0001829864-21-000027 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Nov. 08, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40482
Entity Registrant Name	TaskUs, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1586636
Entity Address, Address Line One	1650 Independence Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	New Braunfels
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78132
City Area Code	888
Local Phone Number	400-8275
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	TASK
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
Amendment Flag	false
Entity Central Index Key	0001829864
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		27,257,480
Class B Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		70,032,694

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 61,330	$ 107,728
Accounts receivable, net of allowance for doubtful accounts of $2,931 and $2,294, respectively	157,605	87,782
Other receivables	691	105
Prepaid expenses	8,654	13,032
Income tax receivable	2,232	1,606
Other current assets	2,729	1,051
Total current assets	233,241	211,304
Noncurrent assets:
Property and equipment, net	72,143	56,957
Deferred tax assets	539	585
Intangibles	226,160	240,295
Goodwill	195,735	195,735
Other noncurrent assets	3,714	2,630
Total noncurrent assets	498,291	496,202
Total assets	731,532	707,506
Current liabilities:
Accounts payable and accrued liabilities	44,767	41,935
Accrued payroll and employee-related liabilities	43,920	21,994
Current portion of debt	49,822	45,984
Current portion of income tax payable	2,152	0
Deferred revenue	6,847	4,711
Deferred rent	394	218
Total current liabilities	147,902	114,842
Noncurrent liabilities:
Income tax payable	2,988	2,988
Long-term debt	191,039	198,768
Deferred rent	2,735	2,194
Accrued payroll and employee-related liabilities	2,640	2,641
Deferred tax liabilities	41,244	50,936
Total noncurrent liabilities	240,646	257,527
Total liabilities	388,548	372,369
Commitments and Contingencies
Shareholders’ equity:
Additional paid-in capital	539,060	398,202
Accumulated deficit	(195,198)	(67,398)
Accumulated other comprehensive income (loss)	(1,851)	3,416
Total shareholders’ equity	342,984	335,137
Total liabilities and shareholders’ equity	731,532	707,506
Class A Common stock
Shareholders’ equity:
Common stock	152	0
Class B Common stock
Shareholders’ equity:
Common stock	$ 821	$ 917

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 2,931	$ 2,294
Class A Common stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	15,180,000	0
Common stock, shares outstanding (in shares)	15,180,000	0
Class B Common stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	82,110,174	91,737,020
Common stock, shares outstanding (in shares)	82,110,174	91,737,020

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]			us-gaap:ServiceMember
Service revenue	$ 201,053	$ 122,425	$ 533,946	$ 339,254
Operating expenses:
Cost of services	112,423	65,378	304,251	191,296
Selling, general, and administrative expense	60,342	32,190	269,650	83,630
Depreciation	7,422	3,696	20,354	14,225
Amortization of intangible assets	4,711	4,711	14,135	14,135
Loss on disposal of assets	26	155	54	150
Contingent consideration	0	0	0	3,570
Total operating expenses	184,924	106,130	608,444	307,006
Operating income (loss)	16,129	16,295	(74,498)	32,248
Other expense	1,204	628	299	888
Financing expenses	1,633	1,647	4,808	5,849
Income (loss) before income taxes	13,292	14,020	(79,605)	25,511
Provision for (benefit from) income taxes	1,656	2,564	(1,805)	4,532
Net income (loss)	$ 11,636	$ 11,456	$ (77,800)	$ 20,979
Net income (loss) per common share:
Basic (in usd per share)	$ 0.12	$ 0.12	$ (0.83)	$ 0.23
Diluted (in usd per share)	$ 0.11	$ 0.12	$ (0.83)	$ 0.23
Weighted-average number of common shares outstanding:
Basic (in shares)	97,290,174	91,737,020	93,994,896	91,737,020
Diluted (in shares)	109,426,011	91,737,020	93,994,896	91,737,020

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 11,636	$ 11,456	$ (77,800)	$ 20,979
Retirement benefit reserves	37	4	29	6
Foreign currency translation adjustments	(3,957)	1,695	(5,296)	2,702
Comprehensive income (loss)	$ 7,716	$ 13,155	$ (83,067)	$ 23,687

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Unaudited Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common stock	Common Stock Class B Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2019		0	91,737,020
Beginning balance at Dec. 31, 2019	$ 297,500	$ 0	$ 917	$ 398,202	$ (101,931)	$ 312
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,515				1,515
Other comprehensive income (loss)	(224)					(224)
Ending balance (in shares) at Mar. 31, 2020		0	91,737,020
Ending balance at Mar. 31, 2020	298,791	$ 0	$ 917	398,202	(100,416)	88
Beginning balance (in shares) at Dec. 31, 2019		0	91,737,020
Beginning balance at Dec. 31, 2019	297,500	$ 0	$ 917	398,202	(101,931)	312
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	20,979
Ending balance (in shares) at Sep. 30, 2020		0	91,737,020
Ending balance at Sep. 30, 2020	321,187	$ 0	$ 917	398,202	(80,952)	3,020
Beginning balance (in shares) at Mar. 31, 2020		0	91,737,020
Beginning balance at Mar. 31, 2020	298,791	$ 0	$ 917	398,202	(100,416)	88
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,008				8,008
Other comprehensive income (loss)	1,233					1,233
Ending balance (in shares) at Jun. 30, 2020		0	91,737,020
Ending balance at Jun. 30, 2020	308,032	$ 0	$ 917	398,202	(92,408)	1,321
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	11,456				11,456
Other comprehensive income (loss)	1,699					1,699
Ending balance (in shares) at Sep. 30, 2020		0	91,737,020
Ending balance at Sep. 30, 2020	321,187	$ 0	$ 917	398,202	(80,952)	3,020
Beginning balance (in shares) at Dec. 31, 2020		0	91,737,020
Beginning balance at Dec. 31, 2020	335,137	$ 0	$ 917	398,202	(67,398)	3,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	16,507				16,507
Other comprehensive income (loss)	(855)					(855)
Ending balance (in shares) at Mar. 31, 2021		0	91,737,020
Ending balance at Mar. 31, 2021	350,789	$ 0	$ 917	398,202	(50,891)	2,561
Beginning balance (in shares) at Dec. 31, 2020		0	91,737,020
Beginning balance at Dec. 31, 2020	335,137	$ 0	$ 917	398,202	(67,398)	3,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(77,800)
Ending balance (in shares) at Sep. 30, 2021		15,180,000	82,110,174
Ending balance at Sep. 30, 2021	342,984	$ 152	$ 821	539,060	(195,198)	(1,851)
Beginning balance (in shares) at Mar. 31, 2021		0	91,737,020
Beginning balance at Mar. 31, 2021	350,789	$ 0	$ 917	398,202	(50,891)	2,561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(105,943)				(105,943)
Other comprehensive income (loss)	(492)					(492)
Issuance on Class A Common stock in the initial public offering primary offering, net of underwriters’ fees and offering costs (in shares)		5,553,154
Issuance on Class A Common stock in the initial public offering primary offering, net of underwriters’ fees and offering costs	115,900	$ 56		115,844
Conversion of Class B Common stock (in shares)		9,626,846	(9,626,846)
Conversion of Class B Common stock	0	$ 96	$ (96)
Stock-based compensation expense	5,771			5,771
Dividends	(50,000)				(50,000)
Ending balance (in shares) at Jun. 30, 2021		15,180,000	82,110,174
Ending balance at Jun. 30, 2021	316,025	$ 152	$ 821	519,817	(206,834)	2,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	11,636				11,636
Other comprehensive income (loss)	(3,920)					(3,920)
Stock-based compensation expense	19,243			19,243
Ending balance (in shares) at Sep. 30, 2021		15,180,000	82,110,174
Ending balance at Sep. 30, 2021	$ 342,984	$ 152	$ 821	$ 539,060	$ (195,198)	$ (1,851)

