0001866550-22-000031 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40812
Entity Registrant Name	THOUGHTWORKS HOLDING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2668392
Entity Address, Address Line One	200 East Randolph Street, 25th Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	373-1000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	TWKS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		310,325,400
Entity Central Index Key	0001866550
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 339,638	$ 368,209
Trade receivables, net of allowance of $10,431 and $8,916, respectively	146,835	145,874
Unbilled receivables	139,917	104,057
Prepaid expenses and other current assets	74,067	60,799
Total current assets	700,457	678,939
Property and equipment, net	34,526	34,500
Right-of-use assets	39,377
Intangibles and other assets:
Goodwill	345,595	346,719
Trademark	273,000	273,000
Customer relationships, net	123,315	125,867
Other non-current assets	29,610	25,125
Total assets	1,545,880	1,484,150
Current liabilities:
Accounts payable	6,379	4,773
Long-term debt - current	7,150	7,150
Income taxes payable	20,029	15,693
Accrued compensation	107,598	79,460
Deferred revenue	5,230	13,807
Value-added tax and sales tax payable	5,096	7,954
Accrued expenses	29,845	51,693
Lease liabilities, current	14,426
Total current liabilities	195,753	180,530
Lease liabilities, non-current	27,695
Long-term debt, less current portion	495,785	497,380
Deferred tax liabilities	74,160	78,944
Other long-term liabilities	17,581	18,805
Total liabilities	810,974	775,659
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 100,000,000 shares authorized, zero issued and outstanding at March 31, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 360,854,572 and 356,117,752 issued, 310,024,807 and 305,132,181 outstanding at March 31, 2022 and December 31, 2021, respectively	361	356
Treasury stock, 50,829,765 and 50,985,571 shares at March 31, 2022 and December 31, 2021, respectively	(627,484)	(629,424)
Additional paid-in capital	1,481,524	1,390,630
Accumulated other comprehensive loss	(16,542)	(10,863)
Retained deficit	(102,953)	(42,208)
Total stockholders' equity	734,906	708,491
Total liabilities and stockholders' equity	$ 1,545,880	$ 1,484,150

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 10,431	$ 8,916
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	360,854,572	356,117,752
Common stock, shares outstanding (in shares)	310,024,807	305,132,181
Treasury stock (in shares)	50,829,765	50,985,571

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 320,940	$ 237,662
Operating expenses:
Cost of revenues	263,349	134,791
Selling, general and administrative expenses	111,734	66,516
Depreciation and amortization	5,846	4,346
Total operating expenses	380,929	205,653
(Loss) income from operations	(59,989)	32,009
Other income (expense):
Interest expense	(4,647)	(6,194)
Net realized and unrealized foreign currency gain (loss)	4,945	(2,668)
Other income, net	88	61
Total other income (expense)	386	(8,801)
(Loss) income before income taxes	(59,603)	23,208
Income tax expense	301	4,623
Net (loss) income	(59,904)	18,585
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(5,679)	(3,968)
Comprehensive (loss) income	$ (65,583)	$ 14,617
Net (loss) earnings per common share:
Basic (loss) earnings per common share (in USD per share)	$ (0.20)	$ 0.06
Diluted (loss) earnings per common share (in USD per share)	$ (0.20)	$ 0.06
Weighted average shares outstanding:
Weighted average shares outstanding, basic (in shares)	306,189,816	242,471,720
Weighted average shares outstanding, diluted (in shares)	306,189,816	249,125,028

