<SEC-DOCUMENT>0001193125-21-290510.txt : 20220105
<SEC-HEADER>0001193125-21-290510.hdr.sgml : 20220105
<ACCEPTANCE-DATETIME>20211004100801
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-290510
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20211004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Repay Holdings Corp
		CENTRAL INDEX KEY:			0001720592
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3 WEST PACES FERRY ROAD
		STREET 2:		SUITE 200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30305
		BUSINESS PHONE:		(404) 504-7474

	MAIL ADDRESS:	
		STREET 1:		3 WEST PACES FERRY ROAD
		STREET 2:		SUITE 200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Thunder Bridge Acquisition Ltd
		DATE OF NAME CHANGE:	20171024
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>SEC Response Letter</TITLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Troutman Pepper Hamilton Sanders LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">600
Peachtree Street NE, Suite 3000</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta, GA 30308-2216</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">troutman.com</P></TD>
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</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">October&nbsp;4, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR</U>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Suying Li and
Linda Cvrkel </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Repay Holdings Corporation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;1, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;2 to Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed May&nbsp;10, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item 2.02 Form <FONT STYLE="white-space:nowrap">8-K</FONT> Dated August&nbsp;9, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38531</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Repay
Holdings Corporation (the &#147;<B><I>Company</I></B>&#148; or &#147;<B><I>Repay</I></B>&#148;), we are submitting our response to the comments received from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange
Commission&#146;s (the &#147;<B><I>Commission</I></B>&#148;) Division of Corporation Finance (the &#147;<B><I>Division</I></B>&#148;) by letter dated September&nbsp;15, 2021, with respect to the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the fiscal year ended December&nbsp;31, 2020, filed with the Commission on March&nbsp;1, 2021 (the &#147;<B><I>Form</I></B><I> </I><B><I><FONT STYLE="white-space:nowrap">10-K</FONT></I></B>&#148;), the Amendment No.&nbsp;2 to Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2020, filed with the Commission on May&nbsp;10, 2021 (the &#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;2</I></B>&#148;) and Item 2.02 Form <FONT
STYLE="white-space:nowrap">8-K</FONT> dated August&nbsp;9, 2021 (the &#147;<B><I>Form <FONT STYLE="white-space:nowrap">8-K</FONT></I></B>&#148;), File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38531.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, our responses are prefaced by the exact text of the Staff&#146;s comments in bold, italicized text. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.&nbsp;2 to Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2020 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations <FONT STYLE="white-space:nowrap">Non-GAAP</FONT>
Financial Measures, page 31 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>1. You appear to have incurred legacy commission related charges in all periods presented. Please
tell us how you determined these payments for commission structure changes are not normal, recurring, cash operating expenses. Refer to Question 100.01 of the Division&#146;s <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures
Compliance and Disclosure Interpretations. </I></B></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S.</B><B> Securities and Exchange Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 4, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has considered Question 100.01 of the Division&#146;s <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures Compliance and Disclosure Interpretation, and respectfully advises the Staff that its commission restructuring charges are not normal operating expenses based on the nature of these
payments. Therefore, the Company believes it is appropriate that payments for commission restructuring charges be added back as a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the normal course of business, the Company&#146;s compensation arrangements with its sales representatives include a monthly commission
generally paid based on a percentage of monthly gross profit generated by the merchant contract sold by the representative. The monthly commission payment generally continues for a set period and/or the duration of the merchant contract with the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company may from time to time determine, solely in its discretion, that it is in the Company&#146;s best interests to settle
the commission to be paid over the course of a merchant contract (or group of merchant contracts) in exchange for a <FONT STYLE="white-space:nowrap">one-time</FONT> upfront cash payment. When that determination has been made, the Company may
approach certain representatives to negotiate and offer to buy out their commission arrangements. The candidates for such offers are typically those who sold a merchant contract which is expected to generate long-term, significant payment volume or
gross profit. These <FONT STYLE="white-space:nowrap">buy-outs</FONT> are a <FONT STYLE="white-space:nowrap">one-time</FONT> transaction covering a negotiated merchant contract portfolio, and are based on a negotiated multiple of the annual
