0000950170-22-021999 | 10-Q | XBRL Viewer

Print Document View Excel Document

Loss Per Common Share - Summary of Common Share Equivalent Securities Excluded from the Calculation Weighted Average Common (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	15,411,459	122,484,570	15,411,459	122,484,570
Convertible Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents		111,142,100		111,142,100
Convertible Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents		2,785,606		2,785,606
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	7,306,429	5,310,856	7,306,429	5,310,856
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	7,969,477	2,541,960	7,969,477	2,541,960
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	135,553		135,553
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents		704,048		704,048

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 159,979	$ 1,343
Total liabilities	1,540	1,387
Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	1,540	1,387
Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	158,575
Rabbi trust-owned life insurance policies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,404	1,343
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	158,575
Level 1 \| Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	158,575
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,404	1,343
Total liabilities	1,540	1,387
Level 2 \| Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	1,540	1,387
Level 2 \| Rabbi trust-owned life insurance policies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 1,404	$ 1,343

Intangible Assets and Goodwill - Summary of Capitalized Software Development Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Movement in Capitalized Computer Software, Net [Roll Forward]
Capitalized	$ 4,264	$ 4,504	$ 13,599	$ 12,582
Amortized	$ 3,251	$ 2,853	$ 8,743	$ 8,116

Business Combinations - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Business Acquisition [Line Items]
Contingent consideration liability amount settled	$ 688
Cash payment	$ 344
Issuance of common stock for settlement of contingent consideration, Shares \| shares	20,564
FastPay
Business Acquisition [Line Items]
Business combination, revenue	$ 8,148
Business combination, operating expenses	$ 5,989

Marketable Securities - Schedule of Information about Marketable Securities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost	$ 97,276
Marketable Securities, Gross unrealized losses	(150)
Marketable Securities, Fair Value	97,126
Financial
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost	97,276
Marketable Securities, Gross unrealized losses	(150)
Marketable Securities, Fair Value	$ 97,126

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Capitalized Software Development Costs

The following table presents information about capitalized software development costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
Capitalized software development costs	2022		2021		2022		2021
Capitalized	$	4,264	$	4,504	$	13,599	$	12,582
Amortized		3,251		2,853		8,743		8,116

Schedule of Intangible Assets


	September 30, 2022
	Weighted Average	Gross		Accumulated
	Useful Life	Amount		Amortization			Net Amount
Internally developed software	3 Years	$	81,632	$	(56,218	)	$	25,414
Non-compete	4 Years		6,194		(1,664	)		4,530
Customer relationships	9 Years		72,512		(27,259	)		45,253
Technology	7 Years		45,791		(25,348	)		20,443
Trade name	10 Years		7,747		(1,864	)		5,883
Total intangible assets		$	213,876	$	(112,353	)	$	101,523


	December 31, 2021
	Weighted Average	Gross		Accumulated
	Useful Life	Amount		Amortization			Net Amount
Internally developed software	3 Years	$	68,033	$	(47,475	)	$	20,558
Non-compete	3 Years		2,100		(420	)		1,680
Customer relationships	9 Years		69,442		(21,091	)		48,351
Technology	7 Years		45,791		(22,329	)		23,462
Trade name	10 Years		7,747		(1,343	)		6,404
Total intangible assets		$	193,113	$	(92,658	)	$	100,455

Total Amortization Expense Associated with Identifiable Intangible Assets

Total amortization expense associated with identifiable intangible assets was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total amortization expense associated with identifiable intangible assets	$	6,874	$	6,529	$	19,695	$	17,297

Revenue from Contracts with Customers - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Capitalized Contract Cost, Amortization Method	straight-line basis
Contract acquisition and fulfillment costs, amortization period	5 years
Revenue remaining performance obligation contractual term	5 years

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 2,663	$ 2,283
Receivable, allowance for credit loss, current	$ 1,483	$ 1,105
Preferred stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock, shares, issued	198,488,663	196,804,844
Common stock, shares, outstanding	198,488,663	196,804,844

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

The Company’s effective tax rate for the three and nine months ended September 30, 2022 was less than one percent, primarily as a result of estimated tax losses for the fiscal year-to-date offset by the increase in the valuation allowance in the net operating loss carryforwards. Tax expense includes current tax expense for estimated state income taxes and noncurrent federal taxes related to non-deductibility of goodwill in the future.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Revenue from Contracts with Customers - Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable Allowance
Accounts Notes And Loans Receivable [Line Items]
Allowance for doubtful accounts, Beginning Balance	$ 2,283	$ 1,769
Amounts charged to contra revenue, cost of revenues and expenses	380	323
Amounts written off as uncollectable		(185)
Allowance for doubtful accounts, Ending Balance	2,663	1,907
Supplier Advances Receivable Allowance
Accounts Notes And Loans Receivable [Line Items]
Allowance for doubtful accounts, Beginning Balance	1,105	1,099
Amounts charged to contra revenue, cost of revenues and expenses	2,100	750
Amounts written off as uncollectable	(2,586)	(1,137)
Recoveries of amounts previously written off	864	96
Allowance for doubtful accounts, Ending Balance	$ 1,483	$ 808

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity for the nine months ended September 30, 2022 was as follows:


	Stock Options
	Number of Stock Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Balance as of December 31, 2021		5,301,146		$	8.25		7.71	$	36,853
Granted		2,526,126			8.04
Exercised		(300,110	)		2.76
Cancelled		(199,281	)		9.99
Expired		(21,452	)		2.14
Balance as of September 30, 2022		7,306,429		$	8.38		7.74	$	10,753
Vested and exercisable		3,068,505		$	6.99		6.34	$	8,962
Vested and expected to vest		7,303,529		$	8.38		7.74	$	10,753

Summary of RSU Activity

RSU activity for the nine months ended September 30, 2022 was as follows:


	Restricted Stock Units
	Number of Restricted Stock Units Outstanding			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2021		3,476,841		$	13.37
Granted		6,629,280			7.88
Released		(1,289,687	)		11.58
Cancelled		(830,167	)		10.68
Expired		(16,790	)		8.04
Balance as of September 30, 2022		7,969,477		$	9.30	$	67,103

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenues	$	971	$	90	$	3,026	$	230
Sales and marketing		1,190		214		3,421		572
Research and development		2,626		174		6,514		460
General and administrative		3,727		679		10,261		1,847
Total	$	8,514	$	1,157	$	23,222	$	3,109

Long-Term Debt - Additional Information (Details)		3 Months Ended		9 Months Ended
Long-Term Debt - Additional Information (Details)	Oct. 01, 2019 USD ($)	Sep. 30, 2022 USD ($) PromissoryNote	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) PromissoryNote	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Deferred financing costs		$ 1,895,000		$ 1,895,000		$ 2,843,000
Amortization of deferred financing costs		339,000	$ 339,000	1,018,000	$ 1,018,000
2019 Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 133,500,000	$ 21,157,000		21,157,000
Cash burn rate, threshold amount	$ (2,500,000)
2019 Credit Agreement \| First Three Years of Credit Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	8.00%
2019 Credit Agreement \| First Three Years of Credit Agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	9.00%
2019 Credit Agreement \| After Third Anniversary of Credit Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	7.50%
2019 Credit Agreement \| After Third Anniversary of Credit Agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	8.00%
2019 Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
2019 Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.00%
2019 Credit Agreement \| LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest payment period	3 months
2019 Term Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 95,000,000
Line of credit facility, maturity date	Apr. 01, 2024
2019 Term Loans \| First Three Years of Credit Agreement \| Maximum
Debt Instrument [Line Items]
Interest rate	4.50%
Interest DDTL
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 18,500,000
Line of credit facility, additional borrowing				$ 2,367,000
Line of credit facility, maturity date	Apr. 01, 2024
Interest DDTL \| Minimum \| 10.0% Delayed Draw Term Loan
Debt Instrument [Line Items]
Interest rate		10.00%		10.00%
Interest DDTL \| Maximum \| 10.0% Delayed Draw Term Loan
Debt Instrument [Line Items]
Interest rate		10.10%		10.10%
2019 Revolver
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Line of credit facility, minimum increment amount	500,000
Line of credit facility, additional incremental amount	$ 100,000
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Line of credit facility, maturity date	Oct. 01, 2023
Line of credit facility, outstanding amount		$ 0		$ 0		0
Other Noncurrent Assets and Deposits
Debt Instrument [Line Items]
Deferred financing costs		$ 94,000		$ 94,000		$ 164,000
Promissory Note
Debt Instrument [Line Items]
Interest rate		6.75%		6.75%
Number of promissory notes executed \| PromissoryNote		2		2
Debt instrument, principal amount		$ 23,500,000		$ 23,500,000
Debt instrument, periodic payment, principal				4,800,000
Debt instrument, periodic payment				$ 4,300,000

Long-Term Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

10. Long-Term Debt

Long-term debt as of September 30, 2022 and December 31, 2021:


	As of September 30, 2022			As of December 31, 2021
Term loan facility	$	95,000		$	95,000
Delayed draw term loan		11,390			9,023
Promissory note payable for land acquisition		23,500			23,500
Total principal due		129,890			127,523
Current portion of promissory note		(4,800	)		(4,800	)
Unamortized portion of debt issuance costs		(1,895	)		(2,843	)
Long-term debt	$	123,195		$	119,880

The Company's senior secured credit facility (“2019 Credit Agreement” or “2019 Facility”) with Sixth Street Specialty Lending, Inc. (“Sixth Street”) and KeyBank National Association (“KeyBank”) makes available to the Company a facility in an aggregate amount of $133,500 which consists of:

•

a $95,000 term loan facility (“2019 Term Loans”);

•

a $18,500 delayed draw term loan commitment (“Interest DDTL”); and

•

a $20,000 revolving commitment (“2019 Revolver”).

The 2019 Facility is collateralized by substantially all of the assets of the Company except for bank accounts that hold customer funds or are used to administer self-funded employee benefit plans and other limited exceptions.

The aggregate amount available to borrow under the 2019 Credit Agreement was $21,157 as of September 30, 2022.

Interest on the loans under the 2019 Credit Agreement is equal to LIBOR or a base rate, plus a margin. The applicable margin will be between 8% to 9% for the first three years, with the lower rate applicable for quarters in which the Company does not borrow from the Interest DDTL, and after the third anniversary will be 7.5% or 8% depending on whether the cash burn rate is greater than or less than negative $2,500. The base rate is equal to the higher of the current prime rate, federal funds effective rate plus 0.5%, or 4%. The Company may elect an interest period of up to three months in connection with a LIBOR rate loan. Per the terms of the 2019 Credit Agreement, the unavailability or replacement of LIBOR results in the use of a similar measure based upon a calculated average of borrowing rates offered by major banks in the London interbank as determined by Sixth Street.

