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Revenue, Performance Obligations and Contract Balances - Summary of Disaggregation of Revenue from Contracts with Customer (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenue	$ 184,875	$ 148,328
Payment Transaction Processing Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	182,752	146,388
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 2,123	$ 1,940

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

6. Accrued Liabilities

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


	March 31,		December 31,
	2024		2023
Payroll and employee-related expenses	$	7,610	$	15,455
Other accrued liabilities		4,724		5,846
Total	$	12,334	$	21,301

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Goodwill by Reporting Units (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 131,860
Foreign currency translation adjustments	(10)
Ending Balance	131,850
United States
Goodwill [Line Items]
Beginning Balance	131,028
Foreign currency translation adjustments	0
Ending Balance	131,028
Other
Goodwill [Line Items]
Beginning Balance	832
Foreign currency translation adjustments	(10)
Ending Balance	$ 822

- 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
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company's Form 10-K for the year ended December 31, 2023 filed with the SEC on March 5, 2024 (the “2023 Form 10-K”). These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations and comprehensive income, changes in stockholders' equity and cash flows for the periods presented. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Principles of Consolidation	Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and balances have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed 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.
Custodial Accounts	Custodial Accounts The Company has established a relationship with its merchant processors to act as collection and paying agents, whereby a merchant processor receives funds from customers and forwards such funds to the respective Paymentus client, based on the instructions received from the Company. These merchant processors act as custodians of the cash received, and the Company has no legal ownership rights to the funds held in such custodial accounts and does not control the use of these funds. As the Company does not take ownership of the funds, these custodial accounts are not included in the Company’s consolidated balance sheets. The balance of cash in the custodial accounts held by these merchant processors was $427.7 million and $510.8 million as of March 31, 2024 and December 31, 2023, respectively.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers and resellers to the extent of the amounts recorded in the consolidated balance sheets. No customer accounted for more than 10% of revenue for either of the three months ended March 31, 2024 and 2023. As of December 31, 2023, one customer accounted for more than 10% of accounts receivable. As of March 31, 2024, no customer accounted for more than 10% of accounts receivable.
Segment Information	Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and assess performance. The Company has three operating segments based on geography. The United States segment represents the vast majority of the Company’s consolidated net sales and gross profit. The additional two operating segments, Canada and India, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. None of the operating segments qualified for aggregation. The Company’s CODM is its chief executive officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is presented on a consolidated basis. For information regarding the Company’s long-lived assets and revenue by geographic area, see Note 4 and Note 3, respectively.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 included in the 2023 Form 10-K. There have been no significant changes to these policies during the three months ended March 31, 2024.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Accounting 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 In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The amendments in ASU 2023-07 are effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Tax Disclosures", which 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 fiscal years beginning after December 15, 2024 for public companies. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Revenue, Performance Obligations and Contract Balances - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligation, aggregate amount of transaction price	$ 6.8
Remaining performance obligation, percentage	19.00%
Expected revenue period	2 years
Fixed consideration related to the future minimum guarantees, contract amount	$ 51.2
Reduction in revenue and related contract asset	$ 0.2	$ 0.7
Maximum [Member]
Disaggregation of Revenue [Line Items]
Expected revenue period	4 years
Minimum [Member]
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	75.00%
Expected revenue period	2 years
Payment Transaction Processing Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract With Customer Liability	$ 0.9	$ 0.7

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Payroll and employee-related expenses	$ 7,610	$ 15,455
Other accrued liabilities	4,724	5,846
Accrued liabilities	$ 12,334	$ 21,301

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for accounts and other receivables	$ 399	$ 435
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	21,744,165	20,758,603
Common stock, shares outstanding	21,744,165	20,758,603
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	102,381,811	103,062,508
Common stock, shares outstanding	102,381,811	103,062,508

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s option activity during the three months ended March 31, 2024 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, 2023		3,849,350		$	7.87		5.06	$	38,505
Options exercised		(67,746	)		1.44
Options forfeited		(1,333	)		8.66
Outstanding at March 31, 2024		3,780,271		$	7.98		4.85	$	55,817
Exercisable at March 31, 2024		3,732,980		$	7.97		4.83	$	55,161

No options were granted or expired during the three months ended March 31, 2024.

