Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | CCC Intelligent Solutions Holdings Inc. | ||
Entity Central Index Key | 0001818201 | ||
Entity File Number | 001-03551 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Document Annual 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 | 612,140,874 | ||
Title of 12(b) Security | Common stock, par value $0.0001 per share | ||
Trading Symbol | CCCS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 6,879 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Firm ID | 34 | ||
Auditor Location | Chicago, IL |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 182,544 | $ 162,118 |
Accounts receivable—Net of allowances of $3,791 and $4,224 as of December 31, 2021 and 2020, respectively | 78,793 | 74,107 |
Income taxes receivable | 318 | 2,037 |
Deferred contract costs | 15,069 | 11,917 |
Other current assets | 46,181 | 31,586 |
Total current assets | 322,905 | 281,765 |
SOFTWARE, EQUIPMENT, AND PROPERTY—Net | 135,845 | 101,438 |
OPERATING LEASE ASSETS | 37,234 | |
INTANGIBLE ASSETS—Net | 1,213,249 | 1,311,917 |
GOODWILL | 1,466,884 | 1,466,884 |
DEFERRED FINANCING FEES, REVOLVER—Net | 2,899 | 746 |
DEFERRED CONTRACT COSTS | 22,117 | 14,389 |
EQUITY METHOD INVESTMENT | 10,228 | |
OTHER ASSETS | 26,165 | 18,416 |
TOTAL | 3,237,526 | 3,195,555 |
CURRENT LIABILITIES: | ||
Accounts payable | 12,918 | 13,164 |
Accrued expenses | 66,691 | 52,987 |
Income taxes payable | 7,243 | 5,129 |
Current portion of long-term debt | 8,000 | 25,381 |
Current portion of long-term licensing agreement—Net | 2,703 | 2,540 |
Operating lease liabilities | 8,052 | |
Deferred revenues | 31,042 | 26,514 |
Total current liabilities | 136,649 | 125,715 |
LONG-TERM DEBT: | ||
Term Loan | 780,610 | 1,292,597 |
DEFERRED INCOME TAXES—Net | 275,745 | 322,348 |
LONG-TERM LICENSING AGREEMENT—Net | 33,629 | 36,331 |
OPERATING LEASE LIABILITIES | 56,133 | |
WARRANT LIABILITIES | 62,478 | |
OTHER LIABILITIES | 5,785 | 32,770 |
Total liabilities | 1,351,029 | 1,809,761 |
COMMITMENTS AND CONTINGENCIES | ||
MEZZANINE EQUITY: | ||
Redeemable non-controlling interest | 14,179 | 14,179 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.0001 par; 100,000,000 shares authorized; no shares issued or outstanding | ||
Common stock—$0.0001 par; 5,000,000,000 shares authorized; 609,768,296 and 504,274,890 shares issued and outstanding at December 31, 2021 and 2020, respectively | 61 | 50 |
Additional paid-in capital | 2,618,924 | 1,501,206 |
Accumulated deficit | (746,352) | (129,370) |
Accumulated other comprehensive loss | (315) | (271) |
Total stockholders' equity | 1,872,318 | 1,371,615 |
TOTAL | 3,237,526 | 3,195,555 |
First Lien Term Loan [Member] | ||
LONG-TERM DEBT: | ||
Term Loan | $ 1,292,597 | |
Term B Loan [Member] | ||
LONG-TERM DEBT: | ||
Term Loan | $ 780,610 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowances for doubtful accounts receivable current | $ 3,791 | $ 4,224 |
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 | 609,768,296 | 504,274,890 |
Common Stock, Shares, Outstanding | 609,768,296 | 504,274,890 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income | |||
REVENUES | $ 688,288 | $ 633,063 | $ 616,084 |
COST OF REVENUES | |||
Cost of revenues, exclusive of amortization and impairment of acquired technologies | 169,335 | 182,414 | 191,868 |
Amortization of acquired technologies | 26,320 | 26,303 | 27,797 |
Impairment of acquired technologies | 0 | 0 | 5,984 |
Total cost of revenues | 195,655 | 208,717 | 225,649 |
GROSS PROFIT | 492,633 | 424,346 | 390,435 |
OPERATING EXPENSES: | |||
Research and development | 165,991 | 109,508 | 114,005 |
Selling and marketing | 148,861 | 74,710 | 82,109 |
General and administrative | 250,098 | 90,838 | 78,128 |
Amortization of intangible assets | 72,358 | 72,310 | 81,329 |
Impairment of goodwill | 0 | 0 | 25,797 |
Impairment of intangible assets | 0 | 0 | 175,269 |
Total operating expenses | 637,308 | 347,366 | 556,637 |
OPERATING (LOSS) INCOME | (144,675) | 76,980 | (166,202) |
INTEREST EXPENSE | (58,990) | (77,003) | (89,475) |
GAIN (LOSS) ON CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS | 8,373 | (13,249) | (22,432) |
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES | (64,501) | ||
LOSS ON EARLY EXTINGUISHMENT OF DEBT | (15,240) | (8,615) | 0 |
OTHER INCOME — Net | 114 | 332 | 476 |
PRETAX LOSS | (274,919) | (21,555) | (277,633) |
INCOME TAX BENEFIT | 26,000 | 4,679 | 67,293 |
NET LOSS INCLUDING NON-CONTROLLING INTEREST | (248,919) | (16,876) | (210,340) |
Less: net loss attributable to non-controlling interest | 0 | 0 | 0 |
NET LOSS ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. | $ (248,919) | $ (16,876) | $ (210,340) |
Net loss per share - basic and diluted | $ (0.46) | $ (0.03) | $ (0.42) |
Weighted-average shares used in computing net loss per share attributable to common stockholders—basic and diluted | 543,558,222 | 504,115,839 | 503,453,127 |
COMPREHENSIVE (LOSS) INCOME: | |||
Net loss including non-controlling interest | $ (248,919) | $ (16,876) | $ (210,340) |
Other comprehensive (loss) income—Foreign currency translation adjustment | (44) | 126 | (89) |
COMPREHENSIVE LOSS INCLUDING NON-CONTROLLING INTEREST | (248,963) | (16,750) | (210,429) |
Less: comprehensive loss attributable to non-controlling interest | 0 | 0 | 0 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO CCC INTELLIGENT | $ (248,963) | $ (16,750) | $ (210,429) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity - USD ($) $ in Thousands | Total | Previously Reported [Member] | Preferred Stock [Member] | Preferred Stock [Member]Previously Reported [Member] | CCCIS Issued Common Stock [Member]Class A Ordinary [Member] | CCCIS Issued Common Stock [Member]Class A Ordinary [Member]Previously Reported [Member] | CCCIS Issued Common Stock [Member]Class B Ordinary [Member] | CCCIS Issued Common Stock [Member]Class B Ordinary [Member]Previously Reported [Member] | CCCIS Issued Common Stock [Member]Series A CCCIS issued common stock [Member] | CCCIS Issued Common Stock [Member]Series B CCCIS issued common stock [Member] | Common Stock [Member] | Common Stock [Member]Previously Reported [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Previously Reported [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Previously Reported [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Previously Reported [Member] | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossPreviously Reported [Member] |
Beginning Balance at Dec. 31, 2018 | $ 1,569,825 | $ 1,569,825 | $ 0 | $ 0 | $ 1 | $ 0 | $ 0 | $ 0 | $ 50 | $ 0 | $ 1,484,133 | $ 1,484,182 | $ 85,950 | $ 85,950 | $ (308) | $ (308) | ||||
Balance Balance, Shares at Dec. 31, 2018 | 0 | 0 | 1,450,978 | 27,405 | 0 | 0 | 503,464,378 | 0 | ||||||||||||
Beginning Balance , Redeemable Non-Controlling Interest at Dec. 31, 2018 | $ 0 | $ 0 | ||||||||||||||||||
Stock-based compensation expense | 7,124 | 7,124 | ||||||||||||||||||
Stock-based compensation expense, Shares | 0 | |||||||||||||||||||
Exercise of stock options—net of tax | 595 | 595 | ||||||||||||||||||
Exercise of stock options—net of tax , Shares | 234,299 | |||||||||||||||||||
Repurchase and cancellation of Series B common stock | (148) | (148) | ||||||||||||||||||
Repurchase and cancellation of Series B common stock , Shares | (42,909) | |||||||||||||||||||
Foreign currency translation adjustment | (89) | (89) | ||||||||||||||||||
Net loss (income) | (210,340) | (210,340) | ||||||||||||||||||
Cumulative effect of change in accounting principle related to revenue recognition related to revenue recognition | 11,896 | 11,896 | ||||||||||||||||||
Retrospective application of the recapitalization due to Business Combination | $ (1) | $ 50 | (49) | |||||||||||||||||
Retrospective application of the recapitalization due to Business Combination (Shares) | (1,450,978) | (27,405) | 503,464,378 | |||||||||||||||||
Ending Balance , Redeemable Non-Controlling Interest at Dec. 31, 2019 | 0 | |||||||||||||||||||
Ending Balance at Dec. 31, 2019 | 1,378,863 | $ 0 | $ 0 | $ 0 | $ 50 | 1,491,704 | (112,494) | (397) | ||||||||||||
Ending Balance, Shares at Dec. 31, 2019 | 0 | 0 | 0 | 503,655,768 | ||||||||||||||||
Issuance of non-controlling interest in subsidiary | 14,179 | |||||||||||||||||||
Issuance of common stock | 1,560 | 1,560 | ||||||||||||||||||
Issuance of common stock (Shares) | 340,551 | |||||||||||||||||||
Stock-based compensation expense | 7,486 | 7,486 | ||||||||||||||||||
Exercise of stock options—net of tax | 692 | 692 | ||||||||||||||||||
Exercise of stock options—net of tax , Shares | 330,675 | |||||||||||||||||||
Repurchase and cancellation of Series B common stock | (236) | (236) | ||||||||||||||||||
Repurchase and cancellation of Series B common stock , Shares | (52,104) | |||||||||||||||||||
Foreign currency translation adjustment | 126 | 126 | ||||||||||||||||||
Net loss (income) | (16,876) | (16,876) | ||||||||||||||||||
Ending Balance , Redeemable Non-Controlling Interest at Dec. 31, 2020 | 14,179 | 14,179 | ||||||||||||||||||
Ending Balance at Dec. 31, 2020 | 1,371,615 | $ 0 | $ 0 | $ 0 | $ 50 | 1,501,206 | (129,370) | (271) | ||||||||||||
Ending Balance, Shares at Dec. 31, 2020 | 0 | 0 | 0 | 504,274,890 | ||||||||||||||||
Issuance of common stock | 1,007 | 1,007 | ||||||||||||||||||
Issuance of common stock (Shares) | 110,679 | |||||||||||||||||||
Stock-based compensation expense | 254,965 | 254,965 | ||||||||||||||||||
Stock-based compensation expense, Shares | 883,729 | |||||||||||||||||||
Net equity infusion from the Business Combination | 704,841 | $ 10 | 704,831 | |||||||||||||||||
Net equity infusion from the Business Combination (Shares) | 97,740,002 | |||||||||||||||||||
Exercise of stock options—net of tax | 5,180 | 5,180 | ||||||||||||||||||
Exercise of stock options—net of tax , Shares | 1,922,019 | |||||||||||||||||||
Exercise of Warrants—Net | 60,462 | $ 1 | 60,461 | |||||||||||||||||
Exercise of Warrants—Net, Shares | 4,836,977 | |||||||||||||||||||
Dividend to CCCIS stockholders | (269,178) | (269,178) | ||||||||||||||||||
Deemed distribution to CCCIS option holders | (9,006) | (9,006) | ||||||||||||||||||
Company Vesting Shares granted to CCCIS stockholders | 98,885 | (98,885) | ||||||||||||||||||
Foreign currency translation adjustment | (44) | (44) | ||||||||||||||||||
Net loss (income) | (248,919) | (248,919) | ||||||||||||||||||
Ending Balance , Redeemable Non-Controlling Interest at Dec. 31, 2021 | 14,179 | $ 14,179 | ||||||||||||||||||
Ending Balance at Dec. 31, 2021 | 1,872,318 | $ 0 | $ 0 | $ 61 | 2,618,924 | $ (746,352) | $ (315) | |||||||||||||
Ending Balance, Shares at Dec. 31, 2021 | 0 | 0 | 0 | 609,768,296 | ||||||||||||||||
Tax effect of Business Combination transaction costs | $ 1,395 | $ 1,395 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (248,919) | $ (16,876) | $ (210,340) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization of software, equipment, and property | 24,451 | 17,749 | 18,391 |
Amortization of intangible assets | 98,678 | 98,613 | 109,126 |
Impairment of goodwill and intangible assets | 207,050 | ||
Deferred income taxes | (46,883) | (11,124) | (84,280) |
Stock-based compensation | 261,995 | 11,336 | 7,124 |
Amortization of deferred financing fees | 3,682 | 4,630 | 4,837 |
Amortization of discount on debt | 604 | 738 | 633 |
Change in fair value of interest rate swaps | (8,373) | 13,249 | 22,432 |
Change in fair value of warrant liabilities | 64,501 | ||
Loss on early extinguishment of debt | 15,240 | 8,615 | 0 |
Other | 541 | 114 | |
Non-cash lease expense | 6,279 | ||
Gain loss on divestiture | (600) | (3,800) | 51 |
Changes in: | |||
Accounts receivable—Net | (4,725) | (10,558) | (4,494) |
Deferred contract costs | (3,152) | (1,110) | (4,281) |
Other current assets | (12,273) | (6,483) | (4,139) |
Deferred contract costs—Non-current | (7,728) | (1,926) | (3,031) |
Other assets | (7,838) | (9,187) | (1,778) |
Operating lease assets | 6,354 | ||
Income taxes | 3,833 | 6,724 | (1,277) |
Accounts payable | (1,052) | (2,256) | 4,465 |
Accrued expenses | 8,347 | 165 | 1,296 |
Operating lease liabilities | (8,398) | ||
Deferred revenues | 4,513 | 1,376 | 2,306 |
Extinguishment of interest rate swap liability | (9,987) | ||
Other liabilities | (11,755) | 3,954 | 2,210 |
Net cash provided by operating activities | 127,335 | 103,943 | 66,301 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of software, equipment, and property | (38,321) | (30,107) | (20,461) |
Purchase of equity method investment | (10,228) | ||
Purchase of intangible asset | (49) | (560) | (159) |
Purchase of investment | (435) | ||
Net cash used in investing activities | (48,598) | (30,667) | (21,055) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of non-controlling interest in subsidiary | 14,179 | ||
Deemed distribution to CCCIS option holders | (9,006) | ||
Net proceeds from equity infusion from the Business Combination | 763,300 | ||
Principal payments on long-term debt | (1,336,153) | (388,846) | (10,000) |
Proceeds from issuance of long-term debt, net of fees paid to lender | 789,927 | 369,792 | |
Proceeds from borrowings on revolving lines of credit | 65,000 | ||
Repayment of borrowings on revolving lines of credit | (65,000) | ||
Proceeds from issuance of common stock | 1,007 | 719 | |
Payment of fees associated with early extinguishment of long-term debt | (4,821) | (29) | |
Tax effect of Business Combination transaction costs | 1,395 | ||
Proceeds from exercise of stock options | 5,085 | 236 | 720 |
Repurchases of common stock | 0 | (148) | |
Dividends to CCCIS stockholders | (269,174) | ||
Net cash provided by financing activities | (58,440) | (4,421) | (9,428) |
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 129 | 62 | (70) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 20,426 | 68,917 | 35,748 |
Beginning of period | 162,118 | 93,201 | 57,453 |
End of period | 182,544 | 162,118 | 93,201 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Unpaid liability related to software, equipment, and property | 8,035 | 239 | 7,279 |
Leasehold improvements acquired by tenant improvement allowance | 16,924 | ||
Fair value of assumed common stock warrants exercised | 60,481 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest, excluding extinguishment of interest rate swap liability | 54,980 | 71,649 | 87,215 |
Cash received (paid) for income taxes—Net | $ (15,233) | $ 917 | $ (17,958) |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | 1. ORGANIZATION AND NATURE OF OPERATIONS On February 2, 2021, Cypress Holdings Inc. (“CCCIS”), a Delaware corporation, entered into a business combination agreement (the “Business Combination Agreement”) with Dragoneer Growth Opportunities Corp. (“Dragoneer”), a Cayman Islands exempted company. In connection with the closing of the business combination (the “Business Combination”) (see Note 3), Dragoneer changed its jurisdiction of incorporation by deregistering as an exempted company in the Cayman Islands and continuing and domesticating as a Delaware corporation (the “Domestication”) on July 30, 2021 (the “Closing Date”), upon which Dragoneer changed its name to CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”). The Company 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 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 (“US”) and it also has operations in China. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Business Combination (see Note 3) was accounted for as a reverse recapitalization in accordance with GAAP, with Dragoneer treated as the acquired company and CCCIS treated as the acquirer. The consolidated assets, liabilities, and results of operations prior to the reverse recapitalization are those of CCCIS. The shares and corresponding capital amounts and losses per share, prior to the reverse recapitalization, have been retroactively restated based on shares reflecting the exchange ratio of 1:340.5507 (the “Exchange Ratio”) established in the Business Combination. Risk and Uncertainties— (“COVID-19”) COVID-19 COVID-19 non-essential in-person COVID-19 COVID-19 Basis of Accounting non-controlling Use of Estimates Cash and Cash Equivalents Foreign Currency Significant Customers and Concentration of Credit Risks Significant customers are those that represent more than 10% of the Company’s total revenue or accounts receivable. For each significant customer, revenue as a percentage of total revenue is as follows: Year Ended December 31, 2021 2020 2019 Customer A * * 12 % Customer B * 11 % 11 % * Below 10% As of December 31, 2021, no customer accounted for over 10% of accounts receivable. As of December 31, 2020, one customer had an accounts receivable balance of 12% of net receivables Revenue Recognition Revenue from Contracts with Customers. The Company generates revenue from contracts that are generally billed either on a monthly subscription or transactional basis. Other revenue primarily consists of professional services revenue that is generally transaction-based (where a fee per transaction is charged). Revenues are recognized as control of these services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company determines revenue recognition based on the application of the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligation(s) in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligation(s) in the contract • Recognition of revenue when, or as a performance obligation is satisfied Software Subscription Revenues Revenues from subscription services represent a stand-ready obligation to provide access to the Company’s platform. As each day of providing services is substantially the same and the customer simultaneously receives and consumes the benefits as access is provided, subscription arrangements include a series of distinct services. The Company may provide certain of its customers with implementation activities such as basic setup, installation and initial training that the Company must undertake to fulfill the contract. These are considered fulfillment activities that do not transfer the service to the customer. For contracts with fixed and variable consideration, to the extent that customers’ usage exceeds the committed contracted amounts under their subscriptions, they are charged for their incremental usage. For such overage fees, the Company includes an estimate of the amount it expects to receive for the total transaction price if it is probable that a significant reversal of cumulative revenue recognized will not occur. Revenue recognized from overage fees was not material during the years ended December 31, 2021, 2020 and 2019. When customers’ usage falls below the committed contracted amounts, the customer does not receive any credits or refunds for the shortfall. For contracts where fees are solely based on transaction volume, the amount invoiced corresponds directly with the value provided to the customer, and revenue is recognized when invoiced using the as-invoiced Other Revenue non-software Revenues related to such services that are billed on a transactional basis are recognized when the transaction for the related service occurs. Transaction revenue is primarily comprised of fees for professional services applied to the volume of transactions. These are typically based on a per-unit as-invoiced Contracts with Multiple Performance Obligations Disaggregation of Revenue- The following table summarizes revenue by type of service for the years ended December 31 (in thousands): Year Ended December 31, 2021 2020 2019 Software subscriptions $ 662,300 $ 573,608 $ 540,219 Other 25,988 59,455 75,865 Total revenues $ 688,288 $ 633,063 $ 616,084 Transaction Price Allocated to the Remaining Performance Obligations- Contract Liabilities During the years ended December 31, 2021, 2020 and 2019, $26.5 million, $25.1 million and $22.8 million, respectively, that was included in the deferred revenue balance at the beginning of each period was recognized as revenue. Costs to Obtain and Fulfill the Contract Cost of Revenues Research and Development Selling and Marketing personnel The Company expenses advertising and other promotional expenditures as incurred. Advertising expenses were $1.1 million, $1.6 million and $1.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. General and Administrative Amortization of Intangible Assets Stock-Based Compensation The Company recognizes stock-based compensation expense for time-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. Stock-based compensation expense for performance-based awards with a market condition is not recognized until the performance condition is probable of occurring. The fair value of restricted stock units with only a time-based vesting component or a performance-based vesting component is determined using the quoted price of our common stock on the date of grant. The fair value of the Company’s stock options with only a time-based component is estimated using the Black Scholes option pricing model. The fair value of the Company’s performance-based awards with a market condition is estimated using a Monte Carlo simulation model. The assumptions utilized under these methods require judgments and estimates. Changes in these inputs and assumptions could affect the measurement of the estimated fair value of the related compensation expense of these stock-based payment awards. Accounts Receivable—Net Software, Equipment, and Property—Net Software, equipment, and property Estimated Useful Life Software and licenses 2-5 Computer equipment 3 years Furniture and other equipment 5 years Database 25 years Building 39 years Leasehold improvements Lesser of the estimated useful life or life of lease Land Indefinite Maintenance and repairs are expensed as incurred. Major betterments are capitalized. Internal Use Software capitalizes Goodwill and Intangible Assets The Company performed the impairment test of its reporting units for the years ended December 31, 2021, 2020 and 2019. For the years ended December 31, 2021 and 2020, the Company determined no impairment existed. For the year ended December 31, 2019, the Company recognized a goodwill impairment charge of $25.8 million (see Note 11). Long-Lived Assets Equity Method Investment The Company’s share of the investee’s earnings is reported within other income-net Deferred Financing Costs Fair Value of Financial Instruments and Fair Value Measurements Level 1 Level 2 Level 3 Warrant Liability The Company accounts for its Public Warrants and Private Warrants under ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) During November 2021, the Company announced that it had elected to redeem its outstanding Public Warrants and as of December 31, 2021, there were no Public Warrants outstanding (see Note 21). Prior to redemption, the Public Warrants were publicly traded and thus had an observable market price in an active market and were valued at their trading price as of each reporting date. The Private Warrants are valued using the Black Scholes option pricing model. The assumptions utilized under the Black Income Taxes A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation process, based on its technical merits. Income tax positions must meet a more-likely-than-not Accrual for Self-Insurance Costs Leases Accounting 2016-02 In accordance with ASC 842, the Company, at the inception of the contract, determines whether a contract is or contains a lease. For leases with terms greater than 12 months, the Company records the related operating or finance right right-of-use Some of the Company’s leases contain rent escalations over the lease term. The Company recognizes expense for operating leases on a straight-line basis over the lease term. The Company has elected the practical expedient to combine lease and non-lease non-lease For periods prior to the adoption of ASC 842, the Company recorded rent expense on a straight-line basis over the term of the related lease. The difference between the straight-line rent expense and the payments made in accordance with the operating lease agreements were recognized as a deferred rent liability within other liabilities on the accompanying consolidated balance sheets. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 The Company early adopted ASC 842 effective January 1, 2021 using the modified retrospective transition method as allowed under ASU 2018-11 non-lease Due to the adoption of this guidance, the Company recognized operating right-of-use right-of-use Recently Issued Accounting Pronouncements 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments 2018-19, 2019-04, 2019-05, 2020-03. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2021-01, 2020-04 On December 18, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. step-up year-to-date Reclassifications amounts |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination | 3. BUSINESS COMBINATION On the Closing Date, the Company consummated the previously announced Business Combination pursuant to the terms of the Business Combination Agreement, dated as of February 2, 2021, as amended, by and among Dragoneer, Chariot Opportunity Merger Sub, Inc. (“Chariot Merger Sub”), a Delaware corporation, and CCCIS, a Delaware corporation. Immediately upon the consummation of the Business Combination and the other transactions contemplated by the Business Combination Agreement (collectively, the “Transactions”), Chariot Merger Sub, a wholly-owned direct subsidiary of Dragoneer, merged with and into CCCIS, with CCCIS surviving the Business Combination as a wholly-owned direct subsidiary of Dragoneer (the “Merger”). In connection with the Transactions, Dragoneer changed its name to “CCC Intelligent Solutions Holdings Inc.” The Merger was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Dragoneer was treated as the acquired company for accounting purposes and the Business Combination was treated as the equivalent of CCCIS issuing stock for the net assets of Dragoneer, accompanied by a recapitalization. CCCIS was determined to be the accounting acquirer based on the following predominant factors among others: • the pre-Closing • the board of directors and management of the Company following the Business Combination are composed of individuals associated with CCCIS; • CCCIS was the larger entity based on historical operating activity, assets, revenues, and employee base at the time of the Closing of the Transactions; and • the ongoing operations of the Company following the Business Combination comprise those of CCCIS. The net assets of Dragoneer are stated at historical cost, with no goodwill or other intangible assets recorded. Reported shares and earnings per share available to holders of CCCIS’s capital stock and equity awards prior to the Business Combination have been retroactively restated reflecting the Exchange Ratio. Pursuant to the Merger, at the Effective Time of the Merger (the “Effective Time”): • each share of CCCIS common stock that was issued and outstanding immediately prior to the Effective Time was automatically canceled and converted into the right to receive shares of the Company’s common stock based on the Exchange Ratio, rounded down to the nearest whole number of shares; • each option to purchase shares of CCCIS common stock, whether vested or unvested, that was outstanding and unexercised as of immediately prior to the Effective Time was assumed by the Company and became an option (vested or unvested, as applicable) to purchase a number of shares of the Company’s common stock equal to the number of shares of CCCIS common stock subject to such option immediately prior to the Effective Time multiplied by the Exchange Ratio, rounded down to the nearest whole number of shares, at an exercise price equal to the exercise price per share of such option immediately prior to the Effective Time divided by the Exchange Ratio and rounded up to the nearest whole cent; • each of Dragoneer’s redeemable Class A ordinary shares and Class B ordinary shares that was issued and outstanding immediately prior to the Effective Time was exchanged for an equal number of shares of the Company’s common stock. Concurrently with the execution of the Business Combination Agreement, the Company entered into subscription agreements with certain institutional investors (the “PIPE Investors”), pursuant to which the PIPE Investors purchased, immediately prior to the Closing, an aggregate of 15,000,000 shares of the Company’s common stock at a purchase price of $10.00 per share. Prior to the Closing, the Company entered into forward purchase agreements with Dragoneer Funding LLC and Willett Advisors LLC, pursuant to which the Company issued an aggregate of 17,500,000 forward purchase units, each consisting of one common share and one-fifth Effective upon Closing, 8,625,000 shares held by Dragoneer Growth Opportunities Holdings (the “Sponsor Vesting Shares”) became non-transferable twenty thirty As part of the Business Combination, 15.0 million shares of the Company’s common stock (the “Company Earnout Shares”) shall be issued to CCCIS shareholders existing as of immediately prior to Closing and holders of vested and unvested equity awards of CCCIS as of the date of the Business Combination Agreement (subject to continued employment), following a triggering event (“CCC Triggering Event”). A CCC Triggering Event is defined as the earlier of (a) the first date on which the shares of the Company’s common stock have traded for greater than or equal to $15.00 per share for any twenty thirty Of the 15.0 million Company Earnout Shares, 13.5 million shares are reserved for issuance to CCCIS shareholders. The Company Earnout Shares do not meet the criteria to be classified as a liability and the fair value of the shares reserved for shareholders of $98.9 million was charged to additional paid-in The Company Earnout Shares are not issued shares and are excluded from the table of common stock outstanding below. The total number of shares of the Company’s common stock outstanding immediately following the Closing was 603,170,380, comprised as follows: Shares issued to Dragoneer public shareholders and Sponsor 56,615,002 Sponsor Vesting Shares 8,625,000 Shares issued to Legacy CCC shareholders 505,430,378 Shares issued to Forward Purchasers 17,500,000 Shares issued to PIPE Investors 15,000,000 Total shares of common stock outstanding immediately following the Business Combination 603,170,380 In connection with the Business Combination, the Company incurred underwriting fees and other costs considered direct and incremental to the transaction totaling $11.1 million (before tax), consisting of legal, accounting, financial advisory and other professional fees. These amounts are treated as a reduction of the cash proceeds and are deducted from the Company’s additional paid-in The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows for the year ended December 31, 2021 and the consolidated statement of mezzanine equity and stockholders’ equity for the year ended December 31, 2021 (in thousands). Cash - Dragoneer trust and cash $ 449,441 Cash - PIPE Financing 150,000 Cash - Forward Purchase Agreements 175,000 Less: transaction costs and advisory fees (11,141 ) Net cash contibutions from Business Combination 763,300 Less: non-cash (58,459 ) Net equity infusion from Business Combination $ 704,841 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Revenue | 4. REVENUE On January 1, 2019, the Company adopted Topic 606, applying the modified retrospective method to all contracts that were not completed as of that date. There was no impact to revenue for the year ended December 31, 2019 as a result of adopting Topic 606. The opening and closing balances of the Company’s receivables, contract assets and contract liabilities from contracts with customers are as follows (in thousands): December 31, December 31, December 31, January 1, Accounts receivables-Net $ 78,793 $ 74,107 $ 63,613 $ 59,252 Deferred contract costs 15,069 11,917 10,807 6,526 Long-term deferred contract costs 22,117 14,389 12,463 9,432 Deferred revenues 31,042 26,514 25,096 22,787 Other liabilities (deferred revenues, non-current) 1,574 2,001 1,160 — A summary of the activity impacting deferred revenue balances during the years ended December 31, 2021, 2020 and 2019, is presented below (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of period $ 28,515 $ 26,256 $ 22,787 Revenue recognized 1 (334,524 ) (305,812 ) (283,383 ) Additional amounts deferred 1 338,625 308,071 286,852 Balance at end of period $ 32,616 $ 28,515 $ 26,256 Classified as: Current $ 31,042 $ 26,514 $ 25,096 Non-current 1,574 2,001 1,160 Total deferred revenue $ 32,616 $ 28,515 $ 26,256 1 Amounts include total revenue deferred and recognized during each respective period. The Company may occasionally recognize an adjustment in revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to the Company’s assessment of whether an estimate of variable consideration is constrained. For the years ended December 31, 2021, 2020 and 2019, the impact on revenue recognized in the current period, from performance obligations partially or fully satisfied in the previous period, was not significant. A summary of the activity impacting the deferred contract costs during the years ended December 31, 2021, 2020 and 2019 is presented below (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of period $ 26,306 $ 23,270 $ — Adoption of ASC 606 — — 15,958 Costs amortized (15,384 ) (12,446 ) (9,375 ) Additional amounts deferred 26,264 15,482 16,687 Balance at end of period $ 37,186 $ 26,306 $ 23,270 Classified as: Current $ 15,069 $ 11,917 $ 10,807 Non-current 22,117 14,389 12,463 Total deferred contract costs $ 37,186 $ 26,306 $ 23,270 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Line Items] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS Assets and Liabilities 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 December 31, 2021 was determined using the Black-Scholes option-pricing model using the following assumptions: Expected term (in years) 4.6 Expected volatility 35 % Expected dividend yield 0 % Risk-free interest rate 1.20 % Fair value at valuation date $ 3.51 The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands): Liabilities Fair Value Level 1 Level 2 Level 3 Private Warrants $ 62,478 $ — $ 62,478 $ — Total $ 62,478 $ — $ 62,478 $ — During the year ended December 31, 2021, the Company’s Public Warrants were fully redeemed or exercised. At December 31, 2021, there are no Public Warrants outstanding and they are no longer subject to recurring fair value measurements. As of December 31, 2020, the Company had interest rate swaps recognized as either assets or liabilities and measured at fair value on a recurring basis. The fair value of the interest rate swaps was estimated using inputs that were observable or that could be corroborated by observable market data and, therefore, were classified within Level 2 of the fair value hierarchy as of December 31, 2020. At December 31, 2020, the interest rate swaps had a fair value liability of $18.4 million and were classified within other liabilities in the accompanying consolidated balance sheet. The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands): Liabilities Fair Value Level 1 Level 2 Level 3 Interest rate swaps $ 18,359 $ — $ 18,359 $ — Total $ 18,359 $ — $ 18,359 $ — In September 2021, the Company made a payment of $10.0 million to extinguish the interest rate swaps prior to their scheduled expiration date in June 2022. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis no Fair Value of Other Financial Instruments The following table presents the carrying amounts, net of debt discount, and estimated fair values of the Company’s financial instruments that are not recorded at fair value on the consolidated balance sheets (in thousands): December 31, 2021 December 31, 2020 Description Carrying Estimated Carrying Estimated Term B Loan, including current portion $ 798,073 $ 799,000 $ — $ — First Lien Term Loan, including current portion — — 1,333,366 1,332,433 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 | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |
Income Taxes | 6. INCOME TAXES On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Under ASC 740, Income Taxes The components of pretax loss attributable to domestic and foreign operations are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ (261,900 ) $ (15,117 ) $ (270,428 ) Foreign (13,019 ) (6,438 ) (7,205 ) Pretax loss $ (274,919 ) $ (21,555 ) $ (277,633 ) The income tax benefit consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current provision (benefit): Federal $ 15,263 $ 1,539 $ 13,685 State 5,620 4,906 3,302 Total current provision 20,883 6,445 16,987 Deferred provision (benefit): Federal (35,284 ) (7,536 ) (67,874 ) State (11,599 ) (3,588 ) (16,406 ) Foreign (2,080 ) (1,710 ) (1,873 ) Change in valuation allowance 2,080 1,710 1,873 Total deferred benefit (46,883 ) (11,124 ) (84,280 ) Total income tax benefit $ (26,000 ) $ (4,679 ) $ (67,293 ) The Company’s effective income tax rate differs from the federal statutory rate as follows (in thousands, except percentages): Year Ended December 31, 2021 2020 2019 Federal income tax benefit at statutory rate $ (57,733 ) 21.0 % $ (4,527 ) 21.0 % $ (58,303 ) 21.0 % State and local taxes-net (4,723 ) 1.7 288 (1.3 ) (13,797 ) 5.0 Impairment of goodwill — 0.0 — 0.0 5,417 (2.0 ) Foreign rate difference (493 ) 0.2 (227 ) 1.1 (284 ) 0.1 Research and experimental credit (2,914 ) 1.1 (3,058 ) 14.2 (2,401 ) 0.9 Other nondeductible expenses 756 (0.3 ) 854 (4.0 ) 451 (0.2 ) Stock-based compensation (3,647 ) 1.3 (42 ) 0.2 (10 ) 0.0 Uncertain tax positions 594 (0.2 ) 589 (2.7 ) 574 (0.2 ) Valuation allowance 2,080 (0.8 ) 1,572 (7.3 ) 1,926 (0.7 ) Fair value of warrants 13,545 (4.9 ) — 0.0 — 0.0 Executive compensation 25,362 (9.2 ) — 0.0 — 0.0 Other—net 1,173 (0.4 ) (128 ) 0.5 (866 ) 0.3 Income tax benefit $ (26,000 ) 9.5 % $ (4,679 ) 21.7 % $ (67,293 ) 24.2 % The Company made income tax payments of $15.2 million, $9.5 million and $18.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company received refunds from the Internal Revenue Service and various states totaling $16 thousand, $10.4 million and $0.5 million, for the years ended December 31, 2021, 2020 and 2019, respectively. The approximate income tax effect of each type of temporary difference giving rise to deferred income tax assets and liabilities as of December 31, 2021 and 2020 was as follows (in thousands): Year Ended December 31, 2021 2020 Deferred income tax assets: Stock-based compensation $ 39,135 $ 6,558 Operating lease liabilities 16,301 — Net operating losses—foreign 11,427 9,347 Accrued compensation 9,743 7,020 Disallowed interest expense 1,553 2,086 Research and experimental credit 1,250 2,005 Sales allowances and doubtful accounts 959 1,074 Net operating losses—domestic (state) 733 716 Interest rate swaps — 4,685 Other 1,443 2,685 Total deferred income tax assets 82,544 36,176 Valuation allowance for deferred tax asset (11,427 ) (9,347 ) Net deferred income tax assets 71,117 26,829 Deferred income tax liabilities: Intangible asset amortization 307,654 331,941 Software, equipment and property depreciation and amortization 20,313 10,526 Deferred contract costs 9,456 6,710 Operating lease assets 9,439 — Total deferred income tax liabilities 346,862 349,177 Net deferred income tax liabilities $ 275,745 $ 322,348 Valuation Allowance The state net operating losses of $0.7 million are expected to be more likely than not fully utilized. Most states allow for a 20-year The change in unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2021 and 2020 was as follows (in thousands): 2021 2020 Balance at beginning of year $ 3,045 $ 2,306 Additions based on tax positions related to the current year 663 719 Additions based on adjustments to tax positions related to prior years 32 91 Reductions for tax positions of prior years (18 ) (71 ) Balance at end of year $ 3,722 $ 3,045 As of December 31, 2021, the Company believes the liability for unrecognized tax benefits, excluding interest and penalties, could decrease by approximately $917 thousand in 2022 due to lapses in the statute of limitations. Due to the various jurisdictions in which the Company files tax returns, it is possible that there could be significant changes in the amount of unrecognized tax benefits in 2022, but the amount cannot be reasonably estimated. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2021, and 2020, the amount accrued for interest and penalties was not material. The Company reflects the liability for unrecognized tax benefits as current income tax liabilities in its consolidated balance sheets. The amounts included in “reductions for tax positions of prior years” represent decreases in the unrecognized tax benefits relating to settlements reached with taxing authorities during each year shown. With few exceptions, the major jurisdictions subject to examination by the relevant tax authorities and open tax years, stated as the Company’s fiscal years, are as follows: Jurisdiction Open Tax Years US Federal 2018 - 2020 US States 2018 - 2020 China 2018 - 2020 Canada 2018 - 2020 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Accounts Receivable | 7. ACCOUNTS RECEIVABLE Accounts receivable–net as of December 31, 2021 and 2020, consists of the following (in thousands): December 31, 2021 2020 Accounts receivable $ 82,584 $ 78,331 Allowance for doubtful accounts and sales reserves (3,791 ) (4,224 ) Accounts receivable–net $ 78,793 $ 74,107 Changes to the allowance for doubtful accounts and sales reserves during the years ended December 31, 2021 2020 and 2019, consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of period $ 4,224 $ 3,970 $ 3,024 Charges to bad debt and sales reserves 3,634 3,814 3,113 Write-offs, net (4,067 ) (3,560 ) (2,167 ) Balance at end of period $ 3,791 $ 4,224 $ 3,970 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense And Other Assets Current [Line Items] | |
Other Current Assets | 8. OTHER CURRENT ASSETS Other current assets as of December 31, 2021 and 2020, consist of the following (in thousands): December 31, 2021 2020 Prepaid service fees $ 8,623 $ 3,969 Non-trade 8,321 9,095 Prepaid software and equipment maintenance 7,593 7,499 Prepaid SaaS costs 5,909 4,290 Prepaid insurance 4,416 517 Other 11,319 6,216 Total $ 46,181 $ 31,586 On December 31, 2020, the Company executed an Asset Purchase Agreement with a third-party buyer to transfer its obligation of providing certain services included within existing customer contracts to the third-party buyer (see Note 27). The Company recognized a gain from the divestiture of $3.8 million. During 2021, the Company reassessed the estimated contingent consideration and recognized a $0.6 million gain from the divestiture. At December 31, 2021 and 2020, the receivable balance related to the Asset Purchase Agreement was $2.6 million and $3.8 million, respectively, included within non-trade |
Software, Equipment, And Proper
Software, Equipment, And Property | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |
Software, Equipment, And Property | 9. SOFTWARE, EQUIPMENT, AND PROPERTY Software, equipment, and property as of December 31, 2021 and 2020, consist of the following (in thousands): December 31, 2021 2020 Software, licenses and database $ 140,692 $ 109,967 Leasehold improvements 34,880 13,397 Computer equipment 31,635 27,733 Furniture and other equipment 5,343 5,000 Building and land 4,910 4,910 Total software, equipment, and property 217,460 161,007 Less accumulated depreciation and amortization (81,615 ) (59,569 ) Net software, equipment, and property $ 135,845 $ 101,438 Depreciation and amortization expense related to software, equipment and property was $24.5 million, $17.7 million and $18.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Line Items] | |
Leases | 10. LEASES The Company adopted ASC 842 on January 1, 2021 using the modified retrospective transition method. Due to the adoption of ASC 842, the Company recognized operating right-of-use The Company leases real estate in the form of office space and data center facilities. The Company additionally leases equipment in the form of information technology equipment. Generally, the term for real estate leases ranges from 1 to 17 years at inception of the contract. Generally, the term for equipment leases is 1 to 3 years at inception of the contract. Some real estate leases include options to renew that can extend the original term by 5 to 10 years. Operating lease costs are included within cost of revenues, exclusive of amortization and impairment of acquired technologies, research and development and general and administrative expenses on the consolidated statements of operations and comprehensive loss. The Company does not have any finance leases. The components of lease expense for the year ended December 31, 2021 were as follows (in thousands): Year Ended December 31, 2021 Operating lease costs $ 16,386 Variable lease costs 2,110 Total lease costs $ 18,496 The lease term and discount rate consisted of the following at December 31, 2021: Weighted-average remaining lease term (years) 12.9 Weighted-average discount rate 6.3 % Supplemental cash flow and other information related to leases for the year ended December 31, 2021 were as follows (in thousands): Year Ended December 31, 2021 Cash payments for operating leases $ 11,403 Operating lease assets obtained in exchange for lease liabilities 2,876 The table below reconciles the undiscounted future minimum lease payments (in thousands) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheet as of December 31, 2021. Years Ending December 31: 2022 $ 8,559 2023 6,124 2024 7,325 2025 7,317 2026 6,843 Thereafter 61,636 Total Lease Payments 97,804 Less: Interest (33,619 ) Total $ 64,185 During the year ended December 31, 2020, the Company entered into a new operating lease agreement for its corporate headquarters in Chicago, Illinois. The lease term commenced in January 2021 and included a landlord provided tenant improvement allowance of up to $16.9 million to be applied to the costs of the construction of leasehold improvements. The Company recognized the tenant improvement allowance as an increase to the operating lease liability and to leasehold improvements as and when such leasehold improvements were paid for by the lessor. As of December 31, 2021, the Company has recognized the full amount of the tenant improvement allowance. Under ASC 840, rent expense was $9.7 million and $9.5 million during the years ended December 31, 2020 and 2019, respectively. The Company’s noncancelable operating lease agreements that required future minimum cash lease payments were as follows at December 31, 2020 (in thousands): Years Ending December 31: 2021 $ 7,143 2022 6,090 2023 5,180 2024 7,059 2025 7,243 Thereafter 68,415 Total $ 101,130 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill [Line Items] | |
