0001193125-21-243447 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 05, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	TaskUs, Inc.
Entity Central Index Key	0001829864
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	No
Entity Incorporation, State or Country Code	DE
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Tax Identification Number	83-1586636
Entity Address, City or Town	New Braunfels
Entity Address, Address Line One	1650 Independence Drive,
Entity Address, Address Line Two	Suite 100
City Area Code	888
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78132
Local Phone Number	400-8275
Entity File Number	001-40482
Trading Symbol	TASK
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,180,000
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		82,110,174

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 195,927	$ 107,728
Accounts receivable, net of allowance for doubtful accounts of $2,691 and $2,294, respectively	127,867	87,782
Other receivables	439	105
Prepaid expenses	9,667	13,032
Income Taxes Receivable		1,606
Other current assets	2,471	1,051
Total current assets	336,371	211,304
Noncurrent assets:
Property and equipment, net	63,060	56,957
Deferred tax assets	575	585
Intangibles	230,871	240,295
Goodwill	195,735	195,735
Other noncurrent assets	3,006	2,630
Total noncurrent assets	493,247	496,202
Total assets	829,618	707,506
Current liabilities:
Accounts payable and accrued liabilities	43,494	41,935
Accrued payroll and employee-related liabilities	171,690	21,994
Current portion of debt	48,510	45,984
Current portion of income tax payable	1,586
Deferred revenue	5,810	4,711
Deferred Rent	303	218
Total current liabilities	271,393	114,842
Noncurrent liabilities:
Income tax payable	2,988	2,988
Long-term debt	193,525	198,768
Deferred rent	2,573	2,194
Accrued payroll and employee-related liabilities	2,640	2,641
Deferred tax liabilities	40,474	50,936
Total noncurrent liabilities	242,200	257,527
Total liabilities	513,593	372,369
Commitments and Contingencies
Shareholders' equity:
Additional Paid - in Capital	519,817	398,202
Accumulated deficit	(206,834)	(67,398)
Accumulated other comprehensive income	2,069	3,416
Total shareholders' equity	316,025	335,137
Total liabilities and shareholders' equity	829,618	707,506
Common Class A [Member]
Shareholders' equity:
Common Stock, Value, Issued	152
Total shareholders' equity	152
Class B Convertible Common Stock [Member]
Shareholders' equity:
Common Stock, Value, Issued	$ 821	$ 917

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts receivable, net of allowance for doubtful accounts	$ 2,691	$ 2,294
Common Class A [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	2,500,000,000
Common Stock, Shares, Issued	15,180,000	0
Common Stock, Shares, Outstanding	15,180,000	0
Class B Convertible Common Stock [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	250,000,000
Common Stock, Shares, Issued	82,110,174	91,737,020
Common Stock, Shares, Outstanding	82,110,174	91,737,020

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Service revenue	$ 180,022	$ 114,400	$ 332,893	$ 216,829
Operating Expenses [Abstract]
Cost of services	103,798	64,135	191,828	125,918
Selling, general, and administrative expense	177,810	25,709	209,308	51,440
Depreciation	6,729	5,815	12,932	10,529
Amortization of intangible assets	4,712	4,712	9,424	9,424
Loss (gain) on disposal of assets	1		28	(5)
Contingent consideration		3,570		3,570
Total operating expenses	293,050	103,941	423,520	200,876
Operating (loss) income	(113,028)	10,459	(90,627)	15,953
Other (income) expense	(1,659)	(1,137)	(905)	260
Financing expenses	1,594	1,959	3,175	4,202
(Loss) income before taxes	(112,963)	9,637	(92,897)	11,491
(Benefit from) provision for income taxes	(7,020)	1,629	(3,461)	1,968
Net (loss) income	$ (105,943)	$ 8,008	$ (89,436)	$ 9,523
Net (loss) income per common share, basic and diluted	$ (1.14)	$ 0.09	$ (0.97)	$ 0.10
Weighted-average number of common shares outstanding, basic and diluted	92,957,493	91,737,020	92,347,257	91,737,020

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (105,943)	$ 8,008	$ (89,436)	$ 9,523
Retirement benefit reserves	(3)	3	(8)	2
Foreign currency translation adjustments	(489)	1,230	(1,339)	1,007
Comprehensive (loss) income	$ (106,435)	$ 9,241	$ (90,783)	$ 10,532

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Class A Common stock [Member]	Class B Common stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated other comprehensive income [Member]
Beginning Balance at Dec. 31, 2019	$ 297,500		$ 917	$ 398,202	$ (101,931)	$ 312
Beginning Balance, shares at Dec. 31, 2019			91,737,020
Statement Of Changes In Equity [Line Items]
Net income (loss)	1,515				1,515
Other comprehensive income (Loss)	(224)					(224)
Ending balance at Mar. 31, 2020	298,791		$ 917	398,202	(100,416)	88
Ending balance, shares at Mar. 31, 2020			91,737,020
Beginning Balance at Dec. 31, 2019	297,500		$ 917	398,202	(101,931)	312
Beginning Balance, shares at Dec. 31, 2019			91,737,020
Statement Of Changes In Equity [Line Items]
Net income (loss)	9,523
Ending balance at Jun. 30, 2020	308,032		$ 917	398,202	(92,408)	1,321
Ending balance, shares at Jun. 30, 2020			91,737,020
Beginning Balance at Mar. 31, 2020	298,791		$ 917	398,202	(100,416)	88
Beginning Balance, shares at Mar. 31, 2020			91,737,020
Statement Of Changes In Equity [Line Items]
Net income (loss)	8,008				8,008
Other comprehensive income (Loss)	1,233					1,233
Ending balance at Jun. 30, 2020	308,032		$ 917	398,202	(92,408)	1,321
Ending balance, shares at Jun. 30, 2020			91,737,020
Beginning Balance at Dec. 31, 2020	335,137		$ 917	398,202	(67,398)	3,416
Beginning Balance, shares at Dec. 31, 2020			91,737,020
Statement Of Changes In Equity [Line Items]
Net income (loss)	16,507				16,507
Other comprehensive income (Loss)	(855)					(855)
Ending balance at Mar. 31, 2021	350,789		$ 917	398,202	(50,891)	2,561
Ending balance, shares at Mar. 31, 2021			91,737,020
Beginning Balance at Dec. 31, 2020	335,137		$ 917	398,202	(67,398)	3,416
Beginning Balance, shares at Dec. 31, 2020			91,737,020
Statement Of Changes In Equity [Line Items]
Net income (loss)	(89,436)
Ending balance at Jun. 30, 2021	316,025	$ 152	$ 821	519,817	(206,834)	2,069
Ending balance, shares at Jun. 30, 2021		15,180,000	82,110,174
Beginning Balance at Mar. 31, 2021	350,789		$ 917	398,202	(50,891)	2,561
Beginning Balance, shares at Mar. 31, 2021			91,737,020
Statement Of Changes In Equity [Line Items]
Issuance on Class A Common stock in the initial public offering primary offering, net of underwriters' fees and offering costs	115,900	$ 56		115,844
Issuance on Class A Common stock in the initial public offering primary offering, net of underwriters' fees and offering costs, shares		5,553,154
Conversion of Class B Common stock		$ 96	$ (96)
Conversion of Class B Common stock, shares		9,626,846	(9,626,846)
Stock-based compensation expense	5,771			5,771
Distribution of dividends ($0.55 per share)	(50,000)				(50,000)
Net income (loss)	(105,943)				(105,943)
Other comprehensive income (Loss)	(492)					(492)
Ending balance at Jun. 30, 2021	$ 316,025	$ 152	$ 821	$ 519,817	$ (206,834)	$ 2,069
Ending balance, shares at Jun. 30, 2021		15,180,000	82,110,174

