0001558370-23-008541 | 10-Q | XBRL Viewer

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		159,831,701
Entity Central Index Key	0001827090
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 244,135	$ 236,586
Accounts receivable, net of allowances for credit losses of $736 and $1,250, respectively	82,404	82,584
Restricted cash	3,103	3,102
Prepaid expenses and other current assets	18,612	19,980
Total current assets	348,254	342,252
Other assets:
Property and equipment, net	2,317	2,400
Operating lease right-of-use assets	13,405	14,427
Goodwill	718,841	717,743
Intangible assets, net of $231,384 and $217,705, respectively	476,554	486,782
Deferred income taxes	3,703	3,703
Other long-term assets	3,683	5,615
Total assets	1,566,757	1,572,922
Current liabilities:
Accounts payable	4,326	7,533
Accrued expenses	30,008	35,403
Current portion of deferred revenue	51,654	52,209
Current portion of long-term debt	3,020	3,020
Current operating lease liabilities	4,808	4,968
Other current liabilities		25
Total current liabilities	93,816	103,158
Long-term liabilities:
Deferred revenue, net of current portion	2,780	2,815
Deferred income taxes	62,920	65,046
Operating lease liabilities, net of current portion	9,244	10,133
Long-term debt, net of current portion and debt discount	289,546	289,988
Other long-term liabilities	23,396	22,121
Total liabilities	481,702	493,261
Commitments and contingencies
Stockholders' equity:
Preferred shares, $0.01 par value, 50,000,000 authorized as of March 31, 2023 and December 31, 2022, respectively, no shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively
Common shares, $0.01 par value, 600,000,000 shares authorized, 160,218,109 and 159,676,150 shares issued as of March 31 ,2023 and December 31, 2022, respectively; 159,839,743 and 159,525,943 shares outstanding as of March 31, 2023 and December 31, 2022, respectively	1,601	1,596
Additional paid-in capital	1,158,708	1,150,168
Accumulated deficit	(59,515)	(60,873)
Accumulated other comprehensive loss	(7,320)	(8,230)
Treasury stock at cost, 378,366 and 150,207 shares at March 31, 2023 and December 31, 2022, respectively	(8,419)	(3,000)
Total stockholders' equity	1,085,055	1,079,661
Total liabilities and stockholders' equity	$ 1,566,757	$ 1,572,922

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 736	$ 1,250
Accumulated amortization	$ 231,384	$ 217,705
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	160,218,109	159,676,150
Common share, shares outstanding	159,839,743	159,525,943
Treasury stock, shares	378,366	150,207

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(LOSS)
Revenues	$ 90,301	$ 81,551
Cost of revenues	34,856	32,789
Operating expenses:
Sales and marketing	8,002	6,111
Research and development	9,287	7,548
General and administrative	19,772	18,339
Intangible asset amortization	10,535	10,149
Depreciation and amortization expense	411	482
Total operating expenses	48,007	42,629
Income from operations	7,438	6,133
Other expenses:
Interest expense	(5,475)	(3,228)
Net other income	506	841
Total other expenses	(4,969)	(2,387)
Income before income taxes	2,469	3,746
Provision for income taxes	1,111	1,536
Net income	1,358	2,210
Other comprehensive income (loss):
Foreign currency translation adjustment	2,601	(3,184)
Change in fair value from interest rate swap, net of tax of $(588) and $60, respectively	(1,691)	64
Total other comprehensive income (loss)	910	(3,120)
Comprehensive income (loss)	$ 2,268	$ (910)
Net income per share attributable to common stockholders:
Basic (in dollar per share)	$ 0.01	$ 0.01
Diluted (in dollar per share)	$ 0.01	$ 0.01
Weighted average common shares outstanding:
Basic (in shares)	158,177,025	155,936,953
Diluted (in shares)	159,727,412	159,160,321

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(LOSS)
Change in fair value from interest rate swap, tax expense (benefit)	$ (588)	$ 60

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED DEFICIT	ACCUMULATED OTHER COMPREHENSIVE LOSS	TREASURY STOCK	Total
Beginning balance at Dec. 31, 2021	$ 1,596	$ 1,119,821	$ (75,604)	$ (3,926)	$ (38)	$ 1,041,849
Beginning balance (in shares) at Dec. 31, 2021	159,660,048
Treasury Shares Beginning balance (in shares) at Dec. 31, 2021					(1,100)
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense		7,513				7,513
Restricted stock withheld for tax liability					$ (47)	(47)
Restricted stock withheld for tax liability (in shares)					(1,774)
Change in fair value from interest rate swap, net of tax				64		64
Net income			2,210			2,210
Foreign currency translation adjustment				(3,184)		(3,184)
Ending balance at Mar. 31, 2022	$ 1,596	1,127,334	(73,394)	(7,046)	$ (85)	1,048,405
Ending balance (in shares) at Mar. 31, 2022	159,660,048
Treasury Shares Ending balance (in shares) at Mar. 31, 2022					(2,874)
Beginning balance at Dec. 31, 2022	$ 1,596	1,150,168	(60,873)	(8,230)	$ (3,000)	$ 1,079,661
Beginning balance (in shares) at Dec. 31, 2022	159,676,150
Treasury Shares Beginning balance (in shares) at Dec. 31, 2022					(150,207)	150,207
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense		8,543				$ 8,543
Common shares issued for employee share-based compensation awards and shares withheld for tax	$ 6
Common shares issued for employee share-based compensation awards and shares withheld for tax (in shares)	608,179
Common shares issued for employee share-based compensation awards and shares withheld for tax		(4)			$ (5,419)	(5,417)
Common shares issued for employee share-based compensation awards and shares withheld for tax (in shares)					(228,159)
Restricted stock forfeiture	$ (1)	1
Restricted stock forfeiture (in shares)	(66,220)
Change in fair value from interest rate swap, net of tax				(1,691)		(1,691)
Net income			1,358			1,358
Foreign currency translation adjustment				2,601		2,601
Ending balance at Mar. 31, 2023	$ 1,601	$ 1,158,708	$ (59,515)	$ (7,320)	$ (8,419)	$ 1,085,055
Ending balance (in shares) at Mar. 31, 2023	160,218,109
Treasury Shares Ending balance (in shares) at Mar. 31, 2023					(378,366)	378,366

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 1,358	$ 2,210
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	411	482
Amortization of intangible assets	13,113	12,450
Amortization of debt issuance costs	383	386
(Recovery of) provision for credit losses	(168)	34
Loss on retirement of assets	4	5
Change in fair value of contingent consideration	1,261
Equity-based compensation expense	8,543	7,513
Deferred income taxes	(1,524)	(715)
Changes in assets and liabilities
Accounts receivable	647	(3,244)
Prepaid and other assets	559	653
Accounts payable and accrued expenses	(14,196)	(11,830)
Deferred revenue	(1,034)	2,556
Change in other liabilities	600	(697)
Net cash provided by operating activities	9,957	9,803
Cash flows from investing activities:
Capital expenditures	(317)	(506)
Capitalized development costs	(2,360)	(2,187)
Investment in intangible assets	(54)
Business acquisitions, net of cash acquired		(5,983)
Net cash used in investing activities	(2,731)	(8,676)
Cash flows from financing activities:
Payments on long-term debt and finance lease obligations	(780)	(826)
Payments on financing component of interest rate swap		(646)
Payment of taxes on shares and units withheld for employee taxes	(70)	(48)
Net cash used by financing activities	(850)	(1,520)
Effect of foreign exchange rate changes on cash and cash equivalents, and restricted cash	1,174	(1,171)
Net increase (decrease) in cash and cash equivalents, and restricted cash	7,550	(1,564)
Cash and cash equivalents, and restricted cash, at beginning of period	239,688	186,624
Cash and cash equivalents, and restricted cash, at end of period	247,238	185,060
Supplemental disclosures of cash flow information
Cash paid for interest	5,196	3,547
Cash paid for taxes	$ 517	$ 2,769

Description of Business

3 Months Ended

Mar. 31, 2023

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-driven 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-driven services help optimize, streamline, or even waive certain clinical trials to accelerate programs, reduce costs, and increase the probability of success. The Company’s regulatory science and market access software and services are underpinned by technologies such as regulatory submissions software, 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.

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

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

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 our 2022 Annual Report. 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, 2022.

(a)	Basis of Presentation and Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, among other estimates, assumptions used in the allocation of the transaction price to separate performance obligations, estimates towards the measure of progress of completion on fixed-price service contracts, the determination of fair values and useful lives of long-lived assets as well as intangible assets, goodwill, allowance for credit losses for accounts receivable, recoverability of deferred tax assets, recognition of deferred revenue, valuation of interest rate swaps, determination of fair value of equity-based awards, measurement of fair value of contingent consideration, 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 consolidated financial statements.

