CSG Systems International (CSGS) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Entity Registrant Name	CSG SYSTEMS INTERNATIONAL, INC.
Entity Central Index Key	0001005757
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	CSGS
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		31,748,796
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	0-27512
Entity Tax Identification Number	47-0783182
Entity Address, Address Line One	169 Inverness Dr W
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	(303)
Local Phone Number	200-2000
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 146,212	$ 150,365
Short-term investments	0	71
Total cash, cash equivalents and short-term investments	146,212	150,436
Settlement and merchant reserve assets	176,397	238,653
Trade accounts receivable:
Billed, net of allowance of $4,618 and $5,528	256,310	274,189
Unbilled	78,510	52,830
Income taxes receivable	3,770	1,270
Other current assets	64,216	48,577
Total current assets	725,415	765,955
Non-current assets:
Property and equipment, net of depreciation of $113,196 and $105,466	70,457	71,787
Operating lease right-of-use assets	38,810	49,687
Intangible assets	59,376	68,191
Goodwill	306,641	304,036
Customer contract costs, net of amortization of $34,594 and $30,601	54,114	54,735
Deferred income taxes	30,698	26,206
Other assets	7,558	7,956
Total non-current assets	567,654	582,598
Total assets	1,293,069	1,348,553
Current liabilities:
Current portion of long-term debt	22,500	37,500
Operating lease liabilities	16,624	21,012
Customer deposits	32,713	40,472
Trade accounts payable	37,961	47,720
Accrued employee compensation	62,789	68,321
Settlement and merchant reserve liabilities	174,777	237,810
Deferred revenue	56,468	46,033
Income taxes payable	500	5,455
Other current liabilities	26,770	22,886
Total current liabilities	431,102	527,209
Non-current liabilities:
Long-term debt, net of unamortized discounts of $2,283 and $2,656	402,092	375,469
Operating lease liabilities	38,560	53,207
Deferred revenue	20,792	21,991
Income taxes payable	3,605	3,410
Deferred income taxes	131	117
Other non-current liabilities	13,476	11,901
Total non-current liabilities	478,656	466,095
Total liabilities	909,758	993,304
Stockholders' equity:
Preferred stock, par value $.01 per share; 10,000 shares authorized; zero shares issued and outstanding	0	0
Common stock, par value $.01 per share; 100,000 shares authorized; 31,751 and 31,269 shares outstanding	713	708
Additional paid-in capital	501,486	495,189
Treasury stock, at cost; 38,210 shares	(1,018,034)	(1,018,034)
Accumulated other comprehensive income (loss):
Unrealized gain on short-term investments, net of tax	1	1
Cumulative foreign currency translation adjustments	(54,278)	(58,830)
Accumulated earnings	953,423	936,215
Total stockholders' equity	383,311	355,249
Total liabilities and stockholders' equity	1,293,069	1,348,553
Software
Non-current assets:
Intangible assets	18,890	22,774
Acquired customer contracts
Non-current assets:
Intangible assets	$ 40,486	$ 45,417

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Trade accounts receivable-billed, allowance	$ 4,618	$ 5,528
Property and equipment, accumulated depreciation	113,196	105,466
Intangibles, accumulated amortization	282,997	270,417
Customer contract costs, accumulated amortization	34,594	30,601
Long-term debt, unamortized discounts	$ 2,283	$ 2,656
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	31,751,000	31,269,000
Treasury stock, shares	38,210,000
Software
Intangibles, accumulated amortization	$ 156,240	$ 150,337
Acquired customer contracts
Intangibles, accumulated amortization	$ 126,757	$ 120,080

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 286,327	$ 262,168	$ 585,066	$ 526,568
Cost of revenue (exclusive of depreciation, shown separately below)	151,142	138,134	306,163	276,552
Other operating expenses:
Research and development	36,645	34,630	72,109	67,611
Selling, general and administrative	62,686	57,465	121,833	114,807
Depreciation	5,573	5,651	11,293	11,789
Restructuring and reorganization charges	2,075	19,005	7,269	32,111
Total operating expenses	258,121	254,885	518,667	502,870
Operating income	28,206	7,283	66,399	23,698
Other income (expense):
Interest expense	(7,837)	(2,686)	(15,056)	(5,958)
Interest and investment income, net	772	126	1,341	256
Loss on derivative liability upon debt conversion	0	0	0	(7,456)
Other, net	(1,428)	2,442	(3,860)	3,254
Total other	(8,493)	(118)	(17,575)	(9,904)
Income before income taxes	19,713	7,165	48,824	13,794
Income tax provision	(5,759)	(1,848)	(13,942)	(2,364)
Net income	$ 13,954	$ 5,317	$ 34,882	$ 11,430
Weighted-average shares outstanding:
Basic	30,629	31,301	30,524	31,358
Diluted	30,726	31,492	30,668	31,651
Earnings per common share:
Basic	$ 0.46	$ 0.17	$ 1.14	$ 0.36
Diluted	$ 0.45	$ 0.17	$ 1.14	$ 0.36

