MeridianLink (MLNK) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40680
Entity Registrant Name	MeridianLink, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4844620
Entity Address, Address Line One	3560 Hyland Avenue
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Costa Mesa
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92626
City Area Code	714
Local Phone Number	708-6950
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	MLNK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,531,780
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001834494
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 146,746	$ 113,645
Accounts receivable, net of allowance for doubtful accounts	32,160	24,913
Prepaid expenses and other current assets	10,010	9,398
Total current assets	188,916	147,956
Property and equipment, net	5,613	5,989
Right of use assets	2,311	0
Intangible assets, net	287,854	298,597
Deferred tax assets, net	1,608	4,286
Goodwill	564,799	564,799
Other assets	4,089	4,266
Total assets	1,055,190	1,025,893
Current liabilities:
Accounts payable	2,555	2,335
Accrued liabilities	25,872	24,667
Deferred revenue	29,293	14,707
Current portion of long-term debt, net of debt issuance costs	3,256	2,139
Total current liabilities	60,976	43,848
Long-term debt, net of debt issuance costs	424,712	425,371
Deferred rent	0	396
Other long-term liabilities	1,647	0
Total liabilities	487,335	469,615
Commitments and contingencies (Note 5)
Stockholders’ Equity
Preferred stock, $0.001 par value; 50,000,000 shares authorized; zero shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value; 600,000,000 shares authorized, 80,325,231 and 79,734,984 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	120	88
Additional paid-in capital	600,608	596,542
Accumulated deficit	(32,873)	(40,352)
Total stockholders' equity	567,855	556,278
Total liabilities and stockholders’ equity	$ 1,055,190	$ 1,025,893

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred sock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	80,325,231	79,734,984
Common stock, shares outstanding (in shares)	80,325,231	79,734,984

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues, net	$ 72,754	$ 67,811
Cost of revenues:
Subscription and services	21,104	16,614
Amortization of developed technology	3,434	2,862
Total cost of revenues	24,538	19,476
Gross profit	48,216	48,335
Operating expenses:
General and administrative	18,187	17,595
Research and development	8,409	6,986
Sales and marketing	4,743	3,599
Acquisition related costs	2,283	750
Total operating expenses	33,622	28,930
Operating income	14,594	19,405
Other (income) expense, net:
Other income	(163)	(20)
Interest expense, net	4,358	10,062
Total other expense, net	4,195	10,042
Income before provision for income taxes	10,399	9,363
Provision for income taxes	2,920	2,132
Net income	7,479	7,231
Class A preferred return	0	(8,932)
Net income (loss) attributable to common stockholders, basic	7,479	(1,701)
Net income (loss) attributable to common stockholders, diluted	$ 7,479	$ (1,701)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.09	$ (0.03)
Diluted (in dollars per share)	$ 0.09	$ (0.03)
Weighted average common stock outstanding:
Basic (in shares)	79,974,071	51,551,231
Diluted (in shares)	82,228,936	51,551,231

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Preferred Units and Stockholders' Equity / Members' Deficit - USD ($) $ in Thousands	Total	Restricted stock awards	Common Stock	Common StockRestricted stock awards	Common StockRestricted stock units	Additional paid-in capital	Accumulated deficit	Class A Preferred Units	Class B Common UnitsCommon Stock
Beginning balance (in shares) at Dec. 31, 2020								319,913
Beginning balance at Dec. 31, 2020								$ 319,913
Increase (Decrease) in Temporary Equity [Roll Forward]
Repurchase of vested units (in shares)								(54)	(103,421)
Repurchase of vested units	$ (1,887)					$ (1,849)		$ (54)	$ (38)
Ending balance (in shares) at Mar. 31, 2021								319,859
Ending balance at Mar. 31, 2021								$ 319,859
Beginning balance (in shares) at Dec. 31, 2020									51,492,805
Beginning balance at Dec. 31, 2020	(26,429)					3,909	$ (30,338)		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	643					643
Payment of Class A units cumulative preferred return	(12)						(12)
Vesting of Class B carried equity units (in shares)									575,004
Vesting of Class B carried equity units	38								$ 38
Net income (loss)	7,231						7,231
Ending balance (in shares) at Mar. 31, 2021									51,964,388
Ending balance at Mar. 31, 2021	(20,416)					2,703	(23,119)		$ 0
Beginning balance (in shares) at Dec. 31, 2021			79,734,984
Beginning balance at Dec. 31, 2021	$ 556,278		$ 88			596,542	(40,352)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)				484,401	76,937
Vesting of restricted stock		$ 32		$ 32
Issuance of common stock due to exercise of stock options (in shares)	28,909		28,909
Issuance of common stock due to exercise of stock options	$ 179					179
Share-based compensation expense	3,887					3,887
Net income (loss)	7,479						7,479
Ending balance (in shares) at Mar. 31, 2022			80,325,231
Ending balance at Mar. 31, 2022	$ 567,855		$ 120			$ 600,608	$ (32,873)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 7,479	$ 7,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,905	12,351
Amortization of debt issuance costs	484	1,072
Share-based compensation expense	3,808	643
Loss on disposal of fixed assets	135	76
Loss on sublease liability	0	384
Deferred income taxes	2,679	2,064
Changes in operating assets and liabilities:
Accounts receivable	(7,248)	(8,958)
Prepaid expenses and other assets	(460)	(1,637)
Accounts payable	301	195
Accrued liabilities	194	107
Deferred revenue	14,586	15,195
Deferred rent	0	(26)
Net cash provided by operating activities	34,863	28,697
Cash flows from investing activities:
Acquisition, net of cash acquired – TazWorks, LLC	0	(85,646)
Capitalized software additions	(1,522)	(804)
Purchases of property and equipment	(419)	(245)
Net cash used in investing activities	(1,941)	(86,695)
Cash flows from financing activities:
Proceeds from exercise of stock options	179	0
Proceeds from long-term debt	0	100,000
Principal payments of long-term debt	0	(1,295)
Payments of debt issuance costs	0	(1,970)
Payments of Class A cumulative preferred return	0	(12)
Payments of deferred offering costs	0	(1,013)
Net cash provided by financing activities	179	93,769
Net increase in cash, cash equivalents and restricted cash	33,101	35,771
Cash, cash equivalents and restricted cash, beginning of period	113,645	39,881
Cash, cash equivalents and restricted cash, end of period	146,746	75,652
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	146,746	73,510
Restricted cash	0	2,142
Cash, cash equivalents, and restricted cash	146,746	75,652
Supplemental disclosures of cash flow information:
Cash paid for interest	3,869	8,973
Cash paid for income taxes	44	11
Non-cash investing and financing activities:
Initial recognition of operating lease liability	3,372	0
Initial recognition of operating lease right-of-use asset	2,627	0
Share-based compensation expense capitalized to software additions	79	0
Vesting of restricted stock awards and RSUs	32	0
Purchases of property and equipment included in accounts payable and accrued expenses	0	13
Deferred offering costs included in accounts payable and accrued expenses	0	222
Vesting of Class B Units		38
Class A Units
Cash flows from financing activities:
Repurchases of Units	0	(54)
Class B Units
Cash flows from financing activities:
Repurchases of Units	0	(1,887)
Non-cash investing and financing activities:
Vesting of Class B Units	$ 0	$ 38