From October 1, 2019 through the third anniversary date of the 2019 Credit Agreement, the Company may, on a quarterly basis, borrow under the Interest DDTL to finance up to 4.5% of the interest due on the 2019 Term Loans. For the nine months ended September 30, 2022, the Company borrowed $2,367 under the Interest DDTL at the rates of 10.0% and 10.1%.

The maturity date for the 2019 Term Loans and Interest DDTL is April 1, 2024.

Revolving Credit Facility

Borrowing increments on the 2019 Revolver start at $500, and multiples of $100 in excess of that amount. There was no balance outstanding under the facility as of September 30, 2022 or December 31, 2021. The Company is required to pay a commitment fee of 0.5% per annum with respect to the unused commitment under the 2019 Revolver. The maturity date for the 2019 Revolver is October 1, 2023.

Deferred Financing Costs

The Company has $94 and $164 in deferred financing costs included in other noncurrent assets and deposits, and $1,895 and $2,843 of deferred financing costs associated with the 2019 Term Loans, additional DDTL, and Interest DDTL recorded net of long-term debt as of September 30, 2022, and December 31, 2021, respectively.

Amortization of deferred financing costs was $339 for each of the three months ended September 30, 2022 and 2021, and $1,018 for each of the nine months ended September 30, 2022 and 2021, respectively, which is presented in the consolidated statements of operations as interest expense.

Liquidity and Financial Covenants

The Company’s 2019 Credit Agreement contains certain covenants and restrictions on actions by the Company, including limitations on the payment of dividends. In addition, the 2019 Credit Agreement requires that the Company comply with specified ratios on a monthly basis, including a maximum ratio of debt to recurring revenue and a minimum cash balance requirement. The Company was in compliance with its financial debt covenants as of September 30, 2022.

Land Promissory Note

The Company has two promissory notes executed in connection with the purchase of land parcels and improvements adjacent to its Charlotte, North Carolina headquarters campus. The aggregate outstanding principal amount was $23,500 as of September 30, 2022 and will be paid in four equal annual payments of $4,800 and a final annual payment of $4,300, plus accrued interest at 6.75%.

Formation and Business of the Company

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

AvidXchange, Inc. was incorporated in the state of Delaware in 2000. In July 2021, the company consummated a reorganization by interposing a holding company between AvidXchange, Inc. and its stockholders. After the reorganization, all of the stockholders of AvidXchange, Inc. became stockholders of AvidXchange Holdings, Inc. and AvidXchange, Inc. became a wholly owned subsidiary of AvidXchange Holdings, Inc. To accomplish the reorganization, the company formed AvidXchange Holdings, Inc., which was incorporated in Delaware on January 27, 2021, and AvidXchange Merger Sub, Inc. (“Merger Sub”) as a wholly owned subsidiary of AvidXchange Holdings, Inc. The Company merged AvidXchange, Inc. with and into Merger Sub, with AvidXchange, Inc. as the surviving entity, by issuing identical shares of stock of AvidXchange Holdings, Inc. to the stockholders of AvidXchange, Inc. in exchange for their equity interest in AvidXchange, Inc.

The merger was considered a transaction between entities under common control. Upon the effective date of the reorganization, July 9, 2021, AvidXchange Holdings, Inc. recognized the assets and liabilities of AvidXchange, Inc. at their carrying values within its financial statements.

AvidXchange Holdings, Inc. and its wholly owned subsidiaries are collectively referred to as “AvidXchange” or “the Company” in the accompanying consolidated financial statements after the reorganization.

AvidXchange provides accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. The Company provides solutions and services throughout North America spanning multiple industries including real estate, homeowners associations, construction, financial services (including banks and credit unions), healthcare facilities, social services, education, and media.

Leases and Leasing Commitments

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases and Leasing Commitments

9. Leases and Leasing Commitments

Supplemental cash flow information related to the Company’s operating and finance leases was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$	241	$	283	$	666	$	872
Operating cash flows for finance leases		1,460		1,853		4,323		5,537
Operating cash flows for operating leases		505		387		1,520		1,410
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		190		-		689		174
Operating lease liabilities		-		561		2,831		877

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease expense	2022		2021		2022		2021
Finance lease expense:
Amortization of right-of-use assets	$	615	$	815	$	1,921	$	2,551
Interest on lease liabilities		1,644		2,068		4,896		6,204
Operating lease expense		445		311		1,354		931
Short-term lease expense		168		129		491		168
Variable lease expense		63		189		141		239
Sublease income		-		-		-		(145	)
Total lease expense	$	2,935	$	3,512	$	8,803	$	9,948

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above categories, as of the periods presented.


	As of September 30, 2022
Description	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds (1)	$	158,575	$	-	$	-	$	158,575
Rabbi trust-owned life insurance policies (at cash surrender value) (2)		-		1,404		-		1,404
Total assets	$	158,575	$	1,404	$	-	$	159,979

Other long-term liabilities
Deferred compensation (2)	$	-	$	1,540	$	-		1,540
Total liabilities	$	-	$	1,540	$	-	$	1,540


	As of December 31, 2021
Description	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds (1)	$	-	$	-	$	-	$	-
Rabbi trust-owned life insurance policies (at cash surrender value) (2)		-		1,343		-		1,343
Total assets	$	-	$	1,343	$	-	$	1,343

Other long-term liabilities
Deferred compensation (2)	$	-	$	1,387	$	-		1,387
Total liabilities	$	-	$	1,387	$	-	$	1,387

________________


(1)	Money market funds are classified as cash equivalents in the Company’s unaudited consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash with remaining maturities of three months or less at the time of purchase, the Company’s cash equivalent money market funds have carrying values that approximate fair value.
(2)	Fair value of insurance policies represent their cash surrender value based on the underlying investments in the account which is determined based on quoted prices for identical or similar financial instruments in active markets.

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt as of September 30, 2022 and December 31, 2021:


	As of September 30, 2022			As of December 31, 2021
Term loan facility	$	95,000		$	95,000
Delayed draw term loan		11,390			9,023
Promissory note payable for land acquisition		23,500			23,500
Total principal due		129,890			127,523
Current portion of promissory note		(4,800	)		(4,800	)
Unamortized portion of debt issuance costs		(1,895	)		(2,843	)
Long-term debt	$	123,195		$	119,880

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Marketable Securities - Schedule of Investments in Unrealized Loss Position and for which an Other-than-Temporary Impairment has not been Recognized in Earnings (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position [Abstract]
Aggregate fair value of investments with unrealized losses	$ 97,126
Aggregate amount of unrealized losses	$ (150)

Income Taxes - Additional Information (Details)	3 Months Ended	9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2022	Sep. 30, 2022
Maximum
Income Tax Examination [Line Items]
Effective income tax rate	1.00%	1.00%

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 213,876	$ 193,113
Accumulated Amortization	(112,353)	(92,658)
Net Amount	$ 101,523	$ 100,455
Internally Developed Software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	3 years	3 years
Gross Amount	$ 81,632	$ 68,033
Accumulated Amortization	(56,218)	(47,475)
Net Amount	$ 25,414	$ 20,558
Non-compete
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	4 years	3 years
Gross Amount	$ 6,194	$ 2,100
Accumulated Amortization	(1,664)	(420)
Net Amount	$ 4,530	$ 1,680
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	9 years	9 years
Gross Amount	$ 72,512	$ 69,442
Accumulated Amortization	(27,259)	(21,091)
Net Amount	$ 45,253	$ 48,351
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	7 years	7 years
Gross Amount	$ 45,791	$ 45,791
Accumulated Amortization	(25,348)	(22,329)
Net Amount	$ 20,443	$ 23,462
Trade Name
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	10 years	10 years
Gross Amount	$ 7,747	$ 7,747
Accumulated Amortization	(1,864)	(1,343)
Net Amount	$ 5,883	$ 6,404

Intangible Assets and Goodwill - Total Amortization Expense Associated with Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Total amortization expense associated with identifiable intangible assets	$ 6,874	$ 6,529	$ 19,695	$ 17,297

Stock-Based Compensation - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jan. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 15, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Change in accounting principle, ASU, adopted [true false]		true		true
Change in accounting principle, ASU, Adoption date		Jan. 01, 2022		Jan. 01, 2022
Accumulated deficit		$ (948,806,000)		$ (948,806,000)		$ (871,922,000)
Common stock reserved for future issuance		38,293,695		38,293,695
Stock based compensation expense		$ 8,514,000	$ 1,157,000	$ 23,222,000	$ 3,109,000
Unamortized stock-based compensation expense		$ 14,265,000		$ 14,265,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		7,969,477		7,969,477
Vesting period				1 year
Unamortized stock-based compensation expense		$ 52,752,000		$ 52,752,000
Weighted average amortization period				2 years 9 months 18 days
Restricted Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				2 years
Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		7,306,429		7,306,429
Weighted average amortization period				2 years 8 months 12 days
Stock Options \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				3 years
Granting period				5 years
Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
Granting period				10 years
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares authorized	1,968,048			4,584,950
Common stock reserved for future issuance							2,703,452
Percentage of common stock outstanding	1.00%
Stock based compensation expense		$ 204,000		$ 545,000
ESPP \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares authorized	2,703,452
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares allocated to be granted or issued		18,432,839		18,432,839
Increase in number of shares authorized	9,840,242
2021 Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				7 years
Stock based compensation expense				$ 0
Expiration period				3 years
2021 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price expressed as percentage of fair value of common stock				85.00%
Minimum participant purchase common stock value				$ 25,000
Cumulative Effect Adjustment
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accumulated deficit	$ 629,000

Revenue from Contracts with Customers - Schedule of Revenues Disaggregated by Type of Services Performed (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenues	$ 82,411	$ 65,176	$ 230,175	$ 179,144
Software
Disaggregation Of Revenue [Line Items]
Total revenues	25,039	22,345	73,152	64,416
Payment
Disaggregation Of Revenue [Line Items]
Total revenues	56,645	42,173	154,694	112,793
Services
Disaggregation Of Revenue [Line Items]
Total revenues	$ 727	$ 658	$ 2,329	$ 1,935

