0001829864-22-000109 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Aug. 04, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		28,160,411
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	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 104,734	$ 63,584
Accounts receivable, net of allowance for doubtful accounts of $2,748 and $1,819, as of June 30, 2022 and December 31, 2021, respectively	180,445	162,895
Other receivables	957	597
Prepaid expenses	15,347	10,939
Income tax receivable	10,758	3,863
Other current assets	4,813	4,428
Total current assets	317,054	246,306
Noncurrent assets:
Property and equipment, net	82,889	80,046
Operating lease right-of-use assets	37,841	0
Deferred tax assets	1,377	1,441
Intangibles	222,934	221,448
Goodwill	216,567	195,735
Other noncurrent assets	4,818	5,022
Total noncurrent assets	566,426	503,692
Total assets	883,480	749,998
Current liabilities:
Accounts payable and accrued liabilities	44,738	40,890
Accrued payroll and employee-related liabilities	42,651	36,670
Current portion of debt	86,260	51,135
Current portion of operating lease liabilities	11,584	0
Current portion of income tax payable	3,140	2,416
Deferred revenue	3,674	4,095
Deferred rent	0	735
Total current liabilities	192,047	135,941
Noncurrent liabilities:
Income tax payable	2,545	2,886
Long-term debt	179,643	187,240
Operating lease liabilities	28,881	0
Deferred rent	0	2,749
Accrued payroll and employee-related liabilities	2,244	1,813
Deferred tax liabilities	41,531	40,235
Other Liabilities, Noncurrent	2,103	0
Total noncurrent liabilities	256,947	234,923
Total liabilities	448,994	370,864
Commitments and Contingencies (See Note 10)
Shareholders’ equity:
Additional paid-in capital	600,289	556,418
Accumulated deficit	(156,781)	(176,096)
Accumulated other comprehensive loss	(10,003)	(2,163)
Total shareholders’ equity	434,486	379,134
Total liabilities and shareholders’ equity	883,480	749,998
Class A common stock
Shareholders’ equity:
Common stock	281	275
Class B common stock
Shareholders’ equity:
Common stock	$ 700	$ 700

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 2,748	$ 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)	28,097,168	27,431,264
Common stock, shares outstanding (in shares)	28,097,168	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 Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]			Service [Member]
Service revenue	$ 246,459	$ 180,022	$ 486,139	$ 332,893
Operating expenses:
Cost of services	143,538	103,798	284,820	191,828
Selling, general, and administrative expense	68,919	177,810	133,166	209,308
Depreciation	9,657	6,729	18,558	12,932
Amortization of intangible assets	4,967	4,712	9,678	9,424
Loss (gain) on disposal of assets	5	1	(10)	28
Total operating expenses	227,086	293,050	446,212	423,520
Operating income (loss)	19,373	(113,028)	39,927	(90,627)
Other expense (income)	7,377	(1,659)	8,430	(905)
Financing expenses	2,204	1,594	3,806	3,175
Income (loss) before income taxes	9,792	(112,963)	27,691	(92,897)
Provision for (benefit from) income taxes	2,063	(7,020)	8,376	(3,461)
Net income (loss)	$ 7,729	$ (105,943)	$ 19,315	$ (89,436)
Net income (loss) per common share:
Basic (in usd per share)	$ 0.08	$ (1.14)	$ 0.20	$ (0.97)
Diluted (in usd per share)	$ 0.07	$ (1.14)	$ 0.19	$ (0.97)
Weighted-average number of common shares outstanding:
Basic (in shares)	97,783,809	92,957,493	97,632,611	92,347,257
Diluted (in shares)	103,177,186	92,957,493	103,649,606	92,347,257

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7,729	$ (105,943)	$ 19,315	$ (89,436)
Retirement benefit reserves	28	(3)	37	(8)
Foreign currency translation adjustments	(6,112)	(489)	(7,877)	(1,339)
Comprehensive income (loss)	$ 1,645	$ (106,435)	$ 11,475	$ (90,783)

- 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, 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 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)	(89,436)
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
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]
Issuance of common stock (in shares)		5,553,154
Issuance of common stock	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		$ 96	$ (96)
Stock-based compensation expense	5,771			5,771
Dividends	(50,000)				(50,000)
Net income (loss)	(105,943)				(105,943)
Other comprehensive loss	(492)					(492)
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
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 (loss)	11,586				11,586
Other comprehensive 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)
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]
Net income (loss)	19,315
Ending balance (in shares) at Jun. 30, 2022		28,097,168	70,032,694
Ending balance at Jun. 30, 2022	434,486	$ 281	$ 700	600,289	(156,781)	(10,003)
Beginning balance (in shares) at Mar. 31, 2022		27,523,669	70,032,694
Beginning balance at Mar. 31, 2022	407,100	$ 275	$ 700	574,554	(164,510)	(3,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		450,304
Issuance of common stock	920	$ 5		915
Shares withheld related to net share settlement (in shares)		(76,908)
Shares withheld related to net share settlement	(1,308)	$ (1)		(1,307)
Shares issued in acquisition of heloo (in shares)		200,103
Shares issued in acquisition of heloo	7,196	$ 2		7,194
Stock-based compensation expense	18,933			18,933
Net income (loss)	7,729				7,729
Other comprehensive loss	(6,084)					(6,084)
Ending balance (in shares) at Jun. 30, 2022		28,097,168	70,032,694
Ending balance at Jun. 30, 2022	$ 434,486	$ 281	$ 700	$ 600,289	$ (156,781)	$ (10,003)

