Repay Holdings Corp (RPAY) 2026 Q2 法說會逐字稿

Good afternoon. I'd like to welcome everyone to Repay Holdings Corporation's second-quarter 2026 earnings call. This call is being recorded, August 10, 2026.

下午好。歡迎各位參加 Repay Holdings Corporation 2026 年第二季財報電話會議。本次會議將於 2026 年 8 月 10 日錄音。

I'd like to turn the session over to Stewart Grisante, Head of Investor Relations at Repay. Stewart, you may begin.

我想把會議交給 Repay 投資人關係主管 Stewart Grisante。Stewart，請開始。

Thank you. Good afternoon, and welcome to Repay's second-quarter 2026 earnings conference call. With us today are John Morris, Co-Founder and Chief Executive Officer; and Robert Houser, Chief Financial Officer.

謝謝。下午好，歡迎參加 Repay 2026 年第二季財報電話會議。今天與會者包括共同創辦人兼執行長 John Morris，以及財務長 Robert Houser。

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.

在本次電話會議中，我們將就對未來事件與結果的信念與估計發表前瞻性陳述。這些前瞻性陳述受到風險與不確定性影響，包括在與今日結果相關的 SEC 申報文件以及我們最新的 Form 10-K 中所列示者。實際結果可能與我們今天所作的任何前瞻性陳述有重大差異。

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.

前瞻性陳述僅截至今日為準，除法律要求外，我們不承擔亦無意更新之任何義務。

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.

為向投資人提供更多資訊，今日討論亦將引用若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標的調節表與其他說明可見於今日新聞稿及財報補充資料，兩者皆可於公司網站取得。

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

接下來，我將把電話會議交給 John。

Thanks, Stewart. Good afternoon, everyone, and thank you for joining us today.

謝謝你，Stewart。各位下午好，感謝今天加入我們。

It has been an exciting and busy time for Repay. During the second quarter, we delivered revenue growth of 33% and achieved approximately 6% organic revenue growth, while generating $27.4 million of free cash flow, a 75% conversion.

對 Repay 而言，這是一段令人振奮且忙碌的時期。在第二季，我們實現營收成長 33%，並達成約 6% 的有機營收成長，同時產生 2,740 萬美元自由現金流，轉換率為 75%。

During this time, management has been focused on core growth, clients, and operational execution across the company.

在此期間，管理團隊專注於核心成長、客戶，以及全公司範圍的營運執行。

Our most significant corporate development this year was completing the KUBRA acquisition in June. We immediately began executing on the integration, building on the groundwork we had laid in the months leading up to closing.

今年最重要的公司發展是於 6 月完成對 KUBRA 的收購。我們在交割前數月已打下基礎，交割後立即開始推動整合執行。

Repay is now fully positioned to be a leading consumer bill payment and communication services platform in the United States and Canada.

Repay 現已全面就位，成為美國與加拿大領先的消費者帳單支付與溝通服務平台。

On a pro forma basis, Repay essentially doubled the revenue of the company, while also now reaching over $130 billion of annualized payment volume.

以備考（pro forma）基礎計算，Repay 幾乎使公司營收倍增，同時年化支付量也已超過 1,300 億美元。

Repay is the center of the client's experience in essential services and high-priority payments. Historically, billers had to assemble the pieces from separate providers. We can now offer a complete end-to-end digital bill pay platform, bill design and presentment, communications, card processing and a clearing and settlement engine across verticals and clients.

Repay 位於客戶在必要服務與高優先支付情境中的體驗核心。過去，帳單業者必須從不同供應商拼湊各個環節。我們現在能提供完整端到端的數位帳單支付平台、帳單設計與呈現、溝通服務、卡片處理，以及跨垂直領域與客戶的清算與結算引擎。

In doing so, we believe Repay is the only company able to offer this full end-to-end platform for our clients.

因此，我們相信 Repay 是唯一能為客戶提供此完整端到端平台的公司。

We are already seeing this in practice. In the first month of owning KUBRA, executive management has been on the road completing multiple client visits with several of our largest enterprise clients. Existing Repay and KUBRA clients are actively engaged with us in expanding bill presentment, payments, and B2B capabilities.

我們已在實務上看到這一點。在擁有 KUBRA 的第一個月，執行管理團隊已外出拜訪多位客戶，完成與數家最大型企業客戶的多次會面。既有的 Repay 與 KUBRA 客戶正積極與我們合作，擴展帳單呈現、支付與 B2B 能力。

Repay clients are asking about bill design and presentment capabilities, while KUBRA clients are asking about expanding their payment channels and modalities.

Repay 客戶正在詢問帳單設計與呈現能力，而 KUBRA 客戶則在詢問如何擴展其支付通路與支付方式。

KUBRA also deepened our distribution. We now reached 352 software partners across our verticals, 54 of which came with KUBRA. Improving existing integrations and expanding partners helps deepen our clients' relationships and drive new client wins into the future.

KUBRA 也深化了我們的通路分銷。我們目前在各垂直領域共觸及 352 家軟體合作夥伴，其中 54 家來自 KUBRA。改善既有整合並擴大合作夥伴，有助於加深我們與客戶的關係，並推動未來的新客戶贏單。

During the quarter, we also welcome many new employees to Repay. Matt Morrow, who joined the company in May to lead our consumer payments verticals, has been reinvigorating the consumer payments sales and operations.

本季我們也歡迎許多新同仁加入 Repay。Matt Morrow 於 5 月加入公司，負責領導我們的消費者支付垂直領域，並已為消費者支付的銷售與營運注入新動能。

We also welcome Rick Watkin to our executive management team to lead KUBRA's verticals.

我們也歡迎 Rick Watkin 加入執行管理團隊，負責領導 KUBRA 的各垂直領域。

As expected with an acquisition of this size, integration planning has been a top priority for the company, and we have hit the ground running since day one of closing KUBRA.

