Latest news with #TimMurphy
Yahoo
2 days ago
- Business
- Yahoo
Machinery Partner launches new arm to streamline equipment financing
Machinery Partner, an online marketplace for heavy equipment, has introduced Machinery Partner Capital Solutions, a new finance division designed to streamline equipment financing. The new arm will leverage AI-powered underwriting to enhance speed, transparency, and personalisation in the financing process. At the core of this development is a collaboration with a San Francisco-based fintech company that automates credit prescreening and underwriting through AI technology. Kaaj co-founder Shivi Sharma said: 'Kaaj's AI agents verify businesses, assess risk, and generate next steps in real-time. The result is faster decisions, better matches, and more approvals without the paperwork.' Unlike traditional captive finance models, Machinery Partner Capital Solutions connects customers with the most suitable lender for their specific needs, facilitated by a strategic partnership with Mazo Capital Solutions, the platform's primary back-room lender. Key features of the platform include financing options for transactions up to $5m, quick loan approvals up to $500,000 and optional 90-day deferrals. Other features include seasonal payment plans and compatibility with customer-preferred lenders, even those outside the Machinery Partner network. This comprehensive approach will offer a seamless experience from sourcing equipment to securing funding and providing ongoing service. Machinery Partner CLFP and Equipment Lending officer Tim Murphy said: 'We created Machinery Partner Capital Solutions to eliminate the delays and complexity that contractors have come to expect. 'Whether you're a quarry buying a crusher or a small contractor financing a $10,000 breaker, we deliver financing that fits.' Currently, Machinery Partner operates in 42 states, supporting over 200 contractors with its modern approach to heavy equipment ownership. "Machinery Partner launches new arm to streamline equipment financing" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
NZ Herald
4 days ago
- Sport
- NZ Herald
LockerRoom founder Suzanne McFadden receives King's Birthday honour
Tim Murphy for LockerRoom Suzanne McFadden has been made a Member of the New Zealand Order of Merit in the King's Birthday Honours for her services to sports journalism and women. In this Q&A, the founder of LockerRoom and passionate advocate for better participation, media coverage and recognition for women
CTV News
16-05-2025
- General
- CTV News
Sault students set to take off thanks to new funding
Thanks to a new partnership, 900 students in the Sault can learn about the science of flight. Cory Nordstrom reports. Sault North Rotary is providing $15,000 in funding for local schoolchildren to take part in the Canadian Bushplane Heritage Centre's (CBHC) educational offerings. $15K Rotary cheque for Bushplane Sault North Rotary is providing $15,000 in funding for local schoolchildren to take part in the Canadian Bushplane Heritage Centre's educational offerings. (Supplied/Canadian Bushplane Heritage Centre) This new partnership will allow all Grade 6 students in Sault Ste. Marie to attend the heritage centre and receive curriculum-based programming free of charge. 'This donation, $12,000 of the $15,000 is directly going to the Grade 6 Flight Program,' said Tim Murphy, the centre's education coordinator. 'That will allow 900 Algoma District students to participate in this four-hour program at absolutely no cost.' The program costs $15 per student and now that cost is not downloaded onto parents or the school board – instead, all children will get to enjoy a half day of hands-on learning that covers their curriculum in science and technology and touches on other subjects like history and geography. 'This place is unique in the world,' said Neil McLean of the Sault Rotary Club. 'It's a gem, and it's great to be able to support it, and to have the kids be able to enjoy that too.' The additional $3,000 will allow 100 Grade 4 students to participate in a series of special educational outreach events in March and April inspired by 'Jane Goodall: Reasons for Hope,' a Science North documentary and exhibit currently enjoying being featured at CBHC. The outreach events will animate the study of ecosystems, biodiversity, climate change and global warming through activity stations in hopes of encouraging youth to become stewards of the local environment while discovering examples of environmentally positive initiatives currently being undertaken in Algoma region, officials with CBHC said in a news release Thursday. 'The Canadian Bushplane Heritage Centre and Sault North Rotary look forward to continuing our partnership in fostering a love for learning and aviation in the hearts of young students,' said the centre in the release. 'We extend our heartfelt thanks to Sault North Rotary for their generosity and support.'
