Priority Technology (PRTH) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-37872
Entity Registrant Name	Priority Technology Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4257046
Entity Address, Address Line One	2001 Westside Parkway
Entity Address, Address Line Two	Suite 155
Entity Address, City or Town	Alpharetta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30004
City Area Code	404
Local Phone Number	952-2107
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	PRTH
Security Exchange Name	NASDAQ
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		76,831,649
Entity Central Index Key	0001653558
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 34,626	$ 39,604
Restricted cash	12,625	11,923
Accounts receivable, net of allowances of $6,209 and $5,289, respectively	65,746	58,551
Prepaid expenses and other current assets	19,479	13,273
Current portion of notes receivable, net of allowance of $0 and $0, respectively	2,188	1,468
Settlement assets and customer/subscriber account balances	802,394	756,475
Total current assets	937,058	881,294
Notes receivable, less current portion	4,998	3,728
Property, equipment and software, net	49,800	44,680
Goodwill	376,091	376,103
Intangible assets, net	258,632	273,350
Deferred income taxes, net	25,556	22,533
Other noncurrent assets	21,294	13,649
Total assets	1,673,429	1,615,337
Current liabilities:
Accounts payable and accrued expenses	66,724	52,643
Accrued residual commissions	36,091	33,025
Customer deposits and advance payments	3,569	3,934
Current portion of long-term debt	8,350	6,712
Settlement and customer/subscriber account obligations	798,753	755,754
Total current liabilities	913,487	852,068
Long-term debt, net of current portion, discounts and debt issuance costs	809,045	631,965
Other noncurrent liabilities	15,488	18,763
Total liabilities	1,738,020	1,502,796
Commitments and contingencies (Note 14)
Redeemable senior preferred stock, net of discounts and issuance costs:
Redeemable senior preferred stock, $0.001 par value; 250,000 shares authorized; 225,000 shares issued at June 30, 2024 and December 31, 2023; 88,064 and 225,000 shares outstanding at June 30, 2024 and December 31, 2023, respectively	105,684	258,605
Stockholders' deficit:
Preferred stock, $0.000; 100,000,000 shares authorized; 0 issued or outstanding at June 30, 2024 and December 31, 2023	0	0
Common Stock, $0.001 par value; 1,000,000,000 shares authorized; 80,208,533 and 79,589,055 shares issued at June 30, 2024 and December 31, 2023, respectively; and 75,967,543 and 76,956,889 shares outstanding at June 30, 2024 and December 31, 2023, respectively	76	77
Treasury stock at cost, 4,240,990 and 2,632,166 shares at June 30, 2024 and December 31, 2023, respectively	(18,673)	(12,815)
Additional paid-in capital	0	0
Accumulated other comprehensive loss	(38)	(29)
Accumulated deficit	(153,472)	(134,951)
Total stockholders' deficit attributable to stockholders of PRTH	(172,107)	(147,718)
Non-controlling interests in consolidated subsidiaries	1,832	1,654
Total stockholders' deficit	(170,275)	(146,064)
Total liabilities, redeemable senior preferred stock, redeemable NCI and stockholders' deficit	$ 1,673,429	$ 1,615,337

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable allowance for credit loss	$ 6,209	$ 5,289
Notes receivable, allowance for credit loss	$ 0	$ 0
Temporary equity par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	250,000	250,000
Temporary equity, shares issued (in shares)	225,000	225,000
Temporary equity, shares outstanding (in shares)	88,064	225,000
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	80,208,533	79,589,055
Common stock, shares outstanding (in shares)	75,967,543	76,956,889
Treasury stock (in shares)	4,240,990	2,632,166

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 219,867	$ 182,290	$ 425,586	$ 367,318
Operating expenses
Cost of revenue (excludes depreciation and amortization)	138,118	115,281	267,416	237,247
Salary and employee benefits	22,119	19,109	44,269	38,157
Depreciation and amortization	15,244	17,980	30,497	36,028
Selling, general and administrative	11,212	10,787	22,207	19,905
Total operating expenses	186,693	163,157	364,389	331,337
Operating income	33,174	19,133	61,197	35,981
Other (expense) income
Interest expense	(21,710)	(17,765)	(42,590)	(35,464)
Debt extinguishment and modification costs	(8,623)	0	(8,623)	0
Other income, net	668	375	1,300	587
Total other expense, net	(29,665)	(17,390)	(49,913)	(34,877)
Income before income taxes	3,509	1,743	11,284	1,104
Income tax expense	2,515	2,355	5,097	2,222
Net income (loss)	994	(612)	6,187	(1,118)
Less: Dividends and accretion attributable to redeemable senior preferred stockholders	(18,565)	(11,765)	(31,227)	(23,060)
Less: Return on redeemable NCI in consolidated subsidiary	(58)	0	(639)	0
Net loss attributable to common stockholders	(17,629)	(12,377)	(25,679)	(24,178)
Other comprehensive loss
Foreign currency translation adjustments	4	7	(9)	31
Comprehensive loss	$ (17,625)	$ (12,370)	$ (25,688)	$ (24,147)
Loss per common share:
Basic (in dollars per share)	$ (0.23)	$ (0.16)	$ (0.33)	$ (0.31)
Diluted (in dollars per share)	$ (0.23)	$ (0.16)	$ (0.33)	$ (0.31)
Weighted-average common shares outstanding:
Basic (in shares)	77,736	78,292	77,878	78,213
Diluted (in shares)	77,736	78,292	77,878	78,213

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Changes in Stockholders' Deficit and Non-Controlling Interest - USD ($) $ in Thousands	Total	Deficit Attributable to Stockholders	Common Stock	Treasury Stock	APIC	AOCI	Accumulated Deficit	NCIs
Beginning balance, common stock (in shares) at Dec. 31, 2022			76,044,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2022				2,341,000
Beginning balance at Dec. 31, 2022	$ (102,786)	$ (104,041)	$ 76	$ (11,559)	$ 9,650	$ 0	$ (102,208)	$ 1,255
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	1,936	1,936			1,936
ESPP compensation and vesting of stock-based compensation (in shares)			517,000
ESPP compensation and vesting of stock-based compensation	37	37			37
Shares withheld for taxes (in shares)			(157,000)	157,000
Shares withheld for taxes	(777)	(777)		$ (777)
Dividends on redeemable senior preferred stock	(10,477)	(10,477)			(10,477)
Accretion of redeemable senior preferred stock	(818)	(818)			(818)
Adjustment to NCI	(403)							(403)
Foreign currency translation adjustment	24	24				24
Net income (loss)	(506)	(506)					(506)
Ending balance, common stock (in shares) at Mar. 31, 2023			76,404,000
Ending balance, treasury stock (in shares) at Mar. 31, 2023				2,498,000
Ending balance at Mar. 31, 2023	(113,770)	(114,622)	$ 76	$ (12,336)	328	24	(102,714)	852
Beginning balance, common stock (in shares) at Dec. 31, 2022			76,044,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2022				2,341,000
Beginning balance at Dec. 31, 2022	(102,786)	(104,041)	$ 76	$ (11,559)	9,650	0	(102,208)	1,255
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,118)
Ending balance, common stock (in shares) at Jun. 30, 2023			76,531,000
Ending balance, treasury stock (in shares) at Jun. 30, 2023				2,563,000
Ending balance at Jun. 30, 2023	(124,592)	(125,444)	$ 76	$ (12,577)	0	31	(112,974)	852
Beginning balance, common stock (in shares) at Mar. 31, 2023			76,404,000
Beginning balance, treasury stock (in shares) at Mar. 31, 2023				2,498,000
Beginning balance at Mar. 31, 2023	(113,770)	(114,622)	$ 76	$ (12,336)	328	24	(102,714)	852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	1,746	1,746			1,746
ESPP compensation and vesting of stock-based compensation (in shares)			192,000
ESPP compensation and vesting of stock-based compensation	43	43			43
Shares withheld for taxes (in shares)			(65,000)	65,000
Shares withheld for taxes	(241)	(241)		$ (241)
Dividends on redeemable senior preferred stock	(10,934)	(10,934)			(10,934)
Accretion of redeemable senior preferred stock	(831)	(831)			(831)
Foreign currency translation adjustment	7	7				7
Reclassification of negative additional paid-in capital	0				9,648		(9,648)
Net income (loss)	(612)	(612)					(612)
Ending balance, common stock (in shares) at Jun. 30, 2023			76,531,000
Ending balance, treasury stock (in shares) at Jun. 30, 2023				2,563,000
Ending balance at Jun. 30, 2023	$ (124,592)	(125,444)	$ 76	$ (12,577)	0	31	(112,974)	852
Beginning balance, common stock (in shares) at Dec. 31, 2023	76,956,889		76,957,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	2,632,166			2,632,000
Beginning balance at Dec. 31, 2023	$ (146,064)	(147,718)	$ 77	$ (12,815)	0	(29)	(134,951)	1,654
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	1,540	1,540			1,540
ESPP compensation and vesting of stock-based compensation (in shares)			429,000
ESPP compensation and vesting of stock-based compensation	49	49			49
Shares withheld for taxes (in shares)			(123,000)	123,000
Shares withheld for taxes	(421)	(421)		$ (421)
Exchange for PHOT redeemable NCI (in shares)			(1,428,000)	1,428,000
Exchange for PHOT redeemable NCI	(5,837)	(5,837)	$ (1)	$ (5,255)	(581)
Dividends on redeemable senior preferred stock	(11,821)	(11,821)			(11,821)
Accretion of redeemable senior preferred stock	(841)	(841)			(841)
Issuance of profit interests/common equity in subsidiaries	93							93
Foreign currency translation adjustment	(13)	(13)				(13)
Reclassification of negative additional paid-in capital	0				11,654		(11,654)
Net income (loss)	5,193	5,193					5,193
Ending balance, common stock (in shares) at Mar. 31, 2024			75,835,000
Ending balance, treasury stock (in shares) at Mar. 31, 2024				4,183,000
Ending balance at Mar. 31, 2024	$ (158,122)	(159,869)	$ 76	$ (18,491)	0	(42)	(141,412)	1,747
Beginning balance, common stock (in shares) at Dec. 31, 2023	76,956,889		76,957,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	2,632,166			2,632,000
Beginning balance at Dec. 31, 2023	$ (146,064)	(147,718)	$ 77	$ (12,815)	0	(29)	(134,951)	1,654
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 6,187
Ending balance, common stock (in shares) at Jun. 30, 2024	75,967,543		75,968,000
Ending balance, treasury stock (in shares) at Jun. 30, 2024	4,240,990			4,240,000
Ending balance at Jun. 30, 2024	$ (170,275)	(172,107)	$ 76	$ (18,673)	0	(38)	(153,472)	1,832
Beginning balance, common stock (in shares) at Mar. 31, 2024			75,835,000
Beginning balance, treasury stock (in shares) at Mar. 31, 2024				4,183,000
Beginning balance at Mar. 31, 2024	(158,122)	(159,869)	$ 76	$ (18,491)	0	(42)	(141,412)	1,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-classified stock-based compensation	1,744	1,744			1,744
ESPP compensation and vesting of stock-based compensation (in shares)			190,000
ESPP compensation and vesting of stock-based compensation	60	60			60
Shares withheld for taxes (in shares)			(57,000)	57,000
Shares withheld for taxes	(182)	(182)		$ (182)
Redemption of PHOT redeemable NCI	3,765	3,765			3,765
Return on PHOT redeemable NCI	(58)	(58)			(58)
Dividends on redeemable senior preferred stock	(8,426)	(8,426)			(8,426)
Accretion of redeemable senior preferred stock	(10,139)	(10,139)			(10,139)
Issuance of profit interests/common equity in subsidiaries	85							85
Foreign currency translation adjustment	4	4				4
Reclassification of negative additional paid-in capital	0				13,054		(13,054)
Net income (loss)	$ 994	994					994
Ending balance, common stock (in shares) at Jun. 30, 2024	75,967,543		75,968,000
Ending balance, treasury stock (in shares) at Jun. 30, 2024	4,240,990			4,240,000
Ending balance at Jun. 30, 2024	$ (170,275)	$ (172,107)	$ 76	$ (18,673)	$ 0	$ (38)	$ (153,472)	$ 1,832