如同預期，對於如此規模的收購案，整合規劃一直是公司的首要任務；自 KUBRA 交割第一天起，我們便迅速展開工作。

Within the first 30 days, the integration team has reviewed, implemented and completed the integration of KUBRA into Repay's operating structure.

在前 30 天內，整合團隊已檢視、導入並完成將 KUBRA 納入 Repay 營運架構的整合。

As a result, Repay has already realized over $4.5 million of annualized run rate synergies exiting Q2, well on our path to achieving $8 million by the end of 2026 and $20 million-plus by 2028.

因此，Repay 在第二季結束時已實現超過 450 萬美元的年化執行率（run rate）綜效，並正穩步朝 2026 年底達成 800 萬美元、以及 2028 年達成 2,000 萬美元以上的目標前進。

Platform unification is off to a strong start. Several of our largest clients have volunteered as early adopters of the upgraded KUBRA platform with several net new clients already live on it.

平台整合已強勢起步。我們數家最大客戶已自願成為升級版 KUBRA 平台的早期採用者，且已有多家全新客戶在該平台上線運行。

Over the next 18 to 24 months, we will be executing on production readiness and a phased upgrade to optimize KUBRA's clients' experience with Repay's payment capabilities and back-end RCS engine. It is vital to emphasize that the upgrades will not be allowed to impede core growth. Our sales and client service teams are deliberately insulated from the integration work so that momentum is not lost.

在未來 18 至 24 個月，我們將推動生產就緒（production readiness）與分階段升級，以最佳化 KUBRA 客戶結合 Repay 支付能力與後端 RCS 引擎的體驗。必須強調的是，升級不會被允許阻礙核心成長。我們刻意讓銷售與客戶服務團隊與整合工作隔離，以確保動能不致流失。

In addition, clients have a voice in the pace of platform upgrades, and our planning does not depend on any individual client moving faster than they are ready.

此外，客戶對平台升級節奏也有發言權，我們的規劃不依賴任何單一客戶以超出其準備程度的速度推進。

Stepping back, our integration plan is well underway, governed tightly, and I am confident in this team's ability to execute, capture the synergies, and compound long-term value for our shareholders.

回過頭來看，我們的整合計畫進展順利、治理嚴謹；我對團隊的執行能力充滿信心，能夠取得綜效並為股東累積長期價值。

Before handing the call over to Rob to go over Q2 performance in more detail, I wanted to quickly touch on the segment highlights that Repay achieved during Q2.

在把電話會議交給 Rob 更詳細說明第二季表現之前，我想先快速提及 Repay 在第二季達成的各業務分部亮點。

In Consumer Payments, Q2 revenue increased approximately 33% year over year with contributions from KUBRA, while organic growth increased approximately 4%. The investments in our sales and client support teams are beginning to show meaningful progress as we continue to work on ways to automate and improve implementation processes.

在消費者支付（Consumer Payments）方面，第二季營收年增約 33%，其中包含 KUBRA 的貢獻；有機成長約為 4%。我們對銷售與客戶支援團隊的投資開始展現具體進展，同時我們也持續推動自動化並改善導入流程。

As we exited the quarter, several large enterprise clients and our implementations backlog went live, giving us confidence in consumer payments ability to accelerate organic growth in the second half of the year.

在本季結束時，數家大型企業客戶以及我們的導入待辦量已上線，讓我們對消費者支付在下半年加速有機成長的能力更具信心。

In addition, we continue to see enterprise clients adopting more payment channels and modalities with strong interest building in our Dynamic Wallet and Repay Voice AI.

此外，我們持續看到企業客戶採用更多支付通路與形式，並對我們的 Dynamic Wallet 與 Repay Voice AI 的興趣日益升溫。

Repay Voice AI enhances the overall customer experience by creating dynamic conversations for billing inquiries and payments, while also reducing the resource demands for our clients.

Repay Voice AI 透過為帳單查詢與付款建立動態對話來提升整體客戶體驗，同時也降低我們客戶的資源需求。

We also completed a proof of concept with Stablecoin and successfully processed payments using the Stellar network. Repay's anywhere, anyway, anytime philosophy is built around giving our clients all the capabilities and payment options for customer choice.

我們也完成了穩定幣的概念驗證，並成功透過 Stellar 網路處理付款。Repay「隨時、隨地、以任何方式」的理念，核心在於為客戶提供所有能力與支付選項，以滿足消費者的選擇。

Our business payment segment had a fantastic quarter in Q2. Reported revenue growth accelerating to approximately 32% year over year. Our AP supplier network now reaches over 731,000 vendors, representing 65% year-over-year growth.

我們的商業支付業務在第二季表現非常出色。公告營收年增率加速至約 32%。我們的應付帳款（AP）供應商網路目前覆蓋超過 731,000 家供應商，年增 65%。

Business Payments has 108 software partners, driving the strong sales pipeline across key automotive, property management, government, and education verticals. This momentum reflects the past couple of years of expanding partnerships and deepening software integrations.

商業支付擁有 108 家軟體合作夥伴，推動在汽車、物業管理、政府與教育等關鍵垂直領域的強勁銷售管線。這股動能反映了過去幾年我們擴大合作關係並深化軟體整合的成果。

In the second quarter, business payments also benefited from improving digital monetization of both new and existing volumes on total pay and from strong political media contributions ahead of the 2026 midterm elections this fall.

第二季，商業支付亦受惠於 Total Pay 平台上新舊交易量的數位變現改善，以及在今年秋季 2026 年期中選舉前政治媒體的強勁貢獻。

So across Repay, we saw sustained growth momentum and excitement building with both clients and partners. We are building Repay for a scaled future and are actively deploying AI tools across every function of the organization.