Unaudited Condensed Consolidated Statements of Shareholders’ Equity (Parenthetical)	3 Months Ended
	Jun. 30, 2021 $ / shares
Statement of Stockholders' Equity [Abstract]
Distribution of dividends (in usd per share)	$ 0.55

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ (77,800)	$ 20,979
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	20,354	14,220
Amortization of intangibles	14,135	14,135
Amortization of debt financing fees	387	343
Loss on disposal of assets	54	150
Provision for losses on accounts receivable	705	2,229
Unrealized foreign exchange losses on forward contracts	5,831	1,339
Deferred taxes	(9,692)	(2,876)
Stock-based compensation expense	25,014	0
Changes in operating assets and liabilities:
Accounts receivable	(70,560)	(25,445)
Other receivables, prepaid expenses, and other current assets	(4,753)	(10)
Other noncurrent assets	(1,211)	(397)
Accounts payable and accrued liabilities	4,793	9,326
Accrued payroll and employee-related liabilities	24,524	12,788
Income tax payable	1,820	(3,343)
Deferred revenue	2,139	1,722
Deferred rent	834	469
Net cash provided by (used in) operating activities	(63,426)	45,629
Cash flows from investing activities:
Purchase of property and equipment	(38,603)	(21,886)
Net cash used in investing activities	(38,603)	(21,886)
Cash flows from financing activities:
Proceeds from borrowing, Revolving credit facility	0	39,878
Payments on long-term debt	(3,938)	(1,575)
Payments for debt financing fees	(340)	0
Proceeds from issuance of common stock, net of underwriters’ fees	120,698	0
Payments for offering costs	(4,327)	0
Distribution of dividends	(50,000)	0
Net cash provided by financing activities	62,093	38,303
Increase (decrease) in cash and cash equivalents	(39,936)	62,046
Effect of exchange rate changes on cash	(6,462)	2,720
Cash and cash equivalents at beginning of period	107,728	37,541
Cash and cash equivalents at end of period	$ 61,330	$ 102,307

Description of Business and Organization	9 Months Ended
Description of Business and Organization	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization TaskUs, Inc. (formerly known as TU TopCo, Inc.) (“TaskUs” and, together with its subsidiaries, the “Company,” “we,” “us” or “our”) was formed by investment funds affiliated with Blackstone Inc. (“Blackstone”) as a vehicle for the acquisition of TaskUs Holdings, Inc. (formerly known as TaskUs, Inc.) (“TaskUs Holdings”) on October 1, 2018 (the “Blackstone Acquisition”). Prior to the Blackstone Acquisition, TaskUs had no operations and TaskUs Holdings operated as a standalone entity. In connection with the Company’s June 2021 initial public offering (“IPO”), on June 10, 2021, the Company amended and restated its certificate of incorporation to effect a ten-for-one forward stock split of its outstanding common stock and authorized two classes of ownership interests. See Note 11, “Shareholders’ Equity” for additional information. We are a digital outsourcer focused on serving high-growth technology companies to represent, protect and grow their brands. Our global, omni-channel delivery model is focused on Digital Customer Experience, Content Security and artificial intelligence (“AI”) Operations. We have designed our platform to enable us to rapidly scale and benefit from our clients’ growth. Through our agile and responsive operational model, we deliver services from multiple delivery sites that span globally from the United States, Philippines, and other parts of the world. The Company’s major service offerings are described in more detail below: •Digital Customer Experience: Principally consists of omni-channel customer care services primarily delivered through digital (non-voice) channels. •Content Security: Principally consists of review and disposition of user and advertiser generated content for purposes which include removal or labeling of policy violating, offensive or misleading content. •AI Operations: Principally consists of data labeling, annotation and transcription services performed for the purpose of training and tuning AI algorithms through the process of machine learning.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a) Basis of Presentation

The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Our prospectus dated October 20, 2021 (the "prospectus"), as filed with the Securities and Exchange Commission (the “SEC”) on October 22, 2021, includes a discussion of the significant accounting policies used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies during the nine months ended September 30, 2021.

These unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with US GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in our prospectus. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2021 and its results of operations, comprehensive income (loss) and shareholders’ equity for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine months ended September 30, 2021 and 2020. The condensed consolidated balance sheet as of December 31, 2020, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

The accompanying financial statements and related notes to the financial statements give retroactive effect to the stock split for all periods presented. See Note 11, “Shareholders’ Equity” for additional information.

(b) Use of Estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the determination of useful lives and impairment of fixed assets; allowances for doubtful accounts and other

receivables; the valuation of deferred tax assets; valuation of forward contracts receivable; valuation of stock-based compensation; valuation and impairment of intangibles and goodwill and reserves for income tax uncertainties and other contingencies. As of September 30, 2021, the impact of the novel coronavirus (“COVID-19”) pandemic, including as a result of new strains and variants of the virus and uncertainty of acceptance of vaccines and their effectiveness, continues to unfold. As a result, many of our estimates and assumptions required increased judgement and carry a higher degree of variability and volatility. We continue to closely monitor the outbreak and the impact on our operations and liquidity. As events continue to evolve and additional information becomes available, our estimates may change materially in the future.

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has no involvement with variable interest entities.

(d) Concentration Risk

Most of the Company’s customers are located in the United States. Customers outside of the United States are concentrated in Europe and Canada.

For the three and nine months ended September 30, 2021 and 2020, the following customers represented greater than 10% of the Company’s service revenue:


Customer	Service revenue percentage
	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
A	27	%	33	%	27	%	33	%
B	11	%	11	%	11	%	13	%

As of September 30, 2021 and December 31, 2020, the following customers represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Customer	September 30, 2021		December 31, 2020
A	26	%	22	%
B	13	%	16	%

The Company’s principal operations, including the majority of its employees and the fixed assets owned by its wholly owned subsidiaries, are located in the Philippines.

(e) Recent Accounting Pronouncements

The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods as private companies. The Company has elected to adopt new or revised accounting guidance within the same time period as private companies.

Recently adopted accounting pronouncements

In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 was issued as a means to reduce the complexity of accounting for income taxes for those entities that fall within the scope of the accounting standard. The guidance is to be applied using a prospective method, excluding amendments related to franchise taxes, which should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted this standard in the first quarter of 2021; the adoption did not have a material impact on its consolidated financial statements.

Recently issued accounting pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes FASB Accounting Standards Codification ("ASC"), Leases (Topic 840). The standard is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In June 2020, the FASB postponed the effective date for ASC 842 for private companies. This ASU will be

effective for the Company beginning in fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The revised standard relates to measurement of credit losses on financial instruments, and requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The guidance replaces the incurred loss model with an expected loss model referred to as current expected credit loss ("CECL"). The CECL model requires us to measure lifetime expected credit losses for financial instruments held at the reporting date using historical experience, current conditions and reasonable supportable forecasts. The guidance expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating credit losses and requires new disclosures of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This ASU will be effective for the Company beginning in fiscal year 2023 with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-13 on the Company’s consolidated financial statements.

