Revenue was $71.6 million, up 17.1 percent from $61.1 million in last year’s corresponding period. However, the net was due to a $11.4 million change in the value of tax receivables. The payments company continued to lose money on an operating basis, but sharply narrowed the red ink to $5.4 million, down from a loss of $12.3 million a year earlier. CEO John Morris said during this week's earnings webcast results “demonstrate the resilience of our diverse model.’ He noted that most organic growth came from the B2B segment which represents 20 percent of revenue. The consumer segment comprises 70 percent of revenue. He expects that the ISV market will provide strong growth next year, stemming from the new integrated partner program via which ISVs can add features and functions to Repay’s products. Morris also cited his company as being unusual in the market in offering both AR and AP products and services. B2b integrations, he noted, include AR and AP for Acumatica and Sage, the latter added during the quarter. Morris said the strong markets for AR are manufacturing, wholesale and distribution while for AP it is a diverse group that includes auto dealer, hospitals, healthcare, media, hospitality and property management.
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REPAY POSTS $5.4M NET Featured
Repay rebounded into the black for the third quarter ended September 30, while posting 17,1 percent increase in revenue. Net income was $5.4 million for the most recently quarter compared to a loss of $7.1 million a year ago.