v3.25.1
Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) for the purposes of allocating resources and evaluating financial performance. The Company’s CODM is the chief executive officer, who reviews financial information on a consolidated level for purposes of allocating resources and evaluating financial performance, and as such, the Company’s operations constitute one operating segment and one reportable segment.
The principal financial metric reviewed by the CODM on a monthly basis is consolidated net income. This metric is compared to prior periods and to the Company’s internal forecasts and budgets for the purposes of allocating resources and evaluating financial performance.
The Company’s revenue is comprised primarily of payments-based revenue which includes fees for payment processing and gateway services. Payment processing fees are primarily driven as a percentage of volume. No single customer accounted for more than 10% of the Company’s revenue during the three months ended March 31, 2025 and 2024.
The following table presents a disaggregation of the Company’s consolidated net income:
Three Months Ended March 31,
(in millions)20252024
Payments-based revenue$755.7 $655.1 
Subscription and other revenues92.6 52.3 
Network fees*(479.8)(443.7)
Other costs of sales* (exclusive of depreciation of equipment under lease)(111.5)(75.9)
General and administrative expenses:
Employee and other general and administrative expenses*(119.5)(78.6)
Equity-based compensation*(27.2)(23.2)
Rent, office, occupancy and equipment expenses*(7.3)(5.3)
Revaluation of contingent liabilities3.7 (2.1)
Depreciation and amortization expense* (a)(56.0)(44.8)
Professional expenses*(18.6)(8.0)
Advertising and marketing expenses*(6.7)(4.4)
Interest income12.4 5.4 
Other income (expense), net(1.2)1.4 
Gain on investments in securities0.3 11.0 
Change in TRA liability3.0 (1.2)
Interest expense*(28.5)(8.1)
Income tax benefit (expense)*8.1 (1.4)
Net income$19.5 $28.5 
*    Denotes a significant segment expense reviewed by the CODM.
(a)Depreciation and amortization expense includes depreciation of equipment under lease of $16.3 million and $11.9 million for the three months ended March 31, 2025 and 2024, respectively.