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Operating Segments (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

The information below summarizes revenue and Adjusted EBITDA by segment for the three months ended September 30, 2024:

 

 

 

Merchant Solutions

 

 

Digital Wallets

 

 

Corporate (1)

 

 

Intersegment

 

 

Total

 

Revenue from external customers

 

$

235,534

 

 

$

183,397

 

 

$

—

 

 

$

—

 

 

$

418,931

 

Interest Revenue

 

 

639

 

 

 

7,533

 

 

 

—

 

 

 

—

 

 

 

8,172

 

Intersegment Revenue (2)

 

 

4,969

 

 

 

—

 

 

 

—

 

 

 

(4,969

)

 

 

—

 

Total Revenue

 

$

241,142

 

 

$

190,930

 

 

$

—

 

 

$

(4,969

)

 

$

427,103

 

Adjusted EBITDA

 

$

52,646

 

 

$

84,119

 

 

$

(18,978

)

 

$

—

 

 

$

117,787

 

 

The information below summarizes revenue and Adjusted EBITDA by segment for the three months ended September 30, 2023:

 

 

 

Merchant Solutions

 

 

Digital Wallets

 

 

Corporate (1)

 

 

Intersegment

 

 

Total

 

Revenue from external customers

 

$

213,106

 

 

$

172,317

 

 

$

—

 

 

$

—

 

 

$

385,423

 

Interest Revenue

 

 

449

 

 

 

10,538

 

 

 

—

 

 

 

—

 

 

 

10,987

 

Intersegment Revenue (2)

 

 

3,292

 

 

 

—

 

 

 

—

 

 

 

(3,292

)

 

 

—

 

Total Revenue

 

$

216,847

 

 

$

182,855

 

 

$

—

 

 

$

(3,292

)

 

$

396,410

 

Adjusted EBITDA

 

$

57,467

 

 

$

79,930

 

 

$

(21,321

)

 

$

—

 

 

$

116,076

 

 

The information below summarizes revenue and Adjusted EBITDA by segment for the nine months ended September 30, 2024:

 

 

 

Merchant Solutions

 

 

Digital Wallets

 

 

Corporate (1)

 

 

Intersegment

 

 

Total

 

Revenue from external customers

 

$

711,770

 

 

$

546,498

 

 

$

—

 

 

$

—

 

 

$

1,258,268

 

Interest Revenue

 

 

1,939

 

 

 

24,558

 

 

 

—

 

 

 

—

 

 

 

26,497

 

Intersegment Revenue (2)

 

 

13,809

 

 

 

4

 

 

 

—

 

 

 

(13,813

)

 

 

—

 

Total Revenue

 

$

727,518

 

 

$

571,060

 

 

$

—

 

 

$

(13,813

)

 

$

1,284,765

 

Adjusted EBITDA

 

$

158,335

 

 

$

249,806

 

 

$

(59,432

)

 

$

—

 

 

$

348,709

 

 

The information below summarizes revenue and Adjusted EBITDA by segment for the nine months ended September 30, 2023:

 

 

 

Merchant Solutions

 

 

Digital Wallets

 

 

Corporate (1)

 

 

Intersegment

 

 

Total

 

Revenue from external customers

 

$

642,001

 

 

$

515,976

 

 

$

—

 

 

$

—

 

 

$

1,157,977

 

Interest Revenue

 

 

1,214

 

 

 

27,406

 

 

 

—

 

 

 

—

 

 

 

28,620

 

Intersegment Revenue (2)

 

 

7,851

 

 

 

—

 

 

 

—

 

 

 

(7,851

)

 

 

—

 

Total Revenue

 

$

651,066

 

 

$

543,382

 

 

$

—

 

 

$

(7,851

)

 

$

1,186,597

 

Adjusted EBITDA

 

$

165,572

 

 

$

236,350

 

 

$

(65,000

)

 

$

—

 

 

$

336,922

 
(1)
Corporate consists of corporate overhead and unallocated shared costs of people and other resources consumed in activities that provide a benefit across the Company.
(2)
Intersegment revenue and related eliminations are primarily for processing of credit card transactions between segments.
Reconciliation Of Adjusted EBITDA From Segments

A reconciliation of total segments Adjusted EBITDA to the Company’s income before taxes is as follows:

 

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Segments Adjusted EBITDA

 

$

136,765

 

 

$

137,397

 

 

$

408,141

 

 

$

401,922

 

Corporate costs

 

 

(18,978

)

 

 

(21,321

)

 

 

(59,432

)

 

 

(65,000

)

Depreciation and amortization

 

 

(70,088

)

 

 

(67,074

)

 

 

(207,028

)

 

 

(197,046

)

Share-based compensation

 

 

(12,690

)

 

 

(4,938

)

 

 

(35,015

)

 

 

(23,061

)

Restructuring and other costs

 

 

(340

)

 

 

(835

)

 

 

(1,520

)

 

 

(4,165

)

Impairment expense on goodwill and intangible assets

 

 

(119

)

 

 

—

 

 

 

(795

)

 

 

(275

)

Other (expense) / income, net

 

 

(14,742

)

 

 

9,661

 

 

 

2,010

 

 

 

19,584

 

Loss on disposal of subsidiaries and other assets, net

 

 

(187

)

 

 

—

 

 

 

(508

)

 

 

—

 

Interest expense, net

 

 

(35,546

)

 

 

(38,421

)

 

 

(107,646

)

 

 

(112,639

)

(Loss) / income before taxes

 

$

(15,925

)

 

$

14,469

 

 

$

(1,793

)

 

$

19,320