Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Accounting Policies [Abstract] |
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| Summary of Operating Revenues |
Below is detail of operating revenues (in thousands):
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For the Three Months Ended |
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For The Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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September 30, 2026 |
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|
September 30, 2025 |
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Service based revenue, net |
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Processing and overdraft service fees, net |
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$ |
168,945 |
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$ |
129,195 |
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$ |
447,464 |
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$ |
326,106 |
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Tips |
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|
- |
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- |
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|
- |
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7,496 |
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Subscriptions |
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17,289 |
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9,950 |
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46,305 |
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24,820 |
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Other |
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|
115 |
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|
84 |
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|
214 |
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|
251 |
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Transaction based revenue, net |
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Interchange revenue, net |
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6,428 |
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|
6,115 |
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|
18,658 |
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|
|
18,012 |
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ATM revenue, net |
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|
604 |
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|
718 |
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|
1,895 |
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|
2,257 |
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Other |
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4,323 |
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|
4,663 |
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12,375 |
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|
11,519 |
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Total operating revenues, net |
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$ |
197,704 |
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|
$ |
150,725 |
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$ |
526,911 |
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$ |
390,461 |
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| Schedule of Relationship Between Provision for Income Taxes and Net Income Before Provision for Income Taxes |
The following table presents the relationship between provision for income taxes and net income before provision for income taxes (in thousands):
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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|
September 30, 2026 |
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|
September 30, 2025 |
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Net income before provision for income taxes |
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$ |
74,499 |
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$ |
58,430 |
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$ |
159,330 |
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$ |
103,806 |
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Provision (benefit) for income taxes |
|
$ |
10,712 |
|
|
$ |
(33,642 |
) |
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$ |
30,920 |
|
|
$ |
(26,118 |
) |
Effective income tax rate |
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|
14.4 |
% |
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|
-57.6 |
% |
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19.4 |
% |
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|
-25.2 |
% |
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| Schedule of Earnings Per Share Basic And Diluted |
The following table sets forth the computation of the Company’s basic and diluted net income per share attributable to holders of Common Stock (in thousands, except share data):
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For The Three Months Ended |
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For The Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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September 30, 2026 |
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|
September 30, 2025 |
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Numerator |
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Net income attributed to common stockholders—basic |
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$ |
63,787 |
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$ |
92,072 |
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$ |
128,410 |
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$ |
129,924 |
|
Less: gain on changes in fair value of warrant liabilities |
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(17,881 |
) |
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|
- |
|
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(554 |
) |
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|
- |
|
Net income attributed to common stockholders—diluted |
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$ |
45,906 |
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$ |
92,072 |
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|
$ |
127,856 |
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$ |
129,924 |
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Denominator |
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Weighted-average shares of common stock—basic |
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12,763,674 |
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13,457,671 |
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12,970,111 |
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13,317,504 |
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Dilutive effect of stock options |
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234,920 |
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|
198,532 |
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|
208,349 |
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|
194,928 |
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Dilutive effect of RSUs |
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|
742,904 |
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|
869,098 |
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|
759,396 |
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|
980,395 |
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Dilutive effect of convertible notes |
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177,096 |
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|
- |
|
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|
59,032 |
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|
- |
|
Dilutive effect of liability-classified warrants |
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2,679 |
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|
- |
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|
893 |
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|
- |
|
Weighted-average shares of common stock—diluted |
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13,921,273 |
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14,525,301 |
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13,997,781 |
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14,492,827 |
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Net income per share |
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Basic |
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$ |
5.00 |
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$ |
6.84 |
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$ |
9.90 |
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$ |
9.76 |
|
Diluted |
|
$ |
3.30 |
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$ |
6.34 |
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$ |
9.13 |
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$ |
8.96 |
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| Summary of Computation of Diluted Net Income Per Share |
The following shares were excluded from the computation of diluted net income per share for the periods presented because including them would have been antidilutive:
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For The Three Months Ended |
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For The Nine Months Ended |
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|
September 30, 2026 |
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|
September 30, 2025 |
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|
September 30, 2026 |
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|
September 30, 2025 |
|
Equity incentive awards |
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|
499,676 |
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|
412,857 |
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|
529,952 |
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|
|
474,176 |
|
Capped call¹ |
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716,500 |
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|
- |
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|
716,500 |
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|
- |
|
Liability-classified warrants² |
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|
- |
|
|
|
357,631 |
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|
- |
|
|
|
357,631 |
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Total |
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1,216,176 |
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|
770,488 |
|
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1,246,452 |
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831,807 |
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¹ Represents the shares of Class A common stock underlying the Capped Call Transactions (as defined in Note 8, Convertible Notes). Those shares are intended to offset the dilutive impact of the 2031 Notes when the Company's stock price remains below the cap price of $421.34. See Note 8, Convertible Notes and Note 14, Stockholders' Equity. ² Represents the shares of Class A common stock issuable upon exercise of the Warrants. As of September 30, 2026 and September 30, 2025 warrants outstanding totaled 11,430,667 and 11,444,235, respectively. In connection with the 1-for-32 reverse stock split effected on January 4, 2023, 32 warrants are exercisable for one share of Class A common stock
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