0000950170-24-025084 | 10-K | XBRL Viewer

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Basis of Presentation and Summary of Significant Accounting Policies - The changes in the allowance for credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Securitized or Asset-Backed Financing Arrangement Assets and Other Financial Assets Managed Together [Abstract]
Financing Receivable, Allowance for Credit Loss, Beginning Balance	$ 370	$ 102
Charge-offs	(24)	(20)
Recoveries	(237)
Provision for credit losses	326	288
Financing Receivable, Allowance for Credit Loss, Ending Balance	$ 435	$ 370

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Income Taxes - The Income Before Provision for Income Taxes Due (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State taxes	6.00%	(40.00%)	4.80%
Non-deductible executive compensation	2.50%	(32.40%)	14.30%
Non-deductible IPO expenses	0.00%	0.00%	4.50%
Other permanent differences	0.40%	(8.30%)	0.60%
Excess tax benefit on stock-based compensation	0.00%	675.60%	(41.60%)
Difference in prior year tax filings from provision	1.10%	(22.60%)	4.30%
Foreign tax rate differences	0.30%	0.10%	2.50%
Valuation Allowance	(21.30%)	(542.80%)	0.00%
Other	1.00%	10.20%	0.00%
Effective tax rate	11.00%	60.80%	10.40%

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock [Member]	Common Class A [Member]	Common Class A [Member] IPO [Member]	Preferred Stock [Member]	Preferred Stock [Member] Series A Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class A [Member] IPO [Member]	Common Stock [Member] Common Class B [Member]	Common Stock [Member] Common Class B [Member] IPO [Member]	Additional Paid-In-Capital [Member]	Additional Paid-In-Capital [Member] Series A Preferred Stock [Member]	Additional Paid-In-Capital [Member] Common Class A [Member]	Additional Paid-In-Capital [Member] Common Class A [Member] IPO [Member]	Additional Paid-In-Capital [Member] Common Class B [Member] IPO [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Retained Earnings [Member] Series A Preferred Stock [Member]	Accumulated Other Comprehensive Income [Member]
Beginning balance at Dec. 31, 2020	$ 84,376						$ 517					$ 29,175					$ (579)	$ 55,047		$ 216
Beginning balance (in shares) at Dec. 31, 2020					23,013		103,479,239
Issuance of Class A common stock in connection with initial public offering and private placement, net of offering costs, underwriting discounts and commissions				$ 272,634					$ 1						$ 272,633
Issuance of Class A common stock in connection with initial public offering and private placement, net of offering costs, underwriting discounts and commissions, Shares									13,880,950
Conversion of common stock to Class B common stock in connection with initial public offering											$ (506)					$ 506
Redemption of Series A preferred stock in connection with initial public offering , Value		$ (57,425)											$ (23,013)						$ (34,412)
Redemption of Series A preferred stock in connection with initial public offering , Share						(23,013)
Issuance of warrant	4,802											4,802
Retirement of treasury stock in connection with initial public offering												(579)					$ 579
Issuance of Class A common stock for acquisitions			$ 68,229											$ 68,229
Issuance of Class A common stock for acquisitions, Shares			66,229					2,655,252
Issuance of common stock for stock option exercises			$ 315											315
Issuance of common stock for stock option exercises, Shares								616,220		7,500
Stock-based compensation	3,136											3,136
Repayment of related party loan receivable	813											813
Other comprehensive income (loss)	(48)																			(48)
Net Income (Loss)	9,300																	9,300
Ending balance at Dec. 31, 2021	386,132						$ 12					356,017						29,935		168
Ending balance (in shares) at Dec. 31, 2021							120,639,161
Issuance of warrant	3,478											3,478
Issuance of Class A common stock for stock-based awards			1,490											1,490
Issuance of Class A common stock for stock-based awards, Shares								2,602,012
Stock-based compensation	6,736											6,736
Change in estimate of warrants expected to vest	46											46
Other comprehensive income (loss)	(190)																			(190)
Net Income (Loss)	(513)																	(513)
Ending balance at Dec. 31, 2022	$ 397,179						$ 12					367,767						29,422		(22)
Ending balance (in shares) at Dec. 31, 2022							123,241,173
Issuance of common stock for stock option exercises, Shares	180,576
Issuance of Class A common stock for stock-based awards			$ 616											$ 616
Issuance of Class A common stock for stock-based awards, Shares								579,938
Stock-based compensation	$ 9,390											9,390
Other comprehensive income (loss)	109																			109
Net Income (Loss)	22,322																	22,322
Ending balance at Dec. 31, 2023	$ 429,616						$ 12					$ 377,773						$ 51,744		$ 87
Ending balance (in shares) at Dec. 31, 2023							123,821,111

Goodwill, Internal-use Software Development Costs and Intangible Assets

12 Months Ended

Dec. 31, 2023

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
Goodwill acquired (1)		2,509		—			2,509
Foreign currency translation adjustments		—		(71	)		(71	)
Balance as of December 31, 2022	$	131,028	$	823		$	131,851
Foreign currency translation adjustments		—		9			9
Balance as of December 31, 2023	$	131,028	$	832		$	131,860

(1) The goodwill acquired in the year ended December 31, 2022 is related to the PROFIT acquisition.

Internal-use Software Development Costs

During the years ended December 31, 2023, 2022 and 2021, the Company capitalized $33.7 million, $29.8 million and $19.3 million in software development costs, respectively.

During the years ended December 31, 2023, 2022 and 2021, the Company recorded $13.3 million, $8.8 million and $4.9 million of amortization expense in cost of revenue, and $8.0 million, $5.9 million and $4.5 million of amortization expense in operating expenses, respectively.

Intangible Assets

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


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (Years)
Technology	$	21,845	$	(14,951	)	$	6,894		4.0
License		2,568		(2,568	)		—		—
Customer relationship		32,006		(13,480	)		18,526		8.0
Software		451		(411	)		40		3.0
Trademark		4,038		(2,340	)		1,698		4.0
Total	$	60,908	$	(33,750	)	$	27,158


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (Years)
Technology	$	22,631	$	(11,965	)	$	10,666		4.0
License		2,503		(2,503	)		—		—
Customer relationship		33,788		(11,695	)		22,093		8.0
Software		1,212		(661	)		551		3.0
Trademark		4,238		(1,531	)		2,707		4.0
Total	$	64,372	$	(28,355	)	$	36,017

Amortization expense of intangible assets was $8.4 million, $8.3 million and $2.9 million for the years ended December 31, 2023, 2022 and 2021 respectively.

As of December 31, 2023, future expected amortization expense is as follows (in thousands):


Years Ending December 31,
2024		8,082
2025		6,620
2026		3,738
2027		3,269
2028		3,269
Thereafter		2,180
Total future amortization expense	$	27,158

There were no impairments of goodwill, internal-use software development costs or intangible assets in the years ended December 31, 2023, 2022 and 2021.

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule Of vested and were exercisable under the outstanding warrant agreements table text block

As of December 31, 2023, an aggregate of 620,008 warrants had vested and were exercisable under the outstanding JPMC warrant agreements.


	May 2021 Warrant Agreement		August 2022 Warrant Agreement		Total
Granted		509,370		684,510		1,193,880
Vesting dates:
Vested upon issuance		382,027		171,128		553,155
December 31, 2021		15,917		—		15,917
December 31, 2022		19,101		—		19,101
December 31, 2023		31,835		—		31,835
Total vested and exercisable		448,880		171,128		620,008
Unvested at December 31, 2023	$	60,490	$	513,382	$	573,872

Accrued Liabilities (Additional Information) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Accrued Liabilities, Current [Abstract]
Accrued finance leases, current	$ 0

Business Combinations - Schedule Of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 19, 2022	Dec. 31, 2021	Sep. 02, 2021
Business Acquisition [Line Items]
Goodwill	$ 131,860	$ 131,851		$ 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)
Total	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)
Total	12,940
PROFIT Financial, Inc. [Member]
Business Acquisition [Line Items]
Cash	261		$ 3,300
Intangible assets, includes software acquired	1,873
Goodwill	2,509
Deferred taxes	(382)
Total	$ 4,261

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Intagible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 60,908	$ 64,372
Accumulated Amortization	(33,750)	(28,355)
Net Carrying Amount	27,158	36,017
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,845	22,631
Accumulated Amortization	(14,951)	(11,965)
Net Carrying Amount	$ 6,894	$ 10,666
Weighted-Average Useful Life (Years)	4 years	4 years
License [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,568	$ 2,503
Accumulated Amortization	(2,568)	(2,503)
Net Carrying Amount	0	0
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	32,006	33,788
Accumulated Amortization	(13,480)	(11,695)
Net Carrying Amount	$ 18,526	$ 22,093
Weighted-Average Useful Life (Years)	8 years	8 years
Software [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 451	$ 1,212
Accumulated Amortization	(411)	(661)
Net Carrying Amount	$ 40	$ 551
Weighted-Average Useful Life (Years)	3 years	3 years
Trademark [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,038	$ 4,238
Accumulated Amortization	(2,340)	(1,531)
Net Carrying Amount	$ 1,698	$ 2,707
Weighted-Average Useful Life (Years)	4 years	4 years

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 1,813	$ 2,103	$ 2,755
Operating cash flows for finance lease	0	8	16
Financing cash flows for finance leases	102	268	272
Right-of-use assets obtained in exchange of operating lease obligations	$ 2,132	$ 3,938	$ 2,550
Weighted-average remaining lease term (years), Operating leases	5 years 6 months	6 years 7 months 6 days
Weighted-average remaining lease term (years), Finance leases		2 months 12 days
Weighted-average discount rate, Operating leases	3.70%	3.24%
Weighted-average discount rate, Finance leases		3.24%

Income Taxes - Significant Components of the Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Stock-based compensation and other payroll related accruals	$ 3,927	$ 2,806
Federal and state net operating losses	1,531	602
Foreign tax credit	1,238	829
Operating lease liabilities	3,752	4,015
Fixed assets	103	0
Capitalized research and development costs and capitalized internal-use software development costs	0	5,560
Intangible assets	1,678	300
Other	768	635
Total deferred tax assets	12,997	14,747
Valuation allowance	(2,454)	(7,804)
Net deferred tax assets	10,543	6,943
Deferred tax liabilities
Goodwill	(5,418)	(3,478)
Capitalized research and development costs and capitalized internal-use software development costs	(2,466)	0
Fixed assets	0	(119)
Operating lease right-of-use assets	(3,558)	(3,817)
Foregone foreign tax credit	(74)	(93)
Total deferred tax liabilities	(11,516)	(7,507)
Net deferred tax liabilities	(973)	(564)
Deferred tax asset (non-current)	94	116
Deferred tax liability (non-current)	$ (1,067)	$ (680)

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	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	$ 0	$ 224,595
Proceeds from private placement		$ 0	$ 0	$ 50,000
Class A Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		20,758,603	19,934,331
Common stock, shares outstanding		20,758,603	19,934,331
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
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 Class A common stock in connection with initial public offering and private placement, net of offering costs, underwriting discounts and commissions, 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
Proceeds from private placement	$ 50,000
Class B Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		103,062,508	103,306,842		0
Common stock, shares outstanding		103,062,508	103,306,842
Class B Common Stock [Member] \| IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares outstanding	103,479,239