Goodwill and Intangible Assets | 11. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company performs its annual impairment assessment as of September 30 of each year. For the years ended December 31, 2021 and 2020, the annual impairment assessment indicated no impairment and there was no change to the carrying amount of goodwill. During the year ended December 31, 2019, the Company performed its annual goodwill impairment test by comparing the fair value of each reporting unit to its carrying value, including goodwill. When performing the assessment, the Company determined the fair value of its reporting units based on forecasted future cash flow. Based on the Company’s forecast which included downward revisions to future projected earnings and cash flows of one of its reporting units, it was determined that the carrying value of goodwill for that reporting unit was impaired. As a result, the Company recorded an impairment charge to goodwill of $25.8 million. The Company used a quantitative approach to measure the fair value of its reporting units in 2019, 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. Upon completion of the analysis, the fair value of one of its reporting units was substantially less than the carrying value, resulting in an impairment of goodwill for that reporting unit. The weighted average cost of capital used for the impaired reporting unit in the Company’s analysis was 11.5%. Changes in the carrying amount of goodwill were as follows (in thousands): Reconciliation of goodwill carrying amount Cost Accumulated Net Carrying Balance as of December 31, 2021 $ 1,492,681 $ (25,797 ) $ 1,466,884 Balance as of December 31, 2020 1,492,681 (25,797 ) 1,466,884 Balance as of December 31, 2019 1,492,681 (25,797 ) 1,466,884 Intangible Assets During the years ended December 31, 2021 and 2020, the Company did not record an impairment charge. During the year ended December 31, 2019, the Company recorded an impairment charge to one of its reporting unit’s Customer Relationships and Acquired Technology intangible assets. The Company’s forecasted future revenue and expense cash flow projections indicated the carrying amounts of the intangible assets were not recoverable and therefore the Company recorded an impairment charge of $181.3 million. In December 2019, the Company entered into an asset purchase agreement and acquired technology, for $0.8 million. The acquired technology is being amortized on a straight-line basis over three years. The intangible assets balance as of December 31, 2021, is reflected below (in thousands): Estimated Weighted- Gross Accumulated Net Carrying Intangible assets: Customer relationships 16–18 13.3 $ 1,299,750 $ (337,831 ) $ 961,919 Acquired technologies 3–7 2.3 183,164 (122,318 ) 60,846 Favorable lease terms 6 0.3 280 (266 ) 14 Subtotal 1,483,194 (460,415 ) 1,022,779 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,673,664 $ (460,415 ) $ 1,213,249 The intangible assets balance as of December 31, 2020, is reflected below (in thousands): Estimated Weighted- Gross Accumulated Net Carrying Intangible assets: Customer relationships 16–18 14.3 $ 1,299,750 $ (265,567 ) $ 1,034,183 Acquired technologies 3–7 3.3 183,154 (95,998 ) 87,156 Favorable lease terms 6 2.3 280 (172 ) 108 Subtotal 1,483,184 (361,737 ) 1,121,447 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,673,654 $ (361,737 ) $ 1,311,917 Amortization expense for intangible assets was $98.7 million, $98.6 million and $109.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Future amortization expense for each of the next five years and thereafter for intangible assets as of December 31, 2021, is as follows (in thousands): Years Ending December 31: 2022 $ 98,602 2023 98,318 2024 80,731 2025 72,263 2026 72,263 Thereafter 600,602 Total $ 1,022,779 |
Equity Method Investment
Equity Method Investment | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment | 12. EQUITY METHOD INVESTMENT In June 2021, the Company completed an investment in a limited partnership (the “Investee”), which is affiliated with one of the Company’s principal equity owners. The Company invested $10.2 million, including related fees and expenses, for an approximate 7% interest of the Investee. The change in the carrying value of the investment during the year ended December 31, 2021 is summarized below as follows (in thousands): Equity method investment carrying value at December 31, 2020 $ — Cash contributions 10,228 Share of net income (loss) from the Investee — Equity method investment carrying value at December 31, 2021 $ 10,228 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Line Items] | |
Accrued Expenses | 13. ACCRUED EXPENSES Accrued expenses as of December 31, 2021 and 2020, consist of the following (in thousands): December 31, 2021 2020 Compensation $ 49,510 $ 37,696 Software license agreements 3,265 1,430 Royalties and licenses 2,640 2,301 Employee insurance benefits 2,443 1,979 Professional services 2,371 2,753 Sales tax 2,296 2,294 Other 4,166 4,534 Total $ 66,691 $ 52,987 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Line Items] | |
Other Liabilities | 14. OTHER LIABILITIES Other liabilities as of December 31, 2021 and 2020, consist of the following (in thousands): December 31, 2021 2020 Software license agreements $ 4,211 $ 234 Deferred revenue-non-current 1,574 2,001 Fair value of interest rate swaps — 18,359 Deferred rent — 4,461 Phantom stock incentive plan — 3,217 Payroll tax deferment — 3,152 Other — 1,346 Total $ 5,785 $ 32,770 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Long-Term Debt | 15. LONG-TERM DEBT On September 21, 2021, CCC Intelligent Solutions Inc., an indirect wholly owned subsidiary of the Company, together with certain of the Company’s subsidiaries acting as guarantors entered into a credit agreement (the “2021 Credit Agreement”). The 2021 Credit Agreement replaces the Company’s 2017 First Lien Credit Agreement (the “First Lien Credit Agreement”), dated as of April 27, 2017, as amended as of February 14, 2020. The proceeds of the 2021 Credit Agreement and cash on hand were used to repay all outstanding borrowings under the First Lien Credit Agreement. The repayment of outstanding borrowings under the First Lien Credit Agreement was determined to be a debt extinguishment and the Company recognized a $9.2 million loss on early extinguishment of debt in the consolidated statement of operations and consolidated loss during the year ended December 31, 2021. 2021 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”). 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. At December 31, 2021, the unamortized debt discount was $1.9 million. 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. At December 31, 2021, the unamortized financing costs related to the Term B Loan were $9.5 million. The Company incurred $3.1 million in financing costs related to the 2021 Revolving Credit Facility. These costs were recorded as deferred financing fees and are being amortized to interest expense over the term of the 2021 Revolving Credit Facility using the effective interest method. At December 31, 2021, the unamortized deferred financing fees balance was $2.9 million. Beginning with the quarter ending March 31, 2022, the Term B Loan requires quarterly principal payments of $2.0 million until June 30, 2028 September 21, 2028 As of December 31, 2021, the amount outstanding on the Term B Loan is $800.0 million, of which, $8.0 million is classified as current in the accompanying consolidated balance sheet. Borrowings under the 2021 Credit Facility bear interest at rates based on the ratio of the Company’s and its subsidiaries’ consolidated first lien net indebtedness to the Company’s and its subsidiaries’ consolidated EBITDA for applicable periods specified in the 2021 Credit Facility. The interest rate per annum applicable to the loans under the 2021 Credit Facility are 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 Loans, 1.50% and with respect to the 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 % is payable on the unused portion of the 2021 Revolving Credit Facility. During the year ended December 31, 2021, the weighted-average interest rate on the outstanding borrowings under the Term B Loan was 3.0%. The Company made Term B Loan interest payments of $6.7 million during the year ended December 31, 2021. During the year ended December 31, 2021, the Company issued a standby letter of credit for $0.7 million which reduces the amount available to be borrowed under the 2021 Revolving Credit Facility and at December 31, 2021, $249.3 million was available to be borrowed. Borrowings under the 2021 Lien Credit Agreement are guaranteed by Cypress Holdings Intermediate Holdings II, Inc., and certain of its US subsidiaries by a perfected first priority lien on the stock of CCC Intelligent Solutions Inc., and substantially all of its assets, subject to various limitations and exceptions. The 2021 Credit Agreement contains representations and warranties, and affirmative and negative covenants, that among other things, restrict, subject to certain exceptions, our ability to: incur additional indebtedness, incur liens, engage in mergers, consolidations, liquidations or dissolutions; pay dividends and distributions on, or redeem, repurchase or retire our capital stock; and make certain investments, acquisitions, loans, or advances. In addition, beginning with the fiscal quarter ending March 31, 2022, 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, the Company’s leverage ratio cannot exceed 6.25 to 1.00. As of December 31, 2021, the Company was not subject to the financial covenant. First Lien Credit Agreement In February 2020, the Company refinanced its long-term debt (“2020 Refinancing”) and entered into the First Amendment to the First Lien Credit Agreement (“First Lien Amendment”). The First Lien Amendment provided an incremental term loan, amended the amount of commitments and the maturity dates of the First Lien Credit Agreement’s revolving credit facilities. The proceeds of the incremental term loan were used to repay all outstanding borrowings under the Second Lien Credit Agreement (“Second Lien Credit Agreement”). The repayment of outstanding borrowings under the Second Lien Credit Agreement was determined to be a debt extinguishment and the Company recognized an $8.6 million loss on early extinguishment of debt in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2020. The First Lien Amendment provided an incremental term loan in the amount of $375.0 million. The Company received proceeds from the incremental term loan of $373.1 million, net of debt discount of $1.9 million. At December 31, 2020, the unamortized debt discount was $2.8 million. In addition, the First Lien Amendment reduced the amount of commitments under each of the Dollar Revolver and the Multicurrency Revolver to $59.3 million and $32.0 million, respectively, and extended the maturity of a portion of the commitments under each revolving credit facility. Pursuant to the First Lien Amendment, the non-extended non-extended April 27, 2022 October 27, 2023 The Company incurred $27.6 million and $3.4 million in financing costs related to the First Lien Credit Agreement and First Lien Amendment, respectively. These costs were recorded to a contra debt account and were being amortized to interest expense over the term of the First Lien Credit Agreement using the effective interest method. The unamortized costs at the time of extinguishment of the First Lien Credit Agreement were recognized as a loss on early extinguishment of debt in the consolidated statement operations and comprehensive loss during the year ended December 31, 2021. The First Lien Term Loan required (after giving effect to the First Lien Amendment) quarterly principal payments of approximately $3.5 million until March 31, 2024 April 27, 2024 amount. As of December 31, 2020, subject to the request of the lenders of the First Lien Term Loan, a principal prepayment of up to $21.9 million was required. In April 2021, the Company made a principal prepayment of $1.5 million to those lenders who made such a request.” The Company mad e a principal prepayment of $ million on July 30, 2021. In conjunction with the prepayment, the Company recognized a loss on early extinguishment of debt of $ million in the consolidated statement of operations and comprehensive loss during the year ended December 31, 2021. In September 2021, using the proceeds from the Term B Loan provided in the 2021 Credit Agreement and cash on hand, the Company fully repaid $804.2 million of outstanding borrowings on the First Lien Term Loan. As of December 31, 2020, the amount outstanding on the First Lien Term Loan was $1,336.2 million, of which, $25.4 million was classified as current in the accompanying consolidated balance sheet. Amounts outstanding under the First Lien Credit Agreement bore interest at a variable rate of LIBOR, plus up to 3.00% per annum based upon the Company’s leverage ratio, as defined in the First Lien Credit Agreement. A quarterly commitment fee of up to 0.50% was payable on the unused portion of the First Lien Revolvers. During the years ended December 31, 2021, 2020 and 2019, the weighted-average interest rate on the outstanding borrowings under the First Lien Term Loan was 4.1%, 4.2% and 5.2%, respectively. The Company made interest payments of $36.1 million, $53.6 million and $50.7 million during the years ended December 31, 2021, 2020 and 2019, respectively. In March 2020, the Company borrowed $65.0 million on its First Lien Revolvers. The borrowings were fully repaid in June 2020 and there were no outstanding borrowings on the First Lien Revolvers at December 31, 2021 and 2020. In May 2020, the Company issued a standby letter of credit for $0.7 million in lieu of a security deposit upon entering into a lease agreement for its new corporate headquarters. The standby letter of credit reduced the amount available to be borrowed under the First Lien Revolvers and at December 31, 2020, $90.6 million was available to be borrowed. The letter of credit was extinguished in October 2021. Borrowings under the First Lien Credit Agreement were guaranteed by Cypress Holdings Intermediate Holdings II, Inc., and certain of its US subsidiaries by a perfected first priority lien on the stock of CCC Intelligent Solutions Inc. and substantially all of its assets, subject to various limitations and exceptions. The First Lien Credit Agreement contained representations and warranties, and affirmative and negative covenants, that among other things, restricted, subject to certain exceptions, our ability to: incur additional indebtedness, incur liens, engage in mergers, consolidations, liquidations or dissolutions; pay dividends and distributions on, or redeem, repurchase or retire our capital stock; and make certain investments, acquisitions, loans, or advances. In addition, the terms of the First Lien Credit Agreement included a financial covenant which required that, at the end of each fiscal quarter, if the aggregate amount of borrowings under the First Lien Revolvers over the prior four fiscal quarters exceeded 35% of the aggregate commitments under those revolving credit facilities, the Company’s leverage ratio could not exceed 8.30 to 1.00. The Company was in compliance with its financial covenant as of the quarter ended March 31, 2020. Borrowings under the First Lien Revolvers did not exceed 35% of the aggregate commitments and the Company was not subject to the leverage test for all fiscal quarters ending after March 31, 2020. Second Lien Credit Agreement The Second Lien Credit Agreement consisted of a $375.0 million term loan (“Second Lien Term Loan”). The Company received proceeds of $372.2 million, net of discount of $2.8 million. The discount was recorded to a contra debt account and was being amortized to interest expense over the life of the Second Lien Term Loan using the effective interest method. At the time of the 2020 Refinancing, the debt discount was written off to loss on early extinguishment of debt. The Company incurred $8.9 million in financing costs related to the Second Lien Credit Agreement. These costs were recorded to a contra debt account and were being amortized to interest expense over the term of the Second Lien Term Loan using the effective interest method. At the time of the 2020 Refinancing, there were $6.6 million of unamortized financing costs which were written off to loss on early extinguishment of debt. The Second Lien Term Loan required no principal payments and all outstanding principal was scheduled to be due upon maturity on April 25, 2025. Amounts outstanding under the Second Lien Term Loan bore interest at a variable rate of LIBOR, plus 6.75%. During the years ended December 31, 2020 and 2019, the weighted-average interest rate on the Second Lien Term Loan was 8.6% and 9.1%, respectively. The Company made interest payments of $4.0 million and $34.3 million during the years ended December 31, 2020 and 2019, respectively. The Second Lien Term Loan was guaranteed by Cypress Holdings Intermediate Holdings II, Inc., and certain of its US subsidiaries by a perfected second priority lien on the stock of CCC Intelligent Solutions Inc. and substantially all of its assets, subject to various limitations and exceptions. The Second Lien Credit Agreement contained representations and warranties, and affirmative and negative covenants, that among other things, restricted, subject to certain exceptions, the Company’s ability to: incur additional indebtedness, incur liens, engage in mergers, consolidations, liquidations or dissolutions; pay dividends and distributions on, or redeem, repurchase or retire out capital stock; and make certain investments, acquisitions, loans, or advances. The Second Lien Credit Agreement had no financial covenants. Long-term debt as December 31, 2021 and 2020, consists of the following (in thousands): December 31, 2021 2020 Term B Loan $ 800,000 $ — Term B Loan—discount (1,926 ) — Term B Loan—deferred financing fees (9,464 ) — Term B Loan—net of discount & fees 788,610 — First Lien Term Loan — 1,336,154 First Lien Term Loan—discount — (2,788 ) First Lien Term Loan—deferred financing fees — (15,388 ) First Lien Term Loan—net of discount & fees — 1,317,978 Less: Current portion (8,000 ) (25,381 ) Total long-term debt—net of current portion $ 780,610 $ 1,292,597 The table below is a rollforward of the Company’s deferred financing fees and discount (contra debt) (in thousands): Deferred Discount— Financing Contra Fees Debt Balance—December 31, 2019 $ 23,960 $ 3,694 Fees written off of due to early extinguishment of debt (6,558 ) (2,043 ) Payment of fees and discount 3,362 1,875 Amortization of fees and discount (4,630 ) (738 ) Balance—December 31, 2020 16,134 2,788 Fees written off of due to early extinguishment of debt (12,982 ) (2,258 ) Payment of fees and discount 12,893 2,000 Amortization of fees and discount (3,682 ) (604 ) Balance—December 31, 2021 $ 12,363 $ 1,926 As of December 31, 2021, the deferred financing fees asset balance included $2.9 million in relation to the 2021 Revolving Credit Facility. As of December 31, 2020, the deferred financing fees asset balance included $0.7 million in relation to the First Lien Revolvers. Scheduled Payments for Debt Years Ending December 31: 2022 $ 8,000 2023 8,000 2024 8,000 2025 8,000 2026 8,000 Thereafter 760,000 Total $ 800,000 Interest Rate Swaps June 2022 |
Long-Term Licensing Agreement
Long-Term Licensing Agreement | 12 Months Ended |
Dec. 31, 2021 | |
LongTerm Licensing Agreement [Line Items] | |
Long-Term Licensing Agreement | 16. LONG-TERM LICENSING AGREEMENT During 2018, the Company entered into a licensing agreement with a third party to obtain a perpetual software license (“Licensing Agreement”) for a database structure, tools, and historical data used within the Company’s software. The Company has included the present value of the future payments required as a long-term licensing agreement within the accompanying consolidated balance sheets. The present value of the future payments was computed using an effective annual interest rate of 6.25%, and the Licensing Agreement requires the Company to make quarterly principal and interest installment payments of approximately $1.2 million through December 2031. The present value of the future cash flows upon execution of the agreement was $45.6 million, which included an original discount of $23.2 million. At December 31, 2021, the remaining liability, net of the discount was $36.3 million, with $2.7 million classified as current. At December 31, 2020, the remaining liability, net of the discount was $38.9 million, with $2.5 million classified as current. The discount was recorded to a contra liability account and is being amortized to interest expense over the term of the agreement using the effective interest method. During the years ended December 31, 2021, 2020 and 2019, the Company recognized $2.4 million, $2.5 million and $2.7 million, respectively, in interest expense related to the Licensing Agreement. At December 31, 2021 and 2020, $12.8 million and $15.2 million, respectively, of the discount was not yet amortized. Principal amounts due in each of the next five years and thereafter for the Licensing Agreement as of December 31, 2021, are as follows (in thousands): Years Ending December 31: 2022 $ 2,703 2023 2,876 2024 3,061 2025 3,257 2026 3,466 Thereafter 20,969 Total $ 36,332 |
Redeemable Non-Controlling Inte
Redeemable Non-Controlling Interest | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | |
Redeemable Non-Controlling Interest | 17. REDEEMABLE NON-CONTROLLING 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. On an as-converted The Preferred Shares are entitled to non-cumulative At the option of the Investor, the Preferred Shares are convertible into ordinary shares of CCC Cayman, initially on a one-for-one 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 are entitled to distributions upon the occurrence of a sale or liquidation of CCC Cayman representing an amount that 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. The Preferred Shares do not participate in net income or losses. As of December 31, 2021 and 2020, the Investor’s ownership in CCC Cayman is classified in mezzanine equity as a redeemable non-controlling non-controlling non-controlling non-controlling non-controlling paid-in At December 31, 2021 and 2020, the carrying value of the redeemable non-controlling |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Class of Stock [Line Items] | |
