0001829864-22-000069 | 10-Q | XBRL Viewer

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Earnings Per Share - Narrative (Details)	3 Months Ended
Earnings Per Share - Narrative (Details)	Mar. 31, 2022 shares
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)	1,152,816
Common Stock Equivalents, Market Conditions Not Met
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,292,857

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
(in thousands)		2022		2021
Digital Customer Experience		$	159,731	$	99,711
Content Security		45,852		36,127
AI Services		34,097		17,033
Service revenue		$	239,680	$	152,871

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 March 31,
(in thousands)		2022		2021
Philippines		$	120,080	$	84,578
United States		79,131		50,757
Rest of World		40,469		17,536
Service revenue		$	239,680	$	152,871

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 195,735	$ 195,735
Intangibles, Gross	282,700	282,700
Accumulated Amortization	(65,963)	(61,252)
Intangibles, Net	$ 216,737	$ 221,448
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Life (Years)	15 years	15 years
Intangibles, Gross	$ 240,800	$ 240,800
Accumulated Amortization	(56,188)	(52,175)
Intangibles, Net	$ 184,612	$ 188,625
Trade name
Finite-Lived Intangible Assets [Line Items]
Life (Years)	15 years	15 years
Intangibles, Gross	$ 41,900	$ 41,900
Accumulated Amortization	(9,775)	(9,077)
Intangibles, Net	$ 32,125	$ 32,823

Forward Contracts - Summary of Settled and Outstanding Forward Contracts (Details) - Forward contract - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative [Line Items]
Total notional amount of settled forward contracts	$ 40,382	$ 22,800
Realized losses (gains) from settlement of forward contracts	(1,420)	725
Unrealized losses on forward contracts	759	$ 1,820
Total notional amount of outstanding forward contracts	$ 152,980		$ 127,200

Employee Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 19,605	$ 0
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	703	0
Selling, general, and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 18,902	$ 0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are subject to various legal proceedings, claims, and litigation arising in the ordinary course of business. Although the outcomes of such matters cannot be predicted with certainty, we believe that resolution of all such pending matters will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, operating results, cash flows, or financial condition. On February 23, 2022, a purported class action lawsuit captioned Lozada v. TaskUs, Inc. et al., No. 22-cv-1479-JPC, was filed in the United States District Court for the Southern District of New York against the Company, our Chief Executive Officer, our President, and our Chief Financial Officer. The complaint alleges that the registration statement filed in connection with the Company’s IPO and the Company’s second and third quarter 2021 earnings calls contained materially false and misleading information in violation of the federal securities laws. The complaint seeks unspecified damages and an award of costs and expenses, including reasonable attorneys’ fees, as well as equitable relief. We believe that the lawsuit is without merit and intend to defend the lawsuit vigorously. We cannot predict at this point the length of time that this action will be ongoing or the liability, if any, which may arise therefrom.

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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 2(a), "Basis of Presentation" 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 months ended March 31, 2022 and 2021:


	Three months ended March 31,
(in thousands,except share and per share data)	2022		2021
Numerator:
Net income available to common shareholders	$	11,586	$	16,507
Denominator:
Weighted-average common shares outstanding – basic	97,481,412		91,737,020
Effect of dilutive securities	6,640,614		—
Weighted-average common shares outstanding – diluted	104,122,026		91,737,020
Net income per common share:
Basic	$	0.12	$	0.18
Diluted	$	0.11	$	0.18