Summary of RSU Activity

A summary of the Company’s RSU activity during the three months ended March 31, 2024 was as follows:


				Weighted-
				Average
	Number of			Grant Date
	RSUs Outstanding			Fair Value
Awarded and unvested at December 31, 2023		1,946,006		$	12.74
Awards granted		995,548			19.20
Awards vested		(235,619	)		11.42
Awards forfeited		(25,580	)		9.89
Awarded and unvested at March 31, 2024		2,680,355		$	15.28

Summary of Stock Based Compensation Expense

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


	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue	$	51	$	45
Research and development		608		546
Sales and marketing		1,310		716
General and administrative		964		852
Total stock-based compensation	$	2,933	$	2,159

Property and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

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


	March 31,			December 31,
	2024			2023
Computer equipment	$	6,131		$	6,059
Furniture and fixtures		1,793			1,715
Leasehold improvements		390			396
Total property and equipment		8,314			8,170
Less: Accumulated depreciation		(6,739	)		(6,612	)
Property and equipment, net	$	1,575		$	1,558

Depreciation expense recorded for property and equipment was $0.2 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.

Long-lived assets include property and equipment, net. The geographic locations of the Company’s long-lived assets, net, based on physical location of the assets were as follows (in thousands):


	March 31,		December 31,
	2024		2023
United States	$	626	$	558
Other		949		1,000
Total	$	1,575	$	1,558

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	March 31,			December 31,
	2024			2023
Computer equipment	$	6,131		$	6,059
Furniture and fixtures		1,793			1,715
Leasehold improvements		390			396
Total property and equipment		8,314			8,170
Less: Accumulated depreciation		(6,739	)		(6,612	)
Property and equipment, net	$	1,575		$	1,558

Long-lived Assets by Geographic Areas

Long-lived assets include property and equipment, net. The geographic locations of the Company’s long-lived assets, net, based on physical location of the assets were as follows (in thousands):


	March 31,		December 31,
	2024		2023
United States	$	626	$	558
Other		949		1,000
Total	$	1,575	$	1,558

Revenue, Performance Obligations and Contract Balances - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 184,875	$ 148,328
United States
Disaggregation of Revenue [Line Items]
Revenue	181,301	145,557
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,574	$ 2,771

- 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

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company's Form 10-K for the year ended December 31, 2023 filed with the SEC on March 5, 2024 (the “2023 Form 10-K”).

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations and comprehensive income, changes in stockholders' equity and cash flows for the periods presented. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

Principles of Consolidation

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

Use of Estimates

The preparation of condensed 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.

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 $427.7 million and $510.8 million as of March 31, 2024 and December 31, 2023, respectively.

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 and resellers to the extent of the amounts recorded in the consolidated balance sheets. No customer accounted for more than 10% of revenue for either of the three months ended March 31, 2024 and 2023. As of December 31, 2023, one customer accounted for more than 10% of accounts receivable. As of March 31, 2024, no customer accounted for more than 10% of accounts receivable.

Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and assess performance. The Company has three operating segments based on geography. The United States segment represents the vast majority of the Company’s consolidated net sales and gross profit. The additional two operating segments, Canada and India, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. None of the operating segments qualified for aggregation. The Company’s CODM is its chief executive officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is presented on a consolidated basis. For information regarding the Company’s long-lived assets and revenue by geographic area, see Note 4 and Note 3, respectively.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 included in the 2023 Form 10-K. There have been no significant changes to these policies during the three months ended March 31, 2024.

