Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | CCC INTELLIGENT SOLUTIONS HOLDINGS INC. | |
Entity Central Index Key | 0001818201 | |
Entity File Number | 001-39447 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Tax Identification Number | 98-1546280 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 167 N. Green Street | |
Entity Address, Address Line Two | 9th Floor | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60607 | |
City Area Code | 800 | |
Local Phone Number | 621-8070 | |
Entity Common Stock, Shares Outstanding | 628,313,971 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | CCCS | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 338,354 | $ 323,788 | ||
Accounts receivable - Net of allowances of $6,866 and $5,339 as of March 31, 2023 and December 31, 2022, respectively | 92,268 | 98,353 | ||
Income taxes receivable | 2,316 | 4,015 | ||
Deferred contract costs | 17,339 | 16,556 | ||
Other current assets | 34,766 | 36,358 | ||
Total current assets | 485,043 | 479,070 | ||
SOFTWARE, EQUIPMENT, AND PROPERTY—Net | 150,496 | 146,443 | ||
OPERATING LEASE ASSETS | 32,349 | 32,874 | ||
INTANGIBLE ASSETS—Net | 1,094,068 | 1,118,819 | ||
GOODWILL | 1,495,129 | 1,495,129 | ||
DEFERRED FINANCING FEES, REVOLVER—Net | 2,132 | 2,286 | ||
DEFERRED CONTRACT COSTS | 20,212 | 20,161 | ||
EQUITY METHOD INVESTMENT | 10,228 | 10,228 | ||
OTHER ASSETS | 51,768 | 45,911 | ||
TOTAL | 3,341,425 | 3,350,921 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 15,795 | 27,599 | ||
Accrued expenses | 45,972 | 71,445 | ||
Income taxes payable | 5,001 | 922 | ||
Current portion of long-term debt | 8,000 | 8,000 | ||
Current portion of long-term licensing agreement—Net | 2,921 | 2,876 | ||
Operating lease liabilities | 6,815 | 5,484 | ||
Deferred revenues | 40,272 | 35,239 | ||
Total current liabilities | 124,776 | 151,565 | ||
LONG-TERM DEBT - Net | 772,461 | 774,132 | ||
DEFERRED INCOME TAXES—Net | 234,935 | 241,698 | ||
LONG-TERM LICENSING AGREEMENT—Net | 30,005 | 30,752 | ||
OPERATING LEASE LIABILITIES | 53,329 | 54,245 | ||
WARRANT LIABILITIES | 35,210 | 36,405 | ||
OTHER LIABILITIES | 1,975 | 2,658 | ||
Total liabilities | 1,252,691 | 1,291,455 | ||
COMMITMENTS AND CONTINGENCIES (Notes 18 and 19) | ||||
MEZZANINE EQUITY: | ||||
Redeemable non-controlling interest | 14,179 | 14,179 | ||
STOCKHOLDERS' EQUITY: | ||||
Preferred stock-$0.0001 par; 100,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | ||
Common stock - $0.0001 par; 5,000,000,000 shares authorized; 627,683,715 and 622,072,905 shares issued and outstanding at March 31, 2023 and December 31,2022, respectively | 63 | 62 | ||
Additional paid-in capital | 2,781,104 | 2,754,055 | ||
Accumulated deficit | (705,762) | (707,946) | ||
Accumulated other comprehensive loss | (850) | (884) | ||
Total stockholders' equity | 2,074,555 | 2,045,287 | $ 1,918,579 | $ 1,872,318 |
TOTAL | $ 3,341,425 | $ 3,350,921 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts receivable current | $ 6,866 | $ 5,339 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 5,000,000,000 | 5,000,000,000 |
Common Stock, Shares, Issued | 627,683,715 | 622,072,905 |
Common Stock, Shares, Outstanding | 627,683,715 | 622,072,905 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income | ||
REVENUES | $ 204,919 | $ 186,823 |
COST OF REVENUES | ||
Cost of revenues, exclusive of amortization of acquired technologies | 50,447 | 42,701 |
Amortization of acquired technologies | 6,685 | 6,695 |
Total cost of revenues | 57,132 | 49,396 |
GROSS PROFIT | 147,787 | 137,427 |
OPERATING EXPENSES: | ||
Research and development | 40,996 | 35,681 |
Selling and marketing | 33,531 | 26,802 |
General and administrative | 41,865 | 44,207 |
Amortization of intangible assets | 18,066 | 18,080 |
Total operating expenses | 134,458 | 124,770 |
OPERATING INCOME | 13,329 | 12,657 |
INTEREST EXPENSE | (13,832) | (7,341) |
INTEREST INCOME | 3,259 | 0 |
CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS | (2,604) | 0 |
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES | 1,195 | 2,136 |
GAIN ON SALE OF COST METHOD INVESTMENT | 0 | 3,578 |
OTHER INCOME - Net | 54 | 82 |
PRETAX INCOME | 1,401 | 11,112 |
INCOME TAX BENEFIT | 783 | 863 |
NET INCOME INCLUDING NON-CONTROLLING INTEREST | 2,184 | 11,975 |
Less: net income attributable to non-controlling interest | 0 | 0 |
NET INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. | $ 2,184 | $ 11,975 |
Net income per share attributable to common stockholders: | ||
Basic | $ 0 | $ 0.02 |
Diluted | $ 0 | $ 0.02 |
Weighted-average shares used in computing net income per share attributable to common stockholders: | ||
Basic | 616,217,176 | 603,104,839 |
Diluted | 646,380,961 | 641,028,410 |
COMPREHENSIVE INCOME: | ||
Net income including non-controlling interest | $ 2,184 | $ 11,975 |
Other comprehensive income-Foreign currency translation adjustment | 34 | 9 |
COMPREHENSIVE INCOME INCLUDING NON-CONTROLLING INTEREST | 2,218 | 11,984 |
Less: comprehensive income attributable to non-controlling interest | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. | $ 2,218 | $ 11,984 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity - USD ($) $ in Thousands | Total | Noncontrolling Interest [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2021 | $ 1,872,318 | $ 0 | $ 61 | $ 2,618,924 | $ (746,352) | $ (315) | |
Balance Balance, Shares at Dec. 31, 2021 | 0 | 609,768,296 | |||||
Beginning Balance , Redeemable Non-Controlling Interest at Dec. 31, 2021 | $ 14,179 | ||||||
Stock-based compensation expense | 23,644 | 23,644 | |||||
Exercise of stock options—net of tax | 10,633 | 10,633 | |||||
Exercise of stock options—net of tax , Shares | 3,961,270 | ||||||
Exercise of Warrants-Net, Shares | 1,246 | ||||||
Issuance of common stock upon vesting of RSUs - net of tax | 27,314 | ||||||
Foreign currency translation adjustment | 9 | 9 | |||||
Net income including non-controlling interest | 11,975 | 11,975 | |||||
Ending Balance , Redeemable Non-Controlling Interest at Mar. 31, 2022 | 14,179 | ||||||
Ending Balance at Mar. 31, 2022 | 1,918,579 | $ 0 | $ 61 | 2,653,201 | (734,377) | (306) | |
Ending Balance, Shares at Mar. 31, 2022 | 0 | 613,758,126 | |||||
Beginning Balance at Dec. 31, 2022 | 2,045,287 | $ 62 | 2,754,055 | (707,946) | (884) | ||
Balance Balance, Shares at Dec. 31, 2022 | 622,072,905 | ||||||
Beginning Balance , Redeemable Non-Controlling Interest at Dec. 31, 2022 | 14,179 | 14,179 | |||||
Stock-based compensation expense | 28,930 | 28,930 | |||||
Exercise of stock options—net of tax | 8,243 | $ 1 | 8,242 | ||||
Exercise of stock options—net of tax , Shares | 3,214,093 | ||||||
Issuance of common stock under employee stock purchase plan, Value | 1,326 | 1,326 | |||||
Issuance of common stock under employee stock purchase plan, Shares | 179,338 | ||||||
Issuance of common stock upon vesting of RSUs-net of tax | (11,449) | (11,449) | |||||
Issuance of common stock upon vesting of RSUs - net of tax | 2,217,379 | ||||||
Foreign currency translation adjustment | 34 | 34 | |||||
Net income including non-controlling interest | 2,184 | 2,184 | |||||
Ending Balance , Redeemable Non-Controlling Interest at Mar. 31, 2023 | 14,179 | $ 14,179 | |||||
Ending Balance at Mar. 31, 2023 | $ 2,074,555 | $ 63 | $ 2,781,104 | $ (705,762) | $ (850) | ||
Ending Balance, Shares at Mar. 31, 2023 | 627,683,715 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 2,184 | $ 11,975 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of software, equipment, and property | 9,206 | 6,807 | |
Amortization of intangible assets | 24,751 | 24,775 | |
Deferred income taxes | (6,763) | (21,223) | |
Stock-based compensation | 29,234 | 23,644 | |
Amortization of deferred financing fees | 427 | 474 | |
Amortization of discount on debt | 56 | 65 | |
Change in fair value of derivative instruments | 2,604 | 0 | |
Change in fair value of warrant liabilities | (1,195) | (2,136) | |
Non-cash lease expense | 942 | 1,228 | |
Loss on disposal of software, equipment and property | 0 | 795 | |
Gain on sale of cost method investment | 0 | (3,578) | |
Other | 58 | 26 | |
Changes in: | |||
Accounts receivable—Net | 6,084 | 2,043 | |
Deferred contract costs | (783) | (576) | |
Other current assets | 1,726 | 2,187 | |
Deferred contract costs—Non-current | (51) | 814 | |
Other assets | (8,519) | (10,805) | |
Operating lease assets | (417) | 1,316 | |
Income taxes | 5,778 | 20,370 | |
Accounts payable | (11,897) | 4,825 | |
Accrued expenses | (25,690) | (16,460) | |
Operating lease liabilities | 415 | (1,986) | |
Deferred revenues | 5,033 | 2,353 | |
Other liabilities | (105) | (68) | |
Net cash provided by operating activities | 33,078 | 46,865 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of software, equipment, and property | (14,534) | (14,280) | |
Acquisition of Safekeep, Inc., net of cash acquired | 0 | (32,227) | |
Proceeds from sale of cost method investment | 0 | 3,892 | |
Net cash used in investing activities | (14,534) | (42,615) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 8,109 | 10,691 | |
Proceeds from employee stock purchase plan | 1,326 | 0 | |
Payments for employee taxes withheld upon vesting of equity awards | (11,449) | 0 | |
Principal payments on long-term debt | (2,000) | (2,000) | |
Net cash (used in) provided by financing activities | (4,014) | 8,691 | |
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 36 | 12 | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 14,566 | 12,953 | |
Beginning of period | 323,788 | 182,544 | $ 182,544 |
End of period | 338,354 | 195,497 | $ 323,788 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Noncash purchases of software, equipment, and property | 626 | 0 | |
Contingent consideration related to business acquisition | 0 | 200 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest | 13,446 | 6,783 | |
Cash paid for income taxes-Net | $ 202 | $ 45 |
Organization and Nature of Oper
Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Organization and Nature of Operations | 1. ORGANIZATION AND nature of operations CCC Intelligent Solutions Holdings Inc. (the "Company"), a Delaware corporation, is a leading provider of innovative cloud, mobile, telematics, hyperscale technologies, and applications for the property and casualty (“P&C”) insurance economy. Our cloud-based software as a service (“SaaS”) platform connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence ("AI") enabled digital workflows. Our platform digitizes workflows and connects companies across the P&C insurance economy, including insurance carriers, collision repairers, parts suppliers, automotive manufacturers, financial institutions, and others. The Company is headquartered in Chicago, Illinois. The Company’s primary operations are in the United States (“U.S.”) and it also has operations in China. The Company was originally incorporated as a Cayman Islands exempted company on July 3, 2020 as a special purpose acquisition company under the name Dragoneer Growth Opportunities Corp ("Dragoneer"). On February 2, 2021, Cypress Holdings Inc. ("CCCIS"), a Delaware corporation, entered into a Business Combination Agreement (the "Business Combination Agreement") with Dragoneer. In connection with the closing (the "Closing") of the transactions contemplated by the Business Combination Agreement (the "Business Combination"), Dragoneer changed its jurisdiction of incorporation by deregistering as an exempted company in the Cayman Islands and continuing and domesticating as a Delaware corporation on July 30, 2021, upon which Dragoneer changed its name to CCC Intelligent Solutions Holdings Inc. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presenta tion —The condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2023 and 2022, the condensed consolidated statements of mezzanine equity and stockholders’ equity for the three months ended March 31, 2023 and 2022, and the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 have been prepared by the Company and have not been audited. In the opinion of management, all adjustments (which include only normal recurring adjustments except where disclosed) necessary for the fair presentation of the financial position, results of operations and cash flows have been made. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or any future period. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (“SEC”). The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the condensed consolidated financial statements may not include all the information and footnotes necessary for a complete presentation of financial position, results of operations or cash flows. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The Company's significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the significant accounting policies since December 31, 2022 . Basis of Accounting —The accompanying condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of the Company and its wholly-owned subsidiaries and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements include 100% of the accounts of wholly-owned and majority-owned subsidiaries and the ownership interest of the minority investor is recorded as a non-controlling interest in a subsidiary. Use of Estimates —The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts, and the disclosures of contingent amounts in the Company’s condensed consolidated financial statements and the accompanying notes. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from management’s estimates if past experience or other assumptions are not substantially accurate. Significant estimates in these condensed consolidated financial statements include the estimation of contract transaction prices, the determination of the amortization period for contract assets, the valuation of goodwill and intangible assets, the valuation of the warrant liabilities, the estimates and assumptions associated with stock incentive plans, and the measurement of expected contingent consideration in connection with business acquisitions. Recently Issued Accounting Pronouncements —In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and in January 2021 subsequently issued ASU 2021-01, which refines the scope of Topic 848. These ASUs provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR"), or another rate that is expected to be discontinued. ASU 2020-04 was effective upon issuance. In December 2022, the FASB issued ASU 2022-06 that defers the sunset date for applying the reference rate reform relief in Accounting Standards Codification ("ASC") 848 to December 31, 2024. While there has been no material effect to our condensed consolidated financial statements, the guidance will potentially be applicable when we modify the current reference rate of LIBOR to another reference rate in our First Lien Credit Agreement and related interest rate cap agreements (see Note 14). |
Business Acquisition
Business Acquisition | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Business Acquisition | 3. BUSINESS ACQUISITION On February 8, 2022, the Company completed its acquisition of Safekeep, Inc. (“Safekeep”), a privately held company that leverages AI to streamline and improve subrogation management across auto, property, workers’ compensation and other insurance lines of business. Leveraging Safekeep’s AI-enabled subrogation solutions, the acquisition broadens the Company’s portfolio of cloud-based solutions available to its insurance customers. In exchange for all the outstanding shares of Safekeep, the Company paid total cash consideration of $ 32.3 million upon closing. In accordance with the acquisition agreement, the Company placed $ 6.0 million in escrow for a general indemnity holdback to be paid to the sellers within 15 months of closing subject to reduction for certain indemnifications and other potential obligations of the selling shareholders. As additional consideration for the shares, the acquisition agreement includes a contingent earnout for additional cash consideration. The potential amount of the earnout is calculated as a multiple of revenue, above a defined floor, during the 12-month measurement period ending December 31, 2024 and is not to exceed $ 90.0 million. The fair value of the contingent consideration as of the acquisition date of $ 0.2 million was estimated using a Monte Carlo simulation model that relies on unobservable inputs, including management estimates and assumptions. Thus, the contingent earnout is a Level 3 measurement. The acquisition date fair value of the consideration transferred was $ 32.5 million, which consisted of the following (in thousands): Cash paid through closing $ 32,300 Fair value of contingent earnout consideration 200 Total acquisition date fair value of the consideration transferred $ 32,500 The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC Topic 805, Business Combinations . The total purchase consideration was allocated to the assets acquired and liabilities assumed based on their fair values as of the acquisition date with the excess purchase price assigned to goodwill. The goodwill was primarily attributable to the expected synergies from the combined service offerings and the value of the acquired workforce. The goodwill is not deductible for tax purposes. The Company’s estimates of the fair values of the assets acquired, liabilities assumed and contingent consideration we re based on information that was available at the date of the acquisition. During the measurement period, which may be up to one year from the acquisition date, adjustments may be recorded to the fair value of these tangible and intangible assets acquired and liabilities assumed, including uncertain tax positions and tax-related valuation allowances, with the corresponding offset to goodwill. In December 2022, the Company recorded a measurement period adjustment to reflect the facts and circumstances in existence at the acquisition date. The adjustment related to the valuation of the deferred tax liabilities for $ 0.9 million, with a corresponding increase in goodwill. There were no other significant changes to the preliminary purchase price allocation. The purchase price allocation of estimated fair values was finalized as of December 31, 2022. The following table summarizes the final allocation of the consideration to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Assets acquired: Current assets $ 150 Intangible asset - acquired technology 4,800 Total assets acquired 4,950 Liabilities assumed: Current liabilities 147 Deferred tax liabilities 548 Total liabilities assumed 695 Net assets acquired 4,255 Goodwill 28,245 Total purchase price $ 32,500 The acquired technology intangible asset has an estimated useful life of seven years and is being amortized on a straight-line basis. The fair value of the acquired technology intangible asset was determined by a valuation model based on estimates of future operating projections as well as judgments on the discount rate and other variables. This fair value measurement is based on significant unobservable inputs, including management estimates and assumptions and thus represents a Level 3 measurement. The transaction costs associated with the acquisition totaled $ 1.2 million, of which $ 1.1 million were incurred during the three months ended March 31, 2022 and are included in general and administrative expenses within the accompanying condensed consolidated statement of operations and comprehensive income . |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 4. REvenue Disaggregation of Revenue —The Company provides disaggregation of revenue based on type of service as it believes these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following table summarizes revenue by type of service for the three months ended March 31, 2023 and 2022 (in thousands): For the Three Months Ended March 31, 2023 2022 Software subscriptions $ 196,256 $ 179,818 Other 8,663 7,005 Total revenues $ 204,919 $ 186,823 Transaction Price Allocated to the Remaining Performance Obligations —Remaining performance obligations represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of March 31, 2023 , approximately $ 1,519 million of revenue is expected to be recognized from remaining performance obligations in the amount of approximately $ 554 million during the following twelve months, and approximately $ 965 million thereafter. The estimated revenues do not include unexercised contract renewals. The remaining performance obligations exclude future transaction revenue where revenue is recognized as the services are rendered and in the amount to which the Company has the right to invoice. Deferred Revenue —Revenue recognized for the three months ended March 31, 2023 from amounts in deferred revenue as of December 31, 2022 was $ 33.8 million. Revenue recognized for the three months ended March 31, 2022 from amounts in deferred revenue as of December 31, 2021 was $ 29.7 million . Contract Assets and Liabilities — The opening and closing balances of the Company’s receivables, contract assets and contract liabilities from contracts with customers are as follows (in thousands): March 31, December 31, 2023 2022 Accounts receivables-net of allowances $ 92,268 $ 98,353 Deferred contract costs 17,339 16,556 Long-term deferred contract costs 20,212 20,161 Other assets (accounts receivable, non-current) 15,738 16,437 Deferred revenues 40,272 35,239 Other liabilities (deferred revenues, non-current) 1,150 1,240 A summary of the activity impacting deferred revenue balances during the three months ended March 31, 2023 and 2022 is presented below (in thousands): For the Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 36,479 $ 32,615 Revenue recognized 1 ( 103,187 ) ( 89,432 ) Additional amounts deferred 1 108,130 91,717 Balance at end of period $ 41,422 $ 34,900 Classified as: Current $ 40,272 $ 33,395 Non-current 1,150 1,505 Total deferred revenue $ 41,422 $ 34,900 1 Amounts include total revenue deferred and recognized during each respective period. A summary of the activity impacting the deferred contract costs during the three months ended March 31, 2023 and 2022 is presented below (in thousands): For the Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 36,717 $ 37,186 Costs amortized ( 4,785 ) ( 4,221 ) Additional amounts deferred 5,619 3,983 Balance at end of period $ 37,551 $ 36,948 Classified as: Current $ 17,339 $ 15,645 Non-current 20,212 21,303 Total deferred contract costs $ 37,551 $ 36,948 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis Private Warrants —As of March 31, 2023, the Company's Private Warrants are recognized as liabilities and measured at fair value on a recurring basis. The Private Warrants are valued using Level 1 and Level 2 inputs within the Black-Scholes option-pricing model. The assumptions utilized under the Black-Scholes option pricing model require judgments and estimates. Changes in these inputs and assumptions could affect the measurement of the estimated fair value of the Private Warrants. Accordingly, the Private Warrants are classified within Level 2 of the fair value hierarchy. The valuation of the Private Warrants as of March 31, 2023 and December 31, 2022 was determined using the Black-Scholes option pricing model using the following assumptions: March 31, December 31, 2023 2022 Expected term (in years) 3.3 3.6 Expected volatility 37 % 38 % Expected dividend yield 0 % 0 % Risk-free interest rate 3.78 % 4.15 % The estimated fair value of each Private Warrant using the Company's stock price on the valuation date and above assumptions was $ 1.98 and $ 2.05 as of March 31, 2023 and December 31, 2022, respectively. Contingent Consideration Liability —The contingent consideration liability related to the acquisition of Safekeep (see Note 3), recognized within other liabilities on the condensed consolidated balance sheet, is adjusted each reporting period for changes in fair value, which can result from changes in anticipated payments and changes in assumed discount rates. These inputs are unobservable in the market and therefore categorized as Level 3 inputs. The estimated fair value of the contingent consideration was determined using probability-weighted discounted cash flows and a Monte Carlo simulation model. The discount rate, based on the Company's estimated cost of debt, was 10 %. As of December 31, 2022 , the contingent consideration liability had a fair value of $ 0.1 million. As of March 31, 2023 , there were no significant changes to the inputs used within the Monte Carlo simulation model and the estimated fair value of the contingent consideration liability was $ 0.1 million. The contingent consideration liability is classified within other liabilities in the accompanying condensed consolidated balance sheets. The Company did no t recognize any change in the estimated fair value of the contingent consideration liability during the three months ended March 31, 2023 and 2022. Interest Rate Cap —In August 2022, the Company entered into two interest rate cap agreements to reduce its exposure to increases in interest rates applicable to its floating rate long-term debt (see Note 14). The fair value of the interest rate cap agreements was estimated using inputs that were observable or that could be corroborated by observable market data and therefore was classified within Level 2 of the fair value hierarchy as of March 31, 2023 and December 31, 2022. The Company did not designate its interest rate cap agreements as hedging instruments and records the changes in fair value within earnings. As of March 31, 2023 and December 31, 2022 , the interest rate cap agreements had a fair value of $ 9.3 million and $ 12.0 million, respectively, classified within other assets in the accompanying condensed consolidated balance sheets. The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets Interest rate cap $ 9,347 $ — $ 9,347 $ — Total Assets $ 9,347 $ — $ 9,347 $ — Liabilities Contingent consideration related to business acquisition $ 100 $ — $ — $ 100 Private Warrants 35,210 — 35,210 — Total Liabilities $ 35,310 $ — $ 35,210 $ 100 The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets Interest rate cap $ 11,951 $ — $ 11,951 $ — Total Assets $ 11,951 $ — $ 11,951 $ — Liabilities Contingent consideration related to business acquisition $ 100 $ — $ — $ 100 Private Warrants 36,405 — 36,405 — Total Liabilities $ 36,505 $ — $ 36,405 $ 100 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis —The Company has assets that under certain conditions are subject to measurement at fair value on a nonrecurring basis. These assets include those associated with acquired businesses, including goodwill and other intangible assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if one or more is determined to be impaired. During the three months ended March 31, 2023 and 2022 , the Company recognized no impairment related to these assets. Fair Value of Other Financial Instruments — The following table presents the carrying amounts, net of debt discount, and the estimated fair values of the Company’s financial instruments that are not recorded at fair value on the condensed consolidated balance sheets (in thousands): March 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Description Amount Fair Value Amount Fair Value Term B Loan, including current portion $ 788,387 $ 782,100 $ 790,331 $ 766,260 The fair value of the Company’s long-term debt, including current maturities, was estimated based on the quoted market prices for the same or similar instruments and fluctuates with changes in applicable interest rates among other factors. The fair value of long-term debt is classified as a Level 2 measurement in the fair value hierarchy and is established based on observable inputs in less active markets. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. INCOME TAXES On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA contains several revisions to the Internal Revenue Code, including a 15 % corporate minimum income tax and a 1 % excise tax on corporate stock repurchases in tax years beginning after December 31, 2022. While these tax law changes have no immediate effect on our results of operations and are not expected to have a material adverse effect on our results of operations going forward, we will continue to evaluate its impact as further information becomes available. The Company’s effective tax rate for the three months ended March 31, 2023 was ( 55.9 )% primarily due to the tax benefit received related to share-based compensation expense in the amount of $ 0.5 million, as well as the tax benefit associated with the re-measurement of the company's deferred tax liability for changes in state tax rates in the amount of $ 2.0 million. The Company's effective tax rate for the three months ended March 31, 2022 was ( 7.8 )% primarily due to the tax benefit received related to share-based compensation expense in the amount of $ 2.3 million, as well as the tax benefit associated with the re-measurement of the company's deferred tax liability for changes in state tax rates in the amount of $ 3.3 million. The Company made income tax payments of $ 224 thousand and $ 5 thousand for the three months ended March 31, 2023 and 2022, respectively. The Company received negligible refunds from various states for the three months ended March 31, 2023 and 2022. As of March 31, 2023, unrecognized tax benefits were materially consistent with the amount as of December 31, 2022 . The Company believes its liability for unrecognized tax benefits, excluding interest and penalties, will not significantly change over the following twelve months. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | 7. accounts receivable Accounts receivable–Net as of March 31, 2023 and December 31, 2022, consists of the following (in thousands): March 31, December 31, 2023 2022 Accounts receivable $ 99,134 $ 103,692 Allowance for doubtful accounts and sales reserves ( 6,866 ) ( 5,339 ) Accounts receivable–net $ 92,268 $ 98,353 As of March 31, 2023 and December 31, 2022 , each period had one customer that accounted for 11% of accounts receivable. Changes to the allowance for doubtful accounts and sales reserves during the three months ended March 31, 2023 and 2022 consist of the following (in thousands): For the Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 5,339 $ 3,791 Charges to bad debt and sales reserves 3,136 1,232 Write-offs, net ( 1,609 ) ( 862 ) Balance at end of period $ 6,866 $ 4,161 |
Other Current Assets
Other Current Assets | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other Current Assets | 8. OTHER CURRENT ASSETS Other current assets as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Prepaid SaaS costs 7,869 7,423 Prepaid service fees 7,333 5,268 Prepaid software and equipment maintenance 6,768 7,638 Prepaid insurance 2,262 4,062 Non-trade receivables 124 690 Other 10,410 11,277 Total other current assets $ 34,766 $ 36,358 |
Software, Equipment, And Proper
Software, Equipment, And Property | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Software, Equipment, and Property | 9. SOFTWARE, EQUIPMENT, AND PROPERTY Software, equipment, and property as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Software, licenses and database $ 187,378 $ 175,616 Computer equipment 33,149 33,043 Leasehold improvements 30,430 30,430 Building and land 4,910 4,910 Furniture and other equipment 1,481 1,478 Total software, equipment, and property 257,348 245,477 Less accumulated depreciation and amortization ( 106,852 ) ( 99,034 ) Software, equipment, and property—Net $ 150,496 $ 146,443 Depreciation and amortization expense related to software, equipment and property was $ 9.2 million and $ 6.8 million for the three months ended March 31, 2023 and 2022 , respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 10. LEASES The Company leases real estate in the form of office space and data center facilities. Generally, at the inception of the contract, the term for real estate leases ranges from 1 to 17 years and the term for equipment leases is 1 to 3 years. Some real estate leases include options to renew that can extend the original term by 3 to 5 years. The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months Ended March 31, 2023 2022 Operating lease costs $ 1,503 $ 3,566 Variable lease costs 884 837 Total lease costs $ 2,387 $ 4,403 The Company made cash payments for operating leases of $ 0.9 million and $ 2.5 million for the three months ended March 31, 2023 and 2022 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 11. GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets are primarily the result of business acquisitions. In the first quarter of 2023, the Company performed an interim review of triggering events for each reporting unit, which would indicate whether a quantitative or qualitative assessment of goodwill impairment was necessary. As a result of the interim triggering event review, the Company concluded an additional assessment was not necessary. No impairments to goodwill or indefinite life intangible assets were recorded during the three months ended March 31, 2023 and 2022. Based on our impairment testing performed as of November 30, 2022, the China reporting unit's fair value exceeded its carrying value by approximately 5 % and is most susceptible to future impairment risk. While it was concluded that the goodwill assigned to the China reporting unit was not impaired, it could be at risk of future impairment if the China reporting unit's long-term financial objectives are not achieved or if there are changes to estimates and assumptions from a number of factors, many of which are outside the Company's control. The intangible assets balance as of March 31, 2023 is reflected below (in thousands): Weighted- Average Estimated Remaining Gross Net Useful Life Useful Life Carrying Accumulated Carrying (Years) (Years) Amount Amortization Amount Customer relationships 16 – 18 12.1 $ 1,299,750 $ ( 428,161 ) $ 871,589 Acquired technologies 3 – 7 1.7 187,950 ( 155,941 ) 32,009 Subtotal 1,487,700 ( 584,102 ) 903,598 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,678,170 $ ( 584,102 ) $ 1,094,068 The intangible assets balance as of December 31, 2022 is reflected below (in thousands): Weighted- Average Estimated Remaining Gross Net Useful Life Useful Life Carrying Accumulated Carrying (Years) (Years) Amount Amortization Amount Customer relationships 16 – 18 12.3 $ 1,299,750 $ ( 410,095 ) $ 889,655 Acquired technologies 3 – 7 1.8 187,950 ( 149,256 ) 38,694 Subtotal 1,487,700 ( 559,351 ) 928,349 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,678,170 $ ( 559,351 ) $ 1,118,819 Amortization expense for intangible assets was $ 24.8 million for the three months ended March 31, 2023 and 2022. Future amortization expense for the remainder of the year ended December 31, 2023 and the following four years ended December 31 and thereafter for intangible assets as of March 31, 2023 is as follows (in thousands): Years Ending December 31: 2023 74,252 2024 81,417 2025 72,949 2026 72,949 2027 72,949 Thereafter 529,082 Total $ 903,598 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 12. ACCRUED EXPENSES Accrued expenses as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Compensation $ 24,612 $ 53,530 Professional services 3,820 1,877 Employee insurance benefits 3,566 2,749 Royalties and licenses 3,524 3,832 Software license agreement 3,459 3,243 Sales tax 2,565 2,615 Other 4,426 3,599 Total accrued liabilities $ 45,972 $ 71,445 |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 13. OTHER LIABILITIES Other liabilities as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Deferred revenue—non-current $ 1,150 $ 1,240 Software license agreement 311 1,208 Contingent consideration 100 100 Other 414 110 Total other liabilities $ 1,975 $ 2,658 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 14. LONG-TERM DEBT On September 21, 2021, CCC Intelligent Solutions Inc., an indirect wholly-owned subsidiary of the Company, together with certain of the Company’s subsidiaries acting as guarantors entered into a credit agreement (the “2021 Credit Agreement”). The proceeds of the 2021 Credit Agreement and cash on hand were used to repay all outstanding borrowings under the Company's previous credit agreement. The 2021 Credit Agreement consists of an $ 800.0 million term loan (“Term B Loan”) and a revolving credit facility for an aggregate principal amount of $ 250.0 million (the “2021 Revolving Credit Facility” and together with the Term B Loan, the "2021 Credit Facilities"). The 2021 Revolving Credit Facility has a sublimit of $ 75.0 million for letters of credit. The Company received proceeds of $ 798.0 million, net of debt discount of $ 2.0 million, related to the Term B Loan. As of March 31, 2023 and December 31, 2022 , the unamortized debt discount was $ 1.6 million and $ 1.7 million, respectively. The Company incurred $ 9.8 million in financing costs related to the Term B Loan. These costs were recorded to a contra debt account and are being amortized to interest expense over the term of the Term B Loan using the effective interest method. As of March 31, 2023 and December 31, 2022 , the unamortized financing costs were $ 7.9 million and $ 8.2 million, respectively. The Company incurred $ 3.1 million in financing costs related to the 2021 Revolving Credit Facility. These costs were recorded to a deferred