Condensed Consolidated Statements of Shareholders' Equity - (Parenthetical)	3 Months Ended
	Jun. 30, 2021 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends, Per Share	$ 0.55

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net (loss) income	$ (89,436)	$ 9,523
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation	12,932	10,510
Amortization of Intangibles	9,424	9,424
Amortization of debt financing fees	247	228
Loss (gain) on disposal of assets	28	(5)
Provision for losses on accounts receivable	465	1,297
Unrealized foreign exchange losses for forward contracts	1,730	178
Deferred taxes	(10,462)	(2,157)
Stock-based compensation expense	5,771
Changes in operating assets and liabilities:
Accounts receivables	(41,195)	(22,007)
Other receivables, prepaid expenses, and other current assets	(4,398)	(430)
Other noncurrent assets	(415)	(343)
Accounts payable and accrued liabilities	5,537	7,976
Accrued payroll and employee-related liabilities	150,543	4,003
Income tax payable	3,304	2,896
Deferred revenue	1,100	970
Deferred rent	502	540
Net cash provided by operating activities	45,677	22,603
Cash flows from investing activities:
Purchase of property and equipment	(23,453)	(18,815)
Net cash used in investing activities	(23,453)	(18,815)
Cash flows from financing activities:
Proceeds from borrowing, Revolving credit facility		39,878
Payments on long-term debt	(2,625)	(525)
Payments for debt financing fees	(340)
Issuance of common stock, net of underwriters' fees	120,698
Distribution of dividends	(50,000)
Net cash provided by financing activities	67,733	39,353
Increase in cash and cash equivalents	89,957	43,141
Effect of exchange rate changes on cash	(1,758)	1,429
Cash and cash equivalents at beginning of period	107,728	37,541
Cash and cash equivalents at end of period	$ 195,927	$ 82,111

Description of Business and Organization

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Organization

(1) Description of Business and Organization

TaskUs, Inc. (formerly known as TU TopCo, Inc.) (“TaskUs” and, together with its subsidiaries, the “Company,” “we,” “us” or “our”) was formed by investment funds affiliated with The Blackstone Group Inc. (formerly known as The Blackstone Group L.P.) (“Blackstone”) as a vehicle for the acquisition of TaskUs Holdings, Inc. (formerly known as TaskUs, Inc.) (“TaskUs Holdings”) on October 1, 2018 (the “Blackstone Acquisition”). Prior to the Blackstone Acquisition, TaskUs had no operations and TaskUs Holdings operated as a standalone entity.

In connection with the Company’s June 2021 initial public offering (“IPO”), on June 10, 2021, the Company amended and restated its certificate of incorporation to effect

ten

-for-one

forward stock split of its outstanding common stock and authorized two classes of ownership interests. See Note 11, “Shareholders’ Equity” for additional information.

We are a digital outsourcer focused on serving high-growth technology companies to represent, protect and grow their brands. Our global, omni-channel delivery model is focused on Digital Customer Experience, Content Security and

artificial intelligence (“AI”)

Operations. We have designed our platform to enable us to rapidly scale and benefit from our clients’ growth. Through our agile and responsive operational model, we deliver services from multiple delivery sites that span globally from the United States, Philippines, and other parts of the world.

The Company’s major service offerings are described in more detail below:

•

Digital Customer Experience

: Principally consists of omni-channel customer care services primarily delivered through digital

(non-voice)

channels.

•

Content Security

: Principally consists of review and disposition of user and advertiser generated content for purposes which include removal or labeling of policy violating, offensive or misleading content.

•

AI Operation

s: Principally consists of data labeling, annotation and transcription services performed for the purpose of training and tuning AI algorithms through the process of machine learning.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a)

Basis of Presentation

The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Our prospectus dated June 10, 2021 (the “prospectus”), as filed with the Securities and Exchange Commission (the “SEC”) on June 14, 2021, includes a discussion of the significant accounting policies used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies during the six months ended June 30, 2021.

These unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with US GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of

Regulation S-X.

Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in our prospectus. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2021 and its results of operations, comprehensive (loss) income and shareholders’ equity for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The condensed consolidated balance sheet at December 31, 2020, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

The accompanying financial statements and related notes to the financial statements give retroactive effect to the stock split for all periods presented. See Note 11, “ Shareholders’ Equity” for additional information.

(b)

Use of Estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the determination of useful lives and impairment of fixed assets; allowances for doubtful accounts and other receivables; the valuation of deferred tax assets; valuation of forward contracts receivable; valuation of equity based compensation; valuation and impairment of intangibles and goodwill and reserves for income tax uncertainties and other contingencies. As of June 30, 2021, the impact of the novel coronavirus

(“COVID-19”)

pandemic, including as a result of new strains and variants of the virus, continues to unfold. As a result, many of our estimates and assumptions required increased judgement and carry a higher degree of variability and volatility. We continue to closely monitor the outbreak and the impact on our operations and liquidity. As events continue to evolve and additional information becomes available, our estimates may change materially in the future.

(c)

Principles of consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has no involvement with variable interest entities.

(d)

Concentration Risk

Most of the Company’s customers are located in the United States. Customers outside of the United States are concentrated in

Europe and Canada.

For the three and six months ended June 30, 2021 and 2020, the following customers represented

greater than 10% of the Company’s service revenue:


	Service revenue percentage
	Three months ended June 30,						Six months ended June 30,
Customer	2021			2020			2021			2020
A		27	%		33	%		28	%		32	%
B		12	%		16	%		12	%		14	%

As of June 30, 2021 and December 31, 2020, the following customers represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Customer	June 30, 2021			December 31, 2020
A		14	%		22	%
B		16	%		16	%

The Company’s principal operations, including the majority of its employees and the fixed assets owned by its wholly owned subsidiaries, are located in the Philippines.

(e)

Recent Accounting Pronouncements

The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to

non-emerging

growth companies or (ii) within the same time periods as private companies. The Company has elected to adopt new or revised accounting guidance within the same time period as private companies.

Recently adopted accounting pronouncements

In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 was issued as a means to reduce the complexity of accounting for income taxes for those entities that fall within the scope of the accounting standard. The guidance is to be applied using a prospective method, excluding amendments related to franchise taxes, which should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU

2019-12

is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted this standard in the first quarter of 2021; the adoption did not have a material impact on its consolidated financial statements.

Recently issued accounting pronouncements

In February 2016, the FASB issued ASU

2016-02,

Leases (Topic 842), which supersedes FASB Accounting Standards Codification (ASC), Leases (Topic 840). The standard is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheets and disclosing key information about leasing arrangements. In June 2020, the FASB postponed the effective date for ASC 842 for private companies. This ASU will be effective for the Company beginning in fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU

2016-02

on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The revised standard relates to measurement of credit losses on financial instruments, and requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The guidance replaces the incurred loss model with an expected loss model referred to as current expected credit loss (CECL). The CECL model requires us to measure lifetime expected credit losses for financial instruments held at the reporting date using historical experience, current conditions and reasonable supportable forecasts. The guidance expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating credit losses and requires new disclosures of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This ASU will be effective for the Company beginning in fiscal year 2023 with early adoption is permitted. The Company is currently evaluating the impact of adopting ASU

2016-13

on the Company’s consolidated financial statements.

