23 unchanged sentences
We cannot assure you that future developments affecting us will be those that we have anticipated.
−Removed: These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions, including the risk factors set forth in the " Item 1A - Risk Factors " section of this Quarterly Report on Form 10-Q or our Annual Report on Form 10-K, that may cause our actual results or performance to
−Removed: be materially different from those expressed or implied by these forward-looking statements.
+Added: These forward-looking statements involve a number of risks, uncertainties (some of
+Added: which are beyond our control) or other assumptions, including the risk factors set forth in the " Item 1A - Risk Factors " section of this Quarterly Report on Form 10-Q or our Annual Report on Form 10-K, that may cause our actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
10 unchanged sentences
Results of Operations
−Removed: This section includes certain components of our results of operations for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
+Added: This section includes certain components of our results of operations for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
We have derived this data, except the key indicators, from our Unaudited Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q and our Audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.
−Removed: For the three months ended March 31, 2025, our consolidated revenue of $224.6 million increased by $18.9 million, or 9.2%, from $205.7 million for the three months ended March 31, 2024.
−Removed: This overall increase was mainly driven by increase in merchant bankcard dollar value and total card dollar value processed in our SMB Payments segment, an increase in new enrollments and higher interest income in our Enterprise Payments segment and, an increase in issuing volume in our B2B Payments Segment.
+Added: For the three months ended June 30, 2025, our consolidated revenue of $239.8 million increased by $19.9 million, or 9.1%, from $219.9 million for the three months ended June 30, 2024.
+Added: This overall increase was mainly driven by increase in merchant bankcard dollar value and total card dollar value processed in our SMB Payments segment, an increase in new enrollments and higher interest income in our Enterprise Payments segment and, an increase in incentive income and, increased processing volume in our B2B Payments Segment, which was partially offset by a decrease in issuing volume.
+Added: For the six months ended June 30, 2025, our consolidated revenue of $464.4 million increased by $38.9 million, or 9.1%, from $425.6 million for the six months ended June 30, 2024.
+Added: This overall increase was mainly driven by increase in merchant bankcard dollar value and total card dollar value processed in our SMB Payments segment, an increase in new enrollments and higher interest income in our Enterprise Payments segment and, an increase in incentive income and, increased processing volume in our B2B Payments Segment, which was partially offset by a decrease in issuing volume.
The following table presents our revenues by type:
−Removed: (in thousands) Three Months Ended March 31,
−Removed: 2025 2024 $ Change
+Added: (in thousands) Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 $ Change 2025 2024 $ Change
Revenue Type:
5 unchanged sentences
Merchant card fees
−Removed: Merchant card fees revenue for the three months ended March 31, 2025 was $167.1 million an increase of $9.1 million or 5.8%, from $157.9 million for the three months ended March 31, 2024.
+Added: Merchant card fees revenue for the three months ended June 30, 2025 was $180.5 million an increase of $11.2 million or 6.6%, from $169.2 million for the three months ended June 30, 2024.
The increase was primarily driven by an increase in merchant bankcard value, total card value, and the transaction count processed by the Company.
+Added: Merchant card fees revenue for the six months ended June 30, 2025 was $347.6 million an increase of $20.4 million or 6.2%, from $327.2 million for the six months ended June 30, 2024.
+Added: The increase was primarily driven by an increase in merchant bankcard value, total card value, and the transaction count processed by the Company.
Money transmission services
−Removed: Money transmission services for the three months ended March 31, 2025 was $37.4 million, an increase of $8.3 million, or 28.5%, from $29.1 million for the three months ended March 31, 2024.
+Added: Money transmission services for the three months ended June 30, 2025 was $39.3 million, an increase of $7.9 million, or 25.3%, from $31.3 million for the three months ended June 30, 2024.
This increase was primarily driven by an increase in new customer enrollments and average billed clients.
+Added: Money transmission services for the six months ended June 30, 2025 was $76.7 million, an increase of $16.2 million, or 26.8%, from $60.5 million for the six months ended June 30, 2024.
