0000950170-22-015154 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 02, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Paymentus Holdings, Inc.
Entity Central Index Key	0001841156
Entity File Number	001-40429
Entity Tax Identification Number	45-3188251
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	18390 NE
Entity Address Address Line2	68th St.
Entity Address, City or Town	Redmond
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98052
City Area Code	888
Local Phone Number	440-4826
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	PAY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		19,288,807
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		103,336,337

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 158,335	$ 168,386
Restricted funds for financial institutions	59,325
Accounts and other receivables, net of allowance of $284 and $102	52,908	43,935
Income tax receivable	2,661	2,488
Prepaid expenses and other current assets	8,611	8,184
Total current assets	281,840	256,436
Property and equipment, net of accumulated depreciation and amortization of $5,353 and $4,791	2,048	2,044
Capitalized internal-use software development costs, net	38,725	30,888
Intangible assets, net	38,108	42,088
Goodwill	129,387	129,413
Operating lease right-of-use assets	10,711	7,703
Deferred tax asset	167	163
Other long-term assets	5,176	4,207
Total assets	506,162	472,942
Current liabilities
Accounts payable	27,789	24,748
Accrued liabilities	14,564	12,491
Financial institution funds- in transit	59,325
Operating lease liabilities	1,559	1,456
Contract liabilities	1,323	2,173
Income tax payable		122
Total current liabilities	105,054	74,433
Deferred tax liability	0	3,318
Operating leases, net of current portion	9,546	6,463
Contract liabilities, net of current portion	2,640	1,713
Finance leases and other finance obligations, net of current portion	750	883
Total liabilities	117,990	86,810
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 5,000,000 and zero shares authorized at June 30, 2022 and December 31, 2021, respectively, none issued and outstanding at June 30, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	358,939	356,017
Accumulated other comprehensive income	19	168
Retained earnings	29,202	29,935
Total stockholders’ equity	388,172	386,132
Total liabilities and stockholders' equity	506,162	472,942
Class A Common Stock [Member]
Stockholders’ equity
Common Stock, Value, Issued	2	1
Class B Common Stock [Member]
Stockholders’ equity
Common Stock, Value, Issued	$ 10	$ 11

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Allowance for accounts and other receivables	$ 284	$ 102
Accumulated depreciation and amortization for property and equipment	$ 5,353	$ 4,791
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Preferred Stock [Member]
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Class A Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	883,950,000	883,950,000
Common stock, shares issued	19,283,807	17,251,079
Common stock, shares outstanding	19,283,807	17,251,079
Class B Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	111,050,000	111,050,000
Common stock, shares issued	103,336,337	103,388,082
Common stock, shares outstanding	103,336,337	103,388,082

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 119,969	$ 93,495	$ 236,673	$ 185,717
Cost of revenue	84,141	64,567	165,991	129,242
Gross profit	35,828	28,928	70,682	56,475
Operating expenses
Research and development	10,185	7,921	20,575	15,651
Sales and marketing	17,851	9,505	34,041	17,727
General and administrative	10,017	7,421	19,662	14,163
Total operating expenses	38,053	24,847	74,278	47,541
(Loss) income from operations	(2,225)	4,081	(3,596)	8,934
Other income (loss)
Interest income (expense) , net	98	(4)	90	(7)
Foreign exchange gain (loss)	54	(1)	80	8
(Loss) income before income taxes	(2,073)	4,076	(3,426)	8,935
(Provision for) benefit from income taxes	(378)	(3,501)	2,693	(4,722)
Net (loss) income	(2,451)	575	(733)	4,213
Undeclared dividends on Series A preferred stock	0	(898)	0	(2,258)
Net (loss) income attributable to common stock	$ (2,451)	$ (323)	$ (733)	$ 1,955
Net (loss) income per share attributable to common stock
Basic	$ (0.02)	$ 0	$ (0.01)	$ 0.02
Diluted	$ (0.02)	$ 0	$ (0.01)	$ 0.02
Weighted-average number of shares used to compute net (loss) income per share attributable to common stock
Basic	121,637,711	108,970,604	121,269,688	106,240,091
Diluted	121,637,711	108,970,604	121,269,688	112,244,054

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ (2,451)	$ 575	$ (733)	$ 4,213
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax	(104)	(69)	(149)	(48)
Comprehensive (loss) income	$ (2,555)	$ 506	$ (882)	$ 4,165

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	IPO [Member]	Common Shares [Member]	Common Shares [Member] IPO [Member]	Preferred Stock [Member]	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series A Preferred Stock [Member] IPO [Member]	Additional Paid-In-Capital	Additional Paid-In-Capital IPO [Member]	Treasury Stock	Treasury Stock IPO [Member]	Retained Earnings	Retained Earnings IPO [Member]	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2020	$ 84,376		$ 517		$ 0			$ 29,175		$ (579)		$ 55,047		$ 216
Beginning balance (in shares) at Dec. 31, 2020			103,479,239		23,013
Stock-based compensation	563							563
Repayment of related party loan receivable	813							813
Other comprehensive income (loss)	21													21
Net (loss) income	3,638											3,638
Ending balance at Mar. 31, 2021	89,411		$ 517			$ 0		30,551		(579)		58,685		237
Ending balance (in shares) at Mar. 31, 2021			103,479,239			23,013
Beginning balance at Dec. 31, 2020	84,376		$ 517		$ 0			29,175		(579)		55,047		216
Beginning balance (in shares) at Dec. 31, 2020			103,479,239		23,013
Net (loss) income	4,213
Ending balance at Jun. 30, 2021	310,192		$ 12			$ 0		285,164		0		24,848		168
Ending balance (in shares) at Jun. 30, 2021			117,360,189			0
Beginning balance at Mar. 31, 2021	89,411		$ 517			$ 0		30,551		(579)		58,685		237
Beginning balance (in shares) at Mar. 31, 2021			103,479,239			23,013
Issuance of shares		$ 272,634		$ 1					$ 272,633
Issuance of shares (in shares)				13,880,950
Conversion of common stock to Class B common stock				$ (506)					506
Redemption of Series A preferred stock in connection with initial public offering , Value		(23,013)							(23,013)
Redemption of Series A preferred stock in connection with initial public offering , Share							(23,013)
Payment of dividends on Series A preferred stock in connection with redemption upon initial public offering		(34,412)											$ (34,412)
Issuance of warrant		4,498							4,498
Retirement of treasury stock in connection with initial public offering									(579)		$ 579
Stock-based compensation	568							568
Issuance of Class A common stock for stock option exercises, shares				13,880,950
Issuance of Class A common stock for stock option exercises		272,634		$ 1					272,633
Other comprehensive income (loss)	(69)													(69)
Net (loss) income	575											575
Ending balance at Jun. 30, 2021	310,192		$ 12			$ 0		285,164		$ 0		24,848		168
Ending balance (in shares) at Jun. 30, 2021			117,360,189			0
Beginning balance at Dec. 31, 2021	386,132		$ 12					356,017				29,935		168
Beginning balance (in shares) at Dec. 31, 2021			120,639,161
Issuance of shares		13							13
Issuance of shares (in shares)				412,222
Stock-based compensation	1,276							1,276
Issuance of Class A common stock for stock option exercises, shares				412,222
Issuance of Class A common stock for stock option exercises		13							13
Other comprehensive income (loss)	(45)													(45)
Net (loss) income	1,718											1,718
Ending balance at Mar. 31, 2022	389,094		$ 12					357,306				31,653		123
Ending balance (in shares) at Mar. 31, 2022			121,051,383
Beginning balance at Dec. 31, 2021	386,132		$ 12					356,017				29,935		168
Beginning balance (in shares) at Dec. 31, 2021			120,639,161
Net (loss) income	(733)
Ending balance at Jun. 30, 2022	388,172		$ 12					358,939				29,202		19
Ending balance (in shares) at Jun. 30, 2022			122,620,144
Beginning balance at Mar. 31, 2022	389,094		$ 12					357,306				31,653		123
Beginning balance (in shares) at Mar. 31, 2022			121,051,383
Issuance of shares		289							289
Issuance of shares (in shares)				1,568,761
Stock-based compensation	1,344							1,344
Issuance of Class A common stock for stock option exercises, shares				1,568,761
Issuance of Class A common stock for stock option exercises		$ 289							$ 289
Other comprehensive income (loss)	(104)													(104)
Net (loss) income	(2,451)											(2,451)
Ending balance at Jun. 30, 2022	$ 388,172		$ 12					$ 358,939				$ 29,202		$ 19
Ending balance (in shares) at Jun. 30, 2022			122,620,144

