CSG Systems International (CSGS) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Entity Registrant Name	CSG SYSTEMS INTERNATIONAL, INC.
Entity Central Index Key	0001005757
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	CSGS
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		29,092,661
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	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 118,444	$ 186,264
Settlement and merchant reserve assets	240,755	274,699
Trade accounts receivable:
Billed, net of allowance of $4,810 and $5,432	279,930	267,680
Unbilled	82,585	82,163
Income taxes receivable	13,992	1,345
Other current assets	51,534	50,075
Total current assets	787,240	862,226
Non-current assets:
Property and equipment, net of depreciation of $136,641 and $121,816	58,353	65,545
Operating lease right-of-use assets	25,842	34,283
Intangible Assets	65,739	50,103
Goodwill	323,449	308,596
Customer contract costs, net of amortization of $46,641 and $42,094	60,490	54,421
Deferred income taxes	57,831	57,855
Other assets	8,502	10,017
Total non-current assets	600,206	580,820
Total assets	1,387,446	1,443,046
Current liabilities:
Current portion of long-term debt	7,500	7,500
Operating lease liabilities	14,002	15,946
Customer deposits	37,716	41,035
Trade accounts payable	51,907	46,406
Accrued employee compensation	57,704	84,380
Settlement and merchant reserve liabilities	238,783	273,817
Deferred revenue	62,797	54,199
Income taxes payable	937	4,104
Other current liabilities	28,163	33,449
Total current liabilities	499,509	560,836
Non-current liabilities:
Long-term debt, net of unamortized discounts of $13,014 and $15,628	531,986	534,997
Operating lease liabilities	24,427	34,360
Deferred revenue	22,968	23,447
Income taxes payable	2,684	3,041
Deferred income taxes	120	123
Other non-current liabilities	17,341	12,916
Total non-current liabilities	599,526	608,884
Total liabilities	1,099,035	1,169,720
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; 29,292 and 29,541 shares outstanding	717	713
Additional paid-in capital	509,294	490,947
Treasury stock, at cost; 41,115 and 40,398 shares	(1,170,118)	(1,136,055)
Accumulated other comprehensive income (loss):
Unrealized gain on short-term investments, net of tax	0	1
Cumulative foreign currency translation adjustments	(45,562)	(50,414)
Accumulated earnings	994,080	968,134
Total stockholders' equity	288,411	273,326
Total liabilities and stockholders' equity	1,387,446	1,443,046
Software
Non-current assets:
Intangible Assets	22,953	14,224
Acquired customer contracts
Non-current assets:
Intangible Assets	$ 42,786	$ 35,879

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Trade accounts receivable-billed, allowance	$ 4,810	$ 5,432
Property and equipment, accumulated depreciation	136,641	121,816
Intangibles, accumulated amortization	303,550	284,070
Customer contract costs, accumulated amortization	46,641	42,094
Long-term debt, unamortized discounts	$ 13,014	$ 15,628
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	29,292,000	29,541,000
Treasury stock, shares	41,115,000	40,398,000
Software
Intangibles, accumulated amortization	$ 168,808	$ 157,601
Acquired customer contracts
Intangibles, accumulated amortization	$ 134,742	$ 126,469

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 295,143	$ 286,868	$ 880,596	$ 871,934
Cost of revenue (exclusive of depreciation, shown separately below)	149,487	152,734	460,266	458,897
Other operating expenses:
Research and development	41,665	35,292	116,171	107,401
Selling, general and administrative	63,913	59,097	186,794	180,930
Depreciation	5,313	5,862	16,286	17,155
Restructuring and reorganization charges	2,943	1,152	12,040	8,421
Total operating expenses	263,321	254,137	791,557	772,804
Operating income	31,822	32,731	89,039	99,130
Other income (expense):
Interest expense	(7,778)	(8,036)	(22,982)	(23,092)
Interest income	1,922	1,175	6,641	2,516
Other, net	(2,187)	813	(1,455)	(3,047)
Total other	(8,043)	(6,048)	(17,796)	(23,623)
Income before income taxes	23,779	26,683	71,243	75,507
Income tax provision	(4,691)	(7,989)	(18,859)	(21,931)
Net income	$ 19,088	$ 18,694	$ 52,384	$ 53,576
Weighted-average shares outstanding:
Basic	28,362	30,097	28,475	30,381
Diluted	28,468	30,284	28,621	30,540
Earnings per common share:
Basic	$ 0.67	$ 0.62	$ 1.84	$ 1.76
Diluted	$ 0.67	$ 0.62	$ 1.83	$ 1.75

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19,088	$ 18,694	$ 52,384	$ 53,576
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	10,067	(6,495)	4,851	(1,943)
Other comprehensive income (loss), net of tax	10,067	(6,495)	4,851	(1,943)
Total comprehensive income, net of tax	$ 29,155	$ 12,199	$ 57,235	$ 51,633

