0001829864-25-000082 | 10-Q | XBRL Viewer

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Forward Contracts - Narrative (Details)	3 Months Ended	12 Months Ended
Forward Contracts - Narrative (Details)	Mar. 31, 2025 USD ($) counterparty	Dec. 31, 2024 USD ($) counterparty
Derivative [Line Items]
Number of counterparties \| counterparty	5	5
Unrealized gain on derivative contracts, net	$ 6,100,000
Amount reclassified from accumulated other comprehensive income in to earnings within next 12 months	$ 2,400,000
Forward contracts payable
Derivative [Line Items]
Derivative term	12 months	12 months
Forward contracts payable \| Designated as Hedging Instrument
Derivative [Line Items]
Outstanding forward contracts not designated as hedging instruments	$ 203,953,000	$ 244,143,000
Forward contracts payable \| Not Designated as Hedging Instrument
Derivative [Line Items]
Outstanding forward contracts not designated as hedging instruments	$ 0	$ 0

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

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 following table summarizes the computation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:


	Three months ended March 31,
(in thousands, except share and per share data)		2025		2024
Numerator:
Net income		$	21,148	$	11,714
Denominator:
Weighted-average common shares outstanding – basic		90,040,348		88,795,211
Effect of dilutive securities		3,615,191		3,054,675
Weighted-average common shares outstanding – diluted		93,655,539		91,849,886
Net income per common share:
Basic		$	0.23	$	0.13
Diluted		$	0.23	$	0.13

The Company excluded 3,191,688 potential common stock equivalents from the computation of diluted EPS for the three months ended March 31, 2025, and 3,414,870 potential common stock equivalents from the computation of diluted EPS for the three months ended March 31, 2024, because the effect would have been anti-dilutive. There were 4,062,948 and 4,672,564 potential common stock equivalents outstanding as of March 31, 2025 and 2024, respectively, with market or performance conditions which were not met at the relevant date, that were excluded from the calculation of diluted EPS.

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

The following table presents operating lease costs recorded to cost of services:


	Three months ended March 31,
(in thousands)		2025		2024
Operating lease costs - Cost of services		$	5,726	$	4,477

Operating lease costs recorded to selling, general and administrative expenses were immaterial.

The following table presents the weighted average remaining lease term and weighted average discount rate for the Company's operating leases as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Weighted average remaining lease term	3.5 years		3.5 years
Weighted average discount rate	7.2	%	6.6	%

The following table presents supplemental cash flow information related to the Company's operating leases:


	Three months ended March 31,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,265	$	4,831
ROU assets obtained in exchange for operating lease liabilities	11,949		812

The future lease payments on the Company's operating lease liabilities as of March 31, 2025 were as follows:


(in thousands)
2025-remainder of year	$	15,835
2026	17,401
2027	11,944
2028	7,785
2029	6,476
Thereafter	948
Total lease payments	60,389
Less: imputed interest	(7,156)
Total lease liabilities	$	53,233

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following:


(in thousands)	Foreign Currency Translation Adjustments		Retirement Benefit Reserves		Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2023	$	(9,705)	$	154	$	—	$	(9,551)
Other comprehensive income (loss) before reclassifications	(3,313)		5		—		(3,308)



Other comprehensive income (loss)	(3,313)		5		—		(3,308)
Balance as of March 31, 2024	$	(13,018)	$	159	$	—	$	(12,859)


(in thousands)	Foreign Currency Translation Adjustments		Retirement Benefit Reserves		Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2024	$	(21,659)	$	(397)	$	(3,333)	$	(25,389)
Other comprehensive income (loss) before reclassifications	3,237		(23)		6,096		9,310
Income tax effects	—		2		(1,250)		(1,248)
Amounts reclassified from accumulated other comprehensive income	—		—		548		548
Income tax effects	—		—		(112)		(112)
Other comprehensive income (loss)	3,237		(21)		5,282		8,498
Balance as of March 31, 2025	$	(18,422)	$	(418)	$	1,949	$	(16,891)

Long-Term Debt - Narrative (Details) - 2022 Credit Agreement - USD ($)	Mar. 31, 2025	Dec. 31, 2024	Sep. 07, 2022
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 270,000,000
Effective interest rate	6.649%
Long term debt, gross	$ 253,800,000	$ 257,176,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 190,000,000
Long term debt, gross	0
Line of credit facility, remaining borrowing capacity	$ 190,000,000

Subsequent Events (Details) - Subsequent Event - TaskUs, Inc - Buyer Group	May 08, 2025 $ / shares
Subsequent Event [Line Items]
Percentage of outstanding shares acquired	100.00%
Share price (in usd per share)	$ 16.50

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option, restricted stock unit ("RSU") and performance stock unit ("PSU") activity for the three months ended March 31, 2025:


	Options			RSUs			PSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value		Number of PSUs	Weighted - average grant date fair value
Outstanding at January 1, 2025	4,846,497	$	18.58	4,309,358	$	17.50	3,693,417	$	4.67
Granted	—	$	—	1,675,686	$	13.18	396,198	$	13.15
Exercised or released	(53,703)	$	4.09	(1,157,260)	$	16.05	(26,667)	$	14.67
Forfeited, cancelled, or expired	—	$	—	(140,635)	$	15.79	—	$	—
Outstanding at March 31, 2025	4,792,794	$	18.75	4,687,149	$	16.37	4,062,948	$	5.43

Schedule of RSU Activity

The following table summarizes the stock option, restricted stock unit ("RSU") and performance stock unit ("PSU") activity for the three months ended March 31, 2025:


	Options			RSUs			PSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value		Number of PSUs	Weighted - average grant date fair value
Outstanding at January 1, 2025	4,846,497	$	18.58	4,309,358	$	17.50	3,693,417	$	4.67
Granted	—	$	—	1,675,686	$	13.18	396,198	$	13.15
Exercised or released	(53,703)	$	4.09	(1,157,260)	$	16.05	(26,667)	$	14.67
Forfeited, cancelled, or expired	—	$	—	(140,635)	$	15.79	—	$	—
Outstanding at March 31, 2025	4,792,794	$	18.75	4,687,149	$	16.37	4,062,948	$	5.43

Schedule of Stock Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized for the periods presented:


	Three months ended March 31,
(in thousands)		2025		2024
Cost of services		$	202	$	680
Selling, general and administrative expense		8,547		9,555
Total		$	8,749	$	10,235

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2025	Mar. 31, 2024
Common Stock Equivalents, Anti-Dilutive
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,191,688	3,414,870
Common Stock Equivalents, Market Conditions Not Met
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,062,948	4,672,564

Forward Contracts - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Derivative [Line Items]
Total amount reclassified from AOCL	$ 548	$ 0
Cost of services
Derivative [Line Items]
Total amount reclassified from AOCL	433	0
Selling, general and administrative expense
Derivative [Line Items]
Total amount reclassified from AOCL	89	0
Depreciation expense
Derivative [Line Items]
Total amount reclassified from AOCL	$ 26	$ 0

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Concentration Risk

For the three months ended March 31, 2025 and 2024, the following client represented greater than 10% of the Company’s service revenue:


Client	Service revenue percentage
	Three months ended March 31,
	2025		2024
A	26	%	19	%

As of March 31, 2025 and December 31, 2024, the following clients represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Client	March 31, 2025		December 31, 2024
A	21	%	19	%
B	Less than 10%		11	%

Forward Contracts

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Forward Contracts

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 2025 and 2024, the Company entered into foreign currency exchange rate forward contracts, with five commercial banks as the counterparties, with maturities of generally 12 months or less, to reduce the volatility of cash flows, primarily related to forecasted costs denominated in Philippine pesos, Indian rupees, Mexican pesos and Colombian 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.