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock-Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock, Beginning balance \| shares	3,476,841
Number of Restricted Stock, Granted \| shares	6,629,280
Number of Restricted Stock, Released \| shares	(1,289,687)
Number of Restricted Stock, Cancelled \| shares	(830,167)
Number of Restricted Stock, Expired \| shares	(16,790)
Number of Restricted Stock Outstanding, Ending balance \| shares	7,969,477
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 13.37
Weighted Average Grant Date Fair Value, Granted \| $ / shares	7.88
Weighted Average Grant Date Fair Value, Released \| $ / shares	11.58
Weighted Average Grant Date Fair Value, Cancelled \| $ / shares	10.68
Weighted Average Grant Date Fair Value, Expired \| $ / shares	8.04
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 9.30
Aggregate Intrinsic Value, Ending balance \| $	$ 67,103

Loss Per Common Share - Summary of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (25,371)	$ (35,527)	$ (76,255)	$ (127,552)
Accretion of convertible preferred stock		(5,012)		(14,417)
Net loss attributable to common stockholders	$ (25,371)	$ (40,539)	$ (76,255)	$ (141,969)
Weighted-average common shares outstanding, basic	198,234,392	57,174,627	197,710,104	54,617,200
Weighted-average common shares outstanding, diluted	198,234,392	57,174,627	197,710,104	54,617,200
Net loss per common share, basic	$ (0.13)	$ (0.71)	$ (0.39)	$ (2.60)
Net loss per common share, diluted	$ (0.13)	$ (0.71)	$ (0.39)	$ (2.60)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3000-108585

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4569616-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Revenue from Contracts with Customers - Information about Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Capitalized Contract Cost [Line Items]
Capitalized sales commissions and implementation costs	$ 3,935	$ 3,625	$ 8,903	$ 10,025
Costs to Obtain Contracts \| Sales and Marketing Expense
Capitalized Contract Cost [Line Items]
Amortization of deferred contract costs	1,490	1,325	4,168	3,788
Costs to Fulfill Contracts \| Cost of Revenues
Capitalized Contract Cost [Line Items]
Amortization of deferred contract costs	$ 1,588	$ 1,404	$ 4,669	$ 4,052

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,514	$ 1,157	$ 23,222	$ 3,109
Cost of Revenues
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	971	90	3,026	230
Sales and Marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,190	214	3,421	572
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,626	174	6,514	460
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,727	$ 679	$ 10,261	$ 1,847

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenues Disaggregated by Type of Services Performed

The table below presents the Company’s revenues disaggregated by type of services performed.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Software revenue	$	25,039	$	22,345	$	73,152	$	64,416
Payment revenue		56,645		42,173		154,694		112,793
Services revenue		727		658		2,329		1,935
Total revenues	$	82,411	$	65,176	$	230,175	$	179,144

Information on Accounts Receivable and Contract Liabilities

The table below presents information on accounts receivable and contract liabilities.


	As of September 30, 2022		As of December 31, 2021
Trade accounts receivable, net	$	12,878	$	9,797
Payment processing receivable, net		26,838		21,168
Accounts receivable, net	$	39,716	$	30,965
Contract liabilities	$	29,368	$	29,880

Significant Changes in Contract Liabilities Balance

Significant changes in the contract liabilities balance are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Revenue recognized included in beginning of period balance	$	(2,745	)	$	(1,203	)	$	(6,220	)	$	(5,331	)
Cash received, excluding amounts recognized as revenue during the period		2,846			14,340			5,708			19,132

Summary of Changes in Allowance for Doubtful Accounts

The tables below present a summary of changes in the Company’s allowance for doubtful accounts for the nine months ended September 30, 2022 and 2021:


	Accounts Receivable		Supplier Advances
	Allowance		Receivable Allowance
Allowance for doubtful accounts, December 31, 2021	$	2,283	$	1,105
Amounts charged to contra revenue, cost of revenues and expenses		380		2,100
Amounts written off as uncollectable		-		(2,586	)
Recoveries of amounts previously written off		-		864
Allowance for doubtful accounts, September 30, 2022	$	2,663	$	1,483


	Accounts Receivable			Supplier Advances
	Allowance			Receivable Allowance
Allowance for doubtful accounts, December 31, 2020	$	1,769		$	1,099
Amounts charged to contra revenue, cost of revenues and expenses		323			750
Amounts written off as uncollectable		(185	)		(1,137	)
Recoveries of amounts previously written off		-			96
Allowance for doubtful accounts, September 30, 2021	$	1,907		$	808

Schedule of Remaining Performance Obligation

Remaining performance obligation consisted of the following:


	Current		Noncurrent		Total
As of September 30, 2022	$	14,919	$	22,680	$	37,599
As of December 31, 2021		13,339		23,475		36,814

Information about Deferred Contract Costs

The following tables present information about deferred contract costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Capitalized sales commissions and implementation costs	$	3,935	$	3,625	$	8,903	$	10,025
Amortization of deferred contract costs
Costs to obtain contracts included in sales and marketing expense		1,490	$	1,325	$	4,168	$	3,788
Costs to fulfill contracts included in cost of revenue		1,588		1,404		4,669		4,052

Leases and Leasing Commitments (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Supplemental Cash Flow Information Related to Operating and Finance Leases

Supplemental cash flow information related to the Company’s operating and finance leases was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$	241	$	283	$	666	$	872
Operating cash flows for finance leases		1,460		1,853		4,323		5,537
Operating cash flows for operating leases		505		387		1,520		1,410
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		190		-		689		174
Operating lease liabilities		-		561		2,831		877

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease expense	2022		2021		2022		2021
Finance lease expense:
Amortization of right-of-use assets	$	615	$	815	$	1,921	$	2,551
Interest on lease liabilities		1,644		2,068		4,896		6,204
Operating lease expense		445		311		1,354		931
Short-term lease expense		168		129		491		168
Variable lease expense		63		189		141		239
Sublease income		-		-		-		(145	)
Total lease expense	$	2,935	$	3,512	$	8,803	$	9,948

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions

14. Related Party Transactions

The Company made payments to entities affiliated with the Company’s CEO for software and consulting services in the amounts of $127 and $152 for the three months ended September 30, 2022 and 2021, respectively, and $520 and $442 for the nine months ended September 30, 2022 and 2021, respectively. Amounts due to these entities were $33 and $0 as of September 30, 2022 and December 31, 2021, respectively. Additionally, the Company made payments to an entity affiliated with one of the members of the Company's board of directors for staffing and non-advisory financial services in the amount of $36 and $146 for the three months ended September 30, 2022 and 2021, respectively, and $128 and $330 for the nine months ended September 30, 2022 and 2021, respectively.

The Company is party to reseller and service agreements with an entity affiliated with another member of the Company's board of directors. Under these agreements, the Company received payments from this entity in the aggregate amount of $3 for the three months ended September 30, 2022 and made no payments. For the nine months ended September 30, 2022, the Company received payments from this entity in the aggregate amount of $7 and made payments to this entity in the aggregate amount of $140.

On February 19, 2021, the Company amended and restated its engagement letter with Financial Technology Partners LP and affiliates (“FT Partners”), an investment banking firm whose controlling stockholder was a member of the Company’s board of directors up until the time of the amendment. The amended and restated engagement letter limits the events for which FT Partners will receive fees in the future, reduces the fees paid to FT Partners for future transactions, and eliminates the exclusivity arrangement with FT Partners. Additionally, the controlling stockholder of FT Partners left the Company’s board upon the effective date of the amended engagement letter. In connection with this amendment, the Company paid FT Partners approximately $50,000, which was recognized in other income (expense) within the unaudited consolidated statements of operations. Concurrently, FT Partners subscribed to purchase 4,080,636 shares of common stock of the Company at its then-current fair value, and the Company and FT Partners agreed that the retention of the payment by the Company satisfied the amounts due under the subscription agreement.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

The Company’s financial instruments consist of cash and cash equivalents, trade receivables, assets of the rabbi trust, accounts payable, deferred compensation liabilities, and debt. The carrying amount of cash, trade receivables, and accounts payable approximate fair value due to the short-term maturity. The estimated fair value of long-term debt is based on borrowing rates currently available to the Company for similar debt issues. The fair value approximates the carrying value of long-term debt.

In accordance with applicable accounting standards, the Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

The following is a brief description of those three levels:


Level 1	Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
Level 2	Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3	Unobservable inputs that reflect the reporting entity’s own assumptions. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

When more than one level of input is used to determine the fair value, the financial instrument is classified as Level 1, 2 or 3 according to the lowest level input that has a significant impact on the fair value measurement. The Company performs a review of the fair value hierarchy classification on an annual basis. Changes in the observability of valuation inputs may result in a reclassification of certain financial assets or financial liabilities within the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgment.

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above categories, as of the periods presented.


	As of September 30, 2022
Description	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds (1)	$	158,575	$	-	$	-	$	158,575
Rabbi trust-owned life insurance policies (at cash surrender value) (2)		-		1,404		-		1,404
Total assets	$	158,575	$	1,404	$	-	$	159,979

Other long-term liabilities
Deferred compensation (2)	$	-	$	1,540	$	-		1,540
Total liabilities	$	-	$	1,540	$	-	$	1,540


	As of December 31, 2021
Description	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds (1)	$	-	$	-	$	-	$	-
Rabbi trust-owned life insurance policies (at cash surrender value) (2)		-		1,343		-		1,343
Total assets	$	-	$	1,343	$	-	$	1,343

Other long-term liabilities
Deferred compensation (2)	$	-	$	1,387	$	-		1,387
Total liabilities	$	-	$	1,387	$	-	$	1,387

________________


(1)	Money market funds are classified as cash equivalents in the Company’s unaudited consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash with remaining maturities of three months or less at the time of purchase, the Company’s cash equivalent money market funds have carrying values that approximate fair value.
(2)	Fair value of insurance policies represent their cash surrender value based on the underlying investments in the account which is determined based on quoted prices for identical or similar financial instruments in active markets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) Customer	Sep. 30, 2021 Customer	Sep. 30, 2022 USD ($) Customer	Sep. 30, 2021 Customer	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)
Schedule Of Accounting Policies [Line Items]
Restructuring costs			$ 1,621
Accrued expenses including restructuring costs expected to be settled in fourth quarter of 2022	$ 1,505		1,505
Additional restructuring costs which are expected in the fourth quarter of 2022	$ 1,000		$ 1,000
Number of service providers accounted for more than 10% of revenue \| Customer	2	1	2	1
Customer funds held in trust accounts	$ 127,252		$ 127,252		$ 123,643
Deferred compensation plan assets	1,404		1,404		1,343
Deferred compensation plan liabilities	1,540		1,540		1,387
Accumulated deficit	$ (948,806)		$ (948,806)		$ (871,922)
Cumulative Effect Adjustment
Schedule Of Accounting Policies [Line Items]
Accumulated deficit						$ 629
Total Revenues \| Customer Concentration Risk \| Two Service Providers
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage	54.00%		53.00%
Total Revenues \| Customer Concentration Risk \| One Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage		51.00%		50.00%
Accounts Receivable \| Customer Concentration Risk \| Two Service Providers
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage			63.00%		66.00%

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Payment Service Obligations

Payment service obligations are comprised of outstanding daily transaction liabilities per state regulatory average daily transaction liability report requirements and other unregulated settlements with payees, which do not constitute a regulatory liability event under reporting requirements.


