v3.25.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Revenue Disaggregated by Revenue Type, Geographic Region and Customer

The nature, amount, timing, and uncertainty of our revenue and how revenue and cash flows are affected by economic factors is most appropriately depicted by revenue type, geographic region, and customer vertical.

Revenue by type for the quarters and six months ended June 30, 2025 and 2024 was as follows (in thousands):

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

SaaS and related solutions

 

$

269,548

 

 

$

262,658

 

 

$

539,488

 

 

$

524,353

 

Software and services

 

 

16,290

 

 

 

14,681

 

 

 

34,913

 

 

 

37,075

 

Maintenance

 

 

11,290

 

 

 

12,979

 

 

 

22,180

 

 

 

24,025

 

Total revenue

 

$

297,128

 

 

$

290,318

 

 

$

596,581

 

 

$

585,453

 

 

We use the location of the customer as the basis of attributing revenue to geographic regions. Revenue by geographic region for the quarters and six months ended June 30, 2025 and 2024, as a percentage of our total revenue, was as follows:

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Americas (principally the U.S.)

 

 

85

%

 

 

89

%

 

 

86

%

 

 

87

%

Europe, Middle East, and Africa (principally Europe)

 

 

11

%

 

 

6

%

 

 

10

%

 

 

8

%

Asia Pacific

 

 

4

%

 

 

5

%

 

 

4

%

 

 

5

%

Total revenue

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

We generate our revenue primarily from the global communications markets; however, we serve an expanding group of customers in other markets including retail, financial services, healthcare, insurance, and government entities. Revenue by customer vertical for the quarters and six months ended June 30, 2025 and 2024, as a percentage of our total revenue, was as follows:

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Broadband/Cable/Satellite

 

 

51

%

 

 

53

%

 

 

50

%

 

 

52

%

Telecommunications

 

 

18

%

 

 

16

%

 

 

18

%

 

 

17

%

Other

 

 

31

%

 

 

31

%

 

 

32

%

 

 

31

%

Total revenue

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

Schedule of Settlement and Merchant Reserve Assets and Liabilities

The following table summarizes our settlement and merchant reserve assets and liabilities as of the indicated periods (in thousands):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Settlement assets/liabilities

 

$

244,895

 

 

$

241,837

 

 

$

330,769

 

 

$

329,458

 

Merchant reserve assets/liabilities

 

 

11,250

 

 

 

11,248

 

 

 

12,466

 

 

 

12,466

 

Total

 

$

256,145

 

 

$

253,085

 

 

$

343,235

 

 

$

341,924

 

Carrying Value and Estimated Fair Value of Debt

We have chosen not to record our debt at fair value, with changes recognized in earnings each reporting period. The following table indicates the carrying value and estimated fair value of our debt as of the indicated periods (in thousands):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

2025 Credit Agreement (carrying value)

 

$

125,000

 

 

$

125,000

 

 

$

-

 

 

$

-

 

2023 Convertible Notes (par value)

 

 

425,000

 

 

 

481,313

 

 

 

425,000

 

 

 

429,144

 

2021 Credit Agreement (carrying value including
    current maturities)

 

 

-

 

 

 

-

 

 

 

125,625

 

 

 

125,625