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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 19,315	$ (89,436)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	18,558	12,932
Amortization of intangibles	9,678	9,424
Amortization of debt financing fees	278	247
Loss (gain) on disposal of assets	(10)	28
Provision for losses on accounts receivable	929	465
Unrealized foreign exchange losses on forward contracts	7,452	1,730
Deferred taxes	(47)	(10,462)
Stock-based compensation expense	38,538	5,771
Changes in operating assets and liabilities:
Accounts receivable	(16,218)	(41,195)
Other receivables, prepaid expenses, and other current assets	(6,346)	(4,398)
Operating lease right-of-use assets	6,534	0
Other noncurrent assets	(128)	(415)
Accounts payable and accrued liabilities	537	5,537
Accrued payroll and employee-related liabilities	6,662	150,543
Operating lease liabilities and deferred rent	(6,109)	502
Income tax payable	(6,241)	3,304
Deferred revenue	(416)	1,100
Net cash provided by operating activities	72,966	45,677
Cash flows from investing activities:
Purchase of property and equipment	(29,357)	(23,453)
Acquisition, net of cash acquired	(23,235)	0
Net cash used in investing activities	(52,592)	(23,453)
Cash flows from financing activities:
Proceeds from borrowing, Revolving credit facility	32,500	0
Payments on long-term debt	(5,250)	(2,625)
Payments for debt financing fees	0	(340)
Proceeds from issuance of common stock, net of underwriters’ fees	0	120,698
Proceeds from employee stock plans	920	0
Payments for taxes related to net share settlement	(2,777)	0
Distribution of dividends	0	(50,000)
Net cash provided by financing activities	25,393	67,733
Increase in cash and cash equivalents	45,767	89,957
Effect of exchange rate changes on cash	(4,617)	(1,758)
Cash and cash equivalents at beginning of period	63,584	107,728
Cash and cash equivalents at end of period	$ 104,734	$ 195,927

Description of Business and Organization	6 Months Ended
Description of Business and Organization	Jun. 30, 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 providing its clients three key services - 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.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 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. Other than the adoption of the new lease accounting standard and the business combination accounting policy, there have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s condensed consolidated financial statements and related notes.

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 June 30, 2022 and its results of operations, comprehensive income (loss) and shareholders’ equity for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 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.

The acquisition of Parsec d.o.o. and Q Experience d.o.o. (collectively, “heloo”) was completed on April 15, 2022; therefore, the Company’s consolidated financial statements only include heloo’s results since April 15, 2022.

(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; the measurement of lease liabilities and right-of-use 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 June 30, 2022, the impact of the novel coronavirus (“COVID-19”) pandemic, including as a result of new strains and variants of the virus and uncertainty regarding vaccines and treatments, continues to unfold. As a result, many of our estimates and assumptions required 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 and six months ended June 30, 2022 and 2021, the following clients represented greater than 10% of the Company’s service revenue:


Client	Service revenue percentage
	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
A	22	%	27	%	23	%	28	%
B	Less than 10%		12	%	Less than 10%		12	%

As of June 30, 2022 and December 31, 2021, the following clients represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Client	June 30, 2022		December 31, 2021
A	18	%	22	%
B	12	%	12	%

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) Business Combinations

The Company accounts for business combinations in accordance with FASB Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. The purchase price of the acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items.

During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of operations.

(f) Leases

At inception of a contract, the Company determines whether an arrangement is, or contains, a lease based on the substance of the arrangement. In determining whether a contract contains a lease, we consider whether (1) we have the right to obtain substantially all of the economic benefits from the use of the asset throughout the term of the contract, (2) we have the right to direct how and for what purpose the asset is used throughout the term of the contract and (3) we have the right to operate the asset throughout the term of the contract without the lessor having the right to change the terms of the contract. If a lease is identified, the company determines whether it should be classified as an operating or finance lease at commencement.

The Company has various leases for office spaces under operating lease agreements which have a range of expiration dates from one to ten years, and often include a renewal option for an additional term.

Our right of use (“ROU”) lease assets represent our right to use an underlying asset for the lease term and may include any advance lease payments made. Our ROU lease liabilities represent our obligation to make lease payments arising from the contractual terms of the lease. ROU lease assets and lease liabilities are recognized at the commencement of the lease and are calculated using the present value of lease payments over the lease term. Typically, lease agreements do not provide sufficient detail to arrive at an implicit interest rate. Therefore, the Company uses its estimated incremental borrowing rates (“IBR”) based on information available at the commencement date of the lease to calculate the present value of the lease payments. In estimating its IBR, the Company considers it credit rating, the lease term, the currency of the lease payments and market rates of comparable collateralized borrowings for similar terms.

(g) 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 February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") ASU 2016-02, Leases (Topic 842), which supersedes ASC 840. The Company adopted this standard in the second quarter of 2022, effective as of January 1, 2022, using the modified retrospective method and the effective date as the date of initial application. The Company recorded right-of-use assets of $45.8 million and lease liabilities of $48.5 million, respectively to the consolidated balance sheet. The Company elected the "package of practical expedients," which permits the Company not to reassess under Topic 842 any prior conclusions about lease identification, lease classification and initial direct costs. The Company did not apply the short-term lease exception and will therefore recognize a right-of-use asset and lease liability for all leases. The adoption of the lease standard did not have a material impact on the Company's consolidated statement of operations nor on its consolidated cash flow statements.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires the company acquiring contract assets and contract liabilities obtained in a business combination to recognize and measure them in accordance with ASC 606, Revenue from Contracts with Customers. At the acquisition date, the company acquiring the business should record related revenue, as if it had originated the contract. Before the update such amounts were recognized by the acquiring company at fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company early adopted ASU 2021-08 as of April 1, 2022. See Note 3, "Business Combination" for additional information and disclosures related to the heloo acquisition.

Recently issued accounting pronouncements

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.

Business Combination

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combination

Business CombinationOn April 15, 2022 (the “Closing Date”), the Company completed the acquisition of 100% of the equity interests of 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 the Company's growth strategy by expanding its global delivery footprint with a suite of multi-lingual, cost-competitive Digital Customer Experience services.

