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Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
In accordance with ASC 280, Segment Reporting, the Company evaluates its operating segments to determine how to report its financial performance. Prior to the completion of the acquisition of Global Blue, the Company operated in one operating segment and one reportable segment. As of September 30, 2025, the Company was still assessing changes to its internal management reporting structure to incorporate Global Blue and the effects it may have on the Company’s reportable segments. Because this process was not complete as of September 30, 2025, the Company has reported the operating results of Global Blue from the acquisition date to September 30, 2025 as part of the Company’s existing reportable segment. In future periods, once the new management and organizational structures have been established, if necessary, the Company will report financial information for its new reportable segments and recast prior periods to reflect the change.
The principal financial metric reviewed by the chief operating decision maker (“CODM”), who is the Chief Executive Officer, 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 following table presents a disaggregation of the Company’s consolidated net income:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Payments-based revenue$1,058.0 $806.8 $2,682.2 $2,217.7 
Subscription and other revenues118.9 102.4 309.2 225.9 
Network fees*(587.7)(544.1)(1,620.3)(1,494.2)
Other costs of sales* (exclusive of depreciation of equipment under lease)(160.2)(97.8)(392.6)(262.5)
General and administrative expenses:
Employee and other general and administrative expenses*(158.5)(98.0)(385.6)(267.5)
Equity-based compensation*(15.9)(14.4)(58.4)(52.1)
Rent, office, occupancy and equipment expenses*(14.0)(5.8)(28.8)(15.8)
Revaluation of contingent liabilities2.8 (1.5)7.4 (3.9)
Depreciation and amortization expense* (a)(85.8)(51.6)(199.4)(143.1)
Professional expenses*(35.3)(9.4)(69.1)(29.0)
Advertising and marketing expenses*(7.7)(6.2)(21.5)(14.5)
Loss on extinguishment of debt(9.2)— (12.3)— 
Interest income17.5 9.7 49.1 20.1 
Other income (expense), net(1.4)(1.5)(5.6)0.3 
Gain on investments in securities— 10.8 — 21.6 
Change in TRA liability(0.2)(289.4)2.0 (294.2)
Interest expense*(60.8)(18.3)(128.7)(34.5)
Income tax benefit (expense)*(27.1)280.5 (33.6)280.9 
Net income$33.4 $72.2 $94.0 $155.2 
*    Denotes a significant segment expense reviewed by the CODM.
(a)Depreciation and amortization expense includes depreciation of equipment under lease of $19.4 million and $53.1 million for the three and nine months ended September 30, 2025, respectively, and $14.1 million and $39.0 million for the three and nine months ended September 30, 2024, respectively.