(b) Unaudited Interim Financial Statements

The accompanying condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2023 and 2022, the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022, and the related interim disclosures are unaudited.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. These unaudited condensed consolidated financial statements include all adjustments necessary 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. Certain amounts reported in prior periods have been reclassified to conform with the current presentation. 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 2022 audited consolidated financial statements and notes thereto. The information as of December 31, 2022 in the Company’s condensed consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements included in the Company’s 2022 Annual Report.

(c)	Recently Issued Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01, “Common Control Arrangements (Topic 842),” which provide private companies and not-for-profit organizations that are not conduit bond obligors with a practical expedient to use the written terms and conditions of a common control arrangement to determine whether a lease exists and, if so, the classification of and accounting for that lease. In addition, the ASU requires all entities including public companies to amortize leasehold improvements associated with common control leases over the useful life to the common control group. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements.

(d) 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.

(e)	Fair Value Measurements

The Company follows FASB Accounting Standards Codification (“ASC”) 820 10, “Fair Value Measurements” (“ASC 820-10”), which defines fair value, establishes a framework for measuring fair value in U.S. GAAP, and requires certain disclosures about fair value measurements.

ASC 820 10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the most advantageous market for the asset or liability in an orderly transaction. Fair value measurement is based on a hierarchy of observable or unobservable inputs. The standard describes three levels of inputs that may be used to measure fair value.

Level 1 — Inputs to the valuation methodology are quoted prices available in active markets for identical securities as of the reporting date;

Level 2 — Inputs to the valuation methodology are other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk etc. as of the reporting date, and the fair value can be determined through the use of models or other valuation methodologies; and

Level 3 — Inputs to the valuation methodology are unobservable inputs in situations where there is little, or no market activity of the securities and the reporting entity makes estimates and assumptions relating to the pricing of the securities including assumptions regarding risk.

If the inputs used to measure fair value fall at different levels of the fair value hierarchy, the hierarchy is based on the lowest level of input that is significant to the fair value measurement. For the acquisitions noted in Note 5, the fair value measurement methods used to estimate the fair value of the assets acquired and liabilities assumed at the acquisition dates utilized a number of significant unobservable inputs of Level 3 assumptions. These assumptions included, among other

things, projections of future operating results, implied fair value of assets using an income approach by preparing a discounted cash flow analysis, and other subjective assumptions.

Interest rate swaps are valued in the market using discounted cash flows techniques. These techniques incorporate Level 1 and Level 2 inputs. The market inputs are utilized in the discounted cash flows’ calculation considering the instrument’s term, notional amount, discount rate and credit risk. Significant inputs to the derivative instrument valuation model for interest rate swaps are observable in active markets and are classified as Level 2 in the hierarchy.

Contingent liabilities related to acquisitions are measured at fair value using Level 3 unobservable inputs. The Company's estimates of fair value are based upon assumptions believed to be reasonable, but that are uncertain and involve significant judgments by management. Any changes in the fair value of these contingent liabilities are included in the earnings in the condensed consolidated statements of operations and comprehensive income (loss).

To estimate the fair value of the contingent consideration liability, management utilized a Monte Carlo simulation model to value the earn-out based on the likelihood of reaching certain eligible revenue thresholds. Significant inputs used in the fair value measurement of contingent consideration are the amount and timing of the acquired entity’s eligible revenue over a three-year period subsequent to the acquisition date. At the acquisition date, the fair value of the contingent consideration liabilities was $19.8 million.

The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at March 31, 2023:


	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL

	(In thousands)
Assets
Money market funds	$	102,076	$	—	$	—	$	102,076
Interest rate swap assets		—		6,096		—		6,096
Total assets	$	102,076	$	6,096	$	—	$	108,172

Liabilities
Contingent liabilities	$	—	$	—	$	21,074	$	21,074
Total liabilities	$	—	$	—	$	21,074	$	21,074

The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2022:



	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL

	(In thousands)
Assets
Money market funds	$	100,999	$	—	$	—	$	100,999
Interest rate swap assets		—		8,374		—		8,374
Total assets	$	100,999	$	8,374	$	—	$	109,373

Liabilities
Contingent liabilities	$	—	$	—	$	19,813	$	19,813
Total liabilities	$	—	$	—	$	19,813	$	19,813

For the period ended March 31, 2023, there were no transfers between the levels within the fair value hierarchy. The Company’s Level 3 liability is the acquisition related contingent consideration liability.

The following table summarizes the Level 3 activity of the changes in the contingent consideration liability.


	MARCH 31,
	2023
	(In thousands)
Beginning balance at December 31, 2022	$	19,813
Payments		—
Change in fair value		1,261
Ending balance at March 31, 2023	$	21,074

For more information regarding fair value measurements and the fair value hierarchy, see Note 2. “Summary of Significant Accounting Policies” in the notes to the consolidated financial statements in the Company’s 2022 Annual Report.

(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 provide for a Company credit card program and unexpended restricted grant funds. The restricted cash balance was $3,103 and $3,102 at March 31, 2023 and December 31, 2022, 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:



	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Cash and cash equivalents	$	244,135	$	236,586
Restricted cash, current		3,103		3,102
Total cash and cash equivalents and restricted cash	$	247,238	$	239,688

(g) Accounts Receivable

Accounts receivable includes current outstanding invoices billed to customers. Invoices are typically issued with net 30 days to net 90 days terms upon delivery of the product or upon achievement of billable events for service-based contracts. Unbilled receivables relate to the Company’s rights to consideration for performance obligations satisfied but not billed at the reporting date on contracts. Unbilled receivables are billed and transferred to customer accounts receivable when the rights become unconditional. The carrying amount of accounts receivable is reduced by a valuation allowance.

The Company estimates the expected credit losses for accounts receivables using historical loss data adjusted for current economic conditions, including reasonable and supportable forecasts to estimate the relative size of credit losses to be expected. The Company generally writes off a receivable or records a specific allowance for credit losses if the Company determines that the receivable is not collectible. Allowances for credit losses of $736 and $1,250 were provided in the accompanying condensed consolidated financial statements as of March 31, 2023 and December 31, 2022, respectively.

Accounts receivable consists of the following:


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Trade receivables	$	69,832	$	72,238
Unbilled receivables		12,979		11,309
Other receivables		329		287
Allowances for credit losses		(736)		(1,250)
Accounts receivable, net	$	82,404	$	82,584

The following table presents the information regarding the allowance of accounts receivable:


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Beginning balance	$	1,250	$	262
Provision for credit losses		(164)		1,009
Charge-offs, net of recoveries		(350)		(21)
Ending balance	$	736	$	1,250

(h)	Derivative Instruments

In the normal course of business, the Company is subject to risk from adverse fluctuations in interest rates. The Company has chosen to manage this risk through the use of derivative financial instruments that consist of interest rate swap contracts. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The objective in managing exposure to market risk is to limit the impact on cash flows. To qualify for hedge accounting, the interest rate swaps must effectively reduce the risk exposure that they are designed to hedge. In addition, at the inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions must be, and be expected to remain, probable of occurring in accordance with the related assertions.

FASB ASC 815, “Derivatives and Hedging,” requires the Company to recognize all derivatives on the balance sheet at fair value. The Company may enter into derivative contracts such as interest rate swap contracts that effectively convert portions of the Company’s floating rate debt to a fixed rate, which serves to mitigate interest rate risk. The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The Company had entered into an interest rate swap agreement in May 2022 that pays a fixed interest rate and receives a variable interest rate to modify the interest rate characteristics of term loan debt from variable to fixed in order to reduce the impact of changes in future cash flows due to market interest rate changes. The swap agreement has a notional amount of $230,000, a fixed rate of 2.8% and a termination date of August 31, 2025. At March 31, 2023 and December 31, 2022, the interest swap had a fair value of $6,096 and $8,374, respectively; The fair value recognized in accumulated other comprehensive income was $6,096 and $8,374, respectively, at March 31, 2023 and December 31, 2022. The interest income on derivative instruments recognized in the Company’s condensed consolidated statements of operations and comprehensive income (loss) was $986 for the three months ended March 31, 2023 and there was no changes in the fair value of the interest rate swap in interest expense for the three month ended March 31 2022.

The Company uses derivatives to manage certain interest exposures and designated all the derivatives as cash flow hedges. The Company records derivatives at fair value on its condensed consolidated balance sheets. Changes in the fair value of derivatives designated as cash flow hedges are recorded as a component of accumulated other comprehensive income

(loss). Those amounts are reclassified into interest expense in the same period during which the hedged transactions impact earnings.

The notional amounts and fair values, locations of derivative instruments in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 were as follows:


Interest rate swap derivative designated as cash flow hedging instruments:	March 31, 2023		December 31, 2022

	(In thousands)
Notional amounts	$	230,000	$	230,000
Prepaid expenses and other current assets	$	4,261	$	4,638
Other long-term assets	$	1,835	$	3,736

The net amount of deferred gains related to derivative instruments designated as cash flow hedges that is expected to be reclassified from accumulated other comprehensive gains into earnings over the next twelve months is $4,272.