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained (Deficit) Earnings	Retained (Deficit) Earnings Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2020	23,493,546
Beginning balance at Dec. 31, 2020	$ 322,800
Redeemable, Convertible Preferred Stock
Issuance of Redeemable Convertible Preferred Stock, net of issuance costs (in shares)	27,765,084
Issuance of Redeemable Convertible Preferred Stock, net of issuance costs	$ 380,994
Ending balance (in shares) at Mar. 31, 2021	51,258,630
Ending balance at Mar. 31, 2021	$ 703,794
Beginning balance (in shares) at Dec. 31, 2020			278,322,716	572,711
Beginning balance at Dec. 31, 2020	484,712		$ 279	$ (1,608)	$ 381,172	$ (1,589)	$ 106,458
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net (loss) income	18,585						18,585
Other comprehensive loss, net of tax	(3,968)					(3,968)
Issuance of common stock on exercise of options (in shares)			27,184
Issuance of common stock on exercise of options	62				62
Issuance of common stock (in shares)			133,313
Issuance of common stock	1,873				1,873
Other	(104)				(104)
Tender Offer (in shares)			(50,412,860)	50,412,860
Tender Offer	(717,429)			$ (627,816)	(10,391)		(79,222)
Stock-based compensation expense	1,874				1,874
Ending balance (in shares) at Mar. 31, 2021			228,070,353	50,985,571
Ending balance at Mar. 31, 2021	$ (214,395)		$ 279	$ (629,424)	374,486	(5,557)	45,821
Beginning balance (in shares) at Dec. 31, 2020	23,493,546
Beginning balance at Dec. 31, 2020	$ 322,800
Ending balance (in shares) at Dec. 31, 2021	0
Ending balance at Dec. 31, 2021	$ 0
Beginning balance (in shares) at Dec. 31, 2020			278,322,716	572,711
Beginning balance at Dec. 31, 2020	$ 484,712		$ 279	$ (1,608)	381,172	(1,589)	106,458
Increase (Decrease in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Ending balance (in shares) at Dec. 31, 2021			305,132,181	50,985,571
Ending balance at Dec. 31, 2021	$ 708,491	$ (841)	$ 356	$ (629,424)	1,390,630	(10,863)	(42,208)	$ (841)
Ending balance (in shares) at Mar. 31, 2022	0
Ending balance at Mar. 31, 2022	$ 0
Increase (Decrease in Stockholders' Equity [Roll Forward]
Net (loss) income	(59,904)						(59,904)
Other comprehensive loss, net of tax	$ (5,679)					(5,679)
Issuance of common stock on exercise of options (in shares)	386,571
Issuance of common stock for equity incentive awards, net of withholding taxes (in shares)			4,736,820
Issuance of common stock for equity incentive awards, net of withholding taxes	$ (28,042)		$ 5		(28,047)
Reissuance of treasury shares for equity incentive awards (in shares)			155,806	(155,806)
Reissuance of treasury shares for equity incentive awards	144			$ 1,940	(1,796)
Stock-based compensation expense	120,737				120,737
Ending balance (in shares) at Mar. 31, 2022			310,024,807	50,829,765
Ending balance at Mar. 31, 2022	$ 734,906		$ 361	$ (627,484)	$ 1,481,524	$ (16,542)	$ (102,953)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Redeemable, convertible preferred stock, issuance costs	$ 9.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ (59,904)	$ 18,585
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization expense	8,582	6,884
Bad debt recovery	(100)	(168)
Deferred income tax benefit	(6,461)	(1,252)
Stock-based compensation expense	120,737	1,874
Unrealized foreign currency exchange (gains) losses	(5,847)	3,929
Non-cash lease expense on right-of-use assets	4,153
Other operating activities, net	314	707
Changes in operating assets and liabilities:
Trade receivables	(1,130)	27,579
Unbilled receivables	(35,314)	(20,422)
Prepaid expenses and other assets	(4,963)	(20,045)
Lease liabilities	(2,358)
Accounts payable	1,613	1,036
Accrued expenses and other liabilities	(25,417)	11,054
Net cash (used in) provided by operating activities	(6,095)	29,761
Cash flows from investing activities:
Purchase of property and equipment	(5,134)	(5,584)
Proceeds from disposal of fixed assets	136	77
Acquisition of businesses, net of cash acquired	0	(44,759)
Net cash used in investing activities	(4,998)	(50,266)
Cash flows from financing activities:
Proceeds from issuance of Series A redeemable convertible preferred stock, net of issuance costs	0	380,994
Proceeds from issuance of common stock	0	1,873
Payments of obligations of long-term debt	(1,788)	(131,346)
Payments of debt issuance costs	0	(7,176)
Proceeds from borrowings on long-term debt	0	401,285
Proceeds from issuance of common stock on exercise of options, net of employee tax withholding	704	62
Shares and options purchased under tender offer	0	(702,173)
Withholding taxes paid on tender offer	(15,469)	0
Withholding taxes paid on dividends previously declared	(5,903)	0
Withholding taxes paid related to net share settlement of equity awards	(7,307)	0
Other financing activities, net	(29)	(139)
Net cash used in financing activities	(29,792)	(56,620)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	182	(1,204)
Net decrease in cash, cash equivalents and restricted cash	(40,703)	(78,329)
Cash, cash equivalents and restricted cash at beginning of the period	394,942	492,199
Cash, cash equivalents and restricted cash at end of the period	354,239	413,870
Supplemental disclosure of cash flow information:
Interest paid	4,355	5,067
Income taxes paid	2,383	3,394
Supplemental disclosures of non-cash financing activities:
Withholding taxes payable included within accrued expenses	4,575	15,469
Withholding taxes payable included within accrued compensation	21,930	0
Option costs receivable included within prepaid expenses and other current assets	635	0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	339,638	397,291
Restricted cash included in other current assets	13,376	15,256
Restricted cash included in other non-current assets	1,225	1,323
Total cash, cash equivalents and restricted cash	$ 354,239	$ 413,870

Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Summary of Significant Accounting Policies

Thoughtworks Holding, Inc. (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.

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2021 Annual Report.

Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2022 presentation. These reclassifications had no effect on results of operations previously reported.

Preparation of Financial Statements and Use of Estimates

The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. 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 the allowance for credit losses, valuation and impairment of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation 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 condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature.

Stock Split

Prior to the Company's initial public offering (the "IPO") which closed on September 17, 2021, 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.

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.

Government Assistance

The Company has historically received government subsidies in the form of cash in China and Singapore related to expenses such as rent, wages, training benefits and taxes. The subsidies are recorded against the related expense within selling, general and administrative ("SG&A") expense or cost of revenues in the condensed consolidated statements of (loss) income and comprehensive (loss) income. The Company recorded an immaterial amount for the three months ended March 31, 2022.