+Added: This increase was primarily driven by an increase in new customer enrollments and average billed clients.
Outsourced services and other services revenue
−Removed: Outsourced services and other services revenue of $17.0 million for the three months ended March 31, 2025 increased by $1.3 million, or 8.5%, from $15.7 million for the three months ended March 31, 2024, primarily due to growth in interest income due to higher balances of permissible investments offset by reduction in interest rates.
−Removed: Equipment revenue of $3.1 million for the three months ended March 31, 2025 increased by $0.1 million, or 4.6% from $3.0 million for the three months ended March 31, 2024.
+Added: Outsourced services and other services revenue of $16.9 million for the three months ended June 30, 2025 increased by $0.6 million, or 3.7%, from $16.3 million for the three months ended June 30, 2024, primarily due to growth in interest income due to higher balances of permissible investments offset by reduction in interest rates.
+Added: Outsourced services and other services revenue of $33.9 million for the six months ended June 30, 2025 increased by $1.9 million, or 6.1%, from $31.9 million for the six months ended June 30, 2024, primarily due to growth in interest income due to higher balances of permissible investments offset by reduction in interest rates.
+Added: Equipment revenue of $3.2 million for the three months ended June 30, 2025 increased by $0.2 million, or 5.9% from $3.0 million for the three months ended June 30, 2024.
The increase was primarily due to increased sales of point-of-sale equipment.
+Added: Equipment revenue of $6.3 million for the six months ended June 30, 2025 increased by $0.3 million, or 5.3% from $6.0 million for the six months ended June 30, 2024.
+Added: The increase was primarily due to increased sales of point-of-sale equipment.
Operating expenses were as follows:
−Removed: (in thousands) Three Months Ended March 31,
−Removed: 2025 2024 $ Change
+Added: (in thousands) Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 $ Change 2025 2024 $ Change
Operating expenses
5 unchanged sentences
Cost of revenue (excludes depreciation and amortization)
−Removed: Cost of revenue (excludes depreciation and amortization) of $137.4 million for the three months ended March 31, 2025 increased by $8.1 million, or 6.2%, from $129.3 million for the three months ended March 31, 2024, primarily due to the corresponding increase in revenues offset by recovery of certain bad debts.
+Added: Cost of revenue (excludes depreciation and amortization) of $147.4 million for the three months ended June 30, 2025 increased by $9.3 million, or 6.7%, from $138.1 million for the three months ended June 30, 2024, primarily due to the corresponding increase in revenues.
+Added: Cost of revenue (excludes depreciation and amortization) of $284.8 million for the six months ended June 30, 2025 increased by $17.3 million, or 6.5%, from $267.4 million for the six months ended June 30, 2024, primarily due to the corresponding increase in revenues offset by recovery of certain bad debts.
Salary and employee benefits
−Removed: Salary and employee benefits expense of $25.8 million for the three months ended March 31, 2025 increased by $3.6 million, or 16.4%, from $22.2 million for the three months ended March 31, 2024, primarily due to merit increases and increased headcount to support the overall growth of the Company.
+Added: Salary and employee benefits expense of $27.1 million for the three months ended June 30, 2025 increased by $4.9 million, or 22.3%, from $22.1 million for the three months ended June 30, 2024, primarily due to merit increases, increased headcount to support overall growth of the Company and from the acquisition of the Letus business, and increased stock based compensation related to long term incentive awards to executives.
+Added: Salary and employee benefits expense of $52.8 million for the six months ended June 30, 2025 increased by $8.6 million, or 19.3%, from $44.3 million for the six months ended June 30, 2024, primarily due to merit increases, increased headcount to support overall growth of the Company and from the acquisition of the Letus business, and increased stock based compensation related to long term incentive awards to executives.
Depreciation and amortization expense
−Removed: Depreciation and amortization expense of $13.8 million for the three months ended March 31, 2025 decreased by $1.5 million, or 9.7%, from $15.3 million for the three months ended March 31, 2024, primarily due to full amortization of certain intangible assets.
