Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | CCC INTELLIGENT SOLUTIONS HOLDINGS INC. | |
Entity Central Index Key | 0001818201 | |
Securities Act 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 | 634,879,578 | |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 448,733 | $ 323,788 |
Accounts receivable - Net of allowances of $5,052 and $5,339 as of September 30, 2023 and December 31, 2022, respectively | 117,799 | 98,353 |
Income taxes receivable | 407 | 4,015 |
Deferred contract costs | 16,994 | 16,556 |
Other current assets | 29,814 | 36,358 |
Total current assets | 613,747 | 479,070 |
SOFTWARE, EQUIPMENT, AND PROPERTY—Net | 158,189 | 146,443 |
OPERATING LEASE ASSETS | 31,061 | 32,874 |
INTANGIBLE ASSETS—Net | 1,039,555 | 1,118,819 |
GOODWILL | 1,417,724 | 1,495,129 |
DEFERRED FINANCING FEES, REVOLVER—Net | 1,825 | 2,286 |
DEFERRED CONTRACT COSTS | 19,579 | 20,161 |
EQUITY METHOD INVESTMENT | 10,228 | 10,228 |
OTHER ASSETS | 49,875 | 45,911 |
TOTAL | 3,341,783 | 3,350,921 |
CURRENT LIABILITIES: | ||
Accounts payable | 18,235 | 27,599 |
Accrued expenses | 61,005 | 71,445 |
Income taxes payable | 9,537 | 922 |
Current portion of long-term debt | 8,000 | 8,000 |
Current portion of long-term licensing agreement—Net | 3,013 | 2,876 |
Operating lease liabilities | 6,879 | 5,484 |
Deferred revenues | 41,885 | 35,239 |
Total current liabilities | 148,554 | 151,565 |
LONG-TERM DEBT - Net | 769,136 | 774,132 |
DEFERRED INCOME TAXES—Net | 200,913 | 241,698 |
LONG-TERM LICENSING AGREEMENT—Net | 28,475 | 30,752 |
OPERATING LEASE LIABILITIES | 51,669 | 54,245 |
WARRANT LIABILITIES | 81,808 | 36,405 |
OTHER LIABILITIES | 2,246 | 2,658 |
Total liabilities | 1,282,801 | 1,291,455 |
COMMITMENTS AND CONTINGENCIES (Notes 19 and 20) | ||
MEZZANINE EQUITY: | ||
Redeemable non-controlling interest | 15,504 | 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; 634,633,179 and 622,072,905 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 63 | 62 |
Additional paid-in capital | 2,868,881 | 2,754,055 |
Accumulated deficit | (824,308) | (707,946) |
Accumulated other comprehensive loss | (1,158) | (884) |
Total stockholders' equity | 2,043,478 | 2,045,287 |
TOTAL | $ 3,341,783 | $ 3,350,921 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts receivable current | $ 5,052 | $ 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 | 634,633,179 | 622,072,905 |
Common Stock, Shares, Outstanding | 634,633,179 | 622,072,905 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income | ||||
REVENUES | $ 221,147,000 | $ 198,734,000 | $ 637,777,000 | $ 578,342,000 |
COST OF REVENUES | ||||
Cost of revenues, exclusive of amortization and impairment of acquired technologies | 51,459,000 | 46,379,000 | 153,954,000 | 135,174,000 |
Amortization of acquired technologies | 6,567,000 | 6,748,000 | 19,897,000 | 20,193,000 |
Impairment of acquired technologies | 0 | 0 | 431,000 | 0 |
Total cost of revenues | 58,026,000 | 53,127,000 | 174,282,000 | 155,367,000 |
GROSS PROFIT | 163,121,000 | 145,607,000 | 463,495,000 | 422,975,000 |
OPERATING EXPENSES: | ||||
Research and development | 43,532,000 | 40,273,000 | 127,891,000 | 114,711,000 |
Selling and marketing | 35,605,000 | 30,838,000 | 105,072,000 | 88,731,000 |
General and administrative | 49,471,000 | 39,376,000 | 137,477,000 | 123,093,000 |
Amortization of intangible assets | 17,942,000 | 18,066,000 | 54,030,000 | 54,212,000 |
Goodwill impairment | 0 | 0 | 77,405,000 | 0 |
Impairment of intangible assets | 0 | 0 | 4,906,000 | 0 |
Total operating expenses | 146,550,000 | 128,553,000 | 506,781,000 | 380,747,000 |
OPERATING INCOME (LOSS) | 16,571,000 | 17,054,000 | (43,286,000) | 42,228,000 |
INTEREST EXPENSE | (14,633,000) | (10,501,000) | (42,480,000) | (25,786,000) |
INTEREST INCOME | 5,165,000 | 0 | 12,447,000 | 0 |
CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS | (446,000) | 5,991,000 | 563,000 | 5,991,000 |
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES | (26,223,000) | 312,000 | (45,403,000) | 23,452,000 |
GAIN ON SALE OF COST METHOD INVESTMENT | 0 | 9,000 | 0 | 3,587,000 |
OTHER INCOME - Net | 182,000 | 382,000 | 551,000 | 576,000 |
PRETAX (LOSS) INCOME | (19,384,000) | 13,247,000 | (117,608,000) | 50,048,000 |
INCOME TAX (PROVISION) BENEFIT | (1,818,000) | (3,452,000) | 1,246,000 | (12,714,000) |
NET (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST | (21,202,000) | 9,795,000 | (116,362,000) | 37,334,000 |
LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST | (1,010,000) | 0 | (1,325,000) | 0 |
NET (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS | (22,212,000) | 9,795,000 | (117,687,000) | 37,334,000 |
LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST | $ (1,010,000) | $ 0 | $ (1,325,000) | $ 0 |
Net (loss) income per share attributable to common stockholders: | ||||
Basic | $ (0.04) | $ 0.02 | $ (0.19) | $ 0.06 |
Diluted | $ (0.04) | $ 0.02 | $ (0.19) | $ 0.06 |
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders: | ||||
Basic | 624,976,557 | 609,421,073 | 620,841,922 | 606,181,316 |
Diluted | 624,976,557 | 643,582,922 | 620,841,922 | 642,208,622 |
COMPREHENSIVE INCOME: | ||||
Net (loss) income | $ (21,202,000) | $ 9,795,000 | $ (116,362,000) | $ 37,334,000 |
Other comprehensive (loss) income - Foreign currency translation adjustment | (23,000) | (510,000) | (274,000) | (804,000) |
COMPREHENSIVE (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST | (21,225,000) | 9,285,000 | (116,636,000) | 36,530,000 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS | $ (22,235,000) | $ 9,285,000 | $ (117,961,000) | $ 36,530,000 |
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 | $ 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 (loss) income | 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, 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 | 14,179 | |||||
Foreign currency translation adjustment | (804) | ||||||
Accretion of redeemable non-controlling interest | 0 | ||||||
Accretion of redeemable non-controlling interest | 0 | ||||||
Net (loss) income | 37,334 | ||||||
Ending Balance , Redeemable Non-Controlling Interest at Sep. 30, 2022 | 14,179 | 14,179 | |||||
Ending Balance at Sep. 30, 2022 | $ 2,010,620 | $ 62 | 2,720,695 | (709,018) | (1,119) | ||
Ending Balance, Shares at Sep. 30, 2022 | 620,117,025 | ||||||
Beginning Balance at Mar. 31, 2022 | $ 1,918,579 | $ 0 | $ 61 | 2,653,201 | (734,377) | (306) | |
Balance Balance, Shares at Mar. 31, 2022 | 0 | 613,758,126 | |||||
Beginning Balance , Redeemable Non-Controlling Interest at Mar. 31, 2022 | 14,179 | ||||||
Stock-based compensation expense | 28,403 | 28,403 | |||||
Exercise of stock options—net of tax | 4,723 | $ 1 | 4,722 | ||||
Exercise of stock options—net of tax , Shares | 1,713,991 | ||||||
Issuance of common stock upon vesting of RSUs - net of tax | 29,834 | ||||||
Foreign currency translation adjustment | (303) | (303) | |||||
Net (loss) income | 15,564 | 15,564 | |||||
Ending Balance , Redeemable Non-Controlling Interest at Jun. 30, 2022 | 14,179 | 14,179 | |||||
Ending Balance at Jun. 30, 2022 | 1,966,966 | $ 0 | $ 62 | 2,686,326 | (718,813) | (609) | |
Ending Balance, Shares at Jun. 30, 2022 | 0 | 615,501,951 | |||||
Stock-based compensation expense | 28,722 | 28,722 | |||||
Exercise of stock options—net of tax | 7,455 | 7,455 | |||||
Exercise of stock options—net of tax , Shares | 2,685,029 | ||||||
Issuance of common stock under employee stock purchase plan, Value | 3,197 | 3,197 | |||||
Issuance of common stock under employee stock purchase plan, Shares | 408,879 | ||||||
Issuance of common stock upon vesting of RSUs-net of tax | (5,005) | (5,005) | |||||
Issuance of common stock upon vesting of RSUs - net of tax | 1,521,166 | ||||||
Foreign currency translation adjustment | (510) | (510) | |||||
Accretion of redeemable non-controlling interest | 0 | ||||||
Accretion of redeemable non-controlling interest | 0 | ||||||
Net (loss) income | 9,795 | 9,795 | |||||
Ending Balance , Redeemable Non-Controlling Interest at Sep. 30, 2022 | 14,179 | 14,179 | |||||
Ending Balance at Sep. 30, 2022 | $ 2,010,620 | $ 62 | 2,720,695 | (709,018) | (1,119) | ||
Ending Balance, Shares at Sep. 30, 2022 | 620,117,025 | ||||||
Beginning Balance at Dec. 31, 2022 | $ 2,045,287 | $ 0 | $ 62 | 2,754,055 | (707,946) | (884) | |
Balance Balance, Shares at Dec. 31, 2022 | 0 | 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 (loss) income | 2,184 | 2,184 | |||||
Ending Balance , Redeemable Non-Controlling Interest at Mar. 31, 2023 | 14,179 | ||||||
Ending Balance at Mar. 31, 2023 | 2,074,555 | $ 0 | $ 63 | 2,781,104 | (705,762) | (850) | |
Ending Balance, Shares at Mar. 31, 2023 | 0 | 627,683,715 | |||||
Beginning Balance at Dec. 31, 2022 | 2,045,287 | $ 0 | $ 62 | 2,754,055 | (707,946) | (884) | |
Balance Balance, Shares at Dec. 31, 2022 | 0 | 622,072,905 | |||||
Beginning Balance , Redeemable Non-Controlling Interest at Dec. 31, 2022 | 14,179 | 14,179 | |||||
Foreign currency translation adjustment | (274) | ||||||
Accretion of redeemable non-controlling interest | 1,325 | ||||||
Accretion of redeemable non-controlling interest | (1,325) | ||||||
Net (loss) income | (116,362) | ||||||
Ending Balance , Redeemable Non-Controlling Interest at Sep. 30, 2023 | 15,504 | 15,504 | |||||
Ending Balance at Sep. 30, 2023 | 2,043,478 | $ 63 | 2,868,881 | (824,308) | (1,158) | ||
Ending Balance, Shares at Sep. 30, 2023 | 634,633,179 | ||||||
Beginning Balance at Mar. 31, 2023 | 2,074,555 | $ 0 | $ 63 | 2,781,104 | (705,762) | (850) | |
Balance Balance, Shares at Mar. 31, 2023 | 0 | 627,683,715 | |||||
Beginning Balance , Redeemable Non-Controlling Interest at Mar. 31, 2023 | 14,179 | ||||||
Stock-based compensation expense | 35,900 | 35,900 | |||||
Exercise of stock options—net of tax | 12,585 | 12,585 | |||||
Exercise of stock options—net of tax , Shares | 3,996,713 | ||||||
Issuance of common stock upon vesting of RSUs-net of tax | (90) | (90) | |||||
Issuance of common stock upon vesting of RSUs - net of tax | 302,063 | ||||||
Foreign currency translation adjustment | (285) | (285) | |||||
Accretion of redeemable non-controlling interest | 315 | ||||||
Accretion of redeemable non-controlling interest | (315) | (315) | |||||
Net (loss) income | (97,344) | (97,344) | |||||
Ending Balance , Redeemable Non-Controlling Interest at Jun. 30, 2023 | 14,494 | 14,494 | |||||
Ending Balance at Jun. 30, 2023 | 2,025,006 | $ 0 | $ 63 | 2,829,184 | (803,106) | (1,135) | |
Ending Balance, Shares at Jun. 30, 2023 | 0 | 631,982,491 | |||||
Stock-based compensation expense | 39,751 | 39,751 | |||||
Exercise of stock options—net of tax | 2,411 | 2,411 | |||||
Exercise of stock options—net of tax , Shares | 912,124 | ||||||
Issuance of common stock under employee stock purchase plan, Value | 3,435 | 3,435 | |||||
Issuance of common stock under employee stock purchase plan, Shares | 462,353 | ||||||