Cash Flow Hedges

The following table presents the Company's realized losses associated with our cash flow hedges reclassified from accumulated other comprehensive loss ("AOCL") to earnings:


	Three months ended March 31,
(in thousands)		2025		2024
Cost of services		$	433	$	—
Selling, general and administrative expense		89		—
Depreciation expense		26		—
Total amount reclassified from AOCL		$	548	$	—

The following table presents the Company's settled forward contracts designated as cash flow hedges:


	Three months ended March 31,
(in thousands)	2025		2024
Notional amount of settled forward contracts in Philippine pesos	$	45,935	$	—
Notional amount of settled forward contracts in Indian rupees	11,799		—
Notional amount of settled forward contracts in Mexican pesos	4,381		—
Notional amount of settled forward contracts in Colombian pesos	10,158		—
Total notional amount of settled forward contracts designated as cash flow hedges	$	72,273	$	—

The following table presents the Company's outstanding forward contracts designated as cash flow hedges:


(in thousands)	March 31, 2025		December 31, 2024
Notional amount of outstanding forward contracts in Philippine pesos	$	130,607	$	152,803
Notional amount of outstanding forward contracts in Indian rupees	38,364		41,819
Notional amount of outstanding forward contracts in Mexican pesos	9,999		14,380
Notional amount of outstanding forward contracts in Colombian pesos	24,983		35,141
Total notional amount of outstanding forward contracts designated as cash flow hedges	$	203,953	$	244,143

All cash flow hedges were determined to be highly effective, with no component of any gain or loss excluded from the assessment of hedge effectiveness, for the periods presented. Net unrealized gains on cash flow hedges for the three months ended March 31, 2025 were $6.1 million. As of March 31, 2025, the net accumulated gain on our foreign currency cash flow hedges expected to be reclassed from AOCL into earnings within the next 12 months was $2.4 million. See Note 13, “Accumulated Other Comprehensive Loss” for additional information regarding changes in accumulated other comprehensive loss.

Derivatives Not Designated as Hedging Instruments

The following table presents the Company's settled forward contracts and realized and unrealized losses (gains) associated with derivative contracts not designated as hedging instruments:


	Three months ended March 31,
(in thousands)		2025		2024
Notional amount of settled forward contracts in Philippine pesos		$	—	$	45,964
Notional amount of settled forward contracts in Indian rupees		—		12,405
Total notional amount of settled forward contracts		$	—	$	58,369
Realized losses from settlement of forward contracts		$	—	$	693
Unrealized losses on forward contracts		$	—	$	1,497

There were no outstanding forward contracts not designated as hedging instruments as of March 31, 2025 and December 31, 2024.

Fair Value Measurements

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. 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. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty or by the Company. 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.

For financial statement presentation purposes, the Company does not offset assets and liabilities under master netting arrangements. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:


	March 31, 2025
	Fair value measurements using						Total Gross Fair Value		Effect of Master Netting Arrangements		Net Amounts
(in thousands)	Level 1 inputs		Level 2 inputs		Level 3 inputs
Assets
Money market funds	$	27,352	$	—	$	—	$	27,352	$	—	$	27,352
Derivatives designated as hedging instruments:
Forward contracts receivable	$	—	$	2,682	$	—	$	2,682	$	(150)	$	2,532


Liabilities
Derivatives designated as hedging instruments:
Forward contracts payable	$	—	$	257	$	—	$	257	$	(150)	$	107


	December 31, 2024
	Fair value measurements using						Total Gross Fair Value		Effect of Master Netting Arrangements		Net Amounts
(in thousands)	Level 1 inputs		Level 2 inputs		Level 3 inputs
Assets
Money market funds	$	60,346	$	—	$	—	$	60,346	$	—	$	60,346
Derivatives designated as hedging instruments:
Forward contracts receivable	$	—	$	2	$	—	$	2	$	(2)	$	—


Liabilities
Derivatives designated as hedging instruments:
Forward contracts payable	$	—	$	4,221	$	—	$	4,221	$	(2)	$	4,219

Earnings Per Share - Schedule of Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income	$ 21,148	$ 11,714
Denominator:
Weighted-average common shares outstanding – basic (in shares)	90,040,348	88,795,211
Effect of dilutive securities (in shares)	3,615,191	3,054,675
Weighted-average common shares outstanding – diluted (in shares)	93,655,539	91,849,886
Net income per common share:
Basic (in usd per share)	$ 0.23	$ 0.13
Diluted (in usd per share)	$ 0.23	$ 0.13

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 7
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Forward Contracts - Schedule of Settled Forward Contracts Designated as Hedge (Details) - Forward contracts payable - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Derivative [Line Items]
Total notional amount of settled forward contracts	$ 72,273	$ 0
Philippines, Pesos
Derivative [Line Items]
Total notional amount of settled forward contracts	45,935	0
India, Rupees
Derivative [Line Items]
Total notional amount of settled forward contracts	11,799	0
Mexico, Pesos
Derivative [Line Items]
Total notional amount of settled forward contracts	4,381	0
Colombia, Pesos
Derivative [Line Items]
Total notional amount of settled forward contracts	$ 10,158	$ 0

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Share

The following table summarizes the computation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:


	Three months ended March 31,
(in thousands, except share and per share data)		2025		2024
Numerator:
Net income		$	21,148	$	11,714
Denominator:
Weighted-average common shares outstanding – basic		90,040,348		88,795,211
Effect of dilutive securities		3,615,191		3,054,675
Weighted-average common shares outstanding – diluted		93,655,539		91,849,886
Net income per common share:
Basic		$	0.23	$	0.13
Diluted		$	0.23	$	0.13

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 8,600	$ 6,508
Effective income tax rate	28.90%	35.70%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Current and Non-Current Debt

The balances of current and noncurrent portions of debt consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025						December 31, 2024
(in thousands)	Current		Noncurrent		Total		Current		Noncurrent		Total
Term Loan	$	16,875	$	236,925	$	253,800	$	15,188	$	241,988	$	257,176

Less: Debt financing fees	(378)		(536)		(914)		(379)		(631)		(1,010)
Total	$	16,497	$	236,389	$	252,886	$	14,809	$	241,357	$	256,166

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 02, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-40482
Entity Registrant Name	TaskUs, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1586636
Entity Address, Address Line One	1650 Independence Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	New Braunfels
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78132
City Area Code	888
Local Phone Number	400-8275
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	TASK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001829864
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		18,837,801
Class B convertible common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		70,032,694

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents the significant expenses for the Company’s single segment:


	Three months ended March 31,
	2025		2024

Operating expenses:
Personnel costs (Cost of services)(1)	$	143,946	$	115,639
Operating costs (Selling, general, and administrative expense)(2)	48,116		42,730
Stock-based compensation expense(3)	9,218		10,564
Non-operating costs (Selling, general, and administrative expense)(4)	303		300
Other (Cost of services)(5)	27,022		19,082
Depreciation	10,003		10,789
Amortization of intangible assets	4,976		4,985
Gain on disposal of assets	(30)		(177)

Total operating expenses	$	243,554	$	203,912

(1) Represents salaries and wages and employee welfare costs, excluding stock-based compensation expense, of employees that can be directly attributed to the delivery of services.

(2) Represents operating costs related to sales and marketing and other administrative departments, including personnel costs, professional fees, travel expenses, cloud-based capabilities, insurance premiums and other corporate expenses.

(3) Represents stock-based compensation expense for cost of services and selling, general and administrative expense, as well as associated payroll tax.

(4) Includes operational efficiency costs in 2025 and certain litigation costs that are considered non-recurring and outside of the ordinary course of business in 2024.

(5) Represents other costs that can be directly attributed to delivery of services, including the costs for sites and technology, recruiting, professional development and employee engagement.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

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 Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"), as filed with the Securities and Exchange Commission (the "SEC"), includes a discussion of the significant accounting policies used in the preparation of our consolidated financial statements. There have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s condensed consolidated financial statements and related notes.

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, 2024 included in the Annual Report. 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 March 31, 2025 and its statements of income, comprehensive income, shareholders’ equity and cash flows for the three months ended March 31, 2025 and 2024. The condensed consolidated balance sheet as of December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

(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 credit losses; the valuation of deferred tax assets; the measurement of lease liabilities and right-of-use assets; valuation of forward contracts; valuation of stock-based compensation; valuation of acquired intangible assets and goodwill, as well as related impairment assessments, and reserves for income tax uncertainties and other contingencies.

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 variable interest entities in its corporate structure.

(d) Concentration Risk

Most of the Company’s clients are located in the United States. Clients outside of the United States are concentrated in Europe.

