“27 Cost of revenue, excluding technology costs Three Months Ended March 31, 2026 2025 Change (Amounts in thousands) Cost of revenue, excluding technology costs $ 334,983 $ 305,471 $ 29,512 10 % Cost of revenue, excluding technology costs, increased $30 million, or 10% for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to a $27 million increase in incentive consideration primarily due to an increase in volume, rates and transaction mix, and a $1 million increase in labor and professional services partially due to a restructuring charge associated with the inflation offset program in the current period.”
“The effective tax rate is impacted by an increase in the valuation allowance due primarily to interest expense limitations, offset by loss utilization .”
“2,744,845 $ 2,642,077 $ 102,768 4 % Revenue increased $103 million, or 4%, for the year ended December 31, 2024 compared to the prior year, primarily due to: • a $117 million, or 6%, increase in transaction-based distribution revenue due to favorable rate impacts from travel supplier mix and a 2% increase in direct billable bookings to 363 million; partially offset by, • a $14 million, or 2%, decrease in IT solutions revenue driven by a $35 million decline in revenue from customers that have de-migrated from our systems, including the impact of termination fees from a certain carrier in the prior year.”