Graphjet Technology Provides Update on Current Events
During the current year, the Company has seen changes to its shareholders whereby the new controlling shareholder, Mr. Aiden, Lee has made numerous contributions to the Company, including providing funds to fund the transformation of the Company. With the funds received from Mr. Aiden Lee, the Company was able to complete its audit for the fiscal year September 30, 2024, albeit later than anticipated due to unforeseen circumstances.
The Company has made plans to address the current non-compliances with the Nasdaq listing requirements. The Company has and will continue to engage an experienced accounting services firm, to advise the Company and ensure speedy completion of the Form 10Qs for the December 31, 2024 and March 31, 2025. The completion of the Form 10Qs will allow the Company to take necessary measures to raise funds to further expand the capacity and capabilities of the Company.
A hearing before the Nasdaq Hearings Panel from The Nasdaq Stock Market LLC has been scheduled for July 17, 2025, during which the Company will appeal the delisting determination due to the non-compliances with the Nasdaq listing requirements. However, there can be no assurance that the Company will get a favorable outcome.
The Company will also be holding a shareholders' meeting on July 30, 2025 for a reverse split exercise. The Company is confident to secure the shareholders' approval for the reverse split exercise, which is aimed at ensuring that we meet the minimum price bids.
With the minimum price bids met and Form 10Qs filed, the Company will be able to attract new investors which will allow our Company to move towards compliance with the minimum market value of listed securities (MVLS). The Company is currently in discussion with a few parties who has indicated their interest in funding the Company.
'We are confident that our plan to be address the non-compliances with the Nasdaq listing requirements can be implemented. In addition, the Company will make the necessary announcement when the efforts made for the Company's transformation bears fruit' said Chris Lai, the CEO of the Company.
About Graphjet Technology Sdn. Bhd.
Graphjet Technology Sdn. Bhd. (Nasdaq: GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world's first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet's sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.
Cautionary Statement Regarding Forward-Looking Statements
The information in this press release contains certain 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'aim,' 'future,' 'opportunity,' 'plan,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result' and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet's industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet's ability to develop and manufacture its graphene and graphite products; and (vii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the 'Risk Factors' section of the documents to be filed by Graphjet from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.
Graphjet Technology Contacts
Investors
[email protected]
Media
[email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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You can identify these statements by the use of words such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'should,' 'will,' 'would', 'could', 'project', 'plan', 'potential', 'designed', 'seek', 'target', variations of these terms, the negatives of such terms and similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. You should not rely on forward-looking statements because our actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: changes to our commercial agreements with PepsiCo, Inc.; management's plans and objectives for international expansion and global operations; general economic and business conditions; our business strategy for expanding our presence in our industry; our expectations of revenue; operating costs and profitability; our expectations regarding our strategy and investments; our ability to successfully integrate businesses that we acquire, including Alani Nu; our ability to achieve the benefits that we expect to realize as a result of our acquisitions, including Alani Nu; the potential negative impact on our financial condition and results of operations if we fail to achieve the benefits that we expect to realize as a result of our business acquisitions, including Alani Nu; liabilities of the businesses that we acquire that are not known to us; our expectations regarding our business, including market opportunity, consumer demand and our competitive advantage; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; the Company's ability to comply with the rules and regulations of the Securities and Exchange Commission (the 'SEC'); and those other risks and uncertainties discussed in the reports we file with the SEC, such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date the statements were made. We do not undertake any obligation to update forward-looking information, except to the extent required by applicable law. Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 615,233 $ 890,190 Accounts receivable-net [1] 490,389 270,342 Inventories-net 230,046 131,165 Prepaid expenses and other current assets 41,420 18,759 Deferred other costs-current [2] 14,124 14,124 Total current assets 1,391,212 1,324,580 Property, plant and equipment-net 72,516 55,602 Deferred tax assets 43,158 38,699 Other long-term assets 36,755 29,990 Deferred other costs-non-current [2] 227,153 234,215 Brands-net 1,104,389 907 Customer relationships-net 117,726 11,306 Goodwill 802,234 71,582 Total Assets $ 3,795,143 $ 1,766,881 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable [3] $ 120,962 $ 41,287 Accrued expenses [4] 225,859 148,780 Income taxes payable 21,765 10,834 Accrued promotional allowance [5] 200,169 135,948 Contingent consideration 25,000 — Deferred revenue - current [6] 16,071 9,513 Other current liabilities 49,949 19,173 Total current liabilities 659,775 365,535 Long-term debt 862,917 — Deferred revenue-non-current [7] 156,135 157,714 Other long term liabilities 25,002 19,215 Total Liabilities 1,703,829 542,464 Commitment and contingencies (Note 15) Mezzanine Equity: Series A convertible preferred stock, $0.001 par value and 1,467 shares issued and outstanding 824,488 824,488 Stockholders' Equity: Common stock, $0.001 par value; 400,000 shares authorized, 257,769 and 235,014 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 101 79 Additional paid-in capital 1,028,384 297,579 Accumulated other comprehensive income (loss) 2,178 (3,250 ) Retained earnings 236,163 105,521 Total Stockholders' Equity 1,266,826 399,929 Total Liabilities, Mezzanine Equity and Stockholders' Equity $ 3,795,143 $ 1,766,881 [1] Includes $204.5 million and $168.2 million from a related party as of June 30, 2025 and December 31, 2024, respectively. [2] Amounts in this line item are associated with a related party for all periods presented. [3] Includes $17.3 million and $1.7 million due to a related party as of June 30, 2025 and December 31, 2024, respectively. [4] Includes $0.3 million and $0.2 million due to a related party as of June 30, 2025 and December 31, 2024, respectively. [5] Includes $94.8 million and $75.1 million due to a related party as of June 30, 2025 and December 31, 2024, respectively. [6] Includes $9.5 million and $9.5 million due to a related party as of June 30, 2025 and December 31, 2024, respectively. [7] Includes $153.0 million and $157.7 million due to a related party as of June 30, 2025 and December 31, 2024, respectively. Expand (In thousands, except per share amounts) (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Revenue [1] $ 739,259 $ 401,977 $ 1,068,535 $ 757,685 Cost of revenue 358,408 192,879 515,311 366,380 Gross profit 380,851 209,098 553,224 391,305 Selling, general and administrative expenses [2] 237,886 114,850 358,228 213,867 Income from operations 142,965 94,248 194,996 177,438 Other (expense) income: Interest income 4,038 10,647 11,884 20,259 Interest expense (18,080 ) — (18,080 ) — Other, net 542 (264 ) 1,658 (605 ) Total other (expense) income (13,500 ) 10,383 (4,538 ) 19,654 Net income before provision for income taxes 129,465 104,631 190,458 197,092 Provision for income taxes (29,610 ) (24,848 ) (46,184 ) (39,498 ) Net income $ 99,855 $ 79,783 $ 144,274 $ 157,594 Dividends on Series A convertible preferred stock [3] (6,851 ) (6,838 ) (13,632 ) (13,675 ) Income allocated to participating preferred stock [3] (7,314 ) (6,289 ) (10,703 ) (12,417 ) Net income attributable to common stockholders $ 85,690 $ 66,656 $ 119,939 $ 131,502 Other comprehensive income: Foreign currency translation gain (loss), net of income tax 3,179 (308 ) 5,428 (1,662 ) Comprehensive income $ 88,869 $ 66,348 $ 125,367 $ 129,840 Earnings per share Basic $ 0.33 $ 0.29 $ 0.49 $ 0.56 Diluted $ 0.33 $ 0.28 $ 0.48 $ 0.55 *Please refer to Note 3 in the Company's Annual Report on Form 10-Q for the period ended June 30, 2025, for Earnings per Share reconciliations. [1] Includes $245.8 million and $434.3 million for the three and six months ended June 30, 2025, respectively, and $211.3 million and $420.8 million for the three and six months ended June 30, 2024, respectively, from a related party. [2] Includes $0.2 million and $0.8 million for the three and six months ended June 30, 2025, respectively, and $0.6 million and $1.2 million for the three and six months ended June 30, 2024, respectively, from a related party. [3] Amounts in this line item are associated with a related party for all periods presented. Expand Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income (GAAP measure) $ 99,855 $ 79,783 $ 144,274 $ 157,594 Add back/(Deduct): Net interest (expense) income 14,042 (10,647 ) 6,196 (20,287 ) Provision for income taxes 29,610 24,848 46,184 39,498 Depreciation and amortization expense 9,119 1,418 11,730 2,648 Non-GAAP EBITDA 152,626 95,402 208,384 179,453 Stock-based compensation 1 6,434 4,746 11,463 8,309 Foreign exchange (800 ) 264 (1,720 ) 633 Reorganization Costs 2 482 — 482 — Acquisition Costs 3 29,855 — 38,967 — Penalties 4 — — 710 — Inventory step-up adjustment 5 21,692 — 21,692 — Expand ______________________________ 1[9] Selling, general and administrative expenses related to employee non-cash stock-based compensation expense. Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share unit and stock option awards granted to employees and directors. The Company believes that the exclusion provides a more accurate comparison of operating results and is useful to investors to understand the impact that stock-based compensation expense has on its operating results. 2 Impairment charges for the Fast brand in the EMEA region. 3[10] Fees and professional services related to acquisition activity. 4 Accrued expense in the quarter ended March 31, 2025, related to contractual co-packer obligations. 5 Non-cash inventory valuation step-up from the Alani Nu acquisition which was recognized as an adjustment to the cost of revenue. 6 Add backs and deductions are net of their respective impacts from tax and reallocation of earnings to participating securities. The total tax effect of the adjusted items for the quarter ended June 30, 2025 was $(0.05) per diluted share, which includes the tax effect of deductible acquisition costs and inventory step-up adjustment. The total tax effect of the adjusted items for the six months ended June 30, 2025 was $(0.06) per diluted share. There were no adjusted items for the six months ended June 30, 2024. Tax effects are determined based on the tax treatment of the related item, the incremental statutory rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income (loss). Expand USE OF NON-GAAP MEASURES Celsius defines Adjusted EBITDA as net income before net interest (expense) income, income tax expense (benefit), and depreciation and amortization expense, further adjusted by excluding stock-based compensation expense, foreign exchange gains or losses, distributor termination fees, legal settlement costs, reorganization costs, acquisition costs, penalties, and inventory step-up adjustment. Adjusted EBITDA Margin is the ratio between the company's Adjusted EBITDA and net revenue, expressed as a percentage. Adjusted diluted earnings per share is GAAP diluted earnings per share net of add backs and deductions for distributor termination, legal settlement costs, reorganization costs, acquisitions costs, penalties, and inventory step-up adjustment. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share are non-GAAP financial measures. Celsius uses Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share for operational and financial decision-making and believes these measures are useful in evaluating its performance because they eliminate certain items that management does not consider indicators of Celsius' operating performance. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share may also be used by many of Celsius' investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. 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Q2 2025 net income of $12 million compares to a net income of $31 million in Q2 2024. Q2 2025 adjusted EBITDA was $81 million, down 13% from Q2 2024, reflecting the timing of higher-margin license contracts this year. Q2 cash flow from operating activities was $50 million, versus $55 million in Q2 2024. In Q2 2025, Payment Software segment revenue declined 1% and segment adjusted EBITDA decreased 12%, versus Q2 2024. In Q2 2025, Biller segment revenue grew 16% and segment adjusted EBITDA grew 6%, versus Q2 2024. First half 2025 revenue was $796 million, up 15% from first half 2024. Recurring revenue in first half 2025 of $607 million was up 11% from first half 2024 and represented 76% of total revenue. First half 2025 net income of $71 million, which includes a $22 million after-tax gain on the sale of ACI's minority interest in India-based Mindgate, compares to net income of $23 million in first half 2024. Adjusted EBITDA in first half 2025 was $175 million, up 24% from