因此在 Repay 全面，我們看到成長動能持續，客戶與合作夥伴的期待也不斷升高。我們正為可規模化的未來打造 Repay，並積極在組織的每一項職能部署 AI 工具。

We're using AI-assisted engineering to accelerate platform unification and deepen connectivity with software partners without compromising quality, resulting in our ability to reallocate over 775 development hours per month.

我們運用 AI 輔助工程加速平台整合，並在不犧牲品質的前提下深化與軟體合作夥伴的連結，使我們得以每月重新分配超過 775 小時的開發工時。

As we continue to progress on our strategic initiatives, execute on our integration plans, build client relationships and expand our capabilities and partnerships, I am confident in our ability to drive profitable growth.

隨著我們持續推進策略性計畫、落實整合方案、建立客戶關係並擴展能力與合作夥伴關係，我對我們推動獲利性成長的能力充滿信心。

We look forward to our continued execution during the second half of the year, where we are expecting to accelerate organic growth into double-digits.

我們期待在下半年持續落實執行，並預期有機成長將加速至雙位數。

It's an exciting time ahead for Repay, and as we continue this momentum, we are eager to share more progress at Repay's first Investor Day, which will take place in New York City on Monday, December 7.

Repay 接下來將迎來令人振奮的時刻；在我們延續這股動能之際，我們也期待在 Repay 首次投資人日分享更多進展，活動將於 12 月 7 日（週一）在紐約市舉行。

And finally, I wanted to welcome Zach Sadek to our Board of Directors as an Independent Director.

最後，我也想歡迎 Zach Sadek 以獨立董事身分加入我們董事會。

Zach is a Senior Partner at Parthenon Capital Partners, one of our largest long-term shareholders, and he brings more than two decades of experience investing in and advising companies across the payments and fintech industries.

Zach 是 Parthenon Capital Partners 的資深合夥人；該公司是我們最大的長期股東之一。他在支付與金融科技產業投資與提供顧問服務方面擁有逾二十年的經驗。

With that, I will now turn the call over to Rob to go over our Repay's Q2 financials. Rob?

接下來我把電話會議交給 Rob，請他說明 Repay 第二季財務表現。Rob？

Thank you, John, and good afternoon, everyone.

謝謝你，John，各位下午好。

In the second quarter, our financial performance across key metrics, including organic repay and the contributions from KUBRA performed in line with our expectations.

第二季，我們在多項關鍵指標上的財務表現，包括 Repay 的有機表現以及 KUBRA 的貢獻，均符合我們的預期。

Revenue was $100.7 million, up 33% year over year, including one month of KUBRA. Organic revenue growth was 6%, which includes approximately 2 points of contribution from political media. Consumer payments revenue increased 33% year over year with organic growth of 4% driven by ongoing ramp of enterprise clients across our key auto and personal finance verticals.

營收為 1.007 億美元，年增 33%，其中包含 KUBRA 一個月的貢獻。有機營收成長為 6%，其中約有 2 個百分點來自政治媒體的貢獻。消費者支付營收年增 33%，有機成長 4%，主要由我們在汽車與個人金融等核心垂直領域的企業客戶持續放量所帶動。

We've made progress working through implementations during the quarter with one of our larger clients going live in July.

本季我們在推進導入（implementation）方面取得進展，其中一位較大型客戶已於 7 月上線。

The incremental volumes from this and several other clients are beginning to ramp, giving us confidence in achieving the double-digit organic growth in our 2026 outlook.

來自該客戶以及其他數位客戶的增量交易量正開始爬升，讓我們對在 2026 年展望中達成雙位數有機成長更具信心。

Within the Consumer Payments segment, KUBRA contributed approximately $21 million in revenue during June, representing approximately 5% year-over-year revenue growth within KUBRA's utilities, government and insurance verticals.

在消費者支付部門中，KUBRA 於 6 月貢獻約 2,100 萬美元營收，代表 KUBRA 的公用事業、政府與保險垂直領域營收年增約 5%。

After owning KUBRA for a few months, our beliefs have been confirmed in KUBRA's product offering, go-to-market and client support teams. We see strong development in their sales pipeline with many opportunities expanding with Repay's capabilities.

在持有 KUBRA 幾個月後，我們對其產品組合、上市策略（go-to-market）與客戶支援團隊的看法已獲得驗證。我們看到其銷售管線發展強勁，且有許多機會可結合 Repay 的能力進一步擴大。

During the quarter, KUBRA demonstrated this from a financial perspective, showing consistent revenue growth and adjusted EBITDA margins before factoring in run rate cost savings still in the process of being realized.

本季，KUBRA 也從財務面展現了這點，呈現穩健一致的營收成長與調整後 EBITDA 利潤率；此尚未納入仍在逐步實現中的常態化成本節省（run-rate cost savings）。

Business payments revenue accelerated during the quarter, with reported revenue growth of 32% year over year and normalized revenue growth of approximately 19%, which excludes the positive political contributions.

商業支付營收在本季加速成長，公告營收年增 32%，常態化營收成長約 19%，此數字排除了政治貢獻帶來的正面影響。

The strong business payments growth was driven by onboarding several new clients as we gain momentum with our embedded software partners.

商業支付的強勁成長主要來自我們在嵌入式軟體合作夥伴方面動能提升，並成功導入多位新客戶。

We also benefited from the segment strategic monetization initiatives of improving digital payment mix with existing clients on our Total Pay platform.

我們也受惠於該部門的策略性變現計畫：在 Total Pay 平台上，針對既有客戶提升數位支付組合占比。

In addition, as we started to see during Q1, business payments benefited from strong political media contributions during Q2. Our political media vertical not only benefiting from higher political spending from primaries in this year's election cycle, but also from new political media clients compared to prior cycles.

