Paymentus (PAY) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Paymentus Holdings, Inc.
Entity Central Index Key	0001841156
Entity File Number	001-40429
Entity Tax Identification Number	45-3188251
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	11605 North Community House Road
Entity Address Address Line2	Suite 300
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	888
Local Phone Number	440-4826
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	PAY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		22,348,919
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		102,127,810

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 188,810	$ 179,361
Restricted cash and cash equivalents	4,070	3,834
Accounts and other receivables, net of allowance for expected credit losses of $449 and $435, respectively	90,057	76,389
Income tax receivable	1,330	259
Prepaid expenses and other current assets	9,929	10,505
Total current assets	294,196	270,348
Property and equipment, net	1,439	1,558
Capitalized internal-use software development costs, net	64,112	58,787
Intangible assets, net	23,117	27,158
Goodwill	131,845	131,860
Operating lease right-of-use assets	8,887	10,027
Deferred tax asset	90	94
Other long-term assets	4,053	5,031
Total assets	527,739	504,863
Current liabilities
Accounts payable	43,145	35,182
Accrued liabilities	16,376	21,301
Current portion of operating lease liabilities	2,112	1,853
Contract liabilities	2,900	4,089
Income tax payable	87	363
Total current liabilities	64,620	62,788
Deferred tax liability	1,244	1,067
Operating lease liabilities, less current portion	7,379	8,661
Contract liabilities, less current portion	2,869	2,731
Total liabilities	76,112	75,247
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized as of June 30, 2024 and December 31, 2023; none issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	383,276	377,773
Accumulated other comprehensive income	5	87
Retained earnings	68,334	51,744
Total stockholders’ equity	451,627	429,616
Total liabilities and stockholders' equity	527,739	504,863
Class A Common Stock [Member]
Stockholders’ equity
Common Stock, Value, Issued	2	2
Class B Common Stock [Member]
Stockholders’ equity
Common Stock, Value, Issued	$ 10	$ 10

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for accounts and other receivables	$ 449	$ 435
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	883,950,000	883,950,000
Common stock, shares issued	22,346,669	20,758,603
Common stock, shares outstanding	22,346,669	20,758,603
Class B Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	111,050,000	111,050,000
Common stock, shares issued	102,127,810	103,062,508
Common stock, shares outstanding	102,127,810	103,062,508

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 197,422	$ 148,939	$ 382,297	$ 297,267
Cost of revenue	138,671	103,077	270,821	211,327
Gross profit	58,751	45,862	111,476	85,940
Operating expenses
Research and development	12,535	10,907	24,586	22,560
Sales and marketing	26,766	21,599	50,005	41,863
General and administrative	9,214	8,730	18,306	17,875
Total operating expenses	48,515	41,236	92,897	82,298
Income from operations	10,236	4,626	18,579	3,642
Interest income, net	2,194	1,658	4,380	3,098
Other income (expense)	39	(7)	270	(15)
Income before income taxes	12,469	6,277	23,229	6,725
Provision for income taxes	(3,105)	(438)	(6,639)	(182)
Net income	$ 9,364	$ 5,839	$ 16,590	$ 6,543
Net income per share
Basic	$ 0.08	$ 0.05	$ 0.13	$ 0.05
Diluted	$ 0.07	$ 0.05	$ 0.13	$ 0.05
Weighted-average number of shares used to compute net income per share
Basic	124,264,789	123,378,128	124,106,046	123,334,277
Diluted	127,252,366	124,012,107	127,074,921	123,836,815
Net Income (Loss)	$ 9,364	$ 5,839	$ 16,590	$ 6,543
Foreign currency translation adjustments, net of tax	(40)	93	(82)	86
Comprehensive income	$ 9,324	$ 5,932	$ 16,508	$ 6,629

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-In-Capital	Retained Earnings	Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022	$ 397,179	$ 12	$ 367,767	$ 29,422	$ (22)
Beginning balance (in shares) at Dec. 31, 2022		123,241,173
Stock-based compensation	2,159		2,159
Issuance of Class A common stock for stock-based awards( value)	5		5
Issuance of Class A common stock for stock-based awards ( shares)		104,991
Other comprehensive income (loss)	(7)				(7)
Net Income (Loss)	704			704
Ending balance at Mar. 31, 2023	400,040	$ 12	369,931	30,126	(29)
Ending balance (in shares) at Mar. 31, 2023		123,346,164
Beginning balance at Dec. 31, 2022	397,179	$ 12	367,767	29,422	(22)
Beginning balance (in shares) at Dec. 31, 2022		123,241,173
Net Income (Loss)	6,543
Ending balance at Jun. 30, 2023	408,444	$ 12	372,403	35,965	64
Ending balance (in shares) at Jun. 30, 2023		123,506,789
Beginning balance at Mar. 31, 2023	400,040	$ 12	369,931	30,126	(29)
Beginning balance (in shares) at Mar. 31, 2023		123,346,164
Stock-based compensation	2,276		2,276
Issuance of Class A common stock for stock-based awards( value)	196		196
Issuance of Class A common stock for stock-based awards ( shares)		160,625
Other comprehensive income (loss)	93				93
Net Income (Loss)	5,839			5,839
Ending balance at Jun. 30, 2023	408,444	$ 12	372,403	35,965	64
Ending balance (in shares) at Jun. 30, 2023		123,506,789
Beginning balance at Dec. 31, 2023	429,616	$ 12	377,773	51,744	87
Beginning balance (in shares) at Dec. 31, 2023		123,821,111
Stock-based compensation	2,484		2,484
Issuance of Class A common stock for stock-based awards( value)	100		100
Issuance of Class A common stock for stock-based awards ( shares)		304,865
Other comprehensive income (loss)	(42)				(42)
Net Income (Loss)	7,226			7,226
Ending balance at Mar. 31, 2024	439,384	$ 12	380,357	58,970	45
Ending balance (in shares) at Mar. 31, 2024		124,125,976
Beginning balance at Dec. 31, 2023	429,616	$ 12	377,773	51,744	87
Beginning balance (in shares) at Dec. 31, 2023		123,821,111
Net Income (Loss)	16,590
Ending balance at Jun. 30, 2024	451,627	$ 12	383,276	68,334	5
Ending balance (in shares) at Jun. 30, 2024		124,474,479
Beginning balance at Mar. 31, 2024	439,384	$ 12	380,357	58,970	45
Beginning balance (in shares) at Mar. 31, 2024		124,125,976
Stock-based compensation	2,882		2,882
Issuance of Class A common stock for stock-based awards( value)	37		37
Issuance of Class A common stock for stock-based awards ( shares)		348,503
Other comprehensive income (loss)	(40)				(40)
Net Income (Loss)	9,364			9,364
Ending balance at Jun. 30, 2024	$ 451,627	$ 12	$ 383,276	$ 68,334	$ 5
Ending balance (in shares) at Jun. 30, 2024		124,474,479