	As of September 30, 2022		As of December 31, 2021
Outstanding Transaction Liabilities	$	900,595	$	1,210,342
Other unregulated settlements		27,148		32,004
Total payment service obligations	$	927,743	$	1,242,346

Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Common Share Equivalent Securities Excluded from the Calculation Weighted Average Common Shares Outstanding

The following common share equivalent securities have been excluded from the calculation of weighted average common shares outstanding because the effect is anti-dilutive for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
Anti-Dilutive Common Share Equivalents	2022		2021		2022		2021
Convertible redeemable preferred stock		-		111,142,100		-		111,142,100
Convertible common stock		-		2,785,606		-		2,785,606
Stock options		7,306,429		5,310,856		7,306,429		5,310,856
Restricted stock units		7,969,477		2,541,960		7,969,477		2,541,960
Employee stock purchase plan		135,553		-		135,553		-
Warrants		-		704,048		-		704,048
Total anti-dilutive common share equivalents		15,411,459		122,484,570		15,411,459		122,484,570

Summary of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share is calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(25,371	)	$	(35,527	)	$	(76,255	)	$	(127,552	)
Accretion of convertible preferred stock		-			(5,012	)		-			(14,417	)
Net loss attributable to common stockholders	$	(25,371	)	$	(40,539	)	$	(76,255	)	$	(141,969	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		198,234,392			57,174,627			197,710,104			54,617,200
Net loss per common share, basic and diluted	$	(0.13	)	$	(0.71	)	$	(0.39	)	$	(2.60	)

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total principal due	$ 129,890	$ 127,523
Current portion of promissory note	(4,800)	(4,800)
Unamortized portion of debt issuance costs	(1,895)	(2,843)
Long term debt	123,195	119,880
Term Loan Facility
Debt Instrument [Line Items]
Total principal due	95,000	95,000
Delayed Draw Term Loan
Debt Instrument [Line Items]
Total principal due	11,390	9,023
Promissory Note Payable for Land Acquisition
Debt Instrument [Line Items]
Total principal due	$ 23,500	$ 23,500

Leases and Leasing Commitments - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease expense
Amortization of right-of-use assets	$ 615	$ 815	$ 1,921	$ 2,551
Interest on lease liabilities	1,644	2,068	4,896	6,204
Operating lease expense	445	311	1,354	931
Short-term lease expense	168	129	491	168
Variable lease expense	63	189	141	239
Sublease income				(145)
Total lease expense	$ 2,935	$ 3,512	$ 8,803	$ 9,948

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Consolidation and Presentation

The accompanying unaudited consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations, changes in convertible preferred stock and stockholders’ equity (deficit), and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The unaudited consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All significant intercompany accounts and transactions have been eliminated. There are no items of comprehensive income.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2021.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates reflected in these consolidated financial statements include, but are not limited to, the allowance for doubtful accounts, useful lives assigned to fixed and intangible assets, capitalization of internal-use software, deferral of customer origination costs, the fair value of intangible assets acquired in a business combination, the fair value of goodwill, the recoverability of deferred income taxes, the fair value of common stock prior to the IPO, and the fair value of the convertible common stock liability (or the “derivative instrument”). The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.

Restructuring costs

On September 21, 2022, the Company initiated a restructuring plan to generate cost savings and improve effectiveness of the organization which resulted in a reduction in the Company’s U.S. workforce. The Company recorded restructuring costs of $1,621 in the third quarter of 2022 from one-time severance charges. Restructuring costs are included in general and administrative expenses in the unaudited consolidated statements of operations. As of September 30, 2022, accrued expenses included $1,505

of restructuring costs which are expected to be settled in the fourth quarter of 2022. The Company expects to incur an additional amount of approximately $1,000 related to this plan in the fourth quarter of 2022. The plan is expected to be completed in the fourth quarter of 2022.

Concentrations

Significant Services

A substantial portion of the Company’s revenue is derived from interchange fees earned on payment transactions processed as virtual commercial cards (“VCC”). The Company utilizes service providers to process these transactions. For the three and nine months ended September 30, 2022, revenue from two service providers individually represented more than 10% of total revenues. These two providers, in the aggregate, represented 54% and 53% of total revenue for the three and nine months ended September 30, 2022, respectively, and represented 63% and 66% of accounts receivable, net as of September 30, 2022 and December 31, 2021, respectively. For the three and nine months ended September 30, 2021, revenue from one significant service provider represented 51% and 50% of total revenue, respectively.

Future regulation or changes by the card brand payment networks could have a substantial impact on the Company’s revenue from VCC transactions. If interchange rates decline, whether due to actions by the card brand payment networks, merchant/suppliers availing themselves of lower rates, or future regulation, the Company’s total operating revenues, operating results, prospects for future growth and overall business could be materially affected.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase that are not recorded as marketable securities to be cash equivalents. The carrying values of cash and cash equivalents approximate their fair values due to the short-term nature of these instruments. Cash in the Company’s bank accounts may exceed federally insured limits.

Marketable Securities

Marketable securities consist of short-term investments in corporate bonds, commercial paper, and various U.S. government backed securities. To reflect its intention, the Company classifies its marketable securities as held-to-maturity at the time of purchase. As a result, the marketable securities are recorded at amortized cost and any gains or losses realized upon maturity are reported in other income (expense) in the consolidated statements of operations.

Restricted Funds Held for Customers and Payment Service Obligations

Restricted funds held for customers and the corresponding liability of payment service obligations represent funds that are collected from customers for payments to their suppliers. The balance of these obligations may fluctuate from period to period depending on the timing of the period end and the timing of when outstanding payments clear with financial institutions. The Company is registered as a money services business with the Financial Crimes Enforcement Network. Payment service obligations are comprised of outstanding daily transaction liabilities per state regulatory average daily transaction liability report requirements and other unregulated settlements with payees, which do not constitute a regulatory liability event under reporting requirements.


	As of September 30, 2022		As of December 31, 2021
Outstanding Transaction Liabilities	$	900,595	$	1,210,342
Other unregulated settlements		27,148		32,004
Total payment service obligations	$	927,743	$	1,242,346

The Company historically transmitted buyer customer funds using a legacy model pursuant to which buyer customer funds are held in trust accounts that are maintained and operated by a trustee pending distribution to suppliers in accordance with instructions provided through the Company’s platform. The Company is not the trustee or beneficiary of the trusts which hold these buyer deposits; accordingly, the Company does not record these assets and offsetting liabilities on its consolidated balance sheets. The Company has largely phased out this model although certain banks that resell our products and services continue to leverage a similar structure. The Company contractually earns interest on funds held for certain buyers. The amount of Company and bank customer funds held in all trust-related accounts was approximately $127,252 and $123,643 as of September 30, 2022 and December 31, 2021, respectively.

The Company has also obtained a money transmitter license in all states which require licensure. This model enables AvidXchange to provide commercial payment services to businesses through its “for the benefit of customer” bank accounts, also known as FBO, that are restricted for such purposes. The restricted funds held for customers are restricted for the purpose of

satisfying the customer’s supplier obligations and are not available for general business use by the Company. The Company maintains these funds in liquid cash accounts and contractually earns interest on these funds held for customers. These funds are recognized as a restricted cash asset and a corresponding liability is recorded for payments due to their suppliers on the Company’s consolidated balance sheets. Restricted funds held for customers are included in the cash and cash equivalents on the consolidated statements of cash flows. The Company is continuing to work towards fully transitioning to the money transmitter license model.

Stock-Based Compensation

Compensation cost for stock-based awards issued to employees and outside directors, including stock options and restricted stock units (“RSUs”), is measured at fair value on the date of grant.

The fair value of stock options is estimated using a Black-Scholes option-pricing model, while the fair value of RSUs is determined using the fair value of the Company’s underlying common stock. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award. Stock-based compensation expense for RSUs with performance conditions is recognized over the requisite service period on an accelerated-basis as long as the performance condition in the form of a specified liquidity event is probable to occur. In the case of equity issued in lieu of cash bonus, expense is recognized in the period the cash bonus was earned.

As described below in New Accounting Pronouncements - Recently Adopted Accounting Standards, the Company changed its accounting for its estimation of forfeitures of awards on January 1, 2022. Prior to the change, the impact of forfeitures on the recognition of expense was estimated based on historical forfeiture activity. After the date of adoption, the Company recognizes the impact of forfeitures as they occur.

Nonqualified Deferred Compensation Plan

The Company adopted a nonqualified, deferred compensation plan effective October 1, 2015, which is an unfunded plan created for the benefit of a select group of management or highly compensated employees. The purpose of the plan is to attract and retain key employees by providing them with an opportunity to defer receipt of a portion of their compensation. It is exempt from the participation, vesting, funding, and fiduciary requirements set forth in Title I of the Employee Retirement Income Security Act of 1974, as amended. Deferred amounts are not subject to forfeiture and are deemed invested among investment funds offered under the nonqualified deferred compensation plan, as directed by each participant.

The Company has established a ‘rabbi trust’ that serves as an investment to shadow the deferred compensation plan liability. The assets of the rabbi trust primarily consist of trust-owned life insurance policies which are recorded at cash surrender value and are included in other noncurrent assets. The change in cash surrender value of the life insurance policies in the rabbi trust is recorded in other income (expense) on the Company's unaudited consolidated statements of operations. The assets of the rabbi trust are general assets of the Company and as such, would be subject to the claims of creditors in the event of bankruptcy or insolvency. The related deferred compensation liabilities are included in other long-term liabilities.

The Company has recorded these assets and liabilities at their fair value. In association with this plan, $1,404 and $1,343 were included in other noncurrent assets and $1,540 and $1,387 were included in noncurrent liabilities as of September 30, 2022 and December 31, 2021, respectively, on the Company's unaudited consolidated balance sheets.