For the three months ended March 31, 2025 and 2024, the following client represented greater than 10% of the Company’s service revenue:


Client	Service revenue percentage
	Three months ended March 31,
	2025		2024
A	26	%	19	%

As of March 31, 2025 and December 31, 2024, the following clients represented greater than 10% of the Company’s accounts receivable:


	Accounts receivable percentage
Client	March 31, 2025		December 31, 2024
A	21	%	19	%
B	Less than 10%		11	%

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 issued accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard improves the transparency of rate reconciliation and income taxes paid disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The standard also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (loss) and income tax expense (benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. This ASU will be effective for the Company for fiscal years beginning after December 15, 2025. Early adoption is permitted. This ASU will be applied prospectively, with retrospective application permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense. The amendments in this Update require (1) disclosure of employee compensation, depreciation and intangible asset amortization included in each expense caption presented on the face of the income statement within continuing operations (“relevant expense captions”); (2) certain amounts that are already required to be disclosed under current GAAP to be included in the same disclosure as the other disaggregation requirements; (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclosure of the total amount of selling expenses and, in annual reporting periods, the Company’s definition of selling expenses. This ASU will be effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This ASU should be applied either prospectively or retrospectively. The Company is currently reviewing this ASU.

Forward Contracts - Schedule of Outstanding Forward Contracts Designated as Hedge (Details) - Forward contracts payable - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Total notional amount of outstanding forward contracts designated as cash flow hedges	$ 203,953	$ 244,143
Philippines, Pesos
Derivative [Line Items]
Total notional amount of outstanding forward contracts designated as cash flow hedges	130,607	152,803
India, Rupees
Derivative [Line Items]
Total notional amount of outstanding forward contracts designated as cash flow hedges	38,364	41,819
Mexico, Pesos
Derivative [Line Items]
Total notional amount of outstanding forward contracts designated as cash flow hedges	9,999	14,380
Colombia, Pesos
Derivative [Line Items]
Total notional amount of outstanding forward contracts designated as cash flow hedges	$ 24,983	$ 35,141

Commitments and Contingencies (Details) information in Thousands, $ in Thousands					3 Months Ended
	Apr. 24, 2025	Feb. 24, 2025 USD ($)	Nov. 22, 2023 USD ($) information	Apr. 01, 2022 USD ($) information plaintiff	Mar. 31, 2025 lawsuit
Settled Litigation \| Lozada vs. TaskUs, Inc.
Business Acquisition [Line Items]
Settlement amount		$ 17,500
Pending Litigation
Business Acquisition [Line Items]
Number of lawsuits filed \| lawsuit					3
Pending Litigation \| Gregory Forsberg, Christopher Gunter, Samuel Kissinger, And Scott Sipprell vs. TaskUs, Inc. And Shopify, Inc.
Business Acquisition [Line Items]
Number of personally identifiable information pieces released \| information				272
Number of plaintiffs \| plaintiff				4
Aggregate losses alleged by plaintiff				$ 140
Pending Litigation \| Gregory Forsberg, Christopher Gunter, Samuel Kissinger, And Scott Sipprell vs. TaskUs, Inc. And Shopify, Inc. \| Subsequent Event
Business Acquisition [Line Items]
Additional time requested to finalize agreement	30 days
Pending Litigation \| Gregory Forsberg, Christopher Gunter, Samuel Kissinger, And Scott Sipprell vs. TaskUs, Inc. And Shopify, Inc. \| Minimum
Business Acquisition [Line Items]
Damages sought				$ 5,000
Pending Litigation \| Naeem Seirafi, Edward Baton, Anthony Comilla, Brett Deeney, and Abraham Vilinge vs. TaskUs, Inc. And Shopify, Inc.
Business Acquisition [Line Items]
Number of personally identifiable information pieces released \| information			272
Damages sought			$ 557

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,749	$ 10,235
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	202	680
Selling, general and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,547	$ 9,555

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The components of property and equipment, net as of March 31, 2025 and December 31, 2024, were as follows:


(in thousands)	March 31, 2025		December 31, 2024
Leasehold improvements	$	85,306	$	76,171
Technology and computers	124,898		115,816
Furniture and fixtures	9,611		8,480
Construction in process	5,633		5,476
Other property and equipment	18,453		16,260
Property and equipment, gross	243,901		222,203
Accumulated depreciation	(166,726)		(155,428)
Property and equipment, net	$	77,175	$	66,775

Schedule of Property and Equipment by Geographic Areas

The table below presents the Company’s total property and equipment by geographic location as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Philippines	$	29,588	$	22,888
United States	6,677		7,116
India	11,773		11,830
Colombia	16,864		12,950
Rest of World	12,273		11,991
Property and equipment, net	$	77,175	$	66,775

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following:


(in thousands)	Foreign Currency Translation Adjustments		Retirement Benefit Reserves		Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2023	$	(9,705)	$	154	$	—	$	(9,551)
Other comprehensive income (loss) before reclassifications	(3,313)		5		—		(3,308)



Other comprehensive income (loss)	(3,313)		5		—		(3,308)
Balance as of March 31, 2024	$	(13,018)	$	159	$	—	$	(12,859)


(in thousands)	Foreign Currency Translation Adjustments		Retirement Benefit Reserves		Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2024	$	(21,659)	$	(397)	$	(3,333)	$	(25,389)
Other comprehensive income (loss) before reclassifications	3,237		(23)		6,096		9,310
Income tax effects	—		2		(1,250)		(1,248)
Amounts reclassified from accumulated other comprehensive income	—		—		548		548
Income tax effects	—		—		(112)		(112)
Other comprehensive income (loss)	3,237		(21)		5,282		8,498
Balance as of March 31, 2025	$	(18,422)	$	(418)	$	1,949	$	(16,891)

Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Service revenue percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk	26.00%	19.00%
Accounts receivable percentage \| Customer A
Concentration Risk [Line Items]
Concentration risk	21.00%		19.00%
Accounts receivable percentage \| Customer B
Concentration Risk [Line Items]
Concentration risk			11.00%

Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill during the period were as follows:


(in thousands)
Balance as of December 31, 2024	$	216,791

Foreign currency translation	879
Balance as of March 31, 2025	$	217,670

Schedule of Intangible Assets

Intangible assets consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025						December 31, 2024
(in thousands)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	$	251,682	$	(107,566)	$	144,116	$	251,245	$	(103,162)	$	148,083
Trade names	41,900		(18,157)		23,743		41,900		(17,458)		24,442
Other intangibles	140		(140)		—		158		(158)		—
Total	$	293,722	$	(125,863)	$	167,859	$	293,303	$	(120,778)	$	172,525

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Allowance for doubtful accounts	$ 1,582	$ 1,299
Treasury stock (in shares)	14,074,668	13,323,977
Class A common stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	34,076,321	33,215,441
Common stock, shares outstanding (in shares)	20,001,653	19,891,464
Class B convertible common stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	70,032,694	70,032,694
Common stock, shares outstanding (in shares)	70,032,694	70,032,694

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cost of services
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 5,726	$ 4,477

Property and Equipment, net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The components of property and equipment, net as of March 31, 2025 and December 31, 2024, were as follows:


(in thousands)	March 31, 2025		December 31, 2024
Leasehold improvements	$	85,306	$	76,171
Technology and computers	124,898		115,816
Furniture and fixtures	9,611		8,480
Construction in process	5,633		5,476
Other property and equipment	18,453		16,260
Property and equipment, gross	243,901		222,203
Accumulated depreciation	(166,726)		(155,428)
Property and equipment, net	$	77,175	$	66,775

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 geographic location as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Philippines	$	29,588	$	22,888
United States	6,677		7,116
India	11,773		11,830
Colombia	16,864		12,950
Rest of World	12,273		11,991
Property and equipment, net	$	77,175	$	66,775

Forward Contracts - Schedule of Settled and Outstanding Not Designated as Hedge Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Derivative [Line Items]
Unrealized losses on forward contracts	$ 0	$ 1,497
Forward contracts payable \| Not Designated as Hedging Instrument
Derivative [Line Items]
Total notional amount of settled forward contracts	0	58,369
Realized losses from settlement of forward contracts	0	693
Unrealized losses on forward contracts	0	1,497
Forward contracts payable \| Not Designated as Hedging Instrument \| Philippines, Pesos
Derivative [Line Items]
Total notional amount of settled forward contracts	0	45,964
Forward contracts payable \| Not Designated as Hedging Instrument \| India, Rupees
Derivative [Line Items]
Total notional amount of settled forward contracts	$ 0	$ 12,405

