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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Reportable Segment Results | The following tables present the Company’s reportable segment revenues:
| Three Months Ended June 30, 2024
(in millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Payment processing revenue | $ | 177.2 |  |  | $ | 116.2 |  |  | $ | 24.9 |  |  | $ | 318.4 |
Account servicing revenue | 49.8 |  |  | 10.3 |  |  | 108.4 |  |  | 168.6 |
Finance fee revenue | 77.7 |  |  | (0.1) |  |  | 0.1 |  |  | 77.8 |
Other revenue | 54.8 |  |  | 7.6 |  |  | 46.3 |  |  | 108.7 |
Total revenues | $ | 359.6 |  |  | $ | 134.1 |  |  | $ | 179.8 |  |  | $ | 673.5 |
| Three Months Ended June 30, 2023
(in millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Payment processing revenue | $ | 172.2 |  |  | $ | 104.7 |  |  | $ | 23.6 |  |  | $ | 300.5 |
Account servicing revenue | 40.8 |  |  | 10.6 |  |  | 101.5 |  |  | 152.9 |
Finance fee revenue | 76.3 |  |  | 0.1 |  |  | — |  |  | 76.4 |
Other revenue | 50.9 |  |  | 6.5 |  |  | 34.1 |  |  | 91.5 |
Total revenues | $ | 340.2 |  |  | $ | 121.9 |  |  | $ | 159.2 |  |  | $ | 621.3 |
| Six Months Ended June 30, 2024
(In millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Payment processing revenue | $ | 347.9 |  |  | $ | 219.4 |  |  | $ | 53.1 |  |  | $ | 620.4 |
Account servicing revenue | 96.2 |  |  | 20.3 |  |  | 225.4 |  |  | 341.9 |
Finance fee revenue | 147.7 |  |  | 0.2 |  |  | 0.2 |  |  | 148.1 |
Other revenue | 106.7 |  |  | 16.7 |  |  | 92.3 |  |  | 215.8 |
Total revenues | $ | 698.5 |  |  | $ | 256.6 |  |  | $ | 371.0 |  |  | $ | 1,326.1 |
| Six Months Ended June 30, 2023
(In millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Payment processing revenue | $ | 343.7 |  |  | $ | 194.8 |  |  | $ | 50.1 |  |  | $ | 588.6 |
Account servicing revenue | 81.1 |  |  | 21.2 |  |  | 211.3 |  |  | 313.6 |
Finance fee revenue | 156.7 |  |  | 0.3 |  |  | 0.1 |  |  | 157.1 |
Other revenue | 101.0 |  |  | 10.4 |  |  | 62.6 |  |  | 174.0 |
Total revenues | $ | 682.5 |  |  | $ | 226.7 |  |  | $ | 324.1 |  |  | $ | 1,233.3 |
Schedule of Reconciliation Of Segment Adjusted Operating Income To Income Before Income Taxes | The following table reconciles total segment adjusted operating income to income before income taxes:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Segment adjusted operating income |  |  |  |  |  |  |  |  |  |  |
Mobility | $ | 154.3 |  |  |  |  | $ | 150.3 |  |  |  |  | $ | 285.4 |  |  | $ | 289.1 |
Corporate Payments | 74.4 |  |  |  |  | 66.3 |  |  |  |  | 139.0 |  |  | 115.5 |
Benefits | 71.1 |  |  |  |  | 59.3 |  |  |  |  | 150.5 |  |  | 123.8 |
Total segment adjusted operating income | $ | 299.9 |  |  |  |  | $ | 275.9 |  |  |  |  | $ | 574.9 |  |  | $ | 528.4 |
Reconciliation: |  |  |  |  |  |  |  |  |  |  |
Total segment adjusted operating income | $ | 299.9 |  |  |  |  | $ | 275.9 |  |  |  |  | $ | 574.9 |  |  | $ | 528.4 |
Less: |  |  |  |  |  |  |  |  |  |  |
Unallocated corporate expenses | 26.1 |  |  |  |  | 25.3 |  |  |  |  | 49.7 |  |  | 47.7 |
Acquisition-related intangible amortization | 50.5 |  |  |  |  | 44.3 |  |  |  |  | 101.5 |  |  | 88.4 |
Other acquisition and divestiture related items | 1.4 |  |  |  |  | 1.4 |  |  |  |  | 3.8 |  |  | 2.5 |
Stock-based compensation | 33.3 |  |  |  |  | 36.5 |  |  |  |  | 60.0 |  |  | 62.6 |
Other costs | 20.6 |  |  |  |  | 9.0 |  |  |  |  | 27.3 |  |  | 13.5 |
Operating income | 168.1 |  |  |  |  | 159.4 |  |  |  |  | 332.6 |  |  | 313.7 |
Financing interest expense, net of financial instruments | (59.9) |  |  |  |  | (40.2) |  |  |  |  | (120.2) |  |  | (93.1) |
Net foreign currency loss | (0.4) |  |  |  |  | (0.2) |  |  |  |  | (13.0) |  |  | (1.6) |
Change in fair value of contingent consideration | (1.7) |  |  |  |  | (1.2) |  |  |  |  | (3.4) |  |  | (3.0) |
Income before income taxes | $ | 106.1 |  |  |  |  | $ | 117.8 |  |  |  |  | $ | 196.1 |  |  | $ | 216.0 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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