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Revenues
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues
3.
Revenues
In accordance with Topic 606, revenue is recognized when, or as, performance obligations are satisfied as defined by the terms of the contract, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services provided. Income recognized that is not derived from a contract with a customer within the scope of Topic 606 is included within Non-Topic 606 revenues.
The following tables disaggregate the Company’s consolidated revenues, substantially all of which relate to services transferred to the customer over time:
Three Months Ended March 31, 2026
(in millions)MobilityBenefitsCorporate PaymentsTotal
Topic 606 revenues
Payment processing revenue$156.8 $33.0 
$94.4 $284.2 
Account servicing revenue11.6 114.5 
14.8 140.9 
Other revenue24.3 12.8 
— 37.1 
Total Topic 606 revenues$192.8 $160.3 
$109.2 $462.2 
Non-Topic 606 revenues151.9 55.9 
3.8 211.6 
Total revenues$344.6 $216.2 
$113.0 $673.8 

Three Months Ended March 31, 2025
(in millions)MobilityBenefits
Corporate PaymentsTotal
Topic 606 revenues
Payment processing revenue$156.4 $29.7 
$85.7 $271.8 
Account servicing revenue10.2 115.9 
13.3 139.4 
Other revenue25.2 7.8 
— 33.0 
Total Topic 606 revenues$191.8 $153.5 
$99.0 $444.3 
Non-Topic 606 revenues142.0 45.8 
4.5 192.3 
Total revenues$333.8 $199.3 
$103.5 $636.6 
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Contract Balances
The majority of the Company’s receivables, which are excluded from the table below, are either due from cardholders who have not been deemed our customer as it relates to interchange income, or from revenues earned outside of the scope of Topic 606. The Company’s contract assets consist of upfront payments to customers under long-term contracts and are recorded upon the later of when the Company recognizes revenue for the transfer of the related goods or services or when the Company pays or promises to pay the consideration. The resulting asset is amortized against revenue as the Company satisfies its performance obligations under these arrangements. The Company’s contract liabilities consist of customer payments received before the Company has satisfied the associated performance obligations. The following table provides information about these contract balances:
(in millions)
Contract balanceLocation on the condensed consolidated balance sheetsMarch 31, 2026December 31, 2025
ReceivablesAccounts receivable, net$62.4 $57.1 
Contract assetsPrepaid expenses and other current assets30.6 17.6 
Contract assetsOther assets35.2 36.2 
Contract liabilitiesAccrued expenses and other current liabilities26.8 26.7 
Contract liabilitiesOther liabilities59.3 64.8 
During the three months ended March 31, 2026 and 2025, respectively, the Company recognized revenue of $10.1 million and $8.9 million that was included in the contract liability balance at the beginning of the period.
Remaining Performance Obligations
The Company’s unsatisfied or partially unsatisfied performance obligations as of March 31, 2026, represent the remaining minimum monthly fees on a portion of contracts across the lines of business, deferred revenue associated with stand ready payment processing obligations and contractually obligated professional services yet to be provided by the
Company. The total remaining performance obligations below are not indicative of the Company’s future revenue, as they relate to an insignificant portion of the Company’s operations.
The following table includes revenue expected to be recognized by year related to remaining performance obligations as of March 31, 2026.
(in millions)
Remaining 20262027202820292030ThereafterTotal
Minimum monthly fees1
$53.0 $35.1 $16.9 $6.1 $2.8 $— $114.0 
Other2
25.5 27.0 28.0 28.5 8.6 7.2 124.8 
Total remaining performance obligations$78.6 $62.1 $44.8 $34.6 $11.4 $7.2 $238.7 
(1)The transaction price allocated to the remaining performance obligations represents the minimum monthly fees on certain service contracts, which contain substantive termination penalties that require the counterparty to pay the Company for the aggregate remaining minimum monthly fees upon an early termination for convenience. These obligations will be recognized within account servicing revenue.
(2)Substantially represents deferred revenue and contractual minimums associated with payment processing service obligations. Consideration associated with certain relationships is variable and the measurement and estimation of contract consideration is contingent upon payment processing volumes and maintaining volume shares, among others.