Repay Holdings Corp (RPAY) 2025 Q2 法說會逐字稿

Good afternoon. I'd like to welcome everyone to Repay's second quarter 2025 earnings conference call. This call is being recorded today, August 11, 2025. I'd like to turn the session over to Stewart Grisante, Head of Investor Relations at Repay. Stewart, please go ahead.

午安.歡迎各位參加 Repay 2025 年第二季財報電話會議。本次通話於2025年8月11日進行錄音。我謹將會議交給 Repay 的投資人關係主管 Stewart Grisante。斯圖爾特，請繼續。

Thank you. Good afternoon and welcome to Repay's second quarter 2025 earnings conference call. With us today are John Morris, Co-founder and Chief Executive Officer; and Thomas Sullivan, interim CFO and Chief Accounting Officer.

謝謝。下午好，歡迎參加Repay 2025年第二季財報電話會議。今天與我們在一起的是聯合創始人兼首席執行官約翰·莫里斯；以及臨時首席財務官兼首席會計官托馬斯·沙利文。

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 risk and uncertainties, including those set forth in the SEC filings related to today's results and in our most recent form 10-K.

在本次電話會議中，我們將就我們對未來事件和結果的看法和估計發表前瞻性聲明。這些前瞻性聲明存在風險和不確定性，包括與今天業績相關的 SEC 文件和我們最新的 10-K 表格中列出的風險和不確定性。

Actual results may differ materially from forward-looking statements that we make today. Forward-looking statements speak only as of today, and we do not assume any obligation or intend to update them except as required by law.

實際結果可能與我們今天所作的前瞻性陳述有重大差異。前瞻性陳述僅代表截至今日的觀點，除法律要求外，我們不承擔任何更新義務或意圖。

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 on the company's IR site.

為了向投資者提供更多信息，今天的討論還將提及一些非GAAP財務指標。有關這些非GAAP財務指標的調節和其他解釋，請參閱今天的新聞稿和盈利補充資料，這兩份文件均可在公司的投資者關係網站上找到。

With that, I will now turn the call over to John.

接下來，我會把電話交給約翰。

Thanks, Stewart. Good afternoon and thank you for joining us today. On today's call, we plan to cover three main topics. First, a review of second quarter 2025. second, an update to our 2025 outlook and capital allocation priorities. And lastly, an update on our CFO process.

謝謝你，斯圖爾特。下午好，感謝各位今天蒞臨。在今天的電話會議上，我們計劃討論三個主要議題。首先，回顧 2025 年第二季。其次，更新我們的 2025 年展望與資本配置重點。最後，報告一下我們的財務長流程。

In the second quarter, Repay executed on our path to re-accelerating growth during 2025. Across the company, we have made great strides to sequentially improve on our go to market, implementation pipelines and operational excellence.

第二季度，Repay 按照計畫在 2025 年重新加速成長。公司在市場推廣、實施流程和卓越營運方面上下取得了長足進步，並逐步提升了營運效率。

Repay's core growth strategy and resilient business model is built upon a never ending commitment to optimizing payment flows to our clients. We are embedding payments to drive payment technology with software platforms to seamless experiences, and these clients, businesses, and consumers that we serve will continue to benefit from the ongoing secular tailwinds of digital payment flows in the US.

Repay 的核心成長策略和穩健的商業模式建立在不斷致力於優化客戶支付流程的基礎上。我們正在將支付功能嵌入到軟體平台中，以推動支付技術的發展，從而實現無縫體驗。我們服務的客戶、企業和消費者將繼續受益於美國數位支付流持續的長期發展趨勢。

As a company, we are putting the right processes in place, enhancing partnerships, fine tuning our go to market, and as we continue to gain traction across our sales pipeline, Repay is building momentum into the second half of the year.

作為一家公司，我們正在建立正確的流程，加強合作夥伴關係，改善我們的市場推廣策略，隨著我們在銷售管道中不斷取得進展，Repay 正在為下半年的發展積蓄力量。

During the second quarter, our year-over-year growth sequentially improved with reported revenue increasing 1% year-over-year. Our Q2 performance demonstrated steady gross profit growth when excluding political media contributions due in 2024 and the previously communicated client losses.

第二季度，我們的年增速環比改善，報告營收年增 1%。如果排除 2024 年到期的政治媒體捐款和先前公佈的客戶損失，我們第二季的業績顯示毛利穩定成長。

We began to deploy incremental strategic investments into our organic growth opportunities while maintaining strong adjusted EBITDA margins of 42% during the quarter. In addition, Q2 reported free cash flow sequentially improved, resulting in 71% cash flow conversion.

本季度，我們開始逐步增加對自身有機成長機會的策略投資，同時維持了42%的強勁調整後EBITDA利潤率。此外，第二季自由現金流季比改善，現金流轉換率達 71%。

Across our segments, we are benefiting from the go to market investments we've made in prior years within our enterprise sales and customer support teams, leading to healthy sales pipelines with enterprise clients. We're encouraged by the sustainable bookings growth experienced over the past several quarters and we continue to expect these positive trends to reflect our normalized growth in the second half of 2025.