Business Wire
12-05-2025
- Business
- Business Wire
REPAY Reports First Quarter 2025 Financial Results
ATLANTA--(BUSINESS WIRE)--Repay Holdings Corporation (NASDAQ: RPAY) ('REPAY' or the 'Company'), a leading provider of vertically-integrated payment solutions, today reported financial results for its first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights (1) Gross profit represents revenue less costs of services (exclusive of depreciation and amortization). (2) Adjusted EBITDA, Free Cash Flow and Free Cash Flow Conversion are non-GAAP financial measures. See 'Non-GAAP Financial Measures' and the reconciliation of Adjusted EBITDA, Free Cash Flow and Free Cash Flow Conversion to their most comparable GAAP measure provided below for additional information. Expand 'REPAY is focused on executing on core growth, which continues to reinforce the ongoing secular tailwinds and resiliency of our business model. Our Business Payments segment normalized gross profit growth 1 accelerated to 12% year-over-year, driven by the strength of our core accounts payable business, the onboarding of new enterprise customers, and the success of recent monetization efforts. Free cash flow was impacted by one-time working capital impacts as well as previously announced client losses. We believe the reported first quarter growth rates do not fully reflect our underlying business trends, and in fact, our 2025 outlook includes sequential quarterly normalized gross profit growth 1 resulting in a high single-digit to low double-digit fourth quarter growth rate, as well as free cash flow conversion accelerating throughout the year. Our core growth strategy remains robust, with a relentless focus on profitable growth, optimized payment flows, and operational efficiency to create lasting value for our shareholders,' said John Morris, Chief Executive Officer of REPAY. 'The Board has made the decision to conclude our strategic review process at this time. I am confident in REPAY's ability to deliver growth and value for our shareholders in the near term and believe that we will be well positioned for positive organic results as we move through 2025. Additionally, we separately announced that our Board of Directors approved an increase in our share repurchase authorization by $25 million. I also want to express our heartfelt gratitude to Tim Murphy, our Chief Financial Officer, for his 11 years of dedicated service and partnership. Tim will be leaving REPAY in the coming days, and we all wish him every success in his future endeavors.' First Quarter 2025 Business Highlights The Company's achievements in the quarter, including those highlighted below, reinforce management's belief in the ability of the Company to drive durable and long-term growth across REPAY's diversified business model. Reported and normalized gross profit 1 declines of 5% and 4% year-over-year due to impacts from previously announced client losses, which include certain losses due to consolidation Consumer Payments gross profit declined approximately 5% year-over-year, which was impacted by the previously announced client losses Business Payments normalized gross profit growth 1 of approximately 12% year-over-year Accelerated AP supplier network to over 390,000, an increase of approximately 40% year-over-year Added three new integrated software partners to bring the total to 283 software relationships as of the end of the first quarter Instant funding volumes increased by approximately 19% year-over-year Added 14 new credit unions bringing total credit union clients to 343 2025 Outlook For fiscal year 2025, the Company now expects: Sequential quarterly acceleration of normalized gross profit growth 1, including a fourth quarter year-over-year growth rate of high-single digits to low double-digits; Free cash flow conversion expected to exceed 50% in the second quarter, accelerating above 60% by the fourth quarter of 2025 REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures, such as forecasted normalized gross profit growth and Free Cash Flow Conversion, to the most directly comparable GAAP financial measure, because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have a significant impact on such calculations, and providing them may imply a degree of precision that would be confusing or potentially misleading. 