Capital Stock | 18. CAPITAL STOCK The consolidated statements of mezzanine equity and stockholders’ equity reflect the Business Combination as of the Closing Date as discussed in Note 3. As CCCIS was determined to be the accounting acquirer in the Business Combination, all periods prior to the Closing Date reflect the balances and activity of CCCIS. The balances, share activity and per share amounts prior to the Closing Date were retroactively adjusted, where applicable, using the Exchange Ratio of the Business Combination. Preferred Stock Common Stock There were 609,768,296 and 504,274,890 shares of common stock issued and outstanding as of December 31, 2021 and 2020, respectively. Capital Stock Activity Prior to the Business Combination Dividends In March 2021, the board of directors of CCCIS declared a cash dividend on common stock. The aggregate cash dividend of $134.5 million was paid on March 17, 2021. In connection with the dividends paid in March 2021 and August 2021, certain CCCIS option holders received a strike price reduction of $66.40 per option to compensate for a reduction in the fair value of the underlying shares. The strike price reduction did not result in any incremental fair value and thus no additional stock-based compensation expense was recognized and the aggregate payment to the option holders of $9.0 million was recorded as a deemed distribution. Share Issuances— In January 2021, CCCIS issued 110,679 shares of common stock to a board member for aggregate cash proceeds of $1.0 million, equal to the fair value of the common shares at the time of issuance. In February 2020, CCCIS issued 340,551 shares of common stock to an executive and recorded stock-based compensation expense of $1.6 million, equal to the fair value of the common stock at the time of issuance. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Plans | 19. EMPLOYEE BENEFIT PLANS The Company sponsors a tax-qualified |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Incentive Plans | 20. STOCK INCENTIVE PLANS Prior to the Business Combination, the Company maintained its 2017 Stock Option Plan (the “2017 Plan”). Awards granted under the 2017 Plan have time-based vesting or performance-based with a market condition vesting requirement. Options expire on the tenth anniversary of the grant date. Additionally, the Company maintained a Phantom Stock Plan (the “Phantom Plan”), which provided for the issuance of phantom shares of CCCIS’s common stock (“Phantom Shares”) to eligible employees under the 2017 Plan. Awards under the Phantom Plan are settled in cash and thus accounted for as liability awards. Phantom shares vest under the same time-based or performance-based with a market condition requirement as the stock options granted under the 2017 Plan. Pursuant to the original terms of the 2017 Plan and the Phantom Plan, performance-based awards with a market condition and the Phantom Shares would not vest on occurrence of the Business Combination. However, the board of directors of CCCIS approved a modification that resulted in vesting of the performance-based awards with a market condition and the Phantom Shares upon Closing of the Business Combination. At the time of modification, the Company estimated a new fair value of the modified awards. As such, at the time of such modification, the Company recognized $203.9 million of stock-based compensation based on the fair value of the performance-based awards with a market condition and $6.0 million of stock-based compensation based on the fair value of the Phantom Shares. In connection with the Closing of the Business Combination, the Company adjusted the outstanding awards as described in Note 3 and the 2021 Equity Incentive Plan (the “2021 Plan”) was adopted and approved by the Company’s board of directors. Upon the adoption and approval of the 2021 Plan, the 2017 Plan was terminated and each outstanding vested or unvested option, as required under the 2017 Plan, was converted to the 2021 Plan, multiplied by the Exchange Ratio, with the same key terms and vesting requirements. All stock option activity prior to the closing of the Business Combination on July 30, 2021 has been retroactively restated to reflect the Exchange Ratio. The purpose of the 2021 Plan is to enable the Company to attract, retain, and motivate employees, consultants, and independent members of the board of directors of the Company and its subsidiaries by allowing them to become owners of common stock enabling them to benefit directly from the growth, development, and financial successes of the Company. The total number of shares of common stock that will be reserved and that may be issued under the 2021 Plan will automatically increase on the first day of each fiscal year, beginning with fiscal year 2022, by a number of shares equal to 5.0% of the total number of shares of common stock outstanding on the last day of the prior fiscal year or such lesser amount as determined by the board of directors. The following table summarizes the shares of common stock reserved for future issuance under the 2021 Plan as of December 31, 2021: Stock options outstanding 55,644,495 Restricted stock units outstanding 18,558,211 Restricted stock units available for future grant 72,175,815 Reserved for Employee Stock Purchase Plan 6,031,704 Common stock reserved for future issuance 152,410,225 Stock Options The valuation of time-based stock options granted during the years ended December 31 was determined using the Black-Scholes option valuation model using the following assumptions: 2021 2020 2019 Expected term (in years) 6.5 6.5 6.5 Expected volatility 40 % 40 % 40 % Expected dividend yield 0 % 0 % 0 % Risk-free interest rate 0.62 - 0.67 % 0.39 - 0.45 % 1.62 - 2.38 % Fair value at valuation date $ 3.67 $ 1.83 $ 1.39 For performance-based awards with a market condition, the market condition is required to be considered when calculating the grant date fair value. ASC Topic 718 requires the Company to select a valuation technique that best fits the circumstances of an award. In order to reflect the substantive characteristics of the performance-based awards with a market condition, a Monte Carlo simulation valuation model was used to calculate the grant date fair value of such stock options. Monte Carlo approaches are a class of computational algorithms that rely on repeated random sampling to compute their results. This approach allows the calculation of the fair value of such stock options based on a number of possible scenarios. Stock-based compensation expense for the performance-based awards with a market condition is not recognized until the performance condition is probable of occurring. The valuation of the performance-based awards with a market condition granted during the years ending December 31 was determined through the Monte Carlo simulation model using the following assumptions: 2021 2020 2019 Expected term (in years) 5.5 5.5 6.5 Expected volatility 33 % 33 % 40 % Expected dividend yield 0 % 0 % 0 % Risk-free interest rate 0.44 % 0.44 % 2.38 % Fair value at valuation date $ 0.88 $ 0.88 $ 0.67 Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding. The Company uses the simplified method to determine the expected term for its option grants. The simplified method calculates the expected term as the average of the time-to-vesting Expected Volatility—The Company has limited trading history of its common stock and the expected volatility was estimated based on the average volatility for comparable publicly traded companies over a period equal to the expected term of the stock option grants. Expected Dividend—Historically, the Company has not paid regular dividends on its common stock and has no plans to pay dividends on common stock on a regular basis. The Company does not have a dividend policy. Therefore, the Company used an expected dividend yield of zero. Risk-Free Interest Rate—The risk-free interest rate is based on the US Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of awards. The Company used a pre-vesting The table below summarizes the option activity for the years ended December 31, 2021, 2020 and 2019: Shares Weighted- Weighted-Average Aggregate Options outstanding—December 31, 2018 50,782,237 $ 2.85 8.6 $ 30,652 Granted 4,331,805 3.57 Exercised (315,350 ) 2.84 Forfeited and canceled (2,078,040 ) 2.84 Options outstanding—December 31, 2019 52,720,652 2.91 7.7 88,271 Granted 4,210,228 4.58 Exercised (476,090 ) 2.85 Forfeited and canceled (884,751 ) 3.02 Options outstanding—December 31, 2020 55,570,039 3.03 6.9 337,358 Granted 2,822,484 8.58 Exercised (1,924,063 ) 2.70 Forfeited and canceled (823,965 ) 3.66 Options outstanding—December 31, 2021 55,644,495 $ 2.95 6.0 $ 469,591 Options exercisable—December 31, 2021 46,037,351 $ 2.69 5.8 $ 400,511 Options vested and expected to vest—December 31, 2021 55,182,838 $ 2.93 6.0 $ 466,792 The weighted-average grant-date fair value for time-based options granted during the years ended December 31, 2021, 2020 and 2019, was $3.67, $1.83 and $1.54, respectively. The weighted-average grant-date fair value for performance-based awards with a market condition granted during the years ended December 31, 2021, 2020 and 2019, was $0.88, $0.88 and $0.67, respectively. As discussed above, the outstanding performance-based awards with a market condition were modified upon Closing of the Business Combination and the Company recognized stock-based compensation expense for the increase in the fair value of the awards. During the year ended December 31, 2021, the Company issued 1,922,019 shares of common stock upon exercise of 1,924,063 stock options. As part of cashless exercises, 2,044 shares were applied to the exercise price and tax obligations of the option holders. During the year ended December 31, 2020, the Company issued 330,675 shares of common stock upon exercise of 476,090 stock options. As part of cashless exercises, 145,415 shares were applied to the exercise price and tax obligations of the option holders. During the year ended December 31, 2019, the Company issued 234,299 shares of common stock upon exercise of 315,350 stock options. As part of cashless exercises, 81,051 shares were applied to the exercise price and tax obligations of the option holders. The fair value of the options vested during the year ended December 31, 2021 was $213.4 million, of which, $203.9 million was attributable to the modified awards that vested upon the Closing of the Business Combination. Company Earnout Shares twenty The fair value of the Company Earnout Shares was estimated on the date of the grant, using the Monte Carlo simulation method. Compensation expense on the shares granted to option holders is recorded ratably over the implied service period of five months beginning on July 30, 2021. During the year ended December 31, 2021, the Company recognized $19.5 million of stock-based compensation expense related to the Company Earnout Shares granted to the CCCIS option holders. Phantom Stock No Phantom Shares were granted during the years ended December 31, 2021, 2020 and 2019. Upon consummation of the Business Combination on July 30, 2021, all outstanding Phantom Shares vested and were subsequently settled in cash for $10.2 million. During the years ended December 31, 2021, 2020 and 2019, the Company recognized stock-based compensation expense of $7.0 million, $2.2 million and $0.6 million, respectively, related to the Phantom Shares. At December 31, 2020, the outstanding liability for the Phantom Shares was $3.2 million and classified within other liabilities in the accompanying consolidated balance sheet. Restricted Stock Units During the year ended December 31, 2021, the Company granted 18,677,411 RSUs, of which 7,730,019 have time-based vesting requirements, 5,473,701 have performance-based vesting requirements and 5,473,691 have performance-based with a market condition vesting requirements. The grant date fair value of each RSU with time-based vesting and performance-based vesting is determined using the fair value of the underlying common stock on the date of grant. The grant date fair value of each RSU with performance-based with a market condition vesting is estimated on the date of grant using the Monte Carlo simulation model. Stock-based compensation for RSUs with time-based vesting is recognized on a straight-line basis over the requisite service period for the number of RSUs that are probable vesting. Stock-based compensation for RSUs with performance-based vesting and performance-based with a market condition vesting is recognized on a straight-line basis over the performance period based on the number of RSUs that are probable of vesting. The table below summarizes the RSU activity for the year ended December 31, 2021: Shares Weighted- Non-vested — $ — Granted 18,677,411 10.74 Canceled (119,200 ) 11.59 Non-vested 18,558,211 $ 10.74 Employee Stock Purchase Plan six-month Under the ESPP, eligible employees can acquire shares of the Company’s common stock by accumulating funds through payroll deductions. Employees generally are eligible to participate in the ESPP if they are a U.S. employee and are employed for at least 20 hours per week. The Company may impose additional restrictions on eligibility. Eligible employees can select a rate of payroll deduction between 1% and 15% of their compensation. The purchase price for shares of common stock purchased under the ESPP is 85% of the lesser of the fair market value of the Company’s common stock on (i) the first day of the applicable offering period or (ii) the last day of the purchase period in the applicable offering period. An employee’s participation automatically ends upon termination of employment for any reason. As of December 31, 2021, 6,031,704 shares of common stock are reserved for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP increases on January 1 by the lesser of 1% of the total numbers of shares outstanding or a lesser amount as determined by the Board of Directors. As of December 31, 2021, no shares had been sold under the ESPP. Stock-Based Compensation Year Ended December 31, 2021 2020 2019 Cost of revenues $ 13,644 $ 494 $ 485 Research and development 40,681 1,174 1,216 Sales and marketing 65,045 2,024 1,858 General and administrative 142,625 7,644 3,565 Total stock-based compensation expense $ 261,995 $ 11,336 $ 7,124 As of December 31, 2021, there was $95.7 million of unrecognized stock compensation expense related to non-vested non-vested |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 21. WARRANTS Upon consummation of the Business Combination (see Note 3), the Company assumed the outstanding Public Warrants and Private Warrants issued by Dragoneer. As of December 31, 2021, the Company had 17,800,000 Private Warrants outstanding and no Public Warrants outstanding. 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 Redemptions of warrants when the price per share equals or exceeds $18.00 • at a price of $0.01 per warrant; • upon a minimum of 30 • if, and only if, the closing price of the Company’s common shares equals or exceeds $18.00 per share (as adjusted) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemptions of warrants when the price per share equals or exceeds $10.00 • at a price of $0.10 per warrant; • upon a minimum of 30 days prior written notice of redemption provided holders will be able to exercise their warrants on a “cashless basis” prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the fair market value of the Company’s common stock; and • if, and only if, the closing price of the Company’s common stock equals or exceeds $10.00 per share (as adjusted) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company called the Public Warrants for redemption, as described above, the Company had the option to require any holder that wished to exercise the Public Warrants to do so on a cashless basis, as described in the warrant agreement. The exercise price and number of common shares issuable upon exercise of the Public Warrants were to be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. The Public Warrants were not to be adjusted for issuances of the common stock at a price below its exercise price and in no event was the Company required to net cash settle the Public Warrants. The Private Warrants are identical to the Public Warrants underlying the shares sold in Dragoneer’s initial public offering. Additionally, the Private Warrants are exercisable on a cashless basis and are non-redeemable, Private Warrants may only be exercised for a whole number of shares of the Company’s common stock. Each whole Private Warrant entitles the registered holder to purchase one share of the Company’s common stock. All warrants have an exercise price of $11.50 per share, subject to adjustment, beginning on August 29, 2021, and will expire on July 30, 2026 or earlier upon redemption or liquidation. On November 29, 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 before 5:00 p.m. Eastern Daylight Time on December 29, 2021 was redeemed by the Company for $0.10 and the Public warrants subsequently ceased trading on the New York Stock Exchange. Of the 17,299,983 Public Warrants that were outstanding as of the Closing of the Business Combination, 10,638 warrants were exercised for cash proceeds of $0.1 million and 15,876,341 were exercised on a cashless basis in exchange for an aggregate of 4,826,339 shares of common stock. The Company paid $0.1 million to redeem the remaining 1,413,004 unexercised Public Warrants. As of December 31, 2021, there were no Public Warrants outstanding. There were no exercises or redemptions of the Private Warrants during the year ended December 31, 2021. The Company recognized an expense of $ 64.5 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Other Commitments [Line Items] | |
Commitments | 22. COMMITMENTS Purchase Obligations Years Ending December 31: 2022 $ 23,560 2023 17,143 2024 11,384 2025 10,247 2026 10,254 Thereafter 50,987 Total $ 123,575 Guarantees 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 |
Legal Proceedings and contingen
Legal Proceedings and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |
Legal Matters and Contingencies | 23. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |
Related Parties | 24. RELATED PARTIES The Company has engaged in transactions within the ordinary course of business with entities affiliated with its principal equity owners. The Company recognized revenue from a customer that is affiliated with one of its principal equity owners. The Company recognized revenue of $0.4 million and $0.1 million from the related party customer during the years ended December 31, 2021 and 2020, respectively. The amount of revenue recognized during the year ended December 31, 2019 and the associated accounts receivable from the customer at December 31, 2021 and 2020 were de minimis. The Company incurred expenses for employee health insurance benefits with an entity affiliated with one of its principal equity owners. During the year ended December 31, 2021, the Company incurred expenses of $3.2 million, of which $0.2 million was payable at December 31, 2021. The Company was not affiliated with the entity prior to 2021. The Company incurred expenses for human resource support services with an entity affiliated with one of its principal equity owners. During the years ended December 31, 2021, 2020 and 2019, the Company incurred expenses of $0.2 million. The associated payable for the human resource support services was de minimis at December 31, 2021 and 2020. The Company incurred expenses for sales tax processing services with an entity affiliated with one of its board members. During the year ended December 31, 2021, the Company incurred expenses with the affiliated entity of $0.3 million. There was no associated payable at December 31, 2021. The incurred expenses and associated payable prior to the year ended December 31, 2021 were de minimis. The Company reimburses its principal equity owners for services and any related travel and out-of-pocket out-of-pocket During the year ended December 31, 2021, the Company completed a strategic investment in a limited partnership (the “Investee”) in which the Company invested $10.0 million, plus related fees and expenses, for an approximate 7% interest (see Note 12). The limited partnership is affiliated with one of the Company’s principal equity owners. The Company reimbursed its principal equity owner $0.2 million for its pro rata portion of related fees and expenses. The limited partnership recognized no income or loss during the year ended December 31, 2021. During the year ended December 31, 2021, the Company issued 110,679 shares of Class B common stock to a board member for aggregate cash proceeds of $1.0 million. During the year ended December 31, 2020, the Company entered into a note receivable for $0.7 million with an executive. The outstanding balance was repaid in full during February 2021. Prior to repayment, the note receivable bore interest at 1.58% per annum and required semiannual interest payments through the maturity date in February 2023. At December 31, 2020, the note receivable balance was $0.7 million and was recorded within other assets on the Company’s consolidated balance sheet. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Net Income (Loss) Per Share | 25. NET LOSS PER SHARE The Company calculates basic earnings per share by dividing the net income (loss) 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. We exclude 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 8,625,000 Sponsor Vesting Shares that are issued and outstanding at December 31, 2021 are excluded from the weighted average number of shares of common stock outstanding until the vesting requirement is met and the restriction is removed. The following table sets forth a reconciliation of the numerator and denominator used to compute basic earnings per share of common stock (in thousands, except for share and per share data). Year Ended December 31, 2021 2020 2019 Numerator Net loss $ (248,919 ) $ (16,876 ) $ (210,340 ) Denominator Weighted average shares of common stock - basic and diluted 543,558,222 504,115,839 503,453,127 Net loss per share - basic and diluted $ (0.46 ) $ (0.03 ) $ (0.42 ) Common stock equivalent shares of 32,061,021, 15,632,980 and 5,328,256 were excluded from the computation of diluted per share amounts for the years ended December 31, 2021, 2020 and 2019, respectively, because their effect was anti-dilutive. |
Segment Information And Informa
Segment Information And Information About Geographic Areas | 12 Months Ended |
Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Segment Information And Information About Geographic Areas | 26. 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): Year Ended December 31, 2021 2020 2019 United States $ 680,609 $ 626,101 $ 610,591 China 7,679 6,962 5,493 Total revenues $ 688,288 $ 633,063 $ 616,084 Software, equipment and property, net by geographic area are as follows (in thousands): December 31, 2021 2020 United States $ 135,784 $ 101,370 China 61 68 Total software, equipment and property-net $ 135,845 $ 101,438 |
Divestiture
Divestiture | 12 Months Ended |
Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Divestiture | 27. DIVESTITURE On December 31, 2020 the Company closed an Asset Purchase Agreement with a third-party buyer (the “Buyer”) to transfer its obligation of providing certain services and related assets and liabilities to the Buyer for total consideration of $3.8 million, including $1.8 million of contingent consideration. The Company has received aggregate payments from the Buyer of $3.5 million through December 31, 2021. The divestiture did not constitute a discontinued operation or the sale of a business. The Company recognized a gain on disposition of $3.8 million during the year ended December 31, 2020 within general and administrative expenses in the consolidated statement of operations and comprehensive loss. During 2021, the Company reassessed the estimated contingent consideration and recognized a $0.6 million gain from the divestiture. |
