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Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segments | Segments T he Company reports infor mation about its operating segments in accordance with the authoritative guidance related to segments. We manage and report our operating results through three reportable segments: Vehicle Payments, Corporate Payments (includes aggregation with Cross-Border operating segment), Lodging Payments and an Other category (which combines Gift and Payroll card operating segments). These reportable segments align with how the Company's Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), allocates resources, assesses performance and reviews financial information. T he COD M uses segment operating income to make decisions regarding the allocation of resources (including financial resources and capital spending) to each segment primarily in the annual budget and forecasting process and reviews budget to actual variances for segment operating income on a monthly, quarterly and annual basis to assess the performance of each segment. The Company's segment results, inc luding sig nificant segment expenses regularly provided to the CODM, are as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands)*:
|  | Year Ended December 31, 2024 1
|  | Vehicle Payments 2 |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $2,008,799 |  | $1,221,915 |  | $488,589 |  | $255,286 |  | $3,974,589
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 365,457 |  | 264,298 |  | 119,645 |  | 119,685 |  | 869,085
Selling |  | 175,750 |  | 172,365 |  | 24,317 |  | 8,474 |  | 380,906
General and administrative |  | 311,784 |  | 192,853 |  | 72,526 |  | 39,711 |  | 616,874
Depreciation |  | 70,178 |  | 29,949 |  | 13,205 |  | 6,774 |  | 120,106
Amortization |  | 129,988 |  | 63,367 |  | 35,494 |  | 2,133 |  | 230,982
Goodwill impairment |  | — |  | — |  | — |  | 90,000 |  | 90,000
Other operating, net |  | 82 |  | 686 |  | 14 |  | 7 |  | 789
Gain on disposition of business |  | (121,310) |  | — |  | — |  | — |  | (121,310)
Operating income (loss) |  | $1,076,870 |  | $498,397 |  | $223,388 |  | $(11,498) |  | 1,787,157
Other expenses: |  |  |  |  |  |  |  |  |  |
Investment gain, net |  |  |  |  |  |  |  |  |  | 239
Other income, net |  |  |  |  |  |  |  |  |  | 13,722
Interest expense, net |  |  |  |  |  |  |  |  |  | 383,043
Loss on extinguishment of debt |  |  |  |  |  |  |  | 5,040
Total other expenses |  |  |  |  |  |  |  |  |  | 402,044
Income before income taxes |  |  |  |  |  |  |  |  |  | $1,385,113
|  | Year ended December 31, 2024
|  | Vehicle Payments |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Other segment disclosures: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $117,410 |  | $32,587 |  | $19,622 |  | $5,557 |  | $175,176
Long-lived assets (excluding goodwill and investments) |  | $258,942 |  | $67,379 |  | $35,105 |  | $16,279 |  | $377,705
|  | Year Ended December 31, 2023 3
|  | Vehicle Payments 2 |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $2,005,510 |  | $981,127 |  | $520,216 |  | $250,866 |  | $3,757,719
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 377,603 |  | 212,144 |  | 117,203 |  | 112,958 |  | 819,908
Selling |  | 167,614 |  | 137,512 |  | 24,597 |  | 10,435 |  | 340,157
General and administrative |  | 314,892 |  | 170,075 |  | 77,219 |  | 41,237 |  | 603,424
Depreciation |  | 69,886 |  | 22,356 |  | 11,070 |  | 6,671 |  | 109,983
Amortization |  | 132,019 |  | 56,323 |  | 35,833 |  | 2,446 |  | 226,621
Other operating, net |  | 98 |  | 629 |  | 25 |  | 1 |  | 753
Operating income |  | $943,399 |  | $382,085 |  | $254,270 |  | $77,119 |  | 1,656,873
Other expenses (income): |  |  |  |  |  |  |  |  |  |
Investment gain, net |  |  |  |  |  |  |  |  |  | (116)
Other income, net |  |  |  |  |  |  |  |  |  | (16,623)