financing fees asset account and are being amortized to interest expense over the term of the 2021 Revolving Credit Facility. As of March 31, 2023 and December 31, 2022 , the deferred financing fees asset balance was $ 2.1 million and $ 2.3 million, respectively. The Term B Loan requires quarterly principal payments of $ 2.0 million until June 30, 2028 , with the remaining outstanding principal amount required to be paid on the maturity date, September 21, 2028 . Beginning with the fiscal year ended December 31, 2022, if the Company's leverage ratio, as defined in the 2021 Credit Agreement, is greater than 3.5, the Term B Loan requires a principal prepayment, subject to certain exceptions, in connection with the receipt of proceeds from certain asset sales, casualty events, and debt issuances by the Company, and up to 50 % of annual excess cash flow, as defined in and as further set forth in the 2021 Credit Agreement. When a principal prepayment is required, the prepayment offsets the future quarterly principal payments of the same amount. As of December 31, 2022, the Company's leverage ratio did not exceed the 3.5 threshold and the Company was not subject to the annual excess cash flow calculation and, as such, was no t required to make a principal prepayment. As of March 31, 2023 and December 31, 2022, the amount outstanding on the Term B Loa n is $ 790.0 million and $ 792.0 million, respectively, of which $ 8.0 million is classified as current in the accompanying condensed consolidated balance sheets. Borrowings under the 2021 Credit Facilities bear interest at rates based on the ratio of CCC Intelligent Solutions Inc. and certain of its subsidiaries’ consolidated first lien net indebtedness to consolidated EBITDA for applicable periods specified in the 2021 Credit Agreement. A quarterly commitment fee of up to 0.50 % is payable on the unused portion of the 2021 Revolving Credit Facility. The 2021 Revolving Credit Facility matures on September 21, 2026. During the three months ended March 31, 2023 and 2022 , the weighted-average interest rate on the outstanding borrowings under the Term B Loan was 6.9 % and 3.0 % , respectively. During the three months ended March 31, 2023 and 2022 , the Company made interest payments of $ 13.6 million and $ 5.9 million, respectively. The Company has an outstanding standby letter of credit for $ 0.7 million which reduces the amount available to be borrowed under the 2021 Revolving Credit Facility. As of March 31, 2023 and December 31, 2022 , $ 249.3 million was available to be borrowed. The terms of the 2021 Credit Agreement include a financial covenant which requires that, at the end of each fiscal quarter, if the aggregate amount of borrowings under the 2021 Revolving Credit Facility exceeds 35 % of the aggregate commitments, leverage ratio of CCC Intelligent Solutions Inc. and certain of its subsidiaries cannot exceed 6.25 to 1.00 . Borrowings under the 2021 Revolving Credit Facility did not exceed 35% of the aggregate commitments and the Company was not subject to the leverage test as of March 31, 2023 or December 31, 2022. Long-term debt as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Term B Loan $ 790,000 $ 792,000 Term B Loan—discount ( 1,613 ) ( 1,669 ) Term B Loan—deferred financing fees ( 7,926 ) ( 8,199 ) Term B Loan—net of discount & fees 780,461 782,132 Less: Current portion ( 8,000 ) ( 8,000 ) Total long-term debt—net of current portion $ 772,461 $ 774,132 Interest Rate Cap —In August 2022, the Company entered into two interest rate cap agreements to reduce its exposure to increases in interest rates applicable to its floating rate long-term debt. The aggregate notional value of the interest rate cap agreements is $ 600.0 million with a cap rate of 4.0 % and an expiration date of July 31, 2025 . As of March 31, 2023 and December 31, 2022 , the aggregate fair value of the interest rate cap agreements was $ 9.3 million and $ 12.0 million, respectively (see Note 5). |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | 15. Capital stock Preferred Stock —The Company is authorized to issue up to 100,000,000 shares of undesignated preferred stock with a par value of $ 0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2023 , there were no shares of preferred stock issued or outstanding. Common Stock —The Company is authorized to issue up to 5,000,000,000 shares of common stock with a par value of $ 0.0001 per share. Each holder of common stock is entitled to one (1) vote for each share of common stock held of record by such holder on all matters voted upon by the stockholders, subject to the restrictions set out in the Company's certificate of incorporation. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. Upon a liquidation event, subject to the rights of the holders of any preferred stock issued and outstanding at such time, any distribution shall be made on a pro rata basis to the common stockholders. There were 627,683,715 and 622,072,905 shares of common stock issued and outstanding as of March 31, 2023 and December 31, 2022 , respectively. |
Stock Incentive Plans
Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plans | 16. STOCK INCENTIVE PLANS In July 2021, the 2021 Equity Incentive Plan (the "2021 Plan") was adopted and approved by the Company's board of directors and stockholders. Restricted Stock Units — The table below summarizes the restricted stock unit ("RSU") activity for the three months ended March 31, 2023: Weighted- Average Shares Fair Value Unvested RSUs—December 31, 2022 31,288,688 $ 10.34 Granted 11,845,227 8.88 Vested ( 3,458,937 ) 10.27 Forfeited ( 664,230 ) 10.30 Unvested RSUs—March 31, 2023 39,010,748 9.90 During the three months ended March 31, 2023 , the Company granted 11,845,227 RSUs, of which 10,256,794 have time-based vesting requirements, and 1,588,433 have performance-based vesting requirements. During the three months ended March 31, 2023 , 3,458,937 RSUs vested, of which 1,241,558 were withheld for employee tax obligations. Stock Options — The table below summarizes the option activity for the three months ended March 31, 2023: Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Exercise Life Value Shares Price (in years) (in thousands) Options outstanding—December 31, 2022 45,249,260 $ 2.99 4.9 $ 258,470 Exercised ( 3,214,093 ) 2.56 Forfeited and canceled ( 454,982 ) 7.22 Options outstanding—March 31, 2023 41,580,185 $ 2.97 4.8 $ 249,303 Options exercisable—March 31, 2023 38,959,492 $ 2.81 4.6 $ 239,876 Options vested and expected to vest—March 31, 2023 41,441,319 $ 2.96 4.8 $ 248,857 The fair value of the options which vested during the three months ended March 31, 2023 was $ 1.7 million. Cayman Equity Incentive Plan —In December 2022, the Company adopted the CCCIS Cayman Holdings Employees Equity Incentive Plans (“Cayman Incentive Plans”), which provide for the issuance of stock option awards in CCC Cayman (“Cayman Awards”) to eligible employees of the Company's China subsidiaries. Awards under the Cayman Incentive Plans are settled in cash and thus accounted for as liability awards. Awards granted under the Cayman Incentive Plans have time-based vesting and expire on the tenth anniversary of the grant date. During the three months ended March 31, 2023 , the Company granted 539,400 stock options under the Cayman Incentive Plans. The exercise price of the options granted is equal to the fair value of the underlying shares at the grant date. As of March 31, 2023 and December 31, 2022 , 1,842,400 and 1,303,000 , respectively, of stock options under the Cayman Incentive Plans are outstanding. As of March 31, 2023 , no ne of the outstanding stock options are exercisable. Employee Stock Purchase Plan —In July 2021, the Company adopted the CCC 2021 Employee Stock Purchase Plan ("ESPP"). During the three months ended March 31, 2023, 179,338 shares were sold under the ESPP. The fair value of ESPP purchase rights sold during the three months ended March 31, 2023 was estimated using the Black-Scholes option pricing model with the following assumptions: Expected term (in years) 0.5 Expected volatility 51 % Expected dividend yield 0 % Risk-free interest rate 2.5 % Company Earnout Shares —Pursuant to the Business Combination Agreement, CCCIS shareholders and option holders, subject to continued employment, have the right to receive up to an additional 13.5 million and 1.5 million shares of common stock, respectively, (collectively, the "Company Earnout Shares") if before the tenth anniversary of the Closing, (a) the share price has been greater than or equal to $ 15.00 per share for any twenty trading days within any thirty consecutive trading day period beginning after Closing, or (b) there is a change in control, as defined in the Business Combination Agreement. As of March 31, 2023, the Company Earnout Shares remain outstanding as neither condition has been satisfied. Stock-Based Compensation —Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive income as follows for the three months ended March 31, 2023 and 2022 (in thousands): For the Three Months Ended March 31, 2023 2022 Cost of revenues $ 1,901 $ 849 Research and development 5,875 3,530 Sales and marketing 7,258 4,830 General and administrative 14,200 14,435 Total stock-based compensation expense $ 29,234 $ 23,644 As of March 31, 2023, there was $ 234.6 million of unrecognized stock compensation expense related to unvested time-based awards which is expected to be recognized over a weighted-average period o f 3.1 y ears. As of March 31, 2023, there was $ 71.3 million of unrecognized stock-based compensation expense related to unvested performance-based awards which is expected to be recognized over a weighted-average period of 1.5 years. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 17. WARRA NTS Upon consummation of the Business Combination, the Company assumed publicly-traded warrants ("Public Warrants") and warrants sold in a private placement ("Private Warrants") issued by Dragoneer. Public Warrants were only able to be exercised for a whole number of shares of the Company’s common stock. All Public Warrants had an exercise price of $ 11.50 per share, subject to adjustment, beginning on August 29, 2021, and were to expire on July 30, 2026 or earlier upon redemption or liquidation. In November 2021, the Company announced that it had elected to redeem all of the outstanding Public Warrants on December 29, 2021. Each Public Warrant not exercised by the exercise deadline was redeemed by the Company for $ 0.10 . Concurrent with the redemption, the Public Warrants ceased trading on the New York Stock Exchange and no Public Warrants remained outstanding. The Private Warrants are exercisable on a cashless basis and are non-redeemable, so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Private Warrants may only be exercised for a whole number of shares of the Company’s common stock. Each whole Private Warrant entitles the registered holder to purchase one share of the Company’s common stock. All warrants have an exercise price of $ 11.50 per share, subject to adjustment, beginning on August 29, 2021 , and will expire on July 30, 2026 or earlier upon redemption or liquidation. There were no exercises or redemptions of the Private Warrants during the three months ended March 31, 2023. As of March 31, 2023 and December 31, 2022 , the Company had 17,800,000 Private Warrants outstanding. The Company recognized income of $ 1.2 mil lion and $ 2.1 million as a change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022 , the Company’s warrant liability was $ 35.2 million and $ 36.4 million, respectively. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 18. COMMITMENTS Purchase Obligations —The Company has long-term agreements with suppliers and other parties related to licensing data used in its products and services, outsourced data center, disaster recovery, and software as a service that expire at various dates through 2031 . As of March 31, 2023, there were no material changes from the amounts disclosed as of December 31, 2022. Guarantees— The Company’s services and solutions are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and substantially in accordance with the Company’s services and solutions documentation under normal use and circumstances. The Company’s services and solutions are generally warranted to be performed in a professional manner and to materially conform to the specifications set forth in the related customer contract. The Company’s arrangements also include certain provisions for indemnifying customers against liabilities, subject to customary limitations, if its services and solutions infringe a third party’s intellectual property rights. To date, the Company has not incurred any material costs as a result of such indemnifications or commitments and has not accrued any liabilities related to such obligations in the accompanying consolidated financial statements. Employment Agreements —The Company is a party to employment agreements with key employees that provide for compensation and certain other benefits. These agreements also provide for severance and bonus payments under certain circumstances. |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Legal Proceedings And Contingencies [Abstract] | |