Commitments and Contingencies - Schedule of Future Minimum Payments for Non Cancellable Agreements (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 8,362,170
2025	4,007,692
2026	1,022,097
Other commitment	$ 13,391,959

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Payroll and employee-related expenses	$ 15,455	$ 9,214
Finance leases and other financing obligations	0	1,813
Other accrued liabilities	5,846	4,782
Accrued liabilities	$ 21,301	$ 15,809

Leases - Additional Information (Details)	Dec. 31, 2023
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	7 years

Leases

12 Months Ended

Dec. 31, 2023

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 seven 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):


	Year Ended December 31,
	2023		2022		2021
Lease costs:
Finance lease costs:
Amortization of right-of-use-assets		66		268		272
Interest on lease liabilities		—		8		16
Total finance lease costs		66		276		288
Operating lease costs	$	2,150	$	2,460	$	2,847
Short-term lease costs		1,206		972		1,063
Total lease costs	$	3,422	$	3,708	$	4,198

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


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	1,813	$	2,103	$	2,755
Operating cash flows for finance leases		—		8		16
Financing cash flows for finance leases		102		268		272
Right-of-use assets obtained in exchange of operating lease obligations		2,132		3,938		2,550

Weighted-average remaining lease term and discount rate for the Company’s leases were as follows:


	December 31,
	2023			2022
Weighted-average remaining lease term (years)
Operating leases		5.5			6.6
Finance leases		—			0.2
Weighted-average discount rate
Operating leases		3.70	%		3.24	%
Finance leases		—			3.24	%

The total remaining lease payments under non-cancelable operating leases as of December 31, 2023 were as follows (in thousands):


Year Ending December 31,	Operating Leases
2024		2,369
2025		2,445
2026		2,328
2027		1,353
2028		1,097
Thereafter		1,922
Total minimum lease payments including interest	$	11,514
Less imputed interest		(1,000	)
Total lease liabilities	$	10,514

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Dec. 19, 2022	Sep. 02, 2021	Sep. 01, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Purchase price of acquisition				$ 8,500
Cash purchase price					$ (0)	$ 3,260	$ 57,400
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]
Number of shares issued for business acquisition			2,364,270
Common stock fair value			$ 60,400
Finovera Inc [Member]
Restructuring Cost and Reserve [Line Items]
Cash		$ 5,000			65
Cash purchase price		12,900
Common stock fair value		$ 7,900
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
PROFIT Financial, Inc. [Member]
Restructuring Cost and Reserve [Line Items]
Cash	$ 3,300				261
Cash purchase price	4,300
Short Term Payable					600	$ 600
Net Cash Acquired					$ 200
Cash held back for acquisition closing	$ 100
Acquisition cost incurred							$ 1,700

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

14. Related Party Transactions

Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to the Company’s business and may include terms, conditions and agreements that are not necessarily beneficial to or in the best interest of the Company.

On September 6, 2011, the Company issued a loan to the Company’s Chief Executive Officer for $0.8 million at an interest rate of 2% per annum. The Company recorded the principal amount of $0.8 million as a reduction to additional paid-in capital in the consolidated statements of stockholders’ equity. The Chief Executive Officer and an entity affiliated with him pledged 805 shares of the Company's Series A preferred shares and 1,788,205 common shares as security for the loan. The loan principal and interest were due and payable on September 6, 2026. During the year ended December 31, 2021, the Company recognized an immaterial amount of interest income relating to the loan. On March 16, 2021, the Company’s Chief Executive Officer paid in full the loan outstanding in the amount of $0.8 million, plus accrued interest of $0.2 million for a total payment of $1.0 million.

The spouse of the Company’s Chief Executive Officer serves as a vice president for the Company. She received aggregate compensation, inclusive of her base salary and bonus, of $0.3 million for her employment with the Company for each of the years ended December 31, 2023 and 2022 and $0.2 million for the year ended December 31, 2021.

In addition, the son of a member of the Company’s board of directors serves as a vice president of the Company. He received aggregate compensation, inclusive of his base salary and bonus, of $0.3 million for his employment with the Company for each of the years ended December 31, 2023, 2022 and 2021. In addition, for the years ended December 31, 2023, 2022 and 2021, he received grants of restricted stock units with an aggregate value of $1.1 million, $0.3 million and $0.04 million, respectively, that each vest over four years from the grant date.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill, Internal-use Software Development Costs and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 8,400	$ 8,300	$ 2,900
Capitalized internal-use software development costs	(33,699)	(29,763)	(19,300)
Impairment of Intangible Assets (Excluding Goodwill)	0	0	0
Cost Of Revenue [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizaion expense of capitalized software costs	13,300	8,800	4,900
Operating Expense [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizaion expense of capitalized software costs	8,000	5,900	4,500
Software and Software Development Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Capitalized internal-use software development costs	$ (33,700)	$ (29,800)	$ (19,300)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income before income taxes were as follows (in thousands):


	December 31,
	2023		2022			2021
United States	$	21,225	$	(4,579	)	$	7,265
Foreign		3,899		3,271			3,101
Total	$	25,124	$	(1,308	)	$	10,366

The provision for income taxes consisted of the following (in thousands):


	December 31,
	2023		2022			2021
Current:
Domestic	$	1,327	$	1,303		$	915
Foreign		1,061		875			811
Total		2,388		2,178			1,726
Deferred:
Domestic		388		(3,020	)		(765	)
Foreign		26		47			105
Total		414		(2,973	)		(660	)
Provision for income taxes	$	2,802	$	(795	)	$	1,066

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differs from the federal statutory income tax rate applied to the income before provision for income taxes due to the following (in thousands):


	December 31,
	2023			2022			2021
Federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes		6.0	%		(40.0	)%		4.8	%
Non-deductible executive compensation		2.5	%		(32.4	)%		14.3	%
Non-deductible IPO expenses		—	%		—	%		4.5	%
Other permanent differences		0.4	%		(8.3	)%		0.6	%
Excess tax benefit on stock-based compensation		—	%		675.6	%		(41.6	)%
Difference in prior year tax filings from provision		1.1	%		(22.6	)%		4.3	%
Foreign tax rate differences		0.3	%		0.1	%		2.5	%
Valuation Allowance		(21.3	)%		(542.8	)%		—	%
Other		1.0	%		10.2	%		—	%
		11.0	%		60.8	%		10.4	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands):


	December 31,
	2023			2022
Deferred tax assets:
Stock-based compensation and other payroll related accruals	$	3,927		$	2,806
Federal and state net operating losses		1,531			602
Foreign tax credit		1,238			829
Operating lease liabilities		3,752			4,015
Fixed assets		103			—
Capitalized research and development costs and capitalized internal-use software development costs		—			5,560
Intangible assets		1,678			300
Other		768			635
Total deferred tax assets		12,997			14,747
Valuation allowance		(2,454	)		(7,804	)
Net deferred tax assets	$	10,543		$	6,943
Deferred tax liabilities:
Goodwill		(5,418	)		(3,478	)
Capitalized research and development costs and capitalized internal-use software development costs		(2,466	)		—
Fixed assets		—			(119	)
Operating lease right-of-use assets		(3,558	)		(3,817	)
Foregone foreign tax credit		(74	)		(93	)
Total deferred tax liabilities		(11,516	)		(7,507	)
Net deferred tax liabilities	$	(973	)	$	(564	)

Reported as:
Deferred tax asset (non-current)	$	94		$	116
Deferred tax liability (non-current)		(1,067	)		(680	)
Net deferred tax liabilities	$	(973	)	$	(564	)

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 2,454	$ 7,804
Non-refundable federal investment tax credits	Company had an immaterial amount of non-refundable federal investment tax credits as of December 31, 2023 and 2022 in Canada, which are available to reduce future Canadian taxes and, if unused, begin to expire in 2035.	Company had an immaterial amount of non-refundable federal investment tax credits as of December 31, 2023 and 2022 in Canada, which are available to reduce future Canadian taxes and, if unused, begin to expire in 2035.
Tax credit carryforward expiration year	2035
Unrecognized Tax Benefits	$ 0	$ 0
Undistributed earnings of foreign operations	9,900	$ 7,100
State
Operating Loss Carryforwards [Line Items]
Net operating losses	4,500
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 4,700

Organization and Description of Business

12 Months Ended

Dec. 31, 2023

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 primary office locations in Charlotte, North Carolina, Dallas, Texas, Richmond Hill, Ontario (Canada), and Delhi and Bangalore (India). The Company is headquartered in Charlotte, North Carolina.

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.

Revenue Performance Obligations and Contract Balances

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue, Performance Obligations and Contract Balances

3. Revenue, Performance Obligations and Contract Balances

Pursuant to ASC 606, the Company evaluates the services promised in contracts with customers at contract inception, and identifies a performance obligation for each promise to transfer a service that is distinct. For the payment transaction services, the promise to the customer is that the Company stands ready to process payment transactions the customer requests on a daily basis over the contract term. Since the timing and quantity of transactions to be processed by Paymentus is not determinable, the Company views payment services to comprise an obligation to stand ready to process as many transactions as the customer requests. Under a stand-ready obligation, the evaluation of the nature of a performance obligation is focused on each time increment rather than the underlying activities. Therefore, the Company views payment services to comprise a series of distinct days of service that are substantially the same and have the same pattern of transfer to the customer. Accordingly, the promise to stand ready is accounted for as a single-series performance obligation.

ASC 606 requires that the Company determines for each customer arrangement whether revenue should be recognized at a point in time or over time. Substantially all of the Company’s revenues are recognized over time. The majority of the payment transaction services are priced as a percentage of transaction value or a specified fee per transaction. Given the nature of the promise based on unknown quantities or outcomes of services to be performed over the contract term, the total consideration is determined to be variable consideration. The variable consideration for the Company’s payment service is usage-based and, therefore, it specifically relates to the Company’s efforts to satisfy its payment services obligation. The variability is satisfied each day the service is provided to the customer. The Company directly assigns variable fees to the distinct day of service to which it relates, by considering the services performed each day. Therefore, Paymentus measures revenue for its payment service on a daily basis based on the services that are performed on that day and recognizes revenue once the transaction is complete.

The initial term of customer contracts is typically between three to five years. Termination provisions vary by customer, however the majority of customers may not terminate their contract early without penalty. Some of the contracts include tiered pricing, based primarily on volume. The fee charged per transaction is adjusted up or down if the volume processed for a specified period is different from prior period defined volumes. The Company has concluded that this volume-based pricing approach does not constitute a future material right since the discount is within a range typically offered to a class of customers with similar volume. In addition, some contracts include prescribed annual or monthly minimums, penalties for early termination, and service level agreements that may affect contractual fees if specific service levels are not achieved. The Company has determined that these processing services represent a stand-ready obligation comprising a series of distinct days of services that are substantially the same and have the same pattern of transfer to the customer.