Recently Adopted Accounting Standards

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

Accounting 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

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The amendments in ASU 2023-07 are effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09 "Income Tax Disclosures", which 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 fiscal years

beginning after December 15, 2024 for public companies. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,226	$ 704

- 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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combinations - Schedule Of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 131,850	$ 131,860

- Definition

+ References + Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 180,138	$ 179,361
Restricted cash and cash equivalents	4,014	3,834
Accounts and other receivables, net of allowance for expected credit losses of $399 and $435, respectively	84,178	76,389
Income tax receivable	20	259
Prepaid expenses and other current assets	11,293	10,505
Total current assets	279,643	270,348
Property and equipment, net	1,575	1,558
Capitalized internal-use software development costs, net	61,767	58,787
Intangible assets, net	25,137	27,158
Goodwill	131,850	131,860
Operating lease right-of-use assets	9,477	10,027
Deferred tax asset	91	94
Other long-term assets	4,435	5,031
Total assets	513,975	504,863
Current liabilities
Accounts payable	41,097	35,182
Accrued liabilities	12,334	21,301
Current portion of operating lease liabilities	1,966	1,853
Contract liabilities	4,097	4,089
Income tax payable	3,132	363
Total current liabilities	62,626	62,788
Deferred tax liability	1,159	1,067
Operating lease liabilities, less current portion	8,054	8,661
Contract liabilities, less current portion	2,752	2,731
Total liabilities	74,591	75,247
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively; none issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	380,357	377,773
Accumulated other comprehensive income	45	87
Retained earnings	58,970	51,744
Total stockholders’ equity	439,384	429,616
Total liabilities and stockholders' equity	513,975	504,863
Class A Common Stock [Member]
Stockholders’ equity
Common Stock, Value, Issued	2	2
Class B Common Stock [Member]
Stockholders’ equity
Common Stock, Value, Issued	$ 10	$ 10

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 184,875	$ 148,328
Cost of revenue	132,150	108,250
Gross profit	52,725	40,078
Operating expenses
Research and development	12,051	11,653
Sales and marketing	23,239	20,264
General and administrative	9,092	9,145
Total operating expenses	44,382	41,062
Income (loss) from operations	8,343	(984)
Other income (expense)
Interest income, net	2,186	1,440
Other non-recurring income	213	0
Foreign exchange gain (loss)	18	(8)
Income before income taxes	10,760	448
(Provision for) benefit from income taxes	(3,534)	256
Net income	$ 7,226	$ 704
Net income per share
Basic	$ 0.06	$ 0.01
Diluted	$ 0.06	$ 0.01
Weighted-average number of shares used to compute net income per share
Basic	123,945,778	123,289,584
Diluted	126,917,654	123,792,741
Net Income (Loss)	$ 7,226	$ 704
Foreign currency translation adjustments, net of tax	(42)	(7)
Comprehensive income	$ 7,184	$ 697

Geographic Information - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 1,575	$ 1,558
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	626	558
Other
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 949	$ 1,000

Net Income per Share Attributable to Common Stock

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income per Share Attributable to Common Stock

11. Net Income per Share Attributable to Common Stock

Basic net income per share attributable to common stock is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period.

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

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


	Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	7,226	$	704
Denominator:
Weighted-average shares of common stock — basic		123,945,778		123,289,584
Dilutive effect of stock options to purchase common stock		2,141,741		486,286
Dilutive effect of RSUs		754,844		16,871
Dilutive effect of warrants		75,291		—
Weighted-average shares of common stock — diluted		126,917,654		123,792,741
Net income per share
Basic	$	0.06	$	0.01
Diluted	$	0.06	$	0.01

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


	Three Months Ended March 31,
	2024		2023
Stock options to purchase common stock		—		3,594,345
RSUs		457,373		1,319,253
Warrants		448,881		588,173

Organization and Description of Business

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

1. Organization and Description of Business

Description of Business

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

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) Segment Customer	Mar. 31, 2023 Customer	Dec. 31, 2023 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment \| Segment	3
Cash in custodial account \| $	$ 427.7		$ 510.8
Number Of Customer	0	0
Revenue [Member] \| Customer Concentration Risk [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Summary Of Significant Accounting Policies [Line Items]
Number Of Customer	0		1
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Minimum [Member] \| One Customer [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%		10.00%

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company computes its tax provision for the three months ended March 31, 2024 by applying the estimated annual effective tax rate to year-to-date income from recurring operations and adjusting for discrete items arising in that quarter. The Company continues to record a valuation allowance against its net deferred tax assets (“DTA”) in the U.S. as it is not more likely than not to be realized given the significant tax deductions for stock-based compensation recognized in previous years that have created cumulative losses in recent years.

