0001829864-24-000085 | 10-Q | XBRL Viewer

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Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 197,462	$ 195,697
Accumulated depreciation	(135,685)	(126,804)
Property and equipment, net	61,777	68,893
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	67,932	67,552
Technology and computers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	106,123	105,375
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,499	7,392
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,677	1,140
Other property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,231	$ 14,238

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 6,508	$ 5,969
Effective income tax rate	35.70%	38.60%

- Definition

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

+ References + Details

Description of Business and Organization (Details)	3 Months Ended
Description of Business and Organization (Details)	Mar. 31, 2024 service
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of key services	3

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	$ 5.7
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	3,373,417	3,373,417
Unrecognized compensation expense	$ 1.9
Weighted average period for recognition	10 months 24 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	5,333,752	3,864,319
Unrecognized compensation expense	$ 49.9
Weighted average period for recognition	1 year 4 months 24 days
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for recognition	1 year 1 month 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option and restricted stock unit ("RSU") activity for the three months ended March 31, 2024:


	Options			RSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value
Outstanding at January 1, 2024	7,523,971	$	14.19	3,864,319	$	23.60
Granted	—	$	—	2,125,048	$	12.35
Exercised or released	(52,452)	$	3.72	(568,383)	$	20.42
Forfeited, cancelled or expired	(35,712)	$	19.74	(87,232)	$	26.08
Outstanding at March 31, 2024	7,435,807	$	14.23	5,333,752	$	19.42

Schedule of RSU Activity

The following table summarizes the stock option and restricted stock unit ("RSU") activity for the three months ended March 31, 2024:


	Options			RSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value
Outstanding at January 1, 2024	7,523,971	$	14.19	3,864,319	$	23.60
Granted	—	$	—	2,125,048	$	12.35
Exercised or released	(52,452)	$	3.72	(568,383)	$	20.42
Forfeited, cancelled or expired	(35,712)	$	19.74	(87,232)	$	26.08
Outstanding at March 31, 2024	7,435,807	$	14.23	5,333,752	$	19.42

Schedule of Stock Based Compensation Expense

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


	Three months ended March 31,
(in thousands)	2024		2023
Cost of services	$	680	$	877
Selling, general, and administrative expense	9,555		12,587
Total	$	10,235	$	13,464

Description of Business and Organization	3 Months Ended
Description of Business and Organization	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization TaskUs, Inc. ("TaskUs," 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 is a provider of outsourced digital services and next-generation customer experience to the world’s most innovative companies, helping its clients 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, Trust and Safety and Artificial Intelligence ("AI") Services. 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, the Philippines, India 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. •Trust and Safety: Principally consists of review and disposition of user and advertiser generated visual, text and audio content for purposes which include removal or labeling of policy violating, offensive or misleading content. Also included in this area are our offerings for risk management, compliance, identity management and fraud. •AI Services: Principally consists of high-quality data labeling services, annotation, context relevance and transcription services performed for the purpose of training and tuning machine learning algorithms, enabling them to develop cutting-edge AI systems.

Goodwill and Intangibles - Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 218,108
Foreign currency translation	(495)
Goodwill, ending balance	$ 217,613

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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, 2023 (the "Annual Report"), as filed with the Securities and Exchange Commission (the "SEC"), includes a discussion of the significant accounting policies used in the preparation of our consolidated financial statements. There 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, 2023 included in the Annual Report. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2024 and its results of operations, comprehensive income, shareholders’ equity and cash flows for the three months ended March 31, 2024 and 2023. The condensed consolidated balance sheet as of December 31, 2023, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

(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 credit losses; the valuation of deferred tax assets; the measurement of lease liabilities and right-of-use assets; valuation of forward contracts; valuation of stock-based compensation; valuation of acquired intangible assets and goodwill, as well as related impairment assessments; and reserves for income tax uncertainties and other contingencies.

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 variable interest entities in its corporate structure.

(d) Concentration Risk

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

For the three months ended March 31, 2024 and 2023, the following client represented greater than 10% of the Company’s service revenue:


Client	Service revenue percentage
	Three months ended March 31,
	2024		2023
A	19	%	20	%

As of March 31, 2024 and December 31, 2023, the following clients represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Client	March 31, 2024		December 31, 2023
A	15	%	16	%
B	11	%	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) Recent Accounting Pronouncements

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

Recently issued accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires enhanced disclosure of significant segment expenses, and other segment items, on an annual and interim basis. This ASU will be effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. This ASU will be applied retrospectively to all periods presented in the financial statements. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard improves the transparency of rate reconciliation and income taxes paid disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The standard also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (loss) and income tax expense (benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. This ASU will be effective for the Company for fiscal years beginning after December 15, 2025. Early adoption is permitted. This ASU will be applied prospectively, with retrospective application permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


(in thousands)
Balance as of December 31, 2023	$	218,108

Foreign currency translation	(495)
Balance as of March 31, 2024	$	217,613

Schedule of Intangible Assets

Intangible assets consisted of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024						December 31, 2023
(in thousands)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	$	251,653	$	(90,419)	$	161,234	$	251,899	$	(86,176)	$	165,723
Trade names	41,900		(15,363)		26,537		41,900		(14,665)		27,235
Other intangibles	206		(206)		—		236		(236)		—
Total	$	293,759	$	(105,988)	$	187,771	$	294,035	$	(101,077)	$	192,958

