Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022 were as follows (in thousands):

	Quarter Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
SaaS and related solutions	$	255,600	$	230,712	$	513,476	$	465,689
Software and services		18,766		20,068		49,657		38,504
Maintenance		11,961		11,388		21,933		22,375
Total revenue	$	286,327	$	262,168	$	585,066	$	526,568

We use the location of the customer as the basis of attributing revenue to geographic regions. Revenue by geographic region for the quarters and six months ended June 30, 2023 and 2022, as a percentage of our total revenue, were as follows:

	Quarter Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Americas (principally the U.S.)		87	%		85	%		85	%		85	%
Europe, Middle East, and Africa		9	%		11	%		11	%		11	%
Asia Pacific		4	%		4	%		4	%		4	%
Total revenue		100	%		100	%		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 and six months ended June 30, 2023 and 2022, as a percentage of our total revenue, were as follows:

	Quarter Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Broadband/Cable/Satellite		54	%		55	%		53	%		54	%
Telecommunications		18	%		19	%		19	%		20	%
Other		28	%		26	%		28	%		26	%
Total revenue		100	%		100	%		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):

	June 30, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Settlement assets/liabilities	$	159,161	$	157,541	$	219,368	$	218,525
Merchant reserve assets/liabilities		17,236		17,236		19,285		19,285
Total	$	176,397	$	174,777	$	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):

	June 30, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	5,431	$	-	$	5,431	$	5,318	$	-	$	5,318
Short-term investments:
Asset-backed securities		-		-		-		-		71		71
Total	$	5,431	$	-	$	5,431	$	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):

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2021 Credit Agreement (carrying value including      current maturities) :
Term Loan	$	136,875	$	136,875	$	140,625	$	140,625
Revolver		290,000		290,000		275,000		275,000