The Company also has partner agreements, some of which contain guaranteed revenue or transaction minimum commitments and revenue sharing arrangements. Because of these minimum commitments, the Company has to evaluate the agreements to determine the fixed and variable consideration and the amount of revenue to be recognized. For the minimum commitments, the Company records the fixed consideration ratably over the commitment period and the variable consideration to the extent that the Company believes that the variable consideration is not constrained. The revenue recorded for these arrangements is net of any revenue sharing with the customer, which is typically determined based on a calculation of revenue less certain fees incurred by the Company, as defined in the agreement.

The Company recognizes fees charged to customers primarily on a gross basis as transaction revenue when the Company is the principal in respect of completing a payment transaction. In order to provide payment services, the Company routes and clears each transaction through the applicable payment network. The Company obtains authorization for the transaction and requests funds settlement from the card issuing financial institution through the payment network. When third parties are involved in the transfer of goods or services to customers, the Company considers the nature of each specific promised good or service and applies judgment to determine whether the Company controls the good or service before it is transferred to the customer or whether the Company is acting as an agent of the third party. To determine whether or not the Company controls the good or service before it is transferred to the customer, the Company assesses indicators including whether the Company or the third party is primarily responsible for fulfillment and which party has discretion in determining pricing for the good or service, as well as other considerations. Based on an assessment of these indicators, the Company has concluded that the Company bears primary responsibility for the fulfillment of the payment service with the majority of the customers, contracts directly with customers, controls the product specifications, and defines the value proposal from the Company’s services. The Company therefore bears full margin risk when completing a payment transaction, and on that basis, controls those services prior to being transferred to the customer. The interchange fees charged by the card issuing financial institutions and the fees charged by the payment networks are recognized as transaction expense within cost of revenue in the consolidated statements of operations.

ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. As permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure.

Disaggregation of Revenue

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


	Year Ended December 31,
	2023		2022		2021
Payment transaction processing revenue	$	606,595	$	490,377	$	390,703
Other		7,895		6,624		4,821
Total revenue	$	614,490	$	497,001	$	395,524

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


	Year Ended December 31,
	2023		2022		2021
United States	$	603,030	$	487,068	$	387,242
Other		11,460		9,933		8,282
Total	$	614,490	$	497,001	$	395,524

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 December 31, 2023, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied was $6.8 million, which the Company expects to recognize over 85% within the next two years, 14% between two to four years and the remainder thereafter. The timing of revenue recognition within the next year is largely dependent upon the go-live dates of the Company's customers under the Company's contracts.

As of December 31, 2023, the Company has contractual rights under its commercial agreements to receive $44.7 million of fixed consideration related to the future minimum guarantees through 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

Contract balances consist of the following:


	December 31,		December 31,
	2023		2022
Contract Assets
Costs to fulfill (prepaid expenses and other current assets)	$	2,893	$	2,732
Costs to fulfill (other long-term assets)		4,783		6,929
Total contract assets	$	7,676	$	9,661
Contract Liabilities
Contract liabilities, Current	$	4,089	$	4,358
Contract liabilities, Non-current		2,731		2,826
Total contract liabilities	$	6,820	$	7,184

During the year ended December 31, 2023 and 2022, the Company reduced revenue as a result of amortization of related contract assets by $2.8 million and $2.1 million, respectively.

Revenue recognized during the year ended December 31, 2023 and 2022 that was included in the contract liabilities balance at the beginning of each of the periods was $1.6 million and $1.0 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

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

PROFIT Financial, 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	$	261
Intangible assets		1,873
Goodwill		2,509
Deferred taxes		(382	)
Total	$	4,261

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)
Brand	$	45		4.0
Developed Technology		1,828		4.0
Total	$	1,873

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s option activity during the year ended December 31, 2023 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, 2022		4,155,640		$	7.52		5.87	$	4,420
Options granted		—			—
Options exercised		(180,576	)		3.41
Options forfeited		(41,054	)		8.71
Options expired		(84,660	)		0.03
Outstanding at December 31, 2023		3,849,350		$	7.87		5.06	$	38,505
Exercisable at December 31, 2023		3,735,052		$	7.84		5.04	$	37,467

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

The fair value of options granted during the year ended December 31, 2021 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Year Ended December 31,
	2021
Dividend yield		0.0	%
Risk-free interest rate	0.3 % - 0.8%
Expected term (in years)		5
Expected volatility		38.0	%

Summary of RSU Activity

A summary of the Company’s RSU activity during the year ended December 31, 2023 was as follows:


				Weighted-
				Average
	Number of			Grant Date
	RSUs Outstanding			Fair Value
Awarded and unvested at December 31, 2022		1,362,420		$	18.03
Awards granted		1,162,564			9.29
Awards vested		(399,362	)		17.82
Awards forfeited		(179,616	)		19.24
Awarded and unvested at December 31, 2023		1,946,006		$	12.74

Summary of Stock Based Compensation Expense

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

thousands):


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Cost of revenue	$	156	$	—	$	—
Research and development		1,990		1,647		517
Sales and marketing		2,808		1,736		280
General and administrative		4,436		3,353		2,339
Total stock-based compensation	$	9,390	$	6,736	$	3,136

Geographic Information - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 1,558	$ 1,823
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	558	706
Other [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 1,000	$ 1,117

Revenue Performance Obligations and Contract Balances - Summary of Contract Asset and Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total contract assets	$ 7,676	$ 9,661
Contract liabilities	4,089	4,358
Contract liabilities, less current portion	2,731	2,826
Total contract liabilities	6,820	7,184
Prepaid Expenses and Other Current Assets [Member]
Disaggregation of Revenue [Line Items]
Total contract assets	2,893	2,732
Other Long-Term Assets [Member]
Disaggregation of Revenue [Line Items]
Total contract assets	$ 4,783	$ 6,929

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

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.

Future minimum payments under other non-cancellable agreements as of December 31, 2023 were as follows (in thousands):


	Future minimum payments
Year Ending December 31,
2024		8,362,170
2025		4,007,692
2026		1,022,097
		13,391,959

Retirement Plans

The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company also has a Deferred Profit Sharing Plan covering all eligible Canadian employees. The Company made $1.4 and $1.2 million of matching contributions to the two retirement plans for the years ended December 31, 2023 and 2022 respectively. The Company did not make any matching contributions to the retirement plans for the year ended December 31, 2021.

Legal Matters

The Company is involved from time to time in various claims and legal proceedings arising in the ordinary course of business. For certain pending matters, accruals have not been established because such matters have not progressed sufficiently through discovery, and/or development of important factual information and legal information is insufficient to enable the Company to estimate a range of possible loss, if any. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position, results of operations, or cash flows as of and for the years ended December 31, 2023, 2022 and 2021.

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 generally seeks to limit, or cap, its indemnification exposure in its commercial and other contracts, although some agreements are not limited or capped. 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.

Revenue Performance Obligations and Contract Balances - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 614,490	$ 497,001	$ 395,524
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue	603,030	487,068	387,242
Other Geographical Area [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 11,460	$ 9,933	$ 8,282

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 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.
Contributions under plan	$ 1,400,000	$ 1,200,000	$ 0

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net Income (Loss)	$ 22,322	$ (513)	$ 9,300
Undeclared dividends on Series A preferred stock	0	0	(2,258)
Net income (loss) attributable to common stock	$ 22,322	$ (513)	$ 7,042
Denominator:
Weighted-average shares of common stock - basic	123,511,608	122,099,437	112,763,261
Dilutive effect of stock options to purchase common stock	1,262,918	0	6,009,890
Dilutive effect of RSUs	271,754	0	19,160
Dilutive effect of warrants	25,549	0	29,614
Weighted-average shares of common stock - diluted	125,071,829	122,099,437	118,821,925
Net income (loss) per share
Basic	$ 0.18	$ 0	$ 0.06
Diluted	$ 0.18	$ 0	$ 0.06

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 179,361	$ 147,334
Restricted Cash And Cash Equivalents	3,834	2,351
Accounts and other receivables, net of allowance for expected credit losses of $435 and $370, respectively	76,389	67,789
Income tax receivable	259	1,493
Prepaid expenses and other current assets	10,505	9,994
Total current assets	270,348	228,961
Property and equipment, net	1,558	1,823
Capitalized internal-use software development costs, net	58,787	46,032
Intangible assets, net	27,158	36,017
Goodwill	131,860	131,851
Operating lease right-of-use assets	10,027	9,561
Deferred tax asset	94	116
Other long-term assets	5,031	7,178
Total assets	504,863	461,539
Current liabilities
Accounts payable	35,182	29,232
Accrued liabilities	21,301	15,809
Current portion of operating lease liabilities	1,853	1,462
Contract liabilities	4,089	4,358
Income tax payable	363	635
Total current liabilities	62,788	51,496
Deferred tax liability	1,067	680
Operating lease liabilities, less current portion	8,661	8,608
Contract liabilities, less current portion	2,731	2,826
Finance leases and other finance obligations, net of current portion	0	750
Total liabilities	75,247	64,360
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized as of December 31, 2023 and 2022, respectively; none issued and outstanding as of December 31, 2023 and 2022, respectively	0	0
Additional paid-in capital	377,773	367,767
Accumulated other comprehensive (loss) income	87	(22)
Retained earnings	51,744	29,422
Total stockholders’ equity	429,616	397,179
Total liabilities and stockholders' equity	504,863	461,539
Class A Common Stock [Member]
Stockholders’ equity
Common stock, value	2	2
Class B Common Stock [Member]
Stockholders’ equity
Common stock, value	$ 10	$ 10

Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

10. Equity

Preferred Stock

In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized 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.

Common Stock

The Company has two classes of common stock: Class A common stock and Class B common stock. In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized 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 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 December 31, 2023 and 2022, there were no shares of Series A preferred stock issued and outstanding.

Warrants

On May 13, 2021, the Company entered into a warrant agreement with JPMC Strategic Investments I Corporation ("JPMC"), an affiliate of J.P. Morgan Securities LLC, an underwriter in our May 2021 IPO, pursuant to which the Company agreed to issue a warrant to JPMC 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 (the "May 2021 warrant"). Upon completion of the IPO, 382,027 of the warrant shares vested and were 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 with JPMorgan Chase Bank, National Association ("JPM Chase"), an affiliate of JPMC. As

discussed below, this commercial agreement was amended in August 2022, and the achievement of certain commercial milestones was extended through December 31, 2026 and minimum revenue commitments were set for each of the calendar years through 2026. On December 31, 2023, 2022 and 2021, 31,835 warrant shares, 19,101 warrant shares, and 15,917 warrant shares, respectively, vested and became exercisable under the May 2021 warrant. 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.

During 2021, the Company updated the May 2021 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 consolidated balance sheets. The increase made to the May 2021 warrant valuation in 2022 was not material.

