Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 were as follows (in thousands):

	Quarter Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
SaaS and related solutions	$	250,777	$	238,614	$	764,253	$	704,303
Software and services		23,578		23,123		73,235		61,627
Maintenance		12,513		11,571		34,446		33,946
Total revenue	$	286,868	$	273,308	$	871,934	$	799,876

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

	Quarter Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Americas (principally the U.S.)		86	%		86	%		86	%		85	%
Europe, Middle East, and Africa		9	%		10	%		10	%		11	%
Asia Pacific		5	%		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 nine months ended September 30, 2023 and 2022, as a percentage of our total revenue, were as follows:

	Quarter Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Broadband/Cable/Satellite		53	%		55	%		53	%		55	%
Telecommunications		20	%		20	%		20	%		19	%
Other		27	%		25	%		27	%		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):

	September 30, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Settlement assets/liabilities	$	178,367	$	176,633	$	219,368	$	218,525
Merchant reserve assets/liabilities		15,004		15,004		19,285		19,285
Total	$	193,371	$	191,637	$	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):

	September 30, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	5,457	$	-	$	5,457	$	5,318	$	-	$	5,318
Short-term investments:
Asset-backed securities		-		-		-		-		71		71
Total	$	5,457	$	-	$	5,457	$	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):

	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2023 Convertible Notes (par value)	$	425,000	$	414,694	$	-	$	-
2021 Credit Agreement (carrying value including     current maturities):
Term Loan		135,000		135,000		140,625		140,625
Revolver		15,000		15,000		275,000		275,000

The fair value of our convertible notes was estimated based upon quoted market prices or recent sales activity, while the fair value of our credit agreement was estimated using a discounted cash flow methodology, both of which are considered Level 2 inputs.