Revenue

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

(3) Revenue

Disaggregation of Revenue

Our revenues are derived from contracts with customers related to business outsourcing services that we provide. The following table presents the breakdown of the Company’s revenues by service offering:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Digital Customer Experience	$	113,566	$	71,345	$	213,277	$	136,562
Content Security		42,995		31,076		79,122		57,614
AI Operations		23,461		11,979		40,494		22,653

Service Revenue	$	180,022	$	114,400	$	332,893	$	216,829

The majority of the Company’s revenues are derived from contracts with customers who are located in the United States. However, we deliver our services from geographies outside of the United States. The following table presents the breakdown of the Company’s revenues by geographical location, based on where the services are provided from:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Philippines	$	95,681	$	62,842	$	180,259	$	118,716
United States		58,930		43,429		109,687		84,074
Rest of World		25,411		8,129		42,947		14,039

Service Revenue	$	180,022	$	114,400	$	332,893	$	216,829

Contract Balances

Accounts receivable, net of allowances includes $71.7 million and $47.4 million of unbilled revenues as of June 30, 2021 and December 31, 2020, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Forward Contract Receivable

6 Months Ended

Jun. 30, 2021

Derivative Instrument Detail [Abstract]

Forward Contract Receivable

(4) Forward Contract Receivable

The Company transacts business in various foreign currencies and has international sales and expenses denominated in foreign currencies, subjecting the Company to foreign currency exchange rate risk. During 2021 and 2020, the Company entered into foreign currency exchange rate forward contracts, with a commercial bank as the counterparty, with maturities of generally 12 months or less, to reduce the volatility of cash flows primarily related to forecasted costs denominated in Philippine pesos. In addition, the Company utilizes foreign currency exchange rate contracts to mitigate foreign currency exchange rate risk associated with foreign currency-denominated assets and liabilities, primarily intercompany balances. The Company does not use foreign currency exchange rate contracts for trading purposes. The exchange rate forward contracts entered into by the Company are not designated as hedging instruments. Any gains or losses resulting from changes in the fair value of these contracts are recognized in other (income) expense in the consolidated statements of operations.

For the three months ended June 30, 2021 and 2020 the Company settled forward contracts with total notional amounts of approximately $22.8 million, and $18.0 million, respectively and for the six months ended June 30, 2021 and 2020 the Company settled forward contracts with total notional amounts of approximately $45.6 million, and $36.0 million, respectively.

For the three months ended June 30, 2021 and 2020,

realized gains of approximately $0.6 million and $0.9 million, respectively, resulting from the settlement of forward contracts were included within other (income) expense.

For the six months ended June 30, 2021

and 2020,

realized gains of approximately $1.4 million and $1.6 million, respectively, resulting from the settlement of forward contracts were included within other (income) expense.

As of June 30, 2021 and December 31, 2020, the Company had outstanding forward contracts with notional amounts of approximately

$116.6 million and $109.2 million, respectively. The forward contract receivable resulting from change in fair value was recorded under other

current assets. For the three months ended June 30, 2021 and 2020, the unrealized gains on the forward contracts of $0.1 million and $1.3 million, respectively, were included within other (income) expense. For the six months ended June 30, 2021 and 2020, the unrealized losses on the forward contracts of $1.7 million and $0.2 million, respectively, were included within other (income) expense.

By entering into derivative contracts, the Company is exposed to counterparty credit risk, or the failure of the counterparty to perform under the terms of the derivative contract. For the periods presented, the

non-performance

risk of the Company and the counterparties did not have a material impact on the fair value of the derivative instruments

The Company has implemented the fair value accounting standard for those assets that are

re-measured

and reported at fair value at each reporting period. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value based on inputs used, and requires additional disclosures about fair value measurements. This standard applies to fair value measurements already required or permitted by existing standards.

In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset and include situations where there is little, if any, market activity for the asset.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	Fair value measurements using
	June 30, 2021		Level 1 inputs		Level 2 inputs		Level 3 inputs
(in thousands)
Forward contract receivable	$	50	$	—	$	50	$	—

	Fair value measurements using
	December 31, 2020		Level 1 inputs		Level 2 inputs		Level 3 inputs
(in thousands)
Forward contract receivable	$	1,780	$	—	$	1,780	$	—

The Company’s derivatives are carried at fair value using various pricing models that incorporate observable market inputs, such as interest rate yield curves and currency rates, which are Level 2 inputs. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty or by the Company.

Property and Equipment, net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

(5) Property and Equipment, net

The components of Property and equipment, net at June 30, 2021 and December 31, 2020 were as follows:


	June 30, 2021			December 31, 2020
(in thousands)
Leasehold improvements	$	30,972		$	31,654
Technology and computers		62,678			47,572
Furniture and fixtures		4,023			4,203
Construction in process		8,724			5,194
Other property and equipment		6,309			5,995

Property and equipment, gross		112,706			94,618
Accumulated depreciation		(49,646	)		(37,661	)

Property and equipment, net	$	63,060		$	56,957

The Company’s principal operations are in the Philippines where the majority of property and equipment resides under its wholly owned subsidiaries. The table below presents the Company’s total property and equipment by the geographic location as of June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
(in thousands)
Philippines	$	39,825	$	37,823
United States		10,019		8,983
Rest of World		13,216		10,151

Total Property and equipment, net	$	63,060	$	56,957

Goodwill and Intangibles

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

(6) Goodwill and Intangibles

The carrying amount of goodwill as of June 30, 2021 and December 31, 2020 was $195.7 million.

Intangible assets consisted of the following as of June 30, 2021 and December 31, 2020:


	Intangibles, Gross		Life (Years)		Accumulated Amortization			Intangibles, Net
(in thousands)
Customer relationships	$	240,800		15	$	(44,148	)	$	196,652
Trade name		41,900		15		(7,681	)		34,219
Balance as of June 30, 2021	$	282,700			$	(51,829	)	$	230,871


	Intangibles, Gross		Life (Years)		Accumulated Amortization			Intangibles, Net
(in thousands)
Customer relationships	$	240,800		15	$	(36,121	)	$	204,679
Trade name		41,900		15		(6,284	)		35,616

Balance as of December 31, 2020	$	282,700			$	(42,405	)	$	240,295

Long-Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

(7) Long-Term Debt

The balances of current and

non-current

portions of debt consist of the following as of June 30, 2021:


(in thousands)	Current			Noncurrent			Total
Term Loan	$	9,188		$	194,775		$	203,963
Revolver		39,878			—			39,878
Less: Debt financing fees		(556	)		(1,250	)		(1,806	)

Total	$	48,510		$	193,525		$	242,035

2019 Credit Agreement

On September 25, 2019, the Company entered into a credit agreement (the “2019 Credit Agreement”) that included a

$210.0

million term loan (the “Term Loan Facility”) and a

$40.0

million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “2019 Credit Facilities”). On April 30, 2021, the Company entered into Amendment No. 1 to our 2019 Credit Agreement with the existing lenders providing for

$50.0 million incremental revolving credit commitments on the same terms as our existing revolving credit

facility. We accounted for this amendment as a debt modification and recorded $0.3 million of debt financing fees which will be amortized, along with previously deferred fees, over the

remaining term of the Revolving Credit Facility.

Principal payments on the Term Loan Facility are due quarterly in arrears

equal to installments in an aggregate annual amount equal to (i) 1.0% per annum of the original principal amount in the first year, (ii) 2.5% per annum of the original principal amount in the second year, (iii) 5.0% per annum of the original principal amount in the third year, (iv) 7.5% per annum of the original principal amount

in the fourth year and (v) 10.0% per annum of the original principal amount in the fifth year, with the remaining principal due in a lump sum at the maturity date of September 25, 2024. The interest rate in effect with respect to

the Term Loan Facility as

of June 30, 2021 was 2.345%.