first half 2024. Cash flow from operating activities in first half 2025 was $128 million, versus $178 million in first half 2024, largely due to the timing of receivables. In first half 2025, Payment Software segment revenue grew 18% and adjusted EBITDA grew 29%, versus the first half 2024. In first half 2025, Biller segment revenue grew 13% and adjusted EBITDA grew 4%, versus the first half 2024. ACI ended Q2 2025 with $190 million in cash on hand and a debt balance of $904 million, representing a net debt leverage ratio of 1.4x adjusted EBITDA. In the quarter, the Company also retired its $400 million senior unsecured notes maturing in August 2026 with an incremental term loan under the credit facility that matures in February 2029. During Q2 2025, the Company repurchased approximately 2.4 million shares for $119 million in capital, representing 2.4% of outstanding shares. First half 2025 repurchases totaled approximately 2.7 million shares for $134 million in capital. At the end of Q2 2025, the Company had approximately $223 million remaining on the share repurchase authorization. RAISING FULL YEAR 2025 OUTLOOK AND NEW THIRD QUARTER OUTLOOK ACI is raising guidance for the full year 2025. ACI now expects that total revenue for the full year of 2025 will be in the range of $1.710 billion to $1.740 billion, ahead of the previously issued guidance of $1.690 billion to $1.720 billion, and ahead of the guidance issued in February 2025 of $1.685 billion to $1.715 billion. ACI currently expects adjusted EBITDA for the full year 2025 will be in the range of $490 million to $505 million, ahead of the previously issued guidance of $480 million to $495 million. The company expects that total revenue for Q3 2025 will be in the range of $460 million to $470 million, and adjusted EBITDA for Q3 2025 will be in the range of $155 million to $165 million. CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS Today, management will host a conference call at 8:30 a.m. ET to discuss these results. Interested persons may access a real-time teleconference webcast at To join the live audio call, please dial +1 (800) 715-9871, provide your name, the conference name of ACI Worldwide, Inc. and conference ID 88945; alternatively, to reduce operator assisted delays joining the call, we invite you to register in advance by visiting This process will provide you with a unique passcode allowing you to join the call without operator assistance. About ACI Worldwide ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities. © Copyright ACI Worldwide, Inc. 2025. ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners. To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization, and stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Certain non-GAAP measures include: Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization and stock-based compensation, as well as significant transaction-related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income (loss). Net adjusted EBITDA margin: Adjusted EBITDA divided by revenue net of pass-through interchange revenue. Net adjusted EBITDA margin should be considered in addition to, rather than as a substitute for, net income (loss). Diluted EPS adjusted for non-cash and significant transaction related items: diluted EPS plus tax effected significant transaction related items, amortization of acquired intangibles and software, and non-cash stock-based compensation. Diluted EPS adjusted for non-cash and significant transaction related items should be considered in addition to, rather than as a substitute for, diluted EPS. Recurring revenue: revenue from software as a service and platform as a service fees and maintenance fees. Recurring revenue should be considered in addition to, rather than as a substitute for, total revenue. ARR: New annual recurring revenue expected to be generated from new accounts, new applications, and add-on sales bookings contracts signed in the period. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words or phrases such as 'believes,' 'will,' 'expects,' 'anticipates,' 'intends,' and words and phrases of similar impact. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to: (i) our move towards a more scalable and less seasonally-weighted financial model, (ii) looking ahead, we remain focused on increasing shareholder value through sales execution, enhancing the growth orientation across ACI, and the continued development and rollout of Connetic, our next generation payments hub platform, (iii) given the robust performance across the business, we are raising our full-year outlook for both revenue and adjusted EBITDA for 2025, and (iv) Q3 2025 and full-year 2025 revenue and adjusted EBITDA financial guidance. All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include, but are not limited to, increased competition, business interruptions, cybersecurity incidents or failure of our information technology and communication systems, security breaches, our ability to attract and retain senior management personnel and skilled technical employees, future acquisitions, strategic partnerships and investments, divestitures and other restructuring activities, implementation and success of our strategy, impact if we convert some or all on-premise licenses from fixed-term to subscription model, anti-takeover provisions, exposure to credit or operating risks arising from certain payment funding methods, loss caused by theft or fraud, customer reluctance to switch to a new vendor, our ability to adequately defend our intellectual property, litigation, consent orders and other compliance agreements, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, events in eastern Europe and the Middle East, adverse changes in the global economy, compliance of our products with applicable legislation, governmental regulations and industry standards, the complexity of our products and services and the risk that they may contain hidden defects, legal and business risks from artificial intelligence technology incorporated into our products, risks to our business from the use of artificial intelligence by our workforce, complex regulations applicable to our payments business, our compliance with privacy and cybersecurity regulations, compliance with requirements of the payment card networks and Nacha, exposure to unknown tax liabilities, changes in tax laws and regulations, consolidations and failures in the financial services industry, volatility in our stock price, demand for our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, changes in card association and debit network fees or products, impairment of our goodwill or intangible assets, the accuracy of management's backlog estimates, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, restrictions and other financial covenants in our debt agreements, our existing levels of debt, incurring additional debt, events outside of our control including natural disasters, wars, and outbreaks of disease, and revenues or revenue mix below expectations. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. ACI WORLDWIDE, INC. AND SUBSIDIARIES (unaudited and in thousands, except per share amounts) 2025 2024 2025 2024 Software as a service and platform as a service $ 271,258 $ 235,399 $ 508,341 $ 451,131 License 56,711 65,582 141,204 95,555 Maintenance 50,421 48,733 99,063 96,487 Services 22,868 23,765 47,215 46,325 Total revenues 401,258 373,479 795,823 689,498 Operating expenses Cost of revenue (1) 234,800 203,238 448,178 394,345 Research and development 41,107 35,410 80,015 70,403 Selling and marketing 28,741 28,551 60,927 55,301 General and administrative 37,651 24,993 65,243 50,993 Depreciation and amortization 24,101 27,586 48,086 55,195 Total operating expenses 366,400 319,778 702,449 626,237 Operating income 34,858 53,701 93,374 63,261 Other income (expense) Interest expense (14,527 ) (18,471 ) (29,210 ) (37,481 ) Interest income 3,934 3,953 7,998 7,962 Other, net (6,393 ) 1,156 17,347 (869 ) Total other income (expense) (16,986 ) (13,362 ) (3,865 ) (30,388 ) Income before income taxes 17,872 40,339 89,509 32,873 Income tax expense 5,670 9,452 18,437 9,737 Net income $ 12,202 $ 30,887 $ 71,072 $ 23,136 Income per common share Basic $ 0.12 $ 0.29 $ 0.68 $ 0.22 Diluted $ 0.12 $ 0.29 $ 0.67 $ 0.22 Weighted average common shares outstanding Basic 104,376 105,395 104,860 106,097 (1) The cost of revenue excludes charges for depreciation and amortization. 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AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) Three Months Ended June 30, Six Months Ended June 30, Cash flows from operating activities: Net income $ 12,202 $ 30,887 $ 71,072 $ 23,136 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation 3,189 3,564 6,345 7,195 Amortization 20,912 24,022 41,741 48,000 Amortization of operating lease right-of-use assets 2,407 2,431 4,842 4,999 Amortization of deferred debt issuance costs 620 662 1,270 1,598 Deferred income taxes (1,745 ) 510 (4,208 ) 1,516 Stock-based compensation expense 16,411 10,720 28,038 18,819 Gain on sale of equity investment — — (25,927 ) — Other 1,591 (756 ) 873 (2,067 ) Changes in operating assets and liabilities: Receivables 7,051 (27,671 ) 48,691 99,598 Accounts payable 4,932 5,297 12,411 4,849 Accrued employee compensation 8,980 6,569 (16,202 ) (19,884 ) Deferred revenue (3,193 ) (5,590 ) (7,841 ) 8,317 Other current and noncurrent assets