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Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments 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 (“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.
The principal financial metric reviewed by the CODM on a monthly basis is consolidated net income. This metric is compared to prior periods and to the Company’s internal forecasts and budgets for the purposes of allocating resources and evaluating financial performance.
The Company’s revenue is comprised primarily of payments-based revenue which includes fees for payment processing and gateway services. Payment processing fees are primarily driven as a percentage of payment volume. No single customer accounted for more than 10% of the Company’s revenue during the years ended December 31, 2024, 2023 and 2022.
The following table presents a disaggregation of the Company’s consolidated net income:
Year Ended December 31,
(in millions)202420232022
Payments-based revenue$2,990.1 $2,386.0 $1,857.1 
Subscription and other revenues340.5 178.8 136.5 
Network fees*(1,976.2)(1,624.4)(1,266.1)
Other costs of sales* (exclusive of depreciation of equipment under lease)(381.3)(252.6)(257.3)
General and administrative expenses:
Employee and other general and administrative expenses*(368.7)(251.2)(200.1)
Equity-based compensation*(67.9)(59.1)(50.4)
Rent, office, occupancy and equipment expenses*(22.9)(19.0)(16.9)
Revaluation of contingent liabilities(4.0)(23.1)36.6 
Depreciation and amortization expense* (a)(199.5)(153.8)(96.5)
Impairment of intangible assets— (18.6)— 
Professional expenses*(41.4)(33.1)(33.3)
Advertising and marketing expenses*(21.7)(15.1)(14.9)
Interest income33.7 31.9 10.8 
Other income (expense), net1.8 (3.9)0.5 
Gain on investments in securities66.7 12.2 15.1 
Change in TRA liability(289.0)(3.4)(1.7)
Interest expense*(61.8)(32.1)(32.5)
Income tax benefit (expense)*296.1 3.4 (0.2)
Net income$294.5 $122.9 $86.7 
*    Denotes a significant segment expense reviewed by the CODM.
(a)Depreciation and amortization expense includes depreciation of equipment under lease of $54.4 million, $35.3 million, and $28.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Geographical Information
The following table presents a disaggregation of the Company’s revenue by geography:
Year Ended December 31,
(in millions)202420232022
U.S.$2,770.7 $2,463.7 $1,985.6 
International559.9 101.1 8.0 
Gross revenue$3,330.6 $2,564.8 $1,993.6 
The following table summarizes long-lived assets based on geography, which consist of Equipment for lease, net, Property, plant and equipment, net, and ROU assets:
As of December 31,
(in millions)202420232022
U.S.$205.2 $169.2 $122.5 
International24.0 5.3 — 
Total long-lived assets$229.2 $174.5 $122.5