QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
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(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ |
Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ |
Smaller reporting company | ||||
Emerging growth company |
Page |
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PART I. |
3 |
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Item 1. |
3 |
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3 |
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4 |
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5 |
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8 |
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10 |
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Item 2. |
28 |
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Item 3. |
45 |
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Item 4. |
45 |
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PART II. |
46 |
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Item 1. |
46 |
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Item 1A. |
46 |
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Item 2. |
83 |
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Item 3. |
83 |
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Item 4. |
83 |
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Item 5. |
83 |
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Item 6. |
84 |
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85 |
• | our future financial performance, including our expectations regarding our revenue, cost and operating expenses, including changes in technology and development, selling and marketing and general and administrative expenses (including any components of the foregoing), gross profit and our ability to achieve, and maintain, future profitability; |
• | our business plan and our ability to effectively manage our growth; |
• | our cross-border expansion plans and ability to expand internationally; |
• | anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; |
• | the sufficiency of our cash and cash equivalents to meet our liquidity needs; |
• | political, economic, legal, social and health risks, including the recent COVID-19 pandemic and subsequent public health measures that may affect our business or the global economy; |
• | beliefs and objectives for future operations; |
• | our ability to develop and protect our brand; |
• | our ability to maintain and grow the payment volume that we process; |
• | our ability to further attract, retain, and expand our client base; |
• | our ability to develop new solutions and services and bring them to market in a timely manner; |
• | our expectations concerning relationships with third parties, including strategic partners; |
• | the effects of increased competition in our markets and our ability to compete effectively; |
• | future acquisitions or investments in complementary companies, products, services, or technologies; |
• | our ability to enter new client verticals, including our relatively new B2B sector; |
• | our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions; |
• | our expectations regarding litigation and legal and regulatory matters; |
• | our expectations regarding our ability to meet existing performance obligations and maintain the operability of our solutions; |
• | our expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; |
• | economic and industry trends, projected growth, or trend analysis; |
• | our ability to attract and retain qualified employees; |
• | our ability to maintain, protect, and enhance our intellectual property; |
• | our ability to maintain the security and availability of our solutions; |
• | the increased expenses associated with being a public company; and |
• | the future market price of our common stock. |
Item 1. |
Financial Statements. |
June 30, 2021 |
December 31, 2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
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Accounts receivable, net of allowance for doubtful accounts of $ |
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Unbilled receivables |
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Funds receivable from payment partners |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
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Intangible assets, net |
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Goodwill |
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Other assets |
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Total assets |
$ | $ | ||||||
Liabilities, Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Funds payable to clients |
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Accrued expenses and other current liabilities |
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Deferred revenue |
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Contingent consideration |
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Total current liabilities |
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Deferred tax liabilities |
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Contingent consideration, net of current portion |
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Preferred stock warrant liability |
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Long-term debt |
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Other liabilities |
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Total liabilities |
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Commitments and contingencies (Note 14) |
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Convertible preferred stock (Series A, B, B1, B1-NV, C and D), $ |
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Redeemable convertible preferred stock (Series E-1, E-2, F-1 and F-2), $ |
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Stockholders’ (deficit) equity: |
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Preferred stock, $ and shares authorized as of June 30, 2021 and December 31, 2020, respectively; and |
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Voting common stock, $ |
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Non-voting common stock, $ |
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Treasury Stock, |
( |
) | ( |
) | ||||
Additional paid-in capital |
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Accumulated other comprehensive income (loss) |
( |
) | ||||||
Accumulated (deficit) |
( |
) | ( |
) | ||||
Total stockholders’ equity (deficit) |
( |
) | ||||||
Total liabilities, convertible preferred stock, redeemable convertible preferred stock and stockholders’ (deficit) equity |
$ | $ | ||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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Revenue |
$ | $ | $ | $ | ||||||||||||
Costs and operating expenses: |