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings
Balance, beginning of period, shares at Dec. 31, 2022		31,269,000
Balance, beginning of period at Dec. 31, 2022	$ 355,249	$ 708	$ 495,189	$ (1,018,034)	$ (58,829)	$ 936,215
Net Income (Loss)						20,928
Foreign currency translation adjustments					2,843
Total comprehensive income	23,771
Repurchase of common stock, shares		(166,000)
Repurchase of common stock	(9,306)	$ (2)	(9,304)	0
Issuance of common stock pursuant to employee stock purchase plan	893		893
Issuance of common stock pursuant to employee stock purchase plan, shares		19,000
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		574,000
Issuance of restricted common stock pursuant to stock-based compensation plans		$ 6	(6)
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
Balance, beginning of period at Dec. 31, 2022	355,249	$ 708	495,189	(1,018,034)	(58,829)	936,215
Net Income (Loss)	53,576
Foreign currency translation adjustments	(1,943)
Total comprehensive income	51,633
Balance, ending of period, shares at Sep. 30, 2023		29,726,000
Balance, ending of period at Sep. 30, 2023	260,491	$ 713	483,063	(1,125,897)	(60,772)	963,384
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 (Loss)						13,954
Foreign currency translation adjustments					1,709
Total comprehensive income	15,663
Repurchase of common stock, shares		(2,000)
Repurchase of common stock	(112)		(112)
Issuance of common stock pursuant to employee stock purchase plan	771		771
Issuance of common stock pursuant to employee stock purchase plan, shares		18,000
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		64,000
Issuance of restricted common stock pursuant to stock-based compensation plans		$ 1	(1)
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
Balance, ending of period at Jun. 30, 2023	383,311	$ 713	501,486	(1,018,034)	(54,277)	953,423
Net Income (Loss)	18,694					18,694
Foreign currency translation adjustments	(6,495)				(6,495)
Total comprehensive income	12,199
Repurchase of common stock, shares		(1,994,000)
Repurchase of common stock	(108,007)		(144)	(107,863)
Issuance of common stock pursuant to employee stock purchase plan	877		877
Issuance of common stock pursuant to employee stock purchase plan, shares		20,000
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		12,000
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares		(63,000)
Stock-based compensation expense	7,197		7,197
Purchase of capped call transactions (net of tax)	(26,353)		(26,353)
Dividends	(8,733)					(8,733)
Balance, ending of period, shares at Sep. 30, 2023		29,726,000
Balance, ending of period at Sep. 30, 2023	$ 260,491	$ 713	483,063	(1,125,897)	(60,772)	963,384
Balance, beginning of period, shares at Dec. 31, 2023	29,541,000	29,541,000
Balance, beginning of period at Dec. 31, 2023	$ 273,326	$ 713	490,947	(1,136,055)	(50,413)	968,134
Net Income (Loss)						19,467
Foreign currency translation adjustments					(4,975)
Total comprehensive income	14,492
Repurchase of common stock, shares		(344,000)
Repurchase of common stock	(18,223)	$ (2)	(8,538)	(9,683)
Issuance of common stock pursuant to employee stock purchase plan	866		866
Issuance of common stock pursuant to employee stock purchase plan, shares		20,000
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		573,000
Issuance of restricted common stock pursuant to stock-based compensation plans		$ 6	(6)
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares		(11,000)
Stock-based compensation expense	7,736		7,736
Dividends	(8,857)					(8,857)
Balance, ending of period, shares at Mar. 31, 2024		29,779,000
Balance, ending of period at Mar. 31, 2024	$ 269,340	$ 717	491,005	(1,145,738)	(55,388)	978,744
Balance, beginning of period, shares at Dec. 31, 2023	29,541,000	29,541,000
Balance, beginning of period at Dec. 31, 2023	$ 273,326	$ 713	490,947	(1,136,055)	(50,413)	968,134
Net Income (Loss)	52,384
Foreign currency translation adjustments	4,851
Total comprehensive income	$ 57,235
Balance, ending of period, shares at Sep. 30, 2024	29,292,000	29,292,000
Balance, ending of period at Sep. 30, 2024	$ 288,411	$ 717	509,294	(1,170,118)	(45,562)	994,080
Balance, beginning of period, shares at Mar. 31, 2024		29,779,000
Balance, beginning of period at Mar. 31, 2024	269,340	$ 717	491,005	(1,145,738)	(55,388)	978,744
Net Income (Loss)						13,829
Foreign currency translation adjustments					(241)
Total comprehensive income	13,588
Repurchase of common stock, shares		(228,000)
Repurchase of common stock	(10,201)		(397)	(9,804)
Issuance of common stock pursuant to employee stock purchase plan	752		752
Issuance of common stock pursuant to employee stock purchase plan, shares		20,000
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		90,000
Issuance of restricted common stock pursuant to stock-based compensation plans		$ 1	(1)
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		(70,000)
Stock-based compensation expense	8,635		8,635
Dividends	(8,785)					(8,785)
Balance, ending of period, shares at Jun. 30, 2024		29,591,000
Balance, ending of period at Jun. 30, 2024	273,329	$ 717	499,995	(1,155,542)	(55,629)	983,788
Net Income (Loss)	19,088					19,088
Foreign currency translation adjustments	10,067				10,067
Total comprehensive income	29,155
Repurchase of common stock, shares		(317,000)
Repurchase of common stock	(14,727)		(151)	(14,576)
Issuance of common stock pursuant to employee stock purchase plan	798		798
Issuance of common stock pursuant to employee stock purchase plan, shares		19,000
Issuance of restricted common stock pursuant to stock-based compensation plans, shares		22,000
Cancellation of restricted common stock issued pursuant to stock-based compensation plans, shares		(23,000)
Stock-based compensation expense	8,652		8,652
Dividends	$ (8,796)					(8,796)
Balance, ending of period, shares at Sep. 30, 2024	29,292,000	29,292,000
Balance, ending of period at Sep. 30, 2024	$ 288,411	$ 717	$ 509,294	$ (1,170,118)	$ (45,562)	$ 994,080

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 52,384	$ 53,576
Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation	16,724	17,549
Amortization	37,467	34,543
Asset impairment	0	1,689
Gain on lease modifications	0	(4,349)
Unrealized foreign currency transaction (gain) loss, net	225	(442)
Deferred income taxes	(189)	(12,504)
Stock-based compensation	25,023	21,253
Changes in operating assets and liabilities, net of acquired amounts:
Trade accounts receivable, net	(7,873)	(33,351)
Other current and non-current assets and liabilities	(12,771)	(11,449)
Income taxes payable/receivable	(16,194)	(4,650)
Trade accounts payable and accrued liabilities	(48,658)	(24,158)
Deferred revenue	7,075	14,658
Net cash provided by operating activities	53,213	52,365
Cash flows from investing activities:
Purchases of software, property and equipment	(16,528)	(22,940)
Proceeds from sale/maturity of short-term investments	0	71
Business combinations, net of cash and settlement assets acquired of $46,432 and zero	17,293	0
Net cash provided by (used in) investing activities	765	(22,869)
Cash flows from financing activities:
Proceeds from issuance of common stock	2,416	2,541
Payment of cash dividends	(26,598)	(26,231)
Repurchase of common stock	(42,439)	(116,418)
Deferred acquisition payments	(2,488)	(3,220)
Proceeds from long-term debt	15,000	470,000
Payments on long-term debt	(20,625)	(310,625)
Purchase of capped call transactions related to convertible notes	0	(34,298)
Payments of deferred financing costs	0	(13,518)
Payments on financing obligations	(2,191)	0
Settlement and merchant reserve activity	(79,606)	(46,196)
Net cash used in financing activities	(156,531)	(77,965)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	(337)	(448)
Net decrease in cash, cash equivalents, and restricted cash	(102,890)	(48,917)
Cash, cash equivalents and restricted cash, beginning of period	463,876	389,018
Cash, cash equivalents and restricted cash, end of period	360,986	340,101
Cash paid during the period for-
Interest	24,592	21,772
Income taxes	35,292	39,136
Non-cash investing and financing activities:
Software, property and equipment included in current and noncurrent liabilities	9,830	0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	118,444	146,730
Settlement and merchant reserve assets	240,755	193,371
Restricted cash included in current and non-current assets	1,787	0
Total cash, cash equivalents and restricted cash	$ 360,986	$ 340,101

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Cash and settlement assets acquired	$ 46,432	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 19,088	$ 18,694	$ 52,384	$ 53,576

