Q2 operating income fell 68% on $23.5M loss from 3P revenue recovery divestiture

Filed July 30, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 30, 2025 · ~2 min read

Key Changes

• high

  Divested 3P revenue recovery business for $8.8M, recording a $23.5M loss that drove operating income down 68% YoY to $8.4M. Excluding the loss, operating income would have risen ~20% to $31.9M.

  Notes: Business Acquisitions and Other Transactions verify on EDGAR →
• high

  Recurring revenue customers fell 14% to 46,650 as the divestiture removed all 8,200 3P customers; 1P customer base remained stable. ARPU accelerated to 14% growth ($15,100) from 3% prior year, driven by organic usage and removal of low-ARPU 3P customers.

  MD&A: Key Metrics verify on EDGAR →
• high

  Repurchased 1.66M shares for $98.7M in H1 2026 (average $59.30/share), up from 0.43M shares for $60.0M in H1 2025 (average $140.92/share). Board expanded 2025 buyback program from $98.4M to $300M total authorization; $186.4M remains available.

  Notes: Stockholders' Equity verify on EDGAR →