在我們各個業務領域，我們都受益於前幾年在企業銷售和客戶支援團隊方面進行的市場推廣投資，從而與企業客戶建立了健康的銷售管道。過去幾季以來，預訂量持續成長，這令我們倍感鼓舞，我們繼續期待這些正面趨勢能在 2025 年下半年反映出我們正常的成長。

As we continue to focus on our core business, we are working on various operational initiatives to improve productivity, automate processes, and enhance implementation workflows. Within the consumer payment segment, our reported year-over-year growth sequentially improved as we expected during the second quarter.

在持續專注於核心業務的同時，我們正在進行各種營運舉措，以提高生產力、實現流程自動化並改善實施工作流程。在消費者支付領域，我們報告的年增率在第二季度如預期般有所改善。

As a reminder, our Q2 gross profit growth was impacted by approximately 3 points from previously mentioned clients rolling off our platform. However, a core growth algorithm of recurring and incremental contributions from existing clients plus the ramp of new client wins gives us confidence for continued sequential improvement leading to accelerated growth as we exit the year.

再次提醒，由於先前提到的客戶從我們的平台流失，我們第二季的毛利成長受到了約 3 個百分點的影響。然而，現有客戶的持續和增量貢獻以及新客戶的不斷增長構成了核心增長演算法，這讓我們有信心在年底前繼續穩步改進，從而實現加速成長。

Across our consumer verticals, our go to market teams are building strong sales pipelines with our 185 software partners and our customer support teams are hard at work enhancing our overall client experience. As a great example, during the second quarter, we announced enhancements to our integration with MeridianLink, a leading provider of software platforms for financial institutions and consumer reporting agencies.

在我們的各個消費垂直領域，我們的市場推廣團隊正在與我們的 185 家軟體合作夥伴建立強大的銷售管道，而我們的客戶支援團隊正在努力提升我們的整體客戶體驗。舉個例子，在第二季度，我們宣布加強與 MeridianLink 的集成，MeridianLink 是為金融機構和消費者報告機構提供軟體平台的領先供應商。

By expanding account funding options with repay's payment technology, credit unions, and financial institutions using MeridianLinkcan start accepting funds into member accounts faster and improve their customers' overall experience.

透過使用 MeridianLink 的支付技術擴展帳戶資金選項，信用社和金融機構可以更快地開始接受資金存入會員帳戶，並改善客戶的整體體驗。

Repay's payment technology is integrated into multiple core financial institution and credit union software systems, which helps us generate a strong sales pipeline targeting the thousands of financial institutions nationwide.

Repay 的支付技術已整合到多家核心金融機構和信用社軟體系統中，這有助於我們建立強大的銷售管道，目標客戶是全國數千家金融機構。

During Q2, our financial solution vertical onboarded several new clients, including 10 new credit union wins, increasing our total credit union client base to 353 out of approximately 5,000 across the US. Year to date, our core consumer bookings have continued to increase from this go to market strategy across our consumer verticals.

在第二季度，我們的金融解決方案部門新增了多位客戶，其中包括 10 家新的信用社客戶，使我們在美國的信用社客戶總數增加到 353 家，而全美信用社客戶總數約為 5,000 家。今年迄今為止，由於這項市場推廣策略，我們在各個消費垂直領域的核心消費者預訂量持續成長。

As we also focus on client implementations and ramp processes, we remain confident that our growth will accelerate as we move through the second half of 2025. We have been building momentum from prior enterprise sales initiatives, and as we further enhance our direct sales model with investments towards future organic opportunities, we expect overall momentum to continue into 2026.

由於我們也專注於客戶實施和啟動流程，我們仍然相信，隨著我們進入 2025 年下半年，我們的成長將會加速。我們先前已透過企業銷售措施累積了發展勢頭，隨著我們進一步加強直銷模式並投資於未來的有機成長機會，我們預計整體發展勢頭將持續到 2026 年。

Now turning to our business payment segment. In Q2, reported gross profit decreased by approximately 5% year-over-year as we lapped approximately 6 points in political media contributions and an approximate 10 point impact from last year's client loss. When excluding these impacts, gross profit would have increased double digit year-over-year.

現在我們來看看企業支付部分。第二季度，報告毛利年減約 5%，因為政治媒體捐款減少了約 6 個百分點，以及去年客戶流失造成了約 10 個百分點的影響。排除這些影響，毛利將實現兩位數的年增長。

Business payments growth was driven by our focus on our core accounts payable platform and payment monetization initiatives like expanding enhanced ACH and (inaudible). Our health care and hospitality verticals continue to be points of strength, adding new clients and expanding existing relationships during the second quarter.

