head of Investor Relations at REPAY. Stewart, you may proceed.

Stewart Grisante

Thank you. to quarter welcome call. earnings and afternoon, our XXXX second conference Good us Co-Founder Chief Tim Morris, are Financial Chief With John and and today Executive Officer; Officer. Murphy,

may beliefs making this to Those make results. today's materially filings forward-looking our set are differ and in statements During forth will risks statements regarding most be results statements to XX-K. including we about events and call, forward-looking Actual our any recent related uncertainties, we and subject and in estimates future SEC results forward-looking from Form that those the today.

measures. of Forward-looking now will to company's statements of as other in speak and available press non-GAAP also release certain can non-GAAP include which John. measures site. With provide the IR additional call explanations that, not only intend to in them, effort as today's assume financial or any like are references except be to earnings to turn information would an update supplement, today, obligation the found financial and over to to discussion the do today's Reconciliations law. In by required and those we investors, I

John Morris

our year-over-year gross adjusted each another and for Thanks, QX, growth experienced today. In Thank with in growth flow conversion quarter expectations. cash to profit free XX% EBITDA X%, with growth Stewart. metric of representing you joining of growth plus we of profitable XX% Good everyone. afternoon, us approximately line XX%, of performing

Consumer represent Payments growth payment new results with and a half payment the EBITDA capture our as expertise segments. year-to-date Our to adjusted first Business across vertical with aim of year strong we double-digit flows

will initiatives XXXX beyond. and growth our quarter, we the continued During in on make progress drive X strategic main that to

client was our on As go-to-market a growth Consumer QX, implementations a focus reminder, X%. Payments gross profit they and include In product. efficiency,

quarters. growth over from in as past performance several new the algorithm, clients clients signing represents growth the coming as existing solid which our execution QX continued of includes well Our

by QX, aided Consumer many credit also credit the within the in Our the unions, added growth ongoing X XXX clients union clients bringing of total Payments out including credit our is U.S. in verticals. We've unions platform tailwinds roughly X,XXX new new our to secular to our

platform, REPAY a new the our Corelation's CU unions financial software credit Within leading credit the we core June, operations the for into In unions. directly and tracking, strengthening systems, released solution multiple the financial business States. We further partnerships. added the representing differentiated And from of payment institution leading and healthy to platform CU marketplace, in partners credit loan and core new Answers' products the which benefit enhanced Answers, union thousands service software services as organization and of enabling sales solutions integration both integrating address features a certified members for a announced hundreds unions credit that are our institutions United of to We we provides processor to a X pipeline XXX% became such is processing software several credit May, during modalities. posting core in real-time quarter, a repayment while KeyStone streamlined with U.S. union-owned existing platform, across partner payment with and a in integrating the also

receivable one ahead providers U.S. the servicing outsourced vertical with management growth the continues began accounts of an we years largest Additionally, management as of accounts receivable loan the and be attractive of opportunity multiple to implementation in

for year-over-year. This their to relationships. And experiences and an client convenient our being continues and transaction and towards clients focused long-term are workflow customers. the The consumer we satisfaction the integration embedded lastly, better to volume incredible resulting in in client connectivity within made set opportunity investments implementations, funding apart quick, solution. connectivity deliver up and partner and to product growth healthy systems technology offers see to value-added Funding During XX% to secure enhancements themselves increasing delivering experiences services, our on approximately leading marketplace our with an in Instant by product are

are to Over medium our expanding we areas evaluate new term, Funding Instant of continuing the capabilities.