1 Normalized gross profit growth is a non-GAAP financial measure that accounts for cyclical political media spending contributions. See 'Non-GAAP Financial Measures' and the reconciliation to their most comparable GAAP measure provided below for additional information. Segments The Company reports its financial results based on two reportable segments. Consumer Payments – The Consumer Payments segment provides payment processing solutions (including debit and credit card processing, Automated Clearing House ('ACH') processing and other electronic payment acceptance solutions, as well as REPAY's loan disbursement product) that enable REPAY's clients to collect payments from and disburse funds to consumers and includes its clearing and settlement solutions ('RCS'). RCS is REPAY's proprietary clearing and settlement platform through which it markets customizable payment processing programs to other ISOs and payment facilitators. The strategic vertical markets served by the Consumer Payments segment primarily include personal loans, automotive loans, receivables management, credit unions, mortgage servicing, consumer healthcare and diversified retail. Business Payments – The Business Payments segment provides payment processing solutions (including accounts payable automation, debit and credit card processing, virtual credit card processing, ACH processing and other electronic payment acceptance solutions) that enable REPAY's clients to collect payments from or send payments to other businesses. The strategic vertical markets served within the Business Payments segment primarily include retail automotive, education, field services, governments and municipalities, healthcare, media, homeowner association management and hospitality. (1) Gross profit represents revenue less costs of services (exclusive of depreciation and amortization). (2) Gross profit margin represents total gross profit / total revenue. Expand Conference Call REPAY will host a conference call to discuss first quarter financial results today, May 12, 2025 at 5:00 pm ET. Hosting the call will be John Morris, CEO, and Tim Murphy, CFO. The call will be webcast live from REPAY's investor relations website at The conference call can also be accessed live over the phone by dialing (877) 407-3982, or for international callers (201) 493-6780. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13752562. The replay will be available at Non-GAAP Financial Measures This report includes certain non-GAAP financial measures that management uses to evaluate the Company's operating business, measure performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure that represents net income prior to interest expense, tax expense, depreciation and amortization, as adjusted to add back certain charges deemed to not be part of normal operating expenses, non-cash charges and/or non-recurring charges, such as gain on extinguishment of debt, non-cash change in fair value of assets and liabilities, share-based compensation charges, transaction expenses, restructuring and other strategic initiative costs and other non-recurring charges. Adjusted Net Income is a non-GAAP financial measure that represents net income prior to amortization of acquisition-related intangibles, as adjusted to add back certain charges deemed to not be part of normal operating expenses, such as non-cash change in fair value of assets and liabilities, share-based compensation expense, transaction expenses, restructuring and other strategic initiative costs, other non-recurring charges, non-cash interest expense and net of tax effect associated with these adjustments. Adjusted Net Income is adjusted to exclude amortization of all acquisition-related intangibles as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible amortization supplements GAAP financial measures because it allows for greater comparability of operating performance. Although REPAY excludes amortization from acquisition-related intangibles from its non-GAAP expenses, management believes that it is important for investors to understand that such intangibles were recorded as part of purchase accounting and contribute to revenue generation. Adjusted Net Income per share is a non-GAAP financial measure that represents Adjusted Net Income divided by the weighted average number of shares of Class A common stock outstanding (on an as-converted basis assuming conversion of the outstanding units exchangeable for shares of Class A common stock) for the three months ended March 31, 2025 and 2024 (excluding shares subject to forfeiture). Free Cash Flow is a non-GAAP financial measure that represents net cash flow provided by operating activities less total capital expenditures. Free Cash Flow Conversion represents Free Cash Flow divided