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 16,590	$ 6,543
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	17,506	14,542
Deferred income taxes	177	187
Stock-based compensation	6,256	4,435
Non-cash lease expense	1,198	904
Amortization of contract asset	881	1,441
Provision for (benefit from) expected credit losses	158	(234)
Other non-cash adjustments	(213)	0
Change in operating assets and liabilities
Accounts and other receivables	(13,849)	865
Prepaid expenses and other current and long-term assets	(81)	797
Accounts payable	7,950	1,350
Accrued liabilities	(4,118)	891
Operating lease liabilities	(1,073)	(916)
Contract liabilities	(1,053)	1,857
Income taxes receivable, net of payable	(1,345)	(1,418)
Net cash provided by operating activities	28,984	31,244
Cash flows from investing activities
Purchases of property and equipment	(304)	(353)
Purchase of interest-bearing deposits	(1,313)	0
Proceeds from matured interest-bearing deposits	1,190	0
Capitalized internal-use software development costs	(18,362)	(16,611)
Net cash used in investing activities	(18,789)	(16,964)
Cash flows from financing activities
Proceeds from exercise of stock-based awards	137	201
Settlement of holdback liability related to prior acquisitions	(506)	0
Payments on other financing obligations	0	(1,709)
Payments on finance leases	0	(102)
Net cash used in financing activities	(369)	(1,610)
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash	(141)	113
Net increase in cash, cash equivalents and Restricted cash	9,685	12,783
Cash, cash equivalents and restricted cash
Cash and cash equivalents and Restricted cash at the beginning of period	183,195	149,685
Cash and cash equivalents and Restricted cash at the end of period	192,880	162,468
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	7,746	1,269
Right-of-use assets obtained in exchange of operating lease obligations	96	1,356
Cash and Cash Equivalents [Member]
Cash, cash equivalents and restricted cash
Cash and cash equivalents and Restricted cash at the beginning of period	179,361	147,334
Cash and cash equivalents and Restricted cash at the end of period	188,810	159,068
Restricted Cash [Member]
Cash, cash equivalents and restricted cash
Cash and cash equivalents and Restricted cash at the beginning of period	3,834	2,351
Cash and cash equivalents and Restricted cash at the end of period	$ 4,070	$ 3,400

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ 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
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,364	$ 7,226	$ 5,839	$ 704	$ 16,590	$ 6,543

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Ite m 5. Other Information. Except as set forth below, during the quarter ended June 30, 2024 , none of the Company’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined in Item 408(a) of Regulation S‑K. On June 13, 2024 , Sanjay Kalra , the Company’s Chief Financial Officer , adopted a trading arrangement for the sale of the Company’s Class A common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Mr. Kalra’s Rule 10b5-1 Trading Plan, which expires June 14, 2025 , provides for the sale of up to 50,000 shares of common stock pursuant to the terms of the plan.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Sanjay Kalra [Member
Trading Arrangements, by Individual
Name	Sanjay Kalra
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 13, 2024
Expiration Date	June 14, 2025
Arrangement Duration	367 days
Aggregate Available	50,000

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Description of Business Paymentus Holdings, Inc. and its wholly owned subsidiaries (“Paymentus” or the “Company”) provides electronic bill presentment and payment services, enterprise customer communication and self-service revenue management to billers through a Software-as-a-Service (“SaaS”), secure, omni-channel technology platform. The platform seamlessly integrates into a biller’s core financial and operating systems to provide flexible and secure access to payment processing of credit cards, debit cards, eChecks and digital wallets across a significant number of channels including online, mobile, IVR, call center, chatbot and voice-based assistants. Paymentus was incorporated in the state of Delaware on September 2, 2011 with office locations in Ch arlotte, North Carolina, Dallas, Texas, Richmond Hill, Ontario (Canada), and Delhi and Bangalore (India). The Company is headquartered in Charlotte, North Carolina.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company's Form 10-K for the year ended December 31, 2023 filed with the SEC on March 5, 2024 (the “2023 Form 10-K”). These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations and comprehensive income, changes in stockholders' equity and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and balances have been eliminated upon consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, cost of revenue recognition, the allowance for credit losses, the lives of tangible and intangible assets, the valuation of acquired intangible assets and the recoverability or impairment of intangible assets, including goodwill, internal-use software development costs, valuation of stock warrants issued, stock-based compensation, and accounting for income taxes. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates. Custodial Accounts The Company has established a relationship with its merchant processors to act as collection and paying agents, whereby a merchant processor receives funds from customers and forwards such funds to the respective Paymentus client, based on the instructions received from the Company. These merchant processors act as custodians of the cash received, and the Company has no legal ownership rights to the funds held in such custodial accounts and does not control the use of these funds. As the Company does not take ownership of the funds, these custodial accounts are not included in the Company’s consolidated balance sheets. The balance of cash in the custodial accounts held by these merchant processors was $ 483.1 million and $ 510.8 million as of June 30, 2024 and December 31, 2023 , respectively. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers and resellers to the extent of the amounts recorded in the consolidated balance sheets. No customer accounted for more than 10 % of revenue for either of the three or six months ended June 30, 2024 and 2023. As of December 31, 2023 and June 30, 2024 one customer/reseller accounted for more than 10 % of accounts receivable. Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and assess performa nce. The Company has three operating segments based on geography. The United States segment represents the vast majority of the Company’s consolidated net sales and gross profit. The additional two operating segments, Canada and India, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. None of the operating segments qualified for aggregation. The Company’s CODM is its chief executive officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is presented on a consolidated basis. For information regarding the Company’s long-lived assets and revenue by geographic area, see Note 4 and Note 3, respectively. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 included in the 2023 Form 10-K. There have been no significant changes to these policies during the three and six months ended June 30, 2024 . Recently Adopted Accounting Standards The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Accounting Standards Updates ("ASU") not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the consolidated financial statements. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The amendments in ASU 2023-07 are effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Tax Disclosures", which makes changes to annual disclosures of income taxes paid for all entities and requires entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction. Additionally, entities are required to disclose income taxes paid, net of refunds received, for individual jurisdictions that comprise 5% or more of total income taxes paid. The 5% threshold is evaluated using the absolute value of the net refund or net payment in each jurisdiction compared to the absolute value of the total income taxes paid (net of refunds received). ASU 2023-09 requires all entities to disclose disaggregated domestic and foreign pre-tax income (or loss) from continuing operations along with disaggregated income tax expense (or benefit) by federal, state and foreign components. Such disaggregation by jurisdiction should classify taxes by jurisdiction based on the jurisdiction imposing the taxes. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 for public companies. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

