Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | LegalZoom.com, Inc. | |
Entity Central Index Key | 0001286139 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Small Business | false | |
Entity Ex Transition Period | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | LZ | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-35618 | |
Entity Tax Identification Number | 95-4752856 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 101 North Brand Boulevard | |
Entity Address, Address Line Two | 11th Floor Glendale | |
Entity Address, City or Town | California | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91203 | |
City Area Code | 323 | |
Local Phone Number | 962-8600 | |
Entity Common Stock, Shares Outstanding | 196,904,824 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 166,972 | $ 114,470 |
Accounts receivable | 10,866 | 8,555 |
Prepaid expenses and other current assets | 12,565 | 10,536 |
Total current assets | 190,403 | 133,561 |
Property and equipment, net | 48,973 | 51,374 |
Goodwill | 11,415 | 11,404 |
Intangible assets, net | 490 | 815 |
Deferred income taxes | 22,859 | 22,807 |
Restricted cash equivalent | 25,000 | |
Available-for-sale debt securities | 1,022 | 1,050 |
Other assets | 12,529 | 6,053 |
Total assets | 287,691 | 252,064 |
Current liabilities: | ||
Accounts payable | 36,727 | 28,734 |
Accrued expenses and other current liabilities | 47,877 | 41,028 |
Deferred revenue | 151,775 | 127,142 |
Current portion of long-term debt | 3,041 | 3,029 |
Total current liabilities | 239,420 | 199,933 |
Long-term debt, net of current portion | 510,830 | 512,362 |
Deferred revenue | 2,094 | 2,937 |
Other liabilities | 10,312 | 16,558 |
Total liabilities | 762,656 | 731,790 |
Commitments and contingencies (Note 8) | ||
Series A redeemable convertible preferred stock, $0.001 par value; 30,512 shares authorized at June 30, 2021 and December 31, 2020; 23,081 shares issued and outstanding at June 30, 2021 and December 31, 2020. | 70,906 | 70,906 |
Stockholders' deficit: | ||
Common stock, $0.001 par value; 264,720 shares authorized; 125,538 and 125,037 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 126 | 126 |
Additional paid-in capital | 151,109 | 102,417 |
Accumulated deficit | (687,566) | (639,348) |
Accumulated other comprehensive loss | (9,540) | (13,827) |
Total stockholders' deficit | (545,871) | (550,632) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $ 287,691 | $ 252,064 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common stock par or stated value per share | $ 0.001 | $ 0.001 |
Common stock shares authorized | 264,720,000 | 264,720,000 |
Common stock shares issued | 125,538,000 | 125,037,000 |
Common stock shares outstanding | 125,538,000 | 125,037,000 |
Class A Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity par or stated value per share | $ 0.001 | $ 0.001 |
Temporary equity shares authorized | 30,512,000 | 30,512,000 |
Temporary equity shares issued | 23,081,000 | 23,081,000 |
Temporary equity shares outstanding | 23,081,000 | 23,081,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 150,432 | $ 111,007 | $ 285,064 | $ 216,802 |
Cost of revenue | 49,859 | 35,759 | 93,819 | 70,871 |
Gross profit | 100,573 | 75,248 | 191,245 | 145,931 |
Operating expenses: | ||||
Sales and marketing | 65,431 | 40,173 | 136,792 | 83,654 |
Technology and development | 28,426 | 10,165 | 38,925 | 20,708 |
General and administrative | 33,845 | 12,612 | 47,010 | 25,273 |
Impairment of long-lived and other assets | 379 | 379 | 555 | |
Loss on sale of business | 1,764 | 1,764 | ||
Total operating expenses | 128,081 | 64,714 | 223,106 | 131,954 |
(Loss) income from operations | (27,508) | 10,534 | (31,861) | 13,977 |
Interest expense, net | (9,312) | (8,857) | (17,966) | (18,127) |
Other income (expense), net | 420 | (355) | 668 | (1,461) |
Impairment of available-for-sale debt securities of $4,912, net of $94 loss recognized in other comprehensive loss | (4,818) | (4,818) | ||
Loss before income taxes | (36,400) | (3,496) | (49,159) | (10,429) |
Provision for (benefit from) from income taxes | 1,995 | 563 | (941) | (1,492) |
Net loss | $ (38,395) | $ (4,059) | $ (48,218) | $ (8,937) |
Net loss per share attributable to common stockholders – basic and diluted: | $ (0.31) | $ (0.03) | $ (0.38) | $ (0.07) |
Weighted-average shares used to compute net loss per share attributable to common stockholder – basic and diluted: | 125,423 | 124,681 | 125,245 | 124,546 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Impairment of available for sale debt securities | $ 4,912 | $ 4,912 |
Loss on impairment | $ (94) | $ (94) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (38,395) | $ (4,059) | $ (48,218) | $ (8,937) |
Other comprehensive (loss) income, net of tax: | ||||
Change in foreign currency translation adjustments: | (204) | 302 | (351) | 2,574 |
Change in available-for-sale debt securities: | ||||
Unrealized loss from available-for-sale debt securities | (41) | (28) | ||
Loss on impairment | (94) | (94) | ||
Total net changes in available-for-sale debt securities | (41) | (94) | (28) | (94) |
Change in unrealized gain (loss) on cash flow hedges: | ||||
Unrealized gain (loss) on interest rate cap and swaps | 270 | (2,020) | 2,351 | (9,306) |
Reclassification of prior hedge effectiveness and losses from interest rate cap to net loss | 1,298 | 787 | 2,315 | 909 |
Total net changes in cash flow hedges | 1,568 | (1,233) | 4,666 | (8,397) |
Total other comprehensive income (loss) | 1,323 | (1,025) | 4,287 | (5,917) |
Total comprehensive loss | $ (37,072) | $ (5,084) | $ (43,931) | $ (14,854) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Class A Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2019 | $ (556,991) | $ 70,906 | $ 125 | $ 92,916 | $ (644,305) | $ (5,727) |
Beginning balance, shares at Dec. 31, 2019 | 23,081,000 | 124,382,000 | ||||
Issuance of common stock upon exercise of stock options | 158 | 158 | ||||
Issuance of common stock upon exercise of stock options, shares | 410,000 | |||||
Issuance of common stock upon vesting of restricted stock awards, shares | 136,000 | |||||
Stock-based compensation | 4,102 | 4,102 | ||||
Shares surrendered for settlement of minimum statutory tax withholdings | (2,124) | (2,124) | ||||
Shares surrendered for settlement of minimum statutory tax withholdings, shares | (197,000) | |||||
Net interest and repayment of full recourse notes receivables | (6) | (6) | ||||
Special dividends | (73) | (73) | ||||
Other comprehensive income (loss) | (4,892) | (4,892) | ||||
Net loss | (4,878) | (4,878) | ||||
Ending balance at Mar. 31, 2020 | (564,704) | $ 70,906 | $ 125 | 94,973 | (649,183) | (10,619) |
Ending balance, shares at Mar. 31, 2020 | 23,081,000 | 124,731,000 | ||||
Beginning balance at Dec. 31, 2019 | (556,991) | $ 70,906 | $ 125 | 92,916 | (644,305) | (5,727) |
Beginning balance, shares at Dec. 31, 2019 | 23,081,000 | 124,382,000 | ||||
Other comprehensive income (loss) | (5,917) | |||||
Net loss | (8,937) | |||||
Ending balance at Jun. 30, 2020 | (567,500) | $ 70,906 | $ 126 | 97,260 | (653,242) | (11,644) |
Ending balance, shares at Jun. 30, 2020 | 23,081,000 | 124,891,000 | ||||
Beginning balance at Mar. 31, 2020 | (564,704) | $ 70,906 | $ 125 | 94,973 | (649,183) | (10,619) |
Beginning balance, shares at Mar. 31, 2020 | 23,081,000 | 124,731,000 | ||||
Issuance of common stock upon exercise of stock options | 113 | $ 1 | 112 | |||
Issuance of common stock upon exercise of stock options, shares | 218,000 | |||||
Issuance of common stock upon vesting of restricted stock awards, shares | 32,000 | |||||
Stock-based compensation | 3,099 | 3,099 | ||||
Shares surrendered for settlement of minimum statutory tax withholdings | (865) | (865) | ||||
Shares surrendered for settlement of minimum statutory tax withholdings, shares | (90,000) | |||||
Special dividends | (58) | (58) | ||||
Notes receivable from shareholder | (1) | (1) | ||||
Other comprehensive income (loss) | (1,025) | (1,025) | ||||
Net loss | (4,059) | (4,059) | ||||
Ending balance at Jun. 30, 2020 | (567,500) | $ 70,906 | $ 126 | 97,260 | (653,242) | (11,644) |
Ending balance, shares at Jun. 30, 2020 | 23,081,000 | 124,891,000 | ||||
Beginning balance at Dec. 31, 2020 | (550,632) | $ 70,906 | $ 126 | 102,417 | (639,348) | (13,827) |
Beginning balance, shares at Dec. 31, 2020 | 23,081,000 | 125,037,000 | ||||
Issuance of common stock upon exercise of stock options | 151 | 151 | ||||
Issuance of common stock upon exercise of stock options, shares | 244,000 | |||||
Issuance of common stock upon vesting of restricted stock awards, shares | 27,000 | |||||
Stock-based compensation | 3,799 | 3,799 | ||||
Shares surrendered for settlement of minimum statutory tax withholdings | (100) | (100) | ||||
Shares surrendered for settlement of minimum statutory tax withholdings, shares | (9,000) | |||||
Net interest and repayment of full recourse notes receivables | 44 | 44 | ||||
Special dividends | (23) | (23) | ||||
Other comprehensive income (loss) | 2,964 | 2,964 | ||||
Net loss | (9,823) | (9,823) | ||||
Ending balance at Mar. 31, 2021 | (553,620) | $ 70,906 | $ 126 | 106,288 | (649,171) | (10,863) |
Ending balance, shares at Mar. 31, 2021 | 23,081,000 | 125,299,000 | ||||
Beginning balance at Dec. 31, 2020 | $ (550,632) | $ 70,906 | $ 126 | 102,417 | (639,348) | (13,827) |
Beginning balance, shares at Dec. 31, 2020 | 23,081,000 | 125,037,000 | ||||
Issuance of common stock upon exercise of stock options, shares | 456,000 | |||||
Other comprehensive income (loss) | $ 4,287 | |||||
Net loss | (48,218) | |||||
Ending balance at Jun. 30, 2021 | (545,871) | $ 70,906 | $ 126 | 151,109 | (687,566) | (9,540) |
Ending balance, shares at Jun. 30, 2021 | 23,081,000 | 125,538,000 | ||||
Beginning balance at Mar. 31, 2021 | (553,620) | $ 70,906 | $ 126 | 106,288 | (649,171) | (10,863) |
Beginning balance, shares at Mar. 31, 2021 | 23,081,000 | 125,299,000 | ||||
Issuance of common stock upon exercise of stock options | 136 | 136 | ||||
Issuance of common stock upon exercise of stock options, shares | 213,000 | |||||
Issuance of common stock upon vesting of restricted stock awards, shares | 32,000 | |||||
Stock-based compensation | 44,810 | 44,810 | ||||
Shares surrendered for settlement of minimum statutory tax withholdings | (109) | (109) | ||||
Shares surrendered for settlement of minimum statutory tax withholdings, shares | (6,000) | |||||
Special dividends | (16) | (16) | ||||
Other comprehensive income (loss) | 1,323 | 1,323 | ||||
Net loss | (38,395) | (38,395) | ||||
Ending balance at Jun. 30, 2021 | $ (545,871) | $ 70,906 | $ 126 | $ 151,109 | $ (687,566) | $ (9,540) |
Ending balance, shares at Jun. 30, 2021 | 23,081,000 | 125,538,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (48,218) | $ (8,937) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 7,829 | 9,747 |
Amortization of debt issuance costs | 1,273 | 1,292 |
Amortization of prior hedge effectiveness | 3,076 | 1,094 |
Stock-based compensation | 48,584 | 7,178 |
Impairment of long-lived assets | 379 | 555 |
Impairment of investments | 4,818 | |
Loss on sale of business | 1,764 | |
Deferred income taxes | (1,612) | (1,755) |
Change in fair value of financial guarantee | (150) | (1,000) |
Change in fair value of derivative instruments | 28 | 125 |
Unrealized foreign exchange (gain) loss | (401) | 2,498 |
Other | 4 | (5) |
Changes in operating assets and liabilities, net of effects of disposal of business: | ||
Accounts receivable | (2,308) | (1,263) |
Prepaid expenses and other current assets | (1,693) | (160) |
Other assets | (668) | (186) |
Accounts payable | 7,891 | 13,478 |
Accrued expenses and other liabilities | 3,195 | (1,600) |
Income tax payable | (276) | 12 |
Deferred revenue | 23,763 | 21,665 |
Net cash provided by operating activities | 40,696 | 49,320 |
Cash flows from investing activities | ||
Purchase of property and equipment | (6,004) | (4,491) |
Sale of business, net of cash sold | (1,175) | |
Net cash used in investing activities | (6,004) | (5,666) |
Cash flows from financing activities | ||
Repayment of capital lease obligations | (16) | (16) |
Repayment of 2018 Term Loan | (2,675) | (2,675) |
Proceeds from 2018 Revolving Facility | 40,000 | |
Repayment of 2018 Revolving Facility | (40,000) | |
Repayment of hybrid debt | (1,332) | (339) |
Payment of initial public offering costs | (2,794) | |
Payment of contingent consideration | (500) | |
Payment of special dividends | (47) | (179) |
Repurchases of common stock for tax withholding obligations | (209) | (2,813) |
Proceeds from exercise of stock options, net of cash paid for employee tax withholding | 327 | 93 |
Net cash used in financing activities | (7,246) | (5,929) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalent | 56 | (243) |
Net increase in cash, cash equivalents and restricted cash equivalent | 27,502 | 37,482 |
Cash, cash equivalents and restricted cash equivalent, at beginning of the period | 139,470 | 74,180 |
Cash, cash equivalents and restricted cash equivalent, at end of the period | 166,972 | 111,662 |
Reconciliation of cash, cash equivalents, and restricted cash equivalent reported in the consolidated balance sheets | ||
