0001558370-21-015330 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 02, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-39799
Entity Registrant Name	Certara, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2180925
Entity Address, Address Line One	100 Overlook Center
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Princeton
Entity Address State Or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	716-7900
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	CERT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		159,679,485
Entity Central Index Key	0001827090
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 416,850	$ 271,382
Accounts receivable, net of allowance for doubtful accounts of $170 and $132, respectively	62,859	54,091
Restricted cash	1,108	1,909
Prepaid expenses and other current assets	24,032	19,202
Total current assets	504,849	346,584
Other assets:
Property and equipment, net	3,005	3,872
Long-term deposits	1,145	1,163
Goodwill	522,814	518,592
Intangible assets, net of accumulated amortization of $156,870 and $127,172, respectively	378,985	396,445
Other long-term assets	1,075
Deferred income taxes	2,916	2,744
Total assets	1,414,789	1,269,400
Current liabilities:
Accounts payable	11,260	6,394
Accrued expenses	25,266	30,729
Current portion of deferred revenue	27,987	30,662
Current portion of interest rate swap liability	1,813	2,605
Current portion of long-term debt	3,020	4,680
Current portion of capital lease obligations	288	275
Total current liabilities	69,634	75,345
Long-term liabilities:
Capital lease obligations, net of current portion	100	318
Deferred revenue, net of current portion	1,233	545
Deferred income taxes	79,633	75,894
Long-term portion of interest rate swap liability		1,066
Long-term debt, net of current portion and debt discount	292,183	294,100
Other long-term liabilities	686
Total liabilities	443,469	447,268
Commitments and contingencies
Stockholders' equity:
Preferred shares, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
Common shares, $0.01 par value, 600,000,000 shares authorized, 157,353,191 and 152,979,479 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	1,574	1,529
Additional paid-in capital	1,038,581	884,528
Accumulated deficit	(65,905)	(62,338)
Accumulated other comprehensive loss	(2,930)	(1,587)
Total stockholders' equity	971,320	822,132
Total liabilities and stockholders' equity	$ 1,414,789	$ 1,269,400

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 170	$ 132
Accumulated amortization	$ 156,870	$ 127,172
Preferred share, par value	$ 0.01	$ 0.01
Preferred share, shares authorized	50,000,000	50,000,000
Preferred share, shares issued	0	0
Preferred share, shares outstanding	0	0
Common share, par value	$ 0.01	$ 0.01
Common share, shares authorized	600,000,000	600,000,000
Common share, shares issued	157,353,191	152,979,479
Common share, shares outstanding	157,353,191	152,979,479

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Revenues	$ 73,944	$ 60,317	$ 210,758	$ 178,889
Cost of revenues	28,769	23,030	82,327	65,860
Operating expenses:
Sales and marketing	5,082	3,106	13,423	8,773
Research and development	4,530	3,295	13,862	9,139
General and administrative	26,199	13,403	60,795	36,125
Intangible asset amortization	9,592	9,374	28,527	28,056
Depreciation and amortization expense	533	614	1,687	1,836
Total operating expenses	45,936	29,792	118,294	83,929
(Loss) income from operations	(761)	7,495	10,137	29,100
Other income (expenses):
Interest expense	(3,289)	(5,929)	(13,549)	(19,810)
Miscellaneous, net	657	11	194	456
Total other (expenses)	(2,632)	(5,918)	(13,355)	(19,354)
(Loss) income before income taxes	(3,393)	1,577	(3,218)	9,746
(Benefit) provision of income taxes	(1,631)	350	349	4,696
Net (loss) income	(1,762)	1,227	(3,567)	5,050
Other comprehensive (loss) income:
Foreign currency translation adjustment	(2,798)	3,403	(4,041)	513
Change in fair value of interest rate swap, net of tax $(16), $97, $145, and $(488)	(47)	311	430	(1,530)
Reclassification of fair value of interest rate swap, net of tax of $0, 0, $(765), and 0			2,268
Total other comprehensive (loss) income	(2,845)	3,714	(1,343)	(1,017)
Comprehensive (loss) income	$ (4,607)	$ 4,941	$ (4,910)	$ 4,033
Net (loss) income per share attributable to common stockholders:
Basic (in dollar per share)	$ (0.01)	$ 0.01	$ (0.02)	$ 0.04
Diluted (in dollar per share)	$ (0.01)	$ 0.01	$ (0.02)	$ 0.04
Weighted average common shares outstanding:
Basic (in shares)	149,016,609	132,407,786	147,894,227	132,407,786
Diluted (in shares)	149,016,609	132,407,786	147,894,227	132,407,786

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Change in fair value from interest rate swap, tax expense (benefit)	$ (16)	$ 97	$ 145	$ (488)
Reclassification of fair value of interest rate swap, tax expense (benefit)	$ 0	$ 0	$ (765)	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	RETAINED EARNINGS (ACCUMULATED DEFICITS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Total
Beginning balance at Dec. 31, 2019	$ 1,324	$ 509,162	$ (12,941)	$ (5,497)	$ 492,048
Beginning balance (in shares) at Dec. 31, 2019	132,407,786
Increase (Decrease) in Stockholders' Equity
Equity compensation		2,286			2,286
Repurchase of Parent Class B units		(1,079)			(1,079)
Capital contribution		250			250
Change in fair value from interest rate swap, net of tax				(1,530)	(1,530)
Net income (loss)			5,050		5,050
Foreign currency translation adjustment				513	513
Ending balance at Sep. 30, 2020	$ 1,324	510,619	(7,891)	(6,514)	497,538
Ending balance (in shares) at Sep. 30, 2020	132,407,786
Beginning balance at Jun. 30, 2020	$ 1,324	510,212	(9,118)	(10,228)	492,190
Beginning balance (in shares) at Jun. 30, 2020	132,407,786
Increase (Decrease) in Stockholders' Equity
Equity compensation		1,181			1,181
Repurchase of Parent Class B units		(1,024)			(1,024)
Capital contribution		250			250
Change in fair value from interest rate swap, net of tax				311	311
Net income (loss)			1,227		1,227
Foreign currency translation adjustment				3,403	3,403
Ending balance at Sep. 30, 2020	$ 1,324	510,619	(7,891)	(6,514)	497,538
Ending balance (in shares) at Sep. 30, 2020	132,407,786
Beginning balance at Dec. 31, 2020	$ 1,529	884,528	(62,338)	(1,587)	822,132
Beginning balance (in shares) at Dec. 31, 2020	152,979,479
Increase (Decrease) in Stockholders' Equity
Equity compensation		20,846			20,846
Stock offerings	$ 45	133,306			133,351
Stock offerings (in shares)	4,500,000
Shares issued for employee share-based compensation awards (in shares)	14,769
Restricted stock forfeiture (in shares)	(141,057)
Restricted stock unit shares withheld for employee taxes		(99)			(99)
Change in fair value from interest rate swap, net of tax				430	430
Reclassification of fair value of interest rate swap, net of tax				2,268	2,268
Net income (loss)			(3,567)		(3,567)
Foreign currency translation adjustment				(4,041)	(4,041)
Ending balance at Sep. 30, 2021	$ 1,574	1,038,581	(65,905)	(2,930)	971,320
Ending balance (in shares) at Sep. 30, 2021	157,353,191
Beginning balance at Jun. 30, 2021	$ 1,529	897,209	(64,143)	(85)	834,510
Beginning balance (in shares) at Jun. 30, 2021	152,864,921
Increase (Decrease) in Stockholders' Equity
Equity compensation		8,165			8,165
Stock offerings	$ 45	133,306			133,351
Stock offerings (in shares)	4,500,000
Restricted stock forfeiture (in shares)	(11,730)
Restricted stock unit shares withheld for employee taxes		(99)			(99)
Change in fair value from interest rate swap, net of tax				(47)	(47)
Net income (loss)			(1,762)		(1,762)
Foreign currency translation adjustment				(2,798)	(2,798)
Ending balance at Sep. 30, 2021	$ 1,574	$ 1,038,581	$ (65,905)	$ (2,930)	$ 971,320
Ending balance (in shares) at Sep. 30, 2021	157,353,191

