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Supplemental balance sheet and cash flow information | 6 Months Ended
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Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract] |
Supplemental balance sheet and cash flow information |
NOTE 3: SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION
Trade accounts receivable – Net trade accounts receivable was comprised of the following:
(in thousands) |  | June 30, 2025 |  | December 31, 2024
Trade accounts receivable – gross |  | $ | 186,672 |  |  | $ | 183,196 |
Allowance for credit losses |  | (9,723) |  |  | (9,120) |
Trade accounts receivable – net(1) |  | $ | 176,949 |  |  | $ | 174,076 |
(1) Includes unbilled receivables of $55,242 as of June 30, 2025 and $47,341 as of December 31, 2024. Changes in the allowance for credit losses for the six months ended June 30, 2025 and June 30, 2024 were as follows:
|  | Six Months Ended June 30,
(in thousands) |  | 2025 |  | 2024
Balance, beginning of year |  | $ | 9,120 |  |  | $ | 6,541 |
Bad debt expense |  | 3,705 |  |  | 8,980 |
Write-offs and other |  | (3,102) |  |  | (5,937) |
Balance, end of period |  | $ | 9,723 |  |  | $ | 9,584 |
Inventories and supplies – Inventories and supplies were comprised of the following:
(in thousands) |  | June 30, 2025 |  | December 31, 2024
Finished and semi-finished goods |  | $ | 26,786 |  |  | $ | 31,146 |
Raw materials and supplies |  | 17,943 |  |  | 16,787 |
Reserve for excess and obsolete items |  | (10,990) |  |  | (11,540) |
Inventories and supplies, net of reserve |  | $ | 33,739 |  |  | $ | 36,393 |
Revenue in excess of billings – Revenue in excess of billings was comprised of the following:
(in thousands) |  | June 30, 2025 |  | December 31, 2024
Conditional right to receive consideration |  | $ | 19,022 |  |  | $ | 16,943 |
Unconditional right to receive consideration(1) |  | 10,081 |  |  | 9,798 |
Revenue in excess of billings |  | $ | 29,103 |  |  | $ | 26,741 |
(1) Represents revenues that are earned but not currently billable under the related contract terms. Intangibles – Intangibles were comprised of the following:
|  | June 30, 2025 |  | December 31, 2024
(in thousands) |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount
Internal-use software |  | $ | 528,338 |  |  | $ | (373,868) |  |  | $ | 154,470 |  |  | $ | 488,840 |  |  | $ | (339,683) |  |  | $ | 149,157 |
Customer lists/relationships |  | 310,150 |  |  | (238,209) |  |  | 71,941 |  |  | 311,578 |  |  | (223,272) |  |  | 88,306 |
Partner relationships |  | 76,405 |  |  | (21,304) |  |  | 55,101 |  |  | 76,252 |  |  | (19,632) |  |  | 56,620 |
Technology-based intangibles |  | 65,000 |  |  | (33,177) |  |  | 31,823 |  |  | 65,000 |  |  | (29,115) |  |  | 35,885 |
Software to be sold |  | 6,200 |  |  | (5,425) |  |  | 775 |  |  | 6,200 |  |  | (5,115) |  |  | 1,085 |
Intangibles |  | $ | 986,093 |  |  | $ | (671,983) |  |  | $ | 314,110 |  |  | $ | 947,870 |  |  | $ | (616,817) |  |  | $ | 331,053 |
Amortization of intangibles was $27,900 for the quarter ended June 30, 2025, $37,366 for the quarter ended June 30, 2024, $57,575 for the six months ended June 30, 2025, and $73,064 for the six months ended June 30, 2024. During the quarter ended June 30, 2024, we modified the useful life of a trade name asset that we retired in the fourth quarter of 2024. This change resulted in incremental amortization expense of $6,674 during the second quarter of 2024. Based on the intangibles in service as of June 30, 2025, estimated future amortization expense is as follows:
(in thousands) |  | Estimated amortization expense
Remainder of 2025 |  | $ | 50,765 |
2026 |  | 77,726 |
2027 |  | 49,550 |
2028 |  | 28,858 |
2029 |  | 16,142 |
In the normal course of business, we acquire and develop internal-use software. We also, at times, purchase customer list and partner relationship assets. During the quarter ended June 30, 2025, we acquired or developed internal-use software of $38,521 with a weighted-average useful life of 3 years. Other intangibles acquired during the period were not material. Goodwill – Changes in goodwill by reportable segment and in total were as follows for the six months ended June 30, 2025:
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions(1) |  | Print(1) |  | Total
Balance, December 31, 2024 |  | $ | 727,688 |  |  | $ | 160,431 |  |  | $ | 40,804 |  |  | $ | 493,814 |  |  | $ | 1,422,737 |
Currency translation adjustment |  | — |  |  | — |  |  | — |  |  | 63 |  |  | 63 |
Balance, June 30, 2025 |  | $ | 727,688 |  |  | $ | 160,431 |  |  | $ | 40,804 |  |  | $ | 493,877 |  |  | $ | 1,422,800 |
(1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period. Other non-current assets – Other non-current assets were comprised of the following:
(in thousands) |  | June 30, 2025 |  | December 31, 2024
Postretirement benefit plan asset |  | $ | 111,148 |  |  | $ | 107,524 |
Prepaid product discounts(1) |  | 36,843 |  |  | 32,847 |
Cloud computing arrangement implementation costs |  | 34,863 |  |  | 42,470 |
Deferred contract acquisition costs(2) |  | 18,755 |  |  | 18,780 |
Loans and notes receivable from distributors, net of allowance for credit losses(3) |  | 9,931 |  |  | 10,789 |
Other |  | 20,878 |  |  | 24,234 |
Other non-current assets |  | $ | 232,418 |  |  | $ | 236,644 |
(1) Amortization of prepaid product discounts was $16,442 for the six months ended June 30, 2025 and $16,354 for the six months ended June 30, 2024. (2) Amortization of deferred contract acquisition costs was $5,844 for the six months ended June 30, 2025 and $6,298 for the six months ended June 30, 2024. (3) Amount includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $1,652 as of June 30, 2025 and $1,753 as of December 31, 2024. The allowance for credit losses was not material in either period. We categorize loans and notes receivable into risk categories based on information about the ability of borrowers to service their debt, including current financial information, historical payment experience, current economic trends, and other factors. The highest quality receivables are assigned a 1-2 internal grade. Those that have a potential weakness requiring management's attention are assigned a 3-4 internal grade. Past due receivables and those on non-accrual status were not material as of June 30, 2025 or December 31, 2024. The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of June 30, 2025. There were no write-offs or recoveries recorded during the six months ended June 30, 2025.
|  | Loans and notes receivable from distributors amortized cost basis by origination year |  |
(in thousands) |  | 2024 |  | 2023 |  | 2020 |  | Prior |  | Total
Risk rating: |  |  |  |  |  |  |  |  |  |
1-2 internal grade |  | $ | 868 |  |  | $ | 291 |  |  | $ | 792 |  |  | $ | 10,397 |  |  | $ | 12,348 |
3-4 internal grade |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loans and notes receivable |  | $ | 868 |  |  | $ | 291 |  |  | $ | 792 |  |  | $ | 10,397 |  |  | $ | 12,348 |
Accrued liabilities – Accrued liabilities were comprised of the following:
(in thousands) |  | June 30, 2025 |  | December 31, 2024
Deferred revenue(1) |  | $ | 27,305 |  |  | $ | 31,605 |
Employee cash bonuses, including sales incentives |  | 23,860 |  |  | 33,422 |
Interest |  | 13,999 |  |  | 9,493 |
Customer rebates |  | 13,010 |  |  | 10,100 |
Operating lease liabilities |  | 12,027 |  |  | 12,406 |
Wages and payroll liabilities, including vacation |  | 7,147 |  |  | 10,321 |
Prepaid product discounts |  | 6,898 |  |  | 2,583 |
Restructuring and integration (Note 8) |  | 5,010 |  |  | 3,755 |
Other |  | 45,891 |  |  | 35,908 |
Accrued liabilities |  | $ | 155,147 |  |  | $ | 149,593 |
(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $20,252 for the six months ended June 30, 2025 and $24,333 for the six months ended June 30, 2024. Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated statements of cash flows was as follows:
(in thousands) |  | June 30, 2025 |  | June 30, 2024
Cash and cash equivalents |  | $ | 26,000 |  |  | $ | 23,077 |
Restricted cash and restricted cash equivalents included in settlement processing assets |  | 12,364 |  |  | 50,937 |
Non-current restricted cash included in other non-current assets |  | 3,115 |  |  | 3,990 |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents |  | $ | 41,479 |  |  | $ | 78,004 |

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