The Revolving Credit Facility provides the Company with access to a

$15.0 million letter of credit facility and a $5.0

million swing line facility, each of which, to the extent used, reduces borrowing availability under the Revolving Credit Facility. The Revolving Credit Facility expires

September 25, 2024

and requires a commitment fee of

0.4%

on undrawn commitments paid

quarterly

in arrears. As of June 30, 2021, the interest rate in effect was 2.345% on outstanding borrowings under the Revolving Credit Facility. As of June 30, 2021, we had $50.1 million of borrowing availability under the Revolving Credit Facility.

The 2019 Credit Agreement contains certain restrictive financial covenants and also limits additional borrowings, capital expenditures, and distributions. The Company was in compliance with these covenants as of June 30, 2021. Substantially all assets of TU Midco, Inc. and its material domestic subsidiaries are pledged as collateral under this agreement, subject to certain customary exceptions.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(8) Commitments and Contingencies

(a)

Legal Proceedings

From time to time, the Company may become subject to legal proceedings, claims, and litigation arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings, nor is the Company aware of any pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows, or financial condition should such litigation be resolved unfavorably.

(b)

Contingent Consideratio

On October 1, 2018, Bidco acquired 100% of the outstanding shares of TaskUs Holdings, Inc. at a purchase price of $429.4 million (the “Transaction”). As a part of the Transaction, the Company entered into a Stock Purchase Agreement, which provides that the sellers of TaskUs, Inc. are entitled to receive cash payments for certain tax benefits, if any, realized as a result of the Blackstone Acquisition that are received by the Company for a specified period after the closing date. The Company recorded a liability of $3.6 million for the expected payment to the sellers,

which is included within accounts payable and accrued liabilities in the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020. The Company received payment for the tax benefits in the six months ended June 30, 2021.

Employee Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Employee Compensation

(9) Employee Compensation

Phantom Stock Plan

On June 19, 2015, TaskUs Holdings’ board of directors officially adopted a companywide phantom stock plan and related phantom share agreements.

The number of outstanding phantom shares at June 30, 2021 and December 31, 2020 were 511,489 and 651,436, respectively. There were 139,947 phantom shares forfeited during the six months ended June 30, 2021. Because the change in control became probable upon the IPO, the Company

recognized expense in the amount of the expected cash

settlement

totaling

$127.5

million recorded in selling, general, and administrative expense on the condensed consolidated statements of operations for the three and six months ended June 30, 2021. The associated liability was recorded in accrued payroll and employee-related liabilities on the condensed consolidated balance sheets as of June 30, 2021. Pursuant to the terms of the plan, payment to the phantom shareholders in settlement of their vested phantom shares must occur within 30 days following the close of the IPO, or no later than July 15, 2021, at which point there will be

zero

phantom shares outstanding.

2019 Stock Incentive Plan

On April 16, 2019, the Company established an equity incentive plan pursuant to which the Company has granted option awards to selected executives and other key employees

(the “2019 Plan”).

The option awards contain service, market and performance conditions. Stock options under this plan contingently vest over a period of two years in the event of a change in control and over a period of three years in the event of an IPO (each as defined in such plan), with the vesting period beginning on the date of the performance event so long as the holder remains employed. The amount of options eligible for vesting is contingent upon Blackstone’s return on invested capital in the Company. These options have contractual lives of 10 years. Following the IPO and establishment of the 2021 Omnibus Incentive Plan

(the “2021 Plan”)

as further discussed below, it is not expected

that any additional awards will be issued under the 2019 Plan.

At the date of the IPO, the Company concluded that the public offering represents a qualifying liquidity event that would cause the stock option’s performance condition to be probable of occurring. As such, the Company has begun to recognize compensation expense in relation to the stock options.

2021 Omnibus Incentive Plan

In connection with the IPO, the Company adopted the 2021 Plan,

which provides for the issuance of

non-qualified

stock options, incentive stock options, stock appreciation rights (“SARs”), restricted shares of Class A common stock, restricted stock units (“RSUs”), or other equity-based or cash-based awards. A total of 12,160,929 shares of Class A common stock were initially reserved for issuance under the 2021 Plan, subject to automatic annual evergreen increases. On June 10, 2021 in connection with the IPO, the Company granted time-based RSUs, performance-based restricted stock units (“PSUs”), and time-based stock options to its founders and certain other officers and employees under the 2021 Plan.

Stock Options

On June 10, 2021, the Company granted 1,565,398 of stock options to its founders and certain officers and employees with a weighted-average grant date fair value of $8.15. The stock options issued to such officers and employees (including founders) generally vest quarterly or annually over four years and expire ten years from the date of the grant. The grant date fair value of the stock options

was

estimated using the Black-Scholes option pricing method with the following assumptions:


Dividend yield (%)	0.0	%
Expected volatility (%)	35	%
Risk-free interest rate (%)	0.8-1.1	%
Expected term (years)	5.1-7.0

As of June 30, 2021, there were 9,139,456 options outstanding with a weighted-average exercise price of $8.23 per share. As of June 30, 2021, there was $17.3 million of unrecognized compensation expense related to the Company’s unvested stock options that is expected to be recognized over a weighted-average period of 2.3 years.

RSUs

On June 10, 2021, the Company granted 2,528,621

RSUs to

its founders and certain officers and employees with a weighted-average grant date fair value of $23.00. The RSUs are typically subject to service-based vesting conditions and will vest in equal quarterly or annual installments over four years. The related stock-based compensation expense is recognized using a graded vesting method.

As of June 30, 2021, there was $55.6 million of unrecognized compensation expense related to the Company’s unvested RSUs that is expected to be recognized over a weighted-average period of 2.2 years.

PSUs

On June 10, 2021, the Company granted 3,307,060 of PSUs to its founders with a weighted-average grant date fair value of $3.98. The PSUs contain three tranches and service and market conditions. The PSUs vest

contingently in annual installments over four years. The amount of PSUs eligible for vesting is contingent upon the achievement of certain enterprise value CAGR targets. The Company will recognize the related stock-based compensation expense using a graded vesting method. The grant date fair value of the PSUs were estimated using the Monte Carlo simulation method with the following assumptions:


Dividend yield (%)	0	%
Expected volatility (%)	40	%
Risk-free interest rate (%)	0.1-0.5	%

As of June 30, 2021, there was $12.8 million of unrecognized compensation expense related to the Company’s unvested PSUs that is expected to be recognized over a weighted-average period of 2.8 years.

