| REVENUE |
NOTE 15 – REVENUE The following table presents revenue recognized from contracts with customers as well as revenue from other sources: | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Revenue recognized at a point in time | | $ | 199,560 | | $ | 170,751 | | $ | 384,893 | | $ | 330,547 | Revenue recognized over time | | | 936 | | | 492 | | | 1,866 | | | 1,154 | Revenue from contracts with customers | | $ | 200,496 | | $ | 171,243 | | $ | 386,759 | | $ | 331,701 | Interest income on customer balances | | $ | 58,334 | | $ | 65,821 | | $ | 116,306 | | $ | 131,089 | Capital advance income | | | 1,784 | | | 2,456 | | | 4,166 | | | 4,913 | Revenue from other sources | | $ | 60,118 | | $ | 68,277 | | $ | 120,472 | | $ | 136,002 | Total revenues | | $ | 260,614 | | $ | 239,520 | | $ | 507,231 | | $ | 467,703 |
Based on the information provided to and reviewed by the Company’s Chief Operating Decision Maker (“CODM”), the Company believes that the nature, amount, timing, and uncertainty of its revenue and cash flows and how they are affected by economic factors are most appropriately depicted through its primary regional markets. The following table presents the Company’s revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source. Note that in 2024, the Company updated the definition of its primary regional markets to align with the view used by Management. This update eliminates South Asia, Middle East and North Africa as a separate region and instead includes revenues from South Asia in the Asia-Pacific region and Middle East and North Africa in the Europe, Middle East, and Africa region. The update has been applied to all periods reflected in the table below. | | | | | | | | | | | | | | | Three months ended | | Six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Primary regional markets | | | | | | | | | | | | | Greater China1 | | $ | 85,913 | | $ | 84,439 | | $ | 170,809 | | $ | 165,797 | Europe, Middle East, and Africa2 | | | 67,396 | | | 62,752 | | | 126,289 | | | 121,915 | Asia-Pacific2 | | | 53,762 | | | 44,996 | | | 105,022 | | | 86,578 | Latin America2 | | | 28,883 | | | 24,535 | | | 56,756 | | | 47,605 | North America3 | | | 24,660 | | | 22,798 | | | 48,355 | | | 45,808 | Total revenues | | $ | 260,614 | | $ | 239,520 | | $ | 507,231 | | $ | 467,703 |
(1) | Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan. |
(2) | No single country included in any of these regions generated more than 10% of total revenue. |
(3) | The United States is the Company’s country of domicile. Of North America revenues, the U.S. represents $23,477 and $21,645 during the three months ended June 30, 2025 and 2024, respectively, and $46,089 and $43,570 during the six months ended June 30, 2025 and 2024, respectively. |
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