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Less current debt financing fees	$ (378)	$ (379)
Less noncurrent debt financing fees	(536)	(631)
Less: Debt financing fees	(914)	(1,010)
Current portion of debt	16,497	14,809
Noncurrent portion of debt	236,389	241,357
Total	252,886	256,166
Secured Debt \| 2022 Credit Agreement
Debt Instrument [Line Items]
Long term debt, current, gross	16,875	15,188
Long term debt, noncurrent, gross	236,925	241,988
Total	$ 253,800	$ 257,176

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 8, 2025, the Company entered into a definitive agreement (the “Merger Agreement”) to be acquired by an affiliate of Blackstone, the Company’s Co-Founder and Chief Executive Officer Bryce Maddock, and the Company’s Co-Founder and President Jaspar Weir (the “Buyer Group”), pursuant to which the Buyer Group agreed to acquire 100% of the outstanding shares of the Company’s Class A common stock that it does not already own (the “Merger”). Pursuant to the Merger Agreement and subject to the satisfaction or waiver of certain closing conditions and on the terms set forth therein, Company stockholders are to receive $16.50, in cash, per share. Completion of the Merger is subject to certain closing conditions and approvals, including the receipt of required regulatory and stockholder approvals (including the approval of the holders of common stock of the Company not owned by the Buyer Group). The Merger Agreement also includes certain covenants of the Company, including with respect to the non-solicitation of alternative acquisition proposals, as well as other customary representations, warranties and covenants by the Company and Breeze Merger Corporation, a Delaware corporation (the “Merger Corporation”). Completion of the Merger is not subject to a financing condition. The Merger is expected to close in the second half of 2025. Upon completion, the Company’s common stock will no longer be listed on any public market.

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 496,919	$ 440,711
Other comprehensive income (loss) before reclassifications	9,310	(3,308)
Income tax effects	(1,248)
Amounts reclassified from accumulated other comprehensive income	548
Income tax effects	(112)
Other comprehensive income (loss)	8,498	(3,308)
Ending balance	520,311	454,594
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25,389)	(9,551)
Other comprehensive income (loss)	8,498	(3,308)
Ending balance	(16,891)	(12,859)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(21,659)	(9,705)
Other comprehensive income (loss) before reclassifications	3,237	(3,313)
Income tax effects	0
Amounts reclassified from accumulated other comprehensive income	0
Income tax effects	0
Other comprehensive income (loss)	3,237	(3,313)
Ending balance	(18,422)	(13,018)
Retirement Benefit Reserves
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(397)	154
Other comprehensive income (loss) before reclassifications	(23)	5
Income tax effects	2
Amounts reclassified from accumulated other comprehensive income	0
Income tax effects	0
Other comprehensive income (loss)	(21)	5
Ending balance	(418)	159
Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,333)	0
Other comprehensive income (loss) before reclassifications	6,096	0
Income tax effects	(1,250)
Amounts reclassified from accumulated other comprehensive income	548
Income tax effects	(112)
Other comprehensive income (loss)	5,282	0
Ending balance	$ 1,949	$ 0

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 21,148	$ 11,714
Unrealized gain on derivative contracts, net	5,282	0
Retirement benefit reserves, net	(21)	5
Foreign currency translation adjustments	3,237	(3,313)
Comprehensive income	$ 29,646	$ 8,406

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Unbilled revenues	$ 107.2	$ 92.7

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jarrod Johnson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 14, 2025, Jarrod Johnson, our Chief Customer Officer, adopted a Rule 10b5-1 trading arrangement (the “Johnson 10b5-1 Plan”), which provides for the potential sale of up to 145,986 shares of the Company’s Class A Common Stock obtained from the vesting of restricted stock units and performance stock units, subject to reduction, such that the covered amount will be a maximum of 50% of the shares obtained upon satisfaction of vesting criteria, after taking into account shares withheld to satisfy tax withholding obligations. The Johnson 10b5-1 Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and unless otherwise terminated pursuant to its terms, provides for sales from August 8, 2025 to December 31, 2025 or an earlier date on which all shares thereunder are sold.
Name	Jarrod Johnson
Title	Chief Customer Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2025
Expiration Date	December 31, 2025
Arrangement Duration	145 days
Aggregate Available	145,986

Stock-Based Compensation - Stock Option and Restricted Stock Unit (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of options
Beginning balance outstanding (in shares) \| shares	4,846,497
Granted (in shares) \| shares	0
Exercised or released (in shares) \| shares	(53,703)
Forfeited, cancelled or expired (in shares) \| shares	0
Ending balance outstanding (in shares) \| shares	4,792,794
Weighted - average exercise price
Beginning balance outstanding (in usd per share) \| $ / shares	$ 18.58
Granted (in usd per share) \| $ / shares	0
Exercised or released (in usd per share) \| $ / shares	4.09
Forfeited, cancelled or expired (in usd per share) \| $ / shares	0
Ending balance outstanding (in usd per share) \| $ / shares	$ 18.75
RSUs
Number of RSUs/PSUs
Beginning balance (in shares) \| shares	4,309,358
Granted (in shares) \| shares	1,675,686
Exercised or released (in shares) \| shares	(1,157,260)
Forfeited, cancelled or expired (in shares) \| shares	(140,635)
Ending balance (in shares) \| shares	4,687,149
Weighted - average grant date fair value
Beginning balance (in usd per share) \| $ / shares	$ 17.50
Granted (in usd per share) \| $ / shares	13.18
Exercised or released (in usd per share) \| $ / shares	16.05
Forfeited, cancelled or expired (in usd per share) \| $ / shares	15.79
Ending balance (in usd per share) \| $ / shares	$ 16.37
PSUs
Number of RSUs/PSUs
Beginning balance (in shares) \| shares	3,693,417
Granted (in shares) \| shares	396,198
Exercised or released (in shares) \| shares	(26,667)
Forfeited, cancelled or expired (in shares) \| shares	0
Ending balance (in shares) \| shares	4,062,948
Weighted - average grant date fair value
Beginning balance (in usd per share) \| $ / shares	$ 4.67
Granted (in usd per share) \| $ / shares	13.15
Exercised or released (in usd per share) \| $ / shares	14.67
Forfeited, cancelled or expired (in usd per share) \| $ / shares	0
Ending balance (in usd per share) \| $ / shares	$ 5.43

Leases - Schedule of Weighted Average (Details)	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term	3 years 6 months	3 years 6 months
Weighted average discount rate	7.20%	6.60%

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregation of Revenue

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


	Three months ended March 31,
(in thousands)		2025		2024
Digital Customer Experience		$	159,862	$	143,491
Trust + Safety		72,407		55,272
AI Services		45,523		28,707
Service revenue		$	277,792	$	227,470

The majority of the Company’s revenues are derived from contracts with customers who are located in the United States. However, the Company delivers its 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 March 31,
(in thousands)		2025		2024
Philippines		$	151,717	$	131,213
United States		33,221		25,590
India		35,428		28,909
Rest of World		57,426		41,758
Service revenue		$	277,792	$	227,470

Contract Balances

Accounts receivable, net of allowance for credit losses includes $107.2 million and $92.7 million of unbilled revenue as of March 31, 2025 and December 31, 2024, 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Depreciation	$ 10,003	$ 10,789
Amortization of intangible assets	4,976	4,985
Gain on disposal of assets	(30)	(177)
Total operating expenses	243,554	203,912
Reportable Segment
Segment Reporting Information [Line Items]
Personnel costs (Cost of services)	143,946	115,639
Operating costs (Selling, general, and administrative expense)	48,116	42,730
Stock-based compensation expense	9,218	10,564
Non-operating costs (Selling, general, and administrative expense)	303	300
Other (Cost of services)	27,022	19,082
Depreciation	10,003	10,789
Amortization of intangible assets	4,976	4,985
Gain on disposal of assets	(30)	(177)
Total operating expenses	$ 243,554	$ 203,912

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Service

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


	Three months ended March 31,
(in thousands)		2025		2024
Digital Customer Experience		$	159,862	$	143,491
Trust + Safety		72,407		55,272
AI Services		45,523		28,707
Service revenue		$	277,792	$	227,470