(i)	Revenue Recognition

In accordance with Accounting Standards Codification Topic 606 ("ASC Topic 606"), “Revenue from Contracts with Customers”, the Company determines revenue recognition through the following steps:

i.Identification of the contract, or contracts, with a customer

ii.Identification of the performance obligations in the contract

iii.Determination of the transaction price

iv.Allocation of the transaction price to the performance obligations in the contract

v.Recognition of revenue when, or as, the Company satisfies a performance obligation

The Company’s revenue consists of fees for perpetual and term licenses for its software products, post- contract customer support (referred to as maintenance), software as a service (“SaaS”), and professional services including training and other revenue. 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 following describes the nature of the Company’s primary types of revenues and the revenue recognition policies as they pertain to the types of transactions the Company enters into with its customers.

Software Licenses Revenues

Software license revenue consists primarily of sales of software licenses downloaded and installed by our customers on their own hardware. The license period is generally one year or less and includes an insignificant amount of customer support to assist the customer with the software. Software license performance obligations are generally recognized upfront at the point in time when the software license has been delivered.

Software as a Service (SaaS) Revenues

SaaS revenues consist of subscription fees for access to, and related support for, the Company’s cloud-based solutions. The Company typically invoices subscription fees in advance in annual installments. The invoice is initially deferred and revenue is recognized ratably over the life of the contract. The Company’s software contracts do not typically include, variable consideration, or options for future purchases that would not be similar to the original goods.

Software Service Revenues

Maintenance services agreements on perpetual software consist of fees for providing software updates and for providing technical support for software products for a specified term. Revenue allocated to maintenance services is recognized ratably over the contract term beginning on the delivery date of each offering. Maintenance contracts generally have a term of one year. While the transfer of control of the software training and implementation performance obligations are over time, the services are typically started and completed within a few days. Due to the quick nature of the performance obligation from start to finish and the insignificant amounts, the Company recognizes any software training or implementation revenue at the completion of the service. Any unrecognized portion of amounts paid in advance for licenses and services is recorded as deferred revenue.

Consulting Service Revenues

The Company’s primary professional services offering includes consulting services, which may be either strategic consulting services, reporting and analysis services, regulatory writing services, or any combination of the three. The Company’s professional services contracts are either time-and-materials or fixed fee. Service revenues are generally recognized over time as the services are performed. Generally, these services are delivered to customers electronically. Revenue from time-and-material contracts is recognized on an output basis as labor hours are delivered and/or direct expenses are incurred. Revenues for fixed-price services are generally recognized over time by applying input methods to estimate progress to completion. Accordingly, the number of resources being paid for and the varying lengths of time they are being paid for determine the measure of progress.

Arrangements with Multiple Performance Obligations

For contracts with multiple performance obligations, such as a software license plus software training, implementation, and/or maintenance/support, or in contracts where there are multiple software licenses, the Company determines if the products or services are distinct and allocates the consideration to each distinct 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. Additionally, any training, implementation, or support and maintenance promises sold 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 less than one year such that there is no significant financing component.

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, contract liabilities) 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. Invoiced 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 deferred revenue in the condensed consolidated balance sheets.

Contract balances at March 31, 2023 and December 31, 2022 were as follows:


		MARCH 31,	DECEMBER 31,
	2023		2022

	(In thousands)
Contract assets	$	12,979	$	11,309
Contract liabilities		54,434		55,024

During the first quarter of 2023, the Company recognized revenue of $24,488 related to contract liabilities at December 31, 2022.

The unsatisfied performance obligations as of March 31, 2023, were approximately $130,237. We expect to recognize approximately $114,658 or 88.0% of this revenue over the next 12 months and the remainder thereafter.

Deferred Contract Acquisition Costs

Under ASC Topic 606, sales commissions paid to the sales force and the related employer payroll taxes, collectively deferred contract acquisition costs, are considered incremental and recoverable costs of obtaining a contract with a customer.

The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. The Company has determined that certain sales incentive programs meet the requirements to be capitalized. The costs capitalized are primarily sales commissions for our sales force personnel. Capitalized costs to obtain a contract are amortized on a straight-line basis over the expected period of benefit. Amortization of capitalized costs is included in sales and marketing expenses in our condensed consolidated statements of operations and comprehensive income (loss).

Capitalized contract acquisition costs were $814 and $981 as of March 31, 2023, and December 31, 2022, respectively, and were included in prepaid expenses and other current assets in the condensed consolidated balance sheets.

Grant Revenue

The Company receives grant funding for certain specific projects from time to time. These grants specify the funds provided are to be used exclusively to satisfy the deliverables outlined in the grant agreements. In these agreements, both involved parties receive and sacrifice approximately commensurate value so these are accounted for as exchange transactions and revenue is recognized according to ASC Topic 606. Grant funding is generally provided near contract inception, so a contract liability is initially recorded and revenue is recognized as the performance obligations are satisfied over time.

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 MARCH 31,
	2023		2022

	(In thousands)
Software licenses transferred at a point in time	$	14,498	$	13,452
Software licenses transferred over time		18,507		15,741
Service revenues earned over time		57,296		52,358
Total	$	90,301	$	81,551

(j)	Earnings per Share

Basic earnings per common share is computed by dividing the net earnings by the weighted-average number of shares outstanding during the reporting period, without consideration for potentially dilutive securities. Diluted earnings per share is computed by dividing the net earnings attributable to stockholders by the weighted-average number of shares and dilutive securities outstanding during the period.

Public Offerings and Other Significant Shareholder Transactions

3 Months Ended

Mar. 31, 2023

Public Offerings and Other Significant Shareholders Transactions

Public Offerings and Other Significant Shareholder Transactions

3. Public Offerings and Other significant Shareholder Transactions

On December 11, 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 former controlling shareholder, 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, were 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 was party to a registration rights agreement with EQT and its affiliates, Arsenal Capital Partners (“Arsenal”), and certain other stockholders, dated December 8, 2020. That agreement was terminated following the sale of all of EQT’s 29,954,521 common shares in the Company to Arsenal on December 8, 2022 (the “Arsenal Transaction”). Arsenal and the Company entered into a new registration rights agreement, dated November 3, 2022 (the “Registration Rights Agreement”), which contains provisions that entitle Arsenal to certain rights to have their securities registered by the Company under the Securities Act. While the Registration Rights Agreement is in effect, Arsenal is entitled to (i) four “demand” registrations, (ii) one underwritten offering in any consecutive 90-day period, and (iii) two underwritten offerings in any consecutive 360-day period, subject in each case to certain limitations. In addition, the Registration Rights Agreement provides that the Company will share certain expenses of Arsenal relating to such registrations and indemnify Arsenal against certain liabilities that may arise under the Securities Act. In connection with the Arsenal Transaction, the Company also entered into a letter agreement, effective December 8, 2022, with Arsenal providing that, subject to certain exceptions, Arsenal is prohibited from transferring the shares from EQT until December 8, 2024. Also in connection with the Arsenal Transaction, the Company entered into a stockholders agreement with Arsenal, effective December 8, 2022, which, among other things, grants certain conditional rights to Arsenal to nominate up to two directors to our Board.

On August 11, 2022, the Company completed a secondary public offering in which certain selling stockholders, including EQT, sold 7,000,000 shares of the Company’s common stock. 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 $596, recorded in general and administrative expenses, in relation to the secondary public offering.

- 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.

+ References

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+ Details

Concentrations of Credit Risk

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022, the investments were bank deposits, overnight sweep accounts, and money market funds. 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 March 31, 2023 and December 31, 2022, no single customer accounted for more than 10% of the Company’s accounts receivable. No single customers accounted for more than 10% of the Company’s revenues during the three months ended March 31, 2023 and 2022.

Business Combinations

3 Months Ended

Mar. 31, 2023

Business Combinations

Business Combinations

5. Business Combinations

Acquisitions have been accounted for by using the acquisition method of accounting pursuant to FASB ASC 805, “Business Combinations.” Amounts allocated to the purchased assets and liabilities assumed are based upon the total purchase price and the estimated fair values of such assets and liabilities on the effective date of the purchase as determined by an independent third party. The results of operations have been included in the Company’s results of operations prospectively from the date of acquisition.

Since its inception, and as of March 31, 2023, the Company has completed 17 acquisitions, of which 12 have included software or technology. Details of acquisitions that have closed since the beginning of fiscal year 2022 are provided below.

Integrated Nonclinical Development Solutions, Inc.