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)		$ 6,187	$ (1,118)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of assets		30,497	36,028
Stock-based, ESPP and incentive units compensation		3,462	3,682
Amortization of debt issuance costs and discounts		1,824	1,826
Debt extinguishment and modification costs		8,623	0
Deferred income tax		(3,023)	(9,619)
Change in contingent consideration		2,213	346
Other non-cash items, net		(929)	(461)
Change in operating assets and liabilities:
Accounts receivable		(7,145)	18,066
Prepaid expenses and other current assets		(1,148)	(3,560)
Income taxes (receivable) payable		(5,037)	498
Notes receivable		(584)	(389)
Accounts payable and other accrued liabilities		13,291	1,306
Customer deposits and advance payments		(365)	635
Other assets and liabilities, net		(5,859)	(383)
Net cash provided by operating activities		42,007	46,857
Cash flows from investing activities:
Additions to property, equipment and software		(11,718)	(9,869)
Notes receivable, net		(1,406)	(498)
Acquisitions of assets and other investing activities		(7,474)	(2,715)
Net cash used in investing activities		(20,598)	(13,082)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of issue discount		830,200	0
Debt issuance and modification costs paid		(7,555)	0
Repayments of long-term debt		(654,372)	(3,525)
Borrowings under revolving credit facility		0	5,000
Repayments of borrowings under revolving credit facility		0	(12,000)
Redemption of PHOT redeemable NCI		(2,130)	0
Repurchases of shares withheld for taxes		(604)	(1,018)
Redemption of senior preferred stock		(136,936)	0
Redemption of accumulated unpaid dividend on redeemable senior preferred stock		(30,819)	0
Dividends paid to redeemable senior preferred stockholders	[1]	(16,393)	(17,908)
Settlement and customer/subscriber accounts obligations, net		40,914	175,548
Payment of contingent consideration related to business combination		(4,156)	(1,959)
Net cash provided by financing activities		18,149	144,138
Net increase in cash and cash equivalents, and restricted cash		39,558	177,913
Cash and cash equivalents and restricted cash at beginning of period		796,223	560,610
Cash and cash equivalents and restricted cash at end of period		835,781	738,523
Reconciliation of cash and cash equivalents, and restricted cash:
Cash and cash equivalents		34,626	17,567
Restricted cash		12,625	12,357
Cash and cash equivalents included in settlement assets and customer/subscriber account balances (see Note 4)		788,530	708,599
Cash paid for income taxes, net of refunds		835,781	738,523
Supplemental cash flow information:
Cash paid for interest		35,934	35,234
Non-cash investing and financing activities:
Contingent consideration accrual		0	596
Acquisition of intangible asset		(5,751)	193
Issuance of NCI		$ 178	$ 0
[1] The dividend payable for the quarter ended June 30, 2024, was paid on July 1, 2024.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Business, Consolidation and Presentation Priority Technology Holdings, Inc. is a holding company with no material operations of its own. Priority Technology Holdings, Inc. and its consolidated subsidiaries are referred to herein collectively as "Priority," "PRTH," the "Company," "we," "our" or "us," unless the context requires otherwise. Priority is a provider of merchant acquiring, integrated payment software, money transmission services and commercial payments solutions. The Company operates on a calendar year ending each December 31 and on four calendar quarters ending on March 31, June 30, September 30 and December 31 of each year. Results of operations reported for interim periods are not necessarily indicative of results for the entire year. The accompanying Unaudited Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. These Unaudited Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information pursuant to the rules and regulations of the SEC. The Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 but does not include all disclosures required by GAAP for annual financial statements. NCI represents the equity interest in certain consolidated entities in which the Company owns less than 100% of the profit interests. Changes in the Company's ownership interest while the Company retains its controlling interest are accounted for as equity transactions. As of June 30, 2024, there was no income or loss attributable to NCI in accordance with the applicable operating agreements. In the opinion of the Company's management, all known adjustments necessary for a fair presentation of the Unaudited Consolidated Financial Statements for interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amounts of assets and liabilities. These Unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results for the three and six months ended June 30, 2024 include the results of the Plastiq business acquired through Chapter 11 bankruptcy process on July 31, 2023. Use of Estimates The preparation of Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the reported period. Actual results could materially differ from those estimates. Foreign Currency The Company's reporting currency is the U.S. dollar. The functional currency of the Indian subsidiary of the Company is the Indian Rupee (i.e. local currency of Republic of India). The functional currency of the Canadian subsidiary of the Company is the Canadian Dollar. Accordingly, assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate on the last day of the reporting period. Revenues and expenses are translated using the average exchange rate in effect during the reporting period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss). Recently Issued Accounting Standards Pending Adoption Segment Reporting ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods after December 15, 2024. The Company will adopt this guidance for the year ended December 31, 2024. This guidance is expected to only impact the disclosures with no impact on the results of operations, financial position or cash flows. Income Taxes ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The guidance includes improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the potential effects this guidance will have on its disclosures. Profit Interest ASU 2024-01 In March 2024, the FASB issued ASU 2024-01, Profit Interest and Similar Awards ("ASU 2024-01"), to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope in paragraph 718-10-15-3 to determine whether profit interest and similar awards should be accounted for in accordance with Topic 718, Compensation- Stock Compensation. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the potential effects this guidance will have on its disclosures.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Acquisition Plastiq Acquisition On May 23, 2023, PRTH’s subsidiary, Plastiq, Powered by Priority, LLC (the "acquiring entity"), entered into a stalking horse equity and asset purchase agreement (the "Purchase Agreement") with Plastiq, Inc. and certain of its affiliates ("Plastiq") to acquire substantially all of the assets of Plastiq, including the equity interest in Plastiq Canada, Inc. Plastiq is a buyer funded B2B payments platform offering bill pay and instant access to working capital to its customers and complements the Company's existing supplier-funded B2B payments business. On May 24, 2023, Plastiq filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. The purchase was completed on July 31, 2023 for a total purchase consideration of approximately $37.0 million. The total purchase consideration included $28.5 million in cash and the remaining consideration is in the nature of deferred or contingent consideration and certain equity interest in the acquiring entity. The cash consideration for the purchase was funded by borrowings from the Company's revolving credit facility. The acquisition was accounted for as a business combination using the acquisition method of accounting, under which the acquired assets and assumed liabilities were recognized at their fair values as of July 31, 2023, with the excess of the fair value of consideration transferred over the fair value of the net assets acquired recognized as goodwill. The fair values of the acquired assets and assumed liabilities as of July 31, 2023 were estimated by management using the discounted cash flow method and other factors specific to certain assets and liabilities. The preliminary purchase price allocation is set forth in the table below and expected to be finalized as soon as practicable but no later than one year from the closing date. (in thousands) Consideration: Cash $ 28,500 Contingent consideration payments (1) 8,419 Common equity of acquiring entity 330 Less: cash and restricted cash acquired (278) Total purchase consideration, net of cash and restricted cash acquired $ 36,971 Recognized amounts of assets acquired and liabilities assumed: Accounts receivable $ 831 Prepaid expenses 490 Settlement assets 8,277 Equipment, net 47 Goodwill (3) 7,240 Intangible assets (2) 30,460 Accounts payable and accrued expenses (1,881) Customer deposits (214) Settlement obligations (8,279) Total purchase consideration $ 36,971 (1) The fair value of the contingent consideration payments issued was determined utilizing a Monte Carlo simulation. The contingent consideration payments were calculated based on the path for the simulated metrics and the contractual terms of the contingent consideration payments and were discounted to present value at a rate reflecting the risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation. (2) The intangible assets acquired consist of $13.0 million for customer relationships, $7.0 million for referral partner relationships, $6.5 million for technology and $3.9 million for trade name. (3) During the first and second quarters of 2024, the Company recorded immaterial measurement period adjustments due to a pre-acquisition tax accrual and security deposit which resulted in an adjustment to goodwill, accounts payable and accrued expenses, and prepaid expenses.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregation of Revenues The following table presents a disaggregation of our consolidated revenues by type: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenue Type: Merchant card fees $ 169,246 $ 144,524 $ 327,193 $ 294,168 Money transmission services 31,340 23,718 60,484 45,124 Outsourced services and other services (2) 16,256 10,582 31,921 21,587 Equipment 3,025 3,466 5,988 6,439 Total revenues (1) $ 219,867 $ 182,290 $ 425,586 $ 367,318 (1) Includes contracts with an original duration of one year or less and variable consideration under a stand-ready series of distinct days of service. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. (2) Approximately $13.1 million and $25.0 million of interest income for the three and six months ended June 30, 2024, respectively, and $7.2 million and $12.2 million for the three and six months ended June 30, 2023, respectively, is included in outsourced services and other services revenue in the table above. Approximately $0.6 million and $1.2 million of interest income for the three and six months ended June 30, 2024, respectively, and $0.3 million and $0.6 million three and six months ended June 30, 2023, respectively, is included in other income, net on the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss and not reflected in the table above. The following table presents a disaggregation of our consolidated revenues by segment: Three Months Ended June 30, 2024 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 150,696 $ — $ 1,380 $ 3,025 $ 155,101 B2B Payments 18,682 — 3,199 — 21,881 Enterprise Payments 451 31,340 11,879 — 43,670 Eliminations (583) — (202) — (785) Total revenues $ 169,246 $ 31,340 $ 16,256 $ 3,025 $ 219,867 Six Months Ended June 30, 2024 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 290,496 $ — $ 2,621 $ 5,988 $ 299,105 B2B Payments 36,971 — 6,254 — 43,225 Enterprise Payments 804 60,484 23,372 — 84,660 Eliminations (1,078) — (326) — (1,404) Total revenues $ 327,193 $ 60,484 $ 31,921 $ 5,988 $ 425,586 Three Months Ended June 30, 2023 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 143,544 $ — $ 938 $ 3,466 $ 147,948 B2B Payments 954 — 2,020 — 2,974 Enterprise Payments 26 23,718 7,694 — 31,438 Eliminations — — (70) — (70) Total revenues $ 144,524 $ 23,718 $ 10,582 $ 3,466 $ 182,290 Six Months Ended June 30, 2023 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 292,232 $ — $ 4,210 $ 6,439 $ 302,881 B2B Payments 1,881 — 3,879 — 5,760 Enterprise Payments 55 45,124 13,565 — 58,744 Eliminations — — (67) — (67) Total revenues $ 294,168 $ 45,124 $ 21,587 $ 6,439 $ 367,318 Deferred revenues were not material for the three and six months ended June 30, 2024 and 2023. Contract Assets and Contract Liabilities Material contract assets and liabilities are presented net at the individual contract level in the Unaudited Consolidated Balance Sheets and are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations. Contract liabilities were $0.6 million and $0.6 million as of June 30, 2024 and December 31, 2023, respectively. Substantially all of these balances are recognized as revenue within 12 months. Net contract assets were not material for any period presented.