by Adjusted EBITDA. Normalized gross profit growth represents year-over-year gross profit growth that excludes incremental gross profit attributable to political media spending associated with the 2024 election cycle in our media payments business. REPAY believes that Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, Free Cash Flow, Free Cash Flow Conversion and Normalized gross profit growth provide useful information to investors and others in understanding and evaluating its operating results in the same manner as management. However, these non-GAAP financial measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, operating profit, net cash provided by operating activities, or any other operating performance measure calculated in accordance with GAAP. Using these non-GAAP financial measures to analyze REPAY's business has material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in REPAY's industry may report measures titled as the same or similar measures, such non-GAAP financial measures may be calculated differently from how REPAY calculates its non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, you should consider REPAY's non-GAAP financial measures alongside other financial performance measures, including net income, net cash provided by operating activities and REPAY's other financial results presented in accordance with GAAP. Forward-Looking Statements This communication contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, including 2025 outlook, REPAY's plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as 'guidance,' 'will likely result,' 'are expected to,' 'will continue,' 'should,' 'is anticipated,' 'estimated,' 'believe,' 'intend,' 'plan,' 'projection,' 'outlook' or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding the strategic review process, REPAY's market and growth opportunities, REPAY's business strategy and the plans and objectives of management for future operations and the allocation of capital. Such forward-looking statements are based upon the current beliefs and expectations of REPAY's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond REPAY's control. In addition to factors disclosed in REPAY's reports filed with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024 and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: risks or uncertainties relating to the outcome or timing of REPAY's strategic review process, exposure to economic conditions and political risk affecting the consumer loan market, the receivables management industry and consumer and commercial spending, including bank failures or other adverse events affecting financial institutions, inflationary pressures, evolving U.S. trade policies, general economic slowdown or recession; changes in the payment processing market in which REPAY competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that REPAY targets, including the regulatory environment applicable to REPAY's clients; the ability to retain, develop and hire key personnel; risks relating to REPAY's relationships within the payment ecosystem; risk that REPAY may not be able to execute its growth strategies, including identifying and executing acquisitions; risks relating to data security; changes in accounting policies applicable to REPAY; and the risk that REPAY may not be able to maintain effective internal controls. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. All information set forth herein speaks only as of the date hereof in the case of information about REPAY or the date of such information in the case of information from persons other than REPAY, and REPAY disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding REPAY's industry and end markets are based on sources it believes to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. About REPAY REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY's proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses. Consolidated Balance Sheets (in $ thousands) December 31, 2024 Assets Cash and cash equivalents $ 165,466 $ 189,530 Current restricted cash 31,184 35,654 Accounts receivable 36,831 32,950 Prepaid expenses and other 16,646 17,114 Total current assets 250,127 275,248 Property, plant and equipment, net 1,778 2,383 Noncurrent restricted cash 12,541 11,525 Intangible assets, net 374,615 389,034 Goodwill 716,793 716,793 Operating lease right-of-use assets, net 10,713 11,142 Deferred tax assets 163,846 163,283 Other assets 4,979 2,500 Total noncurrent assets 1,285,265 1,296,660 Total assets $ 1,535,392 $ 1,571,908 