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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             

Commission file number: 001-16111
gpn-20220930_g1.jpg
GLOBAL PAYMENTS INC.
(Exact name of registrant as specified in charter)
Georgia58-2567903
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
3550 Lenox Road, Atlanta, Georgia
30326
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (770) 829-8000
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading symbolName of exchange on which registered
Common stock, no par valueGPNNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑Accelerated filer ☐
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐No☑
The number of shares of the issuer’s common stock, no par value, outstanding as of October 26, 2022 was 270,401,146.

Table of Contents
GLOBAL PAYMENTS INC.
FORM 10-Q
For the quarterly period ended September 30, 2022

TABLE OF CONTENTS
  Page
PART I - FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II - OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.


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PART I - FINANCIAL INFORMATION

ITEM 1—FINANCIAL STATEMENTS

GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)

Three Months Ended
September 30, 2022September 30, 2021
Revenues$2,285,371 $2,202,337 
Operating expenses:
Cost of service
931,249 944,172 
Selling, general and administrative
918,757 858,082 
Loss on business dispositions48,933 — 
 1,898,939 1,802,254 
Operating income386,432 400,083 
Interest and other income20,393 6,320 
Interest and other expense(135,184)(82,187)
 (114,791)(75,867)
Income before income taxes and equity in income of equity method investments271,641 324,216 
Income tax expense14,255 50,117 
Income before equity in income of equity method investments257,386 274,099 
Equity in income of equity method investments, net of tax42,780 31,364 
Net income300,166 305,463 
Net income attributable to noncontrolling interests, net of tax(9,712)(8,727)
Net income attributable to Global Payments$290,454 $296,736 
Earnings per share attributable to Global Payments:
Basic earnings per share $1.06 $1.02 
Diluted earnings per share $1.05 $1.01 

See Notes to Unaudited Consolidated Financial Statements.
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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)

Nine Months Ended
September 30, 2022September 30, 2021
Revenues$6,722,531 $6,329,781 
Operating expenses:
Cost of service
2,850,706 2,805,728 
Selling, general and administrative
2,605,085 2,486,153 
Impairment of goodwill833,075 — 
Loss on business dispositions201,144 — 
 6,490,010 5,291,881 
Operating income232,521 1,037,900 
Interest and other income25,060 16,009 
Interest and other expense(327,655)(245,884)
 (302,595)(229,875)
(Loss) income before income taxes and equity in income of equity method investments(70,074)808,025 
Income tax expense119,250 131,600 
(Loss) income before equity in income of equity method investments(189,324)676,425 
Equity in income of equity method investments, net of tax74,074 94,261 
Net (loss) income(115,250)770,686 
Net income attributable to noncontrolling interests, net of tax(22,563)(13,679)
Net (loss) income attributable to Global Payments$(137,813)$757,007 
(Loss) earnings per share attributable to Global Payments:
Basic (loss) earnings per share $(0.49)$2.57 
Diluted (loss) earnings per share $(0.49)$2.56 

See Notes to Unaudited Consolidated Financial Statements.
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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)

Three Months Ended
September 30, 2022September 30, 2021
Net income $300,166 $305,463 
Other comprehensive income (loss):
Foreign currency translation adjustments(249,562)(79,532)
Income tax (expense) benefit related to foreign currency translation adjustments(183)447 
Net unrealized losses on hedging activities(1,070)(646)
Reclassification of net unrealized losses on hedging activities to interest expense2,980 9,788 
Income tax expense related to hedging activities(330)(2,208)
Other, net of tax— (2,209)
Other comprehensive loss(248,165)(74,360)
Comprehensive income52,001 231,103 
Comprehensive loss (income) attributable to noncontrolling interests5,130 (4,625)
Comprehensive income attributable to Global Payments$57,131 $226,478 

Nine Months Ended
September 30, 2022September 30, 2021
Net (loss) income $(115,250)$770,686 
Other comprehensive income (loss):
Foreign currency translation adjustments(493,405)(80,427)
Reclassification of accumulated foreign currency translation losses to net loss as a result of the sale of a foreign entity
62,925 — 
Income tax benefit related to foreign currency translation adjustments1,451 5,438 
Net unrealized gains (losses) on hedging activities12,915 (62)
Reclassification of net unrealized losses on hedging activities to interest expense19,959 30,288 
Income tax expense related to hedging activities(7,838)(7,297)
Other, net of tax— 4,017 
Other comprehensive loss(403,993)(48,043)
Comprehensive (loss) income(519,243)722,643 
Comprehensive loss (income) attributable to noncontrolling interests11,111 (6,328)
Comprehensive (loss) income attributable to Global Payments$(508,132)$716,315 

See Notes to Unaudited Consolidated Financial Statements.