Settlement Assets and Customer_

Settlement Assets and Customer/Subscriber Account Balances and Related Obligations	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Settlement Assets and Customer/Subscriber Account Balances and Related Obligations	Settlement Assets and Customer/Subscriber Account Balances and Related Obligations SMB Payments Segment In the Company's SMB Payments reportable segment, funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants. The standards of the card networks require possession of funds during the settlement process by a member bank which controls the clearing transactions. Since settlement funds are required to be in the possession of a member bank until the merchant is funded, these funds are not assets of the Company and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Unaudited Consolidated Balance Sheets. Member banks held merchant funds of $97.7 million and $98.0 million at June 30, 2024 and December 31, 2023, respectively. Exception items that become the liability of the Company are recorded as merchant losses, a component of cost of revenue in the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss. Exception items that the Company is still attempting to collect from the merchants through the funds settlement process or merchant reserves are recognized as settlement assets and customer/subscriber account balances in the Company's Unaudited Consolidated Balance Sheets, with an offsetting reserve for those amounts the Company estimates it will not be able to recover. Expenses for merchant losses for the three and six months ended June 30, 2024 were $1.7 million and $6.5 million, respectively. Expenses for merchant losses for the three and six months ended June 30, 2023 were $1.1 million and $2.1 million, respectively. B2B Payments Segment In the Company's B2B Payments segment, the Company earns revenues by processing transactions for FIs and other business customers. Customers transfer funds to the Company, which are held in either company-owned bank accounts controlled by the Company or bank-owned FBO accounts controlled by the banks, until such time that the transactions are settled with the customer payees. Amounts due to customer payees that are held by the Company in company-owned bank accounts are included in restricted cash in the Company's Unaudited Consolidated Balance Sheets. Amounts due to customer payees that are held in bank-owned FBO accounts are not assets of the Company, and the associated obligations are not liabilities of the Company. Therefore, neither is recognized in the Company's Unaudited Consolidated Balance Sheets. Bank-owned FBO accounts held funds of $93.1 million and $69.0 million at June 30, 2024 and December 31, 2023, respectively. Company-owned bank accounts held $1.7 million and $1.2 million at June 30, 2024 and December 31, 2023, respectively, which are included in restricted cash and settlement and customer/subscriber account obligations in the Company's Unaudited Consolidated Balance Sheets. Exception items that the Company is still attempting to collect from the customers through the funds settlement process are recognized as settlement assets and customer/subscriber account balances in the Company's Unaudited Consolidated Balance Sheets, with an offsetting reserve for those amounts the Company estimates it will not be able to recover. Expenses for these merchant losses for the three and six months ended June 30, 2024 were $0.1 million and $0.3 million, respectively. Expenses for merchant losses for the three and six months ended June 30, 2023 were not material. The Company accepts card payments from its customers and processes disbursements to their vendors within the Plastiq business. The time lag between authorization and settlement of card transactions creates certain receivables (from card networks) and payables (to the vendors of customers). These receivables and payables arise from the settlement activities that the Company performs on the behalf of its customers and therefore, are presented as settlement assets and related obligations. Enterprise Payments Segment In the Company's Enterprise Payments segment revenue is derived primarily from enrollment fees, monthly subscription fees and transaction-based fees from licensed money transmission services. As part of its licensed money transmission services, the Company accepts deposits from consumers and subscribers which are held in bank accounts maintained by the Company on behalf of consumers and subscribers. After accepting deposits, the Company is allowed to invest available balances in these accounts in certain permitted investments, and the return on such investments contributes to the Company's net cash inflows. These balances are payable on demand. As such, the Company recorded these balances and related obligations as current assets and current liabilities. The nature of these balances are cash and cash equivalents, but they are not available for day-to-day operations of the Company. Therefore, the Company has classified these balances as settlement assets and customer/subscriber account balances and the related obligations as settlement and customer/subscriber account obligations in the Company's Unaudited Consolidated Balance Sheets. Exception items that become the liability of the Company are recorded as merchant losses, a component of cost of revenue in the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss. Exception items that the Company is still attempting to collect from the merchants through the funds settlement process or merchant reserves are recognized as settlement assets and customer/subscriber account balances in the Company's Unaudited Consolidated Balance Sheets, with an offsetting reserve for those amounts the Company estimates it will not be able to recover. Expenses for merchant losses for the three and six months ended June 30, 2024 were $0.4 million and $0.4 million, respectively. Expenses for merchant losses for the three and six months ended June 30, 2023 were not material. In certain states, the Company accepts deposits under agency arrangement with member banks wherein accepted deposits remain under the control of the member banks. Therefore, the Company does not record assets for the deposits accepted and liabilities for the associated obligation. Agency owned accounts held $53.0 million and $19.6 million at June 30, 2024 and December 31, 2023, respectively. The Company's consolidated settlement assets and customer/subscriber account balances and settlement and customer/subscriber account obligations were as follows: (in thousands) June 30, 2024 December 31, 2023 Settlement Assets, net of estimated losses (1) : Card settlements due from merchants $ 5,112 $ 2,705 Card settlements due from networks 7,706 8,185 Other settlement assets 1,046 889 Customer/subscriber account balances Cash and cash equivalents 788,530 744,696 Total settlement assets and customer/subscriber account balances $ 802,394 $ 756,475 Settlement and Customer/Subscriber Account Obligations: Customer account obligations $ 745,557 $ 710,775 Subscriber account obligations 42,972 33,921 Total customer/subscriber account obligations 788,529 744,696 Due to customers' payees (2) 10,224 11,058 Total settlement and customer/subscriber account obligations $ 798,753 $ 755,754 (1) Allowance for estimated losses was $7.5 million and $6.6 million as of June 30, 2024 and December 31, 2023, respectively. (2) Card settlements due from networks includes $7.7 million and $8.2 million as of June 30, 2024 and December 31, 2023, respectively, related assets and remainder are included in restricted cash on our Unaudited Consolidated Balance Sheets.

Notes Receivable

Notes Receivable	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Notes Receivable	Notes Receivable The Company had notes receivable of $7.2 million and $5.2 million as of June 30, 2024 and December 31, 2023, respectively, which are reported as current portion of notes receivable and notes receivable less current portion on the Company's Unaudited Consolidated Balance Sheets. The notes receivable carried weighted-average interest rates of 18.6% as of June 30, 2024 and December 31, 2023. The notes receivable are comprised of notes receivable from ISOs, and under the terms of the agreements the Company preserves the right to hold back residual payments due to the ISOs and to apply such residuals against future payments due to the Company. As of June 30, 2024 and December 31, 2023, the Company had no allowance for doubtful notes receivable. As of June 30, 2024, the principal payments for the Company's notes receivable are due as follows: (in thousands) Twelve months ending June 30, 2025 $ 2,188 2026 1,932 2027 1,668 2028 1,398 After 2028 — Total $ 7,186

Property, Equipment and Softwar

Property, Equipment and Software	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Equipment and Software	Property, Equipment and Software A summary of property, equipment and software, net was as follows: (in thousands) June 30, 2024 December 31, 2023 Computer software $ 85,934 $ 78,492 Equipment 11,254 10,377 Leasehold improvements 2,739 1,535 Furniture and fixtures 1,367 1,442 Property, equipment and software 101,294 91,846 Less: Accumulated depreciation (62,980) (56,442) Capital work in-progress 11,486 9,276 Property, equipment and software, net $ 49,800 $ 44,680 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Depreciation expense $ 3,428 $ 2,815 $ 6,598 $ 5,572 Computer software represents purchased software and internally developed software that is used to provide the Company's services to its customers. Fully depreciated assets are retained in property, equipment and software, net, until removed from service. During the three and six months ended June 30, 2024, certain fully depreciated assets were removed from service.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill The Company's goodwill relates to the following reporting units: (in thousands) June 30, 2024 December 31, 2023 SMB Payments $ 124,139 $ 124,139 Enterprise Payments 244,712 244,712 Plastiq (B2B Payments) 7,240 7,252 Total $ 376,091 $ 376,103 The following table summarizes the changes in the carrying value of goodwill: (in thousands) Amount Balance at December 31, 2023 $ 376,103 Plastiq adjustment (12) Balance at June 30, 2024 $ 376,091 As of June 30, 2024, the Company is not aware of any triggering events for impairment that have occurred since the last annual impairment test. Other Intangible Assets Other intangible assets consisted of the following: June 30, 2024 Weighted-average (in thousands, except weighted-average data) Gross Carrying Value Accumulated Amortization Net Carrying Value Other intangible assets: ISO and referral partner relationships $ 182,339 $ (43,054) $ 139,285 14.6 Residual buyouts 143,564 (98,310) 45,254 6.3 Customer relationships 109,017 (94,110) 14,907 8.4 Merchant portfolios 83,350 (62,983) 20,367 6.5 Technology 57,639 (25,151) 32,488 8.7 Trade names 7,104 (2,873) 4,231 10.6 Non-compete agreements 3,390 (3,390) — 0.0 Money transmission licenses (1) 2,100 — 2,100 Total $ 588,503 $ (329,871) $ 258,632 9.6 (1) These assets have an indefinite useful life. December 31, 2023 Weighted-average (in thousands, except weighted-average data) Gross Carrying Value Accumulated Amortization Net Carrying Value Other intangible assets: ISO and referral partner relationships $ 182,339 $ (36,506) $ 145,833 14.7 Residual buyouts 135,164 (92,699) 42,465 6.3 Customer relationships 109,017 (92,781) 16,236 8.4 Merchant portfolios 83,350 (56,139) 27,211 6.5 Technology 57,639 (22,712) 34,927 9.0 Trade names 7,104 (2,526) 4,578 11.7 Non-compete agreements 3,390 (3,390) — 0.0 Money transmission licenses (1) 2,100 — 2,100 Total $ 580,103 $ (306,753) $ 273,350 9.7 (1) These assets have an indefinite useful life. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Amortization expense (1) $ 11,816 $ 15,165 $ 23,899 $ 30,456 (1) Included in amortization expense is $0.4 million and $0.8 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively, related to the amortization of certain contract acquisition costs.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Outstanding debt obligations consisted of the following: June 30, 2024 December 31, 2023 2024 Credit Agreement Term facility - matures May 16, 2031, interest rate of 10.08% at June 30, 2024 $ 835,000 $ — Revolving credit facility - $70.0 million line at June 30, 2024, matures May 16, 2029, interest rate of 9.58% at June 30, 2024 — — 2021 Credit Agreement - refinanced on May 16, 2024 Term facility - original maturity April 27, 2027, interest rate of 11.21% at December 31, 2023 — 654,373 Revolving credit facility - $65.0 million line as of December 31, 2023, original Maturity April 27, 2026, interest rate of 10.20% at December 31, 2023 — — Total debt obligations 835,000 654,373 Less: current portion of long-term debt (8,350) (6,712) Less: unamortized debt discounts and deferred financing costs (17,605) (15,696) Long-term debt, net $ 809,045 $ 631,965 2024 Credit Agreement On May 16, 2024, the Company entered into a Credit Agreement ("2024 Credit Agreement") which provides 1) a $835.0 million senior secured first lien term loan facility ; and 2) a $70.0 million senior secured revolving facility ("Credit facilities"). Proceeds from these Credit facilities were used to repay the outstanding balances under the 2021 Credit Agreement and redeem a portion of the Company's redeemable senior preferred stock (see Note 9. Redeemable Securities ). In accordance with ASC 470, the Company determined on a creditor-by-creditor basis that the 2024 Credit Agreement was both a debt modification and extinguishment of the 2021 Credit Agreement. The Company expensed $3.8 million of previously unamortized fees and $4.8 million of debt issuance costs related to the refinancing which is reported in debt extinguishment and modification in the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss. Outstanding borrowings under the Credit agreement accrue interest using a base rate or a SOFR rate plus an applicable margin per year, subject to a SOFR rate floor of 0.50% per year. The revolving credit facility incurs an unused commitment fee on any undrawn amount in an amount equal to 0.50% per year of the unused portion. The future applicable interest rate margins may vary based on the Company's Total Net Leverage Ratio in addition to future changes in the underlying market rates for SOFR and the rate used for base-rate borrowings. The 2024 Credit Agreement contains representations and warranties, financial and collateral requirements, mandatory payment events, events of default and affirmative and negative covenants, including without limitation, covenants that restrict among other things, the ability to create liens, pay dividends or distribute assets from the loan parties to the Company, merge or consolidate, dispose of assets, incur additional indebtedness, make certain investments or acquisitions, enter into certain transactions (including with affiliates) and to enter into certain leases. If the aggregate principal amount of outstanding revolving loans and letters of credit under the 2024 Credit Agreement exceeds 35% of the total revolving credit facility thereunder, the loan parties are required to comply with certain restrictions on its Total Net Leverage Ratio. If applicable, the maximum permitted Total Net Leverage Ratio is: 1) 6.90:1.00 at each fiscal quarter ended September 30, 2024 through December 31, 2025; 2) 6.40:1.00 at each fiscal quarter ended March 31, 2026 and each fiscal quarter thereafter. As of June 30, 2024, the Company was in compliance with the covenants in the 2024 Credit Agreement. 2021 Credit Agreement On April 27, 2021, the Company entered into the 2021 Credit Agreement with Truist which provides for: 1) a $300.0 million Initial Term Loan; 2) a $290.0 million Delayed Draw Term Loan (together, the "Term Facility"); and 3) a $40.0 million senior secured revolving credit facility. The First Amendment to the Credit Agreement on May 20, 2021, clarified and provided further detail on the Credit Agreement's terms. The Second Amendment to the Credit Agreement on September 17, 2021, increased the amount of the Delayed Draw Term Loan facility by $30.0 million to $320.0 million. The additional Delayed Draw Term Loan is part of the same class of term loans made pursuant to the original commitments under the Credit Agreement. The third amendment amended the reference rate from LIBOR to SOFR and increased the revolving facility from $40.0 million to $65.0 million effecting June 30, 2023. The fourth amendment increased the principal balance by $50.0 million and increased the quarterly principal amortization payment from $1.6 million to $1.7 million. Outstanding borrowings from the 2021 Credit Agreement were repaid on May 16, 2024 as part of the refinancing and the Company was released from any related commitments, guarantees and security interests. Outstanding borrowings under the Credit Agreement accrued interest using either a base rate or a SOFR rate plus an applicable margin per year, subject to a SOFR rate floor of 1.00% per year. Accrued interest is payable on each interest payment date (as defined in the Credit Agreement). The revolving credit facility incurs an unused commitment fee on any undrawn amount in an amount equal to 0.50% per year of the unused portion. The future applicable interest rate margins may vary based on the Company's Total Net Leverage Ratio in addition to future changes in the underlying market rates for SOFR and the rate used for base-rate borrowings. Proceeds from the Initial Term Loan were used to partially fund the refinancing of the Company's existing credit facilities as of April 27, 2021. Proceeds from the Delayed Draw Term Loan were used to fund the Company's acquisition of Finxera. Proceeds from the Fourth Amendment were used to repay the balance of the revolving credit facility (used to acquire the Plastiq business) and added additional cash for general corporate purposes. Interest Expense and Amortization of Deferred Loan Costs and Discounts Deferred financing costs and debt discounts are amortized using the effective interest method over the remaining term of the respective debt and are recorded as a component of interest expense. Unamortized deferred financing costs and debt discounts are included in long-term debt on the Company's Unaudited Consolidated Balance Sheets. Interest expense for outstanding debt, including fees for undrawn amounts and amortization of deferred financing costs and debt discounts was as follows: Three Months Ended June 30, Six Months Ended March 31, (in thousands) 2024 2023 2024 2023 Interest expense (1),(2) $ 21,710 $ 17,765 $ 42,590 $ 35,464 (1) Included in interest expense is $1.2 million and $2.2 million related to the accretion of contingent consideration from acquisitions for the three and six months ended June 30, 2024, respectively, $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively. (2)

