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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact of New Accounting Standard

Recent accounting pronouncements adopted

Standard

Description

Effect on the financial statements

ASU 2016-13, ASU 2019-4 Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13 which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU is effective for public companies in annual periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted beginning after December 15, 2018 and interim periods within those years.

We adopted Topic 326 beginning on January 1, 2020 using the modified retrospective approach with a cumulative effect adjustment to opening retained earnings recorded at the beginning of the period of adoption. Upon adoption, we changed our impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost, including our accounts receivable. CECL estimates on accounts receivable are recorded as general and administrative expenses on our condensed consolidated statements of income. The cumulative effect adjustment from adoption was immaterial to our consolidated financial statements.

Date of adoption: January 1, 2020

Standards issued not yet adopted

Standard

Description

Effect on the financial statements

Update 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes

The ASU removes the exception to the general principles in ASC 740, Income Taxes, associated with the incremental approach for intra-period tax allocation, accounting for basis differences when there are ownership changes in foreign investments and interim-period income tax accounting for year-to-date losses that exceed anticipated losses. In addition, the ASU improves the application of income tax related guidance and simplifies U.S. GAAP when accounting for franchise taxes that are partially based on income, transactions with government resulting in a step-up in tax basis goodwill, separate financial statements of legal entities not subject to tax, and enacted changes in tax laws in interim periods. Different transition approaches, retrospective, modified retrospective, or prospective, will apply to each income tax simplification provision.

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2021.

Schedule of Typical Remaining Performance Obligations

The Company’s typical performance obligations include the following:

Performance Obligation

When Performance Obligation is Typically Satisfied

When Payment is Typically Due

How Standalone Selling Price is Typically Estimated

Software License

Software License

Upon shipment or made available for download (point in time)

Within 90 days of delivery

Observable transactions or residual approach when prices are highly variable or uncertain

Software License with significant customization

Over the performance of the customization and installation of the software (over time)

Within 90 days of services being performed

Residual approach

Hosting Services

As hosting services are provided (over time)

Within 90 days of services being provided

Estimated using a cost-plus margin approach

Professional Services

Consulting

As work is performed (over time)

Within 90 days of services being performed

Observable transactions

Customization

SaaS: Over the remaining term of the SaaS agreement License: Over the performance of the customization and installation of the software (over time)

Within 90 days of services being performed

Observable transactions

Transaction Services

As transaction is processed (over time)

Within 90 days of transaction

Observable transactions

Subscription Services

Customer Support

Ratably over the course of the support contract (over time)

Within 90 days of the start of the contract period

Observable transactions

SaaS

Over the course of the SaaS service once the system is available for use (over time)

Within 90 days of services being performed

Estimated using a cost-plus margin approach

Schedule of Software Development Costs

The unamortized software development costs and amortization expense were as follows:

						Year ended December 31,
						2020						2019						2018
Unamortized software development costs						$	28,512					$	22,240					$	17,490
Software development amortization expense						10,843						8,258						8,123

Schedule of Foreign Currency Gains (Losses)

Gains or losses resulting from transactions denominated in foreign currencies are included in other income or expense, within the Consolidated Statements of Operations and were as follows:

						Twelve Months Ended December 31,
						2020						2019						2018
Net gain (loss) on foreign currency translations						$	4,234					$	31					$	(478)

Schedule of Revenue From External Customers and Long-lived assets, by Geographical Areas

Revenues by geography are based on the billing addresses of the Company’s customers. The following tables set forth revenues and property and equipment, net by geographic area:

						Year Ended December 31,
						2020						2019						2018
Revenues:
Domestic						$	228,639					$	232,183					$	249,674
Foreign						63,031						76,566						76,165
Total						$	291,670					$	308,749					$	325,839

						Year Ended December 31,
						2020						2019
Property and equipment, net:
Domestic						$	7,282					$	19,278
Foreign						4,450						7,247
Total						$	11,732					$	26,525

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