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Fair Value Measurement
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
U.S. GAAP defines a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
The Company determines the fair values of its assets and liabilities that are recognized or disclosed at fair value in accordance with the hierarchy described below. The following three levels of inputs may be used to measure fair value:
•Level 1—Quoted prices in active markets for identical assets or liabilities;
•Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include items where the determination of fair value requires significant management judgment or estimation.
The Company makes recurring fair value measurements of contingent liabilities arising from certain acquisitions using Level 3 unobservable inputs. Contingent liabilities included in the purchase price of an acquisition are based on achievement of specified performance metrics as defined in the purchase agreement.
Acquisition-Related Contingent Consideration
The Company’s acquisitions often include contingent consideration, or earnout, provisions. The total fair value of contingent consideration related to the acquisitions of Vectron, Finaro, and two other acquisitions as of December 31, 2024 was $26.2 million, of which $7.2 million is included in “Accrued expenses and other current liabilities” and $19.0 million is included within “Other noncurrent liabilities” on the Company’s Consolidated Balance Sheets. The balance as of December 31, 2024 is inclusive of the contingent consideration agreement Vectron was party to related to its purchase of Acardo. The change in fair value of these liabilities is included in “Revaluation of contingent liabilities” on the Company’s Consolidated Statements of Operations. Each of these fair value measurements utilize Level 3 inputs, such as projected merchants acquired, projected revenues, discount rates and other subjective inputs. See Note 2 for further information on the contingent consideration for Vectron.
Online Payments Group
The Company entered into an earnout agreement with the former shareholders of Online Payments Group, not to exceed $60.0 million, with $30.0 million of the earnout payable as of September 2023 (“Tranche 1”) if key customers of Online Payments Group contribute a specified amount of revenue from September 29, 2022 to September 28, 2023 and the remaining $30.0 million payable as of September 2024 (“Tranche 2”) if key customers contribute a specified amount of revenue from September 29, 2022 to September 28, 2024. The fair value of the earnout was included in the initial purchase consideration and was revalued quarterly until the end of the earnout period as a fair value adjustment within “Revaluation of contingent liabilities” in the Company’s Consolidated Statements of Operations. Tranche 1 was fully earned and paid in 2023, and Tranche 2 was fully earned and paid in 2024. Both tranches were paid 50% in shares of the Company’s Class A common stock and 50% in cash.
The table below provides a reconciliation of the beginning and ending balances for the Level 3 contingent liabilities:
Year Ended December 31, 2024
Contingent Liabilities for AcquisitionsContingent Liabilities for Assets AcquiredTotal Contingent Liabilities
Balance at beginning of period$32.2 $1.4 $33.6 
Contingent consideration22.8 — 22.8 
Fair value adjustments4.0 0.3 4.3 
Impact of foreign exchange(1.6)— (1.6)
Contingent liabilities that achieved earnout
(31.2)(1.7)(32.9)
Balance at end of period$26.2 $— $26.2 
Fair value adjustments for contingent liabilities for acquisitions are recorded within “Revaluation of contingent liabilities” in the Company’s Consolidated Statements of Operations. There were no transfers into or out of Level 3 during the year ended December 31, 2024.
The estimated fair value of the Company’s outstanding debt using quoted prices from over-the-counter markets, considered Level 2 inputs, was as follows.
December 31, 2024December 31, 2023
Carrying
Value (a)		Fair
Value		Carrying
Value (a)		Fair
Value
2032 Senior Notes$1,086.5 $1,119.4 $— $— 
2025 Convertible Notes686.9 927.8 683.6 766.5 
2027 Convertible Notes626.0 684.0 623.5 593.2 
2026 Senior Notes445.9 443.2 443.7 438.2 
Total$2,845.3 $3,174.4 $1,750.8 $1,797.9 
(a) Carrying value excludes unamortized debt issuance costs related to the Revolving Credit Facility of $4.3 million and $0.6 million as of December 31, 2024 and 2023, respectively.
The estimated fair value of the Company’s investments in non-marketable equity securities was $2.5 million and $62.2 million as of December 31, 2024 and 2023, respectively. During the fourth quarter of 2024, the Company sold $121.1 million of a non-marketable security. These non-marketable equity investments have no readily determinable fair values and are measured using the measurement alternative, which is defined as cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments for these investments, if any, are recorded in “Gain on investments in securities” on the Company’s Consolidated Statements of Operations.
The estimated fair value of the Company’s crypto settlement assets and crypto settlement liabilities was $5.7 million and $3.5 million as of December 31, 2024 and 2023, respectively. The Company has valued the assets and liabilities using quoted prices from active cryptocurrency exchanges for the underlying crypto assets, considered Level 2 inputs.
Other financial instruments not measured at fair value on the Company’s Consolidated Balance Sheets at December 31, 2024 and 2023 include cash and cash equivalents, restricted cash, settlement assets, accounts receivable, prepaid expenses and other current assets, collateral held by the card networks, other noncurrent assets, settlement liabilities, accounts payable, accrued expenses and other current liabilities, bank deposits, and other noncurrent liabilities, as their estimated fair values reasonably approximate their carrying value as reported on the Company’s Consolidated Balance Sheets.