The acquisition date fair value of the consideration transferred was $35.4 million, consisting of the following:


(in thousands)
Cash consideration(1)	$	26,006
Holdback cash consideration(2)	2,164
Equity consideration(3)	7,196
Total consideration	$	35,366


(1)			Represents cash consideration paid to the sellers to complete the acquisition.
(2)			Represents consideration, which was retained by the Company as security to satisfy sellers' obligations for potential future contractual claims arising under the terms of the purchase agreement; provided that the amount of the holdback shall not serve as any limitation on the indemnification obligations of the sellers under the purchase agreement. The holdback is payable to the sellers, net of any such claims, 18 months after the Closing Date except for a portion of the holdback related to potential tax claims, which is payable three years after the Closing Date, net of any tax claims.
(3)			Comprised of 200,103 shares of the Company's Class A common stock issued in relation to this acquisition. The fair value was determined on the basis of the closing market price of the Company's Class A common stock on the acquisition date.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition:


(in thousands)
Cash and cash equivalents	$	2,771
Intangibles	11,198
Goodwill	21,582
Other assets acquired	3,947
Total assets	39,498

Total liabilities assumed	4,132
Net assets acquired	$	35,366

The preliminary purchase price allocation was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (which may be up to twelve months following the acquisition date). The goodwill is derived from anticipated operational synergies and assembled workforce. None of the goodwill recorded is deductible for tax purposes. The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the valuation of identifiable intangible assets acquired, the fair value of certain tangible assets acquired and liabilities assumed. The Company expects to continue to obtain information for the purpose of determining the fair value of the assets acquired and liabilities assumed on the acquisition date throughout the remainder of the measurement period. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets acquired is fully evaluated by the Company, including but not limited to, the fair value accounting.

The preliminary purchase price allocation includes $11.2 million of acquired identifiable intangible assets, consisting of the following:


(in thousands, except useful lives)	Estimated Fair Value		Estimated Useful Life in Years
Customer relationships	$	10,872	10
Trade name	326		2
Total	$	11,198

The preliminary fair values of the identifiable intangible assets have been estimated using the Excess Earnings Method. The intangible assets are being amortized over their estimated useful lives on a straight-line basis that reflects the economic benefit of the assets. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future forecasted cash flows of the Company following the acquisition of heloo.

Subject to heloo's EBITDA (as defined in the share purchase agreement for the acquisition) margin exceeding a minimum level, the former shareholders of heloo are eligible to receive contingent earn-out payments not to exceed EUR 20.0 million, based on a multiple of EBITDA in excess of certain prescribed EBITDA targets outlined in the purchase agreement during each of the one year periods beginning May 1, 2022 and May 1, 2023, which are payable after the first and second anniversaries from the Closing Date, respectively. The fair value of contingent earn-out payments at the acquisition date was determined to be $7.7 million based on a Monte Carlo simulation model, utilizing a discounted payout analysis based on probabilities and timing of achieving the prescribed targets. Since these payments are contingent on future service conditions, they will be recognized as compensation expense ratably over the required service period. For the three and six months ended June 30, 2022, the Company recognized $1.3 million in compensation expense related to the contingent earn-out payments included in selling, general, and administrative expenses.During the six months ended June 30, 2022, the Company recognized $0.5 million of costs, including legal, professional, and other fees related to the acquisition, included in selling, general, and administrative expenses on the condensed consolidated statements of operations. The results of operations and the fair values of the assets acquired and liabilities assumed have been included in the condensed financial statements from the date of acquisition. This acquisition was not material to the Company's condensed consolidated financial statements for the current periods presented. Supplemental pro forma financial information has not been provided as the historical results of heloo were not material to the Company.

Revenue

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Digital Customer Experience	$	167,420	$	113,566	$	327,151	$	213,277
Content Security	46,331		42,995		92,183		79,122
AI Services	32,708		23,461		66,805		40,494
Service revenue	$	246,459	$	180,022	$	486,139	$	332,893

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 June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Philippines	$	124,322	$	95,681	$	244,402	$	180,259
United States	74,273		58,930		153,404		109,687
Rest of World	47,864		25,411		88,333		42,947
Service revenue	$	246,459	$	180,022	$	486,139	$	332,893

Contract Balances

Accounts receivable, net of allowance for doubtful accounts includes $79.3 million and $75.5 million of unbilled revenues as of June 30, 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
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Forward Contracts

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Forward Contracts

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 (income) 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 derivative contracts:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Total notional amount of settled forward contracts	$	48,017	$	22,800	$	88,399	$	45,600
Realized losses (gains) from settlement of forward contracts	$	2,123	$	(631)	$	3,543	$	(1,356)
Unrealized losses (gains) on forward contracts	$	6,693	$	(90)	$	7,452	$	1,730

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


(in thousands)	June 30, 2022		December 31, 2021
Total notional amount of outstanding forward contracts	$	161,364	$	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.

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 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)	June 30, 2022		Level 1 inputs		Level 2 inputs		Level 3 inputs

Forward contracts payable	$	10,245	$	—	$	10,245	$	—


	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.

Property and Equipment, net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The components of property and equipment, net as of June 30, 2022 and December 31, 2021 were as follows:


(in thousands)	June 30, 2022		December 31, 2021
Leasehold improvements	$	48,617	$	38,024
Technology and computers	89,617		81,679
Furniture and fixtures	5,656		4,814
Construction in process	7,373		10,892
Other property and equipment	9,293		8,405
Property and equipment, gross	160,556		143,814
Accumulated depreciation	(77,667)		(63,768)
Property and equipment, net	$	82,889	$	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 June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Philippines	$	45,368	$	49,825
United States	11,321		10,273
Rest of World	26,200		19,948
Property and equipment, net	$	82,889	$	80,046

Goodwill and Intangibles

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

On April 15, 2022, the Company completed the acquisition of heloo. As a result of the acquisition, the Company recorded approximately $21.6 million of goodwill and $11.2 million of other identifiable intangible assets. See Note 3, “Business Combination” for additional information.