On January 3, 2022, the Company completed the acquisition of Integrated Nonclinical Development Solutions, Inc. (“INDS”), a company that provides the SEND Explorer software and drug development consulting for a total consideration of $8,048. The business combination was not significant to the Company’s condensed consolidated financial statements. Based on the Company’s purchase price allocation, approximately $2,380, $1,040, $100, and $2,910 of the purchase price were assigned to customer relationships, developed technology, non-compete agreements, and goodwill, respectively.

Vyasa Analytics, LLC

On December 28, 2022, the Company completed the acquisition of Vyasa Analytics, LLC (“Vyasa”), a company that provides an AI powered, scalable deep learning software and analytics platform for organizations within healthcare and life sciences for a total estimated consideration of $29,276. The business combination was not significant to the Company’s condensed consolidated financial statements.

Based on the Company’s purchase price allocation, approximately $11,400, $1,500, $120, $80 and $16,589 of the purchase price were assigned to developed technology, customer relationships, trademarks, non-compete agreements and goodwill, respectively.

The total estimated consideration includes a portion of contingent consideration that is payable over the next three years in a combination of 70% cash and 30% common stock of the Company. Future payments of contingent consideration are based on achieving certain eligible revenue thresholds for each of the twelve-month periods ended at December 31, 2023, 2024, and 2025. Potential payments range from $0 to $60,000 over the three-years period. The fair value of the contingent consideration was estimated to be $19,813 as of the acquisition date.

The contingent consideration was classified as a liability and included in other long term liabilities on the Company’s condensed consolidated balance sheet, which is remeasured on a recurring basis at fair value for each reporting period. Any changes in the fair value of these contingent liabilities are included in the earnings in the condensed consolidated statements of operations and comprehensive income (loss). At March 31, 2023, contingent consideration was remeasured to $21,074, resulting in a fair value adjustment of $1,261 and recorded in general and administrative (“G&A”) on the accompanying condensed consolidated statement of operations and comprehensive income (loss).

The condensed consolidated financial statements include the operating results of each acquisition from the date of acquisition.

Prepaid Expenses and Other Current Assets and Other Long-Term Assets

3 Months Ended

Mar. 31, 2023

Prepaid Expenses and Other Current Assets and Other Long-Term Assets

Prepaid Expenses and Other Current Assets and Other Long-Term Assets

6.	Prepaid Expenses and Other Current Assets and Other Long-Term Assets


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Prepaid expenses	$	8,472	$	8,389
Income tax receivable		1,589		2,014
Research and development tax credit receivable		3,410		4,207
Current portion of interest rate swap asset		4,261		4,638
Other current assets		880		732
Prepaid expenses and other current assets	$	18,612	$	19,980

Other long-term assets consisted of the following:


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Long-term deposits	$	1,189	$	1,150
Interest rate swap asset - long-term		1,835		3,736
Deferred financing cost		659		729
Total other long-term assets	$	3,683	$	5,615

Long-Term Debt and Revolving Line of Credit

3 Months Ended

Mar. 31, 2023

Long-Term Debt and Revolving Line of Credit

Long-Term Debt and Revolving Line of Credit

7.	Long-Term Debt and Revolving Line of Credit

The Company has been a party to a Credit Agreement since August 2017 that provides for a senior secured term loan and commitments under a revolving credit facility. The agreement was modified several times. The Company and the lenders modified the Credit Agreement on June 17, 2021, which provides for, among other things, (i) the extension of the termination date applicable to the revolving credit commitments 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 this 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 March 31, 2023 and December 31, 2022, available borrowings under the revolving lines of credit were $100,000. Available borrowings under the revolving lines of credit as of March 31, 2023 and December 31, 2022 were reduced by $120 and $120, respectively, of standby letters of credit issued to a landlord in lieu of a security deposit in addition to any outstanding borrowings.

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 8.03% and 3.64% for the three months ended March 31, 2023 and 2022 for the term loan debt, respectively. As discussed previously, the Company has interest rate swap agreements to mitigate the interest rate risk.

Interest incurred on the Credit Agreement with respect to the term loan amounted to $5,974 and $2,737 for the three months ended March 31, 2023 and 2022, respectively. Accrued interest payable on the Credit Agreement with respect to the term loan amounted to $69 and $130 at March 31, 2023 and December 31, 2022, respectively, and is included in accrued expenses. Interest incurred on the Credit Agreement with respect to the revolving line of credit was $63 and $63 for the three months ended March 31, 2023 and 2022, respectively. There was $1 and $66 of accrued interest payable on the revolving line of credit at March 31, 2023 and December 31, 2022, respectively.

Long-term debt consists of the following:


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Term loans	$	296,715	$	297,470
Revolving line of credit		—		—
Less: debt issuance costs		(4,149)		(4,462)
Total		292,566		293,008
Current portion of long-term debt		(3,020)		(3,020)
Long-term debt, net of current portion and debt issuance costs	$	289,546	$	289,988

The principal amount of long-term debt outstanding as of March 31, 2023 matures in the following years:


	Remainder of 2023		2024		2025		2026		TOTAL

	(In thousands)
Maturities	$	2,265	$	3,020	$	3,020	$	288,410	$	296,715

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, 2022, the Company was not required to make a mandatory prepayment on the term loan. For the Credit Agreement, the Company is required to make a quarterly principal payment of $755 on the term loan each quarter starting from September 30, 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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

The Company leases certain office facilities and equipment under non-cancelable operating and finance leases with remaining terms from one to six years.

Operating lease right-of-use (“ROU”) assets are included in other assets while finance lease ROU assets are included in property and equipment, net in the condensed consolidated balance sheets. With respect to operating lease liabilities, current operating lease liabilities are included in current liabilities and non-current operating lease liabilities are included in long-term liabilities in the condensed consolidated balance sheets. Current finance lease liabilities are included in other current liabilities in the condensed consolidated balance sheets. At March 31, 2023, the weighted average remaining lease terms were 3.77 years for operating leases, respectively; the weighted average discount rate was 3.43% for operating leases, respectively. For additional information on the Company's leases, see Note 14 to the condensed consolidated financial statements included the Company’s 2022 Annual Report.

The following table summarizes the lease-related assets and liabilities recorded in the condensed consolidated balance sheets at March 31, 2023 and December 31, 2022:



			MARCH 31,		DECEMBER 31,
Lease Position	Balance Sheet Classification		2023		2022

			(In thousands)

Assets
Operating lease assets	Operating lease ROU assets	$	13,405	$	14,427
Finance lease assets	Property and equipment, net		—		24
Total lease assets		$	13,405	$	14,451

Liabilities
Current
Operating	Current operating lease liabilities	$	4,808	$	4,968
Finance	Other current liabilities		—		25

Noncurrent
Operating	Operating lease liabilities, net of current portion		9,244		10,133
Finance	Non-current finance lease liabilities		—		—
Total lease liabilities		$	14,052	$	15,126

The following table summarizes by year the maturities of our minimum lease payments as of March 31, 2023.


	OPERATING
	LEASES
	(In thousands)
Remainder of 2023	$	3,635
2024		4,124
2025		3,348
2026		2,125
2027		911
Thereafter		697
Total future lease payments		14,840
Less: imputed interest		(788)
Total	$	14,052

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

9.	Accrued Expenses and Other Current Liabilities

Accrued expenses consist of the following:


		MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Accrued compensation	$	23,642	$	29,518
Legal and professional accruals		781		1,297
Interest payable		57		176
Income taxes payable		3,697		2,223
Accrued business acquisition liabilities		700		700
Other		1,131		1,489
Total accrued expenses	$	30,008	$	35,403

Other long-term liabilities consist of the following:


		MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Uncertain tax position liability	$	2,322	$	2,308
Contingent consideration		21,074		19,813
Total other long-term liabilities	$	23,396	$	22,121

Equity-Based Compensation

3 Months Ended

Mar. 31, 2023

Equity-Based Compensation

Equity-Based Compensation

10.	Equity-Based Compensation

The Company’s equity-based compensation programs are intended to attract, retain and provide incentives for employees, officers and directors. The Company has the following stock-based compensation plans and programs.

Restricted Stock

The majority of the Company’s restricted stock awarded to its employees was originally issued in December 10, 2020 in exchange for the Class B Profits Interest Unit (the “Class B Units”) of EQT Avatar Parent, L.P, which was the former parent of the Company.

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.

In 2021, the Company granted 87,127 replacement shares of restricted stock in connection with the Pinnacle acquisition under which equity-based awards are outstanding. The fair value of the restricted stock awarded was initially based on the fair value of our common stock on the date of grant, then adjusted for time restrictions due to unregistered shares and lack of marketability. Total grant date fair value was $2,762. The restricted stock issued in 2021 generally has a three-year vesting period except for one holder whose shares vests equally on a monthly basis for two years.


