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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 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 (loss) income before income taxes:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Connections Segment |  | $ | 67.5 |  |  | $ | 62.4 |  |  | $ | 301.2 |  |  | $ | 260.8 |
All Other Category |  |  | 10.0 |  |  |  | 10.2 |  |  |  | 29.5 |  |  |  | 31.2 |
Total revenues |  | $ | 77.5 |  |  | $ | 72.6 |  |  | $ | 330.7 |  |  | $ | 292.0 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |
Connections Segment |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.0 |
Total other income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.0 |
Connections Segment expenses |  |  |  |  |  |  |  |  |  |  |  |
Cost of Revenues |  | $ | 22.9 |  |  | $ | 20.7 |  |  | $ | 109.8 |  |  | $ | 96.2 |
Selling, general and administrative |  |  | 21.5 |  |  |  | 18.1 |  |  |  | 67.0 |  |  |  | 59.4 |
Total expenses |  | $ | 44.4 |  |  | $ | 38.8 |  |  | $ | 176.8 |  |  | $ | 155.6 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
Connections Segment |  | $ | 23.1 |  |  | $ | 23.6 |  |  | $ | 124.4 |  |  | $ | 106.2 |
Segment Adjusted EBITDA |  | $ | 23.1 |  |  | $ | 23.6 |  |  | $ | 124.4 |  |  | $ | 106.2 |
All Other Category Adjusted EBITDA |  | $ | 2.2 |  |  | $ | 1.6 |  |  | $ | 4.7 |  |  | $ | 3.7 |
General corporate and other expenses(1) |  |  | (12.5 | ) |  |  | (12.7 | ) |  |  | (38.3 | ) |  |  | (41.3 | )
Interest expense, net |  |  | (10.1 | ) |  |  | (10.1 | ) |  |  | (34.8 | ) |  |  | (29.8 | )
Intangible asset impairment charges |  |  | — |  |  |  | (6.3 | ) |  |  | — |  |  |  | (6.3 | )
Depreciation and amortization expense |  |  | (8.7 | ) |  |  | (7.1 | ) |  |  | (22.7 | ) |  |  | (21.2 | )
Stock-based compensation expense |  |  | (2.9 | ) |  |  | (0.7 | ) |  |  | (8.5 | ) |  |  | (4.7 | )
Other items(2) |  |  | (9.0 | ) |  |  | (3.1 | ) |  |  | (21.4 | ) |  |  | (10.4 | )
(Loss) income before income taxes |  | $ | (17.9 | ) |  | $ | (14.8 | ) |  | $ | 3.4 |  |  | $ | (3.8 | )
(1) General corporate and other expenses are primarily related to corporate level expenditures. (2) Other items for the three months ended September 30, 2025 included: (i) $0.7 million in acquisition-related transaction costs; (ii) $1.4 million in acquisition-related integration and restructuring-related transition costs; (iii) $1.8 million in non-recurring legal, audit and consulting fees; and (iv) $5.1 million in expense related to the remeasurement of contingent consideration. Other items for the three months ended September 30, 2024 included: (i) $1.0 million in acquisition-related transaction costs; (ii) $1.4 million in acquisition-related integration and restructuring-related transition costs; and (iii) $0.7 million in non-recurring legal, audit and consulting fees. Other items for the nine months ended September 30, 2025 included: (i) $5.6 million in acquisition-related transaction costs; (ii) $3.9 million in acquisition-related integration and restructuring-related transition costs; (iii) $3.2 million in non-recurring legal, audit and consulting fees; and (iv) $8.7 million in expense related to the remeasurement of contingent consideration. Other items for the nine months ended September 30, 2024 included: (i) $2.2 million in acquisition-related transaction costs; (ii) $7.2 million in acquisition-related integration and restructuring-related transition costs; (iii) $1.7 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 September 30, |  |  | Nine Months Ended September 30, |
(in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cost of revenues |  |  |  |  |  |  |  |  |  |  |  |
Connections Segment |  | $ | 22.9 |  |  | $ | 20.7 |  |  | $ | 109.8 |  |  | $ | 96.2 |
All Other Category |  |  | 2.2 |  |  |  | 2.2 |  |  |  | 7.3 |  |  |  | 6.8 |
Other items(1) |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.7 |
Total cost of revenues |  | $ | 25.3 |  |  | $ | 23.1 |  |  | $ | 117.3 |  |  | $ | 103.7 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |
Connections Segment |  | $ | 21.5 |  |  | $ | 18.1 |  |  | $ | 67.0 |  |  | $ | 59.4 |
All Other Category |  |  | 5.6 |  |  |  | 6.4 |  |  |  | 17.5 |  |  |  | 20.7 |
Corporate |  |  | 12.5 |  |  |  | 12.7 |  |  |  | 38.3 |  |  |  | 41.3 |
Other items(1) |  |  | 11.7 |  |  |  | 3.6 |  |  |  | 29.7 |  |  |  | 14.4 |
Total selling, general and administrative expenses |  | $ | 51.3 |  |  | $ | 40.8 |  |  | $ | 152.5 |  |  | $ | 135.8 |
(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 nine months ended September 30, 2025 and 2024, revenues were derived from transactions in the following countries:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 62.7 |  |  | $ | 69.3 |  |  | $ | 299.9 |  |  | $ | 282.7 |
All other countries |  |  | 14.8 |  |  |  | 3.3 |  |  |  | 30.8 |  |  |  | 9.3 |
Total revenues |  | $ | 77.5 |  |  | $ | 72.6 |  |  | $ | 330.7 |  |  | $ | 292.0 |

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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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