Allowance for Credit Losses

The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) in the first quarter of 2022. See “—Recently Adopted Accounting Standards” below for further discussion. The Company is exposed to credit risk primarily through trade receivables and unbilled receivables. Activity related to the Company’s allowance for credit losses is as follows (in thousands):


	Three Months Ended March 31,
	2022
Allowance for credit losses, beginning balance	$	(8,916)
Impact of accounting standard adoption	(841)
Current provision for expected credit losses	100
Write-offs charged against allowance	—
Recoveries of amounts previously written off	—
Changes due to exchange rates	(774)
Allowance for credit losses, ending balance	$	(10,431)

Recently Adopted Accounting Standards

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which amends existing accounting standards for lease accounting and requires lessees to recognize virtually all leases on the balance sheet by recording a right-of-use asset and a lease liability (for other than short term leases). The Company early adopted the standard effective January 1, 2022. The Company elected the modified retrospective transition method, and as a result, the Company did not adjust its comparative period financial information or make the new required lease disclosures for periods before the date of adoption. The Company elected 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 did not elect the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of operating lease assets. The Company is electing not to apply the recognition requirements to short-term leases of 12 months or less and instead will recognize lease payments as expense on a straight-line basis over the lease term. The Company also elected the option to combine lease and non-lease components as a single component for the Company's entire population of lease assets. Upon adoption, the Company recorded $40.9 million of right-of-use assets ("ROU") and $43.7 million of lease liabilities. Refer to Note 5, Leases, for further discussion.

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 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 are 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. The guidance and related amendments are effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date.

The Company early adopted the accounting standard by recording a cumulative effect adjustment to retained earnings as of January 1, 2022 using a modified retrospective approach. The adoption mainly impacts trade receivables and unbilled receivables. The Company analyzed its historical credit loss experience and considered current conditions and reasonable forecasts in developing the expected credit loss rates. The adoption of this new standard did not have a material impact on the Company's condensed consolidated financial statements.

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. The Company adopted the standard on January 1, 2022 on a prospective basis. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

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 condensed consolidated financial statements and will adopt this new standard in the fiscal year beginning January 1, 2023.

Concentration of Credit Risk and Other Risks and Uncertainties

Revenue generated from the Company's operations outside of the United States for the three months ended March 31, 2022 and 2021 was 63% and 64%, respectively.

As of March 31, 2022 and December 31, 2021, approximately 68% and 73%, respectively, of trade accounts receivable and unbilled accounts receivable was due from customers located outside the United States. At March 31, 2022 and December 31, 2021, the Company had net fixed assets of $26.2 million and $26.6 million, respectively, outside the United States.

Revenue Recognition

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue RecognitionThe 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):


	Three Months Ended March 31,
	2022		2021

North America (1)	$	121,949	$	89,795
APAC (2)	102,206		72,590
Europe (3)	82,926		64,114
LATAM	13,859		11,163
Total revenues	$	320,940	$	237,662

(1)For the three months ended March 31, 2022 and 2021, the United States represented 35.9%, or $115.1 million, and 36.1%, or $85.9 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 the three months ended March 31, 2022 and 2021.

(2)For the three months ended March 31, 2022 and 2021, Australia represented 11.3%, or $36.3 million, and 11.1%, or $26.5 million, respectively, of the Company’s total revenues.

(3)For the three months ended March 31, 2022 and 2021, the United Kingdom represented 11.7%, or $37.7 million, and 12.0%, or $28.6 million, respectively, of the Company’s total revenues. For the three months ended March 31, 2021, the revenues generated in Germany represented 11.0%, or $26.0 million, of the Company’s total revenues. For the three months ended March 31, 2022, revenues generated in Germany as a percentage of the Company’s total revenues was less than 10%.

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 three months ended March 31, 2022 and 2021.

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


	Three Months Ended March 31,
	2022		2021
Technology and business services	$	85,349	$	66,210
Energy, public and health services	77,110		63,664
Retail and consumer	62,435		41,133
Financial services and insurance	58,464		34,254
Automotive, travel and transportation	37,582		32,401

Total revenues	$	320,940	$	237,662

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


	Three Months Ended March 31,
	2022		2021

Time-and-material	$	271,363	$	189,174
Fixed-price	49,577		48,488

Total revenues	$	320,940	$	237,662

Contract Balances

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


	As of March 31, 2022		As of December 31, 2021
Contract assets included in unbilled receivables	$	28,491	$	25,408
Contract liabilities included in deferred revenue	$	5,230	$	13,807

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 three months ended March 31, 2022 and 2021, the Company recognized $10.1 million and $6.2 million, respectively, of revenues that were included in current liabilities at the prior year end.

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. These costs would primarily relate to commissions paid to our account executives and are included in SG&A expenses. The Company did not have long term contracts to capitalize related costs prior to the fourth quarter of 2021.

The following table is a summary of the Company’s costs to obtain contracts and related amortization and impairment where the amortization period of the assets is greater than one year (in thousands):


	Three Months Ended March 31,
	2022		2021
Costs to obtain contracts, beginning balance	$	2,039	$	—
Costs to obtain contracts capitalized	91		—
Amortization of capitalized costs	(315)		—
Impairment of costs to obtain contracts	—		—
Changes due to exchange rates	(1)		—
Costs to obtain contracts, ending balance	$	1,814	$	—

