MeridianLink (MLNK) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	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		76,708,674
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 62,285	$ 80,441
Accounts receivable, net	36,623	32,412
Prepaid expenses and other current assets	12,238	11,574
Total current assets	111,146	124,427
Property and equipment, net	3,011	3,337
Right of use assets, net	967	1,140
Intangible assets, net	238,818	251,060
Goodwill	610,063	610,063
Other assets	6,495	6,224
Total assets	970,500	996,251
Current liabilities:
Accounts payable	4,135	4,405
Accrued liabilities	28,369	30,673
Deferred revenue	37,683	17,224
Current portion of debt, net of debt issuance costs	3,543	3,542
Total current liabilities	73,730	55,844
Debt, net of debt issuance costs	419,102	420,004
Deferred tax liabilities, net	10,639	10,823
Long-term deferred revenue	257	792
Other long-term liabilities	439	541
Total liabilities	504,167	488,004
Commitments and contingencies (Note 5)
Stockholders’ Equity:
Preferred stock, $0.000 par value; 50,000 shares authorized; zero shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock, $0.000 par value; 600,000 shares authorized, 76,339 and 78,448 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	127	129
Additional paid-in capital	662,403	654,634
Accumulated deficit	(196,197)	(146,516)
Total stockholders’ equity	466,333	508,247
Total liabilities and stockholders’ equity	$ 970,500	$ 996,251

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	76,338,829	78,447,701
Common stock, shares outstanding (in shares)	76,338,829	78,447,701

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues, net	$ 77,816	$ 77,135
Cost of revenues:
Subscription and services	21,344	23,501
Amortization of developed technology	4,729	4,454
Total cost of revenues	26,073	27,955
Gross profit	51,743	49,180
Operating expenses:
General and administrative	25,179	22,555
Research and development	9,485	13,812
Sales and marketing	10,536	8,213
Restructuring related costs	3,191	2,904
Total operating expenses	48,391	47,484
Operating income	3,352	1,696
Other (income) expense, net:
Interest and other income	(956)	(470)
Interest expense	9,582	9,031
Total other expense, net	8,626	8,561
Loss before income taxes	(5,274)	(6,865)
Provision for (benefit from) income taxes	32	(1,199)
Net loss	$ (5,306)	$ (5,666)
Net loss per share:
Basic (in dollars per share)	$ (0.07)	$ (0.07)
Diluted (in dollars per share)	$ (0.07)	$ (0.07)
Weighted average common stock outstanding:
Basic (in shares)	77,335,072	80,659,978
Diluted (in shares)	77,335,072	80,659,978

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Common Stock Restricted stock awards	Common Stock Restricted stock units	Additional paid-in capital	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2022		80,644,452
Beginning balance at Dec. 31, 2022	$ 579,091	$ 128			$ 621,396	$ (42,433)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)			59,558	65,770
Vesting of restricted stock	4		$ 4
Issuance of common stock due to exercise of stock options (in shares)		97,412
Issuance of common stock due to exercise of stock options	594				594
Shares withheld related to net share settlement of restricted stock units (in shares)		(1,769)
Shares withheld related to net share settlement of RSUs	$ (24)				(24)
Repurchase of stock (in shares)	(228,529)	(228,529)
Repurchase of stock	$ (3,499)					(3,499)
Share-based compensation expense	4,939				4,939
Net income (loss)	(5,666)					(5,666)
Ending balance (in shares) at Mar. 31, 2023		80,636,894
Ending balance at Mar. 31, 2023	575,439	$ 132			626,905	(51,598)
Beginning balance (in shares) at Dec. 31, 2023		78,447,701
Beginning balance at Dec. 31, 2023	$ 508,247	$ 129			654,634	(146,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)				261,847
Issuance of common stock due to exercise of stock options (in shares)	26,856	26,856
Issuance of common stock due to exercise of stock options	$ 191				191
Shares withheld related to net share settlement of restricted stock units (in shares)		(8,440)
Shares withheld related to net share settlement of RSUs	$ (294)				(294)
Repurchase of stock (in shares)	(2,406,015)	(2,406,015)
Repurchase of stock	$ (44,377)	$ (2)				(44,375)
Share-based compensation expense	7,872				7,872
Net income (loss)	(5,306)					(5,306)
Ending balance (in shares) at Mar. 31, 2024		76,338,829
Ending balance at Mar. 31, 2024	$ 466,333	$ 127			$ 662,403	$ (196,197)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (5,306)	$ (5,666)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14,524	14,531
Provision for expected credit losses	234	532
Amortization of debt issuance costs	212	235
Share-based compensation expense	7,803	4,891
Deferred income taxes	(184)	(1,198)
Loss on disposal of property and equipment	6	0
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(4,444)	(5,028)
Prepaid expenses and other assets	(960)	(1,636)
Accounts payable	(270)	2,717
Accrued liabilities	(2,501)	1,706
Deferred revenue	19,924	16,997
Net cash provided by operating activities	29,038	28,081
Cash flows from investing activities:
Capitalized software additions	(1,837)	(1,924)
Purchases of property and equipment	(92)	(134)
Net cash used in investing activities	(1,929)	(2,058)
Cash flows from financing activities:
Repurchases of common stock	(44,000)	(3,490)
Proceeds from exercise of stock options	191	594
Taxes paid related to net share settlement of restricted stock units	(294)	(24)
Principal payments of debt	(1,088)	(1,087)
Payments of deferred offering costs	(74)	0
Net cash used in financing activities	(45,265)	(4,007)
Net (decrease) increase in cash and cash equivalents	(18,156)	22,016
Cash and cash equivalents, beginning of period	80,441	55,780
Cash and cash equivalents, end of period	62,285	77,796
Supplemental disclosures of cash flow information:
Cash paid for interest	9,365	9,019
Cash paid for income taxes	32	50
Non-cash investing and financing activities:
Shares withheld with respect to net settlement of restricted stock units	294	24
Excise taxes payable included in repurchases of common stock	377	9
Share-based compensation expense capitalized to software additions	69	48
Purchase price allocation adjustment related to income tax effects for StreetShares acquisition	0	245
Purchases of property and equipment included in accounts payable and accrued liabilities	44	79
Vesting of restricted stock awards and restricted stock units	$ 0	$ 4