+Added: Depreciation and amortization expense of $14.1 million for the three months ended June 30, 2025 decreased by $1.2 million, or 7.6%, from $15.2 million for the three months ended June 30, 2024, primarily due to full amortization of certain intangible assets.
+Added: Depreciation and amortization expense of $27.9 million for the six months ended June 30, 2025 decreased by $2.6 million, or 8.6%, from $30.5 million for the six months ended June 30, 2024, primarily due to full amortization of certain intangible assets.
Selling, general and administrative
−Removed: Selling, general and administrative expenses of $15.1 million for the three months ended March 31, 2025 increased by $4.1 million, or 37.3%, from $11.0 million for the three months ended March 31, 2024, primarily due to increase in professional charges related to SOX compliance, increased marketing and software expenses to support overall growth, and legal expenses related to the Company's secondary offering of common shares.
+Added: Selling, general and administrative expenses of $13.9 million for the three months ended June 30, 2025 increased by $2.7 million, or 24.1%, from $11.2 million for the three months ended June 30, 2024, primarily due to increase in professional charges related to SOX compliance and increased marketing and software expenses to support overall growth.
+Added: Selling, general and administrative expenses of $29.0 million for the six months ended June 30, 2025 increased by $6.8 million, or 30.6%, from $22.2 million for the six months ended June 30, 2024, primarily due to increase in professional charges related to SOX compliance, increased marketing and software expenses to support overall growth, and legal expenses related to the Company's secondary offering of common shares and the Letus business acquisition.
Other Expense, net
Other expense, net were as follows:
−Removed: (in thousands) Three Months Ended March 31,
−Removed: 2025 2024 $ Change
+Added: (in thousands) Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 $ Change 2025 2024 $ Change
Other (expense) income
4 unchanged sentences
Interest expense
−Removed: Interest expense of $23.2 million for the three months ended March 31, 2025 increased by $2.3 million, or 11.0%, from $20.9 million for the three months ended March 31, 2024, due to increased outstanding balance of the term loan facility used for the redemption of redeemable senior preferred stock, offset by decrease in interest rates.
+Added: Interest expense of $23.1 million for the three months ended June 30, 2025 increased by $1.3 million, or 6.2%, from $21.7 million for the three months ended June 30, 2024, due to increased outstanding balance of the term loan facility used for the redemption of redeemable senior preferred stock, offset by decrease in interest rates.
+Added: Interest expense of $46.2 million for the six months ended June 30, 2025 increased by $3.6 million, or 8.5%, from $42.6 million for the six months ended June 30, 2024, due to increased outstanding balance of the term loan facility used for the redemption of redeemable senior preferred stock, offset by decrease in interest rates.
Income tax (benefit) expense
Income tax expense was as follows:
−Removed: (in thousands) Three Months Ended March 31,
−Removed: 2025 2024 $ Change
+Added: (in thousands) Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 $ Change 2025 2024 $ Change
Income before income taxes $ 15,302 $ 3,509 $ 11,793 $ 25,820 $ 11,284 $ 14,536
6 unchanged sentences
The consolidated effective income tax rate for 2025 may not be indicative of our effective tax rate for future periods.
+Added: On July 4, 2025, the U.S.
+Added: government enacted legislation know as the One Big Beautiful Bill Act into law.
+Added: The OBBBA, among other provisions, extends or reinstates certain provisions of the 2017 Tax Cuts and Jobs Act (TCJA), including but not limited to, 100% bonus depreciation on eligible property, immediate expensing of domestic research and development costs, and the restoration of an EBITDA based interest expense limitation calculation.
+Added: We are in the process of evaluating the provisions of the OBBBA, and their impact on the Company's financial statements.
Segment Results
−Removed: The CODM's review of segment performance and allocation of resources are based on the Adjusted EBITDA (a non-GAAP financial measure).