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net (loss) income	$ (3,567)	$ 5,050
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	1,687	1,836
Amortization of intangible assets	30,435	29,804
Amortization of debt issuance costs	1,144	1,142
Provision for doubtful accounts	39	31
Loss on retirement of assets	304	9
Equity-based compensation expense	20,846	2,286
Unrealized loss on interest rate swap	1,750
Deferred income taxes	1,796	1,263
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(6,148)	1,565
Prepaid expenses and other assets	(5,504)	(8,610)
Accounts payable and other liabilities	(1,650)	(1,658)
Deferred revenues	(1,575)	(589)
Net cash provided by operating activities	39,557	32,129
Cash flows from investing activities:
Capital expenditures	(995)	(782)
Capitalized development costs	(5,490)	(5,752)
Business acquisitions, net of cash acquired	(14,114)	(675)
Net cash used in investing activities	(20,599)	(7,209)
Cash flows from financing activities:
Capital contributions		250
Unit repurchase		(1,079)
Net proceeds from public offering of common stock	133,351
Proceeds from borrowings on long-term debt	89
Payments on long-term debt and capital lease obligations	(3,147)	(23,511)
Payments on financing component of interest rate swap	(216)
Proceeds from line of credit		19,880
Payment of taxes on shares withheld for employee taxes	(100)
Payment of debt issuance costs	(2,942)
Proceeds from borrowings from affiliate		237
Payments on line of credit		(19,880)
Net cash provided by (used in) financing activities	127,035	(24,103)
Effect of foreign exchange rate changes on cash and cash equivalents, and restricted cash	(1,326)	1,170
Net increase in cash and cash equivalents, and restricted cash	144,667	1,987
Cash and cash equivalents, and restricted cash, at beginning of period	273,291	29,762
Cash and cash equivalents, and restricted cash, at end of period	417,958	31,749
Supplemental disclosures of cash flow information
Cash paid for interest	10,671	21,077
Cash paid for taxes	6,744	6,675
Supplemental schedule of non-cash investing and financing activities
Liabilities assumed in connection with business acquisition	$ 1,912
Capital lease		831
Deferred offering costs, accrued but not paid		$ 1,430

Description of Business

9 Months Ended

Sep. 30, 2021

Description of Business

Description of Business

1.	Description of Business

Certara, Inc. and its wholly owned subsidiaries (together, the “Company”) deliver software products and technology-enabled services to customers to efficiently carry out and realize the full benefits of biosimulation in drug discovery, preclinical and clinical research, regulatory submissions and market access. The Company is a global leader in biosimulation, and the Company’s biosimulation software and technology-enabled services help optimize, streamline, or even waive certain clinical trials to accelerate programs, reduce costs, and increase the probability of success. The Company’s software and services for regulatory science and submissions and market access are underpinned by technologies such as natural language processing and Bayesian analytics. When combined, these solutions allow the Company to offer customers end-to-end support across the entire product life cycle. On October 1, 2020, the Company amended the certificate of incorporation of EQT Avatar Topco, Inc. to change the name of the Company to Certara, Inc.

The Company has operations in the United States, Canada, Spain, Luxembourg, Portugal, United Kingdom, Germany, France, Netherlands, Denmark, Switzerland, Italy, Poland, Japan, Philippines, India, Australia, and China.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

There have been no changes other than what is discussed herein to the Company’s significant accounting policies as compared to the significant accounting policies described in Note 2 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes as of and for the year ended December 31, 2020.

(a)	Basis of Presentation and Use of Estimates

We prepared our condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, among other estimates, the determination of fair values and useful lives of long-lived assets as well as intangible assets, goodwill, allowance for doubtful accounts receivable, recoverability of deferred tax assets, recognition of deferred revenue (including at the date of business combinations), value of interest rate swap agreements, determination of fair value of equity-based awards and assumptions used in testing for impairment of long-lived assets. Actual results could differ from those estimates, and such differences may be material to the condensed consolidated financial statements.

The Company is an Emerging Growth Company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, Emerging Growth Companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an Emerging Growth Company or (ii) it affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The adoption dates discussed below reflect

this election. As of June 30, 2021, the last business day of the Company’s second fiscal quarter, the Company had a public float above the threshold to be deemed to be a large accelerated filer. In addition, the Company will have been a public company for at least 12 months subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act at December 31, 2021. Therefore, the Company expects to cease to be an Emerging Growth Company as of December 31, 2021. As a result, as of December 31, 2021 the Company will no longer qualify for the extended tranition period for adoption of new or revised accounting standards discussed above, will be subject to shortened filing timelines, and required to include an attestation of the Company’s internal control over financial reporting by its independent auditors in its Annual Report on Form 10-K.

(b) Unaudited Interim Financial Statements

The accompanying condensed consolidated balance sheet as of September 30, 2021, the condensed consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, and the related interim disclosures are unaudited.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those guidance. These unaudited condensed consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s 2020 audited consolidated financial statements and notes thereto. The information as of December 31, 2020 in the Company’s condensed consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements included in the 2020 Annual Report on Form 10-K.

(c)	Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848),” which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. In January 2021, FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which clarifies that certain optional expedients and exceptions in Accounting Standards Codification ("ASC") Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Guidance in these ASUs is optional and is effective as of March 12, 2020 through December 31, 2022. The Company adopted the ASUs upon issuance and elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The adoption of the ASUs did not have a material impact to the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract”, which included updated guidance on ASC 350-40, “Intangibles — Goodwill and Other — Internal-Use Software”. The new guidance requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. ASU 2018-15 is effective for calendar-year public business entities in 2020. For all other calendar-year entities, it is effective for annual periods beginning in 2021 and interim periods in 2022. Early adoption is permitted. The Company has adopted ASU 2018-15 during the year beginning January 1, 2020. The adoption of ASU 2018-15 did not materially impact the condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Changes to Disclosure Requirements for Fair Value Measurements (Topic 820)”, which improved the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company has adopted ASU 2018-13 during the year beginning January 1, 2020. The adoption of ASU 2018-13 did not materially impact the condensed consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”, which removes certain exceptions related to the approach for calculating income taxes in an interim period and to the recognition of deferred tax liabilities for outside basis differences for certain investments. The Company adopted this guidance on January 1, 2021 on a prospective basis. The adoption of this guidance did not have an impact on the Company's condensed consolidated financial statements.

(d)	Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, “Leases”. ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In its April 2020 meeting, the FASB deferred the effective date for ASC 842 for private companies to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Upon losing EGC status as of December 31, 2021, the Company will adopt this guidance and is currently evaluating the impact of this ASU on its condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. The guidance also requires increased disclosures. Per ASU 2019-10 issued in November 2019, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years for private companies. Early adoption is permitted. Upon losing EGC status as of December 31, 2021, the Company will adopt this guidance and is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, “Intangibles — Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment”. ASU 2017-04 removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value. This standard will be effective for a private company (and thus, for those adopting exemption for Emerging Growth Companies) beginning in the first quarter of fiscal year 2022 and is required to be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Upon losing EGC status as of December 31, 2021, the Company will adopt this guidance and is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements.

(e) Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

(f)	Cash and Cash Equivalents, and Restricted Cash

Cash equivalents include highly liquid investments with maturities of three months or less from the date purchased.

Restricted cash represents cash that is reserved to support a financing program. The restricted cash balance was $1,108, $1,909, and $1,812 at September 30, 2021, December 31, 2020, and September 30, 2020, respectively.

The following table provides a reconciliation of cash and cash equivalents and restricted cash to the amounts presented in the condensed consolidated statements of cash flows:


	SEPTEMBER 30,		DECEMBER 31,		SEPTEMBER 30,
	2021		2020		2020
Cash and cash equivalents	$	416,850	$	271,382	$	29,937
Restricted cash, current		1,108		1,909		1,812
Total cash and cash equivalents and restricted cash	$	417,958	$	273,291	$	31,749

(g)	Derivative Instruments

The Company has an interest rate swap agreement that was designated as a cash flow hedge of interest rate risk for a notional amount of $230,000 that fixed the interest rate at 2.1284%, non-inclusive of the fixed credit spread through May 31, 2022. In the second quarter of 2021, the Company determined that the hedge has not been highly effective from April 2018 and did not qualify for hedge accounting. As a result, the Company performed an analysis of the materiality of the out of period error correction in accordance with ASC 250, “Accounting Changes and Error Corrections”, both quantitively and qualitatively, and concluded that the error correction was immaterial to all periods. The Company reclassified $3,033 of accumulated comprehensive loss to interest expense in the condensed consolidated statements of comprehensive (loss) income in the second quarter of 2021. Changes in the fair value of the interest rate swap recognized in interest expense excluding the relcassfication discussed previously for the nine months ended September 30, 2021 amounted to $638.