Cash and cash equivalents | 166,972 | 86,662 |
Restricted cash equivalent | 25,000 | |
Total cash, cash equivalents, and restricted cash equivalent shown in the condensed consolidated statements of cash flows | 166,972 | 111,662 |
Non-cash investing and financing activities | ||
Purchase of property and equipment included in accounts payable and accrued expenses and other current liabilities | 584 | 1,282 |
Change in fair value of hedged interest rate swaps and interest rate cap | (3,133) | 49 |
Transfer of interest rate swaps derivative liability to hybrid debt | $ 12,345 | |
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities | 2,678 | |
Deferred financing costs included in accounts payable and accrued expenses and other current liabilities | $ 742 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1. Description of Business LegalZoom.com, Inc., was initially formed as a California corporation in 1999 and reincorporated as a Delaware corporation in 2007. LegalZoom.com, Inc., and its wholly owned subsidiaries, or referred to herein as “we,” “us,” or “our” has its executive headquarters in Glendale, California, its operational headquarters in Austin, Texas and additional locations in Frisco, Texas and London in the United Kingdom, or U.K. We are a provider of services that meet the legal needs of small businesses and consumers. We offer a broad portfolio of legal services through our online legal platform that customers can tailor to their specific needs. In the United States, or U.S., we also offer several subscription services, including legal plans through which businesses and consumers can be connected to an experienced attorney licensed in their jurisdiction, registered agent services, tax and compliance services and unlimited access to our forms library. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S., or GAAP, for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP, have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2020 and the related notes thereto, which are included in our prospectus dated June 29, 2021 filed with the Securities and Exchange Commission, or SEC, pursuant to Rule 424(b) of the Securities Act of 1933, as amended on June 30, 2021, or Prospectus, relating to our initial public offering, or IPO which closed on July 2, 2021. The December 31, 2020 condensed consolidated balance sheet was derived from our audited consolidated financial statements as of that date. Our unaudited condensed consolidated financial statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. There have been no significant changes in accounting policies during the three and six months ended June 30, 2021 from those disclosed in the annual consolidated financial statements for the year ended December 31, 2020 and the related notes. The operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021. Segment Reporting and Geographic Information Our Chief Executive Officer, as the chief operating decision maker organizes our company, manages resource allocations, and measures performance on the basis of one operating segment. Revenue outside of the U.S., based on the location of the customer, represented 0.8% and 1.2%, for the three months ended June 30, 2021 and 2020, respectively and 0.9% and 2.0% of our consolidated revenue for the six months ended June 30, 2021 and 2020, respectively. Our property and equipment located outside of the U.S. was 1% of our consolidated property and equipment as of June 30, 2021 and December 31, 2020. Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent liabilities in the unaudited condensed consolidated financial statements and accompanying notes. Estimates are used for, however not limited to, revenue recognition, sales allowances and credit reserves, available-for-sale The extent to which COVID-19 COVID-19, COVID-19 COVID-19, Certain Risks and Concentrations We maintain accounts in U.S. and U.K. banks with funds insured by the Federal Deposit Insurance Corporation, or FDIC, and the Financial Services Compensation Scheme, or FSCS. Our bank accounts may, at times, exceed the FDIC and FSCS insured limits. Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents. Management believes that we are not exposed to any significant credit risk related to our cash or cash equivalents and have not experienced any losses in such accounts. No single customer comprised 10% or more of our total revenue for the three and six months ended June 30, 2021 and 2020. No single customer had an account receivable balance of 10% or greater of the total receivable as of June 30, 2021. At December 31, 2020 there was one customer who accounted for 20% of our accounts receivable balance. Foreign Currency British Pound Sterling, or GBP, is the functional currency for our foreign subsidiaries. The financial statements of these foreign subsidiaries are translated to U.S. Dollars using period-end rates of exchange for assets and liabilities, historical rates of exchange for equity, and average rates of exchange for the period for revenue and expenses. Translation gains and losses are recorded in the accumulated other comprehensive loss as a component of our unaudited condensed consolidated statements of redeemable convertible preferred stock and stockholders’ deficit. We recognized foreign currency transaction gains of $ million and losses of $ million during the three months ended June 30, 2021 and 2020, respectively and gains of $ million and losses of $ million during the six months ended June 30, 2021 and 2020, respectively. Revenue Recognition For the three and six months ended June 30, 2021 and 2020, revenue was comprised of the following (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Transaction $ 73,360 $ 50,429 $ 134,748 $ 96,015 Subscription 69,384 53,832 134,877 108,067 Partner 7,688 6,746 15,439 12,720 Total revenue $ 150,432 $ 111,007 $ 285,064 $ 216,802 Deferred Offering Costs Deferred offering costs of $5.5 million have been recorded as other assets on the unaudited condensed consolidated balance sheet as of June 30, 2021 and consist of costs incurred in connection with the sale of our common stock in our initial public offering, or IPO, including certain legal, accounting, printing, and other IPO related costs. Upon the completion of our IPO in July 2021, deferred offering costs are recorded in stockholders’ deficit as a reduction from the proceeds of the offering. There were no deferred offering costs as of December 31, 2020. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, 2019-12. step-up 2019-12 Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842 Leases 2018-11, Leases (Topic 842): Targeted Improvements 2016-02, No. 2019-01, Leases (Topic 842): Codification Improvements 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities non-public In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit losses: Measurement of Credit Losses on Financial Instruments (Topic 326) available-for-sale In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting No. 2021-01, Reference Rate Reform (Topic 848) — Scope 2020-04. |
Other Financial Statement Infor
Other Financial Statement Information | 6 Months Ended |
Jun. 30, 2021 | |
Other Financial Information [Abstract] | |
Other Financial Statement Information | Note 3. Other Financial Statement Information Accounts Receivable Changes in the allowance consisted of the following (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Beginning balance $ 4,709 $ 1,366 $ 5,256 $ 2,461 Add: amounts recognized as a reduction of revenue 1,445 930 3,027 2,813 Add: bad debt expense recognized in general and administrative expense 16 680 30 680 Less: write-offs, net of recoveries (1,056 ) (529 ) (3,199 ) (3,507 ) Ending balance $ 5,114 $ 2,447 $ 5,114 $ 2,447 The allowance recognized as a reduction of revenue primarily relates to our installment plan receivables for which we expect we will not be entitled to a portion of the transaction price based on our historical experience with similar transactions. The allowance recognized against general and administrative expense represents an allowance relating to receivables from partners that are no longer considered collectible. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2021 December 31, 2020 Prepaid expenses $ 7,797 $ 7,177 Deferred cost of revenue 2,452 1,967 Other current assets 2,316 1,392 Total prepaid expenses and other current assets $ 12,565 $ 10,536 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued payroll and related expenses $ 15,530 $ 16,135 Accrued vendor payables 17,714 10,854 Derivative liabilities and hybrid debt 5,554 5,131 Sales allowances 4,676 4,856 Accrued sales, use and business taxes 1,816 1,789 Accrued advertising — 173 Other 2,587 2,090 Total accrued expenses and other current liabilities $ 47,877 $ 41,028 Depreciation and Amortization Depreciation and amortization expense of our property and equipment, including capitalized internal-use Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Cost of revenue $ 1,398 $ 1,934 $ 3,076 $ 3,892 Sales and marketing 1,323 1,762 2,798 3,611 Technology and development 584 667 1,171 1,317 General and administrative 358 464 784 927 Total depreciation and amortization expense $ 3,663 $ 4,827 $ 7,829 $ 9,747 Deferred Revenue Deferred revenue as of June 30, 2021 and December 31, 2020 was $153.9 million and $130.1 million, respectively. We recognized $77.5 million and $57.7 million of revenue during the three months ended June 30, 2021 and 2020, respectively, that was included in the deferred revenue balances as of March 31, 2021 and 2020, respectively, and $102.3 million and $83.1 million during the six months ended June 30, 2021 and 2020, respectively, that was included in the deferred revenue balances as of December 31, 2020 and 2019, respectively. We expect to recognize substantially all of the remaining deferred revenue as of December 31, 2020 as revenue in 2021. We expect substantially all of the deferred revenue at June 30, 2021 will be recognized as revenue within the next twelve months. We have omitted disclosure about the transaction price allocated to remaining performance obligations and when revenue will be recognized as revenue as our contracts with customers that have a duration of more than one year are immaterial. |
Disposition of Business
Disposition of Business | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposition of Business | Note 4. Disposition of Business Beaumont ABS Limited In April 2020, we sold our conveyancing business in the United Kingdom, Beaumont ABS Limited, to a third-party buyer and paid $1.2 million in working capital to the buyers. Our loss on sale of business was $1.8 million for the three months ended June 30, 2020. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investments | Note 5. Investments Impairment of Available-for-sale In June 2020, we fully impaired our available-for-sale |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Note 6. Long-term Debt A reconciliation of the scheduled maturities to the condensed consolidated balance sheets is as follows (in thousands): June 30, December 31, Current portion of 2018 Term Loan $ 5,350 $ 5,350 Current portion of discount and unamortized debt issuance costs (2,309 ) (2,321 ) Total current portion of long-term debt 3,041 3,029 Noncurrent portion of 2018 Term Loan 516,275 518,950 Noncurrent portion of discount and unamortized debt issuance costs (5,445 ) (6,588 ) Total long-term debt, net of current portion $ 510,830 $ 512,362 At June 30, 2021, aggregate future principal payments are as follows (in thousands): 2021 (remaining six months) $ 2,675 2022 5,350 2023 5,350 2024 508,250 Total long-term debt, net of current portion 521,625 Less: current portion of 2018 Term Loan (5,350 ) Outstanding principal of 2018 Term Loan, net of current portion $ 516,275 In November 2018, we entered into an amended first lien credit and guaranty agreement, or the 2018 Credit Facility, which consists of a first lien term loan facility, or 2018 Term Loan, with a principal amount of $535.0 million and a 2018 Revolving Facility of $40.0 million, or the 2018 Revolving Facility. The 2018 Term Loan matures in November 2024 and the 2018 Revolving Facility matures in November 2023. At June 30, 2021, total borrowings under our 2018 Term Loan was $521.6 million. We determined that the fair value of our long-term debt approximates its carrying value as of June 30, 2021 and December 31, 2020. We estimated the fair value of our long-term debt using Level 2 inputs based on recent observable trades of our 2018 Term Loan. The effective interest rate of the 2018 Term Loan is 5.0% and 5.1% for June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, we had no amounts outstanding under our 2018 Revolving Facility or any outstanding letters of credit. We were in compliance with all financial covenants as of June 30, 2021 and December 31, 2020. In March 2020, in response to the World Health Organization’s declaration of COVID-19, In July 2021 we repaid the outstanding principal of $ million of our 2018 Term Loan in full from the proceeds from our IPO. We also amended and restated our 2018 Revolving Facility by increasing the availability to $ million over a five-year period. See Note 15. Subsequent Events. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 7. Derivatives In June 2021, our financial guarantee of the personal loan of a former executive officer was waived and we recognized a gain of $0.1 million from the cancellation of our financial guarantee derivative in other income (expense), net in the accompanying condensed consolidated statements of operations for the three months ended June 30, 2021. The associated restricted cash equivalent of $25.0 million became unrestricted and was reclassified to cash and cash equivalents. Due to the impact of COVID-19 blend-and-extend de-designated off-market, at-market at-market Derivative financial instruments and hybrid debt consisted of the following (in thousands): June 30, 2021 December 31, 2020 Interest rate swap derivative liability, current portion $ 2,289 $ 2,177 Interest rate swaps 395 3,640 Financial guarantee — 150 Total derivative liability, net of current portion $ 395 $ 3,790 Hybrid debt, current portion $ 3,265 $ 2,954 Hybrid debt, net of current portion $ 6,510 $ 8,152 The impact from losses from our interest rate cap, interest rate swaps, and hybrid debt on our condensed consolidated statements of operations were as follows (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Net payments upon settlement of interest rate swaps $ 608 $ 113 $ 1,052 $ 442 Amortization of prior hedge effectiveness 1,748 996 3,076 996 Amortization of interest rate cap premium — 53 28 115 Interest expense on hybrid debt 180 211 368 222 Total, recorded in interest expense, net $ 2,536 $ 1,373 $ 4,524 $ 1,775 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Operating Leases We conduct operations from certain leased facilities in various locations. At June 30, 2021, we had various non-cancelable Operating 2021 (remaining six months) $ 1,625 2022 1,787 Total minimum lease payments $ 3,412 Advertising, Media and Other Commitments We use a variety of media to advertise our services, including search engine marketing, television and radio. At June 30, 2021, we had non-cancelable non-cancelable Legal Proceedings We received a demand letter dated April 20, 2020 from service partner Dun & Bradstreet alleging that Dun & Bradstreet had overpaid us for services. The letter alleges these overpayments occurred between 2015 and 2019, amounted to $5.6 million, and were caused by overreporting by us. The parties have continued to negotiate, and no claim has been filed. We deny and will continue to deny all of the allegations and claims asserted by Dun & Bradstreet, including, but not limited to, any allegation that the respondent has suffered any harm or damages. We believe we have meritorious defenses to the claims and will vigorously defend any action. We are unable to predict the ultimate outcome of this matter. We have not recorded any loss or accrual in the accompanying condensed consolidated financial statements at June 30, 2021 for this matter as a loss is not probable and reasonably estimable. There is at least a reasonable possibility that a loss may have been incurred for this contingency, however, we cannot make an estimate of the possible loss or range of loss. If this matter is not resolved in our favor, the losses arising from the result of litigation or settlements may have a material adverse effect on our business, results of operations, cash flows and financial condition. We initiated an arbitration on October 28, 2020 against one of our vendors. The demand for arbitration alleges breach of contract, breach of covenant of good faith and fair dealing, and seeks declaratory relief and at least $5.6 million in damages. On December 7, 2020, the vendor filed a counterdemand alleging breach of contract and breach of the covenant of good faith and fair dealing, seeking declaratory relief and at least $6.1 million in damages. We replied to the counterdemand on January 19, 2021. A hearing has been scheduled for November 19, 2021. We deny and will continue to deny all of the allegations and claims asserted in the counterdemand, including, but not limited to, any allegation that the respondent has suffered any harm or damages. We believe we have meritorious defenses to the claims and will vigorously defend any action. We are unable to predict the ultimate outcome of this matter. We have not recorded any loss or accrual in the accompanying condensed consolidated financial statements at June 30, 2021 for this matter as a loss is not probable and reasonably estimable. There is at least a reasonable possibility that a loss may have been incurred for this contingency, however, we cannot make an estimate of the possible loss or range of loss. If this matter is not resolved in our favor, the losses arising from the result of litigation or settlements may have a material adverse effect on our business, results of operations, cash flows and financial condition. We were served on February 9, 2021 with a class action complaint, filed in Los Angeles Superior Court and removed to federal court on March 11, 2021, from a Florida resident who claims to have visited the www.legalzoom.com website. The plaintiff alleges that the website’s use of session replay software was an unlawful interception of electronic communications under the Florida Security Communications Act. The plaintiff sought damages on behalf of the purported class as well as injunctive and declaratory relief. On May 7, 2021, the plaintiff filed a notice of dismissal without prejudice. We are unable to predict the ultimate outcome of this matter. We have not recorded any loss or accrual in the accompanying condensed consolidated financial statements at June 30, 2021 for this matter as a loss is not probable and reasonably estimable. There is at least a reasonable possibility that a loss may have been incurred for this contingency, however, we cannot make an estimate of the possible loss or range of loss. If this matter is not resolved in our favor, the losses arising from the result of litigation or settlements may have a material adverse effect on our business, results of operations, cash flows and financial condition. We are involved in inactive state administrative inquiries relating to the unauthorized practice of law or insurance. Because these are inquiries and no claims have been alleged or asserted against us, we cannot predict the outcome of these inquiries or whether these matters will result in litigation or any outcome of potential litigation. From time to time, we may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. Other than described above, we are not currently a party to any material legal proceedings, nor are we aware of any pending or threatened litigation that would have a material adverse effect on our results of operations, cash flows, and financial condition, should such litigation be resolved unfavorably. Indemnifications Indemnification provisions in our third-party service provider agreements provide that we will indemnify, hold harmless, and reimburse the indemnified parties on a case-by-case |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 9. Stock-based Compensation Stock-based Compensation Cost We recorded stock-based compensation cost in the following categories in the accompanying condensed consolidated statements of operations and balance sheets (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Cost of revenue $ 762 $ 46 $ 821 $ 83 Sales and marketing 5,143 144 5,350 787 Technology and development 17,619 603 18,145 1,553 General and administrative 21,430 2,568 24,580 5,265 Total stock-based compensation expense 44,954 3,361 48,896 7,688 Amount capitalized to internal-use 13 8 26 23 Total stock-based compensation $ 44,967 $ 3,369 $ 48,922 $ 7,711 Stock Options Stock option activity for the six months ended June 30, 2021 is as follows (in thousands, except weighted-average exercise price and remaining contract life): Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding at December 31, 2020 15,235 $ 8.78 8.7 15,873 Granted 971 28.00 Exercised (456 ) 0.63 Cancelled/forfeited (84 ) 4.81 Outstanding at June 30, 2021 15,666 $ 10.23 8.4 $ 432,727 Vested and expected to vest at June 30, 2021 15,628 $ 10.24 8.4 $ 431,496 Exercisable at June 30, 2021 5,637 $ 7.99 7.7 $ 168,307 At June 30, 2021, total unrecognized stock-based compensation expense is $93.3 million, which is The weighted-average assumptions used to calculate the grant-date fair value of our stock option grants using the Black-Scholes Option Pricing Model were as follows: Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Expected life (years) 5.4 — 5.4 5.1 Risk-free interest rate 0.97 % — 0.97 % 1.62 % Expected volatility 45.6 % — 45.6 % 43.1 % Expected dividend yield 0.0 % — 0.0 % 0.0 % In June 2021, we granted 970,970 options to our executive officers that were contingent on the effectiveness of our IPO, which occurred on June 29, 2021, or IPO options. Because the number of options and exercise price of the IPO Options were based on the IPO price to the public, the grant date for accounting purposes was not established until the effective date of our IPO. As the IPO was a performance condition, no stock-based compensation expense was recognized until our IPO was declared effective. Stock-based compensation expense for the three months ended June 30, 2021 was $0.2 million and stock-based compensation of $11.2 million will be recognized over a weighted-average requisite service period of approximately 4.1 years. There were no awards granted for the three months ended June 30, 2020. Restricted Stock Units A summary of restricted stock unit, or RSU, activity for the six months ended June 30, 2021 is as follows (in thousands, except weighted-average grant-date fair value): Number of Options Weighted- Average Grant- Date Fair Value Unvested at December 31, 2020 2,499 $ 9.53 Granted 1,771 16.51 Cancelled/forfeited (145 ) 10.78 Vested (330 ) 21.29 Unvested at June 30, 2021 3,795 $ 19.20 The fair value of vested RSUs for the six months ended June 30, 2021 and 2020 was $8.4 million and $2.3 million, respectively. Our RSUs consist of time-based RSUs and various performance RSUs. For the three and six months ended June 30, 2021, total stock-based compensation expense related to RSU’s was $11.7 million and $12.2 million, respectively. For the three and six months ended June 30, 2020, total stock-based compensation expense related to RSU’s was $0.8 million and $2.4 million, respectively. At June 30, 2021, total remaining stock-based compensation expense for unvested RSU awards was $67.7 million, which is expected to be recognized over a weighted-average period of 3.4 years. In June 2021, we granted 388,389 RSUs with a value of $10.8 million to our executive officers that were contingent on the effectiveness of the registration statement of our IPO, or IPO RSUs. As the IPO was a performance condition, no stock-based compensation expense was recognized until our IPO was declared effective. Stock-based compensation expense for the three months ended June 30, 2021 was $0.2 million and stock-based compensation of $10.6 million will be recognized over a weighted-average requisite service period of approximately 4.1 years. In June 2021, we granted 14,284 RSUs to a new director of our board of directors. The RSUs have a grant-date fair value of $0.4 million. At June 30, 2021, there were 256,936 RSUs that vested upon the effectiveness of our IPO. Such shares of common stock will not be settled until after the lock-up During the six months ended June 30, 2021, we granted 1,338,028 liquidity event RSUs, or LERSUs, to various employees, which only vest upon the achievement of up to four-years of service and upon the consummation of a change in control, or CIC event, which includes an IPO, merger, acquisition, or sale of more than 50% of our assets. Employees will be eligible to retain any vested awards up to a period of 6.5 years from their respective grant date. If the recipient employee terminates for any reason other than for cause, the employee shall retain any service-vested LERSUs until 6.5 years from the date of grant or the earlier settlement of the service-vested LERSUs upon the consummation of a CIC event. For the LERSUs, recognition of expense does not occur until the consummation of a CIC event and thereafter for any remaining service period, as such events are not considered probable of occurring prior to the CIC event for stock-based compensation purposes. Upon the effective date of our IPO on June 29, 2021, we commenced recognition of stock-based compensation for all LERSUs as the performance and service conditions for vested RSUs were satisfied. Stock-based compensation expense for these LERSUs of $ million was recognized on a graded vesting basis during the three months ended June 30, 2021 for the portion of service completed by the employee from the grant date through June 30, 2021. In March 2021, we granted 30,434 RSUs to various employees where the RSUs will vest depending upon the appreciation of the fair value of our common stock compared to the grant-date fair value of our common stock upon the consummation of a CIC event, which includes an IPO, merger, acquisition, or sale of more than 50% of our assets, or