−Removed: Adjusted EBITDA at each segment level includes revenues of the segment, less costs of revenue (excluding
−Removed: depreciation and amortization) and operating expenses that are directly related those revenues.
+Added: The CODM's review of segment performance and allocation of resources are based on Adjusted EBITDA (a non-GAAP financial measure).
+Added: Adjusted EBITDA at each segment level includes revenues of the segment, less costs of revenue (excluding depreciation and amortization) and operating expenses that are directly related those revenues.
Operating overhead and shared costs are managed centrally and included in corporate segment.
This non-GAAP financial measure helps to illustrate the underlying financial and business trends relating to results of operations of the Company and therefore used as a measure of segment profit or loss for the purposes of evaluation of segment performance and allocation of resources.
−Removed: (in thousands) Three Months Ended March 31,
−Removed: 2025 2024 Change
+Added: (in thousands) Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 Change 2025 2024 Change
Revenues $ 163,230 $ 155,101 $ 8,129 $ 314,920 $ 299,105 $ 15,815
4 unchanged sentences
Total card processing dollar value $ 18,667,898 $ 18,253,900 $ 413,998 $ 36,353,389 $ 35,352,661 $ 1,000,728
−Removed: Revenue from our SMB Payments segment was $151.7 million for the three months ended March 31, 2025, compared to $144.0 million for the three months ended March 31, 2024.
+Added: Revenue from our SMB Payments segment was $163.2 million for the three months ended June 30, 2025, compared to $155.1 million for the three months ended June 30, 2024.
The increase of $8.1 million, or 5.2%, was primarily driven by an increase in merchant card fee rate, increased card processing dollar value, and transaction count increases.
−Removed: The Company's merchant card fee revenue from the SMB Payments segment ($147.5 million for the three months ended March 31 2025 and $139.8 million for the three months ended March 31, 2024) as a percentage of merchant bankcard processing dollar value during the three months ended March 31, 2025 increased to 0.96% from 0.94% as compared to the three months ended March 31, 2024.
+Added: The Company's merchant card fee revenue from the SMB Payments segment ($158.8 million for the three months ended June 30, 2025 and $150.7 million for the three months ended June 30, 2024) as a percentage of total card processing dollar value during the three months ended June 30, 2025 increased to 0.85% from 0.83% as compared to the three months ended June 30, 2024.
+Added: Revenue from our SMB Payments segment was $314.9 million for the six months ended June 30, 2025, compared to $299.1 million for the six months ended June 30, 2024.
+Added: The increase of $15.8 million, or 5.3%, was primarily driven by an increase in merchant card fee rate, increased card processing dollar value, and transaction count increases.
+Added: The Company's merchant card fee revenue from the SMB Payments segment ($306.3 million for the six months ended June 30, 2025 and $290.5 million for the six months ended June 30, 2024) as a percentage of total card processing dollar value during the six months ended June 30, 2025 increased to 0.84% from 0.82% as compared to the six months ended June 30, 2024.
Adjusted EBITDA
−Removed: Adjusted EBITDA from our SMB Payments segment was $25.7 million for the three months ended March 31, 2025, compared to $25.0 million for the three months ended March 31, 2024.
−Removed: The increase of $0.7 million, or 2.7% was primarily driven by an increase in revenue, and recovery of certain chargeback losses, offset by mix related margin compression and other operating expenses.
−Removed: (in thousands) Three Months Ended March 31,
−Removed: 2025 2024 Change
+Added: Adjusted EBITDA from our SMB Payments segment was $27.7 million for the three months ended June 30, 2025, compared to $28.6 million for the three months ended June 30, 2024.
+Added: The decrease of $0.8 million, or 3.0% was primarily driven by an increase in revenue, offset by mix related margin compression and other operating expenses.
+Added: Adjusted EBITDA from our SMB Payments segment was $53.5 million for the six months ended June 30, 2025, compared to $53.6 million for the six months ended June 30, 2024.