		WEIGHTED-
		AVERAGE
		GRANT DATE
	SHARES	FAIR VALUE
Non-vested restricted stock as of December 31, 2022	1,402,813	$	23.27
Granted	—		—
Vested	(209,360)		23.27
Forfeited	—		—
Cancelled	—		—
Non-vested restricted stock as of March 31, 2023	1,193,453	$	23.27

The Company did not legally authorize or issue any restricted stock during the three-month period ended March 31, 2023. The shares of restricted stock that vested include 2,022 shares of common stock that were withheld on behalf of employees to satisfy the statutory tax withholding requirements.

Equity-based compensation expenses related to the restricted stock exchanged for performance-based Class B Units were $655 and $2,120 for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the total unrecognized equity-based compensation expense related to outstanding restricted stock recognized using the accelerated attribution approach was $2,640, which is expected to be recognized over a weighted-average period of 19.4 months.

Equity-based compensation expenses related to the restricted stock exchanged for time-based Class B Units were $498 and $766 for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the total unrecognized

equity-based compensation expense related to outstanding restricted stock recognized using the straight-line attribution approach was $2,389, which is expected to be recognized over a weighted-average period of 24.3 months.

Equity-based employee compensation expense related to the time-based restricted stock for the Pinnacle acquisition was $292 for both three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the total unrecognized equity-based compensation expenses related to outstanding restricted stock recognized using the straight-line attribution approach was $1,009, which is expected to be recognized over a weighted-average period of 13.6 months.

2020 Incentive Plan

In order to align the Company’s equity compensation program with public company practices, the Company’s Board of Directors adopted and stockholders approved the 2020 Incentive Plan. The 2020 Incentive Plan allows for grants of non-qualified stock options, incentive stock options, restricted stock, restricted stock units (“RSUs”), and performance stock units (“PSUs”) to employees, directors, officers, and consultants or advisors of the Company. The 2020 Incentive Plan allows for 20,000,000 shares (the “plan share reserve”) of common stock to be issued. No more than the number of shares of common stock equal to the plan share reserve may be issued in the aggregate pursuant to the exercise of incentive stock options. The maximum number of shares of common stock granted during a single fiscal year to any non-employee director, taken together with any cash fees paid to such non-employee director during the fiscal year, may not exceed $1,000,000 in total value, except for certain awards made to a non-executive chair of our Board of Directors.

Restricted Stock Units (“RSU”)

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, 2022	2,005,095	$	24.71
Granted	—		—
Vested*	(608,179)		24.11
Forfeited	(17,196)		23.72
Non-vested RSUs as of March 31, 2023	1,379,720	$	24.98

* The number of the RSUs vested includes 226,137 shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements.

Equity-based compensation expenses related to the RSUs were $4,798 and $3,388 for three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the total unrecognized equity-based compensation expense related to outstanding RSUs was $29,925, which is expected to be recognized over a weighted-average period of 20.4 months.

Performance Stock Units (“PSU”)

PSUs granted in April 2021 and 2022 were 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 for individual PSU plans 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.

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, 2022	654,308	$	23.99
Granted	—		—
Vested	—		—
Forfeited	—		—
Non-vested PSUs as of March 31, 2023	654,308	$	23.99

Equity-based compensation expenses related to the PSUs were $2,287 and $947 for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the total unrecognized equity-based compensation expense related to outstanding PSUs was $4,499, which is expected to be recognized over a weighted-average period of 14.3 months.

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


	THREE MONTHS ENDED MARCH 31,
	2023		2022

	(In thousands)
Cost of revenues	$	2,042	$	1,723
Sales and marketing		381		660
Research and development		1,650		1,373
General and administrative		4,470		3,757
Total	$	8,543	$	7,513

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies.

Commitments and Contingencies

11. Commitments and Contingencies

Contingent consideration

In connection with the 2022 Vyasa acquisition, the Company is required to pay additional consideration if the acquired business achieves certain eligible revenue thresholds for each of the twelve-month periods ended December 31, 2023, 2024, and 2025, respectively. The maximum contingent consideration to be earned is $60,000. The fair value of the contingent consideration was $21,074 and $19,813 at March 31, 2023 and December 31, 2022, respectively.

Legal proceedings

The Company does not have any pending or threatened litigation which, individually or in the aggregate, would have a material adverse effect on the condensed consolidated financial statements as of March 31, 2023.

Assurance-type warranty

The Company includes an assurance commitment warranting that the application software products will perform in accordance with written user documentation and the agreements negotiated with customers. Since the Company does not customize its applications software, warranty costs have historically been insignificant and expensed as incurred.

For information related to commitments for future minimum lease payments, please see Note 8 – Leases.

Segment Data

3 Months Ended

Mar. 31, 2023

Segment Data

Segment Data

12.	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 months ended March 31, 2023 and 2022:


	THREE MONTHS ENDED
	MARCH 31,
	2023		2022

	(In thousands)
Revenue⁽¹⁾:
Americas	$	67,023	$	59,784
EMEA		16,915		15,934
Asia Pacific		6,363		5,833
Total	$	90,301	$	81,551

(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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Taxes

Income Taxes

13.

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 provision 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 months ended March 31, 2023 and 2022 were 45% and 41%, respectively, including discrete tax items. The current year increase in the ETR was principally due to the combined effect of the increase in certain foreign income tax rates and adjustments to the valuation allowance.

- 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.

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+ Details

Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings per Share

Earnings per Share

14.	Earnings per Share

Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to stockholders by the weighted-average number of shares and dilutive potential common shares during the period.



	THREE MONTHS ENDED MARCH 31,
	2023		2022

	(In thousands, except per share and share data)
Basic earnings per share
Net income available to common shareholders	$	1,358	$	2,210
Basic weighted-average common shares outstanding		158,177,025		155,936,953
Basic earnings per common share	$	0.01	$	0.01

Diluted earnings per share
Net income available to common shares	$	1,358	$	2,210
Basic weighted-average common shares outstanding		158,177,025		155,936,953
Dilutive potential common shares		1,550,387		3,223,368
Diluted weighted-average common shares outstanding		159,727,412		159,160,321
Diluted earnings per common share	$	0.01	$	0.01

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

(a)	Basis of Presentation and Use of Estimates

Unaudited Interim Financial Statements

(b) Unaudited Interim Financial Statements

Recently Adopted Accounting Pronouncements

(c)	Recently Issued Accounting Pronouncements

Principles of Consolidation

(d) Principles of Consolidation

Fair Value Measurements

(e)	Fair Value Measurements

Level 1 — Inputs to the valuation methodology are quoted prices available in active markets for identical securities as of the reporting date;

things, projections of future operating results, implied fair value of assets using an income approach by preparing a discounted cash flow analysis, and other subjective assumptions.

The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at March 31, 2023:


	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL

	(In thousands)
Assets
Money market funds	$	102,076	$	—	$	—	$	102,076
Interest rate swap assets		—		6,096		—		6,096
Total assets	$	102,076	$	6,096	$	—	$	108,172

Liabilities
Contingent liabilities	$	—	$	—	$	21,074	$	21,074
Total liabilities	$	—	$	—	$	21,074	$	21,074

The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2022:



	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL

	(In thousands)
Assets
Money market funds	$	100,999	$	—	$	—	$	100,999
Interest rate swap assets		—		8,374		—		8,374
Total assets	$	100,999	$	8,374	$	—	$	109,373

Liabilities
Contingent liabilities	$	—	$	—	$	19,813	$	19,813
Total liabilities	$	—	$	—	$	19,813	$	19,813

The following table summarizes the Level 3 activity of the changes in the contingent consideration liability.


	MARCH 31,
	2023
	(In thousands)
Beginning balance at December 31, 2022	$	19,813
Payments		—
Change in fair value		1,261
Ending balance at March 31, 2023	$	21,074

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:



	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Cash and cash equivalents	$	244,135	$	236,586
Restricted cash, current		3,103		3,102
Total cash and cash equivalents and restricted cash	$	247,238	$	239,688

Accounts Receivable

(g) Accounts Receivable

Accounts receivable consists of the following:


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Trade receivables	$	69,832	$	72,238
Unbilled receivables		12,979		11,309
Other receivables		329		287
Allowances for credit losses		(736)		(1,250)
Accounts receivable, net	$	82,404	$	82,584

The following table presents the information regarding the allowance of accounts receivable:


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Beginning balance	$	1,250	$	262
Provision for credit losses		(164)		1,009
Charge-offs, net of recoveries		(350)		(21)
Ending balance	$	736	$	1,250

Derivative Instruments

(loss). Those amounts are reclassified into interest expense in the same period during which the hedged transactions impact earnings.