On August 31, 2021, the Company entered an amendment to the interest rate swap agreement. The amended interest rate swap agreement does not in its entirety meet the definition of a derivative instrument because of its off market fixed rate at inception and is deemed to be a hybrid instrument with a financing component and an embedded at-the-market derivative. Such embedded derivative is bifurcated and accounted for separately. At inception, the financing component of $1,966 was recorded at amortized cost. The embedded at-the-market derivative was designated and qualified as a cash flow hedge of interest rate risk for a notional amount of $230,000 that fixed the interest rate at 1.2757%, non-inclusive of the fixed credit spread through May 31, 2022. The fair value of the embedded at-the-market derivative is recognized in the condensed consolidated balance sheets and the changes in the fair value of the embedded at-the-market derivative is recognized in other comprehensive loss. At September 30, 2021, the financing component is recorded in current portion of interest rate swap liability in the amount of $1,750. Due to an other-than-insignificant financing element on a portion of such hybrid instrument, the cash flows associated with this hybrid instrument are classified as financing activities in the condensed consolidated statements of cash flows. At September 30, 2021, the Company recorded the fair value of the embedded at-the-market derivative in current portion of interest rate swap liability in the amount of $63.

The following table sets forth the liability that is measured at fair value on a recurring basis by the levels in the fair value hierarchy at September 30, 2021:


	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Liability
Interest rate swap liability	$	—	$	63	$	—	$	63
Total	$	—	$	63	$	—	$	63

The following table sets forth the liability that is measured at fair value on a recurring basis by the levels in the fair value hierarchy at December 31, 2020:

LEVEL 1

LEVEL 2

LEVEL 3

TOTAL

Liability
Interest rate swap liability	$	—	$	3,671	$	—	$	3,671
Total	$	—	$	3,671	$	—	$	3,671

The net amount of deferred losses related to derivative instruments designated as cash flow hedges that is expected to be reclassified from Accumulated other comprehensive loss into earnings over the next twelve months is insignificant.

(h)	Revenue Recognition ASC 606

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company’s revenue consists of fees for perpetual and term licenses for the Company’s software products, post-contract customer support (referred to as maintenance), software as a service (“SaaS”) and professional services including training and other revenue. For contracts with multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation on a relative standalone selling price basis. The delivery of a particular type of software and each of the user licenses would be one performance obligation. However, any training, implementation, or support and maintenance promises as part of the software license agreement would be considered separate performance obligations, as those promises are distinct and separately identifiable from the software licenses. The payment terms in these arrangements are sufficiently short such that there is no significant financing component to the transaction.

The Company typically recognizes license revenue at a point in time upon delivering the applicable license. The revenue related to the support and maintenance performance obligation will be recognized on an over time basis using time elapsed methodology. The revenue related to software training and software implementation performance will be recognized at the completion of the service.

The Company’s professional services offerings primarily include consulting services. The service contracts are either time-and-materials, fixed fee or prepaid. The revenues are generally recognized over time as the services are performed.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (deferred revenue) on the condensed consolidated balance sheets. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., quarterly or monthly) or upon achievement of contractual milestones.

Contract assets relate to the Company’s rights to consideration for performance obligations satisfied but not billed at the reporting date on contracts (i.e., unbilled revenue, a component of accounts receivable in the condensed consolidated balance sheets). Contract assets are billed and transferred to customer accounts receivable when the rights become unconditional. The Company typically invoices customers for term licenses, subscriptions, maintenance and support fees in advance with payment due before the start of the subscription term, ranging from one to three years. The Company records the amounts collected in advance of the satisfaction of performance obligations, usually over time, as a contract liability or deferred revenue. Invoice amounts for non-cancelable services starting in future periods are included in contract assets and deferred revenue. The portion of deferred revenue that will be recognized within 12 months is recorded as current deferred revenue, and the remaining portion is recorded as non-current deferred revenue in the condensed consolidated balance sheets.

The unsatisfied performance obligations as of September 30, 2021 were approximately $93,837.

Sources and Timing of Revenue

The Company’s performance obligations are satisfied either over time or at a point in time. The following table presents the Company’s revenue by timing of revenue recognition to understand the risks of timing of transfer of control and cash flows:



	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2021		2020		2021		2020
Software licenses transferred at a point in time	$	8,665	$	8,274	$	30,719	$	28,652
Software licenses transferred over time		10,603		9,443		30,565		27,273
Service revenues earned over time		54,676		42,600		149,474		122,964
Total	$	73,944	$	60,317	$	210,758	$	178,889

(i)	Earnings per Share

Basic earnings per common share is computed by dividing the net income that is attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period, without consideration for potentially dilutive securities. The dilutive effect of potentially dilutive securities is excluded from basic earnings per share and is included in the calculation of diluted earnings per share. Restricted stock and restricted stock units granted by the Company are treated as potential common shares outstanding in computing diluted earnings per share.

Diluted earnings per share is computed by dividing the earnings attributable to stockholders by the weighted-average number of shares and potentially dilutive securities outstanding during the period.

(j)

COVID-19

Since the first quarter of 2020, the COVID-19 pandemic has posed a significant threat to public health as well as the global and U.S. economies. The continued spread of variants of COVID-19 may adversely impact our business, financial condition or results of operations as a result of increased costs, negative impacts to our workforce, or a sustained economic downturn. Although the economy has rebounded in many areas, the outlook for containing the outbreak is still highly uncertain. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on the global and US economy and our business.

Public Offerings

9 Months Ended

Sep. 30, 2021

Public Offerings

Public Offerings

3. Public Offerings

On December 15, 2020, the Company completed its initial public offering (“IPO”), pursuant to which the Company issued and sold 14,630,000 shares of common stock and certain selling stockholders, including our former controlling shareholders, an affiliate of EQT AB (“EQT”), sold 18,783,250 shares of our common stock (representing the full exercise of the underwriters’ option to purchase additional shares), at a public offering price of $23.00 per share. The Company received net proceeds of $316,301, after deducting underwriters' discounts and commissions. In addition, $4,408 of legal, accounting and other offering costs, net of the tax effect of $259, incurred in connection with the sale of the Company's common stock in the IPO, were capitalized and offset against the proceeds received in the IPO.

The Company is party to a registration rights agreement with EQT and certain other stockholders (“Institutional Investors”). The registration rights agreement was amended and restated in connection with the IPO. It contains provisions that entitle EQT and the other Institutional Investors thereto to certain rights to have their securities registered by the Company under the Securities Act. EQT is entitled to an unlimited number of “demand” registrations, subject to certain

limitations. Every Institutional Investor that holds registration rights is also be entitled to customary “piggyback” registration rights. In addition, the amended and restated registration rights agreement provides that the Company will pay certain expenses of the Institutional Investors relating to such registrations and indemnify them against certain liabilities which may arise under the Securities Act.

The registration rights agreement will terminate (i) with the prior written consent of the Institutional Investors in connection with a change of control; (ii) for those holders (other than the Institutional Investors) that beneficially own less than 5% of the Company’s outstanding shares, if all of the registrable securities then owned by such holder could be sold in any 90-day period pursuant to Rule 144; (iii) as to any holder, if all of the registrable securities held by such holder have been sold or otherwise transferred in a registration pursuant to the Securities Act or pursuant to an exemption therefrom; or (iv) with respect to any holder that is an officer, director, employee or consultant of the Company on the date that is 90 days after the date on which such holder ceases to be an employee, director or consultant (as applicable) of the Company. The rights and obligations do not transfer without the written consent of the Company and the Institutional Investors.

On March 29, 2021, the Company completed an underwritten secondary public offering in which certain selling stockholders, including EQT, sold 10,000,000 shares of the Company’s common stock, including an additional 1,500,000 shares of common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company did not offer any common stock in this transaction and did not receive any proceeds from the sale of the shares of common stock by the selling stockholders. The Company incurred costs of $1,100, recorded in general and administrative expenses, in relation to the secondary public offering.