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business MeridianLink, Inc., and its wholly-owned subsidiaries, (collectively the “Company”) provides secure, cloud-based digital solutions that transform the ways in which traditional and emerging financial services providers engage with account holders and end users. The Company sells its solutions to financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies. The Company delivers its solutions to the substantial majority of its customers using a software-as-a-service (“SaaS”) model under which its customers pay subscription fees for the use of the Company’s solutions. The Company is controlled by its majority stockholder, which is represented by various investment funds of Thoma Bravo UBP, LLC and its affiliates (“Thoma Bravo”). The Company is headquartered in Costa Mesa, California. Corporate Conversion Prior to July 27, 2021, the Company operated as a Delaware limited liability company under the name Project Angel Parent, LLC (“Parent”), which directly and indirectly held all the equity interests in its operating subsidiaries. On May 31, 2018, a subsidiary of Parent acquired all the outstanding common stock of MeridianLink, Inc. (“MeridianLink”). Under the terms of the Amended and Restated Limited Liability Company Operating Agreement (“Agreement”), dated as of May 31, 2018, of Parent, the members were not obligated for debt, liabilities, contracts or other obligations of Parent. Profits and losses were allocated to members as defined in the Agreement. On July 27, 2021, prior to the effectiveness of the registration statement for the Company’s initial public offering, MeridianLink, the then operating company and the indirect wholly owned subsidiary of Project Angel Parent, LLC, changed its name to ML California Sub, Inc, and Project Angel Parent, LLC converted into a Delaware corporation pursuant to a statutory conversion and changed its name to MeridianLink, Inc. As a result of the corporate conversion, MeridianLink, Inc. succeeded to all property and assets and debts and obligations of Project Angel Parent, LLC. Effective July 27, 2021, MeridianLink, Inc. is governed by its certificate of incorporation filed with the Delaware Secretary of State and its bylaws. Upon its conversion into a corporation, the Company converted each of its outstanding Class A preferred units (“Class A Units”) into a number of shares of common stock equal to the result of the accrued preferred return price per Class A Unit divided by the per share of common stock conversion price determined by the board of directors to be $25.50. The preferred return price for each Class A Unit was equal to the future value of $1,000 at a 9% interest rate compounded quarterly over the time passed since the issuance of such unit. Upon the Company’s conversion into a corporation, the outstanding Class A Units converted into an aggregate of 16,607,235 shares of common stock and were reclassified in to permanent equity. Additionally, all the outstanding Class B common units (“Class B Units”) converted into an aggregate of 53,646,668 shares of common stock on a one-for-one basis. At the time of the corporate conversion there were 1,533,763 of such shares that remained subject to future vesting and were not included in the outstanding shares. Following the Corporate Conversion, there were no units of Class A Units outstanding. The effects of the events described in the preceding two paragraphs are collectively referred to as the “Corporate Conversion.” Initial Public Offering and Reverse Stock Split On July 30, 2021, the Company completed its initial public offering (“IPO”) through an underwritten sale of 13.2 million shares of its common stock, of which 10.0 million newly issued shares were sold by the Company at a price to the public of $26.00 per share. The Company received net proceeds of approximately $242.1 million after deducting approximately $17.9 million in underwriting discounts, commissions, and offering-related expenses. The IPO also included the sale of 3.2 million shares of our common stock by the selling stockholders. The Company did not receive any proceeds from the sale of common stock by the selling stockholders. Additionally, the selling stockholders granted the underwriters an option, exercisable for 30 days after the effective date of the Prospectus, to purchase up to 2.0 million additional shares of common stock. The option was exercised for 1.2 million additional shares on August 26, 2021. In connection with the listing of the Company’s common stock on the New York Stock Exchange (the “NYSE”), the Company entered into indemnification agreements with its directors and certain officers and employees that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or services as directors, officers, or employees. In advance of the IPO, on July 16, 2021, the Company effected a 1-for-2 reverse unit split of the Company’s Class B Units, whereby every two Class B Units converted into one Class B Unit. All Class B Unit and per unit information included in the accompanying condensed consolidated financial statements have been adjusted to reflect this reverse unit split for all periods presented. Following the Corporate Conversion, there were no units of Class B Units outstanding. COVID-19 In March 2020, the World Health Organization characterized the novel coronavirus (“COVID-19”) outbreak as a pandemic. To date, the Company has not experienced any significant effects on its partners or bad debts related to customer receivables as a result of the COVID-19 pandemic. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act, enacted in March 2020 in response to the pandemic.. The CARES Act did not have a material impact on the Company's income tax provision in 2021 and 2022. As of March 31, 2022, the Company deferred $0.8 million of payments related to employer social security taxes, which will be due on December 31, 2022 and are included in accrued liabilities on the Company’s condensed consolidated balance sheets.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Unaudited Condensed Consolidated Financial Information In the Company's opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary for a fair presentation. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from these unaudited condensed consolidated financial statements pursuant to the rules and regulations of the SEC. Accordingly, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (“Annual Report”). The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other period. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses. Significant items subject to such estimates include revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, and other revenue items requiring significant judgment; share-based compensation; the fair value of acquired intangibles; the capitalization of software development costs; the useful lives of property and equipment and long-lived intangible assets; impairment of goodwill and long-lived assets; the determination of the incremental borrowing rate used for operating lease liabilities; and income taxes. In accordance with GAAP, management bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from those estimates. Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, “Significant Accounting Policies” in the Company’s Annual Report. There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report that have had a material impact on its condensed consolidated financial statements and related notes, except for updates resulting from the adoption of ASU 2016-02, “Leases (Topic 842)” as discussed below. Leases Leases arise from contractual obligations that convey the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. At the inception of the contract, the Company determines if an arrangement contains a lease based on whether there is an identified asset and whether the Company controls the use of the identified asset. The Company also determines the classification of that lease, between financing and operating, at the lease commencement date. The Company accounts for and allocates consideration to the lease and non-lease components as a single lease component. A right-of-use (“ROU”) asset represents the Company’s right to use an underlying asset, and a lease liability represents the Company’s obligation to make payments during the lease term. ROU assets are recorded and recognized at commencement for the lease liability amount, adjusted for initial direct costs incurred and lease incentives received, and adjusted for prepaid or accrued lease payments. Lease liabilities are recorded at the present value of the future lease payments over the lease term at commencement. The discount rate used to determine the present value is the incremental borrowing rate, unless the interest rate implicit in the lease is readily determinable. As the implicit rate for the operating leases is generally not determinable, the Company uses an incremental borrowing rate as the discount rate at the lease commencement date to determine the present value of lease payments. The Company determines the discount rate of the leases by considering various factors, such as the credit rating, interest rates of similar debt instruments of entities with comparable credit ratings, jurisdictions, and the lease term. The Company’s operating leases typically include non-lease components such as common-area maintenance costs, utilities, and other maintenance costs. For real estate leases, the Company has elected to include non-lease components with lease payments for the purpose of calculating lease right-of-use assets and liabilities to the extent that they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company’s lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the Company will exercise those options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company’s ROU assets are included in right of use assets and the current and non-current portions of the lease liabilities are included in accrued liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets. The Company does not record leases with terms of 12 months or less on the condensed consolidated balance sheets. Lease expense is recognized on a straight-line basis over the expected lease term. The Company has entered into subleases, or has made decisions and taken actions to exit and sublease certain unoccupied leased office space. Sublease income is recorded as a reduction of rent expense straight-line over the term of the sublease. The Company tests ROU assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. For leased assets, such circumstances would include the decision to leave a leased facility prior to the end of the minimum lease term or subleases for which estimated cash flows do not fully cover the costs of the associated lease. No impairment of ROU assets was recorded during the three months ended March 31, 2022. Accounting Pronouncements Recently Adopted The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and has elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. ASU 2016-02, “Leases (Topic 842)” The new standard establishes a right-of-use model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the condensed consolidated statements of operations. The new standard provides for a modified retrospective approach which requires recognition at the beginning of the earliest comparative period presented of leases that exist at that date, as well as adjusting equity at the beginning of the earliest comparative period presented as if the new standard had always been applied. In July 2018, the FASB issued ASU 2018-11, which provides an additional transition method. Under the additional transition method, an entity initially applies the new lease guidance at the adoption date (rather than at the beginning of the earliest period presented). Therefore, an entity which elects the additional transition method would apply Topic 840 in the comparative periods and recognize the effects of applying Topic 842 as a cumulative adjustment to retained earnings as of the adoption date. If an entity elects the new transition method, it is required to provide the Topic 840 disclosures for all prior periods presented that remain under the legacy lease guidance. The Company adopted the new standard on January 1, 2022, utilizing the optional transition approach to not apply Topic 842 in the comparative periods presented. Additionally, the Company elected the package of practical expedients to not (1) reassess whether any expired or existing contracts are considered or contain leases; (2) reassess the lease classification for any expired or existing leases; and (3) reassess the initial direct costs for any existing leases. The most significant impact was related to its long-term office space leases that resulted in the recognition of right of use assets and related liabilities of approximately $2.6 million and $3.4 million, respectively, on the Company’s condensed consolidated balance sheets. ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” The amendments in this ASU require that an acquirer recognizes and measures contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 rather than at fair value. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted. The Company adopted the new standard on January 1, 2022, prospectively, for business combinations that occur subsequent to the adoption date. The adoption did have an impact on the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Rather than generally recognizing credit losses when it is probable that the loss has been incurred, the revised guidance requires companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument’s contractual life. ASU 2016-13 is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years; early adoption is permitted. The Company intends to adopt the new standard as of January 1, 2023 as a cumulative effect adjustment to retained earnings. The Company is in the early stages of evaluating the effect of this guidance on its condensed consolidated financial statements and disclosures . ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” The standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 related to the approach for intraperiod tax allocation and the recognition of deferred tax liabilities for outside basis differences and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For the Company, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted. The Company is currently evaluating the timing of and impact of this guidance on the Company's condensed consolidated financial statements. ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” ASU 2020-04 provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as the London Inter-Bank Offered Rate (LIBOR), which regulators in the United Kingdom are currently phasing out. The expedients and exceptions provided by ASU 2020-04 are for the application of U.S. GAAP to contracts, hedging relationships, and other transactions affected by the rate reform, and will not be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. Companies can apply the ASU immediately. However, the guidance will only be available for a limited time. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements and related disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table disaggregates the Company’s net revenues by solution type (in thousands): Three Months Ended March 31, 2022 2021 Lending Software Solutions $ 49,167 $ 43,134 Data Verification Software Solutions 23,587 24,677 Total $ 72,754 $ 67,811 Lending Software Solutions accounted for 68% and 64% of total revenues for the three months ended March 31, 2022, and 2021, respectively. Data Verification Software Solutions accounted for 32% and 36% of total revenues for the three months ended March 31, 2022 and 2021, respectively. The following table disaggregates the Company’s net revenues by major source (in thousands): Three Months Ended March 31, 2022 2021 Subscription fees $ 63,469 $ 60,316 Professional services 7,112 5,491 Other 2,173 2,004 Total revenues $ 72,754 $ 67,811 Deferred Revenue The changes in the Company’s deferred revenue as of March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Deferred revenue, beginning balance $ 14,707 $ 10,873 Billing of transaction consideration 87,340 83,006 Revenue recognized (72,754) (67,811) Deferred revenue, ending balance $ 29,293 $ 26,068 Assets Recognized from Costs to Obtain a Contract with a Customer Sales commissions related to the Company’s customer agreements are capitalized and charged to expense over the expected period of customer benefit. Current costs are included in prepaid expenses and other current assets, and non-current costs are included in other assets on the accompanying condensed consolidated balance sheets. The following table represents the changes in contract cost assets (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ 5,835 $ 3,207 Additions 607 992 Amortization (554) (259) Ending balance $ 5,888 $ 3,940 Contract cost assets, current 2,572 1,572 Contract cost assets, noncurrent 3,316 2,368 Total deferred contract cost assets $ 5,888 $ 3,940 Allowance for Doubtful Accounts