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Stock-Based Compensation - Stock Option and Restricted Stock Unit (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of options
Beginning balance outstanding (in shares) \| shares	7,523,971
Granted (in shares) \| shares	0
Exercised or released (in shares) \| shares	(52,452)
Forfeited, cancelled or expired (in shares) \| shares	(35,712)
Ending balance outstanding (in shares) \| shares	7,435,807
Weighted - average exercise price
Beginning balance outstanding (in usd per share) \| $ / shares	$ 14.19
Granted (in usd per share) \| $ / shares	0
Exercised or released (in usd per share) \| $ / shares	3.72
Forfeited, cancelled or expired (in usd per share) \| $ / shares	19.74
Ending balance outstanding (in usd per share) \| $ / shares	$ 14.23
RSUs
Number of RSUs
Beginning balance (in shares) \| shares	3,864,319
Granted (in shares) \| shares	2,125,048
Exercised or released (in shares) \| shares	(568,383)
Forfeited, cancelled or expired (in shares) \| shares	(87,232)
Ending balance (in shares) \| shares	5,333,752
Weighted - average grant date fair value
Beginning balance (in usd per share) \| $ / shares	$ 23.60
Granted (in usd per share) \| $ / shares	12.35
Exercised or released (in usd per share) \| $ / shares	20.42
Forfeited, cancelled or expired (in usd per share) \| $ / shares	26.08
Ending balance (in usd per share) \| $ / shares	$ 19.42

Commitments and Contingencies (Details) - Pending Litigation information in Thousands, $ in Thousands			3 Months Ended
	Nov. 22, 2023 USD ($) information	Apr. 01, 2022 USD ($) information plaintiff	Mar. 31, 2024 lawsuit
Business Acquisition [Line Items]
Number of lawsuits filed \| lawsuit			3
Gregory Forsberg, Christopher Gunter, Samuel Kissinger, And Scott Sipprell vs. TaskUs, Inc. And Shopify, Inc.
Business Acquisition [Line Items]
Number of personally identifiable information pieces released \| information		272
Number of plaintiffs \| plaintiff		4
Aggregate losses alleged by plaintiff		$ 140
Gregory Forsberg, Christopher Gunter, Samuel Kissinger, And Scott Sipprell vs. TaskUs, Inc. And Shopify, Inc. \| Minimum
Business Acquisition [Line Items]
Damages sought		$ 5,000
Naeem Seirafi, Edward Baton, Anthony Comilla, Brett Deeney, and Abraham Vilinge vs. TaskUs, Inc. And Shopify, Inc.
Business Acquisition [Line Items]
Number of personally identifiable information pieces released \| information	272
Damages sought	$ 557

Property and Equipment, net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The components of property and equipment, net as of March 31, 2024 and December 31, 2023 were as follows:


(in thousands)	March 31, 2024		December 31, 2023
Leasehold improvements	$	67,932	$	67,552
Technology and computers	106,123		105,375
Furniture and fixtures	7,499		7,392
Construction in process	1,677		1,140
Other property and equipment	14,231		14,238
Property and equipment, gross	197,462		195,697
Accumulated depreciation	(135,685)		(126,804)
Property and equipment, net	$	61,777	$	68,893

The Company’s principal operations are in the Philippines where the majority of property and equipment resides under its wholly owned subsidiaries. The table below presents the Company’s total property and equipment by geographic location as of March 31, 2024 and December 31, 2023:


(in thousands)	March 31, 2024		December 31, 2023
Philippines	$	25,738	$	29,765
United States	6,171		7,308
India	15,032		17,452

Rest of World	14,836		14,368
Property and equipment, net	$	61,777	$	68,893

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less current debt financing fees	$ (378)	$ (379)
Less noncurrent debt financing fees	(915)	(1,009)
Less: Debt financing fees	(1,293)	(1,388)
Current portion of debt	9,747	8,059
Noncurrent portion of debt	252,885	256,166
Total	262,632	264,225
Secured Debt \| 2022 Credit Agreement
Debt Instrument [Line Items]
Long term debt, current, gross	10,125	8,438
Long term debt, noncurrent, gross	253,800	257,175
Total	$ 263,925	$ 265,613

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Cost of services
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 4,477	$ 4,397

Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Service revenue percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk	19.00%	20.00%
Accounts receivable percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk	15.00%		16.00%
Accounts receivable percentage \| Customer B
Concentration Risk [Line Items]
Concentration risk	11.00%		12.00%

Goodwill and Intangibles

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

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


(in thousands)
Balance as of December 31, 2023	$	218,108

Foreign currency translation	(495)
Balance as of March 31, 2024	$	217,613

Intangible assets consisted of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024						December 31, 2023
(in thousands)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	$	251,653	$	(90,419)	$	161,234	$	251,899	$	(86,176)	$	165,723
Trade names	41,900		(15,363)		26,537		41,900		(14,665)		27,235
Other intangibles	206		(206)		—		236		(236)		—
Total	$	293,759	$	(105,988)	$	187,771	$	294,035	$	(101,077)	$	192,958