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

General

General	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	1. GENERAL We have prepared the accompanying unaudited condensed consolidated financial statements as of September 30, 2024 and December 31, 2023, and for the quarters and nine months ended September 30, 2024 and 2023, 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, 2023 (our “2023 10-K”), filed with the SEC. The results of operations for the quarter and nine months ended September 30, 2024 are not necessarily indicative of the expected results for the entire year ending December 31, 2024 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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. Revenue. The majority of our future revenue is related to our customer contracts for our SaaS and related solutions that include variable consideration dependent upon a series of monthly volumes and/or daily usage of services and have contractual terms ending from 2024 through 2036 . Our customer contracts may include guaranteed minimums and fixed monthly or annual fees. As of September 30, 2024 , our aggregate amount of the transaction price allocated to the remaining performance obligations was approximately $ 1.3 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 over 70 % of this amount by the end of 2026 , with the remaining amount recognized by the end of 2036 . We have excluded from this amount variable consideration expected to be recognized in the future related to performance obligations that are unsatisfied. 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 nine months ended September 30, 2024 and 2023 was as follows (in thousands): Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 SaaS and related solutions $ 263,701 $ 250,777 $ 788,054 $ 764,253 Software and services 19,705 23,578 56,780 73,235 Maintenance 11,737 12,513 35,762 34,446 Total revenue $ 295,143 $ 286,868 $ 880,596 $ 871,934 We use the location of the customer as the basis of attributing revenue to geographic regions. Revenue by geographic region for the quarters and nine months ended September 30, 2024 and 2023, as a percentage of our total revenue, was as follows: Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Americas (principally the U.S.) 88 % 86 % 88 % 86 % Europe, Middle East, and Africa 9 % 9 % 8 % 10 % Asia Pacific 3 % 5 % 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 markets including retail, financial services, healthcare, insurance, and government entities. Revenue by customer vertical for the quarters and nine months ended September 30, 2024 and 2023, as a percentage of our total revenue, was as follows: Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Broadband/Cable/Satellite 53 % 53 % 52 % 53 % Telecommunications 18 % 20 % 18 % 20 % Other 29 % 27 % 30 % 27 % Total revenue 100 % 100 % 100 % 100 % Deferred revenue recognized during the quarters ended September 30, 2024 and 2023 was $ 8.6 million and $ 7.8 million, respectively. Deferred revenue recognized during the nine months ended September 30, 2024 and 2023 was $ 38.4 million and $ 39.3 million, respectively. Cash and Cash Equivalents. We consider all highly liquid investments with original maturities of three months or less as of the date of purchase to be cash equivalents. As of September 30, 2024 and December 31, 2023, our cash equivalents consist primarily of institutional money market funds 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 September 30, 2024 and December 31, 2023, we had $ 1.8 million and $ 2.9 million, respectively, of restricted cash that mainly serves to collateralize bank and performance guarantees included in other current and non-current assets in our unaudited Condensed Consolidated Balance Sheets (“Balance Sheets” or “Balance Sheet”). Settlement and Merchant Reserve Assets and Liabilities. Settlement assets and settlement liabilities represent cash collected on behalf of merchants via payments 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 for payment would be against us. 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 payments 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 provides 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, which are offset by corresponding liabilities. The following table summarizes our settlement and merchant reserve assets and liabilities as of the indicated periods (in thousands): September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Settlement assets/liabilities $ 228,679 $ 226,684 $ 260,712 $ 259,825 Merchant reserve assets/liabilities 12,076 12,099 13,987 13,992 Total $ 240,755 $ 238,783 $ 274,699 $ 273,817 Financial Instruments . Our financial instruments as of September 30, 2024 and December 31, 2023 include cash and cash equivalents, 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. 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): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value 2023 Convertible Notes (par value) $ 425,000 $ 425,978 $ 425,000 $ 428,506 2021 Credit Agreement (carrying value including 127,500 127,500 133,125 133,125 The fair value of our convertible notes was estimated based upon quoted market prices or recent sales activity, while the fair value of our credit agreement was estimated using a discounted cash flow methodology, both of which are considered Level 2 inputs. See Note 4 for a discussion regarding our debt. Pillar Two. Numerous foreign jurisdictions have enacted, or are in the process of enacting, legislation to adopt a minimum effective tax rate. Pillar Two, which was established by the Organization for Economic Co-operation and Development (OECD), generally provides for a 15% minimum effective tax rate for multinational enterprises in every jurisdiction in which they operate. The U.S. has not yet adopted Pillar Two, however, various other governments around the world have. These rules did not have a material impact on our taxes for the quarter and nine months ended September 30, 2024 . We continue to monitor evolving tax legislation in the jurisdictions in which we operate. Accounting Pronouncements Issued but Not Yet Effective. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) , (“ASU 2023-07”), which enhances reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. ASU 2023-07 also requires disclosure of the title and position of the company’s Chief Operating Decision Maker (“CODM”) and how the CODM uses financial reporting to assess segment performance and allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires entities to disclose more detailed information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our Financial Statements.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 were as follows (in thousands): January 1, 2024, balance $ 308,596 Effects of changes in foreign currency exchange rates 4,191 Goodwill acquired during the period 10,662 September 30, 2024, balance $ 323,449 Goodwill acquired during the period relates to the acquisitions discussed in Note 5. Other Intangible Assets. Our other intangible assets subject to ongoing amortization consist of acquired customer contracts and software. As of September 30, 2024 and December 31, 2023, the carrying values of these assets were as follows (in thousands): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Acquired customer contracts $ 177,528 $ ( 134,742 ) $ 42,786 $ 162,348 $ ( 126,469 ) $ 35,879 Software 191,761 ( 168,808 ) 22,953 171,825 ( 157,601 ) 14,224 Total other intangible assets $ 369,289 $ ( 303,550 ) $ 65,739 $ 334,173 $ ( 284,070 ) $ 50,103 Acquired customer contracts and software as of September 30, 2024 include the assets acquired as part of the acquisitions discussed in Note 5. The total amortization expense related to other intangible assets for the third quarters of 2024 and 2023 was $ 7.1 million and $ 6.4 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $ 18.8 million and $ 19.5 million, respectively. Based on the September 30, 2024 net carrying value of our intangible assets, the estimated total amortization expense for each of the five succeeding fiscal years ending December 31 is: 2024 - $ 25.7 million; 2025 - $ 21.9 million; 2026 - $ 15.1 million; 2027 - $ 7.0 million; and 2028 - $ 4.3 million. Customer Contract Costs . As of September 30, 2024 and December 31, 2023, 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): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Customer contract costs $ 107,131 $ ( 46,641 ) $ 60,490 $ 96,515 $ ( 42,094 ) $ 54,421 The total amortization expense related to customer contract costs for the third quarters of 2024 and 2023 was $ 5.4 million and $ 5.0 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $ 16.1 million and $ 14.4 million, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	4. DEBT As of September 30, 2024 and December 31, 2023, our long-term debt was as follows (in thousands): September 30, December 31, 2023 Convertible Notes: 2023 Convertible Notes – senior unsecured convertible notes, due September 2028 , cash interest at 3.875 % $ 425,000 $ 425,000 Less – deferred financing costs ( 11,279 ) ( 13,216 ) 2023 Convertible Notes, net of unamortized discounts 413,721 411,784 2021 Credit Agreement: 2021 Term Loan, due September 2026 , interest at adjusted SOFR plus 6.079 % at September 30, 2024) 127,500 133,125 Less – deferred financing costs ( 1,735 ) ( 2,412 ) 2021 Term Loan, net of unamortized discounts 125,765 130,713 $ 450 million revolving loan facility, due September 2026 , interest at adjusted - - Total debt, net of unamortized discounts 539,486 542,497 Current portion of long-term debt ( 7,500 ) ( 7,500 ) Long-term debt, net of unamortized discounts $ 531,986 $ 534,997 2023 Convertible Notes. The 2023 Convertible Notes will be convertible at the option of the noteholders before June 15, 2028, upon the occurrence of certain events. On or after June 15, 2028, and until the close of business on the second scheduled trading day immediately preceding September 15, 2028, the maturity date, noteholders may convert all or any portion of their notes at any time regardless of these conditions. The 2023 Convertible Notes will be convertible at an initial conversion rate of 14.0753 shares of our common stock per $ 1,000 principal amount of the 2023 Convertible Notes, which is equivalent to an initial conversion price of $ 71.05 per share of our common stock, plus carryforward adjustments not yet effected pursuant to the terms of the indenture governing the 2023 Convertible Notes. Under the terms of the 2023 Convertible Notes, we will adjust the conversion rate for any quarterly dividends exceeding $ 0.28 per share. We are required to satisfy our conversion obligation as follows: (i) paying cash up to the aggregate principal amount of notes to be converted; and (ii) to the extent the value of our conversion obligation exceeds the par value, we will satisfy the remaining conversion obligation in our common stock, cash, or a combination thereof, at our election. As of September 30, 2024, none of the conditions to early convert have been met. We may not redeem the 2023 Convertible Notes prior to September 21, 2026. On or after September 21, 2026 , we may redeem for cash all or part of the 2023 Convertible Notes, subject to a partial redemption limitation that requires at least $ 100.0 million of the principal amount of the 2023 Convertible Notes to remain outstanding if the last reported sales price of our common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. The redemption price will equal the principal amount of the 2023 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund has been established for the 2023 Convertible Notes. In connection with the pricing of the 2023 Convertible Notes, we entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the initial purchasers of the 2023 Convertible Notes and other financial institutions (collectively, the “Option Counterparties”). As of September 30, 2024, all the Capped Call Transactions were outstanding and cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2023 Convertible Notes, 5.98 million shares of our common stock, the same number of shares of common stock underlying the 2023 Convertible Notes. The Capped Call Transactions will expire upon the maturity of the 2023 Convertible Notes. 2021 Credit Agreement. During the nine months ended September 30, 2024, we made $ 5.6 million of principal repayments on our $ 150.0 million aggregate principal five-year term loan (the “2021 Term Loan”). As of September 30, 2024 , we had no borrowings outstanding on our $ 450.0 million aggregate principal five-year revolving loan facility (the "2021 Revolver"), and had issued standby letters of credit of $ 1.5 million that count against our available 2021 Revolver balance, leaving $ 448.5 million available to us. As of September 30, 2024 , our interest rate on the 2021 Term Loan was 6.079 % (adjusted Secured Overnight Financing Rate ("SOFR") , credit spread adjustment of 0.10 %, plus 1.375 % per annum), effective through December 2024, and our commitment fee on the 2021 Revolver was 0.15 %. 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 determined in accordance with 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 determined in accordance with our then-net secured total leverage ratio. Other . We finance certain of our internal use software. During the nine months ended September 30, 2024 , we entered into two additional financing agreements at a total cost of $ 10.7 million with payments through 2027. As a result, as of September 30, 2024 , we had $ 9.8 million outstanding under these agreements, of which $ 4.8 million was included in current liabilities and $ 5.0 million was included in non-current liabilities in our Balance Sheet. These arrangements are treated as non-cash investing and financing activities for purposes of our Condensed Consolidated Statements of Cash Flows ("Statements of Cash Flows").