Interest expense, net |  |  |  |  |  |  |  |  |  | 348,607
Loss on extinguishment of debt |  |  |  |  |  |  |  | —
Total other expenses |  |  |  |  |  |  |  |  |  | 331,868
Income before income taxes |  |  |  |  |  |  |  |  |  | $1,325,005
|  | Year ended December 31, 2023
|  | Vehicle Payments |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Other segment disclosures: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $108,592 |  | $25,387 |  | $13,705 |  | $6,138 |  | $153,822
Long-lived assets (excluding goodwill and investments) |  | $252,499 |  | $48,822 |  | $24,697 |  | $17,136 |  | $343,154
|  | Year Ended December 31, 2022 3
|  | Vehicle Payments 2 |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $1,950,038 |  | $769,571 |  | $456,511 |  | $251,009 |  | $3,427,129
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 361,695 |  | 179,339 |  | 103,615 |  | 120,058 |  | 764,707
Selling |  | 174,230 |  | 104,359 |  | 19,711 |  | 10,782 |  | 309,082
General and administrative |  | 330,899 |  | 139,690 |  | 72,180 |  | 41,366 |  | 584,135
Depreciation |  | 62,930 |  | 14,987 |  | 7,968 |  | 6,125 |  | 92,010
Amortization |  | 135,565 |  | 57,599 |  | 34,398 |  | 2,710 |  | 230,272
Other operating, net |  | 226 |  | 35 |  | 2 |  | 19 |  | 282
Operating income |  | $884,493 |  | $273,562 |  | $218,637 |  | $69,949 |  | 1,446,641
Other expenses: |  |  |  |  |  |  |  |  |  |
Investment loss, net |  |  |  |  |  |  |  |  |  | 1,382
Other expense, net |  |  |  |  |  |  |  |  |  | 3,003
Interest expense, net |  |  |  |  |  |  |  |  |  | 164,662
Loss on extinguishment of debt |  |  |  |  |  |  |  | 1,934
Total other expenses |  |  |  |  |  |  |  |  |  | 170,981
Income before income taxes |  |  |  |  |  |  |  |  |  | $1,275,660
|  | Year ended December 31, 2022
|  | Vehicle Payments |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Other segment disclosures: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $111,661 |  | $20,777 |  | $10,570 |  | $8,420 |  | $151,428
Long-lived assets (excluding goodwill and investments) |  | $218,680 |  | $39,240 |  | $17,884 |  | $18,888 |  | $294,692
*Columns may not calculate due to rounding. Other includes our Gift and Payroll card operating segments. 1 Results from Zapay acquired in the first quarter of 2024 are reported in the Vehicle Payments segment from the date of acquisition. Results from Paymerang acquired in the third quarter of 2024 are reported in the Corporate Payments segment from the date of acquisition. Results from GPS Capital Markets acquired in the fourth quarter of 2024 are included in the Corporate Payments segment from the date of acquisition. 2 Results of our merchant solutions business disposed of in December 2024 are included in the Vehicle Payments segment for all periods prior to disposition. 3 Results of the Company's Russian business disposed of in August 2023 are included in the Vehicle Payments segment for all periods prior to disposition. Total assets for each reportable segment are not presented as the CODM does not evaluate performance or allocate resources based on segment assets. The following table presents the Company's long-lived assets by major geography (excluding goodwill, other intangible assets and investments) at December 31 (in thousands):
|  | 2024 |  | 2023
Long-lived assets (excluding goodwill, other intangible assets and investments): |  |  |  |
United States (country of domicile) |  | $228,233 |  | $200,918
Brazil |  | $64,912 |  | $74,789
United Kingdom |  | $46,174 |  | $34,242
More than 10% of ou r consolidated rev enues in 2024, 2023 and 2022 were derived through our relationship with our open-loop network partner in our Vehicle Payments and Corporate Payments segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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