Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

The following is selected financial data for the Company’s reportable segments for the periods indicated (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
Banks	$	222,031	$	155,684	$	471,109	$	361,231
Merchants	50,120		36,267		123,865		107,556
Billers	179,601		171,064		546,276		507,229
Total revenue	$	451,752	$	363,015	$	1,141,250	$	976,016
Segment Adjusted EBITDA
Banks	$	153,944	$	91,010	$	274,794	$	167,313
Merchants	26,711		10,296		52,737		26,751
Billers	30,920		39,186		99,092		100,056
Depreciation and amortization	(31,515)		(30,463)		(86,710)		(93,438)
Stock-based compensation expense	(11,346)		(6,822)		(30,165)		(17,537)
Corporate and unallocated expenses	(46,128)		(41,283)		(123,901)		(135,053)
Interest, net	(14,485)		(16,345)		(44,004)		(48,183)
Other, net	(823)		1,084		(1,692)		(6,403)
Income (loss) before income taxes	$	107,278	$	46,663	$	140,151	$	(6,494)

The following is revenue by primary solution category for the Company’s reportable segments for the periods indicated (in thousands):


	Three Months Ended September 30, 2024
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	179,601	$	179,601

Merchant Payments	—		50,120		—		50,120
Fraud Management	18,451		—		—		18,451
Real-Time Payments	45,376		—		—		45,376
Issuing and Acquiring	158,204		—		—		158,204
Total	$	222,031	$	50,120	$	179,601	$	451,752

	Three Months Ended September 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	171,064	$	171,064

Merchant Payments	—		36,267		—		36,267
Fraud Management	16,543		—		—		16,543
Real-Time Payments	26,374		—		—		26,374
Issuing and Acquiring	112,767		—		—		112,767
Total	$	155,684	$	36,267	$	171,064	$	363,015

	Nine Months Ended September 30, 2024
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	546,276	$	546,276

Merchant Payments	—		123,865		—		123,865
Fraud Management	39,145		—		—		39,145
Real-Time Payments	96,553		—		—		96,553
Issuing and Acquiring	335,411		—		—		335,411
Total	$	471,109	$	123,865	$	546,276	$	1,141,250

	Nine Months Ended September 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	507,229	$	507,229

Merchant Payments	—		107,556		—		107,556
Fraud Management	38,051		—		—		38,051
Real-Time Payments	72,271		—		—		72,271
Issuing and Acquiring	250,909		—		—		250,909
Total	$	361,231	$	107,556	$	507,229	$	976,016


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Banks
Software as a service and platform as a service	$	11,697	$	10,167	$	33,924	$	29,158
License	143,338		77,779		235,357		136,980
Maintenance	43,916		48,084		133,215		142,050
Services	23,080		19,654		68,613		53,043
Total	$	222,031	$	155,684	$	471,109	$	361,231
Merchants
Software as a service and platform as a service	$	32,069	$	30,162	$	94,298	$	89,660
License	14,091		1,900		17,627		5,701
Maintenance	3,643		3,834		10,831		11,314
Services	317		371		1,109		881
Total	$	50,120	$	36,267	$	123,865	$	107,556
Billers
Software as a service and platform as a service	$	179,601	$	171,040	$	546,276	$	507,157
License	—		—		—		—
Maintenance	—		24		—		72
Services	—		—		—		—
Total	$	179,601	$	171,064	$	546,276	$	507,229

The following is the Company's revenue by geographic location for the periods indicated (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
United States	$	241,054	$	226,911	$	698,704	$	633,379
Other	210,698		136,104		442,546		342,637
Total	$	451,752	$	363,015	$	1,141,250	$	976,016

The following is the Company’s long-lived assets by geographic location for the periods indicated (in thousands):