The Company excluded 1,152,816 potential common stock equivalents from the computation of diluted EPS for the three months ended March 31, 2022, because the effect would have been anti-dilutive. As of March 31, 2022, there were 5,292,857 potential common stock equivalents outstanding, with market conditions which were not met at that date, that were excluded from the calculation of diluted EPS.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
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 (benefit from) income taxes of $6.3 million and $3.6 million in the three months ended March 31, 2022 and 2021, respectively. The effective tax rate was 35.3% and 17.7% for the three months ended March 31, 2022 and 2021. The difference between the effective tax rates and the 21% federal statutory rate in the three months ended March 31, 2022 was primarily due to global intangible low-taxed income (“GILTI”) inclusion, Base Erosion and Anti-Abuse Tax ("BEAT"), tax benefits of income tax holidays in foreign jurisdiction, and nondeductible compensation of officers. The difference between the effective tax rate and the 21% federal statutory rate in the three months ended March 31, 2021 was primarily due to GILTI inclusion, foreign-derived intangible income ("FDII") deduction, tax benefits of income tax holidays in foreign jurisdiction and unrecognized tax benefits. The Company is subject to income tax in the United States federal, state and various foreign jurisdictions. As of March 31, 2022, the tax years 2017 to 2020 are subject to examination by tax authorities. 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.

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+ Details

Forward Contract - Narrative (Details)	3 Months Ended
Forward Contract - Narrative (Details)	Mar. 31, 2022 counterparty
Derivative [Line Items]
Number of counterparties	2
Forward contract
Derivative [Line Items]
Derivative term	12 months

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021:


	March 31, 2022						December 31, 2021
(in thousands)	Current		Noncurrent		Total		Current		Noncurrent		Total
Term Loan	$	13,125	$	184,275	$	197,400	$	11,813	$	188,212	$	200,025
Revolver	39,878		—		39,878		39,878		—		39,878
Less: Debt financing fees	(556)		(834)		(1,390)		(556)		(972)		(1,528)
Total	$	52,447	$	183,441	$	235,888	$	51,135	$	187,240	$	238,375

Revenue - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 239,680	$ 152,871
Philippines
Disaggregation of Revenue [Line Items]
Revenue	120,080	84,578
United States
Disaggregation of Revenue [Line Items]
Revenue	79,131	50,757
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	40,469	17,536
Digital Customer Experience
Disaggregation of Revenue [Line Items]
Revenue	159,731	99,711
Content Security
Disaggregation of Revenue [Line Items]
Revenue	45,852	36,127
AI Services
Disaggregation of Revenue [Line Items]
Revenue	$ 34,097	$ 17,033

- 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.

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+ Details

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 2,298	$ 1,819
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)	27,523,669	27,431,264
Common stock, shares outstanding (in shares)	27,523,669	27,431,264
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)	70,032,694	70,032,694
Common stock, shares outstanding (in shares)	70,032,694	70,032,694

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, 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	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, 2021		27,431,264	70,032,694
Beginning balance at Dec. 31, 2021	379,134	$ 275	$ 700	556,418	(176,096)	(2,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for settlement of RSUs (in shares)		137,794
Issuance of common stock for settlement of RSUs	0	$ 1		(1)
Shares withheld related to net share settlement (in shares)		(45,389)
Shares withheld related to net share settlement	(1,469)	$ (1)		(1,468)
Stock-based compensation expense	19,605			19,605
Net income	11,586				11,586
Other comprehensive income (loss)	(1,756)					(1,756)
Ending balance (in shares) at Mar. 31, 2022		27,523,669	70,032,694
Ending balance at Mar. 31, 2022	$ 407,100	$ 275	$ 700	$ 574,554	$ (164,510)	$ (3,919)

Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The components of intangible assets as of March 31, 2022 and December 31, 2021 were as follows:


		March 31, 2022						December 31, 2021
(in thousands)	Life (Years)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	15	$	240,800	$	(56,188)	$	184,612	$	240,800	$	(52,175)	$	188,625
Trade name	15	41,900		(9,775)		32,125		41,900		(9,077)		32,823
Total		$	282,700	$	(65,963)	$	216,737	$	282,700	$	(61,252)	$	221,448

Employee Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Based Compensation Expense

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


	Three months ended March 31,
(in thousands)	2022		2021
Cost of services	$	703	$	—
Selling, general, and administrative expense	18,902		—
Total	$	19,605	$	—

Goodwill and Intangibles

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

The carrying amount of goodwill as of March 31, 2022 and December 31, 2021 was $195.7 million.