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Acquisitions	5. ACQUISITIONS Prior Years Acquisition. 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 consideration of approximately $ 2 million to be paid through 2025, subject to certain reductions, as applicable. During the nine months ended September 30, 2024 , we made deferred purchase price payments of $ 0.5 million. 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 and are accounted for as post-acquisition compensation, as applicable. The earn-out period was originally through September 30, 2025, but during the third quarter of 2024 was extended through December 31, 2026. As of September 30, 2024, we have accrued $ 0.1 million related to the potential earn-out payments. Current Year Acquisitions. On April 1, 2024 , we acquired a customer communication services business that operates in multiple industry verticals. The acquisition date fair value of the consideration transferred was $ 15.0 million, which consisted of $ 11.5 million in cash paid upfront and a non-cash settlement of working capital items of $ 3.5 million. The results of this acquisition are included in our results of operations for the period subsequent to the acquisition date. The preliminary estimated fair values of assets acquired primarily include goodwill of $ 6.4 million, acquired customer contracts of $ 4.3 million, trade accounts receivable of $ 2.1 million, and liabilities assumed of $ 2.7 million. The estimated fair values are considered provisional and are based on the information that was available as of the acquisition date. The provisional measurements of fair value are subject to change, however, such changes are not expected to be significant. We expect to finalize the valuation and complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. The amount allocated to goodwill is deductible for income tax purposes. On June 3, 2024 , we acquired 100 % of the equity of iCheckGateway.com, LLC (“iCG Pay”), an ACH and credit card payment processing company. We acquired iCG Pay to further expand the industry verticals we serve and to provide opportunities for the continued growth of our business. The acquisition date fair value of the consideration transferred was $ 17.6 million in cash paid, subject to customary working capital adjustments. The iCG Pay acquisition includes provisions for up to $ 15.0 million of potential future earn-out payments. The earn-out payments are tied to performance-based goals and a defined service period and are accounted for as post-acquisition compensation, as applicable. The earn-out period is through June 3, 2027. As of September 30, 2024 , we accrued $ 3.5 million related to the potential earn-out payments. The results of iCG Pay are included in our results of operations for the period subsequent to the acquisition date. The preliminary estimated fair values of assets acquired primarily include settlement assets of $ 45.9 million, acquired customer contracts of $ 10.7 million, goodwill of $ 4.2 million, and settlement liabilities assumed of $ 44.7 million. The estimated fair values are considered provisional and are based on the information that was available as of the acquisition date. The provisional measurements of fair value are subject to change, however, such changes are not expected to be significant. We expect to finalize the valuation and complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. The amount allocated to goodwill is deductible for income tax purposes. The cash paid for the acquisitions discussed above, less cash and settlement assets acquired, resulted in net cash provided by business combinations for the nine months ended September 30, 2024 of $ 17.3 million on our Statement of Cash Flows.

Restructuring and Reorganizatio

Restructuring and Reorganization Charges	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Reorganization Charges	6. RESTRUCTURING AND REORGANIZATION CHARGES During the third quarters of 2024 and 2023, we recorded restructuring and reorganization charges of $ 2.9 million and $ 1.2 million, respectively, and for the nine months ended September 30, 2024 and 2023, we recorded restructuring and reorganization charges of $ 12.0 million and $ 8.4 million, respectively. During the nine months ended September 30, 2024 , we reduced our global workforce by approximately 300 employees, as part of initiatives to better align and allocate resources to areas of the business where we have identified growth opportunities. As a result, we incurred restructuring charges related to involuntary terminations of $ 9.6 million. The activity in the restructuring and reorganization reserves during the nine months ended September 30, 2024 was as follows (in thousands): Termination Benefits Other Total January 1, 2024, balance $ 1,434 $ 8,100 $ 9,534 Charged to expense during period 9,593 2,447 12,040 Cash payments ( 10,311 ) ( 7,589 ) ( 17,900 ) Adjustment for accelerated depreciation - ( 438 ) ( 438 ) Other 1,180 - 1,180 September 30, 2024, balance $ 1,896 $ 2,520 $ 4,416 During the nine months ended September 30, 2024, we paid $ 5.6 million related to the exit of two reseller agreements that were acquired with the acquisition of Forte Payment Systems, Inc. in 2018. As of September 30, 2024 , $ 3.2 million of the restructuring and reorganization reserves were included in current liabilities.