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed c

nsolidated statements of operations for the periods presented:


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
(in thousands)
Cost of services	$	51	$	—	$	51	$	—
Selling, general , and administrative expense		133,216		—		133,216		—

Total	$	133,267	$	—	$	133,267	$	—

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	(10) Income Taxes In determining its interim provision for income taxes, the Company used an estimated annual effective tax rate, which is based on expected income before taxes, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the period in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. The Company recorded (benefit from) provision for income taxes of $ (7.0) million and $1.6 million in the three months ended June, 2021 and 2020, respectively. The effective tax rate was 6.2% and 16.9% for the three months ended June 30, 2021 and 2020, respectively. The Company recorded (benefit from) provision for income taxes of $(3.5) million and $2.0 million in the six months ended June, 2021 and 2020, respectively t he effective tax rate was 3.7% and 17.1% for the six months ended June 30, 2021 and 2020. The difference between the effective tax rates and the 21% federal statutory rate in the six months ended June 30, 2021 was primarily due to global intangible low-taxed income (“GILTI”) inclusion, tax benefits of income tax holidays in foreign jurisdiction, and nondeductible compensation of officers. The difference between the effective tax rates and the 21% federal statutory rate in the six months ended June 30, 2020 was primarily due to GILTI inclusion, FDII deduction and tax benefits of income tax holidays in foreign jurisdiction. The Company is subject to income tax in the United States federal, state and various foreign jurisdictions. Federal income tax returns of the Company are subject to IRS examination for the 2017 through 2019 tax years. State income tax returns are subject to examination for the 2016 through 2019 tax years. The Company’s practice and intention are to indefinitely reinvest the earnings of its non-U.S. subsidiaries. Determination of the amount of any unrecognized deferred income tax liability on the temporary difference is not practicable because of the complexities of the hypothetical calculation.

- Definition

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

+ References + Details

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	(11) Shareholders’ Equity Dividend Distribution On April 9, 2021, prior to the IPO, the board of directors declared a cash dividend in the aggregate amount of $50.0 million to holders of our common stock. The cash dividend was paid on April 16, 2021. Amendment and Restatement of Certificate of Incorporation On June 10, 2021, the Company amended and restated its certificate of incorporation to effect a ten-for-one forward stock split of its outstanding common stock and authorized three classes of ownership interests: (i) 250,000,000 shares of Preferred Stock, par value $0.01 per share, (ii) 2,500,000,000 shares of Class A common stock, par value $0.01 per share, and (iii) 250,000,000 shares of Class B common stock, par value $0.01 per share. After giving effect to the ten-for-one stock split, all outstanding shares of common stock were reclassified into an equal number of shares of Class B common stock (the “Class B Reclassification”) and the selling shareholders participated equally in the Class B Reclassification. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting, transfer and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible into one share of Class A common stock at any time or automatically upon certain conditions but no later than 7 years following the filing and effectiveness of the amendment on June 10, 2021. Initial Public Offering On June 15, 2021, the Company closed its IPO of 5,553,154 shares of Class A common stock (the “primary” offering) and selling stockholders sold 9,626,846 shares (the “secondary” offering), including shares sold by the selling stockholders pursuant to the underwriters’ full exercise of their option to purchase additional shares, at a public offering price of $23 per share. The Company received net proceeds of $120.7 million after deducting underwriting discounts and commissions, but before deducting offering expenses. The Company used the proceeds from the primary offering, together with cash on hand, to satisfy payments of approximately $127.5 million in respect of vested phantom shares in the third quarter of 2021.

(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

(12) (Loss) Earnings Per Share

Following the effectiveness of the amended and restated certificate of incorporation, the Class B Reclassification and the IPO, the Company has Class A common stock and Class B common stock outstanding. Because the only difference between the two classes of common stock are related to voting, transfer and conversion rights, the Company has not presented earnings per share under the

two-class

method, as earnings per share are the same for both Class A common stock and Class B common stock. The accompanying financial statements and related notes to the financial statements give retroactive effect to the stock split for all periods presented. See Note 11, “Shareholders’ Equity” for additional information.

The computation of basic net (loss) income per share (“EPS”) is based on the weighted-average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common stock equivalents. Common stock equivalents consist of shares issuable upon the exercise of stock options and vesting of RSUs and PSUs.

The following table summarizes the computation of basic and diluted EPS for the three and six months ended June 30, 2021 and 2020:


	Three months ended June 30,					Six months ended June 30,
(in thousands, except share and per share data )	2021			2020		2021			2020
Numerator:
Net (loss) income Available to Common Shareholders	$	(105,943	)	$	8,008	$	(89,436	)	$	9,523

Denominator:
Weighted-average common stock outstanding – basic and diluted		92,957,493			91,737,020		92,347,257			91,737,020

Net (loss) income per share:
Basic and diluted	$	(1.14	)	$	0.09	$	(0.97	)	$	0.10

Since we were in a net loss position for the three and six months ended June 30, 2021, diluted EPS is equal to basic EPS for such periods as the inclusion of potential common stock equivalents would have been anti-dilutive. We excluded

58,513

and 29,256

potential common stock equivalents from the computation of diluted EPS for the three and six months ended June 30, 2021, respectively, because the effect would have been anti-dilutive. In addition, we excluded

4,599,736

and

2,299,868

potential common stock equivalents from the computation of diluted EPS for the three and six months ended June 30, 2021, respectively, since we were in a net loss position; however, these awards would have been dilutive if we were in a net income position. As of June 30, 2021, there were

5,352,056

potential common stock equivalents outstanding, with market conditions which were not met at that date, that were excluded from the calculatio

of diluted EPS.

Related Party	6 Months Ended
Related Party	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party	(13) Related Party From time to time, the Company does business with a number of other companies affiliated with Blackstone, which cannot be presumed to be carried out at an arm’s-length basis. During the periods presented, Blackstone had an interest in Alight, Inc. (“Alight”), Custom Ink and Mphasis Limited (“Mphasis”), entities that supply TaskUs with certain consulting services and promotional items. During the three months and six months ended June 30, 2021, the Company made payments of $0.1 million and $0.4 million, respectively to Alight. During the six months ended June 30, 2021, the Company made payments of $ 0.2 million to Custom Ink. During the six months ended June 30, 2020, the Company made payments of $0.2 million to Mphasis. During the periods presented, Blackstone had an interest in Vivint Smart Home, Inc. (“Vivint”), North American Bancard, and Custom Ink, entities that are TaskUs customers. During the three months ended June 30, 2021, t he Company received payments of $0.5 million, $0.5 million, and $0.5 million from Vivint, North American Bancard and Custom Ink, respectively. During the six months ended June 30, 2021, t he Company received payments of $0.8 million, $0.6 million, and $0.7 million from Vivint, North American Bancard and Custom Ink, respectively. Underwriting of IPO Blackstone Securities Partners L.P ., an affiliate of Blackstone, served as underwriter of 1,380,000 of the 15,180,000 million shares of Class A common stock sold in the IPO, with underwriting discounts and commissions of $1.265 per share paid by the Company and selling stockholders.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	(14) Subsequent Events Employee Compensation On August 5, 2021, the Company granted 895,820 equity awards under the 2021 Omnibus Incentive Plan to certain officers. On that date, the Board also authorized management to make grants and awards of cash or options or other equity securities to non-executive officers of the Company under the 2021 Omnibus Incentive Plan in compliance with the plan, of which 1,357,838 equity awards were granted on August 9, 2021. Phantom shares In the third quarter of 2021, the Company used the net proceeds received by it from the IPO, together with cash on hand, to satisfy payments relating to vested phantom shareholders that became due upon the completion of the IPO. See Note 9, “Employee Compensation” for additional information. Contingent consideration On July 9 , 2021 , the Company made payments of $ 3.6 million to the sellers of TaskUs Holdings, Inc, in relation to the contingent consideration arising from certain tax benefits realized as a result of the Blackstone Acquisition. See Note 8(b), “Commitments and Contingencies” for additional information.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation

Regulation S-X.

Use of Estimates

(b)

Use of Estimates

(“COVID-19”)

Principles of consolidation

(c)

Principles of consolidation

Concentration Risk

(d)

Concentration Risk

Most of the Company’s customers are located in the United States. Customers outside of the United States are concentrated in

Europe and Canada.