commission expected to be paid as a result of the merchant contract portfolio. However, there is no set structure for these <FONT STYLE="white-space:nowrap">buy-outs.</FONT> In addition, the Company is neither obligated nor expected to extend a <FONT
STYLE="white-space:nowrap">buy-out</FONT> offer to any representative under the applicable terms of their commission arrangements. Representatives that are offered <FONT STYLE="white-space:nowrap">buy-outs</FONT> are not obligated or expected to
accept an offer, but may determine to do so if they prefer a <FONT STYLE="white-space:nowrap">one-time,</FONT> <FONT STYLE="white-space:nowrap">up-front</FONT> payment versus a commission stream over an extended period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company does not budget for commission <FONT STYLE="white-space:nowrap">buy-out/restructuring</FONT> occurrences. In addition, the Company
does not have a set criteria or time schedule for the selection of candidates for <FONT STYLE="white-space:nowrap">buy-out</FONT> offers, and it does not use a fixed formula to calculate the offer amounts. Lastly, as the final agreement on the <FONT
STYLE="white-space:nowrap">buy-out</FONT> amount is based on a negotiation, the Company has little visibility on the outcome of the <FONT STYLE="white-space:nowrap">buy-out</FONT> offer at the beginning of the process. Based on these factors and the
nature of the commission restructuring charges, the Company does not view these payments as normal operating expenses in the ordinary course of business and believes it is appropriate to add them back as part of its
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To provide additional clarification to investors, in future filings
the Company undertakes to revise the line-item description to read as &#147;Commission restructuring charges&#148; and the descriptive footnote would include the following: &#147;Represents fully discretionary charges incurred to restructure certain
sales representatives&#146; commission arrangements, by making a <FONT STYLE="white-space:nowrap">one-time</FONT> payment to the representative to buy out expected future monthly commission payments associated with a portfolio of customer contracts.
The commission restructuring transactions are subject to negotiation and therefore do not follow a fixed structure, timetable or standard terms. Neither the Company nor the representatives are obligated to offer or accept such restructuring of
commission arrangements.&#148; </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S.</B><B> Securities and Exchange Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 4, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>2. Please tell us why it is not necessary to provide an adjustment for the income tax
effects of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustments for the Successor Period from July&nbsp;11, 2019 through December&nbsp;31, 2019. We refer you to Question 102.11 of the Division&#146;s
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures Compliance and Disclosure Interpretations. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company
respectfully advises the Staff that the presentation of Adjusted Net Income without the income tax effect for the Successor Period from July&nbsp;11, 2019 to December&nbsp;31, 2019 was to ensure consistency and comparability of the same <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> results for the Predecessor Periods presented by the Company&#146;s accounting predecessor, Hawk Parent Holdings, LLC (&#147;<B><I>Hawk Parent</I></B>&#148;), when it filed its first Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filing for the year ended December&nbsp;31, 2019 on March&nbsp;16, 2020, and presented its financial results for both the Predecessor and Successor Periods as a result of the merger transaction between Hawk
Parent and Thunder Bridge Acquisitions, Ltd. completed on July&nbsp;11, 2019 (the &#147;<B><I>Merger Transaction</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company presented Adjusted Net Income as a <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measure for the first time when it disclosed its financial results as of and for the periods ended June&nbsp;30, 2019 on the Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed on August&nbsp;14, 2019. All periods presented were prior to the completion of the Merger Transaction. As a result, the historical financial statements and <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
financial measures of Hawk Parent, the Company&#146;s accounting predecessor, were included in the filing. The tax effect related to Adjusted Net Income was not applicable for the Predecessor Periods presented, as the Company&#146;s accounting
predecessor, Hawk Parent, was a pass-through entity for income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subsequently in its Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the third quarter of 2019 filed on November&nbsp;14, 2019, and Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2019 filed on March&nbsp;16, 2020, the Company
presented Total Pro Forma Adjusted Net Income by making <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustments on a total basis for three and nine months ended September&nbsp;30, 2019, and for the year ended December&nbsp;31, 2019,
respectively, combining the Predecessor Periods prior to July&nbsp;10, 2019 and the Successor Periods starting from July&nbsp;11, 2019. In addition, the Company presented Adjusted Net Income for the corresponding Predecessor Periods in 2018 in these
filings. In order to maintain consistency and comparability between the Predecessor and Successor Periods, and allow a meaningful presentation of total <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustments to calculate Adjusted Net Income for
