0001866550-22-000006 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 368,209	$ 490,841
Trade receivables, net of allowance for doubtful accounts of $8,916 and $10,385, respectively	145,874	113,183
Unbilled receivables	104,057	88,340
Prepaid expenses	15,994	9,442
Other current assets	44,805	9,960
Total current assets	678,939	711,766
Property and equipment, net	34,500	26,347
Intangibles and other assets:
Goodwill	346,719	318,151
Trademark	273,000	273,000
Customer relationships, net	125,867	129,055
Other non-current assets	25,125	16,904
Total assets	1,484,150	1,475,223
Current liabilities:
Accounts payable	4,773	4,349
Long-term debt - current	7,150	4,565
Income taxes payable	15,693	11,032
Accrued compensation	79,460	49,896
Deferred revenue	13,807	11,720
Value-added tax and sales tax payable	7,954	6,846
Accrued expenses	51,693	29,749
Total current liabilities	180,530	118,157
Long-term debt, less current portion	497,380	435,192
Deferred tax liabilities	78,944	98,310
Other long-term liabilities	18,805	16,052
Total liabilities	775,659	667,711
Commitments and contingencies (See Note 10)
Redeemable, convertible preferred stock:
Redeemable Convertible Preferred Stock	0	322,800
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 100,000,000 and zero shares authorized, zero issued and outstanding at December 31, 2021 and December 31, 2020, respectively	0
Common Stock	356
Treasury stock, 50,985,571 and 572,711 shares at December 31, 2021 and December 31, 2020, respectively	(629,424)	(1,608)
Additional paid-in capital	1,390,630	381,172
Accumulated other comprehensive loss	(10,863)	(1,589)
Retained (deficit) earnings	(42,208)	106,458
Total stockholders' equity	708,491	484,712
Total liabilities, redeemable convertible preferred stock and stockholders' equity	$ 1,484,150	1,475,223
Series A, Redeemable Convertible Preferred Stock
Redeemable, convertible preferred stock:
Redeemable Convertible Preferred Stock		322,800
Series B, Redeemable Convertible Preferred Stock
Redeemable, convertible preferred stock:
Redeemable Convertible Preferred Stock		0
Common Class A
Stockholders’ equity:
Common Stock		272
Common Class B
Stockholders’ equity:
Common Stock		5
Common Class C
Stockholders’ equity:
Common Stock		$ 2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trade receivables, allowance for doubtful accounts	$ 8,916	$ 10,385
Redeemable, convertible preferred stock, shares issued (in shares)	0
Redeemable, convertible preferred stock, shares outstanding (in shares)	0	23,493,546
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Common stock, par value (in dollars per share)	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000
Common stock, shares issued (in shares)	356,117,752
Common stock, shares outstanding (in shares)	305,132,181
Treasury stock (in shares)	50,985,571	572,711
Series A, Redeemable Convertible Preferred Stock
Redeemable, convertible preferred stock, par value (in dollars per share)		$ 0.001
Redeemable, convertible preferred stock, shares authorized (in shares)		217,902,632
Redeemable, convertible preferred stock, shares issued (in shares)		23,493,546
Redeemable, convertible preferred stock, shares outstanding (in shares)		23,493,546
Series B, Redeemable Convertible Preferred Stock
Redeemable, convertible preferred stock, par value (in dollars per share)		$ 0.001
Redeemable, convertible preferred stock, shares authorized (in shares)		0
Redeemable, convertible preferred stock, shares issued (in shares)		0
Redeemable, convertible preferred stock, shares outstanding (in shares)		0
Common Class A
Common stock, par value (in dollars per share)		$ 0.001
Common stock, shares authorized (in shares)		416,194,027
Common stock, shares issued (in shares)	272,054,182	272,054,182
Common stock, shares outstanding (in shares)	272,054,182	272,054,182
Common Class B
Common stock, par value (in dollars per share)		$ 0.001
Common stock, shares authorized (in shares)		116,577,908
Common stock, shares issued (in shares)		5,002,488
Common stock, shares outstanding (in shares)		4,474,514
Common Class C
Common stock, par value (in dollars per share)		$ 0.001
Common stock, shares authorized (in shares)		55,565,172
Common stock, shares issued (in shares)		1,838,757
Common stock, shares outstanding (in shares)		1,794,020

CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 1,069,945	$ 803,375	$ 772,191
Operating expenses:
Cost of revenues	689,443	475,560	476,631
Selling, general and administrative expenses	343,786	189,497	203,886
Depreciation and amortization	17,599	17,479	15,776
Total operating expenses	1,050,828	682,536	696,293
Income from operations	19,117	120,839	75,898
Other (expense) income:
Interest expense	(25,456)	(25,767)	(26,428)
Net realized and unrealized foreign currency (loss) gain	(5,465)	7,190	(1,750)
Other (expense) income, net	(1,671)	185	117
Total other expense	(32,592)	(18,392)	(28,061)
(Loss) income before income taxes	(13,475)	102,447	47,837
Income tax expense	10,148	23,164	19,417
Net (loss) income	(23,623)	79,283	28,420
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(9,274)	8,478	2,894
Comprehensive (loss) income	$ (32,897)	$ 87,761	$ 31,314
Net (loss) earnings per common share:
Basic (loss) earnings per common share (in USD per share)	$ (0.33)	$ 0.26	$ 0.10
Diluted (loss) earnings per common share (in USD per share)	$ (0.33)	$ 0.26	$ 0.10
Weighted average shares outstanding:
Weighted average shares outstanding, basic (in shares)	254,271,997	278,225,009	277,762,271
Weighted average shares outstanding, diluted (in shares)	254,271,997	284,582,536	281,495,640

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	IPO	Common Stock	Common Stock IPO	Treasury	Additional Paid-In Capital	Additional Paid-In Capital IPO	Accumulated Other Comprehensive Loss	Retained (Deficit) Earnings
Beginning balance (in shares) at Dec. 31, 2018	0
Beginning balance at Dec. 31, 2018	$ 0
Ending balance (in shares) at Dec. 31, 2019	0
Ending balance at Dec. 31, 2019	$ 0
Beginning balance (in shares) at Dec. 31, 2018			276,826,982		229,689
Beginning balance at Dec. 31, 2018	547,832		$ 277		$ (565)	$ 562,326		$ (12,961)	$ (1,245)
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net (loss) income	28,420								28,420
Other comprehensive income (loss), net of tax	2,894							2,894
Issuance of common stock on exercise of options , net of withholding taxes (in shares)			1,709,751
Issuance of common stock on exercise of options, net of withholding taxes	3,936		$ 2			3,934
Dividends	(189,000)					(189,000)
Tender Offer (in shares)			(343,022)		343,022
Tender Offer	(1,043)				$ (1,043)
Stock-based compensation expense	1,949					1,949
Ending balance (in shares) at Dec. 31, 2019			278,193,711		572,711
Ending balance at Dec. 31, 2019	$ 394,988		$ 279		$ (1,608)	379,209		(10,067)	27,175
Redeemable, Convertible Preferred Stock
Issuance of Series A Redeemable Convertible Preferred Stock, net of issuance costs (in shares)	23,493,546
Issuance of Redeemable Convertible Preferred Stock, net of issuance costs	$ 322,800
Ending balance (in shares) at Dec. 31, 2020	23,493,546
Ending balance at Dec. 31, 2020	$ 322,800
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net (loss) income	79,283								79,283
Other comprehensive income (loss), net of tax	8,478							8,478
Issuance of common stock on exercise of options , net of withholding taxes (in shares)			129,005
Issuance of common stock on exercise of options, net of withholding taxes	296					296
Stock-based compensation expense	1,667					1,667
Ending balance (in shares) at Dec. 31, 2020			278,322,716		572,711
Ending balance at Dec. 31, 2020	$ 484,712		$ 279		$ (1,608)	381,172		(1,589)	106,458
Redeemable, Convertible Preferred Stock
Issuance of Series A Redeemable Convertible Preferred Stock, net of issuance costs (in shares)	35,996,412
Issuance of Redeemable Convertible Preferred Stock, net of issuance costs	$ 503,222
Conversion of redeemable convertible preferred stock on exercise of options (in shares)	(59,489,958)
Conversion of redeemable convertible preferred stock to common stock	$ (826,022)
Ending balance (in shares) at Dec. 31, 2021	0
Ending balance at Dec. 31, 2021	$ 0
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net (loss) income	(23,623)								(23,623)
Other comprehensive income (loss), net of tax	(9,274)							(9,274)
Issuance of common stock (in shares)			133,313	16,429,964
Issuance of common stock	1,873	$ 314,716		$ 16		1,873	$ 314,700
Conversion of redeemable convertible preferred stock to common stock (in shares)			59,489,958
Conversion of redeemable convertible preferred stock to common stock	826,022		$ 60			825,962
Issuance of common stock on exercise of options , net of withholding taxes (in shares)			1,169,090
Issuance of common stock on exercise of options, net of withholding taxes	(851)		$ 1			(852)
Dividends	(325,012)					(279,191)			(45,821)
Tender Offer (in shares)			(50,412,860)		50,412,860
Tender Offer	(717,429)				$ (627,816)	(10,391)			(79,222)
Stock-based compensation expense	157,357					157,357
Ending balance (in shares) at Dec. 31, 2021			305,132,181		50,985,571
Ending balance at Dec. 31, 2021	$ 708,491		$ 356		$ (629,424)	$ 1,390,630		$ (10,863)	$ (42,208)

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Redeemable Convertible Preferred Stock, issuance costs	$ 11.8	$ 7.2
IPO
Common Stock, issuance costs	$ 30.3

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (23,623)	$ 79,283	$ 28,420
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization expense	29,528	26,528	23,268
Bad debt provision	(601)	7,685	3,762
Deferred income tax (benefit) expense	(25,827)	3,709	4,165
Stock-based compensation expense	157,357	1,667	1,949
Unrealized foreign currency exchange loss (gain)	5,024	(5,351)	703
Other operating activities, net	3,642	1,831	1,863
Changes in operating assets and liabilities:
Trade receivables	(32,139)	3,977	(26,240)
Unbilled receivables	(16,733)	(16,794)	(19,437)
Prepaid expenses	(6,542)	308	(1,457)
Other assets	(31,111)	(5,742)	(347)
Accounts payable	309	(700)	(27)
Accrued expenses and other liabilities	59,020	28,895	12,649
Net cash provided by operating activities	118,304	125,296	29,271
Cash flows from investing activities:
Purchase of property and equipment	(26,068)	(15,125)	(18,696)
Proceeds from disposal of fixed assets	518	132	99
Acquisition of businesses, net of cash acquired	(44,759)	0	0
Net cash used in investing activities	(70,309)	(14,993)	(18,597)
Cash flows from financing activities:
Proceeds from initial public offering, net of issuance costs and underwriting discounts	314,716	0	0
Payments of obligations of long-term debt	(336,709)	(4,565)	(4,099)
Payments of debt issuance costs	(7,098)	(111)	(1,606)
Proceeds from borrowings on revolving credit facility	0	29,000	0
Payments on revolving credit facility	0	(29,000)	0
Proceeds from borrowings on long-term debt	401,285	0	185,000
Proceeds from issuance of common stock on exercise of options, net of employee tax withholding	(851)	296	3,936
Shares and options purchased under Tender offer	(701,960)	0	0
Proceeds from issuance of common stock	1,873	0	0
Repurchases of common stock	0	0	(1,043)
Dividends paid	(315,003)	0	(189,000)
Other financing activities, net	(105)	(223)	248
Net cash (used in) provided by financing activities	(140,630)	318,197	(6,564)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4,622)	6,543	944
Net (decrease) increase in cash, cash equivalents and restricted cash	(97,257)	435,043	5,054
Cash, cash equivalents and restricted cash at beginning of the period	492,199	57,156	52,102
Cash, cash equivalents and restricted cash at end of the period	394,942	492,199	57,156
Supplemental disclosure of cash flow information:
Interest paid	23,611	23,861	24,626
Income taxes paid	33,344	13,909	8,198
Withholding taxes payable	25,956	0	0
Supplemental disclosures of non-cash investing and financing activities:
Conversion of convertible preferred stock to common stock	826,022	0	0
Net settlement on exercise of shares	3,611	0	0
Series A, Redeemable Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Redeemable Convertible Preferred Stock, net of issuance costs	380,994	322,800	0
Series B, Redeemable Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Redeemable Convertible Preferred Stock, net of issuance costs	$ 122,228	$ 0	$ 0

Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Summary of Significant Accounting Policies

Thoughtworks Holding, Inc., formerly known as Turing Holding Corp., (together with its subsidiaries, the “Company”) develops, implements, and services complex enterprise application software and provides business technology consulting. The Company conducts business in Australia, Brazil, Canada, Chile, China, Ecuador, Finland, Germany, Hong Kong, India, Italy, the Netherlands, Romania, Singapore, Spain, Thailand, the United Kingdom and the United States. Thoughtworks Holding, Inc. is the ultimate parent holding company of Thoughtworks, Inc. among other subsidiaries.

Initial Public Offering

The Company’s registration statement on Form S-1 related to its initial public offering (“IPO”) was declared effective on September 14, 2021 and the Company’s common stock began trading on the Nasdaq Global Select Market on September 15, 2021. The Company's final prospectus (the “IPO Prospectus”) was filed with the SEC on September 16, 2021. On September 17, 2021 (the “IPO Closing Date”), the Company closed its IPO pursuant to which an aggregate of 42,368,421 shares of its common stock were sold, which includes the issuance and sale of 16,429,964 shares of the Company's common stock, the sale by selling stockholders of 20,412,142 shares of the Company's common stock, and the full exercise of the underwriters' option to purchase 5,526,315 additional shares of common stock from certain of the selling stockholders, at the IPO price of $21.00 per share. The Company received net proceeds of $314.7 million, after deducting the underwriting discounts and commissions and other offering expenses of approximately $30.3 million. Prior to the completion of the IPO, all shares of the Company's Class A, Class B and Class C common stock then outstanding were converted into 5,259,163 shares of common stock on a 1-for-1 basis, and upon the completion of the IPO, all 1,365,058 shares of the Company’s outstanding Series A and B redeemable convertible preferred stock converted into an equivalent number of shares of common stock on a 1-for-1 basis.

Additionally, after the conversion described above and prior to the completion of the IPO, the Company effected an approximate 43.6-for-1 split of each outstanding share of common stock (the "Stock Split"). All share and per share information has been retroactively adjusted to effect the Stock Split for all periods presented, except where otherwise noted.

Post-IPO, offering expenses, which consist of direct incremental legal, accounting, and consulting fees relating to the IPO, were recorded as equity issuance costs as a reduction to additional paid-in capital on the consolidated statement of stockholders' equity. These offering expenses, net of reimbursement received from the underwriters upon completion of the IPO, totaled approximately $30.3 million, of which $19.0 million related to underwriting discounts and commissions and $11.3 million related to offering expenses.

Basis of Presentation and Consolidation

The accompanying consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2021 presentation. These reclassifications had no effect on results of operations previously reported.

Preparation of Financial Statements and Use of Estimates

The preparation of these consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for doubtful accounts, valuation and impairment

of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation, including the underlying deemed fair value of common stock (prior to the completion of the IPO), and litigation costs. The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the consolidated financial statements in the future. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying consolidated financial statements have been included, and all adjustments are of a normal and recurring nature.

Segments

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and assess performance.

While the Company has offerings in multiple modern digital businesses and operates in multiple countries, the Company’s business operates in one operating segment because most of the Company's service offerings are delivered and supported on a global basis and are deployed in a nearly identical way. The Company’s CODM evaluates the Company’s financial information, allocates resources and assesses the performance of these resources on a consolidated basis.

Long-Lived Assets

The North America geographic region encompasses the Company’s country of domicile (United States) and Canada, of which long-lived assets including property and equipment, net of depreciation, are principally held within the United States. The United States comprised $7.9 million, or 23.0%, and $4.6 million, or 17.4%, of the Company’s long-lived assets as of December 31, 2021 and 2020, respectively. Canadian long-lived assets were determined to be immaterial given property, and equipment was less than 10% of the Company's long-lived assets as of December 31, 2021 and 2020.

The Company holds material long-lived assets in the foreign geographic locations of Brazil, China, and India of $5.1 million, $7.3 million, and $7.5 million as of December 31, 2021, respectively, compared to $2.8 million, $7.6 million, and $5.3 million as of December 31, 2020, respectively. Long-lived assets in all other foreign geographic locations, including Canada, totaled $6.6 million and $6.0 million as of December 31, 2021 and 2020, respectively.