The changes in the carrying amount of goodwill during the period are as follows:


(in thousands)
Balance as of December 31, 2021	$	195,735
Acquisition of heloo	21,582
Foreign currency translation	(750)
Balance as of June 30, 2022	$	216,567

The components of intangible assets as of June 30, 2022 and December 31, 2021 were as follows:


	June 30, 2022						December 31, 2021
(in thousands)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	$	251,294	$	(60,418)	$	190,876	$	240,800	$	(52,175)	$	188,625
Trade name	42,215		(10,508)		31,707		41,900		(9,077)		32,823
Other intangibles	351		—		351		—		—		—
Total	$	293,860	$	(70,926)	$	222,934	$	282,700	$	(61,252)	$	221,448

Long-Term Debt

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021:


	June 30, 2022						December 31, 2021
(in thousands)	Current		Noncurrent		Total		Current		Noncurrent		Total
Term Loan	$	14,438	$	180,337	$	194,775	$	11,813	$	188,212	$	200,025
Revolver	72,378		—		72,378		39,878		—		39,878
Less: Debt financing fees	(556)		(694)		(1,250)		(556)		(972)		(1,528)
Total	$	86,260	$	179,643	$	265,903	$	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 June 30, 2022 was 3.916% 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. On April 12, 2022, the Company drew $32.5 million on its Revolving Credit Facility to fund cash payments relating to its acquisition of heloo. As of June 30, 2022, the interest rate in effect was 3.731% on outstanding borrowings under the Revolving Credit Facility. As of June 30, 2022, the Company had $17.6 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 June 30, 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.

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Operating lease costs recorded to cost of services was $3.6 million and $7.6 million for the three and six months ended June 30, 2022. Operating lease costs recorded to selling, general, and administrative expense were immaterial.

The following table presents the weighted average remaining lease term and weighted average discount rate for the Company's operating leases as of June 30, 2022:


	June 30, 2022
Weighted average remaining lease term	4.3 years
Weighted average discount rate	4.2	%

The following table presents supplemental cash flow information related to the Company's operating leases:


(in thousands)	Six months ended June 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	7,065
ROU assets obtained in exchange for operating lease liabilities	2,880

The future lease payments on the Company's operating lease liabilities as of June 30, 2022 were as follows:


(in thousands)	June 30, 2022
2022-remainder of year	$	7,063
2023	10,845
2024	9,253
2025	8,907
2026	4,375
Thereafter	4,558
Total lease payments	45,001
Less: imputed interest	(4,536)
Total lease liabilities	$	40,465

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 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.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table summarizes the stock option and restricted stock unit ("RSU") activity for the six months ended June 30, 2022:


	Options			RSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value
Outstanding at January 1, 2022	9,685,321	$	10.53	4,179,475	$	29.01
Granted	319,637	$	33.73	623,893	$	31.94
Exercised or released	(226,808)	$	4.06	(361,290)	$	23.36
Forfeited or cancelled	(840,826)	$	7.03	(204,626)	$	31.40
Outstanding at June 30, 2022	8,937,324	$	11.85	4,237,452	$	29.81

The weighted-average grant-date fair value of options granted during the six months ended June 30, 2022 was $12.15.

The majority of awards 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 June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Cost of services	$	837	$	51	$	1,540	$	51
Selling, general, and administrative expense	18,096		133,216		36,998		133,216
Total	$	18,933	$	133,267	$	38,538	$	133,267

During the six months ended June 30, 2021, the change in control condition of our phantom shares became probable upon the IPO. As a result, the Company recognized expense in the amount of the expected cash settlement totaling $127.5 million recorded in selling, general, and administrative expense on the condensed consolidated statements of operations for the three and six months ended June 30, 2021.

As of June 30, 2022, there was $16.4 million, $78.4 million and $7.2 million of unrecognized compensation expense related to the Company’s unvested stock options, RSUs and performance stock units, respectively, that is expected to be recognized over a weighted-average period of 1.7 years, 1.8 years and 2.2 years

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 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 $2.1 million and $(7.0) million in the three months ended June 30, 2022 and 2021, respectively. The effective tax rate was 21.1% and 6.2% for the three months ended June 30, 2022 and 2021. The Company recorded provision for (benefit from) income taxes of $8.4 million and $(3.5) million in the six months ended June 30, 2022 and 2021, respectively. The effective tax rate was 30.2% and 3.7% for the six months ended June 30, 2022 and 2021. The difference between the effective tax rates and the 21% federal statutory rate in the six months ended June 30, 2022 was primarily due to global intangible low-taxed income (“GILTI”) inclusion, 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 six months ended June 30, 2021 was primarily due to GILTI inclusion, tax benefits of income tax holidays in foreign jurisdiction and nondeductible compensation of officers. The Company is subject to income tax in the United States federal, state and various foreign jurisdictions. As of June 30, 2022, the tax years 2018 to 2021 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 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 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 six months ended June 30, 2022 and 2021:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except share and per share data)	2022		2021		2022		2021
Numerator:
Net income (loss) available to common shareholders	$	7,729	$	(105,943)	$	19,315	$	(89,436)
Denominator:
Weighted-average common shares outstanding – basic	97,783,809		92,957,493		97,632,611		92,347,257
Effect of dilutive securities	5,393,377		—		6,016,995		—
Weighted-average common shares outstanding – diluted	103,177,186		92,957,493		103,649,606		92,347,257
Net income (loss) per common share:
Basic	$	0.08	$	(1.14)	$	0.20	$	(0.97)
Diluted	$	0.07	$	(1.14)	$	0.19	$	(0.97)

Since the Company was in a net loss position for the three and six months ended June 30, 2021, diluted EPS is equal to basic EPS for such periods as the inclusion of potential common stock equivalents would have been anti-dilutive. The Company excluded 3,451,178 and 2,301,997 potential common stock equivalents from the computation of diluted EPS for the three and six months ended June 30, 2022, respectively, and 58,513 and 29,256 potential common stock equivalents from the computation of diluted EPS for the three and six months ended June 30, 2021, respectively, because the effect would have been anti-dilutive. There were 4,820,581 and 5,352,056 potential common stock equivalents outstanding as of June 30, 2022 and June 30, 2021, respectively, with market conditions which were not met at that date, that were excluded from the calculation of diluted EPS.