Unaudited Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Class A common stock	Class B convertible common stock	Common Stock Class A common stock	Common Stock Class B convertible common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Treasury stock
Beginning balance of common stock (in shares) at Dec. 31, 2022				29,257,651	70,032,694
Beginning balance at Dec. 31, 2022	$ 455,613			$ 293	$ 700	$ 631,908	$ (135,674)	$ (10,647)	$ (30,967)
Beginning balance (in shares) at Dec. 31, 2022									1,649,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for settlement of equity awards (in shares)				246,537
Issuance of common stock for settlement of equity awards	209			$ 2		207
Shares withheld related to net share settlement (in shares)				(14,293)
Shares withheld related to net share settlement	(257)					(257)
Repurchase of common stock (in shares)									389,801
Repurchase of common stock	(6,374)								$ (6,374)
Stock-based compensation expense	13,464					13,464
Net income	9,509						9,509
Other comprehensive income (loss)	3,591							3,591
Ending balance of common stock (in shares) at Mar. 31, 2023				29,489,895	70,032,694
Ending balance at Mar. 31, 2023	475,755			$ 295	$ 700	645,322	(126,165)	(7,056)	$ (37,341)
Ending balance (in shares) at Mar. 31, 2023									2,039,732
Beginning balance of common stock (in shares) at Dec. 31, 2023		18,725,947	70,032,694	30,522,570	70,032,694
Beginning balance at Dec. 31, 2023	$ 440,711			$ 305	$ 700	683,117	(89,984)	(9,551)	$ (143,876)
Beginning balance (in shares) at Dec. 31, 2023	11,796,623								11,796,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for settlement of equity awards (in shares)				620,835
Issuance of common stock for settlement of equity awards	$ 195			$ 6		189
Shares withheld related to net share settlement (in shares)				(122,480)
Shares withheld related to net share settlement	(1,574)			$ (1)		(1,573)
Repurchase of common stock (in shares)									285,611
Repurchase of common stock	(3,379)								$ (3,379)
Stock-based compensation expense	10,235					10,235
Net income	11,714						11,714
Other comprehensive income (loss)	(3,308)							(3,308)
Ending balance of common stock (in shares) at Mar. 31, 2024		18,938,691	70,032,694	31,020,925	70,032,694
Ending balance at Mar. 31, 2024	$ 454,594			$ 310	$ 700	$ 691,968	$ (78,270)	$ (12,859)	$ (147,255)
Ending balance (in shares) at Mar. 31, 2024	12,082,234								12,082,234

Long-Term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

The balances of current and noncurrent portions of debt consisted of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024						December 31, 2023
(in thousands)	Current		Noncurrent		Total		Current		Noncurrent		Total
Term Loan	$	10,125	$	253,800	$	263,925	$	8,438	$	257,175	$	265,613

Less: Debt financing fees	(378)		(915)		(1,293)		(379)		(1,009)		(1,388)
Total	$	9,747	$	252,885	$	262,632	$	8,059	$	256,166	$	264,225

2022 Credit Agreement

On September 7, 2022, the Company amended and restated its prior credit agreement (as amended and restated the "2022 Credit Agreement"), which includes a $270.0 million term loan (the "2022 Term Loan Facility") and a $190.0 million revolving credit facility (the "2022 Revolving Credit Facility" and, together with the 2022 Term Loan Facility, the "2022 Credit Facilities").

The 2022 Term Loan Facility matures on September 7, 2027. We have elected to pay interest on borrowings under the 2022 Term Loan Facility based on the SOFR rate. The interest rate in effect for the 2022 Term Loan Facility as of March 31, 2024 was 7.680% per annum. Due to its variable interest rates, the carrying amount of debt approximates fair value based on the present value of future cash flows using Level 2 inputs.

The 2022 Revolving Credit Facility terminates on September 7, 2027. As of March 31, 2024, the Company had no balance outstanding and $190.0 million of borrowing availability under the 2022 Revolving Credit Facility.

We were in compliance with all debt covenants as of March 31, 2024.

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Unbilled revenues	$ 76.7	$ 77.2

Business Combination	3 Months Ended
Business Combination	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination On April 15, 2022 (the "Closing Date"), the Company completed the acquisition of 100% of the equity interests of Parsec d.o.o. and Q Experience d.o.o. (collectively, "heloo") for $35.4 million. The former shareholders of heloo are also eligible to receive contingent earn-out payments not to exceed €20 million, based on performance compared to prescribed EBITDA targets outlined in the purchase agreement during each of the one year periods ending April 30, 2023 and 2024, respectively. The total fair value of remaining contingent earn-out payments was determined to be $0.0 million as of March 31, 2024 and December 31, 2023, respectively, based on probabilities of achieving the prescribed targets. Since these payments were contingent on future service conditions, they were recognized as compensation expense ratably over the required service period. Since the service conditions have been met, future changes will be based only on updates to the expected achievement. For the three months ended March 31, 2024 and 2023, the Company recognized $0.0 million and $6.6 million, respectively, in compensation expense related to the contingent earn-out payments included in selling, general, and administrative expenses.

Property and Equipment, net - Schedule of Property and Equipment by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 61,777	$ 68,893
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	25,738	29,765
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	6,171	7,308
India
Property, Plant and Equipment [Line Items]
Property and equipment, net	15,032	17,452
Rest of World
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 14,836	$ 14,368

Leases - Weighted Average (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	3 years 3 months 18 days	3 years 6 months
Weighted average discount rate	6.40%	6.30%

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The components of property and equipment, net as of March 31, 2024 and December 31, 2023 were as follows:


(in thousands)	March 31, 2024		December 31, 2023
Leasehold improvements	$	67,932	$	67,552
Technology and computers	106,123		105,375
Furniture and fixtures	7,499		7,392
Construction in process	1,677		1,140
Other property and equipment	14,231		14,238
Property and equipment, gross	197,462		195,697
Accumulated depreciation	(135,685)		(126,804)
Property and equipment, net	$	61,777	$	68,893

Schedule of Property and Equipment by Geographic Areas

The table below presents the Company’s total property and equipment by geographic location as of March 31, 2024 and December 31, 2023:


(in thousands)	March 31, 2024		December 31, 2023
Philippines	$	25,738	$	29,765
United States	6,171		7,308
India	15,032		17,452

Rest of World	14,836		14,368
Property and equipment, net	$	61,777	$	68,893

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Concentration Risk

For the three months ended March 31, 2024 and 2023, the following client represented greater than 10% of the Company’s service revenue:


Client	Service revenue percentage
	Three months ended March 31,
	2024		2023
A	19	%	20	%

