Restructuring and Reorganization Charges |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Reorganization Charges | 7. RESTRUCTURING AND REORGANIZATION CHARGES During the second quarters of 2025 and 2024, we recorded restructuring and reorganization charges of $4.6 million and $7.1 million, respectively, and for the six months ended June 30, 2025 and 2024, we recorded restructuring and reorganization charges of $12.0 million and $9.1 million, respectively. During the six months ended June 30, 2025, we implemented the following restructuring and reorganizational activities: • We reduced our global workforce by approximately 150 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 $7.7 million. • At the end of March 2025, we announced our plans to close our design and delivery center in Crawfordville, Florida in August 2025. All processing volumes done at this location are currently being 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 is occurring in phases beginning in June 2025. Additional hires will be made at the other locations to absorb the additional volumes. As of June 30, 2025, all impacted employees have been notified and the related severance costs are being accrued over each employee's respective service period, which resulted in $2.0 million of expense during the second quarter of 2025. The total estimated cost of this facility closure, to include involuntary termination benefits, relocation costs, accelerated depreciation, and decommissioning work is expected to be approximately $5 million. As of June 30, 2025 we have incurred total expenses of $3.2 million, with the majority of the remaining costs expected to be incurred during the remainder of 2025. The activity in the restructuring and reorganization reserves during the six months ended June 30, 2025 was as follows (in thousands):
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 June 30, 2025, all restructuring and reorganization reserves were included in current liabilities. |
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