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 13,954	$ 5,317	$ 34,882	$ 11,430
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	1,709	(16,000)	4,552	(17,182)
Unrealized holding gain on short-term investments arising during period	0	5	0	3
Other comprehensive income (loss), net of tax	1,709	(15,995)	4,552	(17,179)
Total comprehensive income (loss), net of tax	$ 15,663	$ (10,678)	$ 39,434	$ (5,749)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Adjustments due to adoption of new accounting standards	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings	Accumulated Earnings Adjustments due to adoption of new accounting standards	Noncontrolling Interest
Balance, beginning of period, shares at Dec. 31, 2021		32,495,000
Balance, beginning of period at Dec. 31, 2021	$ 440,244	$ 705	$ 488,303		$ (930,106)	$ (38,353)	$ 916,060		$ 3,635
Net income							6,113
Unrealized gain (loss) on short-term investments, net of tax						(2)
Foreign currency translation adjustments						(1,182)
Total comprehensive income (loss)	4,929
Repurchase of common stock	(23,801)	$ (1)	(7,804)		(15,996)
Repurchase of common stock, shares		(389,000)
Issuance of common stock pursuant to employee stock purchase plan	650		650
Issuance of common stock pursuant to employee stock purchase plan, shares		12,000
Issuance of restricted common stock pursuant to stock-based compensation plans		$ 5	(5)
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		476,000
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares		(34,000)
Stock-based compensation expense	5,581		5,581
Settlement of convertible debt securities, net of tax	(4,845)		(4,845)
Dividends	(8,586)						(8,586)
Balance, ending of period, shares at Mar. 31, 2022		32,560,000
Balance, ending of period at Mar. 31, 2022	414,172	$ 709	472,078	$ (9,802)	(946,102)	(39,537)	923,389	$ 9,802	3,635
Balance, beginning of period, shares at Dec. 31, 2021		32,495,000
Balance, beginning of period at Dec. 31, 2021	440,244	$ 705	488,303		(930,106)	(38,353)	916,060		3,635
Net income	11,430
Unrealized gain (loss) on short-term investments, net of tax	3
Foreign currency translation adjustments	(17,182)
Total comprehensive income (loss)	(5,749)
Balance, ending of period, shares at Jun. 30, 2022		32,195
Balance, ending of period at Jun. 30, 2022	377,022	$ 709	479,271		(967,659)	(55,532)	920,233
Balance, beginning of period, shares at Mar. 31, 2022		32,560,000
Balance, beginning of period at Mar. 31, 2022	414,172	$ 709	472,078	$ (9,802)	(946,102)	(39,537)	923,389	$ 9,802	3,635
Net income	5,317						5,317
Unrealized gain (loss) on short-term investments, net of tax	5					(5)
Foreign currency translation adjustments	(16,000)					(16,000)
Total comprehensive income (loss)	(10,678)
Repurchase of common stock	21,673		(116)		(21,557)
Repurchase of common stock, shares		(362,000)
Issuance of common stock pursuant to employee stock purchase plan	773		773
Issuance of common stock pursuant to employee stock purchase plan, shares		15,000
Issuance of restricted common stock pursuant to stock-based compensation plans		$ 1	(1)
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		42,000
Cancellation of restricted common stock issued pursuant to stock-based compensation plans		$ (1)	1
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares		(60,000)
Stock-based compensation expense	6,536		6,536
Dividends	(8,473)						(8,473)
Write-off of noncontrolling interest	(3,635)								$ (3,635)
Balance, ending of period, shares at Jun. 30, 2022		32,195
Balance, ending of period at Jun. 30, 2022	$ 377,022	$ 709	479,271		(967,659)	(55,532)	920,233
Balance, beginning of period, shares at Dec. 31, 2022	31,269,000	31,269
Balance, beginning of period at Dec. 31, 2022	$ 355,249	$ 708	495,189		(1,018,034)	(58,829)	936,215
Net income							20,928
Foreign currency translation adjustments						2,843
Total comprehensive income (loss)	23,771
Repurchase of common stock	(9,306)	$ (2)	(9,304)
Repurchase of common stock, shares		(166)
Issuance of common stock pursuant to employee stock purchase plan	893		893
Issuance of common stock pursuant to employee stock purchase plan, shares		19
Issuance of restricted common stock pursuant to stock-based compensation plans		$ 6	(6)
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		574
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares		(18,000)
Stock-based compensation expense	6,412		6,412
Dividends	(8,796)						(8,796)
Balance, ending of period, shares at Mar. 31, 2023		31,678,000
Balance, ending of period at Mar. 31, 2023	$ 368,223	$ 712	493,184		(1,018,034)	55,986	948,347
Balance, beginning of period, shares at Dec. 31, 2022	31,269,000	31,269
Balance, beginning of period at Dec. 31, 2022	$ 355,249	$ 708	495,189		(1,018,034)	(58,829)	936,215
Net income	34,882
Unrealized gain (loss) on short-term investments, net of tax	0
Foreign currency translation adjustments	4,552
Total comprehensive income (loss)	$ 39,434
Balance, ending of period, shares at Jun. 30, 2023	31,751,000	31,751
Balance, ending of period at Jun. 30, 2023	$ 383,311	$ 713	501,486		(1,018,034)	(54,277)	953,423
Balance, beginning of period, shares at Mar. 31, 2023		31,678,000
Balance, beginning of period at Mar. 31, 2023	368,223	$ 712	493,184		(1,018,034)	55,986	948,347
Net income	13,954						13,954
Unrealized gain (loss) on short-term investments, net of tax	0
Foreign currency translation adjustments	1,709					1,709
Total comprehensive income (loss)	15,663
Repurchase of common stock	(112)		(112)
Repurchase of common stock, shares		(2)
Issuance of common stock pursuant to employee stock purchase plan	771		771
Issuance of common stock pursuant to employee stock purchase plan, shares		18
Issuance of restricted common stock pursuant to stock-based compensation plans		$ 1	(1)
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		64
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares		(7,000)
Stock-based compensation expense	7,644		7,644
Dividends	$ (8,878)						(8,878)
Balance, ending of period, shares at Jun. 30, 2023	31,751,000	31,751
Balance, ending of period at Jun. 30, 2023	$ 383,311	$ 713	$ 501,486		$ (1,018,034)	$ (54,277)	$ 953,423

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 34,882	$ 11,430
Adjustments to reconcile net income to net cash provided by (used in) operating activities-
Depreciation	11,506	14,210
Amortization	22,808	25,520
Asset impairment	1,689	24,436
Gain on lease modifications	(3,812)	0
Loss on short-term investments and other	0	20
Loss on derivative liability upon debt conversion	0	7,456
Unrealized foreign currency transactions (gain)/loss, net	241	(805)
Deferred income taxes	(4,673)	(7,816)
Stock-based compensation	14,056	12,117
Changes in operating assets and liabilities, net of acquired amounts:
Trade accounts receivable, net	(7,789)	(7,833)
Other current and non-current assets and liabilities	(16,083)	(16,098)
Income taxes payable/receivable	(7,235)	(13,157)
Trade accounts payable and accrued liabilities	(26,853)	(65,537)
Deferred revenue	9,046	2,792
Net cash provided by (used in) operating activities	27,783	(13,265)
Cash flows from investing activities:
Purchases of software, property and equipment	(16,428)	(19,647)
Proceeds from sale/maturity of short-term investments	71	26,755
Net cash provided by (used in) investing activities	(16,357)	7,108
Cash flows from financing activities:
Proceeds from issuance of common stock	1,664	1,423
Payment of cash dividends	(17,712)	(17,200)
Repurchase of common stock	(9,418)	(45,113)
Deferred acquisition payments	(1,220)	0
Proceeds from long-term debt	30,000	245,000
Payments on long-term debt	(18,750)	(246,051)
Settlement and merchant reserve activity	(63,107)	26,754
Net cash used in financing activities	(78,543)	(35,187)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	708	(3,328)
Net decrease in cash, cash equivalents, and restricted cash	(66,409)	(44,672)
Cash, cash equivalents and restricted cash, beginning of period	389,018	391,902
Cash, cash equivalents and restricted cash, end of period	322,609	347,230
Cash paid during the period for-
Interest	14,672	8,323
Income taxes	23,720	23,324
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	146,212	133,770
Settlement and merchant reserve assets	176,397	213,460
Total cash, cash equivalents and restricted cash	$ 322,609	$ 347,230