As of March 31, 2024 and December 31, 2023, the following clients represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Client	March 31, 2024		December 31, 2023
A	15	%	16	%
B	11	%	12	%

Revenue from Contracts with Customers - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 227,470	$ 235,306
Philippines
Disaggregation of Revenue [Line Items]
Revenue	131,213	126,859
United States
Disaggregation of Revenue [Line Items]
Revenue	25,590	46,662
India
Disaggregation of Revenue [Line Items]
Revenue	28,909	28,243
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	41,758	33,542
Digital Customer Experience
Disaggregation of Revenue [Line Items]
Revenue	143,491	157,136
Trust and Safety
Disaggregation of Revenue [Line Items]
Revenue	55,272	40,598
AI Services
Disaggregation of Revenue [Line Items]
Revenue	$ 28,707	$ 37,572

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Forward Contracts

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 2024 and 2023, the Company entered into foreign currency exchange rate forward contracts, with three 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 and Indian rupees. 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 income, net in the statements of income. The forward contract receivable (payable) resulting from changes in fair value was recorded under prepaid expenses and other current assets (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 March 31,
(in thousands)	2024		2023
Notional amount of settled forward contracts in Philippine pesos	$	45,964	$	59,425
Notional amount of settled forward contracts in Indian rupees	12,405		—
Total notional amount of settled forward contracts	$	58,369	$	59,425
Realized losses from settlement of forward contracts	$	693	$	1,618
Unrealized losses (gains) on forward contracts	$	1,497	$	(6,336)

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


(in thousands)	March 31, 2024		December 31, 2023
Notional amount of outstanding forward contracts in Philippine pesos	$	123,065	$	169,029
Notional amount of outstanding forward contracts in Indian rupees	32,788		45,193
Total notional amount of outstanding forward contracts	$	155,853	$	214,222

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.

For financial statement presentation purposes, the Company offsets assets and liabilities for forward contracts with the same counterparty that it has the right and intent to net settle upon maturity; however, it does not offset assets and liabilities under master netting arrangements that it does not intend to net settle. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value, at March 31, 2024 and December 31, 2023:


	March 31, 2024
	Fair value measurements using						Total Gross Fair Value		Effect of Counter-party Netting		Net Amounts on Balance Sheet		Effect of Master Netting Arrangements		Net Amounts
(in thousands)	Level 1 inputs		Level 2 inputs		Level 3 inputs
Assets

Forward contracts receivable	$	—	$	103	$	—	$	103	$	—	$	103	$	(31)	$	72
Liabilities
Forward contracts payable	$	—	$	2,289	$	—	$	2,289	$	—	$	2,289	$	(31)	$	2,258


	December 31, 2023
	Fair value measurements using						Total Gross Fair Value		Effect of Counter-party Netting		Net Amounts on Balance Sheet		Effect of Master Netting Arrangements		Net Amounts
(in thousands)	Level 1 inputs		Level 2 inputs		Level 3 inputs
Assets

Forward contracts receivable	$	—	$	95	$	—	$	95	$	—	$	95	$	(95)	$	—
Liabilities
Forward contracts payable	$	—	$	784	$	—	$	784	$	—	$	784	$	(95)	$	689

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.

Long-Term Debt - Narrative (Details) - 2022 Credit Agreement - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Sep. 07, 2022
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 270,000,000
Effective interest rate	7.68%
Long term debt, gross	$ 263,925,000	$ 265,613,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 190,000,000
Long term debt, gross	0
Line of credit facility, remaining borrowing capacity	$ 190,000,000

Unaudited Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]
Service revenue	$ 227,470	$ 235,306
Operating expenses:
Cost of services	135,411	137,762
Selling, general, and administrative expense	52,904	64,294
Depreciation	10,789	9,661
Amortization of intangible assets	4,985	5,124
Loss (gain) on disposal of assets	(177)	65
Total operating expenses	203,912	216,906
Operating income	23,558	18,400
Other income, net	(202)	(2,177)
Financing expenses	5,538	5,099
Income before income taxes	18,222	15,478
Provision for income taxes	6,508	5,969
Net income	$ 11,714	$ 9,509
Net income per common share:
Basic (in usd per share)	$ 0.13	$ 0.10
Diluted (in usd per share)	$ 0.13	$ 0.09
Weighted-average number of common shares outstanding:
Basic (in shares)	88,795,211	97,561,650
Diluted (in shares)	91,849,886	100,952,573

Forward Contracts (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule 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 March 31,
(in thousands)	2024		2023
Notional amount of settled forward contracts in Philippine pesos	$	45,964	$	59,425
Notional amount of settled forward contracts in Indian rupees	12,405		—
Total notional amount of settled forward contracts	$	58,369	$	59,425
Realized losses from settlement of forward contracts	$	693	$	1,618
Unrealized losses (gains) on forward contracts	$	1,497	$	(6,336)

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


(in thousands)	March 31, 2024		December 31, 2023
Notional amount of outstanding forward contracts in Philippine pesos	$	123,065	$	169,029
Notional amount of outstanding forward contracts in Indian rupees	32,788		45,193
Total notional amount of outstanding forward contracts	$	155,853	$	214,222

Schedule of Fair Value of Assets Measured on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value, at March 31, 2024 and December 31, 2023:


	March 31, 2024
	Fair value measurements using						Total Gross Fair Value		Effect of Counter-party Netting		Net Amounts on Balance Sheet		Effect of Master Netting Arrangements		Net Amounts
(in thousands)	Level 1 inputs		Level 2 inputs		Level 3 inputs
Assets

Forward contracts receivable	$	—	$	103	$	—	$	103	$	—	$	103	$	(31)	$	72
Liabilities
Forward contracts payable	$	—	$	2,289	$	—	$	2,289	$	—	$	2,289	$	(31)	$	2,258