The notional amounts and fair values, locations of derivative instruments in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 were as follows:


Interest rate swap derivative designated as cash flow hedging instruments:	March 31, 2023		December 31, 2022

	(In thousands)
Notional amounts	$	230,000	$	230,000
Prepaid expenses and other current assets	$	4,261	$	4,638
Other long-term assets	$	1,835	$	3,736

Revenue Recognition

(i)	Revenue Recognition

In accordance with Accounting Standards Codification Topic 606 ("ASC Topic 606"), “Revenue from Contracts with Customers”, the Company determines revenue recognition through the following steps:

i.Identification of the contract, or contracts, with a customer

ii.Identification of the performance obligations in the contract

iii.Determination of the transaction price

iv.Allocation of the transaction price to the performance obligations in the contract

v.Recognition of revenue when, or as, the Company satisfies a performance obligation

Software Licenses Revenues

Software as a Service (SaaS) Revenues

Software Service Revenues

Consulting Service Revenues

Arrangements with Multiple Performance Obligations

Contract Balances

Contract balances at March 31, 2023 and December 31, 2022 were as follows:


		MARCH 31,	DECEMBER 31,
	2023		2022

	(In thousands)
Contract assets	$	12,979	$	11,309
Contract liabilities		54,434		55,024

During the first quarter of 2023, the Company recognized revenue of $24,488 related to contract liabilities at December 31, 2022.

Deferred Contract Acquisition Costs

Grant Revenue

Sources and Timing of Revenue



	THREE MONTHS ENDED MARCH 31,
	2023		2022

	(In thousands)
Software licenses transferred at a point in time	$	14,498	$	13,452
Software licenses transferred over time		18,507		15,741
Service revenues earned over time		57,296		52,358
Total	$	90,301	$	81,551

Earnings per Share

(j)	Earnings per Share

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies

Summary of assets and liabilities that were measured at fair value on a recurring and non-recurring basis


	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL

	(In thousands)
Assets
Money market funds	$	102,076	$	—	$	—	$	102,076
Interest rate swap assets		—		6,096		—		6,096
Total assets	$	102,076	$	6,096	$	—	$	108,172

Liabilities
Contingent liabilities	$	—	$	—	$	21,074	$	21,074
Total liabilities	$	—	$	—	$	21,074	$	21,074



	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL

	(In thousands)
Assets
Money market funds	$	100,999	$	—	$	—	$	100,999
Interest rate swap assets		—		8,374		—		8,374
Total assets	$	100,999	$	8,374	$	—	$	109,373

Liabilities
Contingent liabilities	$	—	$	—	$	19,813	$	19,813
Total liabilities	$	—	$	—	$	19,813	$	19,813

Schedule of Level 3 activity of the changes in the contingent consideration liability


	MARCH 31,
	2023
	(In thousands)
Beginning balance at December 31, 2022	$	19,813
Payments		—
Change in fair value		1,261
Ending balance at March 31, 2023	$	21,074

Schedule of reconciliation of cash and cash equivalents and restricted cash



	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Cash and cash equivalents	$	244,135	$	236,586
Restricted cash, current		3,103		3,102
Total cash and cash equivalents and restricted cash	$	247,238	$	239,688

Schedule of accounts receivable


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Trade receivables	$	69,832	$	72,238
Unbilled receivables		12,979		11,309
Other receivables		329		287
Allowances for credit losses		(736)		(1,250)
Accounts receivable, net	$	82,404	$	82,584

Schedule of allowance rollforward of credit losses


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Beginning balance	$	1,250	$	262
Provision for credit losses		(164)		1,009
Charge-offs, net of recoveries		(350)		(21)
Ending balance	$	736	$	1,250

Schedule of derivative instruments in the Consolidated Balance Sheets


Interest rate swap derivative designated as cash flow hedging instruments:	March 31, 2023		December 31, 2022

	(In thousands)
Notional amounts	$	230,000	$	230,000
Prepaid expenses and other current assets	$	4,261	$	4,638
Other long-term assets	$	1,835	$	3,736

Schedule of contract balances


		MARCH 31,	DECEMBER 31,
	2023		2022

	(In thousands)
Contract assets	$	12,979	$	11,309
Contract liabilities		54,434		55,024

Summary of revenue by timing of revenue recognition



	THREE MONTHS ENDED MARCH 31,
	2023		2022

	(In thousands)
Software licenses transferred at a point in time	$	14,498	$	13,452
Software licenses transferred over time		18,507		15,741
Service revenues earned over time		57,296		52,358
Total	$	90,301	$	81,551

Prepaid Expenses and Other Current Assets and Other Long-Term Assets (Tables)

3 Months Ended

Mar. 31, 2023

Prepaid Expenses and Other Current Assets and Other Long-Term Assets

Schedule of prepaid and other current assets


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Prepaid expenses	$	8,472	$	8,389
Income tax receivable		1,589		2,014
Research and development tax credit receivable		3,410		4,207
Current portion of interest rate swap asset		4,261		4,638
Other current assets		880		732
Prepaid expenses and other current assets	$	18,612	$	19,980

Schedule of other long-term assets


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Long-term deposits	$	1,189	$	1,150
Interest rate swap asset - long-term		1,835		3,736
Deferred financing cost		659		729
Total other long-term assets	$	3,683	$	5,615

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

3 Months Ended

Mar. 31, 2023

Long-Term Debt and Revolving Line of Credit

Schedule of Long-term debt


	MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Term loans	$	296,715	$	297,470
Revolving line of credit		—		—
Less: debt issuance costs		(4,149)		(4,462)
Total		292,566		293,008
Current portion of long-term debt		(3,020)		(3,020)
Long-term debt, net of current portion and debt issuance costs	$	289,546	$	289,988

Schedule of maturity of long-term debt

The principal amount of long-term debt outstanding as of March 31, 2023 matures in the following years:


	Remainder of 2023		2024		2025		2026		TOTAL

	(In thousands)
Maturities	$	2,265	$	3,020	$	3,020	$	288,410	$	296,715

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases

Schedule of operating and financing lease right of use assets and lease liabilities



			MARCH 31,		DECEMBER 31,
Lease Position	Balance Sheet Classification		2023		2022

			(In thousands)

Assets
Operating lease assets	Operating lease ROU assets	$	13,405	$	14,427
Finance lease assets	Property and equipment, net		—		24
Total lease assets		$	13,405	$	14,451

Liabilities
Current
Operating	Current operating lease liabilities	$	4,808	$	4,968
Finance	Other current liabilities		—		25

Noncurrent
Operating	Operating lease liabilities, net of current portion		9,244		10,133
Finance	Non-current finance lease liabilities		—		—
Total lease liabilities		$	14,052	$	15,126

Schedule of minimum lease payments of operating leases


	OPERATING
	LEASES
	(In thousands)
Remainder of 2023	$	3,635
2024		4,124
2025		3,348
2026		2,125
2027		911
Thereafter		697
Total future lease payments		14,840
Less: imputed interest		(788)
Total	$	14,052

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses


		MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Accrued compensation	$	23,642	$	29,518
Legal and professional accruals		781		1,297
Interest payable		57		176
Income taxes payable		3,697		2,223
Accrued business acquisition liabilities		700		700
Other		1,131		1,489
Total accrued expenses	$	30,008	$	35,403

Schedule of other long-term liabilities


		MARCH 31,		DECEMBER 31,
	2023		2022

	(In thousands)
Uncertain tax position liability	$	2,322	$	2,308
Contingent consideration		21,074		19,813
Total other long-term liabilities	$	23,396	$	22,121

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Equity-Based Compensation

Summary of the restricted stock


		WEIGHTED-
		AVERAGE
		GRANT DATE
	SHARES	FAIR VALUE
Non-vested restricted stock as of December 31, 2022	1,402,813	$	23.27
Granted	—		—
Vested	(209,360)		23.27
Forfeited	—		—
Cancelled	—		—
Non-vested restricted stock as of March 31, 2023	1,193,453	$	23.27

Summary of the Company's RSU activity


		WEIGHTED-
		AVERAGE
		GRANT DATE
	UNITS	FAIR VALUE
Non-vested RSUs as of December 31, 2022	2,005,095	$	24.71
Granted	—		—
Vested*	(608,179)		24.11
Forfeited	(17,196)		23.72
Non-vested RSUs as of March 31, 2023	1,379,720	$	24.98

Schedule of nonvested Performance-based Units activity


		WEIGHTED-
		AVERAGE
		GRANT DATE
	UNITS	FAIR VALUE
Non-vested PSUs as of December 31, 2022	654,308	$	23.99
Granted	—		—
Vested	—		—
Forfeited	—		—
Non-vested PSUs as of March 31, 2023	654,308	$	23.99

Schedule of compensation expense


	THREE MONTHS ENDED MARCH 31,
	2023		2022

	(In thousands)
Cost of revenues	$	2,042	$	1,723
Sales and marketing		381		660
Research and development		1,650		1,373
General and administrative		4,470		3,757
Total	$	8,543	$	7,513

Segment Data (Tables)

