What caused RPAY's significant earnings miss in Q4?

Repay Holdings Corp. (RPAY) experienced a significant earnings miss in Q4 due to several factors:

1. **Revenue Shortfall**: The company's total revenue for Q4 was $78.27 million, which was slightly below the street estimates. This shortfall was primarily attributed to a slowdown in the Consumer Payments segment and a loss of a significant RCS client.
2. **Consumer Payments Segment Challenges**: The Consumer Payments segment reported only a 2% gross profit growth in Q3, indicating slower growth compared to other segments. This underperformance was largely attributed to normalizing consumer spending trends and affordability pressures, particularly impacting the auto and credit union verticals. Despite these headwinds, the company continued to win new clients, especially in the large enterprise segment.
3. **Business Payments Segment Impact**: There were delays in enterprise client implementations, which impacted growth in the consumer payments segment. Additionally, corporate spending patterns led to lower volumes in certain pockets of existing clients within the business payments segment.

In summary, RPAY's significant earnings miss in Q4 was caused by a combination of factors including lower-than-expected revenue, challenges in the Consumer Payments segment, and delays in enterprise client implementations.