For the three and six months ended June 30, 2021 and 2020, the following customers represented

greater than 10% of the Company’s service revenue:


	Service revenue percentage
	Three months ended June 30,						Six months ended June 30,
Customer	2021			2020			2021			2020
A		27	%		33	%		28	%		32	%
B		12	%		16	%		12	%		14	%

As of June 30, 2021 and December 31, 2020, the following customers represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Customer	June 30, 2021			December 31, 2020
A		14	%		22	%
B		16	%		16	%

The Company’s principal operations, including the majority of its employees and the fixed assets owned by its wholly owned subsidiaries, are located in the Philippines.

Property and Equipment, net

(5) Property and Equipment, net

The components of Property and equipment, net at June 30, 2021 and December 31, 2020 were as follows:


	June 30, 2021			December 31, 2020
(in thousands)
Leasehold improvements	$	30,972		$	31,654
Technology and computers		62,678			47,572
Furniture and fixtures		4,023			4,203
Construction in process		8,724			5,194
Other property and equipment		6,309			5,995

Property and equipment, gross		112,706			94,618
Accumulated depreciation		(49,646	)		(37,661	)

Property and equipment, net	$	63,060		$	56,957


	June 30, 2021		December 31, 2020
(in thousands)
Philippines	$	39,825	$	37,823
United States		10,019		8,983
Rest of World		13,216		10,151

Total Property and equipment, net	$	63,060	$	56,957

Recent Accounting Pronouncements

(e)

Recent Accounting Pronouncements

non-emerging

growth companies or (ii) within the same time periods as private companies. The Company has elected to adopt new or revised accounting guidance within the same time period as private companies.

Recently adopted accounting pronouncements

In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)

2019-12,

2019-12

Recently issued accounting pronouncements

In February 2016, the FASB issued ASU

2016-02,

2016-02

on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU

2016-13,

2016-13

on the Company’s consolidated financial statements.

Forward Contract Receivable

(4) Forward Contract Receivable

For the three months ended June 30, 2021 and 2020,

realized gains of approximately $0.6 million and $0.9 million, respectively, resulting from the settlement of forward contracts were included within other (income) expense.

For the six months ended June 30, 2021

and 2020,

realized gains of approximately $1.4 million and $1.6 million, respectively, resulting from the settlement of forward contracts were included within other (income) expense.

As of June 30, 2021 and December 31, 2020, the Company had outstanding forward contracts with notional amounts of approximately

$116.6 million and $109.2 million, respectively. The forward contract receivable resulting from change in fair value was recorded under other

non-performance

risk of the Company and the counterparties did not have a material impact on the fair value of the derivative instruments

The Company has implemented the fair value accounting standard for those assets that are

re-measured


	Fair value measurements using
	June 30, 2021		Level 1 inputs		Level 2 inputs		Level 3 inputs
(in thousands)
Forward contract receivable	$	50	$	—	$	50	$	—

	Fair value measurements using
	December 31, 2020		Level 1 inputs		Level 2 inputs		Level 3 inputs
(in thousands)
Forward contract receivable	$	1,780	$	—	$	1,780	$	—

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Schedule of Concentration of Risk by Risk Factor

For the three and six months ended June 30, 2021 and 2020, the following customers represented

greater than 10% of the Company’s service revenue:


	Service revenue percentage
	Three months ended June 30,						Six months ended June 30,
Customer	2021			2020			2021			2020
A		27	%		33	%		28	%		32	%
B		12	%		16	%		12	%		14	%

As of June 30, 2021 and December 31, 2020, the following customers represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Customer	June 30, 2021			December 31, 2020
A		14	%		22	%
B		16	%		16	%

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Summary of breakdown of revenue by service offering

The following table presents the breakdown of the Company’s revenues by service offering:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Digital Customer Experience	$	113,566	$	71,345	$	213,277	$	136,562
Content Security		42,995		31,076		79,122		57,614
AI Operations		23,461		11,979		40,494		22,653

Service Revenue	$	180,022	$	114,400	$	332,893	$	216,829

Summary of breakdown of revenue by geographical location

The following table presents the breakdown of the Company’s revenues by geographical location, based on where the services are provided from:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Philippines	$	95,681	$	62,842	$	180,259	$	118,716
United States		58,930		43,429		109,687		84,074
Rest of World		25,411		8,129		42,947		14,039

Service Revenue	$	180,022	$	114,400	$	332,893	$	216,829

Forward Contract Receivable (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instrument Detail [Abstract]

Summary of Assets Measured at Fair Value


	Fair value measurements using
	June 30, 2021		Level 1 inputs		Level 2 inputs		Level 3 inputs
(in thousands)
Forward contract receivable	$	50	$	—	$	50	$	—

	Fair value measurements using
	December 31, 2020		Level 1 inputs		Level 2 inputs		Level 3 inputs
(in thousands)
Forward contract receivable	$	1,780	$	—	$	1,780	$	—

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Summary of components of Property and equipment,net

The components of Property and equipment, net at June 30, 2021 and December 31, 2020 were as follows:


	June 30, 2021			December 31, 2020
(in thousands)
Leasehold improvements	$	30,972		$	31,654
Technology and computers		62,678			47,572
Furniture and fixtures		4,023			4,203
Construction in process		8,724			5,194
Other property and equipment		6,309			5,995

Property and equipment, gross		112,706			94,618
Accumulated depreciation		(49,646	)		(37,661	)

Property and equipment, net	$	63,060		$	56,957

Summary of property and equipment by the geographic location

The table below presents the Company’s total property and equipment by the geographic location as of June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
(in thousands)
Philippines	$	39,825	$	37,823
United States		10,019		8,983
Rest of World		13,216		10,151

Total Property and equipment, net	$	63,060	$	56,957

Goodwill and Intangibles (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible assets

Intangible assets consisted of the following as of June 30, 2021 and December 31, 2020:


	Intangibles, Gross		Life (Years)		Accumulated Amortization			Intangibles, Net
(in thousands)
Customer relationships	$	240,800		15	$	(44,148	)	$	196,652
Trade name		41,900		15		(7,681	)		34,219
Balance as of June 30, 2021	$	282,700			$	(51,829	)	$	230,871


	Intangibles, Gross		Life (Years)		Accumulated Amortization			Intangibles, Net
(in thousands)
Customer relationships	$	240,800		15	$	(36,121	)	$	204,679
Trade name		41,900		15		(6,284	)		35,616

Balance as of December 31, 2020	$	282,700			$	(42,405	)	$	240,295

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Summary of current and non-current portions of debt

The balances of current and

non-current

portions of debt consist of the following as of June 30, 2021:


(in thousands)	Current			Noncurrent			Total
Term Loan	$	9,188		$	194,775		$	203,963
Revolver		39,878			—			39,878
Less: Debt financing fees		(556	)		(1,250	)		(1,806	)

Total	$	48,510		$	193,525		$	242,035

- Definition

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

+ References

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+ Details

Employee Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Summary of Components of stock-based compensation expense recognized in the Company's condensed consolidated statements of (loss) income

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed c

nsolidated statements of operations for the periods presented:


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
(in thousands)
Cost of services	$	51	$	—	$	51	$	—
Selling, general , and administrative expense		133,216		—		133,216		—

Total	$	133,267	$	—	$	133,267	$	—

Share-based Payment Arrangement, Option [Member]

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Share Based Payment Award Stock Options Valuation Assumptions -Stock Options

The grant date fair value of the stock options

was

estimated using the Black-Scholes option pricing method with the following assumptions:


Dividend yield (%)	0.0	%
Expected volatility (%)	35	%
Risk-free interest rate (%)	0.8-1.1	%
Expected term (years)	5.1-7.0

Performance Shares [Member]

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Share Based Payment Award Stock Options Valuation Assumptions -Stock Options

The grant date fair value of the PSUs were estimated using the Monte Carlo simulation method with the following assumptions:


Dividend yield (%)	0	%
Expected volatility (%)	40	%
Risk-free interest rate (%)	0.1-0.5	%

(Loss) Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of earnings per share basic and diluted

The following table summarizes the computation of basic and diluted EPS for the three and six months ended June 30, 2021 and 2020:


	Three months ended June 30,					Six months ended June 30,
(in thousands, except share and per share data )	2021			2020		2021			2020
Numerator:
Net (loss) income Available to Common Shareholders	$	(105,943	)	$	8,008	$	(89,436	)	$	9,523

Denominator:
Weighted-average common stock outstanding – basic and diluted		92,957,493			91,737,020		92,347,257			91,737,020

Net (loss) income per share:
Basic and diluted	$	(1.14	)	$	0.09	$	(0.97	)	$	0.10

Description of Business and Organization - Additional Information (Detail)	Jun. 10, 2021
Amended and restated its certificate of incorporation [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Forward stock split ratio	10

Summary of Significant Accounting Policies - Schedule of Concentration of Risk by Risk Factor (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Service Revenue [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%	10.00%
Service Revenue [Member] \| Customer A [Member]
Concentration Risk [Line Items]
Concentration risk percentage	27.00%	33.00%	28.00%	32.00%
Service Revenue [Member] \| Customer B [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12.00%	16.00%	12.00%	14.00%
Accounts Receivable [Member] \| Customer A [Member]
Concentration Risk [Line Items]
Concentration risk percentage			14.00%		22.00%
Accounts Receivable [Member] \| Customer B [Member]
Concentration Risk [Line Items]
Concentration risk percentage			16.00%		16.00%

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Service Revenue [Member]
Product Information [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%	10.00%
Accounts Receivable [Member] \| Minimum [Member]
Product Information [Line Items]
Accounts receivable percentage	10.00%		10.00%		10.00%

Revenue - Summary of Breakdown of Revenue by Service Offering (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Service Revenue	$ 180,022	$ 114,400	$ 332,893	$ 216,829
Digital Customer Experience [Member]
Disaggregation of Revenue [Line Items]
Service Revenue	113,566	71,345	213,277	136,562
Content Security [Member]
Disaggregation of Revenue [Line Items]
Service Revenue	42,995	31,076	79,122	57,614
AI Operations [Member]
Disaggregation of Revenue [Line Items]
Service Revenue	$ 23,461	$ 11,979	$ 40,494	$ 22,653

- Definition

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

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 30
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+ Details

Revenue - Summary of Breakdown of Revenue by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Service Revenue	$ 180,022	$ 114,400	$ 332,893	$ 216,829
Philippines [Member]
Disaggregation of Revenue [Line Items]
Service Revenue	95,681	62,842	180,259	118,716
United States [Member]
Disaggregation of Revenue [Line Items]
Service Revenue	58,930	43,429	109,687	84,074
Rest of world [Member]
Disaggregation of Revenue [Line Items]
Service Revenue	$ 25,411	$ 8,129	$ 42,947	$ 14,039

- Definition

+ References

+ Details

Revenue - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Line Items]
Accounts receivable unbilled after allowances for credit losses	$ 71.7	$ 47.4

Forward Contract Receivable - Summary of Assets Measured at Fair Value (Details) - Fair Value, Recurring [Member] - Foreign Exchange Forward [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contract receivable	$ 50	$ 1,780
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward contract receivable	$ 50	$ 1,780

Forward Contract Receivable - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Unrealized gains (losses) on the forward contracts			$ (1,730)	$ (178)
Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Forward contracts settled notional amount	$ 22,800	$ 18,000	45,600	36,000
Foreign Exchange Forward [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Forward contract receivable with notional amounts	116,600		116,600		$ 109,200
Nonoperating Income (Expense) [Member] \| Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Gain loss on settlement of forward contracts receivable realized	600	900	1,400	1,600
Unrealized gains (losses) on the forward contracts	$ 100	$ 1,300	$ (1,700)	$ (200)

Property and Equipment, net - Summary of components of Property and equipment,net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 112,706	$ 94,618
Accumulated depreciation	(49,646)	(37,661)
Property and equipment, net	63,060	56,957
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,972	31,654
Technology and computers [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	62,678	47,572
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,023	4,203
Construction in process [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,724	5,194
Other property and equipment [Member
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,309	$ 5,995

Property and Equipment, net - Summary of property and equipment by the geographic location (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 63,060	$ 56,957
Philippines [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, net	39,825	37,823
United States [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, net	10,019	8,983
Rest of World [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 13,216	$ 10,151

Goodwill and Intangibles - Summary of Intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangibles,Gross	$ 282,700	$ 282,700
Accumulated Amortization	(51,829)	(42,405)
Intangibles, Net	230,871	240,295
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles,Gross	$ 240,800	$ 240,800
Life (Years)	15 years	15 years
Accumulated Amortization	$ (44,148)	$ (36,121)
Intangibles, Net	196,652	204,679
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles,Gross	$ 41,900	$ 41,900
Life (Years)	15 years	15 years
Accumulated Amortization	$ (7,681)	$ (6,284)
Intangibles, Net	$ 34,219	$ 35,616

Goodwill and Intangibles - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill carrying amount	$ 195,735	$ 195,735

Long-Term Debt - Summary of current and non-current portions of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt Financing Costs, Current	$ (556)
Debt Financing Costs, Non Current	(1,250)
Debt Financing Costs, net	(1,806)
Long-term Debt - Current Maturities	48,510
Long-term Debt - Non Current Maturities	193,525	$ 198,768
Long-term Debt	242,035
Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Currrent	9,188
Debt Instrument Carrying Amount Non currrent	194,775
Long-term Debt, Gross	203,963
Line of Credit [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Currrent	39,878
Long-term Debt, Gross	$ 39,878

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Apr. 30, 2021	Dec. 31, 2020	Sep. 25, 2019
Term Loan [Member]
Debt Instrument [Line Items]
Interest rate	2.345%
Long term debt maturity date	Sep. 25, 2024
Term Loan [Member] \| Year One [Member]
Debt Instrument [Line Items]
Percentage of repayment on original principal amount			1.00%
Term Loan [Member] \| Year Two [Member]
Debt Instrument [Line Items]
Percentage of repayment on original principal amount			2.50%
Term Loan [Member] \| Year Three [Member]
Debt Instrument [Line Items]
Percentage of repayment on original principal amount			5.00%
Term Loan [Member] \| Year Four [Member]
Debt Instrument [Line Items]
Percentage of repayment on original principal amount			7.50%
Term Loan [Member] \| Year Five [Member]
Debt Instrument [Line Items]
Percentage of repayment on original principal amount			10.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility expiration date	Sep. 25, 2024
Line of credit facility stated interest rate	2.345%
Line of credit facility unused commitement fee percentage	0.40%
Line of Credit Facility, Frequency of Commitment Fee Payment for undrawn borrowings	quarterly
Borrowing availability under the Revolving Credit Facility	$ 50.1
Revolving Credit Facility [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	15.0
Revolving Credit Facility [Member] \| Swing Line Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 5.0
2019 Credit Agreement [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Debt face amount				$ 210.0
2019 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit additional borrowing capacity		$ 50.0
2019 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity				$ 40.0
Debt modification fees gross		$ 0.3