	December 31, 2023
	Fair value measurements using						Total Gross Fair Value		Effect of Counter-party Netting		Net Amounts on Balance Sheet		Effect of Master Netting Arrangements		Net Amounts
(in thousands)	Level 1 inputs		Level 2 inputs		Level 3 inputs
Assets

Forward contracts receivable	$	—	$	95	$	—	$	95	$	—	$	95	$	(95)	$	—
Liabilities
Forward contracts payable	$	—	$	784	$	—	$	784	$	—	$	784	$	(95)	$	689

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
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, 2023 (the "Annual Report"), as filed with the Securities and Exchange Commission (the "SEC"), includes a discussion of the significant accounting policies used in the preparation of our consolidated financial statements. There 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, 2023 included in the Annual Report. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2024 and its results of operations, comprehensive income, shareholders’ equity and cash flows for the three months ended March 31, 2024 and 2023. The condensed consolidated balance sheet as of December 31, 2023, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.
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 credit losses; the valuation of deferred tax assets; the measurement of lease liabilities and right-of-use assets; valuation of forward contracts; valuation of stock-based compensation; valuation of acquired intangible assets and goodwill, as well as related impairment assessments; and reserves for income tax uncertainties and other contingencies.
Principles of Consolidation	Principles of Consolidation 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 variable interest entities in its corporate structure.
Concentration Risk	Concentration Risk Most of the Company’s customers are located in the United States. Clients outside of the United States are concentrated in Europe. The Company’s principal operations, including the majority of its employees and the fixed assets owned by its wholly owned subsidiaries, are located in the Philippines.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company currently qualifies as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods as private companies. The Company has elected to adopt new or revised accounting guidance within the same time period as private companies. Recently issued accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires enhanced disclosure of significant segment expenses, and other segment items, on an annual and interim basis. This ASU will be effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. This ASU will be applied retrospectively to all periods presented in the financial statements. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard improves the transparency of rate reconciliation and income taxes paid disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The standard also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (loss) and income tax expense (benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. This ASU will be effective for the Company for fiscal years beginning after December 15, 2025. Early adoption is permitted. This ASU will be applied prospectively, with retrospective application permitted. The Company does not expect the adoption of this ASU to have a material impact on its 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 2024 and 2023, the Company entered into foreign currency exchange rate forward contracts, with three 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 and Indian rupees. 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 income, net in the statements of income. The forward contract receivable (payable) resulting from changes in fair value was recorded under prepaid expenses and other current assets (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.

Goodwill and Intangibles - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	$ 293,759	$ 294,035
Accumulated Amortization	(105,988)	(101,077)
Intangibles, Net	187,771	192,958
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	251,653	251,899
Accumulated Amortization	(90,419)	(86,176)
Intangibles, Net	161,234	165,723
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	41,900	41,900
Accumulated Amortization	(15,363)	(14,665)
Intangibles, Net	26,537	27,235
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	206	236
Accumulated Amortization	(206)	(236)
Intangibles, Net	$ 0	$ 0

Forward Contracts - Schedule of Settled and Outstanding Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Unrealized losses (gains) on forward contracts	$ 1,497	$ (6,336)
Forward contracts payable
Derivative [Line Items]
Total notional amount of settled forward contracts	58,369	59,425
Realized losses from settlement of forward contracts	693	1,618
Unrealized losses (gains) on forward contracts	1,497	(6,336)
Total notional amount of outstanding forward contracts	155,853		$ 214,222
Philippines pesos \| Forward contracts payable
Derivative [Line Items]
Total notional amount of settled forward contracts	45,964	59,425
Total notional amount of outstanding forward contracts	123,065		169,029
India rupees \| Forward contracts payable
Derivative [Line Items]
Total notional amount of settled forward contracts	12,405	$ 0
Total notional amount of outstanding forward contracts	$ 32,788		$ 45,193

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregation of Revenue

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


	Three months ended March 31,
(in thousands)	2024		2023
Digital Customer Experience	$	143,491	$	157,136
Trust and Safety	55,272		40,598
AI Services	28,707		37,572
Service revenue	$	227,470	$	235,306

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


	Three months ended March 31,
(in thousands)	2024		2023
Philippines	$	131,213	$	126,859
United States	25,590		46,662
India	28,909		28,243
Rest of World	41,758		33,542
Service revenue	$	227,470	$	235,306

Contract Balances

Accounts receivable, net of allowance for credit losses includes $76.7 million and $77.2 million of unbilled revenue as of March 31, 2024 and December 31, 2023, 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
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Share

The following table summarizes the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
(in thousands, except share and per share data)	2024		2023
Numerator:
Net income	$	11,714	$	9,509
Denominator:
Weighted-average common shares outstanding – basic	88,795,211		97,561,650
Effect of dilutive securities	3,054,675		3,390,923
Weighted-average common shares outstanding – diluted	91,849,886		100,952,573
Net income per common share:
Basic	$	0.13	$	0.10
Diluted	$	0.13	$	0.09

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining its interim provision for income taxes, the Company used an estimated annual effective tax rate, which is based on expected income before taxes, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the period in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. The Company recorded provision for income taxes of $6.5 million and $6.0 million in the three months ended March 31, 2024 and 2023, respectively. The effective tax rate was 35.7% and 38.6% for the three months ended March 31, 2024 and 2023, respectively. The difference between the effective tax rate and the 21% federal statutory rate in the three months ended March 31, 2024 was primarily due to nondeductible compensation of officers and Global Intangible Low-Taxed Income ("GILTI") inclusion. The difference between the effective tax rate and the 21% federal statutory rate in the three months ended March 31, 2023 was primarily due to nondeductible earn-out consideration, as well as GILTI inclusion, Base Erosion Anti-avoidance Tax ("BEAT") and nondeductible compensation of officers.

