REVENUES

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

The following tables present a disaggregation of our revenue from contracts with customers by distribution channel for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30, 2019
	North America		Europe		Asia-Pacific		TSYS		Total

	(in thousands)

Direct:
Relationship-led	$	310,389	$	114,562	$	29,829	$	—	$	454,780
Technology-enabled	369,147		50,388		28,851		—		448,386
	679,536		164,950		58,680		—		903,166
Wholesale	55,305		—		—		—		55,305
	734,841		164,950		58,680		—		958,471
TSYS	—		—		—		147,470		147,470
	$	734,841	$	164,950	$	58,680	$	147,470	$	1,105,941



	Three Months Ended September 30, 2018
	North America		Europe		Asia-Pacific		TSYS		Total

	(in thousands)

Direct:
Relationship-led	$	254,593	$	105,468	$	33,612	$	—	$	393,673
Technology-enabled	317,206		52,116		22,759		—		392,081
	571,799		157,584		56,371		—		785,754
Wholesale	71,916		—		—		—		71,916
	643,715		157,584		56,371		—		857,670
TSYS	—		—		—		—		—
	$	643,715	$	157,584	$	56,371	$	—	$	857,670



	Nine Months Ended September 30, 2019
	North America		Europe		Asia-Pacific		TSYS		Total

	(in thousands)

Direct:
Relationship-led	$	882,026	$	319,781	$	93,990	$	—	$	1,295,797
Technology-enabled	1,061,094		148,387		85,321		—		1,294,802
	1,943,120		468,168		179,311		—		2,590,599
Wholesale	186,062		—		—		—		186,062
	2,129,182		468,168		179,311		—		2,776,661
TSYS	—		—		—		147,470		147,470
	$	2,129,182	$	468,168	$	179,311	$	147,470	$	2,924,131



	Nine Months Ended September 30, 2018
	North America		Europe		Asia-Pacific		TSYS		Total

	(in thousands)

Direct:
Relationship-led	$	725,874	$	300,642	$	101,225	$	—	$	1,127,741
Technology-enabled	896,982		155,850		68,549		—		1,121,381
	1,622,856		456,492		169,774		—		2,249,122
Wholesale	236,689		—		—		—		236,689
	1,859,545		456,492		169,774		—		2,485,811
TSYS	—		—		—		—		—
	$	1,859,545	$	456,492	$	169,774	$	—	$	2,485,811

ASC 606 requires that we determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the three and nine months ended September 30, 2019 and 2018, substantially all of our revenues were recognized over time.

Supplemental balance sheet information related to contracts from customers as of September 30, 2019 and December 31, 2018 was as follows:



	Balance Sheet Location	September 30, 2019		December 31, 2018

		(in thousands)

Assets:
Capitalized costs to obtain customer contracts, net	Other noncurrent assets	$	216,540	$	194,616
Capitalized costs to fulfill customer contracts, net	Other noncurrent assets	$	24,114	$	12,954

Liabilities:
Contract liabilities, net (current)	Accounts payable and accrued liabilities	$	195,472	$	146,947
Contract liabilities, net (noncurrent)	Other noncurrent liabilities	$	28,039	$	8,595

The increase in contract liabilities during the nine months ended September 30, 2019 was primarily attributable to contract liabilities assumed in the Merger. Net contract assets were not material at September 30, 2019 or at December 31, 2018.

Revenue recognized for the three months ended September 30, 2019 and 2018 from contract liability balances at the beginning of each period was $52.0 million and $39.2 million, respectively. Revenue recognized for the nine months ended September 30, 2019 and 2018 from contract liability balances at the beginning of each period was $122.7 million and $90.2 million, respectively.

ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. The purpose of this disclosure is to provide additional information about the amounts and expected timing of revenue to be recognized from the remaining performance obligations in our existing contracts. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. However, as permitted by ASC 606, we have elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. Accordingly, the total unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amounts disclosed in table below.

Estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at September 30, 2019 as follows (in thousands):



Year ending December 31,
Remainder of 2019	$	228,002
2020	746,107
2021	608,080
2022	435,065
2023-2029	526,047
Total	$	2,543,301