Repay Holdings Corporation reported a notable performance for the third quarter and the first nine months of 2024, reflecting a positive trajectory in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated total revenue of $79.1 million, a 6.5% increase from $74.3 million in the same period of 2023. The nine-month revenue also rose to $234.8 million, up 6.4% from $220.6 million year-over-year. This growth was primarily driven by the Consumer Payments segment, which accounted for approximately 81% of total revenue, and the Business Payments segment, which saw a significant 57.6% increase in revenue to $15.3 million for Q3 2024.

Operating expenses for the third quarter slightly increased to $79.8 million from $79.4 million in Q3 2023, while for the nine months, they decreased to $241.4 million from $253.6 million. The company reported a net income of $3.2 million for Q3 2024, a substantial recovery from a net loss of $6.5 million in Q3 2023. However, for the nine months, the company still recorded a net loss of $6.4 million, an improvement from a loss of $39.7 million in the same period last year.

Repay Holdings also made strategic financial moves, including the repurchase of $220 million of its 2026 Convertible Senior Notes, resulting in a gain of $13.1 million. The company issued $287.5 million in 2.875% Convertible Senior Notes due 2029, enhancing its liquidity position. As of September 30, 2024, cash and cash equivalents stood at $168.7 million, with an additional $250 million available under a newly established revolving credit facility.

The company’s total assets increased to $1.56 billion, while total liabilities rose to $794.6 million, reflecting an increase in long-term debt to $496.2 million. Stockholders' equity decreased to $769.7 million from $830.8 million at the end of 2023, primarily due to accumulated deficits.

In terms of operational efficiency, the company reported a chargeback rate of less than 1% for both the three and nine months ended September 30, 2024. The company continues to monitor macroeconomic conditions, including inflation and interest rates, which may impact future performance. Additionally, Repay Holdings is actively managing its share repurchase program, with approximately $36.2 million remaining under the plan approved in May 2022.