Commitments, Guarantees and Con

Commitments, Guarantees and Contingencies	9 Months Ended
	Sep. 30, 2024
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 or performance bonds. As of September 30, 2024, we had $ 1.8 million of restricted assets used to collateralize these guarantees, which are included in other non-current assets in our Balance Sheet. We have performance guarantees in the form of surety bonds and standby letters of credit, along with money transmitter bonds, issued through third-parties that are not required to be reflected on our Balance Sheets. As of September 30, 2024 , we had performance guarantees of $ 7.4 million, which includes $ 1.5 million in standby letters of credit and $ 1.0 million in bid bonds. 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 September 30, 2024 , we had total aggregate money transmitter bonds of $ 22.0 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 system availability and timeliness of service delivery. As of September 30, 2024, 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 September 30, 2024. 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	9 Months Ended
	Sep. 30, 2024
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 common shares is included in the following table (in thousands): Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Basic weighted-average common shares 28,362 30,097 28,475 30,381 Dilutive effect of restricted common stock 106 187 146 159 Diluted weighted-average common shares 28,468 30,284 28,621 30,540 The dilutive effect of restricted common stock is computed using the treasury stock method. The dilutive effect of the 2023 Convertible Notes is computed using the if-converted method and will only have an effect in those quarterly periods in which our average stock price exceeds the current effective conversion price. 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 anti-dilutive, and were not material in any period presented.

Stockholders' Equity and Equity

Stockholders' Equity and Equity Compensation Plans	9 Months Ended
	Sep. 30, 2024
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”). During the third quarter and nine months ended September 30, 2024, we repurchased approximately 313,000 shares of our common stock for $ 14.4 million (weighted-average price of $ 46.11 per share), and approximately 716,000 shares of our common stock for $ 33.7 million (weighted-average price of $ 47.07 per share), respectively, under a SEC Rule 10b5-1 Plan. During the third quarter and nine months ended September 30, 2023, we repurchased approximately 1,991,000 shares of our common stock for $ 107.0 million (weighted-average price of $ 53.73 per share), which includes approximately 311,000 shares of our common stock that were repurchased for $ 16.9 million (weighted average price of $ 54.36 per share) under a SEC Rule 10b5-1 Plan, and approximately 1,680,000 shares of our common stock that were repurchased for $ 90.1 million (weighted-average price of $ 53.62 per share) concurrent with the pricing of the offering of the 2023 Convertible Notes. The excise tax imposed as part of the 2022 Inflation Reduction Act, which is included as a cost of treasury stock, is not reflected in the share repurchase amounts above. In August 2024, our Board authorized an additional $ 100.0 million of repurchases under the Stock Repurchase Program. This, combined with the remaining value from the prior Board authorization in August 2023, leaves $ 162.0 million remaining value of shares available for repurchase at September 30, 2024 , with the amount authorized for repurchase through December 31, 2025 . Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during the third quarters of 2024 and 2023, we repurchased and then cancelled approximately 3,000 shares of common stock for $ 0.2 million and approximately 3,000 shares of common stock for $ 0.1 million, respectively, and during the nine months ended September 30, 2024 and 2023, we repurchased and then cancelled approximately 172,000 shares of common stock for $ 9.1 million and approximately 171,000 shares of common stock for $ 9.6 million, respectively, in connection with minimum tax withholding requirements resulting from the vesting of restricted common stock under our stock incentive plan. Cash Dividends. During the third quarter of 2024 , our Board approved a quarterly cash dividend of $ 0.30 per share of common stock, totaling $ 8.8 million. During the third quarter of 2023 , our Board approved a quarterly cash dividend of $ 0.28 per share of common stock, totaling $ 8.7 million. Dividends declared for the nine months ended September 30, 2024 and 2023 totaled $ 26.4 million for both periods. Warrants. In July 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”) with an exercise price of $ 26.68 per warrant as an additional incentive for Comcast to convert customer accounts onto our solutions based on various milestones. The Stock Warrants had a ten-year term and in July 2024, the remaining 1.0 million issued and unvested Stock Warrants expired. Stock-Based Awards. During the nine months ended September 30, 2024 we granted restricted stock awards to key members of management in the form of: (i) performance-based awards of approximately 155,000 restricted common stock shares, which vest in the first quarter of 2026 upon meeting certain pre-established financial performance objectives over a two-year performance period; and (ii) market-based awards of approximately 52,000 restricted common stock shares, which vest in the first quarter of 2027 upon meeting a relative total shareholder return performance achievement tier. Certain of these awards may vest (i.e., vesting accelerates) upon the involuntary termination of employment or a change in control (as defined) and the subsequent involuntary termination of employment. During the nine months ended September 30, 2024 , we also granted restricted stock awards to key members of management in the form of time-based awards of approximately 496,000 restricted common stock shares, which vest annually over three years with no restrictions other than the passage of time. Certain of these awards may vest (i.e., vesting accelerates) upon the involuntary termination of employment, a change in control (as defined) and the subsequent involuntary termination of employment, or death. We recorded stock-based compensation expense for the third quarters of 2024 and 2023 of $ 8.7 million and $ 7.2 million, respectively, and for the nine months ended September 30, 2024 and 2023 of $ 25.0 million and $ 21.3 million, respectively .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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.
Revenue	Revenue. The majority of our future revenue is related to our customer contracts for our SaaS and related solutions that include variable consideration dependent upon a series of monthly volumes and/or daily usage of services and have contractual terms ending from 2024 through 2036 . Our customer contracts may include guaranteed minimums and fixed monthly or annual fees. As of September 30, 2024 , our aggregate amount of the transaction price allocated to the remaining performance obligations was approximately $ 1.3 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 over 70 % of this amount by the end of 2026 , with the remaining amount recognized by the end of 2036 . We have excluded from this amount variable consideration expected to be recognized in the future related to performance obligations that are unsatisfied. 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 nine months ended September 30, 2024 and 2023 was as follows (in thousands): Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 SaaS and related solutions $ 263,701 $ 250,777 $ 788,054 $ 764,253 Software and services 19,705 23,578 56,780 73,235 Maintenance 11,737 12,513 35,762 34,446 Total revenue $ 295,143 $ 286,868 $ 880,596 $ 871,934 We use the location of the customer as the basis of attributing revenue to geographic regions. Revenue by geographic region for the quarters and nine months ended September 30, 2024 and 2023, as a percentage of our total revenue, was as follows: Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Americas (principally the U.S.) 88 % 86 % 88 % 86 % Europe, Middle East, and Africa 9 % 9 % 8 % 10 % Asia Pacific 3 % 5 % 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 markets including retail, financial services, healthcare, insurance, and government entities. Revenue by customer vertical for the quarters and nine months ended September 30, 2024 and 2023, as a percentage of our total revenue, was as follows: Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Broadband/Cable/Satellite 53 % 53 % 52 % 53 % Telecommunications 18 % 20 % 18 % 20 % Other 29 % 27 % 30 % 27 % Total revenue 100 % 100 % 100 % 100 % Deferred revenue recognized during the quarters ended September 30, 2024 and 2023 was $ 8.6 million and $ 7.8 million, respectively. Deferred revenue recognized during the nine months ended September 30, 2024 and 2023 was $ 38.4 million and $ 39.3 million, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider all highly liquid investments with original maturities of three months or less as of the date of purchase to be cash equivalents. As of September 30, 2024 and December 31, 2023, our cash equivalents consist primarily of institutional money market funds 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 September 30, 2024 and December 31, 2023, we had $ 1.8 million and $ 2.9 million, respectively, of restricted cash that mainly serves to collateralize bank and performance guarantees included in other current and non-current assets in our unaudited Condensed Consolidated Balance Sheets (“Balance Sheets” or “Balance Sheet”).
Settlement and Merchant Reserve Assets and Liabilities	Settlement and Merchant Reserve Assets and Liabilities. Settlement assets and settlement liabilities represent cash collected on behalf of merchants via payments 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 for payment would be against us. 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 payments 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 provides 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, which are offset by corresponding liabilities. The following table summarizes our settlement and merchant reserve assets and liabilities as of the indicated periods (in thousands): September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Settlement assets/liabilities $ 228,679 $ 226,684 $ 260,712 $ 259,825 Merchant reserve assets/liabilities 12,076 12,099 13,987 13,992 Total $ 240,755 $ 238,783 $ 274,699 $ 273,817
Financial Instruments	Financial Instruments . Our financial instruments as of September 30, 2024 and December 31, 2023 include cash and cash equivalents, 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. 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): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value 2023 Convertible Notes (par value) $ 425,000 $ 425,978 $ 425,000 $ 428,506 2021 Credit Agreement (carrying value including 127,500 127,500 133,125 133,125 The fair value of our convertible notes was estimated based upon quoted market prices or recent sales activity, while the fair value of our credit agreement was estimated using a discounted cash flow methodology, both of which are considered Level 2 inputs. See Note 4 for a discussion regarding our debt.
Pillar Two	Pillar Two. Numerous foreign jurisdictions have enacted, or are in the process of enacting, legislation to adopt a minimum effective tax rate. Pillar Two, which was established by the Organization for Economic Co-operation and Development (OECD), generally provides for a 15% minimum effective tax rate for multinational enterprises in every jurisdiction in which they operate. The U.S. has not yet adopted Pillar Two, however, various other governments around the world have. These rules did not have a material impact on our taxes for the quarter and nine months ended September 30, 2024 . We continue to monitor evolving tax legislation in the jurisdictions in which we operate.
Accounting Pronouncements Issued but Not Yet Effective	Accounting Pronouncements Issued but Not Yet Effective. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) , (“ASU 2023-07”), which enhances reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. ASU 2023-07 also requires disclosure of the title and position of the company’s Chief Operating Decision Maker (“CODM”) and how the CODM uses financial reporting to assess segment performance and allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires entities to disclose more detailed information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023 was as follows (in thousands): Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 SaaS and related solutions $ 263,701 $ 250,777 $ 788,054 $ 764,253 Software and services 19,705 23,578 56,780 73,235 Maintenance 11,737 12,513 35,762 34,446 Total revenue $ 295,143 $ 286,868 $ 880,596 $ 871,934 We use the location of the customer as the basis of attributing revenue to geographic regions. Revenue by geographic region for the quarters and nine months ended September 30, 2024 and 2023, as a percentage of our total revenue, was as follows: Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Americas (principally the U.S.) 88 % 86 % 88 % 86 % Europe, Middle East, and Africa 9 % 9 % 8 % 10 % Asia Pacific 3 % 5 % 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 markets including retail, financial services, healthcare, insurance, and government entities. Revenue by customer vertical for the quarters and nine months ended September 30, 2024 and 2023, as a percentage of our total revenue, was as follows: Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Broadband/Cable/Satellite 53 % 53 % 52 % 53 % Telecommunications 18 % 20 % 18 % 20 % Other 29 % 27 % 30 % 27 % 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): September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Settlement assets/liabilities $ 228,679 $ 226,684 $ 260,712 $ 259,825 Merchant reserve assets/liabilities 12,076 12,099 13,987 13,992 Total $ 240,755 $ 238,783 $ 274,699 $ 273,817
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): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value 2023 Convertible Notes (par value) $ 425,000 $ 425,978 $ 425,000 $ 428,506 2021 Credit Agreement (carrying value including 127,500 127,500 133,125 133,125