此外，如同我們在第一季開始看到的，商業支付在第二季也受惠於政治媒體的強勁貢獻。我們的政治媒體垂直領域不僅受惠於本次選舉週期初選帶動的更高政治支出，也受惠於相較以往週期新增的政治媒體客戶。

We continue to expect the majority of political media contributions to occur around the elections in Q3 and Q4.

我們仍預期政治媒體的大部分貢獻將集中在第三季與第四季、選舉前後。

Gross profit was $70.6 million, a 70% margin compared with 76% margin a year ago.

毛利為 7,060 萬美元，毛利率 70%，相較去年同期為 76%。

I want to be direct about the change in margin as it's likely to be misread.

我想直接說明毛利率變動，因為這很可能被誤讀。

The change is almost entirely a mixed effect from KUBRA, whose vertical product and payment mix, including print and mail and professional services, carries a lower gross margin than core Repay. It is not pricing or competitive dynamics. Core Repay's gross profit continues to benefit from our distribution partner initiatives and optimizing network routing.

這項變動幾乎完全是 KUBRA 帶來的組合效應；KUBRA 的垂直產品與支付組合（包含列印與郵寄以及專業服務）之毛利率低於 Repay 核心業務。這並非定價或競爭態勢所致。Repay 核心業務的毛利仍持續受惠於我們的通路合作夥伴計畫以及網路路由最佳化。

Q2 adjusted EBITDA was $36.3 million, representing 14% year-over-year growth, with adjusted EBITDA margins of approximately 36%. The same margin dynamic applies here. Core Repay continues to grow from new enterprise client ramps, even as we invest in technology, product and go-to-market.

第二季調整後 EBITDA 為 3,630 萬美元，年增 14%，調整後 EBITDA 利潤率約 36%。同樣的利潤率動態也適用於此。即使我們持續投資於技術、產品與上市策略，Repay 核心業務仍因新企業客戶放量而持續成長。

The reported Q2 margin reflects a one-month impact from KUBRA's natural mix. Adjusted EBITDA dollars will continue to grow this year, and beginning in Q3, our consolidated adjusted EBITDA margins will reflect a full quarter of KUBRA.

第二季公告利潤率反映了 KUBRA 自然組合帶來的一個月影響。今年調整後 EBITDA 金額將持續成長，並且自第三季起，我們的合併調整後 EBITDA 利潤率將反映 KUBRA 完整一季的貢獻。

However, these margins are expected to gradually improve as we move towards fully realizing cost savings and revenue synergies.

然而，隨著我們逐步邁向全面實現成本節省與營收協同效益，預期這些利潤率將逐步改善。

Exiting Q2, we've already realized run rate cost savings of over $4.5 million. Our integration team is hard at work executing on our plans for over $8 million in run rate cost savings exiting 2026 and over $20 million in operating and CapEx synergies plus revenue opportunities exiting 2028.

截至第二季結束，我們已實現超過450萬美元的年度化成本節省（run rate）。我們的整合團隊正全力以赴執行計畫，目標是在2026年末實現超過800萬美元的年度化成本節省，並在2028年末實現超過2,000萬美元的營運與資本支出（CapEx）協同效益，加上營收機會。

Second-quarter adjusted net income was $17.9 million or $0.20 per share. Free cash flow was $27.4 million, up 21% year over year, representing 75% free cash flow conversion.

第二季調整後淨利為1,790萬美元，或每股0.20美元。自由現金流為2,740萬美元，年增21%，代表75%的自由現金流轉換率。

Adjusted free cash flow, which excludes $1.9 million of technology, merger and integration costs was approximately $29.3 million and adjusted free cash flow conversion was 81%. This is a metric I'd like to point out as we work through the integration. It isolates underlying cash generation from the one-time cost of capturing synergies.

調整後自由現金流（排除190萬美元的技術、併購與整合成本）約為2,930萬美元，調整後自由現金流轉換率為81%。這是在我們推進整合過程中，我想特別指出的一項指標。它將一次性取得協同效益的成本排除在外，以凸顯基礎現金創造能力。

Let me put some numbers around what John described because the integration is ultimately a cash flow story. Our value creation roadmap has three components.

我想用一些數字來補充John所描述的內容，因為整合最終是一個現金流的故事。我們的價值創造路線圖有三個組成部分。

First, revenue opportunities. We will increase penetration across all verticals with a complete end-to-end digital bill pay platform and extending KUBRA's bill presentment and communication services into Repay's existing consumer payments client base.

第一，營收機會。我們將透過完整的端到端數位帳單支付平台提升各垂直領域的滲透率，並把KUBRA的帳單呈現與溝通服務延伸至Repay既有的消費者支付客戶基礎。

Second, expense synergies. We are unifying corporate functions, automating processes during integration, upgrading platforms while reducing maintenance and infrastructure costs, and capturing scale efficiencies in payment processing.

第二，費用協同效益。我們正在整合公司職能、在整合期間自動化流程、升級平台並降低維護與基礎設施成本，同時在支付處理上取得規模效率。

And third, CapEx aids. We are consolidating product investment across verticals as we optimize to a single unified platform architecture by 2028.

第三，資本支出（CapEx）效益。我們將在各垂直領域整合產品投資，並在2028年前優化為單一、統一的平台架構。

On timing, we expect to realize more than $8 million of run rate synergy as exiting 2026. The run rate benefit builds through 2027 and 2028 as platform upgrades complete and legacy environments are retired.

在時程方面，我們預期於2026年末實現超過800萬美元的年度化協同效益（run rate）。隨著平台升級完成並淘汰舊有環境，年度化效益將在2027年與2028年持續提升。

These synergy plans are identified, tangible and assigned inside each work stream and are actively tracked against milestones.

這些協同效益計畫已被辨識、具體可行，並在各工作流程中完成分派，且正依里程碑積極追蹤。

I would also note that we have deliberately built the plan so that synergy capture is not contingent on any single client platform's upgrade timeline.

