0000950170-25-036566 | 10-K | XBRL Viewer

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Stock-Based compensation - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2024	Jan. 01, 2023	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted in period		0	0
Aggregate intrinsic value		$ 7.1	$ 1.6
Options exercised		312,643
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 29.1
Total unrecognized compensation cost, recognition period		3 years 2 months 12 days
RSUs vested		701,029
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		$ 0.1
Total unrecognized compensation cost, recognition period		10 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
Two Thousand Twenty One Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance		21,800,000

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 49,116	$ 21,225	$ (4,579)
Foreign	4,828	3,899	3,271
Income (loss) before income taxes	$ 53,944	$ 25,124	$ (1,308)

- 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

+ Details

Prepaid expenses and other assets - Schedule of Prepaid expenses and other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses	$ 6,584	$ 5,996
Contract acquisition costs	6,657	7,679
Other assets	2,832	1,861
Total prepaid expenses and other assets	16,073	15,536
Prepaid expenses and other assets current	13,058	10,505
Prepaid expenses and other assets, less current portion	3,015	5,031
Total prepaid expenses and other assets:	$ 16,073	$ 15,536

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Stock [Member]	Common Stock [Member] Common Class A [Member]	Additional Paid-In-Capital [Member]	Additional Paid-In-Capital [Member] Common Class A [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Beginning balance at Dec. 31, 2021	$ 386,132		$ 12		$ 356,017		$ 29,935	$ 168
Beginning balance (in shares) at Dec. 31, 2021			120,639,161
Issuance of warrant	3,478				3,478
Change in estimate of warrants expected to vest	46				46
Stock-based compensation	6,736				6,736
Issuance of Class A common stock for stock-based awards (value)		$ 1,490				$ 1,490
Issuance of Class A common stock for stock-based awards (share)				2,602,012
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
Stock-based compensation	9,390				9,390
Issuance of Class A common stock for stock-based awards (value)		616				616
Issuance of Class A common stock for stock-based awards (share)				579,938
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
Change in estimate of warrants expected to vest	803				803
Stock-based compensation	10,990				10,990
Issuance of Class A common stock for stock-based awards (value)		$ 338				$ 338
Issuance of Class A common stock for stock-based awards (share)				1,015,172
Other comprehensive income (loss)	(320)							(320)
Net Income (Loss)	44,169						44,169
Ending balance at Dec. 31, 2024	$ 485,596		$ 12		$ 389,904		$ 95,913	$ (233)
Ending balance (in shares) at Dec. 31, 2024			124,836,283

- Definition

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

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- Definition

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

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+ Details

Net Income (Loss) Per Share Attributable to Common Stock

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stock

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

Basic net income (loss) per share attributable to common stock is computed by 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,
	2024		2023		2022
Numerator:
Net income (loss)	$	44,169	$	22,322	$	(513	)
Denominator:
Weighted-average shares of common stock — basic		124,372,031		123,511,608		122,099,437
Dilutive effect of stock options		2,323,355		1,262,918		—
Dilutive effect of RSUs		850,024		271,754		—
Dilutive effect of warrants		169,212		25,549		—
Weighted-average shares of common stock — diluted		127,714,622		125,071,829		122,099,437
Net income per share
Basic	$	0.36	$	0.18	$	--
Diluted	$	0.35	$	0.18	$	--

The following table summarizes 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 for the respective year:


	Year Ended December 31,
	2024		2023		2022
Stock options		—		—		5,335,115
RSUs		171,101		1,055,467		996,256
Warrants		—		417,132		456,602

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities

The composition of accrued liabilities is as follows:


	December 31,		December 31,
	2024		2023
	(in thousands)
Payroll and employee-related expenses	$	16,650	$	15,455
Other accrued liabilities		9,812		5,846
Total	$	26,462	$	21,301

Other accrued liabilities consist of professional services, insurance and legal accruals, acquisition-related holdback liability, obligations related to agency commissions and refunds, as well as other miscellaneous accruals.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 284	$ 2,454
Change in Deferred Tax Assets Valuation Allowance	1,800
Undistributed earnings of foreign operations	13,000	$ 9,900
State
Operating Loss Carryforwards [Line Items]
Net operating losses	7,200
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 400

Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

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

Warrants granted, vested and exercisable by period, and unvested under outstanding JPMC warrant agreements are shown below:


	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	n/a			15,917
December 31, 2022		19,101		—		19,101
December 31, 2023		31,835		—		31,835
December 31, 2024		60,490		4,776		65,266
Total vested and exercisable		509,370		175,904		685,274
Unvested at December 31, 2024	$	—	$	508,606	$	508,606

Revenue Performance Obligations and Contract Balances - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Reserve for credit adjustments balance included in accounts receivable	$ 257	$ 435
Remaining Performance Obligation, aggregate amount of transaction price	$ 5,700
Remaining Performance Obligation, percentage	21.00%
Expected revenue period	2 years
Fixed consideration related to the future minimum guarantees, contract amount	$ 75,500
Minimum [Member]
Disaggregation of Revenue [Line Items]
Remaining Performance Obligation, percentage	72.00%
Expected revenue period	2 years
Maximum [Member]
Disaggregation of Revenue [Line Items]
Expected revenue period	4 years
ASC 606 [Member]
Disaggregation of Revenue [Line Items]
Reserve for credit adjustments balance included in accounts receivable	$ 1,000	200
Payment Transaction Processing Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract With Customer Liability	$ 3,900	$ 1,600

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 were as follows (in thousands):


	Future minimum payments
Year Ending December 31,
2025		7,716
2026		2,701
2027		526
		10,943

Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

9. Accrued Liabilities

The composition of accrued liabilities is as follows:


	December 31,		December 31,
	2024		2023
	(in thousands)
Payroll and employee-related expenses	$	16,650	$	15,455
Other accrued liabilities		9,812		5,846
Total	$	26,462	$	21,301

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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.
Contributions under plan	$ 1.6	$ 1.4	$ 1.2

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Revenues from External Customers and Long-Lived Assets [Line Items]

Summary of Long-lived Assets by Geographic Areas

The table below summarizes long-lived assets based on its geographical area:


	December 31,		December 31,
	2024		2023
	(in thousands)
USA	$	450	$	558
Other		707		1,000
Total	$	1,157	$	1,558

Revenue and Sales Segment [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

Summary of Segment Gross Profit Including Revenue and Cost of Sales

The table below summarizes segment Gross Profit, including Revenue and Cost of sales (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenue
USA	$	856,374	$	603,120	$	487,084
Other		15,371		11,370		9,917
Total Revenue	$	871,745	$	614,490	$	497,001

Cost of revenue
USA	$	625,405	$	426,488	$	342,275
Other		8,170		5,660		5,048
Total Cost of revenue	$	633,575	$	432,148	$	347,323

Gross profit
USA	$	230,969	$	176,632	$	144,809
Other		7,201		5,710		4,869
Total Gross profit(1)	$	238,170	$	182,342	$	149,678

(1) Total Gross profit to income before income taxes is reconciled in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

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


	Year Ended December 31,
	2024		2023		2022
United States	$	49,116	$	21,225	$	(4,579	)
Foreign		4,828		3,899		3,271
Total	$	53,944	$	25,124	$	(1,308	)

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


	Year Ended December 31,
	2024			2023		2022
Current:
Domestic	$	9,983		$	1,327	$	1,303
Foreign		1,139			1,061		875
Total		11,122			2,388		2,178
Deferred:
Domestic		(1,331	)		388		(3,020	)
Foreign		(16	)		26		47
Total		(1,347	)		414		(2,973	)
Provision for income taxes	$	9,775		$	2,802	$	(795	)

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:


	Year Ended December 31,
	2024			2023			2022
Federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes		4.4	%		6.0	%		(40.0	)%
Non-deductible executive compensation		2.8	%		2.5	%		(32.4	)%
Other permanent differences		0.2	%		0.4	%		(8.3	)%
Excess tax benefit on stock-based compensation		(6.1	)%		—	%		675.6	%
Difference in prior year tax filings from provision		(0.2	)%		1.1	%		(22.6	)%
Foreign tax rate differences		0.1	%		0.3	%		0.1	%
Valuation Allowance		(4.0	)%		(21.3	)%		(542.8	)%
R&D Credits		(0.9	)%		(0.4	)%		—	%
Other		0.8	%		1.6	%		10.2	%
		18.1	%		11.2	%		60.8	%