The components of intangible assets as of March 31, 2022 and December 31, 2021 were as follows:


		March 31, 2022						December 31, 2021
(in thousands)	Life (Years)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	15	$	240,800	$	(56,188)	$	184,612	$	240,800	$	(52,175)	$	188,625
Trade name	15	41,900		(9,775)		32,125		41,900		(9,077)		32,823
Total		$	282,700	$	(65,963)	$	216,737	$	282,700	$	(61,252)	$	221,448

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 6,313	$ 3,559
Effective income tax rate	35.30%	17.70%

- Definition

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

+ References + Details

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 77,074	$ 63,584
Accounts receivable, net of allowance for doubtful accounts of $2,298 and $1,819, as of March 31, 2022 and December 31, 2021, respectively	172,391	162,895
Other receivables	669	597
Prepaid expenses	12,498	10,939
Income tax receivable	160	3,863
Other current assets	5,218	4,428
Total current assets	268,010	246,306
Noncurrent assets:
Property and equipment, net	87,639	80,046
Deferred tax assets	1,442	1,441
Intangibles	216,737	221,448
Goodwill	195,735	195,735
Other noncurrent assets	5,202	5,022
Total noncurrent assets	506,755	503,692
Total assets	774,765	749,998
Current liabilities:
Accounts payable and accrued liabilities	39,774	40,890
Accrued payroll and employee-related liabilities	34,716	36,670
Current portion of debt	52,447	51,135
Current portion of income tax payable	3,348	2,416
Deferred revenue	4,873	4,095
Deferred rent	481	735
Total current liabilities	135,639	135,941
Noncurrent liabilities:
Income tax payable	2,886	2,886
Long-term debt	183,441	187,240
Deferred rent	3,386	2,749
Accrued payroll and employee-related liabilities	2,078	1,813
Deferred tax liabilities	40,235	40,235
Total noncurrent liabilities	232,026	234,923
Total liabilities	367,665	370,864
Commitments and Contingencies
Shareholders’ equity:
Additional paid-in capital	574,554	556,418
Accumulated deficit	(164,510)	(176,096)
Accumulated other comprehensive loss	(3,919)	(2,163)
Total shareholders’ equity	407,100	379,134
Total liabilities and shareholders’ equity	774,765	749,998
Class A Common stock
Shareholders’ equity:
Common stock	275	275
Class B Common stock
Shareholders’ equity:
Common stock	$ 700	$ 700

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Jan. 01, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-02 [Member]
Minimum \| Pro Forma
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease right of use asset		$ 43
Lease liability		43
Maximum \| Pro Forma
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease right of use asset		51
Lease liability		$ 51

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
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 Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), as filed with the Securities and Exchange Commission (the “SEC”), 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 three months ended March 31, 2022. 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, 2021 included in the Annual Report. 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 March 31, 2022 and its results of operations, comprehensive income (loss) and shareholders’ equity for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. 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. 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 foreign currency exchange rate forward contracts; valuation of stock-based compensation; valuation and impairment of intangibles and goodwill and reserves for income tax uncertainties and other contingencies. As of March 31, 2022, 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 clients are located in the United States. Clients 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 issued accounting pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 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 plans to adopt this standard during 2022, using the modified retrospective method and the effective date as the date of initial application. The Company currently expects to recognize right-of-use assets and lease liabilities of approximately $43 million to $51 million to the consolidated balance sheet. The Company expects to elect the "package of practical expedients," which permits the Company not to reassess under ASC842 any prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to apply the short-term lease exception and will therefore recognize a right-of-use asset and lease liability for all leases. The Company does not expect adoption of the lease standard to have a material impact on the consolidated statement of operations nor on its consolidated cash flow 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.
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 2022 and 2021, the Company entered into foreign currency exchange rate forward contracts, with two commercial banks as the counterparties, 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. The forward contract payable resulting from changes in fair value was recorded under accounts payable and accrued liabilities. 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.

Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

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


	Three months ended March 31,
(in thousands)		2022		2021
Digital Customer Experience		$	159,731	$	99,711
Content Security		45,852		36,127
AI Services		34,097		17,033
Service revenue		$	239,680	$	152,871

The majority of the Company’s revenues are derived from contracts with customers who are located in the United States. However, the Company delivers its 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 March 31,
(in thousands)		2022		2021
Philippines		$	120,080	$	84,578
United States		79,131		50,757
Rest of World		40,469		17,536
Service revenue		$	239,680	$	152,871

Contract Balances

Accounts receivable, net of allowance for doubtful accounts includes $89.4 million and $75.5 million of unbilled revenues as of March 31, 2022 and December 31, 2021, 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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less current debt financing fees	$ (556)	$ (556)
Less noncurrent debt financing fees	(834)	(972)
Debt issuance costs, net	(1,390)	(1,528)
Current portion of debt	52,447	51,135
Noncurrent portion of debt	183,441	187,240
Total	235,888	238,375
Secured Debt \| 2019 Credit Agreement
Debt Instrument [Line Items]
Long term debt, current, gross	13,125	11,813
Long term debt, noncurrent, gross	184,275	188,212
Long term debt, gross	197,400	200,025
Line of Credit \| 2019 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Long term debt, current, gross	39,878	39,878
Long term debt, noncurrent, gross	0	0
Long term debt, gross	$ 39,878	$ 39,878

Property and Equipment, net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The components of property and equipment, net as of March 31, 2022 and December 31, 2021 were as follows:


(in thousands)	March 31, 2022		December 31, 2021
Leasehold improvements	$	43,678	$	38,024
Technology and computers	90,463		81,679
Furniture and fixtures	5,214		4,814
Construction in process	11,479		10,892
Other property and equipment	8,585		8,405
Property and equipment, gross	159,419		143,814
Accumulated depreciation	(71,780)		(63,768)
Property and equipment, net	$	87,639	$	80,046

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 March 31, 2022 and December 31, 2021:


(in thousands)	March 31, 2022		December 31, 2021
Philippines	$	50,223	$	49,825
United States	11,427		10,273
Rest of World	25,989		19,948
Property and equipment, net	$	87,639	$	80,046

Subsequent Events (Details) $ in Millions			3 Months Ended
Subsequent Events (Details) $ in Millions	Apr. 15, 2022 USD ($) number_of_languages country shares	Apr. 12, 2022 USD ($)	Mar. 31, 2022 USD ($) shares
RSUs
Subsequent Event [Line Items]
Awards granted (in shares) \| shares			314,998
Revolving Credit Facility \| 2019 Credit Agreement \| Line of Credit
Subsequent Event [Line Items]
Effective interest rate			2.707%
Line of credit facility, remaining borrowing capacity			$ 50.1
Subsequent Event
Subsequent Event [Line Items]
Number of languages supported \| number_of_languages	20
Number of countries operated in \| country	7
Subsequent Event \| heloo
Subsequent Event [Line Items]
Payments to acquire business	$ 24.0
Contingent consideration liability	$ 24.0
Subsequent Event \| heloo \| RSUs
Subsequent Event [Line Items]
Awards granted (in shares) \| shares	90,030
Subsequent Event \| heloo \| Class A Common stock
Subsequent Event [Line Items]
Number of shares issued (in shares) \| shares	200,103
Subsequent Event \| Revolving Credit Facility \| 2019 Credit Agreement
Subsequent Event [Line Items]
Proceeds from lines of credit		$ 32.5
Subsequent Event \| Revolving Credit Facility \| 2019 Credit Agreement \| Line of Credit
Subsequent Event [Line Items]
Effective interest rate		2.66%
Line of credit facility, remaining borrowing capacity		$ 17.6

Forward Contract (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Settled and Outstanding Forward Contracts

The following table presents the Company's settled forward contracts and realized and unrealized losses (gains) associated with our derivative contracts:


	Three months ended March 31,
(in thousands)	2022		2021
Total notional amount of settled forward contracts	$	40,382	$	22,800
Realized losses (gains) from settlement of forward contracts	$	1,420	$	(725)
Unrealized losses on forward contracts	$	759	$	1,820

The following table presents the Company's outstanding forward contracts:


(in thousands)	March 31, 2022		December 31, 2021
Total notional amount of outstanding forward contracts	$	152,980	$	127,200

Summary of Fair Value of Assets Measured on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:


	Fair value measurements using
(in thousands)	March 31, 2022		Level 1 inputs		Level 2 inputs		Level 3 inputs

Forward contracts payable	$	3,552	$	—	$	3,552	$	—


	Fair value measurements using
(in thousands)	December 31, 2021		Level 1 inputs		Level 2 inputs		Level 3 inputs

Forward contracts payable	$	2,793	$	—	$	2,793	$	—

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 11,586	$ 16,507
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,901	6,203
Amortization of intangibles	4,711	4,712
Amortization of debt financing fees	139	114
Loss (gain) on disposal of assets	(15)	27
Provision for losses on accounts receivable	479	231
Unrealized foreign exchange losses on forward contracts	759	1,820
Deferred taxes	(19)	0
Stock-based compensation expense	19,605	0
Changes in operating assets and liabilities:
Accounts receivable	(9,979)	(6,106)
Other receivables, prepaid expenses, and other current assets	(2,478)	1,558
Other noncurrent assets	(223)	(297)
Accounts payable and accrued liabilities	(1,071)	471
Accrued payroll and employee-related liabilities	(1,392)	8,755
Income tax payable	4,686	5,037
Deferred revenue	779	666
Deferred rent	422	224
Net cash provided by operating activities	36,890	39,922
Cash flows from investing activities:
Purchase of property and equipment	(17,770)	(10,127)
Net cash used in investing activities	(17,770)	(10,127)
Cash flows from financing activities:
Payments on long-term debt	(2,625)	(1,313)
Payments for taxes related to net share settlement	(1,469)	0
Net cash used in financing activities	(4,094)	(1,313)
Increase in cash and cash equivalents	15,026	28,482
Effect of exchange rate changes on cash	(1,536)	(717)
Cash and cash equivalents at beginning of period	63,584	107,728
Cash and cash equivalents at end of period	$ 77,074	$ 135,493

Long-Term Debt

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021:


	March 31, 2022						December 31, 2021
(in thousands)	Current		Noncurrent		Total		Current		Noncurrent		Total
Term Loan	$	13,125	$	184,275	$	197,400	$	11,813	$	188,212	$	200,025
Revolver	39,878		—		39,878		39,878		—		39,878
Less: Debt financing fees	(556)		(834)		(1,390)		(556)		(972)		(1,528)
Total	$	52,447	$	183,441	$	235,888	$	51,135	$	187,240	$	238,375

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.

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 March 31, 2022 was 2.707% 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 March 31, 2022, the interest rate in effect was 2.707% on outstanding borrowings under the Revolving Credit Facility. As of March 31, 2022, the Company 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 March 31, 2022. 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.

Employee Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Employee Compensation

During the three months ended March 31, 2022, we granted 314,998 restricted stock units (the “RSUs”) under the 2021 Omnibus Incentive Plan (the “2021 Plan”) with a weighted-average grant date fair value of $33.29. The majority of the RSUs vest ratably over a four-year period, subject to continued service.

During the three months ended March 31, 2022, we granted 153,398 options under the 2021 Plan with a weighted-average exercise price of $32.99 and a weighted-average grant-date fair value of $11.58. The majority of the stock options vest ratably over a three to four-year period, subject to continued service.