On August 29, 2022, the Company entered into a second warrant agreement with JPMC, in connection with an amendment to the Company's existing commercial agreement with JPM Chase discussed above, pursuant to which the Company issued a warrant to JPMC for up to 684,510 shares of Class A common stock at an exercise price of $10.10 per share (the "August 2022 warrant"). Upon signing the August 2022 warrant agreement, 171,128 of the warrant shares vested and are therefore, exercisable. The vesting of the remaining 513,382 shares of Class A common stock underlying the warrant will be subject to the achievement of certain commercial milestones through December 31, 2026 pursuant to the commercial agreement, as amended. On December 31, 2023, no additional warrant shares vested under the August 2022 warrant agreement.

As of December 31, 2023, an aggregate of 620,008 warrants had vested and were exercisable under the outstanding JPMC warrant agreements.


	May 2021 Warrant Agreement		August 2022 Warrant Agreement		Total
Granted		509,370		684,510		1,193,880
Vesting dates:
Vested upon issuance		382,027		171,128		553,155
December 31, 2021		15,917		—		15,917
December 31, 2022		19,101		—		19,101
December 31, 2023		31,835		—		31,835
Total vested and exercisable		448,880		171,128		620,008
Unvested at December 31, 2023	$	60,490	$	513,382	$	573,872

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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+ Details

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

Stock-Based compensation - Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions (Details)	12 Months Ended
	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%
Expected term (in years)	5 years
Expected volatility	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%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Revenue Performance Obligations and Contract Balances (Tables)

12 Months Ended

Dec. 31, 2023

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):


	Year Ended December 31,
	2023		2022		2021
Payment transaction processing revenue	$	606,595	$	490,377	$	390,703
Other		7,895		6,624		4,821
Total revenue	$	614,490	$	497,001	$	395,524

Summary of Revenue by Geographic Area

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


	Year Ended December 31,
	2023		2022		2021
United States	$	603,030	$	487,068	$	387,242
Other		11,460		9,933		8,282
Total	$	614,490	$	497,001	$	395,524

Summary of Contract Asset and Liability

Contract balances consist of the following:


	December 31,		December 31,
	2023		2022
Contract Assets
Costs to fulfill (prepaid expenses and other current assets)	$	2,893	$	2,732
Costs to fulfill (other long-term assets)		4,783		6,929
Total contract assets	$	7,676	$	9,661
Contract Liabilities
Contract liabilities, Current	$	4,089	$	4,358
Contract liabilities, Non-current		2,731		2,826
Total contract liabilities	$	6,820	$	7,184

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 22,320	$ (513)	$ 9,300
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	30,600	24,063	13,295
Deferred income taxes	413	(2,981)	(660)
Stock-based compensation	9,390	6,736	3,136
Non-cash lease expense	1,789	2,135	2,497
Amortization of contract asset	2,999	2,058	669
Provision for expected credit losses	88	268	106
Change in operating assets and liabilities
Accounts and other receivables	(8,672)	(24,287)	(14,736)
Prepaid expenses and other current and long-term assets	(1,184)	1,211	1,346
Accounts payable	6,017	4,766	7,380
Accrued liabilities	6,288	3,400	(44)
Operating lease liabilities	(1,817)	(1,832)	(2,443)
Contract liabilities	(361)	3,299	474
Income taxes receivable, net of payable	958	1,544	(827)
Net cash provided by operating activities	68,828	19,867	19,493
Cash flows from investing activities
Business combinations, net of cash and restricted cash acquired	0	(3,260)	(57,400)
Other intangible assets acquired	0	(280)	(130)
Purchases of property and equipment	(600)	(1,257)	(979)
Capitalized internal-use software development costs	(33,699)	(29,763)	(19,300)
Net cash used in investing activities	(34,299)	(34,560)	(77,809)
Cash flows from financing activities
Proceeds from initial public offering, net of underwriter's discounts and commissions	0	0	224,595
Proceeds from private placement	0	0	50,000
Proceeds from repayment of related party loan	0	0	813
Proceeds from exercise of stock-based awards	616	1,490	315
Financial institution funds in-transit	0	(33,443)	1,984
Payments of deferred offering costs	0	0	(1,961)
Payments on other financing obligations	(1,709)	(5,062)	(4,562)
Payments on finance leases	(102)	(268)	(272)
Net cash (used in) provided by financing activities	(1,195)	(37,283)	213,487
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash	176	(168)	(8)
Net increase in cash, cash equivalents and Restricted cash	33,510	(52,144)	155,163
Cash and cash equivalents and Restricted cash beginning of period	149,685	201,829	46,666
Cash and cash equivalents and Restricted cash end of period	183,195	149,685	201,829
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	1,398	672	2,487
Non-cash investing activities:
Property and equipment purchases in accounts payable		81	268
Business acquisition liability in accrued liabilities and finance leases and other finance obligations, net of current portion		740	813
Non-cash financing activities:
Prepaid insurance funded through short-term borrowings		4,625	5,756
Issuance of warrant and change in estimate of warrants expected to vest		3,524	4,802
Cash and Cash Equivalents [Member]
Cash flows from financing activities
Cash and cash equivalents and Restricted cash beginning of period	147,334	168,386	46,666
Cash and cash equivalents and Restricted cash end of period	179,361	147,334	168,386
Restricted Cash [Member]
Cash flows from financing activities
Cash and cash equivalents and Restricted cash beginning of period	2,351	0	0
Cash and cash equivalents and Restricted cash end of period	3,834	2,351	0
Restricted Funds Held For Financial Institutions [Member]
Cash flows from financing activities
Cash and cash equivalents and Restricted cash beginning of period	0	33,443	0
Cash and cash equivalents and Restricted cash end of period	0	0	33,443
Series A Preferred Stock [Member]
Cash flows from financing activities
Redemption of Series A preferred stock	0	0	(23,013)
Payment of dividends on Series A preferred stock	$ 0	$ 0	$ (34,412)
Class A Common Stock [Member]
Non-cash investing activities:
Issuance of Class A common stock for acquisitions, Shares			66,229

Stock Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awarded and unvested, Beginning Balance \| shares \| shares	1,362,420
Awards, Granted \| shares \| shares	1,162,564
Awards, Vested \| shares \| shares	(399,362)
Awards,Forfeited \| shares \| shares	(179,616)
Awarded and unvested, Ending Balance \| shares \| shares	1,946,006
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance \| $ / shares \| $ / shares	$ 18.03
Weighted Average Grant-Date Fair Value, Granted \| $ / shares \| $ / shares	9.29
Weighted Average Grant-Date Fair Value, Vested \| $ / shares \| $ / shares	17.82
Weighted Average Grant-Date Fair Value, Forfeited \| $ / shares \| $ / shares	19.24
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance \| $ / shares \| $ / shares	$ 12.74

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 614,490	$ 497,001	$ 395,524
Cost of revenue	432,148	347,323	274,144
Gross profit	182,342	149,678	121,380
Operating expenses
Research and development	44,248	41,220	34,122
Sales and marketing	83,996	73,295	43,917
General and administrative	36,005	38,139	32,968
Total operating expenses	164,249	152,654	111,007
Income (loss) from operations	18,093	(2,976)	10,373
Other income (expense)
Interest income, net	7,019	1,663	(6)
Foreign exchange gain (loss)	12	5	(1)
Income (loss) before income taxes	25,124	(1,308)	10,366
(Provision for) benefit from income taxes	(2,802)	795	(1,066)
Net income (loss)	22,322	(513)	9,300
Undeclared dividends on Series A preferred stock	0	0	(2,258)
Net income (loss) attributable to common stock	$ 22,322	$ (513)	$ 7,042
Net income (loss) per share attributable to common stock
Basic	$ 0.18	$ 0	$ 0.06
Diluted	$ 0.18	$ 0	$ 0.06
Weighted-average number of shares used to compute net income per share attributable to common stock
Basic	123,511,608	122,099,437	112,763,261
Diluted	125,071,829	122,099,437	118,821,925
Comprehensive income (loss)
Foreign currency translation adjustments, net of tax	$ 109	$ (190)	$ (48)
Comprehensive (loss) income	$ 22,431	$ (703)	$ 9,252

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

12 Months Ended

Dec. 31, 2023

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 income (loss) per share attributable to common stock (in thousands except share and per share data):


	Year Ended December 31,
	2023		2022			2021
Numerator:
Net income (loss)	$	22,322	$	(513	)	$	9,300
Undeclared dividends on Series A preferred stock		—		—			(2,258	)
Net income (loss) attributable to common stock	$	22,322	$	(513	)	$	7,042
Denominator:
Weighted-average shares of common stock — basic		123,511,608		122,099,437			112,763,261
Dilutive effect of stock options to purchase common stock		1,262,918		—			6,009,890
Dilutive effect of RSUs		271,754		—			19,160
Dilutive effect of warrants		25,549		—			29,614
Weighted-average shares of common stock — diluted		125,071,829		122,099,437			118,821,925
Net income (loss) per share
Basic	$	0.18	$	—		$	0.06
Diluted	$	0.18	$	—		$	0.06

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

The following table summarizes weighted average securities that were excluded from the computation of diluted net income (loss) per share attributable to common stock as their inclusion would have been antidilutive for the respective year:


	Year Ended December 31,
	2023		2022		2021
Stock options to purchase common stock		—		5,335,115		—
RSUs		1,055,467		996,256		—
Warrants		417,132		456,602		—

Net (Loss) Income Per Share Attributable to Common Stock

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stock

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

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

Diluted net income (loss) 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 income (loss) per share attributable to common stock by application of the treasury stock method. The calculation of diluted net income (loss) 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 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 income (loss) per share attributable to common stock (in thousands except share and per share data):


	Year Ended December 31,
	2023		2022			2021
Numerator:
Net income (loss)	$	22,322	$	(513	)	$	9,300
Undeclared dividends on Series A preferred stock		—		—			(2,258	)
Net income (loss) attributable to common stock	$	22,322	$	(513	)	$	7,042
Denominator:
Weighted-average shares of common stock — basic		123,511,608		122,099,437			112,763,261
Dilutive effect of stock options to purchase common stock		1,262,918		—			6,009,890
Dilutive effect of RSUs		271,754		—			19,160
Dilutive effect of warrants		25,549		—			29,614
Weighted-average shares of common stock — diluted		125,071,829		122,099,437			118,821,925
Net income (loss) per share
Basic	$	0.18	$	—		$	0.06
Diluted	$	0.18	$	—		$	0.06


	Year Ended December 31,
	2023		2022		2021
Stock options to purchase common stock		—		5,335,115		—
RSUs		1,055,467		996,256		—
Warrants		417,132		456,602		—

Stock-Based compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 9,390	$ 6,736	$ 3,136
Cost Of Revenue [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	156	0	0
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,990	1,647	517
Sales and Marketing [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	2,808	1,736	280
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 4,436	$ 3,353	$ 2,339

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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 consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

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 consolidated financial statements and accompanying notes have been retroactively adjusted, where applicable, to reflect the impact of the stock split.

Principles of Consolidation

The 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, see Note 5 and revenue by geographic area, see Note 3.

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, cost of 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.