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Rollforward of Goodwill	The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 were as follows (in thousands): January 1, 2024, balance $ 308,596 Effects of changes in foreign currency exchange rates 4,191 Goodwill acquired during the period 10,662 September 30, 2024, balance $ 323,449
Summary of Carrying Value of Other Intangible Assets	As of September 30, 2024 and December 31, 2023, the carrying values of these assets were as follows (in thousands): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Acquired customer contracts $ 177,528 $ ( 134,742 ) $ 42,786 $ 162,348 $ ( 126,469 ) $ 35,879 Software 191,761 ( 168,808 ) 22,953 171,825 ( 157,601 ) 14,224 Total other intangible assets $ 369,289 $ ( 303,550 ) $ 65,739 $ 334,173 $ ( 284,070 ) $ 50,103
Summary of Carrying Values of Customer Contract Cost Assets	Customer Contract Costs . As of September 30, 2024 and December 31, 2023, 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): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Customer contract costs $ 107,131 $ ( 46,641 ) $ 60,490 $ 96,515 $ ( 42,094 ) $ 54,421

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	As of September 30, 2024 and December 31, 2023, our long-term debt was as follows (in thousands): September 30, December 31, 2023 Convertible Notes: 2023 Convertible Notes – senior unsecured convertible notes, due September 2028 , cash interest at 3.875 % $ 425,000 $ 425,000 Less – deferred financing costs ( 11,279 ) ( 13,216 ) 2023 Convertible Notes, net of unamortized discounts 413,721 411,784 2021 Credit Agreement: 2021 Term Loan, due September 2026 , interest at adjusted SOFR plus 6.079 % at September 30, 2024) 127,500 133,125 Less – deferred financing costs ( 1,735 ) ( 2,412 ) 2021 Term Loan, net of unamortized discounts 125,765 130,713 $ 450 million revolving loan facility, due September 2026 , interest at adjusted - - Total debt, net of unamortized discounts 539,486 542,497 Current portion of long-term debt ( 7,500 ) ( 7,500 ) Long-term debt, net of unamortized discounts $ 531,986 $ 534,997

Restructuring and Reorganizat_2

Restructuring and Reorganization Charges (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Activity in Business Restructuring and Reorganization Reserves	The activity in the restructuring and reorganization reserves during the nine months ended September 30, 2024 was as follows (in thousands): Termination Benefits Other Total January 1, 2024, balance $ 1,434 $ 8,100 $ 9,534 Charged to expense during period 9,593 2,447 12,040 Cash payments ( 10,311 ) ( 7,589 ) ( 17,900 ) Adjustment for accelerated depreciation - ( 438 ) ( 438 ) Other 1,180 - 1,180 September 30, 2024, balance $ 1,896 $ 2,520 $ 4,416

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of the Basic and Diluted EPS Denominators	The reconciliation of the basic and diluted EPS denominators related to common shares is included in the following table (in thousands): Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Basic weighted-average common shares 28,362 30,097 28,475 30,381 Dilutive effect of restricted common stock 106 187 146 159 Diluted weighted-average common shares 28,468 30,284 28,621 30,540