contributions productive strength AP can, our very gross which new about the while our team added and clients a Within software pipeline X had network growing as Business new of partners our during also incremental in half quarter go-to-market over acceptance, strengthening the on has top go-live approach our several and longer ERP which We ramp to of we through business, cases, software of segment, base our signing collection driven second integrations year-over-year. continue year. In was direct client sales we AR, XX% in our the Gross the We enhanced leading cycle by focus Payments growth presidential to payment enterprise our optimizing some AP, timing. media also supplier win political funnel profit clients, XXX,XXX to suppliers. partners quarter core lead and to partners. during the existing profit feel to new while with continued grew in good the to by

process Our driving to while grow real-time supplier the additional base network effects vertical. also vendor continues by enablement

a care, the the continue During quickly now quarter, Systems, focused drive year, serving implement more specialist a a first Georgia. gain X on integrations client is REPAY And our solution REPAY vendor with are Business care making Inflo. providing with signed and AP card our ERP HIA, payment sales functionality traction, pipeline health such went these from recent an to with Atlanta, software process properties across to vertical U.S. of our as solution industry. public After virtual was enablement them of Dynamics, hundreds team Intacct, of adoption. And of of the Quadient, Payments. Grady Health, strategy able building live the new swiftly our an is in payment we U.S. software our expanding are partnerships XXXX, residents Sage meaningful Microsoft client we to go-to-market in A verticals, with healthy hospitality real-time our throughout such and and facilities system example the half HIA, clients and including as many great integration Grady the HIA unique with EnergyCAP several designed now accounting across to we leading with the health list first we within Health in the early completing

been able our constantly platform. process have our our We leveraging onboarding now expanding services, guiding evolving across seamless REPAY, integrated REPAY software through and tech to grow partners a by XXX clients our

product our the will past into year manual platform in cash our beyond. conversion to flow enable look future, continue technology several we automate platform As expanding will the and The into and and scaling us over to second years half processing. of of we've as made sales, we the scale the continue free investments

expanding Additionally, on maturities, our credit recently half successfully we flexibility while our also to profitable us XXXX offering notes facility. upsizing transactions convertible balance financial have our very pleased cash of completed to growth revolving accelerating and debt fortify to These are continue by addressing focusing sheet and our generation. with provide

sheet over that, into Our further capital continuing our detail our in open for allocation be to over balance to and to our priorities go our XXXX. growth strategic investing remain Tim accretive call focused to to outlook on turn updates QX financials, organic the recent I'll M&A. With creating Tim? shareholders while opportunities value by

Timothy Murphy

Thank you, John.

continue on QX revenue lower results a XXXX. financial REPAY quarter-over-quarter prior financial automation of guidance metrics. Revenue a our refunds solid gross million, before tax the $XX.X In the processing benefit activity an increase over our to QX, cost reminder, our I over QX Now the initiatives. and results X% as by processing second during as we And quarter, quarter. optimization second delivered creates let's for seasonality profit key across was from grew related year-over-year to go basis. In and year X% review

gross in relatively quarter-over-quarter QX John working were as our improving in profit in simultaneously in first support XX% on profit XX% basis, first growth Consumer gross QX Payments margins and EBITDA segment align approximately growth EBITDA representing SG&A have our teams costs a $XX.X As X% Payments year. QX in Business half. the grew adjusted implementation XX% XX% in was the growth million, of to and while mentioned, and the sales, the half. Adjusted QX half, reported X% stable while maintained throughout XX%, first segment our sequentially we and

net million or $XX.X per Second was quarter share. $X.XX income adjusted

cash was flow the cash $XX.X free free million, Free expectations flow year-over-year and growth. to the year. free percent half XX-plus QX and representing of was Lastly, second flow conversion in XX% track remains conversion further cash our during cash internal flow improve on to line

note convertible We our of had $XXX convertible in million opportunistically new dynamics. maturity July, note market enhanced REPAY of issuing overall concurrently at to approximately the taking XXXX, sheet. In balance capital by upcoming million staggering debt of million XX, of discount cash early while our we June in principal $XXX the outstanding a on with of XXXX structure As our $XXX an while advantage amount maturity X.XXX% QX. $XXX.X due a repurchased million

of transaction our repurchased share entered million We offset impact also approximately dilution as forward. capped X.X providing $XX.XX adjusted and We effect which count the to partially increasing transaction, the interest a price reduce help significant protection. forma of expense conversion will the call per share, moving shares overall to EPS part pro

we million, our to In extended liquidity $XXX pro to upsized and million. $XXX addition, our total forma revolver bringing