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Prepaid expenses $ 7,083 $ 6,752 Contract cost assets – current 2,572 2,402 Others 355 244 Total prepaid expenses and other current assets $ 10,010 $ 9,398 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Computer equipment and software $ 8,303 $ 7,995 Leasehold improvements 2,994 2,994 Office equipment and furniture 1,180 1,378 Total 12,477 12,367 Less: Accumulated depreciation (6,864) (6,378) Property and equipment, net $ 5,613 $ 5,989 Depreciation expense amounted to $0.6 million for each of the three months ended March 31, 2022 and 2021. The Company disposed of office furniture that resulted in a loss of $0.1 million during each of the three months ended March 31, 2022 and 2021. The losses are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): As of March 31, 2022 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 328,600 $ (107,487) $ 221,113 Developed technology 74,800 (31,733) 43,067 Trademarks 24,175 (8,142) 16,033 Non-competition agreements 600 (300) 300 Capitalized software 12,503 (5,162) 7,341 Total intangible assets, net $ 440,678 $ (152,824) $ 287,854 As of December 31, 2021 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 328,600 $ (99,320) $ 229,280 Developed technology 74,800 (29,207) 45,593 Trademarks 24,175 (7,474) 16,701 Non-competition agreements 600 (225) 375 Capitalized software 10,902 (4,254) 6,648 Total intangible assets, net $ 439,077 $ (140,480) $ 298,597 The weighted average remaining useful lives for intangible assets at March 31, 2022 were as follows: Weighted Average Remaining Useful Life Customer relationships 7 years Developed technology 5 years Trademarks 7 years Non-competition agreements 1 year Capitalized software 3 years Amortization expense related to intangible assets was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of sales $ 3,434 $ 2,862 General and administrative expense 8,910 8,905 Total amortization expense $ 12,344 $ 11,767 The estimated future amortization of intangible assets as of March 31, 2022 was as follows (in thousands): Years ending December 31, 2022 (remaining nine months) $ 37,027 2023 47,542 2024 45,632 2025 40,474 2026 37,514 Thereafter 79,665 Total amortization expense $ 287,854 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of March 31, December 31, Accrued bonuses $ 2,021 $ 6,708 Accrued payroll and payroll-related expenses 7,758 8,522 Sales tax liability from acquisitions 2,939 2,939 Accrued costs of revenues 4,570 2,217 Accrued operating costs 2,170 2,099 Acquisition related costs 1,755 — Lease liability 1,337 233 User conference 1,247 170 Other accrued expenses 2,075 1,779 Total accrued liabilities $ 25,872 $ 24,667

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is, and from time to time may be, involved in legal proceedings and claims arising out of the Company’s operations in the ordinary course of business. Management is not currently aware of any legal proceedings or claims against it that could have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Other Contractual Commitments On March 5, 2022, the Company signed a merger agreement to acquire StreetShares, Inc. (“StreetShares”), a financial technology company that provides digital small business lending technology to banks and credit unions, for consideration of $58.9 million, which includes $30.0 million in escrow for a contingent earnout, subject to adjustment as defined in the purchase agreement, and $1.1 million in acquisition costs. As of March 31, 2022, the transaction remained subject to certain closing conditions. See Note 12 – Subsequent Events for additional information. The Company’s other contractual commitments primarily consist of third-party cloud infrastructure agreements and service subscription arrangements used to support operations at the enterprise level. Future minimum payments under the Company’s non-cancelable purchase commitments as of March 31, 2022 are as follows (in thousands): Contractual Commitments Years ending December 31, 2022 (remaining nine months) $ 227 2023 375 2024 395 2025 11,872 Total $ 12,869