General

General	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	1. GENERAL We have prepared the accompanying unaudited condensed consolidated financial statements as of June 30, 2023 and December 31, 2022, and for the quarters and six months ended June 30, 2023 and 2022, in accordance with accounting principles generally accepted in the United States of America (“U.S.”) (“GAAP”) for interim financial information, and pursuant to the instructions to Form 10-Q and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of our management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position and operating results have been included. The unaudited Condensed Consolidated Financial Statements (the “Financial Statements”) should be read in conjunction with the Consolidated Financial Statements and notes thereto, together with Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), contained in our Annual Report on Form 10-K for the year ended December 31, 2022 (our “2022 10-K”), filed with the SEC. The results of operations for the quarter and six months ended June 30, 2023 are not necessarily indicative of the expected results for the entire year ending December 31, 2023 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates in Preparation of Financial Statements. The preparation of our Financial Statements requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our Financial Statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications. Certain amounts within our net cash used in operating activities on our Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2022 have been reclassified to conform to the June 30, 2023 presentation. Revenue. The majority of our future revenue is related to our revenue management solution customer contracts that include variable consideration dependent upon a series of monthly volumes and/or daily usage of services and have contractual terms ending from 2023 through 2036 . Our customer contracts may include guaranteed minimums and fixed monthly or annual fees. As of June 30, 2023 , our aggregate amount of the transaction price allocated to the remaining performance obligations is $ 1.6 billion, which is made up of fixed fee consideration and guaranteed minimums expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied). We expect to recognize approximately 70 % of this amount by the end of 2025 , with the remaining amount recognized by the end of 2036 . We have excluded variable consideration expected to be recognized in the future related to performance obligations that are unsatisfied from this amount. 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, 2023 and 2022 were as follows (in thousands): Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 SaaS and related solutions $ 255,600 $ 230,712 $ 513,476 $ 465,689 Software and services 18,766 20,068 49,657 38,504 Maintenance 11,961 11,388 21,933 22,375 Total revenue $ 286,327 $ 262,168 $ 585,066 $ 526,568 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, 2023 and 2022, as a percentage of our total revenue, were as follows: Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Americas (principally the U.S.) 87 % 85 % 85 % 85 % Europe, Middle East, and Africa 9 % 11 % 11 % 11 % Asia Pacific 4 % 4 % 4 % 4 % 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 industry markets including retail, healthcare, financial services, insurance, and government entities. Revenue by customer vertical for the quarters and six months ended June 30, 2023 and 2022, as a percentage of our total revenue, were as follows: Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Broadband/Cable/Satellite 54 % 55 % 53 % 54 % Telecommunications 18 % 19 % 19 % 20 % Other 28 % 26 % 28 % 26 % Total revenue 100 % 100 % 100 % 100 % Deferred revenue recognized during the quarters ended June 30, 2023 and 2022 was $ 11.3 million and $ 12.3 million, respectively, and during the six months ended June 30, 2023 and 2022 was $ 31.5 million and $ 40.3 million, respectively. Cash and Cash Equivalents. We consider all highly liquid investments with original maturities of three months or less at the date of the purchase to be cash equivalents. As of June 30, 2023 and December 31, 2022, our cash equivalents consist primarily of institutional money market funds, commercial paper, and time deposits held at major banks. For the cash and cash equivalents denominated in foreign currencies and/or located outside the U.S., we do not anticipate any material amounts being unavailable for use in running our business, but may face limitations on moving cash out of certain foreign jurisdictions due to currency controls and potential negative economic consequences. Restricted Cash. Restricted cash includes cash that is legally or contractually restricted, as well as our settlement and merchant reserve assets (discussed below). The nature of the restrictions on our settlement and merchant reserve assets consists of contractual restrictions with the merchants and restrictions arising from our policy and intention. It has historically been our policy to segregate settlement and merchant reserve assets from our operating cash balances and our intention is to continue to do so. As of June 30, 2023 and December 31, 2022 , we had $ 0.9 million and $ 1.0 million, respectively, of restricted cash that serves to collateralize bank guarantees and outstanding letters of credit included in cash and cash equivalents in our unaudited Condensed Consolidated Balance Sheets (“Balance Sheets” or “Balance Sheet”). Short-term Investments. Our short-term investments as of June 30, 2023 and December 31, 2022 were zero and $ 0.1 million, respectively. Primarily all short-term investments held by us have contractual maturities of less than two years from the time of acquisition. Our short-term investments as of June 30, 2023 and December 31, 2022 consisted of fixed income securities. Proceeds from the sale/maturity of short-term investments for the six months ended June 30, 2023 and 2022 were $ 0.1 million and $ 26.8 million, respectively. Settlement and Merchant Reserve Assets and Liabilities. Settlement assets and settlement liabilities represent cash collected on behalf of merchants via payment processing services which is held for an established holding period until settlement with the customer. The holding period is generally one to four business days depending on the payment model and contractual terms with the customer. During the holding period, cash is subject to restriction and segregation based on the nature of our custodial relationship with the merchants. Should we fail to remit these funds to our merchants, the merchant’s sole recourse would be against us, for payment. These rights and obligations are set forth in the contracts between us and the merchants. Settlement assets are held with various major financial institutions and a corresponding liability is recorded for the amounts owed to the customer. At any given time, there may be differences between the cash held and the corresponding liability due to the timing of operating-related cash transfers. Merchant reserve assets/liabilities represent deposits collected from merchants to mitigate our risk of loss due to nonperformance of settlement obligations initiated by those merchants using our payment processing services, or non-payment by customers for services rendered by us. We perform a credit risk evaluation on each customer based on multiple criteria, which provide the basis for the deposit amount required for each merchant. For the duration of our relationship with each merchant, we hold their reserve deposits with major financial institutions. We hold these funds in separate accounts and are fully offset by corresponding liabilities. The following table summarizes our settlement and merchant reserve assets and liabilities as of the indicated periods (in thousands): June 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Settlement assets/liabilities $ 159,161 $ 157,541 $ 219,368 $ 218,525 Merchant reserve assets/liabilities 17,236 17,236 19,285 19,285 Total $ 176,397 $ 174,777 $ 238,653 $ 237,810 Financial Instruments . Our financial instruments as of June 30, 2023 and December 31, 2022 include cash and cash equivalents, short-term investments, settlement and merchant reserve assets and liabilities, accounts receivable, accounts payable, and debt. Due to their short maturities, the carrying amounts of cash equivalents, settlement and merchant reserve assets and liabilities, accounts receivable, and accounts payable approximate their fair value. Our short-term investments and certain of our cash equivalents are considered “available-for-sale” and are reported at fair value in our Balance Sheets, with unrealized gains and losses, net of the related income tax effect, excluded from earnings and reported in a separate component of stockholders’ equity. Realized and unrealized gains and losses were not material in any period presented. The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets measured at fair value (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 5,431 $ - $ 5,431 $ 5,318 $ - $ 5,318 Short-term investments: Asset-backed securities - - - - 71 71 Total $ 5,431 $ - $ 5,431 $ 5,318 $ 71 $ 5,389 Valuation inputs used to measure the fair values of our money market funds were derived from quoted market prices. The fair values of all other financial instruments are based upon pricing provided by third-party pricing services. These prices were derived from observable market inputs. 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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value 2021 Credit Agreement (carrying value including Term Loan $ 136,875 $ 136,875 $ 140,625 $ 140,625 Revolver 290,000 290,000 275,000 275,000 The fair value for our credit agreement was estimated using a discounted cash flow methodology.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	3. GOODWILL AND INTANGIBLE ASSETS Goodwill. The changes in the carrying amount of goodwill for the six months ended June 30, 2023 were as follows (in thousands): January 1, 2023, balance $ 304,036 Adjustments related to prior acquisitions ( 20 ) Impairment charge related to Keydok, LLC ( 1,118 ) Effects of changes in foreign currency exchange rates 3,743 June 30, 2023, balance $ 306,641 See Notes 5 and 6 for further discussion of management's decision to shut down Keydok, LLC ("Keydok") resulting in the impairment charge recorded above. Other Intangible Assets. Our other intangible assets subject to ongoing amortization consist primarily of acquired customer contracts and software. As of June 30, 2023 and December 31, 2022, the carrying values of these assets were as follows (in thousands): June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Acquired customer contracts $ 167,243 $ ( 126,757 ) $ 40,486 $ 165,497 $ ( 120,080 ) $ 45,417 Software 175,130 ( 156,240 ) 18,890 173,111 ( 150,337 ) 22,774 Total other intangible assets $ 342,373 $ ( 282,997 ) $ 59,376 $ 338,608 $ ( 270,417 ) $ 68,191 The total amortization expense related to other intangible assets for the second quarters of 2023 and 2022 were $ 6.4 million and $ 7.7 million, respectively, and for the six months ended June 30, 2023 and 2022 were $ 13.0 million and $ 14.8 million, respectively. Based on the June 30, 2023 net carrying value of our intangible assets, the estimated total amortization expense for each of the five succeeding fiscal years ending December 31 are: 2023 - $ 25.1 million; 2024 - $ 14.7 million; 2025 - $ 11.3 million; 2026 - $ 7.7 million; and 2027 - $ 3.1 million. Customer Contract Costs . As of June 30, 2023 and December 31, 2022, the carrying values of our customer contract cost assets, related to those contracts with a contractual term greater than one year, were as follows (in thousands): June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Customer contract costs $ 88,708 $ ( 34,594 ) $ 54,114 $ 85,336 $ ( 30,601 ) $ 54,735 The total amortization expense related to customer contract costs for the second quarters of 2023 and 2022 were $ 4.8 million and $ 3.8 million, respectively, and for the six months ended June 30, 2023 and 2022 were $ 9.4 million and $ 10.3 million, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	4. DEBT Our long-term debt, as of June 30, 2023 and December 31, 2022, was as follows (in thousands): June 30, 2023 December 31, 2022 2021 Credit Agreement: 2021 Term Loan, due September 2026 , interest at adjusted SOFR plus 6.967 % at June 30, 2023) $ 136,875 $ 140,625 Less – deferred financing costs ( 2,283 ) ( 2,656 ) 2021 Term Loan, net of unamortized discounts 134,592 137,969 $ 450 million revolving loan facility, due September 2026 , interest at adjusted 6.967 % at June 30, 2023) 290,000 275,000 Total debt, net of unamortized discounts 424,592 412,969 Current portion of long-term debt, net of unamortized discounts ( 22,500 ) ( 37,500 ) Long-term debt, net of unamortized discounts $ 402,092 $ 375,469 2021 Credit Agreement. During the six months ended June 30, 2023 , we made $ 3.8 million of principal repayments on our $ 150.0 million aggregate principal five-year term loan (the “2021 Term Loan”). As of June 30, 2023 we had borrowed $ 290.0 million from our $ 450.0 million aggregate principal five-year revolving loan facility (the “2021 Revolver”). In July 2023, we borrowed an additional $ 15.0 million on the 2021 Revolver, currently leaving $ 145.0 million available to us. As of June 30, 2023 , the interest rate on our 2021 Term Loan and our 2021 Revolver was 6.967 % (adjusted SOFR, spread adjustment of 0.10 %, plus 1.625 % per annum) and our commitment fee on the unused $ 160.0 million was 0.20 %. The interest rates under the 2021 Credit Agreement are based upon our choice of an adjusted SOFR rate plus an applicable margin of 1.375 % - 2.125 %, or an alternate base rate (“ABR”) plus an applicable margin of 0.375 % - 1.125 %, with the applicable margin, depending on our then-net secured total leverage ratio. We pay a commitment fee of 0.150 % - 0.325 % of the average daily unused amount of the 2021 Revolver, with the commitment fee rate also dependent upon our then-net secured total leverage ratio. In April 2023, we entered into the First Amendment to the 2021 Credit Agreement (the “First Amendment”). The First Amendment replaces the interest rate benchmark, from LIBOR to the Secured Overnight Financing Rate ("SOFR"), and all references to “Eurodollar Borrowing(s)” or “Eurodollar Loans” have been replaced with “Term SOFR Borrowing(s)” or “Term SOFR Loans”. Any loan amounts outstanding at the effective date of the First Amendment, continued to bear interest at the applicable LIBOR rate, discussed above, until the end of the interest election period applicable to such loan. All Term SOFR Loans are subject to a 0.10 % spread adjustment.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Acquisitions	5. ACQUISITIONS Keydok, LLC. On September 14, 2021, we acquired Keydok, a digital identity and document management platform provider, headquartered in Mexico. In March 2023, we decided to dissolve the Keydok business. See Note 6 for additional discussion. DGIT Systems Pty Ltd. On October 4, 2021 , we acquired DGIT Systems Pty Ltd ( “DGIT” ), a provider of configure, price and quote (CPQ) and order management solutions for the telecommunications industry. We acquired 100 % of the equity of DGIT for a purchase price of approximately $ 16 million, approximately $ 14 million paid upon close and the remaining escrowed funds of approximately $ 2 million to be paid through the first quarter of 2025, subject to certain reductions, as applicable. As of June 30, 2023 , $ 1.3 million of the escrowed funds had been paid. The DGIT acquisition includes provisions for up to approximately $ 13 million of potential future earn-out payments. The earn-out payments are tied to performance-based goals and a defined service period by the eligible recipients and are accounted for as post-acquisition compensation, as applicable. The earn-out period is through September 30, 2025. During 2022, $ 0.3 million of the earn-out had been achieved and was paid out in March 2023.