Foreign Currency

The reporting currency of the Company is the United States Dollar. The Company’s foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated using the exchange rates at the balance sheet date. Revenue and expenses are translated at average exchange rates during the period. Equity transactions are translated using historical exchange rates. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss) or ("AOCI") as a component of stockholders' equity, and related periodic movements are summarized as a line item in the consolidated statements of operations and comprehensive income (loss). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as foreign exchange gain (loss) in the consolidated statements of operations and comprehensive income (loss).

Revenue Recognition

The Company generates revenue primarily from payment transaction fees processed through the Company’s platform. The fees are generated as a percentage of transaction value or a specified fee per transaction. For biller transactions the actual fees are dependent on payment type, payment channel or industry vertical. The payment transaction fees are received directly (i) from billers, who absorb the cost, or from customers in the form of a convenience-type fee, or (ii) from financial institutions. Transaction fees are collected for each completed transaction processed through the platform. The Company also earns other revenue, which primarily consists of maintenance revenue and subscription revenue. Other revenue represented approximately 1.3%, 1.3% and 1.2% of total revenue for the years ended December 31, 2023, 2022 and 2021, respectively.

Contract Assets

The Company has recorded contract assets in connection with warrant agreements with an affiliate of a customer. Following the guidance in ASC 606, the Company accounts for consideration payable in the form of warrants to a customer as a reduction of the transaction price and therefore, of revenue. The Company has estimated the transaction price related to the revenue for this customer inclusive of the estimated value of the warrants earned and expected to be earned over the term of the contract. Unamortized warrant expense is included in prepaid expenses and other current and long-term assets in the consolidated balance sheets.

Contract Liabilities

Contract liabilities relate to fees billed in advance of services provided. The terms of the contract normally require the customer to pay a fixed monthly fee for hosting and maintenance, plus a nonrefundable up-front fee for set-up, integration services, and data conversion at contract inception. The non-refundable up-front fees are typically billed in advance of services provided and are recorded as contract liability in the consolidated balance sheets. These fees are amortized ratably over the term of the agreement and recognized as revenue. The fixed monthly fee is for a promised service of hosting and maintenance. These services are provided over the same period and have the same pattern of transfer to the customer as the payment processing services. They are both stand-ready obligations satisfied ratably over the contractual period, and assessed as a single performance obligation. Therefore, they are recognized in the same manner as the variable consideration.

Assets Recognized From the Costs to Obtain a Contract With a Customer

The Company capitalizes certain costs to obtain contracts with customers, including employee sales commissions, when the commission is tied to new sales and is therefore considered an incremental cost of obtaining a customer. At contract inception, the Company capitalizes commission costs that the Company expects to recover and that would not

have been incurred if the contract had not been obtained. As of December 31, 2023 and 2022, the Company had capitalized costs to obtain contracts of $1.0 million and $0.6 million, respectively, which are included in prepaid expenses and other current and long-term assets in the consolidated balance sheets. Some of the Company’s sales compensation paid to the sales force is earned based on the margins earned from the contract over the contract term and is contingent on continued employment with the Company by the salesperson. Sales commissions tied to key operating metrics other than new sales, are not considered incremental costs of obtaining a customer and are expensed in the same period as they are earned, rather than being capitalized. The Company records commission expense within sales and marketing expense in the consolidated statements of operations.

Amortization of capitalized commissions to obtain customer contracts is included in sales and marketing expense in the consolidated statements of operations. The Company utilizes a straight-line method as it best depicts the pattern of transfer of the goods or services to the customer. The Company amortizes these assets over the expected period of benefit, which is typically three to five years. The Company evaluates contract costs for impairment by comparing, on a pooled basis, the expected future net cash flows from underlying customer relationships to the carrying amount of the capitalized contract costs.

Cost of Revenue

Cost of revenue consists primarily of interchange and assessment fees, processing fees and bank settlement fees paid to third-party payment processors and financial institutions, and personnel-related costs associated with the Company’s customer support teams, including salaries, benefits, and bonuses. Cost of revenue also includes an allocation of hosting and datacenter costs for the Company’s infrastructure and platform environment, telecommunication expenses used by sales and customer support teams, a portion of amortization of capitalized internal-use software development costs, and a portion of amortization of intangible assets acquired through acquisition.

Research and Development Costs

Research and development costs are expensed as incurred, unless they qualify as internal-use software development costs. Research and development expenses consist primarily of employee-related expenses associated with the Company’s research and development staff, including salaries, benefits, stock-based compensation and bonuses.

Advertising Costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statement of operations. These costs were $1.3 million, $2.0 million and $1.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Self-Insurance

The Company is self-insured for a significant portion of its employee medical exposures. Liabilities for self-insured exposures are accrued at the present value of amounts expected to be paid based on historical claims experience and actuarial data for forecasted settlements of claims filed and for incurred but not yet reported claims. Accruals for self-insured exposures are included in current and noncurrent liabilities based on the expected periods of payment.

Excess liability insurance has been purchased to limit the amount of self-insured risk on claims.

Income Taxes

The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining its provision for income taxes and deferred tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws.

The Company records a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. The deferred assets and liabilities are measured using the statutorily enacted tax rates anticipated to be in effect when those tax assets and liabilities are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date.

A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company considers all available evidence, both positive and negative,

including historical levels of income, expectations and risks associated with estimates of future taxable income in assessing the need for a valuation allowance.

The Company’s tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not the position will be sustainable upon examination by the taxing authority, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the tax authorities have full knowledge of all relevant information concerning the tax position. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not (greater than 50% likely) to be realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense. The Company adjusts these reserves in accordance with the income tax guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and operating results.

Stock-based Compensation

The Company measures and recognizes stock-based compensation expense for all stock-based awards, including grants of restricted stock units ("RSUs") and options to purchase stock granted to employees, outside directors and consultants based on the estimated fair value of the awards on the grant date of the award. The Company estimates the grant date fair value for options using the Black-Scholes option pricing model. The determination of the grant-date fair value using an option-pricing model is affected by the fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. The fair value of an RSU is measured using the market price of the Company's Class A common stock on the date of grant. Compensation cost is recognized on a straight-line basis over the employee requisite service period, which is the stated vesting period of the award, provided that total compensation cost recognized at least equals the pro rata value of the awards that have vested. Forfeitures are accounted for in the period in which they occur. All compensation expense is recorded in operating expenses in the consolidated statements of operations based on the recipient grant.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original or remaining maturities of three months or less when purchased to be cash equivalents, which are composed of primarily bank deposits. Cash in the Company’s bank accounts may exceed federally insured limits.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents consist of deposits required by certain counterparties to merchant counterparty processing agreements and required reserves under certain health insurance policies. Deposit balances are required through the term of the agreement and for six months following the termination of the merchant counterparty processing agreements.

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 $510.8 million and $353.9 million as of December 31, 2023 and December 31, 2022, 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. During the fourth quarter 2022, the Company entered into an agreement with a financial institution whereby the financial institution would take over the legal ownership of these funds and operate as the custodial service provider. Once these funds were moved to custodial accounts, the Company no longer had legal ownership or control over these funds, and as such the Company no longer has Restricted Funds held for Financial Institutions and Financial Institution Funds In-Transit on the consolidated balance sheet as of December 31, 2023 and 2022.

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 years ended December 31, 2023, 2022 and 2021. One customer accounted for more than 10% of accounts receivable for both December 31, 2023 and 2022.

Fair Value Measurements

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•

Level 1 inputs - unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date;

•

Level 2 inputs - other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability; and

•

Level 3 inputs - unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

The carrying amounts reflected in the consolidated balance sheets for accounts receivable, and accounts payable approximate their respective fair values due to the short maturities of those instruments.

Accounts and Other Receivables and Allowance for Credit Losses

Accounts receivable are recorded at invoiced amounts and do not bear interest. The Company will evaluate its accounts receivable portfolio to determine if an allowance for credit losses is necessary. The development of the allowance for credit losses is based on an expected loss model that considers reasonable and supportable forecasts of future conditions and a review of past due amounts, historical write-off and recovery experience. Past due balances over 90 days and over a specified amount are reviewed individually for collectability and all other balances are reviewed as a portfolio. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet exposure related to its customers. Accounts receivables included $3.6 million and $3.0 million in rebates related to interchange fees for the years ended December 31, 2023 and 2022, respectively.

The changes in the allowance for credit losses were as follows (in thousands):


	Allowance for Credit Losses
Balance as of December 31, 2021	$	102
Charge-offs		(20	)
Provision for credit losses		288
Balance as of December 31, 2022	$	370
Charge-offs		(24	)
Recoveries		(237	)
Provision for credit losses		326
Balance as of December 31, 2023	$	435

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.

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 consolidated statement of operations aligned with the internal organizations that are the primary beneficiaries of such assets.

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the related asset as follows:

Computer equipment.................................................................. 3 years

Furniture and fixtures ................................................................. 5 years

Leasehold improvements are amortized over the shorter of estimated useful life or the remaining lease term. Expenses that improve an asset or extend its remaining useful life are capitalized. Upon retirement or sale, the cost of assets disposed of, and the related accumulated depreciation, is removed from the accounts and any resulting gain or loss is reflected in other income (loss) in the consolidated statements of operations. Costs of maintenance or repairs that do not extend the lives of the respective assets are expensed as incurred.

Business Combinations

The purchase price of an acquisition is allocated to the tangible and intangible assets and liabilities assumed based on their estimated fair values at the acquisition dates. The excess of total consideration over the fair values of the assets acquired and the liabilities assumed is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments would be recorded in the consolidated statements of operations.

Impairment of Long-lived Assets (Including Goodwill and Intangible Assets)

Long-lived assets with finite lives include property and equipment, capitalized internal-use software development costs, and acquired intangible assets. The Company evaluates long-lived assets, including intangible assets and capitalized internal-use software development costs, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group.

Goodwill is not amortized but rather tested at the reporting unit level for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company has three reporting units. Goodwill impairment is recognized when the quantitative assessment results in the carrying value of the reporting unit exceeding its fair value, in which case an impairment charge is recorded to goodwill to the extent the carrying value exceeds the fair value, limited to the amount of goodwill. See Note 6 for more information regarding the carrying value of goodwill by reporting unit.

When reviewing goodwill for impairment, the Company performs a qualitative assessment which considers the following circumstances as well as others:

•

Changes in general macroeconomic conditions such as a deterioration in general economic conditions; limitations on accessing capital; or other developments in equity and credit markets;

•

Changes in industry and market conditions such as a deterioration in the environment in which the

Company operates; an increased competitive environment; a decline in market-dependent multiples or metrics (in both absolute terms and relative to peers); a change in the market for an entity’s products or services; or a regulatory or political development;

•

Changes in cost factors that have a negative effect on earnings and cash flows; and

•

Decline in overall financial performance (for both actual and expected performance).

The Company completed its annual goodwill impairment test as of November 30, 2023 using a qualitative assessment. The Company did not recognize any impairment of goodwill during the years ended December 31, 2023 or 2022.