of with debt result pro transactions, leverage forma a of outstanding these approximately As million REPAY's X.Xx. total is $XXX.X net

decline throughout flow from We this to cash net and excluding continue naturally our year potential generation, leverage to profitability any M&A. expect strong

thoughts Moving XXXX. remainder on to of the for our

on clients, prior year new by the Our a clients are measured timeline. year-to-date our implementation driven with results from existing and growth with contribution the ramping the growth from full signed that during began clients year growth algorithm

into to be outlook the the $XXX $XXX million. million and $XXX million XXXX million, of profit between to $XXX we between year, million continue our and and expect $XXX to adjusted between EBITDA gross are $XXX move we revenue As half and and reiterating be million second

XX% EBITDA faster anticipate during profit roughly expect grow to year. adjusted gross than and and the EBITDA adjusted revenue margins We

We flow flow year free year cash to expect XX%. than our QX flow conversion of cash target full being the greater our throughout accelerate approximately conversion conversion cash with free free

free free is cash calculated by dividing reminder, EBITDA. flow cash by a flow As adjusted conversion

accelerate integrations our of year-over-year conversion from announced clients outlook As we business, the confidence throughout multiyear leading we during planning we growth high first expected The half the for and flow XXXX. sales plan full seeing the previously and us growth cash go us CapEx cash ramp partnerships, percent of to to to pipeline XXXX mid- a quarter lapping the is a captive our strong auto opportunities. measured win that enterprise assumptions around giving from live this to of while confidence the developed XXXX, our software XX-plus are contribution free thereafter. Across free teens growth XXXX, in our demonstrated overall year sustained spending, to flow giving reduce include

QX the As a and incremental to of expected the Business our contributions segment. political reminder, our benefit QX in from cadence quarterly Payments business is media

cycle to is expected We accelerate quarterly continue related weighted free due election of healthy cadence conversion timing the expect cash contribution similar the we Also, the the to in half XXXX. was in saw anticipated. to but flow to the back XXXX, media more growth year previously our spending, than to throughout that presidential

full remain acceleration can the XXXX to we on product focused of over technology flow and the and profitable automation. I'll cash you while leading our also prudent to business from where our As to the across your from now take conversion. efficiencies finding sales, maintaining towards our see innovation processes questions. We scale towards an are operator outlook, strong turn investments growth half results call the first investments Operator? year by back free can

Operator

Our El-Assal Barclays. first Instructions] of Ramsey from [Operator question comes

Ramsey El-Assal

conversion have to how obviously land. -- cash continues the sort so. is it's state over On in mind mean, about free your a and level I should What had you of do cash the that free flow will great normalized conversion, steady really we flow where time? think What improvement that

Timothy Murphy

accelerate expect what Yes. off significantly year. to We good throughout about to we QX, accelerated and was QX really feel continue in it strong we the thought that. do We of a

free target in think flow, for be cash we sustained we this mid- teens year XX%. As said, which high there is to growth our can

kind put would if beyond. on the of toward start mid- XXXX to to us to And So teens, do us that high you points and that that you where can math mid-XXs. see

And kind revenue mid- to, mid- visibility that we So where teens good showing from we're a and faster to And to those XX% XX% a for this this because growth. the perspective. good target reduction than us to year, high combined talked and that we can teens high CapEx XX% about you down us that XX% we get and thereafter, into EBITDA about feel adjusted understand of revenue, year and to on CapEx. takes happening growth growth to showing of of about that XX% top line, term, we're to is longer in call get as previously, it, think can conversion

Ramsey El-Assal

And of an the sort the give What are odd Perfect. for us me. loosening in, you tightening the your the business, consumer cycle health the personal Could it. just overall any follow-up It's is the side top on view or of Got funnel? your a of of such specifically sort you at there? on view what's we're out happening today? of financing of but seeing

Timothy Murphy

We're seeing Yes. into QX. trends consistent

what moderating any that's consistent difference of We somewhat environment we'd you subverticals, personal There's as finance. continue in to the see like with expect. noticeable healthy no consumer but mentioned,

last plus, there's some there that's environment similar and tightening the year over a it's think where I continuing. been

different, very good trends about going anything So I and off wouldn't we consistent feel that. into say QX, QX noticeably of

Ramsey El-Assal

Sure.