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The Company leases office space under various operating lease agreements that expire through December 2026. The Company recognizes the related rent expense on a straight-line basis over the term of each lease. Free rent and rental increases are recognized on a straight-line basis over the term of each lease. As of March 31, 2022, the weighted average remaining lease term was 3 years and the weighted average discount rate was 5.0%. The Company does not have any finance leases as of March 31, 2022. One lease is with a related party with a termination date of December 2022. The monthly payments during each of the three months ended March 31, 2022 and 2021 were $0.1 million. The monthly payments are subject to annual increases. The Company also has subleases of former office spaces which expire at various dates from 2022 to 2024. Sublease income from operating leases, which is recorded as a reduction of rental expense, was $0.1 million for each of the three months ended March 31, 2022 and 2021. One of the subleases was entered into during March 2022 resulting in a total loss $0.1 million from the disposal of related assets. The loss is included in general and administrative expense on the condensed consolidated statements of operations for the three months ended March 31, 2022. Rent expense, gross of sublease income, has been recorded in the condensed consolidated statements of operations for the three months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Cost of revenues $ 162 General and administrative 44 Research and development 97 Sales and marketing 44 Total rent expense $ 347 The following table presents supplemental cash flow information about the Company’s leases (in thousands): Three Months Ended March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities $ 400 Operating lease assets obtained in exchange for new operating lease liabilities — The following table presents supplemental balance sheet information about the Company’s leases (in thousands): As of March 31, 2022 Operating lease ROU assets $ 2,311 Operating lease liabilities, current $ 1,337 Noncurrent operating lease liabilities 1,632 Total operating lease liabilities $ 2,969 As of March 31, 2022, remaining maturities of lease liabilities were as follows (in thousands): Related Party Third Party Total Years Ending December 31, 2022 (remaining nine months) $ 657 $ 548 $ 1,205 2023 — 750 750 2024 — 676 676 2025 — 320 320 2026 — 244 244 Total operating lease payments (1) $ 657 $ 2,538 $ 3,195 Less: imputed interest (11) (215) (226) Total operating lease liabilities $ 646 $ 2,323 $ 2,969 ______________ (1) Presented gross of sublease income. The Company expects to receive sublease income of approximately $0.3 million in the remainder of the year ended December 31, 2022, $0.1 million in 2023, and $0.0 million thereafter. As of December 31, 2021, prior to the adoption of Topic 842, the aggregate future non-cancelable minimum rental payments and expected sublease receipts were as follows (in thousands): Related Party Third Party Sublease Receipts Total Years Ending December 31, 2022 $ 875 $ 736 $ (293) $ 1,318 2023 — 753 — 753 2024 — 722 — 722 2025 — 319 — 319 2026 — 244 — 244 Thereafter — — — — Total future minimum lease payments $ 875 $ 2,774 $ (293) $ 3,356 Rent expense for the three months ended March 31, 2021 was as follows (in thousands): Three Months Ended March 31, 2021 Cost of revenues $ 235 General and administrative 58 Research and development 154 Sales and marketing 65 Total rent expense $ 512 As of December 31, 2021, the Company had an accrued lease termination liability related to leased office space it ceased using during February 2021. The termination liability as of December 31, 2021 was $0.2 million. Upon adoption of ASC 842 on January 1, 2022, the termination liability was removed as an adjustment to the related right of use asset.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 2021 Term loan $ 435,000 $ 435,000 Debt issuance costs (7,032) (7,490) Total debt, net $ 427,968 $ 427,510 Less: Current portion of long-term debt 2021 Term loan $ 4,350 $ 3,263 Debt issuance costs (1,094) (1,124) Total current portion of long-term debt, net 3,256 2,139 Total non-current portion of long-term debt, net $ 424,712 $ 425,371 Amortization of deferred financing fees was $0.5 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively. Total interest expense, excluding amortization of deferred financing fees, was $3.9 million and $9.0 million for the three months ended March 31, 2022 and 2021, respectively. 2021 Credit Agreement On November 10, 2021, the Company entered into a credit agreement (the “2021 Credit Agreement”), which provides for a term loan facility (the “2021 Term Loan”) in an aggregate principal amount of $435.0 million, and a revolving credit facility (the “2021 Revolving Credit Facility”) in an aggregate principal amount of $50.0 million, inclusive of a $10.0 million letter of credit sub-facility. The Company used the proceeds from the 2021 Term Loan to pay all outstanding amounts due under the Company’s previous 2018 First Lien plus certain fees and expenses. The 2021 Term Loan and 2021 Revolving Credit Facility mature on November 10, 2028 and November 10, 2026, respectively. The Company has not drawn on the 2021 Revolving Credit Facility as of March 31, 2022. The obligations under the 2021 Credit Agreement are secured by a lien on substantially all tangible and intangible property of the Company, subject to customary exceptions, limitations, and exclusions from the collateral. The 2021 Credit Agreement contains customary affirmative covenants, negative covenants and events of default, including covenants and restrictions that, among other things, require the Company to satisfy a financial covenant, and restricts or limits the ability of the Company to grant or incur liens, incur additional indebtedness, enter into joint ventures or partnerships, engage in mergers and acquisitions, engage in asset sales, and declare dividends on its capital stock, subject in each case to certain customary exceptions. A failure to comply with certain covenants could permit the lenders to declare the 2021 Term Loan, and any then outstanding borrowings on the 2021 Revolving Credit Facility, together with accrued interest and fees thereon, to be immediately due and payable. The Company was in compliance with all financial covenants of the 2021 Credit Agreement at March 31, 2022. 2021 Term Loan Borrowings under the 2021 Term Loan bear interest at a variable rate, elected by the Company, equal to the Base Rate (as defined in the 2021 Credit Agreement) or the Adjusted Eurocurrency Rate (as defined in the 2021 Credit Agreement), plus, an initial margin based on the Company’s Consolidated First Lien Net Leverage Ratio (as defined by the 2021 Credit Agreement), which was 3.00% at March 31, 2022. Beginning in June 2022, the Company is required to make quarterly principal payments equal to 0.25% of the original principal, with the remainder due at maturity. Debt issuance costs of $7.6 million were included as a reduction of the debt balance on the condensed consolidated balance sheets and are amortized into interest expense over the contractual life of the loans using the effective interest method. Included in the debt issuance costs were $4.8 million incurred in connection with the 2021 Term Loan, and $2.8 million carried forward from the Company’s previous 2018 First Lien. The Company recognized $0.5 million of amortization of debt issuance costs for the 2021 Term Loan during three months ended March 31, 2022. The effective interest rate on the 2021 Term Loan was 4.3% as of March 31, 2022. 2021 Revolving Credit Facility Borrowings under the 2021 Revolving Credit Facility bear interest, at the election of the Company, at a rate equal to the Base Rate (as defined in the 2021 Credit Agreement) or the Adjusted Eurocurrency Rate (as defined in the 2021 Credit Agreement), plus, in each case, the Applicable Rate (as defined in the 2021 Credit Agreement), which shall vary based on the Company’s Consolidated First Lien Net Leverage Ratio. In connection with the 2021 Revolving Credit Facility, the Company incurred $0.5 million in debt issuance costs. Expenses associated with the issuance of the revolving credit facility are presented in the accompanying condensed consolidated balance sheets in prepaid expenses and other current assets and other assets, and are amortized to interest expense over the life of the 2021 Revolving Credit Facility using the straight-line method. The 2021 Revolving Credit Facility also requires a quarterly commitment fee based on the Company’s consolidated first lien net leverage ratio. As of March 31, 2022, the applicable rate was 0.5%, which was applied against the $50.0 million unused revolving credit facility balance. Future Principal Payments Future principal payments of long-term debt as of March 31, 2022 were as follows (in thousands): Years ending December 31, 2022 (remaining nine months) $ 3,263 2023 4,350 2024 4,350 2025 4,350 2026 4,350 Thereafter 414,337 Total $ 435,000

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-based Compensation 2021 Stock Option and Incentive Plan The 2021 Stock Option and Incentive Plan (the “2021 Plan”) was adopted by the board of directors and approved by the Company’s stockholders following the Corporate Conversion and became effective as of July 26, 2021. The 2021 Plan replaced both the Company’s 2019 Equity Option Plan (the “2019 Plan”) and the Project Angel Parent, LLC Equity Plan (the “2018 Plan”). Outstanding options to purchase Class B Units granted under the 2019 Plan were converted into options to purchase shares of common stock, and all outstanding Carried Equity Units granted under the 2018 Plan were converted into restricted stock awards (“RSAs”), both of which have been granted under the 2021 Plan. The Company had initially reserved 13,171,588 shares of its common stock for the issuance of awards under the 2021 Plan. The 2021 Plan provides that the number of shares reserved and available for issuance under the 2021 Plan will automatically increase on January 1, 2022 and each January 1 thereafter, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s compensation committee. The number of shares reserved under the 2021 Plan is subject to adjustment in the event of a stock split, stock dividend, or other change in the Company’s capitalization. The 2021 Plan provides flexibility to the Company’s compensation committee to use various equity-based incentive awards as compensation tools to motivate the Company’s workforce. The incentive awards that may be granted under the 2021 Plan include, but are not limited to, options to purchase common stock, stock appreciation rights, restricted shares of common stock, restricted stock units, and cash bonuses. Stock Options A summary of stock option activity during the three months ended March 31, 2022 is as follows (in thousands, except options, price per option, and term amounts): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value Outstanding – January 1, 2022 4,256,812 $ 13.05 8.44 $ 42,429 Granted 28,033 18.76 Exercised (28,909) 6.19 Forfeited (123,054) 18.87 Outstanding – March 31, 2022 4,132,882 $ 12.96 8.19 $ 31,643,537 Vested and expected to vest in the future at March 31, 2022 4,132,882 12.96 8.19 31,643,537 Exercisable at March 31, 2022 2,328,904 $ 6.38 7.58 $ 27,360,724 The total fair value of options that vested during the three months ended March 31, 2022 and 2021 was $1.5 million and $1.1 million, respectively. The total intrinsic value of options exercised during the three months ended March 31, 2022 and 2021 was $0.4 million and none, respectively. The Company recognized approximately $1.4 million and $0.5 million in share-based compensation expense related to time-based and performance-based stock options for the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022 and 2021, performance-based options were probable of vesting and, therefore, were included as part of share-based compensation expense. As of March 31, 2022, there was approximately $17.7 million of unrecognized share-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of approximately 2.75 years. Restricted Stock Awards The number of restricted stock awards vested during the three months ended March 31, 2022 was 484,401. The liability balance as of March 31, 2022, related to the unvested RSAs was $0.01 million. As of March 31, 2022, the number of unvested RSAs amounted to 183,741. There were a total of 22,212 RSAs cancelled or forfeited during three months ended March 31, 2022. The Company recognized approximately $0.1 million in share-based compensation expense related to RSAs for the three months ended March 31, 2022. The Company recognized $0.1 million in share-based compensation expense during the three months ended March 31, 2021. Share-based compensation expense related to the excess of fair value per unit on date of issuance over the $0.06 per share purchase price paid by the participants, has been recognized as additional compensation expense attributable to the participants. Restricted Stock Units A summary of restricted stock unit (“RSU”) activity during the three months ended March 31, 2022, is as follows: Number of RSUs Weighted Average Grant Date Fair Value Non-vested – January 1, 2022 1,073,529 $ 25.76 Granted 17,635 18.76 Vested (76,937) 25.84 Forfeited (45,418) 25.76 Non-vested – March 31, 2022 968,809 $ 25.63 As of March 31, 2022, 968,809 RSUs are expected to vest. The Company recognized approximately $2.2 million in share-based compensation expense related to RSUs for the three months ended March 31, 2022. As of March 31, 2022, there was approximately $20.5 million of unrecognized share-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of approximately 2.91 years. Employee Stock Purchase Program As of March 31, 2022, the Company has not issued any shares of common stock pursuant to the 2021 Employee Stock Purchase Plan under its employee stock purchase program (“ESPP”). As of March 31, 2022, there was approximately $0.1 million of unrecognized share-based compensation related to the ESPP that is expected to be recognized over the remaining term of the current offering period. The Company recognized $0.2 million of share-based compensation expense related to the ESPP for the three months ended March 31, 2022. Share-Based Compensation Share-based compensation for share-based awards granted to participants has been recorded in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenues $ 965 $ 72 General and administrative 1,381 353 Research and development (1) 1,077 82 Sales and marketing 385 136 Total share-based compensation expense $ 3,808 $ 643 ______________ (1) Net of $0.1 million and no additions to capitalized software on the Company’s condensed consolidated balance sheets during the three months ended March 31, 2022 and 2021, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In accordance with applicable accounting guidance, the Company is required to use an estimated annual effective tax rate to compute its tax provision during an interim period. The Company’s provision for income taxes reflected an effective tax rate of approximately 28% and 22% for the three months ended March 31, 2022 and 2021, respectively. The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to R&D credits, state taxes, permanent differences related to share-based compensation expense, and other expected permanent differences. The Company has gross unrecognized tax benefits with respect to R&D credits of $2.4 million as of March 31, 2022 and $1.9 million as of December 31, 2021. There are no penalties or interest recorded on these liabilities as the credits have not yet been utilized.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has leased one property from a related party. Rental expense for this property totaled $0.2 million for each of the three months ended March 31, 2022 and 2021. On May 31, 2018, the Company entered into an Advisory Services Agreement with Thoma Bravo, a private equity firm, that owns the majority of the Company through private equity funds managed by the firm. During the three months ended March 31, 2021, the Company recorded $0.5 million in general and administrative expenses on the accompanying condensed consolidated statements of operations for management and advisory fees. The Advisory Services Agreement was terminated upon completion of the IPO. During the three months ended March 31, 2022 and 2021, the Company recorded $0.4 million and $0.3 million, respectively, in cost of sales on the accompanying condensed consolidated statements of operations for third-party expenses with a Thoma Bravo affiliated company. As of March 31, 2022 and December 31, 2021, the Company had accounts payable of $0.1 million and $0.2 million, respectively, and accrued liabilities of $0.3 million and $0.2 million, respectively, with a Thoma Bravo affiliated company.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Basic and diluted net income (loss) per share Numerator: Net income (loss) attributable to common stockholders $ 7,479 $ (1,701) Denominator: Weighted average common stock outstanding: Basic 79,974,071 51,551,231 Diluted 82,228,936 51,551,231 Net income (loss) per share: Basic $ 0.09 $ (0.03) Diluted 0.09 (0.03) The following outstanding potentially dilutive securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders because their impact would have been anti-dilutive for the periods presented: As of March 31, 2022 2021 Options to purchase common stock outstanding, unexercised 1,476,592 3,207,196 Restricted stock awards, unvested — 2,077,272 Restricted stock units, unvested 874,425 — Total 2,351,017 5,284,468