Liabilities Accounts payable $ 24,136 $ 28,912 Accrued expenses 41,573 55,501 Current operating lease liabilities 1,266 1,230 Current tax receivable agreement ($0 and $2,413 held for related parties as of March 31, 2025 and December 31, 2024, respectively) — 16,337 Other current liabilities 457 267 Total current liabilities 67,432 102,247 Long-term debt 497,588 496,778 Noncurrent operating lease liabilities 10,043 10,507 Tax receivable agreement, net of current portion ($25,518 and $25,134 held for related parties as of March 31, 2025 and December 31, 2024, respectively) 190,441 187,308 Other liabilities 2,690 1,899 Total noncurrent liabilities 700,762 696,492 Total liabilities $ 768,194 $ 798,739 Commitments and contingencies Stockholders' equity Class A common stock, $0.0001 par value; 2,000,000,000 shares authorized; 94,565,875 issued and 89,073,142 outstanding as of March 31, 2025; 93,732,227 issued and 88,239,494 outstanding as of December 31, 2024 9 9 Class V common stock, $0.0001 par value; 1,000 shares authorized and 100 shares issued and outstanding as of March 31, 2025 and December 31, 2024 — — Treasury stock, 5,492,733 as of March 31, 2025 and December 31, 2024 (53,782 ) (53,782 ) Additional paid-in capital 1,151,265 1,148,871 Accumulated deficit (341,773 ) (333,826 ) Total Repay stockholders' equity $ 755,719 $ 761,272 Non-controlling interests 11,479 11,897 Total equity 767,198 773,169 Total liabilities and equity $ 1,535,392 $ 1,571,908 Expand Consolidated Statements of Cash Flows Three Months Ended March 31, (in $ thousands) 2025 2024 Cash flows from operating activities Net loss $ (8,168 ) $ (5,365 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 25,294 27,028 Stock based compensation 5,344 6,282 Amortization of debt issuance costs 810 712 Other loss 267 — Fair value change in tax receivable agreement liability 3,022 2,913 Deferred tax expense (452 ) 302 Change in accounts receivable (3,881 ) (3,967 ) Change in prepaid expenses and other 468 (520 ) Change in operating lease ROU assets 429 2,084 Change in other assets (2,479 ) — Change in accounts payable (4,776 ) 1,679 Change in accrued expenses and other (13,928 ) (4,982 ) Change in operating lease liabilities (428 ) (2,201 ) Change in other liabilities 981 836 Net cash provided by operating activities 2,503 24,801 Cash flows from investing activities Purchases of property and equipment (146 ) (87 ) Capitalized software development costs (10,391 ) (11,042 ) Net cash used in investing activities (10,537 ) (11,129 ) Cash flows from financing activities Payments for tax withholding related to shares vesting under Incentive Plan (3,147 ) (2,407 ) Payment of Tax Receivable Agreement (16,337 ) (580 ) Net cash used in financing activities (19,484 ) (2,987 ) Increase in cash, cash equivalents and restricted cash (27,518 ) 10,685 Cash, cash equivalents and restricted cash at beginning of period $ 236,709 $ 144,145 Cash, cash equivalents and restricted cash at end of period $ 209,191 $ 154,830 Cash paid during the period for: Interest $ 4,525 $ 200 Income taxes (net of refunds received) $ (25 ) $ 4 Expand Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA For the Three Months Ended March 31, 2025 and 2024 (Unaudited) Three Months ended March 31, (in $ thousands) 2025 2024 Revenue $ 77,325 $ 80,720 Operating expenses Costs of services (exclusive of depreciation and amortization shown separately below) $ 18,664 $ 19,175 Selling, general and administrative 36,987 37,021 Depreciation and amortization 25,294 27,028 Total operating expenses $ 80,945 $ 83,224 Loss from operations $ (3,620 ) $ (2,504 ) Other income (expense) Interest income 1,356 1,292 Interest expense (3,107 ) (912 ) Change in fair value of tax receivable liability (3,022 ) (2,913 ) Other income (loss), net (227 ) (26 ) Total other income (expense) (5,000 ) (2,559 ) Loss before income tax expense (8,620 ) (5,063 ) Income tax benefit (expense) 452 (302 ) Net loss $ (8,168 ) $ (5,365 ) Add: Interest income (1,356 ) (1,292 ) Interest expense 3,107 912 Depreciation and amortization (a) 25,294 27,028 Income tax benefit (452 ) 302 EBITDA $ 18,425 $ 21,585 Non-cash change in fair value of assets and liabilities (b) 3,022 2,913 Share-based compensation expense (c) 6,045 6,923 Transaction expenses (d) 782 677 Restructuring and other strategic initiative costs (e) 3,511 2,184 Other non-recurring charges (f) 1,390 1,231 Adjusted EBITDA $ 33,175 $ 35,513 Expand Quarterly Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA (Unaudited) Three Months ended (in $ thousands) June 