Schedule of Revenue by Geographic Area

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 March 31,
(in thousands)		2025		2024
Philippines		$	151,717	$	131,213
United States		33,221		25,590
India		35,428		28,909
Rest of World		57,426		41,758
Service revenue		$	277,792	$	227,470

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	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 Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"), as filed with the Securities and Exchange Commission (the "SEC"), includes a discussion of the significant accounting policies used in the preparation of our consolidated financial statements. There have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s condensed consolidated financial statements and related notes. 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, 2024 included in the Annual Report. 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 March 31, 2025 and its statements of income, comprehensive income, shareholders’ equity and cash flows for the three months ended March 31, 2025 and 2024. The condensed consolidated balance sheet as of December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.
Use of Estimates	Use of EstimatesThe 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 credit losses; the valuation of deferred tax assets; the measurement of lease liabilities and right-of-use assets; valuation of forward contracts; valuation of stock-based compensation; valuation of acquired intangible assets and goodwill, as well as related impairment assessments, and reserves for income tax uncertainties and other contingencies.
Principles of Consolidation	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 variable interest entities in its corporate structure.
Concentration Risk	Concentration Risk Most of the Company’s clients are located in the United States. Clients outside of the United States are concentrated in Europe. 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.
Recent Accounting Pronouncements	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 issued accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard improves the transparency of rate reconciliation and income taxes paid disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The standard also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (loss) and income tax expense (benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. This ASU will be effective for the Company for fiscal years beginning after December 15, 2025. Early adoption is permitted. This ASU will be applied prospectively, with retrospective application permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense. The amendments in this Update require (1) disclosure of employee compensation, depreciation and intangible asset amortization included in each expense caption presented on the face of the income statement within continuing operations (“relevant expense captions”); (2) certain amounts that are already required to be disclosed under current GAAP to be included in the same disclosure as the other disaggregation requirements; (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclosure of the total amount of selling expenses and, in annual reporting periods, the Company’s definition of selling expenses. This ASU will be effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This ASU should be applied either prospectively or retrospectively. The Company is currently reviewing this ASU.
Forward Contracts	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 2025 and 2024, the Company entered into foreign currency exchange rate forward contracts, with five commercial banks as the counterparties, with maturities of generally 12 months or less, to reduce the volatility of cash flows, primarily related to forecasted costs denominated in Philippine pesos, Indian rupees, Mexican pesos and Colombian 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. Derivatives Not Designated as Hedging Instruments 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. 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. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty or by the Company. 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.

Goodwill and Intangibles

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

The changes in the carrying amount of goodwill during the period were as follows:


(in thousands)
Balance as of December 31, 2024	$	216,791

Foreign currency translation	879
Balance as of March 31, 2025	$	217,670

Intangible assets consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025						December 31, 2024
(in thousands)	Intangibles, Gross		Accumulated Amortization		Intangibles, Net		Intangibles, Gross		Accumulated Amortization		Intangibles, Net
Customer relationships	$	251,682	$	(107,566)	$	144,116	$	251,245	$	(103,162)	$	148,083
Trade names	41,900		(18,157)		23,743		41,900		(17,458)		24,442
Other intangibles	140		(140)		—		158		(158)		—
Total	$	293,722	$	(125,863)	$	167,859	$	293,303	$	(120,778)	$	172,525

Revenue from Contracts with Customers - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 277,792	$ 227,470
Philippines
Disaggregation of Revenue [Line Items]
Revenue	151,717	131,213
United States
Disaggregation of Revenue [Line Items]
Revenue	33,221	25,590
India
Disaggregation of Revenue [Line Items]
Revenue	35,428	28,909
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	57,426	41,758
Digital Customer Experience
Disaggregation of Revenue [Line Items]
Revenue	159,862	143,491
Trust + Safety
Disaggregation of Revenue [Line Items]
Revenue	72,407	55,272
AI Services
Disaggregation of Revenue [Line Items]
Revenue	$ 45,523	$ 28,707

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Goodwill and Intangibles - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	$ 293,722	$ 293,303
Accumulated Amortization	(125,863)	(120,778)
Intangibles, Net	167,859	172,525
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	251,682	251,245
Accumulated Amortization	(107,566)	(103,162)
Intangibles, Net	144,116	148,083
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	41,900	41,900
Accumulated Amortization	(18,157)	(17,458)
Intangibles, Net	23,743	24,442
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangibles, Gross	140	158
Accumulated Amortization	(140)	(158)
Intangibles, Net	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Unaudited Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Class A common stock	Class B convertible common stock	Common Stock Class A common stock	Common Stock Class B convertible common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Treasury stock
Beginning balance of common stock (in shares) at Dec. 31, 2023				30,522,570	70,032,694
Beginning balance at Dec. 31, 2023	$ 440,711			$ 305	$ 700	$ 683,117	$ (89,984)	$ (9,551)	$ (143,876)
Beginning balance (in shares) at Dec. 31, 2023									11,796,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for settlement of equity awards (in shares)				620,835
Issuance of common stock for settlement of equity awards	195			$ 6		189
Shares withheld related to net share settlement (in shares)				(122,480)
Shares withheld related to net share settlement	(1,574)			$ (1)		(1,573)
Repurchase of common stock (in shares)									285,611
Repurchase of common stock	(3,379)								$ (3,379)
Stock-based compensation expense	10,235					10,235
Net income	11,714						11,714
Other comprehensive income (loss)	(3,308)							(3,308)
Ending balance of common stock (in shares) at Mar. 31, 2024				31,020,925	70,032,694
Ending balance at Mar. 31, 2024	454,594			$ 310	$ 700	691,968	(78,270)	(12,859)	$ (147,255)
Ending balance (in shares) at Mar. 31, 2024									12,082,234
Beginning balance of common stock (in shares) at Dec. 31, 2024		19,891,464	70,032,694	33,215,441	70,032,694
Beginning balance at Dec. 31, 2024	$ 496,919			$ 332	$ 700	726,917	(44,114)	(25,389)	$ (161,527)
Beginning balance (in shares) at Dec. 31, 2024	13,323,977								13,323,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for settlement of equity awards (in shares)				1,237,630
Issuance of common stock for settlement of equity awards	$ 218			$ 12		206
Shares withheld related to net share settlement (in shares)				(376,750)
Shares withheld related to net share settlement	(5,114)			$ (3)		(5,111)
Repurchase of common stock (in shares)									750,691
Repurchase of common stock	(10,107)								$ (10,107)
Stock-based compensation expense	8,749					8,749
Net income	21,148						21,148
Other comprehensive income (loss)	8,498							8,498
Ending balance of common stock (in shares) at Mar. 31, 2025		20,001,653	70,032,694	34,076,321	70,032,694
Ending balance at Mar. 31, 2025	$ 520,311			$ 341	$ 700	$ 730,761	$ (22,966)	$ (16,891)	$ (171,634)
Ending balance (in shares) at Mar. 31, 2025	14,074,668								14,074,668

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	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 provision for income taxes of $8.6 million and $6.5 million in the three months ended March 31, 2025 and 2024, respectively. The effective tax rate was 28.9% and 35.7% for the three months ended March 31, 2025 and 2024, respectively. The difference between the effective tax rate and the 21% federal statutory rate in the three months ended March 31, 2025 was primarily due to nondeductible compensation of officers, Global Intangible Low-Taxed Income ("GILTI") inclusion, and tax benefits of income tax holidays in foreign jurisdiction. The difference between the effective tax rate and the 21% federal statutory rate in the three months ended March 31, 2024 was primarily due to nondeductible compensation of officers and GILTI inclusion.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 196,852	$ 192,166
Accounts receivable, net of allowance for credit losses of $1,582 and $1,299, respectively	206,011	198,996
Income tax receivable	784	912
Prepaid expenses and other current assets	52,025	43,278
Total current assets	455,672	435,352
Noncurrent assets:
Property and equipment, net	77,175	66,775
Operating lease right-of-use assets	50,854	47,334
Deferred tax assets	8,496	8,431
Intangibles	167,859	172,525
Goodwill	217,670	216,791
Other noncurrent assets	7,738	6,090
Total noncurrent assets	529,792	517,946
Total assets	985,464	953,298
Current liabilities:
Accounts payable and accrued liabilities	56,127	53,403
Accrued payroll and employee-related liabilities	50,936	54,160
Current portion of debt	16,497	14,809
Current portion of operating lease liabilities	17,800	16,087
Current portion of income tax payable	13,902	9,839
Deferred revenue	3,506	3,727
Total current liabilities	158,768	152,025
Noncurrent liabilities:
Income tax payable	9,141	6,496
Long-term debt	236,389	241,357
Operating lease liabilities	35,433	32,946
Accrued payroll and employee-related liabilities	6,963	6,425
Deferred tax liabilities	18,457	17,046
Other noncurrent liabilities	2	84
Total noncurrent liabilities	306,385	304,354
Total liabilities	465,153	456,379
Commitments and Contingencies (See Note 9)
Shareholders’ equity:
Additional paid-in capital	730,761	726,917
Accumulated deficit	(22,966)	(44,114)
Accumulated other comprehensive loss	(16,891)	(25,389)
Treasury stock, at cost. 14,074,668 and 13,323,977 shares, respectively	(171,634)	(161,527)
Total shareholders’ equity	520,311	496,919
Total liabilities and shareholders’ equity	985,464	953,298
Class A common stock
Shareholders’ equity:
Common stock	341	332
Class B convertible common stock
Shareholders’ equity:
Common stock	$ 700	$ 700