Issuance of common stock upon vesting of RSUs-net of tax | (4,890) | (4,890) | |||||
Issuance of common stock upon vesting of RSUs - net of tax | 1,276,211 | ||||||
Foreign currency translation adjustment | (23) | (23) | |||||
Accretion of redeemable non-controlling interest | 1,010 | 1,010 | |||||
Accretion of redeemable non-controlling interest | (1,010) | (1,010) | |||||
Net (loss) income | (21,202) | (21,202) | |||||
Ending Balance , Redeemable Non-Controlling Interest at Sep. 30, 2023 | 15,504 | $ 15,504 | |||||
Ending Balance at Sep. 30, 2023 | $ 2,043,478 | $ 63 | $ 2,868,881 | $ (824,308) | $ (1,158) | ||
Ending Balance, Shares at Sep. 30, 2023 | 634,633,179 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net (loss) income | $ (21,202) | $ 2,184 | $ 9,795 | $ 11,975 | $ (116,362) | $ 37,334 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
Depreciation and amortization of software, equipment, and property | 28,025 | 20,155 | |||||
Amortization of intangible assets | 73,927 | 74,405 | |||||
Impairment of goodwill and intangible assets | 82,742 | 0 | |||||
Deferred income taxes | (40,785) | (53,061) | |||||
Stock-based compensation | 104,471 | 80,769 | |||||
Amortization of deferred financing fees | 1,295 | 1,424 | |||||
Amortization of discount on debt | 170 | 196 | |||||
Change in fair value of derivative instruments | (563) | (5,991) | |||||
Change in fair value of warrant liabilities | 26,223 | (312) | 45,403 | (23,452) | |||
Non-cash lease expense | 1,232 | 3,076 | |||||
Loss on disposal of software, equipment and property | 0 | 795 | |||||
Gain on sale of cost method investment | 0 | (3,587) | |||||
Other | 171 | 101 | |||||
Changes in: | |||||||
Accounts receivable—Net | (19,340) | (19,532) | |||||
Deferred contract costs | (438) | (719) | |||||
Other current assets | 6,727 | 12,321 | |||||
Deferred contract costs—Non-current | 582 | 3,299 | |||||
Other assets | (3,572) | (18,227) | |||||
Operating lease assets | 581 | 1,623 | |||||
Income taxes | 12,223 | 10,029 | |||||
Accounts payable | (9,368) | 2,466 | |||||
Accrued expenses | (9,335) | (2,664) | |||||
Operating lease liabilities | (1,181) | (4,687) | |||||
Deferred revenues | 6,646 | 2,557 | |||||
Other liabilities | (113) | (192) | |||||
Net cash provided by operating activities | 163,138 | 118,438 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of software, equipment, and property | (43,187) | (38,844) | |||||
Acquisition of Safekeep, Inc., net of cash acquired | 0 | (32,242) | |||||
Proceeds from sale of cost method investment | 0 | 3,901 | |||||
Net cash used in investing activities | (43,187) | (67,185) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from exercise of stock options | 23,051 | 22,814 | |||||
Proceeds from employee stock purchase plan | 4,761 | 3,197 | |||||
Payments for employee taxes withheld upon vesting of equity awards | (16,429) | (5,005) | |||||
Principal payments on long-term debt | (6,000) | (6,000) | |||||
Net cash provided by financing activities | 5,383 | 15,006 | |||||
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (389) | (650) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 124,945 | 65,609 | |||||
Beginning of period | $ 323,788 | $ 182,544 | 323,788 | 182,544 | $ 182,544 | ||
End of period | $ 448,733 | $ 248,153 | 448,733 | 248,153 | $ 323,788 | ||
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Noncash purchases of software, equipment, and property | 1,923 | 0 | |||||
Contingent consideration related to business acquisition | 0 | 200 | |||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||
Cash paid for interest | 40,983 | 24,150 | |||||
Cash paid for income taxes-Net | $ 27,316 | $ 55,526 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (21,202) | $ 9,795 | $ (116,362) | $ 37,334 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the three months ended September 30, 2023, each of Mary Jo Prigge , the Executive Vice President, Chief Service Delivery Officer of the Company and Rodney Christo , the Chief Accounting Officer of the Company , terminated Rule 10b5-1 trading arrangements intended to satisfy the affirmative defense of Rule 10b5–1(c). Ms. Prigge’s 10b-5-1 trading arrangement had been adopted on June 20, 2023 and Mr. Christo’s trading arrangement had been adopted on August 9, 2022 . |
Mary Jo Prigge [Member] | |
Trading Arrangements, by Individual | |
Name | Mary Jo Prigge |
Title | Executive Vice President, Chief Service Delivery Officer of the Company |
Adoption Date | June 20, 2023 |
Rule 10b5-1 Arrangement Terminated | true |
Rodney Christo [Member] | |
Trading Arrangements, by Individual | |
Name | Rodney Christo |
Title | Chief Accounting Officer of the Company |
Adoption Date | August 9, 2022 |
Rule 10b5-1 Arrangement Terminated | true |
Organization and Nature of Oper
Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2023 and December 31, 2022, the condensed consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of mezzanine equity and stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended September 30, 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. Redeemable Non-Controlling Interest —The Company presents a redeemable non-controlling interest as mezzanine equity within its condensed consolidated balance sheets when it is redeemable at a fixed or determinable price on a fixed or determinable date at the option of the holder or upon the occurrence of an event that is not solely within the control of the Company. The redeemable non-controlling interest was initially measured at fair value on the date of issuance. When the redemption of a mezzanine-classified non-controlling interest becomes probable, the carrying amount of the redeemable non-controlling interest is increased by periodic accretions using the interest method so that the carrying amount will equal the redemption amount on the date that the shares become redeemable. These adjustments are recorded as accretion of redeemable non-controlling interest, with an offset to additional paid-in capital, on the condensed consolidated statements of mezzanine equity and stockholders' equity. Any such charges to additional paid-in capital affect net (loss) income available to CCC common stockholders as part of the Company's calculation of net (loss) income per share attributable to common stockholders. Recently Issued Accounting Pronouncements —In March 2020, the Financial Accounting Standards Board ("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. The Company adopted these standards during the three months ended June 30, 2023 and transitioned the reference rate within its credit agreement and related interest rate cap agreements from LIBOR to the Secured Overnight Financing Rate ("SOFR") (see Note 14). The adoption of these standards did not have a material impact on the condensed consolidated financial statements. |
Business Acquisition
Business Acquisition | 9 Months Ended |
Sep. 30, 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. The remaining cash held in escrow was paid to the sellers in May 2023. 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. During the nine months ended September 30, 2022, the Company incurred $ 1.2 million of transaction costs associated with the acquisition. The transaction costs are included in general and administrative expenses within the accompanying condensed consolidated statement of operations and comprehensive (loss) income . |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2023 and 2022 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Software subscriptions $ 212,497 $ 191,154 $ 611,582 $ 556,470 Other 8,650 7,580 26,195 21,872 Total revenues $ 221,147 $ 198,734 $ 637,777 $ 578,342 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 September 30, 2023 , approximately $ 1,423 million of revenue is expected to be recognized from remaining performance obligations in the amount of approximately $ 561 million during the following twelve months, and approximately $ 862 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 September 30, 2023 from amounts in deferred revenue as of June 30, 2023 was $ 37.1 million. Revenue recognized for the three months ended September 30, 2022 from amounts in deferred revenue as of June 30, 2022 was $ 32.2 million . Revenue recognized for the nine months ended September 30, 2023 from amounts in deferred revenue as of December 31, 2022 was $ 34.7 million. Revenue recognized for the nine months ended September 30, 2022 from amounts in deferred revenue as of December 31, 2021 was $ 30.7 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): September 30, December 31, 2023 2022 Accounts receivables-net of allowances $ 117,799 $ 98,353 Deferred contract costs 16,994 16,556 Long-term deferred contract costs 19,579 20,161 Other assets (accounts receivable, non-current) 14,346 16,437 Deferred revenues 41,885 35,239 Other liabilities (deferred revenues, non-current) 1,143 1,240 A summary of the activity impacting deferred revenue balances during the three and nine months ended September 30, 2023 and 2022 is presented below (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 41,203 $ 34,742 $ 36,479 $ 32,616 Revenue recognized 1 ( 109,109 ) ( 94,997 ) ( 323,827 ) ( 277,250 ) Additional amounts deferred 1 110,934 95,197 330,376 279,576 Balance at end of period $ 43,028 $ 34,942 $ 43,028 $ 34,942 Classified as: Current $ 41,885 $ 33,602 $ 41,885 $ 33,602 Non-current 1,143 1,340 1,143 1,340 Total deferred revenue $ 43,028 $ 34,942 $ 43,028 $ 34,942 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 and nine months ended September 30, 2023 and 2022 is presented below (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 36,351 $ 35,890 $ 36,717 $ 37,186 Costs amortized ( 4,705 ) ( 4,444 ) ( 14,128 ) ( 13,072 ) Additional amounts deferred 4,927 3,160 13,984 10,492 Balance at end of period $ 36,573 $ 34,606 $ 36,573 $ 34,606 Classified as: Current $ 16,994 $ 15,788 $ 16,994 $ 15,788 Non-current 19,579 18,818 19,579 18,818 Total deferred contract costs $ 36,573 $ 34,606 $ 36,573 $ 34,606 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022 was determined using the Black-Scholes option pricing model using the following assumptions: September 30, December 31, 2023 2022 Expected term (in years) 2.8 3.6 Expected volatility 34 % 38 % Expected dividend yield 0 % 0 % Risk-free interest rate 4.84 % 4.15 % The estimated fair value of each Private Warrant using the Company's stock price on the valuation date and above assumptions was $ 4.60 and $ 2.05 as of September 30, 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 September 30, 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 and nine months ended September 30, 2023 or the three and nine months ended September 30, 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 September 30, 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 September 30, 2023 and December 31, 2022 , the interest rate cap agreements had a fair value of $ 12.5 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 September 30, 2023 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets Interest rate cap $ 12,514 $ — $ 12,514 $ — Total Assets $ 12,514 $ — $ 12,514 $ — Liabilities Contingent consideration related to business acquisition $ 100 $ — $ — $ 100 Private Warrants 81,808 — 81,808 — Total Liabilities $ 81,908 $ — $ 81,808 $ 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 May 2023, the Company recognized impairment charges of goodwill and definite-lived intangible assets (see Note 11). The Company did no t recognize any impairment charges related to these assets during the three months ended September 30, 2023 or during the three and nine months ended September 30, 2022. 