- 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
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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+ Details

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 165,350	$ 125,776
Accounts receivable, net of allowance for credit losses of $1,658 and $1,978, respectively	165,494	176,812
Income tax receivable	1,042	2,021
Prepaid expenses and other current assets	24,170	23,909
Total current assets	356,056	328,518
Noncurrent assets:
Property and equipment, net	61,777	68,893
Operating lease right-of-use assets	39,144	44,326
Deferred tax assets	5,915	4,857
Intangibles	187,771	192,958
Goodwill	217,613	218,108
Other noncurrent assets	6,235	6,542
Total noncurrent assets	518,455	535,684
Total assets	874,511	864,202
Current liabilities:
Accounts payable and accrued liabilities	24,684	26,054
Accrued payroll and employee-related liabilities	40,346	40,291
Current portion of debt	9,747	8,059
Current portion of operating lease liabilities	15,107	15,872
Current portion of income tax payable	12,035	7,451
Deferred revenue	4,120	4,077
Total current liabilities	106,039	101,804
Noncurrent liabilities:
Income tax payable	4,620	4,621
Long-term debt	252,885	256,166
Operating lease liabilities	26,605	31,475
Accrued payroll and employee-related liabilities	4,354	3,978
Deferred tax liabilities	25,184	25,214
Other noncurrent liabilities	230	233
Total noncurrent liabilities	313,878	321,687
Total liabilities	419,917	423,491
Commitments and Contingencies (See Note 10)
Shareholders’ equity:
Additional paid-in capital	691,968	683,117
Accumulated deficit	(78,270)	(89,984)
Accumulated other comprehensive loss	(12,859)	(9,551)
Treasury stock, at cost. 12,082,234 and 11,796,623 shares, respectively	(147,255)	(143,876)
Total shareholders’ equity	454,594	440,711
Total liabilities and shareholders’ equity	874,511	864,202
Class A common stock
Shareholders’ equity:
Common stock	310	305
Class B convertible common stock
Shareholders’ equity:
Common stock	$ 700	$ 700

Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 following table summarizes the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
(in thousands, except share and per share data)	2024		2023
Numerator:
Net income	$	11,714	$	9,509
Denominator:
Weighted-average common shares outstanding – basic	88,795,211		97,561,650
Effect of dilutive securities	3,054,675		3,390,923
Weighted-average common shares outstanding – diluted	91,849,886		100,952,573
Net income per common share:
Basic	$	0.13	$	0.10
Diluted	$	0.13	$	0.09

The Company excluded 3,414,870 and 3,778,307 potential common stock equivalents from the computation of diluted EPS for the three months ended March 31, 2024 and 2023, respectively, because the effect would have been anti-dilutive. There were 4,672,564 and 4,819,894 potential common stock equivalents outstanding as of March 31, 2024 and 2023, respectively, with market conditions which were not met at the relevant date, that were excluded from the calculation of diluted EPS.

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 11,714	$ 9,509
Retirement benefit reserves	5	8
Foreign currency translation adjustments	(3,313)	3,583
Comprehensive income	$ 8,406	$ 13,100

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	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	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		18,033,657
Class B convertible common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		70,032,694

Leases - Future Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 13,205
Lessee, Operating Lease, Liability, to be Paid, Year One	15,003
Lessee, Operating Lease, Liability, to be Paid, Year Two	9,681
Lessee, Operating Lease, Liability, to be Paid, Year Three	5,184
Lessee, Operating Lease, Liability, to be Paid, Year Four	1,705
Lessee, Operating Lease, Liability, To Be Paid, After Year Four	1,657
Total lease payments	46,435
Less: imputed interest	(4,723)
Total lease liabilities	$ 41,712

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Operating Lease Costs

The following table presents operating lease costs recorded to cost of services:


	Three months ended March 31,
(in thousands)	2024		2023
Operating lease costs - Cost of services	$	4,477	$	4,397

Schedule 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 March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Weighted average remaining lease term	3.3 years		3.5 years
Weighted average discount rate	6.4	%	6.3	%

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


	Three months ended March 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,831	$	4,259
ROU assets obtained in exchange for operating lease liabilities	812		2,628

Schedule of Future Lease Payments

The future lease payments on the Company's operating lease liabilities as of March 31, 2024 were as follows:


(in thousands)
2024-remainder of year	$	13,205
2025	15,003
2026	9,681
2027	5,184
2028	1,705
Thereafter	1,657
Total lease payments	46,435
Less: imputed interest	(4,723)
Total lease liabilities	$	41,712

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,235	$ 13,464
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	680	877
Selling, general, and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 9,555	$ 12,587

Leases - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,831	$ 4,259
ROU assets obtained in exchange for operating lease liabilities	$ 812	$ 2,628

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table summarizes the stock option and restricted stock unit ("RSU") activity for the three months ended March 31, 2024:


	Options			RSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value
Outstanding at January 1, 2024	7,523,971	$	14.19	3,864,319	$	23.60
Granted	—	$	—	2,125,048	$	12.35
Exercised or released	(52,452)	$	3.72	(568,383)	$	20.42
Forfeited, cancelled or expired	(35,712)	$	19.74	(87,232)	$	26.08
Outstanding at March 31, 2024	7,435,807	$	14.23	5,333,752	$	19.42

In addition to the Options and RSUs presented in the table above, there were 3,373,417 performance stock units ("PSUs") outstanding at January 1, 2024 and March 31, 2024.