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 March 31,
(in thousands)	2022		2021
Cost of services	$	703	$	—
Selling, general, and administrative expense	18,902		—
Total	$	19,605	$	—

As of March 31, 2022, there was $18.5 million, $87.9 million and $8.6 million of unrecognized compensation expense related to the Company’s unvested stock options, RSUs and performance stock units ("PSUs"), respectively, that is expected to be recognized over a weighted-average period of 1.6 years, 2.0 years and 2.0 years.

Forward Contract

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Forward Contract

Forward ContractsThe 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 2022 and 2021, the Company entered into foreign currency exchange rate forward contracts, with two commercial banks as the counterparties, 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. The forward contract payable resulting from changes in fair value was recorded under accounts payable and accrued liabilities.

The following table presents the Company's settled forward contracts and realized and unrealized losses (gains) associated with our derivative contracts:


	Three months ended March 31,
(in thousands)	2022		2021
Total notional amount of settled forward contracts	$	40,382	$	22,800
Realized losses (gains) from settlement of forward contracts	$	1,420	$	(725)
Unrealized losses on forward contracts	$	759	$	1,820

The following table presents the Company's outstanding forward contracts:


(in thousands)	March 31, 2022		December 31, 2021
Total notional amount of outstanding forward contracts	$	152,980	$	127,200

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.


	Fair value measurements using
(in thousands)	March 31, 2022		Level 1 inputs		Level 2 inputs		Level 3 inputs

Forward contracts payable	$	3,552	$	—	$	3,552	$	—


	Fair value measurements using
(in thousands)	December 31, 2021		Level 1 inputs		Level 2 inputs		Level 3 inputs

Forward contracts payable	$	2,793	$	—	$	2,793	$	—

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.

Earnings Per Share - Summary of Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income available to common shareholders	$ 11,586	$ 16,507
Denominator:
Weighted-average common shares outstanding – basic (in shares)	97,481,412	91,737,020
Effect of dilutive securities (in shares)	6,640,614	0
Weighted-average common shares outstanding – diluted (in shares)	104,122,026	91,737,020
Net income per common share:
Basic (in usd per share)	$ 0.12	$ 0.18
Diluted (in usd per share)	$ 0.11	$ 0.18

- Definition

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

+ References

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- Definition

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

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+ Details

- 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

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

The components of property and equipment, net as of March 31, 2022 and December 31, 2021 were as follows:


(in thousands)	March 31, 2022		December 31, 2021
Leasehold improvements	$	43,678	$	38,024
Technology and computers	90,463		81,679
Furniture and fixtures	5,214		4,814
Construction in process	11,479		10,892
Other property and equipment	8,585		8,405
Property and equipment, gross	159,419		143,814
Accumulated depreciation	(71,780)		(63,768)
Property and equipment, net	$	87,639	$	80,046

Summary of Property and Equipment by Geographic Areas

The table below presents the Company’s total property and equipment by geographic location as of March 31, 2022 and December 31, 2021:


(in thousands)	March 31, 2022		December 31, 2021
Philippines	$	50,223	$	49,825
United States	11,427		10,273
Rest of World	25,989		19,948
Property and equipment, net	$	87,639	$	80,046

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Revolver Draw On April 12, 2022, the Company drew $32.5 million on its Revolving Credit Facility at an effective interest rate of 2.66% to fund cash payments relating to its acquisition of heloo. After the draw, the Company had $17.6 million of borrowing availability under the Revolving Credit Facility. Acquisition On April 15, 2022, the Company acquired all of the equity interests of Parsec d.o.o. and Q Experience d.o.o. ("heloo"), a Croatia-based digital customer experience solutions provider to European technology companies supporting 20 languages across seven additional Eastern European countries, including Bosnia, Serbia, and Slovenia. The Company believes this acquisition will be complementary to its growth strategy by expanding its global delivery footprint with a suite of multi-lingual, cost-competitive Digital Customer Experience services. Under the terms of the sale and purchase agreement, the Company acquired heloo in exchange for approximately $24 million in cash, subject to working capital adjustments, plus 200,103 shares of the Company's Class A common stock and up to approximately $24 million in additional consideration with payment contingent upon the satisfaction of certain conditions. The closing cash consideration for the acquisition was funded by the April 12, 2022 draw under the Revolving Credit Facility. The Company also granted 90,030 RSUs to certain employees of heloo. The Company is in the process of finalizing its accounting for this transaction and expects to complete its preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed by the end of the second quarter of 2022.

