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v3.25.3

Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segments | Segments The Company’s segment results are as follows for the three and nine month periods ended September 30, 2025 and 2024 (in thousands)*:
|  | Three Months Ended September 30, 2025
|  | Vehicle Payments 1 |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $ | 553,192 |  |  | $ | 409,709 |  |  | $ | 127,012 |  |  | $ | 82,567 |  |  | $ | 1,172,480 |
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 94,984 |  |  | 79,229 |  |  | 31,140 |  |  | 43,408 |  |  | 248,761 |
Selling |  | 51,143 |  |  | 56,926 |  |  | 7,697 |  |  | 1,862 |  |  | 117,628 |
General and administrative |  | 81,904 |  |  | 65,648 |  |  | 18,479 |  |  | 12,580 |  |  | 178,611 |
Depreciation |  | 19,348 |  |  | 7,882 |  |  | 4,161 |  |  | 1,376 |  |  | 32,767 |
Amortization |  | 28,887 |  |  | 22,562 |  |  | 8,439 |  |  | 508 |  |  | 60,396 |
Other operating, net |  | 11,186 |  |  | 6 |  |  | 3 |  |  | 2 |  |  | 11,197 |
Operating income |  | $ | 265,740 |  |  | $ | 177,456 |  |  | $ | 57,093 |  |  | $ | 22,831 |  |  | 523,120 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Other expense, net |  |  |  |  |  |  |  |  |  | 1,383 |
Interest expense, net |  |  |  |  |  |  |  |  |  | 100,035 |
Total other expenses |  |  |  |  |  |  |  |  |  | 101,418 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 421,702 |
|  | Three Months Ended September 30, 2025
|  | Vehicle Payments 1 |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Other segment disclosures 3: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 31,353 |  |  | $ | 12,217 |  |  | $ | 5,325 |  |  | $ | 2,013 |  |  | $ | 50,908 |
|  | Nine Months Ended September 30, 2025
|  | Vehicle Payments 1 |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $ | 1,565,827 |  |  | $ | 1,154,272 |  |  | $ | 357,027 |  |  | $ | 203,051 |  |  | $ | 3,280,177 |
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 283,678 |  |  | 234,257 |  |  | 91,638 |  |  | 99,549 |  |  | 709,122 |
Selling |  | 144,943 |  |  | 165,396 |  |  | 23,332 |  |  | 7,291 |  |  | 340,962 |
General and administrative |  | 238,388 |  |  | 188,850 |  |  | 53,705 |  |  | 31,621 |  |  | 512,564 |
Depreciation |  | 53,465 |  |  | 21,742 |  |  | 11,671 |  |  | 4,066 |  |  | 90,944 |
Amortization |  | 88,072 |  |  | 69,455 |  |  | 26,713 |  |  | 1,517 |  |  | 185,757 |
Other operating, net |  | 11,183 |  |  | 6 |  |  | 5 |  |  | — |  |  | 11,194 |
Operating income |  | $ | 746,098 |  |  | $ | 474,566 |  |  | $ | 149,963 |  |  | $ | 59,007 |  |  | 1,429,634 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Other (income) expense, net |  |  |  |  |  |  |  |  |  | (5,094) |
Interest expense, net |  |  |  |  |  |  |  |  |  | 290,829 |
Loss on early extinguishment of debt |  |  |  |  |  |  |  | 1,596 |
Total other expenses |  |  |  |  |  |  |  |  |  | 287,331 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 1,142,303 |
|  | Nine Months Ended September 30, 2025
|  | Vehicle Payments |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Other segment disclosures 3: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 96,948 |  |  | $ | 29,892 |  |  | $ | 15,161 |  |  | $ | 6,314 |  |  | $ | 148,315 |
|  | Three Months Ended September 30, 2024
|  | Vehicle Payments 2 |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $ | 506,803 |  |  | $ | 321,850 |  |  | $ | 134,023 |  |  | $ | 66,521 |  |  | $ | 1,029,197 |