The Company’s effective tax rate for the three months ended March 31, 2024 and 2023 was 32.8% and (57.9)% respectively. The difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% in 2024 was primarily the result of permanent differences for disallowed stock-based compensation pursuant to IRC Section 162(m), state taxes and the impact of the full valuation allowance. In 2023, it was primarily the result of near break-even pre-tax income from operations, state taxes and the impact of the full valuation allowance and other permanent adjustments in addition to a return to provision benefit recorded in connection with a change in estimate of costs required to be capitalized under IRC Section 174.

- Definition

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

+ References

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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Goodwill, Internal-use Software Development Costs and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Line Items]
Capitalized internal-use software development costs	$ 9,276	$ 8,219
Amortization of Intangible Assets, Total	2,000	2,200
Computer Software, Intangible Asset [Member]
Goodwill [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	0	0
Software and Software Development Costs [Member]
Goodwill [Line Items]
Capitalized internal-use software development costs	9,300	8,100
Cost Of Revenue [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	4,000	2,700
Operating Expense [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	$ 2,300	$ 2,000

- 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

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2024	Mar. 31, 2023
Effective tax rate	32.80%	(57.90%)
Difference between effective tax rate and federal statutory rate	21.00%

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Intagible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 60,817	$ 60,908
Accumulated Amortization	(35,680)	(33,750)
Total future amortization expense	25,137	27,158
Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,832	21,845
Accumulated Amortization	(15,880)	(14,951)
Total future amortization expense	5,952	6,894
License
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,509	2,568
Accumulated Amortization	(2,509)	(2,568)
Total future amortization expense	0	0
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	31,989	32,006
Accumulated Amortization	(14,281)	(13,480)
Total future amortization expense	17,708	18,526
Software
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	449	451
Accumulated Amortization	(417)	(411)
Total future amortization expense	32	40
Trademark
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,038	4,038
Accumulated Amortization	(2,593)	(2,340)
Total future amortization expense	$ 1,445	$ 1,698

Revenue, Performance Obligations and Contract Balances - Summary of Contract Asset and Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Contract Assets
Total contract assets	$ 7,082	$ 7,676
Contract Liabilities
Contract liabilities	4,097	4,089
Contract liabilities, less current portion	2,752	2,731
Total contract liabilities	6,849	6,820
Prepaid Expenses and Other Current Assets [Member]
Contract Assets
Total contract assets	2,893	2,893
Other Long-term Assets [Member]
Contract Assets
Total contract assets	$ 4,189	$ 4,783

Net Income per Share Attributable to Common Stock (Tables)

3 Months Ended

Mar. 31, 2024

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


	Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	7,226	$	704
Denominator:
Weighted-average shares of common stock — basic		123,945,778		123,289,584
Dilutive effect of stock options to purchase common stock		2,141,741		486,286
Dilutive effect of RSUs		754,844		16,871
Dilutive effect of warrants		75,291		—
Weighted-average shares of common stock — diluted		126,917,654		123,792,741
Net income per share
Basic	$	0.06	$	0.01
Diluted	$	0.06	$	0.01

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


	Three Months Ended March 31,
	2024		2023
Stock options to purchase common stock		—		3,594,345
RSUs		457,373		1,319,253
Warrants		448,881		588,173

Stock-Based compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2,933	$ 2,159
Cost Of Revenue [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	51	45
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	608	546
Sales and Marketing [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,310	716
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 964	$ 852

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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+ Details

Goodwill, Internal-use Software Development Costs and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining 9 months)	$ 6,062
2025	6,620
2026	3,737
2027	3,269
2028	3,269
Thereafter	2,180
Total future amortization expense	$ 25,137	$ 27,158

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Other Commitments

The Company has entered into certain non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. Obligations under contracts that are cancellable or with remaining terms of 12 months or less are not included. There have been no material changes to the Company's contractual obligations or commitments outside of the ordinary course of business as compared to those described in the 2023 Form 10-K.