On September 13, 2021, the Company completed another public offering, at a public offering price of $31.00 per share, pursuant to which the Company sold 4,500,000 shares of its common stock, and certain selling stockholders sold 18,500,000 shares of the Company’s common stock, including an additional 3,000,000 shares of common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of $134,096, after deducting underwriters' discounts and commissions. In addition, $745 of legal, accounting and other offering costs incurred in connection with the sale of the Company's common stock in the public offering, were capitalized and offset against the proceeds received.

- Definition

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

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+ Details

Concentrations of Credit Risk

9 Months Ended

Sep. 30, 2021

Concentrations of Credit Risk

Concentrations of Credit Risk

4.	Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk have consisted principally of cash and cash equivalent investments and trade receivables. The Company invests available cash in bank deposits, investment-grade securities, and short-term interest-producing investments, including government obligations and other money market instruments. At September 30, 2021 and December 31, 2020, the investments were bank deposits and overnight sweep accounts. The Company has adopted credit policies and standards to evaluate the risk associated with sales that require collateral, such as letters of credit or bank guarantees, whenever deemed necessary. Management believes that any risk of loss is significantly reduced due to the nature of the customers and distributors with which the Company does business.

As of September 30, 2021, there was one customer that accounted for more than 10% of the Company’s accounts receivable and no customer accounted for more than 10% of the Company’s revenues during the three and nine months presented for 2021. No customers accounted for more than 10% of the Company’s accounts receivable or revenues as of December 31, 2020 or during the periods presented.

Acquisitions

9 Months Ended

Sep. 30, 2021

Acquisitions

Acquisitions

5.	Acquisitions

On March 2, 2021, the Company completed a transaction which qualified as a business combination. The business combination was not material to our condensed consolidated financial statements. Based on the Company’s preliminary purchase price allocation, approximately $1,200, $100 and $1,100 of the purchase price was assigned to customer relationships, non-compete agreements and goodwill, respectively.

On June 7, 2021, the Company completed a transaction which qualified as a business combination. The business combination was not material to our condensed consolidated financial statements. Based on the Company’s preliminary purchase price allocation, approximately $7,400 and $4,700 of the purchase price was assigned to customer relationships and goodwill, respectively.

The condensed consolidated financial statements include the operating results of each acquisition from the date of acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed nine months ended September 30, 2021 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

Long-Term Debt and Revolving Line of Credit

9 Months Ended

Sep. 30, 2021

Long-Term Debt and Revolving Line of Credit

Long-Term Debt and Revolving Line of Credit

6.	Long-Term Debt and Revolving Line of Credit

Effective August 14, 2017, the Company entered into a credit agreement with lenders for a $250,000 term loan (“Credit Agreement”). The Credit Agreement is a syndicated arrangement with various lenders providing the financing. The $250,000 term loan is due to mature on August 14, 2024. The Company also entered into a $20,000 revolving line of credit with lenders with a sub-commitment for issuance of letters of credit of $10,000.

The Company and lenders entered into Amendment No. 1 to the Credit Agreement on January 25, 2018, where an additional tranche of $25,000 was added to the term loan. The amortization schedule of the new tranche was made coterminous with the rest of the term loan. There were no other changes to the terms of the Credit Agreement.

The Company and lenders entered into Amendment No. 2 to the Credit Agreement on April 3, 2018, where an additional tranche of $40,000 was added to the term loan. The amortization schedule of the new tranche was made coterminous with the rest of the term loan. There were no other changes to the terms of the Credit Agreement.

The Company and lenders entered into a third amended and restated loan agreement on June 17, 2021 (“Third Amendment”), which provides for, among other things, (i) the extension of the termination date applicable to the revolving credit commitments under the Credit Agreement to August 2025, (ii) the extension of the maturity date applicable to the term loans under the Credit Agreement to August 2026, and (iii) an increase of approximately $80,000 in commitments available under the revolving line of credit (resulting in an aggregate amount of commitments of $100,000). The term loan under the Third Amendment has substantially the same terms as the existing term loans and revolving credit commitments. The Credit Agreement is collateralized by substantially all U.S. assets and stock pledges for the non-U.S. subsidiaries and contain various financial and nonfinancial covenants.

As of September 30, 2021, available borrowings under the revolving lines of credits were $100,000. Available borrowings under the revolving lines of credits of $20,000 at December 31, 2020 were reduced by $120 standby letters of credit issued to a landlord in lieu of a security deposit in addition to any outstanding borrowings.

The Company was in compliance with all financial covenants as of September 30, 2021 and December 31, 2020. Borrowings under the Credit Agreement are subject to a variable interest rate at LIBOR plus a margin. The applicable margins are based on achieving certain levels of compliance with financial covenants.

The effective interest rate was 3.68% and 4.48% for the nine months ended September 30, 2021 and the year ended December 31, 2020 for the term loan debt, respectively. As discussed previously, the Company entered into interest rate swap agreements to mitigate the interest risk.

Interest incurred on the Credit Agreement with respect to the term loan amounted to $2,773, $8,444, $2,974, and $11,047 for the three and nine months ended September 30, 2021 and 2020, respectively. Accrued interest payable on the Credit Agreement with respect to the term loan amounted to $30 and $32 at September 30, 2021 and December 31, 2020, respectively, and is included in accrued expenses. Interest paid on the Credit Agreement with respect to the revolving line of credit was $93 and $457 for the nine months ended September 30, 2021 and 2020, respectively. There was less than $1 accrued interest payable and no accrued interest payable on the revolving line of credit at September 30, 2021 and December 31, 2020.

Effective August 14, 2017, the Company entered into an unsecured credit agreement with another lender for a $100,000 term loan (“Loan Agreement”). The loan bears interest at 8.25% which is payable in semi-annual installments on January 15 and July 15 through August 14, 2025, at which time all outstanding principal and interest are due. Under the Loan Agreement, the Company could voluntarily repay outstanding loans without premium or penalty. On July 15, 2020, the Company made a $20,000 prepayment on the loan, which reduced the amount outstanding to $80,000. On December 28, 2020, the Company repaid the $80,000 aggregate principal amount owed under the Loan Agreement, including $3,000 of accrued interest using a portion of the proceeds from the IPO. The Company's obligations under the Loan Agreement were discharged on that date. Interest paid on the loan amounted to $0 and $8,388 for the nine months ended September 30, 2021 and 2020, respectively.

Long-term debt consists of the following:


	SEPTEMBER 30,		DECEMBER 31,
	2021		2020
Term loans	$	301,245	$	304,099
Less: debt issuance costs		(6,042)		(5,319)
Total		295,203		298,780
Current portion of long-term debt		(3,020)		(4,680)
Long-term debt, net of current portion and debt issuance costs	$	292,183	$	294,100

The principal amount of long-term debt outstanding as of September 30, 2021 matures in the following years:


	2021		2022		2023		2024		2025		Thereafter		TOTAL
Maturities	$	755	$	3,020	$	3,020	$	3,020		3,020	$	288,410	$	301,245

The Credit Agreement requires the Company to make an annual mandatory prepayment as it relates to the Company’s Excess Cash Flow calculation. For the year ended December 31, 2020, the Company was required to make a mandatory prepayment on the term loan of approximately $1,527 on or before April 30, 2021. The prepayment was included in the current portion of long-term debt on the condensed consolidated balance sheets. For the credit agreement, the Company is required to make a quarterly principal payment of $755 on the term loan each quarter starting from the end of September 2021.

The fair values of the Company’s variable interest term loan and revolving line of credit are not significantly different than their carrying value because the interest rates on these instruments are subject to change with market interest rates.

- Definition

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

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies.

Commitments and Contingencies

7.	Commitments and Contingencies

Leases

The Company leases certain office facilities and equipment under non-cancelable operating and capital leases with remaining terms from one to eight years. The gross amounts of assets under capital leases were $1,498 and $1,501 at September 30, 2021 and December 31, 2020, respectively. The total accumulated amortization associated with equipment under capital leases was $1,158 and $946 at September 30, 2021 and December 31, 2020, respectively. The related

amortization expense is included in depreciation expense. Rent expense under the operating leases was $4,796 and $4,929 for the nine months ended September 30, 2021 and 2020, respectively.