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net (loss) income	$ (733)	$ 4,213
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	11,360	4,940
Deferred income taxes	(3,322)	2,413
Stock-based compensation	2,620	1,131
Non-cash lease expense	1,120	1,648
Amortization of contract asset	818	177
Provision for credit losses	187	0
Change in operating assets and liabilities
Accounts and other receivables	(9,205)	(4,944)
Prepaid expenses and other current and long-term assets	(910)	(905)
Accounts payable	3,205	3,541
Accrued liabilities	2,615	543
Operating lease liabilities	(942)	(1,573)
Contract liabilities	75	301
Income taxes receivable, net of payable	204	1,272
Net cash provided by operating activities	7,092	12,757
Cash flows from investing activities
Other intangible assets acquired	(123)	0
Purchases of property and equipment	(795)	(564)
Capitalized internal-use software development costs	(14,464)	(8,736)
Net cash used in investing activities	(15,382)	(9,300)
Cash flows from financing activities
Proceeds from initial public offering, net of underwriter's discounts and commissions	0	224,595
Proceeds from issuance of private placement	0	50,000
Proceeds from repayment of related party loan	0	813
Proceeds from exercise of stock options	302	0
Financial Institution fund in transit	25,882	0
Payments of deferred offering costs	0	(856)
Payments on other financing obligations	(1,831)	(767)
Payments on finance leases	(135)	(136)
Net cash provided by financing activities	24,218	216,224
Foreign currency effect on cash, cash equivalents and restricted cash	(97)	43
Net increase in cash, cash equivalents and restricted cash	15,831	219,724
Cash, cash equivalents and restricted cash
Beginning of period	201,829	46,666
End of period	217,660	266,390
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	184	950
Non-cash investing activities:
Property and equipment purchases in accounts payable	83	202
Software purchases in accounts payable	48	0
Non-cash financing activities:
Prepaid insurance funded through short-term borrowings	1,349	2,135
Issuance of Warrant	0	4,498
Unpaid deferred offering costs	0	1,105
Series A Preferred Stock [Member]
Cash flows from financing activities
Redemption of Series A preferred stock	0	(23,013)
Payment of dividends on Series A preferred stock	0	(34,412)
Cash and Cash Equivalents [Member]
Cash, cash equivalents and restricted cash
End of period	158,335	266,390
Restricted funds [Member]
Cash, cash equivalents and restricted cash
End of period	$ 59,325	$ 0

Organization and Description of Business

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

1. Organization and Description of Business

Description of Business

Paymentus Holdings, Inc. and its wholly owned subsidiaries (“Paymentus” or the "Company”) provides electronic bill presentment and payment services, enterprise customer communication and self-service revenue management to billers through a Software-as-a-Service, (“SaaS”), secure, omni-channel technology platform. The platform seamlessly integrates into a biller’s core financial and operating systems to provide flexible and secure access to payment processing of credit cards, debit cards, eChecks and digital wallets across a significant number of channels including online, mobile, IVR, call center, chatbot and voice-based assistants. Paymentus was incorporated in the state of Delaware on September 2, 2011 with office locations in Charlotte, North Carolina, Richmond Hill, Ontario (Canada), Blacksburg, Virginia, Cromwell, Connecticut, Redmond, Washington and Delhi and Bangalore (India). The Company was headquartered in Charlotte, North Carolina until 2020 when the Company moved its headquarters to Redmond, Washington.

Initial Public Offering and Private Placement

In May 2021, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 11,500,000 shares of its Class A common stock at $21.00 per share, including 1,500,000 shares issued upon the exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of $224.6 million after deducting underwriting discounts and commissions of $16.9 million. The Company incurred direct offering expenses of $2.0 million.

In connection with the IPO:

•

all 103,479,239 shares of the Company’s outstanding common stock automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis; and

•

entities affiliated with Accel-KKR purchased 2,380,950 shares of the Company’s Class A common stock at $21.00 per share in a concurrent private placement that closed immediately subsequent to the closing of the IPO. The Company received aggregate proceeds of $50.0 million in this concurrent private placement and did not pay underwriting discounts or commissions with respect to the shares of Class A common stock that were sold in the private placement.

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company's Form 10-K for the year ended December 31, 2021 filed with the SEC on March 3, 2022, (the "2021 Form 10-K").

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations, comprehensive income, changes in stockholders' equity and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

Stock Split

On May 10, 2021, the Company effected a 5-for-1 forward stock split of its common stock. In connection with the forward stock split, each issued and outstanding share of common stock, automatically and without action on the part of the holders, became five shares of common stock. The par value per share of common stock was not adjusted. All share, per share and related information presented in the unaudited interim condensed consolidated financial statements and accompanying notes have been retroactively adjusted, where applicable, to reflect the impact of the stock split.

Principles of Consolidation

The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and balances have been eliminated upon consolidation.

Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and assess performance. The Company has three operating segments based on geography. The United States segment represents the vast majority of the Company’s consolidated net sales and gross profit. The additional two operating segments, Canada and India, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. None of the operating segments qualified for aggregation. The Company’s CODM is its Chief Executive Officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is presented on a consolidated basis. For information regarding the Company’s long-lived assets and revenue by geographic area, see Note 15.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, the allowance for credit losses, the lives of tangible and intangible assets, the valuation of acquired intangible assets and the recoverability or impairment of intangible assets, including goodwill, internal-use software development costs, valuation of stock warrants issued, stock-based compensation, and accounting for income taxes. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.

Custodial Accounts

The Company has established a relationship with its merchant processors to act as collection and paying agents, whereby a merchant processor receives funds from customers and forwards such funds to the respective Paymentus client, based on the instructions received from the Company. These merchant processors act as custodians of the cash received, and the Company has no legal ownership rights to the funds held in such custodial accounts and does not control the use of these funds. As the Company does not take ownership of the funds, these custodial accounts are not included in the Company’s consolidated balance sheets. The balance of cash in the custodial accounts held by these merchant processors was $41.3 million and $47.4 million as of June 30, 2022 and December 31, 2021, respectively.

Restricted Funds Held for Financial Institutions and Financial Institution Funds In-Transit

Restricted funds held for financial institutions and the corresponding liability of financial institution funds in-transit represent the timing differences arising between the amounts the Company's sponsor bank receives from the sending financial institutions and the amounts disbursed to the recipient financial institutions. The restricted funds held for financial institutions' account is a transaction account maintained at the Company’s sponsor bank for clearing payments from financial institutions (as defined by the U.S. Treasury’s Financial Crimes Enforcement Network) to other financial institutions. Restricted funds held for financial institutions represent restricted cash that, based upon the Company's intent, are restricted solely for satisfying the corresponding obligations to send funds to the various financial institutions.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded in the consolidated balance sheets. No customer accounted for more than 10% of revenue for either of the three or six months ended June 30, 2022 and 2021. No customer accounted for more than 10% of accounts receivable as of June 30, 2022, while one customer accounted for more than 10% of accounts receivable as of December 31, 2021.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements as of December 31, 2021 and 2020

and for the years ended December 31, 2021 and 2020 included in the 2021 Form 10-K. There have been no significant changes to these policies during the three and six months ended June 30, 2022.

Accounting Pronouncements

The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below.

Accounting Pronouncements Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"). ASU 2021-08 will require companies to apply the definition of a performance obligation under ASU 2014-09, Revenue from contracts with customers (“Topic 606”) to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASU Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 for public entities and December 15, 2023 for all other entities, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements.

Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue, Performance Obligations and Contract Balances

3. Revenue, Performance Obligations and Contract Balances

Disaggregation of Revenue

The following table presents a disaggregation of revenue from contracts with customers (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Payment transaction processing revenue	$	118,512	$	92,446	$	233,474	$	183,646
Other		1,457		1,049		3,199		2,071
Total revenue	$	119,969	$	93,495	$	236,673	$	185,717

Remaining Performance Obligations

ASU Topic 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. The purpose of this disclosure is to provide additional information about the amounts and expected timing of revenue to be recognized from the remaining performance obligations in our existing contracts.

As of June 30, 2022, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied was $4.0 million, which the Company expects to recognize over 80% within the next four years. The timing of revenue recognition within the next year is largely dependent upon the go-live dates of the Company's contracts.