我也要指出，我們刻意設計此計畫，使協同效益的取得不依賴任何單一客戶平台的升級時程。

That decoupling is what gives us confidence in the trajectory even as we give clients latitude on pace.

這種解耦讓我們即使給予客戶在推進速度上的彈性，仍對整體走勢充滿信心。

Now moving on to the balance sheet and liquidity. We ended the quarter with $84 million of operating cash on the balance sheet plus an undrawn $100 million revolving credit facility that provides flexibility.

接著談資產負債表與流動性。本季末，我們的資產負債表上有8,400萬美元的營運現金，另有一筆尚未動用的1億美元循環信貸額度，提供彈性。

Our capital structure now consists of $288 million of 2029 convertible notes with a 2.875% coupon and a $500 million senior secured term loan priced at SOFR plus 5.5%. At the end of Q2, proforma synergized net leverage was approximately 3.7 times.

我們目前的資本結構包括：2.875%票息、2029年到期的2.88億美元可轉換公司債，以及一筆5億美元的優先擔保定期貸款，利率為SOFR加5.5%。截至第二季末，備考（pro forma）且納入協同效益後的淨槓桿約為3.7倍。

Deleveraging is a clear priority. We are targeting net leverage to be below 3 times within 18 months.

去槓桿是明確的優先事項。我們目標在18個月內將淨槓桿降至3倍以下。

The path is straightforward: continued free cash flow generation and the adjusted EBITDA contribution from KUBRA and the synergy we just walked through.

路徑很清楚：持續產生自由現金流，以及KUBRA帶來的調整後EBITDA貢獻與我們剛剛說明的協同效益。

Repay has reduced leverage following prior acquisitions and we intend to do it again. With a strong first half behind us, we are confident in achieving our outlook.

Repay在先前的收購後已降低槓桿，而我們打算再次做到。在上半年表現強勁的基礎上，我們對達成展望充滿信心。

We are reiterating our full year 2026 outlook we provided when KUBRA acquisition closed on June 1, which incorporates seven months of KUBRA contribution. We continue to expect revenue of $490 million to $500 million, representing approximately 60% reported growth and 10% to 12% organic revenue growth.

我們重申在6月1日KUBRA收購案完成時所提供的2026全年展望，其中包含KUBRA貢獻的7個月。我們仍預期營收為4.90億至5.00億美元，代表約60%的報告成長，以及10%至12%的有機營收成長。

We expect normalized revenue growth of 7% to 9%, which excludes political media contributions in KUBRA. We continue to expect between $8 million to $10 million in political media revenue during the full year.

我們預期常態化營收成長為7%至9%，此數字排除KUBRA的政治媒體貢獻。我們仍預期全年政治媒體營收約為800萬至1,000萬美元。

We expect adjusted EBITDA to be between $168.5 million and $176 million, representing approximately 35% margins.

我們預期調整後EBITDA介於1.685億至1.760億美元之間，對應約35%的利潤率。

Free cash flow conversion is expected to be 30%. Adjusted free cash flow conversion is expected to be approximately 35%, which excludes the in-year costs associated with realizing synergies.

自由現金流轉換率預期為30%。調整後自由現金流轉換率預期約為35%，此數字排除當年度為實現協同效益所產生的成本。

Please keep in mind the net interest expense is included in our free cash flow calculation, which includes the interest payments associated with our convertible notes and new term loan.

請留意，我們的自由現金流計算已包含淨利息費用，其中包括可轉換公司債與新定期貸款相關的利息支付。

In our 2026 outlook, KUBRA is expected to contribute between $150 million to $154 million in revenue and approximately $27.5 million to $30 million in adjusted EBITDA.

在我們的2026年展望中，KUBRA預期貢獻營收1.50億至1.54億美元，以及約2,750萬至3,000萬美元的調整後EBITDA。

Repay's strategy remains focused on creating long-term value by executing our integration plan, generating strong cash flow to reduce leverage and investing in future growth and partnerships.

Repay的策略仍聚焦於透過執行整合計畫、產生強勁現金流以降低槓桿，並投資於未來成長與合作夥伴關係，來創造長期價值。

For the remainder of 2026, we will continue to deploy capital toward these priorities while unlocking synergies, streamlining operations, and identifying additional combined growth opportunities.

在2026年剩餘期間，我們將持續把資本投入這些優先事項，同時釋放協同效益、精簡營運，並辨識更多合併後的成長機會。

Our number one priority remains operational execution. The integration team is dedicated to incorporating KUBRA into Repay going forward, while vertical leaders continue to focus on core operations without distraction.

我們的首要任務仍是營運執行。整合團隊將專注於把KUBRA納入Repay的未來營運，而各垂直領域的負責人則持續專注於核心營運、不受干擾。

Over the next 18 months, we are committed to disciplined capital allocation and returning net leverage to below 3 times. The combined free cash flow generation and confidence and synergy realization provided management comfort in obtaining our net leverage target.

在未來18個月內，我們承諾採取嚴謹的資本配置，並將淨槓桿降回3倍以下。合併後的自由現金流產生能力、管理層的信心以及協同效益的實現，讓我們在達成淨槓桿目標上更具把握。

We will execute and delever and we will continue to prudently invest in organic growth, partnerships, products and platform to deliver the best experience for clients and end customers.

我們將執行計畫並去槓桿，同時也會審慎投資於有機成長、合作夥伴、產品與平台，以為客戶與終端消費者提供最佳體驗。

So with the groundwork laid out during the first half of the year, progress has started to become evident as we move into the second half of 2026.

因此，隨著上半年奠定基礎，當我們進入2026年下半年時，進展已開始變得明顯。

As we work through implementations and continue our sales momentum, Repay has the right teams in place for organic growth to accelerate into double-digits. We have the integration and governance and the platform roadmap for value creation opportunities with KUBRA.