Legal Matters

The Company is involved from time to time in various claims and legal proceedings arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that, as of March 31, 2024, no current claims and legal proceedings will have a material adverse effect on its financial position, results of operations, or cash flows.

Indemnification

The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims due to the Company’s activities or

non-compliance with obligations or representations made by the Company. The Company seeks to limit, or cap, its indemnification exposure in its commercial and other contracts. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision.

Property and Equipment, Net - Schedule Of Property and Equipment, Net Based On Physical Location (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 1,575	$ 1,558
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	626	558
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 949	$ 1,000

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

3 Months Ended

Mar. 31, 2024

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, 2023	$	131,028	$	832		$	131,860
Foreign currency translation adjustments		—		(10	)		(10	)
Balance as of March 31, 2024	$	131,028	$	822		$	131,850

Summary of Intangible Assets

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


	March 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Technology	$	21,832	$	(15,880	)	$	5,952
License		2,509		(2,509	)		—
Customer relationship		31,989		(14,281	)		17,708
Software		449		(417	)		32
Trademark		4,038		(2,593	)		1,445
Total	$	60,817	$	(35,680	)	$	25,137


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

Schedule of Expected Future Amortization Expense

As of March 31, 2024, future expected amortization expense is as follows (in thousands):


Years Ending December 31,
2024 (remaining 9 months)		6,062
2025		6,620
2026		3,737
2027		3,269
2028		3,269
Thereafter		2,180
Total future amortization expense	$	25,137

- 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
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Other commitments, description	The Company has entered into certain non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. Obligations under contracts that are cancellable or with remaining terms of 12 months or less are not included. There have been no material changes to the Company's contractual obligations or commitments outside of the ordinary course of business as compared to those described in the 2023 Form 10-K.

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.2	$ 0.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Net Income per Share Attributable to Common Stock - Schedule of Common Stock Equivalents Excluded from Income (Loss) Per Diluted Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0	3,594,345
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	457,373	1,319,253
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	448,881	588,173

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 7,226	$ 704
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	8,537	7,239
Deferred income taxes	92	92
Stock-based compensation	2,933	2,159
Non-cash lease expense	506	462
Amortization of contract asset	451	696
Provision for (benefit from) expected credit losses	48	(239)
Other non-recurring income	(213)	0
Change in operating assets and liabilities
Accounts and other receivables	(7,850)	(8,333)
Prepaid expenses and other current and long-term assets	(993)	861
Accounts payable	5,793	3,297
Accrued liabilities	(8,166)	(2,749)
Operating lease liabilities	(446)	(469)
Contract liabilities	28	2,061
Income taxes receivable, net of payable	3,008	(1,018)
Net cash provided by operating activities	10,954	4,763
Cash flows from investing activities
Purchases of property and equipment	(116)	(67)
Purchase of interest-bearing deposits	(723)	0
Proceeds from matured interest-bearing deposits	602	0
Capitalized internal-use software development costs	(9,276)	(8,219)
Net cash used in investing activities	(9,513)	(8,286)
Cash flows from financing activities
Proceeds from exercise of stock-based awards	100	5
Settlement of holdback liability related to prior acquisitions	(506)	0
Payments on other financing obligations	0	(1,025)
Payments on finance leases	0	(102)
Net cash provided (used in) by financing activities	(406)	(1,122)
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash	(78)	(17)
Net increase (decrease) in cash, cash equivalents and Restricted cash	957	(4,662)
Cash, cash equivalents and restricted cash
Cash and cash equivalents and Restricted cash at beginning of period	183,195	149,685
Cash and cash equivalents and Restricted cash at end of period	184,152	145,023
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	434	616
Non-cash investing activities:
Property and equipment purchases in accounts payable	87	119
Software purchases in accounts payable	16	0
Right-of-use assets obtained in exchange of operating lease obligations	97	1,356
Cash and Cash Equivalents [Member]
Cash, cash equivalents and restricted cash
Cash and cash equivalents and Restricted cash at beginning of period	179,361	147,334
Cash and cash equivalents and Restricted cash at end of period	180,138	143,637
Restricted Cash [Member]
Cash, cash equivalents and restricted cash
Cash and cash equivalents and Restricted cash at beginning of period	3,834	2,351
Cash and cash equivalents and Restricted cash at end of period	$ 4,014	$ 1,386