Leases

The Company classifies leases as either operating or financing at inception and as necessary at modification. Leased assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The Company does not obtain and control its right to use the identified asset until the lease commencement date.

Although it may have a right and an obligation to exchange lease payments for a leased asset from the date of inception, the Company is unlikely to have an obligation to make lease payments before the asset is made available for use; therefore, lease classification, recognition, and measurement are determined at the lease commencement date.

The Company made accounting policy elections, including a short-term lease exception policy, permitting the Company to not apply the recognition requirements of this standard to short-term leases (i.e., leases with expected terms of 12 months or less), and an accounting policy to account for lease and certain non-lease components as a single component for certain classes of assets other than computer equipment leases. For computer equipment leases, the Company has agreements with lease and non-lease components, which are accounted for separately. For these agreements, lease payments are allocated between the lease and non-lease components based on the relative stand-alone price of these components.

The Company has leases for office facilities, computer equipment, and data centers. The Company’s leases have remaining initial lease terms of less than one year to approximately five years, some of which include options to extend the leases for up to 4 years, and some of which include options to terminate the leases.

Operating leases are included in operating lease ROU assets, and operating lease liabilities on the Company’s consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and in a similar economic environment. The operating lease ROU asset also includes any initial direct costs, lease payments made prior to lease commencement, and lease incentives received. The Company’s lease terms are the noncancelable period including any rent-free periods provided by the lessor and may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and upon modification or remeasurement, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be exercised. Lease cost for lease payments is recognized on a straight-line basis over the lease term.

Leased property under finance leases are included in property and equipment, net. Finance lease liabilities are included within accrued liabilities, and finance lease and other finance obligations, net of current portion on the Company’s consolidated balance sheets. Property and equipment under finance leases is generally amortized over the lease term and is included in general and administrative expenses. The interest on the finance lease liabilities is included in interest income, net.

Judgment is required when determining whether any of the Company’s data center contracts contain a lease. The Company concluded a lease exists when the asset is specifically identifiable, substantially all the economic benefit of the asset is obtained, and the right to direct the use of the asset exists during the term of the lease.

Treasury Stock

The Company accounts for treasury stock acquisitions using the cost method. The Company accounts for the retirement of treasury stock by deducting its par value from common stock or Series A preferred stock and reflecting any excess of cost over par value as a deduction from additional paid-in capital in the consolidated balance sheets.

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.

Recently Adopted Accounting Pronouncements

Accounting Standards Updates ("ASU") not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the consolidated financial statements.

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. The Company adopted this ASU on January 1, 2023, and its adoption did not have a material impact on its condensed consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09 "Income Tax Disclosures". ASU 2023-09 makes changes to annual disclosures of income taxes paid for all entities and requires entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction. Additionally, entities are required to disclose income taxes paid, net of refunds received, for individual jurisdictions that comprise 5% or more of total income taxes paid. The 5% threshold is evaluated using the absolute value of the net refund or net payment in each jurisdiction compared to the absolute value of the total income taxes paid (net of refunds received). ASU 2023-09 requires all entities to disclose disaggregated domestic and foreign pre-tax income (or loss) from continuing operations along with disaggregated income tax expense (or benefit) by federal, state and foreign components. Such disaggregation by jurisdiction should classify taxes by jurisdiction based on the jurisdiction imposing the taxes. The amendments in ASU 2023-09 are effective for public companies for fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-09 is not expected to have a material impact on the Company's financial position or results of operations.

In November 2023, the FASB issued ASU 2023-07 "Improvements to Reportable Segment Disclosures". ASU 2023-07 expands segment disclosure requirements to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"). Further, ASU 2023-07 requires that an entity disclose on an annual basis, an amount for other segment items by reportable segment and a description of its composition, require that a segment disclose all annual requirements about reportable segments for interim periods, and require that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Accounting Standards Codification Topic 820. ASU 2023-07 also requires that public entities clarify if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources and requires that a public company disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-07 is not expected to have a material impact on the Company's financial position or results of operations.

Stock-Based compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2021	Jan. 01, 2024	Jan. 01, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value of options granted			$ 3.38
Options granted in period		0
Aggregate intrinsic value		$ 1.6				$ 38.5
Options exercised		180,576
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 22.0
Total unrecognized compensation cost, recognition period		2 years 10 months 24 days
RSUs vested		399,362
Class A Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance				5,000,000	4,900,000
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		$ 0.3
Total unrecognized compensation cost, recognition period		1 year
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
Options granted in period	7,563,990
Two Thousand Twenty One Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance		17,800,000

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

In May 2021, the Company’s board of directors (the "Board") 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 non-statutory 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 (subject to the Compensation Committee of the Board exercising discretion to increase or decrease such amount, 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, 2023 and 2024, pursuant to the Evergreen Addition, approximately 4.9 million and 5.0 million shares of Class A common stock were added to the 2021 Plan issuance reserve. At December 31, 2023, there were 17.8 million remaining shares available for the Company to grant under the 2021 Plan.

Stock Options

A summary of the Company’s option activity during the year ended December 31, 2023 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, 2022		4,155,640		$	7.52		5.87	$	4,420
Options granted		—			—
Options exercised		(180,576	)		3.41
Options forfeited		(41,054	)		8.71
Options expired		(84,660	)		0.03
Outstanding at December 31, 2023		3,849,350		$	7.87		5.06	$	38,505
Exercisable at December 31, 2023		3,735,052		$	7.84		5.04	$	37,467

There were no options granted during the year ended December 31, 2023 and 2022. The weighted average grant date fair value of options granted during the year ended December 31, 2021 was $3.38. Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of the Company’s common stock. The aggregate intrinsic value of options exercised for the years ended December 31, 2023 and 2022 was $1.6 million and $38.5 million, respectively.

The fair value of options granted during the year ended December 31, 2021 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Year Ended December 31,
	2021
Dividend yield		0.0	%
Risk-free interest rate	0.3 % - 0.8%
Expected term (in years)		5
Expected volatility		38.0	%

The determination of the fair value of stock options on the date of grant using a Black-Scholes option-pricing model is affected by the fair value of the Company’s common stock, as well as assumptions regarding a number of variables that are complex, subjective and generally require significant judgment to determine. The valuation assumptions were determined as follows:

Expected Term

The expected life of options granted to employees was determined by using management’s best estimation of exercise activity.

Risk-Free Interest Rate

The Company utilizes a risk-free interest rate in the option valuation model based on U.S. Treasury zero-coupon issues, with remaining terms similar to the expected term of the options.

Expected Volatility

As the Company does not have an extensive trading history for its common stock, the expected volatility is based on the historical volatility of the Company’s publicly traded industry peers utilizing a period of time consistent with the Company’s estimate of expected term.

Expected Dividend Yield

The Company does not anticipate paying any cash dividends in the foreseeable future and, therefore, uses an expected dividend yield of zero in the option valuation model.

Fair Value of Underlying Common Stock

After the IPO, the fair value of the shares of common stock underlying stock options was determined using publicly quoted price as reported on the New York Stock Exchange as the fair value of its common stock.

Restricted Stock Units ("RSUs")

A summary of the Company’s RSU activity during the year ended December 31, 2023 was as follows:


				Weighted-
				Average
	Number of			Grant Date
	RSUs Outstanding			Fair Value
Awarded and unvested at December 31, 2022		1,362,420		$	18.03
Awards granted		1,162,564			9.29
Awards vested		(399,362	)		17.82
Awards forfeited		(179,616	)		19.24
Awarded and unvested at December 31, 2023		1,946,006		$	12.74

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 generally ranges between four years and five years from the date of grant for employees and one to three years for directors, subject to continued employment for employees and provision of services for nonemployees.

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

thousands):


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Cost of revenue	$	156	$	—	$	—
Research and development		1,990		1,647		517
Sales and marketing		2,808		1,736		280
General and administrative		4,436		3,353		2,339
Total stock-based compensation	$	9,390	$	6,736	$	3,136

At December 31, 2023, there was $0.3 million of total unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan, which is expected to be recognized over a remaining weighted-average period of 1.0 years.

At December 31, 2023, there was $22.0 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 2.9 years.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

The changes in the allowance for credit losses

The changes in the allowance for credit losses were as follows (in thousands):


	Allowance for Credit Losses
Balance as of December 31, 2021	$	102
Charge-offs		(20	)
Provision for credit losses		288
Balance as of December 31, 2022	$	370
Charge-offs		(24	)
Recoveries		(237	)
Provision for credit losses		326
Balance as of December 31, 2023	$	435

Business Combinations - Schedule Of Fair Values And Estimated Useful Lives Of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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
PROFIT Financial, Inc. [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 1,873
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 [Member] \| Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 8,102
Estimated useful life	4 years
Developed Technology [Member] \| Finovera Inc [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 5,155
Estimated useful life	4 years
Developed Technology [Member] \| PROFIT Financial, Inc. [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 1,828
Estimated useful life	4 years
Brand [Member] \| PROFIT Financial, Inc. [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 45
Estimated useful life	4 years

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Aug. 29, 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
Preferred stock, par value	$ 0.0001	$ 0.0001
Common stock, par value			$ 10.1			$ 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 shares authorized as of December 31, 2023 and 2022, respectively; none issued and outstanding as of December 31, 2023 and 2022, respectively	$ 0	$ 0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Issue of warrant	31,835	19,101	684,510	15,917		509,370
Fully Vested	620,008		171,128			382,027
Vesting of the Remaining Shares of the Warrant			513,382			127,343
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common stock, shares authorized	883,950,000	883,950,000
Common Stock, Voting Rights	one
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	20,758,603	19,934,331
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
Common Stock, Voting Rights	one
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	103,062,508	103,306,842					0
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Dividends, Preferred Stock	$ 34,400
Preferred stock, shares issued		0
Preferred stock, shares outstanding	0
Series A Preferred Stock [Member] \| IPO [Member]
Class Of Stock [Line Items]
Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized as of December 31, 2023 and 2022, respectively; none issued and outstanding as of December 31, 2023 and 2022, respectively	$ 57,400

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

8. Accrued Liabilities

The composition of accrued liabilities is as follows (in thousands):


	December 31,		December 31,
	2023		2022
Payroll and employee-related expenses	$	15,455	$	9,214
Finance leases and other financing obligations		—		1,813
Other accrued liabilities		5,846		4,782
Total	$	21,301	$	15,809

As of December 31, 2022, finance leases and other financing obligations included the then current portion of finance leases related to the acquisition of computer equipment and short-term insurance premium financing arrangements. As of December 31, 2023, the Company no longer had any finance leases or insurance premium financing arrangements.

