XML 22 R10.htm IDEA: XBRL DOCUMENT v3.23.2
Revenues
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
As discussed in Note 19 — Segment Information, we determine our operating segments based on how our chief operating decision maker manages our operations, makes operating decisions and evaluates operating performance. Within our segments, we believe that the nature, amount, timing and uncertainty of our revenue and cash flows and how they are affected by economic factors can be further illustrated based on the timing in which revenue for each of our products and services is recognized. Our products and services are offered to customers within the United States and certain U.S. territories.
The following table disaggregates our revenues earned from external customers by each of our reportable segments:
Three Months Ended June 30, 2023
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$85,971 $34,074 $49,179 $169,224 
Transferred over time39,971 145,930 795 186,696 
Operating revenues (1)
$125,942 $180,004 $49,974 $355,920 
Three Months Ended June 30, 2022
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$92,430 $42,467 $53,337 $188,234 
Transferred over time53,971 109,068 806 163,845 
Operating revenues (1)
$146,401 $151,535 $54,143 $352,079 
Six Months Ended June 30, 2023
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$176,778 $68,362 $146,702 $391,842 
Transferred over time85,791 282,478 1,513 369,782 
Operating revenues (1)
$262,569 $350,840 $148,215 $761,624 
Six Months Ended June 30, 2022
Consumer ServicesB2B ServicesMoney Movement ServicesTotal
Timing of recognition(In thousands)
Transferred point in time$187,320 $83,690 $149,741 $420,751 
Transferred over time113,500 207,822 1,718 323,040 
Operating revenues (1)
$300,820 $291,512 $151,459 $743,791 
(1)
Excludes net interest income, a component of total operating revenues, as it is outside the scope of ASC 606, Revenues. Also excludes the effects of inter-segment revenues.
Revenues recognized at a point in time are comprised of interchange fees, ATM fees, overdraft protection fees, other similar cardholder transaction-based fees, and substantially all of our cash processing revenues. Revenues recognized over time consists of new card fees, monthly maintenance fees, revenue earned from gift cards and substantially all BaaS (as defined herein) partner program management fees.
As presented on our consolidated balance sheets, we record deferred revenue for any upfront payments received in advance of our performance obligations being satisfied. These contract liabilities consist principally of unearned new card fees and monthly maintenance fees. We recognized approximately $7.6 million and $9.0 million in revenue for the three months ended June 30, 2023 and 2022, respectively, and $22.0 million and $25.5 million for the six months ended June 30, 2023 and 2022, respectively, that were included in deferred revenue at the beginning of the periods and did not recognize any revenue during these periods from performance obligations satisfied in previous periods. Substantially all of the deferred revenue balances at the beginning of the periods are recognized in the first half of each year. Changes in the deferred revenue balance are driven primarily by the amount of new card fees recognized during the period, and the degree to which these reductions to the deferred revenue balance are offset by the deferral of new card fees associated with cards sold during the period.