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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2022 and 2021 were as follows (in thousands):
|  | Quarter Ended |  |  | Nine Months Ended |  |
|  | September 30, |  |  | September 30, |  |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |
SaaS and related solutions |  | $ | 238,614 |  |  | $ | 231,418 |  |  | $ | 704,303 |  |  | $ | 686,685 |  |
Software and services |  |  | 23,123 |  |  |  | 19,518 |  |  |  | 61,627 |  |  |  | 49,330 |  |
Maintenance |  |  | 11,571 |  |  |  | 12,273 |  |  |  | 33,946 |  |  |  | 35,447 |  |
Total revenue |  | $ | 273,308 |  |  | $ | 263,209 |  |  | $ | 799,876 |  |  | $ | 771,462 |  |
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, 2022 and 2021, as a percentage of our total revenue, were as follows:
|  | Quarter Ended |  |  | Nine Months Ended |  |
|  | September 30, |  |  | September 30, |  |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |
Americas (principally the U.S.) |  |  | 86 | % |  |  | 85 | % |  |  | 85 | % |  |  | 85 | % |
Europe, Middle East, and Africa |  |  | 10 | % |  |  | 12 | % |  |  | 11 | % |  |  | 11 | % |
Asia Pacific |  |  | 4 | % |  |  | 3 | % |  |  | 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, 2022 and 2021, as a percentage of our total revenue, were as follows:
|  | Quarter Ended |  |  | Nine Months Ended |  |
|  | September 30, |  |  | September 30, |  |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |
Broadband/Cable/Satellite |  |  | 55 | % |  |  | 56 | % |  |  | 55 | % |  |  | 57 | % |
Telecommunications |  |  | 20 | % |  |  | 20 | % |  |  | 19 | % |  |  | 19 | % |
Other |  |  | 25 | % |  |  | 24 | % |  |  | 26 | % |  |  | 24 | % |
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, 2022 |  |  | December 31, 2021 |
|  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Settlement assets/liabilities |  | $ | 156,666 |  |  | $ | 155,311 |  |  | $ | 171,505 |  |  | $ | 170,514 |
Merchant reserve assets/liabilities |  |  | 15,943 |  |  |  | 15,881 |  |  |  | 14,762 |  |  |  | 14,762 |
Total |  | $ | 172,609 |  |  | $ | 171,192 |  |  | $ | 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):
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 4,797 |  |  | $ | — |  |  | $ | 4,797 |  |  | $ | 29,305 |  |  | $ | — |  |  | $ | 29,305 |
Commercial paper |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,352 |  |  |  | 24,352 |
Asset-backed securities |  |  | — |  |  |  | 575 |  |  |  | 575 |  |  |  | — |  |  |  | 3,685 |  |  |  | 3,685 |
Total |  | $ | 4,797 |  |  | $ | 575 |  |  | $ | 5,372 |  |  | $ | 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):
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
2021 Credit Agreement: |  |  |  |  |  |  |  |  |  |  |  |
Term Loan (carrying value including current maturities) |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 148,125 |  |  | $ | 148,125 |
Revolver |  |  | 290,000 |  |  |  | 290,000 |  |  |  | — |  |  |  | — |
2016 Convertible Notes (par value) |  |  | — |  |  |  | — |  |  |  | 230,000 |  |  |  | 244,950 |

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