業務支付成長主要得益於我們對核心應付帳款平台和支付貨幣化措施的重視，例如擴展增強型ACH支付方式。（聽不清楚）在第二季度，我們的醫療保健和酒店業仍然是優勢領域，新增了客戶並擴大了與現有客戶的合作關係。

We also continue to stand with government, municipalities, and nonprofit organizations during the second quarter. The Miscible Authority of Westmoreland County entrusted Repay to handle their vendor invoicing and AP automation after experiencing vulnerabilities with vendor fraud. Repay's AP platform prevents and protects against persistent fraud and cybersecurity threats within the payment industry.

在第二季度，我們也將繼續與政府、市政當局和非營利組織站在一起。在遭遇供應商詐欺漏洞後，韋斯特摩蘭縣混裝物管理局委託 Repay 處理其供應商發票和應付帳款自動化。Repay 的 AP 平台可預防和抵禦支付產業中持續存在的詐欺和網路安全威脅。

Our AP platform provides security solutions such as vendor payment validation to remove the risk from our clients while also increasing digital payment flows to ensure faster and secure payments to our supplier network.

我們的 AP 平台提供供應商付款驗證等安全解決方案，以消除客戶的風險，同時增加數位支付流程，以確保更快、更安全地向我們的供應商網路付款。

During the quarter, we did experience softness in our AR client base as we prioritize resources towards AP opportunities and payment mix shifts with suppliers as we work on building our total pay adoption. Nevertheless, we are starting to benefit from our underlying strategic initiatives, giving us confidence that the positive trends we experienced in the first half of the year will lead to growth acceleration in the back half of 2025.

本季度，由於我們將資源優先投入應付帳款機會，並且隨著我們努力提高整體支付方式的普及率，供應商的支付組合也發生了變化，因此我們的應收帳款客戶群出現了疲軟。儘管如此，我們已開始從我們潛在的策略性舉措中受益，這讓我們有信心，今年上半年我們所經歷的正面趨勢將在 2025 年下半年加速成長。

Our sales teams are continuing to capitalize on our software partnerships, embedded integrations, building our client pipelines as we target enterprise opportunities across our core verticals. We continue to add to our supplier network, growing 47% year-over-year to over 440,000 suppliers. In addition, we are focused on increasing both total pay adoption and digital payment penetration across our clients' total payment volumes, leading to incremental gross profit contributions from existing clients.

我們的銷售團隊正繼續利用我們的軟體合作夥伴關係、嵌入式集成，建立我們的客戶管道，同時瞄準我們核心垂直領域的企業機會。我們不斷擴大供應商網絡，年增 47%，供應商數量超過 44 萬家。此外，我們致力於提高客戶整體支付額的支付方式普及率和數位支付滲透率，從而為現有客戶帶來更多毛利。

Our solid execution in Q2, strong balance sheet and cash generation give Repay the ability to continue investing organically into the business while producing results to generate long-term value to our shareholders. In addition, we use the second quarter as a prime opportunity to buy back approximately 5% of Repay's outstanding shares. Through August 7, we have opportunistically used a total of $38 million to repurchase 7.9 million shares.

第二季穩健的業績、強勁的資產負債表和現金流使 Repay 能夠繼續對業務進行有機投資，同時創造業績，為股東創造長期價值。此外，我們將第二季視為回購 Repay 約 5% 流通股的絕佳時機。截至 8 月 7 日，我們已利用機會，共 3,800 萬美元回購了 790 萬股股票。

Looking forward, we have strong momentum giving us confidence across both our consumer and business payment segments to accelerate growth exiting 2025. As we move into the second half of the year, I'd like to provide an update on our previously issued financial outlook. Given the trends we're seeing in Q3, we will continue executing on our strategic initiatives to deliver sequential quarterly normalized gross profit growth.

展望未來，我們擁有強勁的發展勢頭，讓我們有信心在 2025 年後加速消費者和企業支付領域的成長。隨著我們進入下半年，我想就我們之前發布的財務展望提供一些最新資訊。鑑於第三季的趨勢，我們將繼續執行我們的策略性舉措，以實現季度環比正常毛利成長。

In Q4, we continue to expect high single digit to low double digit normalized gross profit growth and free cash flow conversion to accelerate above 60%. During the remainder of 2025, our capital allocation priorities remained focused on organic growth in investments, managing CapEx as a percentage of revenue, maintaining a strong balance sheet with ample liquidity and cash generation to address the 2026 convertible notes upon maturity where we can use cash on hand to reduce our outstanding debt.

第四季度，我們繼續預期正常化毛利將實現高個位數至低兩位數的成長，自由現金流轉換率將加速至 60% 以上。在 2025 年剩餘的時間裡，我們的資本配置重點仍然是投資的內生增長，將資本支出控制在收入的一定比例內，保持強勁的資產負債表，擁有充足的流動性和現金流，以便在 2026 年可轉換票據到期時，利用手頭現金來減少未償債務。

And on our current share buyback authorization, we're able to opportunistically repurchase shares. Additionally, we continue to be open to strategic tuck in M&A to further accelerate Repay's position and growth potential.