As of June 30, 2022, the Company has contractual rights under its commercial agreements to receive $29.7 million of fixed consideration related to the future minimum guarantees through March 2026. As permitted, the Company has elected to exclude from this disclosure any variable consideration that meets specified criteria. Accordingly, the total unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amount disclosed.

Contract Balances

The contract asset balances at June 30, 2022 and December 31, 2021 were $6.6 million and $5.6 million, respectively, of which $1.7 million and $1.7 million was included in prepaid expenses and other current assets and $4.9 million and $3.9 million was included in other long-term assets in the condensed consolidated balance sheets, respectively. During the three months ended June 30, 2022 and 2021, the Company reduced revenue and the related contract assets by $0.4 million and $0.2 million and for the six months ended June 30, 2022 and 2021, revenue and the related contract assets were reduced by $0.8 million and $0.2 million.

The Company recorded $4.0 million and $3.9 million of contract liabilities in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively, of which $2.8 million is related to acquisitions during the year ended December 31, 2021 and the remaining amount related to legacy contracts obtained from prior acquisitions associated with the Company’s insignificant other revenue stream and other payments the Company received in advance for services. The change in the contract liabilities is primarily related to timing differences between payment from the customer and the Company’s satisfaction of each performance obligation. Revenue recognized during the three months ended June 30, 2022 and 2021 that was included in the contract liabilities balance at the beginning of each of the periods was $0.5 million and $0.6 million, respectively. Revenue recognized during the six months ended June 30, 2022 and 2021 that was included in the contract liabilities balance at the beginning of each of the periods was $0.8 million and $0.6 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Business Combinations

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Business Combinations

4. Business Combinations

PayVeris, LLC

On September 1, 2021, the Company completed its acquisition of PayVeris, LLC ("Payveris") by acquiring all outstanding equity interests for a total purchase price of approximately $145.5 million, comprised of $85.1 million in cash and 2,364,270 shares of the Company's Class A common stock with a fair value of approximately $60.4 million, of which 2,471 shares of the Company's Class A common stock with an approximate value of $0.06 million are subject to final issuance and are currently recorded in accrued liabilities in the condensed consolidated balance sheets. Payveris is a payments processing company for financial institutions. The acquisition is expected to increase the addressable market opportunity for the Company's existing solutions while also enhancing Payveris’ platform with real-time capabilities, enhanced electronic bill presentment and additional payment options for banks, credit unions and financial institutions of all sizes.

The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands):


Accounts receivable	$	1,026
Prepaid expenses and other current assets		237
Intangible assets, includes software acquired		38,498
Property and equipment		77
Goodwill		108,950
Restricted funds held for financial institutions		31,459
Financial institution funds in-transit		(31,459	)
Accounts payable		(194	)
Accrued liabilities		(265	)
Deferred revenue		(2,805	)
Total	$	145,524

The purchase price allocation is preliminary. The Company continues to collect information with regard to its estimates and assumptions, including potential liabilities and contingencies. The Company will record adjustments to the fair value of the net assets acquired and goodwill within the twelve months measurement period, if necessary. The Company recorded a measurement period adjustment of $8.5 million during the fourth quarter of 2021 to decrease trademarks and increase goodwill related to the refinement of inputs in the acquisition valuation. There were no measurement period adjustments during the three and six months ended June 30, 2022.

The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Payveris and the assembled workforce. The goodwill is deductible for income tax purposes.

The fair values and estimated useful lives of the acquired intangible assets by category were as follows (in thousands, except years):


	Fair Value		Useful Life (Years)
Customer Relationships	$	26,154		8.0
Trademarks		3,993		4.0
Developed Technology		8,102		4.0
Total	$	38,249

Finovera, Inc.

On September 2, 2021, the Company completed its acquisition of Finovera by acquiring all outstanding shares for a total purchase price of approximately $12.9 million, net of cash acquired, comprised of $5.0 million in cash of which $0.8 million is being held back by the Company for a period of twenty-four months following the transaction closing date and is recorded in finance leases and other finance obligations, net of current portion in the condensed consolidated balance sheets, and 293,506 shares of the Company's Class A common stock with a fair value of approximately $7.9 million. Finovera is a bill aggregation technology provider for financial institutions. The acquisition of Finovera is expected to increase the addressable market opportunity for the Company's biller and financial institution solutions by, among other things, increasing the availability of certain bill data.


Cash	$	65
Accounts receivable		267
Intangible assets		6,048
Prepaid expenses and other current assets		39
Goodwill		7,266
Accounts payable		(85	)
Accrued liabilities		(72	)
Deferred taxes		(588	)
Total	$	12,940

The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Finovera and the assembled workforce. The goodwill is not deductible for income tax purposes.

The fair values and estimated useful lives of the acquired intangible assets by category were as follows (in thousands, except years):


	Fair Value		Useful Life (Years)
Developed Technology	$	5,155		4.0
Customer Relationships		893		2.0
Total	$	6,048

The revenue and expenses of the acquired businesses have been included in the Company's condensed consolidated financial results since the acquisition date. Revenues and expenses related to these acquisitions and pro forma results of operations have not been presented for the three and six months ended June 30, 2021 because the effects of these acquisitions was not material to the Company's overall operations.

The Company incurred costs related to these acquisitions of approximately $1.7 million for the year ended December 31, 2021. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in the condensed consolidated statements of operations.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30,			December 31,
	2022			2021
Computer equipment	$	5,458		$	4,934
Furniture and fixtures		1,490			1,456
Leasehold improvements		453			445
Total property and equipment		7,401			6,835
Less: Accumulated depreciation and amortization		(5,353	)		(4,791	)
Property and equipment, net	$	2,048		$	2,044

Depreciation and amortization expense recorded for property and equipment was $0.3 million and $0.3 million for the three months ended June 30, 2022 and 2021, and $0.6 million and $0.5 million for the six months ended June 30, 2022 and 2021.

Goodwill, Internal-use Software Development Costs and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Internal-use Software Development Costs and Intangible Assets

6. Goodwill, Internal-use Software Development Costs and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill by reporting unit were as follows (in thousands):


	United States		Other			Total
Balance as of December 31, 2021	$	128,519	$	894		$	129,413
Foreign currency translation adjustments		—		(26	)		(26	)
Balance as of June 30, 2022	$	128,519	$	868		$	129,387

Internal-use Software Development Costs

The Company capitalizes qualifying internal-use software development costs related to its platform. The costs consist of personnel costs (including related benefits) that are incurred during the application development stage, as well as implementation costs incurred to fulfill our contracts with customers as they (1) relate directly to the contract, (2) are expected to generate resources that will be used to satisfy the performance obligation under the contract, and (3) are expected to be recovered through revenues generated under the contract. Capitalization of costs begins when two criteria are met: (1) the preliminary project stage is completed, and (2) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. During the three months ended June 30, 2022 and 2021, the Company capitalized $7.7 million and $4.4 million in software development costs, respectively, and during the six months ended June 30, 2022 and 2021, the Company capitalized $14.5 million and $8.7 million in software development costs, respectively.

Capitalized costs are amortized over the estimated useful life of the software, which management estimated to be a range of three to five years, and are recorded on a straight-line basis, which represents the manner in which the expected benefit will be derived. Amortization expense is recorded in cost of revenue and operating expenses in the condensed consolidated statement of operations aligned with the internal organizations that are the primary beneficiaries of such assets. During the three months ended June 30, 2022 and 2021, the Company recorded $2.1 million and $1.1 million of amortization expense in cost of revenue, and $1.4 million and $1.1 million of amortization expense in operating expenses, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded $3.7 million and $2.2 million of amortization expense in cost of revenue, and $2.9 million and $2.1 million of amortization expense in operating expenses, respectively.

Intangible Assets

Intangible assets, net consisted of the following (in thousands):


	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
Technology	$	20,835	$	(10,339	)	$	10,496		4.0
License		2,643		(2,643	)		—		—
Customer relationship		33,827		(9,877	)		23,950		8.0
Software		1,047		(546	)		501		3.0
Trademark		4,193		(1,032	)		3,161		4.0
Total	$	62,545	$	(24,437	)	$	38,108


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
Technology	$	20,837	$	(8,655	)	$	12,182		4.0
License		2,652		(2,652	)		—		—
Customer relationship		33,830		(8,021	)		25,809		8.0
Software		893		(456	)		437		3.0
Trademark		4,193		(533	)		3,660		4.0
Total	$	62,405	$	(20,317	)	$	42,088

Amortization expense of intangible assets was $2.1 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $4.2 million and $0.1 million for the six months ended June 30, 2022 and 2021.