Summary of Significant Accounting Policies - Summary of Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Service revenue percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk	24.00%	29.00%
Service revenue percentage \| Customer B
Concentration Risk [Line Items]
Concentration risk	10.00%	11.00%
Accounts receivable percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk	18.00%		22.00%
Accounts receivable percentage \| Customer B
Concentration Risk [Line Items]
Concentration risk			12.00%
Accounts receivable percentage \| Customer C
Concentration Risk [Line Items]
Concentration risk	12.00%

Long-Term Debt - Narrative (Details) - 2019 Credit Agreement - USD ($)	Sep. 25, 2019	Mar. 31, 2022	Apr. 30, 2021
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 210,000,000
Effective interest rate		2.707%
Secured Debt \| Year One
Debt Instrument [Line Items]
Percentage of original principal amount	1.00%
Secured Debt \| Year Two
Debt Instrument [Line Items]
Percentage of original principal amount	2.50%
Secured Debt \| Year Three
Debt Instrument [Line Items]
Percentage of original principal amount	5.00%
Secured Debt \| Year Four
Debt Instrument [Line Items]
Percentage of original principal amount	7.50%
Secured Debt \| Year Five
Debt Instrument [Line Items]
Percentage of original principal amount	10.00%
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		2.707%
Line of credit facility, commitment fee percent	0.40%
Line of credit facility, remaining borrowing capacity		$ 50,100,000
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 15,000,000
Line of Credit \| Bridge Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000,000

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

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 Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), as filed with the Securities and Exchange Commission (the “SEC”), 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 three months ended March 31, 2022.

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, 2021 included in the Annual Report. 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 March 31, 2022 and its results of operations, comprehensive income (loss) and shareholders’ equity for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

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. The accompanying financial statements and related notes to the financial statements give retroactive effect to the stock split for all periods presented.

(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 foreign currency exchange rate forward contracts; valuation of

stock-based compensation; valuation and impairment of intangibles and goodwill and reserves for income tax uncertainties and other contingencies.

As of March 31, 2022, 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 clients are located in the United States. Clients outside of the United States are concentrated in Europe and Canada.

For the three months ended March 31, 2022 and 2021, the following clients represented greater than 10% of the Company’s service revenue:


Client	Service revenue percentage
	Three months ended March 31,
	2022		2021
A	24	%	29	%
B	10	%	11	%

As of March 31, 2022 and December 31, 2021, the following clients represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Client	March 31, 2022		December 31, 2021
A	18	%	22	%
B	Less than 10%		12	%
C	12	%	Less than 10%

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 issued accounting pronouncements

In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 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 plans to adopt this standard during 2022, using the modified retrospective method and the effective date as the date of initial application. The Company currently expects to recognize right-of-use assets and lease liabilities of approximately $43 million to $51 million to the consolidated balance sheet. The Company expects to elect the "package of practical expedients," which permits the Company not to reassess under ASC842 any prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to apply the short-term lease exception and will therefore recognize a right-of-use asset and lease liability for all leases. The Company does

not expect adoption of the lease standard to have a material impact on the consolidated statement of operations nor on its consolidated cash flow 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.