30, 2024 September 30, 2024 December 31, 2024 Net income (loss) $ (4,237 ) $ 3,215 $ (3,958 ) Add: Interest income $ (1,463 ) $ (1,608 ) $ (1,629 ) Interest expense 909 2,918 3,134 Depreciation and amortization (a) 26,771 25,529 24,382 Income tax (benefit) expense (1,975 ) 1,524 (426 ) EBITDA $ 20,005 $ 31,578 $ 21,503 Gain on extinguishment of debt (k) — (13,136 ) — Non-cash change in fair value of assets and liabilities (b) 3,366 6,479 1,785 Share-based compensation expense (c) 5,874 6,477 5,921 Transaction expenses (d) 414 937 297 Restructuring and other strategic initiative costs (e) 2,584 2,202 5,524 Other non-recurring charges (f) 1,485 562 1,440 Adjusted EBITDA $ 33,728 $ 35,099 $ 36,470 Expand Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income For the Three Months Ended March 31, 2025 and 2024 (Unaudited) Three Months ended March 31, (in $ thousands) 2025 2024 Revenue $ 77,325 $ 80,720 Operating expenses Costs of services (exclusive of depreciation and amortization shown separately below) $ 18,664 $ 19,175 Selling, general and administrative 36,987 37,021 Depreciation and amortization 25,294 27,028 Total operating expenses $ 80,945 $ 83,224 Loss from operations $ (3,620 ) $ (2,504 ) Interest income 1,356 1,292 Interest expense (3,107 ) (912 ) Change in fair value of tax receivable liability (3,022 ) (2,913 ) Other income (loss), net (227 ) (26 ) Total other income (expense) (5,000 ) (2,559 ) Loss before income tax expense (8,620 ) (5,063 ) Income tax benefit (expense) 452 (302 ) Net loss $ (8,168 ) $ (5,365 ) Add: Amortization of acquisition-related intangibles (g) 19,329 19,736 Non-cash change in fair value of assets and liabilities (b) 3,022 2,913 Share-based compensation expense (c) 6,045 6,923 Transaction expenses (d) 782 677 Restructuring and other strategic initiative costs (e) 3,511 2,184 Other non-recurring charges (f) 1,390 1,231 Non-cash interest expense (h) 845 712 Pro forma taxes at effective rate (i) (6,442 ) (6,633 ) Adjusted Net Income $ 20,314 $ 22,378 Shares of Class A common stock outstanding (on an as-converted basis) (j) 94,358,268 97,062,303 Adjusted Net Income per share $ 0.22 $ 0.23 Expand Reconciliation of Operating Cash Flow to Free Cash Flow For the Three Months and Years Ended December 31, 2024 and 2023 (Unaudited) Three Months ended March 31, (in $ thousands) 2025 2024 Net cash provided by operating activities $ 2,503 $ 24,801 Capital expenditures Cash paid for property and equipment (146 ) (87 ) Capitalized software development costs (10,391 ) (11,042 ) Total capital expenditures (10,537 ) (11,129 ) Free cash flow $ (8,034 ) $ 13,672 Free cash flow conversion (24 %) 38 % Expand (a) See footnote (g) for details on amortization and depreciation expenses. (b) Reflects the changes in management's estimates of the fair value of the liability relating to the Tax Receivable Agreement. (c) Represents compensation expense associated with equity compensation plans. (d) Primarily consists of professional service fees incurred in connection with prior transactions. (e) Reflects costs associated with reorganization of operations, consulting fees related to processing services and other operational improvements, including restructuring and integration activities related to acquired businesses, that were not in the ordinary course. (f) For the three months ended March 31, 2025, the three months ended December 31, 2024, the three months ended September 30, 2024, the three months ended June 30, 2024 and the three months ended March 31, 2024, , reflects franchise taxes and other non-income based taxes, non-recurring legal and other litigation expenses and payments made to third-parties in connection with our IT security and personnel. (g) Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software intangibles acquired through REPAY's acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix. This adjustment excludes the amortization of other intangible assets which were acquired in the regular course of business, such as capitalized internally developed software and purchased software. See additional information below for an analysis of amortization expenses: Expand Three Months ended March 31, (in $ thousands) 2025 2024 Acquisition-related intangibles $ 19,329 $ 19,736 Software 5,482 6,713 Amortization $ 24,811 $ 26,449 Depreciation 483 579 Total Depreciation and amortization (1) $ 25,294 $ 27,028 Expand Three Months ended (in $ thousands) June 30, 2024 September 20, 2024 December 31, 2024 Acquisition-related intangibles $ 19,702 $ 19,111 $ 18,595 Software 