v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026
(in thousands)Merchant SolutionsPayablesTreasury SolutionsTotal
Revenue from external customers$174,008 $30,057 $58,191 $262,256 
Intersegment revenue 1,770 373 2,328 4,471 
175,778 30,430 60,519 266,727 
Elimination of intersegment revenues(4,471)
Total consolidated revenues262,256 
Less: Cost of revenue (excludes depreciation and amortization)(1)
(135,955)(23,906)(6,954)
Less: Other operating expenses(1)(2)
(10,095)(3,461)(6,499)
Add: Other segment items(3)
1,159 47 447 
Segment Adjusted EBITDA$30,887 $3,110 $47,513 $81,510 
Reconciliation of Segment Adjusted EBITDA to income before income taxes
Segment Adjusted EBITDA$81,510 
Adjustment for corporate items(4)
(17,644)
Intersegment revenue elimination (4,471)
Depreciation and amortization(20,893)
Interest expense(21,051)
Selling, general and administrative (non-recurring)(1,531)
Non-cash stock-based compensation(2,283)
Income before income taxes$13,637 
(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)June 30, 2026
Elimination of cost of services (excludes depreciation and amortization)$4,457 
Other operating expenses(2)
(25,907)
Other items(5)
3,806 
$(17,644)
(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 June 30, 2026
Merchant SolutionsPayablesTreasury SolutionsTotal
Depreciation and amortization$13,094 $1,289 $5,297 $19,680 
Six Months Ended June 30, 2026
(in thousands)Merchant SolutionsPayablesTreasury SolutionsTotal
Revenue from external customers$334,286 $62,086 $115,442 $511,814 
Intersegment revenue 3,278 785 3,917 7,980 
337,564 62,871 119,359 519,794 
Elimination of intersegment revenues(7,980)
Total consolidated revenues511,814 
Less: Cost of revenue (excludes depreciation and amortization)(1)
(261,052)(47,124)(12,928)
Less: Other operating expenses(1)(2)
(19,925)(7,276)(12,772)
Add: Other segment items(3)
2,040 93 525 
Segment Adjusted EBITDA$58,627 $8,564 $94,184 $161,375 
Reconciliation of Segment Adjusted EBITDA to income before income taxes
Segment Adjusted EBITDA$161,375 
Adjustment for corporate items(4)
(35,906)
Intersegment revenue elimination (7,980)
Depreciation and amortization(38,508)
Interest expense(42,067)
Selling, general and administrative (non-recurring)(5,500)
Non-cash stock-based compensation(4,371)
Income before income taxes$27,043 
(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)June 30, 2026
Elimination of cost of services (excludes depreciation and amortization)$7,959 
Other operating expenses(2)
(53,754)
Other items(5)
9,889 
$(35,906)
(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
Six Months Ended June 30, 2026
Merchant SolutionsPayablesTreasury SolutionsTotal
Depreciation and amortization$23,011 $2,577 $10,500 $36,088 
Three Months Ended June 30, 2025
(in thousands)Merchant SolutionsPayablesTreasury SolutionsTotal
Revenue from external customers$162,788 $24,668 $52,356 $239,812 
Intersegment revenue442 365 302 1,109 
163,230 25,033 52,658 240,921 
Elimination of intersegment revenues(1,109)
Total consolidated revenues239,812 
Less: Cost of revenue (excludes depreciation and amortization)(1)
(127,814)(17,751)(2,939)
Less: Other operating expenses(1)(2)
(8,367)(3,606)(4,457)
Add: Other segment items(3)
700 94 296 
Segment Adjusted EBITDA$27,749 $3,770 $45,558 $77,077 
Reconciliation of Segment Adjusted EBITDA to income before income taxes
Segment Adjusted EBITDA$77,077 
Adjustment for corporate items(4)
(19,918)
Intersegment revenue elimination (1,109)
Depreciation and amortization(14,093)
Interest expense(23,054)
Selling, general and administrative (non-recurring)(395)
Non-cash stock-based compensation(3,206)
Income before income taxes$15,302 
(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)June 30, 2025
Elimination of cost of services (excludes depreciation and amortization)$1,105 
Other operating expenses(2)
(24,541)
Other items(5)
3,518 
$(19,918)
(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 June 30, 2025
Merchant SolutionsPayablesTreasury SolutionsTotal
Depreciation and amortization$6,633 $1,262 $4,941 $12,836 
Six Months Ended June 30, 2025
(in thousands)Merchant SolutionsPayablesTreasury SolutionsTotal
Revenue from external customers$314,029 $48,356 $102,057 $464,442 
Intersegment revenue891 595 689 2,175 
314,920 48,951 102,746 466,617 
Elimination of intersegment revenues(2,175)
Total consolidated revenues464,442 
Less: Cost of revenue (excludes depreciation and amortization)(1)
(246,386)(34,376)(6,160)
Less: Other operating expenses(1)(2)
(16,580)(7,534)(9,066)
Add: Other segment items(3)
1,500 245 481 
Segment Adjusted EBITDA$53,454 $7,286 $88,001 $148,741 
Reconciliation of Segment Adjusted EBITDA to income before income taxes
Segment Adjusted EBITDA$148,741 
Adjustment for corporate items(4)
(39,222)
Intersegment revenue elimination (2,175)
Depreciation and amortization(27,870)
Interest expense(46,230)
Debt modification and extinguishment expenses(38)
Selling, general and administrative (non-recurring)(2,594)
Non-cash stock-based compensation(4,792)
Income before income taxes$25,820 
(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)June 30, 2025
Elimination of cost of services (excludes depreciation and amortization)$2,170 
Other operating expenses(2)
(48,665)
Other items(5)
7,273 
$(39,222)
(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
Six Months Ended June 30, 2025
Merchant SolutionsPayablesTreasury SolutionsTotal
Depreciation and amortization$13,258 $2,523 $9,583 $25,364