Redeemable Senior Preferred Sto

Redeemable Senior Preferred Stock and Warrants	6 Months Ended
	Jun. 30, 2024
Temporary Equity [Abstract]
Redeemable Senior Preferred Stock and Warrants	Redeemable Senior Preferred Stock and Warrants The redeemable senior preferred stock ranks senior to the Company's Common Stock, equal with any other class of the Company's stock designated as being ranked on a parity basis with the redeemable senior preferred stock and junior to any other class of the Company's stock, including preferred stock, that is designated as being ranked senior to the redeemable senior preferred stock, with respect to the payment and distribution of dividends, the purchase or redemption of the Company's stock and the liquidation, winding up of and distribution of assets of the Company. The following table provides the redemption value of the redeemable senior preferred stock for the periods presented: (in thousands) June 30, 2024 December 31, 2023 Redeemable senior preferred stock $ 88,064 $ 225,000 Accumulated unpaid dividend 20,735 43,498 Dividend payable 2,824 7,027 Redemption value 111,623 275,525 Less: unamortized discounts and issuance costs (5,939) (16,920) Redeemable senior preferred stock, net of discounts and issuance costs: $ 105,684 $ 258,605 The following table provides a reconciliation of the beginning and ending carrying amounts of the redeemable senior preferred stock for the periods presented: (in thousands) Shares Amount December 31, 2023 225 $ 258,605 Unpaid dividend on redeemable senior preferred stock — 4,699 Accretion of discounts and issuance costs — 841 Cash portion of dividend outstanding at March 31, 2024 — 7,122 Payment of cash portion of dividend outstanding at December 31, 2023 — (7,027) March 31, 2024 225 264,240 Redemption of senior preferred stock (1) (137) (166,268) Unpaid dividend on redeemable senior preferred stock — 1,871 Accretion of discounts and issuance costs — 10,139 Cash portion of dividend outstanding at June 30, 2024 — 2,824 Payment of cash portion of dividend outstanding at March 31, 2024 — (7,122) June 30, 2024 88 $ 105,684 (1) On May 16, 2024, the Company used proceeds totaling $170.0 million from the refinancing ( see Note 8. Debt Obligations ) to redeem a portion of the redeemable senior preferred stock. The redemption consisted of $136.9 million of redeemable senior preferred stock, $29.4 million for accumulated unpaid dividend, and $2.2 million of cash dividend and $1.5 million of accumulated unpaid dividend for the quarter ending June 30, 2024. The dividend rate as of June 30, 2024 and December 31, 2023, was 17.6% and 17.7% respectively. The following table provides a summary of the dividends for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Dividends paid in cash (1) $ 5,068 $ 6,473 $ 12,190 $ 12,567 Accumulated dividends accrued as part of the carrying value of redeemable senior preferred stock 3,358 4,461 8,057 8,844 Dividends declared $ 8,426 $ 10,934 $ 20,247 $ 21,411 (1) Dividend payable for the three months ended June 30, 2024 of $2.8 million was paid on July 1, 2024. On June 30, 2023, the Company amended the Certificate of Designation of its redeemable senior preferred stock to transition the reference rate used for the calculation of dividends from LIBOR to SOFR. Under the Amended Certificate of Designation, the dividend rate (capped at 22.50%) is equal to the three-month term SOFR (minimum of 1.00%), plus the three-month term SOFR spread adjustment of 0.26% plus the applicable margin of 12.00%. The dividend rate is subject to future increases if the Company doesn't comply with the minimum cash payment requirements outlined in the agreement, which includes required payments of dividends, required payments related to redemption or required prepayments. The dividend rate may also increase if the Company fails to obtain the required stockholder approval for a forced sale transaction triggered by investors or if an event of default as outlined in the agreement occurs.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's consolidated effective income tax rate for the three and six months ended June 30, 2024, was 71.7% and 45.2%, respectively, compared to a consolidated effective income tax rate of 135.1% and 201.3% for the three and six months ended June 30, 2023, respectively. The effective rates differed from the statutory rate of 21.0% primarily due to an increase in the valuation allowance against certain business interest carryover deferred tax assets, and certain forecasted nondeductible expenses. Valuation Allowance for Deferred Income Tax Assets The Company considers all available positive and negative evidence to determine whether sufficient taxable income will be generated in the future to permit realization of the existing deferred tax assets. In accordance with the provisions of ASC 740, Income Taxes , the Company is required to provide a valuation allowance against deferred income tax assets when it is "more likely than not" that some portion or all of the deferred tax assets will not be realized. Based on management's assessment, as of June 30, 2024, the Company continues to record a full valuation allowance against non-deductible interest expense. The Company will continue to evaluate the realizability of the net deferred tax asset on a quarterly basis and, as a result, the valuation allowance may change in future periods.

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Deficit	Stockholders' Deficit The Company is authorized to issue 100,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. As of June 30, 2024 and December 31, 2023, the Company has not issued any shares of preferred stock. Share Repurchase Program

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Stock-based compensation expense $ 1,730 $ 1,735 $ 3,258 $ 3,657 Incentive units compensation expense 85 — 178 — ESPP compensation expense 14 11 26 25 Total $ 1,829 $ 1,746 $ 3,462 $ 3,682 Income tax benefit for stock-based compensation was immaterial for the three months ended June 30, 2024 and 2023. No stock-based compensation has been capitalized. 2018 Plan The Company's 2018 Plan initially provided for the issuance of up to 6,685,696 shares of the Company's Common Stock. On March 17, 2022, the Company's Board of Directors unanimously approved an amendment to the 2018 Plan, which was subsequently approved by our shareholders, to increase the number of shares authorized for issuance under the plan by 2,500,000 shares, resulting in 9,185,696 shares of the Company's Common Stock authorized for issuance under the plan. 2021 Stock Purchase Plan The 2021 Stock Purchase Plan provides for up to 200,000 shares to be purchased under the plan. Shares issued under the plan may be authorized but unissued or reacquired shares of Common Stock. All employees of the Company who work more than 20 hours per week and have been employed by the Company for at least 30 days may participate in the 2021 Stock Purchase Plan. Under the 2021 Stock Purchase Plan, participants are offered, on the first day of the offering period, the option to purchase shares of Common Stock at a discount on the last day of the offering period. The offering period shall be for a period of three months and the first offering period began on January 10, 2022. The 2021 Stock Purchase Plan provides eligible employees the opportunity to purchase shares of the Company's Common stock at 95% of the lesser of the fair value on the first and last trading day of each offering period. Non-voting Incentive Units