John Morris

would I to just Ramsey, I obligations on consumer as Ramsey, would of well the the add side because of nondiscretionary we add there. -- the that nature are emphasize that And is predominantly well spend items financial that as these continue

to of continue of we consistency. see comments the around leads Tim's into So that some kind

Ramsey El-Assal

point. Good

Operator

Our comes KBW. Sanjay of Sakhrani from next question

Steven Kwok

for This filling actually Sanjay. is in Steven Kwok

The then just deviating the seeing? trends what as first a one are And you follow-up I July any guide? through quarter that and within assuming went into August, had and trends the we around you're was macro

Timothy Murphy

trends our consumer. in coming QX there's prior within Like Yes. end major consistent off We We very macro been don't nondiscretionary from generally markets see consumer change of the said, healthy into any I see QX. assumptions to a quarters.

the And And so into from consistent been our prior changed the have like macro well. assumptions really haven't quarter periods. trends as I said,

Steven Kwok

ratio? any out it. perhaps the Got see that's pipeline, And leverage could want to around if And anything M&A then there Got perhaps it. just just you updates interesting. if there's provide that's given

Timothy Murphy

refi $XXX in. million. Yes, did I feel in We and to the sheet We we about our and can start our good upsized maybe can is John balance shape. jump great revolver just

We that liquidity pursue M&A. have us and a lot in of and confidence general, to gives capacity

healthy a have pipeline. We

we Consumer be executes that, internal leverage would around Xx as X given debt. to a both be below looking size get deals, range sources multiple down opportunities we'd We it and months. And it but then ratio to X.Xx it across at we're to and with and have team tuck-in maintain now leverage different not did would would of Payments. with size XX opportunity all look and we're an that down likely of go if likely, want that tuck-in, deals, visibility XX back above a call Business at we to type and bring a Likely that looking to it

opportunities, pipeline. looking a and healthy we're of a So at we lot have

John Morris

indicated, would of give Yes, attractive private healthy patient see dialogues be the as and today, then We think out the for to I is disciplined. think world, some Tim something years sheet last we're be would coming definitely up balance been there. for that, And looking that -- have a we little creation. really us we we just will we looking as there. actually anything that's opportunity We more Obviously, strong couple at things our will of accretive that add color value shareholders, the well would our an but we more assets valuation, that we've we as right opportunities. over right think long-term highly that's think the sets really be

Steven Kwok

if you're sure capabilities with it. at? looking or specific but this that verticals us, And Got any not product can you there share I'm is

John Morris

have something at embedded and of look a we look lot -- do things specifically just payments like payments. to that obviously, obviously, attributes in at, you we we If

we when done similar for don't keep but or be to mentioned, we'll something a where in But you So sale, as things complementary right, of we've know, market get basis. to we continue the -- to where tuck-in is we existing past, disciplined be that would there. Tim comes potentially -- choose to are something something as are,

Timothy Murphy

some I'll the of Yes. attributes. add

large obviously underserved like which to verticals and payments. healthy growing and retention the we statistics addition financial integrated In profile,

us So distribution. would businesses bring we partnerships for software additional look that for

to AP in side, additional existing network software large a the supplier within On supplier for subverticals we augment and AP. look relationships would network our

sourcing the for attributes So we're out and we types far. some those are of as some deals, looking of do we're see those that have so there

Operator

The next question of comes Heckmann from D.A. Davidson. Peter

Peter Heckmann

Payments, spend-related think -- But apologize election? it. And did Business talk in range? I get terms signing there, companies earnings, you have if media up over you I excluding kind the channel ISVs going teens distribution in that reporting to you about within the to then the both through do mid- kind direct growth any was high so have several secondly, revenue to of accelerated missed of the political what rate clients of right I and place really

Timothy Murphy

Yes.

