v3.26.1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Three Months Ended June 30, 2026
(in thousands)EnterprisePlatformsSMBTotal
Segment revenues (1)
$838,301 $652,768 $1,648,952 $3,140,021 
Less segment expenses:
Cost of service (2)
71,438 30,641 161,240 263,319 
Selling, general and administrative (2)
108,843 330,598 527,726 967,167 
Depreciation and amortization (3)
410,427 98,735 331,526 840,688 
Segment operating income$247,593 $192,794 $628,460 $1,068,847 
Reconciliation of segment operating income
Other revenues (1)
180,770 
Corporate and other expenses (4)
(449,966)
Technology, operations and product development expenses (5)
(462,530)
Operating income (6)
$337,121 

Three Months Ended June 30, 2025
(in thousands)EnterprisePlatformsSMBTotal
Segment revenues (1)
$149,022 $287,774 $1,333,423 $1,770,219 
Less segment expenses:
Cost of service (2)
13,048 4,316 119,404 136,768 
Selling, general and administrative (2)
21,754 144,974 342,622 509,350 
Depreciation and amortization (3)
29,915 18,236 202,210 250,361 
Segment operating income$84,305 $120,248 $669,187 $873,740 
Reconciliation of segment operating income
Other revenues (1)
199,068 
Corporate and other expenses (4)
(396,748)
Technology, operations and product development expenses (5)
(249,801)
Impairment of goodwill(33,218)
Gain on business disposition267 
Operating income (6)
$393,308 
Six Months Ended June 30, 2026
(in thousands)EnterprisePlatformsSMBTotal
Segment revenues (1)
$1,560,690 $1,220,854 $3,152,293 $5,933,837 
Less segment expenses:
Cost of service (2)
113,571 49,265 299,377 462,213 
Selling, general and administrative (2)
223,509 616,251 1,019,627 1,859,387 
Depreciation and amortization (3)
814,522 195,566 652,626 1,662,714 
Segment operating income$409,088 $359,772 $1,180,663 $1,949,523 
Reconciliation of segment operating income
Other revenues (1)
356,636 
Corporate and other expenses (4)
(1,093,550)
Technology, operations and product development expenses (5)
(891,134)
Operating income (6)
$321,475 

Six Months Ended June 30, 2025
(in thousands)EnterprisePlatformsSMBTotal
Segment revenues (1)
$284,499 $561,906 $2,546,981 $3,393,386 
Less segment expenses:
Cost of service (2)
27,326 9,611 229,992 266,929 
Selling, general and administrative (2)
42,337 280,405 664,546 987,288 
Depreciation and amortization (3)
60,001 36,439 399,807 496,247 
Segment operating income$154,835 $235,451 $1,252,636 $1,642,922 
Reconciliation of segment operating income
Other revenues (1)
396,219 
Corporate and other expenses (4)
(733,770)
Technology, operations and product development expenses (5)
(511,146)
Impairment of goodwill(33,218)
Gain on business disposition4,260 
Operating income (6)
$765,267 

(1) Consolidated revenues as reported in our consolidated statements of income for the three months ended June 30, 2026 and 2025 of $3,320.8 million and $1,969.3 million, respectively, is comprised of segment revenues of $3,140.0 million and $1,770.2 million, respectively, and other revenues of $180.8 million and $199.1 million, respectively. Consolidated revenues as reported in our consolidated statements of income for the six months ended June 30, 2026 and 2025 of $6,290.5 million and $3,789.6 million, respectively, is comprised of segment revenues of $5,933.8 million and $3,393.4 million, respectively, and other revenues of $356.6 million and $396.2 million, respectively. Other revenues primarily consist of revenues related to certain portfolios and relationships that are non-core and are not aligned to our go forward strategy.

(2) Excludes depreciation and amortization as it is presented separately.
(3) Consolidated depreciation and amortization for the three months ended June 30, 2026 and 2025 of $884.1 million and $297.2 million, respectively, is comprised of depreciation and amortization within the reportable segments of $840.7 million and $250.4 million, respectively, and depreciation and amortization not allocated to the segments of $43.4 million and $46.8 million, respectively. Consolidated depreciation and amortization for the six months ended June 30, 2026 and 2025 of $1,748.8 million and $589.7 million, respectively, is comprised of depreciation and amortization within the reportable segments of $1,662.7 million and $496.2 million, respectively, and depreciation and amortization not allocated to the segments of $86.1 million and $93.5 million, respectively.

For the three months ended June 30, 2026, includes amortization of acquisition-related intangible assets within the reportable segments of $404.2 million, $90.8 million and $262.6 million for Enterprise, Platforms and SMB, respectively. For the three months ended June 30, 2025, includes amortization of acquisition-related intangible assets within the reportable segments of $29.1 million, $13.4 million and $158.2 million for Enterprise, Platforms and SMB, respectively. For the six months ended June 30, 2026, includes amortization of acquisition-related intangible assets within the reportable segments of $806.2 million, $180.6 million and $518.0 million for Enterprise, Platforms and SMB, respectively. For the six months ended June 30, 2025, includes amortization of acquisition-related intangible assets within the reportable segments of $58.3 million, $26.7 million and $312.9 million for Enterprise, Platforms and SMB, respectively.

(4) Comprised of centrally managed corporate functions, including human resources, finance, legal and compliance.

(5) Technology, operations and product development expenses relate to functions managed at the corporate level, which support and benefit the overall business.

(6) Operating income includes acquisition, transformation and transaction expenses of $197.8 million and $133.7 million for the three months ended June 30, 2026 and 2025, respectively, which were primarily included within Corporate and other expenses. For the six months ended June 30, 2026 and 2025, operating income included acquisition, transformation, and transaction expenses of $585.1 million and $228.3 million, respectively, which were primarily included within Corporate and other expenses.