v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Segment
Information on reportable segments and reconciliations to income before income taxes are as follows:
Three Months Ended March 31, 2026
(in thousands)Merchant SolutionsPayablesTreasury SolutionsTotal
Revenue from external customers$160,278 $32,029 $57,251 $249,558 
Intersegment revenue 1,508 412 1,589 3,509 
161,786 32,441 58,840 253,067 
Elimination of intersegment revenues(3,509)
Total consolidated revenues249,558 
Less: Cost of revenue (excludes depreciation and amortization)(1)
(125,097)(23,218)(5,974)
Less: Other operating expenses(1)(2)
(9,830)(3,815)(6,273)
Add: Other segment items(3)
881 46 78 
Segment Adjusted EBITDA$27,740 $5,454 $46,671 $79,865 
Reconciliation of Segment Adjusted EBITDA to income before income taxes
Segment Adjusted EBITDA$79,865 
Adjustment for corporate items(4)
(18,262)
Intersegment revenue elimination (3,509)
Depreciation and amortization(17,615)
Interest expense(21,016)
Selling, general and administrative (non-recurring)(3,969)
Non-cash stock-based compensation(2,088)
Income before income taxes$13,406 
(1)The significant expense categories and amounts align with the segment level information regularly provided to the CODM.
(2)Other operating expenses including salary and employee benefits, and selling, general and administrative expenses.
(3)Other segment items for each reportable segment include other income, net, and stock-based compensation expense.
(4)Adjustment for corporate items include:
(in thousands)March 31, 2026
Elimination of cost of services (excludes depreciation and amortization)$3,502 
Other operating expenses(2)
(27,847)
Other items(5)
6,083 
$(18,262)
(5)Other items include other income net, stock-based compensation expense, and selling general and administrative (non-recurring expense).
(in thousands)Other specified segment disclosure
Three Months Ended March 31, 2026
Merchant SolutionsPayablesTreasury SolutionsTotal
Depreciation and amortization$9,917 $1,288 $5,203 $16,408 
Three Months Ended March 31, 2025
(in thousands)Merchant SolutionsPayablesTreasury SolutionsTotal
Revenue from external customers$151,241 $23,594 $49,795 $224,630 
Intersegment revenue449 324 293 1,066 
151,690 23,918 50,088 225,696 
Elimination of intersegment revenues(1,066)
Total consolidated revenues224,630 
Less: Cost of revenue (excludes depreciation and amortization)(1)
(118,572)(16,624)(3,223)
Less: Other operating expenses(1)(2)
(8,213)(3,929)(4,609)
Add: Other segment items(3)
800 151 186 
Segment Adjusted EBITDA$25,705 $3,516 $42,442 $71,663 
Reconciliation of Segment Adjusted EBITDA to income before income taxes
Segment Adjusted EBITDA$71,663 
Adjustment for corporate items(4)
(19,303)
Intersegment revenue elimination (1,066)
Depreciation and amortization(13,777)
Interest expense(23,176)
Debt modification and extinguishment expenses(38)
Selling, general and administrative (non-recurring)(2,199)
Non-cash stock-based compensation(1,586)
Income before income taxes$10,518 
(1)The significant expense categories and amounts align with the segment level information regularly provided to the CODM.
(2)Other operating expenses including salary and employee benefits, and selling, general and administrative expenses.
(3)Other segment items for each reportable segment include other income, net, and stock-based compensation expense.
(4)Adjustment for corporate items include:
(in thousands)March 31, 2025
Elimination of cost of services (excludes depreciation and amortization)$1,065 
Other operating expenses(2)
(24,125)
Other items(5)
3,757 
$(19,303)
(5)Other items include other income net, stock-based compensation expense, and selling general and administrative (non-recurring expense).
(in thousands)Other specified segment disclosure
Three Months Ended March 31, 2025
Merchant SolutionsPayablesTreasury SolutionsTotal
Depreciation and amortization$6,625 $1,261 $4,642 $12,528