and liabilities (23,560 ) 4,372 (33,087 ) (17,818 ) Net cash flows from operating activities 49,797 55,017 128,018 178,258 Cash flows from investing activities: Purchases of property and equipment (2,156 ) (1,746 ) (4,326 ) (4,954 ) Purchases of software and distribution rights (5,383 ) (4,442 ) (12,142 ) (19,024 ) Proceeds from sale of equity investment — — 46,021 — Net cash flows from investing activities (7,539 ) (6,188 ) 29,553 (23,978 ) Cash flows from financing activities: Proceeds from issuance of common stock 819 704 1,632 1,397 Proceeds from exercises of stock options 214 277 796 752 Repurchase of stock-based compensation awards for tax withholdings (13,156 ) (3,037 ) (20,226 ) (6,339 ) Repurchases of common stock (119,362 ) (57,159 ) (133,770 ) (119,674 ) Redemption of 2026 Notes (400,000 ) — (400,000 ) — Proceeds from revolving credit facility 290,000 — 290,000 164,000 Repayment of revolving credit facility (30,000 ) — (100,000 ) (152,000 ) Proceeds from term portion of credit agreement 200,000 — 200,000 500,000 Repayment of term portion of credit agreement (9,375 ) (9,375 ) (18,750 ) (538,448 ) Payments on or proceeds from other debt, net (6,447 ) (5,975 ) (10,664 ) (8,669 ) Payments for debt issuance costs (134 ) — (134 ) (5,141 ) Net increase (decrease) in settlement assets and liabilities (26,751 ) 12,782 61,573 (6,151 ) Net cash flows from financing activities (114,192 ) (61,783 ) (129,543 ) (170,273 ) Effect of exchange rate fluctuations on cash 4,118 (1,024 ) 5,909 1,290 Net increase (decrease) in cash and cash equivalents (67,816 ) (13,978 ) 33,937 (14,703 ) Cash and cash equivalents, including settlement deposits, beginning of period 366,771 238,096 265,018 238,821 Cash and cash equivalents, including settlement deposits, end of period $ 298,955 $ 224,118 $ 298,955 $ 224,118 Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets Cash and cash equivalents $ 189,697 $ 156,983 $ 189,697 $ 156,983 Settlement deposits 109,258 67,135 109,258 67,135 Total cash and cash equivalents $ 298,955 $ 224,118 $ 298,955 $ 224,118 Expand Three Months Ended June 30, Six Months Ended June 30, Adjusted EBITDA (millions) 2025 2024 2025 2024 Net income $ 12.2 $ 30.9 $ 71.1 $ 23.1 Plus: Income tax expense 5.7 9.4 18.4 9.7 Net interest expense 10.6 14.5 21.2 29.5 Net other (income) expense 6.4 (1.1 ) (17.3 ) 0.9 Depreciation expense 3.2 3.6 6.4 7.2 Amortization expense 20.9 24.0 41.7 48.0 Non-cash stock-based compensation expense 16.4 10.7 28.0 18.8 Adjusted EBITDA before significant transaction-related expenses $ 75.4 $ 92.0 $ 169.5 $ 137.2 Significant transaction-related expenses: Cost reduction strategies 5.1 0.4 5.1 3.0 Other 0.4 0.4 0.4 0.7 Adjusted EBITDA $ 80.9 $ 92.8 $ 175.0 $ 140.9 Revenue, net of interchange: Revenue $ 401.3 $ 373.5 $ 795.8 $ 689.5 Interchange 151.1 124.2 281.9 236.6 Revenue, net of interchange $ 250.2 $ 249.3 $ 513.9 $ 452.9 Net Adjusted EBITDA Margin 32 % 37 % 34 % 31 % Expand Three Months Ended June 30, Six Months Ended June 30, Segment Information (millions) 2025 2024 2025 2024 Revenue Payment Software $ 179.3 $ 181.7 $ 380.1 $ 322.8 Biller 221.9 191.8 415.7 366.7 Total $ 401.3 $ 373.5 $ 795.8 $ 689.5 Recurring Revenue Payment Software $ 99.8 $ 92.3 $ 191.6 $ 180.9 Biller 221.9 191.8 415.8 366.7 Total $ 321.7 $ 284.1 $ 607.4 $ 547.6 Segment Adjusted EBITDA Payment Software $ 83.3 $ 94.6 $ 189.8 $ 146.9 Biller 39.8 37.4 70.7 68.2 Note: Amounts may not recalculate due to rounding. Expand Six Months Ended June 30, 2025 2024 EPS Impact of Non-cash and Significant Transaction-related Items (millions) EPS Impact $ in Millions (Net of Tax) EPS Impact $ in Millions (Net of Tax) GAAP net income $ 0.67 $ 71.1 $ 0.22 $ 23.1 Adjusted for: Gain on sale of equity investment (0.20 ) (21.7 ) — — Significant transaction-related expenses 0.04 4.1 0.03 2.9 Amortization of acquisition-related intangibles 0.08 8.3 0.12 12.7 Amortization of acquisition-related software 0.06 6.4 0.06 6.7 Non-cash stock-based compensation 0.21 22.2 0.13 14.3 Total adjustments $ 0.19 $ 19.3 $ 0.34 $ 36.6 Diluted EPS adjusted for non-cash and significant transaction-related items $ 0.86 $ 90.4 $ 0.56 $ 59.7 Expand Three Months Ended June 30, Six Months Ended June 30, Recurring Revenue (millions) 2025 2024 2025 2024 SaaS and PaaS fees $ 271.3 $ 235.4 $ 508.3 $ 451.1 Maintenance fees 50.4 48.7 99.1 96.5 Recurring Revenue $ 321.7 $ 284.1 $ 607.4 $ 547.6 Expand New Bookings (millions) Three Months Ended June 30, TTM Ended June 30, 2025 2024 2025 2024 Annual recurring revenue (ARR) bookings $ 24.3 $ 13.1 $ 79.5 $ 68.8 License and services bookings 58.1 80.7 290.2 268.5 Note: Amounts may not recalculate due to rounding. 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