Quarterly Results Of Operations
Quarterly Results Of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 28. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30, December 31, Revenue $ 157,789 $ 166,789 $ 176,628 $ 187,083 Cost of revenue 44,593 45,512 57,853 47,697 Gross Profit 113,196 121,277 118,775 139,386 Income (loss) from operations 7,239 22,001 (189,212 ) 15,299 Net (loss) income (5,084 ) 3,816 (189,782 ) (57,869 ) Net (loss) income per share: Basic $ (0.01 ) $ 0.01 $ (0.34 ) $ (0.10 ) Diluted $ (0.01 ) $ 0.01 $ (0.34 ) $ (0.10 ) For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30, December 31, Revenue $ 159,208 $ 150,716 $ 157,754 $ 165,385 Cost of revenue 54,962 49,982 50,455 53,318 Gross Profit 104,246 100,734 107,299 112,067 Income (loss) from operations 14,147 15,616 23,085 24,132 Net (loss) income (25,252 ) (1,961 ) 4,720 5,617 Net (loss) income per share: Basic $ (0.05 ) $ (0.00 ) $ 0.01 $ 0.01 Diluted $ (0.05 ) $ (0.00 ) $ 0.01 $ 0.01 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Events | 29. SUBSEQUENT EVENTS Gain on Investment on the accompanying consolidated balance sheets at December 31, 2021 and 2020. The Company no longer has any ownership interest in the investee. Business Acquisition AI-enabled In exchange for all the outstanding shares of Safekeep, the Company paid total consideration of $31.9 million upon closing, subject to adjustment for certain post-closing indemnities. As additional consideration for the shares, the acquisition agreement includes a contingent earn-out The initial accounting for the acquisition of Safekeep, including the estimated fair value of the assets acquired, liabilities assumed and contingent earn-out |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation | Basis of Presentation The Business Combination (see Note 3) was accounted for as a reverse recapitalization in accordance with GAAP, with Dragoneer treated as the acquired company and CCCIS treated as the acquirer. The consolidated assets, liabilities, and results of operations prior to the reverse recapitalization are those of CCCIS. The shares and corresponding capital amounts and losses per share, prior to the reverse recapitalization, have been retroactively restated based on shares reflecting the exchange ratio of 1:340.5507 (the “Exchange Ratio”) established in the Business Combination. |
Risk and Uncertainties | Risk and Uncertainties— (“COVID-19”) COVID-19 COVID-19 non-essential in-person COVID-19 COVID-19 |
Basis of Accounting | Basis of Accounting non-controlling |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Foreign Currency | Foreign Currency |
Significant Customers and Concentration of Credit Risks | Significant Customers and Concentration of Credit Risks Significant customers are those that represent more than 10% of the Company’s total revenue or accounts receivable. For each significant customer, revenue as a percentage of total revenue is as follows: Year Ended December 31, 2021 2020 2019 Customer A * * 12 % Customer B * 11 % 11 % * Below 10% As of December 31, 2021, no customer accounted for over 10% of accounts receivable. As of December 31, 2020, one customer had an accounts receivable balance of 12% of net receivables |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers. The Company generates revenue from contracts that are generally billed either on a monthly subscription or transactional basis. Other revenue primarily consists of professional services revenue that is generally transaction-based (where a fee per transaction is charged). Revenues are recognized as control of these services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company determines revenue recognition based on the application of the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligation(s) in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligation(s) in the contract • Recognition of revenue when, or as a performance obligation is satisfied Software Subscription Revenues Revenues from subscription services represent a stand-ready obligation to provide access to the Company’s platform. As each day of providing services is substantially the same and the customer simultaneously receives and consumes the benefits as access is provided, subscription arrangements include a series of distinct services. The Company may provide certain of its customers with implementation activities such as basic setup, installation and initial training that the Company must undertake to fulfill the contract. These are considered fulfillment activities that do not transfer the service to the customer. For contracts with fixed and variable consideration, to the extent that customers’ usage exceeds the committed contracted amounts under their subscriptions, they are charged for their incremental usage. For such overage fees, the Company includes an estimate of the amount it expects to receive for the total transaction price if it is probable that a significant reversal of cumulative revenue recognized will not occur. Revenue recognized from overage fees was not material during the years ended December 31, 2021, 2020 and 2019. When customers’ usage falls below the committed contracted amounts, the customer does not receive any credits or refunds for the shortfall. For contracts where fees are solely based on transaction volume, the amount invoiced corresponds directly with the value provided to the customer, and revenue is recognized when invoiced using the as-invoiced Other Revenue non-software Revenues related to such services that are billed on a transactional basis are recognized when the transaction for the related service occurs. Transaction revenue is primarily comprised of fees for professional services applied to the volume of transactions. These are typically based on a per-unit as-invoiced Contracts with Multiple Performance Obligations Disaggregation of Revenue- The following table summarizes revenue by type of service for the years ended December 31 (in thousands): Year Ended December 31, 2021 2020 2019 Software subscriptions $ 662,300 $ 573,608 $ 540,219 Other 25,988 59,455 75,865 Total revenues $ 688,288 $ 633,063 $ 616,084 Transaction Price Allocated to the Remaining Performance Obligations- Contract Liabilities During the years ended December 31, 2021, 2020 and 2019, $26.5 million, $25.1 million and $22.8 million, respectively, that was included in the deferred revenue balance at the beginning of each period was recognized as revenue. Costs to Obtain and Fulfill the Contract |
Cost of Revenues | Cost of Revenues |
Research and Development | Research and Development |
Selling and Marketing | Selling and Marketing personnel The Company expenses advertising and other promotional expenditures as incurred. Advertising expenses were $1.1 million, $1.6 million and $1.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
General and Administrative | General and Administrative |
Amortization of Intangible Assets | Amortization of Intangible Assets |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense for time-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. Stock-based compensation expense for performance-based awards with a market condition is not recognized until the performance condition is probable of occurring. The fair value of restricted stock units with only a time-based vesting component or a performance-based vesting component is determined using the quoted price of our common stock on the date of grant. The fair value of the Company’s stock options with only a time-based component is estimated using the Black Scholes option pricing model. The fair value of the Company’s performance-based awards with a market condition is estimated using a Monte Carlo simulation model. The assumptions utilized under these methods require judgments and estimates. Changes in these inputs and assumptions could affect the measurement of the estimated fair value of the related compensation expense of these stock-based payment awards. |
Accounts Receivable—Net | Accounts Receivable—Net |
Software, Equipment, and Property—Net | Software, Equipment, and Property—Net Software, equipment, and property Estimated Useful Life Software and licenses 2-5 Computer equipment 3 years Furniture and other equipment 5 years Database 25 years Building 39 years Leasehold improvements Lesser of the estimated useful life or life of lease Land Indefinite Maintenance and repairs are expensed as incurred. Major betterments are capitalized. |
Internal Use Software | Internal Use Software capitalizes |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company performed the impairment test of its reporting units for the years ended December 31, 2021, 2020 and 2019. For the years ended December 31, 2021 and 2020, the Company determined no impairment existed. For the year ended December 31, 2019, the Company recognized a goodwill impairment charge of $25.8 million (see Note 11). |
Long-Lived Assets | Long-Lived Assets |
Equity Method Investment | Equity Method Investment The Company’s share of the investee’s earnings is reported within other income-net |
Deferred Financing Costs | Deferred Financing Costs |
Warrant Liability | Warrant Liability The Company accounts for its Public Warrants and Private Warrants under ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) During November 2021, the Company announced that it had elected to redeem its outstanding Public Warrants and as of December 31, 2021, there were no Public Warrants outstanding (see Note 21). Prior to redemption, the Public Warrants were publicly traded and thus had an observable market price in an active market and were valued at their trading price as of each reporting date. The Private Warrants are valued using the Black Scholes option pricing model. The assumptions utilized under the Black |
Income Taxes | Income Taxes A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation process, based on its technical merits. Income tax positions must meet a more-likely-than-not |
Accrual for Self-Insurance Costs | Accrual for Self-Insurance Costs |
Leases | Leases Accounting 2016-02 In accordance with ASC 842, the Company, at the inception of the contract, determines whether a contract is or contains a lease. For leases with terms greater than 12 months, the Company records the related operating or finance right right-of-use Some of the Company’s leases contain rent escalations over the lease term. The Company recognizes expense for operating leases on a straight-line basis over the lease term. The Company has elected the practical expedient to combine lease and non-lease non-lease For periods prior to the adoption of ASC 842, the Company recorded rent expense on a straight-line basis over the term of the related lease. The difference between the straight-line rent expense and the payments made in accordance with the operating lease agreements were recognized as a deferred rent liability within other liabilities on the accompanying consolidated balance sheets. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 The Company early adopted ASC 842 effective January 1, 2021 using the modified retrospective transition method as allowed under ASU 2018-11 non-lease Due to the adoption of this guidance, the Company recognized operating right-of-use right-of-use |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments 2018-19, 2019-04, 2019-05, 2020-03. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2021-01, 2020-04 On December 18, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. step-up year-to-date |
Reclassifications | Reclassifications amounts |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements Level 1 Level 2 Level 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of The Company's Total Revenue or Accounts Receivable | For each significant customer, revenue as a percentage of total revenue is as follows: Year Ended December 31, 2021 2020 2019 Customer A * * 12 % Customer B * 11 % 11 % |
Summarizes Revenue By Type of Service | The following table summarizes revenue by type of service for the years ended December 31 (in thousands): Year Ended December 31, 2021 2020 2019 Software subscriptions $ 662,300 $ 573,608 $ 540,219 Other 25,988 59,455 75,865 Total revenues $ 688,288 $ 633,063 $ 616,084 |
Schedule of Software,Equipment and Property | Software, equipment, and property Estimated Useful Life Software and licenses 2-5 Computer equipment 3 years Furniture and other equipment 5 years Database 25 years Building 39 years Leasehold improvements Lesser of the estimated useful life or life of lease Land Indefinite |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Summary of number of shares of common stock outstanding immediately following the Closing | The total number of shares of the Company’s common stock outstanding immediately following the Closing was 603,170,380, comprised as follows: Shares issued to Dragoneer public shareholders and Sponsor 56,615,002 Sponsor Vesting Shares 8,625,000 Shares issued to Legacy CCC shareholders 505,430,378 Shares issued to Forward Purchasers 17,500,000 Shares issued to PIPE Investors 15,000,000 Total shares of common stock outstanding immediately following the Business Combination 603,170,380 |
Scheduel of Reconciliation of Elements of Business Combination to Cash Flows And Mezzanine and Stockholders Equity | The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows for the year ended December 31, 2021 and the consolidated statement of mezzanine equity and stockholders’ equity for the year ended December 31, 2021 (in thousands). Cash - Dragoneer trust and cash $ 449,441 Cash - PIPE Financing 150,000 Cash - Forward Purchase Agreements 175,000 Less: transaction costs and advisory fees (11,141 ) Net cash contibutions from Business Combination 763,300 Less: non-cash (58,459 ) Net equity infusion from Business Combination $ 704,841 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Contract With Customer Asset And Liability [Line Items] | |
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): December 31, December 31, December 31, January 1, Accounts receivables-Net $ 78,793 $ 74,107 $ 63,613 $ 59,252 Deferred contract costs 15,069 11,917 10,807 6,526 Long-term deferred contract costs 22,117 14,389 12,463 9,432 Deferred revenues 31,042 26,514 25,096 22,787 Other liabilities (deferred revenues, non-current) 1,574 2,001 1,160 — |
Summary of deferred revenue | A summary of the activity impacting deferred revenue balances during the years ended December 31, 2021, 2020 and 2019, is presented below (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of period $ 28,515 $ 26,256 $ 22,787 Revenue recognized 1 (334,524 ) (305,812 ) (283,383 ) Additional amounts deferred 1 338,625 308,071 286,852 Balance at end of period $ 32,616 $ 28,515 $ 26,256 Classified as: Current $ 31,042 $ 26,514 $ 25,096 Non-current 1,574 2,001 1,160 Total deferred revenue $ 32,616 $ 28,515 $ 26,256 |
Summary of deferred contract costs | A summary of the activity impacting the deferred contract costs during the years ended December 31, 2021, 2020 and 2019 is presented below (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of period $ 26,306 $ 23,270 $ — Adoption of ASC 606 — — 15,958 Costs amortized (15,384 ) (12,446 ) (9,375 ) Additional amounts deferred 26,264 15,482 16,687 Balance at end of period $ 37,186 $ 26,306 $ 23,270 Classified as: Current $ 15,069 $ 11,917 $ 10,807 Non-current 22,117 14,389 12,463 Total deferred contract costs $ 37,186 $ 26,306 $ 23,270 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Line Items] | |
Fair Value Measurement Inputs and Valuation Techniques | The valuation of the Private Warrants as of December 31, 2021 was determined using the Black-Scholes option-pricing model using the following assumptions: Expected term (in years) 4.6 Expected volatility 35 % Expected dividend yield 0 % Risk-free interest rate 1.20 % Fair value at valuation date $ 3.51 |
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 at December 31, 2021 (in thousands): Liabilities Fair Value Level 1 Level 2 Level 3 Private Warrants $ 62,478 $ — $ 62,478 $ — Total $ 62,478 $ — $ 62,478 $ — The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands): Liabilities Fair Value Level 1 Level 2 Level 3 Interest rate swaps $ 18,359 $ — $ 18,359 $ — Total $ 18,359 $ — $ 18,359 $ — |
Summary of carrying amounts and estimated fair values of the financial instruments | The following table presents the carrying amounts, net of debt discount, and estimated fair values of the Company’s financial instruments that are not recorded at fair value on the consolidated balance sheets (in thousands): December 31, 2021 December 31, 2020 Description Carrying Estimated Carrying Estimated Term B Loan, including current portion $ 798,073 $ 799,000 $ — $ — First Lien Term Loan, including current portion — — 1,333,366 1,332,433 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |
Schedule of Components of Pretax Loss Attributable to Domestic and Foreign Operations | The components of pretax loss attributable to domestic and foreign operations are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ (261,900 ) $ (15,117 ) $ (270,428 ) Foreign (13,019 ) (6,438 ) (7,205 ) Pretax loss $ (274,919 ) $ (21,555 ) $ (277,633 ) |
Schedule of Components of Income Tax Benefit | The income tax benefit consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current provision (benefit): Federal $ 15,263 $ 1,539 $ 13,685 State 5,620 4,906 3,302 Total current provision 20,883 6,445 16,987 Deferred provision (benefit): Federal (35,284 ) (7,536 ) (67,874 ) State (11,599 ) (3,588 ) (16,406 ) Foreign (2,080 ) (1,710 ) (1,873 ) Change in valuation allowance 2,080 1,710 1,873 Total deferred benefit (46,883 ) (11,124 ) (84,280 ) Total income tax benefit $ (26,000 ) $ (4,679 ) $ (67,293 ) |
Summary of Effective Income Tax Rate Differs from the Federal Statutory Rate | The Company’s effective income tax rate differs from the federal statutory rate as follows (in thousands, except percentages): Year Ended December 31, 2021 2020 2019 Federal income tax benefit at statutory rate $ (57,733 ) 21.0 % $ (4,527 ) 21.0 % $ (58,303 ) 21.0 % State and local taxes-net (4,723 ) 1.7 288 (1.3 ) (13,797 ) 5.0 Impairment of goodwill — 0.0 — 0.0 5,417 (2.0 ) Foreign rate difference (493 ) 0.2 (227 ) 1.1 (284 ) 0.1 Research and experimental credit (2,914 ) 1.1 (3,058 ) 14.2 (2,401 ) 0.9 Other nondeductible expenses 756 (0.3 ) 854 (4.0 ) 451 (0.2 ) Stock-based compensation (3,647 ) 1.3 (42 ) 0.2 (10 ) 0.0 Uncertain tax positions 594 (0.2 ) 589 (2.7 ) 574 (0.2 ) Valuation allowance 2,080 (0.8 ) 1,572 (7.3 ) 1,926 (0.7 ) Fair value of warrants 13,545 (4.9 ) — 0.0 — 0.0 Executive compensation 25,362 (9.2 ) — 0.0 — 0.0 Other—net 1,173 (0.4 ) (128 ) 0.5 (866 ) 0.3 Income tax benefit $ (26,000 ) 9.5 % $ (4,679 ) 21.7 % $ (67,293 ) 24.2 % |
Schedule of Deferred Income Tax Assets and Liabilities | The approximate income tax effect of each type of temporary difference giving rise to deferred income tax assets and liabilities as of December 31, 2021 and 2020 was as follows (in thousands): Year Ended December 31, 2021 2020 Deferred income tax assets: Stock-based compensation $ 39,135 $ 6,558 Operating lease liabilities 16,301 — Net operating losses—foreign 11,427 9,347 Accrued compensation 9,743 7,020 Disallowed interest expense 1,553 2,086 Research and experimental credit 1,250 2,005 Sales allowances and doubtful accounts 959 1,074 Net operating losses—domestic (state) 733 716 Interest rate swaps — 4,685 Other 1,443 2,685 Total deferred income tax assets 82,544 36,176 Valuation allowance for deferred tax asset (11,427 ) (9,347 ) Net deferred income tax assets 71,117 26,829 Deferred income tax liabilities: Intangible asset amortization 307,654 331,941 Software, equipment and property depreciation and amortization 20,313 10,526 Deferred contract costs 9,456 6,710 Operating lease assets 9,439 — Total deferred income tax liabilities 346,862 349,177 Net deferred income tax liabilities $ 275,745 $ 322,348 |
Schedule of Change in Unrecognised Tax Benefits Excluding Interest and Penalties | The change in unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2021 and 2020 was as follows (in thousands): 2021 2020 Balance at beginning of year $ 3,045 $ 2,306 Additions based on tax positions related to the current year 663 719 Additions based on adjustments to tax positions related to prior years 32 91 Reductions for tax positions of prior years (18 ) (71 ) Balance at end of year $ 3,722 $ 3,045 |
Summary of Major Jurisdictions Subject to Examination by the relevant Tax Auhtorities and Open Tax Years | With few exceptions, the major jurisdictions subject to examination by the relevant tax authorities and open tax years, stated as the Company’s fiscal years, are as follows: Jurisdiction Open Tax Years US Federal 2018 - 2020 US States 2018 - 2020 China 2018 - 2020 Canada 2018 - 2020 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts Receivable, Net | Accounts receivable–net as of December 31, 2021 and 2020, consists of the following (in thousands): December 31, 2021 2020 Accounts receivable $ 82,584 $ 78,331 Allowance for doubtful accounts and sales reserves (3,791 ) (4,224 ) Accounts receivable–net $ 78,793 $ 74,107 |
Schedule of Changes to the Allowance for Doubtful Accounts and Sales Reserves | Changes to the allowance for doubtful accounts and sales reserves during the years ended December 31, 2021 2020 and 2019, consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of period $ 4,224 $ 3,970 $ 3,024 Charges to bad debt and sales reserves 3,634 3,814 3,113 Write-offs, net (4,067 ) (3,560 ) (2,167 ) Balance at end of period $ 3,791 $ 4,224 $ 3,970 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense And Other Assets Current [Line Items] | |
Schedule of Other Current Assets | Other current assets as of December 31, 2021 and 2020, consist of the following (in thousands): December 31, 2021 2020 Prepaid service fees $ 8,623 $ 3,969 Non-trade 8,321 9,095 Prepaid software and equipment maintenance 7,593 7,499 Prepaid SaaS costs 5,909 4,290 Prepaid insurance 4,416 517 Other 11,319 6,216 Total $ 46,181 $ 31,586 |
Software, Equipment, And Prop_2
Software, Equipment, And Property (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Software,Equipment and Property | Software, equipment, and property as of December 31, 2021 and 2020, consist of the following (in thousands): December 31, 2021 2020 Software, licenses and database $ 140,692 $ 109,967 Leasehold improvements 34,880 13,397 Computer equipment 31,635 27,733 Furniture and other equipment 5,343 5,000 Building and land 4,910 4,910 Total software, equipment, and property 217,460 161,007 Less accumulated depreciation and amortization (81,615 ) (59,569 ) Net software, equipment, and property $ 135,845 $ 101,438 Depreciation and amortization expense related to software, equipment and property was $24.5 million, $17.7 million and $18.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Line Items] | |