Non-cancelable future minimum lease commitments as of September 30, 2021 are as follows:


	OPERATING		CAPITAL
	LEASES		LEASES
Remainder of 2021	$	1,847	$	76
2022		5,121		304
2023		3,367		25
2024		2,647		—
2025		2,093		—
Thereafter		2,366		—
Non-cancelable future minimum lease payments		17,441		405
Less amount representing interest		—		(17)
Net non-cancelable future minimum lease payments	$	17,441		388
Current portion of net non-cancelable future minimum lease payments				288
Net long-term non-cancelable future minimum lease payments			$	100

Equity-Based Compensation

9 Months Ended

Sep. 30, 2021

Equity-Based Compensation

Equity-Based Compensation

8.	Equity-Based Compensation

Class B Incentive Units

The Company’s management, through the Company’s affiliation with its shareholder and former parent, EQT, participated in a 2017 Class B Profits Interest Unit Incentive Plan (the “Class B Plan”), whereby EQT was authorized to issue a total of 6,366,891 Profit Interest Units (“Class B Units”), representing the right to share a portion of the value appreciation in EQT.

The majority of the employee grant agreements for the Class B Units were comprised of 50% time-based vesting units (“Time-based Units”) and 50% performance-based vesting units (“Performance-based Units”). The Time-based Units generally vest over a five-year period; the Performance-based Units would vest if EQT achieved specified levels of return on investment at the time of (i) a change in control, (ii) a reduction in holdings of the Company by EQT to 10% or less following an IPO or (iii) certain distributions to EQT. There were also certain grant agreements for the Class B Units that were entirely comprised of Time-based Units. Upon vesting, the holder of Class B Units received a right to a fractional portion of the profits and distributions of the parent in excess of a “participation threshold” determined in accordance with the EQT limited partnership agreement.

In addition to the performance conditions above, the Chief Executive Officer’s performance-based Class B Units also vested if the aggregate value attributable to the IPO equaled or exceeded an amount equivalent to the return on investment performance targets.

As of September 30, 2020, 6,328,153 Class B Units were issued and outstanding to Company employees. The Company granted 1,357,404 units and recorded actual forfeitures of 377,626 units during the nine months ended September 30, 2020.

The fair value of the Time-based Units that vested solely upon continued employment was measured at the grant date and was recognized as cost over the employee’s requisite service period, which was generally five years. The expense related to the vesting of the Time-based Units was recorded on the Company’s books because the Company directly benefited from the services provided by Class B Unit holders. The Company recorded compensation expense related to the Class B Units of $1,181 and $2,286 for the three and nine months ended September 30, 2020.

Restricted Stock

Effective as of December 10, 2020, all vested Class B Units were exchanged by EQT for shares of common stock of the Company held by EQT, and unvested Class B Units were exchanged for shares of restricted common stock of the Company. Based on the IPO price of $23.00 per share, the Company issued 5,941,693 shares of restricted common stock to holders of unvested Class B Units in exchange for such unvested Class B Units.

Share-based compensation for the restricted stock exchanged for the Time-based Class B Units is recognized on a straight-line basis over the requisite service period of the award, which is generally five years. Share-based compensation for the restricted stock exchanged for the Performance-based Class B Units is recognized using the accelerated attribution approach. A summary of the restricted stock is shown below:


		WEIGHTED-
		AVERAGE
		GRANT DATE
	SHARES	FAIR VALUE
Non-vested restricted stock as of December 31, 2020	5,941,693	$	23.00
Granted	—		—
Vested	(1,724,979)		23.00
Forfeited	(141,057)		23.00
Non-vested restricted stock as of September 30, 2021	4,075,657	$	23.00

The Company did not authorize or issue any restricted stock during the nine-month period ended September 30, 2021.

Equity-based compensation expense related to the restricted stock exchanged for Performance-based Class B Units was $3,120 and $10,144 for the three and nine months ended September 30, 2021, respectively. At September 30, 2021, the total unrecognized equity-based compensation expense related to outstanding restricted stock recognized using the accelerated attribution approach was $14,072, which is expected to be recognized over a weighted-average period of 26 months.

Equity-based compensation expense related to the restricted stock exchanged for Time-based Class B Units were $767 and $2,298 for the three and nine months ended September 30, 2021 respectively. At September 30, 2021, the total unrecognized equity-based compensation expense related to outstanding restricted stock recognized using the straight-line attribution approach was $7,230, which is expected to be recognized over a weighted-average period of 35.2 months.

Restricted Stock Units

Restricted stock units (“RSUs”) represent the right to receive shares of the Company’s common stock at a specified date in the future. The fair value of the RSUs is based on the fair value of the underlying shares on the date of grant.

A summary of the Company’s RSU activity is as follows:


		WEIGHTED-
		AVERAGE
		GRANT DATE
	UNITS	FAIR VALUE
Non-vested RSUs as of December 31, 2020	30,052	$	23.00
Granted	1,027,512		27.47
Vested	(24,728)		23.00
Forfeited	(48,956)		26.86
Non-vested RSUs as of September 30, 2021	983,880	$	27.48

The number of RSUs vested includes 10,003 shares of common stock that were withheld on behalf of employees to satisfy the statutory tax withholding requirements.

Equity-based compensation expense related to the RSUs was $2,362 and $4,898 for three and nine months ended September 30, 2021, respectively. At September 30, 2021, the total unrecognized equity-based compensation expense related to outstanding RSUs was $22,559, which is expected to be recognized over a weighted-average period of 29.3 months.

Performance Stock Units

Performance stock units (“PSUs”) are issued under the 2020 Incentive Plan and represent the right to receive shares of the Company’s common stock at a specified date in the future based on the satisfaction of various service conditions and the achievement of certain performance thresholds including year over year revenue growth and unlevered free cash flow growth.

Share-based compensation for the PSUs is only recognized to the extent a threshold is probable of being achieved and is recognized using the accelerated attribution approach. The Company will continue to assess the probability of each condition being achieved at each reporting period to determine whether and when to recognize compensation cost. The following table presents a summary of activity on the PSUs for the period ended September 30, 2021.

A summary of the Company’s PSU activity is as follows:


		WEIGHTED-
		AVERAGE
		GRANT DATE
	UNITS	FAIR VALUE
Non-vested PSUs as of December 31, 2020	—	$	—
Granted	400,354		27.01
Vested	—		—
Forfeited	(11,905)		27.45
Non-vested PSUs as of September 30, 2021	388,449	$	27.00

Equity-based compensation expense related to the PSUs was $1,916 and $3,506 for the three and nine months ended September 30, 2021. At September 30, 2021, the total unrecognized equity-based compensation expense related to outstanding PSUs was $6,982, which is expected to be recognized over a weighted-average period of 19.5 months.

The following table summarizes the components of total equity-based compensation expense included in the condensed consolidated statements of operations and comprehensive (loss) income for each period presented:


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2021		2020		2021		2020
Cost of revenues	$	1,442	$	53	$	3,738	$	151
Sales and marketing		602		34		1,636		99
Research and development		514		34		1,528		97
General and administrative expenses		5,607		1,060		13,944		1,939
Total	$	8,165	$	1,181	$	20,846	$	2,286

Segment Data

9 Months Ended

Sep. 30, 2021

Segment Data

Segment Data

9.	Segment Data

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance.

The Company has determined that its chief executive officer is its CODM. The Company manages its operations as a single segment for the purposes of assessing and making operating decisions. The Company’s CODM allocates resources and assesses performance based upon financial information at the consolidated level. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements.

The following table summarizes revenue by geographic area for the three and nine months ended September 30, 2021 and 2020:


	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30,				SEPTEMBER 30,
	2021		2020		2021		2020
Revenue⁽¹⁾:
Americas	$	54,911	$	44,910	$	150,594	$	135,187
EMEA		13,307		10,679		41,222		30,601
Asia Pac		5,726		4,728		18,942		13,101
Total	$	73,944	$	60,317	$	210,758	$	178,889

(1)	Revenue is attributable to the countries based on the location of the customer.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Taxes

Income Taxes

10.

Income Taxes

The Company generally records its interim tax provision based upon a projection of the Company's estimated annual effective tax rate ("EAETR"). This EAETR is applied to the year-to-date consolidated pre-tax income to determine the interim provisions for income taxes before discrete items. The effective tax rate ("ETR") each period is impacted by a number of factors, including the relative mix of domestic and international earnings, adjustments to the valuation allowances, and discrete items. The currently forecasted ETR may vary from the actual year-end due to the changes in these factors.