the respective quarterly and annual periods to the investors, the Company decided to not include the tax effect for the Successor Periods starting from July&nbsp;11, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company further maintained this presentation for 2019 Adjusted Net Income as a comparative period in its 2020 quarterly and annual
filings. As the Company presented its <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> adjustments on a total basis combining Predecessor and Successor Periods in 2019, the Company believes not adjusting the tax effect separately for the Successor
Period from July&nbsp;11 to December&nbsp;31, 2019 presents the pro forma Adjusted Net Income for the full year of 2019 on the most consistent and comparable basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>3. Please tell us how you determined the shares of Class&nbsp;A common stock outstanding on an
<FONT STYLE="white-space:nowrap">as-converted</FONT> basis for all periods presented. </I></B></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S.</B><B> Securities and Exchange Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 4, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that shares of Class&nbsp;A common stock
outstanding on a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> basis were determined by adding the weighted average outstanding Post-Merger Repay Units, as defined in Amendment No.&nbsp;2 to Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the Fiscal Year ended December&nbsp;31, 2020, for the period presented, to the weighted average shares of Class&nbsp;A common stock outstanding for the period presented, as reported for that period on a GAAP basis. The methodology used for
calculating the weighted average outstanding Post-Merger Repay Units is the same as the methodology used for the GAAP Class&nbsp;A common stock as reported. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please see, below, the reconciliation of basic weighted average shares outstanding to the <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
Class&nbsp;A common stock outstanding on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis for each respective period. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,&nbsp;2020</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average shares of Class&nbsp;A common stock outstanding - basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,180,911</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Add: <FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</P></TD>
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<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average Post-Merger Repay Units exchangeable for Class&nbsp;A common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,192,195</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73,373,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,&nbsp;2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average shares of Class&nbsp;A common stock outstanding - basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35,731,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Add: <FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average Post-Merger Repay Units exchangeable for Class&nbsp;A common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,990,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59,721,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To provide additional clarification to investors, in future filings the Company undertakes to revise the
associated footnote as follows: &#147;Represents the weighted average number of shares of Class&nbsp;A common stock outstanding (on an <FONT STYLE="white-space:nowrap">as-converted</FONT> basis assuming conversion of outstanding Post-Merger Repay
Units) for the [applicable period(s)].&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Repay Holdings Corporation Consolidated Financial Statements </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Statements of Cash Flows, page 52 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>4. Please explain why the conversion of Thunder Bridge Class&nbsp;A ordinary shares into Class&nbsp;A common stock has been reflected as
a cash flow from financing activities in your consolidated statement of cash flows for the successor period from July&nbsp;11, 2019 to December&nbsp;31, 2019. It appears this transaction represents a <FONT STYLE="white-space:nowrap">non-cash</FONT>
financing activity pursuant to the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">250-10-50-3</FONT></FONT></FONT> and 4 which should not be reflected in your statement of cash
flows but separately disclosed in your supplemental disclosures of noncash investing and financing activities. Please advise or revise as appropriate. </I></B></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S.</B><B> Securities and Exchange Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 4, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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<IMG SRC="g219007dsp2.jpg" ALT="LOGO">
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This line item represents existing cash of Thunder Bridge Acquisition Ltd. as of the closing
of the Business Combination, as defined in Amendment No.&nbsp;2 to Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year ended December&nbsp;31, 2020. The conversion of Thunder Bridge Acquisition Ltd. Class&nbsp;A ordinary shares to
Class&nbsp;A common stock of Repay Holdings Corporation resulted in a change in classification of this cash from &#147;Cash and marketable securities held in Trust account&#148;, included in &#147;Other Assets&#148; for Thunder Bridge Acquisition