Restructuring and Reorganizatio

Restructuring and Reorganization Charges	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Reorganization Charges	6. RESTRUCTURING AND REORGANIZATION CHARGES During the second quarters of 2023 and 2022 , we recorded restructuring and reorganization charges of $ 2.1 million and $ 19.0 million, respectively, and for the six months ended June 30, 2023 and 2022 , we recorded restructuring and reorganization charges of $ 7.3 million and $ 32.1 million, respectively. During the six months ended June 30, 2023 we implemented the following restructuring and reorganizational activities: • In March 2023 we decided to dissolve the Keydok business, which we had acquired in September of 2021. As a result, we recorded net impairment charges of $ 1.2 million, to include the write-off of the acquired goodwill. We also subsequently terminated approximately 30 Mexico-based employees, which resulted in restructuring charges related to involuntary terminations of $ 1.6 million. • We reduced our workforce by approximately 60 employees, mainly in the U.S., as a result of organizational changes and efficiencies. As a result, we incurred restructuring charges related to involuntary terminations of $ 1.8 million. • We modified two of our real estate leases, at previously closed locations in India and the United States, resulting in earlier termination dates and the recognition of a $ 3.8 million gain. We also recorded $ 0.5 million of additional operating lease right-of-use asset impairments on three of our leased real estate locations. • During the second quarter of 2023 we exited a reseller agreement that was acquired with the acquisition of Forte Payment Systems, Inc. in 2018. As a result, we incurred expense of $ 3.6 million, of which $ 1.8 million has been paid and $ 1.8 million was accrued as of June 30, 2023. The activity in the restructuring and reorganization reserves during the six months ended June 30, 2023 was as follows (in thousands): Termination Benefits Other Total January 1, 2023, balance $ 2,491 $ - $ 2,491 Charged to expense during period 3,410 3,859 7,269 Cash payments ( 4,943 ) ( 3,240 ) ( 8,183 ) Adjustment for asset impairment - ( 1,675 ) ( 1,675 ) Adjustment for gain on lease modifications - 3,812 3,812 Adjustment for accelerated depreciation - ( 213 ) ( 213 ) Other 400 - 400 June 30, 2023, balance $ 1,358 $ 2,543 $ 3,901 , all of the restructuring and reorganization reserves were included in current liabilities.

Commitments, Guarantees and Con

Commitments, Guarantees and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments, Guarantees and Contingencies	7. COMMITMENTS, GUARANTEES AND CONTINGENCIES Guarantees . In the ordinary course of business, we may provide guarantees in the form of bid bonds, performance bonds, or standby letters of credit. As of June 30, 2023 , we had $ 1.6 million of restricted assets used to collateralize these guarantees, with $ 0.9 million included in cash and cash equivalents and $ 0.7 million included in other non-current assets. We have performance guarantees in the form of surety bonds and money transmitter bonds, both issued through a third-party that are not required to be on our Balance Sheet. As of June 30, 2023 , we had performance guarantees of $ 4.2 million. We are ultimately liable for claims that may occur against these guarantees. We have no history of material claims or are aware of circumstances that would require us to pay under any of these arrangements. We also believe that the resolution of any claim that may arise in the future, either individually or in the aggregate, would not be material to our Financial Statements. As of June 30, 2023 , we had total aggregate money transmitter bonds of $ 19.9 million outstanding. These money transmitter bonds are for the benefit of various states to comply with the states’ financial requirements and industry regulations for money transmitter licenses. Warranties. We generally warrant that our solutions and related offerings will conform to published specifications, or to specifications provided in an individual customer arrangement, as applicable. The typical warranty period is 90 days from the date of acceptance of the solution or offering. For certain service offerings we provide a warranty for the duration of the services provided. We generally warrant that those services will be performed in a professional and skillful manner. The typical remedy for breach of warranty is to correct or replace any defective deliverable, and if not possible or practical, we will accept the return of the defective deliverable and refund the amount paid under the customer arrangement that is allocable to the defective deliverable. Our contracts also generally contain limitation of damages provisions in an effort to reduce our exposure to monetary damages arising from breach of warranty claims. Historically, we have incurred minimal warranty costs, and as a result, do not maintain a warranty reserve. Solution and Services Indemnifications. Arrangements with our customers generally include an indemnification provision that will indemnify and defend a customer in actions brought against the customer that claim our products and/or services infringe upon a copyright, trade secret, or valid patent. Historically, we have not incurred any significant costs related to such indemnification claims, and as a result, do not maintain a reserve for such exposure. Claims for Company Non-performance. Our arrangements with our customers typically limit our liability for breach to a specified amount of the direct damages incurred by the customer resulting from the breach. From time-to-time, these arrangements may also include provisions for possible liquidated damages or other financial remedies for our non-performance, or in the case of certain of our solutions, provisions for damages related to service level performance requirements. The service level performance requirements typically relate to platform availability and timeliness of service delivery. As of June 30, 2023, we believe we have adequate reserves, based on our historical experience, to cover any reasonably anticipated exposure as a result of our nonperformance for any past or current arrangements with our customers. Indemnifications Related to Officers and the Board of Directors. Other guarantees include promises to indemnify, defend, and hold harmless our directors, and certain officers. Such indemnification covers any expenses and liabilities reasonably incurred by a person, by reason of the fact that such person is, was, or has agreed to be a director or officer, in connection with the investigation, defense, and settlement of any threatened, pending, or contemplated action, suit, proceeding, or claim. We maintain directors’ and officers’ (“D&O”) insurance coverage to protect against such losses. We have not historically incurred any losses related to these types of indemnifications and are not aware of any pending or threatened actions or claims against any officer or member of our Board of Directors (the "Board"). As a result, we have not recorded any liabilities related to such indemnifications as of June 30, 2023. In addition, as a result of the insurance policy coverage, we believe these indemnification agreements are not significant to our results of operations. Legal Proceedings. From time to time, we are involved in litigation relating to claims arising out of our operations in the normal course of business.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Common Share	8. EARNINGS PER COMMON SHARE Basic and diluted earnings per common share (“EPS”) amounts are presented on the face of our unaudited Condensed Consolidated Statements of Income (the "Income Statements"). The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands): Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Basic weighted-average common shares 30,629 31,301 30,524 31,358 Dilutive effect of restricted common stock 97 191 144 293 Diluted weighted-average common shares 30,726 31,492 30,668 31,651 Potentially dilutive common shares related to non-participating unvested restricted stock and stock warrants were excluded from the computation of diluted EPS, as the effect was antidilutive, and were not material in any period presented. Stock warrants (see Note 9) will only have a dilutive effect upon vesting in those periods in which our average stock price exceeds the exercise price of $ 26.68 per warrant.