The Company's global ETR for the three and nine months ended September 30, 2021 and 2020 were 48%, (11)%, 22%, and 48%, respectively, including discrete tax items. The current year decrease in the ETR was principally due to the combined effect of the discrete tax effect of certain prior period swap losses that are required to be excluded from the EAETR calculation and the overall increase in pre-tax loss.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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

Earnings per Share

9 Months Ended

Sep. 30, 2021

Earnings per Share

Earnings per Share

11.	Earnings per Share

Earnings per share is computed by dividing net income (loss) by the weighted-average common shares outstanding. Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-

average number of common shares outstanding during the period. Diluted earnings per common share considers potentially dilutive securities outstanding during the period.

Basic and diluted earnings per share is computed by dividing net income by the weighted-average common shares outstanding:


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2021		2020		2021		2020
Numerator:
Net income (loss) available to common shareholders	$	(1,762)	$	1,227	$	(3,567)	$	5,050
Denominator:
Basic weighted average common shares outstanding		149,016,609		132,407,786		147,894,227		132,407,786
Effects of dilutive securities		—		—		—		—
Diluted weighted average common shares outstanding		149,016,609		132,407,786		147,894,227		132,407,786
Earnings (loss) per share:
Basic	$	(0.01)	$	0.01	$	(0.02)	$	0.04
Diluted	$	(0.01)	$	0.01	$	(0.02)	$	0.04

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events.

Subsequent Events

12. Subsequent Events

On October 1, 2021, the Company completed the acquisition of Pinnacle 21, LLC (“Pinnacle”), a company that develops advanced software for standards-based data management for regulatory submissions, for total consideration of $250,000 cash and 2,239,717 shares of restricted common stock of the Company. We will complete the initial accounting for the acquisition of Pinnacle 21, LLC, including the allocation of purchase consideration, in the fourth quarter of 2021.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

(a)	Basis of Presentation and Use of Estimates

(b) Unaudited Interim Financial Statements

Unaudited Interim Financial Statements

Recently Adopted and Not Yet Adopted Accounting Pronouncements

(c)	Recently Adopted Accounting Pronouncements

(d)	Accounting Pronouncements Not Yet Adopted

Principles of Consolidation

(e) Principles of Consolidation

Cash and Cash Equivalents, and Restricted Cash

(f)	Cash and Cash Equivalents, and Restricted Cash

Cash equivalents include highly liquid investments with maturities of three months or less from the date purchased.

The following table provides a reconciliation of cash and cash equivalents and restricted cash to the amounts presented in the condensed consolidated statements of cash flows:


	SEPTEMBER 30,		DECEMBER 31,		SEPTEMBER 30,
	2021		2020		2020
Cash and cash equivalents	$	416,850	$	271,382	$	29,937
Restricted cash, current		1,108		1,909		1,812
Total cash and cash equivalents and restricted cash	$	417,958	$	273,291	$	31,749

Derivative Instruments

(g)	Derivative Instruments

The following table sets forth the liability that is measured at fair value on a recurring basis by the levels in the fair value hierarchy at September 30, 2021:


	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Liability
Interest rate swap liability	$	—	$	63	$	—	$	63
Total	$	—	$	63	$	—	$	63

The following table sets forth the liability that is measured at fair value on a recurring basis by the levels in the fair value hierarchy at December 31, 2020:

LEVEL 1

LEVEL 2

LEVEL 3

TOTAL

Liability
Interest rate swap liability	$	—	$	3,671	$	—	$	3,671
Total	$	—	$	3,671	$	—	$	3,671

Revenue Recognition ASC 606

(h)	Revenue Recognition ASC 606

Contract Balances

The unsatisfied performance obligations as of September 30, 2021 were approximately $93,837.

Sources and Timing of Revenue



	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2021		2020		2021		2020
Software licenses transferred at a point in time	$	8,665	$	8,274	$	30,719	$	28,652
Software licenses transferred over time		10,603		9,443		30,565		27,273
Service revenues earned over time		54,676		42,600		149,474		122,964
Total	$	73,944	$	60,317	$	210,758	$	178,889

Earnings per Share

(i)	Earnings per Share

COVID-19

(j)

COVID-19

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Schedule of reconciliation of cash and cash equivalents and restricted cash


	SEPTEMBER 30,		DECEMBER 31,		SEPTEMBER 30,
	2021		2020		2020
Cash and cash equivalents	$	416,850	$	271,382	$	29,937
Restricted cash, current		1,108		1,909		1,812
Total cash and cash equivalents and restricted cash	$	417,958	$	273,291	$	31,749

Summary of liability that is measured at fair value on a recurring basis

The following table sets forth the liability that is measured at fair value on a recurring basis by the levels in the fair value hierarchy at September 30, 2021:


	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Liability
Interest rate swap liability	$	—	$	63	$	—	$	63
Total	$	—	$	63	$	—	$	63

The following table sets forth the liability that is measured at fair value on a recurring basis by the levels in the fair value hierarchy at December 31, 2020:

LEVEL 1

LEVEL 2

LEVEL 3

TOTAL

Liability
Interest rate swap liability	$	—	$	3,671	$	—	$	3,671
Total	$	—	$	3,671	$	—	$	3,671

Summary of revenue by timing of revenue recognition



	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2021		2020		2021		2020
Software licenses transferred at a point in time	$	8,665	$	8,274	$	30,719	$	28,652
Software licenses transferred over time		10,603		9,443		30,565		27,273
Service revenues earned over time		54,676		42,600		149,474		122,964
Total	$	73,944	$	60,317	$	210,758	$	178,889

Long-Term Debt and Revolving Line of Credit (Tables)

9 Months Ended

Sep. 30, 2021

Long-Term Debt and Revolving Line of Credit

Schedule of Long-term debt


	SEPTEMBER 30,		DECEMBER 31,
	2021		2020
Term loans	$	301,245	$	304,099
Less: debt issuance costs		(6,042)		(5,319)
Total		295,203		298,780
Current portion of long-term debt		(3,020)		(4,680)
Long-term debt, net of current portion and debt issuance costs	$	292,183	$	294,100

Schedule of maturity of long-term debt

The principal amount of long-term debt outstanding as of September 30, 2021 matures in the following years:


	2021		2022		2023		2024		2025		Thereafter		TOTAL
Maturities	$	755	$	3,020	$	3,020	$	3,020		3,020	$	288,410	$	301,245

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies.

Schedule of Non-cancelable future minimum lease commitments of operating lease liability

Non-cancelable future minimum lease commitments as of September 30, 2021 are as follows:


	OPERATING		CAPITAL
	LEASES		LEASES
Remainder of 2021	$	1,847	$	76
2022		5,121		304
2023		3,367		25
2024		2,647		—
2025		2,093		—
Thereafter		2,366		—
Non-cancelable future minimum lease payments		17,441		405
Less amount representing interest		—		(17)
Net non-cancelable future minimum lease payments	$	17,441		388
Current portion of net non-cancelable future minimum lease payments				288
Net long-term non-cancelable future minimum lease payments			$	100

Schedule of Non-cancelable future minimum lease commitments of finance lease liability

Non-cancelable future minimum lease commitments as of September 30, 2021 are as follows:


	OPERATING		CAPITAL
	LEASES		LEASES
Remainder of 2021	$	1,847	$	76
2022		5,121		304
2023		3,367		25
2024		2,647		—
2025		2,093		—
Thereafter		2,366		—
Non-cancelable future minimum lease payments		17,441		405
Less amount representing interest		—		(17)
Net non-cancelable future minimum lease payments	$	17,441		388
Current portion of net non-cancelable future minimum lease payments				288
Net long-term non-cancelable future minimum lease payments			$	100

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Equity-Based Compensation

Summary of the restricted stock


		WEIGHTED-
		AVERAGE
		GRANT DATE
	SHARES	FAIR VALUE
Non-vested restricted stock as of December 31, 2020	5,941,693	$	23.00
Granted	—		—
Vested	(1,724,979)		23.00
Forfeited	(141,057)		23.00
Non-vested restricted stock as of September 30, 2021	4,075,657	$	23.00

Summary of the Company's RSU activity


		WEIGHTED-
		AVERAGE
		GRANT DATE
	UNITS	FAIR VALUE
Non-vested RSUs as of December 31, 2020	30,052	$	23.00
Granted	1,027,512		27.47
Vested	(24,728)		23.00
Forfeited	(48,956)		26.86
Non-vested RSUs as of September 30, 2021	983,880	$	27.48

