The following table presents a disaggregation of the Company’s consolidated net income: | | | | | | | | | | | | | Three Months Ended March 31, | | (in millions) | 2025 | | 2024 | | Payments-based revenue | $ | 755.7 | | | $ | 655.1 | | | Subscription and other revenues | 92.6 | | | 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 liabilities | 3.7 | | | (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 income | 12.4 | | | 5.4 | | | Other income (expense), net | (1.2) | | | 1.4 | | | Gain on investments in securities | 0.3 | | | 11.0 | | | Change in TRA liability | 3.0 | | | (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.
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