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Aggregate amount of transaction price allocated to remaining performance obligations	$ 1,300,000		$ 1,300,000
Remaining performance obligations expected to be recognized, year	2036		2036
Deferred revenue recognized	$ 8,600	$ 7,800	$ 38,400	$ 39,300
Restricted cash	$ 1,787	$ 0	$ 1,787	$ 0	$ 2,900
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
Software as a Service and Related Solutions Revenue | Minimum
Summary Of Significant Accounting Policies [Line Items]
Future revenue including variable consideration, contractual terms ending, year			2024
Software as a Service and Related Solutions Revenue | 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: 2024-10-01	Sep. 30, 2024
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	2 years 3 months

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 295,143	$ 286,868	$ 880,596	$ 871,934
Percentage of total revenue	100%	100%	100%	100%
Broadband/Cable/Satellite
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	53%	53%	52%	53%
Telecommunications
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	18%	20%	18%	20%
Other
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	29%	27%	30%	27%
Americas (principally the U.S.)
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	88%	86%	88%	86%
Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	9%	9%	8%	10%
Asia Pacific
Disaggregation Of Revenue [Line Items]
Percentage of total revenue	3%	5%	4%	4%
SaaS and Related Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	$ 263,701	$ 250,777	$ 788,054	$ 764,253
Software and Services
Disaggregation Of Revenue [Line Items]
Total revenue	19,705	23,578	56,780	73,235
Maintenance
Disaggregation Of Revenue [Line Items]
Total revenue	$ 11,737	$ 12,513	$ 35,762	$ 34,446

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Settlement and Merchant Reserve Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Settlement And Merchant Reserve Assets And Liabilities [Abstract]
Settlement assets	$ 228,679	$ 260,712
Merchant reserve assets	12,076	13,987
Total	240,755	274,699	$ 193,371
Settlement liabilities	226,684	259,825
Merchant reserve liabilities	12,099	13,992
Total	$ 238,783	$ 273,817

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Carrying Value and Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2023 Convertible Notes
Carrying value and estimated fair value of debt
Carrying Value	$ 425,000	$ 425,000
Fair Value	425,978	428,506
2021 Credit Agreement
Carrying value and estimated fair value of debt
Carrying Value	127,500	133,125
Fair Value	$ 127,500	$ 133,125

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill RollForward
Beginning balance	$ 308,596
Effects of changes in foreign currency exchange rates	4,191
Goodwill acquired during the period	10,662
Ending balance	$ 323,449

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Carrying Value of Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 369,289	$ 334,173
Accumulated Amortization	(303,550)	(284,070)
Net Amount	65,739	50,103
Acquired customer contracts
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	177,528	162,348
Accumulated Amortization	(134,742)	(126,469)
Net Amount	42,786	35,879
Software
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	191,761	171,825
Accumulated Amortization	(168,808)	(157,601)
Net Amount	$ 22,953	$ 14,224

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite Lived Intangible Assets [Line Items]
Total amortization expense	$ 7.1	$ 6.4	$ 18.8	$ 19.5
Estimated total amortization expense 2024	25.7		25.7
Estimated total amortization expense 2025	21.9		21.9
Estimated total amortization expense 2026	15.1		15.1
Estimated total amortization expense 2027	7		7
Estimated total amortization expense 2028	4.3		4.3
Customer contract costs
Finite Lived Intangible Assets [Line Items]
Total amortization expense	$ 5.4	$ 5	$ 16.1	$ 14.4

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Summary of Carrying Values of Customer Contract Cost Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Capitalized Contract Cost [Abstract]
Customer contract costs, Gross Carrying Amount	$ 107,131	$ 96,515
Customer contract costs, Accumulated Amortization	(46,641)	(42,094)
Customer contract costs, Net Amount	$ 60,490	$ 54,421

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt, net of unamortized discounts	$ 539,486	$ 542,497
Current portion of long-term debt	(7,500)	(7,500)
Long-term debt, net of unamortized discounts	531,986	534,997
2021 Credit Agreement
Debt Instrument [Line Items]
Total long-term debt, gross	127,500	133,125
2021 Credit Agreement | Revolving Loan
Debt Instrument [Line Items]
Revolving loan facility	0	0
2021 Credit Agreement | 2021 Term Loan
Debt Instrument [Line Items]
Total long-term debt, gross	127,500	133,125
Less – deferred financing costs	(1,735)	(2,412)
Total debt, net of unamortized discounts	125,765	130,713
2023 Convertible Notes
Debt Instrument [Line Items]
Total long-term debt, gross	425,000	425,000
Less – deferred financing costs	(11,279)	(13,216)
Total debt, net of unamortized discounts	413,721	411,784
2023 Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Total long-term debt, gross	$ 425,000	$ 425,000

Debt - Long-Term Debt (Parenthe

Debt - Long-Term Debt (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
2023 Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Interest rate on 2023 Convertible Notes	3.875%
Maturity period	Sep. 30, 2028
2021 Credit Agreement | 2021 Term Loan
Debt Instrument [Line Items]
Combined interest rate on 2021 Term Loan	6.079%
Maturity period	Sep. 30, 2026
2021 Credit Agreement | Revolving Loan
Debt Instrument [Line Items]
Combined interest rate on 2021 Term Loan	6.079%
Amount available under credit facility	$ 450
Maturity period	Sep. 30, 2026

Debt - 2023 Convertible Notes (

Debt - 2023 Convertible Notes (Details Textual) - 2023 Convertible Notes $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Tradingday $ / shares shares
Debt Instrument [Line Items]
Initial conversion rate of common stock	14.0753
Convertible Notes, initial conversion of Par Value Convertible Notes to common stock | $	$ 1,000
Initial conversion price | $ / shares	$ 71.05
Initial conversion rate | $ / shares	$ 0.28
Redemption period	Sep. 21, 2026
Trading days | Tradingday	20
Consecutive trading days | Tradingday	30
Common Stock
Debt Instrument [Line Items]
Number of shares issuable upon conversion | shares	5,980
Minimum
Debt Instrument [Line Items]
Carrying value of debt | $	$ 100,000
Conversion price	130%

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument Line Items
Principal Repayments	$ 20,625	$ 310,625
Letter of credit amount	$ 1,500
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 | Minimum
Debt Instrument Line Items
Basis spread on term loan	1.375%
2021 Credit Agreement | SOFR | Maximum
Debt Instrument Line Items
Basis spread on term loan	2.125%
2021 Credit Agreement | Base Rate | Minimum
Debt Instrument Line Items
Basis spread on term loan	0.375%
2021 Credit Agreement | Base Rate | Maximum
Debt Instrument Line Items
Basis spread on term loan	1.125%
2021 Credit Agreement | Revolving Loan
Debt Instrument Line Items
Carrying value of debt	$ 450,000
Term loan period	5 years
Basis spread on term loan	1.375%
Line of credit facility, unused capacity, commitment fee percentage	0.15%
Combined interest rate on 2021 Term Loan	6.079%
Credit facility, current borrowing capacity	$ 448,500
Credit Facility, current borrowing outstanding	$ 0
2021 Credit Agreement | Revolving Loan | SOFR
Debt Instrument Line Items
SOFR, spread adjustment	0.10%
2021 Credit Agreement | 2021 Term Loan
Debt Instrument Line Items
Carrying value of debt	$ 150,000
Term loan period	5 years
Principal Repayments	$ 5,600
Basis spread on term loan	1.375%
Combined interest rate on 2021 Term Loan	6.079%
2021 Credit Agreement | 2021 Term Loan | SOFR
Debt Instrument Line Items
SOFR, spread adjustment	0.10%

