Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

The Company's reporting segments are primarily organized based on the nature of products and services offered and the type of consumer served. The Company has two reporting segments: GFT and FPP. See Note 1 — Description of the Business and Basis of Presentation for further discussion on our segments. Walmart Inc. ("Walmart") is our only agent that is considered major. The following table is a summary of revenue from Walmart as a percentage of each segment and total revenue:

	Three Months Ended March 31,
	2023	2022
Revenue from Walmart as a percentage of GFT revenue	<10%	<10%
Revenue from Walmart as a percentage of FPP revenue	<10%	27	%
Revenue from Walmart as a percentage of total revenue	<10%	<10%

The following table is a summary of the total revenue by segment:

	Three Months Ended March 31,
(Amounts in millions)	2023		2022
GFT revenue
Money transfer revenue	$	294.8	$	284.5
Bill payment revenue	9.3		9.1
Total GFT revenue	304.1		293.6
FPP revenue
Money order revenue	12.1		10.5
Official check revenue	21.3		3.5
Total FPP revenue	33.4		14.0
Total revenue	$	337.5	$	307.6

The following table is a summary of the gross profit by segment: 

	Three Months Ended March 31,
(Amounts in millions)	2023		2022
GFT gross profit	$	139.9	$	132.6
FPP gross profit (1)	19.7		13.6
Total gross profit	159.6		146.2
Total operating expenses	139.9		128.3
Total operating income	19.7		17.9
Interest expense	15.0		10.9
Other non-operating expense	1.0		0.9
Income before income taxes	$	3.7	$	6.1

(1) In periods of extremely low interest rates, it is possible for commissions to be close to zero, resulting in abnormally high gross margin.

The following table sets forth assets by segment:

(Amounts in millions)	March 31, 2023		December 31, 2022
GFT	$	1,316.9	$	1,412.6
FPP	2,771.5		3,066.0
Other	47.1		26.6
Total assets	$	4,135.5	$	4,505.2