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
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 headquartered in Costa Mesa, California.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of 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. The interim condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations and stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of March 31, 2024, its condensed consolidated results of operations for the three months ended March 31, 2024 and 2023 and its cash flows for the three months ended March 31, 2024 and 2023. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2024 and 2023 and as of March 31, 2024, are also unaudited. The condensed consolidated balance sheet as of December 31, 2023, included herein, and financial information as of December 31, 2023, disclosed in the notes to the condensed consolidated financial statements was derived from the audited consolidated financial statements as of that date. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on March 12, 2024 (“2023 Annual Report on Form 10-K”). Operating and Reportable Segment The Company operates and manages its business and financial information on a consolidated basis for the purposes of evaluating financial performance and the allocation of resources. The Company's management determined that it operates in one operating and reportable segment that is focused exclusively on providing cloud-based digital solutions in the United States. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company's CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level, and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. The Company assesses its determination of operating segments at least annually. 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. Certain items subject to such estimates include the fair value of acquired intangible assets; the capitalization of software development costs; the useful lives of long-lived intangible assets; impairment of goodwill and long-lived assets; and income taxes, including the valuation allowance for deferred 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 2023 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies described in the Company’s 2023 Annual Report on Form 10-K that have had a material impact on its condensed consolidated financial statements and related notes. Accounting Pronouncements Not Yet 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 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” Accounting Standard Update (“ASU”) 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company for annual periods beginning after December 15, 2025, on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its condensed consolidated financial statements and related disclosures. ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” ASU 2023-07 requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. The new standard also permits companies to disclose more than one measure of segment profit or loss, requires disclosure of the title and position of the CODM, and requires companies with a single reportable segment to provide all disclosures required by Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and companies are required to apply the ASU retrospectively to all periods presented. The Company is currently evaluating the impact that adoption of this standard will have on its condensed consolidated financial statements and related disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [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, 2024 2023 Lending Software Solutions $ 60,903 $ 58,001 Data Verification Software Solutions 16,913 19,134 Total $ 77,816 $ 77,135 The following table disaggregates the Company’s net revenues by major source (in thousands): Three Months Ended March 31, 2024 2023 Subscription fees $ 65,912 $ 66,405 Professional services 9,010 8,435 Other 2,894 2,295 Total $ 77,816 $ 77,135 Contract Balances The following table presents amounts related to customer contract-related arrangements, which are included on the condensed consolidated balance sheets as follows (in thousands): As of March 31, As of January 1, As of March 31, As of January 1, 2024 2024 2023 2023 Accounts receivable $ 34,441 $ 30,314 $ 35,722 $ 29,010 Unbilled receivables 2,182 2,098 1,679 3,895 Accounts receivable, net $ 36,623 $ 32,412 $ 37,401 $ 32,905 Deferred revenue, current $ 37,683 $ 17,224 $ 34,090 $ 16,945 Long-term deferred revenue $ 257 $ 792 $ 992 $ 1,141 Unbilled receivables primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is contingent upon the completion of other performance obligations or where the contract provides that payment timing differs from the provisioning of services. Unbilled receivables and accounts receivable, net of the allowance for expected credit losses, are included within accounts receivable, net on the Company’s consolidated balance sheets. Accounts receivable and unbilled receivables will increase or decrease based on the timing of invoices, customer payments, and recognition of revenue. Deferred Revenue The balance of deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue. Significant changes in our deferred revenue balances during the three months ended March 31, 2024 and 2023 were as follows (in thousands): As of March 31, 2024 2023 Deferred revenue, beginning balance $ 18,016 $ 18,086 Billing of transaction consideration 97,740 94,131 Revenue recognized (77,816) (77,135) Deferred revenue, ending balance $ 37,940 $ 35,082 Deferred revenue, current $ 37,683 $ 34,090 Long-term deferred revenue 257 992 Total deferred revenue $ 37,940 $ 35,082 Accounts Receivable and Allowance for Credit Losses A rollforward of the Company’s allowance for expected credit losses balance for the three months ended March 31, 2024 , and 2023 , is as follows (in thousands): As of March 31, 2024 2023 Allowance for expected credit losses, beginning balance $ 514 $ 165 Provision for expected credit losses 234 532 Write offs, net (115) (33) Allowance for expected credit losses, ending balance $ 633 $ 664 Assets Recognized from Costs to Obtain a Contract with a Customer Current costs for assets recognized from costs to obtain a contract with a customer 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 assets recognized from costs to obtain a contract with a customer, or contract cost assets (in thousands): As of March 31, 2024 2023 Beginning balance $ 8,018 $ 6,539 Additions 1,024 1,151 Amortization (980) (747) Ending balance $ 8,062 $ 6,943 Contract cost assets, current $ 3,845 $ 3,196 Contract cost assets, noncurrent 4,217 3,747 Total contract cost assets $ 8,062 $ 6,943