Geographic Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 614,490	$ 497,001	$ 395,524
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 603,030	$ 487,068	$ 387,242

- Definition

+ References

+ Details

Leases - Summary of Remaining Lease Payments under Non-Cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases:
2024	$ 2,369
2025	2,445
2026	2,328
2027	1,353
2028	1,097
Thereafter	1,922
Total minimum lease payments including interest	11,514
Less imputed interest	(1,000)
Total lease liabilities	$ 10,514

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ 21,225	$ (4,579)	$ 7,265
Foreign	3,899	3,271	3,101
Income (loss) before income taxes	$ 25,124	$ (1,308)	$ 10,366

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
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-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 06, 2011	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 16, 2021
Related Party Transaction [Line Items]
Loan Principal and Interest Due and Payable Date		Sep. 06, 2026
Payment of loan						$ 1,000
RSUs [Member]
Related Party Transaction [Line Items]
Grants receivable			$ 1,100	$ 300	$ 40
Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Number of shares pledged as security for loan	805
Common Shares [Member]
Related Party Transaction [Line Items]
Principal amount of loan as reduction to additional paid-in capital	$ 800
Number of shares pledged as security for loan	1,788,205
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Issued a loan to related party	$ 800
Loan Interest Rate	2.00%
Payment of loan						800
Aggregate compensation			300	300	200
Accrued interest						$ 200
Vice President [Member]
Related Party Transaction [Line Items]
Aggregate compensation			$ 300	$ 300	$ 300

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

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):


	Year Ended December 31,
	2023		2022		2021
United States	$	603,030	$	487,068	$	387,242
Other		11,460		9,933		8,282
Total	$	614,490	$	497,001	$	395,524

Long-lived Assets by Geographic Areas

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


	December 31,		December 31,
	2023		2022
United States	$	558	$	706
Other		1,000		1,117
Total	$	1,558	$	1,823

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Amortization of right-of-use-assets	$ 66	$ 268	$ 272
Interest on lease liabilities	0	8	16
Total finance lease costs	66	276	288
Operating lease costs	2,150	2,460	2,847
Short-term lease costs	1,206	972	1,063
Total lease costs	$ 3,422	$ 3,708	$ 4,198

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

Stock Split

Principles of Consolidation

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

Contract Assets

Contract Liabilities

Assets Recognized From the Costs to Obtain a Contract With a Customer

Cost of Revenue

Research and Development Costs

Advertising Costs

Self-Insurance

Excess liability insurance has been purchased to limit the amount of self-insured risk on claims.

Income Taxes

including historical levels of income, expectations and risks associated with estimates of future taxable income in assessing the need for a valuation allowance.

Stock-based Compensation

Cash and Cash Equivalents

Restricted Cash and Cash Equivalents

Custodial Accounts

Restricted funds held for financial institutions and financial institution funds-in transit

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

Concentration of Credit Risk

Fair Value Measurements

•

Level 1 inputs - unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date;

•

Accounts and Other Receivables and Allowance for Credit Losses

The changes in the allowance for credit losses were as follows (in thousands):


	Allowance for Credit Losses
Balance as of December 31, 2021	$	102
Charge-offs		(20	)
Provision for credit losses		288
Balance as of December 31, 2022	$	370
Charge-offs		(24	)
Recoveries		(237	)
Provision for credit losses		326
Balance as of December 31, 2023	$	435

Internal-use Software Development Costs

Property and Equipment, Net

Computer equipment.................................................................. 3 years

Furniture and fixtures ................................................................. 5 years

Business Combinations

Impairment of Long-lived Assets (Including Goodwill and Intangible Assets)

When reviewing goodwill for impairment, the Company performs a qualitative assessment which considers the following circumstances as well as others:

•

Changes in general macroeconomic conditions such as a deterioration in general economic conditions; limitations on accessing capital; or other developments in equity and credit markets;

•

Changes in industry and market conditions such as a deterioration in the environment in which the

•

Changes in cost factors that have a negative effect on earnings and cash flows; and

•

Decline in overall financial performance (for both actual and expected performance).

Leases

Treasury Stock

Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Standards Updates ("ASU") not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for accounts and other receivables	$ 435	$ 370
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
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	20,758,603	19,934,331
Common stock, shares outstanding	20,758,603	19,934,331
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	103,062,508	103,306,842
Common stock, shares outstanding	103,062,508	103,306,842

Document and Entity Information - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Annual 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	11605 N
Entity Address Address Line2	Community House Road, Suite 300
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders, which is expected to be filed within 120 days after the Registrant's fiscal year ended December 31, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Share Price	$ 10.56
Entity Public Float	$ 175.8
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Charlotte, North Carolina
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		20,995,662
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		102,926,866

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	May 10, 2021	Dec. 31, 2023 USD ($) Segment Customer	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Stock split ratio	5
Revenue from other Sources		1.3	1.3	1.2
Advertising cost		$ 1,300,000	$ 2,000,000	$ 1,500,000
Rebates for Interchange fees		3,600,000	3,000,000
capitalized cost		1,000,000	600,000
Capitalized internal-use software development costs		$ 33,699,000	29,763,000	$ 19,300,000
Number of operating segment \| Segment		3
Cash in custodial account		$ 510,800,000	353,900,000
Impairment of goodwill		$ 0	$ 0
Lease descriptions		The Company’s leases have remaining initial lease terms of less than one year to approximately five years
Lease, Option to Extend		options to extend the leases for up to 4 years, and some of which include options to terminate the leases.
Number Of Customer \| Customer		1	1
Computer Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life		3 years
Furniture and Fixtures [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life		5 years
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life		3 years
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life		5 years
Revenue [Member] \| Customer Concentration Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Number Of Customer \| Customer		0	0	0

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

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


	December 31,			December 31,
	2023			2022
Computer equipment	$	6,059		$	5,476
Furniture and fixtures		1,715			1,672
Leasehold improvements		396			419
Total property and equipment		8,170			7,567
Less: Accumulated depreciation		(6,612	)		(5,744	)
Property and equipment, net	$	1,558		$	1,823

Depreciation and amortization expense recorded for property and equipment was $0.9 million, $1.2 million and $1.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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


	December 31,		December 31,
	2023		2022
United States	$	558	$	706
Other		1,000		1,117
Total	$	1,558	$	1,823

Goodwill, Internal-use Software Development Costs and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 8,082
2025	6,620
2026	3,738
2027	3,269
2028	3,269
Thereafter	2,180
Total future amortization expense	$ 27,158	$ 36,017

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

12 Months Ended

Dec. 31, 2023

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
Goodwill acquired (1)		2,509		—			2,509
Foreign currency translation adjustments		—		(71	)		(71	)
Balance as of December 31, 2022	$	131,028	$	823		$	131,851
Foreign currency translation adjustments		—		9			9
Balance as of December 31, 2023	$	131,028	$	832		$	131,860

(1) The goodwill acquired in the year ended December 31, 2022 is related to the PROFIT acquisition.

Summary of Intangible Assets

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


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (Years)
Technology	$	21,845	$	(14,951	)	$	6,894		4.0
License		2,568		(2,568	)		—		—
Customer relationship		32,006		(13,480	)		18,526		8.0
Software		451		(411	)		40		3.0
Trademark		4,038		(2,340	)		1,698		4.0
Total	$	60,908	$	(33,750	)	$	27,158


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (Years)
Technology	$	22,631	$	(11,965	)	$	10,666		4.0
License		2,503		(2,503	)		—		—
Customer relationship		33,788		(11,695	)		22,093		8.0
Software		1,212		(661	)		551		3.0
Trademark		4,238		(1,531	)		2,707		4.0
Total	$	64,372	$	(28,355	)	$	36,017

Schedule of Expected Future Amortization Expense

As of December 31, 2023, future expected amortization expense is as follows (in thousands):


Years Ending December 31,
2024		8,082
2025		6,620
2026		3,738
2027		3,269
2028		3,269
Thereafter		2,180
Total future amortization expense	$	27,158

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 22,322	$ (513)	$ 9,300

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Business Combinations

12 Months Ended

Dec. 31, 2023

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. Payveris is a payment processing company for financial institutions. The acquisition was 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 finalization of the purchase price allocation did not result in any changes to the preliminary estimate. 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 of the acquisition valuation. There were no measurement period adjustments during the year ended December 31, 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 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 was a bill aggregation technology provider for financial institutions. Effective March 31, 2022, Finovera was merged with and into Payveris, with Payveris as the surviving company.


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 finalization of the purchase price allocation did not result in any changes to the preliminary estimate. There were no measurement period adjustments during the year ended December 31, 2022.

The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Finovera's business operations 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

PROFIT Financial, Inc.

On December 19, 2022, the Company completed its acquisition of PROFIT Financial, Inc. ("PROFIT") by acquiring all outstanding shares of PROFIT for a total purchase price of approximately $4.3 million, net of cash acquired, comprised of $3.3 million cash of which $0.1 million is included as a short term payable at December 31, 2022 and $0.6 million is being held back by the Company for a period of 12 to 24 months following the transaction close date and is recorded in finance leases and other finance obligations, net of current portion in the consolidated balance sheets. In December 2023, $0.2 million of the $0.6 million holdback was released to the former stockholders of PROFIT. PROFIT is a financial and accounting software company with offerings to small business.


Cash	$	261
Intangible assets		1,873
Goodwill		2,509
Deferred taxes		(382	)
Total	$	4,261

The finalization of the purchase price allocation did not result in any changes to the preliminary estimate. There were no measurement period adjustments during the year ended December 31, 2023.

The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of PROFIT 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)
Brand	$	45		4.0
Developed Technology		1,828		4.0
Total	$	1,873

Costs incurred for the PROFIT acquisition were not material. Costs incurred for the Payveris and Finovera acquisitions were approximately $1.7 million for the year ended December 31, 2021.