As of June 30, 2022, future expected amortization expense is as follows (in thousands):


Years Ending December 31,
2022 (remaining six months)	$	4,109
2023		8,082
2024		7,747
2025		6,169
2026		3,283
Thereafter		8,718
Total future amortization expense	$	38,108

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

7. Leases

The Company enters into operating and finance leases, primarily related to rental of office space, equipment and data centers. Both operating and finance leases have remaining lease terms which range from less than one year to ten years, and often include one or more renewal or termination options. These options are not included in the determination of the lease term at commencement unless it is reasonably certain that the Company will exercise the option.

The components of lease cost were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	718	$	931	$	1,242	$	1,783
Finance lease cost
Depreciation expense		68		69		136		136
Interest on finance lease liabilities		2		4		5		9
Total finance lease cost		70		73		141		145
Short-term lease cost		174		77		625		168
Total lease cost	$	962	$	1,081	$	2,008	$	2,096

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	537	$	894	$	1,076	$	1,690
Operating cash flows for finance leases		2		4		5		9
Financing cash flows for finance leases		61		68		135		136
Right-of-use assets obtained in exchange of operating lease obligations		3,854		2,539		4,151		2,636

The total remaining lease payments under non-cancelable operating and finance leases as of June 30, 2022 were as follows (in thousands):


Years Ending December 31,	Operating Leases			Finance Leases
2022 (remaining six months)	$	1,085		$	133
2023		1,908			107
2024		1,784			—
2025		1,790			—
2026		1,811			—
Thereafter		3,920			—
Total minimum lease payments including interest	$	12,298		$	240
Less imputed interest		(1,193	)		(3	)
Total lease liabilities	$	11,105		$	237

Accrued Liabilities

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

8. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Payroll and employee-related expenses	$	10,142	$	8,093
Finance leases and other financing obligations		1,902		2,382
Other accrued liabilities		2,520		2,016
Total	$	14,564	$	12,491

Finance leases and other financing obligations includes the current portion of finance leases related to the acquisition of computer equipment and short-term insurance premium financing arrangements.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Other Commitments

The Company has entered into certain non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. Obligations under contracts that are cancellable or with remaining terms of 12 months or less are not included. There have been no material changes to the Company's contractual obligations or commitments outside of the ordinary course of business as compared to those described in the 2021 Form 10-K.

The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. For the three and six months ended June 30, 2022, the Company made $0.2 million and $0.4 million of matching contributions to the 401(k) plan, respectively. The Company did not make any matching contributions to the 401(k) plan for the three and six months ended June 30, 2021.

Legal Matters

The Company is involved from time to time in various claims and legal proceedings arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current claims and legal proceedings will have a material adverse effect on its financial position, results of operations, or cash flows as of and for the three and six months ended June 30, 2022.

Indemnification

The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims due to the Company’s activities or non-compliance with obligations or representations made by the Company. The Company seeks to limit, or cap, its indemnification exposure in its commercial and other contracts. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision.

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions

10. Related Party Transactions

There have been no material changes to the Company's related party transactions as previously disclosed in the Company's 2021 Form 10-K.

Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

11. Equity

Preferred Stock

The Company’s amended and restated certificate of incorporation authorizes the issuance of 5,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. There were no shares of preferred stock issued or outstanding as of June 30, 2022.

Common Stock

The Company has two classes of common stock: Class A common stock and Class B common stock. The Company’s amended and restated certificate of incorporation authorizes the issuance of 883,950,000 shares of Class A common stock and 111,050,000 shares of Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to ten votes. Class A and Class B common stock have a par value of $0.0001 per share, and are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors.

Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock automatically convert to Class A common stock upon the following: (i) sale or transfer of such share of Class B common stock; (ii) the death of the Class B common stockholder (or nine months after the date of death if the stockholder is one of the Company’s founders); and (iii) on the first trading day on or after the date on which the outstanding shares of Class B common stock represent less than 10% of the then outstanding Class A and Class B common stock. Following the conversion of all outstanding shares of Class B common stock into Class A common stock, no further shares of Class B common stock will be issued.

Series A Preferred Stock

Upon completion of the IPO, the Company used approximately $57.4 million of the net proceeds to redeem all of the issued and outstanding shares of Series A preferred stock (including accrued dividends of $34.4 million). As of June 30, 2022, there were no shares of Series A preferred stock issued and outstanding.

Warrant

On May 13, 2021, the Company entered into a warrant agreement with an affiliate of J.P. Morgan Securities LLC, an underwriter in the IPO, pursuant to which the Company issued a warrant to such affiliate for up to 509,370 shares of Class A common stock upon completion of the IPO at an exercise price of $18.38 per share. Upon completion of the IPO, 382,027 of the warrant shares had vested and are therefore, exercisable. The vesting of the remaining 127,343 shares of Class A common stock underlying the warrant will be subject to the achievement of certain commercial milestones through December 31, 2025 pursuant to a related commercial agreement. Consistent with classification guidance in ASU Topic 606, the Company accounts for the consideration payable in the form of warrants to a customer as a reduction of the transaction price and, therefore, of revenue as the revenue is earned. The warrant fair value was determined using the Black-Scholes pricing model in accordance with ASC 718, Compensation-Stock Compensation.

As of June 30, 2022, 397,944 warrant shares had vested and were exercisable.

During 2021, the Company updated the warrant value recognized based on the expectation that the probability of achievement of certain milestones would be achieved. The increase was recorded using the fair value determined at the time of grant multiplied by the estimated number of remaining warrants expected to vest. This increase was recorded as additional paid-in capital and as a contract asset included in prepaid expenses and other current assets and other long-term assets in the condensed consolidated balance sheets. There were no changes to the valuation in the three and six months ended June 30, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

In May 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for the grant of

incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company's employees and any of its parent or subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, and performance awards to the Company’s employees, directors and consultants and any of its parent or subsidiary corporations’ employees and consultants. A total of 10,459,000 shares of the Company’s Class A common stock have been reserved for issuance under the 2021 Plan in addition to (i) an annual increase of 4% of the outstanding shares of the Company's common stock, with Class A and Class B common stock taken together, on the first day of each fiscal year ( the "Evergreen Addition") and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class B common stock underlying outstanding stock awards granted under the 2012 Equity Incentive Plan, an equal number of shares of Class A common stock, such number of shares not to exceed 7,563,990. On January 1, 2022, pursuant to the Evergreen Addition, 4,825,566 shares of Class A common stock were added to the 2021 Plan issuance reserve. At June 30, 2022, there were 14,307,338 remaining shares available for the Company to grant under the 2021 Plan.

Stock Options

A summary of the Company’s option activity during the six months ended June 30, 2022 was as follows (in thousands, except share and per share amounts):


						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
	Options			Exercise Price		Contractual		Intrinsic
	Outstanding			per Share		Life (years)		Value
Outstanding at December 31, 2021		6,849,910		$	5.05		4.98	$	205,010
Options granted		—
Options exercised		(1,977,110	)		0.15
Options forfeited		(7,417	)		8.66
Outstanding at June 30, 2022		4,865,383		$	7.04		6.09	$	30,817
Exercisable at June 30, 2022		3,405,256		$	6.35		5.64	$	23,915

There were no options granted during the three or six months ended June 30, 2022. The weighted average grant date fair value of options granted during the three and six months ended June 30, 2021 was $7.21 and $3.39. Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of the Company’s common stock.

The fair value of options granted during the three and six months ended June 30, 2021 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Three Months Ended June 30,			Six Months Ended June 30,
	2021			2021

Dividend yield		0.0	%		0.0	%
Risk-free interest rate		0.8	%	0.3 % - 0.8%
Expected term (in years)		5			5
Expected volatility		38.0	%		38.0	%

Restricted Stock Units (“RSUs”)

A summary of the Company’s RSU activity during the six months ended June 30, 2022 was as follows:


				Weighted-
				Average
	Number of			Grant Date
	RSU's Outstanding			Fair Value
Awarded and unvested at December 31, 2021		513,547		$	25.93
Awards granted		592,373			16.11
Awards vested		(3,873	)		29.31
Awards forfeited		(34,085	)		25.93
Awarded and unvested at June 30, 2022		1,067,962		$	20.47

The fair value of RSU grants is determined based upon the market closing price of the Company's Class A common stock on the date of grant. RSUs vest over the requisite service period, which ranges between four years and five years from the date of grant, subject to continued employment for employees and provision of services for nonemployees.

Stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenue	$	—	$	—	$	—	$	—
Operating expenses
Research and development		288		15		573		31
Sales and marketing		227		19		450		36
General and administrative		829		534		1,597		1,064
Total stock-based compensation	$	1,344	$	568	$	2,620	$	1,131

At June 30, 2022, there was $4.1 million of total unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan and the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 2.1 years.

At June 30, 2022, there was $19.5 million of total unrecognized compensation cost related to unvested RSUs granted under the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 3.9 years.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date income from recurring operations and adjusting for discrete items arising in that quarter. However, if the Company is unable to make a reliable estimate of its annual effective tax rate, then the actual effective tax rate for the year-to-date period may be the best estimate. For the three and six months ended June 30, 2021, the Company determined that its annual effective tax rate approach would provide a reliable estimate and therefore used its historical method to calculate its tax provision. However, for the three and six months ended June 30, 2022, the Company used a discrete effective tax rate method as it was determined that the effective tax rate determined using the forecast of ordinary income or loss does not reasonably estimate the effective tax rate to be applied to year-to-date pre-tax (loss) income, and any small changes would result in significant changes in the estimated annual effective tax rate.

The Company’s effective tax rate for the three and six months ended June 30, 2022 is (17.5%) and 78.7%. For the three and six months ended June 30, 2021, the effective tax rate was 85.9% and 52.8%. The difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% in the above periods was primarily the result of excess tax benefits on stock-based compensation, state taxes, foreign income taxed at different rates and permanent tax adjustments related to nondeductible executive compensation.

During the three months ended June 30, 2022, the Company recognized sizable tax deductions for stock-based compensation. These permanent benefits are creating net operating losses that have resulted in a net deferred tax asset. These permanent tax benefits have also created a cumulative history of losses such that the Company has determined that the resulting net deferred tax asset is not more likely than not to be realized. The Company is recording a valuation allowance beginning in the three months ended June 30, 2022 against its U.S. net deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Net (Loss) Income Per Share Attributable to Common Stock

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net (Loss) Income Per Share Attributable to Common Stock

14. Net (Loss) Income Per Share Attributable to Common Stock

Basic net (loss) income per share attributable to common stockholders is computed by deducting the undeclared dividends on the Series A preferred stock from net (loss) income to arrive at net (loss) income attributable to common stock and dividing the net (loss) income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted net (loss) income per share attributable to common stock is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. The dilutive effect of outstanding options, RSUs and warrants is reflected in diluted net (loss) income per share attributable to common stock by application of the treasury stock method. The calculation of diluted net (loss) income per share attributable to common stock excludes all anti-dilutive common shares.

The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net (loss) income per share attributable to

common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis.

The following table sets forth the computation of basic and diluted net (loss) income per share attributable to common stock (in thousands except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Numerator:
Net (loss) income	$	(2,451	)	$	575		$	(733	)	$	4,213
Undeclared dividends on Series A preferred stock		—			(898	)		—			(2,258	)
Net (loss) income attributable to common stock	$	(2,451	)	$	(323	)	$	(733	)	$	1,955
Denominator:
Weighted-average shares of common stock - basic		121,637,711			108,970,604			121,269,688			106,240,091
Dilutive effect of stock options to purchase common stock		—			—			—			5,973,878
Dilutive effect of RSUs		—			—			—			—
Dilutive effect of warrants		—			—			—			30,085
Weighted-average shares of common stock - diluted		121,637,711			108,970,604			121,269,688			112,244,054
Net (loss) income per share attributable to common stock
Basic	$	(0.02	)	$	—		$	(0.01	)	$	0.02
Diluted	$	(0.02	)	$	—			(0.01	)		0.02

The following table summarizes the securities that were excluded from the computation of diluted net income per share attributable to common stock as their inclusion would have been antidilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Stock options to purchase common stock		5,819,439		7,564,643		6,195,625		1,480
RSUs		624,260		—		588,426		—
Warrants		397,944		151,132		397,944		—

Geographic Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Geographic Information

15. Geographic Information

Revenue by geographic area, based on the location of the Company’s users, was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
United States	$	117,473	$	91,458	$	231,433	$	181,765
Other		2,496		2,037		5,240		3,952
Total	$	119,969	$	93,495	$	236,673	$	185,717

Long-lived assets, comprising property and equipment assets, by geographic area were as follows (in thousands):


	June 30,		December 31,
	2022		2021
United States	$	650	$	588
Other		1,398		1,456
Total	$	2,048	$	2,044

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company's Form 10-K for the year ended December 31, 2021 filed with the SEC on March 3, 2022, (the "2021 Form 10-K"). These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations, comprehensive income, changes in stockholders' equity and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Stock Split	Stock Split On May 10, 2021, the Company effected a 5-for-1 forward stock split of its common stock. In connection with the forward stock split, each issued and outstanding share of common stock, automatically and without action on the part of the holders, became five shares of common stock. The par value per share of common stock was not adjusted. All share, per share and related information presented in the unaudited interim condensed consolidated financial statements and accompanying notes have been retroactively adjusted, where applicable, to reflect the impact of the stock split.
Principles of Consolidation	Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and balances have been eliminated upon consolidation.
Segment Information	Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and assess performance. The Company has three operating segments based on geography. The United States segment represents the vast majority of the Company’s consolidated net sales and gross profit. The additional two operating segments, Canada and India, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. None of the operating segments qualified for aggregation. The Company’s CODM is its Chief Executive Officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is presented on a consolidated basis. For information regarding the Company’s long-lived assets and revenue by geographic area, see Note 15.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, the allowance for credit losses, the lives of tangible and intangible assets, the valuation of acquired intangible assets and the recoverability or impairment of intangible assets, including goodwill, internal-use software development costs, valuation of stock warrants issued, stock-based compensation, and accounting for income taxes. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.
Custodial Accounts	Custodial Accounts The Company has established a relationship with its merchant processors to act as collection and paying agents, whereby a merchant processor receives funds from customers and forwards such funds to the respective Paymentus client, based on the instructions received from the Company. These merchant processors act as custodians of the cash received, and the Company has no legal ownership rights to the funds held in such custodial accounts and does not control the use of these funds. As the Company does not take ownership of the funds, these custodial accounts are not included in the Company’s consolidated balance sheets. The balance of cash in the custodial accounts held by these merchant processors was $41.3 million and $47.4 million as of June 30, 2022 and December 31, 2021, respectively.
Restricted funds held for financial institutions and financial institution funds-in transit	Restricted Funds Held for Financial Institutions and Financial Institution Funds In-Transit Restricted funds held for financial institutions and the corresponding liability of financial institution funds in-transit represent the timing differences arising between the amounts the Company's sponsor bank receives from the sending financial institutions and the amounts disbursed to the recipient financial institutions. The restricted funds held for financial institutions' account is a transaction account maintained at the Company’s sponsor bank for clearing payments from financial institutions (as defined by the U.S. Treasury’s Financial Crimes Enforcement Network) to other financial institutions. Restricted funds held for financial institutions represent restricted cash that, based upon the Company's intent, are restricted solely for satisfying the corresponding obligations to send funds to the various financial institutions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded in the consolidated balance sheets. No customer accounted for more than 10% of revenue for either of the three or six months ended June 30, 2022 and 2021. No customer accounted for more than 10% of accounts receivable as of June 30, 2022, while one customer accounted for more than 10% of accounts receivable as of December 31, 2021.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements as of December 31, 2021 and 2020 and for the years ended December 31, 2021 and 2020 included in the 2021 Form 10-K. There have been no significant changes to these policies during the three and six months ended June 30, 2022.
Accounting Pronouncements	Accounting Pronouncements The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"). ASU 2021-08 will require companies to apply the definition of a performance obligation under ASU 2014-09, Revenue from contracts with customers (“Topic 606”) to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASU Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 for public entities and December 15, 2023 for all other entities, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements.