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, 2024 and 2023 were as follows (in thousands):


	December 31,			December 31,
	2024			2023
Deferred tax assets:
Stock-based compensation and other payroll related accruals	$	4,298		$	3,927
Federal and state net operating losses		410			1,531
Foreign tax credit		284			1,238
Operating lease liabilities		3,054			3,752
Fixed assets		161			103
Intangible assets		2,975			1,678
Other		1,996			768
Total deferred tax assets		13,178			12,997
Valuation allowance		(284	)		(2,454	)
Net deferred tax assets	$	12,894		$	10,543
Deferred tax liabilities:
Goodwill		(7,365	)		(5,418	)
Capitalized research and development costs and capitalized internal-use software development costs		(2,231	)		(2,466	)
Operating lease right-of-use assets		(2,850	)		(3,558	)
Foregone foreign tax credit		(81	)		(74	)
Total deferred tax liabilities		(12,527	)		(11,516	)
Net deferred tax assets (liabilities)	$	367		$	(973	)

Reported as:
Deferred tax asset (non-current)	$	367		$	94
Deferred tax liability (non-current)		—			(1,067	)
Net deferred tax assets (liabilities)	$	367		$	(973	)

The Company had a valuation allowance of $0.3 million and $2.5 million as of December 31, 2024 and 2023, respectively. During the third quarter of 2024, given demonstrated profitability net of permanent adjustments resulting in cumulative income in recent years and other positive factors including the utilization of federal net operating losses and continued forecasted profitability, the Company determined to release its valuation allowance against most US deferred tax assets, resulting in a discrete benefit during 2024 of $1.8 million. The Company retains a valuation allowance against certain foreign tax credits that are not more likely than not to be utilized.

As of December 31, 2024, the Company had $0.4 million of federal and $7.2 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 2032.

As of December 31, 2024 and 2023, 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, 2024, 2023, and 2022. Although it is possible that certain unrecognized tax benefits may increase or decrease within the next 12 months, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. As of December 31, 2024, the Company is subject to ongoing examinations in various jurisdictions, but is not aware of any potential tax liabilities associated with the ongoing audits.

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 2021 and forward generally remain open for examination for federal and state tax purposes. Tax years 2020 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 $13.0 million and $9.9 million as of December 31, 2024 and 2023, respectively, since such earnings are considered permanently reinvested.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 231
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12C
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue Performance Obligations and Contract Balances

12 Months Ended

Dec. 31, 2024

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 reseller and 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.

The Company also evaluates and establishes a reserve for expected revenue reversals at the time revenue is recognized if it is probable that credit adjustments will occur and the amount can be reasonably estimated. The reserve is recorded as a reduction to revenue in the period the related revenue is recognized. The reserve amount is determined based on historical credit adjustment trends, customer-specific information, and other relevant factors. Accounts receivable included reserve balance of $1.0 million and $0.2 million for credit adjustments as of December 31, 2024, and 2023, respectively.

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,
	2024		2023		2022

Payment transaction processing revenue	$	861,736	$	606,595	$	490,377
Other		10,009		7,895		6,624
Total revenue	$	871,745	$	614,490	$	497,001

Remaining Performance Obligations

As of December 31, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied was $5.7 million, which the Company expects to recognize over 72% within the next two years, 21% 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, 2024, the Company has contractual rights under its commercial agreements to receive $75.5 million of fixed consideration related to the future minimum guarantees through 2029. 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 Liabilities

Contract liabilities consist of the following:


	December 31,		December 31,
	2024		2023
	(in thousands)
Contract Liabilities:
Current	$	2,937	$	4,089
Non-current		2,783		2,731
Total contract liabilities	$	5,720	$	6,820

Revenue recognized during the year ended December 31, 2024 and 2023 that was included in the contract liabilities balance at the beginning of each of the periods was $3.9 million and $1.6 million, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-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
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-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s option activity during the year ended December 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		(312,643	)		1.08
Options forfeited		(2,604	)		8.66
Outstanding at December 31, 2024		3,534,103		$	8.47		4.26	$	85,525
Exercisable at December 31, 2024		3,513,856		$	8.47		4.25	$	85,046

Summary of RSU Activity

A summary of the Company’s RSU activity during the year ended December 31, 2024 was as follows:


				Weighted-
				Average
	RSUs			Grant Date
	Outstanding			Fair Value
Awarded and unvested at December 31, 2023		1,946,006		$	12.74
Awards granted		1,047,722			19.24
Awards vested		(701,029	)		12.89
Awards forfeited		(196,531	)		11.89
Awarded and unvested at December 31, 2024		2,096,168		$	16.01

Summary of Stock Based Compensation Expense

Stock-based compensation expense (including amortization of capitalized warrants cost for 2024 - see note 12) included in the consolidated statements of operations was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Cost of revenue	$	251	$	156	$	—
Research and development		3,100		1,990		1,647
Sales and marketing		5,639		2,808		1,736
General and administrative		3,865		4,436		3,353
Total stock-based compensation	$	12,855	$	9,390	$	6,736

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

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

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 reviews financial information presented on a consolidated basis for purposes of making operating decision and allocating resources but 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 as the business is managed on a consolidated basis. All other financial information is presented on a consolidated basis. See Note 11 for additional information.

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 1.1% of total revenue for the year ended December 31, 2024 and 1.3% for each of the years ended December 31, 2023 and 2022.

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 non-refundable 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. For the years ended December 31, 2024 and 2023, the Company had capitalized sales commissions of $1.8 million and $1.0 million, respectively. As of December 31, 2024 and 2023, unamortized sales commissions were $2.1 million and $1.2 million, respectively, which are included in prepaid expenses and other assets in the consolidated balance sheets. 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.

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.

The fair value of the warrant agreements with a reseller/vendor and customer or their affiliates, which was considered to be cost to obtain contracts with customers, was recognized as an asset. The fair value of the warrants was estimated on the grant date. The grant date fair value is determined using the Black-Scholes option pricing model, in accordance with ASC 718, Compensation-Stock Compensation, incorporating the Company's expectations regarding the number of warrants expected to vest in accordance with the warrant agreements. The Company accounts for consideration payable in the form of warrants as share-based compensation expense. Consideration payable to a customer or their affiliate was recorded as a reduction of the transaction price, thereby reducing revenue, following the guidance in ASC 606, while consideration payable to a reseller/vendor or their affiliate is recorded as an operating expense within sales and marketing expenses in the consolidated statements of operations.

As of December 31, 2024 and 2023, unamortized warrants cost of $3.3 million and $4.5 million, respectively, were included in prepaid expenses and other assets in the consolidated balance sheets. For further details on warrant agreements, refer to Note 12 in the consolidated financial statements.

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 data center 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 $0.8 million, $1.3 million and $2.0 million for the years ended December 31, 2024, 2023 and 2022, 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 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. For further details on the recognition and presentation of stock-based compensation expense, please refer to Note 13 in the consolidated financial statements.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original 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 $147.2 million and $510.8 million as of December 31, 2024 and 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 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, 2024, 2023 and 2022. One reseller accounted for more than 10% of accounts receivable for both December 31, 2024 and 2023.

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.

Due to their short maturities, the amounts reported on the consolidated balance sheet for accounts receivable, term deposits (recorded as prepaid expenses and other current assets and classified as Level 2 instrument), and accounts payable closely approximate their fair values.

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. Provisions are established for outstanding balances on the basis of their age and the Company's assessment of their recoverability. 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. As of December 31, 2024, and 2023, accounts receivable included rebate receivables of $6.7 million and $5.5 million, respectively, related to interchange and processing fees.

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, 2024 using a qualitative assessment. The Company did not recognize any impairment of goodwill during the years ended December 31, 2024 or 2023.

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 3 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.

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.