In August 2018, The FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments in this ASU require (i) costs for implementation activities to be capitalized in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, (ii) expense related to the capitalized implementation costs be presented in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and (iii) payments for capitalized implementation costs be presented in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. The guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company intends to adopt this standard, on a prospective basis, for the fiscal year ending December 31, 2021 and interim periods during the fiscal year ending December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2018-15 on the Company's consolidated financial statements.

Revenue

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

Our revenues are derived from contracts with customers related to business outsourcing services that we provide. The following table presents the breakdown of the Company’s revenues by service offering:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Digital Customer Experience	$	125,310	$	76,255	$	338,587	$	212,817
Content Security	45,376		33,787		124,498		91,401
AI Operations	30,367		12,383		70,861		35,036
Service revenue	$	201,053	$	122,425	$	533,946	$	339,254

The majority of the Company’s revenues are derived from contracts with customers who are located in the United States. However, we deliver our services from geographies outside of the United States. The following table presents the breakdown of the Company’s revenues by geographical location, based on where the services are provided from:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Philippines	$	103,837	$	69,369	$	284,096	$	188,085
United States	65,866		42,761		175,553		126,835
Rest of World	31,350		10,295		74,297		24,334
Service revenue	$	201,053	$	122,425	$	533,946	$	339,254

Contract Balances

Accounts receivable, net of allowance for doubtful accounts includes $67.6 million and $47.4 million of unbilled revenues as of September 30, 2021 and December 31, 2020, respectively.

- 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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Forward Contract

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Forward Contract

Forward Contracts

The Company transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency exchange rate risk. During 2021 and 2020, the Company entered into foreign currency exchange rate forward contracts, with a commercial bank as the counterparty, with maturities of generally 12 months or less, to reduce the volatility of cash flows primarily related to forecasted costs denominated in Philippine pesos. In addition, the Company utilizes foreign currency exchange rate contracts to mitigate foreign currency exchange rate risk associated with foreign currency-denominated assets and liabilities, primarily intercompany balances. The Company does not use foreign currency exchange rate contracts for trading purposes. The exchange rate forward contracts entered into by the Company are not designated as hedging instruments. Any gains or losses resulting from changes in the fair value of these contracts are recognized in other expense in the consolidated statements of operations.

For the three months ended September 30, 2021 and 2020, the Company settled forward contracts with total notional amounts of approximately $31.8 million and $26.0 million, respectively, and for the nine months ended September 30, 2021 and 2020, the Company settled forward contracts with total notional amounts of approximately $77.4 million and $62.0 million, respectively. For the three months ended September 30, 2021 and 2020, realized losses (gains) of approximately $0.7 million and $(1.9) million, respectively, resulting from the settlement of forward contracts were included within other expense. For the nine months ended September 30, 2021 and 2020, realized gains of approximately $0.6 million and $3.5 million, respectively, resulting from the settlement of forward contracts were included within other expense.

As of September 30, 2021 and December 31, 2020, the Company had outstanding forward contracts with notional amounts of approximately $116.6 million and $109.2 million, respectively. The forward contract receivable (payable) resulting from changes in fair value was recorded under prepaid expenses (accounts payable and accrued liabilities). For the three months ended September 30, 2021 and 2020, the unrealized losses on the forward contracts of $4.1 million and $1.2 million, respectively, were included within other expense. For the nine months ended September 30, 2021 and 2020, the unrealized losses on the forward contracts of $5.8 million and $1.3 million, respectively, were included within other expense.

By entering into derivative contracts, the Company is exposed to counterparty credit risk, or the failure of the counterparty to perform under the terms of the derivative contract. For the periods presented, the non-performance risk of the Company and the counterparties did not have a material impact on the fair value of the derivative instruments.

The Company has implemented the fair value accounting standard for those assets and liabilities that are re-measured and reported at fair value at each reporting period. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value based on inputs used, and requires additional disclosures about fair value measurements. This standard applies to fair value measurements already required or permitted by existing standards.

In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset and include situations where there is little, if any, market activity for the asset.

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:


	Fair value measurements using
(in thousands)	September 30, 2021		Level 1 inputs		Level 2 inputs		Level 3 inputs

Forward contracts payable	$	4,051	$	—	$	4,051	$	—


	Fair value measurements using
(in thousands)	December 31, 2020		Level 1 inputs		Level 2 inputs		Level 3 inputs
Forward contracts receivable	$	1,780	$	—	$	1,780	$	—

The Company’s derivatives are carried at fair value using various pricing models that incorporate observable market inputs, such as interest rate yield curves and currency rates, which are Level 2 inputs. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty or by the Company.

Property and Equipment, net

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The components of property and equipment, net as of September 30, 2021 and December 31, 2020 were as follows:


(in thousands)	September 30, 2021		December 31, 2020
Leasehold improvements	$	32,902	$	31,654
Technology and computers	68,589		47,572
Furniture and fixtures	4,000		4,203
Construction in process	14,480		5,194
Other property and equipment	7,059		5,995
Property and equipment, gross	127,030		94,618
Accumulated depreciation	(54,887)		(37,661)
Property and equipment, net	$	72,143	$	56,957

The Company’s principal operations are in the Philippines where the majority of property and equipment resides under its wholly owned subsidiaries. The table below presents the Company’s total property and equipment by geographic location as of September 30, 2021 and December 31, 2020:


(in thousands)	September 30, 2021		December 31, 2020
Philippines	$	44,432	$	37,823
United States	11,077		8,983
Rest of World	16,634		10,151
Property and equipment, net	$	72,143	$	56,957

Goodwill and Intangibles

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

The carrying amount of goodwill as of September 30, 2021 and December 31, 2020 was $195.7 million.

The components of intangible assets as of September 30, 2021 and December 31, 2020 were as follows:


		September 30, 2021						December 31, 2020
(in thousands)	Life (Years)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	15	$	240,800	$	(48,161)	$	192,639	$	240,800	$	(36,121)	$	204,679
Trade name	15	41,900		(8,379)		33,521		41,900		(6,284)		35,616
Total		$	282,700	$	(56,540)	$	226,160	$	282,700	$	(42,405)	$	240,295

Long-Term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

The balances of current and non-current portions of debt consist of the following as of September 30, 2021:


(in thousands)	Current		Noncurrent		Total
Term Loan	$	10,500	$	192,150	$	202,650
Revolver	39,878		—		39,878
Less: Debt financing fees	(556)		(1,111)		(1,667)
Total	$	49,822	$	191,039	$	240,861

2019 Credit Agreement

On September 25, 2019, the Company entered into a credit agreement (the “2019 Credit Agreement”) that included a $210.0 million term loan (the “Term Loan Facility”) and a $40.0 million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “2019 Credit Facilities”). On April 30, 2021, the Company entered into Amendment No. 1 to its 2019 Credit Agreement with the existing lenders providing for $50.0 million incremental revolving credit commitments on the same terms as our existing revolving credit facility. We accounted for this amendment as a debt modification and recorded $0.3 million of debt financing fees which will be amortized, along with previously deferred fees, over the remaining term of the Revolving Credit Facility.

Principal payments on the Term Loan Facility are due quarterly in arrears equal to installments in an aggregate annual amount equal to (i) 1.0% per annum of the original principal amount in the first year, (ii) 2.5% per annum of the original principal amount in the second year, (iii) 5.0% per annum of the original principal amount in the third year, (iv) 7.5% per annum of the original principal amount in the fourth year and (v) 10.0% per annum of the original principal amount in the fifth year, with the remaining principal due in a lump sum at the maturity date of September 25, 2024. The interest rate in effect with respect to the Term Loan Facility as of September 30, 2021 was 2.334% per annum.

