Repay (RPAY) - 2023 Q4 - Annual Results

Financial Performance - Gross profit growth of 2% in Q4 2023 and 6% for the full year 2023[1] - Normalized organic gross profit growth of 13% in Q4 2023 and for the full year 2023[1] - Total revenue increased by 5% year-over-year to $76.0 million in Q4 2023[2] - Revenue for the year ended December 31, 2023, was$ 296.627 million, an increase of 6.1% from $279.227 million in 2022[25] - Revenue for Q4 2023 was$ 75,987,000, an increase of 5% compared to $72,673,000 in Q4 2022[30] - For the full year 2023, revenue increased to$ 296,627,000 from $279,227,000 in 2022, representing a growth of 6.1%[31] - Organic revenue growth for Q4 2023 was 10%, after adjusting for growth from acquisitions and dispositions[36] - Normalized organic revenue growth for Q4 2023 was 14%, indicating strong underlying performance[36] Profitability and Loss - Net loss for Q4 2023 was$ 77.7 million, impacted by a $75.7 million goodwill impairment loss[3] - Net loss attributable to the Company for the year ended December 31, 2023, was$ 110.490 million, compared to a net income of $12.836 million in 2022[25] - The company reported a net loss of$ 117,420,000 for the year ended December 31, 2023, compared to a net income of $8,741,000 in 2022[33] - The Company experienced a loss from operations of$ 111.413 million for the year ended December 31, 2023, compared to a loss of $47.201 million in 2022[25] - Adjusted EBITDA for Q4 2023 was$ 33,489,000, compared to $35,882,000 in Q4 2022, reflecting a decrease of 6.7%[30] - Free cash flow for Q4 2023 was$ 21,787,000, an increase from $13,895,000 in Q4 2022, with a free cash flow conversion rate of 65%[35] - Adjusted Net Income for the year 2023 was$ 84,942,000, compared to $79,786,000 in 2022, reflecting a year-over-year increase of 6.8%[33] Expenses and Liabilities - Total operating expenses for the year ended December 31, 2023, were$ 408.040 million, up from $326.428 million in 2022, reflecting a 24.9% increase[25] - Total operating expenses for Q4 2023 were$ 154,401,000, up from $90,967,000 in Q4 2022, resulting in a loss from operations of$ 78,414,000[30] - The Company’s total liabilities decreased slightly to $689.045 million as of December 31, 2023, from$ 698.507 million in 2022[27] Cash Flow and Assets - Cash and cash equivalents as of December 31, 2023, were $118.096 million, compared to$ 64.895 million as of December 31, 2022, representing an increase of 82.0%[27] - The Company reported a net cash provided by operating activities of $103.614 million for the year ended December 31, 2023, compared to$ 74.223 million in 2022, an increase of 39.7%[29] - Total assets decreased to $1.519 billion as of December 31, 2023, from$ 1.627 billion in 2022, a decline of 6.6%[27] Segment Performance - Consumer Payments segment achieved organic gross profit growth of approximately 13% year-over-year[6] - Business Payments segment experienced normalized organic gross profit growth of approximately 25% year-over-year[6] - The company experienced a non-cash goodwill impairment loss in the Business Payments segment for Q4 2023[38] Future Outlook - The company expects 2024 revenue to be between $314 million and$ 320 million[15] - Free Cash Flow Conversion is expected to improve to approximately 60% in 2024[15] - The company plans to continue focusing on operational improvements and restructuring activities related to acquired businesses[38] Shareholder Information - The weighted-average shares of Class A common stock outstanding were 90,048,638 for the year ended December 31, 2023, compared to 88,792,453 in 2022[25] - Weighted average shares of Class A common stock outstanding increased to 91,206,870 for Q4 2023, compared to 88,519,236 in Q4 2022[40]