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Segments
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segments

23.

Segments

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker, or CODM, for the purposes of allocating resources and evaluating financial performance. The Company’s CODM is the chief executive officer, who reviews financial information on a consolidated level for purposes of allocating resources and evaluating financial performance, and as such, the Company’s operations constitute one operating segment and one reportable segment.

No single customer accounted for more than 10% of the Company’s revenue during the three and six months ended June 30, 2020 and 2019. The Company’s operations are concentrated in the United States.

The following table summarizes gross revenue by revenue type:

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Payments-based revenue

 

$

121.2

 

 

$

159.5

 

 

$

297.6

 

 

 

293.5

 

Subscription and other revenues

 

 

20.6

 

 

 

21.0

 

 

 

43.6

 

 

 

42.0

 

Total gross revenue

 

 

141.8

 

 

 

180.5

 

 

 

341.2

 

 

 

335.5

 

Less: network fees

 

 

74.4

 

 

 

105.2

 

 

 

194.7

 

 

 

193.9

 

Less: Other costs of sales

 

 

35.1

 

 

 

31.7

 

 

 

69.7

 

 

 

59.4

 

Gross profit

 

$

32.3

 

 

$

43.6

 

 

$

76.8

 

 

$

82.2