Legal Proceedings and Contingencies | 19. LEGAL PROCEEDINGS AND CONTINGENCIES In the ordinary course of business, the Company is from time to time, involved in various pending or threatened legal actions. The litigation process is inherently uncertain, and it is possible that the resolution of such matters might have a material adverse effect upon the Company’s consolidated financial condition and/or results of operations. The Company’s management believes, based on current information, matters currently pending or threatened are not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | 20. ReLATED PARTIES The Company has engaged in transactions within the ordinary course of business with entities affiliated with its principal equity owners and directors. The following table summarizes revenues recognized and expenses incurred with entities affiliated with one of its principal equity owners for the three months ended March 31, 2023 and 2022 (in thousands): For the Three Months Ended March 31, 2023 2022 Revenues Credit card processing $ 234 $ 143 Expenses Employee health insurance benefits 868 816 Human resources support services 114 53 Sales tax processing and license fees for tax information ^ 178 ^ Not a related party during the three months ended March 31, 2023. The following table summarizes amounts receivable and due to entities affiliated with one of its principal equity owners as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Receivables Credit card processing * * Payables Employee health insurance benefits * $ 501 Human resources support services * * Sales tax processing and license fees for tax information ^ * * Not significant ^ Not a related party as of March 31, 2023. As of October 2022, the entity which provided sales tax processing and license fees for tax information is no longer affiliated with the principal equity owner and is no longer a related party. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 21. NET INCOME PER SHARE The Company calculates basic earnings per share by dividing the net income by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by assuming the exercise, settlement and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. The Company excludes common stock equivalent shares from the calculation if their effect is anti-dilutive. In a period where the Company is in a net loss position, the diluted loss per share is calculated using the basic share count. The following table sets forth a reconciliation of the numerator and denominator used to compute basic and diluted earnings per share of common stock (in thousands, except for share and per share data). For the Three Months Ended March 31, 2023 2022 Numerator Net income $ 2,184 $ 11,975 Denominator Weighted average shares of common stock—basic 616,217,176 603,104,839 Dilutive effect of stock-based awards 30,163,785 37,923,571 Weighted average shares of common stock—diluted 646,380,961 641,028,410 Net income per share: Basic $ 0.00 $ 0.02 Diluted $ 0.00 $ 0.02 Approximately 15,957,331 and 110,393 common stock equivalent shares were excluded from the computation of diluted per share amounts for the three months ended March 31, 2023 and 2022, respectively, because their effect was anti-dilutive. As part of the Business Combination, 8,625,000 shares issued and held by Dragoneer (the “Sponsor Vesting Shares”) became non-transferable and subject to forfeiture on the tenth anniversary of Closing if neither of the defined triggering events has occurred. The Sponsor Vesting Shares are issued and outstanding as of March 31, 2023 and December 31, 2022 and excluded from the weighted average number of shares of common stock outstanding until the vesting requirement is met and the restriction is removed. |
Segment Information And Informa
Segment Information And Information About Geographic Areas | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information And Information About Geographic Areas | 22. SEGMENT INFORMATION and information about geographic areas The Company operates in one operating segment. The chief operating decision maker for the Company is the chief executive officer. The chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by type of service and geographic region, for purposes of allocating resources and evaluating financial performance. Revenues by geographic area, presented based upon the location of the customer are as follows (in thousands): For the Three Months Ended March 31, 2023 2022 United States $ 203,027 $ 184,839 China 1,892 1,984 Total revenues $ 204,919 $ 186,823 Software, equipment and property, net by geographic area are as follows (in thousands): March 31, December 31, 2023 2022 United States $ 150,441 $ 146,398 China 55 45 Total software, equipment and property-net $ 150,496 $ 146,443 |
Gain on Sale of Cost Method Inv
Gain on Sale of Cost Method Investment | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Gain on Sale of Cost Method Investment | 23. GAIN ON Sale of cost method investment During February 2022, the Company received cash proceeds of $ 3.9 million in exchange for its equity interest in an investee as a result of the acquisition of the investee. The Company had been accounting for its investment using the cost method and recognized a gain of $ 3.6 million during the three months ended March 31, 2022. The investment’s carrying value was $ 0.3 million at time of the acquisition. The Company no longer has any ownership interest in the investee. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presenta tion —The condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2023 and 2022, the condensed consolidated statements of mezzanine equity and stockholders’ equity for the three months ended March 31, 2023 and 2022, and the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 have been prepared by the Company and have not been audited. In the opinion of management, all adjustments (which include only normal recurring adjustments except where disclosed) necessary for the fair presentation of the financial position, results of operations and cash flows have been made. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or any future period. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (“SEC”). The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the condensed consolidated financial statements may not include all the information and footnotes necessary for a complete presentation of financial position, results of operations or cash flows. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The Company's significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the significant accounting policies since December 31, 2022 . |
Basis of Accounting | Basis of Accounting —The accompanying condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of the Company and its wholly-owned subsidiaries and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements include 100% of the accounts of wholly-owned and majority-owned subsidiaries and the ownership interest of the minority investor is recorded as a non-controlling interest in a subsidiary. |
Use of Estimates | Use of Estimates —The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts, and the disclosures of contingent amounts in the Company’s condensed consolidated financial statements and the accompanying notes. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from management’s estimates if past experience or other assumptions are not substantially accurate. Significant estimates in these condensed consolidated financial statements include the estimation of contract transaction prices, the determination of the amortization period for contract assets, the valuation of goodwill and intangible assets, the valuation of the warrant liabilities, the estimates and assumptions associated with stock incentive plans, and the measurement of expected contingent consideration in connection with business acquisitions. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements —In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and in January 2021 subsequently issued ASU 2021-01, which refines the scope of Topic 848. These ASUs provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR"), or another rate that is expected to be discontinued. ASU 2020-04 was effective upon issuance. In December 2022, the FASB issued ASU 2022-06 that defers the sunset date for applying the reference rate reform relief in Accounting Standards Codification ("ASC") 848 to December 31, 2024. While there has been no material effect to our condensed consolidated financial statements, the guidance will potentially be applicable when we modify the current reference rate of LIBOR to another reference rate in our First Lien Credit Agreement and related interest rate cap agreements (see Note 14). |
Business Acquisition (Tables)
Business Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition | The acquisition date fair value of the consideration transferred was $ 32.5 million, which consisted of the following (in thousands): Cash paid through closing $ 32,300 Fair value of contingent earnout consideration 200 Total acquisition date fair value of the consideration transferred $ 32,500 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the consideration to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Assets acquired: Current assets $ 150 Intangible asset - acquired technology 4,800 Total assets acquired 4,950 Liabilities assumed: Current liabilities 147 Deferred tax liabilities 548 Total liabilities assumed 695 Net assets acquired 4,255 Goodwill 28,245 Total purchase price $ 32,500 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Contract With Customer Asset And Liability [Line Items] | |
Summarizes Revenue By Type of Service | The following table summarizes revenue by type of service for the three months ended March 31, 2023 and 2022 (in thousands): For the Three Months Ended March 31, 2023 2022 Software subscriptions $ 196,256 $ 179,818 Other 8,663 7,005 Total revenues $ 204,919 $ 186,823 |
Summary of receivables contract assets and contract liabilities from contracts with customers | The opening and closing balances of the Company’s receivables, contract assets and contract liabilities from contracts with customers are as follows (in thousands): March 31, December 31, 2023 2022 Accounts receivables-net of allowances $ 92,268 $ 98,353 Deferred contract costs 17,339 16,556 Long-term deferred contract costs 20,212 20,161 Other assets (accounts receivable, non-current) 15,738 16,437 Deferred revenues 40,272 35,239 Other liabilities (deferred revenues, non-current) 1,150 1,240 |
Summary of deferred revenue | A summary of the activity impacting deferred revenue balances during the three months ended March 31, 2023 and 2022 is presented below (in thousands): For the Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 36,479 $ 32,615 Revenue recognized 1 ( 103,187 ) ( 89,432 ) Additional amounts deferred 1 108,130 91,717 Balance at end of period $ 41,422 $ 34,900 Classified as: Current $ 40,272 $ 33,395 Non-current 1,150 1,505 Total deferred revenue $ 41,422 $ 34,900 1 Amounts include total revenue deferred and recognized during each respective period. |