performance RSUs. The performance RSUs vest on a linear basis, starting at 0% with a fair value of our common stock equal to $19.64 per share and ending at 100% upon reaching a fair value of our common stock of $29.46 per share. The performance options were subsequently modified in June prior to the effective date of our IPO as discussed below. Stock-option and RSU activity described above, including total stock-based compensation expense recognized and total remaining stock-based compensation expense is inclusive of awards modified during the period as discussed below. Modification of Stock-Based Compensation Awards In June 2021, we modified the vesting conditions of certain stock options and RSUs as described below. We modified the vesting conditions of 4,477,218 outstanding performance options of certain executive officers and employees so that the performance options do not fully vest immediately upon an IPO. Instead, subject to and contingent upon the effective date of an IPO, the modified performance options for executive officers will vest monthly over a four-year period from their original vesting commencement dates and the modified performance options of certain employees will vest 25% on the first anniversary from the vesting commencement date, and then vest monthly over the remaining service period, subject to continued employment through the applicable vesting dates. As the modified awards contain a performance condition that is satisfied upon an IPO, we remeasured the fair value of the performance options on the date of modification. This new fair value of $76.6 million will be recognized as stock-based compensation expense using the graded vesting method, with an immediate stock-based compensation expense recognized on the effective date of our IPO for the modified performance options for which the service vesting condition was satisfied through the effective date of the IPO, and all remaining compensation will be recognized thereafter over the remaining service period. We recognized stock-based compensation expense of $23.3 million from the effective date of our IPO through June 30, 2021, and remaining compensation of $53.3 million will be recognized over a remaining weighted-average service period of 3.0 years. We modified the vesting conditions of 3,627,936 outstanding 2019 performance options of an executive officer so that in the event of an IPO the modified 2019 performance options will vest monthly over a four-year period from the original vesting commencement date in 2019, subject to continued employment of the executive officer, rather than vesting upon the fourth anniversary of the original date of grant based on achieving certain stock price thresholds. Incremental stock-based compensation expense as a result of this modification was $11.4 million and was measured using a Monte Carlo simulation immediately prior to the modification date and a Black-Scholes Option Pricing Model immediately after the modification date. Upon an IPO, we recognize stock-based compensation expense for the modified 2019 performance options for which the service vesting condition was satisfied through the effective date of the IPO, and all remaining compensation will be recognized thereafter over the remaining service period using the graded vesting method. We recognized stock-based compensation expense of $6.6 million from the effective date of our IPO through June 30, 2021, and remaining compensation of $12.6 million will be recognized over a remaining weighted-average service period of 2.3 years. We modified the vesting conditions of 111,902 outstanding performance RSUs of certain employees so that the modified performance RSUs do not vest immediately upon an IPO. Instead, subject to and contingent upon the effective date of an IPO, the modified performance RSUs will vest 25% on the first anniversary from their respective vesting commencement dates, then vest monthly over the remaining service period, subject to the continued employment through the applicable vesting dates. As the modified RSUs contain a performance condition that is satisfied upon an IPO, we remeasured the fair value of the performance RSUs on the date of modification. This new fair value of approximately $2.9 million will be recognized as stock-based compensation expense using the graded vesting method, with an immediate stock-based compensation expense recognized on the effective date of our IPO for the performance RSUs for which the service vesting condition was satisfied through the effective date of the IPO, and all remaining compensation will be recognized thereafter over the remaining service period. We recognized stock-based compensation expense of $0.2 million from the effective date of our IPO through June 30, 2021, and remaining compensation of $2.7 million will be recognized over a remaining weighted-average service period of 3.3 years. We modified the vesting conditions of 1,725,942 outstanding LERSUs and 1,706,888 outstanding time-based options of certain executive officers to amend the severance vesting acceleration benefit applicable for the LERSUs and remove the CIC vesting acceleration benefit for the time-based options. There was no incremental stock-based compensation associated with the modification of the time-based options. We remeasured the fair value of the LERSUs on the date of modification and this new fair value of approximately $43.3 million will be recognized using the graded vesting method, with an immediate stock-based compensation expense recognized on the effective date of an IPO for the modified LERSUs that have satisfied the service-vesting condition through the effective date, and all remaining compensation will be recognized thereafter over the remaining service period. We recognized stock-based compensation expense of $7.4 million from the effective date of our IPO through June 30, 2021, and remaining compensation of $35.9 million will be recognized over a remaining weighted-average service period of 3.2 years. We modified 48,300 vested options to extend the exercise period for terminated employees who are not able to exercise during the IPO lock-up The fair value of the modified 2020 performance options, 2019 performance option, performance RSUs and LERSUs were remeasured using the fair value of our common stock, as approved by the Pricing Committee of our board of directors, which was $25.50 per share, the midpoint of the price range set forth on the cover page of the preliminary prospectus filed with the SEC on June 21, 2021. 2021 Equity Incentive Plan In June 2021, our board of directors adopted our 2021 Equity Incentive Plan, or 2021 Plan. All equity-based awards going forward will be granted under the 2021 Plan. 18,946,871 shares of our common stock are reserved for future issuance under our 2021 Plan, as well as any future automatic annual increases in the number of shares of common stock reserved for issuance under our 2021 Plan. 2021 Employee Stock Purchase Plan In June 2021, our board of directors adopted our 2021 Employee Stock Purchase Plan, or 2021 ESPP. We authorized the issuance of 3,552,538 shares of common stock under the 2021 ESPP. Our 2021 ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of our common stock on specified dates during such offerings at a discounted price per share. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes We account for income taxes in accordance with Accounting Standard Codification, or ASC, 740, Income Taxes year-to-date pre-tax We recorded a provision for income taxes of $2.0 million and $0.6 million for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, we recorded a benefit from income tax of $0.9 million and $1.5 million, respectively. The effective tax rate for the three months ended June 30, 2021 and 2020 was 5.5% and 16.1%, respectively. For the six months ended June 30, 2021 and 2020, the effective tax rate was approximately 1.9% and 14.3%, respectively. The difference from the federal statutory rate of 21% primarily due to the valuation allowance against foreign losses, the recognition of significant excess tax benefits of stock-based compensation and other discrete adjustments. Gross unrecognized tax benefits were $7.6 million and $7.2 million as of June 30, 2021 and December 31, 2020, respectively. The gross unrecognized tax benefits, if recognized by us, will result in a reduction of approximately $7.6 million to the provision for income taxes thereby favorably impacting our effective tax rate. Our policy is to recognize interest and penalties related to income tax matters in income tax expense. For the periods presented, interest and penalties related to income tax positions were not material to our unaudited condensed consolidated financial statements. We are subject to taxation and file income tax returns in the U.S. federal, state, and foreign jurisdictions. The federal income tax return for the years 2017 through 2019 and state income tax returns for the tax years 2008 through 2019 remain open to examination. We are under examination in one state and it is not expected to have an impact on our results of operations, cash flows and financial condition. |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | Note 11. Basic and Diluted Earnings Per Share Basic net loss attributable to common stockholders per share is computed by dividing the net loss by the weighted average number of common stock outstanding for the period. For periods in which we have reported net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share, since the impact of potentially dilutive common stock and other equity instruments is anti-dilutive. The following table presents the number of options, restricted stock units and restricted stock excluded from the calculation of diluted net loss per share attributable to common stockholders because they are anti-dilutive (in thousands): June 30, 2021 2020 Options to purchase common stock 15,666 12,134 Restricted stock units 3,795 1,030 Restricted stock 50 100 Total 19,511 13,264 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The standard establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At June 30, 2021 and December 31, 2020, our financial assets and liabilities recorded at fair value on a recurring basis consist of cash equivalents, a restricted cash equivalent, available-for-sale available-for-sale The carrying amounts of accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair values because of the short-term nature of these items. The fair value of our long-term debt is estimated by using quoted or sales prices of similar debt instruments, which represent Level 2 inputs in the fair value hierarchy. The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Available-for-sale $ — $ — $ 1,022 Money market fund 30,212 — — Total assets $ 30,212 $ — $ 1,022 Interest rate caps and swaps — 2,684 — Contingent consideration — — 750 Total liabilities $ — $ 2,684 $ 750 December 31, 2020 Level 1 Level 2 Level 3 Available-for-sale $ — $ — $ 1,050 Money market fund 5,208 — — Restricted money market fund 25,000 — — Total assets $ 30,208 $ — $ 1,050 Interest rate caps and swaps $ — $ 5,817 $ — Financial guarantee — — 150 Contingent consideration — — 1,250 Total liabilities $ — $ 5,817 $ 1,400 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | Note 13. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss) consisted of the following (in thousands): Six Months Ended June 30, 2021 Before Tax Tax Net of Tax Foreign currency translation adjustments: Beginning balance at December 31, 2020 $ (3,014 ) $ — $ (3,014 ) Change during period (147 ) — (147 ) Ending balance at March 31, 2021 (3,161 ) — (3,161 ) Change during period (204 ) — (204 ) Ending balance at June 30, 2021 $ (3,365 ) $ — $ (3,365 ) Available-for-sale Beginning balance at December 31, 2020 $ 281 $ (36 ) $ 245 Unrealized gain 17 (4 ) 13 Ending balance at March 31, 2021 298 (40 ) 258 Unrealized loss (56 ) 15 (41 ) Ending balance at June 30, 2021 $ 242 $ (25 ) $ 217 Cash flow hedges: Beginning balance at December 31, 2020 $ (14,708 ) $ 3,650 $ (11,058 ) Unrealized gain on interest rate swaps and cap 2,772 (691 ) 2,081 Reclassification of losses from interest rate cap to net loss 28 (8 ) 20 Reclassification of prior hedge effectiveness to net loss 1,328 (331 ) 997 Ending balance at March 31, 2021 (10,580 ) 2,620 (7,960 ) Unrealized gain on interest rate swaps 360 (90 ) 270 Reclassification of prior hedge effectiveness to net loss 1,748 (450 ) 1,298 Ending balance at June 30, 2021 $ (8,472 ) $ 2,080 $ (6,392 ) Accumulated other comprehensive loss: Beginning balance at December 31, 2020 $ (17,441 ) $ 3,614 $ (13,827 ) Other comprehensive income 3,998 (1,034 ) 2,964 Ending balance at March 31, 2021 (13,443 ) 2,580 (10,863 ) Other comprehensive income 1,848 (525 ) 1,323 Ending balance at June 30, 2021 $ (11,595 ) $ 2,055 $ (9,540 ) Six Months Ended June 30, 2020 Before Tax Tax Net of Tax Foreign currency translation adjustments: Beginning balance at December 31, 2019 $ (1,718 ) $ — $ (1,718 ) Change during period 2,272 — 2,272 Ending balance at March 31, 2020 554 — 554 Change during period 304 — 304 Reclassification upon sale of business (2 ) — (2 ) Ending balance at June 30, 2020 $ 856 $ — $ 856 Available-for-sale Beginning balance at December 31, 2019 $ 231 $ — $ 231 Ending balance at March 31, 2020 231 — 231 Loss from impairment (94 ) — (94 ) Ending balance at June 30, 2020 $ 137 $ — $ 137 Cash flow hedges: Beginning balance at December 31, 2019 $ (5,627 ) $ 1,387 $ (4,240 ) Unrealized loss on interest rate swaps and cap (9,704 ) 2,418 (7,286 ) Reclassification of losses from interest rate cap to net loss 64 (16 ) 48 Reclassification of prior hedge effectiveness to net loss 98 (24 ) 74 Ending balance at March 31, 2020 (15,169 ) 3,765 (11,404 ) Unrealized loss on interest rate swaps and cap (2,691 ) 671 (2,020 ) Reclassification of losses from interest rate cap to net loss 52 (14 ) 39 Reclassification of prior hedge effectiveness to net loss 997 (249 ) 748 Ending balance at June 30, 2020 $ (16,811 ) $ 4,173 $ (12,637 ) Accumulated other comprehensive loss: Beginning balance at December 31, 2019 $ (7,114 ) $ 1,387 $ (5,727 ) Other comprehensive loss (7,270 ) 2,378 (4,892 ) Ending balance at March 31, 2020 (14,384 ) 3,765 (10,619 ) Other comprehensive loss (1,434 ) 409 (1,025 ) Ending balance at June 30, 2020 $ (15,818 ) $ 4,174 $ (11,644 ) |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 14. Related Parties For the three months ended June 30, 2021 and 2020, we received software and software maintenance services of $0.3 million and $0.2 million, respectively, from two software vendors controlled by our largest stockholder. For the six months ended June 30, 2021 and 2020, we received software and software maintenance services of $0.6 million and $0.5 million, respectively from these vendors. Amounts due to these vendors were immaterial as of June 30, 2021 and December 31, 2020. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events Initial Public Offering The registration statement related to our IPO was declared effective on June 29, 2021, and our common stock began trading on the Nasdaq Global Select Market on June 30, 2021. On July 2, 2021, we completed our IPO for the sale of 19,121,000 shares of our common stock, $0.001 par value per share at an offering price of $28.00 per share, pursuant to our Prospectus. In addition, on July 2, 2021, we sold 3,214,285 shares of our common stock in a private placement with an existing related party stockholder for proceeds of $85.0 million, net of issuance costs, and sold 2,868,150 shares of our common stock pursuant to the full exercise of the underwriter’s option to purchase additional shares in connection with the IPO. We received aggregate proceeds of $666.9 million from our IPO and private placement after deducting underwriting discounts and commissions. Upon the completion of our IPO, 23,081,080 outstanding shares of redeemable convertible preferred stock with a carrying value of $70.9 million converted into an aggregate of 46,162,160 shares of common stock. Immediately upon the completion of our IPO, we filed an Amended and Restated Certificate of Incorporation, which authorized a total of 1,000,000,000 shares of common stock, $0.001 par value per share and 100,000,000 shares of preferred stock, par value $0.001 per share. Amendment of Credit Facility In July 2021 we repaid the outstanding principal of $521.6 million of our 2018 Term Loan in full. We also amended our 2018 Revolving Facility by increasing the availability to $150.0 million over a five-year period, or 2021 Revolving Facility. We incurred a loss on debt extinguishment of $7.7 million related to unamortized debt issuance costs. Under the 2021 Revolving Facility, we can use up to $20.0 million of letters of credit as well as borrowings on same-day notice, Extinguishment of Interest Rate Swaps In July 2021, in connection with the repayment of our 2018 Term Loan, we paid $13.6 million to cancel our interest rate swaps and hybrid debt, which were used to hedge against the related interest rate exposure. Buyback program In July 2021, we cancelled our buyback program for certain members of senior management for 60,405 outstanding RSUs. The RSUs will continue to vest over their remaining service period. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S., or GAAP, for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP, have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2020 and the related notes thereto, which are included in our prospectus dated June 29, 2021 filed with the Securities and Exchange Commission, or SEC, pursuant to Rule 424(b) of the Securities Act of 1933, as amended on June 30, 2021, or Prospectus, relating to our initial public offering, or IPO which closed on July 2, 2021. The December 31, 2020 condensed consolidated balance sheet was derived from our audited consolidated financial statements as of that date. Our unaudited condensed consolidated financial statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. There have been no significant changes in accounting policies during the three and six months ended June 30, 2021 from those disclosed in the annual consolidated financial statements for the year ended December 31, 2020 and the related notes. The operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021. |
Segment Reporting and Geographic Information | Segment Reporting and Geographic Information Our Chief Executive Officer, as the chief operating decision maker organizes our company, manages resource allocations, and measures performance on the basis of one operating segment. Revenue outside of the U.S., based on the location of the customer, represented 0.8% and 1.2%, for the three months ended June 30, 2021 and 2020, respectively and 0.9% and 2.0% of our consolidated revenue for the six months ended June 30, 2021 and 2020, respectively. Our property and equipment located outside of the U.S. was 1% of our consolidated property and equipment as of June 30, 2021 and December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent liabilities in the unaudited condensed consolidated financial statements and accompanying notes. Estimates are used for, however not limited to, revenue recognition, sales allowances and credit reserves, available-for-sale The extent to which COVID-19 COVID-19, COVID-19 COVID-19, |
Certain Risks and Concentrations | Certain Risks and Concentrations We maintain accounts in U.S. and U.K. banks with funds insured by the Federal Deposit Insurance Corporation, or FDIC, and the Financial Services Compensation Scheme, or FSCS. Our bank accounts may, at times, exceed the FDIC and FSCS insured limits. Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents. Management believes that we are not exposed to any significant credit risk related to our cash or cash equivalents and have not experienced any losses in such accounts. No single customer comprised 10% or more of our total revenue for the three and six months ended June 30, 2021 and 2020. No single customer had an account receivable balance of 10% or greater of the total receivable as of June 30, 2021. At December 31, 2020 there was one customer who accounted for 20% of our accounts receivable balance. |
Foreign Currency | Foreign Currency British Pound Sterling, or GBP, is the functional currency for our foreign subsidiaries. The financial statements of these foreign subsidiaries are translated to U.S. Dollars using period-end rates of exchange for assets and liabilities, historical rates of exchange for equity, and average rates of exchange for the period for revenue and expenses. Translation gains and losses are recorded in the accumulated other comprehensive loss as a component of our unaudited condensed consolidated statements of redeemable convertible preferred stock and stockholders’ deficit. We recognized foreign currency transaction gains of $ million and losses of $ million during the three months ended June 30, 2021 and 2020, respectively and gains of $ million and losses of $ million during the six months ended June 30, 2021 and 2020, respectively. |
Revenue Recognition | Revenue Recognition For the three and six months ended June 30, 2021 and 2020, revenue was comprised of the following (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Transaction $ 73,360 $ 50,429 $ 134,748 $ 96,015 Subscription 69,384 53,832 134,877 108,067 Partner 7,688 6,746 15,439 12,720 Total revenue $ 150,432 $ 111,007 $ 285,064 $ 216,802 |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs of $5.5 million have been recorded as other assets on the unaudited condensed consolidated balance sheet as of June 30, 2021 and consist of costs incurred in connection with the sale of our common stock in our initial public offering, or IPO, including certain legal, accounting, printing, and other IPO related costs. Upon the completion of our IPO in July 2021, deferred offering costs are recorded in stockholders’ deficit as a reduction from the proceeds of the offering. There were no deferred offering costs as of December 31, 2020. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, 2019-12. step-up 2019-12 Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842 Leases 2018-11, Leases (Topic 842): Targeted Improvements 2016-02, No. 2019-01, Leases (Topic 842): Codification Improvements 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities non-public In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit losses: Measurement of Credit Losses on Financial Instruments (Topic 326) available-for-sale In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting No. 2021-01, Reference Rate Reform (Topic 848) — Scope 2020-04. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Revenue Recognition | For the three and six months ended June 30, 2021 and 2020, revenue was comprised of the following (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Transaction $ 73,360 $ 50,429 $ 134,748 $ 96,015 Subscription 69,384 53,832 134,877 108,067 Partner 7,688 6,746 15,439 12,720 Total revenue $ 150,432 $ 111,007 $ 285,064 $ 216,802 |
Other Financial Statement Inf_2
Other Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Financial Information [Abstract] | |
Summary of Changes in the Allowance | Changes in the allowance consisted of the following (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Beginning balance $ 4,709 $ 1,366 $ 5,256 $ 2,461 Add: amounts recognized as a reduction of revenue 1,445 930 3,027 2,813 Add: bad debt expense recognized in general and administrative expense 16 680 30 680 Less: write-offs, net of recoveries (1,056 ) (529 ) (3,199 ) (3,507 ) Ending balance $ 5,114 $ 2,447 $ 5,114 $ 2,447 |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2021 December 31, 2020 Prepaid expenses $ 7,797 $ 7,177 Deferred cost of revenue 2,452 1,967 Other current assets 2,316 1,392 Total prepaid expenses and other current assets $ 12,565 $ 10,536 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued payroll and related expenses $ 15,530 $ 16,135 Accrued vendor payables 17,714 10,854 Derivative liabilities and hybrid debt 5,554 5,131 Sales allowances 4,676 4,856 Accrued sales, use and business taxes 1,816 1,789 Accrued advertising — 173 Other 2,587 2,090 Total accrued expenses and other current liabilities $ 47,877 $ 41,028 |
Summary of Depreciation and Amortization Expense | Depreciation and amortization expense of our property and equipment, including capitalized internal-use Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Cost of revenue $ 1,398 $ 1,934 $ 3,076 $ 3,892 Sales and marketing 1,323 1,762 2,798 3,611 Technology and development 584 667 1,171 1,317 General and administrative 358 464 784 927 Total depreciation and amortization expense $ 3,663 $ 4,827 $ 7,829 $ 9,747 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Reconciliation of the Scheduled Maturities | A reconciliation of the scheduled maturities to the condensed consolidated balance sheets is as follows (in thousands): June 30, December 31, Current portion of 2018 Term Loan $ 5,350 $ 5,350 Current portion of discount and unamortized debt issuance costs (2,309 ) (2,321 ) Total current portion of long-term debt 3,041 3,029 Noncurrent portion of 2018 Term Loan 516,275 518,950 Noncurrent portion of discount and unamortized debt issuance costs (5,445 ) (6,588 ) Total long-term debt, net of current portion $ 510,830 $ 512,362 |
Summary of Future Principal Payments | At June 30, 2021, aggregate future principal payments are as follows (in thousands): 2021 (remaining six months) $ 2,675 2022 5,350 2023 5,350 2024 508,250 Total long-term debt, net of current portion 521,625 Less: current portion of 2018 Term Loan (5,350 ) Outstanding principal of 2018 Term Loan, net of current portion $ 516,275 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Instrument | Derivative financial instruments and hybrid debt consisted of the following (in thousands): June 30, 2021 December 31, 2020 Interest rate swap derivative liability, current portion $ 2,289 $ 2,177 Interest rate swaps 395 3,640 Financial guarantee — 150 Total derivative liability, net of current portion $ 395 $ 3,790 Hybrid debt, current portion $ 3,265 $ 2,954 Hybrid debt, net of current portion $ 6,510 $ 8,152 |