The Revolving Credit Facility provides the Company with access to a $15.0 million letter of credit facility and a $5.0 million swing line facility, each of which, to the extent used, reduces borrowing availability under the Revolving Credit Facility. The Revolving Credit Facility expires on September 25, 2024, and requires a commitment fee of 0.4% on undrawn commitments paid quarterly in arrears. As of September 30, 2021, the interest rate in effect was 2.334% on outstanding borrowings under the Revolving Credit Facility. As of September 30, 2021, we had $50.1 million of borrowing availability under the Revolving Credit Facility.

The 2019 Credit Agreement contains certain restrictive financial covenants and also limits additional borrowings, capital expenditures, and distributions. The Company was in compliance with these covenants as of September 30, 2021. Substantially all assets of the Company's direct wholly owned subsidiary TU Midco, Inc. and its material domestic subsidiaries are pledged as collateral under this agreement, subject to certain customary exceptions.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesFrom time to time, the Company may become subject to legal proceedings, claims, and litigation arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings, nor is the Company aware of any pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows, or financial condition should such litigation be resolved unfavorably.

Employee Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Employee Compensation

Phantom Stock Plan

On June 19, 2015, TaskUs Holdings’ board of directors officially adopted a company-wide phantom stock plan and related phantom share agreements. There were 6,514,360 outstanding phantom shares as of December 31, 2020. There were 1,399,470 phantom shares forfeited during the nine months ended September 30, 2021. Because the change in control became probable upon the IPO, the Company recognized expense in the amount of the cash settlement totaling $127.5 million recorded in selling, general, and administrative expense on the condensed consolidated statements of operations for the nine months ended September 30, 2021. As of September 30, 2021 there were no phantom shares outstanding.

2019 Stock Incentive Plan

On April 16, 2019, the Company established an equity incentive plan pursuant to which the Company has granted option awards to selected executives and other key employees (the “2019 Plan”). The stock options contain service, market and performance conditions. Stock options under this plan contingently vest over a period of two years in the event of a change in control and over a period of three years in the event of an IPO (each as defined in such plan), with the vesting period beginning on the date of the performance event so long as the holder remains employed. The amount of options eligible for vesting is contingent upon Blackstone’s return on invested capital in the Company. These options have contractual lives of 10 years. Following the IPO and establishment of the Company's 2021 Omnibus Incentive Plan (the “2021 Plan”) as further discussed below, it is not expected that any additional awards will be issued under the 2019 Plan.

At the date of the IPO, the Company concluded that the public offering represented a qualifying liquidity event that would cause the stock option’s performance condition to be probable of occurring. As such, the Company has begun to recognize compensation expense in relation to the stock options issued under the 2019 Plan.

2021 Omnibus Incentive Plan

In connection with the IPO, the Company adopted the 2021 Plan, which provides for the issuance of non-qualified stock options, incentive stock options, stock appreciation rights (“SARs”), restricted shares of Class A common stock, restricted stock units (“RSUs”), or other equity-based or cash-based awards. The Company initially granted 6,614,122 awards to its founders and reserved an additional 12,160,929 shares of Class A common stock for issuance under the 2021 Plan, subject to automatic annual evergreen increases.

Stock Options

During the nine months ended September 30, 2021, the Company granted 2,265,146 stock options to its founders and certain officers and employees with a weighted-average grant date fair value of $9.34. The stock options are subject to service-based vesting conditions and generally vest quarterly or annually over four years and expire 10 years from the date of the grant. The grant date fair value of the stock options was estimated using the Black-Scholes option pricing method with the following assumptions:


Dividend yield (%)	0	%
Expected volatility (%)	32-35%
Risk-free interest rate (%)	0.8-1.3%
Expected term (years)	5.1-7.0

As of September 30, 2021, there were 9,744,028 stock options outstanding with a weighted-average exercise price of $10.06 per share. As of September 30, 2021, there was $22.3 million of unrecognized compensation expense related to the Company’s unvested stock options that is expected to be recognized over a weighted-average period of 2.4 years.

RSUs

During the nine months ended September 30, 2021, the Company granted 4,277,543 RSUs to its founders and certain officers and employees with a weighted-average grant date fair value of $27.23. The RSUs are typically subject to service-based vesting conditions and generally vest quarterly or annually over four years. As of September 30, 2021, there was $98.9 million of unrecognized compensation expense related to the Company’s unvested RSUs that is expected to be recognized over a weighted-average period of 2.4 years.

PSUs

During the nine months ended September 30, 2021, the Company granted 3,373,417 PSUs to its founders a certain officer with a weighted-average grant date fair value of $4.02. The majority of the PSUs vest contingently in annual installments over four years subject to continued service and the achievement of certain enterprise value compound annual growth rate ("CAGR") targets. The remaining PSUs vest contingently in four years subject to continued service and the achievement of certain market capitalization CAGR targets. The grant date fair value of the PSUs were estimated using the Monte Carlo simulation method with the following assumptions:


Dividend yield (%)	0	%
Expected volatility (%)	40	%
Risk-free interest rate (%)	0.1-0.6 %

As of September 30, 2021, there was $11.7 million of unrecognized compensation expense related to the Company’s unvested PSUs that is expected to be recognized over a weighted-average period of 2.7 years.

Stock-Based Compensation Expense

We recognize stock-based compensation expense for all awards using a graded vesting method. The following table summarizes the components of stock-based compensation expense recognized for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Cost of services	$	451	$	—	$	502	$	—
Selling, general, and administrative expense	18,792		—		152,008		—
Total	$	19,243	$	—	$	152,510	$	—

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining its interim provision for income taxes, the Company used an estimated annual effective tax rate, which is based on expected income before taxes, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the period in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. The Company recorded provision for income taxes of $1.7 million and $2.6 million in the three months ended September 30, 2021 and 2020, respectively. The effective tax rate was 12.5% and 18.3% for the three months ended September 30, 2021 and 2020, respectively. The Company recorded provision for (benefit from) income taxes of $(1.8) million and $4.5 million in the nine months ended September 30, 2021 and 2020, respectively. The effective tax rate was 2.3% and 17.8% for the nine months ended September 30, 2021 and 2020. The difference between the effective tax rates and the 21% federal statutory rate in the nine months ended September 30, 2021 was primarily due to global intangible low-taxed income (“GILTI”) inclusion, tax benefits of income tax holidays in foreign jurisdiction, nondeductible transaction costs and nondeductible compensation of officers. The difference between the effective tax rates and the 21% federal statutory rate in the nine months ended September 30, 2020 was primarily due to GILTI inclusion, foreign-derived intangible income ("FDII") deduction and tax benefits of income tax holidays in foreign jurisdiction. The Company is subject to income tax in the United States federal, state and various foreign jurisdictions. Federal income tax returns of the Company are subject to IRS examination for the 2017 through 2019 tax years. State income tax returns are subject to examination for the 2017 through 2019 tax years. The Company’s practice and intention are to indefinitely reinvest the earnings of its non-U.S. subsidiaries. Determination of the amount of any unrecognized deferred income tax liability on the temporary difference is not practicable because of the complexities of the hypothetical calculation.