So -- QX of in that's that can high in segments we in we -- talked growth back the Business half XX% will reported breaking contribution We segment and the in half. did about still business and we first the XX% The be grow out teens. a Payments think have weighted. media the

we than dynamics last candidates more we with And happened half. there's and anticipated, in of the back should what's in positive drive in momentum given that the initially growth media that the so that the see half there probably there just a few was weeks, think political lot but the back

of signs. think software healthy those coming I said, a healthy like -- we our relationships, really are have, pipelines distribution we lot that's through So building, and

John Morris

Yes. invest the and to our partners We in new. net continue integrated to want

years there the in growth the be but where of As have -- that as how monetize you the around we we've growth existing think examples there's also especially heard we -- we Blackbaud a multiple of payables payments past, we out we continue -- drive just new ones and commerce think moves. before, drive to like net and with help us many spoke the years say them partnerships, efficiencies, to

So really do We good return to we lots to We organically. on value continue invest want there to think opportunity. a of think that. it's to shareholder there's continue

Operator

that Peter, Canaccord the Joe questions? Vafi does of next comes Our Genuity. question your conclude from

Pallav Saini

for on Saini Pallav is This Joe.

you of First And there investments? the the increase the sheet. the have you talked follow investments the where we balance to in would in about business -- growth front I Is of accelerate have organic given flexibility the so, a to opportunities desire on like all you? If multiple up.

John Morris

Tim, start. add I'll in Yes, well. you can as

mentioned our So our as -- of we things on think, I've drive go-to-market goals continue to call, drive efficiency, X obviously, which XXXX we some are obviously, growth. organic these our

ISV And those, us. and into think through in growth features, those. those of continue opportunity investment to of overall functionalities overall, then efficiencies additional Our relationships, existing Those as focus continue overall And have things which product. we'll our been the payment like there for will And sales, accelerate and that. efficiencies investments clients product we're new. our comments helping just a we'd investing do We and as there, enterprise client behalf been we in doing that's few flows all but implementations, driving net in which enterprise driving on multiyear mentioned a And before, overall, sales, drive and and to currently on doing, have enhancements the new more investing. well, monetize our there. and to we're mentioned into we've then enterprise software, we then

Pallav Saini

follow-up, give this from much you're year? a us incremental later just you And a of presidential assuming election sense can Great. the revenue how

Timothy Murphy

Sure.

expect about XX% it, cycle. before, the with cycle million. we consistent it's of call about XXXX said, we've $X off XXXX said growth And So we which what was,

XX% of we're to top now come So amount about, the expecting half And on call that it, the XX% back year. of of in that.

our But very not with that's like of I said, amount, couple favor. change the what and dynamics And total difference the timing has past We're shifted like think the that with we've largely so weeks, seeing been consistent has in given in the the a saying. the bit, changed, has in a lot little a candidates. been just I

Operator

next of comes Charles Stephens. from Our Nabhan question

Charles Nabhan

asked, of comps? standpoint. as I macro lot matter I been a still we but within wanted growth deceleration from that strong, to a Funding. you Instant Most consumer well about I know lapping deceleration should just last of couple that said bit in my that questions is not how within from or to I Funding Or go-forward quarters. know Instant has a XX% about growth growth think but changed wanted ask, is But it's of rate of ask as very have challenging the business? a a

Timothy Murphy

Yes.

-- year, ramped they of signed lending client of ramped away. it's Instant very in right last function in were a and product almost We they and a we of adopted early lapping. large part fully QX personal So XXXX, the our Funding and

they Funding contributed now lot quarter we're is QX so of first year, And a lapping full lapping. the that, and last Instant to

be level of So I would similar growth. to expect a this

We this should will completely and signing win acceptance with do only for there move and go beyond of their but their clients as payments the lapping adoption then of that there's of new we're -- demand not funding digital clients loans. it, large for also more think be product. we're enterprise I

the or underlying pretty within within forward. macro, So lapping purely It's anything moving not that the about think I client lapping. we'll in QX, large business consistent it's see is of trends function a and more deceleration