Summary of Foreign Exchange Contracts, Statement of Financial Position | The impact from losses from our interest rate cap, interest rate swaps, and hybrid debt on our condensed consolidated statements of operations were as follows (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Net payments upon settlement of interest rate swaps $ 608 $ 113 $ 1,052 $ 442 Amortization of prior hedge effectiveness 1,748 996 3,076 996 Amortization of interest rate cap premium — 53 28 115 Interest expense on hybrid debt 180 211 368 222 Total, recorded in interest expense, net $ 2,536 $ 1,373 $ 4,524 $ 1,775 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments for Operating Leases | Future minimum payments under operating leases at June 30, 2021 are as follows (in thousands): Operating 2021 (remaining six months) $ 1,625 2022 1,787 Total minimum lease payments $ 3,412 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Based Compensation Cost | We recorded stock-based compensation cost in the following categories in the accompanying condensed consolidated statements of operations and balance sheets (in thousands): Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Cost of revenue $ 762 $ 46 $ 821 $ 83 Sales and marketing 5,143 144 5,350 787 Technology and development 17,619 603 18,145 1,553 General and administrative 21,430 2,568 24,580 5,265 Total stock-based compensation expense 44,954 3,361 48,896 7,688 Amount capitalized to internal-use 13 8 26 23 Total stock-based compensation $ 44,967 $ 3,369 $ 48,922 $ 7,711 |
Schedule of Stock Options Activity | Stock option activity for the six months ended June 30, 2021 is as follows (in thousands, except weighted-average exercise price and remaining contract life): Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding at December 31, 2020 15,235 $ 8.78 8.7 15,873 Granted 971 28.00 Exercised (456 ) 0.63 Cancelled/forfeited (84 ) 4.81 Outstanding at June 30, 2021 15,666 $ 10.23 8.4 $ 432,727 Vested and expected to vest at June 30, 2021 15,628 $ 10.24 8.4 $ 431,496 Exercisable at June 30, 2021 5,637 $ 7.99 7.7 $ 168,307 |
Schedule of Fair Value Assumptions and Techniques for Stock Options | The weighted-average assumptions used to calculate the grant-date fair value of our stock option grants using the Black-Scholes Option Pricing Model were as follows: Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Expected life (years) 5.4 — 5.4 5.1 Risk-free interest rate 0.97 % — 0.97 % 1.62 % Expected volatility 45.6 % — 45.6 % 43.1 % Expected dividend yield 0.0 % — 0.0 % 0.0 % |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit, or RSU, activity for the six months ended June 30, 2021 is as follows (in thousands, except weighted-average grant-date fair value): Number of Options Weighted- Average Grant- Date Fair Value Unvested at December 31, 2020 2,499 $ 9.53 Granted 1,771 16.51 Cancelled/forfeited (145 ) 10.78 Vested (330 ) 21.29 Unvested at June 30, 2021 3,795 $ 19.20 |
Basic and Diluted Earnings Pe_2
Basic and Diluted Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Number of Options, Restricted Stock Units | The following table presents the number of options, restricted stock units and restricted stock excluded from the calculation of diluted net loss per share attributable to common stockholders because they are anti-dilutive (in thousands): June 30, 2021 2020 Options to purchase common stock 15,666 12,134 Restricted stock units 3,795 1,030 Restricted stock 50 100 Total 19,511 13,264 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Available-for-sale $ — $ — $ 1,022 Money market fund 30,212 — — Total assets $ 30,212 $ — $ 1,022 Interest rate caps and swaps — 2,684 — Contingent consideration — — 750 Total liabilities $ — $ 2,684 $ 750 December 31, 2020 Level 1 Level 2 Level 3 Available-for-sale $ — $ — $ 1,050 Money market fund 5,208 — — Restricted money market fund 25,000 — — Total assets $ 30,208 $ — $ 1,050 Interest rate caps and swaps $ — $ 5,817 $ — Financial guarantee — — 150 Contingent consideration — — 1,250 Total liabilities $ — $ 5,817 $ 1,400 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) consisted of the following (in thousands): Six Months Ended June 30, 2021 Before Tax Tax Net of Tax Foreign currency translation adjustments: Beginning balance at December 31, 2020 $ (3,014 ) $ — $ (3,014 ) Change during period (147 ) — (147 ) Ending balance at March 31, 2021 (3,161 ) — (3,161 ) Change during period (204 ) — (204 ) Ending balance at June 30, 2021 $ (3,365 ) $ — $ (3,365 ) Available-for-sale Beginning balance at December 31, 2020 $ 281 $ (36 ) $ 245 Unrealized gain 17 (4 ) 13 Ending balance at March 31, 2021 298 (40 ) 258 Unrealized loss (56 ) 15 (41 ) Ending balance at June 30, 2021 $ 242 $ (25 ) $ 217 Cash flow hedges: Beginning balance at December 31, 2020 $ (14,708 ) $ 3,650 $ (11,058 ) Unrealized gain on interest rate swaps and cap 2,772 (691 ) 2,081 Reclassification of losses from interest rate cap to net loss 28 (8 ) 20 Reclassification of prior hedge effectiveness to net loss 1,328 (331 ) 997 Ending balance at March 31, 2021 (10,580 ) 2,620 (7,960 ) Unrealized gain on interest rate swaps 360 (90 ) 270 Reclassification of prior hedge effectiveness to net loss 1,748 (450 ) 1,298 Ending balance at June 30, 2021 $ (8,472 ) $ 2,080 $ (6,392 ) Accumulated other comprehensive loss: Beginning balance at December 31, 2020 $ (17,441 ) $ 3,614 $ (13,827 ) Other comprehensive income 3,998 (1,034 ) 2,964 Ending balance at March 31, 2021 (13,443 ) 2,580 (10,863 ) Other comprehensive income 1,848 (525 ) 1,323 Ending balance at June 30, 2021 $ (11,595 ) $ 2,055 $ (9,540 ) Six Months Ended June 30, 2020 Before Tax Tax Net of Tax Foreign currency translation adjustments: Beginning balance at December 31, 2019 $ (1,718 ) $ — $ (1,718 ) Change during period 2,272 — 2,272 Ending balance at March 31, 2020 554 — 554 Change during period 304 — 304 Reclassification upon sale of business (2 ) — (2 ) Ending balance at June 30, 2020 $ 856 $ — $ 856 Available-for-sale Beginning balance at December 31, 2019 $ 231 $ — $ 231 Ending balance at March 31, 2020 231 — 231 Loss from impairment (94 ) — (94 ) Ending balance at June 30, 2020 $ 137 $ — $ 137 Cash flow hedges: Beginning balance at December 31, 2019 $ (5,627 ) $ 1,387 $ (4,240 ) Unrealized loss on interest rate swaps and cap (9,704 ) 2,418 (7,286 ) Reclassification of losses from interest rate cap to net loss 64 (16 ) 48 Reclassification of prior hedge effectiveness to net loss 98 (24 ) 74 Ending balance at March 31, 2020 (15,169 ) 3,765 (11,404 ) Unrealized loss on interest rate swaps and cap (2,691 ) 671 (2,020 ) Reclassification of losses from interest rate cap to net loss 52 (14 ) 39 Reclassification of prior hedge effectiveness to net loss 997 (249 ) 748 Ending balance at June 30, 2020 $ (16,811 ) $ 4,173 $ (12,637 ) Accumulated other comprehensive loss: Beginning balance at December 31, 2019 $ (7,114 ) $ 1,387 $ (5,727 ) Other comprehensive loss (7,270 ) 2,378 (4,892 ) Ending balance at March 31, 2020 (14,384 ) 3,765 (10,619 ) Other comprehensive loss (1,434 ) 409 (1,025 ) Ending balance at June 30, 2020 $ (15,818 ) $ 4,174 $ (11,644 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounting Policies [Line Items] | |||||
Foreign currency transaction gain (loss) | $ 300 | $ (100) | $ 401 | $ (2,498) | |
Other Noncurrent Assets [Member] | |||||
Accounting Policies [Line Items] | |||||
Deferred offering costs non current | $ 5,500 | $ 5,500 | $ 0 | ||
Minimum [Member] | Revenue Benchmark [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% | |
No Single Customer [Member] | Minimum [Member] | Accounts Receivable [Member] | |||||
Accounting Policies [Line Items] | |||||
Account receivable percent | 10.00% | 10.00% | |||
Customer One [Member] | Accounts Receivable [Member] | |||||
Accounting Policies [Line Items] | |||||
Account receivable percent | 20.00% | ||||
Outside United States [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 0.80% | 1.20% | 0.90% | 2.00% | |
Outside United States [Member] | Property, Plant and Equipment [Member] | Geographic Concentration Risk [Member] | |||||
Accounting Policies [Line Items] | |||||
Property plant and equipment percent | 1.00% | 1.00% | 1.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 150,432 | $ 111,007 | $ 285,064 | $ 216,802 |
Transaction [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 73,360 | 50,429 | 134,748 | 96,015 |
Subscription [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 69,384 | 53,832 | 134,877 | 108,067 |
Partner [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 7,688 | $ 6,746 | $ 15,439 | $ 12,720 |
Other Financial Statement Inf_3
Other Financial Statement Information - Summary of Changes in the Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Financial Information [Abstract] | ||||
Beginning balance | $ 4,709 | $ 1,366 | $ 5,256 | $ 2,461 |
Add: amounts recognized as a reduction of revenue | 1,445 | 930 | 3,027 | 2,813 |
Add: bad debt expense recognized in general and administrative expense | 16 | 680 | 30 | 680 |
Less: write-offs, net of recoveries | (1,056) | (529) | (3,199) | (3,507) |
Ending balance | $ 5,114 | $ 2,447 | $ 5,114 | $ 2,447 |
Other Financial Statement Inf_4
Other Financial Statement Information - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Financial Information [Abstract] | ||
Prepaid expenses | $ 7,797 | $ 7,177 |
Deferred cost of revenue | 2,452 | 1,967 |
Other current assets | 2,316 | 1,392 |
Total prepaid expenses and other current assets | $ 12,565 | $ 10,536 |
Other Financial Statement Inf_5
Other Financial Statement Information - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Financial Information [Abstract] | ||
Accrued payroll and related expenses | $ 15,530 | $ 16,135 |
Accrued vendor payables | 17,714 | 10,854 |
Derivative liabilities and hybrid debt | 5,554 | 5,131 |
Sales allowances | 4,676 | 4,856 |
Accrued sales, use and business taxes | 1,816 | 1,789 |
Accrued advertising | 173 | |
Other | 2,587 | 2,090 |
Total accrued expenses and other current liabilities | $ 47,877 | $ 41,028 |
Other Financial Statement Inf_6
Other Financial Statement Information - Summary of Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Details Of Depreciation And Amortization [Line Items] | ||||
Depreciation and amortization expenses | $ 3,663 | $ 4,827 | $ 7,829 | $ 9,747 |
Cost of revenue [Member] | ||||
Disclosure Details Of Depreciation And Amortization [Line Items] | ||||
Depreciation and amortization expenses | 1,398 | 1,934 | 3,076 | 3,892 |
Sales and marketing [Member] | ||||
Disclosure Details Of Depreciation And Amortization [Line Items] | ||||
Depreciation and amortization expenses | 1,323 | 1,762 | 2,798 | 3,611 |
Technology and development [Member] | ||||
Disclosure Details Of Depreciation And Amortization [Line Items] | ||||
Depreciation and amortization expenses | 584 | 667 | 1,171 | 1,317 |
General and administrative [Member] | ||||
Disclosure Details Of Depreciation And Amortization [Line Items] | ||||
Depreciation and amortization expenses | $ 358 | $ 464 | $ 784 | $ 927 |
Other Financial Statement Inf_7
Other Financial Statement Information - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Other Financial Information [Abstract] | |||||
Contract with customer liability | $ 153.9 | $ 153.9 | $ 130.1 | ||
Contract with customer liability revenue recognized | $ 77.5 | $ 57.7 | $ 102.3 | $ 83.1 |
Disposition of Business - Addit
Disposition of Business - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Apr. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Payment for working capital to buyers | $ 1,175 | ||
Gain (loss) on disposal of business | $ (1,764) | $ (1,764) | |
UNITED KINGDOM | Beaumont ABS Limited [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Payment for working capital to buyers | $ 1,200 | ||
Gain (loss) on disposal of business | $ (1,800) |
Investments - Additional Inform
Investments - Additional Information (Detail) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | |
Investments [Abstract] | |||
Impairment other than temporary on available for sale investments recognized in the income statement | $ 4.8 | $ 4.8 | € 4.3 |
Long-term Debt - Summary of Rec
Long-term Debt - Summary of Reconciliation of the Scheduled Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Current portion of 2018 Term Loan | $ 5,350 | $ 5,350 |
Current portion of discount and unamortized debt issuance costs | (2,309) | (2,321) |
Total current portion of long-term debt | 3,041 | 3,029 |
Noncurrent portion of 2018 Term Loan | 516,275 | 518,950 |
Noncurrent portion of discount and unamortized debt issuance costs | (5,445) | (6,588) |
Total long-term debt, net of current portion | $ 510,830 | $ 512,362 |
Long-term Debt - Summary of Fut
Long-term Debt - Summary of Future Principal Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 (remaining six months) | $ 2,675 | |
2022 | 5,350 | |
2023 | 5,350 | |
2024 | 508,250 | |
Total long-term debt, net of current portion | 521,625 | |
Less: current portion of 2018 Term Loan | (5,350) | $ (5,350) |
Outstanding principal of 2018 Term Loan, net of current portion | $ 516,275 | $ 518,950 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Nov. 30, 2018 | Jul. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Term loan outstanding current and non current portion | $ 521,625,000 | |||||