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
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, As of December 31, 2024 2023 Prepaid expenses $ 7,149 $ 5,762 Contract cost assets, current 3,845 3,782 Income tax receivable 459 961 Other 785 1,069 Total prepaid expenses and other current assets $ 12,238 $ 11,574 Cloud Computing Arrangements Current costs for capitalized deferred implementation 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.Capitalized deferred implementation costs for cloud computing arrangements consisted of the following (in thousands): As of March 31, As of December 31, 2024 2023 Capitalized deferred implementation costs $ 2,054 $ 1,779 Accumulated amortization (233) (208) Capitalized deferred implementation costs, net $ 1,821 $ 1,571 Amortization expense for capitalized deferred implementation costs was immaterial for both the three months ended March 31, 2024, and 2023. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of March 31, As of December 31, 2024 2023 Computer equipment and software $ 8,850 $ 8,794 Leasehold improvements 2,424 2,732 Office equipment and furniture 991 990 Total 12,265 12,516 Accumulated depreciation (9,254) (9,179) Property and equipment, net $ 3,011 $ 3,337 Depreciation expense amounted to $0.4 million, and $0.5 million for the three months ended March 31, 2024, and 2023, respectively. Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): As of March 31, 2024 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 343,300 $ (175,032) $ 168,268 Developed technology 96,400 (54,845) 41,555 Trademarks 24,975 (13,430) 11,545 Non-competition agreements 5,500 (1,988) 3,512 Capitalized software 30,903 (16,965) 13,938 Total intangible assets, net $ 501,078 $ (262,260) $ 238,818 As of December 31, 2023 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 343,300 $ (166,485) $ 176,815 Developed technology 96,400 (52,039) 44,361 Trademarks 24,975 (12,803) 12,172 Non-competition agreements 5,500 (1,743) 3,757 Capitalized software 28,997 (15,042) 13,955 Total intangible assets, net $ 499,172 $ (248,112) $ 251,060 For the three months ended March 31, 2024 and 2023, the Company capitalized $1.9 million, and $2.0 million, respectively, related to internally developed software costs. The weighted average remaining useful lives for intangible assets as of March 31, 2024, were as follows: Weighted Average Remaining Useful Life (in years) Customer relationships 5 Developed technology 6 Trademarks 5 Non-competition agreements 4 Capitalized software 2 Amortization expense related to intangible assets was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 4,729 $ 4,454 General and administrative expense 9,419 9,582 Total amortization expense $ 14,148 $ 14,036 The estimated future amortization of intangible assets as of March 31, 2024, was as follows (in thousands): Years ending December 31, 2024 (remaining nine months) $ 42,210 2025 50,697 2026 44,872 2027 42,272 2028 24,901 Thereafter 33,866 Total amortization expense $ 238,818 No impairment of long-lived assets was recorded during either the three months ended March 31, 2024 or 2023. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of March 31, As of December 31, 2024 2023 Accrued payroll and payroll-related expenses $ 8,237 $ 9,501 Accrued operating costs 4,371 3,655 Sales tax liabilities from acquisitions 3,383 3,383 Accrued costs of revenues 2,576 2,003 Accrued bonuses 2,476 6,424 User conference accrual 1,861 1,073 Customer deposits 1,243 1,302 Operating lease liabilities – current 778 773 Other sales tax liabilities 436 404 Excise taxes payable 756 379 Other accrued liabilities 2,252 1,776 Total accrued liabilities $ 28,369 $ 30,673

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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. The Company accrues estimates for resolution of legal proceedings and other contingencies when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss is reasonably estimable. 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 The Company’s 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, 2024, are as follows (in thousands): Contractual Commitments Years ending December 31, 2024 (remaining nine months) $ 2,398 2025 1,115 2026 975 Thereafter — Total $ 4,488

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following (in thousands): As of March 31, As of December 31, 2024 2023 2021 Term loan $ 426,300 $ 427,388 Debt issuance costs (3,655) (3,842) Total debt, net 422,645 423,546 Less: Current portion of debt 2021 Term loan 4,350 4,350 Debt issuance costs (807) (808) Total current portion of debt, net 3,543 3,542 Total non-current portion of debt, net $ 419,102 $ 420,004 Amortization of debt issuance costs was $0.2 million and $0.2 million for the three months ended March 31, 2024, and 2023, respectively. Total interest expense, excluding amortization of debt issuance costs, was $9.4 million and $8.9 million for the three months ended March 31, 2024 and 2023, 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, 2024. During the second quarter of 2023, the Company entered into a conforming changes amendment to the 2021 Credit Agreement that established the Secure Overnight Financing Rate (“SOFR”) as the benchmark rate used in the definition of the Eurocurrency Rate for its 2021 Term Loan and 2021 Revolving Credit Facility. Under the terms of the conforming changes amendment, SOFR will be used as the benchmark rate for interest periods beginning on or after June 30, 2023. In connection with the amendment, the Company incurred $0.1 million of financing fees that was expensed during the three months ended June 30, 2023. 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 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, 2024. 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 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, 2024. 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 $0.2 million and $0.2 million, of amortization of debt issuance costs for the 2021 Term Loan during the three months ended March 31, 2024 and 2023, respectively. The effective interest rate on the 2021 Term Loan was 8.9% as of March 31, 2024. 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 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 remaining unamortized debt issuance costs were $0.3 million and $0.3 million as of March 31, 2024, and December 31, 2023, respectively. 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, 2024, 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 debt as of March 31, 2024, were as follows (in thousands): Years ending December 31, 2024 (remaining nine months) $ 3,262 2025 4,350 2026 4,350 2027 4,350 2028 409,988 Total $ 426,300