Debt - Others (Details Textual)

Debt - Others (Details Textual) - New Financing Agreement $ in Millions	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Financing agreement amount	$ 10.7
Amount outstanding	9.8
Current Liabilities
Debt Instrument [Line Items]
Amount outstanding	4.8
Noncurrent Liabilities
Debt Instrument [Line Items]
Amount outstanding	$ 5

Acquisitions (Details Textual)

Acquisitions (Details Textual) - USD ($) $ in Thousands		9 Months Ended
	Jun. 03, 2024	Sep. 30, 2024	Sep. 30, 2023	Apr. 01, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 323,449			$ 308,596
Business combinations, net of cash and settlement assets acquired		17,293	$ 0
DGIT Systems Pty Ltd
Business Acquisition [Line Items]
Potential future earn out payments		13,000
Accrued potential future earn out payments		$ 100
Business acquisition date		Oct. 04, 2021
Percentage of acquired of equity		100%
Business acquisition, purchase price		$ 16,000
Business acquisition, payment		14,000
Business acquisition, remaining consideration		2,000
Purchase price payments		$ 500
Acquisition 1
Business Acquisition [Line Items]
Business acquisition date		Apr. 01, 2024
Business acquisition, purchase price		$ 15,000
Non-cash settlement of working capital items		3,500
Business acquisition, payment		11,500
Goodwill				$ 6,400
Acquired trade accounts receivable				2,100
Settlement liabilities assumed				2,700
Acquisition 1 | Acquired customer contracts
Business Acquisition [Line Items]
Estimated fair values of assets acquired				$ 4,300
iCheckGateway.com, LLC
Business Acquisition [Line Items]
Potential future earn out payments	$ 15,000
Accrued potential future earn out payments		$ 3,500
Business acquisition date		Jun. 03, 2024
Percentage of acquired of equity	100%
Business acquisition, purchase price	$ 17,600
Goodwill	4,200
Settlement assets assumed	45,900
Settlement liabilities assumed	44,700
iCheckGateway.com, LLC | Acquired customer contracts
Business Acquisition [Line Items]
Estimated fair values of assets acquired	$ 10,700

Restructuring and Reorganizat_3

Restructuring and Reorganization Charges (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Employees	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and reorganization reserves	$ 4,416		$ 4,416		$ 9,534
Cash payments			17,900
Restructuring and reorganization charges	2,943	$ 1,152	12,040	$ 8,421
Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring and reorganization reserves	$ 3,200		3,200
Termination Benefits Related to Organizational Changes
Restructuring Cost and Reserve [Line Items]
Restructuring and reorganization charges			$ 9,600
Reduced workforce | Employees			300
Contract Termination
Restructuring Cost and Reserve [Line Items]
Cash payments			$ 5,600

Restructuring and Reorganizat_4

Restructuring and Reorganization Charges - Schedule of Activity in Business Restructuring and Reorganization Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Beginning Balance			$ 9,534
Charged to expense during period	$ 2,943	$ 1,152	12,040	$ 8,421
Cash payments			(17,900)
Adjustment for accelerated depreciation			(438)
Other			1,180
Ending Balance	4,416		4,416
Termination Benefits
Restructuring Cost and Reserve [Line Items]
Beginning Balance			1,434
Charged to expense during period			9,593
Cash payments			(10,311)
Adjustment for accelerated depreciation			0
Other			1,180
Ending Balance	1,896		1,896
Other
Restructuring Cost and Reserve [Line Items]
Beginning Balance			8,100
Charged to expense during period			2,447
Cash payments			(7,589)
Adjustment for accelerated depreciation			(438)
Other			0
Ending Balance	$ 2,520		$ 2,520

Commitments, Guarantees and C_2

Commitments, Guarantees and Contingencies (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Other Commitments [Line Items]
Letter of credit amount	$ 1,500
Restricted cash included in current and non-current assets	1,787	$ 2,900	$ 0
Money transmitter bonds outstanding	$ 22,000
Warranty period	90 days
Surety And Money Transmitter Bonds
Other Commitments [Line Items]
Restricted assets used to collateralize guarantees	$ 7,400
Bid Bond
Other Commitments [Line Items]
Restricted assets used to collateralize guarantees	$ 1,000

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of the basic and diluted EPS denominators
Basic weighted-average common shares	28,362	30,097	28,475	30,381
Dilutive effect of restricted common stock	106	187	146	159
Diluted weighted-average common shares	28,468	30,284	28,621	30,540

Stockholders' Equity and Equi_2

Stockholders' Equity and Equity Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2014	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 01, 2024
Stockholders Equity And Equity Compensation Plans [Line Items]
Repurchase of common stock, shares			1,991,000		1,991,000
Total amount paid			$ 107,000		$ 107,000
Weighted-average price per share			$ 53.73		$ 53.73
Repurchase of common stock for employee tax withholdings, shares		3,000	3,000	172,000	171,000
Repurchase of common stock for tax withholdings, value		$ 200	$ 100	$ 9,100	$ 9,600
Cash dividends declared per common share		$ 0.3	$ 0.28
Cash dividend		$ 8,800	$ 8,700	$ 26,400	26,400
Stock warrants term	10 years
Performance based awards granted to executive management and certain key employees shares				155,000
Vesting maturity date				first quarter of 2026
Vesting period				2 years
Stock-based compensation expense		$ 8,700	$ 7,200	$ 25,023	$ 21,253
Market-based Awards
Stockholders Equity And Equity Compensation Plans [Line Items]
Awards vested				52,000
Time-based Awards
Stockholders Equity And Equity Compensation Plans [Line Items]
Vesting period				3 years
Awards vested				496,000
Comcast
Stockholders Equity And Equity Compensation Plans [Line Items]
Issuance of stock warrants	2,900,000
Stock warrants, exercise price	$ 26.68
Stock warrants issued	1,000,000
SEC Rule 10b5-1 Plan
Stockholders Equity And Equity Compensation Plans [Line Items]
Repurchase of common stock, shares		313,000	311,000	716,000	311,000
Total amount paid		$ 14,400	$ 16,900	$ 33,700	$ 16,900
Weighted-average price per share		$ 46.11	$ 54.36	$ 47.07	$ 54.36
Stock Repurchase Program
Stockholders Equity And Equity Compensation Plans [Line Items]
Remaining authorized repurchase amount		$ 162,000		$ 162,000		$ 100,000
Share repurchase program, expiration date				Dec. 31, 2025
2023 Convertible Notes
Stockholders Equity And Equity Compensation Plans [Line Items]
Repurchase of common stock, shares			1,680,000		1,680,000
Total amount paid			$ 90,100		$ 90,100
Weighted-average price per share			$ 53.62		$ 53.62