Repay Holdings Corp Revenue Disclosure
3. Revenue
Disaggregation of Revenue
The Company’s revenue is from two types of relationships: (i) direct relationships and (ii) indirect relationships. The following table presents the Company’s revenue disaggregated by segment and by the type of relationship for the years ended December 31, 2025, 2024, and 2023.
|
|
Year Ended December 31, 2025 |
|
|||||||||||||
($ in thousands) |
|
Consumer Payments |
|
|
Business Payments |
|
|
Elimination of intersegment revenues (1) |
|
|
Total |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct relationships (2) |
|
$ |
275,889 |
|
|
$ |
47,617 |
|
|
$ |
(25,036 |
) |
|
$ |
298,470 |
|
Indirect relationships |
|
|
9,995 |
|
|
|
796 |
|
|
|
— |
|
|
|
10,791 |
|
Total Revenue |
|
$ |
285,884 |
|
|
$ |
48,413 |
|
|
$ |
(25,036 |
) |
|
$ |
309,261 |
|
|
|
Year Ended December 31, 2024 |
|
|||||||||||||
($ in thousands) |
|
Consumer Payments |
|
|
Business Payments |
|
|
Elimination of intersegment revenues (1) |
|
|
Total |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct relationships (2) |
|
$ |
270,749 |
|
|
$ |
52,068 |
|
|
$ |
(20,847 |
) |
|
$ |
301,970 |
|
Indirect relationships |
|
|
10,217 |
|
|
|
855 |
|
|
|
— |
|
|
|
11,072 |
|
Total Revenue |
|
$ |
280,966 |
|
|
$ |
52,923 |
|
|
$ |
(20,847 |
) |
|
$ |
313,042 |
|
|
|
Year Ended December 31, 2023 |
|
|||||||||||||
($ in thousands) |
|
Consumer Payments |
|
|
Business Payments |
|
|
Elimination of intersegment revenues (1) |
|
|
Total |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct relationships (2) |
|
$ |
263,564 |
|
|
$ |
36,989 |
|
|
$ |
(17,139 |
) |
|
$ |
283,414 |
|
Indirect relationships |
|
|
12,144 |
|
|
|
1,069 |
|
|
|
— |
|
|
|
13,213 |
|
Total Revenue |
|
$ |
275,708 |
|
|
$ |
38,058 |
|
|
$ |
(17,139 |
) |
|
$ |
296,627 |
|
When the Company’s right to consideration for performance is contingent upon a future event or satisfaction of additional performance obligations, the amount of revenues the Company has recognized in excess of the amount the Company has billed to the client is recognized as a contract asset. The contract asset balance was $3.2 million and $1.7 million as of December 31, 2025 and 2024, respectively, and is included within Prepaid expenses and other in the Consolidated Balance Sheets.
As of December 31, 2025 and 2024, the Company recorded deferred commissions of $2.3 million and $0, net of amortization, respectively, within Other assets in the Consolidated Balance Sheets. The amortization of deferred commissions is recorded within Selling, general and administrative in the Consolidated Statements of Operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 9, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 16, 2020 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.