Revenue and Growth Exceed Expectations
First quarter reported revenue exceeded the top end of guidance. GAAP revenue increased 3.2% year over year, and revenue adjusted for the prior year's sale of fitness solutions increased 7.4% year over year.
Strong Adjusted EBITDA Performance
Adjusted EBITDA of $44.9 million beat the top end of the guidance range, representing a 31.6% margin, with adjusted EBITDA margin expanding nearly 360 basis points year over year.
Positive Payment Revenue Growth
Payments revenue grew 8.4% year over year, driven by nearly 9% growth in total payment volume (TPV), with payments revenue accounting for approximately 21% of overall revenue.
Share Repurchase Program Expansion
The board of directors approved a $50 million increase to the share repurchase program, extending authorization to year-end 2026.
AI Integration Progress
Significant progress made in integrating AI into products and internal workflows, aimed at faster innovation and cost discipline.