Revenue, Performance Obligation

Revenue, Performance Obligations and Contract Balances	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue, Performance Obligations and Contract Balances	3. Revenue, Performance Obligations and Contract Balances Disaggregation of Revenue The following table presents a disaggregation of revenue from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Payment transaction processing revenue $ 193,564 $ 146,677 $ 376,316 $ 293,065 Other 3,858 2,262 5,981 4,202 Total revenue $ 197,422 $ 148,939 $ 382,297 $ 297,267 Revenue by geographic area, based on the location of the Company’s users, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) United States $ 193,483 $ 145,946 $ 374,784 $ 291,503 Other 3,939 2,993 7,513 5,764 Total $ 197,422 $ 148,939 $ 382,297 $ 297,267 Remaining Performance Obligations As of June 30, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied was $ 5.8 million, of which the Company expects to recognize over 70 % within the next two years , 23 % between two to four years and the remainder thereafter. The timing of revenue recognition within the next four years is largely dependent upon the go-l ive dates of the Company's customers under the Company’s contracts. As of June 30, 2024, the Company has contractual rights under its commercial agreements with customers and resellers to receive $ 44.2 million of fixed consideration related to the future minimum guarantees through 2026. As permitted, the Company has elected to exclude from this disclosure any variable consideration that meets specified criteria. Accordingly, the total unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amount disclosed. Contract Balances Contract balances consist of the following: June 30, December 31, 2024 2023 (in thousands) Contract Assets included under: Prepaid expenses and other current assets $ 2,893 $ 2,893 Other long-term assets 3,808 4,783 Total contract assets $ 6,701 $ 7,676 Contract Liabilities: Current $ 2,900 $ 4,089 Non-current 2,869 2,731 Total contract liabilities $ 5,769 $ 6,820 The amortization of related contract assets included in the condensed consolidated statements of operations and comprehensive income was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Revenue $ 153 $ 629 $ 306 $ 1,253 Sales and marketing 782 115 1,528 187 Total amortization of contact assets $ 935 $ 744 $ 1,834 $ 1,440 Revenue recognized during the three months ended June 30, 2024 and 2023 that was included in the contract liabilities balance at the beginning of each of the periods was $ 2.1 million and $ 0.7 million, respectively. Revenue recognized during the six months ended June 30, 2024 and 2023 that was included in the contract liabilities balance at the beginning of each of the periods was $ 2.9 million and $ 1.3 million, respectively.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, net Property and equipment, net consisted of the following: June 30, December 31, 2024 2023 (in thousands) Computer equipment $ 6,183 $ 6,059 Furniture and fixtures 1,780 1,715 Leasehold improvements 387 396 Total property and equipment 8,350 8,170 Less: Accumulated depreciation ( 6,911 ) ( 6,612 ) Property and equipment, net $ 1,439 $ 1,558 Depreciation expense recorded for property and equipment was $ 0.2 million and $ 0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $ 0.4 million and $ 0.5 million for the six months ended June 30, 2024 and 2023, respectively. The geographic locations of the Company ’s long-lived assets, comprising property and equipment, based on physical location of the assets were as follows: June 30, December 31, 2024 2023 (in thousands) United States $ 564 $ 558 Other 875 1,000 Total $ 1,439 $ 1,558

Goodwill, Internal-use Software

Goodwill, Internal-use Software Development Costs and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Internal-use Software Development Costs and Intangible Assets	5. Goodwill, Internal-use Software Development Costs and Intangible Assets Goodwill The changes in the carrying amount of goodwill by reporting unit were as follows (in thousands): United Other Total Balance as of December 31, 2023 $ 131,028 $ 832 $ 131,860 Foreign currency translation adjustments — ( 15 ) ( 15 ) Balance as of June 30, 2024 $ 131,028 $ 817 $ 131,845 Internal-use Software Development Costs During the three months ended June 30, 2024 and 2023, the Company capitalized $ 9.1 million and $ 8.4 million in software development and implementation costs, respectively, and during the six months ended June 30, 2024 and 2023, the Company capitalized $ 18.4 million and $ 16.6 million i n software development and implementation costs, respectively. During the three months ended June 30, 2024 and 2023, the Company recorded $ 4.4 million and $ 3.2 million of amortization expense in cost of revenue, respectively, and $ 2.4 million and $ 1.9 million of amortization expense in operating expenses, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded $ 8.4 million and $ 6.0 million of amortization expense in cost of revenue, respectively, and $ 4.7 million and $ 3.8 million of amortization expense in operating expenses, respectively. Intangible Assets Intangible assets, net consisted of the following (in thousands): June 30, 2024 Gross Accumulated Net Technology $ 21,826 $ ( 16,817 ) $ 5,009 Customer relationship 31,982 ( 15,090 ) 16,892 Software and license 2,929 ( 2,906 ) 23 Trademark 4,038 ( 2,845 ) 1,193 Total $ 60,775 $ ( 37,658 ) $ 23,117 December 31, 2023 Gross Accumulated Net Technology $ 21,845 $ ( 14,951 ) $ 6,894 Customer relationship 32,006 ( 13,480 ) 18,526 Software and license 3,019 ( 2,979 ) 40 Trademark 4,038 ( 2,340 ) 1,698 Total $ 60,908 $ ( 33,750 ) $ 27,158 Amortization expense of intangible assets was $ 2.0 million and $ 2.0 million for the three months ended June 30, 2024 and 2023, respectively, and $ 4.0 million and $ 4.3 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, future expected amortization expense is as follows (in thousands): Years Ending December 31, 2024 (remaining 6 months) 4,042 2025 6,620 2026 3,737 2027 3,269 2028 3,269 Thereafter 2,180 Total future amortization expense $ 23,117 There were no impairments of goodwill, internal-use software development costs or intangible assets in the three or six months ended June 30, 2024 and 2023 .