- 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

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+ Details

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Dividend Distribution On April 9, 2021, prior to the IPO, the Company's board of directors declared a cash dividend in the aggregate amount of $50.0 million to holders of our common stock. The cash dividend was paid on April 16, 2021. Amendment and Restatement of Certificate of Incorporation On June 10, 2021, the Company amended and restated its certificate of incorporation to effect a ten-for-one forward stock split of its outstanding common stock and authorized three classes of ownership interests: (i) 250,000,000 shares of Preferred Stock, par value $0.01 per share; (ii) 2,500,000,000 shares of Class A common stock, par value $0.01 per share; and (iii) 250,000,000 shares of Class B common stock, par value $0.01 per share. After giving effect to the ten-for-one stock split, all outstanding shares of common stock were reclassified into an equal number of shares of Class B common stock (the “Class B Reclassification”) and the selling shareholders participated equally in the Class B Reclassification. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting, transfer and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible into one share of Class A common stock at any time or automatically upon certain conditions but no later than June 10, 2028 (seven years following the filing and effectiveness of the amended and restated certificate of incorporation). Initial Public Offering On June 15, 2021, the Company closed its IPO of 5,553,154 shares of Class A common stock (the “primary” offering) and selling stockholders sold 9,626,846 shares (the “secondary” offering), including shares sold by the selling stockholders pursuant to the underwriters’ full exercise of their option to purchase additional shares, at a public offering price of $23 per share. The Company received net proceeds of $120.7 million after deducting underwriting discounts and commissions, but before deducting offering expenses. The Company used the proceeds from the primary offering, together with cash on hand, to satisfy payments of approximately $127.5 million in respect of vested phantom shares in the third quarter of 2021.

- 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.

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+ Details

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Following the effectiveness of the amended and restated certificate of incorporation, the Class B Reclassification and the IPO, the Company has Class A common stock and Class B common stock outstanding. Because the only difference between the two classes of common stock are related to voting, transfer and conversion rights, the Company has not presented earnings per share under the two-class method, as earnings per share are the same for both Class A common stock and Class B common stock. The accompanying financial statements and related notes to the financial statements give retroactive effect to the stock split for all periods presented. See Note 11, “Shareholders’ Equity” for additional information.

The computation of basic net income (loss) per share (“EPS”) is based on the weighted-average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common stock equivalents. Common stock equivalents consist of shares issuable upon the exercise of stock options and vesting of RSUs and PSUs.

The following table summarizes the computation of basic and diluted EPS for the three and nine months ended September 30, 2021 and 2020:


	Three months ended September 30,				Nine months ended September 30,
(in thousands,except share and per share data)	2021		2020		2021		2020
Numerator:
Net income (loss) available to common shareholders	$	11,636	$	11,456	$	(77,800)	$	20,979
Denominator:
Weighted-average common shares outstanding – basic	97,290,174		91,737,020		93,994,896		91,737,020
Effect of dilutive securities	12,135,837		—		—		—
Weighted-average common shares outstanding – diluted	109,426,011		91,737,020		93,994,896		91,737,020
Net income (loss) per common share:
Basic	$	0.12	$	0.12	$	(0.83)	$	0.23
Diluted	$	0.11	$	0.12	$	(0.83)	$	0.23

Since the Company was in a net loss position for the nine months ended September 30, 2021, diluted EPS is equal to basic EPS for that period as the inclusion of potential common stock equivalents would have been anti-dilutive. The Company excluded 12,309 and 23,607 potential common stock equivalents from the computation of diluted EPS for the three and nine months ended September 30, 2021, respectively, because the effect would have been anti-dilutive. In addition, the Company excluded 5,578,525 potential common stock equivalents from the computation of diluted EPS for the nine months ended September 30, 2021 since the Company was in a net loss position; however, these awards would have been dilutive if the Company was in a net income position.

