Operating Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Operating Segments

19.Operating segments

Operating segments are defined as components of an enterprise that engage in business activities and for which discrete financial information is available that is evaluated on a regular basis by the Chief Operating Decision Maker (“CODM”) to make decisions about how to allocate resources and assess performance. Our CODM is defined as our Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), and Chief Operating Officer (“COO”). Our operating segments, which align with our reportable segments, are: Merchant Solutions, which focuses on card not present and card present solutions for small to medium size business merchants; and Digital Wallets, which provides wallet based online payment solutions and also enables consumers to use cash to facilitate online purchases through prepaid vouchers. These two operating segments are based on how the Company is organized, reflecting the difference in nature of the products and services they each sell. The Company earns revenue from the sale of Merchant Solutions and Digital Wallets services. Shared costs are the cost of people and other resources consumed in activities that provide a benefit across more than one segment. Shared costs are allocated to each segment and Corporate primarily based on applicable drivers including headcount, revenue and Adjusted EBITDA.

The CODM evaluates performance and allocates resources based on Segment Adjusted EBITDA of each operating segment. The CODM believes Segment Adjusted EBITDA to be a useful profitability measure to assess the performance of our business and to improve the comparability of operating results across reporting periods. The CODM uses the segment measure to analyze the actual performance of each segment against annual budgets, comparable prior reporting periods and against internal forecasts on a quarterly basis and when making decisions about the allocation of capital and other internal resources to the segments.

Segment Adjusted EBITDA of each operating segment includes the revenues of the segment less ordinary operating expenses that are directly related to those revenues and an allocation of shared costs and excludes the impact of income tax (benefit)/expense, interest expense, net, depreciation and amortization, share-based compensation expense, impairment expense on goodwill and intangible assets, restructuring and other costs, loss/(gain) on disposal of subsidiaries and other assets, net, and other (expense)/income, net. The significant segment expenses included within each segment’s Adjusted EBITDA are included in the following tables.

The CODM does not receive segment asset data to evaluate performance or allocate resources and therefore such information is not presented.

The information below summarizes revenue and Segment Adjusted EBITDA for the year ended December 31, 2025:

	Merchant Solutions		Digital Wallets		Total
Total external revenue	$	885,241	$	796,959	$	1,682,200
Interest revenue	$	1,573	$	17,615	$	19,188
Intersegment revenue (1)	$	17,854	$	153	$	18,007
	$	904,668	$	814,727	$	1,719,395
Elimination of intersegment revenue (1)					$	(18,007	)
Total consolidated revenues					$	1,701,388
Less:
Cost of services (excluding depreciation and amortization) (1)	$	518,428	$	240,776
Selling, general and administrative (2)	$	240,546	$	222,217
Segment Adjusted EBITDA	$	145,694	$	351,734	$	497,428

The information below summarizes revenue and Segment Adjusted EBITDA for the year ended December 31, 2024:

	Merchant Solutions		Digital Wallets		Total
Total external revenue	$	936,907	$	734,476	$	1,671,383
Interest revenue	$	2,501	$	30,951	$	33,452
Intersegment revenue (1)	$	18,215	$	78	$	18,293
	$	957,623	$	765,505	$	1,723,128
Elimination of intersegment revenue (1)					$	(18,293	)
Total consolidated revenues					$	1,704,835
Less:
Cost of services (excluding depreciation and amortization) (1)	$	518,792	$	215,263
Selling, general and administrative (2)	$	247,980	$	211,217
Segment Adjusted EBITDA	$	190,851	$	339,025	$	529,876

The information below summarizes revenue and Segment Adjusted EBITDA for the year ended December 31, 2023:

	Merchant Solutions		Digital Wallets		Total
Total external revenue	$	864,816	$	697,341	$	1,562,157
Interest revenue	$	1,792	$	37,189	$	38,981
Intersegment revenue (1)	$	11,738	$	139	$	11,877
	$	878,346	$	734,669	$	1,613,015
Elimination of intersegment revenue (1)					$	(11,877	)
Total consolidated revenues					$	1,601,138
Less:
Cost of services (excluding depreciation and amortization) (1)	$	469,090	$	205,999
Selling, general and administrative (2)	$	187,102	$	209,964
Segment Adjusted EBITDA	$	222,154	$	318,706	$	540,860

A reconciliation of total segments Adjusted EBITDA to the Company’s (loss) / income from operations before taxes is as follows:

	Year Ended December 31,
	2025			2024			2023
Segments Adjusted EBITDA	$	497,428		$	529,876		$	540,860
Unallocated Corporate costs (3)		(68,580	)		(77,822	)		(82,197	)
Depreciation and amortization		(274,107	)		(273,364	)		(263,433	)
Share-based compensation		(32,304	)		(38,534	)		(28,873	)
Impairment expense on goodwill and intangible assets		(1,423	)		(823	)		(1,254	)
Restructuring and other costs		(48,366	)		(5,178	)		(6,061	)
Loss on disposal of subsidiaries and other assets, net		(732	)		(801	)		(386	)
Other (expense) / income, net		(7,563	)		21,475			13,081
Interest expense, net		(136,414	)		(140,805	)		(151,148	)
(Loss) / income before taxes	$	(72,061	)	$	14,024		$	20,589

(1)Intersegment revenue and related eliminations are primarily for credit card transactions and deposits between segments.

(2)Selling, general and administrative excludes share-based compensation costs which are not included in our definition of Adjusted EBITDA.

(3)Corporate consists of corporate overhead and unallocated shared costs of people and other resources consumed in activities that provide a benefit across the Company. These costs are presented within "Selling, General and Administrative" expense in the Consolidated Statement of Comprehensive (Loss) / Income.

Geographic Information

Revenue from external customers by major geographic region is based upon the geographic location of the customers who receive the Company's services. Interest revenue for the years ended December 31, 2025, 2024 and 2023 was $19,188, $33,452 and $38,981, respectively. Interest revenue is not included within this table as it was not practicable to apportion its geographical source.

The information below summarizes revenue by geographic area for the years ended December 31, 2025, 2024 and 2023.

	Year Ended December 31,
	2025		2024		2023
United States of America	$	829,676	$	891,993	$	824,919
Germany		122,817		107,140		102,639
United Kingdom		35,075		29,831		27,450
All other countries (1)		694,632		642,419		607,149
Revenue from external customers	$	1,682,200	$	1,671,383	$	1,562,157

(1)No single country included in the “All other countries” category generated more than 10% of revenues. The revenue included within this category is predominately earned in Latin America, North America and Europe.

The Company has no single customer contributing 10% or more of the Company’s revenue in the period.

The information below summarizes long-lived assets, net by geographic area for the years ended December 31, 2025 and 2024.

	Year Ended December 31,
	2025		2024
United Kingdom	$	19,853	$	19,708
United States of America		16,072		17,627
Bulgaria		10,388		10,375
Ireland		9,325		6,616
Canada		3,593		4,792
All other countries (1)		9,398		5,799
Total long lived assets, net	$	68,629	$	64,917

(1)No single country included in the "All other countries" category generated more than 10% of total long-lived assets.