+Added: The decrease of $0.2 million, or 0.3% was primarily driven by an increase in revenue, and recovery of certain chargeback losses, offset by mix related margin compression and other operating expenses.
+Added: (in thousands) Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 Change 2025 2024 Change
Revenues $ 25,033 $ 21,881 $ 3,152 $ 48,951 $ 43,225 $ 5,726
3 unchanged sentences
B2B issuing transaction count 223 242 (19) 434 482 (48)
−Removed: Revenue from our B2B Payments segment was $23.9 million for the three months ended March 31, 2025, compared to $21.3 million for the three months ended March 31, 2024.
−Removed: The increase of $2.6 million, or 12.1% was primarily driven by increase in issuing dollar volume in the CPX business and total card volume processed by Plastiq business.
+Added: Revenue from our B2B Payments segment was $25.0 million for the three months ended June 30, 2025, compared to $21.9 million for the three months ended June 30, 2024.
+Added: The increase of $3.2 million, or 14.4% was primarily driven by increases in total card volume processed and certain incentive income offset by decreases in issuing dollar volume and issuing transaction count.
+Added: Revenue from our B2B Payments segment was $49.0 million for the six months ended June 30, 2025, compared to $43.2 million for the six months ended June 30, 2024.
+Added: The increase of $5.7 million, or 13.2% was primarily driven by increases in total card volume processed and certain incentive income offset by decreases in issuing dollar volume and issuing transaction count.
Adjusted EBITDA
−Removed: Adjusted EBITDA from our B2B Payments segment of $3.5 million for the three months ended March 31, 2025, compared to $1.7 million for the three months ended March 31, 2024.The increase in Adjusted EBITDA of $1.8 million or 101.3% was contributed by $0.5 million in the CPX business and $1.3 million in the Plastiq business.
+Added: Adjusted EBITDA from our B2B Payments segment of $3.8 million for the three months ended June 30, 2025, compared to $1.5 million for the three months ended June 30, 2024.The increase in Adjusted EBITDA of $2.2 million or 146.4% was contributed by $0.9 million in the supplier funded business (driven by incentive income) and $1.3 million in the buyer funded business (driven by increased processing volume).
+Added: Adjusted EBITDA from our B2B Payments segment of $7.3 million for the six months ended June 30, 2025, compared to $3.3 million for the six months ended June 30, 2024.The increase in Adjusted EBITDA of $4.0 million or 122.4% was contributed by $1.4 million in the supplier funded business (driven by incentive income) and $2.6 million in the buyer funded business (driven by increased processing volume).
Enterprise Payments
−Removed: (in thousands) Three Months Ended March 31,
−Removed: 2025 2024 Change
+Added: (in thousands) Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 Change 2025 2024 Change
Revenues $ 52,658 $ 43,670 $ 8,988 $ 102,746 $ 84,660 $ 18,086
3 unchanged sentences
Average CFTPay new enrollments 57,818 55,416 2,402 56,882 54,484 2,398
−Removed: Revenue from our Enterprise Payments segment was $50.1 million for the three months ended March 31, 2025, compared to $41.0 million for the three months ended March 31, 2024.
−Removed: The increase of $9.1 million, or 22.2%, was primarily driven by an increase in billed clients and new customer enrollments, the addition of new integrated partners and growth in interest income due to higher balances of permissible investments offset by reduction in interest rates.
+Added: Revenue from our Enterprise Payments segment was $52.7 million for the three months ended June 30, 2025, compared to $43.7 million for the three months ended June 30, 2024.
+Added: The increase of $9.0 million, or 20.6%, was primarily driven by an increase in billed clients and new customer enrollments, the addition of new integrated partners, acquisition of the Letus business, and growth in interest income due to higher balances of permissible investments offset by reduction in interest rates.
+Added: Revenue from our Enterprise Payments segment was $102.7 million for the six months ended June 30, 2025, compared to $84.7 million for the six months ended June 30, 2024.