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Operating Lease Costs

The following table presents operating lease costs recorded to cost of services:


	Three months ended March 31,
(in thousands)		2025		2024
Operating lease costs - Cost of services		$	5,726	$	4,477

Schedule of Other Lease Information

The following table presents the weighted average remaining lease term and weighted average discount rate for the Company's operating leases as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Weighted average remaining lease term	3.5 years		3.5 years
Weighted average discount rate	7.2	%	6.6	%

The following table presents supplemental cash flow information related to the Company's operating leases:


	Three months ended March 31,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,265	$	4,831
ROU assets obtained in exchange for operating lease liabilities	11,949		812

Schedule of Future Lease Payments

The future lease payments on the Company's operating lease liabilities as of March 31, 2025 were as follows:


(in thousands)
2025-remainder of year	$	15,835
2026	17,401
2027	11,944
2028	7,785
2029	6,476
Thereafter	948
Total lease payments	60,389
Less: imputed interest	(7,156)
Total lease liabilities	$	53,233

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 243,901	$ 222,203
Accumulated depreciation	(166,726)	(155,428)
Property and equipment, net	77,175	66,775
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	85,306	76,171
Technology and computers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	124,898	115,816
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,611	8,480
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,633	5,476
Other property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 18,453	$ 16,260

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 21,148	$ 11,714
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,003	10,789
Amortization of intangibles	4,976	4,985
Amortization of debt financing fees	149	149
Gain on disposal of assets	(30)	(177)
Provision for (benefit from) credit losses	283	(258)
Unrealized foreign exchange losses on forward contracts	0	1,497
Deferred taxes	74	(1,094)
Stock-based compensation expense	8,749	10,235
Changes in operating assets and liabilities:
Accounts receivable	(6,657)	11,296
Prepaid expenses and other current assets	(5,489)	(331)
Operating lease right-of-use assets	4,668	3,941
Other noncurrent assets	(1,613)	207
Accounts payable and accrued liabilities	1,380	(3,866)
Accrued payroll and employee-related liabilities	(3,695)	805
Operating lease liabilities	(4,020)	(4,374)
Income tax payable	6,659	5,614
Deferred revenue	(228)	47
Other noncurrent liabilities	(81)	(2)
Net cash provided by operating activities	36,276	51,177
Cash flows from investing activities:
Purchase of property and equipment	(14,480)	(3,572)
Net cash used in investing activities	(14,480)	(3,572)
Cash flows from financing activities:
Payments on long-term debt	(3,375)	(1,688)
Proceeds from employee stock plans	218	195
Payments for taxes related to net share settlement	(5,114)	(1,574)
Payments for stock repurchases	(9,684)	(2,597)
Net cash used in financing activities	(17,955)	(5,664)
Increase in cash and cash equivalents	3,841	41,941
Effect of exchange rate changes on cash	845	(2,367)
Cash and cash equivalents at beginning of period	192,166	125,776
Cash and cash equivalents at end of period	$ 196,852	$ 165,350

Goodwill and Intangibles - Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 216,791
Foreign currency translation	879
Goodwill, ending balance	$ 217,670

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Description of Business and Organization (Details)	3 Months Ended
Description of Business and Organization (Details)	Mar. 31, 2025 service
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of key services	3

Forward Contracts (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the Company's realized losses associated with our cash flow hedges reclassified from accumulated other comprehensive loss ("AOCL") to earnings:


	Three months ended March 31,
(in thousands)		2025		2024
Cost of services		$	433	$	—
Selling, general and administrative expense		89		—
Depreciation expense		26		—
Total amount reclassified from AOCL		$	548	$	—

Schedule of Settled and Outstanding Forward Contracts

The following table presents the Company's settled forward contracts designated as cash flow hedges:


	Three months ended March 31,
(in thousands)	2025		2024
Notional amount of settled forward contracts in Philippine pesos	$	45,935	$	—
Notional amount of settled forward contracts in Indian rupees	11,799		—
Notional amount of settled forward contracts in Mexican pesos	4,381		—
Notional amount of settled forward contracts in Colombian pesos	10,158		—
Total notional amount of settled forward contracts designated as cash flow hedges	$	72,273	$	—

The following table presents the Company's outstanding forward contracts designated as cash flow hedges:


(in thousands)	March 31, 2025		December 31, 2024
Notional amount of outstanding forward contracts in Philippine pesos	$	130,607	$	152,803
Notional amount of outstanding forward contracts in Indian rupees	38,364		41,819
Notional amount of outstanding forward contracts in Mexican pesos	9,999		14,380
Notional amount of outstanding forward contracts in Colombian pesos	24,983		35,141
Total notional amount of outstanding forward contracts designated as cash flow hedges	$	203,953	$	244,143

The following table presents the Company's settled forward contracts and realized and unrealized losses (gains) associated with derivative contracts not designated as hedging instruments:


	Three months ended March 31,
(in thousands)		2025		2024
Notional amount of settled forward contracts in Philippine pesos		$	—	$	45,964
Notional amount of settled forward contracts in Indian rupees		—		12,405
Total notional amount of settled forward contracts		$	—	$	58,369
Realized losses from settlement of forward contracts		$	—	$	693
Unrealized losses on forward contracts		$	—	$	1,497

Schedule of Fair Value of Assets Measured on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:


	March 31, 2025
	Fair value measurements using						Total Gross Fair Value		Effect of Master Netting Arrangements		Net Amounts
(in thousands)	Level 1 inputs		Level 2 inputs		Level 3 inputs
Assets
Money market funds	$	27,352	$	—	$	—	$	27,352	$	—	$	27,352
Derivatives designated as hedging instruments:
Forward contracts receivable	$	—	$	2,682	$	—	$	2,682	$	(150)	$	2,532


Liabilities
Derivatives designated as hedging instruments:
Forward contracts payable	$	—	$	257	$	—	$	257	$	(150)	$	107


	December 31, 2024
	Fair value measurements using						Total Gross Fair Value		Effect of Master Netting Arrangements		Net Amounts
(in thousands)	Level 1 inputs		Level 2 inputs		Level 3 inputs
Assets
Money market funds	$	60,346	$	—	$	—	$	60,346	$	—	$	60,346
Derivatives designated as hedging instruments:
Forward contracts receivable	$	—	$	2	$	—	$	2	$	(2)	$	—


Liabilities
Derivatives designated as hedging instruments:
Forward contracts payable	$	—	$	4,221	$	—	$	4,221	$	(2)	$	4,219

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table summarizes the stock option, restricted stock unit ("RSU") and performance stock unit ("PSU") activity for the three months ended March 31, 2025:


	Options			RSUs			PSUs
	Number of options	Weighted - average exercise price		Number of RSUs	Weighted - average grant date fair value		Number of PSUs	Weighted - average grant date fair value
Outstanding at January 1, 2025	4,846,497	$	18.58	4,309,358	$	17.50	3,693,417	$	4.67
Granted	—	$	—	1,675,686	$	13.18	396,198	$	13.15
Exercised or released	(53,703)	$	4.09	(1,157,260)	$	16.05	(26,667)	$	14.67
Forfeited, cancelled, or expired	—	$	—	(140,635)	$	15.79	—	$	—
Outstanding at March 31, 2025	4,792,794	$	18.75	4,687,149	$	16.37	4,062,948	$	5.43

The PSUs granted during the three months ended March 31, 2025 vest contingently over three years subject to continued service and the achievement of certain Revenue and Adjusted EBITDA targets (performance conditions).

