Repay Holdings Corporation

Good afternoon. I'd like to welcome everyone to Repay's fourth quarter 2025 earnings conference call. This call is being recorded today, March 9th, 2026. I'd like to turn the session over to Stuart Grisanti, head of investor relations at Repay. Stuart, you may begin.

Thank you. Good afternoon, and welcome to REPAY's fourth quarter 2025 earnings conference call. With us today are John Morris, co-founder and chief executive officer, and Robert Hauser, chief financial officer. During this call, we will be making forward-looking statements about our beliefs and estimates regarding future events and results. Those forward-looking statements are subject to risks and uncertainties, including those set forth in the SEC filings related to today's results and in our most recent form, 10-K. Actual results may differ materially from any forward-looking statements that we make today. Forward-looking statements speak only as of today, and we do not assume any obligation or intent to update them except as required by law. In an effort to provide additional information to investors, today's discussion will also reference certain non-GAAP financial measures. Reconciliations and other explanations of those non-GAAP financial measures can be found in today's press release and in the earnings supplement, each of which are available in the company's IR site. With that, I will now turn the call over to John.

Thanks, Stuart. Good afternoon, everyone, and thank you for joining us today. Repay delivered on its promise to improve growth as the company exited 2025. During the fourth quarter, Repay returned to solid, normalized growth while continuing to generate strong profitability and free cash flow. This performance underscores the progress of Repay's strategic initiatives and operational improvements throughout 2025 REPAY underwent the necessary improvements to strengthen our operations, go to market, and overall organizational leadership. As we proceed through 2026, we are well positioned to continue our momentum while supporting and optimizing our clients' digital payment flows. On today's call, we plan to go over the three main topics. First, a review of the fourth quarter. Second, a summary of our progress and achievements during 2025. And lastly, our 2026 outlook to drive growth into the future. First, a review of the fourth quarter. Repay closed out the year, accelerating our normalized growth. In Q4, we achieved 10% revenue growth and 9% gross profit growth on a normalized year-over-year basis, which excludes the political media contributions during 2024. Adjusted evidence margins were 41%, and pre-tax flow conversion was 43%, while reinvesting into several organic growth initiatives. Within the consumer payment segment, Q4 revenue increased 8% and gross profit increased 6% year over year. Our growth is built on steady payment streams with existing clients plus incremental contributions as we process more of our clients' total payment volumes and then ramp up new clients across the verticals we serve. We increased our consumer software partnerships to 189 while also further enhancing many existing integrations leading to better client and consumer experiences. Deeper integrations address the pain points across our consumer payments verticals by combining Refade's flexible payment processing capabilities directly within our clients' existing workflows. Clients that offer the convenience of modern payment modalities can seamlessly accept and track payments while enhancing their operational efficiency. The newly announced integration with Emotive Software An all-in-one automotive financing compliance platform is one of the many examples of how Repay is building on our software partnerships to build a healthy core consumer bookings pipeline. And throughout 2025, our bookings have gained momentum, giving us confidence to the full year, 2026. Additionally, our consumer payments teams are focused on client implementations to help reduce go-live timelines and provide sustainable growth as our clients continue to expand with us. Now turning to our business payment segment. In Q4, normalized revenue increased 41% and gross profit increased 73% year-over-year, while excluding the political media contributions during 2024. Throughout 2025, our business payment strategic focus was on our core AP platform. Our go-to-market and partnerships prioritized the vast AP opportunities, leading to many new client wins in the healthcare and hospitality verticals. We executed on several modernization initiatives like Float Income, expanded our enhanced ACH offering, and increased total pay adoption with both new and existing clients. In Q4, we increased our supplier network to 602,000 suppliers, increasing over 65% year-over-year. And we exited the quarter with 105 software partners and embedded integrations. This represents adding over 240,000 suppliers during 2025, leading to great momentum to our hospitality vertical and while building on many software relationships, such as use, which serves a broad spectrum of organizations across multiple industries. Businesses and organizations across verticals are looking for ways to modernize AP processes and improve payment security. 3PAY's advanced AP platform provides these capabilities. An innovative way that organizations are adopting AP platforms is with our recently announced referral partnership with the Western Virginia University Gold and Blue Enterprises. GPE clients can leverage REPAY's platform to donate their earned REPAYs to the university's NIL fund. So overall, we are pleased with the business payments momentum from our partnerships and direct sales teams. We expect our AP initiatives to continue building traction during 2026 and beyond. Now onto our next topic, a review of the 2025 achievements and progress. REPAY went through challenges during 2025 while also making important changes to reinforce our core foundation for a skilled future. We changed key executives, streamlined processes, and worked on ways to deploy automation and AI. During 2025, we allocated resources towards our sales and customer support teams to pursue enterprise clients across our verticals. We've added 14 software partners and integrations during 2025 and exited the year with over 294 total partners. We began rolling out new product capabilities like Dynamic Wallet, where iOS and Android users can tap and pay and access statement activity directly within their digital wallet experience. Ultimately, our continuing investment in product and technology is about providing best-in-class performance and reliability for our existing clients and prospective clients. We strive to achieve exceptional experiences for our clients and customers. From this, we are proud to be recognized by the Straw Hacker Group for Best Gateway Uptime in 2026. and Repay earned first place for the highest authorization rate for the second consecutive year in 2025. In 2025, we also reviewed Repay's platform for the automated and digital future ahead. I'm excited for the powerful combination of leveraging AI capabilities with Repay's technology to increase productivity across the organization. We are utilizing AI to reduce integration time for faster AP connectivity with software partners and are rolling out AI assist functionality for clients' onboarding processes. We are deploying AI middleware for client and tech migrations, leading to faster discovery and risk detection, reducing manual processes and lowering costs over time. We also tested new product capabilities such as RepayVoice. RepayVoice will revolutionize the IVR experience for consumer calls and already has a list of enterprise clients eager for a space rollout during 2026. These productivity improvements are scalable as we look to spur growth further into inorganic opportunities. We're positioned to digest potential M&A faster with the foundation we approved upon during 2025. I am proud of the progress we made from an operating perspective as we acted the year. Each quarter led to sequential improvements in the right direction. And now we are focused on maintaining the momentum as we execute throughout 2026. With that, I'll turn the call over to Rob to go over our Q4 financials and discuss our 2026 outlook and capital allocation priorities. Rob?