Contingent Liabilities

Contingent liabilities require significant judgment in estimating potential losses for legal claims. We review significant new claims and litigation for the probability of an adverse outcome. Estimates are recorded as liabilities when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. Disclosure is required when there is a reasonable possibility that the ultimate loss will materially exceed the recorded provision. Contingent liabilities are often resolved over long periods of time. Estimating probable losses requires analysis of multiple forecasts that often depend on judgments about potential actions by third parties such as regulators, and the estimated loss can change materially as individual claims develop.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited interim financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective

dates. The JOBS Act does not preclude an emerging growth company from early adopting new or revised accounting standards. The Company will lose its status as an emerging growth company as of December 31, 2022.

New Accounting Pronouncements

Recently Adopted Accounting Standards

On January 1, 2022, the Company elected to recognize forfeitures as they occur as permitted under the guidance in Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting. Among other things, this ASU permits entities to make an accounting policy election to either estimate forfeitures on share-based payment awards, as previously required, or to recognize forfeitures as they occur. This election resulted in a $629 cumulative effect adjustment to the Company's accumulated deficit as of January 1, 2022.

Accounting Pronouncements Issued but Not Yet Adopted

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial instruments, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, and other instruments that are not measured at fair value through net income (the “CECL framework"). The guidance will replace the Company’s current accounts receivable and supplier advances receivable allowance for doubtful accounts methodology with the CECL framework. ASU 2016-13 was effective for public business entities for fiscal years beginning after December 15, 2019. The Company will lose its status as an emerging growth company as of December 31, 2022. Therefore, the guidance will become effective for the Company in the fourth quarter of 2022. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures however management believes the balances impacted will be its reserves related to trade accounts receivable, supplier advances receivable and marketable securities.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This standard was effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2020. As an emerging growth company, the effective date for the Company is January 1, 2022 for annual reporting periods and January 1, 2023 for interim periods. Early adoption is permitted. Certain amendments of this standard may be adopted on a retrospective basis, modified retrospective basis or prospective basis. The Company is currently evaluating the impact of adopting this guidance; however, the Company does not expect this guidance to materially impact its consolidated financial statements and related disclosures for the annual period ending December 31, 2022.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This standard requires contract assets and contract liabilities from contracts with customers that are acquired in a business combination to be recognized and measured as if the acquirer had originated the original contract. For public business entities, it is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will lose its status as an emerging growth company as of December 31, 2022, and therefore the effective date for the Company is January 1, 2023. Entities should apply the provisions of the new standard prospectively to business combinations occurring on or after the effective date of the standard. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 19, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Amount due to entity		$ 33		$ 33		$ 0
CEO
Related Party Transaction [Line Items]
Payments for software and consulting, staffing and non-advisory financial services		127	$ 152	520	$ 442
Member of Board of Directors
Related Party Transaction [Line Items]
Payments for software and consulting, staffing and non-advisory financial services		36	$ 146	128	$ 330
Member of Board of Directors \| Reseller and Service Agreements
Related Party Transaction [Line Items]
Related party transaction, payments received from related party		3		7
Related party transaction, payments made to related party		$ 0		$ 140
FT Partners
Related Party Transaction [Line Items]
Payment made to related parties	$ 50,000
Subscribed to purchase shares of common stock	4,080,636

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

Letters of Credit

As of September 30, 2022, the Company has an irrevocable standby letter of credit outstanding that acts as collateral with respect to the lease of the Company’s Charlotte corporate headquarters with an availability of approximately $5,953 for which the Company pays a fee of 2% per annum. The letter of credit reduces the borrowing capacity under the 2019 Revolver. It renews annually and expires on December 1, 2023.

Naming Rights

The Company is party to a sponsorship agreement dated July 7, 2018, at its Charlotte corporate headquarters campus which provides full rights to display the Company’s name and logo on signage throughout the venue. The initial term of the agreement is for three years with the ability to extend for five additional 3-year periods. In February 2022, the Company extended the agreement to February 28, 2025. The annual payment for the first year of the renewal period was made in the second quarter of 2022 in the amount of $371 and will increase 2% each year.

Intangible Assets and Goodwill - Additional Information (Details)		9 Months Ended	12 Months Ended
	Jan. 14, 2022 USD ($) AnnualPayment	Sep. 30, 2022 USD ($)	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Changes in goodwill		$ 0
Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of acquired assets		4 years	3 years
PayClearly
Finite-Lived Intangible Assets [Line Items]
Cash consideration paid	$ 7,000,000
Transaction costs incurred	165,000
Business combination, aggregate payments for consideration	$ 400,000
Business combination, number of annual payments \| AnnualPayment	4
Consideration paid for each annual period	$ 100,000
Business combination, consideration paid	7,165,000
PayClearly \| Customer Lists
Finite-Lived Intangible Assets [Line Items]
Business combination, consideration paid	3,071,000
PayClearly \| Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Business combination, consideration paid	$ 4,094,000
PayClearly \| Customer List and Non-compete Agreement
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of acquired assets	5 years

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 411,081	$ 562,817
Restricted funds held for customers	927,743	1,242,346
Marketable securities	97,276
Accounts receivable, net of allowances of $2,663 and $2,283, respectively	39,716	30,965
Supplier advances receivable, net of allowances of $1,483 and $1,105, respectively	13,210	11,520
Prepaid expenses and other current assets	12,573	10,237
Total current assets	1,501,599	1,857,885
Property and equipment, net	104,869	106,227
Operating lease right-of-use assets	5,300	3,278
Deferred customer origination costs, net	28,342	28,276
Goodwill	165,921	165,921
Intangible assets, net	101,523	100,455
Other noncurrent assets and deposits	5,252	4,261
Total assets	1,912,806	2,266,303
Current liabilities
Accounts payable	16,542	17,142
Accrued expenses	66,914	56,082
Payment service obligations	927,743	1,242,346
Deferred revenue	11,212	9,530
Current portion of contingent consideration		688
Current maturities of lease obligations under finance leases	568	670
Current maturities of lease obligations under operating leases	1,334	1,048
Current maturities of long-term debt	4,800	4,800
Total current liabilities	1,029,113	1,332,306
Long-term liabilities
Deferred revenue, less current	18,156	20,350
Contingent consideration, less current portion	70	70
Obligations under finance leases, less current maturities	61,853	61,172
Obligations under operating leases, less current maturities	5,019	3,448
Long term debt	123,195	119,880
Other long-term liabilities	3,059	6,022
Total liabilities	1,240,465	1,543,248
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2022 and December 31, 2021
Common stock, $0.001 par value; 1,600,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 198,488,663 and 196,804,844 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	198	197
Additional paid-in capital	1,620,949	1,594,780
Accumulated deficit	(948,806)	(871,922)
Total stockholders' equity	672,341	723,055
Total liabilities and stockholder's equity	$ 1,912,806	$ 2,266,303

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

8. Intangible Assets and Goodwill

Intangible Assets

The following table presents information about capitalized software development costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
Capitalized software development costs	2022		2021		2022		2021
Capitalized	$	4,264	$	4,504	$	13,599	$	12,582
Amortized		3,251		2,853		8,743		8,116

On January 14, 2022, the Company entered into an asset purchase agreement for a customer list and a non-compete agreement from PayClearly, a U.S.-based company. This acquisition increases the number of the Company's customers in the media payments business. The Company paid cash consideration of $7,000 to purchase the assets and incurred transaction costs of $165 which were recorded as cost of the acquired assets. Consideration includes aggregate payments of $400 to be paid in four annual payments of $100 for the next four years. Total consideration of $7,165 was allocated based on relative fair value of the acquired assets resulting in $3,071 allocated to the customer list and $4,094 allocated to the non-compete agreement. The costs of the acquired assets will be amortized over the useful lives of the customer list and non-compete agreement which were estimated to be five years.


	September 30, 2022
	Weighted Average	Gross		Accumulated
	Useful Life	Amount		Amortization			Net Amount
Internally developed software	3 Years	$	81,632	$	(56,218	)	$	25,414
Non-compete	4 Years		6,194		(1,664	)		4,530
Customer relationships	9 Years		72,512		(27,259	)		45,253
Technology	7 Years		45,791		(25,348	)		20,443
Trade name	10 Years		7,747		(1,864	)		5,883
Total intangible assets		$	213,876	$	(112,353	)	$	101,523


	December 31, 2021
	Weighted Average	Gross		Accumulated
	Useful Life	Amount		Amortization			Net Amount
Internally developed software	3 Years	$	68,033	$	(47,475	)	$	20,558
Non-compete	3 Years		2,100		(420	)		1,680
Customer relationships	9 Years		69,442		(21,091	)		48,351
Technology	7 Years		45,791		(22,329	)		23,462
Trade name	10 Years		7,747		(1,343	)		6,404
Total intangible assets		$	193,113	$	(92,658	)	$	100,455

Total amortization expense associated with identifiable intangible assets was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total amortization expense associated with identifiable intangible assets	$	6,874	$	6,529	$	19,695	$	17,297

Goodwill

There were no changes in goodwill during the nine months ended September 30, 2022.

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details)	Sep. 30, 2022 shares
Class of Stock [Line Items]
Common shares reserved for future issuance	38,293,695
Outstanding Stock Options
Class of Stock [Line Items]
Common shares reserved for future issuance	7,306,429
Restricted Stock Units
Class of Stock [Line Items]
Common shares reserved for future issuance	7,969,477
Available for Future Issuance under Stock Award Plans
Class of Stock [Line Items]
Common shares reserved for future issuance	18,432,839
Available for Future Issuance under Employee Stock Purchase Plan
Class of Stock [Line Items]
Common shares reserved for future issuance	4,584,950

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

Charitable Contribution

On October 28, 2022, the Company’ board of directors approved the issuance of 165,729 shares of common stock in connection with its pledge agreement executed in 2021. The Company intends to provide annual ongoing grants of 10% of the aggregate 1,657,296 pledged shares reserved for this purpose for a period of ten years, subject in each case to the approval of the

Company's board of directors. The issuance of these shares of common stock will result in the recognition of expense that will be recorded in general and administrative expense in the fourth quarter of 2022 in an amount equal to the fair value of the shares of common stock on the date the shares are transferred.

Share Issuance

On October 31, 2022, the Company issued 136,459 shares of common stock under its employee stock purchase plan at a purchase price of $7.09 per share representing a 15% discount on the closing price of $8.34 on May 2, 2022 for an aggregate of $967. The purchase price is based on the lower of the fair market value of the Company’s common stock at the grant date or purchase date.