Stockholders' Equity and Equity

Stockholders' Equity and Equity Compensation Plans	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Equity Compensation Plans	9. STOCKHOLDERS’ EQUITY AND EQUITY COMPENSATION PLANS Stock Repurchase Program. We currently have a stock repurchase program, approved by our Board, authorizing us to repurchase shares of our common stock from time-to-time as market and business conditions warrant (the “Stock Repurchase Program”). We did not make any share repurchases during the second quarter and six months ended June 30, 2023. During the second quarter and six months ended June 30, 2022 , we repurchased approximately 360,000 shares of our common stock for $ 21.6 million (weighted-average price of $ 59.88 per share), and approximately 626,000 shares of our common stock for $ 37.6 million (weighted-average price of $ 59.99 per share), respectively, under a SEC Rule 10b5-1 Plan. As of June 30, 2023 , the total remaining number of shares available for repurchase under the Stock Repurchase Program totaled 2.1 million shares. Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during the second quarters of 2023 and 2022 , we repurchased and then cancelled approximately 2,000 shares of common stock for $ 0.1 million for both periods, and during the six months ended June 30, 2023 and 2022 we repurchased and then cancelled approximately 168,000 shares of common stock for $ 9.4 million and approximately 125,000 shares of common stock for $ 7.9 million, respectively, in connection with minimum tax withholding requirements resulting from the vesting of restricted common stock under our stock incentive plans. Cash Dividends. During the second quarter of 2023 , our Board approved a quarterly cash dividend of $ 0.28 per share of common stock, totaling $ 8.9 million. During the second quarter of 2022 , our Board approved a quarterly cash dividend of $ 0.265 per share of common stock, totaling $ 8.5 million. Dividends declared for the six months ended June 30, 2023 and 2022 totaled $ 17.7 million and $ 17.1 million, respectively. Warrants . In 2014, in conjunction with the execution of an amendment to our agreement with Comcast Corporation (“Comcast”), we issued stock warrants (the “Warrant Agreement”) for the right to purchase up to 2.9 million shares of our common stock (the “Stock Warrants”) as an additional incentive for Comcast to convert customer accounts onto our solutions based on various milestones. The Stock Warrants have a ten-year term and an exercise price of $ 26.68 per warrant. As of June 30, 2023 , 1.0 million Stock Warrants remain issued, none of which have vested. The remaining unvested Stock Warrants will be accounted for as a customer contract cost asset once the performance conditions necessary for vesting are considered probable. Stock-Based Awards. A summary of our unvested restricted common stock activity during the quarter and six months ended June 30, 2023 is as follows (shares in thousands): Quarter Ended Six Months Ended June 30, 2023 June 30, 2023 Shares Weighted- Shares Weighted- Unvested awards, beginning 1,290 $ 53.80 1,147 $ 53.34 Awards granted 88 49.44 688 51.66 Awards forfeited/cancelled ( 10 ) 53.75 ( 29 ) 54.03 Awards vested ( 34 ) 56.72 ( 472 ) 50.25 Unvested awards, ending 1,334 $ 53.44 1,334 $ 53.44 Included in the awards granted during the six months ended June 30, 2023 are awards issued to members of executive management and certain key employees in the form of: (i) performance-based awards of approximately 134,000 restricted common stock shares, which vest in the first quarter of 2025 upon meeting certain pre-established financial performance objectives over a two-year performance period; and (ii) market-based awards of approximately 45,000 restricted common stock shares, which vest in the first quarter of 2026 upon meeting a relative total shareholder return performance achievement tier. Certain of these awards become fully vested upon a change in control, as defined, and the subsequent involuntary termination of employment. The other restricted common stock shares granted during the six months ended June 30, 2023 are primarily time-based awards, which vest annually over two to three years with no restrictions other than the passage of time. Certain shares of the restricted common stock become fully vested upon a change in control, as defined, involuntary terminations of employment, or death. We recorded stock-based compensation expense for the second quarters of 2023 and 2022 of $ 7.6 million and $ 6.5 million, respectively, and for the six months ended June 30, 2023 and 2022 of $ 14.1 million and $ 12.1 million, respectively .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements. The preparation of our Financial Statements requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our Financial Statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications	Reclassifications. Certain amounts within our net cash used in operating activities on our Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2022 have been reclassified to conform to the June 30, 2023 presentation.
Revenue	Revenue. The majority of our future revenue is related to our revenue management solution customer contracts that include variable consideration dependent upon a series of monthly volumes and/or daily usage of services and have contractual terms ending from 2023 through 2036 . Our customer contracts may include guaranteed minimums and fixed monthly or annual fees. As of June 30, 2023 , our aggregate amount of the transaction price allocated to the remaining performance obligations is $ 1.6 billion, which is made up of fixed fee consideration and guaranteed minimums expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied). We expect to recognize approximately 70 % of this amount by the end of 2025 , with the remaining amount recognized by the end of 2036 . We have excluded variable consideration expected to be recognized in the future related to performance obligations that are unsatisfied from this amount. 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, 2023 and 2022 were as follows (in thousands): Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 SaaS and related solutions $ 255,600 $ 230,712 $ 513,476 $ 465,689 Software and services 18,766 20,068 49,657 38,504 Maintenance 11,961 11,388 21,933 22,375 Total revenue $ 286,327 $ 262,168 $ 585,066 $ 526,568 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, 2023 and 2022, as a percentage of our total revenue, were as follows: Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Americas (principally the U.S.) 87 % 85 % 85 % 85 % Europe, Middle East, and Africa 9 % 11 % 11 % 11 % Asia Pacific 4 % 4 % 4 % 4 % 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 industry markets including retail, healthcare, financial services, insurance, and government entities. Revenue by customer vertical for the quarters and six months ended June 30, 2023 and 2022, as a percentage of our total revenue, were as follows: Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Broadband/Cable/Satellite 54 % 55 % 53 % 54 % Telecommunications 18 % 19 % 19 % 20 % Other 28 % 26 % 28 % 26 % Total revenue 100 % 100 % 100 % 100 % Deferred revenue recognized during the quarters ended June 30, 2023 and 2022 was $ 11.3 million and $ 12.3 million, respectively, and during the six months ended June 30, 2023 and 2022 was $ 31.5 million and $ 40.3 million, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider all highly liquid investments with original maturities of three months or less at the date of the purchase to be cash equivalents. As of June 30, 2023 and December 31, 2022, our cash equivalents consist primarily of institutional money market funds, commercial paper, and time deposits held at major banks. For the cash and cash equivalents denominated in foreign currencies and/or located outside the U.S., we do not anticipate any material amounts being unavailable for use in running our business, but may face limitations on moving cash out of certain foreign jurisdictions due to currency controls and potential negative economic consequences. Restricted Cash. Restricted cash includes cash that is legally or contractually restricted, as well as our settlement and merchant reserve assets (discussed below). The nature of the restrictions on our settlement and merchant reserve assets consists of contractual restrictions with the merchants and restrictions arising from our policy and intention. It has historically been our policy to segregate settlement and merchant reserve assets from our operating cash balances and our intention is to continue to do so. As of June 30, 2023 and December 31, 2022 , we had $ 0.9 million and $ 1.0 million, respectively, of restricted cash that serves to collateralize bank guarantees and outstanding letters of credit included in cash and cash equivalents in our unaudited Condensed Consolidated Balance Sheets (“Balance Sheets” or “Balance Sheet”). Short-term Investments. Our short-term investments as of June 30, 2023 and December 31, 2022 were zero and $ 0.1 million, respectively. Primarily all short-term investments held by us have contractual maturities of less than two years from the time of acquisition. Our short-term investments as of June 30, 2023 and December 31, 2022 consisted of fixed income securities. Proceeds from the sale/maturity of short-term investments for the six months ended June 30, 2023 and 2022 were $ 0.1 million and $ 26.8 million, respectively. Settlement and Merchant Reserve Assets and Liabilities. Settlement assets and settlement liabilities represent cash collected on behalf of merchants via payment processing services which is held for an established holding period until settlement with the customer. The holding period is generally one to four business days depending on the payment model and contractual terms with the customer. During the holding period, cash is subject to restriction and segregation based on the nature of our custodial relationship with the merchants. Should we fail to remit these funds to our merchants, the merchant’s sole recourse would be against us, for payment. These rights and obligations are set forth in the contracts between us and the merchants. Settlement assets are held with various major financial institutions and a corresponding liability is recorded for the amounts owed to the customer. At any given time, there may be differences between the cash held and the corresponding liability due to the timing of operating-related cash transfers. Merchant reserve assets/liabilities represent deposits collected from merchants to mitigate our risk of loss due to nonperformance of settlement obligations initiated by those merchants using our payment processing services, or non-payment by customers for services rendered by us. We perform a credit risk evaluation on each customer based on multiple criteria, which provide the basis for the deposit amount required for each merchant. For the duration of our relationship with each merchant, we hold their reserve deposits with major financial institutions. We hold these funds in separate accounts and are fully offset by corresponding liabilities. The following table summarizes our settlement and merchant reserve assets and liabilities as of the indicated periods (in thousands): June 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Settlement assets/liabilities $ 159,161 $ 157,541 $ 219,368 $ 218,525 Merchant reserve assets/liabilities 17,236 17,236 19,285 19,285 Total $ 176,397 $ 174,777 $ 238,653 $ 237,810
Short-term Investments and Other Financial Instruments	Financial Instruments . Our financial instruments as of June 30, 2023 and December 31, 2022 include cash and cash equivalents, short-term investments, settlement and merchant reserve assets and liabilities, accounts receivable, accounts payable, and debt. Due to their short maturities, the carrying amounts of cash equivalents, settlement and merchant reserve assets and liabilities, accounts receivable, and accounts payable approximate their fair value. Our short-term investments and certain of our cash equivalents are considered “available-for-sale” and are reported at fair value in our Balance Sheets, with unrealized gains and losses, net of the related income tax effect, excluded from earnings and reported in a separate component of stockholders’ equity. Realized and unrealized gains and losses were not material in any period presented. The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets measured at fair value (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 5,431 $ - $ 5,431 $ 5,318 $ - $ 5,318 Short-term investments: Asset-backed securities - - - - 71 71 Total $ 5,431 $ - $ 5,431 $ 5,318 $ 71 $ 5,389 Valuation inputs used to measure the fair values of our money market funds were derived from quoted market prices. The fair values of all other financial instruments are based upon pricing provided by third-party pricing services. These prices were derived from observable market inputs. 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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value 2021 Credit Agreement (carrying value including Term Loan $ 136,875 $ 136,875 $ 140,625 $ 140,625 Revolver 290,000 290,000 275,000 275,000 The fair value for our credit agreement was estimated using a discounted cash flow methodology.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022 were as follows (in thousands): Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 SaaS and related solutions $ 255,600 $ 230,712 $ 513,476 $ 465,689 Software and services 18,766 20,068 49,657 38,504 Maintenance 11,961 11,388 21,933 22,375 Total revenue $ 286,327 $ 262,168 $ 585,066 $ 526,568 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, 2023 and 2022, as a percentage of our total revenue, were as follows: Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Americas (principally the U.S.) 87 % 85 % 85 % 85 % Europe, Middle East, and Africa 9 % 11 % 11 % 11 % Asia Pacific 4 % 4 % 4 % 4 % 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 industry markets including retail, healthcare, financial services, insurance, and government entities. Revenue by customer vertical for the quarters and six months ended June 30, 2023 and 2022, as a percentage of our total revenue, were as follows: Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Broadband/Cable/Satellite 54 % 55 % 53 % 54 % Telecommunications 18 % 19 % 19 % 20 % Other 28 % 26 % 28 % 26 % 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, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Settlement assets/liabilities $ 159,161 $ 157,541 $ 219,368 $ 218,525 Merchant reserve assets/liabilities 17,236 17,236 19,285 19,285 Total $ 176,397 $ 174,777 $ 238,653 $ 237,810
Fair Value Measurements	The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for our financial assets measured at fair value (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 5,431 $ - $ 5,431 $ 5,318 $ - $ 5,318 Short-term investments: Asset-backed securities - - - - 71 71 Total $ 5,431 $ - $ 5,431 $ 5,318 $ 71 $ 5,389
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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value 2021 Credit Agreement (carrying value including Term Loan $ 136,875 $ 136,875 $ 140,625 $ 140,625 Revolver 290,000 290,000 275,000 275,000