Proceeds from long term line of credit | $ 40,000,000 | |||||
Repayment of long term line of credit | 40,000,000 | |||||
Repayment of term loan | 2,675,000 | $ 2,675,000 | ||||
2018 Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 535,000,000 | |||||
Term loan month of maturity | 2024-11 | |||||
Term loan outstanding current and non current portion | $ 521,600,000 | |||||
Long term debt effective interest rate percentage at a point in time | 5.00% | 5.10% | ||||
2018 Revolving Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit maximum borrowing capacity | $ 40,000,000 | |||||
Revolving credit facility month of maturity | 2023-11 | |||||
Line of credit outstanding current and non current portion | $ 0 | $ 0 | ||||
Letter of credit outstanding amount | $ 0 | $ 0 | ||||
2018 Revolving Facility [Member] | Covid-19 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from long term line of credit | $ 40,000,000 | |||||
Repayment of long term line of credit | $ 40,000,000 | |||||
2018 Revolving Facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of term loan | $ 521,600,000 | |||||
2018 Amended and Restated Revolving Facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit maximum borrowing capacity | $ 150,000,000 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Financial Guarantee [Member] | |
Derivative [Line Items] | |
Reclassification from restricted cash and cash equivalents to cash and cash equivalents | $ 25 |
Financial Guarantee [Member] | Other Nonoperating Income (Expense) [Member] | |
Derivative [Line Items] | |
Gain loss from the cancellation of derivatives | 0.1 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative liability modification of swaps | $ 12.3 |
Derivative instruments fixed rate of interest | 2.30% |
Interest Rate Swap [Member] | Two Blend and Extended Transactions [Member] | Covid-19 [Member] | |
Derivative [Line Items] | |
Derivative instruments average fixed rate of interest | 1.70% |
Derivative instrument extension in the term of maturity | 2 years |
Derivative instrument month of maturity | 2024-04 |
Derivative liabilities notional amount | $ 96.6 |
Derivatives - Summary of Deriva
Derivatives - Summary of Derivative Instrument (Detail) - USD ($) $ in Thousands | Jul. 30, 2021 | Dec. 31, 2020 |
Schedule of derivative instrument [Line Items] | ||
Total derivative liability, net of current portion | $ 395 | $ 3,790 |
Hybrid debt, current portion | 3,265 | 2,954 |
Hybrid debt, net of current portion | 6,510 | 8,152 |
Interest Rate Swap [Member] | ||
Schedule of derivative instrument [Line Items] | ||
Derivative liability, net of current portion | 2,289 | 2,177 |
Total derivative liability, net of current portion | $ 395 | 3,640 |
Financial Guarantee [Member] | ||
Schedule of derivative instrument [Line Items] | ||
Total derivative liability, net of current portion | $ 150 |
Derivatives - Summary of Foreig
Derivatives - Summary of Foreign Exchange Contracts, Statement of Financial Position (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Summary of Derivative Instruments [Abstract] | ||||
Net payments upon settlement of interest rate swaps | $ 608 | $ 113 | $ 1,052 | $ 442 |
Amortization of prior hedge effectiveness | 1,748 | 996 | 3,076 | 996 |
Amortization of interest rate cap premium | 53 | 28 | 115 | |
Interest expense on hybrid debt | 180 | 211 | 368 | 222 |
Total, recorded in interest expense, net | $ 2,536 | $ 1,373 | $ 4,524 | $ 1,775 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Payments for Operating Leases (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 (remaining six months) | $ 1,625 |
2022 | 1,787 |
Total minimum lease payments | $ 3,412 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Arbitration Against One of Our Vendors [Member] | |
Other Commitments [Line Items] | |
Damages sought value | $ 5.6 |
Counterdemand by the Vendors [Member] | |
Other Commitments [Line Items] | |
Damages sought value | 6.1 |
Dun and Brad Street [Member] | |
Other Commitments [Line Items] | |
Excess payment received from the service partner | 5.6 |
Non-cancellable Agreements With Vendors [Member] | Advertising Media and Other Commitments [Member] | |
Other Commitments [Line Items] | |
Minimum non-cancellable commitment | 2 |
Contractual obligation | 13.8 |
Contractual obligation remainder of fiscal year | $ 9.7 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock Based Compensation Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items] | ||||
Share based compensation expense | $ 44,967 | $ 3,369 | $ 48,922 | $ 7,711 |
Cost of revenue [Member] | ||||
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items] | ||||
Share based compensation expense | 762 | 46 | 821 | 83 |
Selling and Marketing Expense [Member] | ||||
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items] | ||||
Share based compensation expense | 5,143 | 144 | 5,350 | 787 |
Technology And Development [Member] | ||||
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items] | ||||
Share based compensation expense | 17,619 | 603 | 18,145 | 1,553 |
General and Administrative Expense [Member] | ||||
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items] | ||||
Share based compensation expense | 21,430 | 2,568 | 24,580 | 5,265 |
Expense Before Capitalized Software [Member] | ||||
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items] | ||||
Share based compensation expense | 44,954 | 3,361 | 48,896 | 7,688 |
Capitalized To Internal Use Software [Member] | ||||
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items] | ||||
Share based compensation expense | $ 13 | $ 8 | $ 26 | $ 23 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Stock Options Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Jul. 30, 2021 | |
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | |||
Number of Options, Beginning Balance | 15,235 | ||
Number of Options, Granted | 971 | ||
Number of Options, Exercised | (456) | ||
Number of Options, Cancelled/forfeited | (84) | ||
Number of Options, Ending Balance | 15,666 | 15,235 | |
Number of Options, Vested and expected to vest at June 30, 2021 | 15,628 | ||
Number of Options, Exercisable | 5,637 | ||
Weighted-Average Exercise Price, Beginning Balance | $ 8.78 | ||
Weighted-Average Exercise Price, Granted | 28 | ||
Weighted-Average Exercise Price, Exercised | 0.63 | ||
Weighted-Average Exercise Price, Cancelled/forfeited | 4.81 | ||
Weighted-Average Exercise Price, Ending Balance | $ 10.23 | $ 8.78 | |
Weighted-Average Exercise Price, Vested and expected to vest at June 30, 2021 | $ 10.24 | ||
Weighted-Average Exercise Price, Exercisable | $ 7.99 | ||
Weighted-Average Remaining Contractual Life (in Years) | 8 years 4 months 24 days | 8 years 8 months 12 days | |
Weighted-Average Remaining Contractual Life (in Years), Vested and expected to vest at June 30, 2021 | 8 years 4 months 24 days | ||
Weighted-Average Remaining Contractual Life (in Years), Exercisable | 7 years 8 months 12 days | ||
Aggregate Intrinsic Value | $ 432,727 | $ 15,873 | |
Aggregate Intrinsic Value, Vested and expected to vest at June 30, 2021 | $ 431,496 | ||
Aggregate Intrinsic Value, Exercisable at June 30, 2021 | $ 168,307 |
Stock-based Compensation - Sc_3
Stock-based Compensation - Schedule of Fair Value Assumptions and Techniques for Stock Options (Detail) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Expected life (years) | 5 years 4 months 24 days | 5 years 4 months 24 days | 5 years 1 month 6 days |
Risk-free interest rate | 0.97% | 0.97% | 1.62% |
Expected volatility | 45.60% | 45.60% | 43.10% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Restricted Stock Unit Activity (Detail) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Schedule Of Share based Compensation Restricted Stock And Restricted Stock Units Activity [Line Items] | |
Number of Options, Unvested at December 31, 2020 | shares | 2,499 |
Number of Options, Granted | shares | 1,771 |
Number of Options, Cancelled/forfeited | shares | (145) |
Number of Options, Vested | shares | (330) |
Number of Options, Unvested at June 30, 2021 | shares | 3,795 |
Weighted-Average Grant-Date Fair Value, Unvested at December 31, 2020 | $ / shares | $ 9.53 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 16.51 |
Weighted-Average Grant-Date Fair Value, Cancelled/forfeited | $ / shares | 10.78 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 21.29 |
Weighted-Average Grant-Date Fair Value, Unvested at June 30, 2021 | $ / shares | $ 19.20 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 21, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Options, Granted | 971,000 | ||||||
Allocated share based compensation expenses | $ 44,967 | $ 3,369 | $ 48,922 | $ 7,711 | |||
Share based compensation by share based arrangement equity instruments other than options granted during the period | 1,771 | ||||||
Two Thousand And Twenty One Equity Incentive Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based payment award number of shares authorized | 18,946,871 | 18,946,871 | 18,946,871 | ||||
Two Thousand And Twenty One Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based payment award number of shares authorized | 3,552,538 | 3,552,538 | 3,552,538 | ||||
Employee Stock Option Member | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense total unrecognized | $ 93,300 | $ 93,300 | $ 93,300 | ||||
Stock-based compensation weighted-average year | 2 years 10 months 24 days | ||||||
Employee Stock Option Member | Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense total unrecognized | $ 11,200 | $ 11,200 | $ 11,200 | ||||
Stock-based compensation weighted-average year | 4 years 1 month 6 days | ||||||
Number of Options, Granted | 0 | 970,970 | |||||
Allocated share based compensation expenses | $ 200 | ||||||
Employee Stock Option Member | Executive Officer [Member] | Time Based Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based payment award number of equity instruments other than options outstanding for which the vesting conditions were modified | 1,706,888 | 1,706,888 | 1,706,888 | ||||
Employee Stock Option Member | Employees [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based payment award number of options outstanding for which the vesting conditions were modified Vesting percentage | 25.00% | 25.00% | 25.00% | ||||
Employee Stock Option Member | Executive Officers And Employees [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based payment award number of options outstanding for which the vesting conditions were modified | 4,477,218 | 4,477,218 | 4,477,218 | ||||
Employee Stock Option Member | Executive Officers And Employees [Member] | Performance Shares [Member] | Service Based Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based payment arrangement plan modification incremental costs | $ 76,600 | ||||||
Share based compensation by share based payment award options outstanding for which the vesting conditions were modified unrecognized compensation | $ 53,300 | $ 53,300 | $ 53,300 | ||||
Share based compensation by share based payment award options outstanding for which the vesting conditions were modified unrecognized compensation period of recognition | 3 years | ||||||
Employee Stock Option Member | Executive Officers And Employees [Member] | Modified Vesting Conditions [Member] | Performance Shares [Member] | Service Based Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share based compensation expenses | $ 23,300 | ||||||
Employee Stock Option Member | One Executive Officer [Member] | Two Thousand And Nineteen Performance Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based payment award number of options outstanding for which the vesting conditions were modified | 3,627,936 | 3,627,936 | 3,627,936 | ||||
Share based payment arrangement plan modification incremental costs | $ 11,400 | ||||||
Employee Stock Option Member | One Executive Officer [Member] | Two Thousand And Nineteen Performance Options [Member] | Service Based Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share based compensation expenses | 6,600 | ||||||
Share based compensation by share based payment award options outstanding for which the vesting conditions were modified unrecognized compensation | $ 12,600 | $ 12,600 | $ 12,600 | ||||
Share based compensation by share based payment award options outstanding for which the vesting conditions were modified unrecognized compensation period of recognition | 2 years 3 months 18 days | ||||||
Employee Stock Option Member | Terminated Employees [Member] | Modified Vesting Conditions [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share based compensation expenses | $ 900 | ||||||
Share based compensation by share based payment award number of options outstanding for which the vesting conditions were modified | 48,300 | 48,300 | 48,300 | ||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation weighted-average year | 3 years 4 months 24 days | ||||||
Allocated share based compensation expenses | $ 11,700 | $ 800 | $ 12,200 | 2,400 | |||
Share based compensation by share based payment fair value | 8,400 | $ 2,300 | |||||
Share based compensation by share based arrangement unrecognized compensation expense other than options | $ 67,700 | $ 67,700 | $ 67,700 | ||||