Schedule of nonvested Performance-based Units activity


		WEIGHTED-
		AVERAGE
		GRANT DATE
	UNITS	FAIR VALUE
Non-vested PSUs as of December 31, 2020	—	$	—
Granted	400,354		27.01
Vested	—		—
Forfeited	(11,905)		27.45
Non-vested PSUs as of September 30, 2021	388,449	$	27.00

Schedule of compensation expense


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2021		2020		2021		2020
Cost of revenues	$	1,442	$	53	$	3,738	$	151
Sales and marketing		602		34		1,636		99
Research and development		514		34		1,528		97
General and administrative expenses		5,607		1,060		13,944		1,939
Total	$	8,165	$	1,181	$	20,846	$	2,286

Segment Data (Tables)

9 Months Ended

Sep. 30, 2021

Segment Data

Schedule of revenue by geographic area


	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30,				SEPTEMBER 30,
	2021		2020		2021		2020
Revenue⁽¹⁾:
Americas	$	54,911	$	44,910	$	150,594	$	135,187
EMEA		13,307		10,679		41,222		30,601
Asia Pac		5,726		4,728		18,942		13,101
Total	$	73,944	$	60,317	$	210,758	$	178,889

(1)	Revenue is attributable to the countries based on the location of the customer.

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings per Share

Schedule of basic and diluted earnings per share


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2021		2020		2021		2020
Numerator:
Net income (loss) available to common shareholders	$	(1,762)	$	1,227	$	(3,567)	$	5,050
Denominator:
Basic weighted average common shares outstanding		149,016,609		132,407,786		147,894,227		132,407,786
Effects of dilutive securities		—		—		—		—
Diluted weighted average common shares outstanding		149,016,609		132,407,786		147,894,227		132,407,786
Earnings (loss) per share:
Basic	$	(0.01)	$	0.01	$	(0.02)	$	0.04
Diluted	$	(0.01)	$	0.01	$	(0.02)	$	0.04

Summary of Significant Accounting Policies - Cash and cash equivalents & Deferred offering costs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies
Cash and cash equivalents	$ 416,850	$ 271,382	$ 29,937
Restricted cash, current	1,108	1,909	1,812
Total cash and cash equivalents, and restricted cash	$ 417,958	$ 273,291	$ 31,749	$ 29,762

Summary of Significant Accounting Policies - Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 31, 2021	Dec. 31, 2020
Error Correction
Accumulated other comprehensive loss	$ (2,930)			$ (2,930)			$ (1,587)
Interest expense	3,289		$ 5,929	13,549	$ 19,810
Interest expense
Derivative
Interest expense				638
Recurring
Derivative
Liability measured at fair value	63			63			3,671
Level 2 \| Recurring
Derivative
Liability measured at fair value	63			63			3,671
Interest rate swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative
Notional amount						$ 230,000
Interest rate (as a percent)						1.2757%
Recorded amortized cost	1,750			1,750		$ 1,966
Fair value of embedded derivative liability	63			63
Interest rate swap \| Recurring
Derivative
Liability measured at fair value	63			63			3,671
Interest rate swap \| Level 2 \| Recurring
Derivative
Liability measured at fair value	63			63			$ 3,671
Interest rate swap, first agreement \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative
Notional amount	$ 230,000			$ 230,000
Interest rate (as a percent)	2.1284%			2.1284%
Adjustment for the ineffective hedging of interest rate swap agreement. \| Prior period error correction adjustment
Error Correction
Accumulated other comprehensive loss		$ 3,033
Interest expense		$ 3,033

Summary of Significant Accounting Policies - Revenue and Net income (loss) per share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Summary of Significant Accounting Policies
Unsatisfied performance obligation	$ 93,837		$ 93,837
Revenue	73,944	$ 60,317	210,758	$ 178,889
Software licenses transferred at a point in time
Summary of Significant Accounting Policies
Revenue	8,665	8,274	30,719	28,652
Software licenses transferred over time
Summary of Significant Accounting Policies
Revenue	10,603	9,443	30,565	27,273
Service revenues earned over time
Summary of Significant Accounting Policies
Revenue	$ 54,676	$ 42,600	$ 149,474	$ 122,964
Minimum
Contract Balances
Subscription term			1 year
Maximum
Contract Balances
Subscription term			3 years

Public Offerings (Details) - USD ($)				9 Months Ended
Public Offerings (Details) - USD ($)	Sep. 13, 2021	Mar. 29, 2021	Dec. 15, 2020	Sep. 30, 2021
IPO
Initial Public Offering
Issuance of common stock (in shares)			14,630,000
Share price (in dollar per share)			$ 23.00
Proceeds from issuance of common stock upon initial public offering, net of underwriters' discounts and commissions			$ 316,301,000
Stock issuance costs, net of tax impact			4,408,000
Tax impact of stock issuance costs			$ 259,000
The maximum ownership percent by beneficial owners of the registration rights agreement that can have termination if all registered securities then owned can be sold in 90 days (as a percent)			5.00%
Duration for which beneficial owners of registration rights agreement can be sold resulting in termination of agreement			90 days
The duration from date on which the holder ceases to be an employee of the company			90 days
IPO \| EQT
Initial Public Offering
Issuance of common stock (in shares)			18,783,250
Secondary Public Offering
Initial Public Offering
Issuance of common stock (in shares)	4,500,000	0
Share price (in dollar per share)	$ 31.00
Proceeds from issuance of common stock upon initial public offering, net of underwriters' discounts and commissions	$ 134,096,000	$ 0		$ 1,100,000
Legal, accounting and other offering costs	$ 745,000
Secondary Public Offering \| EQT
Initial Public Offering
Issuance of common stock (in shares)	18,500,000	10,000,000
Underwriters' Option
Initial Public Offering
Issuance of common stock (in shares)	3,000,000
Underwriters' Option \| EQT
Initial Public Offering
Issuance of common stock (in shares)		1,500,000

Concentrations of Credit Risk (Details) - item	3 Months Ended	9 Months Ended
Concentrations of Credit Risk (Details) - item	Sep. 30, 2021	Sep. 30, 2021
Revenue \| Customer \| Customer 1
Concentrations of Credit Risk
Number of major customers	1	1

Acquisitions (Details) - USD ($) $ in Thousands	Jun. 07, 2021	Mar. 02, 2021	Sep. 30, 2021	Dec. 31, 2020
Acquisitions
Goodwill arising in the acquisition			$ 522,814	$ 518,592
Series of Individually Immaterial Business Acquisitions
Acquisitions
Goodwill arising in the acquisition	$ 4,700	$ 1,100
Customer relationships \| Series of Individually Immaterial Business Acquisitions
Acquisitions
Finite-lived intangible assets acquired	$ 7,400	1,200
Non-compete agreements \| Series of Individually Immaterial Business Acquisitions
Acquisitions
Finite-lived intangible assets acquired		$ 100

Long-Term Debt and Revolving Line of Credit - Other Information (Details) - USD ($)					3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 28, 2020	Jul. 15, 2020	Apr. 03, 2018	Jan. 25, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 17, 2021	Aug. 14, 2017
Debt Instrument
Outstanding Loan					$ 295,203,000		$ 295,203,000		$ 298,780,000
Amount borrowed								$ 19,880,000
Variable Interest Term Loan
Debt Instrument
Principal amount											$ 250,000,000
Additional borrowings			$ 40,000,000	$ 25,000,000
Interest paid on loan					2,773,000	$ 2,974,000	8,444,000	11,047,000
Accrued interest payable					30,000		30,000		32,000
Revolving Line of Credit
Debt Instrument
Maximum borrowing capacity of revolving line of credit										$ 100,000,000	20,000,000
Available borrowings					$ 100,000,000		$ 100,000,000		$ 20,000,000	$ 80,000,000
Effective interest rate (as a percent)					3.68%		3.68%		4.48%
Interest paid on loan							$ 93,000	457,000
Accrued interest payable					$ 1,000		1,000		$ 0
Prepayment on the loan					$ 755,000				1,527,000
Standby letter of credit
Debt Instrument
Available borrowings											10,000,000
letters of credit outstanding									$ 120,000
Fixed Rate Term Loan
Debt Instrument
Principal amount											$ 100,000,000
Interest rate (as a percent)											8.25%
Interest paid on loan							$ 0	$ 8,388,000
Accrued interest payable	$ 3,000,000
Prepayment on the loan	$ 80,000,000	$ 20,000,000
Outstanding Loan		$ 80,000,000