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Repurchase Programs In May 2022, the Company’s board of directors authorized a stock repurchase program to acquire up to $75.0 million of the Company’s common stock, with no fixed expiration date and no requirement to purchase any minimum number of shares (the “2022 Stock Repurchase Program”). In January 2024, the Company’s board of directors authorized a stock repurchase program to acquire up to $125.0 million of the Company’s common stock, with no fixed expiration date and no requirement to purchase any minimum number of shares (the “2024 Stock Repurchase Program”). The manner, timing, and actual number of shares repurchased under the programs will depend on a variety of factors, including price, working capital needs, general business and market conditions, regulatory requirements, and other investment opportunities. Shares may be repurchased through privately negotiated transactions, or open market purchases, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934. The repurchase programs may be commenced, suspended, or terminated at any time by the Company at its discretion without prior notice. Approximately $44.4 million (including excise taxes) of the 2024 Stock Repurchase Program was used for the stock repurchase in connection with the Secondary Offering (defined below). For both the 2022 Stock Repurchase Program and 2024 Stock Repurchase Program, the Company retires the repurchased shares, which automatically return to the status of authorized but unissued shares of common stock. The cost of the repurchased shares, including commissions, fees, and excise taxes are recorded as an adjustment to accumulated deficit on the Company’s condensed consolidated balance sheets and statements of stockholders’ equity. Secondary Offering by Selling Stockholders and Related Common Stock Repurchase On February 9, 2024, the Company completed an underwritten secondary offering for the sale of 6,906,015 shares of common stock by certain of its existing stockholders, at an offering price of $19.00 per share (the “Secondary Offering”). The selling stockholders also granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock from the selling stockholders at the public offering price, less underwriting discounts and commissions. The underwriters did not exercise their option to purchase any additional shares before the expiration of the 30-day window. The Company did not receive any proceeds from the sale of its common stock by the selling stockholders in the Secondary Offering. During the three months ended March 31, 2024, the Company incurred costs of $1.4 million in connection with the Secondary Offering. These costs are included within general and administrative expenses on the Company’s condensed consolidated statements of operations. The Secondary Offering was made pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-276336), which was filed with the Securities and Exchange Commission on December 29, 2023 and became effective on January 8, 2024. On February 9, 2024, in connection with the Secondary Offering and pursuant to the 2024 Repurchase Program, the Company purchased 2,406,015 shares of its common stock from the underwriters at a price per share equal to $18.2875, which is equal to the per share price at which the underwriters purchased the shares from the selling stockholders in the Secondary Offering, resulting in an aggregate purchase price of approximately $44.4 million (including excise taxes). Stock Repurchase Activity A summary of repurchased share activity during the three months ended March 31, 2024 and 2023, is as follows (in thousands except share data): Three Months Ended March 31, 2024 2023 Total number of shares repurchased 2,406,015 228,529 Total cost of shares repurchased, including commissions, fees, and excise taxes $ 44,377 $ 3,499 As of March 31, 2024, there was a total of $91.1 million remaining for repurchase under the Company’s stock repurchase programs.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
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 effected in connection with the Company’s initial public offering 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, 2024, 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 (in years) Aggregate Intrinsic Value Outstanding – January 1, 2024 3,976,372 $ 12.53 6.68 $ 49,670 Granted — — Exercised (26,856) 7.12 Forfeited (18,964) 22.19 Outstanding – March 31, 2024 3,930,552 $ 12.52 6.39 $ 30,230 Vested and expected to vest in the future at March 31, 2024 3,930,552 12.52 6.39 30,230 Exercisable at March 31, 2024 3,189,348 $ 10.62 6.05 $ 29,546 The total fair value of options that vested during the three months ended March 31, 2024 and 2023 was $1.2 million and $1.1 million, respectively. The total intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $0.4 million and $0.9 million, respectively. The Company recognized $1.3 million and $1.3 million in share-based compensation expense related to time-based and performance-based stock options for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, performance-based options were probable of vesting and, therefore, were included as part of share-based compensation expense. As of March 31, 2024, there was $7.9 million of unrecognized share-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 1.7 years. Restricted Stock Units A summary of restricted stock unit (“RSU”) activity during the three months ended March 31, 2024, is as follows: Number of RSUs Weighted Average Grant Date Fair Value Non-vested – January 1, 2024 4,919,744 $ 17.19 Granted 85,949 19.01 Vested (261,847) 17.86 Forfeited (174,781) 17.18 Non-vested – March 31, 2024 4,569,065 $ 17.18 Each RSU represents the right to receive one share of the Company’s common stock upon vesting and settlement. As of March 31, 2024, 4,569,065 RSUs are expected to vest. The Company recognized $6.4 million and $3.4 million in share-based compensation expense related to RSUs for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $62.1 million of unrecognized share-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 2.65 years. Employee Stock Purchase Program As of March 31, 2024, the Company has issued 0 shares of common stock pursuant to the 2021 Employee Stock Purchase Plan under its employee stock purchase program (“ESPP”). As of March 31, 2024, there was $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 and $0.1 million of share-based compensation expense related to the ESPP for both the three months ended March 31, 2024 and 2023, respectively. 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, 2024 and 2023 as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 782 $ 853 General and administrative 4,393 2,264 Research and development (1) 1,502 1,783 Sales and marketing 1,259 290 Restructuring related costs (2) (133) (299) Total share-based compensation expense $ 7,803 $ 4,891 ______________ (1) Net of $0.1 million additions to capitalized software on the Company’s condensed consolidated balance sheets during both the three months ended March 31, 2024 and 2023, respectively. (2) Relates to unvested stock compensation that was forfeited as part of the 2024 Realignment Plan and 2023 Restructuring Plan. See Note 12, “Restructuring.”

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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. However, there is an exception to the use of this method when a reliable estimate of its ordinary income (loss) or related tax (benefit) for the year cannot be determined. In that case, an entity may report the actual tax or benefit applicable when annual income cannot be estimated, as a discrete item in the interim period. This exception was used in determining the tax provision for the three months ended March 31, 2024. Using the discrete method for the current year, and the annual effective tax rate method for the prior year, the Company’s provision for income taxes reflected an effective tax rate of (0.6)% and 17.5% for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024, the Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to research and development credits, state income taxes, permanent unfavorable differences related to share-based compensation expense, certain employee remuneration under section 162(m) of the Internal Revenue Code, and other expected permanent differences; primarily offset by a change in the valuation allowance. During the three months ended March 31, 2023, the Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to R&D credits, state taxes, permanent unfavorable differences related to share-based compensation expense, certain employee remuneration under section 162(m) of the Internal Revenue Code, and other expected permanent differences. The Company regularly assesses whether a valuation allowance should be recorded against its deferred tax assets based on the consideration of all available evidence, both positive and negative, using a “more likely than not” realization standard. In making such a determination, all available positive and negative evidence are considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In making such judgements, significant weight is given to evidence that can be objectively verified. After analyzing all available evidence, including the past and current trend in volatility in the Company’s business operating environment, which has impacted the Company’s current ability and expectation to generate sufficient future taxable income to fully realize its deferred tax assets, the Company continues to maintain that it is more likely that it would not be able to utilize all of the deferred tax assets as of March 31, 2024 and December 31, 2023, and, therefore, has a partial valuation allowance against its deferred tax assets. The Company’s valuation allowance was $31.3 million and $29.4 million as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, the Company increased its valuation allowance on deferred tax assets by $1.9 million. Adjustments to the valuation allowance are recorded as an adjustment to provision for (benefit from) income taxes on the Company’s condensed consolidated statements of operations. The Company has gross unrecognized tax benefits with respect to research and development credits of $3.7 million as of March 31, 2024, and $3.5 million as of December 31, 2023. We have recorded an immaterial amount of penalties and interest to income tax expense as the credits have started to be utilized in certain jurisdictions, however almost all credits have no penalties or interest recorded as the credits have not yet been fully utilized.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the course of its business operations, transactions are conducted with parties with which the Company has a close association that may be deemed to be related party transactions. The following table presents the impact of related party transactions on the Company’s consolidated statements of operations (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 364 $ 319 General and administrative 166 248 Research and development 25 162 Total related party expenses $ 555 $ 729 The following table presents the impact of related party transactions on the Company’s condensed consolidated balance sheets (in thousands): As of March 31, As of December 31, 2024 2023 Prepaid expenses and other current assets $ 269 $ 38 Total current assets $ 269 $ 38 Accounts payable $ 225 $ 110 Accrued liabilities 146 243 Total current liabilities $ 371 $ 353 Under the terms of these related-party transactions, all amounts incurred and recognized are expected to be settled within one year from the date of the accompanying consolidated balance sheets.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Basic and diluted net loss per share Numerator: Net loss attributable to common stockholders $ (5,306) $ (5,666) Denominator: Weighted average common stock outstanding: Basic 77,335,072 80,659,978 Diluted 77,335,072 80,659,978 Net loss per share: Basic $ (0.07) $ (0.07) Diluted $ (0.07) $ (0.07) A reconciliation of the denominator used in the calculation of basic and diluted earnings per share is as follows: Three Months Ended March 31, 2024 2023 Weighted average shares outstanding for basic loss per share 77,335,072 80,659,978 Effect of dilutive securities: Options outstanding, unexercised — — RSAs unvested — — RSUs unvested — — Purchase rights committed under the ESPP — — Weighted average shares outstanding for diluted loss per share 77,335,072 80,659,978 The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2024 2023 Options to purchase common stock outstanding, unexercised 3,930,552 2,017,496 Restricted stock units, unvested 4,569,065 600,981 Purchase rights committed under the ESPP 18,293 — Total 8,517,910 2,618,477

