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REVENUES
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
REVENUES REVENUES
The following tables present a disaggregation of our Merchant Solutions revenues from contracts with customers by geography for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025March 31, 2024
(in thousands)
Americas$1,483,092 $1,522,732 
Europe261,135 251,051 
Asia Pacific64,460 60,311 
$1,808,687 $1,834,094 

We actively market and provide our payment services, software and other commerce enablement solutions directly to our customers and through a variety of distribution channels across three service lines: 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 revenues by service line for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025March 31, 2024
(in thousands)
Point-of-Sale and Software Solutions$348,141 $379,184 
Integrated and Embedded Solutions803,542 757,623 
Core Payments Solutions657,004 697,287 
$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 LocationMarch 31, 2025December 31, 2024
(in thousands)
Assets:
Capitalized costs to obtain customer contracts, net
Other noncurrent assets$341,304 $338,015 
Capitalized costs to fulfill customer contracts, net
Other noncurrent assets35,875 34,749 
Liabilities:
Contract liabilities, net (current)Accounts payable and accrued liabilities170,168 197,564 
Contract liabilities, net (noncurrent)Other noncurrent liabilities20,526 20,414 

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 $61.1 million and $76.5 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$225,824 
2026222,908 
2027157,479 
202884,046 
202945,809 
203017,462 
2031 and thereafter1,649 
Total$755,177 
 REVENUES
The following table presents a disaggregation of our revenues from contracts with customers by geography for our Merchant Solutions segment for the years ended December 31, 2024, 2023 and 2022. Revenues from our Consumer Solutions segment were solely affiliated with the Americas.

Years Ended December 31,
202420232022
(in thousands)
Americas$6,254,163 $5,867,308 $5,236,728 
Europe1,174,828 1,023,546 720,660 
Asia Pacific259,712 260,939 247,529 
$7,688,703 $7,151,793 $6,204,917 

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 distribution channels across three service lines: 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 service line for the years ended December 31, 2024, 2023 and 2022:

202420232022
(in thousands)
Point-of-Sale and Software Solutions$1,512,488 $1,395,553 $1,340,939 
Integrated and Embedded Solutions3,170,901 2,942,553 2,645,733 
Core Payments Solutions3,005,314 2,813,687 2,218,245 
$7,688,703 $7,151,793 $6,204,917 

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 years ended December 31, 2024, 2023 and 2022, substantially all of our revenues were recognized over time.
Supplemental balance sheet information related to contracts from customers as of December 31, 2024, 2023 and 2022 was as follows:

Balance Sheet LocationDecember 31, 2024December 31, 2023December 31, 2022
(in thousands)
Assets:
Capitalized costs to obtain customer contracts, net
Other noncurrent assets$338,015 $359,760 $329,124 
Capitalized costs to fulfill customer contracts, net
Other noncurrent assets34,749 69,822 58,250 
Liabilities:
Contract liabilities, net (current)
Accounts payable and accrued liabilities
197,564 183,625 174,367 
Contract liabilities, net (noncurrent)Other noncurrent liabilities20,414 30,183 24,111 

Net contract assets were not material at December 31, 2024, December 31, 2023 or December 31, 2022. Revenue recognized for the years ended December 31, 2024 and 2023 from contract liability balances at the beginning of each period was $162.7 million and $154.2 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 December 31, 2024. 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 Merchant Solutions processing services is significantly higher than the amounts disclosed in the table below (in thousands):

Year ending December 31,
2025$337,373 
2026209,130 
2027146,233 
202875,179 
202937,581 
2030 and thereafter17,349 
Total$822,845