Revenue Recognition

The Company recognizes revenues when control of services is passed to a customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Such control may be transferred over time or at a point in time, depending on satisfaction of obligations stipulated by the contract. The Company records sales and other taxes collected from customers and remitted to governmental authorities on a net basis.

The Company generates revenue from a variety of professional service arrangements. Fees for these contracts may be in the form of time-and-materials and fixed price. The Company also reports gross reimbursable expenses incurred as both revenue and cost of revenues in the consolidated statements of (loss) income and comprehensive (loss) income.

Revenue is measured based on consideration specified in a contract with a customer, which may consist of both fixed and variable components, and the consideration expected to be received is allocated to each separately identifiable performance obligation based on the performance obligation’s relative stand-alone selling price. The standalone selling prices are generally determined based on the prices at which the Company separately sells the services.

Contracts may include variable consideration, which usually takes the form of volume-based discounts, service level credits, price concessions, or incentives. To the extent that variable consideration is not constrained, the Company includes the expected amount within the total transaction price and updates its

assumptions over the duration of the contract. Determining the estimated amount of such variable consideration involves assumptions and judgment that can have an impact on the amount of revenues reported. The amount of variable consideration is estimated utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract.

Time-and-Material Revenue

The Company generates the majority of its revenues under time-and-material contracts, which are billed using hourly, daily, or monthly rates to determine the amounts to be charged directly to the customer. Revenue from time-and-material contracts is based on the number of hours worked and at contractually agreed-upon hourly rates and is recognized as those services are rendered as control of the services passes to the customer over time.

Fixed-Price Revenue

Fixed-price contracts include application development arrangements, where progress towards satisfaction of the performance obligation is measured using input methods as there is a direct correlation between hours incurred and the end product delivered to the customer. Assumptions, risks, and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivables, and deferred revenues at each reporting period. Revenues under these contracts are recognized using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying performance obligations.

Principal vs Agent Consideration

From time to time, the Company may enter into arrangements with third-party suppliers to sell services. In such cases, the Company evaluates whether it is the principal (i.e., reports revenues on a gross basis) or the agent (i.e., reports revenues on a net basis). In doing so, the Company first evaluates whether it has control of the service before it is transferred to the customer. If the Company controls the service before it is transferred to the customer, the Company is the principal; if not, the Company is the agent. Determining whether the Company controls the service before it is transferred to the customer may require judgment.

Contract Balances

A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets primarily relate to unbilled amounts on fixed-price contracts. Contract assets are recorded when services have been provided but the Company does not have an unconditional right to receive consideration. Professional services performed on or prior to the balance sheet date, but invoiced thereafter, are reflected in unbilled receivables.

Contract liabilities, or deferred revenue, consist of advance payments from clients and billings in excess of revenues recognized. The Company classifies deferred revenue as current on the consolidated balance sheet and is recognized as revenue as the Company performs under the contract. These balances are generally short-term in nature and are recognized as revenue within one year.

Costs to Obtain a Customer Contract

The Company incurs certain incremental costs to obtain a contract that the Company expects to recover. The Company applies a practical expedient and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The Company capitalizes incremental costs of obtaining contracts where the contract term is greater than one year. These costs primarily relate to commissions paid to the account executives and are included in selling, general and administrative expenses in the consolidated statements of (loss) income and comprehensive (loss) income for contracts one year or less and other current assets and other non-current assets on the consolidated balance sheets for contracts greater than one year.

Costs capitalized are amortized on a straight-line basis over a period of benefit. The Company determined the period of benefit by taking into consideration standard contract terms, renewals and amendments, if applicable. The capitalized amounts are recoverable through future revenue streams under all non-cancelable customer contracts. The Company periodically evaluates whether there have been any changes in its

business, the market conditions in which it operates or other events which would indicate that its amortization period should be changed or if there are potential indicators of impairment.

Amortization of capitalized costs to obtain contracts is included in selling, general and administrative expenses in the consolidated statements of (loss) income and comprehensive (loss) income. For the year ended December 31, 2021, the Company capitalized $2.3 million of costs to obtain contracts and recorded amortization expense of $0.3 million. There were no impairments of costs to obtain contracts for the year ended December 31, 2021. For the years ended December 31, 2020 and 2019, the Company did not capitalize any costs to obtain contracts and did not recognize any amortization expense. The balance of the capitalized costs was $2.0 million as of December 31, 2021.

Cost of Revenues

Consists primarily of personnel and related costs directly associated with the professional services, including salaries, bonuses, fringe benefits, share-based compensation, project related travel costs; and costs of contracted third-party vendors. Also included in cost of revenues is depreciation attributable to the portion of our property and equipment utilized in the delivery of services to our clients.

Selling, General and Administrative Expenses

Consists of expenses associated with promoting and selling the Company’s services and general and administrative functions of the business. These expenses include the costs of salaries, bonuses, fringe benefits, commissions, stock-based compensation, severance, bad debt, travel, legal and accounting services, insurance, facilities including operating leases, advertising and other promotional activities.

Advertising costs consist of marketing, advertising through print and other media, professional event sponsorship, and public relations. These costs are expensed as incurred. Advertising costs totaled $2.3 million, $0.9 million and $1.8 million for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in selling, general and administrative expenses in the consolidated statements of (loss) income and comprehensive (loss) income.

Other (Expense) Income

Other (expense) income consists of interest expense, impacts from foreign exchange transactions, gains (losses) on the sale of assets and the write-off of deferred financing fees.

Cash and Cash Equivalents

Cash equivalents are short-term, highly liquid investments and deposits that are readily converted into cash, with maturities of three months or less.

Restricted Cash

Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Restricted cash is restricted as to withdrawal or use. The Company has restricted cash held on deposit at various financial institutions. The amounts are held in escrow for income tax withholdings, to secure bank guarantees of amounts related to government requirements, and collateral for a corporate credit card.

A reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet is as follows (in thousands):


	As of December 31,
	2021		2020
Cash and cash equivalents	$	368,209	$	490,841
Restricted cash included in other current assets	25,478		—
Restricted cash included in other non-current assets	1,254		1,358
Total cash, cash equivalents, and restricted cash	$	394,942	$	492,199

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are uncollateralized customer obligations due under normal trade terms. Payment terms with customers are generally 30 to 90 days from the invoice date. Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. Interest is not generally accrued on outstanding balances as the balances are considered short-term in nature.

The carrying amount of accounts receivable is reduced by an allowance that reflects management’s best estimate of the amounts that will not be collected. The Company estimates the collectability of its accounts receivable based on a combination of factors including, but not limited to, customer credit ratings, age of the accounts receivable balances, and current and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings or substantial downgrading of credit ratings), the Company provides allowances for doubtful accounts against amounts due to reduce the net recognized receivable to the amount it reasonably believes will be collected. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted.

Activity related to the Company’s allowance for doubtful accounts is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Balance, beginning of year	$	(10,385)	$	(2,733)	$	(1,278)
Charged to expense	(281)		(8,305)		(5,891)
Uncollectible accounts written off, net of recoveries	882		620		2,129
Changes due to exchange rates	868		33		2,307
Balance, end of year	$	(8,916)	$	(10,385)	$	(2,733)

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives, by asset class, are as follows:


Office furniture and equipment			3 to 7 years
Computer equipment			2 to 3 years
Software, including internal-use software			3 to 5 years
Automobiles			4 years

Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the terms of the related leases.

The Company reviews long-lived assets, including property and equipment and finite-lived intangible assets, for realizability on an ongoing basis. Changes in depreciation, generally accelerated depreciation, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change. The Company also reviews for impairment when conditions exist that indicate the carrying amount of the asset group may not be fully recoverable. In those circumstances, the Company performs undiscounted operating cash flow analyses to determine if an impairment exists. When testing for asset impairment, the Company groups assets and liabilities at the lowest level for which cash flows are separately identifiable. Any impairment loss is calculated as the excess of the asset’s carrying value over its estimated fair value. Fair value is estimated based on the discounted cash flows for the asset group over the remaining useful life or based on the expected cash proceeds for the asset less costs of disposal.

Internal-Use Software

In accordance with ASC 350-40, Internal-Use Software, certain costs incurred in the planning and evaluation stage of internal-use computer software are expensed as incurred. Certain costs incurred during the application development stage are capitalized and included in property and equipment. Capitalized costs are depreciated over the expected economic useful life of three to five years using the straight-line method.

Capitalized internal-use software asset depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $2.2 million, $3.5 million and $1.5 million, respectively, and is included in depreciation and amortization in the consolidated statements of (loss) income and comprehensive (loss) income. As of December 31, 2021 and 2020, the net book value of internal-use software was $5.6 million and $2.0 million, respectively.

Goodwill

Goodwill represents the excess of cost over the fair value of the net assets acquired in a business combination. When the Company acquires a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statement of operations.

The Company performs an annual impairment review of goodwill in its fiscal fourth quarter and additional impairment reviews when events and circumstances indicate it is more likely than not that an impairment may have occurred. The Company assesses goodwill for impairment at the reporting unit level.

In evaluating goodwill for impairment, the Company has the option to first perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of the reporting units to their carrying amount, including goodwill. Under the qualitative assessment, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. Qualitative factors include macroeconomic conditions, industry and market conditions, cost factors, and overall financial performance, among others.

Under a quantitative assessment, fair value of the Company’s reporting units are estimated using a weighted methodology considering the output from both the income and market approaches. The income approach incorporates the use of a discounted cash flow (DCF) analysis. A number of judgments are involved in the application of the DCF model, including projections of business performance, weighted average cost of capital, and terminal values. The market approach is performed using the Guideline Public Companies method which is based on earnings multiple data derived from publicly traded peer group companies. The Company elected to perform a qualitative assessment during fiscal 2021 and a quantitative assessment during fiscal 2020 and determined for both periods that the fair value of the Company’s respective reporting units exceeded their carrying amounts.

Intangible Assets, net

In accordance with ASC 350, Intangibles – Goodwill and Other, the Company amortizes its finite-lived intangible assets over their respective estimated useful lives. The Company reviews both indefinite-lived intangibles and finite-lived intangibles for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that they may be impaired. Impairment indicators could include significant under-performance relative to the historical or projected future operating results, significant changes in the manner of use of assets, significant negative industry or economic trends or significant changes in the Company’s market capitalization relative to net book value. Any changes in key assumptions used by the Company, including those set forth above, could result in an impairment charge and such a charge could have a material adverse effect on the Company’s consolidated statements of (loss) income and comprehensive (loss) income. The Company’s intangible assets consist of indefinite-lived trademarks and finite-lived customer relationships. Customer relationships have an estimated useful life of 15 years and are being amortized using the straight-line method.

Income Taxes

The Company is subject to both the United States of America (U.S.) and foreign income taxes. A current tax asset or liability is recognized for the estimated taxes payable or refundable on tax returns for the year.

Deferred income taxes are recorded to reflect the tax consequences on future years of the difference between the tax bases of assets and liabilities for income taxes and for financial reporting purposes using enacted tax rates in effect for the year in which differences are expected to reverse. The Company nets the deferred tax assets and deferred tax liabilities from temporary differences arising within the same tax jurisdiction and presents the net asset or liability as long term.

The Company assesses the need to account for deferred taxes on unremitted earnings of its foreign subsidiaries on an individual country basis according to management’s assertions regarding repatriation or permanent investment of each country’s accumulated earnings.

A valuation allowance is established when necessary to reduce deferred income tax assets to the amounts expected to be realized.

The Company classifies interest and penalties associated with tax liabilities as income tax expense in the consolidated statements of (loss) income and comprehensive (loss) income.

The Company provides for tax expense related to Global Intangible Low-Tax Income ("GILTI") in the year the tax is incurred.

The Company’s provision for income taxes includes the impact of provisions established for uncertain income tax positions, as well as any related interest and penalties. These reserves are adjusted given changing facts and circumstances, such as the closing of a tax audit, statute of limitation lapse or the refinement of an estimate. To the extent the final outcome of an uncertain income tax position differs from the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income consists solely of foreign currency translation adjustments.

Foreign Currency

For consolidated foreign subsidiaries whose functional currency is the U.S. dollar, transactions and balances denominated in the local currency are foreign currency transactions. Foreign currency transactions and balances related to non-monetary assets and liabilities are remeasured to the functional currency of the subsidiary at historical exchange rates while monetary assets and liabilities are remeasured to the functional currency of the subsidiary at period-end exchange rates. Foreign currency exchange gains or losses from remeasurement are included in income in the period in which they occur.

Commitments and Contingencies

Certain conditions may exist as of the date of the consolidated financial statements which may result in a loss to the Company but will only be resolved when one or more future events occur or fail to occur. Such liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources, are recorded when the Company assesses that it is probable that a future liability has been incurred and the amount can be reasonably estimated. Recoveries of costs from third parties, which the Company assesses as being probable of realization, are recorded to the extent of related contingent liabilities accrued. Legal costs incurred in connection with matters relating to contingencies are expensed in the period incurred. The Company records gain contingencies when realized.

Deferred Financing Fees

Deferred financing fees represent third-party debt issuance costs associated with the related debt facility. Deferred financing fees associated with the Company’s debt agreements are treated as a discount on the outstanding debt balance and amortized over the term of the respective debt facility, using the effective interest rate method and reported as a component of interest expense. Debt discounts on the Company’s debt are reflected as a direct deduction from the carrying amount of the long-term portion of the related debt liability.

The Company recorded interest expense as it relates to deferred financing fees of $1.6 million, $1.8 million and $1.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Fair Value Measurements

The Company determines the fair values of its financial instruments based on the fair value hierarchy. ASC 820, Fair Value Measurement, includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on observable or unobservable inputs to valuation techniques that are used to measure fair value. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions.

The fair value hierarchy consists of the following three levels:

•Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data.

•Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The fair value of certain assets, such as nonfinancial assets, primarily long-lived assets, goodwill, intangible assets and certain other assets, are recognized or disclosed in connection with impairment evaluations. All non-recurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy.

The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, and accounts payable approximated fair value as of December 31, 2021 and 2020, because of the relatively short maturity of these instruments. Additionally, the Company estimates the fair value of the Term Loan, discussed in Note 14, Credit Agreements, using current market yields. These current market yields are considered Level

2 inputs. The fair value of the Term Loan was $485.0 million and $468.0 million at December 31, 2021 and 2020, respectively.

Stock-Based Compensation

The Company accounts for employee and Director equity-based compensation in accordance with ASC 718, Compensation – Stock Compensation. Accordingly, compensation expense is based on the grant date fair value of those awards and is recognized over the requisite service period for the respective award. The Company’s equity-based awards issued to employees include stock option awards, which vest based on either time or the achievement of certain performance and market conditions, as well as restricted stock units ("RSUs"). The RSUs are granted to both employees and directors. The fair value of the options and RSUs is determined using the grant date stock price of the Company’s common stock.

At the time of grant, the Company takes into consideration the timing of the equity award and evaluates for conditions that could result in the award to be considered spring loaded. The Company did not grant equity awards that would be considered spring loaded in 2021.

Compensation expense resulting from time vesting based awards will be recognized in the Company’s consolidated statements of (loss) income and comprehensive (loss) income, over the requisite service period (typically one to four years on an accelerated basis for time vested awards). Compensation expense resulting from performance awards will be recognized over the requisite service period when it is probable that the performance condition will be met. The calculated compensation expense for performance awards is adjusted based on an estimate of awards ultimately expected to vest. The Company records forfeitures as they occur.

Common Stock Valuation Prior to the IPO Closing Date

Prior to the IPO Closing Date, due to the absence of an active market for the Company’s common stock, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of common stock. The valuation methodology included estimates and assumptions that required the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the industry sector, and the likelihood of achieving a liquidity event, such as an IPO, reverse merger or sale.

Refer to Note 12, Stock-Based Compensation, for more information on equity-based awards and the related activity that occurred in connection with the IPO as well as post IPO.

Recently Adopted Accounting Standards

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820, Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The effective date is the first quarter of fiscal year 2020, with early adoption permitted for the removed disclosures and delayed adoption until fiscal year 2020 permitted for the new disclosures. The removed and modified disclosures were adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The adoption of ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. ASU 2018-15 is intended to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The ASU is effective for annual reporting periods beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted. In the third quarter of 2021, the Company early adopted ASU 2018-15 and this adoption did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its simplification initiative to reduce the cost and complexity in accounting for

income taxes. ASU 2019-12 removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance became effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on a prospective basis. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends existing accounting standards for lease accounting and requires lessees to recognize virtually all their leases on the balance sheet by recording a right-of-use asset and a lease liability (for other than short term leases). The Company anticipates that the adoption of this standard will materially affect the consolidated balance sheet and may require changes to processes used to account for leases. The Company will adopt this new standard in the fiscal year beginning January 1, 2022, based on its status as an emerging growth company. The Company is electing the modified retrospective transition method, and as a result, the Company will not adjust its comparative period financial information or make the new required lease disclosures for periods before the date of adoption.