3 Months Ended

Mar. 31, 2023

Segment Data

Schedule of revenue by geographic area


	THREE MONTHS ENDED
	MARCH 31,
	2023		2022

	(In thousands)
Revenue⁽¹⁾:
Americas	$	67,023	$	59,784
EMEA		16,915		15,934
Asia Pacific		6,363		5,833
Total	$	90,301	$	81,551

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

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings per Share

Schedule of basic and diluted earnings per share



	THREE MONTHS ENDED MARCH 31,
	2023		2022

	(In thousands, except per share and share data)
Basic earnings per share
Net income available to common shareholders	$	1,358	$	2,210
Basic weighted-average common shares outstanding		158,177,025		155,936,953
Basic earnings per common share	$	0.01	$	0.01

Diluted earnings per share
Net income available to common shares	$	1,358	$	2,210
Basic weighted-average common shares outstanding		158,177,025		155,936,953
Dilutive potential common shares		1,550,387		3,223,368
Diluted weighted-average common shares outstanding		159,727,412		159,160,321
Diluted earnings per common share	$	0.01	$	0.01

Summary of Significant Accounting Policies - Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	May 31, 2022	Jan. 03, 2022
Derivative
Interest income	$ 986
Fair value of contingent consideration liability				$ 19,800
Assets and Liabilities transfer between Level 1 and 2	0
Assets, transfers in to level 3	0
Assets, transfers out of level 3	0
Liabilities, transfers in to level 3	0
Liabilities, transfers out of level 3	0
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative
Notional amount	230,000	$ 230,000
Interest rate cash flow hedge gain to be reclassified during next 12 months	4,272
Recurring
Derivative
Liability measured at fair value	21,074	19,813
Assets measured at fair value	108,172	109,373
Level 1 \| Recurring
Derivative
Assets measured at fair value	102,076	100,999
Level 2 \| Recurring
Derivative
Assets measured at fair value	6,096	8,374
Level 3 \| Recurring
Derivative
Liability measured at fair value	21,074	19,813
Money Market Funds \| Recurring
Derivative
Assets measured at fair value	102,076	100,999
Money Market Funds \| Level 1 \| Recurring
Derivative
Assets measured at fair value	102,076	100,999
Interest rate swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative
Notional amount			$ 230,000
Interest rate (as a percent)			2.80%
Fair value of embedded derivative liability	6,096	8,374
Liability measured at fair value	6,096	8,374
Interest rate swap \| Recurring
Derivative
Assets measured at fair value	6,096	8,374
Interest rate swap \| Level 2 \| Recurring
Derivative
Assets measured at fair value	6,096	8,374
Contingent Liability \| Recurring
Derivative
Liability measured at fair value	21,074	19,813
Contingent Liability \| Level 3 \| Recurring
Derivative
Liability measured at fair value	21,074	19,813
Prepaid expenses and other current assets \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative
Assets measured at fair value	4,261	4,638
Other long-term assets \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative
Assets measured at fair value	$ 1,835	$ 3,736

Summary of Significant Accounting Policies - Level 3 activity (Details) - Contingent consideration liability $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 19,813
Change in fair value	$ 1,261
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	General and Administrative Expense
Ending balance	$ 21,074

Summary of Significant Accounting Policies - Cash and cash equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Cash and cash equivalents	$ 244,135	$ 236,586
Restricted cash, current	3,103	3,102
Total cash and cash equivalents, and restricted cash	$ 247,238	$ 239,688	$ 185,060	$ 186,624

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Accounts receivable invoices days outstanding due minimum	30 days
Accounts receivable invoices days outstanding due maximum	90 days
Trade receivables	$ 69,832	$ 72,238
Unbilled receivables	12,979	11,309
Other receivables	329	287
Allowance for credit losses	(736)	(1,250)
Accounts receivable, net	82,404	82,584
Rollforward of credit losses
Beginning Balance	1,250	262
Provision for credit losses	(164)	1,009
Charge-offs, net of recoveries	(350)	(21)
Ending Balance	$ 736	$ 1,250

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Summary of Significant Accounting Policies
Unsatisfied performance obligation	$ 130,237
Revenue recognition	90,301	$ 81,551
Revenue	90,301	81,551
Deferred contract acquisition costs	814		$ 981
Contract assets	12,979		11,309
Contract liabilities	54,434		$ 55,024
Revenue recognized from contract liabilities	24,488
Contract revenue to be recognized in next twelve months	$ 114,658
Contract revenue to be recognized in next twelve months (as a percent)	88.00%
Software licenses transferred at a point in time
Summary of Significant Accounting Policies
Revenue recognition	$ 14,498	13,452
Software licenses transferred over time
Summary of Significant Accounting Policies
Revenue recognition	18,507	15,741
Service revenues earned over time
Summary of Significant Accounting Policies
Revenue recognition	$ 57,296	$ 52,358
Software Licenses
Summary of Significant Accounting Policies
The software license revenue term of recognition period	1 year
Maintenance Contracts
Summary of Significant Accounting Policies
The software license revenue term of recognition period	1 year
Multiple Performance Obligations
Summary of Significant Accounting Policies
The software license revenue term of recognition period	1 year
Minimum
Summary of Significant Accounting Policies
Subscription Term	1 year
Maximum
Summary of Significant Accounting Policies
Subscription Term	3 years

Public Offerings and Other Significant Shareholders Transactions (Details) $ / shares in Units, $ in Thousands	Dec. 08, 2022 director shares	Aug. 11, 2022 USD ($) shares	Dec. 11, 2020 USD ($) $ / shares shares	Dec. 08, 2020 item
EQT
Initial Public Offering
Number of "demand" registrations under the Registration Rights Agreement \| item				4
Number of underwritten offering in any consecutive 90-day period Under Registration Rights Agreement \| item				1
Number of underwritten offering in any consecutive 360-day period under Registration Rights Agreement \| item				2
Arsenal
Initial Public Offering
Maximum number of directors to be nominated \| director	2
Arsenal \| EQT \| Termination of registration rights agreement
Initial Public Offering
Number of shares sold \| shares	29,954,521
IPO
Initial Public Offering
Common stock offerings (in shares) \| shares			14,630,000
Share price (in dollar per share) \| $ / shares			$ 23.00
Net proceeds from public offering of common stock \| $			$ 316,301
Stock issuance costs, net of tax impact \| $			4,408
Tax impact of stock issuance costs \| $			$ 259
IPO \| EQT
Initial Public Offering
Common stock offerings (in shares) \| shares			18,783,250
Secondary Public Offering \| EQT
Initial Public Offering
Stock issuance costs, net of tax impact \| $		$ 596
Number of shares sold \| shares		7,000,000

Business Combinations - Other Information (Details) $ in Thousands			3 Months Ended
	Dec. 28, 2022 USD ($)	Jan. 03, 2022 USD ($)	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Business Combinations
Number of acquisitions completed since inception \| item			17
Number of software or technology acquisitions completed since inception \| item			12
Goodwill arising in the acquisition			$ 718,841	$ 717,743
Integrated Nonclinical Development Solutions, Inc.
Business Combinations
Business consideration transferred		$ 8,048
Goodwill arising in the acquisition		2,910
Vyasa Analytics, LLC
Business Combinations
Business consideration transferred	$ 29,276
Goodwill arising in the acquisition	$ 16,589
Contingent consideration earn-out period	3 years
Contingent consideration percentage of consideration paid in cash (as a percent)	70.00%
Contingent consideration percentage of consideration paid in stock (as a percent)	30.00%
Contingent consideration	$ 19,813		21,074	$ 19,813
Vyasa Analytics, LLC \| Minimum
Business Combinations
Contingent consideration payout based on revenue threshold achievement			0
Vyasa Analytics, LLC \| Maximum
Business Combinations
Contingent consideration payout based on revenue threshold achievement			60,000
General and administrative \| Vyasa Analytics, LLC
Business Combinations
Change in fair value of contingent consideration			$ 1,261
Customer relationships \| Integrated Nonclinical Development Solutions, Inc.
Business Combinations
Finite-lived intangible assets acquired		2,380
Customer relationships \| Vyasa Analytics, LLC
Business Combinations
Finite-lived intangible assets acquired	1,500
Non-compete agreements \| Integrated Nonclinical Development Solutions, Inc.
Business Combinations
Finite-lived intangible assets acquired		100
Non-compete agreements \| Vyasa Analytics, LLC
Business Combinations
Finite-lived intangible assets acquired	80
Developed technology \| Integrated Nonclinical Development Solutions, Inc.
Business Combinations
Finite-lived intangible assets acquired		$ 1,040
Developed technology \| Vyasa Analytics, LLC
Business Combinations
Finite-lived intangible assets acquired	11,400
Trademarks \| Vyasa Analytics, LLC
Business Combinations
Finite-lived intangible assets acquired	$ 120