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GLOBAL PAYMENTS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
September 30, 2022December 31, 2021
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$1,993,840 $1,979,308 
Accounts receivable, net998,231 946,247 
Settlement processing assets1,740,844 1,143,539 
Current assets held for sale93,740 4,779 
Prepaid expenses and other current assets626,697 637,112 
Total current assets5,453,352 4,710,985 
Goodwill23,421,031 24,813,274 
Other intangible assets, net9,907,884 11,633,709 
Property and equipment, net1,759,235 1,687,586 
Deferred income taxes25,657 12,117 
Noncurrent assets held for sale1,038,806 — 
Other noncurrent assets2,332,784 2,422,042 
Total assets$43,938,749 $45,279,713 
LIABILITIES AND EQUITY
Current liabilities:
Settlement lines of credit$440,950 $484,202 
Current portion of long-term debt1,157,811 78,505 
Accounts payable and accrued liabilities2,207,551 2,542,256 
Settlement processing obligations1,795,140 1,358,051 
Current liabilities held for sale75,233 — 
Total current liabilities5,676,685 4,463,014 
Long-term debt12,289,826 11,414,809 
Deferred income taxes2,439,657 2,793,427 
Noncurrent liabilities held for sale4,494 — 
Other noncurrent liabilities655,132 739,046 
Total liabilities21,065,794 19,410,296 
Commitments and contingencies
Equity:
Preferred stock, no par value; 5,000,000 shares authorized and none issued
— — 
Common stock, no par value; 400,000,000 shares authorized at September 30, 2022 and December 31, 2021; 270,307,707 issued and outstanding at September 30, 2022 and 284,750,452 issued and outstanding at December 31, 2021
— — 
Paid-in capital20,717,133 22,880,261 
Retained earnings2,547,947 2,982,122 
Accumulated other comprehensive loss(604,501)(234,182)
Total Global Payments shareholders’ equity22,660,579 25,628,201 
Noncontrolling interests212,376 241,216 
Total equity22,872,955 25,869,417 
Total liabilities and equity$43,938,749 $45,279,713 

See Notes to Unaudited Consolidated Financial Statements.
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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30, 2022September 30, 2021
Cash flows from operating activities:
Net (loss) income$(115,250)$770,686 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of property and equipment299,348 292,230 
Amortization of acquired intangibles962,413 973,948 
Amortization of capitalized contract costs81,052 68,112 
Share-based compensation expense122,465 146,097 
Provision for operating losses and credit losses87,071 73,286 
Noncash lease expense63,211 80,371 
Deferred income taxes(281,376)(136,004)
Equity in income of equity method investments, net of tax(74,074)(94,261)
Facilities exit charges27,662 — 
Distribution received on investments8,212 26,757 
Impairment of goodwill833,075 — 
Loss on business dispositions201,144 — 
Other, net(3,273)(6,790)
Changes in operating assets and liabilities, net of the effects of business combinations:
Accounts receivable(107,908)(123,370)
Settlement processing assets and obligations, net(117,989)28,242 
Prepaid expenses and other assets(224,529)(185,973)
Accounts payable and other liabilities(226,746)114,279 
Net cash provided by operating activities1,534,508 2,027,610 
Cash flows from investing activities:
Business combinations and other acquisitions, net of cash acquired(24,969)(946,377)
Capital expenditures(463,357)(350,745)
Effect on cash from sale of business(29,755)— 
Proceeds from sale of investments31,046 — 
Other, net101 1,248 
Net cash used in investing activities(486,934)(1,295,874)
Cash flows from financing activities:
Net (repayments of) borrowings from settlement lines of credit(2,770)244,858 
Proceeds from long-term debt9,124,449 3,909,988 
Repayments of long-term debt(7,193,661)(2,434,805)
Payments of debt issuance costs(44,360)(8,569)
Repurchases of common stock(2,139,731)(1,833,689)
Proceeds from stock issued under share-based compensation plans33,776 38,570 
Common stock repurchased - share-based compensation plans(38,366)(84,659)
Distributions to noncontrolling interests(17,729)— 
Contribution from a noncontrolling interest— 46,320 
Payment of contingent consideration in business combination(15,726)— 
Purchase of capped calls related to issuance of convertible notes(302,375)— 
Dividends paid(208,082)(188,203)
Net cash used in financing activities(804,575)(310,189)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(208,529)(42,704)
Increase in cash, cash equivalents and restricted cash34,470 378,843 
Cash, cash equivalents and restricted cash, beginning of the period2,123,023 2,089,771 
Cash, cash equivalents and restricted cash, end of the period$2,157,493 $2,468,614 
    