Restructuring Activities

Restructuring Activities	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities 2024 Realignment Plan In January 2024, the Company’s board of directors authorized an organizational realignment plan (the “2024 Realignment Plan”) that is designed to manage operating costs, enable efficient delivery on business objectives, and allow for growth in areas of strategic importance. The 2024 Realignment Plan included a reduction of the Company’s current workforce by approximately 9%. The Company estimated that it would incur charges of approximately $3.3 million to $4.3 million in connection with the 2024 Realignment Plan, consisting primarily of cash expenditures and relating to employee severance payments, employee benefits, and employee transition costs. Restructuring charges of $3.2 million for severance and related costs, net of $0.1 million previously vested share-based compensation, was recognized during the three months ended March 31, 2024, and are reflected in restructuring related costs on the Company’s condensed consolidated statements of operations. Accrued severance and related costs as of March 31, 2024 were $0.2 million. The Company expects to complete the 2024 Realignment Plan during the second quarter of 2024. A rollforward of the Company’s restructuring reserve balance for the three months ended March 31, 2024 is as follows (in thousands): As of March 31, 2024 Beginning balance $ — Restructuring related costs 3,191 Payments (3,014) Ending balance $ 177 2023 Restructuring Plan

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Equity Grants Pursuant to approval by the Company’s compensation committee and board of directors, in April 2024, the Company awarded $61.4 million of service-based RSUs to its employees under the 2021 Plan. Service-based RSUs generally vest over four years.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Chris Maloof [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 18, 2024, Chris Maloof, President, Go To Market, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) covering the sale of up to an aggregate of 191,389 shares of common stock, including through the potential exercise of vested stock options, subject to trading under certain conditions. The trading plan’s maximum duration is until June 15, 2025, with first trades to occur June 17, 2024, at the earliest.
Name	Chris Maloof
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 18, 2024
Arrangement Duration	363 days
Aggregate Available	191,389

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	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. The interim condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations and stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of March 31, 2024, its condensed consolidated results of operations for the three months ended March 31, 2024 and 2023 and its cash flows for the three months ended March 31, 2024 and 2023. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three months ended March 31, 2024 and 2023 and as of March 31, 2024, are also unaudited. The condensed consolidated balance sheet as of December 31, 2023, included herein, and financial information as of December 31, 2023, disclosed in the notes to the condensed consolidated financial statements was derived from the audited consolidated financial statements as of that date. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on March 12, 2024 (“2023 Annual Report on Form 10-K”).
Operating and Reportable Segment	Operating and Reportable Segment The Company operates and manages its business and financial information on a consolidated basis for the purposes of evaluating financial performance and the allocation of resources. The Company's management determined that it operates in one operating and reportable segment that is focused exclusively on providing cloud-based digital solutions in the United States. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company's CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level, and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. The Company assesses its determination of operating segments at least annually.
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. Certain items subject to such estimates include the fair value of acquired intangible assets; the capitalization of software development costs; the useful lives of long-lived intangible assets; impairment of goodwill and long-lived assets; and income taxes, including the valuation allowance for deferred 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.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet 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 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” Accounting Standard Update (“ASU”) 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company for annual periods beginning after December 15, 2025, on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its condensed consolidated financial statements and related disclosures. ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” ASU 2023-07 requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. The new standard also permits companies to disclose more than one measure of segment profit or loss, requires disclosure of the title and position of the CODM, and requires companies with a single reportable segment to provide all disclosures required by Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and companies are required to apply the ASU retrospectively to all periods presented. The Company is currently evaluating the impact that adoption of this standard will have on its condensed consolidated financial statements and related disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [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, 2024 2023 Lending Software Solutions $ 60,903 $ 58,001 Data Verification Software Solutions 16,913 19,134 Total $ 77,816 $ 77,135 The following table disaggregates the Company’s net revenues by major source (in thousands): Three Months Ended March 31, 2024 2023 Subscription fees $ 65,912 $ 66,405 Professional services 9,010 8,435 Other 2,894 2,295 Total $ 77,816 $ 77,135
Schedule of contract balances and deferred revenue	The following table presents amounts related to customer contract-related arrangements, which are included on the condensed consolidated balance sheets as follows (in thousands): As of March 31, As of January 1, As of March 31, As of January 1, 2024 2024 2023 2023 Accounts receivable $ 34,441 $ 30,314 $ 35,722 $ 29,010 Unbilled receivables 2,182 2,098 1,679 3,895 Accounts receivable, net $ 36,623 $ 32,412 $ 37,401 $ 32,905 Deferred revenue, current $ 37,683 $ 17,224 $ 34,090 $ 16,945 Long-term deferred revenue $ 257 $ 792 $ 992 $ 1,141 and 2023 were as follows (in thousands): As of March 31, 2024 2023 Deferred revenue, beginning balance $ 18,016 $ 18,086 Billing of transaction consideration 97,740 94,131 Revenue recognized (77,816) (77,135) Deferred revenue, ending balance $ 37,940 $ 35,082 Deferred revenue, current $ 37,683 $ 34,090 Long-term deferred revenue 257 992 Total deferred revenue $ 37,940 $ 35,082
Summary of allowance for expected credit losses	A rollforward of the Company’s allowance for expected credit losses balance for the three months ended March 31, 2024 , and 2023 , is as follows (in thousands): As of March 31, 2024 2023 Allowance for expected credit losses, beginning balance $ 514 $ 165 Provision for expected credit losses 234 532 Write offs, net (115) (33) Allowance for expected credit losses, ending balance $ 633 $ 664
Schedule of changes in contract cost assets	The following table represents the changes in assets recognized from costs to obtain a contract with a customer, or contract cost assets (in thousands): As of March 31, 2024 2023 Beginning balance $ 8,018 $ 6,539 Additions 1,024 1,151 Amortization (980) (747) Ending balance $ 8,062 $ 6,943 Contract cost assets, current $ 3,845 $ 3,196 Contract cost assets, noncurrent 4,217 3,747 Total contract cost assets $ 8,062 $ 6,943