On January 1, 2024, the Company adopted ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures, which requires public entities to provide disclosures of significant segment expenses and other segment items. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually and also applies to public entities with a single reportable segment. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. The Company adopted this standard which is effective beginning with our 2024 fiscal year Form 10-K, and it has been applied to all prior periods presented in the Consolidated Financial Statements. See Note 11 for additional information.

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.

On November 4, 2024, the FASB issued new guidance requiring additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), applies to all public business entities (PBEs) and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The adoption of ASU 2024-03 is not expected to have a material impact on the Company's financial position or results of operations.

Revenue Performance Obligations and Contract Balances - Summary of Contract Asset and Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 2,937	$ 4,089
Non-current	2,783	2,731
Total contract liabilities	$ 5,720	$ 6,820

- 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 - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 12,855	$ 9,390	$ 6,736
Cost Of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	251	156	0
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	3,100	1,990	1,647
Sales and Marketing [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	5,639	2,808	1,736
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 3,865	$ 4,436	$ 3,353

- 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
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+ Details

Leases - Additional Information (Details)	Dec. 31, 2024	Dec. 31, 2023
Lessee Lease Description [Line Items]
Operating lease, remaining lease term	4 years 7 months 6 days	5 years 6 months
Lease discount rate	3.80%	3.70%
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

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

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,
	2024			2023
	(in thousands)
Computer equipment	$	6,178		$	6,059
Furniture and fixtures		1,724			1,715
Leasehold improvements		375			396
Total property and equipment		8,277			8,170
Less: Accumulated depreciation		(7,120	)		(6,612	)
Property and equipment, net	$	1,157		$	1,558

Depreciation expense recorded for property and equipment was $0.8 million, $0.9 million and $1.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Business Combinations - Schedule Of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 19, 2022
Business Acquisition [Line Items]
Goodwill	$ 131,815	$ 131,860	$ 131,851
PROFIT Financial, Inc. [Member]
Business Acquisition [Line Items]
Cash				$ 261
Intangible assets				1,873
Goodwill				2,509
Deferred taxes				(382)
Total				$ 4,261

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Cost

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


	Year Ended December 31,
	2024		2023		2022
Lease costs:
Finance lease costs:
Amortization of right-of-use-assets		—		66		268
Interest on lease liabilities		—		—		8
Total finance lease costs		—		66		276
Operating lease costs	$	2,389	$	2,150	$	2,460
Short-term lease costs		631		707		972
Total lease costs	$	3,020	$	2,923	$	3,708

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,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	2,361	$	2,152	$	2,103
Operating cash flows for finance leases		—		—		8
Financing cash flows for finance leases		—		102		268
Right-of-use assets obtained in exchange of operating lease obligations	$	467	$	2,132	$	3,938

The total remaining lease payments under non-cancelable operating leases as of December 31, 2024 were as follows (in thousands):

Summary of Remaining Lease Payments under Non-Cancelable Operating Leases


Year Ending December 31,
2025		2,424
2026		2,395
2027		1,438
2028		1,021
2029		832
Thereafter		936
Total minimum lease payments including interest	$	9,046
Less imputed interest		(638	)
Total lease liabilities	$	8,408

As of December 31, 2024, and 2023, the weighted-average remaining lease term and discount rate for the Company’s operating leases were 4.6 years and 3.8%, and 5.5 years and 3.7%, respectively.

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Aug. 29, 2022	May 13, 2021
Class Of Stock [Line Items]
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.
Issue of warrant			684,510	509,370
Fully Vested			171,128	382,027
Vesting of the Remaining Shares of the Warrant			513,382	127,343
May 2021 Warrant Agreement [Member]
Class Of Stock [Line Items]
Vested And Exercisable	509,370	448,880
August 2022 Warrant Agreement [Member]
Class Of Stock [Line Items]
Vested And Exercisable	175,904	171,128
Warrants [Member]
Class Of Stock [Line Items]
Vested And Exercisable	685,274
Equity, Increase	$ 0.8
Warrants [Member] \| May 2021 Warrant Agreement [Member]
Class Of Stock [Line Items]
Vested And Exercisable	509,370
Warrants [Member] \| August 2022 Warrant Agreement [Member]
Class Of Stock [Line Items]
Vested And Exercisable	175,904
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	32,136,989	20,758,603
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	92,699,294	103,062,508
Undesignated Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized	5,000,000
Preferred stock, par value	$ 0.0001

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Allowance for accounts and other receivables	$ 257	$ 435
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	32,136,989	20,758,603
Common stock, shares outstanding	32,136,989	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	92,699,294	103,062,508
Common stock, shares outstanding	92,699,294	103,062,508

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

12 Months Ended

Dec. 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, 2022	$	131,028	$	823		$	131,851
Foreign currency translation adjustments		—		9			9
Balance as of December 31, 2023	$	131,028	$	832		$	131,860
Foreign currency translation adjustments		—		(45	)		(45	)
Balance as of December 31, 2024	$	131,028	$	787		$	131,815

Schedule of Amortization expense

Amortization expense included in the consolidated statements of operations was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cost of revenue	$	17,911	$	13,341	$	8,761
Research and development		9,675		8,008		5,860
Total	$	27,586	$	21,349	$	14,621

Summary of Intangible Assets

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


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
Technology	$	21,798	$	(18,675	)	$	3,123		4.0
Customer relationship		31,946		(16,689	)		15,257		8.0
Software and license		2,797		(2,789	)		8		3.0
Trademark		4,038		(3,350	)		688		4.0
Total	$	60,579	$	(41,503	)	$	19,076


	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
Customer relationship		32,006		(13,480	)		18,526		8.0
Software and license		3,019		(2,979	)		40		3.0
Trademark		4,038		(2,340	)		1,698		4.0
Total	$	60,908	$	(33,750	)	$	27,158

Schedule of Expected Future Amortization Expense

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


Years Ending December 31,
2025	$	6,620
2026		3,738
2027		3,269
2028		3,269
2029		2,180
Total future amortization expense	$	19,076

- Definition

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

+ References

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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

11. Segment Reporting

The Company conducts business in three operating segments based on geography. Based on quantitative criteria, it identifies the United States of America (“USA”) as its sole reporting segment. The USA segment is the primary driver of the Company’s consolidated revenues and represents the majority of its total consolidated assets. "Other" includes operations in Canada and India. The accounting policies of the segment are the same as those described in Note 2.

The table below summarizes segment Gross Profit, including Revenue and Cost of sales (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenue
USA	$	856,374	$	603,120	$	487,084
Other		15,371		11,370		9,917
Total Revenue	$	871,745	$	614,490	$	497,001

Cost of revenue
USA	$	625,405	$	426,488	$	342,275
Other		8,170		5,660		5,048
Total Cost of revenue	$	633,575	$	432,148	$	347,323

Gross profit
USA	$	230,969	$	176,632	$	144,809
Other		7,201		5,710		4,869
Total Gross profit(1)	$	238,170	$	182,342	$	149,678

(1) Total Gross profit to income before income taxes is reconciled in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The CODM is provided with consolidated information on other operating expenses including sales and marketing, research and development, general and administrative expenses, as well as interest income and other expenses. There are no other significant expense categories regularly provided to the CODM beyond those disclosed in the Consolidated Statements of Operations. There are no intra-entity sales or transfers. The CODM manages the business using consolidated expense information, as well as regularly provided budgeted or forecasted revenue, cost of revenue and operating expenses information on a consolidated basis. Assets provided to the CODM are consistent with those reported on the Consolidated

Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash and accounts receivable and reduced by current liabilities.

The Company's long lived assets primarily consist of computer equipment and furniture. The table below summarizes long-lived assets based on its geographical area:


	December 31,		December 31,
	2024		2023
	(in thousands)
USA	$	450	$	558
Other		707		1,000
Total	$	1,157	$	1,558

- Definition

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

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. 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.

Future minimum payments under other non-cancellable agreements as of December 31, 2024 were as follows (in thousands):


	Future minimum payments
Year Ending December 31,
2025		7,716
2026		2,701
2027		526
		10,943

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 $1.6, $1.4 and $1.2 million of matching contributions to the two retirement plans for the years ended December 31, 2024, 2023 and 2022, respectively.