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisition of StreetShares On April 1, 2022, the Company acquired all of the outstanding stock of StreetShares for cash consideration of $58.9 million, which includes $30.0 million in escrow for a contingent earnout, subject to adjustment as defined in the purchase agreement, and $1.1 million in acquisition costs. The acquisition was funded by the Company’s available cash. StreetShares is based out of Reston, VA, and is a financial technology company that provides digital small business lending technology to banks and credit unions. The acquisition will be accounted for using the acquisition method of accounting whereby the acquired assets and liabilities will be recorded at their respective fair values and added to those of the Company, including an amount for goodwill representing the difference between the acquisition consideration and the fair value of the identifiable net assets. Results of operations of StreetShares will be included in the operations of the Company beginning with the closing date of the acquisition. As of the date of issuance of these condensed consolidated financial statements, the initial acquisition and disclosures under ASC 805, Business Combinations , have not been prepared as the Company has not obtained all of the information necessary, nor has there been sufficient time, to complete the related activities. Equity Grants Pursuant to approval by the Company’s compensation committee and board of directors, in May 2022, the Company awarded approximately 1,852,330 service-based RSUs and 502,825 stock options. The stock option awards were granted with an exercise price equal to the closing price of the Company’s common stock on the date of grant. Service-based RSUs and stock options generally vest over four years, subject to the participant’s continued service relationship with the Company through each such vesting date.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation/Unaudited Interim Condensed Consolidated Financial Information	Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Unaudited Condensed Consolidated Financial Information In the Company's opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary for a fair presentation. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from these unaudited condensed consolidated financial statements pursuant to the rules and regulations of the SEC. Accordingly, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (“Annual Report”). The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other period.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses. Significant items subject to such estimates include revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, and other revenue items requiring significant judgment; share-based compensation; the fair value of acquired intangibles; the capitalization of software development costs; the useful lives of property and equipment and long-lived intangible assets; impairment of goodwill and long-lived assets; the determination of the incremental borrowing rate used for operating lease liabilities; and income taxes. In accordance with GAAP, management bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from those estimates.
Leases	Leases Leases arise from contractual obligations that convey the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. At the inception of the contract, the Company determines if an arrangement contains a lease based on whether there is an identified asset and whether the Company controls the use of the identified asset. The Company also determines the classification of that lease, between financing and operating, at the lease commencement date. The Company accounts for and allocates consideration to the lease and non-lease components as a single lease component. A right-of-use (“ROU”) asset represents the Company’s right to use an underlying asset, and a lease liability represents the Company’s obligation to make payments during the lease term. ROU assets are recorded and recognized at commencement for the lease liability amount, adjusted for initial direct costs incurred and lease incentives received, and adjusted for prepaid or accrued lease payments. Lease liabilities are recorded at the present value of the future lease payments over the lease term at commencement. The discount rate used to determine the present value is the incremental borrowing rate, unless the interest rate implicit in the lease is readily determinable. As the implicit rate for the operating leases is generally not determinable, the Company uses an incremental borrowing rate as the discount rate at the lease commencement date to determine the present value of lease payments. The Company determines the discount rate of the leases by considering various factors, such as the credit rating, interest rates of similar debt instruments of entities with comparable credit ratings, jurisdictions, and the lease term. The Company’s operating leases typically include non-lease components such as common-area maintenance costs, utilities, and other maintenance costs. For real estate leases, the Company has elected to include non-lease components with lease payments for the purpose of calculating lease right-of-use assets and liabilities to the extent that they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company’s lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the Company will exercise those options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company’s ROU assets are included in right of use assets and the current and non-current portions of the lease liabilities are included in accrued liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets. The Company does not record leases with terms of 12 months or less on the condensed consolidated balance sheets. Lease expense is recognized on a straight-line basis over the expected lease term.
Recent Accounting Pronouncements Adopted And Not Yet Adopted	Accounting Pronouncements Recently Adopted The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and has elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. ASU 2016-02, “Leases (Topic 842)” The new standard establishes a right-of-use model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the condensed consolidated statements of operations. The new standard provides for a modified retrospective approach which requires recognition at the beginning of the earliest comparative period presented of leases that exist at that date, as well as adjusting equity at the beginning of the earliest comparative period presented as if the new standard had always been applied. In July 2018, the FASB issued ASU 2018-11, which provides an additional transition method. Under the additional transition method, an entity initially applies the new lease guidance at the adoption date (rather than at the beginning of the earliest period presented). Therefore, an entity which elects the additional transition method would apply Topic 840 in the comparative periods and recognize the effects of applying Topic 842 as a cumulative adjustment to retained earnings as of the adoption date. If an entity elects the new transition method, it is required to provide the Topic 840 disclosures for all prior periods presented that remain under the legacy lease guidance. The Company adopted the new standard on January 1, 2022, utilizing the optional transition approach to not apply Topic 842 in the comparative periods presented. Additionally, the Company elected the package of practical expedients to not (1) reassess whether any expired or existing contracts are considered or contain leases; (2) reassess the lease classification for any expired or existing leases; and (3) reassess the initial direct costs for any existing leases. The most significant impact was related to its long-term office space leases that resulted in the recognition of right of use assets and related liabilities of approximately $2.6 million and $3.4 million, respectively, on the Company’s condensed consolidated balance sheets. ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” The amendments in this ASU require that an acquirer recognizes and measures contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 rather than at fair value. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted. The Company adopted the new standard on January 1, 2022, prospectively, for business combinations that occur subsequent to the adoption date. The adoption did have an impact on the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Rather than generally recognizing credit losses when it is probable that the loss has been incurred, the revised guidance requires companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument’s contractual life. ASU 2016-13 is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years; early adoption is permitted. The Company intends to adopt the new standard as of January 1, 2023 as a cumulative effect adjustment to retained earnings. The Company is in the early stages of evaluating the effect of this guidance on its condensed consolidated financial statements and disclosures . ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” The standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 related to the approach for intraperiod tax allocation and the recognition of deferred tax liabilities for outside basis differences and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For the Company, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted. The Company is currently evaluating the timing of and impact of this guidance on the Company's condensed consolidated financial statements. ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” ASU 2020-04 provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as the London Inter-Bank Offered Rate (LIBOR), which regulators in the United Kingdom are currently phasing out. The expedients and exceptions provided by ASU 2020-04 are for the application of U.S. GAAP to contracts, hedging relationships, and other transactions affected by the rate reform, and will not be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. Companies can apply the ASU immediately. However, the guidance will only be available for a limited time. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements and related disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Summary of disaggregation of revenue	The following table disaggregates the Company’s net revenues by solution type (in thousands): Three Months Ended March 31, 2022 2021 Lending Software Solutions $ 49,167 $ 43,134 Data Verification Software Solutions 23,587 24,677 Total $ 72,754 $ 67,811 The following table disaggregates the Company’s net revenues by major source (in thousands): Three Months Ended March 31, 2022 2021 Subscription fees $ 63,469 $ 60,316 Professional services 7,112 5,491 Other 2,173 2,004 Total revenues $ 72,754 $ 67,811
Schedule of changes in the deferred revenue	The changes in the Company’s deferred revenue as of March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Deferred revenue, beginning balance $ 14,707 $ 10,873 Billing of transaction consideration 87,340 83,006 Revenue recognized (72,754) (67,811) Deferred revenue, ending balance $ 29,293 $ 26,068
Schedule of changes in contract cost assets	The following table represents the changes in contract cost assets (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ 5,835 $ 3,207 Additions 607 992 Amortization (554) (259) Ending balance $ 5,888 $ 3,940 Contract cost assets, current 2,572 1,572 Contract cost assets, noncurrent 3,316 2,368 Total deferred contract cost assets $ 5,888 $ 3,940