Related Party	6 Months Ended
Related Party	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party	Related Party Underwriting of Offering 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, with respect to the shares sold by them.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 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. Other than the adoption of the new lease accounting standard and the business combination accounting policy, there have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s condensed consolidated financial statements and related notes. 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 June 30, 2022 and its results of operations, comprehensive income (loss) and shareholders’ equity for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 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. The acquisition of Parsec d.o.o. and Q Experience d.o.o. (collectively, “heloo”) was completed on April 15, 2022; therefore, the Company’s consolidated financial statements only include heloo’s results since April 15, 2022.
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; the measurement of lease liabilities and right-of-use 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 June 30, 2022, the impact of the novel coronavirus (“COVID-19”) pandemic, including as a result of new strains and variants of the virus and uncertainty regarding vaccines and treatments, continues to unfold. As a result, many of our estimates and assumptions required 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.
Business Combinations	Business Combinations The Company accounts for business combinations in accordance with FASB Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. The purchase price of the acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of operations.
Leases	LeasesAt inception of a contract, the Company determines whether an arrangement is, or contains, a lease based on the substance of the arrangement. In determining whether a contract contains a lease, we consider whether (1) we have the right to obtain substantially all of the economic benefits from the use of the asset throughout the term of the contract, (2) we have the right to direct how and for what purpose the asset is used throughout the term of the contract and (3) we have the right to operate the asset throughout the term of the contract without the lessor having the right to change the terms of the contract. If a lease is identified, the company determines whether it should be classified as an operating or finance lease at commencement. The Company has various leases for office spaces under operating lease agreements which have a range of expiration dates from one to ten years, and often include a renewal option for an additional term. Our right of use (“ROU”) lease assets represent our right to use an underlying asset for the lease term and may include any advance lease payments made. Our ROU lease liabilities represent our obligation to make lease payments arising from the contractual terms of the lease. ROU lease assets and lease liabilities are recognized at the commencement of the lease and are calculated using the present value of lease payments over the lease term. Typically, lease agreements do not provide sufficient detail to arrive at an implicit interest rate. Therefore, the Company uses its estimated incremental borrowing rates (“IBR”) based on information available at the commencement date of the lease to calculate the present value of the lease payments. In estimating its IBR, the Company considers it credit rating, the lease term, the currency of the lease payments and market rates of comparable collateralized borrowings for similar terms.
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 February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") ASU 2016-02, Leases (Topic 842), which supersedes ASC 840. The Company adopted this standard in the second quarter of 2022, effective as of January 1, 2022, using the modified retrospective method and the effective date as the date of initial application. The Company recorded right-of-use assets of $45.8 million and lease liabilities of $48.5 million, respectively to the consolidated balance sheet. The Company elected the "package of practical expedients," which permits the Company not to reassess under Topic 842 any prior conclusions about lease identification, lease classification and initial direct costs. The Company did not apply the short-term lease exception and will therefore recognize a right-of-use asset and lease liability for all leases. The adoption of the lease standard did not have a material impact on the Company's consolidated statement of operations nor on its consolidated cash flow statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires the company acquiring contract assets and contract liabilities obtained in a business combination to recognize and measure them in accordance with ASC 606, Revenue from Contracts with Customers. At the acquisition date, the company acquiring the business should record related revenue, as if it had originated the contract. Before the update such amounts were recognized by the acquiring company at fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company early adopted ASU 2021-08 as of April 1, 2022. See Note 3, "Business Combination" for additional information and disclosures related to the heloo acquisition. Recently issued accounting pronouncements 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 (income) 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.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Concentration Risk

For the three and six months ended June 30, 2022 and 2021, the following clients represented greater than 10% of the Company’s service revenue:


Client	Service revenue percentage
	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
A	22	%	27	%	23	%	28	%
B	Less than 10%		12	%	Less than 10%		12	%

As of June 30, 2022 and December 31, 2021, the following clients represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Client	June 30, 2022		December 31, 2021
A	18	%	22	%
B	12	%	12	%

Business Combination (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Consideration Transferred

The acquisition date fair value of the consideration transferred was $35.4 million, consisting of the following:


(in thousands)
Cash consideration(1)	$	26,006
Holdback cash consideration(2)	2,164
Equity consideration(3)	7,196
Total consideration	$	35,366


(1)			Represents cash consideration paid to the sellers to complete the acquisition.
(2)			Represents consideration, which was retained by the Company as security to satisfy sellers' obligations for potential future contractual claims arising under the terms of the purchase agreement; provided that the amount of the holdback shall not serve as any limitation on the indemnification obligations of the sellers under the purchase agreement. The holdback is payable to the sellers, net of any such claims, 18 months after the Closing Date except for a portion of the holdback related to potential tax claims, which is payable three years after the Closing Date, net of any tax claims.
(3)			Comprised of 200,103 shares of the Company's Class A common stock issued in relation to this acquisition. The fair value was determined on the basis of the closing market price of the Company's Class A common stock on the acquisition date.