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Oct. 31, 2022	Oct. 28, 2022	May 02, 2022	Jun. 30, 2022	Sep. 30, 2022	Oct. 15, 2021
Subsequent Event [Line Items]
Common stock reserved for future issuance					38,293,695
Issuance of common stock under ESPP				$ 602
Employee Stock Purchase Plan
Subsequent Event [Line Items]
Common stock reserved for future issuance						2,703,452
Common Stock
Subsequent Event [Line Items]
Issuance of common stock under ESPP, Shares				86,550
Common Stock \| Employee Stock Purchase Plan
Subsequent Event [Line Items]
Issuance of common stock under ESPP			$ 967
Stock price per share			$ 8.34
Percentage discount on closing purchase price per share			15.00%
Subsequent Events \| Common Stock \| Employee Stock Purchase Plan
Subsequent Event [Line Items]
Issuance of common stock under ESPP, Shares	136,459
Stock price per share	$ 7.09
Subsequent Events \| Philanthropic Partner \| Donor Advised Fund
Subsequent Event [Line Items]
Shares issuances of common stock		165,729
Percentage of annual ongoing grants of pledged shares		10.00%
Common stock reserved for future issuance		1,657,296
Vesting period		10 years

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2022	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) RenewalPeriod
Other Commitments [Line Items]
Term of agreement			3 years
Agreement renewal period			3 years
Number of additional agreement renewal period \| RenewalPeriod			5
Annual payment of sponsorship for the first year of renewal period		$ 371
Agreement extension date	Feb. 28, 2025
Annual payment for sponsorship, increase in percentage			2.00%
Letter of Credit
Other Commitments [Line Items]
Debt instrument collateral amount			$ 5,953
Debt Instrument, collateral fee			2.00%
Expiration date			Dec. 01, 2023

Stockholders' Equity - Additional Information (Details)	9 Months Ended
Stockholders' Equity - Additional Information (Details)	Sep. 30, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Class Of Stock [Line Items]
Number of votes per share \| Vote	1
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock par value \| $ / shares	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, par value \| $ / shares	$ 0.001	$ 0.001
Common stock reserved for future issuance	38,293,695
Stock Options
Class Of Stock [Line Items]
Common stock reserved for future issuance	7,306,429
Common Stock \| Stock Options
Class Of Stock [Line Items]
Shares issuances of common stock	20,564
Stock price per share \| $ / shares	$ 16.74

Leases and Leasing Commitments - Schedule of Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$ 241	$ 283	$ 666	$ 872
Operating cash flows for finance leases	1,460	1,853	4,323	5,537
Operating cash flows for operating leases	505	387	1,520	1,410
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities	$ 190		689	174
Operating lease liabilities		$ 561	$ 2,831	$ 877

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Information about Marketable Securities

The following presents information about the Company’s marketable securities:


	As of September 30, 2022
Sector	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Financial	$	97,276	$	-	$	(150	)	$	97,126
Government		-		-		-			-
Industrial		-		-		-			-
Total	$	97,276	$	-	$	(150	)	$	97,126

Schedule of Investments in Unrealized Loss Position and for which an Other-than-Temporary Impairment has not been Recognized in Earnings

The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings:


	As of September 30, 2022			As of December 31, 2021
Aggregate fair value of investments with unrealized losses (1)	$	97,126		$	-
Aggregate amount of unrealized losses		(150	)		-


(1)	Investments have been in a continuous loss position for less than 12 months

Revenue from Contracts with Customers - Information on Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net	$ 12,878	$ 9,797
Payment processing receivable, net	26,838	21,168
Accounts receivable, net	39,716	30,965
Contract liabilities	$ 29,368	$ 29,880

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	AvidXchange Holdings, Inc.
Entity Central Index Key	0001858257
Entity File Number	001-40898
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3391192
Entity Address, Address Line One	1210 AvidXchange Lane
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28206
City Area Code	800
Local Phone Number	560-9305
Security 12b Title	Common Stock, $0.001 par value per share
Trading Symbol	AVDX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		198,704,953

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 82,411	$ 65,176	$ 230,175	$ 179,144
Cost of revenues (exclusive of depreciation and amortization expense)	29,890	25,792	86,676	71,343
Operating expenses
Sales and marketing	20,241	16,118	57,928	44,176
Research and development	21,997	15,672	62,176	43,225
General and administrative	24,042	15,564	62,704	45,498
Impairment and write-off of intangible assets				574
Depreciation and amortization	8,365	8,164	24,384	22,334
Total operating expenses	74,645	55,518	207,192	155,807
Loss from operations	(22,124)	(16,134)	(63,693)	(48,006)
Other income (expense)
Interest income	2,031	35	2,906	332
Interest expense	(5,209)	(4,874)	(15,261)	(14,985)
Change in fair value of derivative instrument		(14,552)		(14,690)
Charge for amending financing advisory engagement letter - related party				(50,000)
Other expenses	(3,178)	(19,391)	(12,355)	(79,343)
Loss before income taxes	(25,302)	(35,525)	(76,048)	(127,349)
Income tax expense	69	2	207	203
Net loss	(25,371)	(35,527)	(76,255)	(127,552)
Accretion of convertible preferred stock		(5,012)		(14,417)
Net loss attributable to common stockholders	$ (25,371)	$ (40,539)	$ (76,255)	$ (141,969)
Net loss per share attributable to common stockholders, basic	$ (0.13)	$ (0.71)	$ (0.39)	$ (2.60)
Net loss per share attributable to common stockholders, diluted	$ (0.13)	$ (0.71)	$ (0.39)	$ (2.60)
Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic	198,234,392	57,174,627	197,710,104	54,617,200
Weighted average number of common shares used to compute net loss per share attributable to common stockholders, diluted	198,234,392	57,174,627	197,710,104	54,617,200

Revenue from Contracts with Customers - Significant Changes in Contract Liabilities Balance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized included in beginning of period balance	$ (2,745)	$ (1,203)	$ (6,220)	$ (5,331)
Cash received, excluding amounts recognized as revenue during the period	$ 2,846	$ 14,340	$ 5,708	$ 19,132

Business Combinations

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Business Combinations

4. Business Combinations

On July 8, 2021, the Company entered into a stock purchase agreement for all of the equity interests of FastPay, a leading provider of payments automation solutions for the media industry. During the nine months ended September 30, 2022, the amount of revenue and expense attributable to FastPay's operations were $8,148 and $5,989, respectively, representing six months of activity that did not include FastPay's results in both comparable periods. Supplemental pro forma revenue and earnings information have not been presented for the nine months ended September 30, 2022 because the effect of this acquisition was not material to the Company's overall operations.

During the nine months ended September 30, 2022, the Company settled a liability for contingent consideration for 2021 performance in the amount of $688 with a cash payment of $344 and the issuance of 20,564 shares of common stock.

During the nine months ended September 30, 2022, the Company did not make any adjustments to the purchase price allocation for FastPay.

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Disaggregation of Revenue

The table below presents the Company’s revenues disaggregated by type of services performed.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Software revenue	$	25,039	$	22,345	$	73,152	$	64,416
Payment revenue		56,645		42,173		154,694		112,793
Services revenue		727		658		2,329		1,935
Total revenues	$	82,411	$	65,176	$	230,175	$	179,144

Contract Assets and Liabilities

The Company’s rights to payments are not conditional on any factors other than the passage of time, and as such, the Company does not have any contract assets. Contract liabilities consist primarily of advance cash receipts for services (deferred revenue) and are recognized as revenue when the services are provided.

The table below presents information on accounts receivable and contract liabilities.


	As of September 30, 2022		As of December 31, 2021
Trade accounts receivable, net	$	12,878	$	9,797
Payment processing receivable, net		26,838		21,168
Accounts receivable, net	$	39,716	$	30,965
Contract liabilities	$	29,368	$	29,880

Significant changes in the contract liabilities balance are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Revenue recognized included in beginning of period balance	$	(2,745	)	$	(1,203	)	$	(6,220	)	$	(5,331	)
Cash received, excluding amounts recognized as revenue during the period		2,846			14,340			5,708			19,132

The tables below present a summary of changes in the Company’s allowance for doubtful accounts for the nine months ended September 30, 2022 and 2021:


	Accounts Receivable		Supplier Advances
	Allowance		Receivable Allowance
Allowance for doubtful accounts, December 31, 2021	$	2,283	$	1,105
Amounts charged to contra revenue, cost of revenues and expenses		380		2,100
Amounts written off as uncollectable		-		(2,586	)
Recoveries of amounts previously written off		-		864
Allowance for doubtful accounts, September 30, 2022	$	2,663	$	1,483


	Accounts Receivable			Supplier Advances
	Allowance			Receivable Allowance
Allowance for doubtful accounts, December 31, 2020	$	1,769		$	1,099
Amounts charged to contra revenue, cost of revenues and expenses		323			750
Amounts written off as uncollectable		(185	)		(1,137	)
Recoveries of amounts previously written off		-			96
Allowance for doubtful accounts, September 30, 2021	$	1,907		$	808

Transaction Price Allocated to Remaining Performance Obligations

Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized. These revenues are subject to future economic risks including customer cancellations, bankruptcies, regulatory changes and other market factors.

The Company applies the practical expedient in ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), paragraph 606-10-50-14(b) and does not disclose information about remaining performance obligations related to transaction and processing services that qualify for recognition in accordance with paragraph 606-10-55-18 of Topic 606. These contracts contain variable consideration for stand-ready performance obligations for which the exact quantity and mix of transactions to be processed are contingent upon buyer or supplier request. These contracts also contain fixed fees and non-refundable upfront fees; however, these amounts are not considered material to total consolidated revenue.

The Company’s remaining performance obligation consists of contracts with financial institutions who are using the ASCEND solution. These contracts generally have a duration of five years and contain fixed maintenance fees that are considered fixed price guarantees. Remaining performance obligation consisted of the following:


	Current		Noncurrent		Total
As of September 30, 2022	$	14,919	$	22,680	$	37,599
As of December 31, 2021		13,339		23,475		36,814

Contract Costs

The Company incurs incremental costs to obtain a contract, as well as costs to fulfill a contract with buyer customers that are expected to be recovered. These costs consist primarily of sales commissions incurred if a contract is obtained, and customer implementation related costs.

The Company utilizes a portfolio approach when estimating the amortization of contract acquisition and fulfillment costs. These costs are amortized on a straight-line basis over the expected benefit period of generally five years, which was determined by taking into consideration customer attrition rates, estimated terms of customer relationships, useful lives of technology, industry peers, and other factors. The amortization of contract fulfillment costs associated with implementation activities are recorded as cost of revenues in the Company's consolidated statements of operations. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization is recorded as sales and marketing expense, both in the Company’s consolidated statements of operations. Costs to obtain or fulfill a contract are classified as deferred customer origination costs in the Company’s consolidated balance sheets.