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	6. Accrued Liabilities The composition of accrued liabilities is as follows: June 30, December 31, 2024 2023 (in thousands) Payroll and employee-related expenses $ 10,436 $ 15,455 Other accrued liabilities 5,940 5,846 Total $ 16,376 $ 21,301

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Other Commitments The Company has entered into certain non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. Obligations under contracts that are cancellable or with remaining terms of 12 months or less are not included. There have been no material changes to the Company's contractual obligations or commitments outside of the ordinary course of business as compared to those described in the 2023 Form 10-K. Legal Matters The Company is involved from time to time in various claims and legal proceedings arising in the ordinary course of business. From time to time as appropriate, the Company accrues liabilities related to legal claims in its financial statements. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that, as of June 30, 2024, no current claims and legal proceedings will have a material adverse effect on its financial position, results of operations, or cash flows. Indemnification The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims due to the Company’s activities or non-compliance with obligations or representations made by the Company. The Company seeks to limit, or cap, its indemnification exposure in its commercial and other contracts. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’ s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision.

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	8. Equity Warrant On May 13, 2021, the Company entered into a warrant agreement with JPMC Strategic Investments I Corporation (“JPMC”), an affiliate of J.P. Morgan Securities LLC, an underwriter in our 2021 initial public offering ("IPO"), pursuant to which the Company agreed to issue a warrant to JPMC for up to 509,370 shares of Class A common stock upon completion of the IPO at an exercise price of $ 18.38 per share (the “May 2021 warrant agreement”). Upon completion of the IPO, 382,027 of the warrant shares vested and were exercisable. The vesting of the remaining 127,343 shares of Class A common stock underlying the warrant will be subject to the achievement of certain commercial milestones through December 31, 2025 pursuant to a related commercial agreement with JPMorgan Chase Bank, National Association (“JPM Chase”), an affiliate of JPMC. As discussed below, this commercial agreement was amended in August 2022, and the achievement of certain commercial milestones was extended through December 31, 2026 and minimum revenue commitments were set for each of the calendar years through 2026. As of June 30, 2024 , 448,880 warrant shares were vested and exercisable under the May 2021 warrant agreement. On August 29, 2022, the Company entered into a second warrant agreement with JPMC, in connection with an amendment to the Company's existing commercial agreement with JPM Chase discussed above, pursuant to which the Company issued a warrant to JPMC for up to 684,510 shares of Class A common stock at an exercise price of $ 10.10 per share (the “August 2022 warrant agreement”). Upon signing the August 2022 warrant agreement, 171,128 of the warrant shares vested and were exercisable. The vesting of the remaining 513,382 shares of Class A common stock underlying the warrant will be subject to the achievement of certain commercial milestones through December 31, 2026 pursuant to the commercial agreement, as amended. As of June 30, 2024 there were no additional warrant shares vested under the August 2022 warrant agreement. As of June 30, 2024 , an aggregate of 620,008 warrants had vested and were exercisable under the outstanding warrant agreements. The Company accounts for the consideration payable in the form of warrants to its vendor as share based compensation expense. The warrant fair value was determined using the Black-Scholes pricing model in accordance with ASC 718, Compensation-Stock Compensation.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation In May 2021, the Company’s board of directors (the "Board") adopted, and its stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code ("IRC"), to the Company’s employees and any of its parent or subsidiary corporations’ employees, and for the grant of non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, and performance awards to the Company’ s employees, directors and consultants and any of its parent or subsidiary corporations’ employees and consultants. A total of approximately 10.5 million shares of the Company ’ s Class A common stock have been reserved for issuance under the 2021 Plan in addition to (i) an annual increase of 4 % of the outstanding shares of the Company's common stock, with Class A and Class B common stock taken together, on the first day of each fiscal year, subject to the Compensation Committee of the Board exercising discretion to increase or decrease such amount (the “Evergreen Addition”), and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class B common stock underlying outstanding stock awards granted under the 2012 Equity Incentive Plan, an equal number of shares of Class A common stock, such number of shares not to exceed 7.6 million shares . On January 1, 2024, pursuant to the Evergreen Addition, approximately 5 million shares of Class A common stock were added to the 2021 Plan issuance reserve. At June 30, 2024, there were approximately 21.8 million remaining shares available for the Company to grant under the 2021 Plan. Stock Options A summary of the Company ’s option activity during the six months ended June 30, 2024 was as follows (in thousands, except for share and per share amount): Weighted- Weighted- Average Average Remaining Aggregate Options Exercise Price Contractual Intrinsic Outstanding per Share Life (years) Value Outstanding at December 31, 2023 3,849,350 $ 7.87 5.06 $ 38,505 Options exercised ( 183,521 ) 0.74 Options forfeited ( 2,333 ) 8.66 Outstanding at June 30, 2024 3,663,496 $ 8.23 4.68 $ 39,468 Exercisable at June 30, 2024 3,627,571 $ 8.22 4.67 $ 39,106 No options were granted or expired during the six months ended June 30, 2024. Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of the Company’s common stock. Restricted Stock Units (“RSUs”) A summary of the Company ’s RSU activity during the six months ended June 30, 2024 was as follows: Weighted- Number of Average RSUs Grant Date Outstanding Fair Value Awarded and unvested at December 31, 2023 1,946,006 $ 12.74 Awards granted 1,036,729 19.22 Awards vested ( 468,347 ) 12.09 Awards forfeited ( 154,827 ) 11.23 Awarded and unvested at June 30, 2024 2,359,561 $ 15.81 The fair value of RSU grants is determined based upon the market closing price of the Company’ s Class A common stock on the date of grant. RSUs vest over the requisite service period, which generally ranges between four years and five years from the date of grant for employees and one to three years for directors, subject to continued employment for employees and provision of services for non-employees. Stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive income was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Cost of revenue $ 66 $ 29 $ 117 $ 74 Research and development 846 462 1,454 1,009 Sales and marketing 1,494 691 2,804 1,406 General and administrative 917 1,094 1,881 1,946 Total stock-based compensation $ 3,323 $ 2,276 $ 6,256 $ 4,435 At June 30, 2024, there was $ 0.1 million of total unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan, which is expected to be recognized over a remaining weighted-average period of 1.3 years. At June 30, 2024, there was $ 35.1 million of total unrecognized compensation cost related to unvested RSUs granted under the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 3.6 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company computes its tax provision for the three and six months ended June 30, 2024 by applying the estimated annual effective tax rate to year-to-date income from recurring operations and adjusting for discrete items arising in that quarter. The Company continues to record a valuation allowance against its net deferred tax assets (“DTA”) in the U.S. as it is not more likely than not to be realized given the significant tax deductions for stock-based compensation recognized in previous years that have created cumulative losses in recent years. The Company’s effective tax rate for the three and six months ended June 30, 2024 was 24.9 % and 28.6 % , respectively, and for the three and six months ended June 30, 2023 was 7.0 % and 2.7 %, respectively. The difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21 % in the above periods was primarily the result of permanent differences for disallowed stock-based compensation pursuant to IRC Section 162(m), state taxes and the impact of the full valuation allowance. In 2023, it was primarily the result of near break-even pre-tax income from operations, state taxes and the impact of the full valuation allowance and other permanent adjustments in addition to a return to provision benefit recorded in connection with a change in estimate of costs required to be capitalized under IRC Section 174.