Ltd., to &#147;Cash and cash equivalents&#148; for Repay Holdings Corporation as of the closing of the Business Combination on July&nbsp;11, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will add further clarification in future filings by revising the line item to the following, &#147;Transfer of cash from trust upon
conversion of Thunder Bridge Class&nbsp;A ordinary shares&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item 2.02 Form <FONT STYLE="white-space:nowrap">8-K</FONT> Dated August&nbsp;9, 2021
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>5. You
present a &#147;gross profit&#148; measure that represents total revenue less other costs of services under the &#147;key operating and <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial data&#148; section. Please tell us whether this
&#147;gross profit&#148; measure is your GAAP gross profit and why you do not allocate depreciation and amortization to costs of services. If this measure is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, please: </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Revise the title used so it is distinguished from a GAAP financial measure;</I></B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Indicate that it is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure; and </I></B>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Provide the disclosure required by Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT>
</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it considers &#147;gross profit&#148; a GAAP measure. The
Company does not allocate depreciation and amortization to cost of revenue, as these costs are not related to revenue-generating long-lived and intangible assets. The Company operates in an established payment processing network environment and its
cost of revenue consists primarily of fee payments made to third-party processing service providers directly supporting the Company&#146;s payment processing activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As background, the vast majority of the Company&#146;s revenues relate to merchant transaction processing fees, which are earned when a
merchant&#146;s customer payment transaction is processed. The merchant customer&#146;s transaction requires the utilization of several parties in the payment chain, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Third-party processors, such as Total System Services Inc. (a subsidiary of Global Payments, Inc.);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Sponsor banks, who are members of the payment networks; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Payment networks, such as Visa, MasterCard and Discover; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Card-issuing banks, who issue the payment card to the consumer or merchant&#146;s customer.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Given the involvement of the various parties noted above, the Company relies on these third parties for infrastructure
hosting services and specific software or hardware used in providing the Company&#146;s services. Where the Company is the principal for services provided to the </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S.</B><B> Securities and Exchange Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 4, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
customer, it records revenue gross, with the payments to the third-parties reported in other cost of services. As such, the Company does not have any directly attributable deprecation or
amortization of long-lived and intangible assets to the transaction, as these are typically incurred by the third-party provider. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company&#146;s annual depreciation expense is minimal (approximately $1&nbsp;million for the 2020 financial year) and relates to property and equipment, in the form of furniture, fixtures and office equipment, computers and leasehold improvements.
These expenses are incurred in the ordinary course of business regardless of whether the Company is generating revenue. Given there is no direct relationship between the Company&#146;s depreciation expense and the Company&#146;s revenue, the Company
believes that depreciation should not be allocated to cost of services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s amortization expense (approximately
$60&nbsp;million for the year ended December&nbsp;31, 2020) relates to customer relationships, channel relationships, software costs and <FONT STYLE="white-space:nowrap">non-compete</FONT> agreements, the majority of which have arisen through the
Company&#146;s acquisitions. The amortization expense relates primarily to customer relationships and software costs, neither of which directly relates to the delivery of transaction processing services. As such, the Company believes that
amortization should not be allocated to cost of services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We appreciate the Staff&#146;s prompt comments and look forward to working with
you on this matter. The Staff is requested to direct any further questions regarding these filings and this letter to the undersigned at (404) <FONT STYLE="white-space:nowrap">885-3139.</FONT> Thank you. </P>
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<TD VALIGN="top">Respectfully Submitted,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David W. Ghegan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">David W. Ghegan</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tyler B. Dempsey, General Counsel </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Repay Holdings Corporation </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