Long-Term Debt and Revolving Line of Credit - Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument
Long-term debt, Gross	$ 301,245
Less: debt issuance costs	(6,042)	$ (5,319)
Total	295,203	298,780
Current portion of long-term debt	(3,020)	(4,680)
Long-term debt, net of current portion and debt issuance costs	292,183	294,100
Term Loan
Debt Instrument
Long-term debt, Gross	$ 301,245	$ 304,099

- Definition

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

+ References + Details

Long-Term Debt and Revolving Line of Credit - Maturity of Long Term Debt (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Maturities
2021	$ 755
2022	3,020
2023	3,020
2024	3,020
2025	3,020
Thereafter	288,410
Total	$ 301,245

Commitments and Contingencies - Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Commitments and Contingencies
Gross amounts of assets under capital leases	$ 1,498		$ 1,501
Capital lease accumulated amortization	1,158		$ 946
Operating lease rent expense	$ 4,796	$ 4,929
Minimum
Commitments and Contingencies
Remaining operating and capital lease term	1 year
Maximum
Commitments and Contingencies
Remaining operating and capital lease term	8 years

Commitments and Contingencies - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021 USD ($)
OPERATING LEASE
Remainder of 2021	$ 1,847
2021	5,121
2022	3,367
2023	2,647
2024	2,093
Thereafter	2,366
Non-cancelable future minimum lease payments	17,441
CAPITAL LEASES
Remainder of 2021	76
2021	304
2022	25
Non-cancelable future minimum lease payments	405
Less amount representing interest	(17)
Net non-cancelable future minimum lease payments	$ 388

Equity-Based Compensation - Class B Plans (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 10, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class B Units
Equity-Based Compensation
Percentage of Time-Based Vesting Units				50.00%
Percentage of Performance-Based Vesting Units				50.00%
Compensation expense		$ 8,165	$ 1,181	$ 20,846	$ 2,286
Time Based Class B Units
Equity-Based Compensation
Vesting period				5 years
Service period				5 years
Compensation expense		767		$ 2,298
Unrecognized share-based compensation expense		7,230		7,230
Performance Based Class B Units
Equity-Based Compensation
Compensation expense		3,120		10,144
Unrecognized share-based compensation expense		$ 14,072		$ 14,072
Performance Based Class B Units \| Maximum
Equity-Based Compensation
Threshold Percentage of Holding by Former Parent Company for Vesting of Performance Based Units				10.00%
Restricted Stock
Equity-Based Compensation
Issuance of restricted stock (in shares)	5,941,693
Vested				1,724,979
Class B Plan \| Class B Units
Equity-Based Compensation
Number of units authorized (in units)		6,366,891		6,366,891

Equity-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 10, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class B Units
Shares
Granted			1,357,404
Forfeited			(377,626)
Non-vested restricted stock Ending balance			6,328,153		6,328,153
Weighted Average Grant Date Fair Value
Compensation expense		$ 8,165	$ 1,181	$ 20,846	$ 2,286
Restricted Stock
Shares
Non-vested restricted stock beginning balance				5,941,693
Granted				0
Vested				(1,724,979)
Forfeited				(141,057)
Non-vested restricted stock Ending balance		4,075,657		4,075,657
Share price	$ 23.00
Issuance of restricted stock (in shares)	5,941,693
Weighted Average Grant Date Fair Value
Non-vested restricted stock of beginning balance (in dollars per share)				$ 23.00
Vested (in dollars per share)				23.00
Forfeited (in dollars per share)				23.00
Non-vested restricted stock of ending balance (in dollars per share)		$ 23.00		$ 23.00
Time Based Class B Units
Equity-Based Compensation
Service period				5 years
Weighted Average Grant Date Fair Value
Compensation expense		$ 767		$ 2,298
Unrecognized share-based compensation expense		7,230		$ 7,230
Unrecognized share-based compensation expense, recognition period				35 months 6 days
Performance Based Class B Units
Weighted Average Grant Date Fair Value
Compensation expense		3,120		$ 10,144
Unrecognized share-based compensation expense		$ 14,072		$ 14,072
Unrecognized share-based compensation expense, recognition period				26 months

Equity-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares
Restricted Stock Units (RSUs)
Shares
Non-vested restricted stock beginning balance		30,052
Granted		1,027,512
Vested		24,728
Forfeited		(48,956)
Non-vested restricted stock Ending balance	983,880	983,880
Weighted Average Grant Date Fair Value
Non-vested restricted stock of beginning balance (in dollars per share) \| $ / shares		$ 23.00
Granted (in dollars per share) \| $ / shares		27.47
Vested (in dollars per share) \| $ / shares		23.00
Forfeited (in dollars per share) \| $ / shares		26.86
Non-vested restricted stock of ending balance (in dollars per share) \| $ / shares	$ 27.48	$ 27.48
Vested shares withheld for minimum statutory tax withholding requirements		10,003
Compensation expense \| $	$ 2,362	$ 4,898
Unrecognized share-based compensation expense \| $	22,559	$ 22,559
Unrecognized share-based compensation expense, recognition period		29 months 9 days
Performance Based Class B Units
Weighted Average Grant Date Fair Value
Compensation expense \| $	3,120	$ 10,144
Unrecognized share-based compensation expense \| $	$ 14,072	$ 14,072
Unrecognized share-based compensation expense, recognition period		26 months
Performance Based Common Stock Units
Shares
Granted		400,354
Forfeited		(11,905)
Non-vested restricted stock Ending balance	388,449	388,449
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares		$ 27.01
Forfeited (in dollars per share) \| $ / shares		27.45
Non-vested restricted stock of ending balance (in dollars per share) \| $ / shares	$ 27.00	$ 27.00
Compensation expense \| $	$ 1,916	$ 3,506
Unrecognized share-based compensation expense \| $	6,982	$ 6,982
Unrecognized share-based compensation expense, recognition period		19 months 15 days
Time Based Class B Units
Weighted Average Grant Date Fair Value
Vesting period		5 years
Compensation expense \| $	767	$ 2,298
Unrecognized share-based compensation expense \| $	$ 7,230	$ 7,230
Unrecognized share-based compensation expense, recognition period		35 months 6 days

Equity-Based Compensation - Compensation expense (Details) - Class B Units - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity-Based Compensation
Compensation expense	$ 8,165	$ 1,181	$ 20,846	$ 2,286
Cost of revenues
Equity-Based Compensation
Compensation expense	1,442	53	3,738	151
Sales and marketing
Equity-Based Compensation
Compensation expense	602	34	1,636	99
Research and development
Equity-Based Compensation
Compensation expense	514	34	1,528	97
General and administrative expenses
Equity-Based Compensation
Compensation expense	$ 5,607	$ 1,060	$ 13,944	$ 1,939

Segment Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Data (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Segments
Number of operating segment \| segment			1
Revenue	$ 73,944	$ 60,317	$ 210,758	$ 178,889
Property and equipment, net	3,005		3,005		$ 3,872
United States
Segments
Revenue	54,911	44,910	150,594	135,187
EMEA
Segments
Revenue	13,307	10,679	41,222	30,601
Asia Pac
Segments
Revenue	$ 5,726	$ 4,728	$ 18,942	$ 13,101

- Definition

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

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+ Details

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Taxes
Effective tax rate	48.00%	22.00%	(11.00%)	48.00%

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss) available to common shareholders	$ (1,762)	$ 1,227	$ (3,567)	$ 5,050
Denominator:
Basic weighted average common shares outstanding (in shares)	149,016,609	132,407,786	147,894,227	132,407,786
Diluted weighted average common shares outstanding (in shares)	149,016,609	132,407,786	147,894,227	132,407,786
Earnings (loss) per share:
Basic (in dollar per share)	$ (0.01)	$ 0.01	$ (0.02)	$ 0.04
Diluted (in dollar per share)	$ (0.01)	$ 0.01	$ (0.02)	$ 0.04

- Definition

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

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Subsequent Events (Details) - Subsequent Events - Pinnacle 21, LLC - USD ($)	Oct. 21, 2021	Oct. 01, 2021
Subsequent Events
Consideration of cash	$ 250,000,000
Consideration of shares		$ 2,239,717