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Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
The Company reports information 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. The CODM 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, including significant 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, 20241
Vehicle
Payments2
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, 20233
Vehicle
Payments2
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, 20223
Vehicle
Payments2
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 our consolidated revenues in 2024, 2023 and 2022 were derived through our relationship with our open-loop
network partner in our Vehicle Payments and Corporate Payments segments.