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
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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesPrior to the IPO, the Company calculated the provision for income taxes during interim reporting periods by applying an estimate of the effective tax rate for the full year to the pre-tax income or loss for the interim period, adjusting the provision for discrete tax items recorded in the period. Upon the IPO, due to the magnitude of transaction related stock-based compensation costs, the Company's forecasted pre-tax income for the year is causing the tax rate to be highly sensitive, whereby minor changes in forecasted pre-tax income generate significant variability in the estimated annual effective tax rate. This is impacting the customary relationship between income tax expense and pre-tax income in interim periods. Beginning in the third quarter of 2021, the Company concluded that it could not calculate a reliable estimate of the annual effective tax rate due to the range of potential impacts for the aforementioned forecast changes. Accordingly, the Company computed the effective tax rate for the three month period ended March 31, 2022 using actual results, as allowed by ASC 740-270-30-18, Income Taxes-Interim Reporting. The Company’s effective tax rate for the three months ended March 31, 2022 and March 31, 2021 was (0.5)% and 19.9%, respectively. The effective tax rate in each period differed from the U.S. statutory rate of 21% for such period primarily due to U.S. corporate state income taxation and the effect of foreign operations which reflects the impact of higher income tax rates in locations outside the United States, offset by excess tax benefits on stock-based compensation. The decrease in the effective tax rate for the three months ended March 31, 2022, as compared to the prior period, was primarily due to the non-deductibility of China SAFE restricted stock units ("RSUs"), the unfavorable impact of valuation allowances on deferred tax assets of select foreign operations, and the non-deductibility of executive compensation expense in compliance with §162(m) of the Internal Revenue Code. The negative effective tax rate for the three months ended March 31, 2022 is a result of the aforementioned unique net unfavorable items when compared to the pre-tax loss recorded for the quarter.

- 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

(Loss) Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

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 the 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):


	Three Months Ended March 31,
	2022		2021
Basic (loss) earnings per common share:
Net (loss) income	$	(59,904)	$	18,585

Earnings allocated to Preferred Stock	—		(3,411)
Net (loss) income allocated to common shareholders – Basic	$	(59,904)	$	15,174

Weighted average common shares outstanding – Basic	306,189,816		242,471,720
Basic (loss) earnings per common share	$	(0.20)	$	0.06

Diluted (loss) earnings per common share:
Net (loss) income allocated to common shareholders – Basic	(59,904)		15,174
Weighted average shares outstanding – Basic	306,189,816		242,471,720
Dilutive effect of:
Employee stock options and common shares (1)	—		6,653,308
Weighted average common shares outstanding – Diluted	306,189,816		249,125,028
Diluted (loss) earnings per common share	$	(0.20)	$	0.06

(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 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:


	Three Months Ended March 31,
	2022	2021
Employee stock options and RSUs	27,693,628	110,468

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

The Company leases facilities (office space and corporate apartments) and equipment (IT equipment) under various non-cancelable operating leases that expire through December 2031, some of which include one or more options to extend the leases, generally at rates to be determined in accordance with the agreements. The Company's facility leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. The Company's lease terms include options to extend the lease if they are reasonably certain of being exercised.

The Company recognizes operating lease expense on a straight-line basis over the lease term and variable lease payments are expensed as incurred. Operating lease expense and the related variable lease expense is recorded within SG&A expenses in the Company's condensed consolidated statements of (loss) income and comprehensive (loss) income. The Company does not have finance leases.

The Company determines if a contract contains a lease at lease inception. If the borrowing rate implicit in the lease is not determinable, the Company uses its incremental borrowing rate ("IBR") based on information available at lease commencement including prevailing financial market conditions to determine the present value of future lease payments. The Company has elected the option to combine lease and non-lease components as a single component for the Company's entire population of lease assets.

Operating lease assets and lease liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent the right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, and lease incentives. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leased assets are presented net of accumulated amortization. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or liabilities; instead, these are expensed as incurred and recorded as variable lease expense.

Adoption of Topic 842 resulted in the initial recognition of ROU assets of $40.9 million and lease liabilities of $43.7 million.

As of March 31, 2022, the Company does not have any leases that create significant rights and obligations that have not yet commenced. For the three months ended March 31, 2022, operating lease cost was $4.7 million. The Company's short-term lease cost and variable lease cost were immaterial.

The following table presents supplemental cash flow information (in thousands):


	March 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,758
ROU assets obtained in exchange for new operating lease liabilities	4,114

The following table presents average lease terms and discount rates (in thousands):


	March 31, 2022
Weighted-average remaining lease term (years)	4.2
Weighted average discount rate	5.3	%

As of March 31, 2022, the aggregate future lease payments under all operating leases are as follows (in thousands):


	Operating
Remainder of 2022	$	12,467
2023	12,832
2024	7,768
2025	4,572
2026	3,440
Thereafter	6,162
Total lease payments	47,241
Less: imputed interest	5,120
Present value of lease liabilities	$	42,121

ASC 840 Disclosures

Prior to the adoption of Topic 842, aggregate future minimum lease payments, net of sublease income, under all operating leases were as follows as of December 31, 2021 (in thousands):



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 three months ended March 31, 2021 was $4.8 million.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The following is a summary of the components of stock-based compensation expense for the periods indicated (in thousands):


	Three Months Ended March 31,
	2022		2021
Cost of revenues	$	83,493	$	782
Selling, general and administrative expenses	37,243		1,092
Total stock-based compensation expense	$	120,736	$	1,874

Stock Options

The following is a summary of performance and time vesting stock option activity for the three months ended March 31, 2022 (in thousands, except share and per share data):


	Number of Stock Options	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (years)
Balance at December 31, 2021	24,097,082	$	3.79
Granted	—	—
Forfeited	(27,141)	4.98
Exercised	(386,571)	3.46
Cancelled	—	—
Expired	—	—
Balance at March 31, 2022	23,683,370	$	3.80	$	402,944	6.3

Exercisable at March 31, 2022	21,713,162	$	3.30	$	380,231	6.1

As of March 31, 2022, total compensation cost related to time vesting options not yet recognized was $6.7 million, which will be recognized over a weighted-average period of 1.6 years. Unless otherwise prohibited by law in local jurisdictions, time vesting options will continue to vest according to the 2017 Stock Option Plan.