根據我們目前的股票回購授權，我們可以擇機回購股票。此外，我們繼續對策略性併購持開放態度，以進一步加快 Repay 的地位和成長潛力。

And lastly, we're excited to announce the appointment of Robert Hauser as our Chief Financial Officer who will be joining the company on September 8. Rob brings over a decade of divisional CFO and operational experience within the payment industry.

最後，我們很高興地宣布任命羅伯特·豪瑟為首席財務官，他將於 9 月 8 日加入公司。Rob 在支付行業擁有超過十年的部門財務長和營運經驗。

We look forward to Rob joining as he will become a great strategic partner in running our company. With Rob's appointment, Interim CFO Thomas Sullivan will return to his role as Chief Accounting Officer. We're extremely grateful for Thomas' help and managing the finance organization over the past several months and the entire Repay team for supporting the company through this process.

我們期待羅布的加入，他將成為我們公司營運中重要的策略合作夥伴。隨著羅布的任命，臨時財務長托馬斯·沙利文將恢復其首席會計官的職位。我們非常感謝 Thomas 在過去幾個月對財務部門的幫助和管理，也感謝整個 Repay 團隊在過程中對公司的支持。

With that, I'll turn it over to Thomas to review our Q2 financials, Thomas?

那麼，接下來就交給湯瑪斯回顧我們第二季度的財務狀況，湯瑪斯？

Thank you, John. In the second quarter of 2025, revenue was $75.6 million representing an increase of 1% year-over-year. Reported gross profit declined by 2% year-over-year, which was impacted by approximately 5 points as we continue to lap the previously discussed client losses in 2024 and by approximately 1 point from political media contributions during last year's Presidential election cycle.

謝謝你，約翰。2025 年第二季度，營收為 7,560 萬美元，年增 1%。報告顯示，毛利年減 2%，其中約 5 個百分點是由於我們繼續應對先前討論過的 2024 年客戶損失，約 1 個百分點是由於去年總統選舉週期中政治媒體的捐款。

When excluding these impacts, due to gross profit increase single digit year-over-year. As a reminder, tax seasonality during the first quarter creates lower activity and gross profit on a quarter- over-quarter basis in Q2.

排除這些影響後，毛利年增個位數。提醒大家，第一季的稅收季節性因素會導致第二季的業務量和毛利季減。

As John mentioned, our Q2 consumer payments gross profit growth sequentially improved and was approximately flat year-over-year. When excluding the approximate 3 point impact from one-off client losses, our consumer payments gross profit growth showed improvement towards the fundamental growth profile of our consumer payment segment.

正如約翰所提到的，我們第二季消費者支付毛利成長率較上季有所改善，與去年同期大致持平。在排除一次性客戶流失帶來的約 3 個百分點的影響後，我們的消費者支付毛利成長顯示出改善，朝著消費者支付部門的基本成長趨勢邁進。

The business payment segment reported gross profit declined by 5% year-over-year. Business payments normalized gross profit increased approximately 1% in Q2 2025 when excluding the political media contributions in Q2 2024.

商業支付業務部門報告稱，毛利年減 5%。2025 年第二季度，若不計入 2024 年第二季的政治媒體捐款，企業支付正常化毛利成長約 1%。

Q2 business payments growth was impacted by a 10 point headwind related to the previously communicated client loss during 2024. In addition, the business payment segment experienced some softness in our AR client base and payment makeshifts with suppliers as we focus on total pay adoption.

第二季業務支付成長受到 10 個百分點的不利影響，這與先前宣布的 2024 年客戶流失有關。此外，由於我們專注於全面採用支付方式，企業支付領域的應收帳款客戶群出現了一些疲軟，與供應商的支付方式也出現了一些變通。

Q2 adjusted EBITDA was $31.8 million representing approximately 42% adjusted EBITDA margins, while beginning to strategically place incremental investments towards our sales, implementation, and client service teams across the company. Second quarter, adjusted net income was $19.1 million or $0.20 per share.

第二季調整後 EBITDA 為 3,180 萬美元，調整後 EBITDA 利潤率約 42%。同時，公司開始有策略地增加對銷售、實施和客戶服務團隊的投資。第二季度，經調整後的淨收入為 1,910 萬美元，即每股 0.20 美元。

Q2 free cash flow was $22.6 million resulting in 71% free cash flow conversion that demonstrates the solid cash generation of our business model. We continue to expect free cash flow conversion to accelerate about 60% in Q4.

第二季自由現金流為 2,260 萬美元，自由現金流轉換率為 71%，這表明我們的商業模式具有穩健的現金產生能力。我們仍預期第四季自由現金流轉換率將加快約 60%。

As of June 30, we had approximately $163 million of cash on the balance sheet with access to $250 million of undrawn revolver capacity for a total liquidity amount of $413 million. Repay's net leverage was approximately 2.5 times. Total outstanding debt of $507.5 million is comprised of a $220 million convertible note due in February 2026 with a 0% coupon, and a $287.5 million convertible note due in 2029 with a 2.875% coupon.

