Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 was as follows (in thousands):

	Quarter Ended
	March 31, 2024		March 31, 2023
SaaS and related solutions	$	261,695	$	257,876
Software and services		22,394		30,891
Maintenance		11,046		9,972
Total revenue	$	295,135	$	298,739

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, 2024 and 2023, as a percentage of our total revenue, was as follows:

	Quarter Ended
	March 31, 2024			March 31, 2023
Americas (principally the U.S.)		86	%		84	%
Europe, Middle East, and Africa		9	%		12	%
Asia Pacific		5	%		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 markets including retail, financial services, healthcare, insurance, and government entities. Revenue by customer vertical for the quarters ended March 31, 2024 and 2023, as a percentage of our total revenue, was as follows:

	Quarter Ended
	March 31, 2024			March 31, 2023
Broadband/Cable/Satellite		51	%		52	%
Telecommunications		19	%		20	%
Other		30	%		28	%
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, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Settlement assets/liabilities	$	178,679	$	177,207	$	260,712	$	259,825
Merchant reserve assets/liabilities		14,283		14,291		13,987		13,992
Total	$	192,962	$	191,498	$	274,699	$	273,817

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, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
2023 Convertible Notes (par value)	$	425,000	$	420,856	$	425,000	$	428,506
2021 Credit Agreement (carrying value including     current maturities)		131,250		131,250		133,125		133,125