+Added: The increase of $18.1 million, or 21.4%, was primarily driven by an increase in billed clients and new customer enrollments, the addition of new integrated partners, acquisition of the Letus business, and growth in interest income due to higher balances of permissible investments offset by reduction in interest rates.
Adjusted EBITDA
−Removed: Adjusted EBITDA from our Enterprise Payments segment was $42.4 million for the three months ended March 31, 2025, compared to $34.7 million for the three months ended March 31, 2024.
+Added: Adjusted EBITDA from our Enterprise Payments segment was $45.6 million for the three months ended June 30, 2025, compared to $37.2 million for the three months ended June 30, 2024.
The increase of $8.3 million, or 22.3%, was primarily driven by increases in revenues.
−Removed: Three Months Ended March 31, 2025
+Added: Adjusted EBITDA from our Enterprise Payments segment was $88.0 million for the six months ended June 30, 2025, compared to $72.0 million for the six months ended June 30, 2024.
+Added: The increase of $16.0 million, or 22.3%, was primarily driven by increases in revenues.
+Added: Three Months Ended June 30, 2025
SMB Payments B2B Payments Enterprise Payments Corporate Total Consolidated
3 unchanged sentences
Depreciation and amortization (6,633) (1,262) (4,941) (1,257) (14,093)
+Added: Selling, general and administrative (non-recurring) — — — (395) (395)
+Added: Non-cash stock based compensation 5 (84) (33) (3,094) (3,206)
+Added: Income (loss) before taxes $ 21,121 $ 1,634 $ 40,341 $ (47,794) $ 15,302
+Added: Income tax expense (4,423)
+Added: Net income $ 10,879
+Added: Three Months Ended June 30, 2024
+Added: SMB Payments B2B Payments Enterprise Payments Corporate Total Consolidated
+Added: Reconciliation of Adjusted EBITDA to GAAP Measure:
+Added: Adjusted EBITDA $ 28,597 $ 1,530 $ 37,244 $ (15,820) $ 51,551
+Added: Interest expense — (1,241) — (20,469) (21,710)
+Added: Depreciation and amortization (8,541) (1,261) (4,087) (1,355) (15,244)
Debt modification and extinguishment expenses — — — (8,623) (8,623)
1 unchanged sentence
Non-cash stock based compensation (4) (109) (32) (1,684) (1,829)
−Removed: Income before taxes $ 19,076 $ 1,165 $ 37,768 $ (47,491) $ 10,518
+Added: Income (loss) before taxes $ 20,052 $ (1,081) $ 33,125 $ (48,587) $ 3,509
Income tax expense (2,515)
Net income $ 994
−Removed: Three Months Ended March 31, 2024
+Added: Six Months Ended June 30, 2025
SMB Payments B2B Payments Enterprise Payments Corporate Total Consolidated
3 unchanged sentences
Depreciation and amortization (13,258) (2,523) (9,583) (2,506) (27,870)
+Added: Debt modification and extinguishment expenses — — — (38) (38)
Selling, general and administrative (non-recurring) — — — (2,594) (2,594)
Non-cash stock based compensation 1 (168) (65) (4,560) (4,792)
−Removed: Income before taxes $ 16,432 $ (814) $ 30,656 $ (38,499) $ 7,775
+Added: Income (loss) before taxes $ 40,197 $ 2,799 $ 78,110 $ (95,286) $ 25,820
Income tax expense (6,673)
Net income $ 19,147
+Added: Six Months Ended June 30, 2024
+Added: SMB Payments B2B Payments Enterprise Payments Corporate Total Consolidated
+Added: Reconciliation of Adjusted EBITDA to GAAP Measure:
+Added: Adjusted EBITDA $ 53,620 $ 3,276 $ 71,971 $ (30,976) $ 97,891
+Added: Interest expense — (2,214) — (40,376) (42,590)
+Added: Depreciation and amortization (17,127) (2,731) (8,126) (2,513) (30,497)
+Added: Debt modification and extinguishment expenses — — — (8,623) (8,623)
+Added: Selling, general and administrative (non-recurring) — — — (1,435) (1,435)
+Added: Non-cash stock based compensation (8) (227) (65) (3,162) (3,462)
+Added: Income (loss) before taxes $ 36,485 $ (1,896) $ 63,780 $ (87,085) $ 11,284
+Added: Income tax expense (5,097)
+Added: Net income $ 6,187
Critical Accounting Policies and Estimates
1 unchanged sentence
Our critical accounting policies and estimates are discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024.