Commitments and Contingencies - Additional Information (Details) - TaskUs Holdings, Inc [Member] - USD ($) $ in Millions	Oct. 01, 2018	Jul. 09, 2021	Jun. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Contingent Consideration Liability		$ 3.6
Bidco [Member]
Loss Contingencies [Line Items]
Percentage of Voting Interests Acquired	100.00%
Transaction price	$ 429.4
Bidco [Member] \| Accounts Payable and Accrued Liabilities [Member]
Loss Contingencies [Line Items]
Contingent Consideration Liability			$ 3.6	$ 3.6

Employee Compensation - Summary of Components of stock-based compensation expense recognized in the Company's condensed consolidated statements of (loss) income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 133,267	$ 0	$ 133,267	$ 0
Cost of Services [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	51		51
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 133,216		$ 133,216

Employee Compensation - Share Based Payment Award Stock Options Valuation Assumptions -Stock Options (Details) - Two Thousand and Twenty One Omnibus Incentive Plan [Member]	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (%)	0.00%
Expected volatility (%)	35.00%
Risk-free interest rate (%) Minimum	0.80%
Risk-free interest rate (%) - Maximum	1.10%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (%)	0.00%
Expected volatility (%)	40.00%
Risk-free interest rate (%) Minimum	0.10%
Risk-free interest rate (%) - Maximum	0.50%
Maximum [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	7 years
Minimum [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years 1 month 6 days

Employee Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				6 Months Ended
	Jun. 10, 2021	Apr. 16, 2021	Apr. 16, 2019	Jun. 30, 2021	Jul. 15, 2021	Dec. 31, 2020
Phantom Stock Plan [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Outstanding				511,489	0	651,436
Forfeited				139,947
Recognized expense amount of expected cash settlement				$ 127.5
2019 Stock Incentive Plan [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Contractual term			10 years
2019 Stock Incentive Plan [Member] \| Event of a Change in Control [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting Period		2 years
2019 Stock Incentive Plan [Member] \| Event of an IPO [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting Period			3 years
2021 Omnibus Incentive Plan [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock reserved for issuance				12,160,929
Share-based Payment Arrangement, Option [Member] \| 2021 Omnibus Incentive Plan [Member] \| Founders and Certain Officers and Employees [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting Period	4 years
Granted	1,565,398
Weighted-average grant date fair value	$ 8.15
Expiry term	10 years
Share-based Payment Arrangement, Option [Member] \| 2019 Stock Incentive Plan and 2021 Omnibus Incentive Plan [Member] \| Founders and Certain Officers and Employees [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options, outstanding				9,139,456
Weighted Average Exercise Price,oustanding				$ 8.23
Unrecognized compensation expense				$ 17.3
Nonvested Award, Cost Not yet Recognized, Period for Recognition				2 years 3 months 18 days
Restricted Stock Units (RSUs) [Member] \| 2021 Omnibus Incentive Plan [Member] \| Founders and Certain Officers and Employees [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting Period	4 years
Unrecognized compensation expense				$ 55.6
Nonvested Award, Cost Not yet Recognized, Period for Recognition				2 years 2 months 12 days
Granted	2,528,621
Weighted-average grant date fair value	$ 23.00
Performance Shares [Member] \| 2021 Omnibus Incentive Plan [Member] \| Founder [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense				$ 12.8
Nonvested Award, Cost Not yet Recognized, Period for Recognition				2 years 9 months 18 days
Granted	3,307,060
Weighted-average grant date fair value	$ 3.98

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expenses benefit provision	$ (7,020)	$ 1,629	$ (3,461)	$ 1,968
Effective income tax rate	6.20%	16.90%	3.70%	17.10%
Effective tax rates, federal statutory			21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Shareholders' Equity - Additional information (Detail)					3 Months Ended
Shareholders' Equity - Additional information (Detail)	Jun. 15, 2021 USD ($) $ / shares shares	Jun. 10, 2021 $ / shares shares	Apr. 16, 2021 USD ($)	Apr. 09, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares
Class of Stock [Line Items]
Dividends, Common Stock, declared \| $				$ 50,000,000.0
Dividends, Common Stock, paid \| $			$ 50,000,000.0			$ 50,000,000
Preferred stock, shares authorized		250,000,000
Preferred stock, par or stated value per share \| $ / shares		$ 0.01
Amended And Restated Its Certificate Of Incorporation [Member]
Class of Stock [Line Items]
Forward stock split ratio		10
Phantom Share Units (PSUs) [Member] \| Forecast [Member]
Class of Stock [Line Items]
Payments for vested phantom shares \| $					$ 127,500,000
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized		2,500,000,000				2,500,000,000
Common stock, par or stated value per share \| $ / shares		$ 0.01				$ 0.01	$ 0.01
Common stock, vote per share		one
Issuance on Class A Common stock in the initial public offering primary offering, net of offering costs, shares						5,553,154
Share price \| $ / shares	$ 23
Proceeds from issuance, net of underwriters' fees \| $	$ 120,700,000
Common Class A [Member] \| Primary Offering [Member]
Class of Stock [Line Items]
Issuance on Class A Common stock in the initial public offering primary offering, net of offering costs, shares	5,553,154
Common Class A [Member] \| Secondary Offering [Member]
Class of Stock [Line Items]
Issuance on Class A Common stock in the initial public offering primary offering, net of offering costs, shares	9,626,846
Common Class B [Member]
Class of Stock [Line Items]
Common stock, shares authorized		250,000,000
Common stock, par or stated value per share \| $ / shares		$ 0.01
Common stock conversion basis		ten votes per share and is convertible into one share
Common Class B [Member] \| Maximum [Member]
Class of Stock [Line Items]
Common stock, conversion of terms		7 years

(Loss) Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net (loss) income Available to Common Shareholders	$ (105,943)	$ 8,008	$ (89,436)	$ 9,523
Denominator
Weighted-average common stock outstanding – basic and diluted	92,957,493	91,737,020	92,347,257	91,737,020
Net (loss) income per share:
Basic and diluted	$ (1.14)	$ 0.09	$ (0.97)	$ 0.10

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

(Loss) Earnings Per Share - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2021 shares	Jun. 30, 2021 shares
Earnings Per Share [Abstract]
Dilutive common stock equivalents	58,513	29,256
Potential common stock equivalents from computation of diluted EPS	4,599,736	2,299,868
Potential common stock equivalents outstanding with market conditions that excluded from diluted EPS	5,352,056	5,352,056

Related Party - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Common Class A [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues	5,553,154
IPO [Member] \| Common Class A [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues		15,180,000
Alight [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 0.1	$ 0.4
Mphasis [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 0.2
Blackstone Securities Partners L.P [Member]
Related Party Transaction [Line Items]
Underwriting discount paid per unit		$ 1.265
Stock Issued During Period, Shares, New Issues		1,380,000
Vivint Group [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party	0.5	$ 0.8
North American Bancard [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party	0.5	0.6
Custom Ink [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		0.2
Expenses from transactions with related party	$ 0.5	$ 0.7

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions	Aug. 09, 2021	Aug. 05, 2021	Jul. 09, 2021
Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross	1,357,838
Subsequent Event [Member] \| Officer [Member]
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross		895,820
TaskUs Holdings, Inc [Member]
Subsequent Event [Line Items]
Business combination, contingent consideration, liability			$ 3.6