The Company has evaluated to use the package of practical expedients, which permits the Company to not reassess: (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) initial direct costs resulting from the lease. The Company has not elected the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of operating lease assets. The Company has evaluated the short-term lease exception, which allows the Company to keep leases with terms of 12 months or less off the balance sheet. The Company has also evaluated the option to combine lease and non-lease components as a single component for the Company's entire population of lease assets. The Company continues to finalize its implementation efforts, and under the transition method, may record an adjustment to retained earnings as a cumulative effect adjustment as of January 1, 2022.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions, and reasonable and supportable forecasts, or a current expected credit loss (“CECL”) model. For trade receivables, loans, and other financial instruments, companies will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. In November 2019, the FASB issued ASU 2019-10 which delayed the effective date for the CECL standard. This guidance and related amendments is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. This guidance also expands the required credit loss disclosures and will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is planning to adopt ASU 2016-13 in 2022 and anticipates that it will mainly impact accounts receivable and unbilled revenue. The Company has analyzed its historical credit loss experience and considered current conditions and reasonable forecasts in developing the expected credit loss rates. The Company is currently finalizing the CECL methodology and is assessing the impact to the applicable outstanding balances. Once the Company's CECL methodology is finalized, the Company intends to record an adjustment to retained earnings as a cumulative-effect adjustment.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The optional amendments are effective as of March 12, 2020 through December 31, 2022. The Company is currently assessing the impact of this ASU on the consolidated financial statements and will adopt this new standard in the fiscal year beginning January 1, 2023 based on its status as an emerging growth company.

In November 2021, the FASB issued ASU 2021-10, Disclosures by Business Entities About Government Assistance (Topic 832), which requires business entities to provide certain disclosures when they (1) have received government assistance and (2) use a grant or contribution accounting model by analogy to other

accounting guidance. The guidance is effective for all entities for fiscal years beginning after December 15, 2021. Entities may apply the ASU’s provisions either (1) prospectively to all transactions within the scope of ASC 832 that are reflected in the financial statements as of the adoption date and all new transactions entered into after the date of adoption or (2) retrospectively. Early adoption is permitted. The Company is currently assessing the impact of this ASU on the consolidated financial statements and will adopt this new standard in the fiscal year beginning January 1, 2022 based on its status as an emerging growth company.

Concentration of Credit Risk and Other Risks and Uncertainties

Revenue generated from the Company's operations outside of the United States for the years ended December 31, 2021, 2020 and 2019 was 65%, 61% and 64%, respectively.

As of December 31, 2021 and 2020, approximately 73% and 74%, respectively, of trade accounts receivable and unbilled accounts receivable was due from customers located outside the United States. At December 31, 2021 and 2020, the Company had net fixed assets of $26.6 million and $21.8 million, respectively, outside the United States.

Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company disaggregates revenues from contracts with customers by geographic customer location, industry vertical and revenue contract types. Geographic customer location is pertinent to understanding the Company's revenues, as the Company generates its revenues from providing professional services to customers in various regions across the world. The Company groups customers into one of five industry verticals. Revenue contract types are differentiated by the type of pricing structure for customer contracts, which is predominantly time-and-materials, but also includes fixed price contracts.

Disaggregation of Revenues

The following table presents the disaggregation of the Company’s revenues by customer location (in thousands):


	Year Ended December 31,
	2021		2020		2019
Customer Location:
North America (1)	$	396,491	$	321,237	$	296,534
APAC (2)	358,596		248,776		241,765
Europe (3)	267,121		195,372		191,237
LATAM	47,737		37,990		42,655
Total revenues	$	1,069,945	$	803,375	$	772,191

(1)For the years ended December 31, 2021, 2020 and 2019, the United States represented 34.8%, or $372.8 million; 38.2%, or $307.2 million; and 36.6%, or $282.5 million, respectively, of the Company’s total revenues. Canadian operations were determined to be immaterial given the revenues generated from such operations as a percentage of total North America revenues was less than 10% for each of the years.

(2)For the year ended December 31, 2021, Australia, which is included in the Asia-Pacific region ("APAC"), represented 10.9%, or $116.5 million, of the Company's total revenues. For the year ended December 31, 2021, the revenues generated in China as a percentage of the Company’s total revenues was less than 10.0%. For the years ended December 31, 2020 and 2019, the revenues generated in Australia as a percentage of the Company’s total revenues was less than 10%. For the years ended December 31, 2020 and 2019, the revenues generated in China were 10.4%, or $83.5 million, and 11.9%, or $91.5 million, respectively, of the Company's total revenues.

(3)For the year ended December 31, 2021, Germany and the United Kingdom, which are included in the Europe region, represented 10.6%, or $113.8 million, and 10.8%, or $115.2 million, of the Company’s total revenues, respectively. For the year ended December 31, 2020, the revenues generated in Germany and the United Kingdom represented 10.1%, or $81.5 million, and 11.1%, or $89.2 million, of the Company’s total revenues, respectively. For the year ended December 31, 2019, the revenues generated in Germany and the United Kingdom represented 10.0%, or $77.1 million, and 12.6%, or $97.2 million, of the Company’s total revenues, respectively.

Other foreign countries were determined to be immaterial given the revenues generated from such operations as a percentage of the Company’s total revenues was less than 10% for the years ended December 31, 2021, 2020 and 2019.

The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands):


	Year Ended December 31,
	2021		2020		2019
Technology and business services	$	288,709	$	228,514	$	174,049
Energy, public and health services	275,279		200,785		152,238
Retail and consumer	203,193		141,729		149,739
Financial services and insurance	170,492		123,291		152,419
Automotive, travel and transportation	132,272		108,656		142,061
Other	—		400		1,685
Total revenues	$	1,069,945	$	803,375	$	772,191

The following table presents the disaggregation of the Company’s revenues by contract type (in thousands):


	Year Ended December 31,
	2021		2020		2019
Contract Types:
Time-and-material	$	872,271	$	675,715	$	662,710
Fixed-price	197,674		127,313		107,862
Licensing	—		347		1,619
Total revenues	$	1,069,945	$	803,375	$	772,191

Contract Balances

The following table is a summary of the Company’s contract assets and contract liabilities (in thousands):


	As of December 31,
	2021		2020
Contract assets included in unbilled receivables	$	25,408	$	19,790
Contract liabilities included in deferred revenue	$	13,807	$	11,720

Contract liabilities represent amounts collected from the Company’s customers for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. For the years ended December 31, 2021 and 2020, the Company recognized $11.4 million and $9.0 million, respectively, of revenues that were included in current liabilities at the prior year end.

Transaction Price Allocated to Remaining Performance Obligations

The Company does not have material future performance obligations that extend beyond one year. Accordingly, the Company has applied the optional exemption for contracts that have an original expected duration of one year or less.

- 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

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On January 12, 2021, the Company entered into an equity purchase agreement (the “Gemini Purchase Agreement”) with Gemini Solutions, LLC, ("Gemini") a California limited liability company (previously Gemini Solutions, Inc., a California corporation), LTN Ventures, Inc. (“LTN”), a California corporation, Theodor Nissim and Lisa Nissim. On January 29, 2021, the Company entered into an equity purchase agreement (the “Fourkind Purchase Agreement”) with the sellers of Fourkind Global Oy ("Fourkind"), a Finnish limited liability company.

The Company completed the acquisitions of the two businesses, Gemini, a software development and consulting services firm with a development center in Romania covering a broad spectrum of technologies across the entire software product development lifecycle, and Fourkind, a Finnish consulting services firm that combines machine learning and data science with strategy, design and engineering, in all cash transactions during the first quarter of 2021 for an aggregate gross purchase price of $46.6 million, or $44.8 million net of cash acquired of $1.8 million.

These acquisitions were intended to complement existing operations and to expand into new geographic markets. The Company accounted for these acquisitions under ASC 805, Business Combinations. The goodwill identified by these acquisitions reflects the benefits expected to be derived from expansion, as well as certain operational synergies. The fair value of the net assets acquired for these businesses was determined using Level 3 inputs, for which little or no market data exists, requiring the Company to develop assumptions regarding future cash flow projections. Upon consummation of these acquisitions, each of these businesses is now wholly-owned by the Company. The results of operations of these acquired businesses have been included in the consolidated statements of (loss) income and comprehensive (loss) income from the acquisition date. Pro forma results of operations for these acquisitions are not presented because the pro forma effects, individually or in the aggregate, were not material to the Company's consolidated results of operations.

Aggregate acquisition-related costs of $8.5 million for the year ended December 31, 2021 were included within selling, general and administrative expenses within the consolidated statements of (loss) income and comprehensive (loss) income.

The Company's final allocation of the fair value of underlying assets acquired and liabilities assumed as of the acquisition date is as follows (in thousands):


	Total
Customer relationship	$	11,100
Property and equipment	259
Other assets/liabilities, net	4,228
Deferred taxes	(1,646)
Goodwill	32,615
Total gross purchase price	$	46,556

Goodwill represents the excess of the purchase price over the fair values of assets acquired and liabilities assumed. For the Fourkind acquisition, the changes in fair value allocated to goodwill, tangible and intangible assets are not deductible for tax purposes. The Gemini acquisition was considered an asset acquisition for tax purposes; therefore, goodwill of $25.2 million is deductible for tax purposes.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following is a summary of the changes in the carrying value of goodwill (in thousands):


	Total
Balance as of December 31, 2019	$	314,037
Changes due to exchange rates	4,114
Balance as of December 31, 2020	318,151
Additions due to acquisitions	32,615
Changes due to exchange rates	(4,047)
Balance as of December 31, 2021	$	346,719

The following is a summary of other intangible assets as of December 31, (in thousands):


	As of December 31,
	2021		2020
Customer relationships	$	177,100	$	166,000
Less accumulated amortization	46,184		34,122
Customer relationships, net	130,916		131,878
Trademark	273,000		273,000
Total intangible assets, after amortization	403,916		404,878
Changes due to exchange rates	(5,049)		(2,823)
Intangible assets, net	$	398,867	$	402,055

Other than indefinite-lived trademarks, the Company’s intangible assets have finite lives and, as such, are subject to amortization. The weighted average remaining useful life of the Company’s finite-lived intangible assets was 10.6 years and 11.9 years as of December 31, 2021 and 2020, respectively. Amortization expense related to these intangible assets was $12.0 million, $10.5 million and $10.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

As of December 31, 2021, estimated amortization expense for the next five years and thereafter is as follows (in thousands):


	Total
2022	$	12,300
2023	12,300
2024	12,300
2025	12,300
2026	12,300
Thereafter	69,416
	$	130,916

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

(Loss)/Income Before Provision for Income Taxes

(Loss)/income before provision for income taxes based on geographic location is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
(Loss)/income before provision for income taxes:
United States	$	(36,767)	$	45,679	$	(7,367)
Foreign	23,292		56,768		55,204
Total	$	(13,475)	$	102,447	$	47,837

Provision for Income Taxes

The provision/(benefit) for income taxes is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	9,839	$	704	$	768
State	5,071		2,316		1,962
Foreign	24,199		18,001		13,310
Total Current	39,109		21,021		16,040

Deferred:
Federal	(10,957)		5,972		4,623
State	(2,969)		862		1,618
Foreign	(15,035)		(4,691)		(2,864)
Total Deferred	(28,961)		2,143		3,377
Total Income Tax Expense	$	10,148	$	23,164	$	19,417

On June 10, 2021, the United Kingdom enacted legislation increasing its corporate income tax rate from 19% to 25% beginning April 1, 2023. As a change in tax law is accounted for in the period of enactment, the Company recorded a $0.9 million tax expense on the remeasurement of the Company’s United Kingdom net deferred tax liabilities.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) Act was enacted and signed into law. The CARES Act, among other things, permits U.S. federal net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. Further, the CARES Act permits modifications to the limitation of business interest (“Section 163(j)”) for tax years beginning in 2019 and 2020. The modifications to Section 163(j) increase the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income. In 2020, the Company completed its analysis to determine the effect of the CARES Act and recorded a $4.2 million tax benefit as of December 31, 2020 from the carryback of 2018 U.S. federal net operating losses to the 2014 taxable year. The Company recorded the refund as an income tax receivable.

Effective Tax Rate Reconciliation

A reconciliation of the Company’s provision for income taxes to income taxes computed at the U.S. federal statutory income tax rate of 21% is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Provision for income taxes at federal statutory rate	$	(2,830)	$	21,514	$	10,046
Increase/(decrease) in taxes resulting from:
Non-deductible expenses	3,065		1,297		652
Research and development and foreign tax credits	(16,311)		(13,251)		(7,255)
Effect of foreign taxes and foreign exchange rates	4,675		4,082		1,237
GILTI and related international adjustments	8,971		6,714		11,188
§162(m) limitation on executive compensation	7,709		—		—
Stock-based compensation excess tax benefits	(8,206)		(22)		(413)
US state income taxes, net of federal tax benefit	585		2,892		2,763
Change in deferred tax valuation allowance	11,067		4,145		(8)
CARES Act US federal net operating loss carryback benefit	—		(4,188)		—
U.K. rate change	855		—		—
Adjustments of prior year estimates and other	(2,566)		(1,585)		341
Adjustments associated with income tax uncertainties	3,134		1,566		866
Total income tax expense	$	10,148	$	23,164	$	19,417

Deferred Income Taxes

The components of the Company’s deferred tax assets and liabilities include the following (in thousands):


	As of December 31,
	2021		2020
Deferred income tax assets on:
Accrued expenses	$	6,650	$	7,765
Goodwill	1,305		47
Net operating loss carryforwards	6,394		7,664
Research and development and foreign tax credit carryforwards	1,505		2,896
Allowance for doubtful accounts	2,717		3,012
Fixed assets	1,817		732
Stock-based compensation	38,050		1,399
Business interest	6,727		3,586
Other assets	2,122		1,312
Total deferred tax assets	67,287		28,413
Total valuation allowance	(17,703)		(6,834)
Total deferred tax assets	$	49,584	$	21,579


	As of December 31,
	2021		2020
Deferred tax liabilities:
Unremitted earnings of subsidiaries and unrealized translation gains	$	(3,878)	$	(3,987)
Prepaid expenses	(2,597)		(1,585)
Fixed assets	(1,071)		(783)
Deferred revenue	—		(1,529)
Customer relationships	(33,500)		(33,662)
Trademark	(73,028)		(73,028)
Internally developed software	(1,280)		(430)
Other liabilities	(932)		(593)
Total deferred tax liabilities	(116,286)		(115,597)
Total deferred tax liabilities, net	$	(66,702)	$	(94,018)

Management believes that it is more likely than not that certain deferred tax assets will not be realized. At December 31, 2021 and 2020, the Company established a full valuation allowance for deferred tax assets in select non-US jurisdictions of approximately $8.1 million and $0.4 million, respectively. The Company established a valuation allowance of approximately $8.9 million and $4.3 million at December 31, 2021 and 2020, respectively, for a separate company U.S. federal net operating loss carryforward and separate company U.S. federal limitation of business interest. The Company established a valuation allowance of approximately $0.8 million and $2.1 million for certain foreign tax credits at December 31, 2021 and 2020, respectively.

At December 31, 2021 and 2020, the Company had U.S. state net operating loss carryforward benefits of $0.5 million and $0.6 million, respectively. The majority of U.S. state net operating loss carryforwards have expiration periods that range from 10 to 20 years.

At December 31, 2021 and 2020, the Company had foreign net operating loss carryforwards of approximately $15.2 million and $23.5 million, respectively. For all material jurisdictions, the net operating loss carryforward period is indefinite.

As of December 31, 2021 and 2020, the Company does not assert permanent reinvestment on previously taxed foreign earnings with the exception of India, where the Company is permanently reinvested. Deferred tax liabilities of $3.0 million and $2.6 million, respectively, have been accrued on the foreign withholding taxes due upon repatriation. At December 31, 2021 and 2020 a deferred tax asset of $0.1 million and $0.5 million, respectively, has been accrued and recorded to other comprehensive income for cumulative foreign currency translation on previously-taxed earnings and profits of the Company’s controlled foreign corporations. Additional tax implications of future repatriations were considered and deemed immaterial.