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue

The following table presents a disaggregation of revenue from contracts with customers (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Payment transaction processing revenue	$	118,512	$	92,446	$	233,474	$	183,646
Other		1,457		1,049		3,199		2,071
Total revenue	$	119,969	$	93,495	$	236,673	$	185,717

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2022

Payveris L L C [Member]

Restructuring Cost and Reserve [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands):


Accounts receivable	$	1,026
Prepaid expenses and other current assets		237
Intangible assets, includes software acquired		38,498
Property and equipment		77
Goodwill		108,950
Restricted funds held for financial institutions		31,459
Financial institution funds in-transit		(31,459	)
Accounts payable		(194	)
Accrued liabilities		(265	)
Deferred revenue		(2,805	)
Total	$	145,524

Schedule of Fair Value of Identified Intangible Assets and Useful Lives

The fair values and estimated useful lives of the acquired intangible assets by category were as follows (in thousands, except years):


	Fair Value		Useful Life (Years)
Customer Relationships	$	26,154		8.0
Trademarks		3,993		4.0
Developed Technology		8,102		4.0
Total	$	38,249

Finovera Inc [Member]

Restructuring Cost and Reserve [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands):


Cash	$	65
Accounts receivable		267
Intangible assets		6,048
Prepaid expenses and other current assets		39
Goodwill		7,266
Accounts payable		(85	)
Accrued liabilities		(72	)
Deferred taxes		(588	)
Total	$	12,940

Schedule of Fair Value of Identified Intangible Assets and Useful Lives

The fair values and estimated useful lives of the acquired intangible assets by category were as follows (in thousands, except years):


	Fair Value		Useful Life (Years)
Developed Technology	$	5,155		4.0
Customer Relationships		893		2.0
Total	$	6,048

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30,			December 31,
	2022			2021
Computer equipment	$	5,458		$	4,934
Furniture and fixtures		1,490			1,456
Leasehold improvements		453			445
Total property and equipment		7,401			6,835
Less: Accumulated depreciation and amortization		(5,353	)		(4,791	)
Property and equipment, net	$	2,048		$	2,044

Goodwill, Internal-use Software Development Costs and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reporting Unit

The changes in the carrying amount of goodwill by reporting unit were as follows (in thousands):


	United States		Other			Total
Balance as of December 31, 2021	$	128,519	$	894		$	129,413
Foreign currency translation adjustments		—		(26	)		(26	)
Balance as of June 30, 2022	$	128,519	$	868		$	129,387

Summary of Intangible Assets

Intangible assets, net consisted of the following (in thousands):


	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
Technology	$	20,835	$	(10,339	)	$	10,496		4.0
License		2,643		(2,643	)		—		—
Customer relationship		33,827		(9,877	)		23,950		8.0
Software		1,047		(546	)		501		3.0
Trademark		4,193		(1,032	)		3,161		4.0
Total	$	62,545	$	(24,437	)	$	38,108


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
Technology	$	20,837	$	(8,655	)	$	12,182		4.0
License		2,652		(2,652	)		—		—
Customer relationship		33,830		(8,021	)		25,809		8.0
Software		893		(456	)		437		3.0
Trademark		4,193		(533	)		3,660		4.0
Total	$	62,405	$	(20,317	)	$	42,088

Schedule of Expected Future Amortization Expense

As of June 30, 2022, future expected amortization expense is as follows (in thousands):


Years Ending December 31,
2022 (remaining six months)	$	4,109
2023		8,082
2024		7,747
2025		6,169
2026		3,283
Thereafter		8,718
Total future amortization expense	$	38,108

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
-Subparagraph (g)
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Components of Lease Cost

The components of lease cost were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	718	$	931	$	1,242	$	1,783
Finance lease cost
Depreciation expense		68		69		136		136
Interest on finance lease liabilities		2		4		5		9
Total finance lease cost		70		73		141		145
Short-term lease cost		174		77		625		168
Total lease cost	$	962	$	1,081	$	2,008	$	2,096

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	537	$	894	$	1,076	$	1,690
Operating cash flows for finance leases		2		4		5		9
Financing cash flows for finance leases		61		68		135		136
Right-of-use assets obtained in exchange of operating lease obligations		3,854		2,539		4,151		2,636

Summary of Remaining Lease Payments under Non-Cancelable Operating and Finance Leases

The total remaining lease payments under non-cancelable operating and finance leases as of June 30, 2022 were as follows (in thousands):


Years Ending December 31,	Operating Leases			Finance Leases
2022 (remaining six months)	$	1,085		$	133
2023		1,908			107
2024		1,784			—
2025		1,790			—
2026		1,811			—
Thereafter		3,920			—
Total minimum lease payments including interest	$	12,298		$	240
Less imputed interest		(1,193	)		(3	)
Total lease liabilities	$	11,105		$	237

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Payroll and employee-related expenses	$	10,142	$	8,093
Finance leases and other financing obligations		1,902		2,382
Other accrued liabilities		2,520		2,016
Total	$	14,564	$	12,491

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s option activity during the six months ended June 30, 2022 was as follows (in thousands, except share and per share amounts):


						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
	Options			Exercise Price		Contractual		Intrinsic
	Outstanding			per Share		Life (years)		Value
Outstanding at December 31, 2021		6,849,910		$	5.05		4.98	$	205,010
Options granted		—
Options exercised		(1,977,110	)		0.15
Options forfeited		(7,417	)		8.66
Outstanding at June 30, 2022		4,865,383		$	7.04		6.09	$	30,817
Exercisable at June 30, 2022		3,405,256		$	6.35		5.64	$	23,915

Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions

The fair value of options granted during the three and six months ended June 30, 2021 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Three Months Ended June 30,			Six Months Ended June 30,
	2021			2021

Dividend yield		0.0	%		0.0	%
Risk-free interest rate		0.8	%	0.3 % - 0.8%
Expected term (in years)		5			5
Expected volatility		38.0	%		38.0	%

Summary of RSU Activity

A summary of the Company’s RSU activity during the six months ended June 30, 2022 was as follows:


				Weighted-
				Average
	Number of			Grant Date
	RSU's Outstanding			Fair Value
Awarded and unvested at December 31, 2021		513,547		$	25.93
Awards granted		592,373			16.11
Awards vested		(3,873	)		29.31
Awards forfeited		(34,085	)		25.93
Awarded and unvested at June 30, 2022		1,067,962		$	20.47

Summary of Stock Based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenue	$	—	$	—	$	—	$	—
Operating expenses
Research and development		288		15		573		31
Sales and marketing		227		19		450		36
General and administrative		829		534		1,597		1,064
Total stock-based compensation	$	1,344	$	568	$	2,620	$	1,131

Net (Loss) Income Per Share Attributable to Common Stock (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stock

The following table sets forth the computation of basic and diluted net (loss) income per share attributable to common stock (in thousands except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Numerator:
Net (loss) income	$	(2,451	)	$	575		$	(733	)	$	4,213
Undeclared dividends on Series A preferred stock		—			(898	)		—			(2,258	)
Net (loss) income attributable to common stock	$	(2,451	)	$	(323	)	$	(733	)	$	1,955
Denominator:
Weighted-average shares of common stock - basic		121,637,711			108,970,604			121,269,688			106,240,091
Dilutive effect of stock options to purchase common stock		—			—			—			5,973,878
Dilutive effect of RSUs		—			—			—			—
Dilutive effect of warrants		—			—			—			30,085
Weighted-average shares of common stock - diluted		121,637,711			108,970,604			121,269,688			112,244,054
Net (loss) income per share attributable to common stock
Basic	$	(0.02	)	$	—		$	(0.01	)	$	0.02
Diluted	$	(0.02	)	$	—			(0.01	)		0.02

Schedule of Common Stock Equivalents Excluded from Income (Loss) Per Diluted Share

The following table summarizes the securities that were excluded from the computation of diluted net income per share attributable to common stock as their inclusion would have been antidilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Stock options to purchase common stock		5,819,439		7,564,643		6,195,625		1,480
RSUs		624,260		—		588,426		—
Warrants		397,944		151,132		397,944		—

Geographic Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Summary of Revenue by Geographic Area

Revenue by geographic area, based on the location of the Company’s users, was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
United States	$	117,473	$	91,458	$	231,433	$	181,765
Other		2,496		2,037		5,240		3,952
Total	$	119,969	$	93,495	$	236,673	$	185,717

Long-lived Assets by Geographic Areas

Long-lived assets, comprising property and equipment assets, by geographic area were as follows (in thousands):


	June 30,		December 31,
	2022		2021
United States	$	650	$	588
Other		1,398		1,456
Total	$	2,048	$	2,044