Related Party	9 Months Ended
Related Party	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party	Related Party On October 1, 2018, Bidco acquired 100% of the outstanding shares of TaskUs Holdings at a purchase price of $429.4 million (the “Transaction”). As a part of the Transaction, the Company entered into a Stock Purchase Agreement, which provides that the sellers of TaskUs Holdings are entitled to receive cash payments for certain tax benefits, if any, realized as a result of the Blackstone Acquisition that are received by the Company for a specified period after the closing date. The Company recognized expense of $3.6 million for the expected payment to the sellers during the nine months ended September 30, 2020. The Company made payment to the sellers during the nine months ended September 30, 2021. In connection with the closing of the Blackstone Acquisition, TaskUs and TaskUs Holdings entered into a support and services agreement (the “Support and Services Agreement”) with Blackstone Capital Partners VII L.P. and Blackstone Capital Partners Asia L.P. and Blackstone Management Partners L.L.C. (“BMP”), an affiliate of Blackstone. Under the Support and Services Agreement, we reimburse BMP and its affiliates for expenses related to support services customarily provided by Blackstone’s portfolio operations group to Blackstone’s portfolio companies, as well as healthcare-related services provided by Blackstone’s Equity Healthcare group and Blackstone’s group purchasing program. The Support and Services Agreement also requires us to, among other things, make certain information available to Blackstone and to indemnify BMP and its affiliates against certain claims. During the three and nine months ended September 30, 2020, the Company made payments of $0.2 million and $0.2 million, respectively, pursuant to the Support and Services Agreement. From time to time, the Company does business with a number of other companies affiliated with Blackstone, which cannot be presumed to be carried out at an arm’s-length basis. During the periods presented, Blackstone had an interest in Alight, Inc. (“Alight”), Custom Ink and Mphasis Limited (“Mphasis”), entities that supply TaskUs with certain consulting services and promotional items. During the three and nine months ended September 30, 2021, the Company made payments of $0.4 million and $0.9 million, respectively, to Alight. During the nine months ended September 30, 2021, the Company made payments of $0.2 million to Custom Ink. During the nine months ended September 30, 2020, the Company made payments of $0.2 million to Mphasis. During the periods presented, Blackstone had an interest in Vivint Smart Home, Inc. (“Vivint”), North American Bancard, and Custom Ink, entities that are TaskUs customers. During the three months ended September 30, 2021, the Company received payments of $0.6 million, $0.7 million, and $0.8 million from Vivint, North American Bancard and Custom Ink, respectively. During the nine months ended September 30, 2021, the Company received payments of $1.5 million, $1.3 million, and $1.5 million from Vivint, North American Bancard and Custom Ink, respectively. Similarly, from time to time, the Company does business with entities affiliated with members of our Board of Directors, which cannot be presumed to be carried out at an arm’s length basis. A management consulting firm affiliated with a member of our Board of Directors provides consulting services to the Company. During the three months ended September 30, 2021 and 2020, the Company incurred fees related to consulting services provided by this consulting firm of $0.1 million and $0.1 million, respectively. During the nine months ended September 30, 2021 and 2020, the Company incurred fees related to consulting services provided by this consulting of $0.2 million and $0.2 million, respectively. Underwriting of IPO Blackstone Securities Partners L.P., an affiliate of Blackstone, served as underwriter of 1,380,000 of the 15,180,000 shares of Class A common stock sold in the IPO, with underwriting discounts and commissions of $1.265 per share paid by the Company and selling stockholders.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 25, 2021, certain of the Company's stockholders completed a secondary offering of 12,077,480 shares of the Company's Class A common stock at a public offering price of $63.50 per share. All of the shares of Class A common stock were offered by existing stockholders. The Company did not sell any common stock in the offering and did not receive any proceeds from the offering. Blackstone Securities Partners L.P., an affiliate of Blackstone, served as underwriter of 1,021,942 of the 12,077,480 shares of Class A common stock sold in the offering, with underwriting discounts and commissions of $2.06375 per share paid by the selling stockholders. The underwriters have the option to purchase up to an additional 1,811,622 shares of the Company's Class A common stock from the selling stockholders at the public offering price less the underwriting discounts and commissions, within 30 days from October 20, 2021. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the prospectus for the secondary offering.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Our prospectus dated October 20, 2021 (the "prospectus"), as filed with the Securities and Exchange Commission (the “SEC”) on October 22, 2021, includes a discussion of the significant accounting policies used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies during the nine months ended September 30, 2021. These unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with US GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in our prospectus. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2021 and its results of operations, comprehensive income (loss) and shareholders’ equity for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine months ended September 30, 2021 and 2020. The condensed consolidated balance sheet as of December 31, 2020, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The accompanying financial statements and related notes to the financial statements give retroactive effect to the stock split for all periods presented.
Use of Estimates	Use of EstimatesThe preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the determination of useful lives and impairment of fixed assets; allowances for doubtful accounts and other receivables; the valuation of deferred tax assets; valuation of forward contracts receivable; valuation of stock-based compensation; valuation and impairment of intangibles and goodwill and reserves for income tax uncertainties and other contingencies. As of September 30, 2021, the impact of the novel coronavirus (“COVID-19”) pandemic, including as a result of new strains and variants of the virus and uncertainty of acceptance of vaccines and their effectiveness, continues to unfold. As a result, many of our estimates and assumptions required increased judgement and carry a higher degree of variability and volatility. We continue to closely monitor the outbreak and the impact on our operations and liquidity. As events continue to evolve and additional information becomes available, our estimates may change materially in the future.
Principles of Consolidation	Principles of ConsolidationThe accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has no involvement with variable interest entities.
Concentration Risk	Concentration RiskMost of the Company’s customers are located in the United States. Customers outside of the United States are concentrated in Europe and Canada.The Company’s principal operations, including the majority of its employees and the fixed assets owned by its wholly owned subsidiaries, are located in the Philippines.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods as private companies. The Company has elected to adopt new or revised accounting guidance within the same time period as private companies. Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 was issued as a means to reduce the complexity of accounting for income taxes for those entities that fall within the scope of the accounting standard. The guidance is to be applied using a prospective method, excluding amendments related to franchise taxes, which should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted this standard in the first quarter of 2021; the adoption did not have a material impact on its consolidated financial statements. Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes FASB Accounting Standards Codification ("ASC"), Leases (Topic 840). The standard is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In June 2020, the FASB postponed the effective date for ASC 842 for private companies. This ASU will be effective for the Company beginning in fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-02 on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The revised standard relates to measurement of credit losses on financial instruments, and requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The guidance replaces the incurred loss model with an expected loss model referred to as current expected credit loss ("CECL"). The CECL model requires us to measure lifetime expected credit losses for financial instruments held at the reporting date using historical experience, current conditions and reasonable supportable forecasts. The guidance expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating credit losses and requires new disclosures of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This ASU will be effective for the Company beginning in fiscal year 2023 with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2016-13 on the Company’s consolidated financial statements. In August 2018, The FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments in this ASU require (i) costs for implementation activities to be capitalized in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, (ii) expense related to the capitalized implementation costs be presented in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and (iii) payments for capitalized implementation costs be presented in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. The guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company intends to adopt this standard, on a prospective basis, for the fiscal year ending December 31, 2021 and interim periods during the fiscal year ending December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2018-15 on the Company's consolidated financial statements.
Forward Contracts	The Company transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency exchange rate risk. During 2021 and 2020, the Company entered into foreign currency exchange rate forward contracts, with a commercial bank as the counterparty, with maturities of generally 12 months or less, to reduce the volatility of cash flows primarily related to forecasted costs denominated in Philippine pesos. In addition, the Company utilizes foreign currency exchange rate contracts to mitigate foreign currency exchange rate risk associated with foreign currency-denominated assets and liabilities, primarily intercompany balances. The Company does not use foreign currency exchange rate contracts for trading purposes. The exchange rate forward contracts entered into by the Company are not designated as hedging instruments. Any gains or losses resulting from changes in the fair value of these contracts are recognized in other expense in the consolidated statements of operations. By entering into derivative contracts, the Company is exposed to counterparty credit risk, or the failure of the counterparty to perform under the terms of the derivative contract. For the periods presented, the non-performance risk of the Company and the counterparties did not have a material impact on the fair value of the derivative instruments. The Company has implemented the fair value accounting standard for those assets and liabilities that are re-measured and reported at fair value at each reporting period. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value based on inputs used, and requires additional disclosures about fair value measurements. This standard applies to fair value measurements already required or permitted by existing standards. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset and include situations where there is little, if any, market activity for the asset.
Earnings (Loss) Per Share	The computation of basic net income (loss) per share (“EPS”) is based on the weighted-average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common stock equivalents. Common stock equivalents consist of shares issuable upon the exercise of stock options and vesting of RSUs and PSUs.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Concentration Risk

For the three and nine months ended September 30, 2021 and 2020, the following customers represented greater than 10% of the Company’s service revenue:


Customer	Service revenue percentage
	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
A	27	%	33	%	27	%	33	%
B	11	%	11	%	11	%	13	%

As of September 30, 2021 and December 31, 2020, the following customers represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Customer	September 30, 2021		December 31, 2020
A	26	%	22	%
B	13	%	16	%

Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Service

The following table presents the breakdown of the Company’s revenues by service offering:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Digital Customer Experience	$	125,310	$	76,255	$	338,587	$	212,817
Content Security	45,376		33,787		124,498		91,401
AI Operations	30,367		12,383		70,861		35,036
Service revenue	$	201,053	$	122,425	$	533,946	$	339,254

Schedule of Revenue by Geographic Area

The following table presents the breakdown of the Company’s revenues by geographical location, based on where the services are provided from:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Philippines	$	103,837	$	69,369	$	284,096	$	188,085
United States	65,866		42,761		175,553		126,835
Rest of World	31,350		10,295		74,297		24,334
Service revenue	$	201,053	$	122,425	$	533,946	$	339,254

Forward Contract (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Assets Measured on a Recurring Basis


	Fair value measurements using
(in thousands)	September 30, 2021		Level 1 inputs		Level 2 inputs		Level 3 inputs

Forward contracts payable	$	4,051	$	—	$	4,051	$	—


	Fair value measurements using
(in thousands)	December 31, 2020		Level 1 inputs		Level 2 inputs		Level 3 inputs
Forward contracts receivable	$	1,780	$	—	$	1,780	$	—

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

The components of property and equipment, net as of September 30, 2021 and December 31, 2020 were as follows:


(in thousands)	September 30, 2021		December 31, 2020
Leasehold improvements	$	32,902	$	31,654
Technology and computers	68,589		47,572
Furniture and fixtures	4,000		4,203
Construction in process	14,480		5,194
Other property and equipment	7,059		5,995
Property and equipment, gross	127,030		94,618
Accumulated depreciation	(54,887)		(37,661)
Property and equipment, net	$	72,143	$	56,957

Summary of Property and Equipment by Geographic Areas

The table below presents the Company’s total property and equipment by geographic location as of September 30, 2021 and December 31, 2020:


(in thousands)	September 30, 2021		December 31, 2020
Philippines	$	44,432	$	37,823
United States	11,077		8,983
Rest of World	16,634		10,151
Property and equipment, net	$	72,143	$	56,957

Goodwill and Intangibles (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The components of intangible assets as of September 30, 2021 and December 31, 2020 were as follows:


		September 30, 2021						December 31, 2020
(in thousands)	Life (Years)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	15	$	240,800	$	(48,161)	$	192,639	$	240,800	$	(36,121)	$	204,679
Trade name	15	41,900		(8,379)		33,521		41,900		(6,284)		35,616
Total		$	282,700	$	(56,540)	$	226,160	$	282,700	$	(42,405)	$	240,295

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Current and Non-Current Debt

The balances of current and non-current portions of debt consist of the following as of September 30, 2021:


(in thousands)	Current		Noncurrent		Total
Term Loan	$	10,500	$	192,150	$	202,650
Revolver	39,878		—		39,878
Less: Debt financing fees	(556)		(1,111)		(1,667)
Total	$	49,822	$	191,039	$	240,861

Employee Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The grant date fair value of the stock options was estimated using the Black-Scholes option pricing method with the following assumptions:


Dividend yield (%)	0	%
Expected volatility (%)	32-35%
Risk-free interest rate (%)	0.8-1.3%
Expected term (years)	5.1-7.0

The grant date fair value of the PSUs were estimated using the Monte Carlo simulation method with the following assumptions:


Dividend yield (%)	0	%
Expected volatility (%)	40	%
Risk-free interest rate (%)	0.1-0.6 %

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the components of stock-based compensation expense recognized for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Cost of services	$	451	$	—	$	502	$	—
Selling, general, and administrative expense	18,792		—		152,008		—
Total	$	19,243	$	—	$	152,510	$	—

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Share

The following table summarizes the computation of basic and diluted EPS for the three and nine months ended September 30, 2021 and 2020:


	Three months ended September 30,				Nine months ended September 30,
(in thousands,except share and per share data)	2021		2020		2021		2020
Numerator:
Net income (loss) available to common shareholders	$	11,636	$	11,456	$	(77,800)	$	20,979
Denominator:
Weighted-average common shares outstanding – basic	97,290,174		91,737,020		93,994,896		91,737,020
Effect of dilutive securities	12,135,837		—		—		—
Weighted-average common shares outstanding – diluted	109,426,011		91,737,020		93,994,896		91,737,020
Net income (loss) per common share:
Basic	$	0.12	$	0.12	$	(0.83)	$	0.23
Diluted	$	0.11	$	0.12	$	(0.83)	$	0.23

Description of Business and Organization (Details)	Jun. 10, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock split ratio	10

Summary of Significant Accounting Policies - Summary of Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Service revenue percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk	27.00%	33.00%	27.00%	33.00%
Service revenue percentage \| Customer B
Concentration Risk [Line Items]
Concentration risk	11.00%	11.00%	11.00%	13.00%
Accounts receivable percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk			26.00%		22.00%
Accounts receivable percentage \| Customer B
Concentration Risk [Line Items]
Concentration risk			13.00%		16.00%

Revenue - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 201,053	$ 122,425	$ 533,946	$ 339,254
Philippines
Disaggregation of Revenue [Line Items]
Revenue	103,837	69,369	284,096	188,085
United States
Disaggregation of Revenue [Line Items]
Revenue	65,866	42,761	175,553	126,835
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	31,350	10,295	74,297	24,334
Digital Customer Experience
Disaggregation of Revenue [Line Items]
Revenue	125,310	76,255	338,587	212,817
Content Security
Disaggregation of Revenue [Line Items]
Revenue	45,376	33,787	124,498	91,401
AI Operations
Disaggregation of Revenue [Line Items]
Revenue	$ 30,367	$ 12,383	$ 70,861	$ 35,036

- 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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Unbilled revenues	$ 67.6	$ 47.4

Forward Contract - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Other (Income) Expense
Derivative [Line Items]
Unrealized loss (gain) on derivatives	$ 4.1	$ 1.2	$ 5.8	$ 1.3
Forward contract
Derivative [Line Items]
Derivative term			12 months
Settled forward contracts	31.8	26.0	$ 77.4	62.0
Derivative notional amount	116.6		116.6		$ 109.2
Forward contract \| Other (Income) Expense
Derivative [Line Items]
Loss (gain) on sale of derivatives	$ 0.7	$ (1.9)	$ (0.6)	$ (3.5)

Forward Contract - Assets Measured at Fair Value on a Recurring Basis (Details) - Forward contract - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative liability	$ 4,051
Derivative asset		$ 1,780
Level 1 inputs
Derivative [Line Items]
Derivative liability	0
Derivative asset		0
Level 2 inputs
Derivative [Line Items]
Derivative liability	4,051
Derivative asset		1,780
Level 3 inputs
Derivative [Line Items]
Derivative liability	$ 0
Derivative asset		$ 0

Property and Equipment, net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 127,030	$ 94,618
Accumulated depreciation	(54,887)	(37,661)
Property and equipment, net	72,143	56,957
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,902	31,654
Technology and computers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	68,589	47,572
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,000	4,203
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,480	5,194
Other property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,059	$ 5,995

Property and Equipment, net - Summary of Property and Equipment by Geographic Location (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 72,143	$ 56,957
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	44,432	37,823
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	11,077	8,983
Rest of World
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 16,634	$ 10,151

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 195,735	$ 195,735
Intangibles, Gross	282,700	282,700
Accumulated Amortization	(56,540)	(42,405)
Intangibles, Net	$ 226,160	$ 240,295
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Life (Years)	15 years	15 years
Intangibles, Gross	$ 240,800	$ 240,800
Accumulated Amortization	(48,161)	(36,121)
Intangibles, Net	$ 192,639	$ 204,679
Trade name
Finite-Lived Intangible Assets [Line Items]
Life (Years)	15 years	15 years
Intangibles, Gross	$ 41,900	$ 41,900
Accumulated Amortization	(8,379)	(6,284)
Intangibles, Net	$ 33,521	$ 35,616

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Apr. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less current debt financing fees	$ (556)
Less noncurrent debt financing fees	(1,111)
Less: Debt financing fees	(1,667)
Current portion of debt	49,822		$ 45,984
Long-term debt	191,039		$ 198,768
Total	240,861
2019 Credit Agreement
Debt Instrument [Line Items]
Less: Debt financing fees		$ (300)
Secured Debt \| 2019 Credit Agreement
Debt Instrument [Line Items]
Long term debt, current, gross	10,500
Long term debt, noncurrent, gross	192,150
Long term debt, gross	202,650
Line of Credit \| 2019 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Long term debt, current, gross	39,878
Long term debt, noncurrent, gross	0
Long term debt, gross	$ 39,878

Long-Term Debt - Narrative (Details) - USD ($)	Sep. 25, 2019	Sep. 30, 2021	Apr. 30, 2021
Debt Instrument [Line Items]
Debt financing fees		$ 1,667,000
2019 Credit Agreement
Debt Instrument [Line Items]
Debt financing fees			$ 300,000
2019 Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 210,000,000
Effective interest rate		2.334%
2019 Credit Agreement \| Secured Debt \| Year One
Debt Instrument [Line Items]
Percentage of original principal amount	1.00%
2019 Credit Agreement \| Secured Debt \| Year Two
Debt Instrument [Line Items]
Percentage of original principal amount	2.50%
2019 Credit Agreement \| Secured Debt \| Year Three
Debt Instrument [Line Items]
Percentage of original principal amount	5.00%
2019 Credit Agreement \| Secured Debt \| Year Four
Debt Instrument [Line Items]
Percentage of original principal amount	7.50%
2019 Credit Agreement \| Secured Debt \| Year Five
Debt Instrument [Line Items]
Percentage of original principal amount	10.00%
2019 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,000,000
Line of credit facility, additional borrowing capacity			$ 50,000,000
Effective interest rate		2.334%
Line of credit facility, commitment fee percent	0.40%
Line of credit facility, remaining borrowing capacity		$ 50,100,000
2019 Credit Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 15,000,000
2019 Credit Agreement \| Line of Credit \| Bridge Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000,000