The following table summarizes the weighted-average assumptions used in estimating the fair value of stock options granted to employees during the three months ended March 31, 2021. No options were granted during the three months ended March 31, 2022.


	Three Months Ended March 31,
		2021 (1)
Risk-free interest rate		0.1	%
Dividend yield		—	%
Expected volatility		55.0	%
Expected term (years)		1

(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.

Restricted Stock Units

The following is a summary of RSU activity for the three months ended March 31, 2022:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2021	14,128,722	$	23.39
Granted (1)	5,203,508	22.42
Forfeited	(496,758)	23.11
Vested (2)	(5,840,524)	21.00
Unvested balance at March 31, 2022	12,994,948	$	24.09

(1)Includes 4.4 million RSUs 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)Includes 1.3 million shares that were net settled when released and returned to the share pool for future grants.

As of March 31, 2022, total compensation cost related to all RSUs not yet recognized was $226.3 million, of which $145.2 million is IPO related and considered nonrecurring. The remainder of $81.1 million is expected to be recurring in relation to the annual grant. The unamortized expense is anticipated to be recognized over a weighted-average period of 1.6 years.

Credit Agreements

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Credit Agreements

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


	March 31, 2022			December 31, 2021
Availability under revolving credit facility (due March 26, 2026)	$	165,000		$	165,000
Borrowings under revolving credit facility	$	—		$	—
Long-term debt (due March 24, 2028), including current portion (1)	$	502,935		$	504,530
Interest rate	3.25		%	3.50		%

(1)The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below.

The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands):



	March 31, 2022		December 31, 2021
Long-term debt, less current portion	$	500,700	$	502,488
Capitalized deferred financing fees	(4,915)		(5,108)
Long-term debt	495,785		497,380
Current portion of long-term debt	7,150		7,150
Total debt carrying value	$	502,935	$	504,530

The Company estimates the fair value of the Term Loan using current market yields. These current market yields are considered Level 2 inputs. The book value of the Company’s credit facilities is considered to approximate its fair value as of March 31, 2022 as the interest rates are considered in line with current market rates. The fair value of the Term Loan was $485.0 million as of December 31, 2021.

- 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

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+ Details

Accrued Expenses

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

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



	March 31, 2022		December 31, 2021
Accrued interest expense	$	72	$	76
Accrued employee expense	1,674		2,320
Accrued travel expense	301		514
Operating lease expenses	249		262
Insurance charges	209		170
Professional fees	7,010		5,188
Withholding taxes payable	4,637		26,077
Other taxes payable	11,545		9,402
Rebates payable	943		943
Other accrued expenses	3,205		6,741
Accrued expenses	$	29,845	$	51,693

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 26, 2022, the Company completed the acquisition of Connected, an end-to-end product development service firm that partners with their clients to discover and deliver products, in an all-cash transaction for a gross purchase price of approximately $64.6 million, or $60.3 million net of cash acquired of $4.3 million. Connected is now wholly-owned by the Company. The acquisition will advance the Company's capabilities in solving business problems through product-led design processes, from defining the strategy to discovery and delivery and enhance the Thoughtworks customer experience, product and design service line in North America. The Company is still in the process of finalizing the purchase price allocation including preliminary allocation of the purchase consideration.

Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of Thoughtworks Holding, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2021 Annual Report. Certain amounts in the prior period consolidated financial statements and notes have been reclassified to conform to the 2022 presentation. These reclassifications had no effect on results of operations previously reported.
Preparation of Financial Statements	The preparation of these condensed consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. 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 the allowance for credit losses, valuation and impairment of goodwill and long-lived assets, income taxes, accrued bonus, contingencies, stock-based compensation and litigation costs.
Use of Estimates	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 condensed consolidated financial statements in the future. Operating results for interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature.
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.
Government Assistance	The Company has historically received government subsidies in the form of cash in China and Singapore related to expenses such as rent, wages, training benefits and taxes. The subsidies are recorded against the related expense within selling, general and administrative ("SG&A") expense or cost of revenues in the condensed consolidated statements of (loss) income and comprehensive (loss) income
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted	In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which amends existing accounting standards for lease accounting and requires lessees to recognize virtually all leases on the balance sheet by recording a right-of-use asset and a lease liability (for other than short term leases). The Company early adopted the standard effective January 1, 2022. The Company elected the modified retrospective transition method, and as a result, the Company did not adjust its comparative period financial information or make the new required lease disclosures for periods before the date of adoption. The Company elected 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 did not elect the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of operating lease assets. The Company is electing not to apply the recognition requirements to short-term leases of 12 months or less and instead will recognize lease payments as expense on a straight-line basis over the lease term. The Company also elected the option to combine lease and non-lease components as a single component for the Company's entire population of lease assets. Upon adoption, the Company recorded $40.9 million of right-of-use assets ("ROU") and $43.7 million of lease liabilities. Refer to Note 5, Leases, for further discussion. 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 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 are 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. The guidance and related amendments are effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company early adopted the accounting standard by recording a cumulative effect adjustment to retained earnings as of January 1, 2022 using a modified retrospective approach. The adoption mainly impacts trade receivables and unbilled receivables. The Company analyzed its historical credit loss experience and considered current conditions and reasonable forecasts in developing the expected credit loss rates. The adoption of this new standard did not have a material impact on the Company's condensed consolidated financial statements. 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. The Company adopted the standard on January 1, 2022 on a prospective basis. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. 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 condensed consolidated financial statements and will adopt this new standard in the fiscal year beginning January 1, 2023.

Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Allowance for Credit Loss

The Company is exposed to credit risk primarily through trade receivables and unbilled receivables. Activity related to the Company’s allowance for credit losses is as follows (in thousands):


	Three Months Ended March 31,
	2022
Allowance for credit losses, beginning balance	$	(8,916)
Impact of accounting standard adoption	(841)
Current provision for expected credit losses	100
Write-offs charged against allowance	—
Recoveries of amounts previously written off	—
Changes due to exchange rates	(774)
Allowance for credit losses, ending balance	$	(10,431)

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

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):


	Three Months Ended March 31,
	2022		2021

North America (1)	$	121,949	$	89,795
APAC (2)	102,206		72,590
Europe (3)	82,926		64,114
LATAM	13,859		11,163
Total revenues	$	320,940	$	237,662

(2)For the three months ended March 31, 2022 and 2021, Australia represented 11.3%, or $36.3 million, and 11.1%, or $26.5 million, respectively, of the Company’s total revenues.

Disaggregation of Revenue

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


	Three Months Ended March 31,
	2022		2021
Technology and business services	$	85,349	$	66,210
Energy, public and health services	77,110		63,664
Retail and consumer	62,435		41,133
Financial services and insurance	58,464		34,254
Automotive, travel and transportation	37,582		32,401

Total revenues	$	320,940	$	237,662

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


	Three Months Ended March 31,
	2022		2021

Time-and-material	$	271,363	$	189,174
Fixed-price	49,577		48,488

Total revenues	$	320,940	$	237,662

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 March 31, 2022		As of December 31, 2021
Contract assets included in unbilled receivables	$	28,491	$	25,408
Contract liabilities included in deferred revenue	$	5,230	$	13,807

Schedule of Costs to Obtain Contracts and Related Amortization and Impairment


	Three Months Ended March 31,
	2022		2021
Costs to obtain contracts, beginning balance	$	2,039	$	—
Costs to obtain contracts capitalized	91		—
Amortization of capitalized costs	(315)		—
Impairment of costs to obtain contracts	—		—
Changes due to exchange rates	(1)		—
Costs to obtain contracts, ending balance	$	1,814	$	—

(Loss) Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

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):


	Three Months Ended March 31,
	2022		2021
Basic (loss) earnings per common share:
Net (loss) income	$	(59,904)	$	18,585

Earnings allocated to Preferred Stock	—		(3,411)
Net (loss) income allocated to common shareholders – Basic	$	(59,904)	$	15,174

Weighted average common shares outstanding – Basic	306,189,816		242,471,720
Basic (loss) earnings per common share	$	(0.20)	$	0.06

Diluted (loss) earnings per common share:
Net (loss) income allocated to common shareholders – Basic	(59,904)		15,174
Weighted average shares outstanding – Basic	306,189,816		242,471,720
Dilutive effect of:
Employee stock options and common shares (1)	—		6,653,308
Weighted average common shares outstanding – Diluted	306,189,816		249,125,028
Diluted (loss) earnings per common share	$	(0.20)	$	0.06

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended March 31,
	2022	2021
Employee stock options and RSUs	27,693,628	110,468

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lease, Cost

The following table presents supplemental cash flow information (in thousands):


	March 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,758
ROU assets obtained in exchange for new operating lease liabilities	4,114

The following table presents average lease terms and discount rates (in thousands):


	March 31, 2022
Weighted-average remaining lease term (years)	4.2
Weighted average discount rate	5.3	%

Schedule of Future Lease Payments

As of March 31, 2022, the aggregate future lease payments under all operating leases are as follows (in thousands):


	Operating
Remainder of 2022	$	12,467
2023	12,832
2024	7,768
2025	4,572
2026	3,440
Thereafter	6,162
Total lease payments	47,241
Less: imputed interest	5,120
Present value of lease liabilities	$	42,121

Schedule of Future Minimum Rental Payments for Operating Leases

Prior to the adoption of Topic 842, aggregate future minimum lease payments, net of sublease income, under all operating leases were as follows as of December 31, 2021 (in thousands):



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)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Components of Stock-based Compensation Expense

The following is a summary of the components of stock-based compensation expense for the periods indicated (in thousands):


	Three Months Ended March 31,
	2022		2021
Cost of revenues	$	83,493	$	782
Selling, general and administrative expenses	37,243		1,092
Total stock-based compensation expense	$	120,736	$	1,874

Schedule of Option Activity

The following is a summary of performance and time vesting stock option activity for the three months ended March 31, 2022 (in thousands, except share and per share data):


	Number of Stock Options	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Term (years)
Balance at December 31, 2021	24,097,082	$	3.79
Granted	—	—
Forfeited	(27,141)	4.98
Exercised	(386,571)	3.46
Cancelled	—	—
Expired	—	—
Balance at March 31, 2022	23,683,370	$	3.80	$	402,944	6.3

Exercisable at March 31, 2022	21,713,162	$	3.30	$	380,231	6.1

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


	Three Months Ended March 31,
		2021 (1)
Risk-free interest rate		0.1	%
Dividend yield		—	%
Expected volatility		55.0	%
Expected term (years)		1

Schedule of Restricted Stock Units Activity

The following is a summary of RSU activity for the three months ended March 31, 2022:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2021	14,128,722	$	23.39
Granted (1)	5,203,508	22.42
Forfeited	(496,758)	23.11
Vested (2)	(5,840,524)	21.00
Unvested balance at March 31, 2022	12,994,948	$	24.09

(2)Includes 1.3 million shares that were net settled when released and returned to the share pool for future grants.

Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Credit Facilities

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


	March 31, 2022			December 31, 2021
Availability under revolving credit facility (due March 26, 2026)	$	165,000		$	165,000
Borrowings under revolving credit facility	$	—		$	—
Long-term debt (due March 24, 2028), including current portion (1)	$	502,935		$	504,530
Interest rate	3.25		%	3.50		%

(1)The balance includes deferred financing fees. A reconciliation of gross to net amounts is presented below.

The following table presents the carrying value of the Company’s credit facilities (including current maturities) (in thousands):



	March 31, 2022		December 31, 2021
Long-term debt, less current portion	$	500,700	$	502,488
Capitalized deferred financing fees	(4,915)		(5,108)
Long-term debt	495,785		497,380
Current portion of long-term debt	7,150		7,150
Total debt carrying value	$	502,935	$	504,530

- 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.

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+ Details

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

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



	March 31, 2022		December 31, 2021
Accrued interest expense	$	72	$	76
Accrued employee expense	1,674		2,320
Accrued travel expense	301		514
Operating lease expenses	249		262
Insurance charges	209		170
Professional fees	7,010		5,188
Withholding taxes payable	4,637		26,077
Other taxes payable	11,545		9,402
Rebates payable	943		943
Other accrued expenses	3,205		6,741
Accrued expenses	$	29,845	$	51,693

Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Sep. 16, 2021	Mar. 31, 2022 USD ($)	Mar. 31, 2021	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)
Concentration Risk [Line Items]
Stock split, conversion ratio	43.6
Right-of-use assets		$ 39,377			$ 40,900
Operating lease liability		42,121			$ 43,700
Property and equipment, net		34,526		$ 34,500
Non-US
Concentration Risk [Line Items]
Property and equipment, net		$ 26,200		$ 26,600
Non-US \| Revenue Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk		63.00%	64.00%
Non-US \| Trade Accounts Receivable and Unbilled Accounts Receivable \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk		68.00%		73.00%

Business and Summary of Significant Accounting Policies - Schedule of Allowance For Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ (8,916)
Current provision for expected credit losses	100	$ 168
Write-offs charged against allowance	0
Recoveries of amounts previously written off	0
Changes due to exchange rates	(774)
Allowance for credit losses, ending balance	(10,431)
Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ (841)

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($) industryVertical	Mar. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Number of industry verticals \| industryVertical	5
Revenue recognized \| $	$ 10.1	$ 6.2

Revenue Recognition - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 320,940	$ 237,662
North America
Disaggregation of Revenue [Line Items]
Revenues	121,949	89,795
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 115,100	$ 85,900
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	35.90%	36.10%
APAC
Disaggregation of Revenue [Line Items]
Revenues	$ 102,206	$ 72,590
Australia
Disaggregation of Revenue [Line Items]
Revenues	$ 36,300	$ 26,500
Australia \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	11.30%	11.10%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 82,926	$ 64,114
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues	$ 37,700	$ 28,600
United Kingdom \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk	11.70%	12.00%
Germany
Disaggregation of Revenue [Line Items]
Revenues		$ 26,000
Germany \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk		11.00%
LATAM
Disaggregation of Revenue [Line Items]
Revenues	$ 13,859	$ 11,163

Revenue Recognition - Schedule of Revenue by Industry (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 320,940	$ 237,662
Technology and business services
Disaggregation of Revenue [Line Items]
Revenues	85,349	66,210
Energy, public and health services
Disaggregation of Revenue [Line Items]
Revenues	77,110	63,664
Retail and consumer
Disaggregation of Revenue [Line Items]
Revenues	62,435	41,133
Financial services and insurance
Disaggregation of Revenue [Line Items]
Revenues	58,464	34,254
Automotive, travel and transportation
Disaggregation of Revenue [Line Items]
Revenues	$ 37,582	$ 32,401

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue Recognition - Schedule of Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 320,940	$ 237,662
Time-and-material
Disaggregation of Revenue [Line Items]
Revenues	271,363	189,174
Fixed-price
Disaggregation of Revenue [Line Items]
Revenues	$ 49,577	$ 48,488

- Definition

+ References

+ Details

Revenue Recognition - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets included in unbilled receivables	$ 28,491	$ 25,408
Contract liabilities included in deferred revenue	$ 5,230	$ 13,807

Revenue Recognition - Schedule of Costs to Obtain Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Capitalized Contract Cost [Roll Forward]
Costs to obtain contracts, beginning balance	$ 2,039	$ 0
Costs to obtain contracts capitalized	91	0
Amortization of capitalized costs	(315)	0
Impairment of costs to obtain contracts	0	0
Changes due to exchange rates	(1)	0
Costs to obtain contracts, ending balance	$ 1,814	$ 0

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.50%)	19.90%

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

(Loss) Earnings Per Common Share - Schedule of (Loss) Earnings per Share (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Sep. 16, 2021	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares
Basic (loss) earnings per common share:
Net (loss) income \| $		$ (59,904)	$ 18,585
Earnings allocated to Preferred Stock \| $		0	(3,411)
Net (loss) income allocated to common shareholders – Basic \| $		$ (59,904)	$ 15,174
Weighted average shares outstanding, basic (in shares) \| shares		306,189,816	242,471,720
Basic (loss) earnings per common share (in USD per share) \| $ / shares		$ (0.20)	$ 0.06
Diluted (loss) earnings per common share:
Net (loss) income allocated to common shareholders – Basic \| $		$ (59,904)	$ 15,174
Weighted average shares outstanding, basic (in shares) \| shares		306,189,816	242,471,720
Dilutive effect of:
Employee stock options and restricted common shares (in shares) \| shares		0	6,653,308
Weighted average shares outstanding, diluted (in shares) \| shares		306,189,816	249,125,028
Diluted (loss) earnings per common share (in USD per share) \| $ / shares		$ (0.20)	$ 0.06
Stock split, conversion ratio	43.6