Unrecognized Tax Benefits

As of December 31, 2021 and 2020, the Company recorded $11.3 million and $8.1 million, respectively, of unrecognized tax benefits, which if recognized, would favorably affect the Company’s effective tax rate.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Balance, beginning of year	$	8,123	$	6,557	$	5,768
Additions for tax positions related to the current year	2,068		1,219		1,306
Additions for tax positions related to prior years	1,923		706		180
Reductions for tax positions related to prior years	(505)		(316)		(239)
Statute of limitations expirations	—		(43)		—
Settlements with tax authorities	—		—		(458)
Balance, end of year	$	11,609	$	8,123	$	6,557

The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. For the years ended December 31, 2021, 2020 and 2019, the income tax expense/(benefit) recognized for interest and penalties related to unrecognized tax benefits was $0.3 million, $0.1 million and $(0.1) million, respectively. At December 31, 2021 and 2020, the Company had cumulative liabilities for penalties and interest related to unrecognized tax benefits of approximately $1.6 million and $1.3 million, respectively. There were no tax positions for which it was reasonably possible that unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date.

The Company files tax returns in the U.S. federal, various U.S. states, and various foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2018. The Company’s India subsidiary is no longer subject to income tax examinations by tax authorities in India for years before 2005. For the remaining foreign tax jurisdictions, with few exceptions, the Company is no longer subject to income tax examinations by tax authorities for years before 2016.

- 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
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+ Details

Property and Equipment, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment consisted of the following (in thousands):


	As of December 31,
	2021		2020
Automobile	$	38	$	32
Computer equipment	37,847		27,148
Software, including internal-use	13,575		7,518
Leasehold improvements	20,425		19,390
Office furniture and equipment	7,968		7,162
	79,853		61,250
Less: accumulated depreciation and amortization	(45,353)		(34,903)
Property and equipment, net	$	34,500	$	26,347

Depreciation and amortization expense for property and equipment was $17.5 million, $16.0 million and $12.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Redeemable, Convertible Preferred Stock	12 Months Ended
Redeemable, Convertible Preferred Stock	Dec. 31, 2021
Temporary Equity Disclosure [Abstract]
Redeemable, Convertible Preferred Stock	Redeemable, Convertible Preferred StockIn addition to common stock, prior to the IPO, securities of the Company were represented by shares of Series A Redeemable Convertible Preferred Stock, of which 2,500,000 shares of the authorized preferred stock were designated as Voting Series A Preferred Stock and 2,500,000 shares of the authorized and unissued preferred stock were designated as Non-Voting Series A Preferred Stock; shares of Series B Redeemable Convertible Preferred Stock of which 500,000 shares of the authorized preferred stock were designated as Voting Series B Preferred Stock and 500,000 shares of the authorized and unissued preferred stock were designated as Non-Voting Series B Preferred Stock (collectively referred to as “Preferred Stock”). The Company recorded all shares of Preferred Stock net of offering costs at their respective fair values on the dates of issuance. The Preferred Stock was classified outside of stockholders’ equity in the consolidated financial statements, as the Preferred Stock was redeemable under circumstances that qualified as a deemed liquidation event, which would have been outside the control of the Company. In the event of certain deemed liquidation events, such as a merger, acquisition or sale of all or substantially all of the Company’s assets, the holders of Preferred Stock, then outstanding, would have been paid out an amount equal to the greater of (i) such amount payable had all the Preferred Stock converted to common stock and (ii) the original Preferred Stock issuance price subject to appropriate equitable adjustment subject to any stock dividend, stock split or other recapitalization, or if the deemed liquidation event is consummated within two years following the original issuance date the amount that would result in a preferred internal rate of return of 10% per annum. Upon the occurrence of a liquidation event, such as a voluntary or involuntary liquidation, dissolution or winding up of the Company; or a merger, consolidation or change in control, the holders of Preferred Stock, then outstanding, would have been paid out of the assets of the Company available for distribution to its shareholders before any payment is made to the holders of common stock. The holders of outstanding shares of Voting Preferred Stock would have been entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Voting Preferred Stock were convertible. The holders of shares of Non-Voting Preferred Stock would not have had any voting rights. Holders of Voting Preferred Stock would have voted together with the holders of Common Stock as a single class and on an as-converted to Common Stock basis. Shares of Preferred Stock were convertible at the holder’s option into shares of common stock, on a share-for-share basis, using a conversion rate determined by dividing the original issue price by the conversion price. The holders of Preferred Stock were entitled to receive dividends on an as-converted to common stock basis as if all outstanding shares of Preferred Stock had been converted into Class A Common Stock or Class B Common Stock (with conversion to Class B applicable only as long as any shares of Non-Voting Preferred Stock are outstanding) on the date of such event. Dividends were discretionary and were not cumulative. On April 6, 2021, the Board, through unanimous written consent, approved the Company’s declaration of a $325.0 million dividend, including $10.0 million held for withholding tax, or $50.71 per share dividend, of which $59.6 million was to preferred shareholders. The record date was April 1, 2021, with payment dates to common shareholders on or about April 6, 2021, and on April 16, 2021 to preferred shareholders, respectively. On December 23, 2020, the Company entered into a securities purchase agreement and issued 539,084 shares of Voting Series A Preferred Stock for $322.8 million, net of $7.2 million of issuance costs. In January 2021, the Company closed on security purchase agreements issuing a total of 637,098 shares of Voting Series A Preferred Stock for an aggregate amount of $381.0 million, net of $9.0 million of issuance costs. In June 2021, the Company closed on security purchase agreements issuing a total of 188,876 shares of Voting Series B Preferred Stock for an aggregate amount of $125.0 million, net of $2.8 million of issuance costs. The proceeds from the issuances on December 23, 2020 and in January 2021 were used to repurchase equity from existing shareholders. The proceeds from the issuance in June 2021 were used for general and corporate purposes. Shares presented above have not been adjusted for an approximate 43.6-for-1 stock split. Upon the completion of the IPO, all 59,489,958 shares of the Company’s outstanding redeemable convertible preferred stock, adjusted for an approximate 43.6-for-1 stock split, converted into an equivalent number of shares of common stock on a 1-for-1 basis and their carrying value of $826.0 million was reclassified into stockholders’ equity. Further, in connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the Board. As of December 31, 2021, there were no shares of redeemable convertible preferred stock issued and outstanding.

Tender Offer	12 Months Ended
Tender Offer	Dec. 31, 2021
Equity [Abstract]
Tender Offer	Tender Offer During the first quarter of 2021, the Board approved, and the Company completed a tender offer of common shares which was funded from the proceeds of the redeemable, convertible preferred stock offering (Note 7, Redeemable, Convertible Preferred Stock). As a result, the Company acquired 1,156,775 shares of its common stock (1,138,537, 12,979, and 5,259 shares of the Company's former Class A, B, and C common shares, respectively). The Company also purchased and cancelled vested options from employees and directors through the tender offer. In this Note, the shares presented have not been adjusted for an approximate 43.6-for-1 stock split. Total purchases of shares and vested employee options under the tender offer approximated $720.0 million, including $19.3 million held for withholding tax. Because the price paid per share exceeded the share’s respective fair value, the Company recognized $2.7 million of additional compensation expense associated with shares and options repurchased from employees and directors, and $79.2 million as a distribution of retained earnings for the excess of price paid over fair value for those shares repurchased from non-employee securityholders. Stockholders' Equity Redeemable Convertible Preferred Stock In September 2021, upon the closing of the Company's IPO, all outstanding shares of redeemable convertible preferred stock were converted into an aggregate of 1,365,058 shares (pre-stock split) of common stock. Further, in connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the Board of Directors. Common Stock In connection with the IPO, all classes of shares of the Company's common stock then outstanding were converted into 5,259,163 shares (pre-stock split) of common stock on a one-to-one basis. As a result, the securities of the Company are represented by shares of common stock with a par value of $0.001 per share. Each share of common stock is entitled to one vote. With respect to payment of dividends and distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, all shares of common stock will participate pro rata in such payment whenever funds are legally available and when declared by the Board, subject to the prior rights of holders of all classes of stock outstanding. As of December 31, 2021, there were 1,000,000,000 shares of common stock authorized and 305,132,181 shares of common stock outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

(Loss) Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

(Loss) Earnings Per Common Share

Basic (loss) earnings per common share is computed by dividing the net (loss) income allocated to common shareholders by the weighted average of common shares outstanding for the period.

Diluted loss per common share is computed by giving effect to all potential shares of common stock of the Company, including outstanding stock options and unvested equity-settled RSUs, to the extent dilutive. Basic and diluted loss per common share is the same for the current period ended, as the inclusion of all potential shares of common stock of the Company outstanding would have been anti-dilutive. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method. For comparability purposes, all prior period share amounts presented have been retroactively adjusted to give effect to an approximate 43.6-for-1 stock split, and share counts below also reflect the conversion of preferred stock to common stock on a 1-for-1 basis upon the occurrence of the IPO.

The components of basic and diluted (loss) earnings per common share are as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2021		2020		2019
Basic (loss) earnings per common share:
Net (loss) income	$	(23,623)	$	79,283	$	28,420
Preferred stock dividends	(59,642)		—		—
Earnings allocated to Preferred Stock	—		(6,171)		—
Net (loss) income allocated to common shareholders – Basic	$	(83,265)	$	73,112	$	28,420

Weighted average common shares outstanding – Basic	254,271,997		278,225,009		277,762,271
Basic (loss) earnings per common share	$	(0.33)	$	0.26	$	0.10

Diluted (loss) earnings per common share:
Net (loss) income allocated to common shareholders – Basic	(83,265)		73,112		28,420
Weighted average shares outstanding – Basic	254,271,997		278,225,009		277,762,271
Dilutive effect of:
Employee stock options and common shares (1)	—		6,357,527		3,733,369
Weighted average common shares outstanding – Diluted	254,271,997		284,582,536		281,495,640
Diluted (loss) earnings per common share	$	(0.33)	$	0.26	$	0.10

(1) Reflects the dilutive effects of applying the treasury stock method to the employee stock options, after effects of an approximate 43.6-for-1 stock split noted above. Dilutive options include time and performance vesting options. Performance vesting options represent the accelerated vesting of all performance vesting options upon the occurrence of the IPO, and are only reflected in the denominator of pro forma earnings per share, diluted, as the performance vesting options are fully vested at the date of the IPO, and are not assumed to be exercised. For periods where the Company was in a net loss, dilutive options were excluded but would have been dilutive if the Company was not in a net loss.

The following potentially dilutive securities were excluded from the computation of diluted (loss) earnings per common share calculations because the impact of including them would have been anti-dilutive:


	Year Ended December 31,
	2021	2020	2019
Employee stock options and RSUs	23,614,364	—	—

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

From time to time, the Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of business. The Company evaluates the development of legal matters on a regular basis and accrues a liability when they believe a loss is probable and the amount can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.

Commitment and contingencies primarily includes operating leases. The Company leases certain facilities and equipment under various non-cancelable operating leases that expire through June 2031, some of which include one or more options to extend the leases, generally at rates to be determined in accordance with the agreements. Our facility leases generally provide for periodic rent increases and may contain escalation

clauses and renewal options. Options to extend the lease are included in the future minimum lease payments schedule below if they are reasonably certain of being exercised. We do not have significant finance leases.

As of December 31, 2021, aggregate future minimum lease payments, net of sublease income, under all operating leases are as follows (in thousands):


	Total
2022	$	17,557
2023	11,690
2024	6,849
2025	3,955
2026	3,027
Thereafter	6,088
Total future minimum lease payments	$	49,166

Total rent expense for all operating leases for the years ended December 31, 2021, 2020 and 2019 were $19.4 million, $18.6 million and $18.0 million respectively.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	Tender Offer During the first quarter of 2021, the Board approved, and the Company completed a tender offer of common shares which was funded from the proceeds of the redeemable, convertible preferred stock offering (Note 7, Redeemable, Convertible Preferred Stock). As a result, the Company acquired 1,156,775 shares of its common stock (1,138,537, 12,979, and 5,259 shares of the Company's former Class A, B, and C common shares, respectively). The Company also purchased and cancelled vested options from employees and directors through the tender offer. In this Note, the shares presented have not been adjusted for an approximate 43.6-for-1 stock split. Total purchases of shares and vested employee options under the tender offer approximated $720.0 million, including $19.3 million held for withholding tax. Because the price paid per share exceeded the share’s respective fair value, the Company recognized $2.7 million of additional compensation expense associated with shares and options repurchased from employees and directors, and $79.2 million as a distribution of retained earnings for the excess of price paid over fair value for those shares repurchased from non-employee securityholders. Stockholders' Equity Redeemable Convertible Preferred Stock In September 2021, upon the closing of the Company's IPO, all outstanding shares of redeemable convertible preferred stock were converted into an aggregate of 1,365,058 shares (pre-stock split) of common stock. Further, in connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the Board of Directors. Common Stock In connection with the IPO, all classes of shares of the Company's common stock then outstanding were converted into 5,259,163 shares (pre-stock split) of common stock on a one-to-one basis. As a result, the securities of the Company are represented by shares of common stock with a par value of $0.001 per share. Each share of common stock is entitled to one vote. With respect to payment of dividends and distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, all shares of common stock will participate pro rata in such payment whenever funds are legally available and when declared by the Board, subject to the prior rights of holders of all classes of stock outstanding. As of December 31, 2021, there were 1,000,000,000 shares of common stock authorized and 305,132,181 shares of common stock outstanding.

- Definition

+ References

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plans

On October 12, 2017, the Company approved the 2017 Stock Option Plan (the “2017 Plan”) for the purpose of providing an incentive compensation structure to participants. Under the 2017 Plan, the Company may make awards to such present and future officers, directors, employees, consultants and advisors of the Company as may be selected at the sole discretion of the Board . The option awards gave the participant the right to purchase the Company's former Class C common stock for a prespecified exercise price. As a result of the IPO, the Company no longer grants awards under the 2017 Plan, and all previously awarded options can now be exercised for, when vested and exercisable, only the Company's current common stock.

In September 2021, the Board approved the 2021 Omnibus Incentive Plan (the “Omnibus Plan”) to assist the Company in attracting, retaining, motivating, and rewarding certain employees, officers, directors, and consultants of the Company and its Affiliates and promoting the creation of long-term value for stockholders, which became effective in connection with the IPO. A total of 62,048,123 shares of the Company’s common stock have been reserved for issuance under the 2021 Omnibus Incentive Plan.

The Company recorded total stock-based compensation expense of $157.9 million, $1.7 million and $1.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. The income tax benefit recognized for the years ended December 31, 2021 and 2019 was $0.5 million and $0.4 million, respectively. There was no income tax benefit for the year ended December 31, 2020.

Time and Performance Vesting Options

Under the 2017 Plan, eligible employees received non-qualified stock options as a portion of their total compensation. The options vest on a graded time vesting schedule (“Time Vesting Options”) over a vesting term of four years and a contractual term of 10 years, with 37.5% vesting on the 18-month anniversary and 6.25% vesting every three months for the remainder of the 48-month period. 100% of the time-vesting options vest immediately upon a change of control. Any unvested options will be forfeited upon termination of employment.

The Company's 2017 Plan permits imposing lock-up restrictions on participants in connection with the IPO. Pursuant to the 2017 Plan, the Company imposed a lock-up restriction, subject to limited exceptions, on selling, transferring or otherwise disposing of options and shares of common stock issuable pursuant to the exercise of options, for a period of one year following the consummation of the IPO, provided that such restriction will lapse as to 50% of such options and shares after six months following the consummation of the offering. No stock option awards were granted during the third and fourth quarters of 2021.

The following is a summary of time vesting option activity for the year ended December 31, 2021 (in thousands, except share and per share data):


	Time Vesting (1)	Weighted Average Exercise Price (1)		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (years)










Balance at December 31, 2020	10,462,531	$	2.76
Granted	1,068,283	14.05
Forfeited	(153,960)	5.30
Exercised	(966,005)	2.36
Cancelled	(1,752,878)	2.88
Expired	—	—
Balance at December 31, 2021	8,657,971	$	4.13	$	196,362	6.8

Vested and exercisable at December 31, 2021	6,252,120	$	2.47	$	152,177	6.1

Vested and expected to vest at December 31, 2021	8,657,971	$	4.13	$	196,362	6.8

(1)Options presented have been retroactively adjusted to give effect to an approximate 43.6-for-1 stock split.

As of December 31, 2021, total compensation cost related to time vesting options not yet recognized was $8.3 million, which will be recognized over a weighted-average period of 1.7 years. Unless otherwise prohibited by law in local jurisdictions, time vesting options will continue to vest according to the Plan.