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Sale Of Stock [Line Items]
Proceeds from initial public offering, net of underwriter's discounts and commissions		$ 0	$ 224,595
Proceeds from issuance of private placement		$ 0	$ 50,000
Class A Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		19,283,807		17,251,079
Common stock, shares outstanding		19,283,807		17,251,079
Class A Common Stock [Member] \| IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued	11,500,000
Shares issued, price per share	$ 21.00
Proceeds from initial public offering, net of underwriter's discounts and commissions	$ 224,600
Underwriting discounts and commissions	16,900
Direct Offering Expenses	$ 2,000
Class A Common Stock [Member] \| Over-Allotment Option [Member]
Subsidiary Sale Of Stock [Line Items]
Issuance of shares (in shares)	1,500,000
Class A Common Stock [Member] \| Private Placement [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued	2,380,950
Sale of stock, price per share	$ 21.00
Proceeds from issuance of private placement	$ 50,000
Class B Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		103,336,337		103,388,082	0
Common stock, shares outstanding		103,336,337		103,388,082
Class B Common Stock [Member] \| IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares outstanding	103,479,239

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions		6 Months Ended		12 Months Ended
	May 10, 2021	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Stock split ratio	5
Number of operating segment \| Segment		3
Cash in custodial account \| $		$ 41.3		$ 47.4
Revenue [Member] \| Customer Concentration Risk [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		10.00%	10.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		10.00%		10.00%

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Reduction in revenue and related contract asset	$ 400	$ 200	$ 800	$ 200
Contract asset balance	6,600		6,600		$ 5,600
Contract Liabilities	4,000		4,000		3,900
Contract liabilities	1,323		1,323		2,173
Remaining Performance Obligation, aggregate amount of transaction price	$ 4,000		$ 4,000
Remaining Performance Obligation, percentage	80.00%		80.00%
Expected revenue period			4 years
Fixed consideration related to the future minimum guarantees, contract amount	$ 29,700		$ 29,700
Acquisitions [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities					2,800
Prepaid Expenses and Other Current Assets [Member]
Disaggregation of Revenue [Line Items]
Contract asset balance	1,700		1,700		1,700
Payment Transaction Processing Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract Liabilities	500	600	500	600
Contract liabilities	800	$ 600	800	$ 600
Other Long-Term Assets [Member]
Disaggregation of Revenue [Line Items]
Contract asset balance	$ 4,900		$ 4,900		$ 3,900

Revenue - Summary of Disaggregation of Revenue from Contracts with Customer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 119,969	$ 93,495	$ 236,673	$ 185,717
Customer Contracts [Member]
Disaggregation Of Revenue [Line Items]
Revenue	119,969	93,495	236,673	185,717
Payment Transaction Processing Revenue [Member] \| Customer Contracts [Member]
Disaggregation Of Revenue [Line Items]
Revenue	118,512	92,446	233,474	183,646
Other [Member] \| Customer Contracts [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,457	$ 1,049	$ 3,199	$ 2,071

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 02, 2021	Sep. 01, 2021	Dec. 31, 2021	Dec. 31, 2021	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Purchase price of acquisition			$ 8,500
Payveris L L C [Member]
Restructuring Cost and Reserve [Line Items]
Purchase price of acquisition		$ 145,500
Cash purchase price		$ 85,100
Payveris L L C [Member] \| Common Class A [Member]
Restructuring Cost and Reserve [Line Items]
Issuance of shares (in shares)		2,471
Number of shares issued for business acquisition		2,364,270
Common stock fair value		$ 60,400
Payveris L L C [Member] \| Accrued Liabilities [Member] \| Common Class A [Member]
Restructuring Cost and Reserve [Line Items]
Value of shares in acquisition		$ 60
Finovera Inc [Member]
Restructuring Cost and Reserve [Line Items]
Cash	$ 5,000				$ 65
Cash purchase price	12,900
Common stock fair value	$ 7,900
Acquisition cost incurred				$ 1,700
Finovera Inc [Member] \| Common Class A [Member]
Restructuring Cost and Reserve [Line Items]
Number of shares issued for business acquisition	293,506
Finovera Inc [Member] \| Accrued Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Cash held back for acquisition closing	$ 800

Business Combinations - Schedule Of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Sep. 02, 2021
Business Acquisition [Line Items]
Goodwill	$ 129,387	$ 129,413
Payveris L L C [Member]
Business Acquisition [Line Items]
Accounts receivable	1,026
Prepaid expenses and other current assets	237
Intangible assets, includes software acquired	38,498
Property and equipment	77
Goodwill	108,950
Restricted funds held for financial institutions	31,459
Financial institution funds in -transit	(31,459)
Accounts payable	(194)
Accrued liabilities	(265)
Deferred revenue	(2,805)
Business combination, recognized identifiable assets acquired and liabilities assumed, Net	145,524
Finovera Inc [Member]
Business Acquisition [Line Items]
Cash	65		$ 5,000
Accounts receivable	267
Prepaid expenses and other current assets	39
Intangible assets, includes software acquired	6,048
Goodwill	7,266
Accounts payable	(85)
Accrued liabilities	(72)
Deferred taxes	(588)
Business combination, recognized identifiable assets acquired and liabilities assumed, Net	$ 12,940

Business Combinations - Schedule Of Fair Values And Estimated Useful Lives Of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 38,249
Finovera Inc [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	6,048
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life		8 years	8 years
Customer Relationships [Member] \| Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 26,154
Estimated useful life	8 years
Customer Relationships [Member] \| Finovera Inc [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 893
Estimated useful life	2 years
Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life		4 years	4 years
Trademarks [Member] \| Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 3,993
Estimated useful life	4 years
Developed Technology Rights [Member] \| Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 8,102
Estimated useful life	4 years
Developed Technology Rights [Member] \| Finovera Inc [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 5,155
Estimated useful life	4 years

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,401	$ 6,835
Less: Accumulated depreciation and amortization	(5,353)	(4,791)
Property and equipment, net	2,048	2,044
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	5,458	4,934
Furniture And Fixtures [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	1,490	1,456
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 453	$ 445

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 0.3	$ 0.3	$ 0.6	$ 0.5

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Goodwill by Reporting Units (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 129,413
Foreign currency translation adjustments	(26)
Ending Balance	129,387
United States [Member]
Goodwill [Line Items]
Beginning Balance	128,519
Foreign currency translation adjustments	0
Ending Balance	128,519
Other [Member]
Goodwill [Line Items]
Beginning Balance	894
Foreign currency translation adjustments	(26)
Ending Balance	$ 868

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill, Internal-use Software Development Costs and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill [Line Items]
Capitalized internal-use software development costs	$ 7,700	$ 4,400	$ 14,464	$ 8,736
Amortization of Intangible Assets	2,100	100	4,200	100
Cost Of Revenue [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	2,100	1,100	3,700	2,200
Operating Expense [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	$ 1,400	$ 1,100
Amortization of Intangible Assets			$ 2,900	$ 2,100
Maximum [Member] \| Computer Software, Intangible Asset [Member]
Goodwill [Line Items]
Capitalized cost amortization estimated useful life			5 years

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Intagible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 62,545	$ 62,405
Accumulated Amortization	(24,437)	(20,317)
Total future amortization expense	38,108	42,088
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,835	20,837
Accumulated Amortization	(10,339)	(8,655)
Total future amortization expense	$ 10,496	$ 12,182
Weighted-Average Useful Life (Years)	4 years	4 years
License [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,643	$ 2,652
Accumulated Amortization	(2,643)	(2,652)
Total future amortization expense	0	0
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,827	33,830
Accumulated Amortization	(9,877)	(8,021)
Total future amortization expense	$ 23,950	$ 25,809
Weighted-Average Useful Life (Years)	8 years	8 years
Software [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,047	$ 893
Accumulated Amortization	(546)	(456)
Total future amortization expense	$ 501	$ 437
Weighted-Average Useful Life (Years)	3 years	3 years
Trademark [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,193	$ 4,193
Accumulated Amortization	1,032	533
Total future amortization expense	$ 3,161	$ 3,660
Weighted-Average Useful Life (Years)	4 years	4 years

Goodwill, Internal-use Software Development Costs and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining nine months)	$ 4,109
2023	8,082
2024	7,747
2025	6,169
2026	3,283
Thereafter	8,718
Total future amortization expense	$ 38,108	$ 42,088

Leases - Additional Information (Details)	Jun. 30, 2022
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease, remaining lease term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease, remaining lease term	10 years

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 718	$ 931	$ 1,242	$ 1,783
Depreciation expense	68	69	136	136
Interest on finance lease liabilities	2	4	5	9
Total finance lease cost	70	73	141	145
Short-term lease cost	174	77	625	168
Total lease cost	$ 962	$ 1,081	$ 2,008	$ 2,096

