Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Revenue Disaggregated by Revenue Type, Geographic Region and Customer

The nature, amount, timing, and uncertainty of our revenue and how revenue and cash flows are affected by economic factors is most appropriately depicted by revenue type, geographic region, and customer vertical.

Revenue by type for the quarters ended March 31, 2023 and 2022 were as follows (in thousands):

	Quarter Ended
	March 31, 2023		March 31, 2022
SaaS and related solutions	$	257,876	$	234,977
Software and services		30,891		18,436
Maintenance		9,972		10,987
Total revenue	$	298,739	$	264,400

We use the location of the customer as the basis of attributing revenue to geographic regions. Revenue by geographic region for the quarters ended March 31, 2023 and 2022, as a percentage of our total revenue, were as follows:

	Quarter Ended
	March 31, 2023			March 31, 2022
Americas (principally the U.S.)		84	%		84	%
Europe, Middle East, and Africa		12	%		12	%
Asia Pacific		4	%		4	%
Total revenue		100	%		100	%

We generate our revenue primarily from the global communications markets; however, we serve an expanding group of customers in other industry markets including retail, healthcare, financial services, insurance, and government entities. Revenue by customer vertical for the quarters ended March 31, 2023 and 2022, as a percentage of our total revenue, were as follows:

	Quarter Ended
	March 31, 2023			March 31, 2022
Broadband/Cable/Satellite		52	%		54	%
Telecommunications		20	%		19	%
Other		28	%		27	%
Total revenue		100	%		100	%

Schedule of Settlement and Merchant Reserve Assets and Liabilities

The following table summarizes our settlement and merchant reserve assets and liabilities as of the indicated periods (in thousands):

	March 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Settlement assets/liabilities	$	155,418	$	154,444	$	219,368	$	218,525
Merchant reserve assets/liabilities		21,882		21,885		19,285		19,285
Total	$	177,300	$	176,329	$	238,653	$	237,810

Fair Value Measurements

The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets measured at fair value (in thousands):

	March 31, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	5,408	$	—	$	5,408	$	5,318	$	—	$	5,318
Short-term investments:
Asset-backed securities		—		—		—		—		71		71
Total	$	5,408	$	-	$	5,408	$	5,318	$	71	$	5,389

Carrying Value and Estimated Fair Value of Debt

We have chosen not to record our debt at fair value, with changes recognized in earnings each reporting period. The following table indicates the carrying value and estimated fair value of our debt as of the indicated periods (in thousands):

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2021 Credit Agreement (carrying value including      current maturities) :
Term Loan	$	138,750	$	138,750	$	140,625	$	140,625
Revolver		305,000		305,000		275,000		275,000