Charles Nabhan

-- as auto And the follow-up, captive was this a the auto you mentioned it. large going live quarter. Got had

quarter a year cadence the next in we to growth into as the full move color terms year? impact and wanted expect and of quarter more impact, sequential little Just how through should in the contribute that if to a or financial get third will we of the

Timothy Murphy

Yes.

of to and in But but we've over processor, time half any second volume them processing. they So them modeled existing for will their from take to ramp not contribution bring we're live. the happening that's We're in that. excited as about material excited get year. It the live them this go

to which and expecting, time but spent lot is dollars a material So it there's to not and of I we're would anything 'XX get them more ramp 'XX, and effort why that the measured material live of in could the growth. give multiyears be given us we've think

material for full being this year, fully in be us. rest So and will ramped of 'XX 'XX but of nothing helpful them for the year benefit

Operator

Thank Markets. Capital comes Instructions] Rufus from Our you. [Operator BMO next Hone question of

Rufus Hone

question. come organic the to outlook. Just wanted to gross one profit I back growth

the think year, So contemplates decelerated half the your the sort That growth I of about did single-digit excluding this the the guidance of political quarter, mid- back media first excluding and to to quarter a media. high trajectory, political X%. In you XX%. thinking organic

was guess, if you made So I it on wondering could put X what deceleration. Was a point finer lapping? that I just pieces point, up

Timothy Murphy

Some that large just of the lapping a Instant in mentioned Funding it is client I terms of comment.

got implementation delays. of Some to it's do with

implementation is a some as clients. Just delays BXB the example were captive. space as with auto enterprise the in well good There

I quickly the customer they think live the and mentioned to be more clients call, that of implementation on lapping we of getting that a combination very of we're some large live that, proactive are example So faster. a of a ours. have and it's delays in is trying Grady become great

So it's of couple I of those think points. just a function

Rufus Hone

Okay.

And you half? points the the think up so into year? do rest you think Or for the will shot the is second of fair a X it pick do

Timothy Murphy

at the outer I math I in on you're them the generally growth opportunities mean doing about and within in the talked we not acceleration much segment. to either that's -- -- have like from captive, debit think drive Payments mortgage of Business then it's potential think we is think lot that contribution core the numbers not a the the consistent, embedded have AP call auto really all, years. We some business I of I the opportunity, like and

and of opportunities we're both payments, John business. like segments and multiyear in to said, software software are embedded enterprise allow payments enterprise that. investing enterprise and sales there So business growth And across our consumer for

Operator

Schmidt next comes question Our Citi. of from Andrew

Andrew Schmidt

in a acceptance. late. in card supplier supplier just think, I supplier I rigorous acceptance. virtual terms adverse see of Maybe any be Obviously, pretty, light program. this down a the that just would was space have acceptance payment could But on in you maybe guys that, things in selection, enablement of rates, if Sorry, questions if difference I that a drill you apologize BXB you're terms payment of like seeing Obviously, what lot there's shine of joined asked. helpful. to terms

Timothy Murphy

helpful an have that's don't Yes. you We're a I We to think and base. widespread real-time and our vendor proprietary that's unique we in And like of. us, material aware process not seeing that's issue way. supplier mean enablement we're a said, it all our very them across of when also to supplier call within cards And base. pitching acceptance a we is their which and that's have in payments we the client, we're solution, we digital pitch virtual payables. TotalPay of the specifically what outsource

the and So not we'll good virtual put position greater enablement to a payments we checks. their regular card but that along because process with TotalPay us process really and do our their if card enhanced in just suppliers payments, their have payments, we drive think terms we ACH virtual digital their want with payments, ACH penetration. to, along process, enablement digital to our with -- default adoption of I But of in

we And widespread but have our I So of base. we're aware monitoring, not like and are couple of tools in said, we it's a think way. that an we're issue across it's effective