6,856 6,008 5,249 Amortization $ 26,558 $ 25,119 $ 23,844 Depreciation 213 410 538 Total Depreciation and amortization (1) $ 26,771 $ 25,529 $ 24,382 Expand (1) Adjusted Net Income is adjusted to exclude amortization of all acquisition-related intangibles as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions (see corresponding adjustments in the reconciliation of net income to Adjusted Net Income presented above). Management believes that the adjustment of acquisition-related intangible amortization supplements GAAP financial measures because it allows for greater comparability of operating performance. Although REPAY excludes amortization from acquisition-related intangibles from its non-GAAP expenses, management believes that it is important for investors to understand that such intangibles were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangibles that relate to past acquisitions will recur in future periods until such intangibles have been fully amortized. Any future acquisitions may result in the amortization of additional intangibles. (h) Represents amortization of non-cash deferred debt issuance costs. (i) Represents pro forma income tax adjustment effect associated with items adjusted above. (j) Represents the weighted average number of shares of Class A common stock outstanding (on an as-converted basis assuming conversion of outstanding Post-Merger Repay Units) for the three months ended March 31, 2025 and 2024. These numbers do not include any shares issuable upon conversion of the Company's convertible senior notes. See the reconciliation of basic weighted average shares outstanding to the non-GAAP Class A common stock outstanding on an as-converted basis for each respective period below: Expand (k) Reflects a gain on the repurchase of 2026 Notes principal, net of a write-off of debt issuance costs relating to the repurchased principal. (l) Represents year-over-year gross profit growth that excludes incremental gross profit attributable to political media spending in Q1 2024 associated with the 2024 election cycle in our media payments business. Expand
Irish Examiner
05-05-2025
- Sport
- Irish Examiner
Munster SFC attendance slightly down from last year's total
The total attendance figure for this year's Munster SFC - 33,491 - was less than that which watched the drawn Munster final of 10 years ago. In the latest sign of the dwindling interest in the Munster football championship, the total attendance figure for the 2025 edition represented a slight decrease on last year's 35,823 equivalent. More worrying and, indeed, more telling, however, is that the overall 33,491 figure is smaller than the 35,651 which attended the 2015 Munster final drawn game between Cork and Kerry at Fitzgerald Stadium. The replay crowd of 32,233 wasn't far off either from standing taller than the combined total from this year's five-game series. Of the two provincial football finals played on Sunday, the crowd in Killarney was less than half the 27,137 that paid in for Galway-Mayo in Castlebar. The Munster final crowd of 13,181, while bigger than the Kerry-Clare deciders of the past two years at Ennis (12,059) and Limerick (12,499) respectively, was still 59% down on the last non-Covid Munster football final - 2017- to take place in Killarney. It is now seven years - stretching back to the 2018 Cork-Kerry final at Páirc Uí Chaoimh - that a Munster football fixture has drawn a crowd in excess of 20,000. The average per game attendance for 2025 equates to a paltry 6,700. Writing in Sunday's match programme, Munster chairman Tim Murphy accepted there is a body of work to be done to make their provincial football championship more attractive than is currently the case. 'Over recent years much has been said and written about the competitiveness and non-competitiveness of Munster football. "The Munster Football Championship received a badly needed boost two weeks ago when we witnessed an exhilarating semi-final clash between Cork and Kerry. The game, which went to extra-time, had everything that is good about Gaelic Football. 'The new rules are certainly contributing to the improvements, but it is incumbent on us as a provincial council to review and consider what we can do better to further enhance Gaelic Football as a spectacle within Munster and create the conditions and structures necessary to improve and enhance the game for players and spectators alike. 'We will be discussing this and working on what we can do to achieve the best possible outcome over the coming weeks and months.'