Net Income per Share Attributable to Common Stock - Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income (Loss)	$ 7,226	$ 704
Denominator:
Weighter-average shares of common stock - basic	123,945,778	123,289,584
Dilutive effect of stock options to purchase common stock	2,141,741	486,286
Dilutive effect of RSUs	754,844	16,871
Dilutive effect of warrants	75,291	0
Weighter-average shares of common stock - diluted	126,917,654	123,792,741
Net income per share
Basic	$ 0.06	$ 0.01
Diluted	$ 0.06	$ 0.01

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities

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


	March 31,		December 31,
	2024		2023
Payroll and employee-related expenses	$	7,610	$	15,455
Other accrued liabilities		4,724		5,846
Total	$	12,334	$	21,301

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-In-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022	$ 397,179	$ 12	$ 367,767	$ 29,422	$ (22)
Beginning balance (in shares) at Dec. 31, 2022		123,241,173
Stock-based compensation	2,159		2,159
Issuance of Class A common stock for stock-based awards( value)	5		5
Issuance of Class A common stock for stock-based awards ( shares)		104,991
Other comprehensive income (loss)	(7)				(7)
Net Income (Loss)	704			704
Ending balance at Mar. 31, 2023	400,040	$ 12	369,931	30,126	(29)
Ending balance (in shares) at Mar. 31, 2023		123,346,164
Beginning balance at Dec. 31, 2023	429,616	$ 12	377,773	51,744	87
Beginning balance (in shares) at Dec. 31, 2023		123,821,111
Stock-based compensation	2,484		2,484
Issuance of Class A common stock for stock-based awards( value)	100		100
Issuance of Class A common stock for stock-based awards ( shares)		304,865
Other comprehensive income (loss)	(42)				(42)
Net Income (Loss)	7,226			7,226
Ending balance at Mar. 31, 2024	$ 439,384	$ 12	$ 380,357	$ 58,970	$ 45
Ending balance (in shares) at Mar. 31, 2024		124,125,976

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Equity - Additional Information (Details) - $ / shares	Mar. 31, 2024	Aug. 29, 2022	May 13, 2021
Class Of Stock [Line Items]
Common stock, par value		$ 10.1	$ 18.38
Warrant Issue		684,510	509,370
Warrant shares vested and exercisable			448,880
Fully Vested	620,008	171,128	382,027
Vesting of the Remaining Shares of the Warrant		513,382	127,343

- 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

Revenue, Performance Obligations and Contract Balances

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue, Performance Obligations and Contract Balances

3. Revenue, Performance Obligations and Contract Balances

Disaggregation of Revenue

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


	Three Months Ended March 31,
	2024		2023
Payment transaction processing revenue	$	182,752	$	146,388
Other		2,123	$	1,940
Total revenue	$	184,875	$	148,328

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


	Three Months Ended March 31,
	2024		2023
United States	$	181,301	$	145,557
Other		3,574		2,771
Total	$	184,875	$	148,328

Remaining Performance Obligations

As of March 31, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied was $6.8 million, of which the Company expects to recognize over 75% within the next two years, 19% between two to four years and the remainder thereafter. The timing of revenue recognition within the next four years is largely dependent upon the go-live dates of the Company's customers under the Company’s contracts.

As of March 31, 2024, the Company has contractual rights under its commercial agreements with customers and resellers to receive $51.2 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:


	March 31,		December 31,
	2024		2023
Contract Assets
Costs to fulfill (prepaid expenses and other current assets)	$	2,893	$	2,893
Costs to fulfill (other long-term assets)		4,189		4,783
Total contract assets	$	7,082	$	7,676
Contract Liabilities
Contract liabilities, Current	$	4,097	$	4,089
Contract liabilities, Non-current		2,752		2,731
Total contract liabilities	$	6,849	$	6,820

During the three months ended March 31, 2024 and 2023, the Company reduced revenue as a result of amortization of related contract assets by $0.2 million and $0.7 million, respectively.

Revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liabilities balance at the beginning of each of the periods was $0.9 million and $0.7 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

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+ Details

Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

8. Equity

Warrant

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 2021 initial public offering ("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 agreement”). Upon completion of the IPO, 382,027 of the warrant shares vested and were 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. As of March 31, 2024, 448,880 warrant shares were vested and exercisable under the May 2021 warrant agreement.

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 agreement”). Upon signing the August 2022 warrant agreement, 171,128 of the warrant shares vested and were 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. As of March 31, 2024 there were no additional warrant shares vested under the August 2022 warrant agreement.

As of March 31, 2024, an aggregate of 620,008 warrants had vested and were exercisable under the outstanding warrant agreements.

The Company accounts for the consideration payable in the form of warrants to its vendor as share based compensation expense. The warrant fair value was determined using the Black-Scholes pricing model in accordance with ASC 718, Compensation-Stock Compensation.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Stock-Based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning	3,849,350
Options exercised	(67,746)
Options forfeited	(1,333)
Options Outstanding, Ending	3,780,271	3,849,350
Options Outstanding, Exercisable	3,732,980
Weighted Average Exercise Price, Beginning	$ 7.87
Weighted Average Exercise Price, Exercised	1.44
Weighted Average Exercise Price, Forfeited	8.66
Weighted Average Exercise Price, Ending	7.98	$ 7.87
Weighted Average Exercise Price, Exercisable	$ 7.97
Weighted Average Remaining Contractual Term (years)	4 years 10 months 6 days	5 years 21 days
Weighted Average Remaining Contractual Term (years), Exercisable	4 years 9 months 29 days
Aggregate Intrinsic Value, Beginning	$ 38,505
Aggregate Intrinsic Value, Ending	55,817	$ 38,505
Aggregate Intrinsic Value, Exercisable	$ 55,161

Stock Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awarded and unvested, Beginning Balance \| shares \| shares	1,946,006
Awards, Granted \| shares \| shares	995,548
Awards, Vested \| shares \| shares	(235,619)
Awards,Forfeited \| shares \| shares	(25,580)
Awarded and unvested, Ending Balance \| shares \| shares	2,680,355
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance \| $ / shares \| $ / shares	$ 12.74
Weighted Average Grant-Date Fair Value, Granted \| $ / shares \| $ / shares	19.2
Weighted Average Grant-Date Fair Value, Vested \| $ / shares \| $ / shares	11.42
Weighted Average Grant-Date Fair Value, Forfeited \| $ / shares \| $ / shares	9.89
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance \| $ / shares \| $ / shares	$ 15.28

Geographic Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Revenue by Geographic Area

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


	Three Months Ended March 31,
	2024		2023
United States	$	181,301	$	145,557
Other		3,574		2,771
Total	$	184,875	$	148,328

Long-lived Assets by Geographic Areas

Long-lived assets include property and equipment, net. The geographic locations of the Company’s long-lived assets, net, based on physical location of the assets were as follows (in thousands):


	March 31,		December 31,
	2024		2023
United States	$	626	$	558
Other		949		1,000
Total	$	1,575	$	1,558

Geographic Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 184,875	$ 148,328
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 181,301	$ 145,557

- Definition

+ References

+ Details

Revenue, Performance Obligations and Contract Balances (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue

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


	Three Months Ended March 31,
	2024		2023
Payment transaction processing revenue	$	182,752	$	146,388
Other		2,123	$	1,940
Total revenue	$	184,875	$	148,328

Summary of Revenue by Geographic Area

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


	Three Months Ended March 31,
	2024		2023
United States	$	181,301	$	145,557
Other		3,574		2,771
Total	$	184,875	$	148,328

Summary of Contract Asset and Liability

Contract balances consist of the following:


	March 31,		December 31,
	2024		2023
Contract Assets
Costs to fulfill (prepaid expenses and other current assets)	$	2,893	$	2,893
Costs to fulfill (other long-term assets)		4,189		4,783
Total contract assets	$	7,082	$	7,676
Contract Liabilities
Contract liabilities, Current	$	4,097	$	4,089
Contract liabilities, Non-current		2,752		2,731
Total contract liabilities	$	6,849	$	6,820