Schedule of Fair Values Assets Acquired and Liabilities

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition:


(in thousands)
Cash and cash equivalents	$	2,771
Intangibles	11,198
Goodwill	21,582
Other assets acquired	3,947
Total assets	39,498

Total liabilities assumed	4,132
Net assets acquired	$	35,366

The preliminary purchase price allocation includes $11.2 million of acquired identifiable intangible assets, consisting of the following:


(in thousands, except useful lives)	Estimated Fair Value		Estimated Useful Life in Years
Customer relationships	$	10,872	10
Trade name	326		2
Total	$	11,198

Revenue (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Digital Customer Experience	$	167,420	$	113,566	$	327,151	$	213,277
Content Security	46,331		42,995		92,183		79,122
AI Services	32,708		23,461		66,805		40,494
Service revenue	$	246,459	$	180,022	$	486,139	$	332,893

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 June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Philippines	$	124,322	$	95,681	$	244,402	$	180,259
United States	74,273		58,930		153,404		109,687
Rest of World	47,864		25,411		88,333		42,947
Service revenue	$	246,459	$	180,022	$	486,139	$	332,893

Forward Contracts (Tables)

6 Months Ended

Jun. 30, 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 derivative contracts:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Total notional amount of settled forward contracts	$	48,017	$	22,800	$	88,399	$	45,600
Realized losses (gains) from settlement of forward contracts	$	2,123	$	(631)	$	3,543	$	(1,356)
Unrealized losses (gains) on forward contracts	$	6,693	$	(90)	$	7,452	$	1,730

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


(in thousands)	June 30, 2022		December 31, 2021
Total notional amount of outstanding forward contracts	$	161,364	$	127,200

Summary of Fair Value of Assets Measured on a Recurring Basis


	Fair value measurements using
(in thousands)	June 30, 2022		Level 1 inputs		Level 2 inputs		Level 3 inputs

Forward contracts payable	$	10,245	$	—	$	10,245	$	—


	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	$	—

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

The components of property and equipment, net as of June 30, 2022 and December 31, 2021 were as follows:


(in thousands)	June 30, 2022		December 31, 2021
Leasehold improvements	$	48,617	$	38,024
Technology and computers	89,617		81,679
Furniture and fixtures	5,656		4,814
Construction in process	7,373		10,892
Other property and equipment	9,293		8,405
Property and equipment, gross	160,556		143,814
Accumulated depreciation	(77,667)		(63,768)
Property and equipment, net	$	82,889	$	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 June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Philippines	$	45,368	$	49,825
United States	11,321		10,273
Rest of World	26,200		19,948
Property and equipment, net	$	82,889	$	80,046

Goodwill and Intangibles (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill during the period are as follows:


(in thousands)
Balance as of December 31, 2021	$	195,735
Acquisition of heloo	21,582
Foreign currency translation	(750)
Balance as of June 30, 2022	$	216,567

Summary of Intangible Assets

The components of intangible assets as of June 30, 2022 and December 31, 2021 were as follows:


	June 30, 2022						December 31, 2021
(in thousands)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	$	251,294	$	(60,418)	$	190,876	$	240,800	$	(52,175)	$	188,625
Trade name	42,215		(10,508)		31,707		41,900		(9,077)		32,823
Other intangibles	351		—		351		—		—		—
Total	$	293,860	$	(70,926)	$	222,934	$	282,700	$	(61,252)	$	221,448

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021:


	June 30, 2022						December 31, 2021
(in thousands)	Current		Noncurrent		Total		Current		Noncurrent		Total
Term Loan	$	14,438	$	180,337	$	194,775	$	11,813	$	188,212	$	200,025
Revolver	72,378		—		72,378		39,878		—		39,878
Less: Debt financing fees	(556)		(694)		(1,250)		(556)		(972)		(1,528)
Total	$	86,260	$	179,643	$	265,903	$	51,135	$	187,240	$	238,375

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of Other Lease Information

The following table presents the weighted average remaining lease term and weighted average discount rate for the Company's operating leases as of June 30, 2022:


	June 30, 2022
Weighted average remaining lease term	4.3 years
Weighted average discount rate	4.2	%

The following table presents supplemental cash flow information related to the Company's operating leases:


(in thousands)	Six months ended June 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	7,065
ROU assets obtained in exchange for operating lease liabilities	2,880

Schedule of Future Lease Payments

The future lease payments on the Company's operating lease liabilities as of June 30, 2022 were as follows:


(in thousands)	June 30, 2022
2022-remainder of year	$	7,063
2023	10,845
2024	9,253
2025	8,907
2026	4,375
Thereafter	4,558
Total lease payments	45,001
Less: imputed interest	(4,536)
Total lease liabilities	$	40,465

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option and restricted stock unit ("RSU") activity for the six months ended June 30, 2022:


	Options			RSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value
Outstanding at January 1, 2022	9,685,321	$	10.53	4,179,475	$	29.01
Granted	319,637	$	33.73	623,893	$	31.94
Exercised or released	(226,808)	$	4.06	(361,290)	$	23.36
Forfeited or cancelled	(840,826)	$	7.03	(204,626)	$	31.40
Outstanding at June 30, 2022	8,937,324	$	11.85	4,237,452	$	29.81

Summary of RSU Activity

The following table summarizes the stock option and restricted stock unit ("RSU") activity for the six months ended June 30, 2022:


	Options			RSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value
Outstanding at January 1, 2022	9,685,321	$	10.53	4,179,475	$	29.01
Granted	319,637	$	33.73	623,893	$	31.94
Exercised or released	(226,808)	$	4.06	(361,290)	$	23.36
Forfeited or cancelled	(840,826)	$	7.03	(204,626)	$	31.40
Outstanding at June 30, 2022	8,937,324	$	11.85	4,237,452	$	29.81

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 June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Cost of services	$	837	$	51	$	1,540	$	51
Selling, general, and administrative expense	18,096		133,216		36,998		133,216
Total	$	18,933	$	133,267	$	38,538	$	133,267