Net Income per Share Attributab

Net Income per Share Attributable to Common Stock	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income per Share Attributable to Common Stock	11. Net Income per Share Attributable to Common Stock Basic net income per share attributable to common stock is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share attributable to common stock is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. The dilutive effect of outstanding options, RSUs and warrants is reflected in diluted net income per share attributable to common stock by application of the treasury stock method. The calculation of diluted net income per share attributable to common stock excludes all anti-dilutive common shares. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net income per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis. The following table sets forth the computation of basic and diluted net income per share attributable to common stock (in thousands, except for share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 9,364 $ 5,839 $ 16,590 $ 6,543 Denominator: Weighted-average shares of common stock — basic 124,264,789 123,378,128 124,106,046 123,334,277 Dilutive effect of stock options to purchase common stock 2,167,559 521,818 2,157,147 445,183 Dilutive effect of RSUs 709,580 112,161 721,860 57,355 Dilutive effect of warrants 110,438 — 89,868 — Weighted-average shares of common stock — diluted 127,252,366 124,012,107 127,074,921 123,836,815 Net income per share Basic $ 0.08 $ 0.05 $ 0.13 $ 0.05 Diluted $ 0.07 $ 0.05 $ 0.13 $ 0.05 The following table summarizes the weighted average securities that were excluded from the computation of diluted net income per share attributable to common stock as their inclusion would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options to purchase common stock — 211,922 — 3,578,915 RSUs 206,514 1,260,566 205,176 1,285,901 Warrants — 588,173 — 588,173

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company's Form 10-K for the year ended December 31, 2023 filed with the SEC on March 5, 2024 (the “2023 Form 10-K”). These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations and comprehensive income, changes in stockholders' equity and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Principles of Consolidation	Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and balances have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, cost of revenue recognition, the allowance for credit losses, the lives of tangible and intangible assets, the valuation of acquired intangible assets and the recoverability or impairment of intangible assets, including goodwill, internal-use software development costs, valuation of stock warrants issued, stock-based compensation, and accounting for income taxes. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.
Custodial Accounts	Custodial Accounts The Company has established a relationship with its merchant processors to act as collection and paying agents, whereby a merchant processor receives funds from customers and forwards such funds to the respective Paymentus client, based on the instructions received from the Company. These merchant processors act as custodians of the cash received, and the Company has no legal ownership rights to the funds held in such custodial accounts and does not control the use of these funds. As the Company does not take ownership of the funds, these custodial accounts are not included in the Company’s consolidated balance sheets. The balance of cash in the custodial accounts held by these merchant processors was $ 483.1 million and $ 510.8 million as of June 30, 2024 and December 31, 2023 , respectively.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers and resellers to the extent of the amounts recorded in the consolidated balance sheets. No customer accounted for more than 10 % of revenue for either of the three or six months ended June 30, 2024 and 2023. As of December 31, 2023 and June 30, 2024 one customer/reseller accounted for more than 10 % of accounts receivable.
Segment Information	Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and assess performa nce. The Company has three operating segments based on geography. The United States segment represents the vast majority of the Company’s consolidated net sales and gross profit. The additional two operating segments, Canada and India, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. None of the operating segments qualified for aggregation. The Company’s CODM is its chief executive officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is presented on a consolidated basis. For information regarding the Company’s long-lived assets and revenue by geographic area, see Note 4 and Note 3, respectively.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 included in the 2023 Form 10-K. There have been no significant changes to these policies during the three and six months ended June 30, 2024 .
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Accounting Standards Updates ("ASU") not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the consolidated financial statements. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The amendments in ASU 2023-07 are effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Tax Disclosures", which makes changes to annual disclosures of income taxes paid for all entities and requires entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction. Additionally, entities are required to disclose income taxes paid, net of refunds received, for individual jurisdictions that comprise 5% or more of total income taxes paid. The 5% threshold is evaluated using the absolute value of the net refund or net payment in each jurisdiction compared to the absolute value of the total income taxes paid (net of refunds received). ASU 2023-09 requires all entities to disclose disaggregated domestic and foreign pre-tax income (or loss) from continuing operations along with disaggregated income tax expense (or benefit) by federal, state and foreign components. Such disaggregation by jurisdiction should classify taxes by jurisdiction based on the jurisdiction imposing the taxes. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 for public companies. Early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our condensed consolidated financial statements and related disclosures.