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Payment processing services costs |
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Technology and development |
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Selling and marketing |
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General and administrative |
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Total costs and operating expenses |
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Loss from operations |
( |
) | ( |
) | ( |
) | ( |
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Other income (expense): |
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Interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in fair value of preferred stock warrant liability |
( |
) | ( |
) | ( |
) | ||||||||||
Other income (expense), net |
( |
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Total other expenses, net |
( |
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) | ( |
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Loss before provision for income taxes |
( |
) | ( |
) | ( |
) | ( |
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(Benefit from) provision for income taxes |
( |
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Net loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Foreign currency translation adjustment |
( |
) | ( |
) | ( |
) | ||||||||||
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Comprehensive loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Net loss attributable to common stockholders – basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Net loss per share attributable to common stockholders – basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
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Weighted average common shares outstanding – basic and diluted |
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Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock |
Redeemable Convertible Preferred Stock |
Voting Common Stock |
Non-Voting Common Stock |
Treasury Stock |
Additional Paid-In |
Accumu lated Other Compre hensive Income |
Accumu lated |
Total Stock holders’ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
(Loss) |
Deficit |
Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 |
$ | $ | $ | — | — | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions |
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs incurred in connection with initial public offering |
— | — | — | — | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock |
— | — | — | — | — | — | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series C Convertible Preferred Stock upon net exercise of warrants |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of convertible preferred stock upon initial public offering |
( |
) | ( |
) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock upon initial public offering |
— | — | ( |
) | ( |
) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options |
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrant liability to additional paid-in capital upon initial public offering |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock warrants |
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
— | — | — | — | — | — | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Balances at June 30, 2021 |
— | — | — | — | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock |
Redeemable Convertible Preferred Stock |
Voting Common Stock |
Non-Voting Common Stock |
Treasury Stock |
Additional Paid-In |
Accumu lated Other Compre hensive Income |
Accumu lated |
Total Stock holders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
(Loss) |
Deficit |
(Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2020 |
$ | $ | $ | — | — | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options |
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock warrants |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock |
— | — | — | — | — | — | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested restricted stock awards |
— | — | — | — | ( |
) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
— | — | — | — | — | — | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Balances at June 30, 2020 |
$ | $ | $ | — | — | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock |
Redeemable Convertible Preferred Stock |
Voting Common Stock |
Non-Voting Common Stock |
Treasury Stock |
Additional Paid-In |
Accumu lated Other Compre hensive Income |
Accumu lated |
Total Stock holders’ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
(Loss) |
Deficit |
Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 |
$ | $ | $ | — | — | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions |
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs incurred in connection with initial public offering |
— | — | — | — | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock |
— | — | — | — | — | — | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series F-1 redeemable convertible preferred stock, net of issuance costs of $ |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series C Convertible Preferred Stock upon net exercise of warrants |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of convertible preferred stock upon initial public offering |
( |
) | ( |
) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock upon initial public offering |
— | — | ( |
) | ( |
) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options |
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrant liability to additional paid-in capital upon initial public offering |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock warrants |
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Balances at June 30, 2021 |
— | — | — | — | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock |
Redeemable Convertible Preferred Stock |
Voting Common Stock |
Non-Voting Common Stock |
Treasury Stock |
Additional Paid-In |
Accumu lated Other Compre hensive Income |
Accumu lated |
Total Stock holders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
(Loss) |
Deficit |
(Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 |
$ | |
— | — | $ | — | — | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options |
— | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $ |
— | — | |
|
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock |
— | — | — | — | — | — | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock warrants |
— | — | — | — | — | — | — | — | — | — | — | — | |
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Forfeiture of unvested restricted stock awards |
— | — | — | — | ( |
) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
— | — | — | — | — | — | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Balances at June 30, 2020 |
$ | $ | $ | |
— | — | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Six Months Ended June 30, |