Legal Matters

From time to time, the Company is subject to or otherwise involved in various lawsuits, claims and legal proceedings that arise out of or are incidental to the conduct of our business, including those relating to employment matters, and contractual and other commercial disputes. The Company records a liability in its consolidated financial statements for these

matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and records an accrued liability. Accrued liabilities related to legal matters are included within other accrued liabilities in Note 9. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that, as of December 31, 2024, except for estimated liabilities recorded in the consolidated financial statements, no current claims and legal proceedings are expected to 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 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.

Business Combinations - Schedule Of Fair Values And Estimated Useful Lives Of Intangible Assets (Details) - PROFIT Financial, Inc. [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 1,873
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 1,828
Estimated useful life	4 years
Brand [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 45
Estimated useful life	4 years

Business Combinations (Tables) - PROFIT Financial, Inc. [Member]

12 Months Ended

Dec. 31, 2024

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

Equity - Schedule Of warrants had vested and were exercisable under the outstanding warrant agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Options granted	0	0
Vested upon issuance	553,155
Warrants [Member]
Class of Stock [Line Items]
Options granted	1,193,880
Vested upon issuance	65,266	31,835	19,101	15,917
Vested And Exercisable	685,274
Unvested	$ 508,606
May 2021 Warrant Agreement [Member]
Class of Stock [Line Items]
Vested upon issuance	382,027
Vested And Exercisable	509,370	448,880
May 2021 Warrant Agreement [Member] \| Warrants [Member]
Class of Stock [Line Items]
Options granted	509,370
Vested upon issuance	60,490	31,835	19,101	15,917
Vested And Exercisable	509,370
Unvested	$ 0
August 2022 Warrant Agreement [member]
Class of Stock [Line Items]
Vested upon issuance	171,128
Vested And Exercisable	175,904	171,128
August 2022 Warrant Agreement [member] \| Warrants [Member]
Class of Stock [Line Items]
Options granted	684,510
Vested upon issuance	4,776	0	0
Vested And Exercisable	175,904
Unvested	$ 508,606

- 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

Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Equity

12. Equity

Preferred Stock

The Company’s amended and restated certificate of incorporation authorizes the issuance of 5,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. The Company had no shares of preferred stock issued or outstanding at December 31, 2024 or 2023.

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.

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 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 were 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 December 31, 2024 and 2023, 509,370 and 448,880 warrant shares respectively, 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 were subject to the achievement of certain commercial milestones through December 31, 2026 pursuant to the

commercial agreement, as amended. During 2024, the Company reassessed the probability relating to achievement of certain milestones related to the August 2022 warrant, the resulting increase of $ 0.8 million was recorded as additional paid-in capital and as contract acquisition cost included in prepaid expenses and other assets in the consolidated balance sheets. As of December 31, 2024 and 2023, 175,904 and 171,128 warrant shares were vested and exercisable under the August 2022 warrant agreement.

Warrants granted, vested and exercisable by period, and unvested under outstanding JPMC warrant agreements are shown below:


	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	n/a			15,917
December 31, 2022		19,101		—		19,101
December 31, 2023		31,835		—		31,835
December 31, 2024		60,490		4,776		65,266
Total vested and exercisable		509,370		175,904		685,274
Unvested at December 31, 2024	$	—	$	508,606	$	508,606

- Definition

The entire disclosure for equity.

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+ Details

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

12 Months Ended

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


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss)	$	44,169	$	22,322	$	(513	)
Denominator:
Weighted-average shares of common stock — basic		124,372,031		123,511,608		122,099,437
Dilutive effect of stock options		2,323,355		1,262,918		—
Dilutive effect of RSUs		850,024		271,754		—
Dilutive effect of warrants		169,212		25,549		—
Weighted-average shares of common stock — diluted		127,714,622		125,071,829		122,099,437
Net income per share
Basic	$	0.36	$	0.18	$	--
Diluted	$	0.35	$	0.18	$	--

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


	Year Ended December 31,
	2024		2023		2022
Stock options		—		—		5,335,115
RSUs		171,101		1,055,467		996,256
Warrants		—		417,132		456,602

Goodwill, Internal-use Software Development Costs and Intangible Assets

12 Months Ended

Dec. 31, 2024

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, 2022	$	131,028	$	823		$	131,851
Foreign currency translation adjustments		—		9			9
Balance as of December 31, 2023	$	131,028	$	832		$	131,860
Foreign currency translation adjustments		—		(45	)		(45	)
Balance as of December 31, 2024	$	131,028	$	787		$	131,815

Internal-use Software Development Costs

During the years ended December 31, 2024, 2023 and 2022, the Company capitalized $36.2 million, $33.7 million and $29.8 million in software development costs, respectively.

Amortization expense included in the consolidated statements of operations was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cost of revenue	$	17,911	$	13,341	$	8,761
Research and development		9,675		8,008		5,860
Total	$	27,586	$	21,349	$	14,621

Intangible Assets

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


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
Technology	$	21,798	$	(18,675	)	$	3,123		4.0
Customer relationship		31,946		(16,689	)		15,257		8.0
Software and license		2,797		(2,789	)		8		3.0
Trademark		4,038		(3,350	)		688		4.0
Total	$	60,579	$	(41,503	)	$	19,076


	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
Customer relationship		32,006		(13,480	)		18,526		8.0
Software and license		3,019		(2,979	)		40		3.0
Trademark		4,038		(2,340	)		1,698		4.0
Total	$	60,908	$	(33,750	)	$	27,158

Amortization expense of intangible assets was $8.1 million, $8.4 million and $8.3 million for the years ended December 31, 2024, 2023 and 2022 respectively.

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


Years Ending December 31,
2025	$	6,620
2026		3,738
2027		3,269
2028		3,269
2029		2,180
Total future amortization expense	$	19,076

There were no impairments of goodwill, internal-use software development costs or intangible assets in the years ended December 31, 2024, 2023 and 2022.

Organization and Description of Business

12 Months Ended

Dec. 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 primary office locations in Charlotte, North Carolina, Dallas, Texas, Santa Clara, California, Richmond Hill, Ontario (Canada), and Gurugram, Mohali and Bangalore (India). The Company is headquartered in Charlotte, North Carolina.

Goodwill, Internal-use Software Development Costs and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 8,100	$ 8,400	$ 8,300
Capitalized internal-use software development costs	(36,119)	(33,699)	(29,763)
Software and Software Development Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Capitalized internal-use software development costs	(36,200)	(33,700)	(29,800)
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	$ 0	$ 0

- 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

Insider Trading Arrangements - shares	3 Months Ended
Insider Trading Arrangements - shares	Dec. 31, 2024	Dec. 05, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 9B. Other Information Except as set forth below, during the quarter ended December 31, 2024, none of the Company’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined in Item 408(a) of Regulation S‑K. On November 7, 2024, Sanjay Kalra, the Company’s Chief Financial Officer, terminated a trading arrangement he had previously adopted with respect to the sale of shares of the Company’s Class A common stock that was intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) (a "Rule 10b5-1 Trading Plan"). Mr. Kalra’s Rule 10b5-1 Trading Plan was adopted on June 13, 2024, had a term effective through June 14, 2025 and provided for the sale of up to 50,000 shares of Class A common stock pursuant to the terms of the Rule 10b5-1 Trading Plan. As of the date of termination of the Rule 10b-5 Trading Plan, Mr. Kalra had sold no shares of Class A common stock under the terms of the Rule 10b5-1 Trading Plan. On December 6, 2024, Mr. Kalra adopted a new Rule 10b5-1 Trading Plan for the sale of the Company’s Class A common stock. Mr. Kalra’s Rule 10b5-1 Trading Plan, which expires March 2, 2026, provides for the sale of up to 50,000 shares of Class A common stock pursuant to the terms of the Rule 10b5-1 Trading Plan. On December 5, 2024, Andrew Gerber, the Company’s General Counsel, terminated a Rule 10b5-1 Trading Plan. Mr. Gerber’s Rule 10b5-1 Trading Plan was adopted on September 4, 2024, had a term effective through February 27, 2026 and provided for the sale of up to 56,765 shares of Class A common stock pursuant to the terms of the Rule 10b5-1 Trading Plan. As of the date of termination of the Rule 10b-5 Trading Plan, Mr. Gerber had sold 34,272 shares of Class A common stock under the terms of the Rule 10b5-1 Trading Plan.
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
Arrangement One [Member] \| Sanjay Kalra [Member]
Trading Arrangements, by Individual
Name	Sanjay Kalra
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 13, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	November 7, 2024
Expiration Date	June 14, 2025
Arrangement Duration	366 days
Aggregate Available	50,000
Arrangement Two [Member] \| Sanjay Kalra [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2024
Expiration Date	March 2, 2026
Arrangement Duration	451 days
Aggregate Available	50,000
Arrangement Three [Member] \| Andrew Gerber [Member]
Trading Arrangements, by Individual
Name	Andrew Gerber
Title	General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 4, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 5, 2024
Expiration Date	February 27, 2026
Arrangement Duration	541 days
Aggregate Available	56,765	34,272

