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SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

Schedule of purchased and collected principal amounts associated with Capital Advance (CA) receivables

During the three months ended March 31, 2022 and 2021, the Company has purchased and collected the following principal amounts associated with CAs:

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	March 31,
​	​	2022		​	2021
Beginning CA receivables, gross	​	$	56,101	​	$	67,682
CA extended to customers	​	​	68,281	​	​	103,754
Change in revenue receivables	​	​	(4)	​	​	119
CA collected from customers	​	​	(76,352)	​	​	(97,638)
Charge-offs, net of recoveries	​	​	(1,101)	​	​	(292)
Ending CA receivables, gross	​	$	46,925	​	$	73,625
Allowance for CA losses	​		(4,405)	​		(1,593)
CA receivables, net	​	$	42,520	​	$	72,032

​

Schedule of current and overdue amounts of CAs

The outstanding gross balance at March 31, 2022 consists of the following current and overdue amounts:

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	1‑30 days		30‑60		60‑90	​	Above 90
Total		​	Current	​	overdue	​	overdue	​	overdue	​	overdue
$	46,925	​	44,627	​	916	​	359		81		942

​

The outstanding gross balance at December 31, 2021 consists of the following current and overdue amounts:

​	​	​	​	​	​	​	​	​	​	​	​
​	​		​		1‑30 days		30‑60		60‑90		Above 90
Total			Current		overdue		overdue		overdue		overdue
$	56,101		53,150		964		704		163		1,120

Schedule of current and overdue balances CAs that are segregated into the timing of expected collections

The following are current and overdue balances from above that are segregated into the timing of expected collections at March 31, 2022:

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Due in less	​	Due in 30‑60	​	Due in 60‑90	​	Due in more
Total			Overdue		than 30 days		days		days		than 90 days
$	46,925		2,298	​	10,773	​	9,126		14,890		9,838

​

The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2021:

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​		Due in less	​	Due in 30‑60	​	Due in 60‑90		Due in more
Total			Overdue		than 30 days		days		days		than 90 days
$	56,101		2,951		9,511		12,457		23,008		8,174

Schedule of rollforward for the allowance for CA losses ("ALCAL")

Below is a rollforward for the allowance for CA losses (“ALCAL”) for the three months ended March 31, 2022 and 2021:

​	​	​	​	​	​	​
​	​	March 31,
​	​	2022		​	2021
Beginning balance	​	$	2,426	​	$	1,587
Adjustment for adoption of new accounting standard	​	​	2,505	​	​	—
Provisions	​	​	1,812	​	​	1,595
Recoveries	​	​	(1,237)	​	​	(1,268)
Charge-offs	​	​	(1,101)	​	​	(321)
Ending balance	​	$	4,405	​	$	1,593

Schedule of revenue disaggregated by primary geographical market

​

​	​	​	​	​	​	​
​	​	​
​	​	Three months ended March 31,
​		2022			2021
Primary geographical markets		​			​
Greater China(1)	​	$	43,041	​	$	39,614
United States	​		19,782	​		8,053
All other countries(2)	​		74,135	​		52,939
Total revenues	​	$	136,958	​	$	100,606

(1) Greater China is inclusive of Mainland China, Hong Kong and Taiwan

(2) No single country included in the other countries’ category generated more than 10% of total revenue

Schedule of revenue recognized from contracts with customers as well as revenue from other sources

​

​	​	​	​	​	​	​
​	​	Three months ended March 31,
​		2022			2021
Revenue recognized at a point in time	​	$	125,943	​	$	97,343
Revenue recognized over time	​		10,156	​		2,734
Revenue from contracts with customers	​		136,099	​		100,077
Revenue from other sources	​		859	​		529
Total revenues	​	$	136,958	​	$	100,606

Schedule of deferred customer acquisition costs

​

​	​	​	​	​	​	​	​
​		​	March 31,
​	​	​	2022		​	2021
​	​	​	​	​	​	​	​
Opening balance		​	$	11,366	​	$	8,976
Additions to deferred customer acquisition costs	​	​		3,555	​		2,628
Amortization of deferred customer acquisition costs	​	​		(2,749)	​		(2,089)
Ending balance	​	​	$	12,172	​	$	9,515

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