The revenue and expenses of the acquired businesses have been included in the Company's consolidated financial results since the respective acquisition dates. Pro forma results of operations related to these acquisitions has not been presented for the years ended December 31, 2022 and 2021 because the effects of these acquisitions were not material to the Company's overall operations.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	December 31,			December 31,
	2023			2022
Computer equipment	$	6,059		$	5,476
Furniture and fixtures		1,715			1,672
Leasehold improvements		396			419
Total property and equipment		8,170			7,567
Less: Accumulated depreciation		(6,612	)		(5,744	)
Property and equipment, net	$	1,558		$	1,823

Long-lived Assets by Geographic Areas

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


	December 31,		December 31,
	2023		2022
United States	$	558	$	706
Other		1,000		1,117
Total	$	1,558	$	1,823

Income Taxes - The Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Domestic	$ 1,327	$ 1,303	$ 915
Foreign	1,061	875	811
Total	2,388	2,178	1,726
Deferred
Domestic	388	(3,020)	(765)
Foreign	26	47	105
Total	414	(2,973)	(660)
Provision for income taxes	$ 2,802	$ (795)	$ 1,066

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Equity - Schedule Of warrants had vested and were exercisable under the outstanding warrant agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Options granted	0
Vested upon issuance	553,155
Warrant [Member]
Class of Stock [Line Items]
Options granted	1,193,880
Vested upon issuance	31,835	19,101	15,917
Vested And Exercisable	620,008
Unvested	$ 573,872
May 2021 Warrant Agreement [Member]
Class of Stock [Line Items]
Vested upon issuance	382,027
May 2021 Warrant Agreement [Member] \| Warrant [Member]
Class of Stock [Line Items]
Options granted	509,370
Vested upon issuance	31,835	19,101	15,917
Vested And Exercisable	448,880
Unvested	$ 60,490
August 2022 Warrant Agreement [member]
Class of Stock [Line Items]
Vested upon issuance	171,128
August 2022 Warrant Agreement [member] \| Warrant [Member]
Class of Stock [Line Items]
Options granted	684,510
Vested upon issuance	0	0	0
Vested And Exercisable	171,128
Unvested	$ 513,382

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 8,170	$ 7,567
Less: Accumulated depreciation	(6,612)	(5,744)
Property and equipment, net	1,558	1,823
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	6,059	5,476
Furniture And Fixtures [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	1,715	1,672
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 396	$ 419

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Cost

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


	Year Ended December 31,
	2023		2022		2021
Lease costs:
Finance lease costs:
Amortization of right-of-use-assets		66		268		272
Interest on lease liabilities		—		8		16
Total finance lease costs		66		276		288
Operating lease costs	$	2,150	$	2,460	$	2,847
Short-term lease costs		1,206		972		1,063
Total lease costs	$	3,422	$	3,708	$	4,198

Summary of Supplemental Cash Flow Information Related to Leases

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


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	1,813	$	2,103	$	2,755
Operating cash flows for finance leases		—		8		16
Financing cash flows for finance leases		102		268		272
Right-of-use assets obtained in exchange of operating lease obligations		2,132		3,938		2,550

Weighted-average remaining lease term and discount rate for the Company’s leases were as follows:


	December 31,
	2023			2022
Weighted-average remaining lease term (years)
Operating leases		5.5			6.6
Finance leases		—			0.2
Weighted-average discount rate
Operating leases		3.70	%		3.24	%
Finance leases		—			3.24	%

Summary of Remaining Lease Payments under Non-Cancelable Operating Leases

The total remaining lease payments under non-cancelable operating leases as of December 31, 2023 were as follows (in thousands):


Year Ending December 31,	Operating Leases
2024		2,369
2025		2,445
2026		2,328
2027		1,353
2028		1,097
Thereafter		1,922
Total minimum lease payments including interest	$	11,514
Less imputed interest		(1,000	)
Total lease liabilities	$	10,514

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The components of income before income taxes were as follows (in thousands):


	December 31,
	2023		2022			2021
United States	$	21,225	$	(4,579	)	$	7,265
Foreign		3,899		3,271			3,101
Total	$	25,124	$	(1,308	)	$	10,366

The provision for income taxes consisted of the following (in thousands):


	December 31,
	2023		2022			2021
Current:
Domestic	$	1,327	$	1,303		$	915
Foreign		1,061		875			811
Total		2,388		2,178			1,726
Deferred:
Domestic		388		(3,020	)		(765	)
Foreign		26		47			105
Total		414		(2,973	)		(660	)
Provision for income taxes	$	2,802	$	(795	)	$	1,066

The effective income tax rate differs from the federal statutory income tax rate applied to the income before provision for income taxes due to the following (in thousands):


	December 31,
	2023			2022			2021
Federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes		6.0	%		(40.0	)%		4.8	%
Non-deductible executive compensation		2.5	%		(32.4	)%		14.3	%
Non-deductible IPO expenses		—	%		—	%		4.5	%
Other permanent differences		0.4	%		(8.3	)%		0.6	%
Excess tax benefit on stock-based compensation		—	%		675.6	%		(41.6	)%
Difference in prior year tax filings from provision		1.1	%		(22.6	)%		4.3	%
Foreign tax rate differences		0.3	%		0.1	%		2.5	%
Valuation Allowance		(21.3	)%		(542.8	)%		—	%
Other		1.0	%		10.2	%		—	%
		11.0	%		60.8	%		10.4	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands):


	December 31,
	2023			2022
Deferred tax assets:
Stock-based compensation and other payroll related accruals	$	3,927		$	2,806
Federal and state net operating losses		1,531			602
Foreign tax credit		1,238			829
Operating lease liabilities		3,752			4,015
Fixed assets		103			—
Capitalized research and development costs and capitalized internal-use software development costs		—			5,560
Intangible assets		1,678			300
Other		768			635
Total deferred tax assets		12,997			14,747
Valuation allowance		(2,454	)		(7,804	)
Net deferred tax assets	$	10,543		$	6,943
Deferred tax liabilities:
Goodwill		(5,418	)		(3,478	)
Capitalized research and development costs and capitalized internal-use software development costs		(2,466	)		—
Fixed assets		—			(119	)
Operating lease right-of-use assets		(3,558	)		(3,817	)
Foregone foreign tax credit		(74	)		(93	)
Total deferred tax liabilities		(11,516	)		(7,507	)
Net deferred tax liabilities	$	(973	)	$	(564	)

Reported as:
Deferred tax asset (non-current)	$	94		$	116
Deferred tax liability (non-current)		(1,067	)		(680	)
Net deferred tax liabilities	$	(973	)	$	(564	)

The Company had a valuation allowance of $2.5 million and $7.8 million as of December 31, 2023 and 2022, respectively. During 2022, given the cumulative history of losses (after adjusting for permanent differences mainly related to excess tax benefits on stock-based compensation), the Company recorded a full valuation allowance against US deferred tax assets. During 2023, the Company reduced the valuation allowance due to the utilization of net operating losses and less capitalized research and development costs for tax purposes as compared to internal-use software development costs capitalized for book purposes than originally expected. Given the cumulative history of losses it is not more likely than not that the Company will be able to utilize the resulting deferred tax assets in the future.

As of December 31, 2023, the Company had $4.7 million of federal and $4.5 million of state net operating loss carryforwards available to offset future taxable income. State net operating losses, if not utilized, will begin to expire in 2031. A portion of these losses were acquired in the acquisitions of Finovera and PROFIT, and therefore are subject to change of control provisions, which limit the amount of acquired tax attributes that can be utilized in a given tax year. The Company does not expect the change of control limitations to significantly impact our ability to utilize these attributes. Furthermore, the Company had an immaterial amount of non-refundable federal investment tax credits as of December 31, 2023 and 2022 in Canada, which are available to reduce future Canadian taxes and, if unused, begin to expire in 2035.

As of December 31, 2023 and 2022, the total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was not material.

Interest and penalties related to income tax matters are classified as a component of income tax expense and were immaterial for the years ended December 31, 2023, 2022 and 2021. Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months.

The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and in various international jurisdictions. The Company’s tax filings remain subject to audits by applicable tax authorities for a certain length of time following the tax year to which those filings relate. Tax years 2020 and forward generally remain open for examination for federal and state tax purposes. Tax years 2019 and forward generally remain open for examination for foreign tax purposes.

The Company has not recorded foreign withholding taxes or deferred income tax liabilities related to undistributed earnings of foreign operations of approximately $9.9 million and $7.1 million as of December 31, 2023 and 2022, respectively, since such earnings are considered permanently reinvested.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, Net - Schedule Of Property and Equipment, Net Based On Physical Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 1,558	$ 1,823
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	558	706
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 1,000	$ 1,117

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Goodwill by Reporting Units (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Goodwill [Line Items]

Beginning Balance

$ 131,851

$ 129,413

Goodwill acquired

^[1]

2,509

Foreign currency translation adjustments

(9)

(71)

Ending Balance

131,860

131,851

United States [Member]

Goodwill [Line Items]

Beginning Balance

131,028

128,519

Goodwill acquired

^[1]

2,509

Foreign currency translation adjustments

Ending Balance

131,028

Other [Member]

Goodwill [Line Items]

Beginning Balance

823

894

Goodwill acquired

^[1]

Foreign currency translation adjustments

(71)

Ending Balance

$ 832

$ 823

[1]	(1) The goodwill acquired in the year ended December 31, 2022 is related to the PROFIT acquisition.

- 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities

The composition of accrued liabilities is as follows (in thousands):


	December 31,		December 31,
	2023		2022
Payroll and employee-related expenses	$	15,455	$	9,214
Finance leases and other financing obligations		—		1,813
Other accrued liabilities		5,846		4,782
Total	$	21,301	$	15,809

Revenue Performance Obligations and Contract Balances - Summary of Disaggregation of Revenue from Contracts with Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 614,490	$ 497,001	$ 395,524
Payment Transaction Processing Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	606,595	490,377	390,703
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 7,895	$ 6,624	$ 4,821

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments for Non Cancellable Agreements

Future minimum payments under other non-cancellable agreements as of December 31, 2023 were as follows (in thousands):


	Future minimum payments
Year Ending December 31,
2024		8,362,170
2025		4,007,692
2026		1,022,097
		13,391,959

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 0.9	$ 1.2	$ 1.1

Revenue Performance Obligations and Contract Balances - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Reduction in revenue and related contract asset	$ 2,800	$ 2,100
Contract asset balance	7,676	9,661
Contract Liabilities	6,820	7,184
Contract liabilities	4,089	4,358
Remaining Performance Obligation, aggregate amount of transaction price	$ 6,800
Remaining Performance Obligation, percentage	14.00%
Expected revenue period	2 years
Fixed consideration related to the future minimum guarantees, contract amount	$ 44,700
Minimum [Member]
Disaggregation of Revenue [Line Items]
Remaining Performance Obligation, percentage	85.00%
Expected revenue period	2 years
Maximum [Member]
Disaggregation of Revenue [Line Items]
Expected revenue period	4 years
Prepaid Expenses and Other Current Assets [Member]
Disaggregation of Revenue [Line Items]
Contract asset balance	$ 2,893	2,732
Payment Transaction Processing Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract With Customer Liability	1,600	1,000
Other Long-Term Assets [Member]
Disaggregation of Revenue [Line Items]
Contract asset balance	$ 4,783	$ 6,929

Stock-Based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning	4,155,640
Options granted	0
Options exercised	(180,576)
Options forfeited	(41,054)
Options expired	(84,660)
Options Outstanding, Ending	3,849,350	4,155,640
Options Outstanding, Exercisable	3,735,052
Weighted Average Exercise Price, Beginning	$ 7.52
Weighted Average Exercise Price, Granted	0
Weighted Average Exercise Price, Exercised	3.41
Weighted Average Exercise Price, Forfeited	8.71
Weighted Average Exercise Price, Expired	0.03
Weighted Average Exercise Price, Ending	7.87	$ 7.52
Weighted Average Exercise Price, Exercisable	$ 7.84
Weighted Average Remaining Contractual Term (years)	5 years 21 days	5 years 10 months 13 days
Weighted Average Remaining Contractual Term (years), Exercisable	5 years 14 days
Aggregate Intrinsic Value, Beginning	$ 4,420
Aggregate Intrinsic Value, Ending	38,505	$ 4,420
Aggregate Intrinsic Value, Exercisable	$ 37,467

Net (Loss) Income Per Share Attributable to Common Stock - Schedule of Common Stock Equivalents Excluded from Income (Loss) Per Diluted Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0	5,335,115	0
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	1,055,467	996,256	0
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	417,132	456,602	0