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Prepaid expenses $ 7,083 $ 6,752 Contract cost assets – current 2,572 2,402 Others 355 244 Total prepaid expenses and other current assets $ 10,010 $ 9,398
Summary of property and equipment, net	Property and equipment, net consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Computer equipment and software $ 8,303 $ 7,995 Leasehold improvements 2,994 2,994 Office equipment and furniture 1,180 1,378 Total 12,477 12,367 Less: Accumulated depreciation (6,864) (6,378) Property and equipment, net $ 5,613 $ 5,989
Summary of intangible assets, net and estimated useful lives and weighted average amortization periods	Intangible assets, net consisted of the following (in thousands): As of March 31, 2022 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 328,600 $ (107,487) $ 221,113 Developed technology 74,800 (31,733) 43,067 Trademarks 24,175 (8,142) 16,033 Non-competition agreements 600 (300) 300 Capitalized software 12,503 (5,162) 7,341 Total intangible assets, net $ 440,678 $ (152,824) $ 287,854 As of December 31, 2021 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 328,600 $ (99,320) $ 229,280 Developed technology 74,800 (29,207) 45,593 Trademarks 24,175 (7,474) 16,701 Non-competition agreements 600 (225) 375 Capitalized software 10,902 (4,254) 6,648 Total intangible assets, net $ 439,077 $ (140,480) $ 298,597 The weighted average remaining useful lives for intangible assets at March 31, 2022 were as follows: Weighted Average Remaining Useful Life Customer relationships 7 years Developed technology 5 years Trademarks 7 years Non-competition agreements 1 year Capitalized software 3 years
Summary of amortization expense related to intangible assets	Amortization expense related to intangible assets was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of sales $ 3,434 $ 2,862 General and administrative expense 8,910 8,905 Total amortization expense $ 12,344 $ 11,767
Schedule of estimated future amortization of intangible assets	The estimated future amortization of intangible assets as of March 31, 2022 was as follows (in thousands): Years ending December 31, 2022 (remaining nine months) $ 37,027 2023 47,542 2024 45,632 2025 40,474 2026 37,514 Thereafter 79,665 Total amortization expense $ 287,854
Summary of accrued liabilities	Accrued liabilities consisted of the following (in thousands): As of March 31, December 31, Accrued bonuses $ 2,021 $ 6,708 Accrued payroll and payroll-related expenses 7,758 8,522 Sales tax liability from acquisitions 2,939 2,939 Accrued costs of revenues 4,570 2,217 Accrued operating costs 2,170 2,099 Acquisition related costs 1,755 — Lease liability 1,337 233 User conference 1,247 170 Other accrued expenses 2,075 1,779 Total accrued liabilities $ 25,872 $ 24,667

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Future minimum payments under non-cancelable purchase commitments	Future minimum payments under the Company’s non-cancelable purchase commitments as of March 31, 2022 are as follows (in thousands): Contractual Commitments Years ending December 31, 2022 (remaining nine months) $ 227 2023 375 2024 395 2025 11,872 Total $ 12,869

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of rent expense (post ASC 842 adoption)	Rent expense, gross of sublease income, has been recorded in the condensed consolidated statements of operations for the three months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Cost of revenues $ 162 General and administrative 44 Research and development 97 Sales and marketing 44 Total rent expense $ 347 The following table presents supplemental cash flow information about the Company’s leases (in thousands): Three Months Ended March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities $ 400 Operating lease assets obtained in exchange for new operating lease liabilities —
Supplemental balance sheet information about the Company's leases	The following table presents supplemental balance sheet information about the Company’s leases (in thousands): As of March 31, 2022 Operating lease ROU assets $ 2,311 Operating lease liabilities, current $ 1,337 Noncurrent operating lease liabilities 1,632 Total operating lease liabilities $ 2,969
Summary of future minimum lease payments (post ASC 842 adoption)	As of March 31, 2022, remaining maturities of lease liabilities were as follows (in thousands): Related Party Third Party Total Years Ending December 31, 2022 (remaining nine months) $ 657 $ 548 $ 1,205 2023 — 750 750 2024 — 676 676 2025 — 320 320 2026 — 244 244 Total operating lease payments (1) $ 657 $ 2,538 $ 3,195 Less: imputed interest (11) (215) (226) Total operating lease liabilities $ 646 $ 2,323 $ 2,969 ______________ (1) Presented gross of sublease income. The Company expects to receive sublease income of approximately $0.3 million in the remainder of the year ended December 31, 2022, $0.1 million in 2023, and $0.0 million thereafter.
Summary of future minimum lease payments (pre ASC 842 adoption)	As of December 31, 2021, prior to the adoption of Topic 842, the aggregate future non-cancelable minimum rental payments and expected sublease receipts were as follows (in thousands): Related Party Third Party Sublease Receipts Total Years Ending December 31, 2022 $ 875 $ 736 $ (293) $ 1,318 2023 — 753 — 753 2024 — 722 — 722 2025 — 319 — 319 2026 — 244 — 244 Thereafter — — — — Total future minimum lease payments $ 875 $ 2,774 $ (293) $ 3,356
Summary of rent expense (pre ASC 842 adoption)	Rent expense for the three months ended March 31, 2021 was as follows (in thousands): Three Months Ended March 31, 2021 Cost of revenues $ 235 General and administrative 58 Research and development 154 Sales and marketing 65 Total rent expense $ 512

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 2021 Term loan $ 435,000 $ 435,000 Debt issuance costs (7,032) (7,490) Total debt, net $ 427,968 $ 427,510 Less: Current portion of long-term debt 2021 Term loan $ 4,350 $ 3,263 Debt issuance costs (1,094) (1,124) Total current portion of long-term debt, net 3,256 2,139 Total non-current portion of long-term debt, net $ 424,712 $ 425,371
Summary of future principal payments of long-term debt	Future principal payments of long-term debt as of March 31, 2022 were as follows (in thousands): Years ending December 31, 2022 (remaining nine months) $ 3,263 2023 4,350 2024 4,350 2025 4,350 2026 4,350 Thereafter 414,337 Total $ 435,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of stock option activity	A summary of stock option activity during the three months ended March 31, 2022 is as follows (in thousands, except options, price per option, and term amounts): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value Outstanding – January 1, 2022 4,256,812 $ 13.05 8.44 $ 42,429 Granted 28,033 18.76 Exercised (28,909) 6.19 Forfeited (123,054) 18.87 Outstanding – March 31, 2022 4,132,882 $ 12.96 8.19 $ 31,643,537 Vested and expected to vest in the future at March 31, 2022 4,132,882 12.96 8.19 31,643,537 Exercisable at March 31, 2022 2,328,904 $ 6.38 7.58 $ 27,360,724
Schedule of RSU activity	A summary of restricted stock unit (“RSU”) activity during the three months ended March 31, 2022, is as follows: Number of RSUs Weighted Average Grant Date Fair Value Non-vested – January 1, 2022 1,073,529 $ 25.76 Granted 17,635 18.76 Vested (76,937) 25.84 Forfeited (45,418) 25.76 Non-vested – March 31, 2022 968,809 $ 25.63
Summary of stock-based compensation	Share-based compensation for share-based awards granted to participants has been recorded in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenues $ 965 $ 72 General and administrative 1,381 353 Research and development (1) 1,077 82 Sales and marketing 385 136 Total share-based compensation expense $ 3,808 $ 643 ______________ (1) Net of $0.1 million and no additions to capitalized software on the Company’s condensed consolidated balance sheets during the three months ended March 31, 2022 and 2021, respectively.