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In February 2019, PHOT, a subsidiary of the Company, received a contribution of substantially all of the operating assets of eTab and Cumulus under asset contribution agreements. PHOT is a part of the Company's SMB reportable segment. These contributed assets were primarily composed of technology-related assets. Prior to these transactions, eTab was 80.0% owned by the Company's Chairman and Chief Executive Officer ("CEO"). No cash consideration was paid to the contributors of the eTab or Cumulus assets on the date of the transactions. As consideration for these contributed assets, the contributors were issued redeemable non-controlling preferred equity interests ("redeemable NCIs") in PHOT. Under these redeemable NCIs, the contributors were eligible to receive up to $4.5 million of profits earned by PHOT, plus a preferred yield (6.0% per year) on any undistributed preferred equity interest ("Total Preferred Equity Interest"). Once the total preferred equity interest is distributed to the holders, the redeemable NCIs cease to exist. The Company's CEO initially owned 83.3% of the redeemable NCIs, which ownership interest was subsequently reduced to 35.3% through the CEO's disposition of interests to others. In November 2020, the Company agreed with the contributors to an exchange of shares of common stock of the Company, or cash, for the remaining undistributed Total Preferred Equity Interests of $4.8 million. An exchange valuation for the Company's common stock was established as of November 12, 2020 at the prior 20-day volume weighted average price of $2.78 per share. The exchange was contingent upon receiving approval of the Company's lenders; therefore, the binding exchange agreements were not entered into until after lender approval was received in April 2021 in connection with the debt refinancing. In May 2021, the Company entered into exchange agreements and completed the exchange of 1,428,358 shares of common stock and $0.8 million of cash for the Total Preferred Equity Interests. The CEO received 605,623 shares of common stock of the Company in exchange for his 35.3% interest, and the Company's Chief Operating Officer (“COO”) received 413,081 shares of common stock of the Company in exchange for her 24.1% interest. On October 31, 2023, a lawsuit was filed alleging that the Board breached its fiduciary duties by approving the above mentioned exchange transaction. The Company denied any wrongdoing. The lawsuit was settled on January 30, 2024, wherein the Company agreed to unwind the exchange transaction and received previously issued shares of common stock of the Company and promissory notes for the amount of cash paid from the CEO, COO and others in exchange of the reissuance of PHOT redeemable preferred units. The returned shares of common stock of the Company are recorded as treasury stock at their closing market price as of the settlement date of January 30, 2024. The reissued PHOT redeemable preferred units are recorded as redeemable NCI at their estimated fair value as of the settlement date on the Company’s Unaudited Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Minimum Annual Commitments with Third-party Processors The Company has multi-year agreements with third parties to provide certain payment processing services to the Company. The Company pays processing fees under these agreements. Based on existing contracts in place, the Company is committed to pay minimum processing fees under these agreements of approximately $21.6 million in 2024 and $25.6 million in 2025. Annual Commitment with Vendor Effective January 1, 2022, the Company entered into a three year business cooperation agreement with a vendor to resell its services. Under the agreement, the Company purchased vendor services worth $1.5 million for the year ended December 31, 2023, and is committed to purchase vendor services worth $2.3 million in 2024. Capital Commitments The Company committed to capital contributions to fund the operations of certain subsidiaries totaling $0.0 million as of June 30, 2024 and December 31, 2023. The Company is obligated to make the contributions within 10 business days of receiving notice for such contribution from the subsidiary. As of June 30, 2024 and December 31, 2023, the Company has contributed $0.0 million and $11.8 million, respectively. Merchant Reserves See Note 4. Settlement Assets and Customer/Subscriber Account Balances and Related Obligations , for information about merchant reserves. Contingent Consideration The following table provides a reconciliation of the beginning and ending balance of the Company's contingent consideration liabilities related to completed acquisitions: (in thousands) Contingent Consideration Liabilities December 31, 2023 $ 13,438 Accretion of contingent consideration 972 Payment of contingent consideration (3,071) March 31, 2024 11,339 Accretion of discount on contingent consideration 1,240 Payment of contingent consideration (1,085) June 30, 2024 $ 11,494 Legal Proceedings The Company is involved in certain legal proceedings and claims which arise in the ordinary course of business. In the opinion of the Company and based on consultations with internal and external counsel, the results of any of these matters, individually and in the aggregate, are not expected to have a material effect on the Company's results of operations, financial condition or cash flows. As more information becomes available, and the Company determines that an unfavorable outcome is probable on a claim and that the amount of probable loss that the Company will incur on that claim is reasonably estimable, the Company will record an accrued expense for the claim in question. If and when the Company records such an accrual, it could be material and could adversely impact the Company's results of operations, financial condition and cash flows. The Company is involved in a case that was filed on October 11, 2023 and is currently pending in the United States District Court for the Northern District of California (the “Complaint”). The Complaint is a putative class action against The Credit Wholesale Company, Inc. (“Wholesale”), Priority Technology Holdings, Inc., Priority Payment Systems (“PPS”), LLC and Wells Fargo Bank, N.A. (“Wells Fargo”). The Complaint alleges that Wholesale is an agent of Priority, PPS and Wells Fargo and that it made non-consensual recordation of telephonic communications with California businesses in violation of California Invasion of Privacy Act (the “Act”). T he Complaint seeks to certify a class of affected businesses and an award of $5,000 per violation of the Act. As of August 8, 2024, the financial impact, if any, of the outcome of this legal proceeding is neither probable nor estimable. Concentration of Risks The Company's revenue is substantially derived from processing Visa and Mastercard bankcard transactions. Because the Company is not a member bank, in order to process these bankcard transactions, the Company maintains sponsorship agreements with member banks which require, among other things, that the Company abide by the by-laws and regulations of the card associations. As of June 30, 2024, the Company's customer account balances of $746 million are maintained in FDIC insured eligible accounts with certain FIs (refer to Note 4. Settlement Assets and Customer/Subscriber Account Balances and Related Obligations ) A majority of the Company's cash and restricted cash is held in certain FIs, substantially all of which is in excess of FDIC limits. The Company does not believe it is exposed to any significant credit risk from these transactions.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurements The Company's contingent consideration derived from business combinations are classified within Level 3 of the fair value hierarchy due to the uncertainty of the fair value measurement created by the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value which require judgement. The Company uses valuation techniques including discounted cash flow analysis based on cash flow projections and Monte Carlo simulations to estimate fair value based on projection period and assumed growth rates. A change in inputs in the valuation techniques used might result in a significantly higher or lower fair value measurement than what is reported. The current portion of contingent consideration is included in accounts payable and accrued expenses on the Company's Unaudited Consolidated Balance Sheets and the noncurrent portion of contingent consideration is included in other noncurrent liabilities on the Company's Unaudited Consolidated Balance Sheets. Liabilities measured at fair value on a recurring basis consisted of the following: (in thousands) Fair Value Hierarchy June 30, 2024 December 31, 2023 Contingent consideration, current portion Level 3 $ 5,026 $ 5,951 Contingent consideration, noncurrent portion Level 3 6,468 7,487 Total contingent consideration $ 11,494 $ 13,438 During the three and six months ended June 30, 2024, there were no transfers into, out of, or between levels of the fair value hierarchy. Fair Value Disclosures Notes Receivable Notes receivable are carried at amortized cost. Substantially all of the Company's notes receivable are secured, and the Company provides for allowances when it believes that certain notes receivable may not be collectible. The carrying value of the Company's notes receivable, net approximates fair value and was approximately $7.2 million and $5.2 million at June 30, 2024 and December 31, 2023, respectively. On the fair value hierarchy, Level 3 inputs are used to estimate the fair value of these notes receivable. Debt Obligations Outstanding debt obligations (see Note 8. Debt Obligations ) are reflected in the Company's Unaudited Consolidated Balance Sheets at carrying value since the Company did not elect to remeasure debt obligations to fair value at the end of each reporting period. The fair value of the term facility was estimated to be $835.0 million and $651.9 million at June 30, 2024 and December 31, 2023, respectively, and was estimated using binding and non-binding quoted prices in an active secondary market, which considers the credit risk and market related conditions, and is within Level 2 of the fair value hierarchy. The carrying values of the other long-term debt obligations approximate fair value due to mechanisms in the credit agreements that adjust the applicable interest rates and the lack of a market for these debt obligations.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: • SMB Payments – Provides full-service acquiring and payment-enabled solutions for B2C transactions, leveraging Priority's proprietary software platform, distributed through ISO, direct sales and vertically focused ISV channels. • B2B Payments – provides market-leading AP automation solutions to corporations, software partners and industry leading FIs (including Citibank and Mastercard) in addition to improving cash flow by providing instant access to working capital. • Enterprise Payments – Provides embedded finance and treasury solutions to enterprise customers to modernize legacy platforms and accelerate software partners' strategies to monetize payments. The Company does not have dedicated assets assigned to any particular reportable segment and such information is not available and continues to be aggregated. Corporate includes costs of corporate functions and shared services not allocated to our reportable segments. Due to the recent acquisitions, growth, implementation of a shared services model and management of a single unified commerce engine across our payments infrastructure, the costs of operating overhead and shared services becomes less identifiable at the segment level. Therefore, the process of review of the CODM was updated during the quarter. The CODM's review of segment performance and allocation of resources are based on adjusted earnings before interest, income tax and depreciation and amortization expenses ("EBITDA"). Adjusted EBITDA at each segment level includes revenues of the segment, less costs of revenue (excluding depreciation and amortization) and operating expenses that are directly related to those revenues. Operating overhead and shared costs are managed centrally and included in the corporate segment. All comparative periods have been adjusted to reflect this update. Information on reportable segments and reconciliations to income (loss) before income taxes are as follows: Three Months Ended June 30, 2024 (in thousands) SMB Payments B2B Enterprise Payments Corporate Eliminations Total Consolidated Revenues $ 155,101 $ 21,881 $ 43,670 $ — $ (785) $ 219,867 Adjusted EBITDA $ 28,597 $ 1,530 $ 37,244 $ (15,820) $ — $ 51,551 Three Months Ended June 30, 2023 (in thousands) SMB Payments B2B Enterprise Payments Corporate Eliminations Total Consolidated Revenues $ 147,948 $ 2,974 $ 31,438 $ — $ (70) $ 182,290 Adjusted EBITDA $ 28,434 $ 608 $ 25,728 $ (13,677) $ — $ 41,093 Six Months Ended June 30, 2024 (in thousands) SMB Payments B2B Enterprise Payments Corporate Eliminations Total Consolidated Revenues $ 299,105 $ 43,225 $ 84,660 $ — $ (1,404) $ 425,586 Adjusted EBITDA $ 53,620 $ 3,276 $ 71,971 $ (30,976) $ — $ 97,891 Six Months Ended June 30, 2023 (in thousands) SMB Payments B2B Enterprise Payments Corporate Eliminations Total Consolidated Revenues $ 302,881 $ 5,760 $ 58,744 $ — $ (67) $ 367,318 Adjusted EBITDA $ 56,836 $ 518 $ 48,096 $ (26,717) $ — $ 78,733 Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Reconciliation of Segment measure of profit or loss to income (loss) before income taxes Total consolidated Adjusted EBITDA $ 51,551 $ 41,093 $ 97,891 $ 78,733 Interest expense (21,710) (17,765) (42,590) (35,464) Depreciation and amortization (15,244) (17,980) (30,497) (36,028) Debt modification and extinguishment expenses (8,623) — (8,623) — Selling, general and administrative (non-recurring) (636) (1,859) (1,435) (2,296) Non-cash stock based compensation (1,829) (1,746) (3,462) (3,682) Other non-recurring loss, net — — — (159) Income before income taxes $ 3,509 $ 1,743 $ 11,284 $ 1,104

Loss per Common Share

Loss per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Loss per Common Share	Loss per Common Share The following tables set forth the computation of the Company's basic and diluted loss per common share: Three Months Ended June 30, Six Months Ended June 30, (in thousands except per share amounts) 2024 2023 2024 2023 Numerator: Net income (loss) $ 994 $ (612) $ 6,187 $ (1,118) Less: Dividends and accretion attributable to redeemable senior preferred stockholders (18,565) (11,765) (31,227) (23,060) Less: Return on redeemable NCI in consolidated subsidiary (58) — (639) — Net loss attributable to common stockholders $ (17,629) $ (12,377) $ (25,679) $ (24,178) Denominator: Basic and diluted: Weighted-average common shares outstanding (1) 77,736 78,292 77,878 78,213 Loss per common share $ (0.23) $ (0.16) $ (0.33) $ (0.31) (1) The weighted-average common shares outstanding includes 1,803,841 warrants (refer to Note 9. Redeemable Senior Preferred Stock and Warrants ). For the three and six months ended June 30, 2024 and 2023, all potentially dilutive securities were anti-dilutive, so diluted net loss per share was equivalent to basic net loss per share. Potentially anti-dilutive securities that were excluded from the Company's loss per common share are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Outstanding warrants on Common Stock (1) — 3,557 — 3,557 Outstanding options and warrants issued to adviser (2) — 600 — 600 Restricted stock awards (3) 889 1,159 946 1,018 Outstanding stock option awards (3) 866 916 865 919 Total 1,755 6,232 1,811 6,094 (1) The warrants were issued in 2018 and were exercisable at $11.50 per share. These warrants expired on August 24, 2023. (2) The warrants were issued in 2018 and were exercisable at $12.00 per share. These warrants expired on August 24, 2023. (3) Granted under the 2018 Plan.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 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

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies - (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Consolidation	The accompanying Unaudited Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation	These Unaudited Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information pursuant to the rules and regulations of the SEC. The Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 but does not include all disclosures required by GAAP for annual financial statements. NCI represents the equity interest in certain consolidated entities in which the Company owns less than 100% of the profit interests. Changes in the Company's ownership interest while the Company retains its controlling interest are accounted for as equity transactions. As of June 30, 2024, there was no income or loss attributable to NCI in accordance with the applicable operating agreements. In the opinion of the Company's management, all known adjustments necessary for a fair presentation of the Unaudited Consolidated Financial Statements for interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amounts of assets and liabilities. These Unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results for the three and six months ended June 30, 2024 include the results of the Plastiq business acquired through Chapter 11 bankruptcy process on July 31, 2023.
Use of Estimates	The preparation of Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the reported period. Actual results could materially differ from those estimates.
Foreign Currency	The Company's reporting currency is the U.S. dollar. The functional currency of the Indian subsidiary of the Company is the Indian Rupee (i.e. local currency of Republic of India). The functional currency of the Canadian subsidiary of the Company is the Canadian Dollar. Accordingly, assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate on the last day of the reporting period. Revenues and expenses are translated using the average exchange rate in effect during the reporting period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss).
Recently Issued Accounting Standards Pending Adoption	Segment Reporting ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods after December 15, 2024. The Company will adopt this guidance for the year ended December 31, 2024. This guidance is expected to only impact the disclosures with no impact on the results of operations, financial position or cash flows. Income Taxes ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The guidance includes improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the potential effects this guidance will have on its disclosures. Profit Interest ASU 2024-01 In March 2024, the FASB issued ASU 2024-01, Profit Interest and Similar Awards ("ASU 2024-01"), to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope in paragraph 718-10-15-3 to determine whether profit interest and similar awards should be accounted for in accordance with Topic 718, Compensation- Stock Compensation. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the potential effects this guidance will have on its disclosures.