Prepaid Expenses and Other Current Assets and Other Long-Term Assets - Prepaid and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets and Other Long-Term Assets
Prepaid expenses	$ 8,472	$ 8,389
Income tax receivable	1,589	2,014
Research and development tax credit receivable	3,410	4,207
Current portion of interest rate swap asset	4,261	4,638
Other current assets	880	732
Prepaid expenses and other current assets	$ 18,612	$ 19,980

Prepaid Expenses and Other Current Assets and Other Long-Term Assets - Other long-term assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets and Other Long-Term Assets
Long-term deposits	$ 1,189	$ 1,150
Interest rate swap asset - long term	1,835	3,736
Deferred financing cost	659	729
Total other long-term assets	$ 3,683	$ 5,615

Long-Term Debt and Revolving Line of Credit - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jun. 17, 2021
Variable Interest Term Loan
Debt Instrument
Interest incurred	$ 5,974	$ 2,737
Accrued interest payable	69		$ 130
Revolving Line of Credit
Debt Instrument
Maximum borrowing capacity of revolving line of credit				$ 100,000
Available borrowings	100,000		100,000	$ 80,000
Interest incurred	63	$ 63
Accrued interest payable	1		66
Prepayment on the loan	755
Standby letter of credit
Debt Instrument
letters of credit outstanding	$ 120		$ 120
Term Loan
Debt Instrument
Effective interest rate (as a percent)	8.03%	3.64%

Long-Term Debt and Revolving Line of Credit - Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument
Long-term debt, Gross	$ 296,715
Less: debt issuance costs	(4,149)	$ (4,462)
Total	292,566	293,008
Current portion of long-term debt	(3,020)	(3,020)
Long-term debt, net of current portion and debt issuance costs	289,546	289,988
Term Loan
Debt Instrument
Long-term debt, Gross	$ 296,715	$ 297,470

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long-Term Debt and Revolving Line of Credit - Maturity of Long Term Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Maturities
Remainder of 2023	$ 2,265
2024	3,020
2025	3,020
2026	288,410
Total	$ 296,715

Leases - Other (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases
Operating leases - Weighted-average remaining lease term (years)	3 years 9 months 7 days
Operating leases - Weighted-average discount rate	3.43%
Operating lease right-of-use assets	$ 13,405	$ 14,427
Finance lease, right of use assets		$ 24
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total lease assets	$ 13,405	$ 14,451
Current operating lease liabilities	$ 4,808	4,968
Current portion of finance lease liabilities		$ 25
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Operating lease liabilities, net of current portion	$ 9,244	$ 10,133
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 14,052	$ 15,126
Minimum
Leases
Remaining operating and capital lease term	1 year
Maximum
Leases
Remaining operating and capital lease term	6 years

Leases - Maturities of our minimum lease payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
OPERATING LEASE
Remainder of 2023	$ 3,635
2024	4,124
2025	3,348
2026	2,125
2027	911
Thereafter	697
Total future lease payments	14,840
Less: imputed interest	(788)
Total operating lease liabilities	$ 14,052

Accrued Expenses and Other Current Liabilities - Accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Accrued compensation	$ 23,642	$ 29,518
Legal and professional accruals	781	1,297
Interest payable	57	176
Income taxes payable	3,697	2,223
Accrued business acquisition liabilities	700	700
Other	1,131	1,489
Total accrued expenses	$ 30,008	$ 35,403

Accrued Expenses and Other Current Liabilities - Other long-term liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities.
Uncertain tax position liability	$ 2,322	$ 2,308
Contingent consideration	21,074	19,813
Total other long-term liabilities	$ 23,396	$ 22,121

Equity-Based Compensation - Restricted Stock (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) shareholder shares
Weighted Average Grant Date Fair Value
Compensation expense	$ 8,543	$ 7,513
Restricted Stock
Equity-Based Compensation
Vesting period			3 years
Shares
Non-vested restricted stock beginning balance \| shares	1,402,813
Vested \| shares	(209,360)
Non-vested restricted stock Ending balance \| shares	1,193,453
Weighted Average Grant Date Fair Value
Non-vested restricted stock of beginning balance (in dollars per share) \| $ / shares	$ 23.27
Vested (in dollars per share) \| $ / shares	23.27
Non-vested restricted stock of ending balance (in dollars per share) \| $ / shares	$ 23.27
Grant date fair value			$ 2,762
Number of shareholders with monthly vesting period \| shareholder			1
Vesting period of shareholders			2 years
Restricted Stock \| Pinnacle 21, LLC
Shares
Granted \| shares			87,127
Restricted Stock \| Employees
Shares
Granted \| shares	0
Weighted Average Grant Date Fair Value
Vested \| shares	2,022
Time Based Class B Units
Equity-Based Compensation
Service period	5 years
Weighted Average Grant Date Fair Value
Compensation expense	$ 498	766
Unrecognized share-based compensation expense	$ 2,389
Unrecognized share-based compensation expense, recognition period	24 months 9 days
Performance Based Class B Units
Weighted Average Grant Date Fair Value
Compensation expense	$ 655	2,120
Unrecognized share-based compensation expense	$ 2,640
Unrecognized share-based compensation expense, recognition period	19 months 12 days
Time Based Restricted Stock \| Pinnacle 21, LLC
Weighted Average Grant Date Fair Value
Compensation expense	$ 292	$ 292
Unrecognized share-based compensation expense	$ 1,009
Unrecognized share-based compensation expense, recognition period	13 months 18 days

Equity-Based Compensation - 2020 Incentive Plans (Details) - 2020 Incentive Plan $ in Thousands	Mar. 31, 2023 USD ($) shares
Equity-Based Compensation
Number of units authorized (in units) \| shares	20,000,000
Authorized amount \| $	$ 1,000,000

Equity-Based Compensation - Restricted Stock Units and Performance Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted Average Grant Date Fair Value
Compensation expense	$ 8,543	$ 7,513
Restricted Stock Units (RSUs)
Shares
Non-vested restricted stock beginning balance	2,005,095
Vested	(608,179)
Forfeited	(17,196)
Non-vested restricted stock Ending balance	1,379,720
Weighted Average Grant Date Fair Value
Non-vested restricted stock of beginning balance (in dollars per share)	$ 24.71
Vested (in dollars per share)	24.11
Forfeited (in dollars per share)	23.72
Non-vested restricted stock of ending balance (in dollars per share)	$ 24.98
Vested shares withheld for minimum statutory tax withholding requirements	226,137
Compensation expense	$ 4,798	3,388
Unrecognized share-based compensation expense	$ 29,925
Unrecognized share-based compensation expense, recognition period	20 months 12 days
Performance Based Common Stock Units
Shares
Non-vested restricted stock beginning balance	654,308
Non-vested restricted stock Ending balance	654,308
Weighted Average Grant Date Fair Value
Non-vested restricted stock of beginning balance (in dollars per share)	$ 23.99
Non-vested restricted stock of ending balance (in dollars per share)	$ 23.99
Compensation expense	$ 2,287	$ 947
Unrecognized share-based compensation expense	$ 4,499
Unrecognized share-based compensation expense, recognition period	14 months 9 days

Equity-Based Compensation - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity-Based Compensation
Compensation expense	$ 8,543	$ 7,513
Cost of revenues
Equity-Based Compensation
Compensation expense	2,042	1,723
Sales and marketing
Equity-Based Compensation
Compensation expense	381	660
Research and development
Equity-Based Compensation
Compensation expense	1,650	1,373
General and administrative
Equity-Based Compensation
Compensation expense	$ 4,470	$ 3,757

Commitments and Contingencies (Details) - Vyasa Analytics, LLC - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 28, 2022
Maximum contingent consideration to be earned	$ 60,000
Contingent consideration	$ 21,074	$ 19,813	$ 19,813

Segment Data (Details) $ in Thousands	3 Months Ended
Segment Data (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segments
Number of operating segment \| segment	1
Revenue	$ 90,301	$ 81,551
Americas
Segments
Revenue	67,023	59,784
EMEA
Segments
Revenue	16,915	15,934
Asia Pacific
Segments
Revenue	$ 6,363	$ 5,833

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2023	Mar. 31, 2022
Income Taxes
Effective tax rate	45.00%	41.00%

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic earnings per share
Net income available to common shareholders	$ 1,358	$ 2,210
Basic weighted average common shares outstanding (in shares)	158,177,025	155,936,953
Earnings per share, Basic (in dollars per share)	$ 0.01	$ 0.01
Diluted earnings per share
Net income available to common shareholders	$ 1,358	$ 2,210
Basic weighted average common shares outstanding (in shares)	158,177,025	155,936,953
Dilutive potential common shares	1,550,387	3,223,368
Diluted weighted average common shares outstanding (in shares)	159,727,412	159,160,321
Earnings per share, Diluted (in dollars per share)	$ 0.01	$ 0.01

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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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+ Details