Summary of deferred contract costs | A summary of the activity impacting the deferred contract costs during the three months ended March 31, 2023 and 2022 is presented below (in thousands): For the Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 36,717 $ 37,186 Costs amortized ( 4,785 ) ( 4,221 ) Additional amounts deferred 5,619 3,983 Balance at end of period $ 37,551 $ 36,948 Classified as: Current $ 17,339 $ 15,645 Non-current 20,212 21,303 Total deferred contract costs $ 37,551 $ 36,948 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques | The valuation of the Private Warrants as of March 31, 2023 and December 31, 2022 was determined using the Black-Scholes option pricing model using the following assumptions: March 31, December 31, 2023 2022 Expected term (in years) 3.3 3.6 Expected volatility 37 % 38 % Expected dividend yield 0 % 0 % Risk-free interest rate 3.78 % 4.15 % |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets Interest rate cap $ 9,347 $ — $ 9,347 $ — Total Assets $ 9,347 $ — $ 9,347 $ — Liabilities Contingent consideration related to business acquisition $ 100 $ — $ — $ 100 Private Warrants 35,210 — 35,210 — Total Liabilities $ 35,310 $ — $ 35,210 $ 100 The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets Interest rate cap $ 11,951 $ — $ 11,951 $ — Total Assets $ 11,951 $ — $ 11,951 $ — Liabilities Contingent consideration related to business acquisition $ 100 $ — $ — $ 100 Private Warrants 36,405 — 36,405 — Total Liabilities $ 36,505 $ — $ 36,405 $ 100 |
Summary of Carrying Amounts and Estimated Fair Value of the Financial Instruments | The following table presents the carrying amounts, net of debt discount, and the estimated fair values of the Company’s financial instruments that are not recorded at fair value on the condensed consolidated balance sheets (in thousands): March 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Description Amount Fair Value Amount Fair Value Term B Loan, including current portion $ 788,387 $ 782,100 $ 790,331 $ 766,260 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable–Net as of March 31, 2023 and December 31, 2022, consists of the following (in thousands): March 31, December 31, 2023 2022 Accounts receivable $ 99,134 $ 103,692 Allowance for doubtful accounts and sales reserves ( 6,866 ) ( 5,339 ) Accounts receivable–net $ 92,268 $ 98,353 As of March 31, 2023 and December 31, 2022 , each period had one customer that accounted for 11% of accounts receivable. |
Schedule of Changes to the Allowance for Doubtful Accounts and Sales Reserves | Changes to the allowance for doubtful accounts and sales reserves during the three months ended March 31, 2023 and 2022 consist of the following (in thousands): For the Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 5,339 $ 3,791 Charges to bad debt and sales reserves 3,136 1,232 Write-offs, net ( 1,609 ) ( 862 ) Balance at end of period $ 6,866 $ 4,161 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Other Current Assets | Other current assets as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Prepaid SaaS costs 7,869 7,423 Prepaid service fees 7,333 5,268 Prepaid software and equipment maintenance 6,768 7,638 Prepaid insurance 2,262 4,062 Non-trade receivables 124 690 Other 10,410 11,277 Total other current assets $ 34,766 $ 36,358 |
Software, Equipment, And Prop_2
Software, Equipment, And Property (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Software,Equipment and Property | Software, equipment, and property as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Software, licenses and database $ 187,378 $ 175,616 Computer equipment 33,149 33,043 Leasehold improvements 30,430 30,430 Building and land 4,910 4,910 Furniture and other equipment 1,481 1,478 Total software, equipment, and property 257,348 245,477 Less accumulated depreciation and amortization ( 106,852 ) ( 99,034 ) Software, equipment, and property—Net $ 150,496 $ 146,443 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Line Items] | |
Summary of Lease Cost | The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months Ended March 31, 2023 2022 Operating lease costs $ 1,503 $ 3,566 Variable lease costs 884 837 Total lease costs $ 2,387 $ 4,403 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill [Line Items] | |
Summary of Intangible Assets Balance | The intangible assets balance as of March 31, 2023 is reflected below (in thousands): Weighted- Average Estimated Remaining Gross Net Useful Life Useful Life Carrying Accumulated Carrying (Years) (Years) Amount Amortization Amount Customer relationships 16 – 18 12.1 $ 1,299,750 $ ( 428,161 ) $ 871,589 Acquired technologies 3 – 7 1.7 187,950 ( 155,941 ) 32,009 Subtotal 1,487,700 ( 584,102 ) 903,598 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,678,170 $ ( 584,102 ) $ 1,094,068 The intangible assets balance as of December 31, 2022 is reflected below (in thousands): Weighted- Average Estimated Remaining Gross Net Useful Life Useful Life Carrying Accumulated Carrying (Years) (Years) Amount Amortization Amount Customer relationships 16 – 18 12.3 $ 1,299,750 $ ( 410,095 ) $ 889,655 Acquired technologies 3 – 7 1.8 187,950 ( 149,256 ) 38,694 Subtotal 1,487,700 ( 559,351 ) 928,349 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,678,170 $ ( 559,351 ) $ 1,118,819 |
Schedule of Future Amortization Expense for Intangible Assets | Future amortization expense for the remainder of the year ended December 31, 2023 and the following four years ended December 31 and thereafter for intangible assets as of March 31, 2023 is as follows (in thousands): Years Ending December 31: 2023 74,252 2024 81,417 2025 72,949 2026 72,949 2027 72,949 Thereafter 529,082 Total $ 903,598 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Expenses | Accrued expenses as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Compensation $ 24,612 $ 53,530 Professional services 3,820 1,877 Employee insurance benefits 3,566 2,749 Royalties and licenses 3,524 3,832 Software license agreement 3,459 3,243 Sales tax 2,565 2,615 Other 4,426 3,599 Total accrued liabilities $ 45,972 $ 71,445 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Summary Of Other Liabilities | Other liabilities as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Deferred revenue—non-current $ 1,150 $ 1,240 Software license agreement 311 1,208 Contingent consideration 100 100 Other 414 110 Total other liabilities $ 1,975 $ 2,658 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary Of Long Term Debt | Long-term debt as of March 31, 2023 and December 31, 2022 consists of the following (in thousands): March 31, December 31, 2023 2022 Term B Loan $ 790,000 $ 792,000 Term B Loan—discount ( 1,613 ) ( 1,669 ) Term B Loan—deferred financing fees ( 7,926 ) ( 8,199 ) Term B Loan—net of discount & fees 780,461 782,132 Less: Current portion ( 8,000 ) ( 8,000 ) Total long-term debt—net of current portion $ 772,461 $ 774,132 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Non-vested Restricted Stock Units Activity | The table below summarizes the restricted stock unit ("RSU") activity for the three months ended March 31, 2023: Weighted- Average Shares Fair Value Unvested RSUs—December 31, 2022 31,288,688 $ 10.34 Granted 11,845,227 8.88 Vested ( 3,458,937 ) 10.27 Forfeited ( 664,230 ) 10.30 Unvested RSUs—March 31, 2023 39,010,748 9.90 |
Summary of Share-based Compensation Arrangements by Share-based Payment Award | The table below summarizes the option activity for the three months ended March 31, 2023: Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Exercise Life Value Shares Price (in years) (in thousands) Options outstanding—December 31, 2022 45,249,260 $ 2.99 4.9 $ 258,470 Exercised ( 3,214,093 ) 2.56 Forfeited and canceled ( 454,982 ) 7.22 Options outstanding—March 31, 2023 41,580,185 $ 2.97 4.8 $ 249,303 Options exercisable—March 31, 2023 38,959,492 $ 2.81 4.6 $ 239,876 Options vested and expected to vest—March 31, 2023 41,441,319 $ 2.96 4.8 $ 248,857 |
Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount | Stock-Based Compensation —Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive income as follows for the three months ended March 31, 2023 and 2022 (in thousands): For the Three Months Ended March 31, 2023 2022 Cost of revenues $ 1,901 $ 849 Research and development 5,875 3,530 Sales and marketing 7,258 4,830 General and administrative 14,200 14,435 Total stock-based compensation expense $ 29,234 $ 23,644 |
Ccc2021 Employee Stock Purchase Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of ESPP purchase rights sold during the three months ended March 31, 2023 was estimated using the Black-Scholes option pricing model with the following assumptions: Expected term (in years) 0.5 Expected volatility 51 % Expected dividend yield 0 % Risk-free interest rate 2.5 % |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Revenues, Expenses and Amount Receivable with Entities Affiliated with Principal Owners | The following table summarizes revenues recognized and expenses incurred with entities affiliated with one of its principal equity owners for the three months ended March 31, 2023 and 2022 (in thousands): For the Three Months Ended March 31, 2023 2022 Revenues Credit card processing $ 234 $ 143 Expenses Employee health insurance benefits 868 816 Human resources support services 114 53 Sales tax processing and license fees for tax information ^ 178 ^ Not a related party during the three months ended March 31, 2023. The following table summarizes amounts receivable and due to entities affiliated with one of its principal equity owners as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Receivables Credit card processing * * Payables Employee health insurance benefits * $ 501 Human resources support services * * Sales tax processing and license fees for tax information ^ * |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerator and denominator used to compute basic and diluted earnings per share of common stock (in thousands, except for share and per share data). For the Three Months Ended March 31, 2023 2022 Numerator Net income $ 2,184 $ 11,975 Denominator Weighted average shares of common stock—basic 616,217,176 603,104,839 Dilutive effect of stock-based awards 30,163,785 37,923,571 Weighted average shares of common stock—diluted 646,380,961 641,028,410 Net income per share: Basic $ 0.00 $ 0.02 Diluted $ 0.00 $ 0.02 |
Segment Information And Infor_2
Segment Information And Information About Geographic Areas (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Schedule of revenues by geographic area | Revenues by geographic area, presented based upon the location of the customer are as follows (in thousands): For the Three Months Ended March 31, 2023 2022 United States $ 203,027 $ 184,839 China 1,892 1,984 Total revenues $ 204,919 $ 186,823 |
Schedule of software, equipment and property, net by geographic area | Software, equipment and property, net by geographic area are as follows (in thousands): March 31, December 31, 2023 2022 United States $ 150,441 $ 146,398 China 55 45 Total software, equipment and property-net $ 150,496 $ 146,443 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 08, 2022 | Feb. 28, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2024 | |
Business Acquisition [Line Items] | |||||
Deferred Tax Liabilities, Net, Total | $ 900 | ||||
Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition Potential Earn Out Amount | $ 90,000 | ||||
SafekeepInc [Member] | |||||
Business Acquisition [Line Items] | |||||
Total purchase price | $ 32,300 | 32,500 | |||
Cash consideration paid | 32,300 | ||||
Escrow Deposit Disbursements Related to Property Acquisition | $ 6,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 200 | ||||
Fair value of consideration transferred | $ 32,500 | ||||
Business Combination, Acquisition Related Costs | $ 1,200 | $ 1,100 | |||
Estimated useful life | 7 years |
Business Acquisition - Schedule
Business Acquisition - Schedule of Business Acquisition by Acquisition (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 08, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Fair value of contingent earnout consideration | $ 100 | $ 100 | |
SafekeepInc [Member] | |||
Business Acquisition [Line Items] | |||
Cash paid through closing | $ 32,300 | ||
Fair value of contingent earnout consideration | 200 | ||
Total acquisition date fair value of the consideration transferred | $ 32,300 | $ 32,500 |
Business Acquisition - Schedu_2
Business Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - SafekeepInc [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 08, 2022 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | ||
Current assets | $ 150 | |
Intangible asset-acquired technology | 4,800 | |
Deferred tax assets | 548 | |
Total assets acquired | 4,950 | |
Current liabilities | 147 | |
Total liabilities assumed | 695 | |
Net assets acquired | 4,255 | |
Goodwill | 28,245 | |
Total purchase price | $ 32,300 | $ 32,500 |