(Loss) Earnings Per Common Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of Earnings Per Share (in shares)	27,693,628	110,468

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022
Leases [Abstract]
Right-of-use assets	$ 39,377		$ 40,900
Operating lease liability	42,121		$ 43,700
Operating lease cost	$ 4,700
Operating leases, rent expense		$ 4,800

Leases - Schedule of Supplemental Cash Flow Lease Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,758
ROU assets obtained in exchange for new operating lease liabilities	$ 4,114
Weighted-average remaining lease term (years)	4 years 2 months 12 days
Weighted average discount rate	5.30%

Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Remainder of 2022	$ 12,467
2023	12,832
2024	7,768
2025	4,572
2026	3,440
Thereafter	6,162
Total lease payments	47,241
Less: imputed interest	5,120
Present value of lease liabilities	$ 42,121	$ 43,700

Leases - Schedule of Future Minimum Lease Payments Before Adoption of ASC 842 (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
Remainder of 2022	$ 17,557
2023	11,690
2024	6,849
2025	3,955
2026	3,027
Thereafter	6,088
Total lease payments	$ 49,166

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 120,736	$ 1,874
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	83,493	782
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 37,243	$ 1,092

Stock-Based Compensation - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Time Vesting Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs not yet recognized	$ 6,700
Compensation costs, weighted average period of recognition	1 year 7 months 6 days
RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, (other than options) not yet recognized	$ 226,300
Cost not yet recognized	$ 81,100
Compensation costs, weighted average period of recognition	1 year 7 months 6 days
RSU's \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs, (other than options) not yet recognized	$ 145,200

Stock-Based Compensation- Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	24,097,082
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(27,141)
Exercised (in shares) \| shares	(386,571)
Cancelled (in shares) \| shares	0
Expired (in shares) \| shares	0
Ending balance (in shares) \| shares	23,683,370
Exercisable (in shares) \| shares	21,713,162
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 3.79
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	4.98
Exercised (in dollars per share) \| $ / shares	3.46
Cancelled (in dollars per share) \| $ / shares	0
Expired (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	3.80
Weighted average exercise price, Exercisable (in dollars per share) \| $ / shares	$ 3.30
Aggregate Intrinsic Value and Weighted-Average Remaining Contractual Term (years)
Aggregate Intrinsic Value \| $	$ 402,944
Aggregate Intrinsic Value, Exercisable \| $	$ 380,231
Weighted-average period of recognition	6 years 3 months 18 days
Weighted Average Remaining Contractual Term, Exercisable	6 years 1 month 6 days

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		0.10%
Dividend yield		0.00%
Expected volatility		55.00%
Expected term (years)		1 year

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted Stock Units (RSUs)
Number of Restricted Stock Units
Beginning balance (in shares)	14,128,722
Granted (in shares)	5,203,508
Forfeited (in shares)	(496,758)
Vested (in shares)	(5,840,524)
Ending balance (in shares)	12,994,948
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 23.39
Granted (in dollars per share) \| $ / shares	22.42
Forfeited (in dollars per share) \| $ / shares	23.11
Vested (in dollars per share) \| $ / shares	21.00
Ending balance (in dollars per share) \| $ / shares	$ 24.09
Net settled (in shares)	1,300,000
Restricted Stock Units, State Administration Of Foreign Exchange Of The People's Republic Of China
Number of Restricted Stock Units
Granted (in shares)	4,400,000

Credit Agreements - Schedule of Borrowings (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt (due March 24, 2028), including current portion	$ 502,935,000	$ 504,530,000
Interest rate	3.25%	3.50%
Line of Credit \| Credit Agreements \| Revolving Credit Facility
Debt Instrument [Line Items]
Availability under revolving credit facility (due March 26, 2026)	$ 165,000,000	$ 165,000,000
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	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-term debt, less current portion	$ 500,700	$ 502,488
Capitalized deferred financing fees	(4,915)	(5,108)
Long-term debt	495,785	497,380
Current portion of long-term debt	7,150	7,150
Total debt carrying value	$ 502,935	$ 504,530

- Definition

+ References + Details

Credit Agreements - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Secured Debt \| Term Loan
Debt Instrument [Line Items]
Term loan, fair value	$ 485.0

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued interest expense	$ 72	$ 76
Accrued employee expense	1,674	2,320
Accrued travel expense	301	514
Operating lease expenses	249	262
Insurance charges	209	170
Professional fees	7,010	5,188
Withholding taxes payable	4,637	26,077
Other taxes payable	11,545	9,402
Rebates payable	943	943
Other accrued expenses	3,205	6,741
Accrued expenses	$ 29,845	$ 51,693

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 26, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Acquisition of businesses, net of cash acquired		$ 0	$ 44,759
Subsequent Event \| Connected
Subsequent Event [Line Items]
Gross purchase price	$ 64,600
Acquisition of businesses, net of cash acquired	60,300
Cash acquired from acquisition	$ 4,300