v3.26.1
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Selected Segment Financial Information and Disaggregated Revenue
Selected segment financial information and disaggregated revenue consisted of the following:
 Three Months Ended March 31,
20262025
Gross Revenue:
U.S. Markets:
Financial Services$500.5 $403.6 
Emerging Verticals334.7 314.9 
Consumer Interactive139.9 138.2 
Total U.S. Markets$975.1 $856.6 
International:
Canada$43.3 $37.8 
Latin America53.9 32.8 
United Kingdom72.2 58.8 
Africa20.9 16.9 
India61.6 68.8 
Asia Pacific22.1 27.0 
Total International$274.0 $242.2 
Total revenue, gross$1,249.1 $1,098.8 
Intersegment revenue eliminations:
U.S. Markets$(1.9)$(1.6)
International(1.5)(1.5)
Total intersegment eliminations$(3.4)$(3.1)
Total revenue as reported$1,245.7 $1,095.7 
Significant segment expenses consisted of the following:
Three Months Ended March 31,
20262025
U.S. MarketsInternationalU.S. MarketsInternational
Gross Revenue
$975.1 $274.0 $856.6 $242.2 
Less:1
Product and fulfillment2
$256.0 $18.8 $182.0 $10.8 
Labor-related3
220.5 95.7 215.5 84.0 
Technology and communication4
70.2 13.6 67.0 11.3 
Other segment items5
71.5 24.2 72.0 26.4 
Segment Adjusted EBITDA
$356.9 $121.7 $320.1 $109.8 


1.The significant expense categories and amounts align with costs included in segment Adjusted EBITDA that are regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
2.Product and fulfillment expenses principally include data acquisition and royalty fees, mailing and postage, and call center support costs.
3.Labor-related expenses include fully burdened compensation expenses, including incentive compensation, as well as costs incurred to augment our workforce with subcontractors, net of any amounts capitalized for internally developed software.
4.Technology and communication expenses includes hardware and software maintenance and support, subscriptions to cloud-based software, and telecommunications.
5.Other segment items includes litigation, facilities costs, marketing and advertising, professional services, travel and entertainment, earnings from equity method investments, and overhead and corporate allocations, among other costs. For the International segment, Other segment items also includes earnings attributable to non-controlling interests.
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated
A reconciliation of Segment Adjusted EBITDA to income before income taxes for the periods presented is as follows:
Three Months Ended March 31,
20262025
U.S. Markets Adjusted EBITDA$356.9 $320.1 
International Adjusted EBITDA121.7 109.8 
Total$478.6 $429.9 
Adjustments to reconcile to income before income taxes:
Corporate expenses1
$(40.7)$(32.8)
Net interest expense(54.8)(47.5)
Depreciation and amortization(152.3)(138.9)
Stock-based compensation
(37.5)(30.3)
Mergers and acquisitions, divestitures and business optimization2
232.3 (17.9)
Accelerated technology investment3
— (20.0)
Operating model optimization program4
— (9.8)
Net other5
(0.7)56.4 
Net income attributable to non-controlling interests3.3 4.7 
Total adjustments$(50.5)$(236.1)
Income before income taxes
$428.1 $193.8 
1.Certain costs that are not directly attributable to either of the segments remain in Corporate. These costs are typically enterprise-level costs and are primarily administrative in nature.
2.Mergers and acquisitions, divestitures and business optimization consists of costs associated with exploratory or executed strategic transactions and fair value and impairment adjustments related to investments and call and put options, notes receivable, gains or losses on a step acquisition and mark-to-market adjustments on acquisition-related foreign currency forward contracts.
3.Accelerated technology investment represents expenses incurred in connection with the transformation of our technology infrastructure.
4.Consists of restructuring expenses as presented on our Consolidated Statements of Operations and other business process optimization expenses.
5.Net other consists primarily of certain legal and regulatory expenses, and other non-operating income and expenses, comprised of deferred loan fee expense from debt prepayments and refinancing, currency remeasurement on foreign operations, and other debt financing expenses.
Earnings Losses From Equity Method Investments By Segment Included In Other Income And Expense
Earnings from equity method investments included in non-operating income and expense was as follows:
Three Months Ended March 31,
20262025
U.S. Markets$0.6 $0.5 
International6.0 3.8 
Total (Note 7)
$6.5 $4.3 
Reconciliation of Assets from Segment to Consolidated
Total assets by segment consisted of the following:
March 31, 2026December 31, 2025
U.S. Markets$8,209.6 $8,105.3 
International3,625.8 2,471.6 
Total segment assets
11,835.4 10,576.9 
Corporate211.9 536.0 
Total$12,047.3 $11,112.9 
Additions to Long Lived Assets
Cash paid for capital expenditures by segment was as follows:
Three Months Ended March 31,
20262025
U.S. Markets$45.9 $44.7 
International19.2 23.8 
Total cash paid for capital expenditures by the segments
65.0 68.4 
Corporate
0.2 — 
Total$65.2 $68.4 
Depreciation and Amortization by Segment
Depreciation and amortization expense by segment was as follows:
Three Months Ended March 31,
20262025
U.S. Markets$108.5 $101.2 
International42.9 36.6 
Total segment depreciation and amortization expense
151.5 137.8 
Corporate
0.8 1.1 
Total$152.3 $138.9