Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021 were as follows (in thousands):

	Quarter Ended
	March 31,
	2022		2021
SaaS and related solutions	$	234,977	$	227,019
Software and services		18,436		14,779
Maintenance		10,987		11,321
Total revenue	$	264,400	$	253,119

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, 2022 and 2021, as a percentage of our total revenue, were as follows:

	Quarter Ended
	March 31,
	2022			2021
Americas (principally the U.S.)		84	%		86	%
Europe, Middle East, and Africa		12	%		10	%
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, 2022 and 2021, as a percentage of our total revenue, were as follows:

	Quarter Ended
	March 31,
	2022			2021
Broadband/Cable/Satellite		54	%		57	%
Telecommunications		19	%		18	%
Other		27	%		25	%
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, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
Settlement assets/liabilities	$	148,808	$	147,445	$	171,505	$	170,514
Merchant reserve assets/liabilities		14,337		14,337		14,762		14,762
Total	$	163,145	$	161,782	$	186,267	$	185,276

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, 2022						December 31, 2021
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	12,201	$	—	$	12,201	$	29,305	$	—	$	29,305
Commercial paper		—		—		—		—		1,000		1,000
Short-term investments:
Corporate debt securities		—		3,189		3,189		—		24,352		24,352
Asset-backed securities		—		2,944		2,944		—		3,685		3,685
Total	$	12,201	$	6,133	$	18,334	$	29,305	$	29,037	$	58,342

Carrying Value (Par Value for Convertible Debt) 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 (par value for convertible notes) and estimated fair value of our debt as of the indicated periods (in thousands):

	March 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
2021 Credit Agreement:
Term Loan (carrying value including      current maturities)	$	146,250	$	146,250	$	148,125	$	148,125
Revolver		245,000		245,000		—		—
2016 Convertible Notes (par value)		—		—		230,000		244,950