See Notes to Unaudited Consolidated Financial Statements.
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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 (in thousands, except per share data)

 
Number of Shares
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive LossTotal Global Payments Shareholders’ EquityNoncontrolling InterestsTotal Equity
Balance at June 30, 2022277,033 $21,800,574 $2,326,259 $(371,178)$23,755,655 $220,872 $23,976,527 
Net income290,454 290,454 9,712 300,166 
Other comprehensive loss(233,323)(233,323)(14,842)(248,165)
Stock issued under share-based compensation plans270 10,155 10,155 10,155 
Common stock repurchased - share-based compensation plans(88)(11,312)(11,312)(11,312)
Share-based compensation expense37,052 37,052 37,052 
Repurchases of common stock(6,907)(889,739)(889,739)(889,739)
Distributions to noncontrolling interest— (3,366)(3,366)
Purchase of capped calls related to issuance of convertible notes, net of taxes of $72,778
(229,597)(229,597)(229,597)
Cash dividends declared ($0.25 per common share)
(68,766)(68,766)(68,766)
Balance at September 30, 2022270,308 $20,717,133 $2,547,947 $(604,501)$22,660,579 $212,376 $22,872,955 

 
Number of Shares
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Total Global Payments Shareholders’ Equity
Noncontrolling InterestsTotal Equity
Balance at June 30, 2021293,703 $24,201,763 $2,664,707 $(172,707)$26,693,763 $156,377 $26,850,140 
Net income296,736 296,736 8,727 305,463 
Other comprehensive loss(70,258)(70,258)(4,102)(74,360)
Stock issued under share-based compensation plans819 9,262 9,262 9,262 
Common stock repurchased - share-based compensation plans(203)(34,003)(34,003)(34,003)
Share-based compensation expense65,611 65,611 65,611 
Repurchases of common stock(4,232)(697,833)(42,924)(740,757)(740,757)
Contribution from a noncontrolling interest— 46,320 46,320 
Cash dividends declared ($0.25 per common share)
(73,327)(73,327)(73,327)
Balance at September 30, 2021290,087 $23,544,800 $2,845,192 $(242,965)$26,147,027 $207,322 $26,354,349 

See Notes to Unaudited Consolidated Financial Statements.



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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 (in thousands, except per share data)

 
Number of Shares
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive LossTotal Global Payments Shareholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2021284,750 $22,880,261 $2,982,122 $(234,182)$25,628,201 $241,216 $25,869,417 
Net (loss) income(137,813)(137,813)22,563 (115,250)
Other comprehensive loss(370,319)(370,319)(33,674)(403,993)
Stock issued under share-based compensation plans1,789 33,776 33,776 33,776 
Common stock repurchased - share-based compensation plans(285)(38,321)(38,321)(38,321)
Share-based compensation expense122,465 122,465 122,465 
Repurchases of common stock(15,946)(2,051,451)(88,280)(2,139,731)(2,139,731)
Distributions to noncontrolling interest— (17,729)(17,729)
Purchase of capped calls related to issuance of convertible notes, net of taxes of $72,778
(229,597)(229,597)(229,597)
Cash dividends declared ($0.75 per common share)
(208,082)(208,082)(208,082)
Balance at September 30, 2022270,308 $20,717,133 $2,547,947 $(604,501)$22,660,579 $212,376 $22,872,955 

 
Number of Shares
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Total Global Payments Shareholders’ Equity
Noncontrolling InterestsTotal Equity
Balance at December 31, 2020298,332 $24,963,769 $2,570,874 $(202,273)$27,332,370 $154,674 $27,487,044 
Net income757,007 757,007 13,679 770,686 
Other comprehensive loss(40,692)(40,692)(7,351)(48,043)
Stock issued under share-based compensation plans1,900 38,570 38,570 38,570 
Common stock repurchased - share-based compensation plans(456)(84,432)(84,432)(84,432)
Share-based compensation expense146,097 146,097 146,097 
Repurchases of common stock(9,689)(1,519,204)(294,486)(1,813,690)(1,813,690)
Contribution from a noncontrolling interest— 46,320 46,320 
Cash dividends declared ($0.64 per common share)
(188,203)(188,203)(188,203)
Balance at September 30, 2021290,087 $23,544,800 $2,845,192 $(242,965)$26,147,027 $207,322 $26,354,349 
See Notes to Unaudited Consolidated Financial Statements.



