Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2026

On February 1, 2023, we sold common shares representing a 19% interest in the direct parent of Conferma Limited, our subsidiary that is a virtual payments technology company (“Conferma”), to a third party for cash consideration of $16 million. In connection with the sale, we entered into a governing agreement which requires us under limited conditions to redeem the 19% interest, if requested, for the original purchase price of $16 million. We currently do not believe it is probable that the noncontrolling interest will become redeemable, given the remote likelihood of the applicable conditions being satisfied.

As the common shares are redeemable upon the occurrence of conditions not solely within our control, we recorded the noncontrolling interest as redeemable and classified it as temporary equity within our consolidated balance sheet initially at fair value. The noncontrolling interest is adjusted each reporting period for loss or income attributable to the noncontrolling interest. As of March 31, 2026 and 2025, the redeemable noncontrolling interest was $12 million.

The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Redeemable noncontrolling interest, beginning of period	$	12,057	$	12,928

Net loss attributable to redeemable noncontrolling interest	(432)		(463)
Redeemable noncontrolling interest, end of period	$	11,625	$	12,465