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Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Use of Estimates in Preparation of Financial Statements Use of Estimates in Preparation of Financial Statements. The preparation of our Financial Statements requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our Financial Statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Revenue

Revenue. As of March 31, 2026, our aggregate amount of the transaction price allocated to the remaining performance obligations was approximately $2.3 billion, which is made up of fixed fee consideration and guaranteed minimums expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied). We expect to recognize approximately 65% of this amount by the end of 2028, with the remaining amount recognized by the end of 2036. We have excluded from this amount variable consideration expected to be recognized in the future related to performance obligations that are unsatisfied. The majority of our future revenue is related to our SaaS and related solutions customer contracts that include variable consideration dependent upon a series of monthly volumes and/or daily usage of services and have contractual terms ending from 2026 through 2036. Our customer contracts may include guaranteed minimums and fixed monthly or annual fees.

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, 2026 and 2025 was as follows (in thousands):

 

 

 

Quarter Ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

SaaS and related solutions

 

$

286,870

 

 

$

269,940

 

Software and services

 

 

15,005

 

 

 

18,623

 

Maintenance

 

 

11,857

 

 

 

10,890

 

Total revenue

 

$

313,732

 

 

$

299,453

 

 

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, 2026 and 2025, as a percentage of our total revenue, was as follows:

 

 

 

Quarter Ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

Americas (principally the U.S.)

 

 

86

%

 

 

87

%

Europe, Middle East, and Africa

 

 

9

%

 

 

9

%

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 first quarters ended March 31, 2026 and 2025, as a percentage of our total revenue, was as follows:

 

 

 

Quarter Ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

Broadband/Cable/Satellite

 

 

48

%

 

 

50

%

Telecommunications

 

 

17

%

 

 

17

%

Other

 

 

35

%

 

 

33

%

Total revenue

 

 

100

%

 

 

100

%

Deferred revenue recognized during the quarters ended March 31, 2026 and 2025 was $23.8 million and $19.7 million, respectively.

On July 5, 2025, we terminated a master services agreement (the “MSA”) for one of our implementation projects in the Latin America region on the basis that the customer unlawfully renounced its obligations under the MSA. During 2025, we stopped implementation work on the project. As of March 31, 2026, we had accounts receivable of $18.1 million ($1.3 million billed and $16.8 million unbilled) related to this implementation project and we intend to pursue any and all available remedies to recover the amounts outstanding. As of the date of this filing, we do not believe there has been an impairment to the carrying values of the assets and believe such amounts are recoverable per the terms of the MSA or as a matter of common law.
Cash and Cash Equivalents

Cash and Cash Equivalents. We consider all highly liquid investments with original maturities of three months or less as of the date of purchase to be cash equivalents. As of March 31, 2026 and December 31, 2025, our cash equivalents consist primarily of time deposits held at major banks. For the cash and cash equivalents denominated in foreign currencies and/or located outside the U.S., we do not anticipate any material amounts being unavailable for use in running our business, but may face limitations on moving cash out of certain foreign jurisdictions due to currency controls and potential negative economic consequences.

Restricted Cash. Restricted cash includes cash that is legally or contractually restricted, as well as our settlement and merchant reserve assets (discussed below). The nature of the restrictions on our settlement and merchant reserve assets consists of contractual restrictions with the merchants and restrictions arising from our policy and intention. It has historically been our policy to segregate settlement and merchant reserve assets from our operating cash balances, and our intention is to continue to do so. As of each of March 31, 2026 and December 31, 2025, we had $1.8 million of restricted cash, that mainly serves to collateralize bank and performance guarantees included in other non-current assets on our unaudited Condensed Consolidated Balance Sheets (“Balance Sheets” or “Balance Sheet”).
Settlement and Merchant Reserve Assets and Liabilities

Settlement and Merchant Reserve Assets and Liabilities. Settlement assets and settlement liabilities represent cash collected on behalf of merchants via payments processing services which is held for an established holding period until settlement with the customer. The holding period is generally one to four business days depending on the payment model and contractual terms with the customer. During the holding period, cash is subject to restriction and segregation based on the nature of our custodial relationship with the merchants. Should we fail to remit these funds to our merchants, the merchant's sole recourse for payment would be against us. These rights and obligations are set forth in the contracts between us and the merchants. Settlement assets are held with various major financial institutions, and a corresponding liability is recorded for the amounts owed to the customer. At any given time, there may be differences between the cash held and the corresponding liability due to the timing of operating-related cash transfers.

Merchant reserve assets/liabilities represent deposits collected from merchants to mitigate our risk of loss due to nonperformance of settlement obligations initiated by those merchants using our payments processing services, or non-payment by customers for services rendered by us. We perform a credit risk evaluation on each customer based on multiple criteria, which provides the basis for the deposit amount required for each merchant. For the duration of our relationship with each merchant, we hold their reserve deposits with major financial institutions. We hold these funds in separate accounts, which are offset by corresponding liabilities.

The following table summarizes our settlement and merchant reserve assets and liabilities as of the indicated periods (in thousands):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Settlement assets/liabilities

 

$

315,417

 

 

$

312,228

 

 

$

312,424

 

 

$

310,291

 

Merchant reserve assets/liabilities

 

 

14,496

 

 

 

14,496

 

 

 

37,966

 

 

 

37,966

 

Total

 

$

329,913

 

 

$

326,724

 

 

$

350,390

 

 

$

348,257

 
Financial Instruments

Financial Instruments. Our financial instruments as of March 31, 2026 and December 31, 2025 include cash and cash equivalents, settlement and merchant reserve assets and liabilities, accounts receivable, accounts payable, and debt. Due to their short maturities, the carrying amounts of cash equivalents, settlement and merchant reserve assets and liabilities, accounts receivable, and accounts payable approximate their fair value.

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, 2026

 

 

December 31, 2025

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

2025 Credit Agreement (carrying value)

 

$

125,000

 

 

$

125,000

 

 

$

125,000

 

 

$

125,000

 

2023 Convertible Notes (par value)

 

 

425,000

 

 

 

517,438

 

 

 

425,000

 

 

 

504,422

 

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. See Note 6 for a discussion regarding our debt.
Accounting Pronouncements Issued but Not Yet Effective

Accounting Pronouncements Issued but Not Yet Effective. In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires entities to disclose disaggregated information about certain income statement expense line items in the notes to their financial statements on an annual and interim basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently in the process of evaluating the impact of this ASU on our Financial Statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software Topic 350-40: Targeted Improvements to the Accounting for Internal-Use Software, which will update the requirements around the capitalization and disclosure of internal-use software. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted. We are currently in the process of evaluating the impact of this ASU on our Financial Statements and related disclosures.