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	Goodwill. The changes in the carrying amount of goodwill for the six months ended June 30, 2023 were as follows (in thousands): January 1, 2023, balance $ 304,036 Adjustments related to prior acquisitions ( 20 ) Impairment charge related to Keydok, LLC ( 1,118 ) Effects of changes in foreign currency exchange rates 3,743 June 30, 2023, balance $ 306,641 See Notes 5 and 6 for further discussion of management's decision to shut down Keydok, LLC ("Keydok") resulting in the impairment charge recorded above.
Summary of Carrying Value of Assets	As of June 30, 2023 and December 31, 2022, the carrying values of these assets were as follows (in thousands): June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Acquired customer contracts $ 167,243 $ ( 126,757 ) $ 40,486 $ 165,497 $ ( 120,080 ) $ 45,417 Software 175,130 ( 156,240 ) 18,890 173,111 ( 150,337 ) 22,774 Total other intangible assets $ 342,373 $ ( 282,997 ) $ 59,376 $ 338,608 $ ( 270,417 ) $ 68,191
Summary of Carrying Values of Customer Contract Cost Assets	Customer Contract Costs . As of June 30, 2023 and December 31, 2022, the carrying values of our customer contract cost assets, related to those contracts with a contractual term greater than one year, were as follows (in thousands): June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Customer contract costs $ 88,708 $ ( 34,594 ) $ 54,114 $ 85,336 $ ( 30,601 ) $ 54,735

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Our long-term debt, as of June 30, 2023 and December 31, 2022, was as follows (in thousands): June 30, 2023 December 31, 2022 2021 Credit Agreement: 2021 Term Loan, due September 2026 , interest at adjusted SOFR plus 6.967 % at June 30, 2023) $ 136,875 $ 140,625 Less – deferred financing costs ( 2,283 ) ( 2,656 ) 2021 Term Loan, net of unamortized discounts 134,592 137,969 $ 450 million revolving loan facility, due September 2026 , interest at adjusted 6.967 % at June 30, 2023) 290,000 275,000 Total debt, net of unamortized discounts 424,592 412,969 Current portion of long-term debt, net of unamortized discounts ( 22,500 ) ( 37,500 ) Long-term debt, net of unamortized discounts $ 402,092 $ 375,469