Stock-Based compensation - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2021	Mar. 31, 2024	Jan. 01, 2024	Dec. 31, 2021
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 38.5
Total unrecognized compensation cost, recognition period		3 years 9 months 18 days
RSUs vested		235,619
Class A Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance			5,000,000
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		$ 0.1
Total unrecognized compensation cost, recognition period		1 year 4 months 24 days
Equity Incentive Plan [Member] \| Class A Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance	10,459,000
Options granted in period	7,563,990
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance		21,700,000

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. 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 ("IRC"), 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, 2024, pursuant to the Evergreen Addition, approximately 5.0 million shares of Class A common stock were added to the 2021 Plan issuance reserve. At March 31, 2024, there were approximately 21.7 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 three months ended March 31, 2024 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, 2023		3,849,350		$	7.87		5.06	$	38,505
Options exercised		(67,746	)		1.44
Options forfeited		(1,333	)		8.66
Outstanding at March 31, 2024		3,780,271		$	7.98		4.85	$	55,817
Exercisable at March 31, 2024		3,732,980		$	7.97		4.83	$	55,161

No options were granted or expired during the three months ended March 31, 2024. Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of the Company’s common stock.

Restricted Stock Units (“RSUs”)

A summary of the Company’s RSU activity during the three months ended March 31, 2024 was as follows:


				Weighted-
				Average
	Number of			Grant Date
	RSUs Outstanding			Fair Value
Awarded and unvested at December 31, 2023		1,946,006		$	12.74
Awards granted		995,548			19.20
Awards vested		(235,619	)		11.42
Awards forfeited		(25,580	)		9.89
Awarded and unvested at March 31, 2024		2,680,355		$	15.28

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 condensed consolidated statements of operations was as follows:


	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue	$	51	$	45
Research and development		608		546
Sales and marketing		1,310		716
General and administrative		964		852
Total stock-based compensation	$	2,933	$	2,159

At March 31, 2024, there was $0.1 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 1.4 years.

At March 31, 2024, there was $38.5 million of total unrecognized compensation cost related to unvested RSUs granted under the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 3.8 years.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 8,314	$ 8,170
Less: Accumulated depreciation	(6,739)	(6,612)
Property and equipment, net	1,575	1,558
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	6,131	6,059
Furniture And Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	1,793	1,715
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 390	$ 396

Goodwill, Internal-use Software Development Costs and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Internal-use Software Development Costs and Intangible Assets

5. 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, 2023	$	131,028	$	832		$	131,860
Foreign currency translation adjustments		—		(10	)		(10	)
Balance as of March 31, 2024	$	131,028	$	822		$	131,850

Internal-use Software Development Costs

During the three months ended March 31, 2024 and 2023, the Company capitalized $9.3 million and $8.1 million in software development and implementation costs, respectively.

During the three months ended March 31, 2024 and 2023, the Company recorded $4.0 million and $2.7 million of amortization expense in cost of revenue, respectively, and $2.3 million and $2.0 million of amortization expense in operating expenses, respectively.

Intangible Assets

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


	March 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Technology	$	21,832	$	(15,880	)	$	5,952
License		2,509		(2,509	)		—
Customer relationship		31,989		(14,281	)		17,708
Software		449		(417	)		32
Trademark		4,038		(2,593	)		1,445
Total	$	60,817	$	(35,680	)	$	25,137


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

Amortization expense of intangible assets was $2.0 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, future expected amortization expense is as follows (in thousands):


Years Ending December 31,
2024 (remaining 9 months)		6,062
2025		6,620
2026		3,737
2027		3,269
2028		3,269
Thereafter		2,180
Total future amortization expense	$	25,137

There were no impairments of goodwill, internal-use software development costs or intangible assets in the three months ended March 31, 2024 and 2023.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Paymentus Holdings, Inc.
Entity Central Index Key	0001841156
Entity File Number	001-40429
Entity Tax Identification Number	45-3188251
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	11605 North Community House Road
Entity Address Address Line2	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 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
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		21,905,543
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		102,266,586