−Removed: There have been no material changes to these critical accounting policies and estimates as of March 31, 2025.
+Added: There have been no material changes to these critical accounting policies and estimates as of June 30, 2025.
Liquidity and Capital Resources
3 unchanged sentences
Our principal uses of cash are to fund business operations and administrative costs, and to service our debt.
−Removed: Our working capital, defined as current assets less current liabilities, was $61.9 million at March 31, 2025 and $32.4 million at March 31, 2024.
−Removed: As of March 31, 2025, we had cash totaling $47.6 million compared to $34.3 million at March 31, 2024.
−Removed: These cash balances do not include restricted cash of $11.5 million and $12.7 million at March 31, 2025 and March 31, 2024, respectively, which reflects cash accounts holding customer settlement funds and cash reserves for potential losses.
−Removed: The current portion of long-term debt included in current liabilities was $1.9 million and $6.7 million at March 31, 2025 and March 31, 2024, respectively.
−Removed: At March 31, 2025, we had availability of approximately $70.0 million under our revolving credit facility.
−Removed: The following table and discussion reflect our changes in cash flows for the comparative three month periods.
−Removed: Three Months Ended March 31,
+Added: Our working capital, defined as current assets less current liabilities, was $76.7 million at June 30, 2025 and $23.6 million at June 30, 2024.
+Added: As of June 30, 2025, we had cash totaling $50.6 million compared to $34.6 million at June 30, 2024.
+Added: These cash balances do not include restricted cash of $14.2 million and $12.6 million at June 30, 2025 and June 30, 2024, respectively, which reflects cash accounts holding customer settlement funds and cash reserves for potential losses.
+Added: The current portion of long-term debt included in current liabilities was $4.3 million and $8.4 million at June 30, 2025 and June 30, 2024, respectively.
+Added: At June 30, 2025, we had availability of approximately $70.0 million under our revolving credit facility.
+Added: The following table and discussion reflect our changes in cash flows for the comparative six month periods.
+Added: Six Months Ended June 30,
(in thousands) 2025 2024
5 unchanged sentences
Cash Provided by Operating Activities
−Removed: Net cash provided by operating activities was $10.0 million for the three months ended March 31, 2025 compared to $13.3 million for the three months ended March 31, 2024.
−Removed: The $3.3 million decrease was primarily driven by changes in the operating assets and liabilities.
+Added: Net cash provided by operating activities was $27.1 million for the six months ended June 30, 2025 compared to $42.0 million for the six months ended June 30, 2024.
+Added: The $14.9 million decrease was primarily driven by a decrease in interest expense and changes in the operating assets and liabilities.
Cash Used in Investing Activities
−Removed: Net cash used in investing activities was $9.7 million and $7.7 million for the three months ended March 31, 2025 and 2024, respectively.
−Removed: For the three months ended March 31, 2025, investing activities included additions to property, equipment and software of $5.1 million, $0.1 million related to net funding of new loans to ISOs and $4.5 million related to the acquisition of a business.
−Removed: For the three months ended March 31, 2024, net cash used in investing activities included additions to property, equipment and software of $6.6 million and $1.1 million related funding of new loans to ISOs.
−Removed: Cash Provided by (Used in) Financing Activities
−Removed: Net cash provided by financing activities was $47.3 million for the three months ended March 31, 2025, compared to $10.3 million of cash used in financing activities for the three months ended March 31, 2024.