Summary of Lease Cost | The components of lease expense for the year ended December 31, 2021 were as follows (in thousands): Year Ended December 31, 2021 Operating lease costs $ 16,386 Variable lease costs 2,110 Total lease costs $ 18,496 |
Summary of Supplemental Cash Flow and other Information Related to Leases | The lease term and discount rate consisted of the following at December 31, 2021: Weighted-average remaining lease term (years) 12.9 Weighted-average discount rate 6.3 % Supplemental cash flow and other information related to leases for the year ended December 31, 2021 were as follows (in thousands): Year Ended December 31, 2021 Cash payments for operating leases $ 11,403 Operating lease assets obtained in exchange for lease liabilities 2,876 |
Summary of Operating Lease Liabilities | Years Ending December 31: 2022 $ 8,559 2023 6,124 2024 7,325 2025 7,317 2026 6,843 Thereafter 61,636 Total Lease Payments 97,804 Less: Interest (33,619 ) Total $ 64,185 |
Schedule of Future Minimum Rental Payments for Operating Leases | Years Ending December 31: 2021 $ 7,143 2022 6,090 2023 5,180 2024 7,059 2025 7,243 Thereafter 68,415 Total $ 101,130 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill [Line Items] | |
Schedule of Changes in the Carrying Amount of Goodwill | Changes in the carrying amount of goodwill were as follows (in thousands): Reconciliation of goodwill carrying amount Cost Accumulated Net Carrying Balance as of December 31, 2021 $ 1,492,681 $ (25,797 ) $ 1,466,884 Balance as of December 31, 2020 1,492,681 (25,797 ) 1,466,884 Balance as of December 31, 2019 1,492,681 (25,797 ) 1,466,884 |
Summary of Intangible Assets Balance | The intangible assets balance as of December 31, 2021, is reflected below (in thousands): Estimated Weighted- Gross Accumulated Net Carrying Intangible assets: Customer relationships 16–18 13.3 $ 1,299,750 $ (337,831 ) $ 961,919 Acquired technologies 3–7 2.3 183,164 (122,318 ) 60,846 Favorable lease terms 6 0.3 280 (266 ) 14 Subtotal 1,483,194 (460,415 ) 1,022,779 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,673,664 $ (460,415 ) $ 1,213,249 The intangible assets balance as of December 31, 2020, is reflected below (in thousands): Estimated Weighted- Gross Accumulated Net Carrying Intangible assets: Customer relationships 16–18 14.3 $ 1,299,750 $ (265,567 ) $ 1,034,183 Acquired technologies 3–7 3.3 183,154 (95,998 ) 87,156 Favorable lease terms 6 2.3 280 (172 ) 108 Subtotal 1,483,184 (361,737 ) 1,121,447 Trademarks—indefinite life 190,470 — 190,470 Total intangible assets $ 1,673,654 $ (361,737 ) $ 1,311,917 |
Schedule of Future Amortization Expense for Intangible Assets | Future amortization expense for each of the next five years and thereafter for intangible assets as of December 31, 2021, is as follows (in thousands): Years Ending December 31: 2022 $ 98,602 2023 98,318 2024 80,731 2025 72,263 2026 72,263 Thereafter 600,602 Total $ 1,022,779 |
Equity Method Investment (Table
Equity Method Investment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Change in the Carrying Value of the Investment | The change in the carrying value of the investment during the year ended December 31, 2021 is summarized below as follows (in thousands): Equity method investment carrying value at December 31, 2020 $ — Cash contributions 10,228 Share of net income (loss) from the Investee — Equity method investment carrying value at December 31, 2021 $ 10,228 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Line Items] | |
Schedule Of Accrued Expenses | December 31, 2021 2020 Compensation $ 49,510 $ 37,696 Software license agreements 3,265 1,430 Royalties and licenses 2,640 2,301 Employee insurance benefits 2,443 1,979 Professional services 2,371 2,753 Sales tax 2,296 2,294 Other 4,166 4,534 Total $ 66,691 $ 52,987 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Line Items] | |
Summary Of Other Liabilities | Other liabilities as of December 31, 2021 and 2020, consist of the following (in thousands): December 31, 2021 2020 Software license agreements $ 4,211 $ 234 Deferred revenue-non-current 1,574 2,001 Fair value of interest rate swaps — 18,359 Deferred rent — 4,461 Phantom stock incentive plan — 3,217 Payroll tax deferment — 3,152 Other — 1,346 Total $ 5,785 $ 32,770 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Summary Of Long Term Debt | Long-term debt as December 31, 2021 and 2020, consists of the following (in thousands): December 31, 2021 2020 Term B Loan $ 800,000 $ — Term B Loan—discount (1,926 ) — Term B Loan—deferred financing fees (9,464 ) — Term B Loan—net of discount & fees 788,610 — First Lien Term Loan — 1,336,154 First Lien Term Loan—discount — (2,788 ) First Lien Term Loan—deferred financing fees — (15,388 ) First Lien Term Loan—net of discount & fees — 1,317,978 Less: Current portion (8,000 ) (25,381 ) Total long-term debt—net of current portion $ 780,610 $ 1,292,597 |
Summary Of Debt Deferred Financing Fees And Discount | The table below is a rollforward of the Company’s deferred financing fees and discount (contra debt) (in thousands): Deferred Discount— Financing Contra Fees Debt Balance—December 31, 2019 $ 23,960 $ 3,694 Fees written off of due to early extinguishment of debt (6,558 ) (2,043 ) Payment of fees and discount 3,362 1,875 Amortization of fees and discount (4,630 ) (738 ) Balance—December 31, 2020 16,134 2,788 Fees written off of due to early extinguishment of debt (12,982 ) (2,258 ) Payment of fees and discount 12,893 2,000 Amortization of fees and discount (3,682 ) (604 ) Balance—December 31, 2021 $ 12,363 $ 1,926 |
Summary Of Aggregate Maturities Of Our Long-Term Debt | Scheduled Payments for Debt Years Ending December 31: 2022 $ 8,000 2023 8,000 2024 8,000 2025 8,000 2026 8,000 Thereafter 760,000 Total $ 800,000 |
Long-Term Licensing Agreement (
Long-Term Licensing Agreement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LongTerm Licensing Agreement [Line Items] | |
Summary Of Principal Amounts Due In Each Of The Next Five Years | Under the terms of these agreements with suppliers, the Company has future minimum obligations as of December 31, 2021 as follows (in thousands): Years Ending December 31: 2022 $ 23,560 2023 17,143 2024 11,384 2025 10,247 2026 10,254 Thereafter 50,987 Total $ 123,575 |
Licensing Agreement [Member] | |
LongTerm Licensing Agreement [Line Items] | |
Summary Of Principal Amounts Due In Each Of The Next Five Years | Principal amounts due in each of the next five years and thereafter for the Licensing Agreement as of December 31, 2021, are as follows (in thousands): Years Ending December 31: 2022 $ 2,703 2023 2,876 2024 3,061 2025 3,257 2026 3,466 Thereafter 20,969 Total $ 36,332 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount | Stock-Based Compensation Year Ended December 31, 2021 2020 2019 Cost of revenues $ 13,644 $ 494 $ 485 Research and development 40,681 1,174 1,216 Sales and marketing 65,045 2,024 1,858 General and administrative 142,625 7,644 3,565 Total stock-based compensation expense $ 261,995 $ 11,336 $ 7,124 |
Summary of Share-based Compensation Arrangements by Share-based Payment Award | The table below summarizes the option activity for the years ended December 31, 2021, 2020 and 2019: Shares Weighted- Weighted-Average Aggregate Options outstanding—December 31, 2018 50,782,237 $ 2.85 8.6 $ 30,652 Granted 4,331,805 3.57 Exercised (315,350 ) 2.84 Forfeited and canceled (2,078,040 ) 2.84 Options outstanding—December 31, 2019 52,720,652 2.91 7.7 88,271 Granted 4,210,228 4.58 Exercised (476,090 ) 2.85 Forfeited and canceled (884,751 ) 3.02 Options outstanding—December 31, 2020 55,570,039 3.03 6.9 337,358 Granted 2,822,484 8.58 Exercised (1,924,063 ) 2.70 Forfeited and canceled (823,965 ) 3.66 Options outstanding—December 31, 2021 55,644,495 $ 2.95 6.0 $ 469,591 Options exercisable—December 31, 2021 46,037,351 $ 2.69 5.8 $ 400,511 Options vested and expected to vest—December 31, 2021 55,182,838 $ 2.93 6.0 $ 466,792 |
Schedule Of Shares Of Common Stock Reserved For Future Issuances [Table Text Block] | The following table summarizes the shares of common stock reserved for future issuance under the 2021 Plan as of December 31, 2021: Stock options outstanding 55,644,495 Restricted stock units outstanding 18,558,211 Restricted stock units available for future grant 72,175,815 Reserved for Employee Stock Purchase Plan 6,031,704 Common stock reserved for future issuance 152,410,225 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The table below summarizes the RSU activity for the year ended December 31, 2021: Shares Weighted- Non-vested — $ — Granted 18,677,411 10.74 Canceled (119,200 ) 11.59 Non-vested 18,558,211 $ 10.74 |
Time Based Vesting Conditions [Member] | Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The valuation of time-based stock options granted during the years ended December 31 was determined using the Black-Scholes option valuation model using the following assumptions: 2021 2020 2019 Expected term (in years) 6.5 6.5 6.5 Expected volatility 40 % 40 % 40 % Expected dividend yield 0 % 0 % 0 % Risk-free interest rate 0.62 - 0.67 % 0.39 - 0.45 % 1.62 - 2.38 % Fair value at valuation date $ 3.67 $ 1.83 $ 1.39 |
Performance And Market Based Vesting Conditions [Member] | Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The valuation of the performance-based awards with a market condition granted during the years ending December 31 was determined through the Monte Carlo simulation model using the following assumptions: 2021 2020 2019 Expected term (in years) 5.5 5.5 6.5 Expected volatility 33 % 33 % 40 % Expected dividend yield 0 % 0 % 0 % Risk-free interest rate 0.44 % 0.44 % 2.38 % Fair value at valuation date $ 0.88 $ 0.88 $ 0.67 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Commitments [Line Items] | |
Contractual Obligation, Fiscal Year Maturity | Under the terms of these agreements with suppliers, the Company has future minimum obligations as of December 31, 2021 as follows (in thousands): Years Ending December 31: 2022 $ 23,560 2023 17,143 2024 11,384 2025 10,247 2026 10,254 Thereafter 50,987 Total $ 123,575 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerator and denominator used to compute basic earnings per share of common stock (in thousands, except for share and per share data). Year Ended December 31, 2021 2020 2019 Numerator Net loss $ (248,919 ) $ (16,876 ) $ (210,340 ) Denominator Weighted average shares of common stock - basic and diluted 543,558,222 504,115,839 503,453,127 Net loss per share - basic and diluted $ (0.46 ) $ (0.03 ) $ (0.42 ) |
Segment Information And Infor_2
Segment Information And Information About Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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): Year Ended December 31, 2021 2020 2019 United States $ 680,609 $ 626,101 $ 610,591 China 7,679 6,962 5,493 Total revenues $ 688,288 $ 633,063 $ 616,084 |
Schedule of software, equipment and property, net by geographic area | Software, equipment and property, net by geographic area are as follows (in thousands): December 31, 2021 2020 United States $ 135,784 $ 101,370 China 61 68 Total software, equipment and property-net $ 135,845 $ 101,438 |
Quarterly Results Of Operatio_2
Quarterly Results Of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30, December 31, Revenue $ 157,789 $ 166,789 $ 176,628 $ 187,083 Cost of revenue 44,593 45,512 57,853 47,697 Gross Profit 113,196 121,277 118,775 139,386 Income (loss) from operations 7,239 22,001 (189,212 ) 15,299 Net (loss) income (5,084 ) 3,816 (189,782 ) (57,869 ) Net (loss) income per share: Basic $ (0.01 ) $ 0.01 $ (0.34 ) $ (0.10 ) Diluted $ (0.01 ) $ 0.01 $ (0.34 ) $ (0.10 ) For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30, December 31, Revenue $ 159,208 $ 150,716 $ 157,754 $ 165,385 Cost of revenue 54,962 49,982 50,455 53,318 Gross Profit 104,246 100,734 107,299 112,067 Income (loss) from operations 14,147 15,616 23,085 24,132 Net (loss) income (25,252 ) (1,961 ) 4,720 5,617 Net (loss) income per share: Basic $ (0.05 ) $ (0.00 ) $ 0.01 $ 0.01 Diluted $ (0.05 ) $ (0.00 ) $ 0.01 $ 0.01 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | |
Accounting Policies [Line Items] | ||||
Revenue remaining performance obligation amount | $ 1,316,000,000 | |||
Revenue remaining performance obligation revenue to be recognized year 2021 | 506,000,000 | |||
Revenue remaining performance obligation revenue to be recognized thereafter | 810,000,000 | |||
Deferred revenue, revenue recognized | 26,500,000 | $ 25,100,000 | $ 22,800,000 | |
Advertising Expense | 1,100,000 | 1,600,000 | 1,300,000 | |
Goodwill impairment charge | 0 | 0 | 25,797,000 | |
Impairment of intangible assets, finite lived | $ 0 | $ 0 | ||
Equity Method Investment, Ownership Percentage | 7.00% | |||
Operating lease liabilities | $ 64,185,000 | $ 53,000,000 | ||
Operating right-of-use assets | $ 8,052,000 | $ 47,100,000 | ||
Impairment, Long-Lived Asset | $ 181,300,000 | |||
Retroactively restated based on shares [Member] | Prior to Reverse Recapitalization [Member] | ||||
Accounting Policies [Line Items] | ||||
Exchange Ratio Established In The Business Combination | 1:340.5507 | |||
Limited Partnership [Member] | ||||
Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 7.00% | |||
Accounting Standards Update 2018-11 [Member] | ||||
Accounting Policies [Line Items] | ||||
Operating lease liabilities | $ 53,000 | |||
Operating right-of-use assets | $ 47,100 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of The Company's Total Revenue or Accounts Receivable (Detail) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Customer A [Member] | ||
Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 12.00% | |
Customer B [Member] | ||
Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 11.00% | 11.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summarizes Revenue By Type of Service (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 187,083 | $ 176,628 | $ 166,789 | $ 157,789 | $ 165,385 | $ 157,754 | $ 150,716 | $ 159,208 | $ 688,288 | $ 633,063 | $ 616,084 |
Software Subscriptions [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 662,300 | 573,608 | 540,219 | ||||||||
Other Services [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 25,988 | $ 59,455 | $ 75,865 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Property Plant Equipment Estimated Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Computer Equipment [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Lesser of the estimated useful life or life of lease |
Furniture and other equipment [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Database | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Building | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 39 years |
Land | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Indefinite |
Maximum [Member] | Software and Licenses | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Software and Licenses | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Business Combination - Addition
Business Combination - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Business acquisition cost of acquired entity transaction costs | $ 1,395 | ||
Common stock shares outstanding | 609,768,296 | 603,170,380 | 504,274,890 |
Dragoneer Growth Opportunities Corp [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition cost of acquired entity transaction costs | $ 11,100 | ||
Company Earnout Shares [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (Shares) | 15 | ||
Fair value of the shares reserved charged to additional paid in capital | $ 98,900 | ||
Company Earnout Shares [Member] | CCCIS Shareholders [Member] | |||
Business Acquisition [Line Items] | |||
Common stock reserved for issuance | 13,500,000 | ||
Company Earnout Shares [Member] | CCCIS Option Holders [Member] | |||
Business Acquisition [Line Items] | |||
Common stock reserved for issuance | 1,500,000 | ||
Share Price Greater Than Or Equal to USD Fifteen Per Share [Member] | Company Earnout Shares [Member] | |||
Business Acquisition [Line Items] | |||
Share price | $ 15 | ||
Number of trading days used to determine the share price | 20 days | ||
Number of consecutive trading days used to determine the share price | 30 days | ||
Sponsor Vesting Shares [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares non transferable and subject to forfeiture | 8,625,000 | ||
Sponsor Vesting Shares [Member] | Share Price Greater Than Or Equal to USD Thirteen Per Share [Member] | |||
Business Acquisition [Line Items] | |||
Share price | $ 13 | ||
Number of trading days used to determine the share price | 20 days | ||
Number of consecutive trading days used to determine the share price | 30 days | ||
Forward Purchase Agreement [Member] | Prior to the Closing [Member] | |||
Business Acquisition [Line Items] | |||
Share price | $ 10 | ||
Number of forward purchase units issued during period shares new issues | 17,500,000 | ||
Shares issued, price per share | $ 11.50 | ||
PIPE Investors [Member] | Subscription Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (Shares) | 15,000,000 | ||
Share price | $ 10 |
Business Combination - Summary
Business Combination - Summary of number of shares of common stock outstanding immediately following the Closing (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Total shares of common stock outstanding immediately following the Business Combination | 609,768,296 | 603,170,380 | 504,274,890 |
Dragoneer Public Shareholder And Sponsor [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (Shares) | 56,615,002 | ||
Sponsor Vesting Shares [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (Shares) | 8,625,000 | ||
Legacy CCC Shareholders [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (Shares) | 505,430,378 | ||
Forward Purchases [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (Shares) | 17,500,000 | ||
PIPE Investors [Member] | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (Shares) | 15,000,000 | ||
After The Business Combination [Member] | |||
Business Acquisition [Line Items] | |||
Total shares of common stock outstanding immediately following the Business Combination | 603,170,380 |
Business Combination - Scheduel
Business Combination - Scheduel of Reconciliation of Elements of Business Combination to Cash Flows And Mezzanine and Stockholders Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Cash | $ 1,007 | $ 719 |
Net equity infusion from the Business Combination | 704,841 | |
Business Combination [Member] | ||
Business Acquisition [Line Items] | ||
Cash - Dragoneer trust and cash | 449,441 | |
Less: transaction costs and advisory fees | (11,141) | |
Net cash contibutions from Business Combination | 763,300 | |
Less: non-cash fair value of Public Warrants and Private Warrants | (58,459) | |
Net equity infusion from the Business Combination | 704,841 | |
Business Combination [Member] | Forward Purchase Agreement [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 175,000 | |
Business Combination [Member] | PIPE Financing [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 150,000 |
Revenue - Summary of receivable
Revenue - Summary of receivables contract assets and contract liabilities from contracts with customers (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Contract With Customer Asset And Liability [Line Items] | |||||
Accounts receivables-Net of allowances | $ 78,793 | $ 74,107 | $ 63,613 | $ 59,252 | |
Deferred contract costs | 15,069 | $ 6,526 | 11,917 | 10,807 | |
Long-term deferred contract costs | 22,117 | 14,389 | 12,463 | 9,432 | |
Deferred revenues | 31,042 | 26,514 | 25,096 | 22,787 | |
Other liabilities (deferred revenues, non-current) | $ 1,574 | $ 2,001 | $ 1,160 | $ 0 |
Revenue - Summary of deferred r
Revenue - Summary of deferred revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Contract With Customer Liability [Line Items] | |||||
Balance at beginning of period | $ 28,515 | $ 26,256 | $ 22,787 | ||
Revenue recognized1 | [1] | (334,524) | (305,812) | (283,383) | |
Additional amounts deferred1 | [1] | 338,625 | 308,071 | 286,852 | |
Balance at end of period | 32,616 | 28,515 | 26,256 | ||
Classified as: | |||||
Current | 31,042 | 26,514 | 25,096 | $ 22,787 | |
Non-current | 1,574 | 2,001 | 1,160 | $ 0 | |
Total deferred revenue | $ 32,616 | $ 28,515 | $ 26,256 | ||
[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 | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | Jan. 01, 2019 | |
Capitalized Contract Cost [Line Items] | |||||
Balance at beginning of period | $ 26,306 | $ 23,270 | $ 0 | ||
Adoption of ASC 606 | 0 | 0 | 15,958 | ||
Costs amortized | (15,384) | (12,446) | (9,375) | ||
Additional amounts deferred | 26,264 | 15,482 | 16,687 | ||
Balance at end of period | 37,186 | 26,306 | 23,270 | ||
Classified as: | |||||
Current | 15,069 | 11,917 | 10,807 | $ 6,526 | |
Non-current | 22,117 | 14,389 | 12,463 | $ 9,432 | |
Total deferred contract costs | $ 37,186 | $ 26,306 | $ 23,270 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 0 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | $ 62,478 | 18,359 | |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | $ 18,400 | ||
Payments For Extinguish The Interest Rate Swaps | $ 10,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques (Details) - Private Warrants [Member] | Dec. 31, 2021yr |
Expected term (in years) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative Liability, Measurement Input | 4.6 |
Expected volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative Liability, Measurement Input | 35 |
Expected dividend yield | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative Liability, Measurement Input | 0 |
Risk-free interest rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative Liability, Measurement Input | 1.20 |
Fair value at valuation date | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative Liability, Measurement Input | 3.51 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Liabilities | |||
Derivative Liability | $ 62,478 | $ 18,359 | |
Interest rate swaps | 62,478 | 18,359 | |
Total | 18,359 | ||
Private Warrants [Member] | |||
Liabilities | |||
Derivative Liability | 62,478 | ||
Interest rate swaps | 62,478 | ||
Level 1 | |||
Liabilities | |||
Derivative Liability | $ 0 | 0 | |
Interest rate swaps | $ 0 | 0 | |
Total | 0 | ||
Level 2 | |||
Liabilities | |||
Derivative Liability | 62,478 | 18,359 | |
Interest rate swaps | 62,478 | 18,359 | |
Total | 18,359 | ||
Level 2 | Private Warrants [Member] | |||
Liabilities | |||
Derivative Liability | 62,478 | ||
Interest rate swaps | 62,478 | ||
Level 3 | |||
Liabilities | |||
Derivative Liability | 0 | 0 | |
Interest rate swaps | 0 | 0 | |
Total | $ 0 | ||
Level 3 | Private Warrants [Member] | |||
Liabilities | |||
Derivative Liability | 0 | ||
Interest rate swaps | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Amounts and Estimated Fair Value of the Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 800,000 | |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 798,073 | |
Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 799,000 | |
First Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,317,978 | |
First Lien Term Loan [Member] | Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 1,333,366 | |