Restructuring and Reorganizat_2

Restructuring and Reorganization Charges (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Activity in Business Restructuring and Reorganization Reserves	The activity in the restructuring and reorganization reserves during the six months ended June 30, 2023 was as follows (in thousands): Termination Benefits Other Total January 1, 2023, balance $ 2,491 $ - $ 2,491 Charged to expense during period 3,410 3,859 7,269 Cash payments ( 4,943 ) ( 3,240 ) ( 8,183 ) Adjustment for asset impairment - ( 1,675 ) ( 1,675 ) Adjustment for gain on lease modifications - 3,812 3,812 Adjustment for accelerated depreciation - ( 213 ) ( 213 ) Other 400 - 400 June 30, 2023, balance $ 1,358 $ 2,543 $ 3,901

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Reconciliation of the Basic and Diluted EPS Denominators	The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands): Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Basic weighted-average common shares 30,629 31,301 30,524 31,358 Dilutive effect of restricted common stock 97 191 144 293 Diluted weighted-average common shares 30,726 31,492 30,668 31,651

Stockholders' Equity and Equi_2

Stockholders' Equity and Equity Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Summary of Unvested Restricted Common Stock Activity	A summary of our unvested restricted common stock activity during the quarter and six months ended June 30, 2023 is as follows (shares in thousands): Quarter Ended Six Months Ended June 30, 2023 June 30, 2023 Shares Weighted- Shares Weighted- Unvested awards, beginning 1,290 $ 53.80 1,147 $ 53.34 Awards granted 88 49.44 688 51.66 Awards forfeited/cancelled ( 10 ) 53.75 ( 29 ) 54.03 Awards vested ( 34 ) 56.72 ( 472 ) 50.25 Unvested awards, ending 1,334 $ 53.44 1,334 $ 53.44

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Aggregate amount of transaction price allocated to remaining performance obligations	$ 1,600,000		$ 1,600,000
Remaining performance obligations expected to be recognized, year	2036		2036
Deferred revenue recognized	$ 11,300	$ 12,300	$ 31,500	$ 40,300
Restricted cash	900		900		$ 1,000
Proceeds from sale/maturity of short-term investments			71	$ 26,755
Short-term investments	$ 0		$ 0		$ 71
Minimum
Summary Of Significant Accounting Policies [Line Items]
Holding period of settlement and merchant reserve assets and liabilities			1 day
Maximum
Summary Of Significant Accounting Policies [Line Items]
Holding period of settlement and merchant reserve assets and liabilities			4 days
Short-term investment contractual maturities			2 years
Revenue Management Solution Customer Contracts [Member] | Minimum
Summary Of Significant Accounting Policies [Line Items]
Future revenue including variable consideration, contractual terms ending, year			2023
Revenue Management Solution Customer Contracts [Member] | Maximum
Summary Of Significant Accounting Policies [Line Items]
Future revenue including variable consideration, contractual terms ending, year			2036

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Textual 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations expected to be recognized, percentage	70%
Remaining performance obligations expected to be recognized, period	2025 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Type, Geographic Region and Customer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenue	$ 286,327	$ 262,168	$ 585,066	$ 526,568
Percentage of total revenue	100%	100%	100%	100%
Broadband/Cable/Satellite
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	54%	55%	53%	54%
Telecommunications
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	18%	19%	19%	20%
Other
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	28%	26%	28%	26%
Americas (principally the U.S.)
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	87%	85%	85%	85%
Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	9%	11%	11%	11%
Asia Pacific
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	4%	4%	4%	4%
SaaS and Related Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	$ 255,600	$ 230,712	$ 513,476	$ 465,689
Software and Services
Disaggregation Of Revenue [Line Items]
Total revenue	18,766	20,068	49,657	38,504
Maintenance
Disaggregation Of Revenue [Line Items]
Total revenue	$ 11,961	$ 11,388	$ 21,933	$ 22,375

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Settlement and Merchant Reserve Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Settlement And Merchant Reserve Assets And Liabilities [Abstract]
Settlement assets	$ 159,161	$ 219,368
Merchant reserve assets	17,236	19,285
Total	176,397	238,653	$ 213,460
Settlement liabilities	157,541	218,525
Merchant reserve liabilities	17,236	19,285
Total	$ 174,777	$ 237,810

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Assets fair value	$ 5,431	$ 5,389
Cash equivalents | Money Market Funds
Assets:
Assets fair value	5,431	5,318
Short-term Investments | Asset-backed securities
Assets:
Assets fair value		71
Level 1
Assets:
Assets fair value	5,431	5,318
Level 1 | Cash equivalents | Money Market Funds
Assets:
Assets fair value	5,431	5,318
Level 2
Assets:
Assets fair value	$ 0	71
Level 2 | Short-term Investments | Asset-backed securities
Assets:
Assets fair value		$ 71

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Carrying Value and Estimated Fair Value of Debt (Details) - 2021 Credit Agreement - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
2021 Term Loan
Carrying value and estimated fair value of debt
Fair Value	$ 136,875	$ 140,625
Carrying Value	136,875	140,625
Revolving Loan
Carrying value and estimated fair value of debt
Fair Value	290,000	275,000
Carrying Value	$ 290,000	$ 275,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill RollForward
Beginning balance	$ 304,036
Adjustments related to prior acquisitions	(20)
Impairment charge related to Keydok, LLC	(1,118)
Effects of changes in foreign currency exchange rates	3,743
Ending balance	$ 306,641

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Carrying Value of Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 342,373	$ 338,608
Accumulated Amortization	(282,997)	(270,417)
Net Amount	59,376	68,191
Acquired customer contracts
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	167,243	165,497
Accumulated Amortization	(126,757)	(120,080)
Net Amount	40,486	45,417
Software
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	175,130	173,111
Accumulated Amortization	(156,240)	(150,337)
Net Amount	$ 18,890	$ 22,774

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite Lived Intangible Assets [Line Items]
Total amortization expense	$ 6.4	$ 7.7	$ 13	$ 14.8
Estimated total amortization expense 2023	25.1		25.1
Estimated total amortization expense 2024	14.7		14.7
Estimated total amortization expense 2025	11.3		11.3
Estimated total amortization expense 2026	7.7		7.7
Estimated total amortization expense 2027	3.1		3.1
Customer contract costs
Finite Lived Intangible Assets [Line Items]
Total amortization expense	$ 4.8	$ 3.8	$ 9.4	$ 10.3

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Summary of Carrying Values of Customer Contract Cost Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Capitalized Contract Cost [Abstract]
Customer contract costs, Gross Carrying Amount	$ 88,708	$ 85,336
Customer contract costs, Accumulated Amortization	(34,594)	(30,601)
Customer contract costs, Net Amount	$ 54,114	$ 54,735

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt, net of unamortized discounts	$ 424,592	$ 412,969
Current portion of long-term debt, net of unamortized discounts	(22,500)	(37,500)
Long-term debt, net of unamortized discounts	402,092	375,469
2021 Credit Agreement | Revolving Loan
Debt Instrument [Line Items]
Total long-term debt, gross	290,000	275,000
Revolving loan facility	290,000	275,000
2021 Credit Agreement | 2021 Term Loan
Debt Instrument [Line Items]
Total long-term debt, gross	136,875	140,625
Less – deferred financing costs	(2,283)	(2,656)
Total debt, net of unamortized discounts	$ 134,592	$ 137,969

Debt - Long-Term Debt (Parenthe

Debt - Long-Term Debt (Parenthetical) (Details) - 2021 Credit Agreement	6 Months Ended
	Jun. 30, 2023 USD ($)
2021 Term Loan
Debt Instrument [Line Items]
Combined interest rate	6.967%
Maturity period	Sep. 30, 2026
Revolving Loan
Debt Instrument [Line Items]
Combined interest rate	6.967%
Amount available under credit facility	$ 450,000,000
Maturity period	Sep. 30, 2026