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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
NOTE 1—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Business, consolidation and presentation - We are a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. We operate in three reportable segments: Merchant Solutions, Issuer Solutions and Consumer Solutions, which are described in "Note 14—Segment Information." Global Payments Inc. and its consolidated subsidiaries are referred to herein collectively as "Global Payments," the "Company," "we," "our" or "us," unless the context requires otherwise.

These unaudited consolidated financial statements include our accounts and those of our majority-owned subsidiaries, and all intercompany balances and transactions have been eliminated in consolidation. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated balance sheet as of December 31, 2021 was derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 but does not include all disclosures required by GAAP for annual financial statements.

In the opinion of our management, all known adjustments necessary for a fair presentation of the results of the interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amount of assets and liabilities. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Use of estimates - The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. In particular, uncertainty resulting from COVID-19, global events and other macroeconomic conditions are difficult to predict at this time, and the ultimate effect could result in additional charges related to the recoverability of assets, including financial assets, long-lived assets and goodwill and other losses. These unaudited consolidated financial statements reflect the financial statement effects based upon management’s estimates and assumptions utilizing the most currently available information.

Recently adopted accounting pronouncements

Accounting Standards Update ("ASU") 2021-08— In October 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606"), at fair value on the acquisition date. ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts, which should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. We elected to early adopt ASU 2021-08 in the third quarter of 2022, with application to any business combinations for which the acquisition date occurs after January 1, 2022.

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NOTE 2—ACQUISITIONS

Pending Acquisition of EVO Payments, Inc.

On August 1, 2022, we entered into a merger agreement to acquire all outstanding equity of EVO Payments, Inc. (“EVO”) for $34 per share, or approximately $3.4 billion in preliminary estimated cash consideration to be paid to EVO shareholders, which equates to an enterprise value of approximately $4 billion. EVO is a leading payment technology and services provider, offering an array of payment solutions to merchants ranging from small and middle market enterprises to multinational companies and organizations across the Americas and Europe. The acquisition aligns with our technology-enabled payments strategy, expands our geographic presence and augments our business-to-business software and payment solutions business. The acquisition is expected to close prior to the end of first quarter of 2023, subject to EVO's shareholder approval, regulatory approvals and other customary closing conditions.

Zego

On June 10, 2021, we acquired Zego, a real estate technology company that provides comprehensive resident experience management software and digital commerce solutions to property managers, primarily in the United States, for cash consideration of approximately $933 million. We accounted for this transaction as a business combination, which generally requires that we record the assets acquired and liabilities assumed at fair value as of the acquisition date. The final estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, were as follows:

Final Amounts
(in thousands)
Cash and cash equivalents$67,374 
Accounts receivable1,017 
Identifiable intangible assets473,000 
Property and equipment575 
Other assets9,051 
Accounts payable and accrued liabilities(71,006)
Deferred income tax liabilities(10,749)
Other liabilities(8,010)
Total identifiable net assets461,252 
Goodwill471,994 
Total purchase consideration$933,246 

During the nine months ended September 30, 2022, we made measurement-period adjustments that decreased the amount of deferred income tax liabilities and provisional goodwill by $3.2 million. The decrease in deferred income tax liabilities for the nine months ended September 30, 2022 primarily related to finalizing the evaluation of the differences in the bases of assets and liabilities for financial reporting and tax purposes. The effects of the measurement-period adjustments on our consolidated statements of income for the three and nine months ended September 30, 2022 were not material.

Goodwill of $472.0 million arising from the acquisition, included in the Merchant Solutions segment, is attributable to expected growth opportunities, potential synergies from combining our existing businesses and an assembled workforce. Substantially all of the goodwill is deductible for income tax purposes.

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The following table reflects the estimated fair values of the identified intangible assets of Zego and their respective weighted-average estimated amortization periods:

Estimated Fair ValueWeighted-Average Estimated Amortization Periods
(in thousands)(years)
Customer-related intangible assets$208,000 13
Contract-based intangible assets119,000 20
Acquired technologies124,000 6
Trademarks and trade names22,000 15
Total estimated identifiable intangible assets$473,000 14

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NOTE 3—BUSINESS DISPOSITIONS

Sale of Merchant Solutions Business in Russia

We sold our Merchant Solutions business in Russia effective April 29, 2022 for cash proceeds of $9 million. During the nine months ended September 30, 2022, we recognized a loss of $127.2 million associated with the sale, comprised of the difference between the consideration received and the net carrying amount of the business and the reclassification of $62.9 million of associated accumulated foreign currency translation losses from the separate component of equity. The loss was presented within loss on business dispositions in our consolidated statement of income.