First Lien Term Loan [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,332,433 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Pretax Loss Attributable to Domestic and Foreign Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Before Income Tax Domestic And Foreign Operations [Line Items] | |||
Domestic | $ (261,900) | $ (15,117) | $ (270,428) |
Foreign | (13,019) | (6,438) | (7,205) |
PRETAX LOSS | $ (274,919) | $ (21,555) | $ (277,633) |
Income Taxes - Summary of Major
Income Taxes - Summary of Major Jurisdictions Subject to Examination by the relevant Tax Auhtorities and Open Tax Years (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Maximum [Member] | UNITED STATES | Domestic Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2020 |
Maximum [Member] | UNITED STATES | State and Local Jurisdiction [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2020 |
Maximum [Member] | CHINA | Foreign Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2020 |
Maximum [Member] | CANADA | Foreign Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2020 |
Minimum [Member] | UNITED STATES | Domestic Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2018 |
Minimum [Member] | UNITED STATES | State and Local Jurisdiction [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2018 |
Minimum [Member] | CHINA | Foreign Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2018 |
Minimum [Member] | CANADA | Foreign Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2018 |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current provision (benefit): | |||
Federal | $ 15,263 | $ 1,539 | $ 13,685 |
State | 5,620 | 4,906 | 3,302 |
Total current provision | 20,883 | 6,445 | 16,987 |
Deferred provision (benefit): | |||
Federal | (35,284) | (7,536) | (67,874) |
State | (11,599) | (3,588) | (16,406) |
Foreign | (2,080) | (1,710) | (1,873) |
Change in valuation allowance | 2,080 | 1,710 | 1,873 |
Total deferred benefit | (46,883) | (11,124) | (84,280) |
Total income tax benefit | $ (26,000) | $ (4,679) | $ (67,293) |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Income Tax Rate Differs From The Federal Statutory Rate (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Line Items] | |||
Federal income tax benefit at statutory rate | $ (57,733,000) | $ (4,527,000) | $ (58,303,000) |
State and local taxes-net of federal income tax effect | (4,723,000) | 288,000 | (13,797,000) |
Impairment of goodwill | 5,417,000 | ||
Foreign rate difference | (493,000) | (227,000) | (284,000) |
Research and experimental credit | (2,914,000) | (3,058,000) | (2,401,000) |
Other nondeductible expenses | 756,000 | 854,000 | 451,000 |
Stock-based compensation | (3,647,000) | (42,000) | (10,000) |
Uncertain tax positions | 594,000 | 589,000 | 574,000 |
Valuation allowance | 2,080,000 | 1,572,000 | 1,926,000 |
Fair value of warrants | $ 13,545,000 | ||
Executive compensation | 25362.00% | ||
Other—net | $ 1,173,000 | (128,000) | (866,000) |
Total income tax benefit | $ (26,000,000) | $ (4,679,000) | $ (67,293,000) |
Federal income tax benefit at statutory rate | 21.00% | 21.00% | 21.00% |
State and local taxes-net of federal income tax effect | 1.70% | (1.30%) | 5.00% |
Impairment of goodwill | 0.00% | 0.00% | (2.00%) |
Foreign rate difference | 0.20% | 1.10% | 0.10% |
Research and experimental credit | 1.10% | 14.20% | 0.90% |
Other nondeductible expenses | (0.30%) | (4.00%) | (0.20%) |
Stock-based compensation | 1.30% | 0.20% | 0.00% |
Uncertain tax positions | (0.20%) | (2.70%) | (0.20%) |
Valuation allowance | (0.80%) | (7.30%) | (0.70%) |
Fair value of warrants | (4.90%) | 0.00% | 0.00% |
Executive compensation | $ (9,200) | $ 0 | $ 0 |
Other—net | (0.40%) | 0.50% | 0.30% |
Income tax benefit | 9.50% | 21.70% | 24.20% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax assets: | ||
Stock-based compensation | $ 39,135 | $ 6,558 |
Operating lease liabilities | 16,301 | |
Net operating losses—foreign | 11,427 | 9,347 |
Accrued compensation | 9,743 | 7,020 |
Disallowed interest expense | 1,553 | 2,086 |
Research and experimental credit | 1,250 | 2,005 |
Sales allowances and doubtful accounts | 959 | 1,074 |
Net operating losses—domestic (state) | 733 | 716 |
Interest rate swaps | 4,685 | |
Other | 1,443 | 2,685 |
Total deferred income tax assets | 82,544 | 36,176 |
Valuation allowance for deferred tax asset | (11,427) | (9,347) |
Net deferred income tax assets | 71,117 | 26,829 |
Deferred income tax liabilities: | ||
Intangible asset amortization | 307,654 | 331,941 |
Software, equipment and property depreciation and amortization | 20,313 | 10,526 |
Deferred contract costs | 9,456 | 6,710 |
Operating lease assets | 9,439 | |
Total deferred income tax liabilities | 346,862 | 349,177 |
Net deferred income tax liabilities | $ 275,745 | $ 322,348 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Change in Unrecognised Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||
Balance at beginning of year | $ 3,045 | $ 2,306 |
Additions based on tax positions related to the current year | 663 | 719 |
Additions based on adjustments to tax positions related to prior years | 32 | 91 |
Reductions for tax positions of prior years | (18) | (71) |
Balance at end of year | $ 3,722 | $ 3,045 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Income tax payment | $ 15,200 | $ 9,500 | $ 18,400 |
Operating Loss Carryforwards | 700 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 16,800 | ||
Percentage of valuation allowance equal to income tax benefit | 100.00% | 100.00% | |
Operating Loss Carryforwards, Limitations on Use | 20-year | ||
Tax Year 2022 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Unrecognized tax benefits period increase | $ 917 | ||
Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating Loss Carryforwards Expiration Period | 2026 | ||
Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating Loss Carryforwards Expiration Period | 2022 | ||
Foreign Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Valuation allowance increased | $ 2,000 | $ 1,700 | 1,400 |
Operating Loss Carryforwards, Valuation Allowance | $ 11,400 | 9,300 | |
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating Loss Carryforwards Expiration Period | 2040 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating Loss Carryforwards Expiration Period | 2035 | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income tax refund received | $ 16 | $ 10,400 | $ 500 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable | $ 82,584 | $ 78,331 | ||
Allowance for doubtful accounts and sales reserves | (3,791) | (4,224) | $ (3,970) | $ (3,024) |
Accounts receivable–net | $ 78,793 | $ 74,107 |
Accounts Receivable - Schedul_2
Accounts Receivable - Schedule of Changes to the Allowance for Doubtful Accounts and Sales Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | $ 4,224 | $ 3,970 | $ 3,024 |
Charges to bad debt and sales reserves | 3,634 | 3,814 | 3,113 |
Write-offs, net | (4,067) | (3,560) | (2,167) |
Balance at end of period | $ 3,791 | $ 4,224 | $ 3,970 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense And Other Assets Current [Line Items] | ||
Prepaid service fees | $ 8,623 | $ 3,969 |
Non-trade receivables | 8,321 | 9,095 |
Prepaid software and equipment maintenance | 7,593 | 7,499 |
Prepaid SaaS costs | 5,909 | 4,290 |
Prepaid Insurance | 4,416 | 517 |
Other | 11,319 | 6,216 |
Total | $ 46,181 | $ 31,586 |
Other Current Assets - Addition
Other Current Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Prepaid Expense And Other Assets Current [Line Items] | |||
Gain loss on divestiture of business | $ 600 | $ 3,800 | $ (51) |
Proceeds From thirdy party buyer under asset purchase agreement | $ 2,600 | $ 3,800 |
Software, Equipment, And Prop_3
Software, Equipment, And Property - Schedule of Software,Equipment and Property (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | $ 217,460 | $ 161,007 |
Less accumulated depreciation and amortization | (81,615) | (59,569) |
Net software, equipment, and property | 135,845 | 101,438 |
Software, Licenses and Database [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 140,692 | 109,967 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 31,635 | 27,733 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 34,880 | 13,397 |
Furniture and Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | 5,343 | 5,000 |
Building and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total software, equipment, and property | $ 4,910 | $ 4,910 |
Software, Equipment, And Prop_4
Software, Equipment, And Property - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 24.5 | $ 17.7 | $ 18.4 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Line Items] | |
Operating lease costs | $ 16,386 |
Variable lease costs | 2,110 |
Total lease costs | $ 18,496 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow and Other Information Related to Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Line Items] | |
Weighted-average remaining lease term (years) | 12 years 10 months 24 days |
Weighted-average discount rate | 6.30% |
Cash payments for operating leases | $ 11,403 |
Operating lease assets obtained in exchange for lease liabilities | $ 2,876 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Jan. 01, 2021 |
Leases [Line Items] | ||
2022 | $ 8,559 | |
2023 | 6,124 | |
2024 | 7,325 | |
2025 | 7,317 | |
2026 | 6,843 | |
Thereafter | 61,636 | |
Total Lease Payments | 97,804 | |
Less: Interest | (33,619) | |
Total | $ 64,185 | $ 53,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Line Items] | |
2021 | $ 7,143 |
2022 | 6,090 |
2023 | 5,180 |
2024 | 7,059 |
2025 | 7,243 |
Thereafter | 68,415 |
Total | $ 101,130 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Jan. 01, 2021 | |
Leases [Line Items] | ||||
Operating lease rental expenses net | $ 9,700 | $ 9,500 | ||
Operating Lease, Right-of-Use Asset | $ 8,052 | $ 47,100 | ||
Operating Lease, Liability | $ 64,185 | $ 53,000 | ||
Corporate Headquarters Chicago Lllinois [Member] | ||||
Leases [Line Items] | ||||
Lease commencate month year | 2021-01 | |||
Reimbursements from lessor | $ 16,900 | |||
Maximum [Member] | Office Space and Data Center Facilities [Member] | ||||
Leases [Line Items] | ||||
Operating lease term | 17 years | |||
Operating lease term extension | 10 years | |||
Maximum [Member] | Equipment Leases [Member] | ||||
Leases [Line Items] | ||||
Operating lease term | 3 years | |||
Minimum [Member] | Office Space and Data Center Facilities [Member] | ||||
Leases [Line Items] | ||||
Operating lease term | 1 year | |||
Operating lease term extension | 5 years | |||
Minimum [Member] | Equipment Leases [Member] | ||||
Leases [Line Items] | ||||
Operating lease term | 1 year |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | |||
Cost | $ 1,492,681 | $ 1,492,681 | $ 1,492,681 |
Accumulated Impairment Loss | (25,797) | (25,797) | (25,797) |
Net Carrying Value | $ 1,466,884 | $ 1,466,884 | $ 1,466,884 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets Balance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 1,483,194 | $ 1,483,184 | |
Accumulated Amortization | (460,415) | (361,737) | |
Net Carrying Amount | 1,022,779 | 1,121,447 | |
Intangible assets, Gross Carrying Amount | 1,673,664 | 1,673,654 | |
Intangible assets, Net Carrying Amount | 1,213,249 | 1,311,917 | |
Trademarks—indefinite life, Accumulated Amortization | (460,415) | (361,737) | |
Trademarks [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Indefinite life intangible assets | $ 190,470 | $ 190,470 | |
Customer Relationships [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Weighted- Average Remaining Useful Life (Years) | 13 years 3 months 18 days | 14 years 3 months 18 days | |
Gross Carrying Amount | $ 1,299,750 | $ 1,299,750 | |
Accumulated Amortization | (337,831) | (265,567) | |
Net Carrying Amount | $ 961,919 | $ 1,034,183 | |
Acquired Technologies [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Weighted- Average Remaining Useful Life (Years) | 2 years 3 months 18 days | 3 years 3 months 18 days | |
Gross Carrying Amount | $ 183,164 | $ 183,154 | |
Accumulated Amortization | (122,318) | (95,998) | |
Net Carrying Amount | $ 60,846 | $ 87,156 | |
Favorable Lease Terms [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Estimated Useful Life (Years) | 6 years | ||
Weighted- Average Remaining Useful Life (Years) | 3 months 18 days | 2 years 3 months 18 days | |
Gross Carrying Amount | $ 280 | $ 280 | |
Accumulated Amortization | (266) | (172) | |
Net Carrying Amount | $ 14 | $ 108 | |
Subsidiaries | Customer Relationships [Member] | Maximum [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Estimated Useful Life (Years) | 18 years | 18 years | |
Subsidiaries | Customer Relationships [Member] | Minimum [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Estimated Useful Life (Years) | 16 years | 16 years | |
Subsidiaries | Acquired Technologies [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Estimated Useful Life (Years) | 3 years | ||
Subsidiaries | Acquired Technologies [Member] | Maximum [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Estimated Useful Life (Years) | 7 years | 7 years | |
Subsidiaries | Acquired Technologies [Member] | Minimum [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Estimated Useful Life (Years) | 3 years | 3 years | |
Subsidiaries | Favorable Lease Terms [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Estimated Useful Life (Years) | 6 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ||
2022 | $ 98,602 | |
2023 | 98,318 | |
2024 | 80,731 | |
2025 | 72,263 | |
2026 | 72,263 | |
Thereafter | 600,602 | |
Total | $ 1,022,779 | $ 1,121,447 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | $ 25,797,000 |
Carrying amount of goodwill | 1,466,884,000 | 1,466,884,000 | 1,466,884,000 |
Impairment charge | 0 | 0 | 175,269,000 |
Amortization expense for intangible assets | 72,358,000 | 72,310,000 | 81,329,000 |
Subsidiaries [Member] | |||
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Goodwill impairment | 0 | 0 | $ 25,800,000 |
Percentage of weighted average cost of capital | 11.50% | ||
Carrying amount of goodwill | 0 | 0 | |
Impairment charge | 0 | 0 | |
Amortization expense for intangible assets | $ 98,700,000 | $ 98,600,000 | $ 109,100,000 |
Acquired Technologies [Member] | Subsidiaries [Member] | |||
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Acquired intangible assets | $ 800,000 | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Customer Relationships [Member] | Subsidiaries [Member] | |||
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Impairment charge | $ 181,300,000 |
Equity Method Investment - Summ
Equity Method Investment - Summary of Change in the Carrying Value of the Investment (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Cash contributions | $ 10,228 |
Equity method investment carrying value at September 30, 2021 | 10,228 |
Technology Company [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment carrying value at December 31, 2020 | 0 |
Cash contributions | 10,228 |
Equity method investment carrying value at September 30, 2021 | $ 10,228 |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Purchase of equity method investment | $ 10,228 |
Equity Method Investment, Ownership Percentage | 7.00% |
Technology Company [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Purchase of equity method investment | $ 10,228 |
Equity Method Investment, Ownership Percentage | 7.00% |
Subsidiaries [Member] | Technology Company [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Purchase of equity method investment | $ 10,200 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Line Items] | ||
Compensation | $ 49,510 | $ 37,696 |
Professional services | 2,371 | 2,753 |
Royalties and licenses | 2,640 | 2,301 |
Sales tax | 2,296 | 2,294 |
Employee insurance benefits | 2,443 | 1,979 |
Software license agreement | 3,265 | 1,430 |
Other | 4,166 | 4,534 |
Total | $ 66,691 | $ 52,987 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Noncurrent [Line Items] | ||
Payroll tax deferment | $ 0 | $ 3,152 |
Software license agreement | 4,211 | 234 |
Deferred revenue-non-current | 1,574 | 2,001 |
Deferred rent | 0 | 4,461 |
Phantom stock incentive plan | 0 | 3,217 |
Fair value of interest rate swaps | 0 | 18,359 |
Other | 0 | 1,346 |
Total | $ 5,785 | $ 32,770 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Long-term debt—discount | $ (1,926) | $ (2,788) | $ (3,694) |
Long-term debt—deferred financing fees | (12,363) | (16,134) | $ (23,960) |
Long-term debt—net of discount & fees | 800,000 | ||
Less: Current portion | (8,000) | (25,381) | |
Total long-term debt—net of current portion | 780,610 | 1,292,597 | |
First Lien Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 1,336,154 | ||
Long-term debt—discount | (2,788) | ||
Long-term debt—deferred financing fees | (15,388) | ||
Long-term debt—net of discount & fees | 1,317,978 | ||
Total long-term debt—net of current portion | $ 1,292,597 | ||
Term B Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 800,000 | ||
Long-term debt—discount | (1,926) | ||
Long-term debt—deferred financing fees | (9,464) | ||
Long-term debt—net of discount & fees | 788,610 | ||
Total long-term debt—net of current portion | $ 780,610 |
Long-Term Debt - Summary of Deb
Long-Term Debt - Summary of Debt Deferred Financing Fees And Discount (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Issuance Costs, Net [Abstract] | |||
Deferred Financing Fees, Beginning balance | $ 16,134 | $ 23,960 | |
Fees written off of due to early extinguishment of debt | (12,982) | (6,558) | |
Payment of fees and discount | 12,893 | 3,362 | |
Amortization of fees and discount | (3,682) | (4,630) | |
Deferred Financing Fees, Ending balance | 12,363 | 16,134 | $ 23,960 |
Debt Instrument, Unamortized Discount [Abstract] | |||
Discount (contra debt), Beginning balance | 2,788 | 3,694 | |
Fees written off of due to early extinguishment of debt | (2,258) | (2,043) | |
Payment of fees and discount | 2,000 | 1,875 | |
Amortization of fees and discount | (604) | (738) | (633) |
Discount (contra debt), Ending balance | $ 1,926 | $ 2,788 | $ 3,694 |
Long-Term Debt - Summary of Agg
Long-Term Debt - Summary of Aggregate Maturities Of Our Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 8,000 |
2023 | 8,000 |
2024 | 8,000 |
2025 | 8,000 |
2026 | 8,000 |
Thereafter | 760,000 |
Total | $ 800,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 30, 2021 | Apr. 30, 2021 | May 31, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | $ (15,240) | $ (8,615) | $ 0 | |||||
Proceeds from issuance of long-term debt | 789,927 | 369,792 | ||||||
Debt instrument, unamortized discount | 1,926 | 2,788 | 3,694 | |||||
Debt issuance costs, net | 12,363 | 16,134 | 23,960 | |||||
Long-term debt | 800,000 | |||||||
Long-term debt, current | 8,000 | 25,381 | ||||||
Repayment of long term debt | $ 1,336,153 | 388,846 | $ 10,000 | |||||
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 0.50% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 1.00% | |||||||
Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, expiration period | 6 months | |||||||
Derivative, Notional Amount | 777,700 | |||||||
Payments for extinguish the interest rate swaps | $ 10,000 | |||||||
First Lien Amendment [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs, net | 3,400 | |||||||
Line of credit facility, periodic payment, principal | 3,500 | |||||||
First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | (9,200) | |||||||
Debt issuance costs, net | $ 27,600 | |||||||
Percentage of aggregate commitments on borrowings | 35.00% | |||||||
Second Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | $ 8,600 | |||||||
Proceeds from issuance of long-term debt | 372,200 | |||||||
Debt instrument, unamortized discount | 2,800 | |||||||
Line of credit facility, maximum borrowing capacity | 375,000 | |||||||
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 | 2,000 | |||||||
Line of credit facility, maximum borrowing capacity | $ 75,000 | |||||||
Percentage of aggregate commitments on borrowings | 35.00% | |||||||
Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long term debt floor rate percentage | 0.50% | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 8.30 | |||||||
Maximum [Member] | First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, expiration period | 4 years 1 month 27 days | |||||||
Maximum [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 6.25 | |||||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 1 | |||||||
Minimum [Member] | First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, expiration period | 4 years 1 month | |||||||
Minimum [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 1 | |||||||
First Lien Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | $ 6,000 | |||||||
Debt instrument, unamortized discount | 2,800 | |||||||
Debt instrument, annual principal payment | 21,900 | $ 525,000 | $ 1,500 | |||||
Percentage of annual excess cash flow on line of credit | 50.00% | |||||||
Long-term debt | 336,200 | |||||||
Long-term debt, current | $ 25,400 | |||||||
Weighted average interest rate of debt outstanding | 4.10% | 4.20% | 5.20% | |||||
Interest Expense, Debt | $ 36,100 | $ 53,600 | $ 50,700 | |||||
Repayment of long term debt | $ 804,200 | |||||||
First Lien Term Loan [Member] | First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | 1,000 | |||||||
Proceeds from issuance of long-term debt | 997,500 | |||||||
Debt instrument, unamortized discount | $ 2,500 | |||||||
First Lien Term Loan [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Interest Rate at Period End | 3.00% | |||||||
Dollar Revolving Credit Facility [Member] | First Lien Amendment [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 59,300 | |||||||
Dollar Revolving Credit Facility [Member] | First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | 65,000 | |||||||
Multicurrency Revolving Credit Facility [Member] | First Lien Amendment [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | 32,000 | |||||||
Multicurrency Revolving Credit Facility [Member] | First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | 35,000 | |||||||
First Lien Revolvers [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 30,000 | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||||
First Lien Revolvers [Member] | First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 30,000 | |||||||
First Lien Revolvers [Member] | Second Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs, net | 700 | |||||||
Incremental Term Loan [Member] | First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | 375,000 | |||||||
Proceeds from issuance of long-term debt | 373,100 | |||||||
Debt instrument, unamortized discount | 1,900 | |||||||
Non Extended Dollar Revolving [Member] | First Lien Amendment [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | 8,100 | |||||||
Non Extended Multicurrency Revolver [Member] | First Lien Amendment [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 4,400 | |||||||
Non Extended Credit Facility [Member] | First Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, expiration period | 2 years | |||||||
Extended Dollar Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 51,200 | |||||||
Extended Multicurrency Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 27,600 | |||||||
