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WRITE-OFF TRIGGERS REPAY LOSS Featured

An $75.8 million impairment loss for goodwill led Repay to a $110.5 million net loss for the year ended December 31, compared to net income of $12.8 million for 2022. 

Overwhelmingly, the write-off for the payments software company came from a $75.7 million non-cash loss related to Repay’s Business Payments segment, which the company said stemmed primarily from a change in the discount rate. Repay’s revenue for the year just ended was $296.6 million, an increase of 5.8 percent from $279.2 million for the prior year. Business payment revenue 11 percent to $38.1 million in 2023 from $42.6 million in 2022 on a 22-percent decline in payment volume. That was countered by an 11-percent increase in consumer payment revenue, by far the largest portion of Repay’s business. The company’s recent earnings webcast included discussion of plans to reduce capital expenditures this year. CEO John Morris said some major expenditures, such as investing in back-end systems, are behind and company. Plans are for capex spending to be 13 percent to 14 percent this year to be decline further in the future. Executives noted Repay reduced head count last year and when hiring was needed, it added to the sales force. The company’s 10-K forms for 2023 and 2022 show the staff dropped 11.6 percent to about 512 last year from 

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