Prepaid expenses and other assets (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid expenses and other assets

The composition of prepaid expenses and other assets is as follows (in thousands):


	December 31,		December 31,
	2024		2023
Prepaid expenses and other assets:
Prepaid expenses	$	6,584	$	5,996
Contract acquisition costs		6,657		7,679
Other assets		2,832		1,861
Total prepaid expenses and other assets	$	16,073	$	15,536

Prepaid expenses and other assets:
Current	$	13,058	$	10,505
Non-current		3,015		5,031
Total prepaid expenses and other assets:	$	16,073	$	15,536

Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Geographic Information

11. Segment Reporting

The table below summarizes segment Gross Profit, including Revenue and Cost of sales (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenue
USA	$	856,374	$	603,120	$	487,084
Other		15,371		11,370		9,917
Total Revenue	$	871,745	$	614,490	$	497,001

Cost of revenue
USA	$	625,405	$	426,488	$	342,275
Other		8,170		5,660		5,048
Total Cost of revenue	$	633,575	$	432,148	$	347,323

Gross profit
USA	$	230,969	$	176,632	$	144,809
Other		7,201		5,710		4,869
Total Gross profit(1)	$	238,170	$	182,342	$	149,678

(1) Total Gross profit to income before income taxes is reconciled in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash and accounts receivable and reduced by current liabilities.

The Company's long lived assets primarily consist of computer equipment and furniture. The table below summarizes long-lived assets based on its geographical area:


	December 31,		December 31,
	2024		2023
	(in thousands)
USA	$	450	$	558
Other		707		1,000
Total	$	1,157	$	1,558

- Definition

+ References

+ Details

Revenue Performance Obligations and Contract Balances - Summary of Disaggregation of Revenue from Contracts with Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue	$ 871,745	$ 614,490	$ 497,001
Payment Transaction Processing Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	861,736	606,595	490,377
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 10,009	$ 7,895	$ 6,624

- 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.

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+ Details

Income Taxes - The Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Domestic	$ 9,983	$ 1,327	$ 1,303
Foreign	1,139	1,061	875
Total	11,122	2,388	2,178
Deferred
Domestic	(1,331)	388	(3,020)
Foreign	(16)	26	47
Total	(1,347)	414	(2,973)
Provision for income taxes	$ 9,775	$ 2,802	$ (795)

- Definition

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

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+ Details

Document and Entity Information - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Mar. 06, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
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. Community House Road
Entity Address, Address Line Two	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 2025 Annual Meeting of Stockholders, which is expected to be filed within 120 days after the Registrant's fiscal year ended December 31, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Share Price	$ 19
Entity Public Float	$ 354.0
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Charlotte, North Carolina
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Paymentus Holdings, Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive income (loss), of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,317,256
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		92,651,414

Stock Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 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	1,047,722
Awards, Vested \| shares \| shares	(701,029)
Awards,Forfeited \| shares \| shares	(196,531)
Awarded and unvested, Ending Balance \| shares \| shares	2,096,168
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance \| $ / shares \| $ / shares	$ 12.74
Weighted Average Grant-Date Fair Value, Granted \| $ / shares \| $ / shares	19.24
Weighted Average Grant-Date Fair Value, Vested \| $ / shares \| $ / shares	12.89
Weighted Average Grant-Date Fair Value, Forfeited \| $ / shares \| $ / shares	11.89
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance \| $ / shares \| $ / shares	$ 16.01

Business Combinations

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Business Combinations

4. Business Combinations

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 a $0.6 million holdback by the Company for a period of 12 to 24 months following the transaction close date and is recorded in accrued liabilities in the consolidated balance sheets. In 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.

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):


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.

The revenue and expenses of the acquired business have been included in the Company's consolidated financial results since the acquisition date.

Net Income (Loss) 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0	0	5,335,115
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	171,101	1,055,467	996,256
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0	417,132	456,602

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Intagible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 60,579	$ 60,908
Accumulated Amortization	(41,503)	(33,750)
Net Carrying Amount	19,076	27,158
Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,798	21,845
Accumulated Amortization	(18,675)	(14,951)
Net Carrying Amount	$ 3,123	$ 6,894
Weighted-Average Useful Life (Years)	4 years	4 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 31,946	$ 32,006
Accumulated Amortization	(16,689)	(13,480)
Net Carrying Amount	$ 15,257	$ 18,526
Weighted-Average Useful Life (Years)	8 years	8 years
Software And License
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,797	$ 3,019
Accumulated Amortization	(2,789)	(2,979)
Net Carrying Amount	$ 8	$ 40
Weighted-Average Useful Life (Years)	3 years	3 years
Trademark
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,038	$ 4,038
Accumulated Amortization	(3,350)	(2,340)
Net Carrying Amount	$ 688	$ 1,698
Weighted-Average Useful Life (Years)	4 years	4 years

- 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

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 2,361	$ 2,152	$ 2,103
Operating cash flows for finance lease	0	0	8
Financing cash flows for finance leases	0	102	268
Right-of-use assets obtained in exchange of operating lease obligations	$ 467	$ 2,132	$ 3,938

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 205,900	$ 179,361
Restricted cash and cash equivalents	3,511	3,834
Accounts and other receivables, net of allowance for expected credit losses of $257 and $435, respectively	119,816	76,389
Income tax receivable	3,356	259
Prepaid expenses and other assets current	13,058	10,505
Total current assets	345,641	270,348
Property and equipment, net	1,157	1,558
Capitalized internal-use software development costs, net	67,375	58,787
Intangible assets, net	19,076	27,158
Goodwill	131,815	131,860
Operating lease right-of-use assets	7,801	10,027
Deferred tax asset	367	94
Prepaid expenses and other assets, less current portion	3,015	5,031
Total assets	576,247	504,863
Current liabilities
Accounts payable	49,871	35,182
Accrued liabilities	26,462	21,301
Current portion of operating lease liabilities	2,090	1,853
Contract liabilities	2,937	4,089
Income tax payable	190	363
Total current liabilities	81,550	62,788
Deferred tax liability	0	1,067
Operating lease liabilities, less current portion	6,318	8,661
Contract liabilities, less current portion	2,783	2,731
Total liabilities	90,651	75,247
Stockholders’ equity
Additional paid-in capital	389,904	377,773
Accumulated other comprehensive (loss) income	(233)	87
Retained earnings	95,913	51,744
Total stockholders’ equity	485,596	429,616
Total liabilities and stockholders' equity	576,247	504,863
Class A Common Stock [Member]
Stockholders’ equity
Common stock, value	2	2
Class B Common Stock [Member]
Stockholders’ equity
Common stock, value	$ 10	$ 10

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

16. 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.

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, 2024, 2023 and 2022.

