Segment Information (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Segment Information [Abstract]

Segment Information

14. Segment Information

The Company has determined that it has two reportable segments - Print and Software/Payments. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”) who reviews discrete financial and other information presented for print services and software and payment services for purposes of allocating resources and evaluating the Company’s financial performance. The Company evaluates the operating performance of its segments based on financial measures such as revenue, cost of revenue, and gross profit.

Print – The Print segment is primarily responsible for printing customer invoices and optimizing the amount of time and costs associated with billing customers via mail.

Software and Payments – The Software and Payments segment primarily operates using software and cloud based services, optimizes the electronic invoice presentment, electronic payments, credit decisioning, collections automation, cash application and deduction management, and eCommerce of B2B customers.

Given the nature of the Company’s business, the amount of assets does not provide meaningful insight into the operating performance of the Company. As a result, the amount of the Company’s assets is not subject to segment allocation and total assets are not included within the disclosure of the Company’s segment financial information.

All of the revenues shown below in the reportable segments is revenue from external customers, there is no revenue from transactions with other operating segments.

The following tables include a reconciliation of revenue, cost of revenue, and segment gross profit to loss before income taxes. “All other” represents implementation, services and other business activities which are not reviewed by CODM on regular basis.

The Company’s segment information is as follows:

	March 31, 2021
	Print		Software and Payments		All other		Total
Revenues:
Subscription and transaction	$	4,498	$	25,685	$	—	$	30,183
Services and other		—		—		2,936		2,936
Subscription, transaction and services		4,498		25,685		2,936		33,119
Reimbursable costs		8,817		—		—		8,817
Total revenues		13,315		25,685		2,936		41,936
Cost of Revenues:
Cost of subscription, transaction and services revenue		1,926		3,711		3,616		9,253
Cost of reimbursable costs		8,817		—		—		8,817
Total cost of revenues, excluding depreciation and amortization		10,743		3,711		3,616		18,070
Segment gross profit - subscription, transaction and services		2,572		21,974		(680		23,866
Segment gross profit - reimbursable costs		—		—		—		—
Total segment gross profit, excluding depreciation and amortization	$	2,572	$	21,974	$	(680	$	23,866
Total segment gross margin, excluding depreciation and amortization		19.3		85.6		(23.2		56.9	%
Segment gross margin - subscription, transaction and services		57.2		85.6		(23.2		72.1	%
Unallocated amounts:
Sales and marketing							$	8,936
Research and development								10,993
General and administrative								12,450
Depreciation and amortization								1,360
Interest income								(103	)
Interest expense and loss on extinguishment of debt								2,942
Change in fair value and other income (expense), net								9,990
Loss before income taxes							$	(22,702	)

	March 31, 2020
	Print		Software and Payments		All other		Total
Revenues:
Subscription and transaction	$	4,786	$	18,339	$	—	$	23,125
Services and other		—		—		1,399		1,399
Subscription, transaction and services		4,786		18,339		1,399		24,524
Reimbursable costs		9,621		—		—		9,621
Total revenues		14,407		18,339		1,399		34,145
Cost of Revenues:
Cost of subscription, transaction and services revenue		2,211		3,114		2,565		7,890
Cost of reimbursable costs		9,621		—		—		9,621
Total cost of revenues, excluding depreciation and amortization		11,832		3,114		2,565		17,511
Segment gross profit - subscription, transaction and services		2,575		15,225		(1,166		16,634
Segment gross profit - reimbursable costs		—		—		—		—
Total segment gross profit, excluding depreciation and amortization	$	2,575	$	15,225	$	(1,166	$	16,634
Total segment gross margin, excluding depreciation and amortization		17.9		83.0		(83.3		48.7	%
Segment gross margin - subscription, transaction and services		53.8		83.0		(83.3		67.8	%
Unallocated amounts:
Sales and marketing							$	6,422
Research and development								9,384
General and administrative								5,248
Depreciation and amortization								1,411
Interest income								(16	)
Interest expense and loss on extinguishment of debt								1,183
Change in fair value and other income (expense), net								19
Loss before income taxes							$	(7,017	)

12. Segment Information

The Company has determined that it has two reportable segments - Print and Software/Payments. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”) who reviews discrete financial and other information presented for print services and software and payment services for purposes of allocating resources and evaluating the Company’s financial performance. The Company evaluates the operating performance of its segments based on financial measures such as revenue, cost of revenue, and gross profit.

Print – The Print segment is primarily responsible for printing customer invoices and optimizing the amount of time and costs associated with billing customers via mail.

Software and Payments – The Software and Payments segment primarily operates using software and cloud based services, optimizes the electronic invoice presentment, electronic payments, credit decisioning, collections automation, cash application and deduction management, and eCommerce of B2B customers.