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
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, As of December 31, 2024 2023 Prepaid expenses $ 7,149 $ 5,762 Contract cost assets, current 3,845 3,782 Income tax receivable 459 961 Other 785 1,069 Total prepaid expenses and other current assets $ 12,238 $ 11,574
Summary of property and equipment, net	Property and equipment, net consisted of the following (in thousands): As of March 31, As of December 31, 2024 2023 Computer equipment and software $ 8,850 $ 8,794 Leasehold improvements 2,424 2,732 Office equipment and furniture 991 990 Total 12,265 12,516 Accumulated depreciation (9,254) (9,179) Property and equipment, net $ 3,011 $ 3,337
Summary of cloud computing arrangements	Current costs for capitalized deferred implementation 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.Capitalized deferred implementation costs for cloud computing arrangements consisted of the following (in thousands): As of March 31, As of December 31, 2024 2023 Capitalized deferred implementation costs $ 2,054 $ 1,779 Accumulated amortization (233) (208) Capitalized deferred implementation costs, net $ 1,821 $ 1,571
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, 2024 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 343,300 $ (175,032) $ 168,268 Developed technology 96,400 (54,845) 41,555 Trademarks 24,975 (13,430) 11,545 Non-competition agreements 5,500 (1,988) 3,512 Capitalized software 30,903 (16,965) 13,938 Total intangible assets, net $ 501,078 $ (262,260) $ 238,818 As of December 31, 2023 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 343,300 $ (166,485) $ 176,815 Developed technology 96,400 (52,039) 44,361 Trademarks 24,975 (12,803) 12,172 Non-competition agreements 5,500 (1,743) 3,757 Capitalized software 28,997 (15,042) 13,955 Total intangible assets, net $ 499,172 $ (248,112) $ 251,060 For the three months ended March 31, 2024 and 2023, the Company capitalized $1.9 million, and $2.0 million, respectively, related to internally developed software costs. The weighted average remaining useful lives for intangible assets as of March 31, 2024, were as follows: Weighted Average Remaining Useful Life (in years) Customer relationships 5 Developed technology 6 Trademarks 5 Non-competition agreements 4 Capitalized software 2
Summary of amortization expense related to intangible assets	Amortization expense related to intangible assets was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 4,729 $ 4,454 General and administrative expense 9,419 9,582 Total amortization expense $ 14,148 $ 14,036
Schedule of estimated future amortization of intangible assets	The estimated future amortization of intangible assets as of March 31, 2024, was as follows (in thousands): Years ending December 31, 2024 (remaining nine months) $ 42,210 2025 50,697 2026 44,872 2027 42,272 2028 24,901 Thereafter 33,866 Total amortization expense $ 238,818
Summary of accrued liabilities	As of March 31, As of December 31, 2024 2023 Accrued payroll and payroll-related expenses $ 8,237 $ 9,501 Accrued operating costs 4,371 3,655 Sales tax liabilities from acquisitions 3,383 3,383 Accrued costs of revenues 2,576 2,003 Accrued bonuses 2,476 6,424 User conference accrual 1,861 1,073 Customer deposits 1,243 1,302 Operating lease liabilities – current 778 773 Other sales tax liabilities 436 404 Excise taxes payable 756 379 Other accrued liabilities 2,252 1,776 Total accrued liabilities $ 28,369 $ 30,673

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024, are as follows (in thousands): Contractual Commitments Years ending December 31, 2024 (remaining nine months) $ 2,398 2025 1,115 2026 975 Thereafter — Total $ 4,488

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Debt consisted of the following (in thousands): As of March 31, As of December 31, 2024 2023 2021 Term loan $ 426,300 $ 427,388 Debt issuance costs (3,655) (3,842) Total debt, net 422,645 423,546 Less: Current portion of debt 2021 Term loan 4,350 4,350 Debt issuance costs (807) (808) Total current portion of debt, net 3,543 3,542 Total non-current portion of debt, net $ 419,102 $ 420,004
Summary of future principal payments of long-term debt	Future principal payments of debt as of March 31, 2024, were as follows (in thousands): Years ending December 31, 2024 (remaining nine months) $ 3,262 2025 4,350 2026 4,350 2027 4,350 2028 409,988 Total $ 426,300

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Summary of Repurchased Share Activity	A summary of repurchased share activity during the three months ended March 31, 2024 and 2023, is as follows (in thousands except share data): Three Months Ended March 31, 2024 2023 Total number of shares repurchased 2,406,015 228,529 Total cost of shares repurchased, including commissions, fees, and excise taxes $ 44,377 $ 3,499