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary purchase price allocation is set forth in the table below and expected to be finalized as soon as practicable but no later than one year from the closing date. (in thousands) Consideration: Cash $ 28,500 Contingent consideration payments (1) 8,419 Common equity of acquiring entity 330 Less: cash and restricted cash acquired (278) Total purchase consideration, net of cash and restricted cash acquired $ 36,971 Recognized amounts of assets acquired and liabilities assumed: Accounts receivable $ 831 Prepaid expenses 490 Settlement assets 8,277 Equipment, net 47 Goodwill (3) 7,240 Intangible assets (2) 30,460 Accounts payable and accrued expenses (1,881) Customer deposits (214) Settlement obligations (8,279) Total purchase consideration $ 36,971 (1) The fair value of the contingent consideration payments issued was determined utilizing a Monte Carlo simulation. The contingent consideration payments were calculated based on the path for the simulated metrics and the contractual terms of the contingent consideration payments and were discounted to present value at a rate reflecting the risk associated with the payoffs. The fair value was estimated to be the average present value of the contingent consideration payments over all iterations of the simulation. (2) The intangible assets acquired consist of $13.0 million for customer relationships, $7.0 million for referral partner relationships, $6.5 million for technology and $3.9 million for trade name. (3) During the first and second quarters of 2024, the Company recorded immaterial measurement period adjustments due to a pre-acquisition tax accrual and security deposit which resulted in an adjustment to goodwill, accounts payable and accrued expenses, and prepaid expenses.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents a disaggregation of our consolidated revenues by type: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenue Type: Merchant card fees $ 169,246 $ 144,524 $ 327,193 $ 294,168 Money transmission services 31,340 23,718 60,484 45,124 Outsourced services and other services (2) 16,256 10,582 31,921 21,587 Equipment 3,025 3,466 5,988 6,439 Total revenues (1) $ 219,867 $ 182,290 $ 425,586 $ 367,318 (1) Includes contracts with an original duration of one year or less and variable consideration under a stand-ready series of distinct days of service. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. (2) Approximately $13.1 million and $25.0 million of interest income for the three and six months ended June 30, 2024, respectively, and $7.2 million and $12.2 million for the three and six months ended June 30, 2023, respectively, is included in outsourced services and other services revenue in the table above. Approximately $0.6 million and $1.2 million of interest income for the three and six months ended June 30, 2024, respectively, and $0.3 million and $0.6 million three and six months ended June 30, 2023, respectively, is included in other income, net on the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss and not reflected in the table above. The following table presents a disaggregation of our consolidated revenues by segment: Three Months Ended June 30, 2024 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 150,696 $ — $ 1,380 $ 3,025 $ 155,101 B2B Payments 18,682 — 3,199 — 21,881 Enterprise Payments 451 31,340 11,879 — 43,670 Eliminations (583) — (202) — (785) Total revenues $ 169,246 $ 31,340 $ 16,256 $ 3,025 $ 219,867 Six Months Ended June 30, 2024 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 290,496 $ — $ 2,621 $ 5,988 $ 299,105 B2B Payments 36,971 — 6,254 — 43,225 Enterprise Payments 804 60,484 23,372 — 84,660 Eliminations (1,078) — (326) — (1,404) Total revenues $ 327,193 $ 60,484 $ 31,921 $ 5,988 $ 425,586 Three Months Ended June 30, 2023 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 143,544 $ — $ 938 $ 3,466 $ 147,948 B2B Payments 954 — 2,020 — 2,974 Enterprise Payments 26 23,718 7,694 — 31,438 Eliminations — — (70) — (70) Total revenues $ 144,524 $ 23,718 $ 10,582 $ 3,466 $ 182,290 Six Months Ended June 30, 2023 (in thousands) Merchant Card Fees Money Transmission Services Outsourced and Other Services Equipment Total Segment SMB Payments $ 292,232 $ — $ 4,210 $ 6,439 $ 302,881 B2B Payments 1,881 — 3,879 — 5,760 Enterprise Payments 55 45,124 13,565 — 58,744 Eliminations — — (67) — (67) Total revenues $ 294,168 $ 45,124 $ 21,587 $ 6,439 $ 367,318

Settlement Assets and Custome_2

Settlement Assets and Customer/Subscriber Account Balances and Related Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Settlement Assets	The Company's consolidated settlement assets and customer/subscriber account balances and settlement and customer/subscriber account obligations were as follows: (in thousands) June 30, 2024 December 31, 2023 Settlement Assets, net of estimated losses (1) : Card settlements due from merchants $ 5,112 $ 2,705 Card settlements due from networks 7,706 8,185 Other settlement assets 1,046 889 Customer/subscriber account balances Cash and cash equivalents 788,530 744,696 Total settlement assets and customer/subscriber account balances $ 802,394 $ 756,475 Settlement and Customer/Subscriber Account Obligations: Customer account obligations $ 745,557 $ 710,775 Subscriber account obligations 42,972 33,921 Total customer/subscriber account obligations 788,529 744,696 Due to customers' payees (2) 10,224 11,058 Total settlement and customer/subscriber account obligations $ 798,753 $ 755,754 (1) Allowance for estimated losses was $7.5 million and $6.6 million as of June 30, 2024 and December 31, 2023, respectively. (2) Card settlements due from networks includes $7.7 million and $8.2 million as of June 30, 2024 and December 31, 2023, respectively, related assets and remainder are included in restricted cash on our Unaudited Consolidated Balance Sheets.
Settlement Obligations	The Company's consolidated settlement assets and customer/subscriber account balances and settlement and customer/subscriber account obligations were as follows: (in thousands) June 30, 2024 December 31, 2023 Settlement Assets, net of estimated losses (1) : Card settlements due from merchants $ 5,112 $ 2,705 Card settlements due from networks 7,706 8,185 Other settlement assets 1,046 889 Customer/subscriber account balances Cash and cash equivalents 788,530 744,696 Total settlement assets and customer/subscriber account balances $ 802,394 $ 756,475 Settlement and Customer/Subscriber Account Obligations: Customer account obligations $ 745,557 $ 710,775 Subscriber account obligations 42,972 33,921 Total customer/subscriber account obligations 788,529 744,696 Due to customers' payees (2) 10,224 11,058 Total settlement and customer/subscriber account obligations $ 798,753 $ 755,754 (1) Allowance for estimated losses was $7.5 million and $6.6 million as of June 30, 2024 and December 31, 2023, respectively. (2) Card settlements due from networks includes $7.7 million and $8.2 million as of June 30, 2024 and December 31, 2023, respectively, related assets and remainder are included in restricted cash on our Unaudited Consolidated Balance Sheets.

Notes Receivable (Tables)

Notes Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Financing Receivable, before Allowance for Credit Loss, Maturity	As of June 30, 2024, the principal payments for the Company's notes receivable are due as follows: (in thousands) Twelve months ending June 30, 2025 $ 2,188 2026 1,932 2027 1,668 2028 1,398 After 2028 — Total $ 7,186

Property, Equipment and Softw_2

Property, Equipment and Software (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Equipment and Software	A summary of property, equipment and software, net was as follows: (in thousands) June 30, 2024 December 31, 2023 Computer software $ 85,934 $ 78,492 Equipment 11,254 10,377 Leasehold improvements 2,739 1,535 Furniture and fixtures 1,367 1,442 Property, equipment and software 101,294 91,846 Less: Accumulated depreciation (62,980) (56,442) Capital work in-progress 11,486 9,276 Property, equipment and software, net $ 49,800 $ 44,680 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Depreciation expense $ 3,428 $ 2,815 $ 6,598 $ 5,572

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The Company's goodwill relates to the following reporting units: (in thousands) June 30, 2024 December 31, 2023 SMB Payments $ 124,139 $ 124,139 Enterprise Payments 244,712 244,712 Plastiq (B2B Payments) 7,240 7,252 Total $ 376,091 $ 376,103 The following table summarizes the changes in the carrying value of goodwill: (in thousands) Amount Balance at December 31, 2023 $ 376,103 Plastiq adjustment (12) Balance at June 30, 2024 $ 376,091
Schedule of Other Intangible Assets	Other intangible assets consisted of the following: June 30, 2024 Weighted-average (in thousands, except weighted-average data) Gross Carrying Value Accumulated Amortization Net Carrying Value Other intangible assets: ISO and referral partner relationships $ 182,339 $ (43,054) $ 139,285 14.6 Residual buyouts 143,564 (98,310) 45,254 6.3 Customer relationships 109,017 (94,110) 14,907 8.4 Merchant portfolios 83,350 (62,983) 20,367 6.5 Technology 57,639 (25,151) 32,488 8.7 Trade names 7,104 (2,873) 4,231 10.6 Non-compete agreements 3,390 (3,390) — 0.0 Money transmission licenses (1) 2,100 — 2,100 Total $ 588,503 $ (329,871) $ 258,632 9.6 (1) These assets have an indefinite useful life. December 31, 2023 Weighted-average (in thousands, except weighted-average data) Gross Carrying Value Accumulated Amortization Net Carrying Value Other intangible assets: ISO and referral partner relationships $ 182,339 $ (36,506) $ 145,833 14.7 Residual buyouts 135,164 (92,699) 42,465 6.3 Customer relationships 109,017 (92,781) 16,236 8.4 Merchant portfolios 83,350 (56,139) 27,211 6.5 Technology 57,639 (22,712) 34,927 9.0 Trade names 7,104 (2,526) 4,578 11.7 Non-compete agreements 3,390 (3,390) — 0.0 Money transmission licenses (1) 2,100 — 2,100 Total $ 580,103 $ (306,753) $ 273,350 9.7 (1) These assets have an indefinite useful life. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Amortization expense (1) $ 11,816 $ 15,165 $ 23,899 $ 30,456 (1)

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Outstanding debt obligations consisted of the following: June 30, 2024 December 31, 2023 2024 Credit Agreement Term facility - matures May 16, 2031, interest rate of 10.08% at June 30, 2024 $ 835,000 $ — Revolving credit facility - $70.0 million line at June 30, 2024, matures May 16, 2029, interest rate of 9.58% at June 30, 2024 — — 2021 Credit Agreement - refinanced on May 16, 2024 Term facility - original maturity April 27, 2027, interest rate of 11.21% at December 31, 2023 — 654,373 Revolving credit facility - $65.0 million line as of December 31, 2023, original Maturity April 27, 2026, interest rate of 10.20% at December 31, 2023 — — Total debt obligations 835,000 654,373 Less: current portion of long-term debt (8,350) (6,712) Less: unamortized debt discounts and deferred financing costs (17,605) (15,696) Long-term debt, net $ 809,045 $ 631,965
Schedule of Interest Expense for Outstanding Debt	Interest expense for outstanding debt, including fees for undrawn amounts and amortization of deferred financing costs and debt discounts was as follows: Three Months Ended June 30, Six Months Ended March 31, (in thousands) 2024 2023 2024 2023 Interest expense (1),(2) $ 21,710 $ 17,765 $ 42,590 $ 35,464 (1) Included in interest expense is $1.2 million and $2.2 million related to the accretion of contingent consideration from acquisitions for the three and six months ended June 30, 2024, respectively, $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively. (2)

Redeemable Senior Preferred S_2

Redeemable Senior Preferred Stock and Warrants (Tables)	6 Months Ended
	Jun. 30, 2024
Temporary Equity [Abstract]
Temporary Equity	The following table provides the redemption value of the redeemable senior preferred stock for the periods presented: (in thousands) June 30, 2024 December 31, 2023 Redeemable senior preferred stock $ 88,064 $ 225,000 Accumulated unpaid dividend 20,735 43,498 Dividend payable 2,824 7,027 Redemption value 111,623 275,525 Less: unamortized discounts and issuance costs (5,939) (16,920) Redeemable senior preferred stock, net of discounts and issuance costs: $ 105,684 $ 258,605 The following table provides a reconciliation of the beginning and ending carrying amounts of the redeemable senior preferred stock for the periods presented: (in thousands) Shares Amount December 31, 2023 225 $ 258,605 Unpaid dividend on redeemable senior preferred stock — 4,699 Accretion of discounts and issuance costs — 841 Cash portion of dividend outstanding at March 31, 2024 — 7,122 Payment of cash portion of dividend outstanding at December 31, 2023 — (7,027) March 31, 2024 225 264,240 Redemption of senior preferred stock (1) (137) (166,268) Unpaid dividend on redeemable senior preferred stock — 1,871 Accretion of discounts and issuance costs — 10,139 Cash portion of dividend outstanding at June 30, 2024 — 2,824 Payment of cash portion of dividend outstanding at March 31, 2024 — (7,122) June 30, 2024 88 $ 105,684 (1) On May 16, 2024, the Company used proceeds totaling $170.0 million from the refinancing ( see Note 8. Debt Obligations ) to redeem a portion of the redeemable senior preferred stock. The redemption consisted of $136.9 million of redeemable senior preferred stock, $29.4 million for accumulated unpaid dividend, and $2.2 million of cash dividend and $1.5 million of accumulated unpaid dividend for the quarter ending June 30, 2024. The following table provides a summary of the dividends for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Dividends paid in cash (1) $ 5,068 $ 6,473 $ 12,190 $ 12,567 Accumulated dividends accrued as part of the carrying value of redeemable senior preferred stock 3,358 4,461 8,057 8,844 Dividends declared $ 8,426 $ 10,934 $ 20,247 $ 21,411 (1) Dividend payable for the three months ended June 30, 2024 of $2.8 million was paid on July 1, 2024.