Revenue - Summarizes Revenue By
Revenue - Summarizes Revenue By Type of Service (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contract With Customer Asset And Liability [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 204,919 | $ 186,823 |
Software Subscriptions [Member] | ||
Contract With Customer Asset And Liability [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 196,256 | 179,818 |
Other Services [Member] | ||
Contract With Customer Asset And Liability [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 8,663 | $ 7,005 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Revenue remaining performance obligation amount | $ 1,519 | |
Revenue remaining performance obligation revenue to be recognized year 2022 | 554 | |
Revenue remaining performance obligation revenue to be recognized thereafter | 965 | |
Deferred revenue, revenue recognized | $ 33.8 | $ 29.7 |
Revenue - Summary of receivable
Revenue - Summary of receivables contract assets and contract liabilities from contracts with customers (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Contract With Customer Asset And Liability [Line Items] | |||
Accounts receivables-net of allowances | $ 92,268 | $ 98,353 | |
Deferred contract costs | 17,339 | 16,556 | $ 15,645 |
Long-term deferred contract costs | 20,212 | 20,161 | 21,303 |
Other assets (accounts receivable, non-current) | 15,738 | 16,437 | |
Deferred revenues | 40,272 | 35,239 | 33,395 |
Other liabilities (deferred revenues, non-current) | $ 1,150 | $ 1,240 | $ 1,505 |
Revenue - Summary of deferred r
Revenue - Summary of deferred revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Contract With Customer Liability [Line Items] | ||||
Balance at beginning of period | $ 36,479 | $ 32,615 | ||
Revenue recognized1 | [1] | (103,187) | (89,432) | |
Additional amounts deferred1 | [1] | 108,130 | 91,717 | |
Balance at end of period | 41,422 | 34,900 | ||
Classified as: | ||||
Current | 40,272 | 33,395 | $ 35,239 | |
Non-current | 1,150 | 1,505 | 1,240 | |
Total deferred revenue | $ 41,422 | $ 34,900 | $ 36,479 | |
[1] Amounts include total revenue deferred and recognized during each respective period. |
Revenue - Summary of deferred c
Revenue - Summary of deferred contract costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Capitalized Contract Cost [Line Items] | |||
Balance at beginning of period | $ 36,717 | $ 37,186 | |
Costs amortized | (4,785) | (4,221) | |
Additional amounts deferred | 5,619 | 3,983 | |
Balance at end of period | 37,551 | 36,948 | |
Classified as: | |||
Current | 17,339 | 15,645 | $ 16,556 |
Non-current | 20,212 | 21,303 | 20,161 |
Total deferred contract costs | $ 37,551 | $ 36,948 | $ 36,717 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 0 | |
Discount rate | 10% | ||
Fair Value Adjustment of Warrants | $ (1,195,000) | $ (2,136,000) | |
change in Contingent Consideration Liability | 0 | $ 0 | |
Fair Value Measurements Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets | 9,347,000 | 11,951,000 | |
Derivative Liability | 35,310,000 | 36,505,000 | |
Contingent consideration related to business acquisition [Member] | Fair Value Measurements Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability | 100,000 | 100,000 | |
Private Warrants [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Adjustment of Warrants | 1.98 | 2.05 | |
Private Warrants [Member] | Fair Value Measurements Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability | 35,210,000 | 36,405,000 | |
Interest Rate Cap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets | 9,300,000 | 12,000,000 | |
Interest Rate Cap [Member] | Fair Value Measurements Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets | $ 9,347,000 | $ 11,951,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Private Warrants [Member] | Mar. 31, 2023 yr | Dec. 31, 2022 yr |
Expected term (in years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 3.3 | 3.6 |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0.37 | 0.38 |
Expected dividend yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0 | 0 |
Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0.0378 | 0.0415 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Interest Rate Cap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 9,300 | $ 12,000 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 35,310 | 36,505 |
Derivative Asset | 9,347 | 11,951 |
Fair Value, Recurring [Member] | Contingent consideration related to business acquisition [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 100 | $ 100 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Fair Value, Recurring [Member] | Interest Rate Cap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 9,347 | $ 11,951 |
Fair Value, Recurring [Member] | Private Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 35,210 | $ 36,405 |
Fair Value, Recurring [Member] | Private Warrants [Member] | Contingent consideration related to business acquisition [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Fair Value, Recurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 0 | $ 0 |
Derivative Asset | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 | Contingent consideration related to business acquisition [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 | Interest Rate Cap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 | Private Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 35,210 | 36,405 |
Derivative Asset | 9,347 | 11,951 |
Fair Value, Recurring [Member] | Level 2 | Contingent consideration related to business acquisition [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 | Interest Rate Cap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 9,347 | $ 11,951 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Fair Value, Recurring [Member] | Level 2 | Private Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 35,210 | $ 36,405 |
Fair Value, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 100 | 100 |
Derivative Asset | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 | Contingent consideration related to business acquisition [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 100 | 100 |
Fair Value, Recurring [Member] | Level 3 | Interest Rate Cap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 | Private Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Amounts and Estimated Fair Value of the Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 788,387 | $ 790,331 |
Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 782,100 | $ 766,260 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Aug. 16, 2022 | |
Income Tax Disclosure [Line Items] | |||
Income tax payment | $ 224 | $ 5 | |
Effective tax rate | 55.90% | 7.80% | |
CorporateMinimumIncomeTax | 15% | ||
CorporateStockRepurchaseExciseTaxRate | 1% | ||
Stock-based compensation | $ 500 | $ 2,300 | |
Deferred tax liability | $ 2,000 | $ 3,300 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||||
Accounts receivable | $ 99,134 | $ 103,692 | ||
Allowance for doubtful accounts and sales reserves | (6,866) | (5,339) | $ (4,161) | $ (3,791) |
Accounts receivable–net | $ 92,268 | $ 98,353 |
Accounts Receivable - Schedul_2
Accounts Receivable - Schedule of Changes to the Allowance for Doubtful Accounts and Sales Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Receivables [Abstract] | ||
Balance at beginning of period | $ 5,339 | $ 3,791 |
Charges to bad debt and sales reserves | 3,136 | 1,232 |
Write-offs, net | (1,609) | (862) |
Balance at end of period | $ 6,866 | $ 4,161 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid SaaS costs | $ 7,869 | $ 7,423 |
Prepaid service fees | 7,333 | 5,268 |
Prepaid software and equipment maintenance | 6,768 | 7,638 |
Prepaid insurance | 2,262 | 4,062 |
Non-trade receivables | 124 | 690 |
Other | 10,410 | 11,277 |
Total other current assets | $ 34,766 | $ 36,358 |
Software, Equipment, And Prop_3
Software, Equipment, And Property - Schedule of Software,Equipment and Property (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | $ 257,348 | $ 245,477 |
Less accumulated depreciation and amortization | (106,852) | (99,034) |
Net software, equipment, and property | 150,496 | 146,443 |
Software, Licenses and Database [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 187,378 | 175,616 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 30,430 | 30,430 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 33,149 | 33,043 |
Building and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 4,910 | 4,910 |
Furniture and Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | $ 1,481 | $ 1,478 |
Software, Equipment, And Prop_4
Software, Equipment, And Property - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 9.2 | $ 6.8 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Line Items] | ||
Cash payments for operating leases | $ 0.9 | $ 2.5 |
Maximum [Member] | Office Space and Data Center Facilities [Member] | ||
Leases [Line Items] | ||
Operating lease term | 17 years | |
Operating lease term extension | 5 years | |
Maximum [Member] | Equipment Leases [Member] | ||
Leases [Line Items] | ||
Operating lease term | 3 years | |
Minimum [Member] | Office Space and Data Center Facilities [Member] | ||
Leases [Line Items] | ||
Operating lease term | 1 year | |
Operating lease term extension | 3 years | |
Minimum [Member] | Equipment Leases [Member] | ||
Leases [Line Items] | ||
Operating lease term | 1 year |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Line Items] | ||
Operating lease costs | $ 1,503 | $ 3,566 |
Variable lease costs | 884 | 837 |
Total lease costs | $ 2,387 | $ 4,403 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Nov. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | |
Reporting unit, percentage of fair value in excess of carrying amount | 5% | ||
Amortization of Intangible Assets | 18,066,000 | 18,080,000 | |
Subsidiaries | |||
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Amortization of Intangible Assets | $ 24,800,000 | $ 24,800,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets Balance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,487,700 | $ 1,487,700 |
Accumulated Amortization | (584,102) | (559,351) |
Net Carrying Amount | 903,598 | 928,349 |
Intangible assets, Gross Carrying Amount | 1,678,170 | 1,678,170 |
Intangible assets, Net Carrying Amount | 1,094,068 | 1,118,819 |
Trademarks—indefinite life, Accumulated Amortization | (584,102) | (559,351) |
Trademarks [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Indefinite life intangible assets | 190,470 | 190,470 |
Intangible assets, Net Carrying Amount | $ 190,470 | $ 190,470 |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life (Years) | 12 years 1 month 6 days | 12 years 3 months 18 days |
Gross Carrying Amount | $ 1,299,750 | $ 1,299,750 |
Accumulated Amortization | (428,161) | (410,095) |
Net Carrying Amount | $ 871,589 | $ 889,655 |
Acquired Technologies [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life (Years) | 1 year 8 months 12 days | 1 year 9 months 18 days |
Gross Carrying Amount | $ 187,950 | $ 187,950 |
Accumulated Amortization | (155,941) | (149,256) |
Net Carrying Amount | $ 32,009 | $ 38,694 |
Subsidiaries [Member] | Customer Relationships [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 18 years | 18 years |
Subsidiaries [Member] | Customer Relationships [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 16 years | 16 years |
Subsidiaries [Member] | Acquired Technologies [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 7 years | 7 years |
Subsidiaries [Member] | Acquired Technologies [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 3 years | 3 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ||
2023 | $ 74,252 | |
2024 | 81,417 | |
2025 | 72,949 | |
2026 | 72,949 | |
2027 | 72,949 | |
Thereafter | 529,082 | |
Total | $ 903,598 | $ 928,349 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Compensation | $ 24,612 | $ 53,530 |
Professional services | 3,820 | 1,877 |
Employee insurance benefits | 3,566 | 2,749 |
Royalties and licenses | 3,524 | 3,832 |
Software license agreement | 3,459 | 3,243 |
Sales tax | 2,565 | 2,615 |
Other | 4,426 | 3,599 |
Total accrued liabilities | $ 45,972 | $ 71,445 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities, Noncurrent [Abstract] | ||
Deferred revenue-non-current | $ 1,150 | $ 1,240 |
Software license agreement | 311 | 1,208 |
Contingent consideration | 100 | 100 |
Other | 414 | 110 |