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of Calculation of Basic and Diluted Net Income (Loss) Per Share	The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Basic and diluted net income (loss) per share Numerator: Net income (loss) attributable to common stockholders $ 7,479 $ (1,701) Denominator: Weighted average common stock outstanding: Basic 79,974,071 51,551,231 Diluted 82,228,936 51,551,231 Net income (loss) per share: Basic $ 0.09 $ (0.03) Diluted 0.09 (0.03)
Summary of Outstanding Potentially Dilutive Securities were Excluded from the Calculation of Diluted Net Loss Per Common Unit Attributable to Common Unitholders	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders because their impact would have been anti-dilutive for the periods presented: As of March 31, 2022 2021 Options to purchase common stock outstanding, unexercised 1,476,592 3,207,196 Restricted stock awards, unvested — 2,077,272 Restricted stock units, unvested 874,425 — Total 2,351,017 5,284,468

Organization and Description _2

Organization and Description of Business (Details)	Aug. 26, 2021shares	Jul. 30, 2021USD ($)$ / sharesshares	Jul. 27, 2021USD ($)$ / sharesshares	Jul. 16, 2021	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)	Jul. 28, 2021shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Conversion price of stock (in dollars per share) | $ / shares			$ 25.50
Temporary equity future value | $			$ 1,000
Temporary equity compound interest rate			9.00%
Shares that remained subject to future vesting (in shares)			1,533,763
Sale of stock, number of shares issued in transaction (in shares)		13,200,000
Payment of stock issuance costs | $					$ 0	$ 1,013,000
Stock shares tendered for sale by the existing stockholders (in shares)	1,200,000	3,200,000
Number of days granted to underwriters to purchase additional shares of common stock		30 days
Stock shares offered but not yet tendered by the existing stockholders (in shares)		2,000,000
Stock split ratio				0.5
Deferred social security tax payments due to CARES Act | $					$ 800,000
IPO
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		10,000,000
Sale of stock issue price per share (in dollars per share) | $ / shares		$ 26
Proceeds from issuance initial public offering | $		$ 242,100,000
Payment of stock issuance costs | $		$ 17,900,000
Capital Unit, Class A
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Temporary equity stock shares converted into permanent equity (in shares)			16,607,235
Preferred units outstanding (in shares)							0
Capital Unit, Class B
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Temporary equity stock shares converted into permanent equity (in shares)			53,646,668
Shares that remained subject to future vesting (in shares)					183,741

Significant Accounting Polici_3

Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Right of use assets	$ 2,311	$ 2,600	$ 0
Initial recognition of operating lease liability	$ 2,969	$ 3,400

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue by Solution Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues, net	$ 72,754	$ 67,811
Lending Software Solutions
Disaggregation of Revenue [Line Items]
Revenues, net	49,167	43,134
Data Verification Software Solutions
Disaggregation of Revenue [Line Items]
Revenues, net	$ 23,587	$ 24,677

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Allowance for doubtful accounts	$ 0.1		$ 0.2
Lending Software Solutions
Segment Reporting Information [Line Items]
Concentration risk	68.00%	64.00%
Data Verification Software Solutions
Segment Reporting Information [Line Items]
Concentration risk	32.00%	36.00%

Revenue Recognition - Disaggr_2

Revenue Recognition - Disaggregation of Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues, net	$ 72,754	$ 67,811
Subscription fees
Disaggregation of Revenue [Line Items]
Revenues, net	63,469	60,316
Professional services
Disaggregation of Revenue [Line Items]
Revenues, net	7,112	5,491
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 2,173	$ 2,004

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 14,707	$ 10,873
Billing of transaction consideration	87,340	83,006
Revenue recognized	(72,754)	(67,811)
Deferred revenue, ending balance	$ 29,293	$ 26,068

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Changes in Contract Cost Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 5,835	$ 3,207
Additions	607	992
Amortization	(554)	(259)
Ending balance	5,888	3,940
Contract cost assets – current	2,572	1,572	$ 2,402
Contract cost assets, noncurrent	3,316	2,368
Total deferred contract cost assets	$ 5,888	$ 3,940	$ 5,835

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 7,083	$ 6,752
Contract cost assets – current	2,572	2,402	$ 1,572
Others	355	244
Total prepaid expenses and other current assets	$ 10,010	$ 9,398

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 12,477	$ 12,367
Less: Accumulated depreciation	(6,864)	(6,378)
Property and equipment, net	5,613	5,989
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	8,303	7,995
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	2,994	2,994
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 1,180	$ 1,378

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Depreciation	$ 600	$ 600
Loss on disposal of fixed assets	135	76
Office equipment and furniture
Loss on disposal of fixed assets	$ 100	$ 100

Balance Sheet Components - Su_3

Balance Sheet Components - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	$ 440,678	$ 439,077
Intangible assets, accumulated amortization	(152,824)	(140,480)
Total amortization expense	287,854	298,597
Capitalized computer software, gross	12,503	10,902
Capitalized computer software, accumulated amortization	(5,162)	(4,254)
Capitalized computer software, net carrying amount	7,341	6,648
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	328,600	328,600
Intangible assets, accumulated amortization	(107,487)	(99,320)
Total amortization expense	221,113	229,280
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	74,800	74,800
Intangible assets, accumulated amortization	(31,733)	(29,207)
Total amortization expense	43,067	45,593
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	24,175	24,175
Intangible assets, accumulated amortization	(8,142)	(7,474)
Total amortization expense	16,033	16,701
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	600	600
Intangible assets, accumulated amortization	(300)	(225)
Total amortization expense	$ 300	$ 375

Balance Sheet Components - Su_4

Balance Sheet Components - Summary of Estimated Useful Lives and Weighted Average Amortization Periods for Intangible Assets (Detail)	3 Months Ended
	Mar. 31, 2022
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	7 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	5 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	7 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	1 year
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	3 years

Balance Sheet Components - Su_5

Balance Sheet Components - Summary of amortization expense related to intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 12,344	$ 11,767
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	3,434	2,862
General and administrative expense
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 8,910	$ 8,905

Balance Sheet Components - Su_6

Balance Sheet Components - Summary of Estimated Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Years ending December 31, 2022 (remaining nine months)	$ 37,027
2023	47,542
2024	45,632
2025	40,474
2026	37,514
Thereafter	79,665
Total amortization expense	$ 287,854	$ 298,597

Balance Sheet Components - Su_7

Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued bonuses	$ 2,021	$ 6,708
Accrued payroll and payroll-related expenses	7,758	8,522
Sales tax liability from acquisitions	2,939	2,939
Accrued costs of revenues	4,570	2,217
Accrued operating costs	2,170	2,099
Acquisition related costs	1,755	0
Lease liability	1,337	233
User conference	1,247	170
Other accrued expenses	2,075	1,779
Total accrued liabilities	$ 25,872	$ 24,667

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Payments Under Non-Cancelable Purchase Commitments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining nine months)	$ 227
2023	375
2024	395
2025	11,872
Total future minimum payments under non-cancelable purchase commitments	$ 12,869

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Acquisition related costs		$ 2,283	$ 750
StreetShares | Subsequent Event
Business Acquisition [Line Items]
Cash consideration, gross	$ 58,900
Contingent earnout	30,000
Acquisition related costs	$ 1,100

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Other Commitments [Line Items]
Weighted average remaining lease term	3 years
Weighted average discount rate	5.00%
Monthly payments	$ 100	$ 100
Sublease income	100	$ 100
Loss on disposal of assets	100
Lease liability	$ 1,337					$ 233
Forecast
Other Commitments [Line Items]
Sublease income			$ 300	$ 0	$ 100

Leases - Summary of Rent Expens

Leases - Summary of Rent Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Rent Expense [Line Items]
Rent expense	$ 347	$ 512
Cost of sales
Schedule Of Rent Expense [Line Items]
Rent expense	162	235
General and administrative expense
Schedule Of Rent Expense [Line Items]
Rent expense	44	58
Research and development
Schedule Of Rent Expense [Line Items]
Rent expense	97	154
Sales and marketing
Schedule Of Rent Expense [Line Items]
Rent expense	$ 44	$ 65