Stock-based Compensation - (Tab

Stock-based Compensation - (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation	Stock-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Stock-based compensation expense $ 1,730 $ 1,735 $ 3,258 $ 3,657 Incentive units compensation expense 85 — 178 — ESPP compensation expense 14 11 26 25 Total $ 1,829 $ 1,746 $ 3,462 $ 3,682

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Fair Value, Net Derivative Asset (Liability), Unobservable Input Reconciliation	The following table provides a reconciliation of the beginning and ending balance of the Company's contingent consideration liabilities related to completed acquisitions: (in thousands) Contingent Consideration Liabilities December 31, 2023 $ 13,438 Accretion of contingent consideration 972 Payment of contingent consideration (3,071) March 31, 2024 11,339 Accretion of discount on contingent consideration 1,240 Payment of contingent consideration (1,085) June 30, 2024 $ 11,494

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	Liabilities measured at fair value on a recurring basis consisted of the following: (in thousands) Fair Value Hierarchy June 30, 2024 December 31, 2023 Contingent consideration, current portion Level 3 $ 5,026 $ 5,951 Contingent consideration, noncurrent portion Level 3 6,468 7,487 Total contingent consideration $ 11,494 $ 13,438

Segment Information - (Tables)

Segment Information - (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	Information on reportable segments and reconciliations to income (loss) before income taxes are as follows: Three Months Ended June 30, 2024 (in thousands) SMB Payments B2B Enterprise Payments Corporate Eliminations Total Consolidated Revenues $ 155,101 $ 21,881 $ 43,670 $ — $ (785) $ 219,867 Adjusted EBITDA $ 28,597 $ 1,530 $ 37,244 $ (15,820) $ — $ 51,551 Three Months Ended June 30, 2023 (in thousands) SMB Payments B2B Enterprise Payments Corporate Eliminations Total Consolidated Revenues $ 147,948 $ 2,974 $ 31,438 $ — $ (70) $ 182,290 Adjusted EBITDA $ 28,434 $ 608 $ 25,728 $ (13,677) $ — $ 41,093 Six Months Ended June 30, 2024 (in thousands) SMB Payments B2B Enterprise Payments Corporate Eliminations Total Consolidated Revenues $ 299,105 $ 43,225 $ 84,660 $ — $ (1,404) $ 425,586 Adjusted EBITDA $ 53,620 $ 3,276 $ 71,971 $ (30,976) $ — $ 97,891 Six Months Ended June 30, 2023 (in thousands) SMB Payments B2B Enterprise Payments Corporate Eliminations Total Consolidated Revenues $ 302,881 $ 5,760 $ 58,744 $ — $ (67) $ 367,318 Adjusted EBITDA $ 56,836 $ 518 $ 48,096 $ (26,717) $ — $ 78,733
Reconciliation of Revenue from Segments to Consolidated

Loss per Common Share - (Tables

Loss per Common Share - (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share	The following tables set forth the computation of the Company's basic and diluted loss per common share: Three Months Ended June 30, Six Months Ended June 30, (in thousands except per share amounts) 2024 2023 2024 2023 Numerator: Net income (loss) $ 994 $ (612) $ 6,187 $ (1,118) Less: Dividends and accretion attributable to redeemable senior preferred stockholders (18,565) (11,765) (31,227) (23,060) Less: Return on redeemable NCI in consolidated subsidiary (58) — (639) — Net loss attributable to common stockholders $ (17,629) $ (12,377) $ (25,679) $ (24,178) Denominator: Basic and diluted: Weighted-average common shares outstanding (1) 77,736 78,292 77,878 78,213 Loss per common share $ (0.23) $ (0.16) $ (0.33) $ (0.31) (1) The weighted-average common shares outstanding includes 1,803,841 warrants (refer to Note 9. Redeemable Senior Preferred Stock and Warrants
Schedule of Antidilutive Securities	Potentially anti-dilutive securities that were excluded from the Company's loss per common share are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Outstanding warrants on Common Stock (1) — 3,557 — 3,557 Outstanding options and warrants issued to adviser (2) — 600 — 600 Restricted stock awards (3) 889 1,159 946 1,018 Outstanding stock option awards (3) 866 916 865 919 Total 1,755 6,232 1,811 6,094 (1) The warrants were issued in 2018 and were exercisable at $11.50 per share. These warrants expired on August 24, 2023. (2) The warrants were issued in 2018 and were exercisable at $12.00 per share. These warrants expired on August 24, 2023. (3) Granted under the 2018 Plan.

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Plastiq $ in Thousands	Jul. 31, 2023 USD ($)
Business Acquisition [Line Items]
Consideration transferred	$ 37,000
Cash paid to acquire business	$ 28,500

Acquisition - Schedule of Plast

Acquisition - Schedule of Plastiq Business Acquisition (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Recognized amounts of assets acquired and liabilities assumed:
Goodwill		$ 376,091	$ 376,103
Plastiq
Consideration:
Cash	$ 28,500
Contingent consideration payments	8,419
Common equity of acquiring entity	330
Less: cash and restricted cash acquired	(278)
Total purchase consideration, net of cash and restricted cash acquired	36,971
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable	831
Prepaid expenses	490
Settlement assets	8,277
Equipment, net	47
Goodwill	7,240
Intangible assets	30,460
Accounts payable and accrued expenses	(1,881)
Customer deposits	(214)
Settlement obligations	(8,279)
Total purchase consideration	36,971
Plastiq | Customer relationships
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired	13,000
Plastiq | Referral Partner Relationships
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired	7,000
Plastiq | Technology
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired	6,500
Plastiq | Trade names
Recognized amounts of assets acquired and liabilities assumed:
Finite-lived intangible assets acquired	$ 3,900

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 219,867	$ 182,290	$ 425,586	$ 367,318
Other income, net	668	375	1,300	587
Other nonoperating income	600	300	1,200	600
Merchant card fees
Disaggregation of Revenue [Line Items]
Revenues	169,246	144,524	327,193	294,168
Money transmission services
Disaggregation of Revenue [Line Items]
Revenues	31,340	23,718	60,484	45,124
Outsourced services and other services
Disaggregation of Revenue [Line Items]
Revenues	16,256	10,582	31,921	21,587
Other income, net	13,100	7,200	25,000	12,200
Equipment
Disaggregation of Revenue [Line Items]
Revenues	3,025	3,466	5,988	6,439
Operating Segments | SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	155,101	147,948	299,105	302,881
Operating Segments | B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	21,881	2,974	43,225	5,760
Operating Segments | Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	43,670	31,438	84,660	58,744
Operating Segments | Merchant card fees | SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	150,696	143,544	290,496	292,232
Operating Segments | Merchant card fees | B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	18,682	954	36,971	1,881
Operating Segments | Merchant card fees | Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	451	26	804	55
Operating Segments | Money transmission services | SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Money transmission services | B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Money transmission services | Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	31,340	23,718	60,484	45,124
Operating Segments | Outsourced services and other services | SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	1,380	938	2,621	4,210
Operating Segments | Outsourced services and other services | B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	3,199	2,020	6,254	3,879
Operating Segments | Outsourced services and other services | Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	11,879	7,694	23,372	13,565
Operating Segments | Equipment | SMB Payments
Disaggregation of Revenue [Line Items]
Revenues	3,025	3,466	5,988	6,439
Operating Segments | Equipment | B2B Payments
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Equipment | Enterprise Payments
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(785)	(70)	(1,404)	(67)
Eliminations | Merchant card fees
Disaggregation of Revenue [Line Items]
Revenues	(583)	0	(1,078)	0
Eliminations | Money transmission services
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Outsourced services and other services
Disaggregation of Revenue [Line Items]
Revenues	(202)	(70)	(326)	(67)
Eliminations | Equipment
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liabilities	$ 0.6	$ 0.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue, period (in months)	12 months

Settlement Assets and Custome_3

Settlement Assets and Customer/Subscriber Account Balances and Related Obligations - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement and customer/subscriber account obligations	$ 798,753		$ 798,753		$ 755,754
SMB Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Merchant reserves held by sponsor banks			97,700		98,000
Provision for merchant losses	1,700	$ 1,100	6,500	$ 2,100
B2B Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for merchant losses	100	0	300	0
Enterprise Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for merchant losses	400	$ 0	400	$ 0
Deposits, agency-owned accounts	53,000		53,000		19,600
Due To ACH Payees | B2B Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement and customer/subscriber account obligations	1,700		1,700		1,200
Due To ACH Payees | Bank | B2B Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement and customer/subscriber account obligations	$ 93,100		$ 93,100		$ 69,000

Settlement Assets and Custome_4

Settlement Assets and Customer/Subscriber Account Balances and Related Obligations - Schedule of Settlement Assets and Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	$ 802,394	$ 756,475
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	798,753	755,754
Allowance for settlement assets	7,500	6,600
Total customer/subscriber account obligations
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	788,529	744,696
Customer account obligations
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	745,557	710,775
Subscriber account obligations
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	42,972	33,921
Due to customer payees
Settlement and Customer/Subscriber Account Obligations:
Settlement and customer/subscriber account obligations	10,224	11,058
Cash and cash equivalents
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	788,530	744,696
Card settlements due from merchants
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	5,112	2,705
Card settlements due from networks
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	7,706	8,185
Other settlement assets
Settlement Assets, net of estimated losses
Settlement assets and customer/subscriber account balances	$ 1,046	$ 889

Notes Receivable - Narrative (D

Notes Receivable - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Notes receivable	$ 7,186,000	$ 5,200,000
Notes receivable, average interest rate	18.60%	18.60%
Notes receivable allowance for credit loss	$ 0	$ 0

Notes Receivable - Schedule of

Notes Receivable - Schedule of Principal Payments to be Received (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
2025	$ 2,188
2026	1,932
2027	1,668
2028	1,398
After 2028	0
Total	$ 7,186	$ 5,200

Property, Equipment and Softw_3

Property, Equipment and Software (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 101,294		$ 101,294		$ 91,846
Less: Accumulated depreciation	(62,980)		(62,980)		(56,442)
Property, equipment and software, net	49,800		49,800		44,680
Depreciation expense	3,428	$ 2,815	6,598	$ 5,572
Computer software
Property, Plant and Equipment [Line Items]
Property, equipment and software	85,934		85,934		78,492
Equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	11,254		11,254		10,377
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software	2,739		2,739		1,535
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software	1,367		1,367		1,442
Capital work in-progress
Property, Plant and Equipment [Line Items]
Capital work in-progress	$ 11,486		$ 11,486		$ 9,276

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 376,091	$ 376,103
SMB Payments
Goodwill [Line Items]
Goodwill	124,139	124,139
Enterprise Payments
Goodwill [Line Items]
Goodwill	244,712	244,712
Plastiq (B2B Payments)
Goodwill [Line Items]
Goodwill	$ 7,240	$ 7,252

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 376,103
Plastiq adjustment	(12)
Goodwill, ending balance	$ 376,091

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (329,871)	$ (306,753)
Weighted-average Useful Life	9 years 7 months 6 days	9 years 8 months 12 days
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Value	$ 588,503	$ 580,103
Net Carrying Value	258,632	273,350
Money transmission licenses
Indefinite-lived Intangible Assets [Line Items]
Money transmission licenses	2,100	2,100
ISO and referral partner relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	182,339	182,339
Accumulated Amortization	(43,054)	(36,506)
Net Carrying Value	$ 139,285	$ 145,833
Weighted-average Useful Life	14 years 7 months 6 days	14 years 8 months 12 days
Residual buyouts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 143,564	$ 135,164
Accumulated Amortization	(98,310)	(92,699)
Net Carrying Value	$ 45,254	$ 42,465
Weighted-average Useful Life	6 years 3 months 18 days	6 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 109,017	$ 109,017
Accumulated Amortization	(94,110)	(92,781)
Net Carrying Value	$ 14,907	$ 16,236
Weighted-average Useful Life	8 years 4 months 24 days	8 years 4 months 24 days
Merchant portfolios
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 83,350	$ 83,350
Accumulated Amortization	(62,983)	(56,139)
Net Carrying Value	$ 20,367	$ 27,211
Weighted-average Useful Life	6 years 6 months	6 years 6 months
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 57,639	$ 57,639
Accumulated Amortization	(25,151)	(22,712)
Net Carrying Value	$ 32,488	$ 34,927
Weighted-average Useful Life	8 years 8 months 12 days	9 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 7,104	$ 7,104
Accumulated Amortization	(2,873)	(2,526)
Net Carrying Value	$ 4,231	$ 4,578
Weighted-average Useful Life	10 years 7 months 6 days	11 years 8 months 12 days
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 3,390	$ 3,390
Accumulated Amortization	(3,390)	(3,390)
Net Carrying Value	$ 0	$ 0
Weighted-average Useful Life	0 years	0 years

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 11,816	$ 15,165	$ 23,899	$ 30,456
Amortization of acquisition costs	$ 400	$ 100	$ 800	$ 200