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): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Description Amount Fair Value Amount Fair Value Term B Loan, including current portion $ 784,501 $ 784,035 $ 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2023 and 2022 was ( 9.4 )% and 26.1 %, respectively. The effective tax rate for three months ended September 30, 2023 was lower than the effective tax rate for three months ended September 30, 2022 primarily due to the tax benefit received from a return to provision adjustment related to estimated research and development credits in the amount of $ 2.2 million. The Company's effective tax rate for the nine months ended September 30, 2023 and 2022 was 1.1 % and 25.4 %, respectively. The effective tax rate for nine months ended September 30, 2023 was lower than the effective tax rate for nine months ended September 30, 2022 primarily due to the tax benefits received related to share-based compensation expense in the amount of $ 3.9 million, the impairment of certain intangible assets in the amount of $ 1.3 million, and a return to provision adjustment related to estimated research and development credits in the amount of $ 2.2 million. The Company made income tax payments of $ 7.4 million and $ 16.6 million for the three months ended September 30, 2023 and 2022, respectively. The Company received negligible refunds from various states during the three months ended September 30, 2023 and 2022. The Company made income tax payments of $ 27.4 million and $ 55.5 million for the nine months ended September 30, 2023 and 2022 , respectively. The Company received refunds from various states totaling $ 39 thousand and $ 50 thousand for the nine months ended September 30, 2023 and 2022 respectively. As of September 30, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | 7. accounts receivable Accounts receivable–Net as of September 30, 2023 and December 31, 2022, consists of the following (in thousands): September 30, December 31, 2023 2022 Accounts receivable $ 122,851 $ 103,692 Allowance for doubtful accounts and sales reserves ( 5,052 ) ( 5,339 ) Accounts receivable–net $ 117,799 $ 98,353 As of September 30, 2023, one customer accounted for 16% and another customer accounted for 12% of accounts receivable. As of December 31, 2022 , one customer accounted for 11% of accounts receivable. Changes to the allowance for doubtful accounts and sales reserves during the three and nine months ended September 30, 2023 and 2022 consist of the following (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 5,874 $ 4,296 $ 5,339 $ 3,791 Charges to bad debt and sales reserves 150 1,100 5,302 3,036 Write-offs, net ( 972 ) ( 706 ) ( 5,589 ) ( 2,137 ) Balance at end of period $ 5,052 $ 4,690 $ 5,052 $ 4,690 |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other Current Assets | 8. OTHER CURRENT ASSETS Other current assets as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Prepaid SaaS costs 7,863 7,423 Prepaid service fees 6,492 5,268 Prepaid insurance 3,092 4,062 Prepaid software and equipment maintenance 2,753 7,638 Non-trade receivables — 690 Other 9,614 11,277 Total other current assets $ 29,814 $ $ 36,358 |
Software, Equipment, And Proper
Software, Equipment, And Property | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Software, Equipment, and Property | 9. SOFTWARE, EQUIPMENT, AND PROPERTY Software, equipment, and property as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Software, licenses and database $ 210,845 $ 175,616 Computer equipment 33,262 33,043 Leasehold improvements 30,812 30,430 Building and land 4,910 4,910 Furniture and other equipment 1,515 1,478 Total software, equipment, and property 281,344 245,477 Less accumulated depreciation and amortization ( 123,155 ) ( 99,034 ) Software, equipment, and property—Net $ 158,189 $ 146,443 Depreciation and amortization expense related to software, equipment and property was $ 10.1 million and $ 6.7 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation and amortization expense related to software, equipment and property was $ 28.0 million and $ 20.2 million for the nine months ended September 30, 2023 and 2022 , respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2023 and 2022 were as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating lease costs $ 1,361 $ 1,871 $ 4,350 $ 7,545 Variable lease costs 881 585 2,782 1,996 Total lease costs $ 2,242 $ 2,456 $ 7,132 $ 9,541 The Company made cash payments for operating leases of $ 1.8 million and $ 1.3 million for the three months ended September 30, 2023 and 2022, respectively. The Company made cash payments for operating leases of $ 3.8 million and $ 7.0 million for the nine months ended September 30, 2023 and 2022 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 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. Goodwill —During May 2023, we evaluated goodwill for impairment, due to the events described below, which indicated that the carrying amount of the China reporting unit was in excess of its estimated fair value. The Company's China reporting unit experienced adverse impacts as a result of changes in market conditions and increases in interest rates, which contributed to reduced forecasted revenues and reduced projected future cash flows. As a result of these adverse impacts, the Company performed a quantitative assessment of goodwill impairment by comparing the fair value of its China reporting unit to its carrying value, including goodwill. When performing the assessment, the Company determined the fair value of its China reporting unit based on forecasted future cash flows. Based on the Company's forecast of the future cash flows of its China reporting unit, it was determined the carrying value of goodwill for its China reporting unit was impaired during the three months ended June 30, 2023. As a result, the Company recorded a goodwill impairment charge of $ 77.4 million. No goodwill impairments were recorded during the three months ended September 30, 2023 or during the three and nine months ended September 30, 2022. The Company used a quantitative approach to measure the fair value of its China reporting unit using a discounted cash flow approach, which is a Level 3 measurement. The discounted cash flow analysis requires significant judgments, including estimates of future cash flows, which are dependent on internal forecasts and determination of the Company’s weighted average cost of capital, which is risk-adjusted to reflect the specific risk profile of the reporting unit being tested. The weighted average cost of capital used for the China reporting unit in the Company’s analysis was 12.5 %. The following table presents the gross amount, accumulated impairment loss and carrying amount of goodwill as of September 30, 2023 and December 31, 2022 (in thousands): Accumulated Net Gross Amount Impairment Loss Carrying Amount Balance as of December 31, 2022 $ 1,520,926 $ ( 25,797 ) $ 1,495,129 Balance as of September 30, 2023 1,520,926 ( 103,202 ) 1,417,724 The accumulated impairment loss as of December 31, 2022 was recognized during the year ended December 31, 2019. Changes in the carrying amount of goodwill during the nine months ended September 30, 2023 were as follows (in thousands): Net Carrying Amount Balance as of December 31, 2022 $ 1,495,129 Impairment ( 77,405 ) Balance as of September 30, 2023 $ 1,417,724 Intangible Assets —During May 2023, the Company recorded an impairment charge to its China reporting unit's customer relationships and acquired technologies intangible assets. The Company's forecast of the revenue and expense cash flow of the China reporting unit indicated the carrying amounts of the intangible assets were not recoverable and therefore the Company recorded an impairment charge of $ 5.3 million. No intangible asset impairments were recorded during the three months ended September 30, 2023 or during the three and nine months ended September 30, 2022. The intangible assets balance as of September 30, 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 18 11.6 $ 1,291,830 $ ( 461,112 ) $ 830,718 Acquired technologies 3 – 7 1.5 184,640 ( 166,273 ) 18,367 Subtotal 1,476,470 ( 627,385 ) 849,085 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,666,940 $ ( 627,385 ) $ 1,039,555 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 $ 24.5 million and $ 24.8 million for the three months ended September 30, 2023 and 2022, respectively. Amortization expense for intangible assets was $ 73.9 million and $ 74.4 million for the nine months ended September 30, 2023 and 2022, respectively. 