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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 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 2023, 2022, and 2021 was as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Revenue: |  |  |  |  |  |  |  |  |
SaaS and related solutions |  | $ | 1,024,572 |  |  | $ | 956,995 |  |  | $ | 926,290 |
Software and services |  |  | 98,078 |  |  |  | 87,247 |  |  |  | 72,818 |
Maintenance |  |  | 46,608 |  |  |  | 45,510 |  |  |  | 47,379 |
Total revenue |  | $ | 1,169,258 |  |  | $ | 1,089,752 |  |  | $ | 1,046,487 |
We use the location of the customer as the basis of attributing revenue to geographic regions. Revenue by geographic region for 2023, 2022, and 2021, as a percentage of our total revenue, was as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Americas (principally the U.S.) |  |  | 86 | % |  |  | 85 | % |  |  | 85 | %
Europe, Middle East, and Africa (principally Europe) |  |  | 10 | % |  |  | 11 | % |  |  | 11 | %
Asia Pacific |  |  | 4 | % |  |  | 4 | % |  |  | 4 | %
Total revenue |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
We generate our revenue primarily from the global communications markets; however, we serve an expanding group of customers in markets including retail, financial services, healthcare, insurance, and government entities. Revenue by customer vertical for 2023, 2022, and 2021, as a percentage of our total revenue, was as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Broadband/Cable/Satellite |  |  | 52 | % |  |  | 54 | % |  |  | 57 | %
Telecommunications |  |  | 20 | % |  |  | 20 | % |  |  | 19 | %
Other |  |  | 28 | % |  |  | 26 | % |  |  | 24 | %
Total revenue |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Rollforward of Unbilled Accounts Receivable | The following table rolls forward our unbilled accounts receivable from January 1, 2022 to December 31, 2023 (in thousands):
|  | Unbilled Receivables |
Beginning Balance, January 1, 2022 |  | $ | 35,802 |
Recognized during the period |  |  | 285,562 |
Reclassified to receivables |  |  | (265,707 | )
Other |  |  | (2,827 | )
Ending Balance, December 31, 2022 |  |  | 52,830 |
Recognized during the period |  |  | 287,844 |
Reclassified to receivables |  |  | (258,792 | )
Other |  |  | 281 |
Ending Balance, December 31, 2023 |  | $ | 82,163 |
Rollforward of Deferred Revenue | The following table rolls forward our deferred revenue from January 1, 2022 to December 31, 2023 (in thousands):
|  | Deferred Revenue |
Beginning Balance, January 1, 2022 |  | $ | (73,347 | )
Revenue recognized that was included in deferred revenue at the beginning of the period |  |  | 53,947 |
Consideration received in advance of services performed net of revenue recognized in the current period |  |  | (51,432 | )
Other |  |  | 2,808 |
Ending Balance, December 31, 2022 |  |  | (68,024 | )
Revenue recognized that was included in deferred revenue at the beginning of the period |  |  | 45,699 |
Consideration received in advance of services performed net of revenue recognized in the current period |  |  | (55,920 | )
Other |  |  | 599 |
Ending Balance, December 31, 2023 |  | $ | (77,646 | )
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):
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,484 |  |  | $ | - |  |  | $ | 5,484 |  |  | $ | 5,318 |  |  | $ | - |  |  | $ | 5,318 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 71 |  |  |  | 71 |
Total |  | $ | 5,484 |  |  | $ | - |  |  | $ | 5,484 |  |  | $ | 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):
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
2023 Convertible Notes (par value) |  | $ | 425,000 |  |  | $ | 428,506 |  |  | $ | - |  |  | $ | - |
2021 Credit Agreement (carrying value including current maturities): |  |  |  |  |  |  |  |  |  |  |  |
Term Loan |  |  | 133,125 |  |  |  | 133,125 |  |  |  | 140,625 |  |  |  | 140,625 |
Revolver |  |  | - |  |  |  | - |  |  |  | 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
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):
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Settlement assets/liabilities |  | $ | 260,712 |  |  | $ | 259,825 |  |  | $ | 219,368 |  |  | $ | 218,525 |
Merchant reserve assets/liabilities |  |  | 13,987 |  |  |  | 13,992 |  |  |  | 19,285 |  |  |  | 19,285 |
Total |  | $ | 274,699 |  |  | $ | 273,817 |  |  | $ | 238,653 |  |  | $ | 237,810 |
Allowance for Doubtful Accounts Receivable | The activity in our allowance for expected losses is as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance, beginning of year |  | $ | 5,528 |  |  | $ | 4,250 |  |  | $ | 3,628 |
Additions to expense |  |  | 1,765 |  |  |  | 1,295 |  |  |  | 1,102 |
Write-offs |  |  | (1,767 | ) |  |  | (8 | ) |  |  | (466 | )
Other |  |  | (94 | ) |  |  | (9 | ) |  |  | (14 | )
Balance, end of year |  | $ | 5,432 |  |  | $ | 5,528 |  |  | $ | 4,250 |
Reconciliation of the Basic and Diluted EPS denominators | The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands):
|  |  | 2023 |  |  | 2022 |  |  | 2021 |
Basic weighted-average common shares |  |  |  | 29,938 |  |  |  | 31,028 |  |  |  | 31,776 |
Dilutive effect of restricted common stock |  |  |  | 177 |  |  |  | 270 |  |  | 234 |
Diluted weighted-average common shares |  |  |  | 30,115 |  |  |  | 31,298 |  |  |  | 32,010 |
The dilutive effect of restricted common stock is computed using the treasury stock method. The dilutive effect of the 2023 Convertible Notes is computed using the if-converted method and will only have an effect in those quarterly periods in which our average stock price exceeds the current effective conversion price.

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