RPAYMEDIUM SIGNALFINANCIAL10-K

RPAY shows a meaningful reduction in operating cash flow alongside substantial debt paydown and share count reduction.

The company reduced its total debt by $217 million while simultaneously decreasing its share count from 92.1 million to 85.9 million shares outstanding, suggesting active capital allocation focused on deleveraging and shareholder returns. However, the decline in operating cash flow raises questions about underlying business performance or timing of cash receipts.

Comparing 2026-03-09 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

RPAY's balance sheet shows significant deleveraging with total debt declining by $217 million to $280.1 million, while the company reduced share count by approximately 6.2 million shares. Operating cash flow decreased meaningfully from $150.1 million to $91.1 million, while cash and equivalents fell to $115.7 million from $189.5 million. The overall picture suggests an active capital allocation strategy prioritizing debt reduction and share repurchases, though the lower operating cash generation warrants monitoring of operational trends.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-71.1%
$989K→$286K

Capex reduced 71.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Debt
Balance Sheet
-43.6%
$496.8M→$280.1M

Debt reduced 43.6% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
-39.3%
$150.1M→$91.1M

Operating cash flow fell 39.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-39%
$189.5M→$115.7M

Cash declined 39% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Stockholders Equity
Balance Sheet
-36.4%
$761.3M→$484.4M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Share Buybacks
Cash Flow
-28.8%
$2.7M→$1.9M

Buyback activity reduced 28.8% — capital being redeployed elsewhere or cash conservation underway.

Current Assets
Balance Sheet
-28.5%
$275.2M→$196.8M

Current assets declined 28.5% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-23.7%
$1.6B→$1.2B

Total assets contracted 23.7% — asset sales, write-downs, or balance sheet optimization underway.

Total Liabilities
Balance Sheet
-10.1%
$798.7M→$718.0M

Liabilities reduced 10.1% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-09
PRIOR — 2025-03-03
ADDED
As of March 4, 2026, there wer e 85,880,982 shares of the registrant s Class A common stock, par value $0.0001 per share, outstanding (which number includes 3,711,051 of unvested restricted stock that have voting rights) and 100 shares of the registrant s Class V Common Stock, par value of $0.0001 per share, outstanding.
As of March 4, 2026, the holders of such outstanding shares of Class V common stock also ho ld 5,285,883 units in a subsidiary of the registrant and such units are exchangeable into shares of the registrant s Class A common stock on a one-for-one basis.
Our legacy business was founded as M A Ventures, LLC, a Georgia limited liability company doing business as REPAY: Realtime Electronic Payments ( REPAY LLC ), in 2006.
Hawk Parent was formed in 2016 in connection with the acquisition of a majority interest in the successor entity of REPAY LLC and its subsidiaries.
Our top 10 clients, with an average tenure of approximately seven years, contributed approximately 19% and 20% of total gross profit during the years ended December 31, 2025 and 2024, respectively.
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REMOVED
As of February 25, 2025, there wer e 92,108,318 shares of the registrant s Class A common stock, par value $0.0001 per share, outstanding (which number includes 3,310,117 of unvested restricted stock that have voting rights) and 100 shares of the registrant s Class V Common Stock, par value of $0.0001 per share, outstanding.
As of February 25, 2024, the holders of such outstanding shares of Class V common stock also hold 5,379,543 unit s in a subsidiary of the registrant and such units are exchangeable into shares of the registrant s Class A common stock on a one-for-one basis.
Our legacy business was founded as M A Ventures, LLC, a Georgia limited liability company doing business as REPAY: Realtime Electronic Payments ( REPAY LLC ), in 2006 by current executives John Morris and Shaler Alias.
Hawk Parent was formed in 2016 in connection with the acquisition of a majority interest in the successor entity of REPAY LLC and its subsidiaries by certain investment funds sponsored by, or affiliated with, Corsair Capital LLC.
Our top 10 clients, with an average tenure of approximately seven years, contributed approximately 20% and 18% of total gross profit during the year ended December 31, 2024 and 2023, respectively.
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