Total other liabilities | $ 1,975 | $ 2,658 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Long-Term Debt, Current Maturities | $ 8,000 | $ 8,000 | ||
Interest Rate Cap [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, Notional Amount | $ 600,000 | |||
Derivative, cap interest rate | 4% | |||
Fair value of interest rate cap agreements | 9,300 | 12,000 | ||
Debt Instrument, Maturity Date | Jul. 31, 2025 | |||
Two Thousand and Twenty one Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt | 798,000 | |||
Debt instrument, unamortized discount | 1,600 | 1,700 | ||
Debt issuance costs, net | 2,100 | 2,300 | ||
Unamortized financing costs | $ 7,900 | $ 8,200 | ||
Percentage of annual excess cash flow on line of credit | 50% | |||
Line of credit facility, maximum borrowing capacity | $ 75,000 | |||
Percentage of aggregate commitments on borrowings | 35% | 35% | ||
Leverage ratio | 0.035 | |||
Maximum [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Leverage ratio | 0.0625 | |||
Minimum [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Leverage ratio | 0.0100 | |||
Standby Letters of Credit [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 700 | |||
Term B Loan [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term line of credit | 800,000 | |||
Debt instrument, unamortized discount | 2,000 | |||
Debt issuance costs, net | 9,800 | |||
Line of credit facility, periodic payment, principal | $ 2,000 | |||
Debt instrument, annual principal payment | $ 0 | |||
Long-term debt | 790,000 | 792,000 | ||
Long-Term Debt, Current Maturities | $ 8,000 | 8,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||
Weighted average interest rate of debt outstanding | 6.90% | 3% | ||
Interest Expense, Debt | $ 13,600 | $ 5,900 | ||
Term B Loan [Member] | Maximum [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, expiration period | 6 years 1 month 9 days | |||
Term B Loan [Member] | Minimum [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, expiration period | 6 years 10 months 24 days | |||
Two Thousand and Twenty one Revolving Credit Facility [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term line of credit | 250,000 | |||
Debt issuance costs, net | 3,100 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 249,300 | $ 249,300 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Less: Current portion | $ (8,000) | $ (8,000) |
Total long-term debt—net of current portion | 772,461 | 774,132 |
Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 790,000 | 792,000 |
Long-term debt—discount | (1,613) | (1,669) |
Long-term debt—deferred financing fees | (7,926) | (8,199) |
Long-term debt-net of discount & fees | $ 780,461 | $ 782,132 |
Redeemable Non-Controlling Inte
Redeemable Non-Controlling Interest - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interest, equity, carrying amount | $ 14,179 | $ 14,179 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||
Shares authorized total | 5,000,000,000 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares issued | 627,683,715 | 622,072,905 |
Common stock shares outstanding | 627,683,715 | 622,072,905 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Preferred stock shares authorised | 100,000,000 | 100,000,000 |
Preferred stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares description of voting rights | one | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock par or stated value per share | $ 0.0001 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share based compensation by share based arrangement options vested during the period aggregate fair value | $ 1.7 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 38,959,492 | ||
Share based compensation by share based arrangement unrecognised compensation for options unvested | $ 71.3 | ||
Share based compensation by share based arrangement unrecognised compensation for options unvested remaining period for recognition | 1 year 6 months | ||
Ccc2021 Employee Stock Purchase Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares sold under plan | 179,338 | ||
Cayman Equity Incentive Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 1,842,400 | 1,303,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 0 | ||
Employee Tax Obligations [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vested | 1,241,558 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted | 11,845,227 | ||
Vested | 3,458,937 | ||
Restricted Stock Units (RSUs) [Member] | Time Based Vesting Requirements [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted | 10,256,794 | ||
Restricted Stock Units (RSUs) [Member] | Performance Based Vesting Requirements [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted | 1,588,433 | ||
Company Earnout Shares Member | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of additional shares | 13,500,000 | 1,500,000 | |
Company Earnout Shares Member | Share Price Greater Than Or Equal to USD Fifteen Per Share [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Fair value at valuation date | $ 15 | ||
Number of trading days used to determine the share price | 20 days | ||
Number of consecutive trading days used to determine the share price | 30 days | ||
Common Class B [Member] | Two Thousand Seventeen Stock Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 539,400,000,000 | ||
Common Class B [Member] | Performance And Market Based Vesting Conditions [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share based compensation by share based arrangement unrecognised compensation for options unvested remaining period for recognition | 3 years 1 month 6 days | ||
Common Class B [Member] | Time Based Vesting [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share based compensation by share based arrangement unrecognised compensation for options unvested | $ 234.6 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Shares - Beginning Balance | 45,249,260 | |
Shares - Exercised | (3,214,093) | |
Shares - Forfeited and canceled | (454,982) | |
Shares - Ending Balance | 41,580,185 | 45,249,260 |
Shares - Exercisable | 38,959,492 | |
Shares - Vested and expected to vest | 41,441,319 | |
Weighted- Average Exercise Price - Beginning Balance | $ 2.99 | |
Weighted- Average Exercise Price - Exercised | 2.56 | |
Weighted- Average Exercise Price - Forfeited and canceled | 7.22 | |
Weighted- Average Exercise Price - Ending Balance | 2.97 | $ 2.99 |
Weighted- Average Exercise Price - Exercisable | 2.81 | |
Weighted- Average Exercise Price - Vested and expected to vest | $ 2.96 | |
Weighted-Average Remaining Contractual Life (in years) | 4 years 9 months 18 days | 4 years 10 months 24 days |
Weighted-Average Remaining Contractual Life (in years) - Exercisable | 4 years 7 months 6 days | |
Weighted-Average Remaining Contractual Life (in years) - Vested and expected to vest | 4 years 9 months 18 days | |
Aggregate Intrinsic Value - Beginning Balance | $ 258,470 | |
Aggregate Intrinsic Value - Ending Balance | 249,303 | $ 258,470 |
Aggregate Intrinsic Value - Exercisable | 239,876 | |
Aggregate Intrinsic Value - Vested and expected to vest | $ 248,857 |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail) - Ccc2021 Employee Stock Purchase Plan [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected term (in years) | 6 months |
Expected volatility | 51% |
Expected dividend yield | 0% |
Risk-free interest rate | 2.50% |
Stock Incentive Plans - Sched_2
Stock Incentive Plans - Schedule of Non-vested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested RSUs-December 31, 2022 | shares | 31,288,688 |
Granted | shares | 11,845,227 |
Vested | shares | (3,458,937) |
Forfeited | shares | (664,230) |
Unvested RSUs - March 31, 2023 | shares | 39,010,748 |
Unvested RSUs-December 31, 2022 | $ / shares | $ 10.34 |
Granted | $ / shares | 8.88 |
Vested | $ / shares | 10.27 |
Forfeited | $ / shares | 10.30 |
Unvested RSUs - March 31, 2023 | $ / shares | $ 9.90 |
Stock Incentive Plans - Summa_2
Stock Incentive Plans - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - Cypress Holdings Inc And Subsidiaries [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-Based Payment Arrangement, Expense | $ 29,234 | $ 23,644 |
Cost of Revenues [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-Based Payment Arrangement, Expense | 1,901 | 849 |
Research and development [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-Based Payment Arrangement, Expense | 5,875 | 3,530 |
Sales and marketing [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-Based Payment Arrangement, Expense | 7,258 | 4,830 |
General and administrative [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-Based Payment Arrangement, Expense | $ 14,200 | $ 14,435 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Nov. 29, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Nov. 30, 2021 | |
Class of Warrant or Right [Line Items] | |||||
Exercise price | $ 11.50 | ||||
Warrants expire date | Jul. 30, 2026 | ||||
Class Or Warrant Issued Price Per Share | $ 0.10 | ||||
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Aug. 29, 2021 | ||||
Change in fair value of warrant liabilities | $ (1,195,000) | $ (2,136,000) | |||
Class Of Warrant Or Rights Date From Which Warrants Or Rights Exercisable Expired | Jul. 30, 2026 | ||||
Warrant liabilities | $ 35,210,000 | $ 36,405,000 | |||
Public Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants and Rights Outstanding | $ 0 | ||||
Private Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants outstanding | 17,800,000 | 17,800,000 | |||
Change in fair value of warrant liabilities | $ 1.98 | $ 2.05 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Long Term Purchasing Agreement Relating To Licensing Data Used [Member] | |
Other Commitments [Line Items] | |
Long term purchase commitement month of expiry | 2031 |
Related Parties - Schedule of R
Related Parties - Schedule of Revenues, Expenses and Amount Receivable with Entities Affiliated with Principal Owners (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Credit Card Processing [Member] | |||
Revenues | $ 234 | $ 143 | |
Employee Health Insurance Benefits [Member] | |||
Expenses | 868 | 816 | |
Payables | $ 501 | ||
Human Resource Support Services [Member] | |||
Expenses | $ 114 | 53 | |
Sales Tax Processing Services [Member] | |||
Expenses | $ 178 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from the computation of earnings per share | 15,957,331 | 110,393 |
Sponsor Vesting Shares [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted Average Number of Shares Outstanding, Diluted, Adjustment | 8,625,000 |
Net Income Per Share - Schedule
Net Income Per Share - Schedule Of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator | ||
Net income (loss) | $ 2,184 | $ 11,975 |
Denominator | ||
Weighted average shares of common stock - basic | 616,217,176 | 603,104,839 |
Dilutive effect of stock based awards | $ 30,163,785 | $ 37,923,571 |
Weighted average shares of common stock - diluted | 646,380,961 | 641,028,410 |
Net income per share: | ||
Basic | $ 0 | $ 0.02 |
Diluted | $ 0 | $ 0.02 |
Segment Information And Infor_3
Segment Information And Information About Geographic Areas - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Number of operating segments | 1 |
Segment Information And Infor_4
Segment Information And Information About Geographic Areas - Schedule of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 204,919 | $ 186,823 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue from Contract with Customer By Geographic Area | 203,027 | 184,839 |
China [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue from Contract with Customer By Geographic Area | $ 1,892 | $ 1,984 |
Segment Information And Infor_5
Segment Information And Information About Geographic Areas - Schedule of Software, Equipment and Property, Net by Geographic Area (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net software, equipment, and property | $ 150,496 | $ 146,443 |
Americas [Member] | Property Plant And Equipment Net [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 150,441 | 146,398 |
China [Member] | Property Plant And Equipment Net [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 55 | $ 45 |
Gain on Sale of Cost Method I_2
Gain on Sale of Cost Method Investment - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Proceeds from sale of equity method investments | $ 3.9 | ||
Cost method investments recognized gains | $ 3.6 | ||
Cost method investments carrying value | $ 0.3 |