隨著我們推進導入並延續銷售動能，Repay已具備合適的團隊，使有機成長加速至雙位數。我們也已建立整合與治理機制，以及與KUBRA相關的價值創造機會之平台路線圖。

With that, I'll turn the call over to the operator to take your questions. Operator?

接下來，我將把電話會議交給接線員，開始回答各位的提問。接線員？

(Operator Instructions) Joseph Vafi, Canaccord.

（接線員指示）Joseph Vafi，Canaccord。

Thanks for taking my questions, nice results. Maybe congrats on KUBRA and KUBRA showing some nice looks like pro forma growth. Could you kind of walk us through the KUBRA pro forma growth in the quarter and then if that is actually incorporated into your organic growth in consumer?

感謝讓我提問，成果很不錯。也許先恭喜 KUBRA，KUBRA 看起來有不錯的表現，似乎呈現備考（pro forma）成長。能否請你們帶我們走一遍本季 KUBRA 的備考成長情況，以及這是否實際已納入你們消費者業務的有機成長之中？

And maybe kind of just drill down a little bit more on some of these cross-sell opportunities, which looks like it could be a good driver here in consumer now. And I have a quick follow-up.

另外也想再更深入一點談談一些交叉銷售機會，看起來現在在消費者端可能會是個不錯的驅動因素。我還有一個簡短的追問。

Yes, sure. Hey, Joe, it's Rob. Thanks for the question. Yes, so for the quarter, KUBRA grew around 6% within Q2 and on a full year, full half year pro forma, it's around 5% and we expected pro forma to continue to grow in the mid-single-digits for the rest of the year as part of our guide.

好的，當然可以。嗨，Joe，我是 Rob。謝謝你的問題。是的，就本季而言，KUBRA 在第二季內成長約 6%；若以全年、上半年備考口徑來看，大約是 5%。我們預期備考成長在今年剩餘期間會持續維持在中個位數成長，這也已納入我們的指引之中。

It was when we talk about our consumer organic growth, excluding political media 4%, that's without KUBRA. So that was just our core consumer business. Our organic growth number is obviously just our core consumer business, less two points for political media, which got us to the 4% growth.

當我們談到消費者業務的有機成長、排除政治媒體後為 4%，那是不包含 KUBRA 的。所以那只是我們核心的消費者業務。我們的有機成長數字顯然只反映核心消費者業務，再扣掉政治媒體的兩個百分點，因此得到 4% 的成長。

Great, nice to see that rebound. And then just to drill down on that a little bit, if you could kind of frame the growth, same-store sales versus new logos. I know you were talking about some new ramps, but where that growth came from and I guess feels like there should be follow-through on it if those are new volume levels or new customers that are ramping.

很好，很高興看到反彈。再更深入一點，如果可以的話，能否幫我們拆解一下成長來源：同店銷售（same-store sales）相較於新客戶（new logos）。我知道你們提到一些新客戶的放量（ramp），但想了解成長是從哪裡來的；我想如果是新的量級或新客戶正在放量，應該會有延續性。

Sure. So within Q2, we're starting to see new ramp come in, and so that was driving our organic growth of 4% in our consumer business. I'll talk consumer first, and then I can shift over to B2B and then talk KUBRA.

當然。在第二季，我們開始看到新的放量進來，這也推動了我們消費者業務 4% 的有機成長。我先談消費者端，接著我可以轉到 B2B，再談 KUBRA。

And our outlook for the back half of the year around consumer is we continue to see new clients go live and ramp, and we're going to see that ramp up pretty substantially as we go into Q3 and really exit the year in our consumer, core consumer business at double-digit growth.

至於今年下半年消費者端的展望，我們持續看到新客戶上線並放量；隨著進入第三季，我們會看到放量相當明顯地加速，並且在年底時，我們的消費者端、核心消費者業務將以雙位數成長收官。

And then if you look at our B2B business around, again, I'm just going to talk organic first, 19% growth in the quarter, excluding our MPI business. We think as we look through the rest of the year, that's going to grow out at roughly the mid-teens as we think about the rest of the year.

再看我們的 B2B 業務，同樣我先談有機成長：本季成長 19%，這是排除我們的 MPI 業務之後。我們認為在今年剩餘期間，該業務大致會以約中十位數（mid-teens）的速度成長。

And if you look at our B2B business and what the growth was driven by in quarter, roughly 60% of the growth was around what we've been talking about for the last two quarters, converting and monetizing some of that big ACH volume that came into our total pay platform.

如果看本季 B2B 的成長驅動因素，大約 60% 的成長來自我們過去兩季一直在談的：把進入我們 TotalPay 平台的大量 ACH 交易量進行轉換並變現。

And then the remaining, say, 40% of the growth was around brand-new clients coming on board, so ramp on new clients. And we continue to see that out through the rest of the year.

其餘約 40% 的成長則來自全新客戶上線，也就是新客戶的放量。而且我們預期這樣的趨勢會延續到今年剩餘期間。

Our MPI, on a reported basis, we still were guiding the $8 million to $10 million for the year. We had a good first half because of the primaries. And so first half of the year, we're around a $3 million-ish range, and we're still projecting our $8 million to $10 million for the end of the year. So pretty good growth on that side.

至於 MPI，以申報口徑來看，我們仍維持全年 800 萬到 1,000 萬美元的指引。由於初選（primaries）的因素，上半年表現不錯。因此上半年大約在 300 萬美元左右的區間，我們仍預估年底會達到 800 萬到 1,000 萬美元。所以那一塊的成長相當不錯。

And then when you look at KUBRA, the nice thing about KUBRA is if we pro forma our total company, 40% of our company now is utility and government business, and that's a nice, steady, consistent, reoccurring non-discretionary payment mix that doesn't have a ton of seasonality in it.