截至 6 月 30 日，我們的資產負債表上約有 1.63 億美元現金，並可使用 2.5 億美元的未提取循環信貸額度，總流動資金為 4.13 億美元。Repay 的淨槓桿比率約為 2.5 倍。未償債務總額為 5.075 億美元，其中包括 2026 年 2 月到期的 2.2 億美元可轉換票據（票面利率為 0%）和 2029 年到期的 2.875 億美元可轉換票據（票面利率為 2.875%）。

During the second quarter, we were active in buying back shares under our share repurchase program as we repurchased approximately 4.8 million shares for $23 million. In addition, we repurchased another $15 million for a total of $38 million and 7.9 million shares year-to-date. As of August 7, we had approximately $91.3 million fully diluted shares outstanding with $23 million remaining under our existing share repurchase program.

第二季度，我們積極執行股票回購計劃，回購了約 480 萬股股票，耗資 2,300 萬美元。此外，我們今年迄今又回購了價值 1,500 萬美元的股票，總計回購了 3,800 萬美元和 790 萬股股票。截至 8 月 7 日，我們已發行約 9,130​​ 萬美元的完全稀釋股份，根據我們現有的股份回購計劃，還有 2,300 萬美元剩餘。

I'll now turn the call back over to the operator to take your question, operator?

現在我將把電話轉回給接線員，由她來回答您的問題，接線員？

(Operator Instructions)

（操作說明）

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Hi, this is actually Steven Kwok going into Sanjay. Thanks for taking my questions. The first question I have was just around the guidance. If we just look back at the first two quarters, excluding the political media along with the customer loss, you guys are growing low single digits, but you're guiding towards the high single digits for the back half of the year. I was wondering like if you can help us bridge like how, what gives you confidence in being able to achieve that. Thanks.

大家好，這裡是 Steven Kwok，我要去 Sanjay 了。謝謝您回答我的問題。我的第一個問題是關於指導方面的。如果我們回顧前兩個季度，排除政治媒體和客戶流失的影響，你們的成長率只有個位數，但你們預計下半年的成長率將達到個位數以上。我想知道，您能否幫助我們建立橋樑，例如您是如何做到這一點的，是什麼讓您有信心實現這一點。謝謝。

Hey, Steven, thanks for your question. As the normalized growth was negative 1% in Q2, that's of course, excluding the political media. We -- with the client losses, as you pointed out, we have low single digit growth as expected, that was a sequential improvement from Q1. We do expect sequential improvement again into Q3 as we accelerate.

嘿，史蒂文，謝謝你的提問。第二季的正常成長率為負 1%，當然，這不包括政治媒體。正如您所指出的，由於客戶流失，我們的成長率如預期只有個位數，這比第一季有所改善。我們預計隨著成長加快，第三季業績將再次較上季改善。

We expect to accelerate further into Q4 as we continue to lap the previously discussed client losses. I think the, again, like to reiterate the appropriate way to think about Q4 is the midpoint of our outlook which is again high single digit, low double digit normalized growth.

我們預計第四季度將進一步加速成長，因為我們將繼續彌補先前討論過的客戶損失。我認為，再次重申，看待第四季的恰當方式是將其視為我們展望的中點，即高個位數到低兩位數的正常化增長。

Got it. And then just following up around the capital management priorities, given that you still have the $220 million remaining of the convertible notes that's due for less than six months. Should we expect that the primary use of cash will be allocated towards that, or do you guys envision taking out additional debt to basically cover for that $220 million? That's still.

知道了。然後，接下來要專注於資本管理優先事項，因為你們還有 2.2 億美元的可轉換債券將在不到六個月內到期。我們是否應該預期現金的主要用途將分配給這筆資金，還是你們計劃增加債務來彌補這 2.2 億美元？那還是。

Yeah, I can. This is John. Good afternoon. So as we said on the call that obviously the allocation of capital specifically is investments in organic growth which we've been making, but specifically as well as we and obviously monitoring our CapEx spend, but we would prioritize the use of cash or capital towards the convert, which is due in February of '26.

是的，我可以。這是約翰。午安.正如我們在電話會議上所說，很明顯，資本的分配具體來說就是對有機成長的投資，我們一直在這樣做，但具體來說，我們也在監控我們的資本支出，但我們會優先將現金或資本用於將於 2026 年 2 月到期的轉換。

We would not have 100% cash available to pay that off in full cash, just to be clear, but we would like to use significant cash on hand to pay some debt down from a prioritization perspective, but we would have to tap our backup, our revolver to take down the rest of that.

需要說明的是，我們沒有足夠的現金來全額償還這筆債務，但從優先順序的角度來看，我們希望利用手頭上的大量現金來償還部分債務，但要償還剩餘的債務，我們就不得不動用我們的備用資金，也就是循環信貸額度。

Got it. And if I could sneak one last one in, it's just around the strategic tuck in M&As that you called out that you were still interested. Any specific verticals or, what does the pipeline look like? Thanks.