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


	Three months ended March 31,
(in thousands)	2024		2023
Cost of services	$	680	$	877
Selling, general, and administrative expense	9,555		12,587
Total	$	10,235	$	13,464

As of March 31, 2024, there was $5.7 million, $49.9 million and $1.9 million of unrecognized compensation expense related to the Company’s unvested stock options, RSUs and PSUs, respectively, that is expected to be recognized over a weighted-average period of 1.1 years, 1.4 years and 0.9 years, respectively.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Service

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


	Three months ended March 31,
(in thousands)	2024		2023
Digital Customer Experience	$	143,491	$	157,136
Trust and Safety	55,272		40,598
AI Services	28,707		37,572
Service revenue	$	227,470	$	235,306

Schedule of Revenue by Geographic Area

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


	Three months ended March 31,
(in thousands)	2024		2023
Philippines	$	131,213	$	126,859
United States	25,590		46,662
India	28,909		28,243
Rest of World	41,758		33,542
Service revenue	$	227,470	$	235,306

Business Combination (Details) - Parsec d.o.o. and Q Experience d.o.o. € in Millions, $ in Millions			3 Months Ended
	Apr. 15, 2022 USD ($)	Apr. 15, 2022 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Percentage of outstanding shares acquired	100.00%	100.00%
Payments for deferred business acquisition consideration	$ 35.4
Maximum payouts \| €		€ 20
Based on a multiple of EBITDA	1 year	1 year
Earn-out payments			$ 0.0		$ 0.0
Earnout expense			$ 0.0	$ 6.6

Earnings Per Share - Schedule of Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 11,714	$ 9,509
Denominator:
Weighted-average common shares outstanding – basic (in shares)	88,795,211	97,561,650
Effect of dilutive securities (in shares)	3,054,675	3,390,923
Weighted-average common shares outstanding – diluted (in shares)	91,849,886	100,952,573
Net income per common share:
Basic (in usd per share)	$ 0.13	$ 0.10
Diluted (in usd per share)	$ 0.13	$ 0.09

- 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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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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- Definition

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

+ References

+ Details

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Current and Non-Current Debt

The balances of current and noncurrent portions of debt consisted of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024						December 31, 2023
(in thousands)	Current		Noncurrent		Total		Current		Noncurrent		Total
Term Loan	$	10,125	$	253,800	$	263,925	$	8,438	$	257,175	$	265,613

Less: Debt financing fees	(378)		(915)		(1,293)		(379)		(1,009)		(1,388)
Total	$	9,747	$	252,885	$	262,632	$	8,059	$	256,166	$	264,225

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
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)	3,414,870	3,778,307
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)	4,672,564	4,819,894

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is 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, the Company believes that resolution of all such pending matters will not, either individually or in the aggregate, have a material adverse effect on its business, operating results, cash flows, or financial condition. However, given the inherent unpredictability of litigations, arbitrations, claims, inquiries, investigations and proceedings, it is possible that an adverse outcome in certain matters could have a material adverse effect on our business, operating results, cash flows, or financial condition in any future period. In addition, there can be no assurance that material losses will not be incurred from claims where potential losses have not yet been determined to be probable or possible and reasonably estimable. 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. On October 20, 2022, the Court entered an order appointing Humberto Lozada as lead plaintiff in the lawsuit. On December 16, 2022, lead plaintiff filed an amended complaint, alleging additional misstatements in certain of the Company’s 2021 earnings releases filed on Form 8-K and at an investor conference, and asserting additional securities claims, including against members of TaskUs’s board of directors as well as BCP FC Aggregator L.P. 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. On February 17, 2023, TaskUs and the other named defendants filed a motion to dismiss. On October 16, 2023, the plaintiffs voluntarily dismissed with prejudice certain claims based on certain theories of liability. On January 5, 2024, the Court granted in part and denied in part the defendants' motion to dismiss. Defendants filed an answer to the complaint on February 9, 2024, and an initial pretrial conference was held on February 16, 2024 after which a Case Management Plan and Scheduling Order was entered by the Court on February 20, 2024. The Company cannot predict at this point the length of time that this action will be ongoing or the liability, if any, which may arise therefrom. The Company is currently defending three lawsuits that present in large degree the same legal or factual issues, with allegations that are similar in nature. We believe that these three lawsuits are without merit and intend to defend each vigorously. The Company cannot predict at this point the length of time that these actions will be ongoing or the liability, if any, which may arise therefrom. As these actions are still in preliminary phases, any potential loss or impact on financial position or results of operations cannot yet be estimated. On April 1, 2022, a purported class action lawsuit captioned Gregory Forsberg, Christopher Gunter, Samuel Kissinger, and Scott Sipprell vs. TaskUs, Inc. and Shopify, Inc., Shopify Holdings (USA), Inc., Shopify (USA) Inc., No. 1:22-cv-00436-UNA, was filed in the United States District Court for the District of Delaware. The complaint alleges the named defendants failed to exercise reasonable care in securing and safeguarding consumer information in connection with a 2020 data breach impacting Ledger SAS cryptocurrency hardware wallets, resulting in the unauthorized public release of approximately 272,000 pieces of detailed personally identifiable information, including Plaintiffs’ and class members’ full names, email addresses, postal addresses, and telephone numbers. The four named plaintiffs allege aggregate losses of approximately $140,000, and allege that the damages exceed $5 million for purposes of class action jurisdiction. On April 8, 2022, the Company filed a motion to dismiss, which is currently pending. This case is currently stayed. On September 16, 2022, a lawsuit captioned My Choice Software, LLC vs. TaskUs, Inc., Tassilo Heinrich, Shopify, Inc., Shopify Holdings (USA) Inc., Shopify (USA) Inc., Does 1-50, No. 22-cv-1710 was filed in the United States District Court, Central District of California. The complaint alleges the defendants profited off of the plaintiff's information. The complaint seeks unspecified damages and an award of costs and expenses, including reasonable attorneys’ fees, as well as equitable and injunctive relief. On February 13, 2023, we filed a motion to dismiss the amended complaint. In May 2023, the Court issued an Order dismissing certain parties, staying the case as to the Company and denying as moot the Company's previously filed motion to dismiss. This case is currently stayed. On November 22, 2023, TaskUs was added as an additional defendant in a lawsuit captioned Naeem Seirafi, Edward Baton, Anthony Comilla, Brett Deeney, and Abraham Vilinger, individually and on behalf of all others similarly situated v. Ledger SAS, Shopify (USA) Inc., Shopify Inc., and TaskUs, Inc., No. 21-cv-02470 pending in the United States District Court, Northern District of California. The complaint alleges defendants failed to exercise reasonable care in securing and safeguarding consumer information in connection with a 2020 data breach impacting Ledger cryptocurrency hardware wallets, resulting in the unauthorized public release of approximately 272,000 pieces of detailed personally identifiable information, including Plaintiffs’ and “Class” members’ full names, email addresses, postal addresses, and telephone numbers. The complaint asserts claims against TaskUs for negligence, negligence per se, declaratory and injunctive relief, and for violations of the New York Deceptive Trade Practices Act. The named plaintiffs’ alleged damages of approximately $557,000 and an award of costs and expenses, including reasonable attorneys’ fees, as well as declaratory and injunctive relief, and other damages. On February 5, 2024, TaskUs filed a motion to dismiss, which is currently pending. Indemnification In addition, in the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify clients, vendors and other business partners with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, cybersecurity breach, services to be provided by the Company or from intellectual property infringement claims made by third parties. Historically, the Company has not experienced significant losses on these types of indemnification obligations.