Employee Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jun. 10, 2021	Apr. 16, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 19,243	$ 0	$ 152,510	$ 0
Options granted in period (in shares)					2,265,146
Stock Option weighted average grant date fair value (in usd per share)					$ 9.34
Options outstanding (in shares)			9,744,028		9,744,028
Weighted average exercise price of options outstanding (in usd per share)			$ 10.06		$ 10.06
Unrecognized compensation expense related to stock options			$ 22,300		$ 22,300
Phantom Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)			0		0		6,514,360
Shares forfeited (in shares)					1,399,470
Stock-based compensation expense			$ 127,500		$ 127,500
2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	6,614,122
Shares reserved for issuance (in shares)	12,160,929
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life					10 years
Award vesting period					4 years
Weighted average period for recognition					2 years 4 months 24 days
Stock Option \| 2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period contingent on a change in control		2 years
Vesting period contingent on an initial public offering		3 years
Contractual life		10 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)					4,277,543
Award vesting period					4 years
Weighted average period for recognition					2 years 4 months 24 days
Weighted average grant date fair value (in usd per share)					$ 27.23
Unrecognized compensation expense			98,900		$ 98,900
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)					3,373,417
Award vesting period					4 years
Weighted average period for recognition					2 years 8 months 12 days
Weighted average grant date fair value (in usd per share)					$ 4.02
Unrecognized compensation expense			$ 11,700		$ 11,700

Employee Compensation - Grant Date Fair Value of Stock Options (Details) - Stock Option	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (%)	0.00%
Minimum expected volatility (%)	32.00%
Maximum expected volatility (%)	35.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	0.80%
Expected term (years)	5 years 1 month 6 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	1.30%
Expected term (years)	7 years

Employee Compensation - Grant Date Fair Value of PSUs (Details) - PSUs	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (%)	0.00%
Expected volatility (%)	40.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	0.10%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	0.60%

Employee Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 19,243	$ 0	$ 152,510	$ 0
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	451	0	502	0
Selling, general, and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 18,792	$ 0	$ 152,008	$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,656	$ 2,564	$ (1,805)	$ 4,532
Effective income tax rate	12.50%	18.30%	2.30%	17.80%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Jun. 15, 2021 USD ($) $ / shares shares	Jun. 10, 2021 vote $ / shares shares	Apr. 09, 2021 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Dividends \| $			$ 50,000
Stock split ratio		10
Preferred stock, authorized (in shares)		250,000,000
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.01
Stock-based compensation expense \| $				$ 19,243	$ 0	$ 152,510	$ 0
Phantom Stock Plan
Subsidiary, Sale of Stock [Line Items]
Stock-based compensation expense \| $				$ 127,500		$ 127,500
IPO And Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)	15,180,000
Sale of stock, price (in usd per share) \| $ / shares	$ 23
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)	5,553,154
Sale of stock, consideration received \| $	$ 120,700
Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)	9,626,846
Class A Common stock
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)		2,500,000,000		2,500,000,000		2,500,000,000		2,500,000,000
Common stock, par value (in usd per share) \| $ / shares		$ 0.01		$ 0.01		$ 0.01		$ 0.01
Number of votes per share \| vote		1
Class B Common stock
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)		250,000,000		250,000,000		250,000,000		250,000,000
Common stock, par value (in usd per share) \| $ / shares		$ 0.01		$ 0.01		$ 0.01		$ 0.01
Number of votes per share \| vote		10
Common stock, conversion period		7 years

Earnings (Loss) Per Share - Summary of Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss) available to common shareholders	$ 11,636	$ (105,943)	$ 16,507	$ 11,456	$ 8,008	$ 1,515	$ (77,800)	$ 20,979
Denominator:
Weighted-average common shares outstanding – basic (in shares)	97,290,174			91,737,020			93,994,896	91,737,020
Effect of dilutive securities (in shares)	12,135,837			0			0	0
Weighted-average common shares outstanding – diluted (in shares)	109,426,011			91,737,020			93,994,896	91,737,020
Net income (loss) per common share:
Basic (in usd per share)	$ 0.12			$ 0.12			$ (0.83)	$ 0.23
Diluted (in usd per share)	$ 0.11			$ 0.12			$ (0.83)	$ 0.23

- 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
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Common Stock Equivalents, Anti-Dilutive
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,309	23,607
Common Stock Equivalents, Antidilutive, Potentially Dilutive Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		5,578,525

Related Party (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		9 Months Ended
	Jun. 15, 2021	Oct. 01, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
TaskUs Holdings \| Bidco
Related Party Transaction [Line Items]
Percentage of outstanding shares acquired		100.00%
Consideration transferred		$ 429.4
Affiliated Entity \| Sellers of TaskUs, Inc
Related Party Transaction [Line Items]
Expenses from transaction with related party						$ 3.6
Affiliated Entity \| BMP \| Support And Services Agreement
Related Party Transaction [Line Items]
Expenses from transaction with related party				$ 0.2		0.2
Affiliated Entity \| Alight \| Consulting Services And Promotional Items
Related Party Transaction [Line Items]
Expenses from transaction with related party			$ 0.4		$ 0.9
Affiliated Entity \| Custom Ink \| Consulting Services And Promotional Items
Related Party Transaction [Line Items]
Expenses from transaction with related party					0.2
Affiliated Entity \| Custom Ink \| Interest In TaskUs Customers
Related Party Transaction [Line Items]
Revenue from related parties			0.8		1.5
Affiliated Entity \| Mphasis \| Consulting Services And Promotional Items
Related Party Transaction [Line Items]
Expenses from transaction with related party						0.2
Affiliated Entity \| Vivint \| Interest In TaskUs Customers
Related Party Transaction [Line Items]
Revenue from related parties			0.6		1.5
Affiliated Entity \| North American Bancard \| Interest In TaskUs Customers
Related Party Transaction [Line Items]
Revenue from related parties			0.7		1.3
Affiliated Entity \| Management Consulting Firm \| Consulting Services
Related Party Transaction [Line Items]
Expenses from transaction with related party			$ 0.1	$ 0.1	$ 0.2	$ 0.2
IPO And Private Placement
Related Party Transaction [Line Items]
Sale of stock, number of shares issued (in shares)	15,180,000
IPO And Private Placement \| Affiliated Entity \| Blackstone Securities Partners L.P. \| Underwriting of IPO
Related Party Transaction [Line Items]
Sale of stock, number of shares issued (in shares)	1,380,000
Sale of stock, discount and commission (in usd per share)	$ 1.265

Subsequent Events (Details) - $ / shares	Oct. 25, 2021	Jun. 15, 2021
Private Placement
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)		9,626,846
Private Placement \| Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)	12,077,480
Sale of stock, price (in usd per share)	$ 63.50
Private Placement \| Subsequent Event \| Blackstone Securities Partners L.P. \| Underwriting of IPO \| Affiliated Entity
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)	1,021,942
Sale of stock, discount and commission (in usd per share)	$ 2.06375
Over-Allotment Option \| Subsequent Event \| Blackstone Securities Partners L.P. \| Underwriting of IPO \| Affiliated Entity
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)	1,811,622