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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Reconciliation of Reportable Segment Revenues, Other Income, Net, and Adjusted EBITDA to Net Income (Loss)

The following table presents a reconciliation of reportable segment revenues, other income, net, and Adjusted EBITDA to net income (loss) before income taxes:

		Three Months Ended June 30,								Six Months Ended June 30,
(in millions)		2025				2024				2025				2024
Revenues
Connections Segment		$	95.4			$	75.0			$	233.7			$	198.4
All Other Category			10.1				11.0				19.5				21.0
Total revenues		$	105.5			$	86.0			$	253.2			$	219.4
Other income, net
Connections Segment		$	—			$	—			$	—			$	1.0
Total other income, net		$	—			$	—			$	—			$	1.0
Connections Segment expenses
Cost of Revenues		$	38.1			$	30.2			$	86.9			$	75.5
Selling, general and administrative			22.1				18.4				45.5				41.3
Total expenses		$	60.2			$	48.6			$	132.4			$	116.8
Adjusted EBITDA
Connections Segment		$	35.2			$	26.4			$	101.3			$	82.6
Segment Adjusted EBITDA		$	35.2			$	26.4			$	101.3			$	82.6
All Other Category Adjusted EBITDA		$	1.8			$	1.8			$	2.5			$	2.1
General corporate and other expenses(1)			(12.6	)			(12.9	)			(25.8	)			(28.6	)
Interest expense, net			(9.6	)			(9.9	)			(24.7	)			(19.7	)
Depreciation and amortization expense			(7.6	)			(7.0	)			(14.0	)			(14.1	)
Stock-based compensation expense			(3.0	)			(1.5	)			(5.6	)			(4.0	)
Other items(2)			(3.6	)			(0.4	)			(12.4	)			(7.3	)
Income (loss) before income taxes		$	0.6			$	(3.5	)		$	21.3			$	11.0

(1)General corporate and other expenses are primarily related to corporate level expenditures.

(2)Other items for the three months ended June 30, 2025 included: (i) $1.1 million in acquisition-related transaction costs; (ii) $1.9 million in acquisition-related integration and restructuring-related transition costs; and (iii) $0.6 million in expense related to the remeasurement of contingent consideration. Other items for the three months ended June 30, 2024 included: (i) $0.9 million in acquisition-related transaction costs; (ii) $1.0 million in acquisition-related integration and restructuring-related transition costs; (iii) $0.7 million in non-recurring legal, audit and consulting fees; and (iv) $2.2 million in gains related to the remeasurement of contingent consideration. Other items for the six months ended June 30, 2025 included: (i) $4.9 million in acquisition-related transaction costs; (ii) $2.5 million in acquisition-related integration and restructuring-related transition costs; (iii) $1.4 million in non-recurring legal, audit and consulting fees; and (iv) $3.6 million in expense related to the remeasurement of contingent consideration. Other items for the six months ended June 30, 2024 included: (i) $1.2 million in acquisition-related transaction costs; (ii) $5.8 million in acquisition-related integration and restructuring-related transition costs; (iii) $1.0 million in non-recurring legal, audit and consulting fees; and (iv) $0.7 million in gains related to the remeasurement of contingent consideration.

Schedule of Reportable Segment Revenues Cost of Revenues and Selling General and Administrative Expenses

The following table presents reportable and non-reportable segment cost of revenues and selling, general and administrative expenses:

		Three Months Ended June 30,								Six Months Ended June 30,
(in millions)		2025				2024				2025				2024
Cost of revenues
Connections Segment		$	38.1			$	30.2			$	86.9			$	75.5
All Other Category			2.5				2.4				5.1				4.6
Other items(1)			—				0.5				—				0.5
Total cost of revenues		$	40.6			$	33.1			$	92.0			$	80.6
Selling, general and administrative expenses
Connections Segment		$	22.1			$	18.4			$	45.5			$	41.3
All Other Category			5.8				6.8				11.9				14.3
Corporate			12.6				12.9				25.8				28.6
Other items(1)			6.6				1.4				18.0				10.8
Total selling, general and administrative expenses		$	47.1			$	39.5			$	101.2			$	95.0

(1)Other items included in cost of revenues and selling, general and administrative expenses relate to one-time adjustments that are considered to not be indicative of ongoing segment operative performance.

Schedule of Revenues from Transactions Countries

For the three and six months ended June 30, 2025 and 2024, revenues were derived from transactions in the following countries:

		Three Months Ended June 30,								Six Months Ended June 30,
(in millions)		2025				2024				2025				2024
Revenues
United States		$	96.3			$	81.6			$	237.2			$	213.4
All other countries			9.2				4.4				16.0				6.0
Total revenues		$	105.5			$	86.0			$	253.2			$	219.4

X

- 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.

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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.

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