Revenue, Performance Obligati_2

Revenue, Performance Obligations and Contract Balances (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents a disaggregation of revenue from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Payment transaction processing revenue $ 193,564 $ 146,677 $ 376,316 $ 293,065 Other 3,858 2,262 5,981 4,202 Total revenue $ 197,422 $ 148,939 $ 382,297 $ 297,267
Summary of Revenue by Geographic Area	Revenue by geographic area, based on the location of the Company’s users, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) United States $ 193,483 $ 145,946 $ 374,784 $ 291,503 Other 3,939 2,993 7,513 5,764 Total $ 197,422 $ 148,939 $ 382,297 $ 297,267
Summary of Contract Asset and Liability	Contract balances consist of the following: June 30, December 31, 2024 2023 (in thousands) Contract Assets included under: Prepaid expenses and other current assets $ 2,893 $ 2,893 Other long-term assets 3,808 4,783 Total contract assets $ 6,701 $ 7,676 Contract Liabilities: Current $ 2,900 $ 4,089 Non-current 2,869 2,731 Total contract liabilities $ 5,769 $ 6,820
Summary of Amortization of Contract Assets	The amortization of related contract assets included in the condensed consolidated statements of operations and comprehensive income was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Revenue $ 153 $ 629 $ 306 $ 1,253 Sales and marketing 782 115 1,528 187 Total amortization of contact assets $ 935 $ 744 $ 1,834 $ 1,440

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: June 30, December 31, 2024 2023 (in thousands) Computer equipment $ 6,183 $ 6,059 Furniture and fixtures 1,780 1,715 Leasehold improvements 387 396 Total property and equipment 8,350 8,170 Less: Accumulated depreciation ( 6,911 ) ( 6,612 ) Property and equipment, net $ 1,439 $ 1,558
Long-lived Assets by Geographic Areas	The geographic locations of the Company ’s long-lived assets, comprising property and equipment, based on physical location of the assets were as follows: June 30, December 31, 2024 2023 (in thousands) United States $ 564 $ 558 Other 875 1,000 Total $ 1,439 $ 1,558

Goodwill, Internal-use Softwa_2

Goodwill, Internal-use Software Development Costs and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill by Reporting Unit	The changes in the carrying amount of goodwill by reporting unit were as follows (in thousands): United Other Total Balance as of December 31, 2023 $ 131,028 $ 832 $ 131,860 Foreign currency translation adjustments — ( 15 ) ( 15 ) Balance as of June 30, 2024 $ 131,028 $ 817 $ 131,845
Summary of Intangible Assets	Intangible assets, net consisted of the following (in thousands): June 30, 2024 Gross Accumulated Net Technology $ 21,826 $ ( 16,817 ) $ 5,009 Customer relationship 31,982 ( 15,090 ) 16,892 Software and license 2,929 ( 2,906 ) 23 Trademark 4,038 ( 2,845 ) 1,193 Total $ 60,775 $ ( 37,658 ) $ 23,117 December 31, 2023 Gross Accumulated Net Technology $ 21,845 $ ( 14,951 ) $ 6,894 Customer relationship 32,006 ( 13,480 ) 18,526 Software and license 3,019 ( 2,979 ) 40 Trademark 4,038 ( 2,340 ) 1,698 Total $ 60,908 $ ( 33,750 ) $ 27,158
Schedule of Expected Future Amortization Expense	As of June 30, 2024, future expected amortization expense is as follows (in thousands): Years Ending December 31, 2024 (remaining 6 months) 4,042 2025 6,620 2026 3,737 2027 3,269 2028 3,269 Thereafter 2,180 Total future amortization expense $ 23,117

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Summary of Accrued Liabilities	The composition of accrued liabilities is as follows: June 30, December 31, 2024 2023 (in thousands) Payroll and employee-related expenses $ 10,436 $ 15,455 Other accrued liabilities 5,940 5,846 Total $ 16,376 $ 21,301

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of the Company ’s option activity during the six months ended June 30, 2024 was as follows (in thousands, except for share and per share amount): Weighted- Weighted- Average Average Remaining Aggregate Options Exercise Price Contractual Intrinsic Outstanding per Share Life (years) Value Outstanding at December 31, 2023 3,849,350 $ 7.87 5.06 $ 38,505 Options exercised ( 183,521 ) 0.74 Options forfeited ( 2,333 ) 8.66 Outstanding at June 30, 2024 3,663,496 $ 8.23 4.68 $ 39,468 Exercisable at June 30, 2024 3,627,571 $ 8.22 4.67 $ 39,106
Summary of RSU Activity	A summary of the Company ’s RSU activity during the six months ended June 30, 2024 was as follows: Weighted- Number of Average RSUs Grant Date Outstanding Fair Value Awarded and unvested at December 31, 2023 1,946,006 $ 12.74 Awards granted 1,036,729 19.22 Awards vested ( 468,347 ) 12.09 Awards forfeited ( 154,827 ) 11.23 Awarded and unvested at June 30, 2024 2,359,561 $ 15.81
Summary of Stock Based Compensation Expense	Stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive income was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Cost of revenue $ 66 $ 29 $ 117 $ 74 Research and development 846 462 1,454 1,009 Sales and marketing 1,494 691 2,804 1,406 General and administrative 917 1,094 1,881 1,946 Total stock-based compensation $ 3,323 $ 2,276 $ 6,256 $ 4,435