Andrew Schmidt

are system I that saw the And if that volume in if it. Wondering in think for an observed? guys the there quarter, Got fairly industry. you know from -- maybe you that was like origination Wondering you that of guys auto anything impacts ERP terms diversified. or any some I was down in time you

Timothy Murphy

obviously, we Yes, of themselves. software the very aware to it dealerships impactful and the that. to partner to are them We was -- -- the dealers

auto able and was material in were did we keep were any not through There provider running and We impacted talking I said, of the impacts. impacts. to on the did have and which it had we flowing Fortunately, talking and the dealers, a uptime lot to not the any software running very but payments material system. for monitoring of of it downtime, the terms payments And experience us, top dealerships. we like to were closely, the

John Morris

are the we back that. Yes. specifically We of around should office also note there part

So of not AR of side front the side auto. the

as flexibility world. we're one So partners a in as in it little and And that our from bit software barely more that of just that perspective. that's just penetrated has well world,

-- from So our impact specifically impact no but around -- from financial that.

Andrew Schmidt

reached Where obviously, penetration I client a is be we And function in push ACH just that card factor that a of et card, room if one growth pandemic? still more The of squeeze lot to existing rates have cash, Perfect. a penetration continued where at less driver? will your of terms verticals? of there in could post Or Is of kind acceptance cetera. we just to a growth, in. up higher are point

John Morris

Yes, Tim. I'll start,

If add -- to want that. to you can add you

So there's not the allows to think we it's of still years paper We value solutions there. the all no and fully enterprise us that value systems why to do matter overall payable enterprise as partnerships. software you of that overall think payment just solution large automation that our years we're monetization the when monetize to there's growth talk the embedded the It's to side, continuing -- our me just growth heard there. adds modalities, one of lots to opportunity that to alone is We seamlessly drive like on just ability driving of the expect, which types and we great check there, which -- best-in-class earlier that. fully we opportunity. in in move and significant world. and many think efficiency can would think value process. a embedded or software And ways amount platforms years not for accounting -- solution, -- software enterprise that drives about market of the -- into invest both just overall think you and in specifically, you one-stop our card overall having to that that, virtual as well, workflows those we finding we have that, still Still it's And just we see modality. We organic embedded efficiencies. very see continue of a multiple opportunity there's And think It's it shop, funds great embedded. the the

Andrew Schmidt

Perfect.

Timothy Murphy

is, teens -- the card in debit of is our terms There's slide good presentation this Knight to single in we not expect the Slide year, relative posted a disclose card in is close years. a of you are focused site. IR -- single that verticals are initiative too. to penetration. even several XX XX% And example that digits the in there's that, teens next to of the rates Black overall that in on we're these some some still to mortgage penetration see like XX% we approaching data market on market. our payment great add investor U.S. contributing shows so There's or the contribute And to that's to consumer call that's acceptance. the I'll for And overall that's why for our it, but mortgage acceptance can the a digit --

So that the to find customer continue to opportunity speaks to existing growth.

Andrew Schmidt

in to relationship. Absolutely. progress It's see the good that

John Morris

really started amazingly, on of one most good But its things office all comment catching more who ways absolutely a has And all in the to also this that's real. talked side, has efficiencies. expects several the now up we've way, which done which And back We've efficiency. these overall. to is drive works the consumer be it experienced. back many offices in consumer Just more about business of is also transformation, digital

for of ingredients right us opportunity years setting here. the all many So are up well

Operator

with the queue. in Ladies questions and further no question gentlemen,

the We Morris closing of question-and-answer session. end have Mr. for to hand I will now John reached the remarks. over

John Morris

everyone. appreciate you, time I your really Thank today.

XXXX demonstrates towards solid year we've our of cash the our outlook first as flow free Our execution accelerating indicated. half and

on years across of joining Thank you growth. us REPAY, again today. our continue while profitable growth focus multiple progress initiatives We opportunities maintaining to driving and for our strategic will on make

Operator

you Ladies today's and event. gentlemen, you. attending, Thank for and you now concludes that your lines. may Thank disconnect

Repay (RPAY) 8 Aug 242024 Q2 Earnings call transcript