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REVENUES | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES The following tables present a disaggregation of our revenues from contracts with customers by geography for each of our reportable segments for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, 2025
| Merchant Solutions |  | Issuer Solutions |  | Intersegment Eliminations |  | Total
| (in thousands)
Americas | $ | 1,483,092 |  |  | $ | 472,429 |  |  | $ | (6,734) |  |  | $ | 1,948,787 |
Europe | 261,135 |  |  | 137,716 |  |  | — |  |  | 398,851 |
Asia Pacific | 64,460 |  |  | 10,585 |  |  | (10,585) |  |  | 64,460 |
| $ | 1,808,687 |  |  | $ | 620,730 |  |  | $ | (17,319) |  |  | $ | 2,412,098 |
| Three Months Ended March 31, 2024
| Merchant Solutions |  | Issuer Solutions |  | Intersegment Eliminations |  | Total
| (in thousands)
Americas | $ | 1,522,732 |  |  | $ | 458,605 |  |  | $ | (6,214) |  |  | $ | 1,975,123 |
Europe | 251,051 |  |  | 133,702 |  |  | — |  |  | 384,753 |
Asia Pacific | 60,311 |  |  | 10,428 |  |  | (10,428) |  |  | 60,311 |
| $ | 1,834,094 |  |  | $ | 602,735 |  |  | $ | (16,642) |  |  | $ | 2,420,187 |
In our Merchant Solutions segment, we actively market and provide our payment services, software and other commerce enablement solutions directly to our customers and through a variety of partner distribution channels across three business pillars: Point-of-Sale and Software Solutions, Integrated and Embedded Solutions and Core Payments Solutions. Our Point-of-Sale and Software Solutions business provides advanced payments technology that is integrated into point-of-sale systems and business management software solutions that we own. Our Integrated and Embedded Solutions business provides e-commerce solutions, advanced payments technology and commerce enablement solutions that is embedded into business management software solutions owned by our technology partners who operate in numerous vertical markets and countries. Our Core Payments Solutions business provides payments technology services and other commerce enablement solutions directly to customers across numerous verticals in the markets we serve through our direct sales force worldwide, as well as referral partnerships and other wholesale relationships. The following table presents a disaggregation of our Merchant Solutions segment revenues by business pillar for the three months ended March 31, 2025 and 2024:
| Three Months Ended |  |
| March 31, 2025 |  | March 31, 2024 |  |  |  |
| (in thousands)
Point-of-Sale and Software Solutions | $ | 348,141 |  |  | $ | 379,184 |  |  |  |  |
Integrated and Embedded Solutions | 803,542 |  |  | 757,623 |  |  |  |  |
Core Payments Solutions | 657,004 |  |  | 697,287 |  |  |  |  |
| $ | 1,808,687 |  |  | $ | 1,834,094 |  |  |  |  |
ASC Topic 606, Revenues from Contracts with Customers ("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 months ended March 31, 2025 and 2024, substantially all of our revenues were recognized over time. Supplemental balance sheet information related to contracts from customers as of March 31, 2025 and December 31, 2024 was as follows:
| Balance Sheet Location |  | March 31, 2025 |  | December 31, 2024
|  |  | (in thousands)
Assets: |  |  |  |  |
Capitalized costs to obtain customer contracts, net | Other noncurrent assets |  | $ | 342,145 |  |  | $ | 338,960 |
Capitalized costs to fulfill customer contracts, net | Other noncurrent assets |  | 174,316 |  |  | 174,024 |
Liabilities: |  |  |  |  |
Contract liabilities, net (current) | Accounts payable and accrued liabilities |  | 219,005 |  |  | 242,769 |
Contract liabilities, net (noncurrent) | Other noncurrent liabilities |  | 50,406 |  |  | 50,555 |
Net contract assets were not material at March 31, 2025 or December 31, 2024. Revenue recognized for the three months ended March 31, 2025 and 2024 from contract liability balances at the beginning of each period was $76.7 million and $92.3 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 March 31, 2025. However, as permitted, 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 amount of unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amounts disclosed in the table below (in thousands):
Year Ending December 31, |
2025 | $ | 867,945 |
2026 | 972,161 |
2027 | 745,587 |
2028 | 417,952 |
2029 | 196,954 |
2030 | 120,240 |
2031 and thereafter | 246,735 |
Total | $ | 3,567,574 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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