The following is a summary of performance vesting option activity for the year ended December 31, 2021 (in thousands, except share and per share data):


	Performance Vesting (1)	Weighted Average Exercise Price (1)		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (years)










Balance at December 31, 2020	15,440,716	$	2.66
Granted	1,397,260	14.05
Forfeited	(185,953)	5.15
Exercised	(203,081)	2.38
Cancelled	(1,009,831)	3.60
Expired	—
Balance at December 31, 2021	15,439,111	$	3.60	$	358,300	6.5

Vested and exercisable at December 31, 2021	15,439,111	$	3.60	$	358,300	6.5

Vested and expected to vest at December 31, 2021	15,439,111	$	3.60	$	358,300	6.5

(1)Options presented have been retroactively adjusted to give effect to an approximate 43.6-for-1 stock split.

Under the 2017 Plan, prior to the IPO the Company granted performance vesting options subject to performance vesting conditions. In accordance with the 2017 Plan, 50% of the performance vesting options vested upon a sponsor return of at least two times the sponsor investment. An aggregate of 75% of the performance vesting options vested upon a sponsor return of at least two and a half times the sponsor investment. An aggregate of 100% of Performance Vesting Options vested upon a sponsor return of at least three times the sponsor investment. Vesting was prorated if a sponsor return was between these targets. In addition to the sponsor return targets above, participants must have had at least 18 months of continuous service following the grant date in order to vest. In order for vesting to be considered probable, the sponsor return must have been met as of the reporting date. Sponsor return, as defined in the Company’s 2017 Stock Option Plan, was determined based on the aggregate amount of all cash, fair market value of marketable securities, including proceeds from the sale of securities of the Company, provided and to the extent such proceeds result in cash dividends and/or cash distributions by the Company to the sponsor.

On September 9, 2021, the Board, through unanimous written consent, approved a modification to the Company's 2017 Stock Option Plan which, upon completion of the IPO, a sponsor return of 2.8x times sponsor investment was certified as having been achieved, and the service condition under the Plan that participants must provide at least 18 months of continuous service following the grant date in order for performance vesting options to vest was waived. Additionally, the Board also approved accelerated vesting of all remaining, unvested former Class C performance vesting options, after the achievement of such sponsor return, which resulted in all performance vesting options becoming fully vested upon pricing of the IPO.

The acceleration of vesting was accounted for as a modification of the terms of the original award that affected 343 employees and resulting in incremental stock-based compensation expense of $54.0 million.

The following table summarizes the weighted-average assumptions used in estimating the fair value of stock options granted to employees:


	Year Ended December 31,
	2021 (1)		2020 (1)		2019 (1)
Risk-free interest rate	0.1	%	0.1	%	1.5	%
Dividend yield	—	%	—	%	—	%
Expected volatility	55.0	%	55.0	%	40.0	%
Expected term (years)	1		2		3

(1)The risk-free interest rate is based on the rates of U.S. Treasury securities with a maturity similar to the term to liquidity, continuously compounded. The expected equity volatility is estimated based on an analysis of guideline public companies’ historical volatility. As these stock options were awarded prior to the IPO, the expected term was estimated based on management’s assumptions of time to a liquidity event.

The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $24.9 million, $0.8 million and $1.8 million, respectively. The weighted-average grant date fair value of options granted during the years ended December 31, 2021, 2020 and 2019 was $10.32, $5.71 and $1.37, respectively.

Stock Appreciation Rights (“SARs”)

In December 2017, the Board approved a plan (the “SARs Plan”) to enable all permanent employees, current and future, to participate in the growth in the equity value of the Company in the event of a future liquidity event. A liquidity event is triggered when the sponsor sells at least 75% of its ownership.

During the year ended December 31, 2021, the Company granted SARs to employees. Each stock appreciation right represents the right to receive, in cash, the excess of the fair market value over the grant price on the exercise date.

On September 9, 2021, the Board, through unanimous written consent, approved a modification to the Company's Stock Appreciation Rights Plan (the “SARs Plan”) which, upon completion of the IPO, was discontinued and all outstanding stock appreciation rights ("SARs") were converted to restricted stock units (“RSUs”). RSUs granted in connection with the SARs conversion will vest after six months and twelve months after the IPO close date with 50% on each vesting date, such that 100% of RSUs related to the SARs conversion will be fully vested on September 17, 2022, twelve months after the closing of the IPO. A total of 6,701,133 shares of common stock underlying RSUs were issued in connection with the conversion of SARs upon completion of the IPO.

The completion of the IPO of the Company’s common stock did not meet the definition of a liquidity event, as defined in the SARs Plan. As a liquidity event was not triggered, the conditions associated with SARs were not considered probable of occurring. No SARs were granted or converted after September 9, 2021.

The following is a summary of SARs activity, representing the conversion of SARs to RSUs, for the year ended December 31, 2021:


	Number of Stock Appreciation Rights (1)	Weighted Average Grant Date Fair Value (1)
Balance at December 31, 2020	9,032,006	$	3.47
Granted	3,096,082	14.05
Forfeited	(1,681,980)	5.77
Intrinsic Value Adjustment (2)	(3,744,975)	12.19
SARs Conversion	(6,701,133)	21.00
Balance at December 31, 2021	—	$	—

(1)Shares presented have been retroactively adjusted to give effect to an approximate 43.6-for-1 stock split.

(2)The intrinsic value adjustment is the IPO price of $21.00 per SAR, less the original grant date fair value, plus an incremental value of $100.00 per SAR.

Restricted Stock Units (“RSUs”)

In September 2021, the Board approved the 2021 Omnibus Incentive Plan (the “Omnibus Plan”). Under the Omnibus Plan, RSUs are awarded to eligible employees and entitle the grantee to receive shares of common stock at the end of a vesting period. Certain RSUs granted during the year ended December 31, 2021, have varying vesting schedules:

(1)a 28 month cliff vest subsequent to the IPO Closing Date;

(2)a 12 month cliff vest subsequent to the IPO Closing Date;

(3)a 6 and 12 month period vest subsequent to the IPO Closing Date (with 50% vesting after 6 months and 50% vesting at the end of the 12 month term);

(4)immediate vesting upon the successful and active registration with the State Administration of Foreign Exchange of the People's Republic of China (“China SAFE”);

(5)a 3 year ratable vesting period subsequent to IPO Closing Date (with 34% vesting during the first year, and 33% vesting during the second and third years); and

(6)a 4 year ratable vesting period (with 25% vesting each year).

All RSUs granted as a result of the IPO, including the RSUs granted in connection with the SARs conversion, include a lock-up period of 6 months before the participants may redeem the shares. Throughout the vesting period and the lock-up period, shareholders are subject to the market risk on the value of their shares.

The following is a summary of RSU activity for the year ended December 31, 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Unvested balance at December 31, 2020	—	$	—	$	—
Granted (1)	7,980,274	25.26
Granted - SARs conversion (2)	6,701,133	21.00
Forfeited	(552,685)	21.38
Vested	—	—
Unvested balance at December 31, 2021	14,128,722	$	23.39	$	378,791

(1)Includes a one-time grant awarded at IPO as well as a grant awarded in the fourth quarter. The amount of granted RSUs does not include 4.3 million that were contingent upon the successful and active

registration with the State Administration of Foreign Exchange of the People's Republic of China (“China SAFE”), which occurred on February 25, 2022.

(2)The SARs conversion was an IPO related one-time event.

As of December 31, 2021, total compensation cost related to all RSUs not yet recognized was $241.3 million, of which $154.7 million is IPO related and considered nonrecurring. The remainder of $86.6 million is expected to be reoccurring in relation to the annual grant. The unamortized expense is anticipated to be recognized over a weighted-average period of 1.6 years.

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2021
Retirement Benefits [Abstract]
Benefits Plan	Benefit PlansThe Company sponsors a 401(k) plan for substantially all U.S. employees. Employees are allowed to make contributions to the plan through withholdings of their salary. The plan provides for the Company to make a discretionary matching contribution. Contributions to the plan for the years ended December 31, 2021, 2020 and 2019, totaled $4.5 million, $3.8 million and $3.6 million, respectively. The Company also maintains similar defined contribution plans in the United Kingdom, Canada, Spain, Italy, Singapore, and Thailand. Total employer contributions under these plans for the years ended December 31, 2021, 2020 and 2019 were $8.8 million, $7.3 million and $6.7 million, respectively.

Credit Agreements

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Credit Agreements

The Company entered into a Senior Secured Credit Facilities (the “Term Loan”), dated October 12, 2017, subsequently amended most recently as of March 26, 2021, among the Company, the syndicate lenders thereto and Credit Suisse, AG, Cayman Islands Branch, as administrative agent, to finance, in part, the acquisition of all of the outstanding common stock of the Company. The Senior Secured Credit Facility provided senior secured financing of $200.0 million, as well as a revolving credit facility (the “Revolver”) which provided for additional senior secured financing of up to $35.0 million. The Term Loan and the Revolver, together with any subsequent amendments, are collectively referred to as the Credit Agreement.

On March 26, 2021, the Company amended and restated its credit agreement (the “Amendment and Restatement”) to increase the term loan facility to a total of $715.0 million. Also, as part of the facility, the aggregate revolving credit facility was increased to $165.0 million from $85.0 million.

Borrowings under the Term Loan bear interest at a rate per annum equal to an applicable margin based on the Company’s leverage ratio, plus either (a) a base rate or (b) a LIBOR rate, at the Company's option, subject to interest rate floors. For the first full quarter after the Amendment Restatement date, the interest rate per annum is equal to (a) 3.25% for LIBOR based borrowings and (b) 2.25% for base rate borrowings, subject to interest rate floors. The interest rate reduced by 0.25% upon the completion of the IPO for both LIBOR and base rate borrowings.

Borrowings under the Revolver bear interest at a rate per annum equal to an applicable margin based on the Company’s leverage ratio, plus either (a) a base rate or (b) a LIBOR rate at the Company's option. In addition to paying interest on outstanding borrowings under the Revolver, the Company is required to pay a commitment fee to the lenders under the Revolver in respect of unutilized commitments thereunder and customary letter of credit fees.

All obligations of the Company under the Senior Secured Credit Facilities provided by any lender party to the Senior Secured Credit Facilities or any of its affiliates and certain other persons are unconditionally guaranteed by a wholly owned subsidiary of Thoughtworks Holding, Inc., and each existing and subsequently acquired or organized direct or indirect wholly owned domestic restricted subsidiary of the Company, with customary exceptions including, among other things, where providing such guarantees is not permitted by law, regulation or contract or would result in material adverse tax consequences. All obligations under the Senior Secured Credit Facilities provided by any lender party to the Senior Secured Credit Facilities or any of its affiliates and certain other persons, and the guarantees of such obligations, are secured, subject to permitted liens and other exceptions, as outlined in the Senior Secured Credit Facilities.

The Term Loans and borrowings under our Revolver contain a number of financial and non-financial covenants that, among other things, restrict, subject to certain exceptions, the Company’s ability and the ability of the Company’s restricted subsidiaries to engage in certain activities, such as incur indebtedness or

permit to exist any lien on any property or asset now owned or hereafter acquired, as specified in the debt facility.

The Credit Agreement requires compliance with certain covenants customary for agreements of this type. As of December 31, 2021, the Company was in compliance with its debt covenants.

The Company incurred and capitalized deferred financing fees, or third-party debt issuance costs, of $7.1 million related to the restated credit agreement for the year ended December 31, 2021. The debt issuance costs are recorded as reductions of the outstanding long-term indebtedness. The Term Loan is paid in equal quarterly installments in aggregate annual amounts equal to 1% of the original principal amount of the Term Loan.

On August 10, 2021, the Company made a voluntary prepayment of $100.0 million on outstanding amounts owed on the Term Loan. The Company made an additional $100.0 million voluntary prepayment on October 20, 2021. As a result of the prepayments, the Company wrote off $2.1 million of deferred financing fees, which is reflected in other (expense) income, net in the consolidated statements of (loss) income and comprehensive (loss) income for the year ended December 31, 2021.

The following table presents the Company's outstanding debt and borrowing capacity (in thousands):


	As of December 31,
	2021			2020
Availability under revolving credit facility (due March 26, 2026)	$	165,000		$	85,000
Borrowings under revolving credit facility	—			—
Long-term debt (due March 24, 2028), including current portion	504,530			439,757
Interest rate	3.5		%	4.8		%

The carrying value of the Company’s credit facilities (including current maturities) was as follows (in thousands):


	As of December 31,
	2021		2020
Long-term debt, less current portion	$	502,488	$	440,497
Capitalized deferred financing fees	(5,108)		(5,305)
Long-term debt	497,380		435,192
Current portion of long-term debt	7,150		4,565
Total debt carrying value	$	504,530	$	439,757

As of December 31, 2021, the Company’s future principal cash payments for the Term Loan are as follows (in thousands):


	Total
2022	$	7,150
2023	7,150
2024	7,150
2025	7,150
2026	7,150
2027	7,150
2028	466,738
Total future principal cash payments	$	509,638

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

The following is a summary of the Company’s accrued expenses (in thousands):


	As of December 31,
	2021		2020
Accrued interest expense	$	76	$	85
Accrued employee expense	2,320		1,786
Accrued travel expense	514		383
Operating lease expenses	262		212
Insurance charges	170		257
Professional fees	5,188		10,320
Withholding taxes payable	26,077		43
Other taxes payable	9,402		8,643
Rebates payable	943		2,307
Other accrued expenses	6,741		5,713
Accrued expenses	$	51,693	$	29,749

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated balance for each component of accumulated other comprehensive loss (in thousands):


	Year Ended December 31,
	2021		2020		2019
Foreign currency translation:
Beginning balance	$	(1,589)	$	(10,067)	$	(12,961)
Foreign currency translation (loss)/gain	(8,225)		8,728		3,639
Income tax expense	(1,049)		(250)		(745)
Foreign currency translation, net of tax	(9,274)		8,478		2,894
Ending balance	(10,863)		(1,589)		(10,067)
Accumulated other comprehensive loss	$	(10,863)	$	(1,589)	$	(10,067)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 18, 2022, the Company granted 717,111 RSUs. Total stock-compensation expense to be recognized related to these awards is $16.5 million, over a weighted average period of 1.02 years. In order to allow employees in China to participate in equity based award grants, the Company is required to obtain approval through registration per the requirements as outlined by the People's Republic of China Central State Administration of Foreign Exchange ("China SAFE"). The Company received approval on February 25, 2022. Thoughtworks has awarded its employees in China 4.4 million RSU shares to date, including 2021 and January 2022 grants. At the time of China SAFE approval, 1.2 million shares immediately vested and were eligible for release. The remaining shares will vest between 2022 and 2025. The Company recorded $48.9 million of stock-compensation expense upon approval of China SAFE in the first quarter of 2022.

Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Consolidation

Reclassification

Preparation of Financial Statements

Use of Estimates

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to allowance for doubtful accounts, valuation and impairment of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation, including the underlying deemed fair value of common stock (prior to the completion of the IPO), and litigation costs. The Company bases its estimates on current expectations and historical experience and on other assumptions that its management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities when those values are not readily apparent from other sources. Actual results can differ from those estimates, and such differences may be material to the consolidated financial statements in the future. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying consolidated financial statements have been included, and all adjustments are of a normal and recurring nature.

Segments

Long-Lived Assets

Revenue Recognition

Time-and-Material Revenue

Fixed-Price Revenue

Principal vs Agent Consideration

Contract Balances

Costs to Obtain a Customer Contract

business, the market conditions in which it operates or other events which would indicate that its amortization period should be changed or if there are potential indicators of impairment.

Cost of Revenues

Selling, General and Administrative Expenses

Other (Expense) Income

Other (expense) income consists of interest expense, impacts from foreign exchange transactions, gains (losses) on the sale of assets and the write-off of deferred financing fees.

Cash and Cash Equivalents

Cash equivalents are short-term, highly liquid investments and deposits that are readily converted into cash, with maturities of three months or less.

Restricted Cash

Accounts Receivable and Allowance for Doubtful Accounts

Property and Equipment, net


Office furniture and equipment			3 to 7 years
Computer equipment			2 to 3 years
Software, including internal-use software			3 to 5 years
Automobiles			4 years

Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the terms of the related leases.

Internal-Use Software

Goodwill

Intangible Assets, net

Income Taxes

A valuation allowance is established when necessary to reduce deferred income tax assets to the amounts expected to be realized.

The Company classifies interest and penalties associated with tax liabilities as income tax expense in the consolidated statements of (loss) income and comprehensive (loss) income.

The Company provides for tax expense related to Global Intangible Low-Tax Income ("GILTI") in the year the tax is incurred.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income consists solely of foreign currency translation adjustments.