Net Income per Share Attribut_2

Net Income per Share Attributable to Common Stock (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stock	The following table sets forth the computation of basic and diluted net income per share attributable to common stock (in thousands, except for share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 9,364 $ 5,839 $ 16,590 $ 6,543 Denominator: Weighted-average shares of common stock — basic 124,264,789 123,378,128 124,106,046 123,334,277 Dilutive effect of stock options to purchase common stock 2,167,559 521,818 2,157,147 445,183 Dilutive effect of RSUs 709,580 112,161 721,860 57,355 Dilutive effect of warrants 110,438 — 89,868 — Weighted-average shares of common stock — diluted 127,252,366 124,012,107 127,074,921 123,836,815 Net income per share Basic $ 0.08 $ 0.05 $ 0.13 $ 0.05 Diluted $ 0.07 $ 0.05 $ 0.13 $ 0.05
Schedule of Common Stock Equivalents Excluded from Income (Loss) Per Diluted Share	The following table summarizes the weighted average securities that were excluded from the computation of diluted net income per share attributable to common stock as their inclusion would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options to purchase common stock — 211,922 — 3,578,915 RSUs 206,514 1,260,566 205,176 1,285,901 Warrants — 588,173 — 588,173

Geographic Information (Tables)

Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Revenue by Geographic Area	Revenue by geographic area, based on the location of the Company’s users, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) United States $ 193,483 $ 145,946 $ 374,784 $ 291,503 Other 3,939 2,993 7,513 5,764 Total $ 197,422 $ 148,939 $ 382,297 $ 297,267
Long-lived Assets by Geographic Areas	The geographic locations of the Company ’s long-lived assets, comprising property and equipment, based on physical location of the assets were as follows: June 30, December 31, 2024 2023 (in thousands) United States $ 564 $ 558 Other 875 1,000 Total $ 1,439 $ 1,558

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) Segment Customer	Jun. 30, 2023 Customer	Dec. 31, 2023 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment | Segment	3
Cash in custodial account | $	$ 483.1		$ 510.8
Number Of Customer	0	0
Revenue [Member] | Customer Concentration Risk [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10%	10%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Summary Of Significant Accounting Policies [Line Items]
Number Of Customer			1
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Minimum [Member] | One Customer [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage			10%

Revenue, Performance Obligati_3

Revenue, Performance Obligations and Contract Balances - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligation, aggregate amount of transaction price	$ 5.8		$ 5.8
Remaining performance obligation, percentage	23%		23%
Expected revenue period			2 years
Fixed consideration related to the future minimum guarantees, contract amount	$ 44.2		$ 44.2
Maximum [Member]
Disaggregation of Revenue [Line Items]
Expected revenue period			4 years
Minimum [Member]
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	70%		70%
Expected revenue period			2 years
Payment Transaction Processing Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract With Customer Liability	$ 2.1	$ 0.7	$ 2.9	$ 1.3

Revenue, Performance Obligati_4

Revenue, Performance Obligations and Contract Balances - Summary of Disaggregation of Revenue from Contracts with Customer (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]
Revenue	$ 197,422	$ 148,939	$ 382,297	$ 297,267
Payment Transaction Processing Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	193,564	146,677	376,316	293,065
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 3,858	$ 2,262	$ 5,981	$ 4,202

Revenue, Performance Obligati_5

Revenue, Performance Obligations and Contract Balances - Summary of Revenue by Geographic Area (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]
Revenue	$ 197,422	$ 148,939	$ 382,297	$ 297,267
United States
Disaggregation of Revenue [Line Items]
Revenue	193,483	145,946	374,784	291,503
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,939	$ 2,993	$ 7,513	$ 5,764

Revenue, Performance Obligati_6

Revenue, Performance Obligations and Contract Balances - Summary of Contract Asset and Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contract Assets included under:
Total contract assets	$ 6,701	$ 7,676
Contract Liabilities
Current	2,900	4,089
Non-current	2,869	2,731
Total contract liabilities	5,769	6,820
Prepaid Expenses and Other Current Assets [Member]
Contract Assets included under:
Total contract assets	2,893	2,893
Other Long-term Assets [Member]
Contract Assets included under:
Total contract assets	$ 3,808	$ 4,783

Revenue, Performance Obligati_7

Revenue, Performance Obligations and Contract Balances - Summary of Amortization of Contract Assets (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]
Amortization Of Contact Assets	$ 935	$ 744	$ 1,834	$ 1,440
Revenue [Member]
Disaggregation of Revenue [Line Items]
Amortization Of Contact Assets	153	629	306	1,253
Sales and Marketing [Member]
Disaggregation of Revenue [Line Items]
Amortization Of Contact Assets	$ 782	$ 115	$ 1,528	$ 187

Business Combinations - Schedul

Business Combinations - Schedule Of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 131,845	$ 131,860

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 8,350	$ 8,170
Less: Accumulated depreciation	(6,911)	(6,612)
Property and equipment, net	1,439	1,558
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	6,183	6,059
Furniture And Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	1,780	1,715
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 387	$ 396

Property and Equipment, Net -_2

Property and Equipment, Net - Schedule Of Property and Equipment, Net Based On Physical Location (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 1,439	$ 1,558
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	564	558
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 875	$ 1,000

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.2	$ 0.1	$ 0.4	$ 0.5

Goodwill, Internal-use Softwa_3

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Goodwill by Reporting Units (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 131,860
Foreign currency translation adjustments	(15)
Ending Balance	131,845
United States
Goodwill [Line Items]
Beginning Balance	131,028
Foreign currency translation adjustments	0
Ending Balance	131,028
Other
Goodwill [Line Items]
Beginning Balance	832
Foreign currency translation adjustments	(15)
Ending Balance	$ 817

Goodwill, Internal-use Softwa_4

Goodwill, Internal-use Software Development Costs and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Line Items]
Capitalized internal-use software development costs			$ 18,362	$ 16,611
Amortization of Intangible Assets, Total	$ 2,000	$ 2,000	4,000	4,300
Computer Software, Intangible Asset [Member]
Goodwill [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	0	0	0	0
Software and Software Development Costs [Member]
Goodwill [Line Items]
Capitalized internal-use software development costs	9,100	8,400	18,400	16,600
Cost Of Revenue [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	4,400	3,200	8,400	6,000
Operating Expense [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	$ 2,400	$ 1,900	$ 4,700	$ 3,800