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and 2021:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except share and per share data)	2022		2021		2022		2021
Numerator:
Net income (loss) available to common shareholders	$	7,729	$	(105,943)	$	19,315	$	(89,436)
Denominator:
Weighted-average common shares outstanding – basic	97,783,809		92,957,493		97,632,611		92,347,257
Effect of dilutive securities	5,393,377		—		6,016,995		—
Weighted-average common shares outstanding – diluted	103,177,186		92,957,493		103,649,606		92,347,257
Net income (loss) per common share:
Basic	$	0.08	$	(1.14)	$	0.20	$	(0.97)
Diluted	$	0.07	$	(1.14)	$	0.19	$	(0.97)

Summary of Significant Accounting Policies - Summary of Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Service revenue percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk	22.00%	27.00%	23.00%	28.00%
Service revenue percentage \| Customer B
Concentration Risk [Line Items]
Concentration risk		12.00%		12.00%
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%		12.00%

Summary of Significant Accounting Policies - Leases (Details)	Jun. 30, 2022
Minimum
Lessee, Lease, Description [Line Items]
Lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms	10 years

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 37,841		$ 0
Total lease liabilities	$ 40,465
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 45,800
Total lease liabilities		$ 48,500

Business Combination - Narrative (Details) - Parsec d.o.o. and Q Experience d.o.o. $ in Thousands, € in Millions			3 Months Ended	6 Months Ended
	Apr. 15, 2022 USD ($) language	Apr. 15, 2022 EUR (€)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Asset Acquisition [Line Items]
Percentage of outstanding shares acquired	100.00%
Number of languages \| language	20
Consideration transferred	$ 35,366
Estimated Fair Value	$ 11,198
Maximum payouts \| €		€ 20.0
Based on a multiple of EBITDA	1 year	1 year
Earn-out payments	$ 7,700
Earnout expense			$ 1,300	$ 1,300
Company recorded costs				$ 500

Business Combination - Fair Value of Consideration Transferred (Details) - Parsec d.o.o. and Q Experience d.o.o. $ in Thousands	Apr. 15, 2022 USD ($) shares
Asset Acquisition [Line Items]
Cash consideration	$ 26,006
Holdback cash consideration	2,164
Equity consideration	7,196
Total consideration	$ 35,366
Number of shares issued (in shares) \| shares	200,103,000
Minimum
Asset Acquisition [Line Items]
Holdback term	18 months
Maximum
Asset Acquisition [Line Items]
Holdback term	3 years

Business Combination - Fair Values of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Apr. 15, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Goodwill	$ 216,567		$ 195,735
Parsec d.o.o. and Q Experience d.o.o.
Asset Acquisition [Line Items]
Cash and cash equivalents		$ 2,771
Intangibles		11,198
Goodwill		21,582
Other assets acquired		3,947
Total assets		39,498
Total liabilities assumed		4,132
Net assets acquired		$ 35,366

Business Combination - Purchase Price Allocation (Details) - Parsec d.o.o. and Q Experience d.o.o. $ in Thousands	Apr. 15, 2022 USD ($)
Asset Acquisition [Line Items]
Estimated Fair Value	$ 11,198
Customer relationships
Asset Acquisition [Line Items]
Estimated Fair Value	$ 10,872
Estimated Useful Life in Years	10 years
Trade name
Asset Acquisition [Line Items]
Estimated Fair Value	$ 326
Estimated Useful Life in Years	2 years

Revenue - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 246,459	$ 180,022	$ 486,139	$ 332,893
Philippines
Disaggregation of Revenue [Line Items]
Revenue	124,322	95,681	244,402	180,259
United States
Disaggregation of Revenue [Line Items]
Revenue	74,273	58,930	153,404	109,687
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	47,864	25,411	88,333	42,947
Digital Customer Experience
Disaggregation of Revenue [Line Items]
Revenue	167,420	113,566	327,151	213,277
Content Security
Disaggregation of Revenue [Line Items]
Revenue	46,331	42,995	92,183	79,122
AI Services
Disaggregation of Revenue [Line Items]
Revenue	$ 32,708	$ 23,461	$ 66,805	$ 40,494

- 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
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-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
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-Paragraph 22
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-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	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Unbilled revenues	$ 79.3	$ 75.5

Forward Contracts - Narrative (Details) - counterparty	6 Months Ended	12 Months Ended
Forward Contracts - Narrative (Details) - counterparty	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Number of counterparties	2	2
Forward contract
Derivative [Line Items]
Derivative term	12 months	12 months

Forward Contracts - Summary of Settled and Outstanding Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Unrealized losses (gains) on forward contracts			$ 7,452	$ 1,730
Forward contract
Derivative [Line Items]
Total notional amount of settled forward contracts	$ 48,017	$ 22,800	88,399	45,600
Realized losses (gains) from settlement of forward contracts	2,123	(631)	3,543	(1,356)
Unrealized losses (gains) on forward contracts	6,693	$ (90)	7,452	$ 1,730
Total notional amount of outstanding forward contracts	$ 161,364		$ 161,364		$ 127,200

Forward Contracts - Assets Measured at Fair Value on a Recurring Basis (Details) - Forward contract - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative liability	$ 10,245	$ 2,793
Level 1 inputs
Derivative [Line Items]
Derivative liability	0	0
Level 2 inputs
Derivative [Line Items]
Derivative liability	10,245	2,793
Level 3 inputs
Derivative [Line Items]
Derivative liability	$ 0	$ 0

Property and Equipment, net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 160,556	$ 143,814
Accumulated depreciation	(77,667)	(63,768)
Property and equipment, net	82,889	80,046
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	48,617	38,024
Technology and computers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	89,617	81,679
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,656	4,814
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,373	10,892
Other property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,293	$ 8,405

Property and Equipment, net - Summary of Property and Equipment by Geographic Location (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 82,889	$ 80,046
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	45,368	49,825
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	11,321	10,273
Rest of World
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 26,200	$ 19,948

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 15, 2022	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired	$ 21,600	$ 21,582
Intangible assets	$ 11,200

Goodwill and Intangibles - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 15, 2022	Jun. 30, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 195,735
Acquisition of heloo	$ 21,600	21,582
Foreign currency translation		(750)
Goodwill, ending balance		$ 216,567