The following table summarizes the components of stock-based compensation expense recognized for the periods presented:


	Three months ended March 31,
(in thousands)		2025		2024
Cost of services		$	202	$	680
Selling, general and administrative expense		8,547		9,555
Total		$	8,749	$	10,235

As of March 31, 2025, there was $1.4 million, $38.4 million and $3.9 million of unrecognized compensation expense related to the Company’s unvested stock options, RSUs and PSUs, respectively, that is expected to be recognized over a weighted-average period of 0.8 years, 1.7 years and 1.6 years, respectively. Certain PSUs contain performance conditions, which may result in a different amount of expense recognized over the term of the awards.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is subject to various legal proceedings, claims, and litigation arising in the ordinary course of business. Although the outcomes of such matters cannot be predicted with certainty, the Company believes that resolution of all such pending matters will not, either individually or in the aggregate, have a material adverse effect on its business, operating results, cash flows, or financial condition. However, given the inherent unpredictability of litigations, arbitrations, claims, inquiries, investigations and proceedings, it is possible that an adverse outcome in certain matters could have a material adverse effect on our business, operating results, cash flows, or financial condition in any future period. In addition, there can be no assurance that material losses will not be incurred from claims where potential losses have not yet been determined to be probable or possible and reasonably estimable. On February 23, 2022, a purported class action lawsuit captioned Lozada v. TaskUs, Inc. et al. (No. 22-cv-1479-JPC), was filed in the United States District Court for the Southern District of New York against the Company, our Chief Executive Officer, our President, and our Chief Financial Officer. The complaint alleges that the registration statement filed in connection with the Company’s initial public offering (“IPO”) and the Company’s second and third quarter 2021 earnings calls contained materially false and misleading information in violation of the federal securities laws. On October 20, 2022, the court entered an order appointing Humberto Lozada as lead plaintiff in the lawsuit. On December 16, 2022, lead plaintiff filed an amended complaint, alleging additional misstatements in certain of the Company’s 2021 earnings releases filed on Form 8-K and at an investor conference, and asserting additional securities claims, including against members of TaskUs’s board of directors as well as BCP FC Aggregator L.P. The complaint seeks unspecified damages and an award of costs and expenses, including reasonable attorneys’ fees, as well as equitable relief. On February 17, 2023, TaskUs and the other named defendants filed a motion to dismiss. On October 16, 2023, the plaintiffs voluntarily dismissed with prejudice certain claims based on certain theories of liability. On February 24, 2025, the Company entered into a Stipulation and Agreement of Settlement (the “Settlement Agreement”), which is subject to approval by the court. The Settlement Agreement contemplates a combined payment by defendants of $17.5 million, inclusive of plaintiffs’ attorneys’ fees and expenses, and a full and complete release of all claims. The Company expects its insurance retention and policies to fund the settlement amount. The defendants have entered into the Settlement Agreement solely to eliminate the burden, expense, uncertainty, and risk of further litigation and have denied, and continue to deny, any and all allegations of liability or wrongdoing. On January 15, 2025, putative TaskUs stockholder James Eaton filed a derivative lawsuit in the Court of Chancery of the State of Delaware, captioned Eaton v. Maddock, et al. (C.A. No. 2025-0043-NAC), purportedly on behalf of the Company against certain current and former members of its board of directors. Eaton previously delivered a demand pursuant to 8 Del. C. §220 on TaskUs on July 3, 2024, which the Company responded to on September 16, 2024. The Eaton complaint includes allegations similar to those in the Lozada case and asserts a claim for breach of fiduciary duty. In particular, the complaint alleges that TaskUs’s public filings included misstatements regarding its low employee attrition rate and high Glassdoor rating in the lead-up periods to the Company’s IPO and secondary public offering in October 2021 (“SPO”). The complaint includes one count for breach of fiduciary duty and alleges that because of TaskUs’s breach, the Company has suffered damages in the form of: (1) legal fees associated with the Lozada litigation; (2) loss of reputation and goodwill; (3) costs associated with investigations into the misstatement allegations; (4) money used to facilitate the IPO and SPO; (5) insider profits derived from the IPO and SPO; and (6) loss of Company revenue and profits. The Company is unable to predict, with a reasonable degree of certainty, the likely outcome of this litigation. On March 6, 2025, putative TaskUs stockholder Kalvin Tucker filed a derivative lawsuit in the United States District Court for the Southern District of New York, captioned Tucker v. Dixit, et al. (No. 25-cv-01875), purportedly on behalf of the Company against certain current and former members of its board of directors. The Tucker complaint includes allegations that are substantially similar to those in the Eaton case and asserts claims for contribution, breach of fiduciary duty, aiding and abetting breaches of fiduciary duty, unjust enrichment, and waste. The Company is unable to predict, with a reasonable degree of certainty, the likely outcome of this litigation. The Company is also currently defending three lawsuits that present in large degree the same legal or factual issues, with allegations that are similar in nature. We believe that these three lawsuits are without merit and intend to defend each vigorously. The Company cannot predict at this point the length of time that these actions will be ongoing or the liability, if any, which may arise therefrom. As these actions are still in preliminary phases, any potential loss or impact on financial position or results of operations cannot yet be estimated. On April 1, 2022, a purported class action lawsuit captioned Gregory Forsberg, Christopher Gunter, Samuel Kissinger, and Scott Sipprell vs. TaskUs, Inc. and Shopify, Inc., Shopify Holdings (USA), Inc., Shopify (USA) Inc. (No. 1:22-cv-00436-UNA), was filed in the United States District Court for the District of Delaware. The complaint alleges the named defendants failed to exercise reasonable care in securing and safeguarding consumer information in connection with a 2020 data breach impacting Ledger SAS cryptocurrency hardware wallets, resulting in the unauthorized public release of approximately 272,000 pieces of detailed personally identifiable information, including Plaintiffs’ and class members’ full names, email addresses, postal addresses, and telephone numbers. The four named plaintiffs allege aggregate losses of approximately $140,000, and allege that the damages exceed $5 million for purposes of class action jurisdiction. On April 8, 2022, the Company filed a motion to dismiss, which is currently pending. On April 24, 2025, the parties reached an agreement in principle to settle all of the plaintiffs' individual claims for an immaterial amount and requested an additional thirty-day stay to finalize the agreement. On September 16, 2022, a lawsuit captioned My Choice Software, LLC vs. TaskUs, Inc., Tassilo Heinrich, Shopify, Inc., Shopify Holdings (USA) Inc., Shopify (USA) Inc., Does 1-50, No. 22-cv-1710 was filed in the United States District Court, Central District of California. The complaint alleges the defendants profited off of the plaintiff's information. The complaint seeks unspecified damages and an award of costs and expenses, including reasonable attorneys’ fees, as well as equitable and injunctive relief. On February 13, 2023, the Company filed a motion to dismiss the amended complaint. In May 2023, the Court issued an Order dismissing certain parties, staying the case as to the Company and denying as moot the Company's previously filed motion to dismiss. This case is currently stayed. On November 22, 2023, TaskUs was added as an additional defendant in a lawsuit captioned Naeem Seirafi, Edward Baton, Anthony Comilla, Brett Deeney, and Abraham Vilinger, individually and on behalf of all others similarly situated v. Ledger SAS, Shopify (USA) Inc., Shopify Inc., and TaskUs, Inc., No. 21-cv-02470 pending in the United States District Court, Northern District of California. The complaint alleges defendants failed to exercise reasonable care in securing and safeguarding consumer information in connection with a 2020 data breach impacting Ledger cryptocurrency hardware wallets, resulting in the unauthorized public release of approximately 272,000 pieces of detailed personally identifiable information, including Plaintiffs’ and “Class” members’ full names, email addresses, postal addresses, and telephone numbers. The complaint asserts claims against TaskUs for negligence, negligence per se, declaratory and injunctive relief, and for violations of the New York Deceptive Trade Practices Act. The named plaintiffs’ alleged damages of approximately $557,000 and an award of costs and expenses, including reasonable attorneys’ fees, as well as declaratory and injunctive relief, and other damages. On February 5, 2024, TaskUs filed a motion to dismiss. On July 16, 2024, the Court granted in part and denied in part the motion to dismiss. On August 23, 2024, the plaintiffs filed an amended complaint. On September 19, 2024, TaskUs filed a motion to dismiss, which the court granted on February 6, 2025. Indemnification In addition, in the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify clients, vendors and other business partners with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, cybersecurity breach, services to be provided by us or from intellectual property infringement claims made by third parties. Historically, we have not experienced significant losses on these types of indemnification obligations.