Debt Obligations - Schedule of

Debt Obligations - Schedule of Long-Term Debt (Details) - USD ($)	Jun. 30, 2024	May 16, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 29, 2023	Sep. 17, 2021	Apr. 27, 2021
Debt Instrument [Line Items]
Total debt obligations	$ 835,000,000		$ 654,373,000
Less: current portion of long-term debt	(8,350,000)		(6,712,000)
Less: unamortized debt discounts and deferred financing costs	(17,605,000)		(15,696,000)
Long-term debt, net	809,045,000		631,965,000
2024 Credit Agreement | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Total debt obligations	$ 835,000,000		0
Interest rate during period	10.08%
2024 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations	$ 0		0
Interest rate during period	9.58%
Maximum borrowing capacity	$ 70,000,000	$ 70,000,000
2024 Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 835,000,000
2021 Credit Agreement | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Total debt obligations	0		$ 654,373,000
Interest rate during period			11.21%
2021 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations	$ 0		$ 0
Interest rate during period			10.20%
Maximum borrowing capacity			$ 65,000,000	$ 65,000,000	$ 40,000,000	$ 320,000,000	$ 40,000,000
2021 Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 290,000,000

Debt Obligations - Narrative (D

Debt Obligations - Narrative (Details)						6 Months Ended
	May 16, 2024 USD ($)	Oct. 02, 2023 USD ($)	Oct. 01, 2023 USD ($)	Sep. 17, 2021 USD ($)	Apr. 27, 2021 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 29, 2023 USD ($)
Debt Instrument [Line Items]
Write off of unamortized fees	$ 3,800,000
Write off of deferred debt Issuance cost	4,800,000
2024 Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 835,000,000
SOFR rate floor	0.50%
Unused commitment fee percentage	0.50%
2024 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 70,000,000					$ 70,000,000
Maximum percentage of credit outstanding (as a percent)						35%
Net leverage ratio, period one						6.90
Net leverage ratio, period two						6.40
2021 Credit Agreement
Debt Instrument [Line Items]
SOFR rate floor					1%
2021 Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 290,000,000
Face amount of debt					300,000,000
2021 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 320,000,000	$ 40,000,000		$ 65,000,000	$ 65,000,000	$ 40,000,000
Unused commitment fee percentage					0.50%
Increase in borrowing capacity		$ 50,000,000		$ 30,000,000
Quarterly principal payment			$ 1,600,000
Amortization of debt issuance costs, quarterly payment		$ 1,700,000

Debt Obligations - Interest Exp

Debt Obligations - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition, Contingent Consideration [Line Items]
Interest expense for outstanding debt	$ 21,710	$ 17,765	$ 42,590	$ 35,464
Amortization of debt discount (premium) and debt issuance costs	800	900	1,800	1,800
Prior Acquisitions
Business Acquisition, Contingent Consideration [Line Items]
Interest expense for outstanding debt	$ 1,200	$ 100	$ 2,200	$ 200

Redeemable Senior Preferred S_3

Redeemable Senior Preferred Stock and Warrants - Redemption Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Temporary Equity [Abstract]
Redeemable senior preferred stock	$ 88,064		$ 225,000
Accumulated unpaid dividend	20,735		43,498
Dividend payable	2,824		7,027
Redemption value	111,623		275,525
Less: unamortized discounts and issuance costs	(5,939)		(16,920)
Redeemable senior preferred stock, net of discounts and issuance costs:	$ 105,684	$ 264,240	$ 258,605

Redeemable Senior Preferred S_4

Redeemable Senior Preferred Stock and Warrants - Reconciliation of Temporary Equity (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	May 16, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)		225,000	225,000	225,000
Beginning balance		$ 264,240	$ 258,605	$ 258,605
Redemption of senior preferred stock (in shares)		(137,000)
Redemption of senior preferred stock	$ (136,900)	$ (166,268)
Unpaid dividend on redeemable senior preferred stock	1,500	1,871	4,699
Accretion of discounts and issuance costs		10,139	841
Cash portion of dividend outstanding	2,200	2,824	7,122
Payment of cash portion of dividend outstanding		$ (7,122)	$ (7,027)
Ending balance (in shares)		88,064	225,000	88,064
Ending balance		$ 105,684	$ 264,240	$ 105,684
Proceeds from debt issuance	170,000			$ 830,200	$ 0
Redemption of accumulated unpaid dividend	$ 29,400

Redeemable Senior Preferred S_5

Redeemable Senior Preferred Stock and Warrants - Narrative (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Dividend rate (as a percent)	17.60%	17.70%
Dividend rate, floor (as a percent)	1%
Warrants and rights, number of shares allowed to purchase (in shares)	1,803,841		1,803,841	1,803,841
Warrants, exercise price (in dollars per share)				$ 0.001
Secured Overnight Financing Rate (SOFR)
Debt and Equity Securities, FV-NI [Line Items]
Temporary equity, adjustment rate	0.0026
Secured Overnight Financing Rate (SOFR) | Maximum
Debt and Equity Securities, FV-NI [Line Items]
Variable rate (as a percent)	22.50%
Base Rate | Dividend Rate 1
Debt and Equity Securities, FV-NI [Line Items]
Variable rate (as a percent)	12%

Redeemable Senior Preferred S_6

Redeemable Senior Preferred Stock and Warrants - Schedule of Dividends (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Temporary Equity [Line Items]
Dividends paid in cash		$ 5,068	$ 6,473	$ 12,190	$ 12,567
Accumulated dividends accrued as part of the carrying value of redeemable senior preferred stock		3,358	4,461	8,057	8,844
Dividends declared		$ 8,426	$ 10,934	$ 20,247	$ 21,411
Subsequent Event
Temporary Equity [Line Items]
Dividends paid in cash	$ 2,800

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	71.70%	135.10%	45.20%	201.30%

Stockholders' Deficit - Narrati

Stockholders' Deficit - Narrative (Details) - USD ($) $ in Thousands	30 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Authorized amount to be repurchased (in shares)			2,000,000
Authorized amount to be repurchased			$ 10,000
Number of shares repurchased (in shares)	1,309,374
Value of shares repurchased	$ 5,700

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,829	$ 1,746	$ 3,462	$ 3,682
Stock-based compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,730	1,735	3,258	3,657
Incentive units compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	85	0	178	0
ESPP compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14	$ 11	$ 26	$ 25

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)		6 Months Ended		12 Months Ended
	Mar. 17, 2022 shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2021 hour shares	Dec. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense capitalized | $		$ 0	$ 0
Maximum hours per week | hour				20
2021 Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for purchase (in shares)				200,000
Minimum number of days employed to be eligible for plan				30 days
Purchase price (as a percent)				95%
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for purchase (in shares)	9,185,696				6,685,696
Additional number of shares available for purchase (in shares)	2,500,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended
	May 30, 2024	Nov. 12, 2020	Jan. 31, 2019	May 31, 2021	Feb. 28, 2019	Nov. 30, 2020
Chief Executive Officer And Chairman
Related Party Transaction [Line Items]
Percentage ownership prior to transaction			80%
Redemption value					$ 4.5
Redeemable non-controlling interest preferred yield percent					6%
Percentage of preferred stock owned					83.30%
Percentage of ownership after transaction				35.30%
Chief Executive Officer And Chairman | Share Exchange
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				605,623
Subsidiaries
Related Party Transaction [Line Items]
Redemption value	$ 5.9					$ 4.8
Subsidiaries | Share Exchange
Related Party Transaction [Line Items]
Volume of days		20 days
Exercise price (in dollars per share)		$ 2.78
Number of shares issued in transaction (in shares)				1,428,358
Purchase price	$ 2.1			$ 0.8
Chief Operating Officer
Related Party Transaction [Line Items]
Percentage of ownership after transaction				24.10%
Chief Operating Officer | Share Exchange
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				413,081

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jan. 01, 2022
Other Commitments [Line Items]
Purchase commitment, term			3 years
Payments for purchase obligation		$ 1,500,000
Damages sought per violation	$ 5,000
Settlement and customer/subscriber account obligations	798,753,000	755,754,000
Customer account obligations
Other Commitments [Line Items]
Settlement and customer/subscriber account obligations	$ 745,557,000	710,775,000
Capital Commitments
Other Commitments [Line Items]
Other commitment		0
Purchase commitment, maximum contractual term	10 days
Payments to acquire interest in subsidiaries and affiliates	$ 0	11,800,000
Third-Party Processing Fees
Other Commitments [Line Items]
Purchase obligation current year	21,600,000
Purchase obligation next year	$ 25,600,000
Vendor Services
Other Commitments [Line Items]
Purchase obligation next year		$ 2,300,000

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Consideration Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 11,339	$ 13,438
Accretion of contingent consideration	$ 1,240	$ 972
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Payment of contingent consideration	$ (1,085)	$ (3,071)
Ending balance	$ 11,494	$ 11,339

Fair Value - Contingent Conside

Fair Value - Contingent Consideration Current and Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total contingent consideration	$ 11,494	$ 13,438
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, current portion	5,026	5,951
Contingent consideration, noncurrent portion	$ 6,468	$ 7,487

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, fair value	$ 7.2	$ 5.2
Line of Credit | 2024 Credit Agreement | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 835	$ 651.9

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 219,867	$ 182,290	$ 425,586	$ 367,318
Adjusted EBITDA	51,551	41,093	97,891	78,733
Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Adjusted EBITDA	(15,820)	(13,677)	(30,976)	(26,717)
Eliminations
Segment Reporting Information [Line Items]
Revenues	(785)	(70)	(1,404)	(67)
Adjusted EBITDA	0	0	0	0
SMB Payments | Operating Segments
Segment Reporting Information [Line Items]
Revenues	155,101	147,948	299,105	302,881
Adjusted EBITDA	28,597	28,434	53,620	56,836
B2B Payments | Operating Segments
Segment Reporting Information [Line Items]
Revenues	21,881	2,974	43,225	5,760
Adjusted EBITDA	1,530	608	3,276	518
Enterprise Payments | Operating Segments
Segment Reporting Information [Line Items]
Revenues	43,670	31,438	84,660	58,744
Adjusted EBITDA	$ 37,244	$ 25,728	$ 71,971	$ 48,096

Segment Information - Reconcili

Segment Information - Reconciliation of Total Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Total consolidated Adjusted EBITDA	$ 51,551	$ 41,093	$ 97,891	$ 78,733
Interest expense	(21,710)	(17,765)	(42,590)	(35,464)
Depreciation and amortization	(15,244)	(17,980)	(30,497)	(36,028)
Debt modification and extinguishment expenses	(8,623)	0	(8,623)	0
Selling, general and administrative (non-recurring)	(636)	(1,859)	(1,435)	(2,296)
Non-cash stock based compensation	(1,829)	(1,746)	(3,462)	(3,682)
Other non-recurring loss, net	0	0	0	(159)
Income before income taxes	$ 3,509	$ 1,743	$ 11,284	$ 1,104

Loss per Common Share - Schedul

Loss per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021
Numerator:
Net income (loss)	$ 994	$ 5,193	$ (612)	$ (506)	$ 6,187	$ (1,118)
Less: Dividends and accretion attributable to redeemable senior preferred stockholders	(18,565)		(11,765)		(31,227)	(23,060)
Less: Return on redeemable NCI in consolidated subsidiary	(58)		0		(639)	0
Net loss attributable to common stockholders	$ (17,629)		$ (12,377)		$ (25,679)	$ (24,178)
Basic weighted-average common shares outstanding (in shares)	77,736,000		78,292,000		77,878,000	78,213,000
Diluted weighted-average common shares outstanding (in shares)	77,736,000		78,292,000		77,878,000	78,213,000
Basic loss per common share (in dollars per share)	$ (0.23)		$ (0.16)		$ (0.33)	$ (0.31)
Diluted loss per common share (in dollars per share)	$ (0.23)		$ (0.16)		$ (0.33)	$ (0.31)
Warrants and rights, number of shares allowed to purchase (in shares)	1,803,841		1,803,841		1,803,841	1,803,841	1,803,841

Loss per Common Share - Sched_2

Loss per Common Share - Schedule of Antidilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	1,755	6,232	1,811	6,094
Warrants, exercise price (in dollars per share)					$ 0.001
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants, exercise price (in dollars per share)	$ 11.50		$ 11.50
Warrants Issued To Advisor
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants, exercise price (in dollars per share)	$ 12		$ 12
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	0	3,557	0	3,557
Outstanding options and warrants issued to adviser
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	0	600	0	600
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	889	1,159	946	1,018
Outstanding stock option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from EPS (in shares)	866	916	865	919