REPAY Holdings Corporation announced its third quarter 2024 financial results, reporting a 6% year-over-year increase in revenue to $79.1 million. Gross profit also saw a significant rise of 9% year-over-year, reaching $61.6 million for the quarter. The company achieved a net income of $3.2 million, a notable improvement from a net loss of $6.5 million in the prior year period.
Adjusted EBITDA for Q3 2024 grew by 10% year-over-year to $35.1 million, demonstrating profitable growth. Free Cash Flow experienced a substantial increase of 250% year-over-year, totaling $48.8 million. This strong cash generation led to a Free Cash Flow Conversion rate of 139% for the quarter.
The company updated its full-year 2024 outlook, raising its Free Cash Flow Conversion target from approximately 60% to approximately 65%. This revision reflects a one-time net working capital benefit during the year. The full-year outlook for revenue remains at $314 million to $320 million, gross profit at $245 million to $250 million, and Adjusted EBITDA at $139 million to $142 million.
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