Foreign Currency

Assets and liabilities of consolidated foreign subsidiaries whose functional currency is not the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenues and expenses are translated into U.S. dollars at average exchange rates for the applicable period. The adjustment resulting from translating the financial statements of such foreign subsidiaries into U.S. dollars is reflected as a cumulative translation adjustment and reported as a component of accumulated other comprehensive income.For consolidated foreign subsidiaries whose functional currency is the U.S. dollar, transactions and balances denominated in the local currency are foreign currency transactions. Foreign currency transactions and balances related to non-monetary assets and liabilities are remeasured to the functional currency of the subsidiary at historical exchange rates while monetary assets and liabilities are remeasured to the functional currency of the subsidiary at period-end exchange rates. Foreign currency exchange gains or losses from remeasurement are included in income in the period in which they occur.

Commitments and Contingencies

Deferred Financing Fees

Fair Value Measurements

The fair value hierarchy consists of the following three levels:

•Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

•Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

2 inputs.

Stock-Based Compensation

Common Stock Valuation Prior to the IPO Closing Date

Refer to Note 12, Stock-Based Compensation, for more information on equity-based awards and the related activity that occurred in connection with the IPO as well as post IPO.

Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted

Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet is as follows (in thousands):


	As of December 31,
	2021		2020
Cash and cash equivalents	$	368,209	$	490,841
Restricted cash included in other current assets	25,478		—
Restricted cash included in other non-current assets	1,254		1,358
Total cash, cash equivalents, and restricted cash	$	394,942	$	492,199

Restrictions on Cash and Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet is as follows (in thousands):


	As of December 31,
	2021		2020
Cash and cash equivalents	$	368,209	$	490,841
Restricted cash included in other current assets	25,478		—
Restricted cash included in other non-current assets	1,254		1,358
Total cash, cash equivalents, and restricted cash	$	394,942	$	492,199

Activity related to the Company’s allowance for doubtful accounts is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Balance, beginning of year	$	(10,385)	$	(2,733)	$	(1,278)
Charged to expense	(281)		(8,305)		(5,891)
Uncollectible accounts written off, net of recoveries	882		620		2,129
Changes due to exchange rates	868		33		2,307
Balance, end of year	$	(8,916)	$	(10,385)	$	(2,733)

Property and Equipment Useful Lives

The estimated useful lives, by asset class, are as follows:


Office furniture and equipment			3 to 7 years
Computer equipment			2 to 3 years
Software, including internal-use software			3 to 5 years
Automobiles			4 years

Property and equipment consisted of the following (in thousands):


	As of December 31,
	2021		2020
Automobile	$	38	$	32
Computer equipment	37,847		27,148
Software, including internal-use	13,575		7,518
Leasehold improvements	20,425		19,390
Office furniture and equipment	7,968		7,162
	79,853		61,250
Less: accumulated depreciation and amortization	(45,353)		(34,903)
Property and equipment, net	$	34,500	$	26,347

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Geographic Areas

The following table presents the disaggregation of the Company’s revenues by customer location (in thousands):


	Year Ended December 31,
	2021		2020		2019
Customer Location:
North America (1)	$	396,491	$	321,237	$	296,534
APAC (2)	358,596		248,776		241,765
Europe (3)	267,121		195,372		191,237
LATAM	47,737		37,990		42,655
Total revenues	$	1,069,945	$	803,375	$	772,191

Disaggregation of Revenue

The following table presents the disaggregation of the Company’s revenues by industry vertical (in thousands):


	Year Ended December 31,
	2021		2020		2019
Technology and business services	$	288,709	$	228,514	$	174,049
Energy, public and health services	275,279		200,785		152,238
Retail and consumer	203,193		141,729		149,739
Financial services and insurance	170,492		123,291		152,419
Automotive, travel and transportation	132,272		108,656		142,061
Other	—		400		1,685
Total revenues	$	1,069,945	$	803,375	$	772,191

The following table presents the disaggregation of the Company’s revenues by contract type (in thousands):


	Year Ended December 31,
	2021		2020		2019
Contract Types:
Time-and-material	$	872,271	$	675,715	$	662,710
Fixed-price	197,674		127,313		107,862
Licensing	—		347		1,619
Total revenues	$	1,069,945	$	803,375	$	772,191

Schedule of Contract Assets and Liabilities

The following table is a summary of the Company’s contract assets and contract liabilities (in thousands):


	As of December 31,
	2021		2020
Contract assets included in unbilled receivables	$	25,408	$	19,790
Contract liabilities included in deferred revenue	$	13,807	$	11,720

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The Company's final allocation of the fair value of underlying assets acquired and liabilities assumed as of the acquisition date is as follows (in thousands):


	Total
Customer relationship	$	11,100
Property and equipment	259
Other assets/liabilities, net	4,228
Deferred taxes	(1,646)
Goodwill	32,615
Total gross purchase price	$	46,556

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following is a summary of the changes in the carrying value of goodwill (in thousands):


	Total
Balance as of December 31, 2019	$	314,037
Changes due to exchange rates	4,114
Balance as of December 31, 2020	318,151
Additions due to acquisitions	32,615
Changes due to exchange rates	(4,047)
Balance as of December 31, 2021	$	346,719

Schedule of Finite-Lived Intangible Assets

The following is a summary of other intangible assets as of December 31, (in thousands):


	As of December 31,
	2021		2020
Customer relationships	$	177,100	$	166,000
Less accumulated amortization	46,184		34,122
Customer relationships, net	130,916		131,878
Trademark	273,000		273,000
Total intangible assets, after amortization	403,916		404,878
Changes due to exchange rates	(5,049)		(2,823)
Intangible assets, net	$	398,867	$	402,055

Schedule of Indefinite-Lived Intangible Assets

The following is a summary of other intangible assets as of December 31, (in thousands):


	As of December 31,
	2021		2020
Customer relationships	$	177,100	$	166,000
Less accumulated amortization	46,184		34,122
Customer relationships, net	130,916		131,878
Trademark	273,000		273,000
Total intangible assets, after amortization	403,916		404,878
Changes due to exchange rates	(5,049)		(2,823)
Intangible assets, net	$	398,867	$	402,055

Schedule of Estimated Amortization Expense

As of December 31, 2021, estimated amortization expense for the next five years and thereafter is as follows (in thousands):


	Total
2022	$	12,300
2023	12,300
2024	12,300
2025	12,300
2026	12,300
Thereafter	69,416
	$	130,916

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

(Loss)/income before provision for income taxes based on geographic location is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
(Loss)/income before provision for income taxes:
United States	$	(36,767)	$	45,679	$	(7,367)
Foreign	23,292		56,768		55,204
Total	$	(13,475)	$	102,447	$	47,837

Schedule of Provision (Benefit) for Income Taxes

The provision/(benefit) for income taxes is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	9,839	$	704	$	768
State	5,071		2,316		1,962
Foreign	24,199		18,001		13,310
Total Current	39,109		21,021		16,040

Deferred:
Federal	(10,957)		5,972		4,623
State	(2,969)		862		1,618
Foreign	(15,035)		(4,691)		(2,864)
Total Deferred	(28,961)		2,143		3,377
Total Income Tax Expense	$	10,148	$	23,164	$	19,417

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s provision for income taxes to income taxes computed at the U.S. federal statutory income tax rate of 21% is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Provision for income taxes at federal statutory rate	$	(2,830)	$	21,514	$	10,046
Increase/(decrease) in taxes resulting from:
Non-deductible expenses	3,065		1,297		652
Research and development and foreign tax credits	(16,311)		(13,251)		(7,255)
Effect of foreign taxes and foreign exchange rates	4,675		4,082		1,237
GILTI and related international adjustments	8,971		6,714		11,188
§162(m) limitation on executive compensation	7,709		—		—
Stock-based compensation excess tax benefits	(8,206)		(22)		(413)
US state income taxes, net of federal tax benefit	585		2,892		2,763
Change in deferred tax valuation allowance	11,067		4,145		(8)
CARES Act US federal net operating loss carryback benefit	—		(4,188)		—
U.K. rate change	855		—		—
Adjustments of prior year estimates and other	(2,566)		(1,585)		341
Adjustments associated with income tax uncertainties	3,134		1,566		866
Total income tax expense	$	10,148	$	23,164	$	19,417

Schedule of Deferred Tax Assets and Liabilities

Deferred Income Taxes

The components of the Company’s deferred tax assets and liabilities include the following (in thousands):


	As of December 31,
	2021		2020
Deferred income tax assets on:
Accrued expenses	$	6,650	$	7,765
Goodwill	1,305		47
Net operating loss carryforwards	6,394		7,664
Research and development and foreign tax credit carryforwards	1,505		2,896
Allowance for doubtful accounts	2,717		3,012
Fixed assets	1,817		732
Stock-based compensation	38,050		1,399
Business interest	6,727		3,586
Other assets	2,122		1,312
Total deferred tax assets	67,287		28,413
Total valuation allowance	(17,703)		(6,834)
Total deferred tax assets	$	49,584	$	21,579


	As of December 31,
	2021		2020
Deferred tax liabilities:
Unremitted earnings of subsidiaries and unrealized translation gains	$	(3,878)	$	(3,987)
Prepaid expenses	(2,597)		(1,585)
Fixed assets	(1,071)		(783)
Deferred revenue	—		(1,529)
Customer relationships	(33,500)		(33,662)
Trademark	(73,028)		(73,028)
Internally developed software	(1,280)		(430)
Other liabilities	(932)		(593)
Total deferred tax liabilities	(116,286)		(115,597)
Total deferred tax liabilities, net	$	(66,702)	$	(94,018)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Balance, beginning of year	$	8,123	$	6,557	$	5,768
Additions for tax positions related to the current year	2,068		1,219		1,306
Additions for tax positions related to prior years	1,923		706		180
Reductions for tax positions related to prior years	(505)		(316)		(239)
Statute of limitations expirations	—		(43)		—
Settlements with tax authorities	—		—		(458)
Balance, end of year	$	11,609	$	8,123	$	6,557

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The estimated useful lives, by asset class, are as follows:


Office furniture and equipment			3 to 7 years
Computer equipment			2 to 3 years
Software, including internal-use software			3 to 5 years
Automobiles			4 years

Property and equipment consisted of the following (in thousands):


	As of December 31,
	2021		2020
Automobile	$	38	$	32
Computer equipment	37,847		27,148
Software, including internal-use	13,575		7,518
Leasehold improvements	20,425		19,390
Office furniture and equipment	7,968		7,162
	79,853		61,250
Less: accumulated depreciation and amortization	(45,353)		(34,903)
Property and equipment, net	$	34,500	$	26,347

Net (Loss) Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Common Share

The components of basic and diluted (loss) earnings per common share are as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2021		2020		2019
Basic (loss) earnings per common share:
Net (loss) income	$	(23,623)	$	79,283	$	28,420
Preferred stock dividends	(59,642)		—		—
Earnings allocated to Preferred Stock	—		(6,171)		—
Net (loss) income allocated to common shareholders – Basic	$	(83,265)	$	73,112	$	28,420

Weighted average common shares outstanding – Basic	254,271,997		278,225,009		277,762,271
Basic (loss) earnings per common share	$	(0.33)	$	0.26	$	0.10

Diluted (loss) earnings per common share:
Net (loss) income allocated to common shareholders – Basic	(83,265)		73,112		28,420
Weighted average shares outstanding – Basic	254,271,997		278,225,009		277,762,271
Dilutive effect of:
Employee stock options and common shares (1)	—		6,357,527		3,733,369
Weighted average common shares outstanding – Diluted	254,271,997		284,582,536		281,495,640
Diluted (loss) earnings per common share	$	(0.33)	$	0.26	$	0.10

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2021	2020	2019
Employee stock options and RSUs	23,614,364	—	—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

As of December 31, 2021, aggregate future minimum lease payments, net of sublease income, under all operating leases are as follows (in thousands):


	Total
2022	$	17,557
2023	11,690
2024	6,849
2025	3,955
2026	3,027
Thereafter	6,088
Total future minimum lease payments	$	49,166

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Option Activity

The following is a summary of time vesting option activity for the year ended December 31, 2021 (in thousands, except share and per share data):


	Time Vesting (1)	Weighted Average Exercise Price (1)		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (years)










Balance at December 31, 2020	10,462,531	$	2.76
Granted	1,068,283	14.05
Forfeited	(153,960)	5.30
Exercised	(966,005)	2.36
Cancelled	(1,752,878)	2.88
Expired	—	—
Balance at December 31, 2021	8,657,971	$	4.13	$	196,362	6.8

Vested and exercisable at December 31, 2021	6,252,120	$	2.47	$	152,177	6.1

Vested and expected to vest at December 31, 2021	8,657,971	$	4.13	$	196,362	6.8

(1)Options presented have been retroactively adjusted to give effect to an approximate 43.6-for-1 stock split.

The following is a summary of performance vesting option activity for the year ended December 31, 2021 (in thousands, except share and per share data):


	Performance Vesting (1)	Weighted Average Exercise Price (1)		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (years)










Balance at December 31, 2020	15,440,716	$	2.66
Granted	1,397,260	14.05
Forfeited	(185,953)	5.15
Exercised	(203,081)	2.38
Cancelled	(1,009,831)	3.60
Expired	—
Balance at December 31, 2021	15,439,111	$	3.60	$	358,300	6.5

Vested and exercisable at December 31, 2021	15,439,111	$	3.60	$	358,300	6.5

Vested and expected to vest at December 31, 2021	15,439,111	$	3.60	$	358,300	6.5

(1)Options presented have been retroactively adjusted to give effect to an approximate 43.6-for-1 stock split.

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

The following table summarizes the weighted-average assumptions used in estimating the fair value of stock options granted to employees:


	Year Ended December 31,
	2021 (1)		2020 (1)		2019 (1)
Risk-free interest rate	0.1	%	0.1	%	1.5	%
Dividend yield	—	%	—	%	—	%
Expected volatility	55.0	%	55.0	%	40.0	%
Expected term (years)	1		2		3

Schedule of Stock Appreciation Rights Activity

The following is a summary of SARs activity, representing the conversion of SARs to RSUs, for the year ended December 31, 2021:


	Number of Stock Appreciation Rights (1)	Weighted Average Grant Date Fair Value (1)
Balance at December 31, 2020	9,032,006	$	3.47
Granted	3,096,082	14.05
Forfeited	(1,681,980)	5.77
Intrinsic Value Adjustment (2)	(3,744,975)	12.19
SARs Conversion	(6,701,133)	21.00
Balance at December 31, 2021	—	$	—

(1)Shares presented have been retroactively adjusted to give effect to an approximate 43.6-for-1 stock split.

(2)The intrinsic value adjustment is the IPO price of $21.00 per SAR, less the original grant date fair value, plus an incremental value of $100.00 per SAR.

Schedule of Restricted Stock Units Activity

The following is a summary of RSU activity for the year ended December 31, 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Unvested balance at December 31, 2020	—	$	—	$	—
Granted (1)	7,980,274	25.26
Granted - SARs conversion (2)	6,701,133	21.00
Forfeited	(552,685)	21.38
Vested	—	—
Unvested balance at December 31, 2021	14,128,722	$	23.39	$	378,791

registration with the State Administration of Foreign Exchange of the People's Republic of China (“China SAFE”), which occurred on February 25, 2022.

(2)The SARs conversion was an IPO related one-time event.

Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Credit Facilities

The following table presents the Company's outstanding debt and borrowing capacity (in thousands):


	As of December 31,
	2021			2020
Availability under revolving credit facility (due March 26, 2026)	$	165,000		$	85,000
Borrowings under revolving credit facility	—			—
Long-term debt (due March 24, 2028), including current portion	504,530			439,757
Interest rate	3.5		%	4.8		%

The carrying value of the Company’s credit facilities (including current maturities) was as follows (in thousands):


	As of December 31,
	2021		2020
Long-term debt, less current portion	$	502,488	$	440,497
Capitalized deferred financing fees	(5,108)		(5,305)
Long-term debt	497,380		435,192
Current portion of long-term debt	7,150		4,565
Total debt carrying value	$	504,530	$	439,757

Schedule of Future Cash Payments For Term Loan

As of December 31, 2021, the Company’s future principal cash payments for the Term Loan are as follows (in thousands):


	Total
2022	$	7,150
2023	7,150
2024	7,150
2025	7,150
2026	7,150
2027	7,150
2028	466,738
Total future principal cash payments	$	509,638

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
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+ Details

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

The following is a summary of the Company’s accrued expenses (in thousands):


	As of December 31,
	2021		2020
Accrued interest expense	$	76	$	85
Accrued employee expense	2,320		1,786
Accrued travel expense	514		383
Operating lease expenses	262		212
Insurance charges	170		257
Professional fees	5,188		10,320
Withholding taxes payable	26,077		43
Other taxes payable	9,402		8,643
Rebates payable	943		2,307
Other accrued expenses	6,741		5,713
Accrued expenses	$	51,693	$	29,749

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated balance for each component of accumulated other comprehensive loss (in thousands):


	Year Ended December 31,
	2021		2020		2019
Foreign currency translation:
Beginning balance	$	(1,589)	$	(10,067)	$	(12,961)
Foreign currency translation (loss)/gain	(8,225)		8,728		3,639
Income tax expense	(1,049)		(250)		(745)
Foreign currency translation, net of tax	(9,274)		8,478		2,894
Ending balance	(10,863)		(1,589)		(10,067)
Accumulated other comprehensive loss	$	(10,863)	$	(1,589)	$	(10,067)

Business and Summary of Significant Accounting Policies - Narrative (Details)			12 Months Ended
	Sep. 17, 2021 USD ($) $ / shares shares	Sep. 16, 2021 shares	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Concentration Risk [Line Items]
Proceeds from sale of stock	$ 314,700,000
Stock issuance costs	$ 30,300,000
Common stock redesignated (in shares) \| shares		5,259,163
Conversion of convertible securities, before stock split (in shares) \| shares	1,365,058
Stock redesignation, conversion ratio	1
Stock split, conversion ratio		43.6
Redeemable convertible preferred stock, conversion ratio	1
Offering expense, net			$ 30,300,000
Underwriting discounts			19,000,000
Offering expenses			$ 11,300,000
Number of operating segments \| segment			1
Capitalized contract cost, gross			$ 2,300,000	$ 0	$ 0
Capitalized contract cost, amortization			300,000	0	0
Capitalized contract cost, impairment loss			0
Capitalized contract cost, net			2,000,000
Advertising costs			2,300,000	900,000	1,800,000
Depreciation			17,500,000	16,000,000	12,600,000
Fixed assets			34,500,000	26,347,000
Deferred financing fees			1,600,000	1,800,000	1,900,000
Internally developed software
Concentration Risk [Line Items]
Depreciation			2,200,000	3,500,000	$ 1,500,000
Fixed assets			$ 5,600,000	2,000,000
Customer relationships
Concentration Risk [Line Items]
Estimated useful lives			15 years
Secured Debt \| Term Loan
Concentration Risk [Line Items]
Fair value of Term Loan			$ 485,000,000	468,000,000
Minimum
Concentration Risk [Line Items]
Accounts receivable, payment terms			30 days
Service period			1 year
Minimum \| Internally developed software
Concentration Risk [Line Items]
Estimated useful lives			3 years
Maximum
Concentration Risk [Line Items]
Accounts receivable, payment terms			90 days
Service period			4 years
Maximum \| Internally developed software
Concentration Risk [Line Items]
Estimated useful lives			5 years
IPO
Concentration Risk [Line Items]
Number of shares issued (in shares) \| shares	42,368,421
Price per share of common stock (in dollars per share) \| $ / shares	$ 21.00
Stock issuance costs			$ 30,300,000
IPO, Common Stock
Concentration Risk [Line Items]
Number of shares issued (in shares) \| shares	16,429,964
IPO, Selling Stockholders
Concentration Risk [Line Items]
Number of shares issued (in shares) \| shares	20,412,142
Over-Allotment Option
Concentration Risk [Line Items]
Number of shares issued (in shares) \| shares	5,526,315
United States
Concentration Risk [Line Items]
Long-lived assets			7,900,000	4,600,000
Brazil
Concentration Risk [Line Items]
Long-lived assets			5,100,000	2,800,000
China
Concentration Risk [Line Items]
Long-lived assets			7,300,000	7,600,000
India
Concentration Risk [Line Items]
Long-lived assets			7,500,000	5,300,000
Other foreign countries
Concentration Risk [Line Items]
Long-lived assets			6,600,000	6,000,000
Non-US
Concentration Risk [Line Items]
Fixed assets			$ 26,600,000	$ 21,800,000
Revenue Benchmark \| Geographic Concentration Risk \| United States
Concentration Risk [Line Items]
Concentration risk			34.80%	38.20%	36.60%
Revenue Benchmark \| Geographic Concentration Risk \| China
Concentration Risk [Line Items]
Concentration risk				10.40%	11.90%
Revenue Benchmark \| Geographic Concentration Risk \| Non-US
Concentration Risk [Line Items]
Concentration risk			65.00%	61.00%	64.00%
Trade Accounts Receivable and Unbilled Accounts Receivable \| Geographic Concentration Risk \| Non-US
Concentration Risk [Line Items]
Concentration risk			73.00%	74.00%
Assets, Noncurrent \| Geographic Concentration Risk \| United States
Concentration Risk [Line Items]
Concentration risk			23.00%	17.40%

Business and Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 368,209	$ 490,841
Total cash, cash equivalents, and restricted cash	394,942	492,199	$ 57,156	$ 52,102
Other Current Assets
Cash and Cash Equivalents [Line Items]
Restricted cash	25,478	0
Other Noncurrent Assets
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 1,254	$ 1,358

Business and Summary of Significant Accounting Policies - Schedule Of Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Beginning balance	$ (10,385)	$ (2,733)	$ (1,278)
Charged to expense	(281)	(8,305)	(5,891)
Uncollectible accounts written off, net of recoveries	882	620	2,129
Changes due to exchange rates	868	33	2,307
Ending balance	$ (8,916)	$ (10,385)	$ (2,733)

Business and Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Furniture And Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture And Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Internally developed software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Internally developed software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Automobile
Property, Plant and Equipment [Line Items]
Estimated useful lives	4 years

Revenue Recognition - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 1,069,945	$ 803,375	$ 772,191
North America
Disaggregation of Revenue [Line Items]
Revenues	396,491	321,237	296,534
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 372,800	$ 307,200	$ 282,500
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	34.80%	38.20%	36.60%
APAC
Disaggregation of Revenue [Line Items]
Revenues	$ 358,596	$ 248,776	$ 241,765
Australia
Disaggregation of Revenue [Line Items]
Revenues	$ 116,500
Australia \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	10.90%
China
Disaggregation of Revenue [Line Items]
Revenues		$ 83,500	$ 91,500
China \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk		10.40%	11.90%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 267,121	$ 195,372	$ 191,237
Germany
Disaggregation of Revenue [Line Items]
Revenues	$ 113,800	$ 81,500	$ 77,100
Germany \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	10.60%	10.10%	10.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	$ 115,200	$ 89,200	$ 97,200
United Kingdom \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	10.80%	11.10%	12.60%
LATAM
Disaggregation of Revenue [Line Items]
Revenues	$ 47,737	$ 37,990	$ 42,655

Revenue Recognition - Schedule of Revenue by Industry Vertical (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 1,069,945	$ 803,375	$ 772,191
Technology and business services
Disaggregation of Revenue [Line Items]
Revenues	288,709	228,514	174,049
Energy, public and health services
Disaggregation of Revenue [Line Items]
Revenues	275,279	200,785	152,238
Retail and consumer
Disaggregation of Revenue [Line Items]
Revenues	203,193	141,729	149,739
Financial services and insurance
Disaggregation of Revenue [Line Items]
Revenues	170,492	123,291	152,419
Automotive, travel and transportation
Disaggregation of Revenue [Line Items]
Revenues	132,272	108,656	142,061
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 400	$ 1,685

- 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

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+ Details

Revenue Recognition - Schedule of Revenue by Contract Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 1,069,945	$ 803,375	$ 772,191
Time-and-material
Disaggregation of Revenue [Line Items]
Revenues	872,271	675,715	662,710
Fixed-price
Disaggregation of Revenue [Line Items]
Revenues	197,674	127,313	107,862
Licensing
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 347	$ 1,619

- Definition

+ References

+ Details

Revenue Recognition - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets included in unbilled receivables	$ 25,408	$ 19,790
Contract liabilities included in deferred revenue	$ 13,807	$ 11,720

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 11.4	$ 9.0

Acquisitions - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Mar. 31, 2021 USD ($) business	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Number of businesses acquired \| business	2
Acquisition of businesses, net of cash acquired		$ 44,759	$ 0	$ 0
Gemini Solutions LLC and Fourkind Global OY
Business Acquisition [Line Items]
Gross purchase price	$ 46,600
Acquisition of businesses, net of cash acquired	44,800
Cash acquired from acquisition	1,800
Acquisition costs		$ 8,500
Goodwill, expected tax deductible amount	$ 25,200

Acquisitions - Schedule of Acquisition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 346,719		$ 318,151	$ 314,037
Gemini Solutions LLC and Fourkind Global OY
Business Acquisition [Line Items]
Customer relationship		$ 11,100
Property and equipment		259
Other assets/liabilities, net		4,228
Deferred taxes		(1,646)
Goodwill		32,615
Total gross purchase price		$ 46,556

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 318,151	$ 314,037
Additions due to acquisitions	32,615
Changes due to exchange rates	(4,047)	4,114
Ending balance	$ 346,719	$ 318,151

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Trademark	$ 273,000	$ 273,000
Total intangible assets, after amortization	403,916	404,878
Changes due to exchange rates	(5,049)	(2,823)
Customer relationships, net	398,867	402,055
Trademark
Finite-Lived Intangible Assets [Line Items]
Trademark	273,000	273,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	177,100	166,000
Finite-lived intangible assets, accumulated amortization	46,184	34,122
Finite-lived intangible assets, net	$ 130,916	$ 131,878

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average remaining useful life	10 years 7 months 6 days	11 years 10 months 24 days
Amortization of intangible assets	$ 12.0	$ 10.5	$ 10.6

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 12,300
2023	12,300
2024	12,300
2025	12,300
2026	12,300
Thereafter	69,416
Intangible assets	$ 130,916

Income Taxes - Schedule of Income (Loss) Before Income Tax Provision by Geographical Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (36,767)	$ 45,679	$ (7,367)
Foreign	23,292	56,768	55,204
(Loss) income before income taxes	$ (13,475)	$ 102,447	$ 47,837

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 9,839	$ 704	$ 768
State	5,071	2,316	1,962
Foreign	24,199	18,001	13,310
Total Current	39,109	21,021	16,040
Deferred:
Federal	(10,957)	5,972	4,623
State	(2,969)	862	1,618
Foreign	(15,035)	(4,691)	(2,864)
Total Deferred	(28,961)	2,143	3,377
Income tax expense	$ 10,148	$ 23,164	$ 19,417

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Examination [Line Items]
Tax expense on increase in tax rate	$ 855	$ 0	$ 0
CARES Act US federal net operating loss carryback benefit	0	4,188	0
Valuation allowance	17,703	6,834
Change in deferred tax valuation allowance	11,067	4,145	(8)
Deferred tax liability, foreign withholding taxes	3,000	2,600
Foreign currency translation on previously-taxed earnings	100	500
Unrecognized tax benefits that would impact effective tax rate	11,300	8,100
Unrecognized tax benefits, income tax penalties and interest expense (benefit)	300	100	$ (100)
Unrecognized tax benefits, income tax penalties and interest accrued	1,600	1,300
Separate U.S. Federal Net Operating Loss Carryforwards and Federal Limitation Of Business Interest
Income Tax Examination [Line Items]
Valuation allowance	8,900	4,300
Certain Foreign Tax Credits
Income Tax Examination [Line Items]
Valuation allowance	800	2,100
State and Local Jurisdiction
Income Tax Examination [Line Items]
Net operating loss carryforward benefits	500	600
Foreign Tax Authority
Income Tax Examination [Line Items]
Valuation allowance	8,100	400
Net operating loss carryforward benefits	$ 15,200	$ 23,500
Minimum \| State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforward, expiration period	10 years
Maximum \| State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforward, expiration period		20 years

Income Taxes - Schedule of Reconciliation of Provision for Income Taxes to Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes at federal statutory rate	$ (2,830)	$ 21,514	$ 10,046
Non-deductible expenses	3,065	1,297	652
Research and development and foreign tax credits	(16,311)	(13,251)	(7,255)
Effect of foreign taxes and foreign exchange rates	4,675	4,082	1,237
GILTI and related international adjustments	8,971	6,714	11,188
§162(m) limitation on executive compensation	7,709	0	0
Stock-based compensation excess tax benefits	(8,206)	(22)	(413)
US state income taxes, net of federal tax benefit	585	2,892	2,763
Change in deferred tax valuation allowance	11,067	4,145	(8)
CARES Act US federal net operating loss carryback benefit	0	(4,188)	0
U.K. rate change	855	0	0
Adjustments of prior year estimates and other	(2,566)	(1,585)	341
Adjustments associated with income tax uncertainties	3,134	1,566	866
Income tax expense	$ 10,148	$ 23,164	$ 19,417

Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax assets on:
Accrued expenses	$ 6,650	$ 7,765
Goodwill	1,305	47
Net operating loss carryforwards	6,394	7,664
Research and development and foreign tax credit carryforwards	1,505	2,896
Allowance for doubtful accounts	2,717	3,012
Fixed assets	1,817	732
Stock-based compensation	38,050	1,399
Business interest	6,727	3,586
Other assets	2,122	1,312
Total deferred tax assets	67,287	28,413
Total valuation allowance	(17,703)	(6,834)
Total deferred tax assets	49,584	21,579
Deferred tax liabilities:
Unremitted earnings of subsidiaries and unrealized translation gains	(3,878)	(3,987)
Prepaid expenses	(2,597)	(1,585)
Fixed assets	(1,071)	(783)
Deferred revenue	0	(1,529)
Internally developed software	(1,280)	(430)
Other liabilities	(932)	(593)
Total deferred tax liabilities	(116,286)	(115,597)
Total deferred tax liabilities, net	(66,702)	(94,018)
Trademark
Deferred tax liabilities:
Intangible assets	(73,028)	(73,028)
Customer relationships
Deferred tax liabilities:
Intangible assets	$ (33,500)	$ (33,662)

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of year	$ 8,123	$ 6,557	$ 5,768
Additions for tax positions related to the current year	2,068	1,219	1,306
Additions for tax positions related to prior years	1,923	706	180
Reductions for tax positions related to prior years	(505)	(316)	(239)
Statute of limitations expirations	0	(43)	0
Settlements with tax authorities	0	0	(458)
Balance, end of year	$ 11,609	$ 8,123	$ 6,557

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 79,853	$ 61,250
Less: accumulated depreciation and amortization	(45,353)	(34,903)
Property and equipment, net	34,500	26,347
Automobile
Property, Plant and Equipment [Line Items]
Property and equipment, gross	38	32
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,847	27,148
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,575	7,518
Property and equipment, net	5,600	2,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,425	19,390
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,968	$ 7,162

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 17.5	$ 16.0	$ 12.6

Redeemable, Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands					1 Months Ended		12 Months Ended
	Sep. 17, 2021 USD ($) shares	Sep. 16, 2021	Apr. 06, 2021 USD ($) $ / shares	Dec. 23, 2020 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jan. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares
Temporary Equity [Line Items]
Liquidation event period							2 years
Preferred internal return rate							10.00%
Dividends \| $			$ 325,000
Dividends, taxes withheld \| $			$ 10,000
Dividends per share (in dollars per share) \| $ / shares			$ 50.71
Dividends, preferred shareholders \| $			$ 59,600
Issuance of redeemable convertible preferred stock (in shares)							35,996,412	23,493,546
Issuance of redeemable convertible preferred stock \| $							$ 503,222	$ 322,800
Stock issuance costs \| $	$ 30,300
Stock split, conversion ratio		43.6
Redeemable convertible preferred stock, conversion ratio	1
Common stock issued upon conversion of convertible securities (in shares)	59,489,958
Stock issued during period, value, conversion of convertible securities \| $	$ 826,000						$ 826,022
Preferred stock, shares authorized (in shares)							100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares							$ 0.001
Redeemable, convertible preferred stock, shares issued (in shares)							0
Redeemable, convertible preferred stock, shares outstanding (in shares)							0	23,493,546	0	0
Voting Series A Preferred Stock
Temporary Equity [Line Items]
Shares authorized (in shares)							2,500,000
Issuance of redeemable convertible preferred stock (in shares)				539,084		637,098
Issuance of redeemable convertible preferred stock \| $				$ 322,800		$ 381,000
Stock issuance costs \| $				$ 7,200		$ 9,000
Non-Voting Series A Preferred Stock
Temporary Equity [Line Items]
Shares authorized (in shares)							2,500,000
Voting Series B Preferred Stock
Temporary Equity [Line Items]
Shares authorized (in shares)							500,000
Issuance of redeemable convertible preferred stock (in shares)					188,876
Issuance of redeemable convertible preferred stock \| $					$ 125,000
Stock issuance costs \| $					$ 2,800
Non-Voting Series B Preferred Stock
Temporary Equity [Line Items]
Shares authorized (in shares)							500,000