Forward Contracts - Narrative (Details) - counterparty	3 Months Ended
Forward Contracts - Narrative (Details) - counterparty	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Number of counterparties	3	3
Forward contracts payable
Derivative [Line Items]
Derivative term	12 months	12 months

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 1,658	$ 1,978
Treasury stock (in shares)	12,082,234	11,796,623
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)	31,020,925	30,522,570
Common stock, shares outstanding (in shares)	18,938,691	18,725,947
Class B convertible 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 Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 11,714	$ 9,509
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,789	9,661
Amortization of intangibles	4,985	5,124
Amortization of debt financing fees	149	149
Loss (gain) on disposal of assets	(177)	65
Benefit from credit losses	(258)	0
Unrealized foreign exchange losses (gains) on forward contracts	1,497	(6,336)
Deferred taxes	(1,094)	(90)
Stock-based compensation expense	10,235	13,464
Changes in operating assets and liabilities:
Accounts receivable	11,296	8,070
Prepaid expenses and other current assets	(331)	(16)
Operating lease right-of-use assets	3,941	3,825
Other noncurrent assets	207	34
Accounts payable and accrued liabilities	(3,866)	(5,356)
Accrued payroll and employee-related liabilities	805	3,520
Operating lease liabilities	(4,374)	(3,310)
Income tax payable	5,614	5,789
Deferred revenue	47	(417)
Other noncurrent liabilities	(2)	(2)
Net cash provided by operating activities	51,177	43,683
Cash flows from investing activities:
Purchase of property and equipment	(3,572)	(5,244)
Investment in loan receivable	0	(1,000)
Net cash used in investing activities	(3,572)	(6,244)
Cash flows from financing activities:
Payments on long-term debt	(1,688)	(675)
Proceeds from employee stock plans	195	209
Payments for taxes related to net share settlement	(1,574)	(257)
Payments for stock repurchases	(2,597)	(6,374)
Net cash used in financing activities	(5,664)	(7,097)
Increase in cash and cash equivalents	41,941	30,342
Effect of exchange rate changes on cash	(2,367)	2,677
Cash and cash equivalents at beginning of period	125,776	133,992
Cash and cash equivalents at end of period	$ 165,350	$ 167,011

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The following table presents operating lease costs recorded to cost of services:


	Three months ended March 31,
(in thousands)	2024		2023
Operating lease costs - Cost of services	$	4,477	$	4,397

Operating lease costs recorded to selling, general, and administrative expenses 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 March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Weighted average remaining lease term	3.3 years		3.5 years
Weighted average discount rate	6.4	%	6.3	%

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


	Three months ended March 31,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,831	$	4,259
ROU assets obtained in exchange for operating lease liabilities	812		2,628

The future lease payments on the Company's operating lease liabilities as of March 31, 2024 were as follows:


(in thousands)
2024-remainder of year	$	13,205
2025	15,003
2026	9,681
2027	5,184
2028	1,705
Thereafter	1,657
Total lease payments	46,435
Less: imputed interest	(4,723)
Total lease liabilities	$	41,712

Forward Contracts - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Forward contracts payable - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Forward contracts receivable	$ 103	$ 95
Effect of Counter-party Netting	0	0
Net Amounts on Balance Sheet	103	95
Effect of Master Netting Arrangements	(31)	(95)
Net Amounts	72	0
Liabilities
Forward contracts payable	2,289	784
Effect of Counter-party Netting	0	0
Net Amounts on Balance Sheet	2,289	784
Effect of Master Netting Arrangements	(31)	(95)
Net Amounts	2,258	689
Level 1 inputs
Assets
Forward contracts receivable	0	0
Liabilities
Forward contracts payable	0	0
Level 2 inputs
Assets
Forward contracts receivable	103	95
Liabilities
Forward contracts payable	2,289	784
Level 3 inputs
Assets
Forward contracts receivable	0	0
Liabilities
Forward contracts payable	$ 0	$ 0