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 91,348 |  |  | 69,914 |  |  | 31,139 |  |  | 31,294 |  |  | 223,695 |
Selling |  | 44,403 |  |  | 41,934 |  |  | 5,881 |  |  | 1,942 |  |  | 94,160 |
General and administrative |  | 76,103 |  |  | 49,279 |  |  | 19,173 |  |  | 9,104 |  |  | 153,659 |
Depreciation |  | 17,501 |  |  | 7,202 |  |  | 3,525 |  |  | 2,232 |  |  | 30,460 |
Amortization |  | 33,134 |  |  | 16,643 |  |  | 8,803 |  |  | 506 |  |  | 59,086 |
Other operating, net |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Operating income |  | $ | 244,308 |  |  | $ | 136,876 |  |  | $ | 65,501 |  |  | $ | 21,447 |  |  | 468,132 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Other expense, net |  |  |  |  |  |  |  |  |  | 368 |
Interest expense, net |  |  |  |  |  |  |  |  |  | 104,441 |
Loss on early extinguishment of debt |  |  |  |  |  |  |  | 5,040 |
Total other expenses |  |  |  |  |  |  |  |  |  | 109,849 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 358,283 |
|  | Three Months Ended September 30, 2024
|  | Vehicle Payments |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Other segment disclosures 3: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 29,711 |  |  | $ | 9,167 |  |  | $ | 5,012 |  |  | $ | 1,888 |  |  | $ | 45,778 |
|  | Nine Months Ended September 30, 2024
|  | Vehicle Payments 2 |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $ | 1,511,142 |  |  | $ | 875,725 |  |  | $ | 367,695 |  |  | $ | 185,596 |  |  | $ | 2,940,158 |
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 279,642 |  |  | 185,079 |  |  | 89,167 |  |  | 86,417 |  |  | 640,305 |
Selling |  | 132,491 |  |  | 125,090 |  |  | 18,780 |  |  | 7,031 |  |  | 283,392 |
General and administrative |  | 236,149 |  |  | 137,890 |  |  | 54,640 |  |  | 30,019 |  |  | 458,698 |
Depreciation |  | 52,847 |  |  | 21,475 |  |  | 9,550 |  |  | 5,032 |  |  | 88,904 |
Amortization |  | 97,875 |  |  | 43,871 |  |  | 26,373 |  |  | 1,625 |  |  | 169,744 |
Other operating, net |  | 110 |  |  | 176 |  |  | 16 |  |  | 4 |  |  | 306 |
Operating income |  | $ | 712,028 |  |  | $ | 362,143 |  |  | $ | 169,169 |  |  | $ | 55,469 |  |  | 1,298,809 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Other expense, net |  |  |  |  |  |  |  |  |  | 7,788 |
Interest expense, net |  |  |  |  |  |  |  |  |  | 288,206 |
Loss on early extinguishment of debt |  |  |  |  |  |  |  | 5,040 |
Total other expenses |  |  |  |  |  |  |  |  |  | 301,034 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 997,775 |
|  | Nine Months Ended September 30, 2024
|  | Vehicle Payments |  | Corporate Payments |  | Lodging Payments |  | Other |  | Total
Other segment disclosures 3: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 88,159 |  |  | $ | 24,024 |  |  | $ | 14,427 |  |  | $ | 4,457 |  |  | $ | 131,067 |
*Columns may not calculate due to rounding. Other includes our Gift and Payroll Card operating segments. 1 Results from Gringo acquired in the first quarter of 2025 are reported in the Vehicle Payments segment from the date of acquisition. 2 Results from Zapay acquired in the first quarter of 2024 are reported in the Vehicle Payments segment from the date of acquisition. 3 Total assets for each reportable segment are not presented as the Chief Operating Decision Maker does not evaluate performance or allocate resources based on segment assets.

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- Definition The entire disclosure for reporting segments including data and tables. 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