Goodwill and Intangibles - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	$ 293,860	$ 282,700
Accumulated Amortization	(70,926)	(61,252)
Intangibles, Net	222,934	221,448
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	251,294	240,800
Accumulated Amortization	(60,418)	(52,175)
Intangibles, Net	190,876	188,625
Trade name
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	42,215	41,900
Accumulated Amortization	(10,508)	(9,077)
Intangibles, Net	31,707	32,823
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	351	0
Accumulated Amortization	0	0
Intangibles, Net	$ 351	$ 0

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less current debt financing fees	$ (556)	$ (556)
Less noncurrent debt financing fees	(694)	(972)
Debt issuance costs, net	(1,250)	(1,528)
Current portion of debt	86,260	51,135
Noncurrent portion of debt	179,643	187,240
Total	265,903	238,375
Secured Debt \| 2019 Credit Agreement
Debt Instrument [Line Items]
Long term debt, current, gross	14,438	11,813
Long term debt, noncurrent, gross	180,337	188,212
Long term debt, gross	194,775	200,025
Line of Credit \| 2019 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Long term debt, current, gross	72,378	39,878
Long term debt, noncurrent, gross	0	0
Long term debt, gross	$ 72,378	$ 39,878

Long-Term Debt - Narrative (Details) - 2019 Credit Agreement - USD ($)	Apr. 12, 2022	Sep. 25, 2019	Jun. 30, 2022	Apr. 30, 2021
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 210,000,000
Effective interest rate			3.916%
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			3.731%
Line of credit facility, commitment fee percent		0.40%
Proceeds from lines of credit	$ 32,500,000
Line of credit facility, remaining borrowing capacity			$ 17,600,000
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

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2022
Cost of services
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3.6	$ 7.6

Leases - Weighted Average (Details)	Jun. 30, 2022
Leases [Abstract]
Weighted average remaining lease term	4 years 3 months 18 days
Weighted average discount rate	4.20%

Leases - Supplemental Information Related to Operating Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 7,065
ROU assets obtained in exchange for operating lease liabilities	$ 2,880

Leases - Future Lease Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022-remainder of year	$ 7,063
2023	10,845
2024	9,253
2025	8,907
2026	4,375
Thereafter	4,558
Total lease payments	45,001
Less: imputed interest	(4,536)
Total lease liabilities	$ 40,465

Stock-Based Compensation - Stock Option and Restricted Stock Unit (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of options
Beginning balance outstanding (in shares) \| shares	9,685,321
Granted (in shares) \| shares	319,637
Exercised or released (in shares) \| shares	(226,808)
Forfeited or cancelled (in shares) \| shares	(840,826)
Ending balance outstanding (in shares) \| shares	8,937,324
Weighted-average exercise price
Beginning balance outstanding (in usd per share) \| $ / shares	$ 10.53
Granted (in usd per share) \| $ / shares	33.73
Exercised or released (in usd per share) \| $ / shares	4.06
Forfeited or cancelled (in usd per share) \| $ / shares	7.03
Ending balance outstanding (in usd per share) \| $ / shares	$ 11.85
RSUs
Number of RSUs
Beginning balance (in shares) \| shares	4,179,475
Granted (in shares) \| shares	623,893
Exercised or released (in shares) \| shares	(361,290)
Forfeited or cancelled (in shares) \| shares	(204,626)
Ending balance (in shares) \| shares	4,237,452
Weighted-average grant date fair value
Beginning balance (in usd per share) \| $ / shares	$ 29.01
Granted (in usd per share) \| $ / shares	31.94
Exercised or released (in usd per share) \| $ / shares	23.36
Forfeited or cancelled (in usd per share) \| $ / shares	31.40
Ending balance (in usd per share) \| $ / shares	$ 29.81

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option weighted average grant date fair value (in usd per share)			$ 12.15
Stock-based compensation expense	$ 18,933	$ 133,267	$ 38,538	$ 133,267
Unrecognized compensation expense related to stock options	16,400		$ 16,400
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Phantom Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 127,500		$ 127,500
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	78,400		$ 78,400
Weighted average period for recognition			1 year 9 months 18 days
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for recognition			1 year 8 months 12 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 7,200		$ 7,200
Weighted average period for recognition			2 years 2 months 12 days

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 18,933	$ 133,267	$ 38,538	$ 133,267
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	837	51	1,540	51
Selling, general, and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 18,096	$ 133,216	$ 36,998	$ 133,216

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,063	$ (7,020)	$ 8,376	$ (3,461)
Effective income tax rate	21.10%	6.20%	30.20%	3.70%

- Definition

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

+ References + Details

Earnings Per Share - Summary of Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss) available to common shareholders	$ 7,729	$ 11,586	$ (105,943)	$ 16,507	$ 19,315	$ (89,436)
Denominator:
Weighted-average common shares outstanding – basic (in shares)	97,783,809		92,957,493		97,632,611	92,347,257
Effect of dilutive securities (in shares)	5,393,377		0		6,016,995	0
Weighted-average common shares outstanding – diluted (in shares)	103,177,186		92,957,493		103,649,606	92,347,257
Net income (loss) per common share:
Basic (in usd per share)	$ 0.08		$ (1.14)		$ 0.20	$ (0.97)
Diluted (in usd per share)	$ 0.07		$ (1.14)		$ 0.19	$ (0.97)

- Definition

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

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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.

+ References

+ Details

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 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)	3,451,178	58,513	2,301,997	29,256
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)			4,820,581	5,352,056

Related Party - Narrative (Details) - IPO And Private Placement	Jun. 15, 2021 $ / shares shares
Related Party Transaction [Line Items]
Sale of stock, number of shares issued (in shares)	15,180,000
Blackstone Securities Partners L.P. \| Underwriting of IPO \| Affiliated Entity
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) \| $ / shares	$ 1.265