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Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segments Segments
The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. In the fourth quarter of 2023, in order to align with recent changes in the Company's strategy and resulting organizational structure and management reporting, the Company updated its segment structure into six operating segments, which were combined into three reportable segments: Vehicle Payments, Corporate Payments (includes aggregation with Cross-Border operating segment), Lodging Payments and an Other category (which combines Gift and Payroll Card operating segments). We manage and report our operating results through these three reportable segments consistent with how the CODM allocates resources, assesses performance and reviews financial information. The presentation of segment information has been recast for the prior periods to align with this segment presentation for the years ended December 31, 2023, 2022 and 2021.
The Company’s segment results are as follows as of and for the years ended December 31 (in thousands):
20231
20222021
Revenues, net:
Vehicle Payments
$2,005,510 $1,950,038 $1,689,970 
Corporate Payments981,127 769,571 598,242 
Lodging Payments
520,216 456,511 309,619 
Other
250,866 251,009 235,905 
$3,757,719 $3,427,129 $2,833,736 
Operating income:
Vehicle Payments
$943,399 $884,493 $811,822 
Corporate Payments382,085 273,562 210,290 
Lodging Payments
254,270 218,637 148,973 
Other
77,119 69,949 71,471 
$1,656,873 $1,446,641 $1,242,556 
Depreciation and amortization:
Vehicle Payments
$201,905 $198,495 $195,964 
Corporate Payments78,679 72,586 52,688 
Lodging Payments
46,903 42,366 26,478 
Other
9,117 8,835 9,067 
$336,604 $322,282 $284,197 
Capital expenditures:
Vehicle Payments
$108,592 $111,661 $88,999 
Corporate Payments25,387 20,777 11,748 
Lodging Payments
13,705 10,570 4,604 
Other
6,138 8,420 6,179 
$153,822 $151,428 $111,530 
Long-lived assets (excluding goodwill and investments):
Vehicle Payments
$252,499 $218,680 $175,648 
Corporate Payments48,822 39,240 33,638 
Lodging Payments
24,697 17,884 12,592 
Other
17,136 18,888 14,416 
$343,154 $294,692 $236,294 
1Results from Global Reach Group acquired in the first quarter of 2023 are reported in the Corporate Payments segment from the date of acquisition. Results from Mina Digital Limited, Business Gateway AG and PayByPhone acquired during 2023 are reported in the Vehicle Payments segment, from the date of acquisition.
The Company's segment results are as follows for the quarterly periods in 2023 and 2022 (in thousands):
Fiscal Quarters Year Ended December 31, 2023
First
Second
Third
Fourth
Revenues, net:
Vehicle Payments
$495,490 $509,630 $500,632 $499,758 
Corporate Payments
226,172 246,012 257,842 251,101 
Lodging Payments
122,334 136,564 141,389 119,929 
Other
57,337 55,968 71,029 66,532 
$901,333 $948,174 $970,892 $937,320 
Operating income:
Vehicle Payments
$223,480 $232,506 $244,908 $242,505 
Corporate Payments
80,382 95,708 104,903 101,092 
Lodging Payments
54,563 68,246 74,023 57,438 
Other
16,770 16,190 21,143 23,016 
$375,195 $412,650 $444,977 $424,051 
Depreciation and amortization:
Vehicle Payments
$50,350 $51,926 $49,905 $49,724 
Corporate Payments
20,160 17,779 20,417 20,323 
Lodging Payments
11,398 11,661 12,189 11,655 
Other
2,324 2,310 2,239 2,244 
$84,232 $83,676 $84,750 $83,946 
Fiscal Quarters Year Ended December 31, 2022
First
Second
Third
Fourth
Revenues, net:
Vehicle Payments
$454,741 $489,827 $504,388 $501,082 
Corporate Payments
183,158 189,058 196,339 201,016 
Lodging Payments
94,576 116,900 125,961 119,074 
Other
56,766 65,493 66,312 62,438 
$789,241 $861,278 $893,000 $883,610 
Operating income:
Vehicle Payments
$202,068 $224,174 $231,914 $226,337 
Corporate Payments
61,312 70,092 74,999 67,159 
Lodging Payments
39,779 58,559 63,463 56,836 
Other
14,562 17,655 18,794 18,938 
$317,721 $370,480 $389,170 $369,270 
Depreciation and amortization:
Vehicle Payments
$48,148 $49,615 $49,134 $51,598 
Corporate Payments
16,028 16,324 15,383 24,851 
Lodging Payments
10,534 10,321 10,474 11,037 
Other
2,092 2,214 2,222 2,307 
$76,802 $78,474 $77,213 $89,793 
The following table presents the Company's long-lived assets by major geography (excluding goodwill, other intangible assets and investments) at December 31 (in thousands).
20232022
Long-lived assets (excluding goodwill, other intangible assets, and investments):
United States (country of domicile)$200,918 $176,263 
Brazil$74,789 $66,583 
United Kingdom$34,242 $24,715 
More than 10% of our consolidated revenues in 2023, 2022 and 2021 were derived through our relationship with our open-loop network partner in our Vehicle Payments segment.