Extended Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, expiration period | 3 years | |||||||
Standby Letters of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 700 | |||||||
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 | |||||||
First Lien Revolvers Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 0 | $ 65,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 90,600 | |||||||
Twenty Twenty Refinancing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs, net | 8,900 | |||||||
Unamortized financing costs | $ 6,600 | |||||||
Second Lien Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Interest Rate at Period End | 6.75% | |||||||
Weighted average interest rate of debt outstanding | 8.60% | 9.10% | ||||||
Interest Expense, Debt | $ 4,000 | $ 34,300 | ||||||
Term B Loan [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | 800,000 | |||||||
Debt instrument, unamortized discount | 9,500 | |||||||
Debt issuance costs, net | 9,800 | |||||||
Line of credit facility, periodic payment, principal | 2,000 | |||||||
Debt instrument, annual principal payment | $ 0 | |||||||
Percentage of annual excess cash flow on line of credit | 50.00% | |||||||
Long-term debt | $ 800,000 | |||||||
Long-term debt, current | $ 8,000 | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||||
Weighted average interest rate of debt outstanding | 3.00% | |||||||
Interest Expense, Debt | $ 6,700 | |||||||
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] | Second Lien Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs, net | $ 2,900 | |||||||
Two Thousand and Twenty one Revolving Credit Facility [Member] | Two Thousand and Twenty one Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | 250,000 | |||||||
Debt issuance costs, net | 3,100 | |||||||
Unamortized financing costs | 2,900 | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 249,300 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long term debt floor rate percentage | 0.00% | |||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 1.50% | |||||||
Revolving Credit Facility [Member] | Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 1.00% |
Long-Term Licensing Agreement -
Long-Term Licensing Agreement - Summary Of Principal Amounts Due In Each Of The Next Five Years (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
LongTerm Licensing Agreement [Line Items] | |
2022 | $ 23,560 |
2023 | 17,143 |
2024 | 11,384 |
2025 | 10,247 |
2026 | 10,254 |
Thereafter | 50,987 |
Total | 123,575 |
Subsidiaries [Member] | |
LongTerm Licensing Agreement [Line Items] | |
2022 | 2,703 |
2023 | 2,876 |
2024 | 3,061 |
2025 | 3,257 |
2026 | 3,466 |
Thereafter | 20,969 |
Total | $ 36,332 |
Long-Term Licensing Agreement_2
Long-Term Licensing Agreement - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
LongTerm Licensing Agreement [Line Items] | ||||
Contract with customer, liability | $ 32,616 | $ 26,256 | $ 22,787 | $ 28,515 |
Debt instrument, unamortized discount | 1,926 | 3,694 | 2,788 | |
Licensing Agreement [Member] | ||||
LongTerm Licensing Agreement [Line Items] | ||||
Effective interest rate during the period | 6.25% | |||
Line of credit facility, annual principal payment | $ 1,200 | |||
Contract with customer, liability | 36,300 | 45,600 | 38,900 | |
Debt issuance costs, current | 2,700 | $ 23,200 | 2,500 | |
Interest expense, debt | 2,400 | $ 2,700 | ||
Debt instrument, unamortized discount | $ 12,800 | $ 15,200 |
Redeemable Non-Controlling In_2
Redeemable Non-Controlling Interest - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 12, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Noncontrolling Interest [Line Items] | |||
Stock issued during period, value, new issues | $ 1,007 | $ 1,560 | |
Percentage of compound interest per annum on the preferred share issue price | 10.00% | ||
Redeemable noncontrolling interest, equity, carrying amount | $ 14,179 | $ 14,179 | |
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 | $ 14,200 | ||
Percentage of shares reserved for issuance under employee incentive plan | 9.10% | ||
Preferred stock, dividend rate, percentage | 8.00% | ||
Series A Preferred Stock [Member] | CCC Cayman [Member] | Ownership Interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage by noncontrolling owners | 10.70% |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 03, 2021 | Mar. 17, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Feb. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 |
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 | 609,768,296 | 504,274,890 | |||||||
Common stock shares outstanding | 609,768,296 | 504,274,890 | 603,170,380 | ||||||
Stock issued during the period shares stock options exercised | 1,924,063 | 476,090 | 315,350 | ||||||
Payment of dividend classified as financing activities | $ 134,600 | $ 134,500 | |||||||
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 | ||||||||
Strike price reduction per option | $ 66.40 | ||||||||
Deemed distribution to CCCIS option holders | $ 9,006 | ||||||||
Executive Officer [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued during the period shares stock options exercised | 883,729 | 340,551 | |||||||
Allocated share based compensation | $ 8,000 | $ 1,600 | |||||||
Director [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued during the period shares stock options exercised | 110,679 | ||||||||
Allocated share based compensation | $ 1,000 | ||||||||
Common Class A [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock par or stated value per share | $ 0.0001 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 5.3 | ||
CCC 401(k) Retirement Savings and Investment Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 4.6 | $ 4.9 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary Of Shares Of Common Stock Reserved For Future Issuance under the Plan (Detail) - CCCSTwo Thousand And Twenty One Equity Incentive Plan Member [Member] | Dec. 31, 2021shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common Stock, Capital Shares Reserved for Future Issuance | 152,410,225 |
EmployeeStockOptionMember | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common Stock, Capital Shares Reserved for Future Issuance | 55,644,495 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common Stock, Capital Shares Reserved for Future Issuance | 18,558,211 |
Restricted stock units available for future grant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common Stock, Capital Shares Reserved for Future Issuance | 72,175,815 |
Reserved for Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common Stock, Capital Shares Reserved for Future Issuance | 6,031,704 |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail) - Share-based Payment Arrangement, Option [Member] - Common Class B [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Time Based Vesting Conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Expected volatility | 40.00% | 40.00% | 40.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate minimum | 0.62% | 0.39% | 1.62% |
Risk-free interest rate maximum | 0.67% | 0.45% | 2.38% |
Fair value at Valuation Date | $ 3.67 | $ 1.83 | $ 1.39 |
Performance And Market Based Vesting Conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 6 months | 5 years 6 months | 6 years 6 months |
Expected volatility | 33.00% | 33.00% | 40.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.44% | 0.44% | 2.38% |
Fair value at Valuation Date | $ 0.88 | $ 0.88 | $ 0.67 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense | $ 261,995 | $ 11,336 | $ 7,124 |
Cost of Revenues [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense | 13,644 | 494 | 485 |
Research and development [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense | 40,681 | 1,174 | 1,216 |
Sales and marketing [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense | 65,045 | 2,024 | 1,858 |
General and administrative [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total share-based compensation expense | $ 142,625 | $ 7,644 | $ 3,565 |
Stock Incentive Plans - Summa_3
Stock Incentive Plans - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Shares - Beginning Balance | 55,570,039 | 52,720,652 | 50,782,237 | ||
Shares - Granted | 2,822,484 | 4,210,228 | 4,331,805 | ||
Shares - Exercised | (1,924,063) | (476,090) | (315,350) | ||
Shares - Forfeited and canceled | (823,965) | (884,751) | (2,078,040) | ||
Shares - Ending Balance | 55,644,495 | 55,570,039 | 52,720,652 | 50,782,237 | |
Shares - Exercisable | 46,037,351 | ||||
Shares - Vested and expected to vest | 55,182,838 | ||||
Weighted- Average Exercise Price - Beginning Balance | $ 3.03 | $ 2.91 | $ 2.85 | ||
Weighted- Average Exercise Price - Granted | 8.58 | 4.58 | 3.57 | ||
Weighted- Average Exercise Price - Exercised | 2.70 | 2.85 | 2.84 | ||
Weighted- Average Exercise Price - Forfeited and canceled | 3.66 | 3.02 | 2.84 | ||
Weighted- Average Exercise Price - Ending Balance | 2.95 | $ 3.03 | $ 2.91 | $ 2.85 | |
Weighted- Average Exercise Price - Exercisable | $ 2.69 | ||||
Weighted- Average Exercise Price - Vested and expected to vest | $ 2.93 | ||||
Weighted-Average Remaining Contractual Life (in years) | 6 years | 6 years 10 months 24 days | 7 years 8 months 12 days | 8 years 7 months 6 days | |
Weighted-Average Remaining Contractual Life (in years) - Exercisable | 5 years 9 months 18 days | ||||
Weighted-Average Remaining Contractual Life (in years) - Vested and expected to vest | 6 years | ||||
Aggregate Intrinsic Value - Beginning Balance | $ 337,358 | $ 88,271 | $ 30,652 | ||
Aggregate Intrinsic Value - Ending Balance | 469,591 | $ 337,358 | $ 88,271 | $ 30,652 | |
Aggregate Intrinsic Value - Exercisable | $ 400,511 | ||||
Aggregate Intrinsic Value - Vested and expected to vest | $ 466,792 |
Stock Incentive Plans - Summa_4
Stock Incentive Plans - Summary Of Restricted stock units Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested RSUs—December 31, 2020 | shares | 0 |
Granted | shares | 18,677,411 |
Canceled | shares | (119,200) |
Non-vested RSUs—December 31, 2021 | shares | 18,558,211 |
Non-vested RSUs—December 31, 2020 | $ / shares | $ 0 |
Granted | $ / shares | 10.74 |
Canceled | $ / shares | 11.59 |
Non-vested RSUs—December 31, 2021 | $ / shares | $ 10.74 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award stock options granted during the period | 2,822,484 | 4,210,228 | 4,331,805 | |
Share based compensation by share based award options excercised shares issued net of tax witholding obligation | 1,922,019 | |||
Share based compensation by share based arrangement options vested during the period aggregate fair value | $ 213.4 | |||
Share based compensation by share based arrangement unrecognised compensation for options unvested | $ 103.5 | |||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award stock options granted during the period | 1,924,063 | 476,090 | 315,350 | |
Share based compensation by share based award options excercised shares issued net of tax witholding obligation | 330,675 | 234,299 | ||
Shares Paid For Tax Witholding For Share Based Compensation | 2,044 | 145,415 | 81,051 | |
Two Thousand and Twenty One Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock shares reserved for future issuance increase on the first day of fiscal year by number of shares percentage of total number of shares of common stock outstanding | 5.00% | |||
CCC 2021 Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance | 6,031,704 | |||
Number of shares sold under plan | 0 | |||
CCC 2021 Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage Of Rate Of Payroll Deduction Of Compensation Of Eligible Employees | 15.00% | |||
CCC 2021 Employee Stock Purchase Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage Of Rate Of Payroll Deduction Of Compensation Of Eligible Employees | 1.00% | |||
Threshold Percentage Of Lessor Of The Fair Market Value Of Common Stock To Purchase Price Of Shares Of Common Stock Purchased Under Plan | 85.00% | |||
Aggregate Number Of Shares Reserved For Sale Under Plan Increases On Beginning Of Period Percentage Of Total Number Of Shares Outstanding Or Lessor Amount | 1.00% | |||
Share-based Payment Arrangement, Option [Member] | Time Based Vesting Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value | $ 3.67 | $ 1.83 | $ 1.54 | |
Share-based Payment Arrangement, Option [Member] | Performance And Market Based Vesting Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value | $ 0.88 | $ 0.88 | 0.67 | |
Phantom Share Units (PSUs) [Member] | Two Thousand Seventeen Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested shares settled in cash amount | $ 10.2 | |||
Phantom Share Units (PSUs) [Member] | Phantom Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional stock based compensation | 6 | |||
Performance Based Awards [Member] | Two Thousand Seventeen Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional stock based compensation | 203.9 | |||
Company Earnout Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share based compensation expense | $ 19.5 | |||
Number of additional shares | 13,500,000 | 1,500,000 | ||
Share price | $ 15 | |||
Number of trading days used to determine the share price | 20 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based arrangement equity instruments other than options granted during the period | 18,677,411 | |||
Share based compensation by share based award weighted average grant date fair value of options granted during the period | $ 10.74 | |||
Restricted Stock Units (RSUs) [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 equity instruments other than options granted during the period | 5,473,691 | |||
Restricted Stock Units (RSUs) [Member] | Time Based Vesting Requirements [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based arrangement equity instruments other than options granted during the period | 7,730,019 | |||
Restricted Stock Units (RSUs) [Member] | Performance Based Vesting Requirements [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based arrangement equity instruments other than options granted during the period | 5,473,701 | |||
Common Class B [Member] | ||||
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 | $ 203.9 | |||
Common Class B [Member] | Two Thousand Seventeen Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award stock options granted during the period | 2,822,484 | |||
Common Class B [Member] | Time Based Vesting Conditions [Member] | Two Thousand Seventeen Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award stock options granted during the period | 2,754,374 | |||
Common Class B [Member] | Performance And Market Based Vesting Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based arrangement unrecognised compensation for options unvested remaining period for recognition | 3 years 6 months | |||
Common Class B [Member] | Performance And Market Based Vesting Conditions [Member] | Two Thousand Seventeen Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award stock options granted during the period | 68,110 | |||
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 | $ 95.7 | |||
Common Class B [Member] | Share-based Payment Arrangement, Option [Member] | Time Based Vesting Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price | $ 3.67 | $ 1.83 | 1.39 | |
Common Class B [Member] | Share-based Payment Arrangement, Option [Member] | Performance And Market Based Vesting Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price | 0.88 | 0.88 | 0.67 | |
Common Class B [Member] | Phantom Share Units (PSUs) [Member] | Two Thousand Seventeen Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation by share based award weighted average grant date fair value of options granted during the period | $ 0 | $ 0 | $ 0 | |
Common Class B [Member] | Phantom Share Units (PSUs) [Member] | Two Thousand Seventeen Stock Plan [Member] | Other Noncurrent Liabilities [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Liabilities for share based compensation | $ 3.2 | |||
Common Class B [Member] | Phantom Share Units (PSUs) [Member] | General and Administrative Expense [Member] | Two Thousand Seventeen Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share based compensation expense | $ 7 | $ 2.2 | $ 0.6 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Long Term Purchasing Agreement Relating To Licensing Data Used [Member] | |
Other Commitments [Line Items] | |
Long term purchase commitement month of expiry | 2031 |
Commitments - Schedule of the C
Commitments - Schedule of the Company has future minimum obligations (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Long-term Purchase Commitment [Line Items] | |
2022 | $ 23,560 |
2023 | 17,143 |
2024 | 11,384 |
2025 | 10,247 |
2026 | 10,254 |
Thereafter | 50,987 |
Total | $ 123,575 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) | Nov. 29, 2021 | Dec. 31, 2021 |
Class of Warrant or Right [Line Items] | ||
Exercise price | $ 11.50 | |
Warrants expire date | Jul. 30, 2026 | |
Change in fair value of warrant liabilities | $ 64,501,000 | |
Warrant liabilities | $ 62,478,000 | |
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Aug. 29, 2021 | |
Class of Warrant or Right, Date from which Warrants or Rights Exercisable Expired | Jul. 30, 2026 | |
Triggering Share Price One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants redemption price | $ 0.01 | |
Share price | 18 | |
Triggering Share Price Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants redemption price | 0.10 | |
Share price | $ 10 | |
Public Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 17,299,983 | 17,800,000 |
Class or warrant issued price per share | $ 0.10 | |
Number of Securities Called by Warrants or Rights | 10,638 | |
Proceeds from Warrant Exercises | $ 100,000 | |
Class Of Warrants and Rights Issued During the Period | 15,876,341 | |
Payment for Redemption of warrants | $ 100,000 | |
Class of Warrant or Right, Unissued | 1,413,004 | |
Warrants and Rights Outstanding | $ 0 | |
Public Warrants [Member] | Common Class A [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares issued in exchange of warrants | 4,826,339 | |
Private Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of warrant or right number of securities called by each warrant or right | 1 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from related parties | $ 400 | $ 100 | |
Purchase of equity method investment | $ 10,228 | ||
Equity Method Investment, Ownership Percentage | 7.00% | ||
Human Resource Support Services [Member] | |||
Expenses from Transactions with Related Party | $ 200 | 200 | $ 200 |
Employee Health Insurance Benefits Expenses [Member] | |||
Revenue from related parties | 3,200 | ||
Fees and Expenses [Member] | |||
Revenue from related parties | 200 | ||
Sales Tax Processing Services [Member] | |||
Expenses from Transactions with Related Party | 300 | ||
Private Equity Sponsor [Member] | Related Travel And Out Of Pocket Expenses [Member] | |||
Expenses from Transactions with Related Party | 200 | $ 200 | $ 100 |
Executive Officer [Member] | Notes Receivable Agreement [Member] | |||
Related party transaction rate of interest | 1.58% | ||
Notes receivable from related party face value | $ 700 | ||
Proceeds from repayment of loans receivable from related parties | $ 700 | ||
Investee [Member] | |||
Purchase of equity method investment | $ 10,000 | ||
Common Class B [Member] | Director [Member] | |||
Stock issued during period, shares, issued for services | 110,679 | ||
Stock issued during period, value, issued for services | $ 1,000 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule Of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator | |||||||||||
Net income (loss) | $ (57,869) | $ (189,782) | $ 3,816 | $ (5,084) | $ 5,617 | $ 4,720 | $ (1,961) | $ (25,252) | $ (248,919) | $ (16,876) | $ (210,340) |
Denominator | |||||||||||
Weighted average shares of common stock - basic and diluted | 543,558,222 | 504,115,839 | 503,453,127 | ||||||||
Net loss per share - basic and diluted | $ (0.46) | $ (0.03) | $ (0.42) |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from the computation of earnings per share | 32,061,021 | 15,632,980 | 5,328,256 |
Sponsor Vesting Shares [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 8,625,000 |
Segment Information And Infor_3
Segment Information And Information About Geographic Areas - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021Segment | |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 688,288 | $ 633,063 | $ 616,084 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from Contract with Customer By Geographic Area | 680,609 | 626,101 | 610,591 |
China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from Contract with Customer By Geographic Area | $ 7,679 | $ 6,962 | $ 5,493 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total software, equipment and property-net | $ 135,845 | $ 101,438 |
Property Plant And Equipment Net [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total software, equipment and property-net | 135,845 | 101,438 |
Americas [Member] | Property Plant And Equipment Net [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 135,784 | 101,370 |
China [Member] | Property Plant And Equipment Net [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 61 | $ 68 |
Divestiture - Additional Inform
Divestiture - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain from the divestiture. | $ 600 | ||
Gain loss on divestiture of business | 600 | $ 3,800 | $ (51) |
General and Administrative Expense [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain loss on divestiture of business | 3,800 | ||
Asset Purchase Agreement [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration Received On Divestiture | 3,800 | ||
Gain from the divestiture. | $ 3,500 | ||
Contingent consideration included in consideration received | $ 1,800 |
Quarterly Results Of Operatio_3
Quarterly Results Of Operations (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $ 187,083 | $ 176,628 | $ 166,789 | $ 157,789 | $ 165,385 | $ 157,754 | $ 150,716 | $ 159,208 | $ 688,288 | $ 633,063 | $ 616,084 |
Cost of revenue | 47,697 | 57,853 | 45,512 | 44,593 | 53,318 | 50,455 | 49,982 | 54,962 | 195,655 | 208,717 | 225,649 |
Gross Profit | 139,386 | 118,775 | 121,277 | 113,196 | 112,067 | 107,299 | 100,734 | 104,246 | 492,633 | 424,346 | 390,435 |
Income (loss) from operations | 15,299 | (189,212) | 22,001 | 7,239 | 24,132 | 23,085 | 15,616 | 14,147 | (144,675) | 76,980 | (166,202) |
Net (loss) income | $ (57,869) | $ (189,782) | $ 3,816 | $ (5,084) | $ 5,617 | $ 4,720 | $ (1,961) | $ (25,252) | $ (248,919) | $ (16,876) | $ (210,340) |
Basic | $ (0.10) | $ (0.34) | $ 0.01 | $ (0.01) | $ 0.01 | $ 0.01 | $ 0 | $ (0.05) | |||
Diluted | $ (0.10) | $ (0.34) | $ 0.01 | $ (0.01) | $ 0.01 | $ 0.01 | $ 0 | $ (0.05) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 08, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||
Equity Method Investments | $ 10,228 | |||
Other Assets [Member] | ||||
Subsequent Event [Line Items] | ||||
Equity Method Investments | $ 300 | $ 300 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Sale of Equity Method Investments | $ 3,900 | |||
Gain (Loss) on Investments | $ 3,600 | |||
Subsequent Event [Member] | Safekeep, Inc Member [Member] | ||||
Subsequent Event [Line Items] | ||||
Business Combination, Consideration Transferred | $ 31,900 |