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 September 30, 2023 is as follows (in thousands): Years Ending December 31: 2023 24,509 2024 80,768 2025 72,454 2026 72,454 2027 72,454 Thereafter 526,446 Total $ 849,085 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 12. ACCRUED EXPENSES Accrued expenses as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Compensation $ 38,713 $ 53,530 Professional services 7,620 1,877 Royalties and licenses 4,038 3,832 Employee insurance benefits 3,198 2,749 Sales tax 2,972 2,615 Software license agreement 2,153 3,243 Other 2,311 3,599 Total accrued expenses $ 61,005 $ 71,445 |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 13. OTHER LIABILITIES Other liabilities as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Deferred revenue—non-current $ 1,143 $ 1,240 Software license agreement 1,003 1,208 Contingent consideration 100 100 Other — 110 Total other liabilities $ 2,246 $ 2,658 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 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 (as amended, 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 September 30, 2023 and December 31, 2022 , the unamortized debt discount was $ 1.5 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 September 30, 2023 and December 31, 2022 , the unamortized financing costs were $ 7.4 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 September 30, 2023 and December 31, 2022 , the deferred financing fees asset balance was $ 1.8 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 September 30, 2023 and December 31, 2022, the amount outstanding on the Term B Loa n is $ 786.0 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. On May 19, 2023, the Company entered into Amendment No. 1 to the 2021 Credit Agreement (the "Amendment") to establish SOFR as the benchmark rate for determining the applicable interest rate, replacing LIBOR. No other terms, including the amount of borrowings, required payments or maturity date, were changed as a result of the Amendment. The Company did not incur significant costs associated with the Amendment. Subsequent to the execution of the Amendment, the interest rate per annum applicable to the loans is based on a fluctuating rate of interest equal to the sum of an applicable rate and term SOFR (other than with respect to Euros, Euribor and with respect to British Pounds Sterling, SONIA) with a term as selected by the Company, of one, three or six months (subject to (x) in the case of term loans, a 0.50 % per annum floor and (y) in the case of revolving loans, a 0.00 % per annum floor). Prior to the execution of the Amendment, the interest rate per annum applicable to the loans was based on a fluctuating rate of interest equal to the sum of an applicable rate and, at the Company’s election from time to time, either: (1) a base rate determined by reference to the highest of (a) the rate last quoted by the Wall Street Journal as the "prime rate," (b) the federal funds effective rate plus 0.50 %, (c) one-month LIBOR plus 1.00 % and (d) with respect to the Term B Loan, 1.50 % and with respect to the 2021 Revolving Credit Facility, 1.00 %, or (2) a Eurocurrency rate determined by reference to LIBOR (other than with respect to Euros, Euribor and with respect to British Pounds Sterling, SONIA) with a term as selected by the Company, of one, three or six months (subject to (x) in the case of term loans, a 0.50 % per annum floor and (y) in the case of revolving loans, a 0.00 % per annum floor). 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 September 30, 2023 and 2022 , the weighted-average interest rate on the outstanding borrowings under the Term B Loan was 7.7 % and 4.6 % , respectively. During the nine months ended September 30, 2023 and 2022, the weighted-average interest rate on the outstanding borrowings under the Term B Loan was 7.3 % and 3.6 %, 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 September 30, 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 September 30, 2023 or December 31, 2022. Long-term debt as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Term B Loan $ 786,000 $ 792,000 Term B Loan—discount ( 1,499 ) ( 1,669 ) Term B Loan—deferred financing fees ( 7,365 ) ( 8,199 ) Term B Loan—net of discount & fees 777,136 782,132 Less: Current portion ( 8,000 ) ( 8,000 ) Total long-term debt—net of current portion $ 769,136 $ 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 . During May 2023, the Company transitioned the referenced interest rate within the two interest rate cap agreements from LIBOR to SOFR by terminating the original agreements and simultaneously entering into new agreements. The terms of the new agreements were unchanged except for the referenced interest rate. The Company elected the optional expedients available within ASC 848 to allow for this transition without any modification to the derivative classification of the interest rate cap agreements. Cash received related to the interest rate cap agreements was $ 1.9 million for the three months ended September 30, 2023 . Cash received related to the interest rate cap agreements was $ 4.4 million for the nine months ended September 30, 2023. As of September 30, 2023 and December 31, 2022 , the aggregate fair value of the interest rate cap agreements was $ 12.5 million and $ 12.0 million, respectively (see Note 5). |
Redeemable Non-Controlling Inte
Redeemable Non-Controlling Interest | 9 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Redeemable Non-Controlling Interest | 16. REDEEMABLE NON-CONTROLLING INTEREST On March 12, 2020 (the "Close Date"), the Company closed a stock purchase agreement (the "Stock Purchase Agreement") with a third-party investor (the "Investor") for purchase by the Investor of Series A Preferred Stock in CCCIS Cayman Holdings Limited ("CCC Cayman"), the parent of the Company’s China operations. On the Close Date, CCC Cayman, a subsidiary of the Company, issued 1,818 shares of Series A Preferred Stock (the "Preferred Shares") at $ 7,854 per share to the Investor for net proceeds of $ 14.2 million. As of September 30, 2023 and December 31, 2022, on an as-converted basis, the Preferred Shares represent an aggregate 10.0 % ownership interest of the issued and outstanding capital stock of CCC Cayman, or 8.6 % on a fully-diluted basis. The Preferred Shares are redeemable upon an actual or deemed redemption event as defined in the Stock Purchase Agreement or at the option of the Investor beginning on the five-year anniversary of the Close Date, if an actual or deemed redemption event has not yet occurred. The redemption price, as defined by the Stock Purchase Agreement, is equal to the original issue price of the Preferred Shares, plus 10.0 % compound interest per annum on the Preferred Share issue price, plus any declared but unpaid dividends on the Preferred Shares. The Preferred Shares do not participate in net income or losses. As of September 30, 2023 and December 31, 2022, the Investor’s ownership in CCC Cayman is classified in mezzanine equity as a redeemable non-controlling interest, because it is redeemable on an event that is not solely in the control of the Company. During May 2023, the Company determined it was probable the non-controlling interest would become redeemable and began to accrete the non-controlling interest to its redemption value. Changes in the carrying value of the non-controlling interest are recorded as adjustments to additional paid-in capital. The activity impacting the redeemable non-controllable interest during the three and nine months ended September 30, 2023 and 2022 is presented below (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 14,494 $ 14,179 $ 14,179 $ 14,179 Accretion of redeemable non-controlling interest 1,010 — 1,325 — Balance at end of period $ 15,504 $ 14,179 $ 15,504 $ 14,179 |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 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 September 30, 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 634,633,179 and 622,072,905 shares of common stock issued and outstanding as of September 30, 2023 and December 31, 2022 , respectively. |
Stock Incentive Plans
Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plans | 17. 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 nine months ended September 30, 2023: Weighted- Average Shares Fair Value Unvested RSUs—December 31, 2022 31,288,688 $ 10.34 Granted 12,357,201 8.95 Vested ( 5,489,562 ) 10.61 Forfeited ( 1,409,181 ) 9.92 Unvested RSUs—September 30, 2023 36,747,146 9.83 During the nine months ended September 30, 2023 , the Company granted 12,357,201 RSUs, of which 10,753,700 have time-based vesting requirements, and 1,603,501 have performance-based vesting requirements. During the nine months ended September 30, 2023 , 5,489,562 RSUs vested, of which 1,693,909 were withheld for employee tax obligations. Stock Options — The table below summarizes the stock option activity for the nine months ended September 30, 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 ( 8,122,930 ) 2.86 Forfeited and canceled ( 493,652 ) 6.96 Options outstanding—September 30, 2023 36,632,678 $ 2.96 4.3 $ 380,524 Options exercisable—September 30, 2023 34,638,157 $ 2.79 4.1 $ 365,947 Options vested and expected to vest—September 30, 2023 36,547,087 $ 2.95 4.3 $ 379,910 The fair value of the options which vested during the nine months ended September 30, 2023 was $ 2.6 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 nine months ended September 30, 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 September 30, 2023 and December 31, 2022 , 1,769,400 and 1,303,000 , respectively, of stock options under the Cayman Incentive Plans are outstanding. As of September 30, 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 September 30, 2023, 462,353 shares were sold under the ESPP. During the nine months ended September 30, 2023, 641,691 shares were sold under the ESPP. The fair value of the ESPP purchase rights sold during the nine months ended September 30, 2023 was estimated using the Black-Scholes option pricing model with the following assumptions: Expected term (in years) 0.5 Expected volatility 30 %— 51 % Expected dividend yield 0 % Risk-free interest rate 2.5 %— 4.7 % Stock-Based Compensation —Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive (loss) income as follows for the three and nine months ended September 30, 2023 and 2022 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Cost of revenues $ 2,396 $ 1,657 $ 6,595 $ 4,167 Research and development 6,359 5,373 18,833 14,433 Sales and marketing 9,257 6,890 25,264 18,331 General and administrative 21,739 14,802 53,779 43,838 Total stock-based compensation expense $ 39,751 $ 28,722 $ 104,471 $ 80,769 As of September 30, 2023, there was $ 191.9 million of unrecognized stock compensation expense related to unvested time-based awards which is expected to be recognized over a weighted-average period of 2.7 years. As of September 30, 2023 , there was $ 45.6 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 1.2 years. |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 18. 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 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 and nine months ended September 30, 2023. As of September 30, 2023 and December 31, 2022 , the Company had 17,800,000 Private Warrants outstanding. The Company recognized expense of $ 26.2 million and income of $ 0.3 million as a change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive (loss) income for the three months ended September 30, 2023 and 2022, respectively. The Company recognized expense of $ 45.4 million and income of $ 23.5 million as a change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive (loss) income for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022 , the Company’s warrant liability was $ 81.8 million and $ 36.4 million, respectively. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 19. 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 SaaS that expire at various dates through 2031 . As of September 30, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Legal Proceedings And Contingencies [Abstract] | |