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	A summary of stock option activity during the three months ended March 31, 2024, 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 (in years) Aggregate Intrinsic Value Outstanding – January 1, 2024 3,976,372 $ 12.53 6.68 $ 49,670 Granted — — Exercised (26,856) 7.12 Forfeited (18,964) 22.19 Outstanding – March 31, 2024 3,930,552 $ 12.52 6.39 $ 30,230 Vested and expected to vest in the future at March 31, 2024 3,930,552 12.52 6.39 30,230 Exercisable at March 31, 2024 3,189,348 $ 10.62 6.05 $ 29,546
Schedule of RSU activity	A summary of restricted stock unit (“RSU”) activity during the three months ended March 31, 2024, is as follows: Number of RSUs Weighted Average Grant Date Fair Value Non-vested – January 1, 2024 4,919,744 $ 17.19 Granted 85,949 19.01 Vested (261,847) 17.86 Forfeited (174,781) 17.18 Non-vested – March 31, 2024 4,569,065 $ 17.18
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, 2024 and 2023 as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 782 $ 853 General and administrative 4,393 2,264 Research and development (1) 1,502 1,783 Sales and marketing 1,259 290 Restructuring related costs (2) (133) (299) Total share-based compensation expense $ 7,803 $ 4,891 ______________ (1) Net of $0.1 million additions to capitalized software on the Company’s condensed consolidated balance sheets during both the three months ended March 31, 2024 and 2023, respectively. (2) Relates to unvested stock compensation that was forfeited as part of the 2024 Realignment Plan and 2023 Restructuring Plan. See Note 12, “Restructuring.”

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents the impact of related party transactions on the Company’s consolidated statements of operations (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 364 $ 319 General and administrative 166 248 Research and development 25 162 Total related party expenses $ 555 $ 729 The following table presents the impact of related party transactions on the Company’s condensed consolidated balance sheets (in thousands): As of March 31, As of December 31, 2024 2023 Prepaid expenses and other current assets $ 269 $ 38 Total current assets $ 269 $ 38 Accounts payable $ 225 $ 110 Accrued liabilities 146 243 Total current liabilities $ 371 $ 353

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Basic and diluted net loss per share Numerator: Net loss attributable to common stockholders $ (5,306) $ (5,666) Denominator: Weighted average common stock outstanding: Basic 77,335,072 80,659,978 Diluted 77,335,072 80,659,978 Net loss per share: Basic $ (0.07) $ (0.07) Diluted $ (0.07) $ (0.07) A reconciliation of the denominator used in the calculation of basic and diluted earnings per share is as follows: Three Months Ended March 31, 2024 2023 Weighted average shares outstanding for basic loss per share 77,335,072 80,659,978 Effect of dilutive securities: Options outstanding, unexercised — — RSAs unvested — — RSUs unvested — — Purchase rights committed under the ESPP — — Weighted average shares outstanding for diluted loss per share 77,335,072 80,659,978
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 loss per share attributable to common stockholders because their impact would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2024 2023 Options to purchase common stock outstanding, unexercised 3,930,552 2,017,496 Restricted stock units, unvested 4,569,065 600,981 Purchase rights committed under the ESPP 18,293 — Total 8,517,910 2,618,477

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Rollforward of the Company's Restructuring Reserve Balance	A rollforward of the Company’s restructuring reserve balance for the three months ended March 31, 2024 is as follows (in thousands): As of March 31, 2024 Beginning balance $ — Restructuring related costs 3,191 Payments (3,014) Ending balance $ 177

Significant Accounting Polici_2

Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Accounting Policies [Abstract]
Number of reportable segments	1
Number of operating segments	1

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue by Solution Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues, net	$ 77,816	$ 77,135
Lending Software Solutions
Disaggregation of Revenue [Line Items]
Revenues, net	60,903	58,001
Data Verification Software Solutions
Disaggregation of Revenue [Line Items]
Revenues, net	$ 16,913	$ 19,134

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Impairment of assets related to deferred commissions	$ 0	$ 0

Revenue Recognition - Disaggr_2

Revenue Recognition - Disaggregation of Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues, net	$ 77,816	$ 77,135
Subscription fees
Disaggregation of Revenue [Line Items]
Revenues, net	65,912	66,405
Professional services
Disaggregation of Revenue [Line Items]
Revenues, net	9,010	8,435
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 2,894	$ 2,295

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Customer Contract-Related Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Accounts receivable, net	$ 34,441	$ 30,314	$ 35,722	$ 29,010
Unbilled receivables	2,182	2,098	1,679	3,895
Accounts receivable, net	36,623	32,412	37,401	32,905
Deferred revenue	37,683	17,224	34,090	16,945
Long-term deferred revenue	$ 257	$ 792	$ 992	$ 1,141

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 18,016	$ 18,086
Billing of transaction consideration	97,740	94,131
Revenue recognized	(77,816)	(77,135)
Deferred revenue, ending balance	37,940	35,082
Deferred revenue, current	37,683	34,090
Long-term deferred revenue	257	992	$ 792	$ 1,141
Total deferred revenue	$ 37,940	$ 35,082	$ 18,016	$ 18,086

Revenue Recognition - Summary o

Revenue Recognition - Summary of Allowance for Expected Credit Losses Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 514	$ 165
Provision for expected credit losses	234	532
Write offs, net	(115)	(33)
Ending Balance	$ 633	$ 664

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Changes in Contract Cost Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 8,018	$ 6,539
Additions	1,024	1,151
Amortization	(980)	(747)
Ending balance	8,062	6,943
Contract cost assets, current	3,845	3,196	$ 3,782
Contract cost assets, noncurrent	4,217	3,747
Total contract cost assets	$ 8,062	$ 6,943	$ 8,018

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 7,149	$ 5,762
Contract cost assets, current	3,845	3,782	$ 3,196
Income tax receivable	459	961
Other	785	1,069
Total prepaid expenses and other current assets	$ 12,238	$ 11,574

Balance Sheet Components - Clou

Balance Sheet Components - Cloud Computing Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Offsetting [Abstract]
Capitalized deferred implementation costs	$ 2,054	$ 1,779
Accumulated amortization	(233)	(208)
Capitalized deferred implementation costs, net	$ 1,821	$ 1,571

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 12,265	$ 12,516
Accumulated depreciation	(9,254)	(9,179)
Property and equipment, net	3,011	3,337
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	8,850	8,794
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	2,424	2,732
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 991	$ 990

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Amortization expense for capitalized deferred implementation costs	$ 0	$ 0
Depreciation	400,000	500,000
Impairment of long-lived assets	0	0
Capitalized software
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Capitalized software costs	$ 1,900,000	$ 2,000,000