再看 KUBRA，KUBRA 的好處在於：若以備考口徑看我們整體公司，目前約 40% 的業務來自公用事業與政府部門；這是一個穩定、持續、經常性、且屬於非可選擇性（non-discretionary）的支付組合，季節性不強。

So again, the KUBRA is going to grow, continue to grow it around that mid-single-digit range for the year. So hopefully, that frames it out for you a little bit.

所以同樣地，KUBRA 今年將會成長，並持續維持在中個位數的成長區間。希望這樣能讓你更清楚一些。

Yeah, Joe, this is John. Good evening. I'll add a couple more things to that is one is highlight the 731,000, the size of our vendor network on our B2B. As that gets even bigger, our ability to monetize and scale and really see pull through on a net new client basis is really important there that can help us drive and you can see that's grown 65% year over year.

是的，Joe，我是 John。晚安。我再補充幾點：第一個是強調我們 B2B 端供應商網路的規模為 731,000 家。隨著這個網路持續擴大，我們在變現與規模化方面的能力，以及在新增客戶層面看到的帶動效應（pull-through），都非常重要；你也可以看到這個數字年增 65%。

We see the ability to continue to drive growth in that as we look throughout the year as well as a good indicator of some strength ahead of us as well. And I think one of your questions was also some of the revenue opportunities, although we don't want to get too far ahead of ourselves, but we have some early indicators are our ability to extend some of the KUBRA bill presentment and communication services over to some existing repay client base.

我們也看到這方面在今年內仍有持續推動成長的能力，同時也可作為我們未來一段時間仍具強勁動能的良好指標。我想你其中一個問題也關於一些營收機會；雖然我們不想太早下定論，但我們已有一些初步跡象，顯示我們能把 KUBRA 的帳單呈現（bill presentment）與溝通服務延伸到既有的 Repay 客戶基礎上。

Kind of the iMail services, some of the bill presentment pieces of that. There's some strengths with the KUBRA platform that we know we can offer to our larger consumer payments original Repay base. So we're excited about that. We hope to be able to talk more about that as we kind of come through our first quarter of full ownership here in the third quarter, but some early good signs there.

像是 iMail 服務，以及其中一些帳單呈現的功能。KUBRA 平台有一些優勢，我們知道可以提供給我們更大型的消費者支付、原本的 Repay 客戶群。所以我們對此感到很興奮。我們希望在第三季、也就是完成完整持有後的第一個季度進展中，能再多談一些；但目前已看到一些不錯的早期訊號。

Thank you.

謝謝。

(Operator Instructions) Peter Heckman, D.A. Davidson.

（接線員指示）Peter Heckman，D.A. Davidson。

Hey, good afternoon, gentlemen. Sorry for the delay on the buzz in.

嗨，各位先生，午安。抱歉剛剛接入有點延遲。

In terms of KUBRA, 6% growth year over year and the impact of margins, I guess I think you previously guided to about mid-single-digit growth in KUBRA and that's encouraging. But in terms of margins, I guess you talk about maybe the aspirational goals of where you think you can get KUBRA's margins over the next, let's say, three to four years.

關於 KUBRA，年增 6% 的成長以及對毛利率/利潤率的影響，我想你們先前指引 KUBRA 大約是中個位數成長，這點令人鼓舞。但就利潤率而言，想請教你們談談未來三到四年，你們認為 KUBRA 的利潤率可以達到哪個水準（偏目標/願景性的目標）。

So thanks, Peter. So out of the gate, we said KUBRA is EBITDA margins roughly around the 20% range. And those synergy targets that we've been talking about, and we feel really confident about it, we identified the $4.5 million exit in Q2 on an annualized basis, and we're going after the $8 million plus for the year.

謝謝你，Peter。我們一開始就說過，KUBRA 的 EBITDA 利潤率大約在 20% 左右。至於我們一直在談的協同效益目標，我們非常有信心：我們已在第二季辨識出以年化計算、退出率（exit）約 450 萬美元的效益，並且正朝著全年 800 萬美元以上的目標努力。

As we really go out into 2028, we've committed to $20 million-plus on margins. And we feel highly confident about that. And so a lot of that focus is going to be around cost realization between some redundancies we find in some areas as we sunset some of the older technology and bring on our new unified platform, we're going to realize those savings.

當我們真正展望到 2028 年時，我們已承諾在利潤率方面達到 2,000 萬美元以上。而且我們對此非常有信心。因此，許多重點將放在成本實現上：當我們逐步淘汰一些較舊的技術並導入新的統一平台時，我們會在某些領域發現並消除重複，從而實現這些節省。

And part of the things we talked about even on the call is that our confidence level in driving those savings and driving that margin improvement is very high even as clients get a choice. And it takes some time to migrate, even if there's any kind of a slow in pace, a lot of these costs that we are committing to and that we have our head around are really not tied to waiting for a client to come online. There's just a lot of opportunity for us.

而且我們在電話會議上也談到的一部分是，即使客戶有選擇，我們對推動這些節省並帶動利潤率改善的信心仍然非常高。而且即使遷移需要一些時間，即便進度有所放緩，我們所承諾、也已掌握的許多成本其實並不取決於等待某位客戶上線。我們確實有很多機會。

So I think that's the way I would model it out. We'll provide obviously a lot more detail at our future outlook at our Investor Day on December 7, but hopefully, that gives you some visibility.

所以我認為我會用這種方式來建模。我們當然會在 12 月 7 日的投資人日（Investor Day）就未來展望提供更多細節，但希望這能讓你有一些能見度。

Yeah, Peter, good evening, it's John. I would -- as you see how the blended margins come through for all of consumer payments, which includes the KUBRA, that blended margin is and especially as you look through our forecast for the rest of the year, that's kind of where we're thinking it's going to be.