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 $0.4 million for his employment with the Company for the year ended December 31, 2024 and $0.3 million for each of the years ended December 31, 2023 and 2022. In addition, for the year ended December 31, 2024, he received a grant of restricted stock units with a value of $0.4 million that vests over five years from the grant date, and for the years ended December 31, 2023 and 2022, he received grants of restricted stock units with an aggregate value of $1.1 million and $0.3 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

8. 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,
	2024		2023		2022
Lease costs:
Finance lease costs:
Amortization of right-of-use-assets		—		66		268
Interest on lease liabilities		—		—		8
Total finance lease costs		—		66		276
Operating lease costs	$	2,389	$	2,150	$	2,460
Short-term lease costs		631		707		972
Total lease costs	$	3,020	$	2,923	$	3,708

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


	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	2,361	$	2,152	$	2,103
Operating cash flows for finance leases		—		—		8
Financing cash flows for finance leases		—		102		268
Right-of-use assets obtained in exchange of operating lease obligations	$	467	$	2,132	$	3,938

The total remaining lease payments under non-cancelable operating leases as of December 31, 2024 were as follows (in thousands):


Year Ending December 31,
2025		2,424
2026		2,395
2027		1,438
2028		1,021
2029		832
Thereafter		936
Total minimum lease payments including interest	$	9,046
Less imputed interest		(638	)
Total lease liabilities	$	8,408

As of December 31, 2024, and 2023, the weighted-average remaining lease term and discount rate for the Company’s operating leases were 4.6 years and 3.8%, and 5.5 years and 3.7%, respectively.

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 871,745	$ 614,490	$ 497,001
Cost of revenue	633,575	432,148	347,323
Gross profit	238,170	182,342	149,678
Operating expenses
Research and development	51,334	44,248	41,220
Sales and marketing	105,052	83,996	73,295
General and administrative	36,927	36,005	38,139
Total operating expenses	193,313	164,249	152,654
Income (loss) from operations	44,857	18,093	(2,976)
Interest income, net	8,742	7,019	1,663
Other income	345	12	5
Income (loss) before income taxes	53,944	25,124	(1,308)
(Provision for) benefit from income taxes	(9,775)	(2,802)	795
Net income (loss)	$ 44,169	$ 22,322	$ (513)
Net income per share
Basic	$ 0.36	$ 0.18	$ 0
Diluted	$ 0.35	$ 0.18	$ 0
Weighted-average number of shares used to compute net income per share
Basic	124,372,031	123,511,608	122,099,437
Diluted	127,714,622	125,071,829	122,099,437
Comprehensive income (loss)
Net Income (Loss)	$ 44,169	$ 22,322	$ (513)
Foreign currency translation adjustments, net of tax	(320)	109	(190)
Comprehensive income (loss)	$ 43,849	$ 22,431	$ (703)

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 19, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total Purchase price		$ 0	$ 0	$ 3,260
PROFIT Financial, Inc. [Member]
Restructuring Cost and Reserve [Line Items]
Total Purchase price	$ 4,300
Cash Purchase Price	3,300
Short Term payable	100
Cash Held Back for Acquisition Closing	$ 600	600	600	$ 600
Holdback liability paid		$ 200	$ 200

- 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 (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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


	Year Ended December 31,
	2024		2023		2022
United States	$	49,116	$	21,225	$	(4,579	)
Foreign		4,828		3,899		3,271
Total	$	53,944	$	25,124	$	(1,308	)

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


	Year Ended December 31,
	2024			2023		2022
Current:
Domestic	$	9,983		$	1,327	$	1,303
Foreign		1,139			1,061		875
Total		11,122			2,388		2,178
Deferred:
Domestic		(1,331	)		388		(3,020	)
Foreign		(16	)		26		47
Total		(1,347	)		414		(2,973	)
Provision for income taxes	$	9,775		$	2,802	$	(795	)

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:


	Year Ended December 31,
	2024			2023			2022
Federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes		4.4	%		6.0	%		(40.0	)%
Non-deductible executive compensation		2.8	%		2.5	%		(32.4	)%
Other permanent differences		0.2	%		0.4	%		(8.3	)%
Excess tax benefit on stock-based compensation		(6.1	)%		—	%		675.6	%
Difference in prior year tax filings from provision		(0.2	)%		1.1	%		(22.6	)%
Foreign tax rate differences		0.1	%		0.3	%		0.1	%
Valuation Allowance		(4.0	)%		(21.3	)%		(542.8	)%
R&D Credits		(0.9	)%		(0.4	)%		—	%
Other		0.8	%		1.6	%		10.2	%
		18.1	%		11.2	%		60.8	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows (in thousands):


	December 31,			December 31,
	2024			2023
Deferred tax assets:
Stock-based compensation and other payroll related accruals	$	4,298		$	3,927
Federal and state net operating losses		410			1,531
Foreign tax credit		284			1,238
Operating lease liabilities		3,054			3,752
Fixed assets		161			103
Intangible assets		2,975			1,678
Other		1,996			768
Total deferred tax assets		13,178			12,997
Valuation allowance		(284	)		(2,454	)
Net deferred tax assets	$	12,894		$	10,543
Deferred tax liabilities:
Goodwill		(7,365	)		(5,418	)
Capitalized research and development costs and capitalized internal-use software development costs		(2,231	)		(2,466	)
Operating lease right-of-use assets		(2,850	)		(3,558	)
Foregone foreign tax credit		(81	)		(74	)
Total deferred tax liabilities		(12,527	)		(11,516	)
Net deferred tax assets (liabilities)	$	367		$	(973	)

Reported as:
Deferred tax asset (non-current)	$	367		$	94
Deferred tax liability (non-current)		—			(1,067	)
Net deferred tax assets (liabilities)	$	367		$	(973	)

Segment Reporting (Additional Information) (Details)	12 Months Ended
Segment Reporting (Additional Information) (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of Operating Segments	3

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	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").
Principles of Consolidation	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	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 reviews financial information presented on a consolidated basis for purposes of making operating decision and allocating resources but 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 as the business is managed on a consolidated basis. All other financial information is presented on a consolidated basis. See Note 11 for additional information.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, 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	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	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 1.1% of total revenue for the year ended December 31, 2024 and 1.3% for each of the years ended December 31, 2023 and 2022. 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 non-refundable 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. For the years ended December 31, 2024 and 2023, the Company had capitalized sales commissions of $1.8 million and $1.0 million, respectively. As of December 31, 2024 and 2023, unamortized sales commissions were $2.1 million and $1.2 million, respectively, which are included in prepaid expenses and other assets in the consolidated balance sheets. 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. 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. The fair value of the warrant agreements with a reseller/vendor and customer or their affiliates, which was considered to be cost to obtain contracts with customers, was recognized as an asset. The fair value of the warrants was estimated on the grant date. The grant date fair value is determined using the Black-Scholes option pricing model, in accordance with ASC 718, Compensation-Stock Compensation, incorporating the Company's expectations regarding the number of warrants expected to vest in accordance with the warrant agreements. The Company accounts for consideration payable in the form of warrants as share-based compensation expense. Consideration payable to a customer or their affiliate was recorded as a reduction of the transaction price, thereby reducing revenue, following the guidance in ASC 606, while consideration payable to a reseller/vendor or their affiliate is recorded as an operating expense within sales and marketing expenses in the consolidated statements of operations. As of December 31, 2024 and 2023, unamortized warrants cost of $3.3 million and $4.5 million, respectively, were included in prepaid expenses and other assets in the consolidated balance sheets. For further details on warrant agreements, refer to Note 12 in the consolidated financial statements.
Cost of Revenue	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 data center 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 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 Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statement of operations. These costs were $0.8 million, $1.3 million and $2.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Self-Insurance	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 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	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	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. For further details on the recognition and presentation of stock-based compensation expense, please refer to Note 13 in the consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original 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 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	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 $147.2 million and $510.8 million as of December 31, 2024 and 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 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, 2024, 2023 and 2022. One reseller accounted for more than 10% of accounts receivable for both December 31, 2024 and 2023.
Fair Value Measurements	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. Due to their short maturities, the amounts reported on the consolidated balance sheet for accounts receivable, term deposits (recorded as prepaid expenses and other current assets and classified as Level 2 instrument), and accounts payable closely approximate their fair values.
Accounts and Other Receivables and Allowance for Credit Losses	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. Provisions are established for outstanding balances on the basis of their age and the Company's assessment of their recoverability. 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. As of December 31, 2024, and 2023, accounts receivable included rebate receivables of $6.7 million and $5.5 million, respectively, related to interchange and processing fees.
Internal-use Software Development Costs	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 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	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)	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, 2024 using a qualitative assessment. The Company did not recognize any impairment of goodwill during the years ended December 31, 2024 or 2023.
Leases	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 3 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.
Accounting Pronouncements	Accounting Pronouncements The Company is provided the option to adopt new or revised accounting guidance as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. 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. On January 1, 2024, the Company adopted ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures, which requires public entities to provide disclosures of significant segment expenses and other segment items. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually and also applies to public entities with a single reportable segment. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. The Company adopted this standard which is effective beginning with our 2024 fiscal year Form 10-K, and it has been applied to all prior periods presented in the Consolidated Financial Statements. See Note 11 for additional information. 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. On November 4, 2024, the FASB issued new guidance requiring additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), applies to all public business entities (PBEs) and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The adoption of ASU 2024-03 is not expected to have a material impact on the Company's financial position or results of operations.