Legal Proceedings and Contingencies | 20. 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 | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | 21. 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 and directors for the three and nine months ended September 30, 2023 and 2022 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues Credit card processing $ 278 $ 233 $ 786 $ 574 Expenses Employee health insurance benefits 663 716 2,484 2,353 Human resources support services 69 59 248 196 Board of director fees for services, including related travel and out-of-pocket reimbursements 77 * 230 * Sales tax processing and license fees for tax information ^ 245 ^ 443 * Not significant ^ Not a related party during the three and nine months ended September 30, 2023. The following table summarizes amounts receivable and due to entities affiliated with one of its principal equity owners as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Receivables Credit card processing * * Payables Employee health insurance benefits 218 $ 501 Human resources support services * * Sales tax processing and license fees for tax information ^ * * Not significant ^ Not a related party as of September 30, 2023 . As of October 2022, the entity which provided sales tax processing and license fees for tax information is no longer affiliated with a director of the Company and is no longer a related party. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | 22. NET (LOSS) INCOME PER SHARE The Company calculates basic earnings per share by dividing the net (loss) income attributable to common stockholders 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator Net (loss) income $ ( 21,202 ) $ 9,795 $ ( 116,362 ) $ 37,334 Accretion of redeemable non-controlling interest ( 1,010 ) — ( 1,325 ) — Net (loss) income attributable to common stockholders $ ( 22,212 ) $ 9,795 $ ( 117,687 ) $ 37,334 Denominator Weighted average shares of common stock—basic 624,976,557 609,421,073 620,841,922 606,181,316 Dilutive effect of stock-based awards — 34,161,849 — 36,027,306 Weighted average shares of common stock—diluted 624,976,557 643,582,922 620,841,922 642,208,622 Net (loss) income per share: Basic $ ( 0.04 ) $ 0.02 $ ( 0.19 ) $ 0.06 Diluted $ ( 0.04 ) $ 0.02 $ ( 0.19 ) $ 0.06 Approximately 32,593,648 and 8,224,561 common stock equivalent shares were excluded from the computation of diluted per share amounts for the three months ended September 30, 2023 and 2022, respectively, because their effect was anti-dilutive. Approximately 31,454,944 and 8,250,431 common stock equivalent shares were excluded from the computation of diluted per share amounts for the nine months ended September 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information And Information About Geographic Areas | 23. 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 United States $ 219,573 $ 196,727 $ 632,572 $ 572,417 China 1,574 2,007 5,205 5,925 Total revenues $ 221,147 $ 198,734 $ 637,777 $ 578,342 Software, equipment and property, net by geographic area are as follows (in thousands): September 30, December 31, 2023 2022 United States $ 158,059 $ 146,398 China 130 45 Total software, equipment and property-net $ 158,189 $ 146,443 |
Gain on Sale of Cost Method Inv
Gain on Sale of Cost Method Investment | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Gain on Sale of Cost Method Investment | 24. 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 nine months ended September 30, 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) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presenta tion —The condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, the condensed consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of mezzanine equity and stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended September 30, 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. |
Redeemable Non-Controlling Interest | Redeemable Non-Controlling Interest —The Company presents a redeemable non-controlling interest as mezzanine equity within its condensed consolidated balance sheets when it is redeemable at a fixed or determinable price on a fixed or determinable date at the option of the holder or upon the occurrence of an event that is not solely within the control of the Company. The redeemable non-controlling interest was initially measured at fair value on the date of issuance. When the redemption of a mezzanine-classified non-controlling interest becomes probable, the carrying amount of the redeemable non-controlling interest is increased by periodic accretions using the interest method so that the carrying amount will equal the redemption amount on the date that the shares become redeemable. These adjustments are recorded as accretion of redeemable non-controlling interest, with an offset to additional paid-in capital, on the condensed consolidated statements of mezzanine equity and stockholders' equity. Any such charges to additional paid-in capital affect net (loss) income available to CCC common stockholders as part of the Company's calculation of net (loss) income per share attributable to common stockholders. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements —In March 2020, the Financial Accounting Standards Board ("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. The Company adopted these standards during the three months ended June 30, 2023 and transitioned the reference rate within its credit agreement and related interest rate cap agreements from LIBOR to the Secured Overnight Financing Rate ("SOFR") (see Note 14). The adoption of these standards did not have a material impact on the condensed consolidated financial statements. |
Business Acquisition (Tables)
Business Acquisition (Tables) | 9 Months Ended |
Sep. 30, 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) | 9 Months Ended |
Sep. 30, 2023 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Summarizes Revenue By Type of Service | The following table summarizes revenue by type of service for the three and nine months ended September 30, 2023 and 2022 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Software subscriptions $ 212,497 $ 191,154 $ 611,582 $ 556,470 Other 8,650 7,580 26,195 21,872 Total revenues $ 221,147 $ 198,734 $ 637,777 $ 578,342 |
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): September 30, December 31, 2023 2022 Accounts receivables-net of allowances $ 117,799 $ 98,353 Deferred contract costs 16,994 16,556 Long-term deferred contract costs 19,579 20,161 Other assets (accounts receivable, non-current) 14,346 16,437 Deferred revenues 41,885 35,239 Other liabilities (deferred revenues, non-current) 1,143 1,240 |
Summary of Deferred Revenue | A summary of the activity impacting deferred revenue balances during the three and nine months ended September 30, 2023 and 2022 is presented below (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 41,203 $ 34,742 $ 36,479 $ 32,616 Revenue recognized 1 ( 109,109 ) ( 94,997 ) ( 323,827 ) ( 277,250 ) Additional amounts deferred 1 110,934 95,197 330,376 279,576 Balance at end of period $ 43,028 $ 34,942 $ 43,028 $ 34,942 Classified as: Current $ 41,885 $ 33,602 $ 41,885 $ 33,602 Non-current 1,143 1,340 1,143 1,340 Total deferred revenue $ 43,028 $ 34,942 $ 43,028 $ 34,942 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 and nine months ended September 30, 2023 and 2022 is presented below (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 36,351 $ 35,890 $ 36,717 $ 37,186 Costs amortized ( 4,705 ) ( 4,444 ) ( 14,128 ) ( 13,072 ) Additional amounts deferred 4,927 3,160 13,984 10,492 Balance at end of period $ 36,573 $ 34,606 $ 36,573 $ 34,606 Classified as: Current $ 16,994 $ 15,788 $ 16,994 $ 15,788 Non-current 19,579 18,818 19,579 18,818 Total deferred contract costs $ 36,573 $ 34,606 $ 36,573 $ 34,606 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques | The valuation of the Private Warrants as of September 30, 2023 and December 31, 2022 was determined using the Black-Scholes option pricing model using the following assumptions: September 30, December 31, 2023 2022 Expected term (in years) 2.8 3.6 Expected volatility 34 % 38 % Expected dividend yield 0 % 0 % Risk-free interest rate 4.84 % 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 September 30, 2023 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets Interest rate cap $ 12,514 $ — $ 12,514 $ — Total Assets $ 12,514 $ — $ 12,514 $ — Liabilities Contingent consideration related to business acquisition $ 100 $ — $ — $ 100 Private Warrants 81,808 — 81,808 — Total Liabilities $ 81,908 $ — $ 81,808 $ 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): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Description Amount Fair Value Amount Fair Value Term B Loan, including current portion $ 784,501 $ 784,035 $ 790,331 $ 766,260 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable–Net as of September 30, 2023 and December 31, 2022, consists of the following (in thousands): September 30, December 31, 2023 2022 Accounts receivable $ 122,851 $ 103,692 Allowance for doubtful accounts and sales reserves ( 5,052 ) ( 5,339 ) Accounts receivable–net $ 117,799 $ 98,353 As of September 30, 2023, one customer accounted for 16% and another customer accounted for 12% of accounts receivable. As of December 31, 2022 , one customer 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 and nine months ended September 30, 2023 and 2022 consist of the following (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 5,874 $ 4,296 $ 5,339 $ 3,791 Charges to bad debt and sales reserves 150 1,100 5,302 3,036 Write-offs, net ( 972 ) ( 706 ) ( 5,589 ) ( 2,137 ) Balance at end of period $ 5,052 $ 4,690 $ 5,052 $ 4,690 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Other Current Assets | Other current assets as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Prepaid SaaS costs 7,863 7,423 Prepaid service fees 6,492 5,268 Prepaid insurance 3,092 4,062 Prepaid software and equipment maintenance 2,753 7,638 Non-trade receivables — 690 Other 9,614 11,277 Total other current assets $ 29,814 $ $ 36,358 |
Software, Equipment, And Prop_2
Software, Equipment, And Property (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Software,Equipment and Property | Software, equipment, and property as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Software, licenses and database $ 210,845 $ 175,616 Computer equipment 33,262 33,043 Leasehold improvements 30,812 30,430 Building and land 4,910 4,910 Furniture and other equipment 1,515 1,478 Total software, equipment, and property 281,344 245,477 Less accumulated depreciation and amortization ( 123,155 ) ( 99,034 ) Software, equipment, and property—Net $ 158,189 $ 146,443 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Summary of Lease Cost | The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating lease costs $ 1,361 $ 1,871 $ 4,350 $ 7,545 Variable lease costs 881 585 2,782 1,996 Total lease costs $ 2,242 $ 2,456 $ 7,132 $ 9,541 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill [Line Items] | |
