Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Reconciliation of Reportable Segment Revenues, Other Income and Adjusted EBITDA to Net Income (Loss) Before Income Taxes

The following table presents a reconciliation of reportable segment revenues, other income, and Adjusted EBITDA to net (loss) income before income taxes:


	Years Ended December 31,
(in millions)	2025			2024			2023
Revenues
Connections Segment	$	423.1		$	355.1		$	340.2
All Other Category		40.3			43.7			42.6
Total revenues	$	463.4		$	398.8		$	382.8

Other income, net
Connections Segment	$	—		$	1.5		$	2.8
Total other income, net	$	—		$	1.5		$	2.8

Connections Segment expenses
Cost of Revenues	$	158.2		$	136.0		$	127.4
Selling, general and administrative		93.6			78.3			78.8
Total expenses	$	251.8		$	214.3		$	206.2

Adjusted EBITDA
Connections Segment	$	171.3		$	142.3		$	136.8
Segment Adjusted EBITDA	$	171.3		$	142.3		$	136.8

All Other Category Adjusted EBITDA	$	7.2		$	6.2		$	3.6
General corporate and other expenses(1)		(51.4	)		(46.8	)		(42.6	)
Interest expense, net		(44.2	)		(39.3	)		(35.1	)
Loss on extinguishment of debt		—			—			(2.3	)
Intangible asset impairment charge		—			(7.3	)		—
Depreciation and amortization expense		(31.0	)		(28.3	)		(45.0	)
Stock-based compensation expense		(11.3	)		(5.8	)		(7.8	)
Remeasurement of contingent consideration		(45.8	)		1.2			2.3
Other items(2)		(16.4	)		(14.7	)		(12.8	)
(Loss) income before income taxes	$	(21.6	)	$	7.5		$	(2.9	)

(1)

General corporate and other expenses are primarily related to corporate level expenditures.

(2)

Other items for the year ended December 31, 2025 included: (i) $6.3 million in acquisition-related integration and restructuring-related transition costs; (ii) $6.2 million in acquisition-related transaction costs and (iii) $3.9 million in non-recurring legal, audit and consulting fees. Other items for the year ended December 31, 2024 included: (i) $8.3 million in acquisition-related integration and restructuring-related transition costs, including a one-time severance expense of $3.7 million; (ii) $3.4 million in acquisition-related transaction costs and (iii) $3.0 million in non-recurring legal, audit and consulting fees. Other items for the year ended December 31, 2023 included: (i) $6.1 million in acquisition-related integration and restructuring-related transition costs, including a one-time severance expense of $1.5 million; (ii) $2.6 million in acquisition-related transaction costs and (iii) $4.1 million in non-recurring legal, audit and consulting fees.

Schedule of Reportable Segment Revenues Cost of Revenues and Selling General and Administrative Expenses

The following table presents reportable and non-reportable segment cost of revenues and selling, general and administrative expenses:


	Years Ended December 31,
	2025		2024		2023
	(dollars in millions)
Cost of revenues
Connections Segment	$	158.2	$	136.0	$	127.4
All Other Category		10.4		10.8		9.6
Other items(1)		0.1		0.7		0.6
Total cost of revenues	$	168.7	$	147.5	$	137.6

Selling, general and administrative expenses
Connections Segment	$	93.6	$	78.3	$	78.8
All Other Category		22.7		26.7		29.4
Corporate		51.4		46.8		42.6
Other items(1)		73.5		18.6		17.5
Total selling, general and administrative expenses	$	241.2	$	170.4	$	168.3

(1)

Other items included in cost of revenues and selling, general and administrative expenses relate to one-time adjustments that are considered to not be indicative of ongoing segment operative performance.

Schedule of Revenues from Transactions Countries

For the years ended December 31, 2025, 2024 and 2023, revenues were derived from transactions in the following countries:


	Years Ended December 31,
(in millions)	2025		2024		2023
Revenues
United States	$	414.2	$	382.8	$	369.4
All other countries		49.2		16.0		13.4
Total revenues	$	463.4	$	398.8	$	382.8