是的，Peter，晚上好，我是 John。我想——當你看到所有消費者支付（consumer payments）的混合利潤率（其中包含 KUBRA）逐步反映出來時，這個混合利潤率，特別是當你看我們對今年剩餘期間的預測時，這大致就是我們認為會落在的水準。

And then when you look at the synergies as Rob indicated will be coming through there, so the margins themselves will be increasing as we pull those synergies through on an actual basis.

然後當你看到 Rob 所提到將會逐步實現的協同效益時，隨著我們在實際層面把這些協同效益落地，利潤率本身也會提高。

Great. Good to hear. And then just a little bit of more housekeeping or modeling detail. And forgive me if you've already mentioned this, but the amortization of active-related intangibles, would you expect that to be [$25 million, $26 million] for -- yeah, about $25 million, $26 million for the third quarter? Or do you have a full quarter estimate for that amortization yet?

很好。很高興聽到。接著再問一點例行事項或建模細節。如果你們已經提過請見諒，但關於 Active 相關無形資產的攤銷，你們預期第三季會是 [2,500 萬美元、2,600 萬美元]——對，大約 2,500 萬到 2,600 萬美元嗎？或者你們對該攤銷是否已有完整季度的估計？

For -- yeah, roughly in that range is probably you're thinking about it in the right way.

就——是的，大致在那個區間，你這樣理解應該是對的。

Okay, great. And then similarly, just in terms of -- are you expecting any real, significant change to stock-based comp for the year?

好的，很好。然後同樣地，就——你們預期今年的股票基礎薪酬（stock-based comp）會有任何實質、顯著的變化嗎？

No, no, we're not.

不，不會。

Okay got it. All right, I'll get back to the queue. I appreciate it.

好的，了解。好，那我回到隊列。謝謝你們。

Yeah, no problem.

好的，沒問題。

(Operator Instructions) Joseph Vafi, Canaccord.

（接線員指示）Joseph Vafi，Canaccord。

Hey, guys, just one follow-up.

嗨，各位，再追問一個問題。

I think, Rob, you mentioned real strong free cash flow conversion. I think it was in the 70s or 80s. I was actually thinking it would be a little lower this quarter, given the acquisition of KUBRA and perhaps some cost-focused -- or some expenditures focused on cost synergies there. So you could drill down on the free cash flow conversion in the quarter?

我想，Rob，你提到自由現金流轉換率（free cash flow conversion）非常強勁。我記得大概是在 70% 或 80% 的區間。其實我原本以為本季會低一些，考量到收購 KUBRA，以及可能有一些以成本為重點——或是一些為了成本協同而投入的支出。所以你能否更深入說明本季的自由現金流轉換率？

Sure. Joe, coming off of Q1, we were at 16%. So some of it's working capital, just timing of working capital and free cash flow conversion of both combined businesses. We only had one month of KUBRA, remember, in the quarter. But good, strong cash flow conversion, but it's mostly working capital related in the quarter, I would say.

當然可以。Joe，從第一季結束時我們是 16%。所以其中一部分是營運資金（working capital），也就是營運資金的時點，以及兩個合併業務的自由現金流轉換。記得本季我們只有納入 KUBRA 一個月。現金流轉換確實良好且強勁，但我會說本季主要是營運資金相關。

If you're thinking about how you're modeling it for the rest of the year because our guide is at 30% full year, only owning KUBRA one month in the quarter, as we look at the back half of the year, we're going to pick up that incremental interest expense for the term loan B that we that we'll have, so you have a full effect of that for six months, which will step us down, as well as we talked about some of the synergy savings, there will be some cost to achieve on the back half of the year that will ramp us more in line to that full year guide at 30%.

如果你在思考今年剩餘期間要怎麼建模，因為我們的指引是全年 30%，而本季只擁有 KUBRA 一個月；當我們看下半年時，我們會開始承擔那筆 B 期定期貸款（term loan B）的新增利息費用，因此你會看到六個月的完整影響，這會把我們的比率往下拉。

But it was really just driven to just work timing working capital and we came off a lower number on Q1. But again, I can't reiterate it enough and we've said that since we were looking at KUBRA, that the cash flow conversion and cash generation, it's really a cash story of the combined company and we're pretty happy with that generation and focusing on paying down our debt with that.

但這真的只是由於時點因素所驅動——營運資金的時點，我們是從第一季較低的數字回升。不過再次強調，我怎麼說都不為過，而且自從我們在評估 KUBRA 以來就一直這麼說：現金流轉換與現金產生能力，對合併後公司而言真的是一個「現金故事」，我們對這樣的現金產生很滿意，並專注用它來償還債務。

Great. Thanks, Rob.

很好。謝謝你，Rob。

We have now reached the end of the question-and-answer session. I would like to turn the floor back over to John Morris for closing comments.

我們現在已到問答環節的尾聲。我想把時間交回給 John Morris 作結語。

Thank you, operator. And thank you, everyone, for joining us today.

謝謝你，接線員。也謝謝各位今天加入我們。

With the acquisition of KUBRA completed and a solid first half to our year so far, we are very excited and positioned where we are positioned for the rest of this year ahead of us. Our focus on the second half is on a disciplined execution of these key areas: accelerating organic growth into double-digits, advancing our integration plan and sales pipeline and enhancing client relationships, delivering on synergy targets and reducing our leverage.

隨著 KUBRA 的收購完成，以及我們今年上半年迄今表現穩健，我們對今年剩餘時間的布局感到非常振奮，也已處於有利位置。我們下半年的重點是以紀律性執行以下關鍵領域：將有機成長加速至雙位數、推進整合計畫與銷售管線並強化客戶關係、達成協同目標並降低槓桿。

We look forward to updating you on a continued progress next quarter. Thanks again for joining us.

我們期待在下季向各位更新持續的進展。再次感謝各位加入我們。

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

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。