Schedule of Gross Amount, Accumulated Impairment Loss, and Carrying Amount of Goodwill | The following table presents the gross amount, accumulated impairment loss and carrying amount of goodwill as of September 30, 2023 and December 31, 2022 (in thousands): Accumulated Net Gross Amount Impairment Loss Carrying Amount Balance as of December 31, 2022 $ 1,520,926 $ ( 25,797 ) $ 1,495,129 Balance as of September 30, 2023 1,520,926 ( 103,202 ) 1,417,724 |
Schedule of Changes in the Carrying Amount of Goodwill | Changes in the carrying amount of goodwill during the nine months ended September 30, 2023 were as follows (in thousands): Net Carrying Amount Balance as of December 31, 2022 $ 1,495,129 Impairment ( 77,405 ) Balance as of September 30, 2023 $ 1,417,724 |
Summary of Intangible Assets Balance | The intangible assets balance as of September 30, 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 18 11.6 $ 1,291,830 $ ( 461,112 ) $ 830,718 Acquired technologies 3 – 7 1.5 184,640 ( 166,273 ) 18,367 Subtotal 1,476,470 ( 627,385 ) 849,085 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,666,940 $ ( 627,385 ) $ 1,039,555 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 September 30, 2023 is as follows (in thousands): Years Ending December 31: 2023 24,509 2024 80,768 2025 72,454 2026 72,454 2027 72,454 Thereafter 526,446 Total $ 849,085 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Expenses | Accrued expenses as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Compensation $ 38,713 $ 53,530 Professional services 7,620 1,877 Royalties and licenses 4,038 3,832 Employee insurance benefits 3,198 2,749 Sales tax 2,972 2,615 Software license agreement 2,153 3,243 Other 2,311 3,599 Total accrued expenses $ 61,005 $ 71,445 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Summary Of Other Liabilities | Other liabilities as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Deferred revenue—non-current $ 1,143 $ 1,240 Software license agreement 1,003 1,208 Contingent consideration 100 100 Other — 110 Total other liabilities $ 2,246 $ 2,658 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary Of Long Term Debt | Long-term debt as of September 30, 2023 and December 31, 2022 consists of the following (in thousands): September 30, December 31, 2023 2022 Term B Loan $ 786,000 $ 792,000 Term B Loan—discount ( 1,499 ) ( 1,669 ) Term B Loan—deferred financing fees ( 7,365 ) ( 8,199 ) Term B Loan—net of discount & fees 777,136 782,132 Less: Current portion ( 8,000 ) ( 8,000 ) Total long-term debt—net of current portion $ 769,136 $ 774,132 |
Redeemable Non-controlling In_2
Redeemable Non-controlling Interest (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of activities impacting the redeemable non-controllable interest | The activity impacting the redeemable non-controllable interest during the three and nine months ended September 30, 2023 and 2022 is presented below (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 14,494 $ 14,179 $ 14,179 $ 14,179 Accretion of redeemable non-controlling interest 1,010 — 1,325 — Balance at end of period $ 15,504 $ 14,179 $ 15,504 $ 14,179 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2023: Weighted- Average Shares Fair Value Unvested RSUs—December 31, 2022 31,288,688 $ 10.34 Granted 12,357,201 8.95 Vested ( 5,489,562 ) 10.61 Forfeited ( 1,409,181 ) 9.92 Unvested RSUs—September 30, 2023 36,747,146 9.83 |
Summary of Share-based Compensation Arrangements by Share-based Payment Award | The table below summarizes the stock option activity for the nine months ended September 30, 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 ( 8,122,930 ) 2.86 Forfeited and canceled ( 493,652 ) 6.96 Options outstanding—September 30, 2023 36,632,678 $ 2.96 4.3 $ 380,524 Options exercisable—September 30, 2023 34,638,157 $ 2.79 4.1 $ 365,947 Options vested and expected to vest—September 30, 2023 36,547,087 $ 2.95 4.3 $ 379,910 |
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 (loss) income as follows for the three and nine months ended September 30, 2023 and 2022 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Cost of revenues $ 2,396 $ 1,657 $ 6,595 $ 4,167 Research and development 6,359 5,373 18,833 14,433 Sales and marketing 9,257 6,890 25,264 18,331 General and administrative 21,739 14,802 53,779 43,838 Total stock-based compensation expense $ 39,751 $ 28,722 $ 104,471 $ 80,769 |
2021 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 the ESPP purchase rights sold during the nine months ended September 30, 2023 was estimated using the Black-Scholes option pricing model with the following assumptions: Expected term (in years) 0.5 Expected volatility 30 %— 51 % Expected dividend yield 0 % Risk-free interest rate 2.5 %— 4.7 % |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 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 and directors for the three and nine months ended September 30, 2023 and 2022 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues Credit card processing $ 278 $ 233 $ 786 $ 574 Expenses Employee health insurance benefits 663 716 2,484 2,353 Human resources support services 69 59 248 196 Board of director fees for services, including related travel and out-of-pocket reimbursements 77 * 230 * Sales tax processing and license fees for tax information ^ 245 ^ 443 * Not significant ^ Not a related party during the three and nine months ended September 30, 2023. The following table summarizes amounts receivable and due to entities affiliated with one of its principal equity owners as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Receivables Credit card processing * * Payables Employee health insurance benefits 218 $ 501 Human resources support services * * Sales tax processing and license fees for tax information ^ * * Not significant ^ Not a related party as of September 30, 2023 . |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator Net (loss) income $ ( 21,202 ) $ 9,795 $ ( 116,362 ) $ 37,334 Accretion of redeemable non-controlling interest ( 1,010 ) — ( 1,325 ) — Net (loss) income attributable to common stockholders $ ( 22,212 ) $ 9,795 $ ( 117,687 ) $ 37,334 Denominator Weighted average shares of common stock—basic 624,976,557 609,421,073 620,841,922 606,181,316 Dilutive effect of stock-based awards — 34,161,849 — 36,027,306 Weighted average shares of common stock—diluted 624,976,557 643,582,922 620,841,922 642,208,622 Net (loss) income per share: Basic $ ( 0.04 ) $ 0.02 $ ( 0.19 ) $ 0.06 Diluted $ ( 0.04 ) $ 0.02 $ ( 0.19 ) $ 0.06 |
Segment Information And Infor_2
Segment Information And Information About Geographic Areas (Tables) | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 United States $ 219,573 $ 196,727 $ 632,572 $ 572,417 China 1,574 2,007 5,205 5,925 Total revenues $ 221,147 $ 198,734 $ 637,777 $ 578,342 |
Schedule of software, equipment and property, net by geographic area | Software, equipment and property, net by geographic area are as follows (in thousands): September 30, December 31, 2023 2022 United States $ 158,059 $ 146,398 China 130 45 Total software, equipment and property-net $ 158,189 $ 146,443 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Feb. 08, 2022 | Feb. 28, 2022 | Sep. 30, 2023 | 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 | |||
Estimated useful life | 7 years |
Business Acquisition - Schedule
Business Acquisition - Schedule of Business Acquisition by Acquisition (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Feb. 08, 2022 | Sep. 30, 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 | 9 Months Ended | |
Feb. 08, 2022 | Sep. 30, 2023 | |
Business Acquisition [Line Items] | ||
Current assets | $ 150 | |
Intangible asset-acquired technology | 4,800 | |
Total assets acquired | 4,950 | |
Current liabilities | 147 | |
Deferred tax liabilities | 548 | |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Contract With Customer Asset And Liability [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 221,147 | $ 198,734 | $ 637,777 | $ 578,342 |
Software Subscriptions [Member] | ||||
Contract With Customer Asset And Liability [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 212,497 | 191,154 | 611,582 | 556,470 |
Other Services [Member] | ||||
Contract With Customer Asset And Liability [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 8,650 | $ 7,580 | $ 26,195 | $ 21,872 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||||
Revenue remaining performance obligation amount | $ 1,423 | $ 1,423 | ||
Revenue remaining performance obligation revenue to be recognized year 2022 | 561 | 561 | ||
Revenue remaining performance obligation revenue to be recognized thereafter | 862 | 862 | ||
Deferred revenue, revenue recognized | $ 37.1 | $ 32.2 | $ 34.7 | $ 30.7 |
Revenue - Summary of Receivable
Revenue - Summary of Receivables Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Contract With Customer Asset And Liability [Line Items] | |||
Accounts receivables-net of allowances | $ 117,799 | $ 98,353 | |
Deferred contract costs | 16,994 | 16,556 | $ 15,788 |
Long-term deferred contract costs | 19,579 | 20,161 | 18,818 |
Other assets (accounts receivable, non-current) | 14,346 | 16,437 | |
Deferred revenues | 41,885 | 35,239 | 33,602 |
Other liabilities (deferred revenues, non-current) | $ 1,143 | $ 1,240 | $ 1,340 |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Contract With Customer Liability [Line Items] | ||||||
Balance at beginning of period | $ 41,203 | $ 34,742 | $ 36,479 | $ 32,616 | ||
Revenue recognized1 | [1] | (109,109) | (94,997) | (323,827) | (277,250) | |
Additional amounts deferred1 | [1] | 110,934 | 95,197 | 330,376 | 279,576 | |
Balance at end of period | 43,028 | 34,942 | 43,028 | 34,942 | ||
Classified as: | ||||||
Current | 41,885 | 33,602 | 41,885 | 33,602 | $ 35,239 | |
Non-current | 1,143 | 1,340 | 1,143 | 1,340 | 1,240 | |
Total deferred revenue | $ 43,028 | $ 34,942 | $ 43,028 | $ 34,942 | $ 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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Capitalized Contract Cost [Line Items] | |||||
Balance at beginning of period | $ 36,351 | $ 35,890 | $ 36,717 | $ 37,186 | |
Costs amortized | (4,705) | (4,444) | (14,128) | (13,072) | |
Additional amounts deferred | 4,927 | 3,160 | 13,984 | 10,492 | |
Balance at end of period | 36,573 | 34,606 | 36,573 | 34,606 | |
Classified as: | |||||
Current | 16,994 | 15,788 | 16,994 | 15,788 | $ 16,556 |
Non-current | 19,579 | 18,818 | 19,579 | 18,818 | 20,161 |
Total deferred contract costs | $ 36,573 | $ 34,606 | $ 36,573 | $ 34,606 | $ 36,717 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | ||