The following tables present information about deferred contract costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Capitalized sales commissions and implementation costs	$	3,935	$	3,625	$	8,903	$	10,025
Amortization of deferred contract costs
Costs to obtain contracts included in sales and marketing expense		1,490	$	1,325	$	4,168	$	3,788
Costs to fulfill contracts included in cost of revenue		1,588		1,404		4,669		4,052

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Marketable Securities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022
Minimum
Schedule of Held-to-maturity Securities [Line Items]
Marketable securities, contractual maturity period	1 month
Maximum
Schedule of Held-to-maturity Securities [Line Items]
Marketable securities, contractual maturity period	4 months

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

Upon the adoption of ASU 2016-09 on January 1, 2022, the Company elected to recognize forfeitures as they occur. Previously, the Company estimated forfeitures based on historical experience. The change in accounting policy resulted in the recognition of a cumulative effect adjustment to the Company's accumulated deficit as of January 1, 2022 in the amount of $629.

Stock Plans

The Company maintains its 2021 Long-Term Incentive Plan ("2021 Plan") under which it grants stock awards to its employees, directors and non-employee third parties. On January 1, 2022, the number of shares of common stock available to issue under the 2021 Plan automatically increased by 9,840,242 shares. As of September 30, 2022, the Company had 18,432,839 shares allocated to the 2021 Plan, but not yet issued or granted as an award.

The Company also maintains its 2021 Employee Stock Purchase Plan ("ESPP"), under which eligible employees may purchase the Company’s common stock through accumulated payroll deductions. Options to purchase shares are granted twice a year on or about November 1 and May 1 and are exercisable on or about the succeeding April 30 and October 31, respectively, of each year. Shares are purchased at prices equal to 85% of the fair market value of the Company’s common stock at the lower of the grant date or purchase date. No participant may purchase more than $25 worth of the Company’s common stock in a year. The ESPP's initial purchase period began in January 2022.

Initially, the number of shares of common stock reserved for issuance pursuant to the ESPP was 2,703,452 when it became effective upon the consummation of the Company’s initial public offering. The number of shares of the Company's common stock reserved for issuance under the ESPP automatically increases on January 1 of each year for a period of up to ten years, beginning on January 1, 2022 and continuing through January 1, 2031, by the lesser of (i) 1% of the total number of shares of our common stock outstanding on December 31 of the immediately preceding year or (ii) 2,703,452 shares, provided that before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). Shares issuable pursuant to the ESPP may be authorized, but unissued, or reacquired shares of our common stock. On January 1, 2022, the number of shares of common stock reserved for issuance under the ESPP increased by 1,968,048. As of September 30, 2022, the number of shares of common stock reserved for issuance under the ESPP was 4,584,950.

Stock Options

Stock options granted under the Company's current and prior equity incentive plans have various vesting periods ranging from fully-vested on the date of grant to vesting over a period of three or four years. The term for each incentive stock option under these plans is ten years from the grant date, or five years for a grant to a ten percent owner optionee, in each case assuming continued employment. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model.

Stock option activity for the nine months ended September 30, 2022 was as follows:


	Stock Options
	Number of Stock Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Balance as of December 31, 2021		5,301,146		$	8.25		7.71	$	36,853
Granted		2,526,126			8.04
Exercised		(300,110	)		2.76
Cancelled		(199,281	)		9.99
Expired		(21,452	)		2.14
Balance as of September 30, 2022		7,306,429		$	8.38		7.74	$	10,753
Vested and exercisable		3,068,505		$	6.99		6.34	$	8,962
Vested and expected to vest		7,303,529		$	8.38		7.74	$	10,753

As of September 30, 2022, the total unamortized stock-based compensation expense related to the unvested stock options was $14,265, which the Company expects to amortize over a weighted average period of 2.7 years.

Restricted Stock Units

RSUs have a vesting period generally of one, two and four years. Any unvested RSUs are forfeited upon termination of employment. The grant date value of RSUs is equal to the closing price of the Company’s stock on the date of grant, or, if not a trading day, the closing price of the previous trading day.

RSUs granted prior to the Company's IPO have a term of seven years, or three years for time vested RSUs after termination of employment and are also subject to a performance condition upon a predefined liquidity event such as an IPO or a change in control. Because the probability of performance condition occurring could not be estimated, no compensation expense was recognized related to the RSUs prior to the Company's IPO on October 15, 2021. Prior to the IPO, RSUs were valued at the estimated value of a share of common stock at the date of grant.

RSU activity for the nine months ended September 30, 2022 was as follows:


	Restricted Stock Units
	Number of Restricted Stock Units Outstanding			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2021		3,476,841		$	13.37
Granted		6,629,280			7.88
Released		(1,289,687	)		11.58
Cancelled		(830,167	)		10.68
Expired		(16,790	)		8.04
Balance as of September 30, 2022		7,969,477		$	9.30	$	67,103

As of September 30, 2022, the total unamortized stock-based compensation expense related to the unvested RSUs was $52,752, which the Company will amortize over a weighted average period of 2.8 years upon satisfaction of the performance condition.

Stock-Based Compensation Expense

Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenues	$	971	$	90	$	3,026	$	230
Sales and marketing		1,190		214		3,421		572
Research and development		2,626		174		6,514		460
General and administrative		3,727		679		10,261		1,847
Total	$	8,514	$	1,157	$	23,222	$	3,109

Employee Stock Purchase Plan

Stock-based compensation expense from the ESPP was $204 and $545 during the three and nine months ended September 30, 2022, respectively. ESPP expense is based on the estimated fair value of the option to purchase shares at a discount and uses grant date inputs including the purchase discount, expected contributions and stock price.

Revenue from Contracts with Customers - Schedule of Remaining Performance Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Current	$ 14,919	$ 13,339
Noncurrent	22,680	23,475
Total	$ 37,599	$ 36,814

Marketable Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

7. Marketable Securities

Marketable securities consist of corporate bonds, commercial paper, and U.S. Treasury and agency bonds, and are classified as held-to-maturity. Investments held in marketable securities had contractual maturities of between one and four months as of September 30, 2022. The following presents information about the Company’s marketable securities:


	As of September 30, 2022
Sector	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Financial	$	97,276	$	-	$	(150	)	$	97,126
Government		-		-		-			-
Industrial		-		-		-			-
Total	$	97,276	$	-	$	(150	)	$	97,126

The fair value of marketable securities in the Government major security type is classified as a Level 1 in the Company’s fair value hierarchy described in Note 6. The fair values of the remaining major security types are classified as Level 2.


	As of September 30, 2022			As of December 31, 2021
Aggregate fair value of investments with unrealized losses (1)	$	97,126		$	-
Aggregate amount of unrealized losses		(150	)		-


(1)	Investments have been in a continuous loss position for less than 12 months

The Company's held-to-maturity investments are debt instruments with fixed interest rates. Interest rates have increased in the period subsequent to the purchase of the investments. In general, increasing interest rates decrease the value of fixed rate debt instruments. Management believes the unrealized losses on the Company's held-to-maturity portfolio is primarily driven by increases in interest rates. Management considered the short time to maturity of the investments, quality of the investments, and its intent and ability to hold the investments to maturity and determined the loss to be temporary.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Consolidation and Presentation

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2021.

Use of Estimates

Restructuring costs

Concentrations

Significant Services

Cash and Cash Equivalents

Marketable Securities

Restricted Funds Held for Customers and Payment Service Obligations


	As of September 30, 2022		As of December 31, 2021
Outstanding Transaction Liabilities	$	900,595	$	1,210,342
Other unregulated settlements		27,148		32,004
Total payment service obligations	$	927,743	$	1,242,346

Stock-Based Compensation

Compensation cost for stock-based awards issued to employees and outside directors, including stock options and restricted stock units (“RSUs”), is measured at fair value on the date of grant.

Nonqualified Deferred Compensation Plan

Contingent Liabilities

Emerging Growth Company Status

New Accounting Pronouncements

Recently Adopted Accounting Standards

Accounting Pronouncements Issued but Not Yet Adopted

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (76,255)	$ (127,552)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization expense	24,384	22,334
Amortization of deferred financing costs	1,018	1,018
Provision for doubtful accounts	3,751	1,075
Stock-based compensation	23,767	3,109
Fair value adjustment of contingent consideration		140
Accrued interest	1,765	811
Loss on fixed asset disposal	36	3
Noncash expense on contract modification - related party		50,000
Impairment and write-off on intangible and right-of-use-assets		574
Amortization of investments held to maturity	(1,123)
Fair value adjustment to derivative instrument		14,690
Deferred income taxes	162	162
Changes in operating assets and liabilities
Accounts receivable	(9,493)	(3,730)
Prepaid expenses and other current assets	(2,337)	(4,254)
Other noncurrent assets	(1,061)	(2,593)
Deferred customer origination costs	(66)	(2,185)
Accounts payable	167	(11,640)
Deferred revenue	(511)	13,801
Accrued expenses and other liabilities	6,097	3,401
Operating lease liabilities	(165)	(479)
Total adjustments	46,391	86,237
Net cash used in operating activities	(29,864)	(41,315)
Cash flows from investing activities
Purchase of short-term investments held to maturity	(310,025)
Proceeds from maturity of short-term investments held to maturity	213,872
Purchases of equipment	(2,677)	(939)
Purchases of real estate	(767)
Purchases of intangible assets	(20,363)	(12,582)
Proceeds from sales of property and equipment		5
Acquisition of business, net of cash acquired		(45,963)
Contingent consideration and deferred obligation payments near acquisition date		(1,292)
Supplier advances, net	(4,699)	(3,467)
Net cash used in investing activities	(124,659)	(64,238)
Cash flows from financing activities
Proceeds from the issuance of long-term debt	2,367	2,288
Principal payments on finance leases	(666)	(872)
Proceeds from issuance of common stock	828	2,623
Proceeds from issuance of common stock under Employee Stock Purchase Plan	602
Payment of contingent consideration at acquisition date fair value	(344)
Payment service obligations	(314,603)	733,153
Net cash (used in) provided by financing activities	(311,816)	737,192
Net (decrease) increase in cash, cash equivalents, and restricted funds held for customers	(466,339)	631,639
Cash, cash equivalents, and restricted funds held for customers
Cash, cash equivalents, and restricted funds held for customers, beginning of year	1,805,163	390,078
Cash, cash equivalents, and restricted funds held for customers, end of period	1,338,824	1,021,717
Supplementary information of noncash investing and financing activities
Right-of-use assets obtained in exchange for new finance lease obligations	689	174
Right-of-use assets obtained in exchange for new operating lease obligations	2,831	877
Common stock issued in business combination		31,000
Common stock issued as contingent consideration	344	500
Initial fair value of contingent consideration and deferred payment obligation at acquisition date		2,672
Property and equipment purchases in accounts payable and accrued expenses	1	93
Interest paid on notes payable	8,134	7,619
Interest paid on finance leases	$ 4,323	5,537
Options issued in connection with bonus compensation		$ 48

Loss Per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Loss Per Common Share

5. Loss Per Common Share

Diluted loss per common share is the same as basic loss per common share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss.