Tender Offer (Details) $ in Millions		3 Months Ended
Tender Offer (Details) $ in Millions	Sep. 16, 2021	Mar. 31, 2021 USD ($) shares
Class of Stock [Line Items]
Treasury stock acquired (in shares) \| shares		1,156,775
Stock split, conversion ratio	43.6
Treasury stock, acquired \| $		$ 720.0
Treasury stock acquired, tax withheld \| $		19.3
Additional compensation expense \| $		2.7
Distribution of retained earnings in excess of fair value \| $		$ 79.2
Common Class A
Class of Stock [Line Items]
Treasury stock acquired (in shares) \| shares		1,138,537
Common Class B
Class of Stock [Line Items]
Treasury stock acquired (in shares) \| shares		12,979
Common Class C
Class of Stock [Line Items]
Treasury stock acquired (in shares) \| shares		5,259

(Loss) Earnings Per Common Share - Narrative (Details)	Sep. 17, 2021	Sep. 16, 2021
Earnings Per Share [Abstract]
Stock split, conversion ratio		43.6
Redeemable convertible preferred stock, conversion ratio	1

(Loss) Earnings Per Common Share - Schedule of (Loss) Earnings per Share (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 16, 2021	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Basic (loss) earnings per common share:
Net (loss) income		$ (23,623)	$ 79,283	$ 28,420
Preferred stock dividends		(59,642)	0	0
Earnings allocated to Preferred Stock		0	(6,171)	0
Net (loss) income allocated to common shareholders – Basic		$ (83,265)	$ 73,112	$ 28,420
Weighted average shares outstanding, basic (in shares) \| shares		254,271,997	278,225,009	277,762,271
Basic (loss) earnings per common share (in USD per share) \| $ / shares		$ (0.33)	$ 0.26	$ 0.10
Diluted (loss) earnings per common share:
Net (loss) income allocated to common shareholders – Basic		$ (83,265)	$ 73,112	$ 28,420
Weighted average shares outstanding, basic (in shares) \| shares		254,271,997	278,225,009	277,762,271
Dilutive effect of:
Employee stock options and common shares (in shares) \| shares		0	6,357,527	3,733,369
Weighted average shares outstanding, diluted (in shares) \| shares		254,271,997	284,582,536	281,495,640
Diluted (loss) earnings per common share (in USD per share) \| $ / shares		$ (0.33)	$ 0.26	$ 0.10
Stock split, conversion ratio	43.6

(Loss) Earnings Per Common Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings Per Share (in shares)	23,614,364	0	0

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 17,557
2023	11,690
2024	6,849
2025	3,955
2026	3,027
Thereafter	6,088
Total future minimum lease payments	$ 49,166

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating leases, rent expense	$ 19.4	$ 18.6	$ 18.0

Stockholders' Equity (Details)	Sep. 17, 2021 $ / shares shares	Sep. 16, 2021 shares	Dec. 31, 2021 $ / shares shares
Equity [Abstract]
Conversion of convertible securities, before stock split (in shares)	1,365,058
Preferred stock, shares authorized (in shares)			100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.001
Common stock redesignated (in shares)		5,259,163
Stock redesignation, conversion ratio	1
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)			1,000,000,000
Common stock, shares outstanding (in shares)			305,132,181

Stock-Based Compensation - Narrative (Details)			3 Months Ended		12 Months Ended
Stock-Based Compensation - Narrative (Details)	Sep. 17, 2021 $ / shares shares	Sep. 09, 2021	Dec. 31, 2021 USD ($) shares	Sep. 30, 2021 shares	Dec. 31, 2021 USD ($) employee $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares) \| shares			62,048,123		62,048,123
Stock-based compensation expense					$ 157,357,000	$ 1,667,000	$ 1,949,000
Compensation expense					157,900,000	1,700,000	1,900,000
Stock-based compensation income tax benefit					$ 500,000	0	400,000
Lock-up restriction period					1 year
Lock-up restrictions, percent of option that will lapse					50.00%
Lock-up restriction, period following offering					6 months
Sponsor return	2.8000
Number of employees, affected by acceleration of vesting modification \| employee					343
Stock-based compensation expense, accelerated cost					$ 54,000,000
Liquidity event, triggering event, percent of ownership sold					75.00%
Common stock issued upon conversion of convertible securities (in shares) \| shares	59,489,958
Options, intrinsic value					$ 24,900,000	$ 800,000	$ 1,800,000
Options, weighted average grand date fair value (in USD per share) \| $ / shares					$ 10.32	$ 5.71	$ 1.37
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price per share of common stock (in dollars per share) \| $ / shares	$ 21.00
Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Contractual term					10 years
Company repurchase, exercisable period					48 months
Granted (in shares) \| shares			0	0	1,068,283
Compensation costs not yet recognized			$ 8,300,000		$ 8,300,000
Compensation costs, weighted average period of recognition					1 year 8 months 12 days
Performance Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period		18 months
Granted (in shares) \| shares					1,397,260
RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, weighted average period of recognition					1 year 7 months 6 days
Common stock issued upon conversion of convertible securities (in shares) \| shares	6,701,133
Compensation award lock up period					6 months
Compensation costs, (other than options) not yet recognized			241,300,000		$ 241,300,000
Compensation costs (other than options) not yet recognized, nonrecurring			154,700,000		154,700,000
Compensation costs (other than options) not yet recognized, reoccurring			$ 86,600,000		$ 86,600,000
Tranche One \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					37.50%
Service period					18 months
Tranche One \| Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					6 months
Tranche One \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					50.00%
Tranche Two \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Two \| Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					12 months
Tranche Two \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					50.00%
Tranche Three \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Four \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Five \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Six \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Seven \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Eight \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Nine \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Ten \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Tranche Eleven \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					6.25%
Service period					3 months
Vesting Upon Change Of Control \| Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					100.00%
Return Of Two Times Sponsor Investment \| Performance Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					50.00%
Return Of Two And A Half Times Sponsor Investment \| Performance Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					75.00%
Return Of Three Times Sponsor Investment \| Performance Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					100.00%
Cliff Vesting Subsequent To IPO Closing Date, Tranche One \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					28 months
Cliff Vesting Subsequent To IPO Closing Date, Tranche Two \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					12 months
Vesting Subsequent To IPO Closing Date, Tranche One \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					6 months
Performance vesting option					50.00%
Vesting Subsequent To IPO Closing Date, Tranche Two \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					12 months
Performance vesting option					50.00%
Share Based Payment Arrangement, Ratable Vesting Subsequent To IPO Closing \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Share Based Payment Arrangement, Ratable Vesting Subsequent To IPO Closing, Tranche One \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					34.00%
Share Based Payment Arrangement, Ratable Vesting Subsequent To IPO Closing, Tranche Two \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					33.00%
Share Based Payment Arrangement, Ratable Vesting Subsequent To IPO Closing, Tranche Three \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					33.00%
Share Based Payment Arrangement, Ratable Vesting \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Share Based Payment Arrangement, Ratable Vesting, Tranche One \| RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting option					25.00%

Stock-Based Compensation- Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Sep. 16, 2021	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2021 shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Stock split, conversion ratio	43.6
Time Vesting Shares
Options
Beginning balance (in shares)				10,462,531
Granted (in shares)		0	0	1,068,283
Forfeited (in shares)				(153,960)
Exercised (in shares)				(966,005)
Cancelled (in shares)				(1,752,878)
Expired (in shares)				0
Ending balance (in shares)		8,657,971		8,657,971
Vested and exercisable (in shares)		6,252,120		6,252,120
Vested and expected to vest (in shares)		8,657,971		8,657,971
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares				$ 2.76
Granted (in dollars per share) \| $ / shares				14.05
Forfeited (in dollars per share) \| $ / shares				5.30
Exercised (in dollars per share) \| $ / shares				2.36
Cancelled (in dollars per share) \| $ / shares				2.88
Ending balance (in dollars per share) \| $ / shares		$ 4.13		4.13
Weighted average exercise price, Vested and exercisable (in dollars per share) \| $ / shares		2.47		2.47
Weighted average exercise price, Vested and expected to vest (in dollars per share) \| $ / shares		$ 4.13		$ 4.13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate Intrinsic Value \| $		$ 196,362		$ 196,362
Aggregate Intrinsic Value, Vested and exercisable \| $		152,177		152,177
Aggregate Intrinsic Value, Vested and expected to vest \| $		$ 196,362		$ 196,362
Weighted Average Remaining Contractual Term, Outstanding				6 years 9 months 18 days
Weighted Average Remaining Contractual Term, Vested and exercisable				6 years 1 month 6 days
Weighted Average Remaining Contractual Term, Vested and expected to vest				6 years 9 months 18 days
Performance Vesting Shares
Options
Beginning balance (in shares)				15,440,716
Granted (in shares)				1,397,260
Forfeited (in shares)				(185,953)
Exercised (in shares)				(203,081)
Cancelled (in shares)				(1,009,831)
Expired (in shares)				0
Ending balance (in shares)		15,439,111		15,439,111
Vested and exercisable (in shares)		15,439,111		15,439,111
Vested and expected to vest (in shares)		15,439,111		15,439,111
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares				$ 2.66
Granted (in dollars per share) \| $ / shares				14.05
Forfeited (in dollars per share) \| $ / shares				5.15
Exercised (in dollars per share) \| $ / shares				2.38
Cancelled (in dollars per share) \| $ / shares				3.60
Ending balance (in dollars per share) \| $ / shares		$ 3.60		3.60
Weighted average exercise price, Vested and exercisable (in dollars per share) \| $ / shares		3.60		3.60
Weighted average exercise price, Vested and expected to vest (in dollars per share) \| $ / shares		$ 3.60		$ 3.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate Intrinsic Value \| $		$ 358,300		$ 358,300
Aggregate Intrinsic Value, Vested and exercisable \| $		358,300		358,300
Aggregate Intrinsic Value, Vested and expected to vest \| $		$ 358,300		$ 358,300
Weighted Average Remaining Contractual Term, Outstanding				6 years 6 months
Weighted Average Remaining Contractual Term, Vested and exercisable				6 years 6 months
Weighted Average Remaining Contractual Term, Vested and expected to vest				6 years 6 months

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - Employee stock options and RSUs	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.10%	0.10%	1.50%
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	55.00%	55.00%	40.00%
Expected term (years)	1 year	2 years	3 years

Stock-Based Compensation- Schedule of Stock Appreciation Rights Activity (Details)		12 Months Ended
	Sep. 16, 2021	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares
Weighted Average Grant Date Fair Value
Outstanding (in dollars per share) \| $ / shares		$ 0	$ 3.47
Granted (in dollars per share) \| $ / shares		14.05
Forfeited (in dollars per share) \| $ / shares		5.77
Intrinsic Value Adjustment (in dollars per share) \| $ / shares		12.19
SARs Conversion (in dollars per share) \| $ / shares		$ 21.00
Stock split, conversion ratio	43.6
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares) \| shares		9,032,006
Granted (in shares) \| shares		3,096,082
Forfeited (in shares) \| shares		(1,681,980)
Intrinsic Value Adjustment (in shares) \| shares		(3,744,975)
SARs Conversion (in shares) \| shares		(6,701,133)
Ending balance (in shares) \| shares		0	9,032,006
Weighted Average Grant Date Fair Value
Incremental value (in dollars per share) \| $ / shares		$ 100.00

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Grant Date Fair Value
Aggregate Intrinsic Value	$ 378,791	$ 0
RSU's
Number of Restricted Stock Units
Beginning balance (in shares)	0
Granted (in shares)	7,980,274
Granted - SARs conversion (in shares)	6,701,133
Forfeited (in shares)	(552,685)
Vested (in shares)	0
Ending balance (in shares)	14,128,722
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	25.26
Granted - SARs conversion (in dollars per share)	21.00
Forfeited (in dollars per share)	21.38
Vested (in dollars per share)	0
Ending balance (in dollars per share)	$ 23.39
RSU's, China SAFE
Number of Restricted Stock Units
Granted (in shares)	4,300,000

Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States
Defined Contribution Plan Disclosure [Line Items]
Employer discretionary contribution	$ 4.5	$ 3.8	$ 3.6
Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Employer discretionary contribution	$ 8.8	$ 7.3	$ 6.7

Credit Agreements - Narrative (Details) - USD ($) $ in Thousands				12 Months Ended
	Oct. 20, 2021	Aug. 10, 2021	Mar. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	May 13, 2019	Oct. 12, 2017
Debt Instrument [Line Items]
Interest rate during period				3.50%	4.80%
Credit Agreements
Debt Instrument [Line Items]
Debt issuance costs, gross				$ 7,100
Credit Agreements \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 715,000				$ 200,000
Installment payments, percent of original principal amount				1.00%
Repayments of debt	$ 100,000	$ 100,000
Write off of deferred financing and debt discount	$ 2,100
Credit Agreements \| London Interbank Offered Rate (LIBOR) \| Secured Debt
Debt Instrument [Line Items]
Variable rate				3.25%
Decrease in interest rate			0.25%
Credit Agreements \| Base Rate \| Secured Debt
Debt Instrument [Line Items]
Variable rate				2.25%
Revolving Credit Facility \| Credit Agreements \| Line of Credit
Debt Instrument [Line Items]
Credit facility			$ 165,000	$ 165,000	$ 85,000	$ 85,000	$ 35,000
Outstanding draws				$ 0	$ 0

Credit Agreements - Schedule of Outstanding Debt Borrowing Capacity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 26, 2021	May 13, 2019	Oct. 12, 2017
Debt Instrument [Line Items]
Long-term debt (due March 24, 2028), including current portion	$ 504,530	$ 439,757
Interest rate	3.50%	4.80%
Line of Credit \| Credit Agreements \| Revolving Credit Facility
Debt Instrument [Line Items]
Availability under revolving credit facility (due March 26, 2026)	$ 165,000	$ 85,000	$ 165,000	$ 85,000	$ 35,000
Borrowings under revolving credit facility	$ 0	$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Credit Agreements - Schedule of Credit Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-term debt, less current portion	$ 502,488	$ 440,497
Capitalized deferred financing fees	(5,108)	(5,305)
Long-term debt	497,380	435,192
Current portion of long-term debt	7,150	4,565
Total debt carrying value	$ 504,530	$ 439,757

- Definition

+ References + Details

Credit Agreements - Schedule of Future Cash Payments for Term Loan (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 7,150
2023	7,150
2024	7,150
2025	7,150
2026	7,150
2027	7,150
2028	466,738
Total future principal cash payments	$ 509,638

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued interest expense	$ 76	$ 85
Accrued employee expense	2,320	1,786
Accrued travel expense	514	383
Operating lease expenses	262	212
Insurance charges	170	257
Professional fees	5,188	10,320
Withholding taxes payable	26,077	43
Other taxes payable	9,402	8,643
Rebates payable	943	2,307
Other accrued expenses	6,741	5,713
Accrued expenses	$ 51,693	$ 29,749

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 484,712	$ 394,988	$ 547,832
Foreign currency translation adjustments	(9,274)	8,478	2,894
Ending balance	708,491	484,712	394,988
Accumulated other comprehensive loss	(10,863)	(1,589)	(10,067)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,589)	(10,067)	(12,961)
Foreign currency translation (loss)/gain	(8,225)	8,728	3,639
Income tax expense	(1,049)	(250)	(745)
Foreign currency translation adjustments	(9,274)	8,478	2,894
Ending balance	$ (10,863)	$ (1,589)	$ (10,067)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Subsequent Events (Details) - USD ($) $ in Millions		2 Months Ended	12 Months Ended			14 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Jan. 18, 2022	Mar. 08, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 08, 2022
Subsequent Event [Line Items]
Compensation expense			$ 157.9	$ 1.7	$ 1.9
RSU's
Subsequent Event [Line Items]
Granted (in shares)			7,980,274
Compensation costs, weighted average period of recognition			1 year 7 months 6 days
Vested (in shares)			0
RSU's, China SAFE
Subsequent Event [Line Items]
Granted (in shares)			4,300,000
Subsequent Event \| RSU's
Subsequent Event [Line Items]
Granted (in shares)	717,111
Total compensation costs, not yet recognized	$ 16.5
Compensation costs, weighted average period of recognition	1 year 7 days
Subsequent Event \| RSU's, China SAFE
Subsequent Event [Line Items]
Granted (in shares)						4,400,000
Vested (in shares)		1,200,000
Compensation expense		$ 48.9