知道了。如果我能偷偷補充最後一點，那就是關於你提到的併購策略整合，你表示你仍然對此感興趣。是否有具體的垂直領域？或者說，產品線大致如何？謝謝。

No, we don't have any specific. It would be something that would obviously we have, obviously we have several criteria we look at in order to be able to evaluate a specific opportunity. We've looked at these things for even the last three years. So you have to be very strategic to us kind of in our swim lanes that we like to give us an opportunity to accelerate growth or give us a really strategic advantage. It would be in consumer payments or business payments, obviously, which is what we're already in today and embedded payments in some form.

不，我們沒有任何具體資訊。顯然，我們會根據幾個標準來評估某個具體的機會。過去三年我們一直在關注這些議題。所以你必須非常有策略地進入我們喜歡的泳道，這樣才能給我們一個加速成長的機會，或是給我們一個真正的策略優勢。顯然，這指的是消費者支付或企業支付，而這正是我們目前所處的領域，並且已經以某種形式實現了嵌入式支付。

Right. Thanks for taking my question.

正確的。謝謝您回答我的問題。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Hey guys, good afternoon. Nice to see the guidance for the year reiterated here and, so just, maybe a couple of quick questions. I know exiting the strategic review. There was, there's clearly, a little bit of a change in the go to market or an expanded go to market. I know you mentioned a little bit of it here, but just, thinking about, you, your platform's pretty broad, it's pretty robust. Does it feel like, you can move upmarket into larger customers versus kind of where your wheelhouse has been today, and maybe some of the other growth opportunities you see on your platform as it's kind of grown in seasons here.

各位，下午好。很高興看到今年的指導方針再次重申，那麼，我可能還有幾個簡單的問題。我知道退出策略評估的方法。顯然，市場推廣策略發生了一些變化，或者說市場推廣範圍擴大了。我知道你在這裡稍微提到一點，但是仔細想想，你的平台非常廣泛，非常強大。你是否覺得，你可以向高端市場拓展，服務更大的客戶群，而不是像你目前所擅長的那樣，或者，隨著你的平台不斷發展壯大，你是否看到了其他一些成長機會？

Yeah, hi Joe. So you are correct. We have been investing and part of our search review we actually, as you're aware, we looked at many different things there, but we specifically looked at how we could accelerate organic growth. We had been last year investing in enterprise sales. We continue to add incremental additional investments in enhancing our direct sales model, allocating more resources to our overall sales team.

是的，嗨，喬。你說得對。我們一直在進行投資，作為搜尋審查的一部分，正如您所知，我們實際上考察了很多不同的事情，但我們特別關注如何加速自然成長。去年我們一直在投資企業銷售。我們將繼續加大投入，改進我們的直銷模式，並為我們的整體銷售團隊分配更多資源。

We have been capitalizing as well on our monetization opportunities as we drive other non-car payment opportunities and then overall indirect partnerships, we kind of our partner channels, those that we embed our solutions into, we continue to invest in those so that those pieces are going well for us. We are the items that we've invested in, we're, we've got those moving.

我們一直在利用各種變現機會，推動其他非汽車支付機會以及整體間接合作關係，也就是我們的合作夥伴管道，我們將我們的解決方案嵌入其中，我們繼續投資這些管道，以確保這些方面進展順利。我們就是我們所投資的那些東西，我們，我們已經讓它們運作起來了。

Those are all going in the right direction that we want them to do. I should enhance our overall go to market and then implementation pipelines we're working hard on that just overall operational excellence we're investing into that.

這些都朝著我們希望的方向發展。我應該加強我們的整體市場推廣和實施流程，我們正在努力提升整體營運效率，我們正在為此進行投資。

So I think your other question was to other verticals or key verticals. We think specifically if you look at the verticals we're in, in the B2B side, that's in healthcare and hospitality and government nonprofit, those have long runways to them. We love those as we even as we drive some of that opportunity with some of our overall implementation partners or overall channel partners there, but specifically on the consumer side, we have the ability and we are on the enterprise side. Our pipelines are healthy with some of the enterprise opportunities we're looking at and so we think those investors will pay off for us. I wouldn't call it any net new verticals on the consumer side at this point, just larger opportunities in the existing verticals we're in.

所以我覺得你的另一個問題是關於其他垂直領域或關鍵垂直領域的。我們認為，特別是如果你看看我們所處的垂直領域，在 B2B 方面，例如醫療保健、酒店和政府非營利組織，這些領域都有著很長的發展道路。我們非常喜歡這些機會，因為我們與一些整體實施合作夥伴或整體通路合作夥伴一起推動這些機會，但具體到消費者方面，我們有能力，而我們則在企業方面。我們正在考察的一些企業合作機會進展順利，因此我們認為這些投資者最終會為我們帶來回報。目前我不會稱之為消費者方面的新垂直領域，只是在我們現有的垂直領域中出現了更大的機會。

Great, thanks for that, John. And then, any more updates, I know you were focused on the opening up the mortgage payments market for card payments, anything going on there worth talking about at this point. Thanks a lot.