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information About the Company's Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 400
Operating lease assets obtained in exchange for new operating lease liabilities	$ 0

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information About The Company's Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease ROU assets	$ 2,311	$ 2,600	$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities		Accrued liabilities
Lease liability	$ 1,337		$ 233
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities		Other long-term liabilities
Noncurrent operating lease liabilities	$ 1,632
Total operating lease liabilities	$ 2,969	$ 3,400

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
2022 (remaining nine months)	$ 1,205
2023	750
2024	676
2025	320
2026	244
Payments due	3,195
Less: imputed interest	(226)
Initial recognition of operating lease liability	2,969	$ 3,400
2022			$ 1,318
2023			753
2024			722
2025			319
2026			244
Thereafter			0
Total future minimum lease payments			3,356
Sublease Receipts			(293)
Related Party
Lessee, Lease, Description [Line Items]
2022 (remaining nine months)	657
2023	0
2024	0
2025	0
2026	0
Payments due	657
Less: imputed interest	(11)
Initial recognition of operating lease liability	646
2022			875
2023			0
2024			0
2025			0
2026			0
Thereafter			0
Total future minimum lease payments			875
Third Party
Lessee, Lease, Description [Line Items]
2022 (remaining nine months)	548
2023	750
2024	676
2025	320
2026	244
Payments due	2,538
Less: imputed interest	(215)
Initial recognition of operating lease liability	$ 2,323
2022			736
2023			753
2024			722
2025			319
2026			244
Thereafter			0
Total future minimum lease payments			$ 2,774

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2021 Term loan	$ 435,000	$ 435,000
Debt issuance costs	(7,032)	(7,490)
Total debt, net	427,968	427,510
Current portion of long term debt	3,256	2,139
Debt issuance costs	(1,094)	(1,124)
Total non-current portion of long-term debt, net	424,712	425,371
Secured Debt | 2021 Term Loan
Debt Instrument [Line Items]
Current portion of long term debt	$ 4,350	$ 3,263

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Nov. 10, 2021
Debt Instrument [Line Items]
Amortization of financing costs	$ 484	$ 1,072
Interest expense	3,900	$ 9,000
Debt issuance costs, gross	7,600
2021 Term Loan
Debt Instrument [Line Items]
Amortization of financing costs	$ 500
Debt issuance costs, gross				$ 4,800
Interest rate, effective	4.30%
2021 Term Loan | Forecast
Debt Instrument [Line Items]
Percent of original principal			0.25%
2021 Term Loan | Base Rate | Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
2021 Term Loan | Adjusted Eurocurrency Rate | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
2021 Term Loan | Secured Debt
Debt Instrument [Line Items]
Term loan				435,000
2021 Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, gross				500
Commitment fee rate	0.50%
2021 Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, principal amount				10,000
2021 Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, principal amount				50,000
Unused revolving credit facility balance	$ 50,000
First Lien
Debt Instrument [Line Items]
Debt issuance costs, gross				$ 2,800

Long-Term Debt - Summary of Fut

Long-Term Debt - Summary of Future Principal Payments of Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Maturities of Long-term Debt [Abstract]
2022 (remaining nine months)	$ 3,263
2023	4,350
2024	4,350
2025	4,350
2026	4,350
Thereafter	414,337
Total	$ 435,000	$ 435,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($)	Jul. 26, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options vested		$ 1,500,000	$ 1,100,000
Intrinsic value of options exercised		400,000	0
Total share-based compensation expense		3,808,000	643,000
Unrecognized stock-based compensation expense related to stock options		$ 17,700,000
Shares that remained subject to future vesting (in shares)					1,533,763
Unvested (in shares)		968,809
Capitalized software costs		$ 100,000	0
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)		22,212
Liability balance related to unvested RSAs		$ 10,000
Shares that remained subject to future vesting (in shares)		183,741
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 1,400,000	500,000
Unrecognized stock-based compensation expense, weighted -average period for recognition		2 years 9 months
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 100,000	$ 100,000
Vested (in shares)		484,401
Carried Equity Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)		$ 0.06
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 2,200,000
Unrecognized stock-based compensation expense, weighted -average period for recognition		2 years 10 months 28 days
Vested (in shares)		76,937
Unvested (in shares)		968,809		1,073,529
Unrecognized stock-based compensation expense, awards other than options		$ 20,500,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		200,000
Unrecognized stock-based compensation expense, awards other than options		$ 100,000
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	13,171,588
Annual increase in shares authorized, percentage	5.00%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Options
Beginning balance (in shares)	4,256,812
Granted (in shares)	28,033
Exercised (in shares)	(28,909)
Forfeited (in shares)	(123,054)
Ending balance (in shares)	4,132,882	4,256,812
Vested and expected to vest in the future (in shares)	4,132,882
Exercisable at end of period (in shares)	2,328,904
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 13.05
Granted (in dollars per share)	18.76
Exercised (in dollars per share)	6.19
Forfeited (in dollars per share)	18.87
Ending balance (in dollars per share)	12.96	$ 13.05
Vested and expected to vest in the future (in dollars per share)	12.96
Exercisable at end of period (in dollars per share)	$ 6.38
Weighted Average Remaining Contract Term and Aggregate Intrinsic Value
Weighted average remaining contractual term	8 years 2 months 8 days	8 years 5 months 8 days
Weighted average remaining contractual term, vested and expected to vest in the future	8 years 2 months 8 days
Weighted average remaining contractual term, exercisable at end of period	7 years 6 months 29 days
Aggregate intrinsic value	$ 31,643,537	$ 42,429
Aggregate intrinsic value, vested and expected to vest in the future	31,643,537
Aggregate intrinsic value, exercisable at end of period	$ 27,360,724

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of RSU Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of RSUs
Non-vested ending balance (in shares)	968,809
Restricted stock units (RSUs)
Number of RSUs
Non-vested beginning balance (in shares)	1,073,529
Granted (in shares)	17,635
Vested (in shares)	(76,937)
Forfeited (in shares)	(45,418)
Non-vested ending balance (in shares)	968,809
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share) | $ / shares	$ 25.76
Granted (in dollars per share) | $ / shares	18.76
Vested (in dollars per share) | $ / shares	25.84
Forfeited (in dollars per share) | $ / shares	25.76
Non-vested ending balance (in dollars per share) | $ / shares	$ 25.63

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Stock-based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,808	$ 643
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	965	72
General and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,381	353
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,077	82
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 385	$ 136

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	28.00%	22.00%
Uncertain tax positions	$ 2,400,000		$ 1,900,000
Penalties and interest on unrecognized tax benefits	$ 0		$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Related Party Transaction [Line Items]
Property from a related party | Property	1
Advisory Services Agreement
Related Party Transaction [Line Items]
Related party transaction, general and administrative expenses from transactions with related party	$ 0.5
Leased Property From Related Party
Related Party Transaction [Line Items]
Operating leases, rent expense	0.2	$ 0.2
Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, cost of sales	0.4	$ 0.3
Accounts payable, related parties	0.1		$ 0.2
Accrued liabilities, related parties	$ 0.3		$ 0.2

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Summary of calculation of basic and diluted net income (loss) per share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss) attributable to common stockholders, basic	$ 7,479	$ (1,701)
Net income (loss) attributable to common stockholders, diluted	$ 7,479	$ (1,701)
Weighted average common stock outstanding:
Basic (in shares)	79,974,071	51,551,231
Diluted (in shares)	82,228,936	51,551,231
Net income (loss) per share:
Basic (in dollars per share)	$ 0.09	$ (0.03)
Diluted (in dollars per share)	$ 0.09	$ (0.03)

Net Income (Loss) Per Share -_2

Net Income (Loss) Per Share - Summary of outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per common unit attributable to common unitholders (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,351,017	5,284,468
Options to purchase common stock outstanding, unexercised
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,476,592	3,207,196
Restricted stock awards, unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	2,077,272
Restricted stock units, unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	874,425	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	May 12, 2022	Apr. 01, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Acquisition related costs			$ 2,283	$ 750
Granted (in shares)			28,033
Restricted stock units (RSUs)
Subsequent Event [Line Items]
Granted (in shares)			17,635
Subsequent Event
Subsequent Event [Line Items]
Granted (in shares)	502,825
Vesting period	4 years
Subsequent Event | Restricted stock units (RSUs)
Subsequent Event [Line Items]
Granted (in shares)	1,852,330
Subsequent Event | StreetShares
Subsequent Event [Line Items]
Cash consideration, gross		$ 58,900
Contingent earnout		30,000
Acquisition related costs		$ 1,100