XML 32 R12.htm IDEA: XBRL DOCUMENT v3.26.1
Acquisitions
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Each of the following acquisitions was accounted for as a business combination using the acquisition method of accounting. The respective purchase prices were allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill and represents the expected future economic benefits arising from the integration of these assets into the Company’s operations. Supplemental pro forma financial information has not been provided for Bambora as the acquisition was not considered material.
Bambora
On March 2, 2026, the Company completed the acquisition of Worldline’s North American subsidiaries (“Bambora”) for approximately $92 million in cash. Bambora serves over 140,000 merchants across the United States and Canada. Bambora’s gateway supports a mix of online and in-person payments across multiple specialized verticals. Total purchase consideration was as follows:
Cash$92 
Less: cash acquired (a)
(8)
Total purchase consideration, net of cash acquired$84 
(a) Excludes settlement-related cash of $185 million.
The following table summarizes the fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, and are subject to change within the measurement period as valuations are finalized. The primary areas of preliminary purchase price allocation subject to change relate to the valuation of goodwill, other intangible assets, deferred tax assets, and deferred tax liabilities.
Settlement assets (a)
$326 
Accounts receivable6 
Prepaid expenses and other current assets1 
Goodwill (b)
33 
Other intangible assets67 
Deferred tax assets1 
Accounts payable(5)
Settlement liabilities(326)
Accrued expenses and other current liabilities(1)
Deferred tax liabilities(18)
Net assets acquired$84 
(a) Includes settlement-related cash of $185 million, which is included within “Acquisitions, net of cash acquired” on the unaudited Condensed Consolidated Statements of Cash Flows.
(b) Goodwill is not deductible for tax purposes.
The following table provides further detail on other intangible assets acquired:
Merchant relationships$64 
Acquired technology3 
Other intangible assets$67 
The fair values of other intangible assets were estimated using inputs classified as Level 3 under the income approach using the multi-period excess earnings method for merchant relationships and the relief-from-royalty method for acquired technology. This transaction was not taxable for income tax purposes. Management’s estimates of fair value are primarily based upon assumptions related to projected revenues, and earnings before interest income, interest expense, income taxes, and depreciation and amortization (“EBITDA”) margins. The estimated life of merchant relationships and acquired technology are fifteen and three years, respectively. The goodwill arising from the acquisition largely consisted of revenue synergies associated with a larger total addressable market.
Global Blue
In the third quarter of 2025, the Company completed the acquisition of Global Blue Group Holding AG (“Global Blue”). Global Blue is a leading payments and technology platform, primarily providing TFS, dynamic currency conversion, and payments solutions to the world’s largest retail brands. This acquisition significantly increases the Company’s overall customer base and geographic footprint, while diversifying its revenue.
The following unaudited pro forma results of operations have been prepared to give effect to the Global Blue acquisition as though it occurred on January 1, 2025. The pro forma amounts reflect certain adjustments, such as expenses related to the amortization of acquired intangible assets. The unaudited pro forma financial information is presented for illustrative purposes only, is based on available information and assumptions that the Company believes are reasonable to reflect the impact of the acquisition on the Company’s historical financial information on a supplemental pro forma basis, and is not necessarily indicative of the results of operations that would have actually been reported had the acquisition occurred on January 1, 2025, nor is it necessarily indicative of the future results of operations of the combined company. The timing of transaction costs has been updated to be reflected in the pro forma results for the six months ended June 30, 2025.
Unaudited
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$1,295 $1,116 $2,416 $2,098 
Net income (loss)$27 $33 $42 $(1)
The amount of revenue and net income from Global Blue included in the Company’s unaudited Condensed Consolidated Statements of Operations for the three months ended June 30, 2026 was $168 million and $9 million, respectively. The amount of revenue and net income from Global Blue included in the Company’s unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2026 was $320 million and $12 million, respectively. Net income attributable to Global Blue excludes the increased interest expense related to the Company’s recent financings.