Consumer Business Disposition

On July 31, 2022, we entered into a definitive agreement to sell our consumer business for $1 billion, subject to certain closing adjustments. In connection with the sale, we will provide seller financing, consisting of a first lien seven-year secured term loan facility in an aggregate principal amount of $350 million bearing interest at a fixed annual rate of 9% and a second lien twenty-five year secured term loan facility in an aggregate principal amount of $325 million bearing interest at a fixed annual rate of 13%. In addition, we will provide the purchasers a first lien five-year $50 million secured revolving facility that will be available from the date of closing of the sale. The transaction is expected to close prior to the end of the first quarter of 2023 subject to required regulatory approvals and other customary closing conditions.

The assets and liabilities of our consumer business are classified as held for sale and the disposal group is reported at fair value less costs to sell in our consolidated balance sheet as of September 30, 2022. As further discussed in "Note 5— Goodwill and Other Intangible Assets," we recognized a goodwill impairment charge of $833.1 million during the nine months ended September 30, 2022 related to our former Business and Consumer Solutions reporting unit, which included the consumer business. We also recognized charges within loss on business dispositions in our consolidated statement of income of $48.9 million and $73.9 million during the three and nine months ended September 30, 2022, respectively, to reduce the carrying amount of the disposal group to estimated fair value less costs to sell. The charge during the three months ended September 30, 2022 relates primarily to a change in the estimated fair value of the fixed rate seller financing.

For the three and nine months ended September 30, 2022, the consumer business contributed $23.2 million and $67.7 million to the Consumer Solutions segment operating income. For the three and nine months ended September 30, 2021, the consumer business contributed $27.2 million and $114.8 million to the Consumer Solutions segment operating income.

The major classes of assets presented as held for sale in the consolidated balance sheet as of September 30, 2022, primarily related to the consumer business, include cash of $31.2 million, accounts receivable of $10.9 million, other current assets of $51.7 million, goodwill of $366.4 million, other intangible assets of $651.2 million, property and equipment of $51.2 million, other noncurrent assets of $43.9 million and an asset group valuation allowance of $73.9 million. The major classes of liabilities presented as held for sale in the consolidated balance sheet as of September 30, 2022 include accounts payable and accrued liabilities of $75.2 million and other noncurrent liabilities of $4.5 million.

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NOTE 4—REVENUES

The following tables present a disaggregation of our revenues from contracts with customers by geography for each of our reportable segments for the three and nine months ended September 30, 2022 and 2021 and has been recast to align with the change in the presentation of segment information as further described in “Note 14-Segment Information:”
Three Months Ended September 30, 2022
Merchant
Solutions		Issuer
Solutions		Consumer
Solutions		Intersegment
Eliminations		Total
(in thousands)
Americas$1,349,793 $442,200 $147,337 $(14,788)$1,924,542 
Europe183,698 114,296 — — 297,994 
Asia Pacific62,835 9,543 — (9,543)62,835 
$1,596,326 $566,039 $147,337 $(24,331)$2,285,371 

Three Months Ended September 30, 2021
Merchant
Solutions		Issuer
Solutions		Consumer
Solutions		Intersegment
Eliminations		Total
(in thousands)
Americas$1,245,805 $415,127 $183,591 $(15,748)$1,828,775 
Europe189,282 123,469 — — 312,751 
Asia Pacific60,811 6,890 — (6,890)60,811 
$1,495,898 $545,486 $183,591 $(22,638)$2,202,337 

Nine Months Ended September 30, 2022
Merchant
Solutions		Issuer
Solutions		Consumer
Solutions		Intersegment
Eliminations		Total
(in thousands)
Americas$3,926,645 $1,281,894 $478,082 $(43,052)$5,643,569 
Europe545,203 354,546 — — 899,749 
Asia Pacific179,213 26,568 — (26,568)179,213 
$4,651,061 $1,663,008 $478,082 $(69,620)$6,722,531 

Nine Months Ended September 30, 2021
Merchant
Solutions		Issuer
Solutions		Consumer
Solutions		Intersegment
Eliminations		Total
(in thousands)
Americas$3,529,245 $1,210,948 $608,645 $(47,969)$5,300,869 
Europe488,860 367,633 — — 856,493 
Asia Pacific172,419 17,523 — (17,523)172,419 
$4,190,524 $1,596,104 $608,645 $(65,492)$6,329,781 


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The following table presents a disaggregation of our Merchant Solutions segment revenues by distribution channel for the three and nine months ended September 30, 2022 and 2021:
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
(in thousands)
Relationship-led$821,005 $799,948 $2,397,787 $2,245,839 
Technology-enabled775,321