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Vice President (spouse of CEO) [Member]
Related Party Transaction [Line Items]
Aggregate compensation	$ 0.3	$ 0.3	$ 0.3
Vice President (Son of board member) [Member]
Related Party Transaction [Line Items]
Aggregate compensation	0.4	0.3	0.3
Grants receivable	$ 0.4	$ 1.1	$ 0.3

Prepaid expenses and other assets

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses and other assets

7. Prepaid expenses and other assets

The composition of prepaid expenses and other assets is as follows (in thousands):


	December 31,		December 31,
	2024		2023
Prepaid expenses and other assets:
Prepaid expenses	$	6,584	$	5,996
Contract acquisition costs		6,657		7,679
Other assets		2,832		1,861
Total prepaid expenses and other assets	$	16,073	$	15,536

Prepaid expenses and other assets:
Current	$	13,058	$	10,505
Non-current		3,015		5,031
Total prepaid expenses and other assets:	$	16,073	$	15,536

Contract acquisition costs consist of upfront customer contract discounts and unamortized warrants cost and sales commission. Other assets consist of security deposit for leased properties, investment in term deposits and inputs tax receivables.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 44,169	$ 22,322	$ (513)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	36,484	30,600	24,063
Deferred income taxes	(1,349)	413	(2,981)
Stock-based compensation	10,990	9,390	6,736
Amortization of capitalized warrants cost	2,006	1,911	1,231
Non-cash lease expense	2,389	1,789	2,135
Amortization of capitalized contract acquisition cost	1,751	1,088	827
Provision for expected credit losses and credit adjustments	3,369	886	499
Other non-cash adjustments	(213)	0	0
Change in operating assets and liabilities
Accounts and other receivables	(46,921)	(9,472)	(24,518)
Prepaid expenses and other assets	(3,417)	(1,184)	1,211
Accounts payable	13,825	6,017	4,766
Accrued liabilities	7,159	6,288	3,400
Operating lease liabilities	(2,253)	(1,817)	(1,832)
Contract liabilities	(1,097)	(361)	3,299
Income taxes receivable, net of payable	(3,258)	958	1,544
Net cash provided by operating activities	63,634	68,828	19,867
Cash flows from investing activities
Business combinations, net of cash and restricted cash acquired	0	0	(3,260)
Other intangible assets acquired	0	0	(280)
Purchases of property and equipment	(457)	(600)	(1,257)
Purchases of interest-bearing deposits	(3,691)	0	0
Proceeds from matured interest-bearing deposits	3,506	0	0
Capitalized internal-use software development costs	(36,119)	(33,699)	(29,763)
Net cash used in investing activities	(36,761)	(34,299)	(34,560)
Cash flows from financing activities
Proceeds from exercise of stock-based awards	338	616	1,490
Settlement of holdback liability related to prior acquisitions	(545)	0	0
Financial institution funds in-transit	0	0	(33,443)
Payments on other financing obligations	0	(1,709)	(5,062)
Payments on finance leases	0	(102)	(268)
Net cash used in financing activities	(207)	(1,195)	(37,283)
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash	(450)	176	(168)
Net increase (decrease) in cash, cash equivalents and Restricted cash	26,216	33,510	(52,144)
Cash and cash equivalents and Restricted cash beginning of period	183,195	149,685	201,829
Cash and cash equivalents and Restricted cash end of period	209,411	183,195	149,685
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	14,404	1,398	672
Non-cash investing activities:
Unpaid capitalized internal-use software development costs and equipment in accounts payable	72	0	81
Business acquisition liability in accrued liabilities and finance leases and other finance obligations, net of current portion	0	0	740
Non-cash financing activities:
Prepaid insurance funded through short-term borrowings	0	0	4,625
Issuance of warrant and change in estimate of warrants expected to vest	803	0	3,524
Cash and Cash Equivalents [Member]
Cash flows from financing activities
Cash and cash equivalents and Restricted cash beginning of period	179,361	147,334	168,386
Cash and cash equivalents and Restricted cash end of period	205,900	179,361	147,334
Restricted Cash [Member]
Cash flows from financing activities
Cash and cash equivalents and Restricted cash beginning of period	3,834	2,351	0
Cash and cash equivalents and Restricted cash end of period	3,511	3,834	2,351
Restricted Funds Held For Financial Institutions [Member]
Cash flows from financing activities
Cash and cash equivalents and Restricted cash beginning of period	$ 0	0	33,443
Cash and cash equivalents and Restricted cash end of period		$ 0	$ 0

Stock-Based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning	3,849,350
Options exercised	(312,643)
Options forfeited	(2,604)
Options Outstanding, Ending	3,534,103	3,849,350
Options Outstanding, Exercisable	3,513,856
Weighted Average Exercise Price, Beginning	$ 7.87
Weighted Average Exercise Price, Exercised	1.08
Weighted Average Exercise Price, Forfeited	8.66
Weighted Average Exercise Price, Ending	8.47	$ 7.87
Weighted Average Exercise Price, Exercisable	$ 8.47
Weighted Average Remaining Contractual Term (years)	4 years 3 months 3 days	5 years 21 days
Weighted Average Remaining Contractual Term (years), Exercisable	4 years 3 months
Aggregate Intrinsic Value, Beginning	$ 38,505
Aggregate Intrinsic Value, Ending	85,525	$ 38,505
Aggregate Intrinsic Value, Exercisable	$ 85,046

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

13. 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, 2024, there were 21.8 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, 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		(312,643	)		1.08
Options forfeited		(2,604	)		8.66
Outstanding at December 31, 2024		3,534,103		$	8.47		4.26	$	85,525
Exercisable at December 31, 2024		3,513,856		$	8.47		4.25	$	85,046

There were no options granted during the year ended December 31, 2024 and 2023. 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, 2024 and 2023 was $7.1 million and $1.6 million, respectively.

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

Prior to the IPO, our common stock was not yet publicly traded, therefore we estimated the fair value of common stock. Our board of directors considered numerous objective and subjective factors to determine the fair value of our common stock at each meeting in which awards are approved. These factors included historical and projected financial information, prospects and risks, company performance, various corporate documents, capitalization and economic and financial market conditions. Management, with its third-party valuation firm, also used other economic, industry and market information obtained from other resources considered reliable. 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.

At December 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 0.9 years.

Restricted Stock Units ("RSUs")

A summary of the Company’s RSU activity during the year ended December 31, 2024 was as follows:


				Weighted-
				Average
	RSUs			Grant Date
	Outstanding			Fair Value
Awarded and unvested at December 31, 2023		1,946,006		$	12.74
Awards granted		1,047,722			19.24
Awards vested		(701,029	)		12.89
Awards forfeited		(196,531	)		11.89
Awarded and unvested at December 31, 2024		2,096,168		$	16.01

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 non-employees.

At December 31, 2024, there was $29.1 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 3.2 years.