Discount rate | 10% | ||||
Fair Value Adjustment of Warrants | 26,223,000 | (312,000) | $ 45,403,000 | (23,452,000) | |
change in Contingent Consideration Liability | 0 | $ 0 | 0 | $ 0 | |
Fair Value Measurements Recurring [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Derivative assets | 12,514,000 | 12,514,000 | $ 11,951,000 | ||
Derivative Liability | 81,908,000 | 81,908,000 | 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 | 100,000 | ||
Private Warrants [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair Value Adjustment of Warrants | 4.6 | 2.05 | |||
Private Warrants [Member] | Fair Value Measurements Recurring [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Derivative Liability | 81,808,000 | 81,808,000 | 36,405,000 | ||
Interest Rate Cap [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Derivative assets | 12,500,000 | 12,500,000 | 12,000,000 | ||
Interest Rate Cap [Member] | Fair Value Measurements Recurring [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Derivative assets | $ 12,514,000 | $ 12,514,000 | $ 11,951,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Private Warrants [Member] | Sep. 30, 2023 yr | Dec. 31, 2022 yr |
Expected Term (in years) [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 2.8 | 3.6 |
Expected Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0.34 | 0.38 |
Expected Dividend Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0 | 0 |
Risk-free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0.0484 | 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Interest Rate Cap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 12,500 | $ 12,000 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 81,908 | 36,505 |
Derivative Asset | 12,514 | 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 | $ 12,514 | $ 11,951 |
Fair Value, Recurring [Member] | Private Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 81,808 | $ 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 | 81,808 | 36,405 |
Derivative Asset | 12,514 | 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 | $ 12,514 | $ 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 | $ 81,808 | $ 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 784,501 | $ 790,331 |
Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 784,035 | $ 766,260 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Aug. 16, 2022 | |
Income Tax Disclosure [Line Items] | |||||
Income tax payment | $ 7,400 | $ 16,600 | $ 27,400 | $ 55,500 | |
Effective tax rate | (9.40%) | 26.10% | 1.10% | 25.40% | |
CorporateMinimumIncomeTax | 15% | ||||
CorporateStockRepurchaseExciseTaxRate | 1% | ||||
Stock-based compensation | $ 3,900 | $ 3,900 | |||
Research and development credits | 2,200 | 2,200 | |||
Tax benefit recognized related to the impairment of intangible assets | $ 1,300 | 1,300 | |||
Internal Revenue Service (IRS) [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax refund received | $ 39 | $ 50 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||||||
Accounts receivable | $ 122,851 | $ 103,692 | ||||
Allowance for doubtful accounts and sales reserves | (5,052) | $ (5,874) | (5,339) | $ (4,690) | $ (4,296) | $ (3,791) |
Accounts receivable–net | $ 117,799 | $ 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 5,874 | $ 4,296 | $ 5,339 | $ 3,791 |
Charges to bad debt and sales reserves | 150 | 1,100 | 5,302 | 3,036 |
Write-offs, net | (972) | (706) | (5,589) | (2,137) |
Balance at end of period | $ 5,052 | $ 4,690 | $ 5,052 | $ 4,690 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid SaaS costs | $ 7,863 | $ 7,423 |
Prepaid service fees | 6,492 | 5,268 |
Prepaid insurance | 3,092 | 4,062 |
Prepaid software and equipment maintenance | 2,753 | 7,638 |
Non-trade receivables | 0 | 690 |
Other | 9,614 | 11,277 |
Total other current assets | $ 29,814 | $ 36,358 |
Software, Equipment, And Prop_3
Software, Equipment, And Property - Schedule of Software,Equipment and Property (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | $ 281,344 | $ 245,477 |
Less accumulated depreciation and amortization | (123,155) | (99,034) |
Net software, equipment, and property | 158,189 | 146,443 |
Software, Licenses and Database [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 210,845 | 175,616 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 33,262 | 33,043 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 30,812 | 30,430 |
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 | $ 1,515 | $ 1,478 |
Software, Equipment, And Prop_4
Software, Equipment, And Property - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 10.1 | $ 6.7 | $ 28 | $ 20.2 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Line Items] | ||||
Cash payments for operating leases | $ 1.8 | $ 1.3 | $ 3.8 | $ 7 |
Maximum [Member] | Office Space and Data Center Facilities [Member] | ||||
Leases [Line Items] | ||||
Operating lease term | 17 years | 17 years | ||
Operating lease term extension | 5 years | 5 years | ||
Maximum [Member] | Equipment Leases [Member] | ||||
Leases [Line Items] | ||||
Operating lease term | 3 years | 3 years | ||
Minimum [Member] | Office Space and Data Center Facilities [Member] | ||||
Leases [Line Items] | ||||
Operating lease term | 1 year | 1 year | ||
Operating lease term extension | 3 years | 3 years | ||
Minimum [Member] | Equipment Leases [Member] | ||||
Leases [Line Items] | ||||
Operating lease term | 1 year | 1 year |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease costs | $ 1,361 | $ 1,871 | $ 4,350 | $ 7,545 |
Variable lease costs | 881 | 585 | 2,782 | 1,996 |
Total lease costs | $ 2,242 | $ 2,456 | $ 7,132 | $ 9,541 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Goodwill impairment | $ 0 | $ 0 | $ 77,405,000 | $ 0 |
Impairment of intangible assets | 0 | 0 | 4,906,000 | 0 |
Amortization of Intangible Assets | 17,942,000 | 18,066,000 | 54,030,000 | 54,212,000 |
Subsidiaries | ||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Amortization of Intangible Assets | $ 24,500,000 | $ 24,800,000 | 73,900,000 | $ 74,400,000 |
China | ||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Goodwill impairment | $ 77,400,000 | |||
Percentage of weighted average cost of capital | 12.50% | 12.50% | ||
Impairment of intangible assets | $ 5,300,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Gross Amount, Accumulated Impairment Loss, and Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross Amount | $ 1,520,926 | $ 1,520,926 |
Accumulated Impairment Loss | (103,202) | (25,797) |
Net Carrying Amount | $ 1,417,724 | $ 1,495,129 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, Beginning Balance | $ 1,495,129,000 | |||
Impairment | $ 0 | $ 0 | (77,405,000) | $ 0 |
Goodwill, Ending Balance | $ 1,417,724,000 | $ 1,417,724,000 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Intangible Assets Balance (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,476,470 | $ 1,487,700 |
Accumulated Amortization | (627,385) | (559,351) |
Net Carrying Amount | 849,085 | 928,349 |
Intangible assets, Gross Carrying Amount | 1,666,940 | 1,678,170 |
Intangible assets, Net Carrying Amount | 1,039,555 | 1,118,819 |
Trademarks—indefinite life, Accumulated Amortization | (627,385) | (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) | 11 years 7 months 6 days | 12 years 3 months 18 days |
Gross Carrying Amount | $ 1,291,830 | $ 1,299,750 |
Accumulated Amortization | (461,112) | (410,095) |
Net Carrying Amount | $ 830,718 | $ 889,655 |
Acquired Technologies [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life (Years) | 1 year 6 months | 1 year 9 months 18 days |
Gross Carrying Amount | $ 184,640 | $ 187,950 |
Accumulated Amortization | (166,273) | (149,256) |
Net Carrying Amount | $ 18,367 | $ 38,694 |
Subsidiaries [Member] | Customer Relationships [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 18 years | |
Subsidiaries [Member] | Customer Relationships [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 18 years | |
Subsidiaries [Member] | Customer Relationships [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Estimated Useful Life (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_6
Goodwill and Intangible Assets - Schedule of Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ||
2023 | $ 24,509 | |
2024 | 80,768 | |
2025 | 72,454 | |
2026 | 72,454 | |
2027 | 72,454 | |
Thereafter | 526,446 | |
Total | $ 849,085 | $ 928,349 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Compensation | $ 38,713 | $ 53,530 |
Professional services | 7,620 | 1,877 |
Royalties and licenses | 4,038 | 3,832 |
Employee insurance benefits | 3,198 | 2,749 |
Sales tax | 2,972 | 2,615 |
Software license agreement | 2,153 | 3,243 |
Other | 2,311 | 3,599 |
Total accrued expenses | $ 61,005 | $ 71,445 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Liabilities, Noncurrent [Abstract] | ||
Deferred revenue-non-current | $ 1,143 | $ 1,240 |
Software license agreement | 1,003 | 1,208 |
Contingent consideration | 100 | 100 |
Other | 0 | 110 |
Total other liabilities | $ 2,246 | $ 2,658 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 | Sep. 30, 2023 USD ($) | Sep. 30, 2022 | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Long-Term Debt, Current Maturities | $ 8,000 | $ 8,000 | $ 8,000 | |||
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis spread on variable rate | 0.50% | |||||
LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis spread on variable rate | 1% | |||||
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 | 12,500 | $ 12,500 | 12,000 | |||
Debt Instrument, Maturity Date | Jul. 31, 2025 | |||||
Cash received on interest rate cap agreement | 1,900 | 4,400 | ||||
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 | 1,500 | 1,500 | 1,700 | |||
Debt issuance costs, net | 1,800 | 1,800 | 2,300 | |||
Unamortized financing costs | 7,400 | $ 7,400 | $ 8,200 | |||
Percentage of annual excess cash flow on line of credit | 50% | |||||
Line of credit facility, maximum borrowing capacity | $ 75,000 | $ 75,000 | ||||
Percentage of aggregate commitments on borrowings | 35% | 35% | 35% | 35% | ||
Leverage ratio | 0.035 | |||||
Term Loans [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt floor rate percentage | 0.50% | 0.50% | ||||
Term Loans [Member] | SOFR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt floor rate percentage | 0.50% | 0.50% | ||||
Maximum [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio | 0.0625 | 0.0625 | ||||
Minimum [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio | 0.01 | |||||
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 | $ 700 | ||||
Term B Loan [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | 800,000 | 800,000 | ||||
Debt instrument, unamortized discount | 2,000 | 2,000 | ||||
Debt issuance costs, net | 9,800 | 9,800 | ||||