Unaudited Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]
Service revenue	$ 277,792	$ 227,470
Operating expenses:
Cost of services	171,181	135,411
Selling, general and administrative expense	57,424	52,904
Depreciation	10,003	10,789
Amortization of intangible assets	4,976	4,985
Gain on disposal of assets	(30)	(177)
Total operating expenses	243,554	203,912
Operating income	34,238	23,558
Other income, net	(173)	(202)
Financing expenses	4,663	5,538
Income before income taxes	29,748	18,222
Provision for income taxes	8,600	6,508
Net income	$ 21,148	$ 11,714
Net income per common share:
Basic (in usd per share)	$ 0.23	$ 0.13
Diluted (in usd per share)	$ 0.23	$ 0.13
Weighted-average number of common shares outstanding:
Basic (in shares)	90,040,348	88,795,211
Diluted (in shares)	93,655,539	91,849,886

Forward Contracts - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Money market funds
Assets
Money market funds	$ 27,352	$ 60,346
Level 1 inputs \| Money market funds
Assets
Money market funds	27,352	60,346
Level 2 inputs \| Money market funds
Assets
Money market funds	0	0
Level 3 inputs \| Money market funds
Assets
Money market funds	0	0
Forward contracts payable \| Designated as Hedging Instrument
Assets
Forward contracts receivable	2,682	2
Effect of Master Netting Arrangements	(150)	(2)
Net Amounts	2,532	0
Liabilities
Forward contracts payable	257	4,221
Effect of Master Netting Arrangements	(150)	(2)
Net Amounts	107	4,219
Forward contracts payable \| Level 1 inputs \| Designated as Hedging Instrument
Assets
Forward contracts receivable	0	0
Liabilities
Forward contracts payable	0	0
Forward contracts payable \| Level 2 inputs \| Designated as Hedging Instrument
Assets
Forward contracts receivable	2,682	2
Liabilities
Forward contracts payable	257	4,221
Forward contracts payable \| Level 3 inputs \| Designated as Hedging Instrument
Assets
Forward contracts receivable	0	0
Liabilities
Forward contracts payable	$ 0	$ 0

Leases - Schedule of Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 5,265	$ 4,831
ROU assets obtained in exchange for operating lease liabilities	$ 11,949	$ 812

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	$ 1.4
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation expense	$ 3.9
Weighted average period for recognition	1 year 7 months 6 days
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for recognition	9 months 18 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 38.4
Weighted average period for recognition	1 year 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Future Lease Payments (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Leases [Abstract]
2025-remainder of year	$ 15,835
2026	17,401
2027	11,944
2028	7,785
2029	6,476
Thereafter	948
Total lease payments	60,389
Less: imputed interest	(7,156)
Total lease liabilities	$ 53,233

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Description of Business and Organization	3 Months Ended
Description of Business and Organization	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization TaskUs, Inc. ("TaskUs," together with its subsidiaries, the "Company," "we," "us" or "our") was formed by investment funds affiliated with Blackstone Inc. (“Blackstone”) as a vehicle for the acquisition of TaskUs Holdings, 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. TaskUs, Inc. was incorporated in Delaware in July 2018, and is headquartered in New Braunfels, Texas. The Company is a provider of outsourced digital services and next-generation customer experience to the world’s most innovative companies, helping its clients represent, protect and grow their brands. The Company’s global, omni-channel delivery model is focused on providing its clients three key services – Digital Customer Experience, Trust + Safety and Artificial Intelligence ("AI") Services. The Company has designed its platform to enable it to rapidly scale and benefit from its clients’ growth. Through its agile and responsive operational model, the Company delivers services from multiple delivery sites that span globally from the United States, the Philippines, India and other parts of the world. The Company’s major service offerings are described in more detail below: •Digital Customer Experience: Principally consists of omnichannel customer care services, primarily delivered through digital (non-voice) channels. Also included in this offering are learning experience and sales and customer acquisition services. •Trust + Safety: Principally consists of monitoring, reviewing and managing user and advertiser-generated content on online platforms to ensure it complies with community guidelines, legal regulations and platform specific policies. Also included in this offering are our services for risk management, compliance, identity management and fraud. •AI Services: Principally consists of large language model support and high-quality data labeling services, annotation, context relevance and transcription services performed for the purpose of training and tuning machine learning algorithms, enabling them to develop cutting-edge AI systems.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 21,148	$ 11,714

- Definition

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

+ References

+ Details

Long-Term Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

The balances of current and noncurrent portions of debt consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025						December 31, 2024
(in thousands)	Current		Noncurrent		Total		Current		Noncurrent		Total
Term Loan	$	16,875	$	236,925	$	253,800	$	15,188	$	241,988	$	257,176

Less: Debt financing fees	(378)		(536)		(914)		(379)		(631)		(1,010)
Total	$	16,497	$	236,389	$	252,886	$	14,809	$	241,357	$	256,166

2022 Credit Agreement

On September 7, 2022, the Company amended and restated its prior credit agreement (as amended and restated the "2022 Credit Agreement"), which includes a $270.0 million term loan (the "2022 Term Loan Facility") and a $190.0 million revolving credit facility (the "2022 Revolving Credit Facility" and, together with the 2022 Term Loan Facility, the "2022 Credit Facilities").

The 2022 Term Loan Facility matures on September 7, 2027. We have elected to pay interest on borrowings under the 2022 Term Loan Facility based on the SOFR rate. The interest rate in effect for the 2022 Term Loan Facility as of March 31, 2025 was 6.649% per annum. Due to its variable interest rates, the carrying amount of debt approximates fair value based on the present value of future cash flows using Level 2 inputs.

The 2022 Revolving Credit Facility terminates on September 7, 2027. As of March 31, 2025, the Company had no balance outstanding and $190.0 million of borrowing availability under the 2022 Revolving Credit Facility.

The Company was in compliance with all debt covenants as of March 31, 2025.

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Our chief executive officer is our chief operating decision maker, who allocates resources to, and assesses the performance of, each operating segment using information based on factors including client demand and capacity and consolidated net income. Therefore, the Company has determined that it operates in a single operating and reportable segment.

The following table presents the significant expenses for the Company’s single segment:


	Three months ended March 31,
	2025		2024

Operating expenses:
Personnel costs (Cost of services)(1)	$	143,946	$	115,639
Operating costs (Selling, general, and administrative expense)(2)	48,116		42,730
Stock-based compensation expense(3)	9,218		10,564
Non-operating costs (Selling, general, and administrative expense)(4)	303		300
Other (Cost of services)(5)	27,022		19,082
Depreciation	10,003		10,789
Amortization of intangible assets	4,976		4,985
Gain on disposal of assets	(30)		(177)

Total operating expenses	$	243,554	$	203,912

(1) Represents salaries and wages and employee welfare costs, excluding stock-based compensation expense, of employees that can be directly attributed to the delivery of services.

(3) Represents stock-based compensation expense for cost of services and selling, general and administrative expense, as well as associated payroll tax.

(4) Includes operational efficiency costs in 2025 and certain litigation costs that are considered non-recurring and outside of the ordinary course of business in 2024.

(5) Represents other costs that can be directly attributed to delivery of services, including the costs for sites and technology, recruiting, professional development and employee engagement.

- 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.

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+ Details

Property and Equipment, net - Schedule of Property and Equipment by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 77,175	$ 66,775
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	29,588	22,888
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	6,677	7,116
India
Property, Plant and Equipment [Line Items]
Property and equipment, net	11,773	11,830
Colombia
Property, Plant and Equipment [Line Items]
Property and equipment, net	16,864	12,950
Rest of World
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 12,273	$ 11,991