
(in thousands)	September 30, 2025		December 31, 2024
Trade accounts receivable – gross(1)	$	199,497	$	183,196
Allowance for credit losses	(9,564)		(9,120)
Trade accounts receivable – net	$	189,933	$	174,076


	Nine Months Ended September 30,
(in thousands)	2025		2024
Balance, beginning of year	$	9,120	$	6,541
Bad debt expense	4,980		12,040
Write-offs and other	(4,536)		(7,375)
Balance, end of period	$	9,564	$	11,206


(in thousands)	September 30, 2025		December 31, 2024
Finished and semi-finished goods	$	27,649	$	31,146
Raw materials and supplies	17,767		16,787
Reserve for excess and obsolete items	(11,506)		(11,540)
Inventories and supplies, net of reserve	$	33,910	$	36,393


(in thousands)	September 30, 2025		December 31, 2024
Conditional right to receive consideration	$	21,239	$	16,943
Unconditional right to receive consideration(1)	13,950		9,798
Revenue in excess of billings	$	35,189	$	26,741


	September 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	$	549,266	$	(389,246)	$	160,020	$	488,840	$	(339,683)	$	149,157
Customer lists/relationships	319,586		(244,551)		75,035		311,578		(223,272)		88,306
Partner relationships	76,300		(22,621)		53,679		76,252		(19,632)		56,620
Technology-based intangibles	65,000		(35,208)		29,792		65,000		(29,115)		35,885
Other	20,300		(5,805)		14,495		6,200		(5,115)		1,085
Intangibles	$	1,030,452	$	(697,431)	$	333,021	$	947,870	$	(616,817)	$	331,053

Amortization of intangibles was $26,641 for the quarter ended September 30, 2025, $38,626 for the quarter ended September 30, 2024, $84,216 for the nine months ended September 30, 2025, and $111,690 for the nine months ended September 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 quarter ended September 30, 2024 and $13,349 during the nine months ended September 30, 2024.

In the normal course of business, we acquire and develop internal-use software. During the nine months ended September 30, 2025, we acquired or developed internal-use software of $59,450 with a weighted-average useful life of 3 years. During the quarter ended September 30, 2025, we also acquired certain assets of JPMorgan Chase Bank’s CheckMatch electronic check conveyance service business. Further information regarding the assets acquired can be found in Note 6. We also, at times, purchase small business distributor customer lists and partner relationship assets, though such purchases were not material during the nine months ended September 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	—		—		—		41		41
Balance, September 30, 2025	$	727,688	$	160,431	$	40,804	$	493,855	$	1,422,778

(1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period.


(in thousands)	September 30, 2025		December 31, 2024
Postretirement benefit plan asset	$	113,174	$	107,524
Prepaid product discounts(1)	32,750		32,847
Cloud computing arrangement implementation costs	32,290		42,470
Deferred contract acquisition costs(2)	17,775		18,780
Loans and notes receivable from distributors, net of allowance for credit losses(3)	9,408		10,789
Other	20,913		24,234
Other non-current assets	$	226,310	$	236,644

(1) Amortization of prepaid product discounts was $24,490 for the nine months ended September 30, 2025 and $24,844 for the nine months ended September 30, 2024.

(2) Amortization of deferred contract acquisition costs was $8,832 for the nine months ended September 30, 2025 and $9,445 for the nine months ended September 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 $1,640 as of September 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 September 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 September 30, 2025. There were no write-offs or recoveries recorded during the nine months ended September 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	$	842	$	282	$	757	$	9,899	$	11,780
3-4 internal grade	—		—		—		—		—
Loans and notes receivable	$	842	$	282	$	757	$	9,899	$	11,780


(in thousands)	September 30, 2025		December 31, 2024
Employee cash bonuses, including sales incentives	$	34,953	$	33,422
Deferred revenue(1)	27,419		31,605
Interest	14,420		9,493
Customer rebates	13,997		10,100
Consideration payable for asset purchases	13,058		618
Operating lease liabilities	12,006		12,406
Wages and payroll liabilities, including vacation	7,796		10,321
Prepaid product discounts	3,973		2,583
Restructuring and integration (Note 8)	3,889		3,755
Other	42,215		35,290
Accrued liabilities	$	173,726	$	149,593

(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $25,828 for the nine months ended September 30, 2025 and $30,707 for the nine months ended September 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)	September 30, 2025		September 30, 2024
Cash and cash equivalents	$	25,803	$	41,307
Restricted cash and restricted cash equivalents included in settlement processing assets	34,938		41,258

Non-current restricted cash included in other non-current assets	2,884		3,030
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	63,625	$	85,595