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Restructuring and Reorganization Charges

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Reorganization Charges

7. RESTRUCTURING AND REORGANIZATION CHARGES

During the first quarters of 2025 and 2024, we recorded restructuring and reorganization charges of $7.4 million and $2.0 million, respectively.

During the first quarter of 2025, we implemented the following restructuring and reorganizational activities:

•We reduced our global workforce by approximately 125 employees, as part of cost efficiency actions to optimize our capacity and better align our resources. As a result, we incurred restructuring charges related to involuntary terminations of $6.6 million.

•At the end of March 2025, we announced that we were going to close our design and delivery center in Crawfordville, Florida in August 2025. All processing volume currently done at this location will be transitioned to our two other design and delivery facilities. The closing of this facility will result in the elimination of approximately 100 employees in Florida, which will be done in phases beginning in June 2025, however, additional hires will be made at the other locations to absorb the additional volumes. The total estimated cost of this facility closure, to include involuntary termination costs, relocation costs, accelerated depreciation, and decommissioning work is expected to be approximately $5 million, and is expected to be incurred almost entirely during the remainder of 2025.

The activity in the restructuring and reorganization reserves during the first quarter of 2025 was as follows (in thousands):

		Termination Benefits				Other				Total
January 1, 2025, balance		$	1,202			$	2,520			$	3,722
Charged to expense during period			6,550				818				7,368
Cash payments			(5,264	)			(2,078	)			(7,342	)
Other			(348	)			-				(348	)
March 31, 2025, balance		$	2,140			$	1,260			$	3,400

During the first quarter of 2025, we paid $1.3 million related to the exit of a reseller agreement that was acquired with the acquisition of Forte Payment Systems, Inc. in 2018.

As of March 31, 2025, all restructuring and reorganization reserves were included in current liabilities.

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The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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