Given the nature of the Company’s business, the amount of assets does not provide meaningful insight into the operating performance of the Company. As a result, the amount of the Company’s assets is not subject to segment allocation and total assets are not included within the disclosure of the Company’s segment financial information.

All of the revenues shown below in the reportable segments is revenue from external customers, there is no revenue from transactions with other operating segments.

The following tables include a reconciliation of revenue, cost of revenue, and segment gross profit to loss before income taxes. “All other” represents implementation, services and other business activities which are not reviewed by CODM on regular basis.

The Company’s segment information is as follows:

	December 31, 2020
	Print		Software and Payments		All other		Total
Revenues:
Subscription and transaction	$	18,445	$	81,164	$	—	$	99,609
Services and other		—		—		8,960		8,960
Subscription, transaction and services		18,445		81,164		8,960		108,569
Reimbursable costs		37,116		—		—		37,116
Total revenues		55,561		81,164		8,960		145,685
Cost of Revenues:
Cost of subscription, transaction and services revenue		8,492		12,571		11,468		32,531
Cost of reimbursable costs		37,116		—		—		37,116
Total cost of revenues, excluding depreciation and amortization		45,608		12,571		11,468		69,647

	December 31, 2020
	Print			Software and Payments			All other			Total
Segment gross profit - subscription, transaction and services		9,953			68,593			(2,508	)		76,038
Segment gross profit - reimbursable costs		—			—			—			—
Total segment gross profit, excluding depreciation and amortization	$	9,953		$	68,593		$	(2,508	)	$	76,038
Total segment gross margin, excluding depreciation and amortization		17.9	%		84.5	%		(28.0	)%		52.2	%
Segment gross margin - subscription, transaction and services		54.0	%		84.5	%		(28.0	)%		70.0	%
Unallocated amounts:
Sales and marketing										$	23,420
Research and development											36,468
General and administrative											22,188
Depreciation and amortization											5,624
Interest income											(18	)
Interest expense											4,661
Other (income)/expense, net											518
Loss before income taxes											(16,823	)

	December 31, 2019
	Print			Software and Payments			All other			Total
Revenues:
Subscription and transaction	$	20,612		$	68,864		$	—		$	89,476
Services and other		—			—			6,984			6,984
Subscription, transaction and services		20,612			68,864			6,984			96,460
Reimbursable costs		40,008			—			—			40,008
Total revenues		60,620			68,864			6,984			136,468
Cost of Revenues:
Cost of subscription, transaction and services revenue		9,642			11,900			10,473			32,015
Cost of reimbursable costs		40,008			—			—			40,008
Total cost of revenues, excluding depreciation and amortization		49,650			11,900			10,473			72,023
Segment gross profit - subscription, transaction and services		10,970			56,964			(3,489	)		64,445
Segment gross profit - reimbursable costs		—			—			—			—
Total segment gross profit, excluding depreciation and amortization	$	10,970		$	56,964		$	(3,489	)	$	64,445
Total segment gross margin, excluding depreciation and amortization		18.1	%		82.7	%		(50.0	)%		47.2	%
Segment gross margin - subscription, transaction and services		53.2	%		82.7	%		(50.0	)%		66.8	%

	December 31, 2019
	Print			Software and Payments			All other			Total
Unallocated amounts:
Sales and marketing										$	22,098
Research and development											34,285
General and administrative											23,297
Depreciation and amortization											5,881
Interest income											(1	)
Interest expense											1,507
Other (income)/expense, net											21
Loss before income taxes										$	(22,643	)
	December 31, 2018
	Print			Software and Payments			All other			Total
Revenues:
Subscription and transaction	$	21,120		$	53,605		$	—		$	74,725
Services and other		—			—			4,846			4,846
Subscription, transaction and services		21,120			53,605			4,846			79,571
Reimbursable costs		40,944			—			—			40,944
Total revenues		62,064			53,605			4,846			120,515
Cost of Revenues:
Cost of subscription, transaction and services revenue		10,517			8,271			7,779			26,567
Cost of reimbursable costs		40,944			—			—			40,944
Total cost of revenues, excluding depreciation and amortization		51,461			8,271			7,779			67,511
Segment gross profit - subscription, transaction and services		10,603			45,334			(2,933	)		53,004
Segment gross profit - reimbursable costs		—			—			—			—
Total segment gross profit, excluding depreciation and amortization	$	10,603		$	45,334		$	(2,933	)	$	53,004
Total segment gross margin, excluding depreciation and amortization		17.1	%		84.6	%		(60.5	)%		44.0	%
Segment gross margin - subscription, transaction and services		50.2	%		84.6	%		(60.5	)%		67.0	%
Unallocated amounts:
Sales and marketing										$	21,677
Research and development											23,606
General and administrative											18,743
Depreciation and amortization											6,040
Interest income											(136	)
Interest expense											814
Other (income)/expense, net											422
Loss before income taxes										$	(18,162	)