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service [Member]
Service revenue	$ 239,680	$ 152,871
Operating expenses:
Cost of services	141,282	88,030
Selling, general, and administrative expense	64,247	31,498
Depreciation	8,901	6,203
Amortization of intangible assets	4,711	4,712
Loss (gain) on disposal of assets	(15)	27
Total operating expenses	219,126	130,470
Operating income	20,554	22,401
Other expense	1,053	754
Financing expenses	1,602	1,581
Income before income taxes	17,899	20,066
Provision for income taxes	6,313	3,559
Net income	$ 11,586	$ 16,507
Net income per common share:
Basic (in usd per share)	$ 0.12	$ 0.18
Diluted (in usd per share)	$ 0.11	$ 0.18
Weighted-average number of common shares outstanding:
Basic (in shares)	97,481,412	91,737,020
Diluted (in shares)	104,122,026	91,737,020

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Concentration Risk

For the three months ended March 31, 2022 and 2021, the following clients represented greater than 10% of the Company’s service revenue:


Client	Service revenue percentage
	Three months ended March 31,
	2022		2021
A	24	%	29	%
B	10	%	11	%

As of March 31, 2022 and December 31, 2021, the following clients represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Client	March 31, 2022		December 31, 2021
A	18	%	22	%
B	Less than 10%		12	%
C	12	%	Less than 10%

Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Unbilled revenues	$ 89.4	$ 75.5

Property and Equipment, net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 159,419	$ 143,814
Accumulated depreciation	(71,780)	(63,768)
Property and equipment, net	87,639	80,046
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	43,678	38,024
Technology and computers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	90,463	81,679
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,214	4,814
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,479	10,892
Other property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,585	$ 8,405

Employee Compensation - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares) \| shares	153,398
Weighted average exercise price (in usd per share) \| $ / shares	$ 32.99
Stock option weighted average grant date fair value (in usd per share) \| $ / shares	$ 11.58
Unrecognized compensation expense related to stock options \| $	$ 18.5
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) \| shares	314,998
Weighted average grant date fair value (in usd per share) \| $ / shares	$ 33.29
Award vesting period	4 years
Unrecognized compensation expense \| $	$ 87.9
Weighted average period for recognition	2 years
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for recognition	1 year 7 months 6 days
Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $	$ 8.6
Weighted average period for recognition	2 years

Property and Equipment, net - Summary of Property and Equipment by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 87,639	$ 80,046
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	50,223	49,825
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	11,427	10,273
Rest of World
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 25,989	$ 19,948

Description of Business and Organization	3 Months Ended
Description of Business and Organization	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization TaskUs, 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. (“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. TaskUs, Inc. was incorporated in Delaware in July 2018, and is headquartered in New Braunfels, Texas. The Company provides digital outsourced services, focused on serving high-growth technology companies to represent, protect and grow their brands. The Company's global, omni-channel delivery model is focused on Digital Customer Experience, Content Security and Artificial Intelligence (AI) Services (formerly known as AI Operations). The Company has designed its platform to enable it to rapidly scale and benefit from its clients’ growth. Through its agile and responsive operational model, the Company delivers 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 Services: 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.

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 11,586	$ 16,507
Retirement benefit reserves	9	(5)
Foreign currency translation adjustments	(1,765)	(850)
Comprehensive income	$ 9,830	$ 15,652

- Definition

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

+ References

+ Details

Forward Contract - Assets Measured at Fair Value on a Recurring Basis (Details) - Forward contract - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative liability	$ 3,552	$ 2,793
Level 1 inputs
Derivative [Line Items]
Derivative liability	0	0
Level 2 inputs
Derivative [Line Items]
Derivative liability	3,552	2,793
Level 3 inputs
Derivative [Line Items]
Derivative liability	$ 0	$ 0

Summary of Significant Accounting Policies - Basis of Presentation (Details)	Jun. 10, 2021
Accounting Policies [Abstract]
Stock split ratio	10

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021:


	Three months ended March 31,
(in thousands,except share and per share data)	2022		2021
Numerator:
Net income available to common shareholders	$	11,586	$	16,507
Denominator:
Weighted-average common shares outstanding – basic	97,481,412		91,737,020
Effect of dilutive securities	6,640,614		—
Weighted-average common shares outstanding – diluted	104,122,026		91,737,020
Net income per common share:
Basic	$	0.12	$	0.18
Diluted	$	0.11	$	0.18