太好了，謝謝你，約翰。還有什麼最新消息嗎？我知道您一直在關注向信用卡支付開放抵押貸款支付市場，目前這方面有什麼值得一提的進展嗎？多謝。

From a materialic perspective, no, but from an opportunity in a healthy pipeline, yes. We're seeing positive, really positive traction on a few opportunities there and a healthy pipeline on some of the things we're working on there. So but materiality in 2025, I would not consider it to be a 2025 needle mover from that perspective.

從物質層面來看，不是；但從健康發展前景來看，是的。我們看到一些機會取得了積極的進展，一些我們正在進行的專案也進展順利。所以，就2025年的物質性而言，從這個角度來看，我不會認為它是2025年的決定性因素。

Got it. Thanks very much.

知道了。非常感謝。

Alex Newman, Stephens Inc.

Alex Newman，Stephens 公司

All right, thanks for taking the question. Could you give an update on the recent RCS partnership with the POS provider you talked about last quarter, any early trends you're seeing with that relationship?

好的，謝謝你回答這個問題。能否介紹一下您上個季度提到的與POS供應商的RCS合作的最新進展，以及您目前在該合作關係中觀察到的任何早期趨勢？

Yes. So I would say from that nothing significant other than we're in our process of implementations, et cetera. So, no major updates on that other than we like the relationship, we're excited about what the future holds there with us.

是的。所以我覺得，除了我們正在實施過程中等等之外，沒有特別重要的資訊。所以，除了我們喜歡這段關係，並對未來與我們共同發展感到興奮之外，沒有其他重大進展。

Okay, and then just quickly on B2B, can you remind us the mix between AR and AP for that segment because you called out some softness in the AR side.

好的，那麼關於 B2B 業務，您能否簡要介紹一下該領域 AR 和 AP 之間的比例，因為您提到 AR 方面存在一些不足。

Yes, it's probably. 60, 40 AR, AP.

是的，很有可能。60，40 AR，AP。

Great, thank you.

太好了，謝謝。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Hi, this is [Jabalimascar] on for James. Thanks for the question. So just on consumer payments, you guys are in the supplement that you're seeing resilient trends across auto and personal loans and mortgage, but you're seeing some pockets of consumer softness. Can you give a little bit more color on where the softness is coming from and if you think it's more temporary or cyclical in nature?

大家好，我是[Jabalimascar]，替James為您報道。謝謝你的提問。所以就消費者支付而言，你們在補充報告中看到，汽車貸款、個人貸款和抵押貸款都呈現出韌性趨勢，但同時也看到一些消費疲軟的跡象。能否更詳細地說明一下這種柔軟感來自哪裡，以及你認為它是暫時的還是週期性的？

Yeah. So specifically on our overall, we actually see similar trends in Q2 as we did in Q1, and we're seeing a resilient consumer, at least from what we can see, remember we're not the actual. We're the payment provider in our case, not the actual lender.

是的。所以具體來說，就我們的整體而言，我們實際上在第二季度看到了與第一季類似的趨勢，而且我們看到消費者表現出了韌性，至少從我們目前所看到的來看是這樣，記住我們並不是實際情況。我們是支付服務提供者，而不是實際的貸款方。

So overall we do see specifically on the auto side in the first quarter we talked about that and we've talked about that for a couple of quarters. We do think the auto piece still remains challenged, but we have not specifically seen any impact from the tariffs there.

所以總的來說，我們確實看到了，尤其是在汽車領域，我們在第一季談到了這一點，而且我們已經連續幾個季度談到了這一點。我們認為汽車產業仍面臨挑戰，但我們尚未看到關稅對該產業產生任何具體影響。

We haven't seen any major increase or decrease on that side of it, but we entered into this quarter knowing it was challenged from a few quarters back. We do see normalized spending.

我們沒有看到這方面出現任何重大增長或下降，但我們進入本季時就知道，從幾個季度前開始，它就面臨著挑戰​​。我們確實看到消費支出恢復正常。

Got it, thank you. And just to check through July and early August, are you seeing kind of consistent resilient trends as well?

明白了，謝謝。那麼，我們再來看看7月和8月初的情況，您是否也觀察到了類似的持續穩定的成長趨勢？

Yeah, similar trends.

是的，趨勢類似。

(Operator Instructions)

（操作說明）

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Hi, yeah, thanks for taking the question. This is Pat Ennis on for Tim Chiodo. I wanted to touch on the total pay solution and the monetization efforts you had referenced on the last call and on this call as well. Could you maybe update us on the strategy there and any progress worth noting?

