v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
The Company’s segment results are as follows for the three and six month periods ended June 30, 2025 and 2024 (in thousands)*:
Three Months Ended June 30, 2025
Vehicle Payments2
Corporate Payments
Lodging Payments
Other
Total
Revenues, net$525,525 $391,904 $119,790 $64,811 $1,102,030 
Expenses:
Processing 98,944 77,456 30,520 31,597 238,517 
Selling 47,901 56,515 8,175 3,186 115,777 
General and administrative82,519 66,135 18,559 9,781 176,994 
Depreciation17,219 7,515 3,784 1,262 29,780 
Amortization28,808 23,079 9,176 507 61,570 
Other operating, net2 — — — 2 
Operating income$250,131 $161,205 $49,576 $18,478 479,390 
Other expenses:
Other (income) expense, net
(10,572)
Interest expense, net96,872 
Total other expenses86,300 
Income before income taxes$393,090 
Three Months Ended June 30, 2025
Vehicle Payments
Corporate Payments
Lodging Payments
Other
Total
Other segment disclosures3:
Capital expenditures
$34,917 $10,095 $5,107 $2,517 $52,636 
Six Months Ended June 30, 2025
Vehicle Payments2
Corporate Payments
Lodging Payments
Other
Total
Revenues, net$1,012,635 $744,563 $230,015 $120,484 $2,107,697 
Expenses:
Processing 188,694 155,028 60,498 56,141 460,361 
Selling 93,801 108,470 15,635 5,428 223,334 
General and administrative156,483 123,202 35,226 19,042 333,953 
Depreciation34,116 13,859 7,510 2,691 58,176 
Amortization59,186 46,893 18,274 1,009 125,362 
Other operating, net(3)— — — (3)
Operating income$480,357 $297,111 $92,871 $36,175 906,514 
Other expenses:
Other (income) expense, net(6,477)
Interest expense, net190,794 
Loss on early extinguishment of debt1,596 
Total other expenses185,913 
Income before income taxes$720,601 
Six Months Ended June 30, 2025
Vehicle Payments
Corporate Payments
Lodging Payments
Other
Total
Other segment disclosures3:
Capital expenditures
$65,595 $17,675 $9,836 $4,301 $97,407 
Three Months Ended June 30, 2024
Vehicle Payments2
Corporate Payments
Lodging Payments
Other
Total
Revenues, net$510,278 $288,479 $122,377 $54,576 $975,710 
Expenses:
Processing 94,241 59,796 28,847 26,315 209,199 
Selling 45,101 41,307 6,732 1,904 95,044 
General and administrative79,137 46,123 18,442 10,075 153,777 
Depreciation17,633 7,336 3,188 1,356 29,513 
Amortization32,132 13,362 8,777 558 54,829 
Other operating, net9 — — — 9 
Operating income$242,025 $120,556 $56,391 $14,367 433,339 
Other expenses:
Other expense, net4,460 
Interest expense, net94,677 
Total other expenses99,137 
Income before income taxes$334,202 
Three Months Ended June 30, 2024
Vehicle Payments
Corporate Payments
Lodging Payments
Other
Total
Other segment disclosures3:
Capital expenditures
$30,254 $7,581 $4,589 $1,673 $44,097 
Six Months Ended June 30, 2024
Vehicle Payments2
Corporate Payments
Lodging Payments
Other
Total
Revenues, net$1,004,339 $553,875 $233,672 $119,075 $1,910,961 
Expenses:
Processing 188,294 115,165 58,028 55,123 416,610 
Selling 88,088 83,156 12,899 5,089 189,232 
General and administrative160,046 88,611 35,467 20,915 305,039 
Depreciation35,346 14,273 6,025 2,800 58,444 
Amortization64,741 27,228 17,570 1,119 110,658 
Other operating, net105 176 16 4 301 
Operating income$467,720 $225,267 $103,668 $34,022 830,677 
Other expenses:
Other expense, net7,420 
Interest expense, net183,765 
Total other expenses191,185 
Income before income taxes$639,492 
Six Months Ended June 30, 2024
Vehicle Payments
Corporate Payments
Lodging Payments
Other
Total
Other segment disclosures3:
Capital expenditures
$58,448 $14,857 $9,415 $2,569 $85,289 
*Columns may not calculate due to rounding. Other includes our Gift and Payroll Card operating segments.
1 Results from Gringo acquired in the first quarter of 2025 are reported in the Vehicle Payments segment from the date of acquisition.
2 Results from Zapay acquired in the first quarter of 2024 are reported in the Vehicle Payments segment from the date of acquisition.
3 Total assets for each reportable segment are not presented as the Chief Operating Decision Maker ("CODM") does not evaluate performance or allocate resources based on segment assets.