The table below highlights the Company’s revenues, expenses and net income for our single reportable segment, which are consistent with amounts reported on the consolidated statements of comprehensive income for the three and six months ended June 30, 2026 and 2025.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues |
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Recurring |
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$ |
497.9 |
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$ |
449.1 |
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$ |
1,035.2 |
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$ |
942.5 |
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Implementation and other |
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7.3 |
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6.0 |
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14.0 |
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12.6 |
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Interest on funds held for clients |
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26.0 |
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28.5 |
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53.9 |
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|
59.0 |
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Total revenues |
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531.2 |
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483.6 |
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1,103.1 |
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1,014.1 |
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Cost of revenues |
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Operating expenses |
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64.6 |
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68.4 |
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127.5 |
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134.8 |
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Depreciation and amortization |
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24.5 |
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19.1 |
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48.9 |
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37.4 |
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Total cost of revenues |
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89.1 |
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87.5 |
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176.4 |
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172.2 |
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Gross profit |
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442.1 |
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396.1 |
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926.6 |
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841.9 |
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Administrative expenses |
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Sales and marketing |
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118.8 |
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116.0 |
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236.4 |
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226.9 |
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Research and development |
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51.9 |
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74.8 |
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112.6 |
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137.1 |
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General and administrative |
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77.3 |
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70.2 |
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146.6 |
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135.9 |
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Depreciation and amortization |
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25.6 |
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22.8 |
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52.3 |
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44.5 |
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Total administrative expenses |
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273.6 |
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283.8 |
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547.9 |
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544.4 |
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Total operating expenses |
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362.7 |
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371.3 |
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724.4 |
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716.6 |
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Operating income |
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168.5 |
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112.3 |
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378.7 |
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297.5 |
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Interest expense |
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(10.5 |
) |
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(0.8 |
) |
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(14.5 |
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(1.6 |
) |
Other income (expense), net |
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(1.1 |
) |
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5.7 |
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8.0 |
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11.6 |
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Income before income taxes |
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156.9 |
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117.2 |
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372.1 |
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307.5 |
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Provision for income taxes |
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49.5 |
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27.7 |
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109.0 |
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|
78.6 |
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Net income |
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$ |
107.4 |
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$ |
89.5 |
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$ |
263.1 |
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$ |
228.9 |
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