Share based compensation by share based arrangement equity instruments other than options vested upon the effectiveness of initial public offer | 256,936 | 256,936 | 256,936 | ||||
Restricted Stock Units (RSUs) [Member] | Liquidity Event Restricted Stock Units [Member] | Time Based Liquidity Event Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share based compensation expenses | $ 10,600 | ||||||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Liquidity Event Restricted Stock Units [Member] | Time Based Liquidity Event Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based payment award options outstanding for which the vesting conditions were modified unrecognized compensation | $ 35,900 | $ 35,900 | $ 35,900 | ||||
Share based compensation by share based payment award options outstanding for which the vesting conditions were modified unrecognized compensation period of recognition | 3 years 2 months 12 days | ||||||
Share based compensation by share based payment award accelerated vesting number | 1,725,942 | ||||||
Share based compensation by share based payment award number of equity instruments other than options outstanding for which accelerated vesting is applicable gross compensation expense | $ 43,300 | ||||||
Share based payment arrangement accelerated cost recognized | $ 7,400 | ||||||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Service Based Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation weighted-average year | 4 years 1 month 6 days | ||||||
Allocated share based compensation expenses | $ 200 | ||||||
Share based compensation by share based arrangement unrecognized compensation expense other than options | $ 10,600 | 10,600 | $ 10,600 | ||||
Share based compensation by share based arrangement equity instruments other than options granted during the period | 388,389 | ||||||
Share based compensation by share based arrangement equity instruments other than options granted during the period aggregate fair value | $ 10,800 | ||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | Service Based Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based arrangement equity instruments other than options granted during the period | 14,284 | ||||||
Share based compensation by share based arrangement equity instruments other than options granted during the period aggregate fair value | $ 400 | ||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based arrangement equity instruments other than options granted during the period | 30,434 | ||||||
Percentage of assets sold or transferred for equity instruments other than options to vest | 50.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Liquidity Event Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based arrangement equity instruments other than options granted during the period | 1,338,028 | ||||||
Percentage of assets sold or transferred for equity instruments other than options to vest | 50.00% | 50.00% | 50.00% | ||||
Share based compensation by share based arrangement equity instruments other than options period of retention from the date of the grant | 6 years 6 months | ||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based payment award number of equity instruments other than options outstanding for which the vesting conditions were modified | 111,902 | 111,902 | 111,902 | ||||
Share based compensation by share based payment award number of equity instruments other than options outstanding for which the vesting conditions were modified vesting percentage | 25.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Performance Shares [Member] | Service Vesting Condition [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based payment arrangement plan modification incremental costs | $ 2,900 | ||||||
Share based compensation by share based payment award number of equity instruments other than options for which the vesting conditions were modified unrecognized compensation | $ 2,700 | $ 2,700 | $ 2,700 | ||||
Share based compensation by share based payment award number of equity instruments other than options for which the vesting conditions were modified unrecognized compensation period of recognition | 3 years 3 months 18 days | ||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Modified Vesting Conditions [Member] | Performance Shares [Member] | Service Vesting Condition [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share based compensation expenses | $ 200 | ||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | Employees [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based arrangement vesting percentage | 100.00% | ||||||
Share Price | $ 29.46 | ||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | Employees [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation by share based arrangement vesting percentage | 0.00% | ||||||
Share Price | $ 19.64 | ||||||
Two Thousand And Two Thousand And Twenty Performance Options Performance Restricted Stock Units And Liquidity Restricted Event Restricted Stock Units [Member] | Median [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Price | $ 25.50 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Examination [Line Items] | |||||
Income Tax Expense (Benefit) | $ 1,995 | $ 563 | $ (941) | $ (1,492) | |
Effective income tax rate | 5.50% | 16.10% | 1.90% | 14.30% | |
Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Gross unrecognized tax benefits | $ 7,600 | $ 7,600 | $ 7,200 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 7,600 | $ 7,600 |
Basic and Diluted Earnings Pe_3
Basic and Diluted Earnings Per Share - Summary of Number of Options, Restricted Stock Units (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Earnings Per Share, Amount | 19,511,000 | 13,264,000 |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Earnings Per Share, Amount | 15,666,000 | 12,134,000 |
Restricted stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Earnings Per Share, Amount | 3,795,000 | 1,030,000 |
Restricted stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Earnings Per Share, Amount | 50,000 | 100,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 30,212 | $ 30,208 |
Level 1 [Member] | Money market fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 30,212 | 5,208 |
Level 1 [Member] | Restricted money market fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 25,000 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,684 | 5,817 |
Level 2 [Member] | Interest rate caps and swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,684 | 5,817 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,022 | 1,050 |
Liabilities | 750 | 1,400 |
Level 3 [Member] | Financial guarantee [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 150 | |
Level 3 [Member] | Contingent consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 750 | 1,250 |
Level 3 [Member] | Available-for-sale debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 1,022 | $ 1,050 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized gain(loss) on interest rate swaps and cap, Net of tax | $ 270 | $ (2,020) | $ 2,351 | $ (9,306) | ||
Beginning Balance Accumulated other comprehensive loss, Net of tax | $ (13,827) | (13,827) | ||||
Other Comprehensive Income (Loss), Net of Tax | 1,323 | 2,964 | (1,025) | $ (4,892) | 4,287 | (5,917) |
Ending Balance Accumulated other comprehensive loss, Net of tax | (9,540) | (9,540) | ||||
Foreign currency translation adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance Before tax | (3,161) | (3,014) | 554 | (1,718) | (3,014) | (1,718) |
Change during period, Before tax | (204) | (147) | 304 | 2,272 | ||
Reclassification upon sale of business, Before tax | (2) | |||||
Ending Balance Before Tax | (3,365) | (3,161) | 856 | 554 | (3,365) | 856 |
Beginning Balance Net of Tax | (3,161) | (3,014) | 554 | (1,718) | (3,014) | (1,718) |
Change during period, net of tax | (204) | (147) | 304 | 2,272 | ||
Reclassification upon sale of business, Net of tax | (2) | |||||
Ending Balance Net of Tax | (3,365) | (3,161) | 856 | 554 | (3,365) | 856 |
Available-for-sale debt securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance Before tax | 298 | 281 | 231 | 231 | 281 | 231 |
Unrealized gain (Loss) Before tax | (56) | 17 | ||||
Loss from impairment, Before tax | (94) | |||||
Ending Balance Before Tax | 242 | 298 | 137 | 231 | 242 | 137 |
Beginning Balance Tax Effect | (40) | (36) | (36) | |||
Unrealized gain, Tax effect | 15 | (4) | ||||
Ending Balance Tax Effect | (25) | (40) | (25) | |||
Beginning Balance Available-for-sale debt securities, Net of tax | 258 | 245 | 231 | 231 | 245 | 231 |
Unrealized gain, Net of tax | (41) | 13 | ||||
Loss from impairment, Net of tax | (94) | |||||
Ending Balance Available-for-sale debt securities, Net of tax | 217 | 258 | 137 | 231 | 217 | 137 |
Cash flow hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance Before tax | (10,580) | (14,708) | (15,169) | (5,627) | (14,708) | (5,627) |
Unrealized gain on interest rate swaps and cap, Before tax | 360 | 2,772 | (2,691) | (9,704) | ||
Reclassification of losses from interest rate cap to net loss, Before tax | 1,748 | 28 | 52 | 64 | ||
Reclassification of prior hedge effectiveness to net loss, Before tax | 1,328 | 997 | 98 | |||
Unrealized loss on interest rate swaps and cap, Before tax | 360 | 2,772 | (2,691) | (9,704) | ||
Ending Balance Before Tax | (8,472) | (10,580) | (16,811) | (15,169) | (8,472) | (16,811) |
Beginning Balance Tax Effect | 2,620 | 3,650 | 3,765 | 1,387 | 3,650 | 1,387 |
Unrealized gain on interest rate swaps and cap, tax effect, Tax effect | (90) | (691) | 671 | 2,418 | ||
Reclassification of losses from interest rate cap to net loss, Tax effect | (450) | (8) | (14) | (16) | ||
Reclassification of prior hedge effectiveness to net loss, Tax effect | (331) | (249) | (24) | |||
Unrealized loss on interest rate swaps and cap, Tax effect | (90) | (691) | 671 | 2,418 | ||
Ending Balance Tax Effect | 2,080 | 2,620 | 4,173 | 3,765 | 2,080 | 4,173 |
Beginning Balance Cash flow hedges, Net of tax | (7,960) | (11,058) | (11,404) | (4,240) | (11,058) | (4,240) |
Unrealized gain(loss) on interest rate swaps and cap, Net of tax | 270 | 2,081 | (2,020) | (7,286) | ||
Reclassification of losses from interest rate cap to net loss | 20 | 39 | 48 | |||
Reclassification of prior hedge effectiveness to net loss, Net of tax | 1,298 | 997 | 748 | 74 | ||
Ending Balance Cash flow hedges, Net of tax | (6,392) | (7,960) | (12,637) | (11,404) | (6,392) | (12,637) |
Accumulated other comprehensive loss [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance Before tax | (13,443) | (17,441) | (14,384) | (7,114) | (17,441) | (7,114) |
Other Comprehensive Income (Loss), Before tax | 1,848 | 3,998 | (1,434) | (7,270) | ||
Ending Balance Before Tax | (11,595) | (13,443) | (15,818) | (14,384) | (11,595) | (15,818) |
Beginning Balance Tax Effect | 2,580 | 3,614 | 3,765 | 1,387 | 3,614 | 1,387 |
Other comprehensive income, Tax effect | (525) | (1,034) | 409 | 2,378 | ||
Ending Balance Tax Effect | 2,055 | 2,580 | 4,174 | 3,765 | 2,055 | 4,174 |
Beginning Balance Accumulated other comprehensive loss, Net of tax | (10,863) | (13,827) | (10,619) | (5,727) | (13,827) | (5,727) |
Other Comprehensive Income (Loss), Net of Tax | 1,323 | 2,964 | (1,025) | (4,892) | ||
Ending Balance Accumulated other comprehensive loss, Net of tax | $ (9,540) | $ (10,863) | $ (11,644) | $ (10,619) | $ (9,540) | $ (11,644) |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | $ 0.3 | $ 0.2 | $ 0.6 | $ 0.5 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jul. 02, 2021 | Jul. 01, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||
Common Stock, Shares Authorized | 264,720,000 | 264,720,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from IPO and Private Placement | $ 666.9 | |||
Conversion of Stock, Shares Converted | 23,081,080 | |||
Conversion of Stock, Amount Converted | $ 70.9 | |||
Conversion of Stock, Shares Issued | 46,162,160 | |||
Common Stock, Shares Authorized | 1,000,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||
Preferred Stock, Shares Authorized | 100,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||
Number of shares cancelled in shares buyback program | 60,405 | |||
Subsequent Event [Member] | 2018 Term Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayments of Debt | $ 521.6 | |||
Payment for Debt Prepayment Cost | 13.6 | |||
Subsequent Event [Member] | 2018 Revolving Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 150 | |||
Gain (Loss) on Extinguishment of Debt | 7.7 | |||
Subsequent Event [Member] | 2021 Revolving Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Letters of credit loans available | 20 | |||
Swingline loans available | $ 10 | |||
Subsequent Event [Member] | IPO [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 19,121,000 | |||
Share Price | $ 0.001 | |||
Sale of Stock, Price Per Share | $ 28 | |||
Subsequent Event [Member] | Private Placement [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 3,214,285 | |||
Proceeds from Issuance of Common Stock | $ 85 | |||
Subsequent Event [Member] | Nderwriters Option [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 2,868,150 |