Stock-Based Compensation Expense

Stock-based compensation expense (including amortization of capitalized warrants cost for 2024 - see note 12) included in the consolidated statements of operations was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Cost of revenue	$	251	$	156	$	—
Research and development		3,100		1,990		1,647
Sales and marketing		5,639		2,808		1,736
General and administrative		3,865		4,436		3,353
Total stock-based compensation	$	12,855	$	9,390	$	6,736

Revenue Performance Obligations and Contract Balances (Tables)

12 Months Ended

Dec. 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):


	Year Ended December 31,
	2024		2023		2022

Payment transaction processing revenue	$	861,736	$	606,595	$	490,377
Other		10,009		7,895		6,624
Total revenue	$	871,745	$	614,490	$	497,001

Summary of Contract Asset and Liability

Contract liabilities consist of the following:


	December 31,		December 31,
	2024		2023
	(in thousands)
Contract Liabilities:
Current	$	2,937	$	4,089
Non-current		2,783		2,731
Total contract liabilities	$	5,720	$	6,820

Segment Reporting - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 1,157	$ 1,558
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	450	558
Other [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 707	$ 1,000

Goodwill, Internal-use Software Development Costs and Intangible Assets - Schedule of Amortization expense (Details) - Software and Software Development Costs [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortizaion expense of capitalized software costs	$ 27,586	$ 21,349	$ 14,621
Cost Of Revenue
Finite-Lived Intangible Assets [Line Items]
Amortizaion expense of capitalized software costs	17,911	13,341	8,761
Research and Development
Finite-Lived Intangible Assets [Line Items]
Amortizaion expense of capitalized software costs	$ 9,675	$ 8,008	$ 5,860

- 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

Segment Reporting - Summary of Segment Gross Profit Including Revenue and Cost of Sales (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Revenues From External Customers And Long Lived Assets [Line Items]

Revenue

$ 871,745

$ 614,490

$ 497,001

Cost of revenue

633,575

432,148

347,323

Gross Profit

238,170

182,342

149,678

Revenue and Sales Segment [Member]

Revenues From External Customers And Long Lived Assets [Line Items]

Revenue

871,745

614,490

497,001

Cost of revenue

633,575

432,148

347,323

Gross Profit

^[1]

238,170

182,342

149,678

United States [Member] | Revenue and Sales Segment [Member]

Revenues From External Customers And Long Lived Assets [Line Items]

Revenue

856,374

603,120

487,084

Cost of revenue

625,405

426,488

342,275

Gross Profit

230,969

176,632

144,809

Other [Member] | Revenue and Sales Segment [Member]

Revenues From External Customers And Long Lived Assets [Line Items]

Revenue

15,371

11,370

9,917

Cost of revenue

8,170

5,660

5,048

Gross Profit

$ 7,201

$ 5,710

$ 4,869

[1]	Total Gross profit to income before income taxes is reconciled in the Consolidated Statements of Operations and Comprehensive Income (Loss).

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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Commitments and Contingencies - Schedule of Future Minimum Payments for Non Cancellable Agreements (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 7,716
2026	2,701
2027	526
Other commitment	$ 10,943

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 0.8	$ 0.9	$ 1.2

Net Income (Loss) 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ 44,169	$ 22,322	$ (513)
Denominator:
Weighted-average shares of common stock - basic	124,372,031	123,511,608	122,099,437
Dilutive effect of stock options	2,323,355	1,262,918	0
Dilutive effect of RSUs	850,024	271,754	0
Dilutive effect of warrants	169,212	25,549	0
Weighted-average shares of common stock - diluted	127,714,622	125,071,829	122,099,437
Net income (loss) per share
Basic	$ 0.36	$ 0.18	$ 0
Diluted	$ 0.35	$ 0.18	$ 0

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment Customer	Dec. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Revenue from other sources	1.10%	1.30%	1.30%
Advertising cost	$ 800,000	$ 1,300,000	$ 2,000,000
Rebates for Interchange fees and processing fees	6,700,000	5,500,000
Capitalized sales commissions	1,800,000	1,000,000
Unamortized sales commissions	2,100,000	1,200,000
Unamortized warrant expenses	3,300,000	4,500,000
Capitalized internal-use software development costs	$ 36,119,000	33,699,000	$ 29,763,000
Number of operating segment \| Segment	3
Cash in custodial account	$ 147,200,000	510,800,000
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 3 years, and some of which include options to terminate the leases.
Number Of Customer \| Customer	0	0	0
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] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	10.00%	10.00%	10.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Summary Of Significant Accounting Policies [Line Items]
Number Of Customer \| Customer	1	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 - The Income Before Provision for Income Taxes Due (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State taxes	4.40%	6.00%	(40.00%)
Non-deductible executive compensation	2.80%	2.50%	(32.40%)
Other permanent differences	0.20%	0.40%	(8.30%)
Excess tax benefit on stock-based compensation	(6.10%)	0.00%	675.60%
Difference in prior year tax filings from provision	(0.20%)	1.10%	(22.60%)
Foreign tax rate differences	0.10%	0.30%	0.10%
Valuation Allowance	(4.00%)	(21.30%)	(542.80%)
R&D Credits	(0.90%)	(0.40%)	0.00%
Other	0.80%	1.60%	10.20%
Effective Income Tax Rate Reconciliation, Percent, Total	18.10%	11.20%	60.80%

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Payroll and employee-related expenses	$ 16,650	$ 15,455
Other accrued liabilities	9,812	5,846
Accrued liabilities	$ 26,462	$ 21,301

Goodwill, Internal-use Software Development Costs and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 6,620
2026	3,738
2027	3,269
2028	3,269
2029	2,180
Total future amortization expense	$ 19,076	$ 27,158

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Amortization of right-of-use-assets	$ 0	$ 66	$ 268
Interest on lease liabilities	0	0	8
Total finance lease costs	0	66	276
Operating lease costs	2,389	2,150	2,460
Short-term lease costs	631	707	972
Total lease costs	$ 3,020	$ 2,923	$ 3,708

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 8,277	$ 8,170
Less: Accumulated depreciation	(7,120)	(6,612)
Property and equipment, net	1,157	1,558
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	6,178	6,059
Furniture And Fixtures [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	1,724	1,715
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 375	$ 396

Income Taxes - Significant Components of the Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Stock-based compensation and other payroll related accruals	$ 4,298	$ 3,927
Federal and state net operating losses	410	1,531
Foreign tax credit	284	1,238
Operating lease liabilities	3,054	3,752
Fixed assets	161	103
Intangible assets	2,975	1,678
Other	1,996	768
Total deferred tax assets	13,178	12,997
Valuation allowance	(284)	(2,454)
Net deferred tax assets	12,894	10,543
Deferred tax liabilities
Goodwill	(7,365)	(5,418)
Capitalized research and development costs and capitalized internal-use software development costs	(2,231)	(2,466)
Operating lease right-of-use assets	(2,850)	(3,558)
Foregone foreign tax credit	(81)	(74)
Total deferred tax liabilities	(12,527)	(11,516)
Net deferred tax liabilities	367	(973)
Deferred tax asset (non-current)	367	94
Deferred tax liability (non-current)	0	(1,067)
Net deferred tax assets (liabilities)	$ 367	$ (973)

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024			2023
	(in thousands)
Computer equipment	$	6,178		$	6,059
Furniture and fixtures		1,724			1,715
Leasehold improvements		375			396
Total property and equipment		8,277			8,170
Less: Accumulated depreciation		(7,120	)		(6,612	)
Property and equipment, net	$	1,157		$	1,558

Leases - Summary of Remaining Lease Payments under Non-Cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases:
2025	$ 2,424
2026	2,395
2027	1,438
2028	1,021
2029	832
Thereafter	936
Total minimum lease payments including interest	9,046
Less imputed interest	(638)
Total lease liabilities	$ 8,408

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 44,169	$ 22,322	$ (513)

- Definition

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

+ References

+ Details

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Goodwill by Reporting Units (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Beginning Balance	$ 131,860	$ 131,851
Foreign currency translation adjustments	(45)	9
Ending Balance	131,815	131,860
United States [Member]
Goodwill [Line Items]
Beginning Balance	131,028	131,028
Foreign currency translation adjustments	0	0
Ending Balance	131,028	131,028
Other [Member]
Goodwill [Line Items]
Beginning Balance	832	823
Foreign currency translation adjustments	(45)	9
Ending Balance	$ 787	$ 832

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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+ Details