XML 50 R40.htm IDEA: XBRL DOCUMENT v3.22.2
Business Combination & Acquisitions - Narrative (Details)
3 Months Ended 6 Months Ended
Feb. 14, 2022
USD ($)
Oct. 07, 2021
USD ($)
Jan. 12, 2021
USD ($)
$ / shares
shares
Jan. 11, 2021
shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Jun. 30, 2021
USD ($)
Mar. 31, 2021
shares
Jun. 30, 2022
USD ($)
$ / shares
shares
Jun. 30, 2021
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2021
$ / shares
shares
Nov. 18, 2021
$ / shares
Reverse Recapitalization [Line Items]                        
Purchase of business, net of acquired cash | $               $ 59,456,000   $ 0    
Acquisition related costs | $         $ 300,000 $ 0   2,000,000   0    
Total revenues | $         $ 49,276,000 $ 40,232,000   $ 94,907,000   82,168,000    
Reverse recapitalization, aggregate consideration | $     $ 1,190,000,000                  
Cash electing shares of Legacy Billtrust shareholders | $     90,061,000                  
Reverse recapitalization, equity interests issued and issuable | $     $ 1,099,000,000                  
Reverse recapitalization, equity interests issued and issuable, number of shares (shares)     109,900,000                  
Reverse recapitalization, equity interests issuable, number of shares (shares)     15,200,000                  
Recapitalization conversion ratio     7.2282662                  
Stock repurchased during period (USD per share) | $ / shares     $ 10.00                  
Common stock, shares outstanding (shares)     145,266,000                  
Warrants outstanding (shares)     12,500,000                  
Number of shares exercisable by each warrant (shares)     1                  
Warrants exercise price (USD per share) | $ / shares     $ 11.50                  
Stock converted conversion ratio     1                  
Common stock, par value (USD per share) | $ / shares     $ 0.0001                  
Common and preferred stock, shares authorized (shares)     575,000,000                  
Preferred stock, shares authorized (shares)     10,000,000   10,000,000     10,000,000     10,000,000  
Preferred stock, par value (USD per share) | $ / shares     $ 0.0001   $ 0.0001     $ 0.0001     $ 0.0001  
Number of shares issued (shares)     20,000,000                  
Aggregate purchase price | $     $ 200,000,000                  
Stock repurchased during period (shares)     9,006,000                  
Warrants exercised and converted (shares)     100,000                  
Contingent consideration liability, shares (shares)     12,000,000                  
Issuance and vesting of Earnout Shares (shares)             10,900,000          
Amount paid for tax withholding | $               $ 50,000 $ 4,013,000 $ 4,271,000    
Unamortized debt discount | $         $ 1,200,000     1,200,000        
Loss on extinguishment of debt | $               1,600,000        
Anachron Beheer BV                        
Reverse Recapitalization [Line Items]                        
Equity interest acquired 100.00%                      
Purchase of business, net of acquired cash | $ $ 59,878,000                      
Contingent consideration | $ $ 11,500,000                      
Fair value of earnout consideration | $         4,300,000     4,300,000        
Acquisition related costs | $               $ 1,000,000        
Weighted average useful life               13 years 4 months 24 days        
Purchase price adjustments | $               $ 0        
Total revenues | $               4,200,000        
Direct expenses | $               5,100,000        
Anachron Beheer BV | Contingent consideration liability                        
Reverse Recapitalization [Line Items]                        
Range of undiscounted, low | $         0     0        
Range of undiscounted, high | $         $ 23,700,000     $ 23,700,000        
iController BV                        
Reverse Recapitalization [Line Items]                        
Equity interest acquired   100.00%                    
Purchase of business, net of acquired cash | $   $ 57,020,000                    
Contingent consideration | $   $ 5,085,000                    
Weighted average useful life               13 years 4 months 24 days        
Restricted stock units                        
Reverse Recapitalization [Line Items]                        
Number of RSU's granted in period (shares)               4,154,000        
Share price (USD per share) | $ / shares     $ 16.80                  
Earnout Restricted Stock Units                        
Reverse Recapitalization [Line Items]                        
Number of RSU's granted in period (shares)               800,000        
Amount paid for tax withholding | $               $ 4,000,000        
Earnout Shares                        
Reverse Recapitalization [Line Items]                        
Amount paid for tax withholding | $                 $ 4,013,000      
Earnout Shares | Restricted stock units                        
Reverse Recapitalization [Line Items]                        
Share price (USD per share) | $ / shares     $ 16.80                  
Risk-free interest rate     0.50%                  
Expected volatility     42.00%                  
First Earnout                        
Reverse Recapitalization [Line Items]                        
Contingent consideration liability, shares (shares)     6,000,000                  
Contingent consideration liability, stock price trigger (USD per share) | $ / shares     $ 12.50                  
Contingent consideration liability, threshold trading days     20 days                  
Contingent consideration liability, threshold trading day period     30 days                  
Second Earnout                        
Reverse Recapitalization [Line Items]                        
Contingent consideration liability, shares (shares)     6,000,000                  
Contingent consideration liability, stock price trigger (USD per share) | $ / shares     $ 15.00                  
Contingent consideration liability, threshold trading days     20 days                  
Contingent consideration liability, threshold trading day period     30 days                  
Billtrust                        
Reverse Recapitalization [Line Items]                        
Common stock, par value (USD per share) | $ / shares     $ 0.001                  
South Mountain                        
Reverse Recapitalization [Line Items]                        
Warrants cancelled (shares)     7,000,000                  
Stock repurchased during period (shares)       2,000                
South Mountain | Common Shareholders                        
Reverse Recapitalization [Line Items]                        
Common stock, shares outstanding (shares)       25,000,000                
Common Stock | Share-based Payment Arrangement                        
Reverse Recapitalization [Line Items]                        
Number of shares of common stock withheld from employees for tax withholdings (shares)               200,000        
Common Class I                        
Reverse Recapitalization [Line Items]                        
Common stock, shares outstanding (shares)     138,700,000   160,536,000     160,536,000     159,413,000  
Common stock, par value (USD per share) | $ / shares         $ 0.0001     $ 0.0001     $ 0.0001 $ 0.0001
Common stock, shares authorized (shares)     538,000,000   538,000,000     538,000,000     538,000,000  
Common stock, shares issued (shares)         160,536,000     160,536,000     159,413,000  
Common Class I | Prior South Mountain Shareholders                        
Reverse Recapitalization [Line Items]                        
Common stock, shares outstanding (shares)     2,400,000                  
Common Class I | South Mountain | Common Shareholders                        
Reverse Recapitalization [Line Items]                        
Common stock, shares outstanding (shares)         2,400,000     2,400,000        
Common stock, shares issued (shares)         2,400,000     2,400,000        
Common Class I | South Mountain | Common Shareholders | First Earnout                        
Reverse Recapitalization [Line Items]                        
Common stock, shares outstanding (shares)         1,200,000     1,200,000        
Common Class I | South Mountain | Common Shareholders | Second Earnout                        
Reverse Recapitalization [Line Items]                        
Common stock, shares outstanding (shares)         1,200,000     1,200,000        
Common Class 2                        
Reverse Recapitalization [Line Items]                        
Common stock, shares outstanding (shares)     6,500,000   3,396,000     3,396,000     3,396,000  
Common stock, par value (USD per share) | $ / shares     $ 0.0001   $ 0.0001     $ 0.0001     $ 0.0001  
Common stock, shares authorized (shares)     27,000,000   27,000,000     27,000,000     27,000,000  
Common stock, shares issued (shares)         3,396,000     3,396,000     3,396,000