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 537	$ 894	$ 1,076	$ 1,690
Operating cash flows for finance lease	2	4	5	9
Financing cash flows for finance leases	61	68	135	136
Right-of-use assets obtained in exchange of operating lease obligations	$ 3,854	$ 2,539	$ 4,151	$ 2,636

Leases - Summary of Remaining Lease Payments under Non-Cancelable Operating and Finance Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Operating Leases:
2022 (remaining nine months)	$ 1,085
2023	1,908
2024	1,784
2025	1,790
2026	1,811
Thereafter	3,920
Total minimum lease payments including interest	12,298
Less imputed interest	(1,193)
Total lease liabilities	11,105
Finance Leases:
2022 (remaining nine months)	133
2023	107
2024	0
2025	0
2026	0
Thereafter	0
Total minimum lease payments including interest	240
Less imputed interest	(3)
Total lease liabilities	$ 237

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Payroll and employee-related expenses	$ 10,142	$ 8,093
Finance leases and other financing obligations	1,902	2,382
Other accrued liabilities	2,520	2,016
Accrued liabilities	$ 14,564	$ 12,491

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Other commitments, description			The Company has entered into certain non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. Obligations under contracts that are cancellable or with remaining terms of 12 months or less are not included. There have been no material changes to the Company's contractual obligations or commitments outside of the ordinary course of business as compared to those described in the 2021 Form 10-K.
Contributions under plan	$ 200,000	$ 0	$ 400,000	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	May 31, 2021	May 13, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, par value					$ 18.38
Common Stock, Terms of Conversion		Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock automatically convert to Class A common stock upon the following: (i) sale or transfer of such share of Class B common stock; (ii) the death of the Class B common stockholder (or nine months after the date of death if the stockholder is one of the Company’s founders); and (iii) on the first trading day on or after the date on which the outstanding shares of Class B common stock represent less than 10% of the then outstanding Class A and Class B common stock. Following the conversion of all outstanding shares of Class B common stock into Class A common stock, no further shares of Class B common stock will be issued.
Preferred stock, $0.0001 par value per share, 5,000,000 and zero shares authorized at June 30, 2022 and December 31, 2021, respectively, none issued and outstanding at June 30, 2022 and December 31, 2021, respectively	$ 0	$ 0	$ 0
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Warrant Issue					509,370
Fully Vested	397,944	397,944			382,027
Vesting of the Remaining Shares of the Warrant					127,343
Change in equity valuation	$ 0	$ 0
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common stock, shares authorized	883,950,000	883,950,000	883,950,000
Common Stock, Voting Rights		one
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares issued	19,283,807	19,283,807	17,251,079
Class A Common Stock [Member] \| IPO [Member]
Class Of Stock [Line Items]
Common stock, shares issued				11,500,000
Class B Common Stock [Member]
Class Of Stock [Line Items]
Common stock, shares authorized	111,050,000	111,050,000	111,050,000
Common Stock, Voting Rights		one
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares issued	103,336,337	103,336,337	103,388,082			0
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Dividends, Preferred Stock		$ 34,400
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Preferred Stock [Member] \| IPO [Member]
Class Of Stock [Line Items]
Preferred stock, $0.0001 par value per share, 5,000,000 and zero shares authorized at June 30, 2022 and December 31, 2021, respectively, none issued and outstanding at June 30, 2022 and December 31, 2021, respectively	$ 57,400	$ 57,400

Stock-Based compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance		14,307,338		14,307,338
Weighted average grant date fair value of options granted			$ 7.21		$ 3.39
Options granted in period		0		0
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 19.5		$ 19.5
Total unrecognized compensation cost, recognition period				3 years 10 months 24 days
RSUs vested				3,873
Class A & Class B Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of annual increase of outstanding shares						4.00%
Maximum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vest over the requisite service period				5 years
Minimum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vest over the requisite service period				4 years
Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 4.1		$ 4.1
Total unrecognized compensation cost, recognition period				2 years 1 month 6 days
Equity Incentive Plan [Member] \| Class A Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance	10,459,000	4,825,566		4,825,566
Options granted in period	7,563,990

Stock-Based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning		6,849,910
Options granted	0	0
Options exercised		1,977,110
Options forfeited		(7,417)
Options Outstanding, Ending	4,865,383	4,865,383	6,849,910
Options Outstanding, Exercisable	3,405,256	3,405,256
Weighted Average Exercise Price, Beginning		$ 5.05
Weighted Average Exercise Price, Exercised		0.15
Weighted Average Exercise Price, Forfeited		8.66
Weighted Average Exercise Price, Ending	$ 7.04	7.04	$ 5.05
Weighted Average Exercise Price, Exercisable	$ 6.35	$ 6.35
Weighted Average Remaining Contractual Term (years)		6 years 1 month 2 days	4 years 11 months 23 days
Weighted Average Remaining Contractual Term (years), Exercisable		5 years 7 months 20 days
Aggregate Intrinsic Value, Beginning		$ 205,010
Aggregate Intrinsic Value, Ending	$ 30,817	30,817	$ 205,010
Aggregate Intrinsic Value, Exercisable	$ 23,915	$ 23,915

Stock-Based compensation - Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Risk-free interest rate	0.80%
Expected term (in years)	5 years	5 years
Expected volatility	38.00%	38.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate		0.30%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate		0.80%

Stock Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awarded and unvested, Beginning Balance \| shares \| shares	513,547
Awards, Granted \| shares \| shares	592,373
Awards, Vested \| shares \| shares	(3,873)
Awards,Forfeited \| shares \| shares	(34,085)
Awarded and unvested, Ending Balance \| shares \| shares	1,067,962
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance \| $ / shares \| $ / shares	$ 25.93
Weighted Average Grant-Date Fair Value, Granted \| $ / shares \| $ / shares	16.11
Weighted Average Grant-Date Fair Value, Vested \| $ / shares \| $ / shares	29.31
Weighted Average Grant-Date Fair Value, Forfeited \| $ / shares \| $ / shares	25.93
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance \| $ / shares \| $ / shares	$ 20.47

Stock-Based compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,344	$ 568	$ 2,620	$ 1,131
Cost Of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	0	0	0	0
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	288	15	573	31
Sales and Marketing [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	227	19	450	36
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 829	$ 534	$ 1,597	$ 1,064

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Effective tax rate	(17.50%)	85.90%	78.70%	52.80%
Difference between effective tax rate and federal statutory rate			21.00%

Net (Loss) Income Per Share Attributable to Common Stock - Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net (loss) income	$ (2,451)	$ 1,718	$ 575	$ 3,638	$ (733)	$ 4,213
Undeclared dividends on Series A preferred stock	0		(898)		0	(2,258)
Net (loss) income attributable to common stock	$ (2,451)		$ (323)		$ (733)	$ 1,955
Denominator:
Weighter-average shares of common stock - basic	121,637,711		108,970,604		121,269,688	106,240,091
Dilutive effect of stock options to purchase common stock	0		0		0	5,973,878
Dilutive effect of RSUs	0		0		0	0
Dilutive effect of warrants	0		0		0	30,085
Weighter-average shares of common stock - diluted	121,637,711		108,970,604		121,269,688	112,244,054
Net (loss) income per share attributable to common stock
Basic	$ (0.02)		$ 0		$ (0.01)	$ 0.02
Diluted	$ (0.02)		$ 0		$ (0.01)	$ 0.02

Net (Loss) Income Per Share Attributable to Common Stock - Schedule of Common Stock Equivalents Excluded from Income (Loss) Per Diluted Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock Options To Purchase Common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	5,819,439	7,564,643	6,195,625	1,480
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	624,260	0	588,426	0
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	397,944	151,132	397,944	0

Net Income Per Share Attributable to Common Stock - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	5,819,439	7,564,643	6,195,625	1,480
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	397,944	151,132	397,944	0
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	624,260	0	588,426	0

Geographic Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 119,969	$ 93,495	$ 236,673	$ 185,717
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	117,473	91,458	231,433	181,765
Other [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 2,496	$ 2,037	$ 5,240	$ 3,952

- Definition

+ References

+ Details

Geographic Information - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 2,048	$ 2,044
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	650	588
Other [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 1,398	$ 1,456

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Sep. 01, 2021	Dec. 31, 2021
Subsequent Event [Line Items]
Cash payment to acquire business, gross		$ 8.5
Payveris LLC [Member]
Subsequent Event [Line Items]
Cash payment to acquire business, gross	$ 145.5
Payveris LLC [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Issuance of shares (in shares)	2,471