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jul. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying value of debt	$ 424,592,000			$ 412,969,000
Cash payments for Convertible Notes	$ 18,750,000	$ 246,051,000
2021 Credit Agreement | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.15%
2021 Credit Agreement | Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.325%
2021 Credit Agreement | SOFR [Member] | Minimum
Debt Instrument [Line Items]
Basis spread	1.375%
2021 Credit Agreement | SOFR [Member] | Maximum
Debt Instrument [Line Items]
Basis spread	2.125%
2021 Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread	0.375%
2021 Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread	1.125%
2021 Credit Agreement | Revolving Loan
Debt Instrument [Line Items]
Credit Agreement	$ 450,000,000
Credit facility term	5 years
Basis spread	1.625%
Line of credit facility, unused capacity, commitment fee percentage	0.20%
Line of credit facility, remaining borrowing capacity	$ 160,000,000
Combined interest rate	6.967%
2021 Credit Agreement | Revolving Loan | Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity			$ 145,000,000
Credit Facility, current borrowing outstanding			$ 15,000,000
2021 Credit Agreement | Revolving Loan | SOFR [Member]
Debt Instrument [Line Items]
SOFR, spread adjustment	0.10%
2021 Credit Agreement | 2021 Term Loan
Debt Instrument [Line Items]
Carrying value of debt	$ 134,592,000			$ 137,969,000
Carrying value of debt	$ 150,000,000
Term loan period	5 years
Cash payments for Convertible Notes	$ 3,800,000
Basis spread	1.625%
Line of credit facility, unused capacity, commitment fee percentage	0.20%
Line of credit facility, remaining borrowing capacity	$ 160,000,000
Combined interest rate	6.967%
2021 Credit Agreement | 2021 Term Loan | SOFR [Member]
Debt Instrument [Line Items]
SOFR, spread adjustment	0.10%
2021 Credit Agreement | 2021 Term Loan | Revolver Noncurrent
Debt Instrument [Line Items]
Credit Facility, current borrowing outstanding	$ 290,000,000
2021 Credit Agreement | Term SOFR Loans
Debt Instrument [Line Items]
Basis spread	0.10%

Debt - 2016 Convertible Notes (

Debt - 2016 Convertible Notes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Net carrying value	$ 22,500		$ 37,500
Cash payments for Convertible Notes	$ 18,750	$ 246,051

Acquisitions (Details Textual)

Acquisitions (Details Textual) - DGIT Systems Pty Ltd - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Potential future earn out payments		$ 13
Business acquisition date		Oct. 04, 2021
Percentage of acquired of equity		100%
Business acquisition, purchase price		$ 16
Business acquisition, payment		14
Business acquisition, remaining consideration		2
Business combination consideration paid		$ 1.3
Business combination earn-out acheived and paid out	$ 0.3

Restructuring and Reorganizat_3

Restructuring and Reorganization Charges (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Employees Properties	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and reorganization charges	$ 2,075	$ 19,005	$ 7,269	$ 32,111
Impairment charges			1,689	24,436
Restructuring and reorganization reserves	$ 3,901		$ 3,901		$ 2,491
Numbrer of real estate | Properties			2
Gain on lease modifications			$ 3,812	$ 0
Operating lease right-of-use asset impairments			500
Cash payments			8,183
Termination Benefits Related to Organizational Changes
Restructuring Cost and Reserve [Line Items]
Restructuring and reorganization charges			$ 1,800
Reduced workforce | Employees			60
Shut-down of Keydok business
Restructuring Cost and Reserve [Line Items]
Restructuring and reorganization charges			$ 1,600
Reduced workforce | Employees			30
Impairment charges			$ 1,200
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring charges Incurred			3,600
Cash payments			1,800
Restructuring Reserve Accrued			$ 1,800

Restructuring and Reorganizat_4

Restructuring and Reorganization Charges - Schedule of Activity in Business Restructuring and Reorganization Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Beginning Balance			$ 2,491
Charged to expense during period	$ 2,075	$ 19,005	7,269	$ 32,111
Cash payments			(8,183)
Adjustment for asset impairment			(1,675)
Adjustment for gain on lease modifications			3,812	$ 0
Adjustment for accelerated depreciation			(213)
Other			400
Ending Balance	3,901		3,901
Termination Benefits
Restructuring Cost and Reserve [Line Items]
Beginning Balance			2,491
Charged to expense during period			3,410
Cash payments			(4,943)
Other			400
Ending Balance	1,358		1,358
Other
Restructuring Cost and Reserve [Line Items]
Charged to expense during period			3,859
Cash payments			(3,240)
Adjustment for asset impairment			(1,675)
Adjustment for gain on lease modifications			3,812
Adjustment for accelerated depreciation			(213)
Other			0
Ending Balance	$ 2,543		$ 2,543

Commitments, Guarantees and C_2

Commitments, Guarantees and Contingencies (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Restricted assets used to collateralize guarantees	$ 1.6
Restricted assets used to cash and cash equivalents	0.9	$ 1
Money transmitter bonds	$ 19.9
Warranty Period	90 days
Surety And Money Transmitter Bonds
Other Commitments [Line Items]
Restricted assets used to collateralize guarantees	$ 4.2
Other Non-current Assets
Other Commitments [Line Items]
Restricted assets used to collateralize guarantees	$ 0.7

Earnings Per Common Share - Rec

Earnings Per Common Share - Reconciliation of the Basic and Diluted EPS Denominators (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of the basic and diluted EPS denominators
Basic weighted-average common shares	30,629	31,301	30,524	31,358
Dilutive effect of restricted common stock	97	191	144	293
Diluted weighted-average common shares	30,726	31,492	30,668	31,651

Earnings Per Common Share (Deta

Earnings Per Common Share (Details Textual) - $ / shares	Jun. 30, 2023	Dec. 31, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common stock warrants issued, per warrant		$ 26.68
Common Stock Warrants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common stock warrants issued, per warrant	$ 26.68

Stockholders' Equity and Equi_3

Stockholders' Equity and Equity Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2014
Stockholders Equity And Equity Compensation Plans [Line Items]
Remaining number of shares available for repurchase	2,100,000		2,100,000
Repurchase of common stock for employee tax withholdings, shares	2,000	2,000	168,000	125,000
Repurchase of common stock for tax withholdings, value	$ 100	$ 100	$ 9,400	$ 7,900
Cash dividends declared per common share	$ 0.28	$ 0.265
Cash dividend	$ 8,900	$ 8,500	$ 17,700	17,100
Stock warrants term					10 years
Stock warrants, exercise price					$ 26.68
Performance based awards granted to executive management and certain key employees shares			134,000
Vesting maturity date			first quarter of 2025
Vesting period			2 years
Stock-based compensation expense	$ 7,600	$ 6,500	$ 14,056	$ 12,117
Market-based Awards
Stockholders Equity And Equity Compensation Plans [Line Items]
Awards vested			45,000
Restricted common stock
Stockholders Equity And Equity Compensation Plans [Line Items]
Awards vested	34,000		472,000
Restricted common stock | Minimum
Stockholders Equity And Equity Compensation Plans [Line Items]
Vesting period			2 years
Restricted common stock | Maximum
Stockholders Equity And Equity Compensation Plans [Line Items]
Vesting period			3 years
Comcast
Stockholders Equity And Equity Compensation Plans [Line Items]
Issuance of stock warrants					2,900,000
Stock warrants issued	1,000,000		1,000,000
Stock warrants vested			0
SEC Rule 10b5-1 Plan
Stockholders Equity And Equity Compensation Plans [Line Items]
Repurchase of common stock, shares		360,000		626,000
Total amount paid		$ 21,600		$ 37,600
Weighted-average price per share		$ 59.88		$ 59.99

Stockholders' Equity and Equi_4

Stockholders' Equity and Equity Compensation Plans - Summary of Unvested Restricted Common Stock Activity (Details) - Restricted common stock - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Shares
Shares, Unvested awards, beginning balance	1,290	1,147
Shares, Awards granted	88	688
Shares, Awards forfeited/cancelled	(10)	(29)
Shares, Awards vested	(34)	(472)
Shares, Unvested awards, ending balance	1,334	1,334
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Unvested awards, beginning balance	$ 53.80	$ 53.34
Weighted-Average Grant Date Fair Value, Awards granted	49.44	51.66
Weighted-Average Grant Date Fair Value, Awards forfeited/cancelled	53.75	54.03
Weighted-Average Grant Date Fair Value, Awards vested	56.72	50.25
Weighted-Average Grant Date Fair Value, Unvested awards, ending balance	$ 53.44	$ 53.44