Revenues

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers into primary geographical markets, nature of the products and services, and timing of transfer of goods and services. The Company's operating segments are determined by the nature of the products and services the Company provides and the primary geographical markets in which the Company operates. Revenue disaggregated by segment is discussed in Note 15, Segment Information.

In the following tables, revenue for each segment, excluding intersegment revenues, is disaggregated by timing of revenue

recognition for the periods indicated.

	Three months ended March 31, 2024
(In thousands)	Payment Services - Puerto Rico & Caribbean		Latin America Payments and Solutions		Merchant Acquiring, net		Business Solutions		Total
Timing of revenue recognition
Products and services transferred at a point in time	$	32	$	557	$	—	$	2,475	$	3,064
Products and services transferred over time	33,912		69,590		43,099		55,653		$	202,254
	$	33,944	$	70,147	$	43,099	$	58,128	$	205,318

	Three months ended March 31, 2023
(In thousands)	Payment Services - Puerto Rico & Caribbean		Latin America Payments and Solutions		Merchant Acquiring, net		Business Solutions		Total
Timing of revenue recognition
Products and services transferred at a point in time	$	113	$	614	$	—	$	1,727	$	2,454
Products and services transferred over time	32,366		30,679		40,347		53,968		$	157,360
	$	32,479	$	31,293	$	40,347	$	55,695	$	159,814

Revenue concentration with a single customer, Popular, as a percentage of total revenues for the quarters ended March 31, 2024 and 2023 was approximately 31% and 37%, respectively. Accounts receivable from Popular as of March 31, 2024 and March 31, 2023 amounted to $49.3 million and $41.2 million, respectively.

Contract Balances

The following table provides information about contract assets from contracts with customers for the three months ended March 31, 2024 and the year ended December 31, 2023.

(In thousands)	March 31, 2024		December 31, 2023
Balance at beginning of period	$	13,917	$	4,749
Services transferred to customers	4,889		28,165
Transfers to accounts receivable	(5,568)		(18,997)
Balance at end of period	$	13,238	$	13,917

The current portion of contract assets is recorded as part of prepaid expenses and other assets, and the long-term portion is included in other long-term assets in the unaudited condensed consolidated balance sheets.

Accounts receivable, net at March 31, 2024 amounted to $141.3 million. Contract liability and contract liability - long term at March 31, 2024 amounted to $18.9 million and $52.1 million, respectively, and may arise when consideration is received or due in advance from customers prior to performance. The contract liability is mainly comprised of upfront fees for implementation or set up activities, including fees charged in pre-production periods in connection with hosting services. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $7.8 million and $4.4 million, respectively, that was included in the contract liability at December 31, 2023 and 2022, respectively.

Transaction price allocated to the remaining performance obligations

The estimated aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially satisfied at March 31, 2024 was $891.9 million, which is expected to be recognized over the next 1 to 6 years. This amount consists of minimums on certain master services agreements, professional service fees for implementation or set up activities related to managed services and maintenance services typically recognized over the life of the contract, and professional service fees for customizations or development of on-premise licensing agreements, which are recognized over time based on inputs relative to the total expected inputs to satisfy a performance obligation.