Goodwill, Internal-use Softwa_5

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Intagible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 60,775	$ 60,908
Accumulated Amortization	(37,658)	(33,750)
Total future amortization expense	23,117	27,158
Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,826	21,845
Accumulated Amortization	(16,817)	(14,951)
Total future amortization expense	5,009	6,894
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	31,982	32,006
Accumulated Amortization	(15,090)	(13,480)
Total future amortization expense	16,892	18,526
Software And License
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,929	3,019
Accumulated Amortization	(2,906)	(2,979)
Total future amortization expense	23	40
Trademark
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,038	4,038
Accumulated Amortization	(2,845)	(2,340)
Total future amortization expense	$ 1,193	$ 1,698

Goodwill, Internal-use Softwa_6

Goodwill, Internal-use Software Development Costs and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining 6 months)	$ 4,042
2025	6,620
2026	3,737
2027	3,269
2028	3,269
Thereafter	2,180
Total future amortization expense	$ 23,117	$ 27,158

Accrued Liabilities - Summary o

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Payroll and employee-related expenses	$ 10,436	$ 15,455
Other accrued liabilities	5,940	5,846
Accrued liabilities	$ 16,376	$ 21,301

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Other commitments, description	The Company has entered into certain non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. Obligations under contracts that are cancellable or with remaining terms of 12 months or less are not included. There have been no material changes to the Company's contractual obligations or commitments outside of the ordinary course of business as compared to those described in the 2023 Form 10-K.

Equity - Additional Information

Equity - Additional Information (Details) - $ / shares	Jun. 30, 2024	Aug. 29, 2022	May 13, 2021
Class Of Stock [Line Items]
Common stock, par value		$ 10.1	$ 18.38
Warrant Issue		684,510	509,370
Warrant shares vested and exercisable			448,880
Fully Vested	620,008	171,128	382,027
Vesting of the Remaining Shares of the Warrant		513,382	127,343

Stock-Based compensation - Addi

Stock-Based compensation - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2021	Jun. 30, 2024	Jan. 01, 2024	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted in period		0
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 35.1
Total unrecognized compensation cost, recognition period		3 years 7 months 6 days
RSUs vested		468,347
Class A Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance			5,000,000
Class A & Class B Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of annual increase of outstanding shares				4%
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vest over the requisite service period		5 years
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs vest over the requisite service period		4 years
Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 0.1
Total unrecognized compensation cost, recognition period		1 year 3 months 18 days
Equity Incentive Plan [Member] | Class A Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance	10.5
Options granted in period	7.6
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance		21,800,000

Stock-Based compensation - Sche

Stock-Based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning	3,849,350
Options exercised	(183,521)
Options forfeited	(2,333)
Options Outstanding, Ending	3,663,496	3,849,350
Options Outstanding, Exercisable	3,627,571
Weighted Average Exercise Price, Beginning	$ 7.87
Weighted Average Exercise Price, Exercised	0.74
Weighted Average Exercise Price, Forfeited	8.66
Weighted Average Exercise Price, Ending	8.23	$ 7.87
Weighted Average Exercise Price, Exercisable	$ 8.22
Weighted Average Remaining Contractual Term (years)	4 years 8 months 4 days	5 years 21 days
Weighted Average Remaining Contractual Term (years), Exercisable	4 years 8 months 1 day
Aggregate Intrinsic Value, Beginning	$ 38,505
Aggregate Intrinsic Value, Ending	39,468	$ 38,505
Aggregate Intrinsic Value, Exercisable	$ 39,106

Stock Based Compensation - Summ

Stock Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awarded and unvested, Beginning Balance | shares | shares	1,946,006
Awards, Granted | shares | shares	1,036,729
Awards, Vested | shares | shares	(468,347)
Awards,Forfeited | shares | shares	(154,827)
Awarded and unvested, Ending Balance | shares | shares	2,359,561
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance | $ / shares | $ / shares	$ 12.74
Weighted Average Grant-Date Fair Value, Granted | $ / shares | $ / shares	19.22
Weighted Average Grant-Date Fair Value, Vested | $ / shares | $ / shares	12.09
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares | $ / shares	11.23
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance | $ / shares | $ / shares	$ 15.81

Stock-Based compensation - Summ

Stock-Based compensation - Summary of Stock Based Compensation Expense (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]
Total stock-based compensation	$ 3,323	$ 2,276	$ 6,256	$ 4,435
Cost Of Revenue [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	66	29	117	74
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	846	462	1,454	1,009
Sales and Marketing [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,494	691	2,804	1,406
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 917	$ 1,094	$ 1,881	$ 1,946

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective tax rate	24.90%	7%	28.60%	2.70%
Difference between effective tax rate and federal statutory rate	21%	21%	21%	21%

Net Income per Share Attribut_3

Net Income per Share Attributable to Common Stock - Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income (Loss)	$ 9,364	$ 7,226	$ 5,839	$ 704	$ 16,590	$ 6,543
Denominator:
Weighter-average shares of common stock - basic	124,264,789		123,378,128		124,106,046	123,334,277
Dilutive effect of stock options to purchase common stock	2,167,559		521,818		2,157,147	445,183
Dilutive effect of RSUs	709,580		112,161		721,860	57,355
Dilutive effect of warrants	110,438		0		89,868	0
Weighter-average shares of common stock - diluted	127,252,366		124,012,107		127,074,921	123,836,815
Net income per share
Basic	$ 0.08		$ 0.05		$ 0.13	$ 0.05
Diluted	$ 0.07		$ 0.05		$ 0.13	$ 0.05

Net Income per Share Attribut_4

Net Income per Share Attributable to Common Stock - Schedule of Common Stock Equivalents Excluded from Income (Loss) Per Diluted Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0	211,922	0	3,578,915
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	206,514	1,260,566	205,176	1,285,901
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0	588,173	0	588,173

Geographic Information - Summar

Geographic Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 197,422	$ 148,939	$ 382,297	$ 297,267
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 193,483	$ 145,946	$ 374,784	$ 291,503

Geographic Information - Summ_2

Geographic Information - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 1,439	$ 1,558
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	564	558
Other
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 875	$ 1,000