Line of credit facility, periodic payment, principal | 2,000 | |||||
Debt instrument, annual principal payment | $ 0 | |||||
Long-term debt | 786,000 | 786,000 | 792,000 | |||
Long-Term Debt, Current Maturities | $ 8,000 | $ 8,000 | 8,000 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||
Weighted average interest rate of debt outstanding | 7.70% | 4.60% | 7.30% | 3.60% | ||
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 | $ 250,000 | ||||
Line of credit facility, expiration period | 4 years 1 month 9 days | |||||
Debt issuance costs, net | 3,100 | $ 3,100 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 249,300 | $ 249,300 | $ 249,300 | |||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis spread on variable rate | 1.50% | |||||
Long term debt floor rate percentage | 0% | 0% | ||||
Revolving Credit Facility [Member] | SOFR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt floor rate percentage | 0% | 0% | ||||
Revolving Credit Facility [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument basis spread on variable rate | 1% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Less: Current portion | $ (8,000) | $ (8,000) |
Total long-term debt—net of current portion | 769,136 | 774,132 |
Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 786,000 | 792,000 |
Long-term debt—discount | (1,499) | (1,669) |
Long-term debt—deferred financing fees | (7,365) | (8,199) |
Long-term debt-net of discount & fees | $ 777,136 | $ 782,132 |
Redeemable Non-Controlling In_3
Redeemable Non-Controlling Interest - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended | |
Mar. 12, 2020 | Sep. 30, 2023 | Dec. 31, 2022 | |
Noncontrolling Interest [Line Items] | |||
Percentage of compound interest per annum on the preferred share issue price | 10% | ||
Series A Preferred Stock [Member] | CCC Cayman [Member] | |||
Noncontrolling Interest [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 1,818 | ||
Shares issued, price per share | $ 7,854 | ||
Stock issued during period, value, new issues | $ 14.2 | ||
Percentage of shares reserved for issuance under employee incentive plan | 8.60% | 8.60% | |
Series A Preferred Stock [Member] | CCC Cayman [Member] | Ownership Interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage by noncontrolling owners | 10% | 10% |
Redeemable Non-controlling In_4
Redeemable Non-controlling Interest - Schedule of activities impacting the redeemable non-controllable interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | ||||
Beginning Balance , Redeemable Non-Controlling Interest | $ 14,494 | $ 14,179 | $ 14,179 | $ 14,179 |
Accretion of redeemable non-controlling interest | 1,010 | 0 | 1,325 | 0 |
Ending Balance , Redeemable Non-Controlling Interest | $ 15,504 | $ 14,179 | $ 15,504 | $ 14,179 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 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 | 634,633,179 | 622,072,905 |
Common stock shares outstanding | 634,633,179 | 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 - Schedul
Stock Incentive Plans - Schedule of Non-vested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 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 | 12,357,201 |
Vested | shares | (5,489,562) |
Forfeited | shares | (1,409,181) |
Unvested RSUs - September 30, 2023 | shares | 36,747,146 |
Unvested RSUs-September 30, 2023 | $ / shares | $ 10.34 |
Granted | $ / shares | 8.95 |
Vested | $ / shares | 10.61 |
Forfeited | $ / shares | 9.92 |
Unvested RSUs - September 30, 2023 | $ / shares | $ 9.83 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | 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 | $ 2.6 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 34,638,157 | 34,638,157 | |
Share based compensation by share based arrangement unrecognised compensation for options unvested | $ 45.6 | $ 45.6 | |
Share based compensation by share based arrangement unrecognised compensation for options unvested remaining period for recognition | 1 year 2 months 12 days | ||
Ccc2021 Employee Stock Purchase Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares sold under plan | 462,353 | 641,691 | |
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 | 1,769,400 | 1,303,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 0 | 0 | |
Employee Tax Obligations [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vested | 1,693,909 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted | 12,357,201 | ||
Vested | 5,489,562 | ||
Restricted Stock Units (RSUs) [Member] | Time Based Vesting Requirements [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted | 10,753,700 | ||
Restricted Stock Units (RSUs) [Member] | Performance Based Vesting Requirements [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted | 1,603,501 | ||
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 | ||
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 | 2 years 8 months 12 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 | $ 191.9 | $ 191.9 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Shares - Beginning Balance | 45,249,260 | |
Shares - Exercised | (8,122,930) | |
Shares - Forfeited and canceled | (493,652) | |
Shares - Ending Balance | 36,632,678 | 45,249,260 |
Shares - Exercisable | 34,638,157 | |
Shares - Vested and expected to vest | 36,547,087 | |
Weighted- Average Exercise Price - Beginning Balance | $ 2.99 | |
Weighted- Average Exercise Price - Exercised | 2.86 | |
Weighted- Average Exercise Price - Forfeited and canceled | 6.96 | |
Weighted- Average Exercise Price - Ending Balance | 2.96 | $ 2.99 |
Weighted- Average Exercise Price - Exercisable | 2.79 | |
Weighted- Average Exercise Price - Vested and expected to vest | $ 2.95 | |
Weighted-Average Remaining Contractual Life (in years) | 4 years 3 months 18 days | 4 years 10 months 24 days |
Weighted-Average Remaining Contractual Life (in years) - Exercisable | 4 years 1 month 6 days | |
Weighted-Average Remaining Contractual Life (in years) - Vested and expected to vest | 4 years 3 months 18 days | |
Aggregate Intrinsic Value - Beginning Balance | $ 258,470 | |
Aggregate Intrinsic Value - Ending Balance | 380,524 | $ 258,470 |
Aggregate Intrinsic Value - Exercisable | 365,947 | |
Aggregate Intrinsic Value - Vested and expected to vest | $ 379,910 |
Stock Incentive Plans - Sched_2
Stock Incentive Plans - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail) - 2021 Employee Stock Purchase Plan [Member] | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected term (in years) | 6 months |
Expected volatility, minimum | 30% |
Expected volatility, maximum | 51% |
Expected dividend yield | 0% |
Risk free interest, minimum | 2.50% |
Risk free interest, maximum | 4.70% |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 39,751 | $ 28,722 | $ 104,471 | $ 80,769 |
Cost of Revenues [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 2,396 | 1,657 | 6,595 | 4,167 |
Research and development [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 6,359 | 5,373 | 18,833 | 14,433 |
Sales and marketing [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 9,257 | 6,890 | 25,264 | 18,331 |
General and administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 21,739 | $ 14,802 | $ 53,779 | $ 43,838 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Nov. 29, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Nov. 30, 2021 | |
Class of Warrant or Right [Line Items] | |||||||
Exercise price | $ 11.5 | $ 11.5 | |||||
Warrants expire date | Jul. 30, 2026 | Jul. 30, 2026 | |||||
Class Or Warrant Issued Price Per Share | $ 0.1 | ||||||
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Aug. 29, 2021 | ||||||
Change in fair value of warrant liabilities | $ 26,223,000 | $ (312,000) | $ 45,403,000 | $ (23,452,000) | |||
Class Of Warrant Or Rights Date From Which Warrants Or Rights Exercisable Expired | Jul. 30, 2026 | ||||||
Warrant liabilities | $ 81,808,000 | $ 81,808,000 | $ 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 | 17,800,000 | ||||
Change in fair value of warrant liabilities | $ 4.6 | $ 2.05 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Total revenues | $ 221,147 | $ 198,734 | $ 637,777 | $ 578,342 | |
Related Party [Member] | Credit Card Processing [Member] | |||||
Total revenues | 278 | 233 | 786 | 574 | |
Related Party [Member] | Employee Health Insurance Benefits [Member] | |||||
Expenses | 663 | 716 | 2,484 | 2,353 | |
Payables | 218 | 218 | $ 501 | ||
Related Party [Member] | Human Resource Support Services [Member] | |||||
Expenses | 69 | 59 | 248 | 196 | |
Related Party [Member] | Board of Director Fees for Services Including Related Travel and Out-of-Pocket Reimbursements [Member] | |||||
Expenses | $ 77 | $ 230 | |||
Related Party [Member] | Sales Tax Processing Services [Member] | |||||
Expenses | $ 245 | $ 443 |
Net (Loss) Income Per Share - A
Net (Loss) Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from the computation of earnings per share | 32,593,648 | 8,224,561 | 31,454,944 | 8,250,431 |
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 (Loss) Income Per Share - S
Net (Loss) Income Per Share - Schedule Of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator | |||||
Net Income (Loss) | $ (21,202) | $ 9,795 | $ (116,362) | $ 37,334 | |
Accretion of redeemable non-controlling interest | (1,010) | $ (315) | 0 | (1,325) | 0 |
Net (loss) income attributable to common stockholders | $ (22,212) | $ 9,795 | $ (117,687) | $ 37,334 | |
Denominator | |||||
Weighted average shares of common stock - basic | 624,976,557 | 609,421,073 | 620,841,922 | 606,181,316 | |
Dilutive effect of stock based awards | $ 0 | $ 34,161,849 | $ 0 | $ 36,027,306 | |
Weighted average shares of common stock - diluted | 624,976,557 | 643,582,922 | 620,841,922 | 642,208,622 | |
Net income per share: | |||||
Basic | $ (0.04) | $ 0.02 | $ (0.19) | $ 0.06 | |
Diluted | $ (0.04) | $ 0.02 | $ (0.19) | $ 0.06 |
Segment Information And Infor_3
Segment Information And Information About Geographic Areas - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 221,147 | $ 198,734 | $ 637,777 | $ 578,342 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from Contract with Customer By Geographic Area | 219,573 | 196,727 | 632,572 | 572,417 |
China [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from Contract with Customer By Geographic Area | $ 1,574 | $ 2,007 | $ 5,205 | $ 5,925 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net software, equipment, and property | $ 158,189 | $ 146,443 |
United States [Member] | Property Plant And Equipment Net [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 158,059 | 146,398 |
China [Member] | Property Plant And Equipment Net [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 130 | $ 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 | 9 Months Ended | |
Feb. 28, 2022 | Sep. 30, 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 |