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2021 |
2020 |
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Cash flows from operating activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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Stock-based compensation expense |
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Amortization of deferred contract costs |
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Change in fair value of preferred stock warrant liability |
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Change in fair value of contingent consideration |
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Deferred tax provision |
( |
) | ||||||
Bad debt expense |
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Non-cash interest expense |
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Other |
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Changes in operating assets and liabilities, net of acquisition: |
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Accounts receivable |
( |
) | ( |
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Unbilled receivables |
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Funds receivable from payment partners |
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Prepaid expenses and other assets |
( |
) | ( |
) | ||||
Funds payable to clients |
( |
) | ( |
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Accounts payable, accrued expenses and other current liabilities |
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Contingent consideration |
( |
) | ( |
) | ||||
Other liabilities |
( |
) | ||||||
Deferred revenue |
( |
) | ( |
) | ||||
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Net cash used in operating activities |
( |
) | ( |
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Cash flows from investing activities: |
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Purchases of property and equipment |
( |
) | ( |
) | ||||
Asset acquisition, net of cash acquired |
( |
) | ||||||
Acquisition of businesses, net of cash acquired |
( |
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Net cash used in investing activities |
( |
) | ( |
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Cash flows from financing activities: |
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Proceeds from initial public offering, net of underwriting discounts and commissions |
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Payment of costs related to initial public offering |
( |
) | ||||||
Proceeds from issuance of long-term debt |
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Payment of long-term debt issuance costs |
( |
) | ||||||
Payment of long-term debt |
( |
) | ||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs |
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Proceeds from exercise of warrants |
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Contingent consideration paid for acquisitions |
( |
) | ( |
) | ||||
Proceeds from exercise of stock options |
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Net cash provided by financing activities |
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Effect of exchange rates changes on cash and cash equivalents |
( |
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Net (decrease) increase in cash, cash equivalents and restricted cash |
( |
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Cash, cash equivalents and restricted cash, beginning of period |
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Cash, cash equivalents and restricted cash, end of period |
$ | $ | ||||||
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Six Months Ended June 30, |
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2021 |
2020 |
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Supplemental disclosures of cash flow and noncash information |
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Cash paid during the period for interest |
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Accretion of redeemable convertible preferred stock |
( |
) | ( |
) | ||||
Issuance of common stock warrants |
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Issuance of Series C convertible preferred stock upon net exercise of warrants |
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Conversion of preferred stock warrants to common stock warrants |
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Conversion of convertible preferred stock to common stock upon initial public offering |
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Conversion of redeemable convertible preferred stock to common stock upon initial public offering |
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Offering costs related to initial public offering included in accounts payable, accrued expenses and other current liabilities |
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Reconciliation of cash, cash equivalents and restricted cash |
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Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
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Cash, cash equivalents and restricted cash |
$ | $ | ||||||
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June 30, |
December 31, |
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2021 |
2020 |
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Client A |
% | % | ||||||
Client B |
% | % |
June 30, |
December 31, |
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2021 |
2020 |
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Partner A |
% | % | ||||||
Partner B |
% | % | ||||||
Partner C |
% | % | ||||||
Partner D |
% | * |
* | Less than 10% of total balance. |
Three Months Ended June 30, |
Six Months Ended June 30, |
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(in thousands) |
2021 |
2020 |
2021 |
2020 |
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Primary geographical markets |
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United States (“U.S.”) |
$ | $ | $ | $ | ||||||||||||
Canada |
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United Kingdom (“U.K.”) |
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Other Countries 1 |
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Revenue |
$ | $ | $ | $ | ||||||||||||
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Major solutions |
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Transactions |
$ | $ | $ | $ | ||||||||||||
Platform and usage-based fees |
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Revenue |
$ | $ | $ | $ | ||||||||||||
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(1) |
No single country included in the other countries category represented 10% or more of revenue. |
June 30, 2021 |
December 31, 2020 |
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Accounts receivable, net of allowances |
$ | $ |