v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segment Results
Three Months Ended September 30, 2026
(in millions)MobilityBenefitsCorporate PaymentsTotal
Payment processing revenue$205.4 $25.8 $113.6 $344.8 
Account servicing revenue57.1 110.2 19.4 186.7 
Finance fee revenue115.7 0.1 0.1 115.9 
Other revenue56.9 71.5 4.3 132.7 
Total revenues (revenues from external customers)$435.1 $207.6 $137.4 $780.1 
Less(1):
Processing costs, adjusted73.6 67.9 18.0 
Service fees2.0 19.7 0.5 
Provision for credit losses21.1 0.2 1.9 
Operating interest expense25.1 1.5 6.6 
Sales and marketing expense, adjusted66.5 13.9 21.1 
General and administrative expense, adjusted25.3 5.4 11.2 
Other segment items(2)
17.6 11.5 9.5 
Segment adjusted operating income (3)
$203.9 $87.5 $68.5 $360.0 
Three Months Ended September 30, 2025
(in millions)MobilityBenefitsCorporate PaymentsTotal
Payment processing revenue$168.2 $23.8 $109.7 $301.7 
Account servicing revenue53.7 113.3 18.3 185.3 
Finance fee revenue82.9 — 0.3 83.2 
Other revenue56.0 61.0 4.5 121.5 
Total revenues (revenues from external customers)$360.8 $198.1 $132.8 $691.8 
Less(1):
Processing costs, adjusted73.7 63.4 17.5 
Service fees1.7 17.8 3.0 
Provision for credit losses15.1 0.5 4.8 
Operating interest expense22.2 1.3 5.7 
Sales and marketing expense, adjusted59.5 13.5 18.7 
General and administrative expense, adjusted25.6 5.5 10.1 
Other segment items(2)
16.3 9.4 9.1 
Segment adjusted operating income (3)
$146.7 $86.7 $63.8 $297.2 
Nine Months Ended September 30, 2026
(In millions)MobilityBenefitsCorporate PaymentsTotal
Payment processing revenue$573.0 $88.3 $312.1 $973.4 
Account servicing revenue164.2 332.1 50.8 547.0 
Finance fee revenue297.1 0.2 0.7 297.9 
Other revenue167.9 209.2 12.0 389.1 
Total revenues (revenues from external customers)$1,202.1 $629.8 $375.6 $2,207.5 
Less(1):
Processing costs, adjusted216.0 197.6 52.6 
Service fees5.6 60.0 4.5 
Provision for credit losses, adjusted77.2 0.4 6.1 
Operating interest expense69.0 4.3 16.2 
Sales and marketing expense, adjusted197.5 44.3 64.3 
General and administrative expense, adjusted76.1 19.3 33.3 
Other segment items(2)
49.6 32.7 27.5 
Segment adjusted operating income (3)
$511.1 $271.2 $171.1 $953.4 
Nine Months Ended September 30, 2025
(In millions)MobilityBenefitsCorporate PaymentsTotal
Payment processing revenue$484.9 $80.8 $293.1 $858.8 
Account servicing revenue155.6 339.7 47.0 542.3 
Finance fee revenue238.1 0.1 1.0 239.3 
Other revenue162.2 172.0 13.4 347.6 
Total revenues (revenues from external customers)$1,040.8 $592.5 $354.5 $1,987.9 
Less(1):
Processing costs, adjusted217.3 189.1 53.2 
Service fees5.8 57.5 8.2 
Provision for credit losses44.4 (0.8)14.2 
Operating interest expense63.1 3.8 15.1 
Sales and marketing expense, adjusted176.1 40.7 52.9 
General and administrative expense, adjusted75.4 16.1 30.3 
Other segment items(2)
46.5 27.6 26.9 
Segment adjusted operating income (3)
$412.2 $258.5 $153.7 $824.4 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Other segment items for the Mobility, Benefits and Corporate Payments reportable segments include depreciation expense for each of the periods presented.
(3) See following table for a reconciliation of segment adjusted operating income to income before income taxes.
Three Months Ended
Nine Months Ended
(in millions)MobilityBenefitsCorporate PaymentsMobilityBenefitsCorporate Payments
September 30, 2026:
Interest income(1)
$4.2 $59.7 $3.0 $15.0 $174.1 $8.8 
Operating interest expense$25.1 $1.5 $6.6 $69.0 $4.3 $16.2 
Depreciation(2)
$17.6 $11.5 $9.5 $49.6 $32.7 $27.5 
September 30, 2025:
Interest income(1)
$3.9 $51.6 $3.4 $12.0 $144.4 $10.1 
Operating interest expense$22.2 $1.3 $5.7 $63.1 $3.8 $15.1 
Depreciation(2)
$16.3 $9.4 $9.1 $46.5 $27.6 $26.9 
(1)The amounts of interest income disclosed by reportable segment are included within other revenues in the preceding tables.
(2)The amounts of depreciation disclosed by reportable segment are included within other segment items in the preceding tables. Amounts do not include amortization of intangible assets, as amortization is not included in determining segment adjusted operating income and is not regularly provided to the CODM.
Schedule of Reconciliation of Segment Adjusted Operating Income to Income Before Income Taxes
The following table reconciles total segment adjusted operating income to income before income taxes:
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)20262025
2026
2025
Segment adjusted operating income
Mobility$203.9 $146.7 $511.1 $412.2 
Benefits87.5 86.7 271.2 258.5 
Corporate Payments68.5 63.8 171.1 153.7 
Total segment adjusted operating income$360.0 $297.2 $953.4 $824.4 
Reconciliation:
Total segment adjusted operating income$360.0 $297.2 $953.4 $824.4 
Less:
Unallocated corporate expenses27.5 23.7 78.1 74.1 
Acquisition-related intangible amortization45.6 47.9 137.2 145.1 
Other acquisition and divestiture related items— 3.8 1.7 5.0 
Stock-based compensation45.3 34.7 112.4 80.4 
Other costs2.8 3.6 23.8 22.3 
Add:
Financing interest expense, net of financial instruments(53.2)(63.8)(159.0)(181.8)
Net foreign currency (loss) gain(0.1)(2.6)4.0 (3.3)
Change in fair value of contingent consideration— (0.7)(0.7)(2.3)
Income before income taxes$185.5 $116.4 $444.5 $310.2