−Removed: The net cash used in financing activities for the three months ended March 31, 2025 included changes in the net obligations for funds held on the behalf of customers of $59.1 million and proceeds from the exercise of stock options of $0.1 million offset by $10.0 million of cashed used for the unscheduled repayment of the term loan principal, $1.5 million of cash used for shares withheld for taxes and $0.4 million of payments of contingent consideration.
−Removed: The net cash used in financing activities for the three months ended March 31, 2024 included changes in the net obligations for funds held on the behalf of customers of $1.9 million, offset by $1.7 million of cash used for the repayment of debt, $7.0 million of cash dividends paid to redeemable senior preferred stockholders, $0.4 million of cash used for shares withheld for taxes and $3.1 million of payments of contingent consideration.
+Added: Net cash used in investing activities was $21.1 million and $20.6 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: For the six months ended June 30, 2025, investing activities included additions to property, equipment and software of $13.0 million, $1.4 million related to net funding of new loans to ISOs, $4.5 million related to the acquisition of a business and $2.3 million investments in unconsolidated entities.
+Added: For the six months ended June 30, 2024, net cash used in investing activities included additions to property, equipment and software of $11.7 million, $1.4 million related funding of new loans to ISOs and $7.5 million related to the acquisition of intangible assets and an investment in an unconsolidated entity.
+Added: Cash Provided by Financing Activities
+Added: Net cash provided by financing activities was $178.1 million for the six months ended June 30, 2025, compared to $18.1 million of cash used in financing activities for the six months ended June 30, 2024.
+Added: The net cash provided by financing activities for the six months ended June 30, 2025 included changes in the net obligations for funds held on the behalf of customers of $190.9 million and proceeds from the exercise of stock options of $0.3 million offset by $10.0 million of cash used for the unscheduled repayment of the term loan principal, $2.3 million of cash used to purchase shares withheld for taxes and $0.8 million for payments of deferred consideration.
+Added: The net cash provided by financing activities for the six months ended June 30, 2024 included changes in the net obligations for funds held on the behalf of customers of $40.9 million, and borrowings under the 2024 Credit Agreement net of issue discounts of $830.2 million, offset by $661.9 million of cash used for the repayment of the principal of the 2021 Credit Agreement and debt issuance and modification costs related to the refinancing, $167.8 million related to the redemption of senior preferred stock and accumulated unpaid dividend, $2.1 million for the redemption of redeemable NCI in subsidiary, $16.4 million of cash dividends paid to redeemable senior preferred stockholders, $0.6 million of cash used for shares withheld for taxes and $4.2 million of payments of contingent/deferred consideration.
Long-term Debt
−Removed: As of March 31, 2025, we had outstanding debt obligations, including the current portion and net of unamortized debt discount of $935.5 million, compared to $945.5 million at December 31, 2024, resulting in a decrease of $10.0 million .
−Removed: The decrease is to an unscheduled principal payment.
−Removed: The debt balance at March 31, 2025 consisted of $935.5 million outstanding under the term facility offset by $14.7 million of unamortized debt discounts and issuance costs.
+Added: As of June 30, 2025, we had outstanding debt obligations, including the current portion and net of unamortized debt discount of $935.5 million, compared to $945.5 million at December 31, 2024, resulting in a decrease of $10.0 million .
+Added: The decrease is related to an unscheduled principal payment.
+Added: The debt balance at June 30, 2025 consisted of $935.5 million outstanding under the term facility offset by $14.3 million of unamortized debt discounts and issuance costs.
Minimum amortization of the term facility are equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal, with the balance paid upon maturity.
6 unchanged sentences
2) 6.40:1.00 at each fiscal quarter ended March 31, 2026 and each fiscal quarter thereafter.
−Removed: As of March 31, 2025, the Company was in compliance with the covenants in the 2024 Credit Agreement.
+Added: As of June 30, 2025, the Company was in compliance with the covenants in the 2024 Credit Agreement.
Effect of New Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.