Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Reconciliation of Reportable Segment Revenues and Adjusted EBITDA to Net Income Before Income Taxes

The following table presents a reconciliation of reportable segment revenues and Adjusted EBITDA to net income before income taxes:


	Three Months Ended March 31,
(in millions)	2026			2025
Revenues
Connections Segment	$	146.2		$	138.3
All Other Category		9.2			9.4
Total revenues	$	155.4		$	147.7

Connections Segment expenses
Cost of Revenues	$	53.8		$	48.8
Selling, general and administrative		25.9			23.4
Total expenses	$	79.7		$	72.2

Adjusted EBITDA
Connections Segment	$	66.5		$	66.2
Segment Adjusted EBITDA	$	66.5		$	66.2

All Other Category Adjusted EBITDA	$	1.8		$	0.7
General corporate and other expenses(1)		(15.6	)		(13.3	)
Interest expense, net		(9.1	)		(15.1	)
Depreciation and amortization expense		(8.1	)		(6.4	)
Stock-based compensation expense		(2.9	)		(2.6	)
Remeasurement of contingent consideration		(17.9	)		(3.1	)
Other items(2)		(4.3	)		(5.7	)
Income before income taxes	$	10.4		$	20.7

(1)

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

(2)

Other items for the three months ended March 31, 2026 included: (i) $0.7 million in acquisition-related transaction costs; (ii) $2.2 million in acquisition-related integration and restructuring-related transition costs; and (iii) $1.4 million in non-recurring legal, audit and consulting fees. Other items for the three months ended March 31, 2025 included: (i) $3.7 million in acquisition-related transaction costs; (ii) $0.6 million in acquisition-related integration and restructuring-related transition costs; and (iii) $1.4 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:


	Three Months Ended March 31,
(in millions)	2026		2025
Cost of revenues
Connections Segment	$	53.8	$	48.8
All Other Category		2.1		2.6
Total cost of revenues	$	55.9	$	51.4

Selling, general and administrative expenses
Connections Segment	$	25.9	$	23.4
All Other Category		5.3		6.1
Corporate		15.6		13.3
Other items(1)		25.1		11.3
Total selling, general and administrative expenses	$	71.9	$	54.1

(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 three months ended March 31, 2026 and 2025, revenues were derived from transactions in the following countries:


	Three Months Ended March 31,
(in millions)	2026		2025
Revenues
United States	$	144.9	$	141.0
All other countries		10.5		6.7
Total revenues	$	155.4	$	147.7