你好，謝謝你回答這個問題。這裡是派特·恩尼斯，他代替提姆·奇奧多進行報道。我想談談您在上次電話會議和這次電話會議中提到的整體支付解決方案和盈利模式。能否請您向我們介紹一下那方面的策略以及任何值得注意的進展？

Sure, yes. So we actually we're making really good progress there, specifically, one way we see that is our total pay solution, as you recall, is we're processing all the payables for our specific client, and those payables could be executed in the form of a virtual card of an enhanced ACH, even and then also specifically if we can't pay with one of those ways we can obviously have to pay with a virtual or digital check or even a physical check. So we pay all their payables. That's what we call total pay.

當然可以。所以實際上我們在這方面取得了非常好的進展，具體來說，我們看到的其中一點是我們的全面支付解決方案，正如您所知，我們正在為我們的特定客戶處理所有應付賬款，這些應付賬款可以以虛擬卡或增強型 ACH 的形式執行，而且，如果不能使用這些方式之一進行支付，我們顯然可以使用虛擬支票或數字支票進行支票或數字支票進行。所以我們支付了他們所有的應付款項。這就是我們所說的總薪酬。

So the monetization piece of that is to try to monetize that. If you look at the whole specific total pay number, our gross total pay number is actually increasing and we don't report volume on total TPV, but we get to see that on our side. So our TPV itself overall we see that increasing. So that's a positive sign for us as we work through and try to monetize that.

所以，其中的獲利部分就是嘗試將其獲利。如果查看具體的總收入數字，我們的總收入實際上是在增加，雖然我們不報告總收入的金額，但我們這邊可以看到這一點。因此，我們看到我們的TPV整體呈現上升趨勢。所以，這對我們來說是一個積極的信號，因為我們正在努力解決這個問題並嘗試將其商業化。

We have been leaning in on our ACH monetization opportunities and we're seeing positive results from that as we have a few different offerings we offer there as we try to roll out our offering to the various different vendors in our vendor network, and we're seeing some of our initial sampling, some of our initial testing has been positively received.

我們一直在努力利用 ACH 貨幣化機會，並且已經看到了積極的成果，因為我們提供了一些不同的產品，我們正在嘗試將我們的產品推廣到我們供應商網絡中的各個不同的供應商，我們看到一些初步的樣本和初步的測試都得到了積極的反饋。

Appreciate it. And then just to follow up on the supplier network, I mean, growth has been pretty strong over the last several quarters, you've been on a Q-over-Q basis as well. So is that growth a function of existing client demand, or is this a priority to win new business in the B2B segment and will that pay dividends eventually?

謝謝。然後，關於供應商網絡，我的意思是，在過去的幾個季度裡，成長一直非常強勁，而且季度環比也保持成長。那麼，這種成長是現有客戶需求的產物，還是贏得 B2B 新業務的優先事項，最終會帶來回報？

Yeah, so the network effect is real. So we, over 440,000 vendors, as you can see year-over-year, nice growth rate. The growth rate itself does, as you mentioned, it does include existing but also net new wins and net new overall growth.

是的，網路效應是真實存在的。因此，我們擁有超過 44 萬家供應商，正如您所看到的，年增長率相當不錯。正如您所提到的，成長率本身確實包括現有客戶，但也包括新增客戶和整體淨成長。

So we do think the network effect is, and we see it specifically, this is why we like to be vertically focused in that in our solutions there. As you can imagine, as we build critical mass in a specific vertical on a net new basis, we've seen that, for sure we've seen a national vendor in a lot of ways. So incrementally, it does help us accelerate adoption as we go by vertical when we build up our overall vendor network by vertical.

所以我們確實認為網路效應是存在的，而且我們也確實看到了這一點，這就是為什麼我們喜歡在解決方案中垂直聚焦的原因。正如你所想，當我們在某個特定垂直領域以全新的方式建立起臨界規模時，我們已經看到，在很多方面，我們已經看到了全國性供應商的出現。因此，當我們按垂直行業建立整體供應商網路時，逐步推進確實有助於我們加快採用速度。

Got it. I appreciate you taking the questions.

知道了。感謝您回答這些問題。

(Operator Instructions)

（操作說明）

There are no further questions at this time. I'd like to turn the call back over to John Morris for posing remarks.

目前沒有其他問題了。我想把電話交還給約翰·莫里斯，請他發表演說。

Thank you so much for your time today. As we're building momentum into our second half of the year, Repay continues to execute towards our profitable growth and strong free cash generation. We're making progress. We remain focused on re-accelerating our growth as we move throughout 2025 and into 2026. Really appreciate your time. Thanks again for joining us today.

非常感謝您今天抽出時間。隨著我們進入下半年，發展勢頭強勁，Repay 將繼續朝著獲利成長和強勁的自由現金流目標邁進。我們正在取得進展。我們將繼續專注於在 2025 年及 2026 年重新加速成長。非常感謝您抽出時間。再次感謝您今天收看我們的節目。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。