The following common share equivalent securities have been excluded from the calculation of weighted average common shares outstanding because the effect is anti-dilutive for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
Anti-Dilutive Common Share Equivalents	2022		2021		2022		2021
Convertible redeemable preferred stock		-		111,142,100		-		111,142,100
Convertible common stock		-		2,785,606		-		2,785,606
Stock options		7,306,429		5,310,856		7,306,429		5,310,856
Restricted stock units		7,969,477		2,541,960		7,969,477		2,541,960
Employee stock purchase plan		135,553		-		135,553		-
Warrants		-		704,048		-		704,048
Total anti-dilutive common share equivalents		15,411,459		122,484,570		15,411,459		122,484,570

Basic and diluted net loss per common share is calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(25,371	)	$	(35,527	)	$	(76,255	)	$	(127,552	)
Accretion of convertible preferred stock		-			(5,012	)		-			(14,417	)
Net loss attributable to common stockholders	$	(25,371	)	$	(40,539	)	$	(76,255	)	$	(141,969	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		198,234,392			57,174,627			197,710,104			54,617,200
Net loss per common share, basic and diluted	$	(0.13	)	$	(0.71	)	$	(0.39	)	$	(2.60	)

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

The holders of common stock are entitled to one vote for each share.

Authorized Shares

The Company is authorized to issue 1,600,000,000 shares of common stock, $0.001 par value per share, and 50,000,000 shares of preferred stock, $0.001 par value per share.

Common Stock

At September 30, 2022, the Company had reserved a total of 38,293,695 of its 1,600,000,000 shares of common stock for future issuance as follows:


	As of September 30, 2022
Outstanding stock options		7,306,429
Restricted stock units		7,969,477
Available for future issuance under stock award plans		18,432,839
Available for future issuance under employee stock purchase plan		4,584,950
Total common shares reserved for future issuance		38,293,695

Share Issuances

In addition to common stock issued under the Company's stock plans during the nine months ended September 30, 2022, the Company issued 20,564 shares of common stock with a stock price per share of $16.74 for the settlement of contingent consideration related to the FastPay acquisition.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options Outstanding, Beginning balance \| shares	5,301,146
Number of Stock Options, Granted \| shares	2,526,126
Number of Stock Options, Exercised \| shares	(300,110)
Number of Stock Options, Cancelled \| shares	(199,281)
Number of Stock Options, Expired \| shares	(21,452)
Number of Stock Options Outstanding, Ending balance \| shares	7,306,429	5,301,146
Number of Stock Options, Vested and exercisable \| shares	3,068,505
Number of Stock Options, Vested and expected to vest \| shares	7,303,529
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 8.25
Weighted Average Exercise Price, Granted \| $ / shares	8.04
Weighted Average Exercise Price, Exercised \| $ / shares	2.76
Weighted Average Exercise Price, Cancelled \| $ / shares	9.99
Weighted Average Exercise Price, Expired \| $ / shares	2.14
Weighted Average Exercise Price, Ending balance \| $ / shares	8.38	$ 8.25
Weighted Average Exercise Price, Vested and exercisable \| $ / shares	6.99
Weighted Average Exercise Price, Vested and expected to vest \| $ / shares	$ 8.38
Weighted Average Remaining Contractual Life	7 years 8 months 26 days	7 years 8 months 15 days
Weighted Average Remaining Contractual Life, Vested and exercisable	6 years 4 months 2 days
Weighted Average Remaining Contractual Life, Vested and expected to vest	7 years 8 months 26 days
Aggregate Intrinsic Value \| $	$ 10,753	$ 36,853
Aggregate Intrinsic Value, Vested and exercisable \| $	8,962
Aggregate Intrinsic Value, Vested and expected to vest \| $	$ 10,753

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Reserved for Future Issuance

At September 30, 2022, the Company had reserved a total of 38,293,695 of its 1,600,000,000 shares of common stock for future issuance as follows:


	As of September 30, 2022
Outstanding stock options		7,306,429
Restricted stock units		7,969,477
Available for future issuance under stock award plans		18,432,839
Available for future issuance under employee stock purchase plan		4,584,950
Total common shares reserved for future issuance		38,293,695

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect Adjustment
Convertible Preferred Stock Beginning Balance, Shares at Dec. 31, 2020		30,081,996
Convertible Preferred Stock Beginning Balance at Dec. 31, 2020		$ 832,625
Beginning Balance, Shares at Dec. 31, 2020			50,054,880
Beginning Balance at Dec. 31, 2020	$ (511,107)		$ 50	$ 161,116		$ (672,273)
Issuance of common stock in connection with amended agreement - related party, Shares			4,080,636
Issuance of common stock in connection with amended agreement - related party	50,000		$ 4	49,996
Exercise of stock options and warrants, Shares			181,332
Exercise of stock options and warrants	540			540
Stock-based compensation expense	847			847
Accretion of convertible preferred stock		$ 4,602
Accretion of convertible preferred stock	(4,602)			(4,602)
Net loss	(70,026)					(70,026)
Convertible Preferred Stock Ending Balance, Shares at Mar. 31, 2021		30,081,996
Convertible Preferred Stock, Ending Balance at Mar. 31, 2021		$ 837,227
Ending Balance, Shares at Mar. 31, 2021			54,316,848
Ending Balance at Mar. 31, 2021	(534,348)		$ 54	207,897		(742,299)
Exercise of stock options and warrants, Shares			286,964
Exercise of stock options and warrants	623			623
Stock-based compensation expense	1,105			1,105
Options issued in connection with bonus program	48			48
Accretion of convertible preferred stock		$ 4,802
Accretion of convertible preferred stock	(4,802)			(4,802)
Net loss	(21,999)					(21,999)
Convertible Preferred Stock Ending Balance, Shares at Jun. 30, 2021		30,081,996
Convertible Preferred Stock, Ending Balance at Jun. 30, 2021		$ 842,029
Ending Balance, Shares at Jun. 30, 2021			54,603,812
Ending Balance at Jun. 30, 2021	(559,373)		$ 54	204,871		(764,298)
Exercise of stock options and warrants, Shares			425,928
Exercise of stock options and warrants	1,460		$ 1	1,459
Common shares issued for acquisition, Shares			2,529,944
Common shares issued for acquisition	31,000		$ 3	30,997
Common stock issued as contingent consideration, Shares			40,804
Common stock issued as contingent consideration	500			500
Fair value of call option at acquisition	(4,118)			(4,118)
Stock-based compensation expense	1,157			1,157
Accretion of convertible preferred stock		$ 5,013
Accretion of convertible preferred stock	(5,013)			(5,013)
Net loss	(35,527)					(35,527)
Convertible Preferred Stock Ending Balance, Shares at Sep. 30, 2021		30,081,996
Convertible Preferred Stock, Ending Balance at Sep. 30, 2021		$ 847,042
Ending Balance, Shares at Sep. 30, 2021			57,600,488
Ending Balance at Sep. 30, 2021	$ (569,914)		$ 58	229,853		(799,825)
Beginning Balance, Shares at Dec. 31, 2021	196,804,844		196,804,844
Beginning Balance at Dec. 31, 2021	$ 723,055		$ 197	1,594,780	$ 629	(871,922)	$ (629)
Exercise of stock options, Shares			63,118
Exercise of stock options	173			173
Issuance of common stock upon vesting of restricted stock units, shares			758,701
Issuance of common stock upon vesting of restricted stock units			$ 1	(1)
Stock-based compensation expense	6,595			6,595
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	196			196
Net loss	(25,147)					(25,147)
Ending Balance, Shares at Mar. 31, 2022			197,626,663
Ending Balance at Mar. 31, 2022	$ 704,872		$ 198	1,602,372		(897,698)
Beginning Balance, Shares at Dec. 31, 2021	196,804,844		196,804,844
Beginning Balance at Dec. 31, 2021	$ 723,055		$ 197	1,594,780	$ 629	(871,922)	$ (629)
Exercise of stock options, Shares	300,110
Issuance of common stock for settlement of contingent consideration, Shares	20,564
Ending Balance, Shares at Sep. 30, 2022	198,488,663		198,488,663
Ending Balance at Sep. 30, 2022	$ 672,341		$ 198	1,620,949		(948,806)
Beginning Balance, Shares at Mar. 31, 2022			197,626,663
Beginning Balance at Mar. 31, 2022	704,872		$ 198	1,602,372		(897,698)
Exercise of stock options, Shares			89,204
Exercise of stock options	252			252
Issuance of common stock upon vesting of restricted stock units, net of shares surrendered for taxes, shares			254,908
Issuance of common stock for settlement of contingent consideration, Shares			20,564
Issuance of common stock for settlement of contingent consideration	344			344
Issuance of common stock under ESPP, Shares			86,550
Issuance of common stock under ESPP	602			602
Stock-based compensation expense	8,113			8,113
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	145			145
Net loss	(25,737)					(25,737)
Ending Balance, Shares at Jun. 30, 2022			198,077,889
Ending Balance at Jun. 30, 2022	688,591		$ 198	1,611,828		(923,435)
Exercise of stock options, Shares			147,788
Exercise of stock options	403			403
Issuance of common stock upon vesting of restricted stock units, shares			262,986
Stock-based compensation expense	8,514			8,514
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	204			204
Net loss	$ (25,371)					(25,371)
Ending Balance, Shares at Sep. 30, 2022	198,488,663		198,488,663
Ending Balance at Sep. 30, 2022	$ 672,341		$ 198	$ 1,620,949		$ (948,806)

Summary of Significant Accounting Policies - Summary of Payment Service Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Outstanding Transaction Liabilities	$ 900,595	$ 1,210,342
Other unregulated settlements	27,148	32,004
Total payment service obligations	$ 927,743	$ 1,242,346