Balance Sheet Components - Su_3

Balance Sheet Components - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	$ 501,078	$ 499,172
Intangible assets, accumulated amortization	(262,260)	(248,112)
Total amortization expense	238,818	251,060
Capitalized deferred implementation costs	30,903	28,997
Capitalized computer software, accumulated amortization	(16,965)	(15,042)
Capitalized computer software, net carrying amount	13,938	13,955
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	343,300	343,300
Intangible assets, accumulated amortization	(175,032)	(166,485)
Total amortization expense	168,268	176,815
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	96,400	96,400
Intangible assets, accumulated amortization	(54,845)	(52,039)
Total amortization expense	41,555	44,361
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	24,975	24,975
Intangible assets, accumulated amortization	(13,430)	(12,803)
Total amortization expense	11,545	12,172
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	5,500	5,500
Intangible assets, accumulated amortization	(1,988)	(1,743)
Total amortization expense	$ 3,512	$ 3,757

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, 2024
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	5 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	6 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	5 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	4 years
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	2 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, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 14,148	$ 14,036
Cost of revenues
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	4,729	4,454
General and administrative expense
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 9,419	$ 9,582

Balance Sheet Components - Su_6

Balance Sheet Components - Summary of Estimated Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2024 (remaining nine months)	$ 42,210
2025	50,697
2026	44,872
2027	42,272
2028	24,901
Thereafter	33,866
Total amortization expense	$ 238,818	$ 251,060

Balance Sheet Components - Su_7

Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and payroll-related expenses	$ 8,237	$ 9,501
Accrued operating costs	4,371	3,655
Sales tax liabilities from acquisitions	3,383	3,383
Accrued costs of revenues	2,576	2,003
Accrued bonuses	2,476	6,424
User conference accrual	1,861	1,073
Customer deposits	1,243	1,302
Operating lease liabilities – current	778	773
Other sales tax liabilities	436	404
Excise taxes payable	756	379
Other accrued liabilities	2,252	1,776
Total accrued liabilities	$ 28,369	$ 30,673

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Payments Under Non-Cancelable Purchase Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining nine months)	$ 2,398
2025	1,115
2026	975
Thereafter	0
Total future minimum payments under non-cancelable purchase commitments	$ 4,488

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2021 Term loan	$ 426,300	$ 427,388
Debt issuance costs	(3,655)	(3,842)
Total debt, net	422,645	423,546
Current portion of long term debt	3,543	3,542
Debt issuance costs	(807)	(808)
Total non-current portion of debt, net	419,102	420,004
Secured Debt | 2021 Term Loan
Debt Instrument [Line Items]
Current portion of long term debt	$ 4,350	$ 4,350

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Nov. 10, 2021
Debt Instrument [Line Items]
Amortization of financing costs	$ 212		$ 235
Interest expense	9,400		8,900
Debt issuance costs, gross					$ 7,600
2021 Credit Agreement
Debt Instrument [Line Items]
Financing fees		$ 100
2021 Term Loan
Debt Instrument [Line Items]
Amortization of financing costs	$ 200		$ 200
Percent of original principal	0.25%
Debt issuance costs, gross					4,800
Interest rate, effective	8.90%
2021 Term Loan | Base Rate | Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate	3%
2021 Term Loan | Adjusted Eurocurrency Rate | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate	3%
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%
Unamortized debt issuance costs	$ 300			$ 300
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

Debt - Summary of Future Princi

Debt - Summary of Future Principal Payments of Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining nine months)	$ 3,262
2025	4,350
2026	4,350
2027	4,350
2028	409,988
Total	$ 426,300	$ 427,388

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)		3 Months Ended
	Feb. 09, 2024	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2024	May 31, 2022
Class of Stock [Line Items]
Stock repurchase program authorized amount				$ 125,000,000	$ 75,000,000
Total cost of shares repurchased, including commissions, fees, and excise taxes	$ 44,400,000	$ 44,377,000	$ 3,499,000
Payment of stock issuance costs		74,000	$ 0
Shares repurchased price per share (in dollars per share)	$ 18.2875
Stock remaining for repurchase under repurchase program		91,100,000
The Secondary Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	6,906,015
Sale of stock issue price per share (in dollars per share)	$ 19
Payment of stock issuance costs		$ 1,400,000
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	675,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Repurchased Share Activity (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 09, 2024	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stock repurchased (in shares)	2,406,015	2,406,015	228,529
Total cost of shares repurchased, including commissions, fees, and excise taxes	$ 44,400	$ 44,377	$ 3,499

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jul. 26, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options vested		$ 1,200	$ 1,100
Intrinsic value of options exercised		400	900
Total share-based compensation expense		7,803	4,891
Unrecognized stock-based compensation expense related to stock options		$ 7,900
Unrecognized stock-based compensation expense, weighted -average period for recognition		1 year 8 months 12 days
Unvested (in shares)		4,569,065
Issuance of common stock through employee purchase plan (in shares)		0
Granted (in shares)		0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 1,300	1,300
Unrecognized stock-based compensation expense, weighted -average period for recognition		1 year 8 months 12 days
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 6,400	3,400
Unrecognized stock-based compensation expense, weighted -average period for recognition		2 years 7 months 24 days
Vested of restricted stock (in shares)		261,847
Common stock received upon vesting and settlement of RSUs (in shares)		1
Unvested (in shares)		4,569,065		4,919,744
Unrecognized stock-based compensation expense, awards other than options		$ 62,100
Forfeited (in shares)		174,781
Granted (in shares)		85,949
Purchase rights committed under the ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 200	$ 100
Unrecognized stock-based compensation expense, awards other than options		$ 100
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%

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, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	3,976,372
Granted (in shares)	0
Exercised (in shares)	(26,856)
Forfeited (in shares)	(18,964)
Ending balance (in shares)	3,930,552	3,976,372
Vested and expected to vest in the future (in shares)	3,930,552
Exercisable at end of period (in shares)	3,189,348
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 12.53
Granted (in dollars per share)	0
Exercised (in dollars per share)	7.12
Forfeited (in dollars per share)	22.19
Ending balance (in dollars per share)	12.52	$ 12.53
Vested and expected to vest in the future (in dollars per share)	12.52
Exercisable at end of period (in dollars per share)	$ 10.62
Weighted Average Remaining Contract Term and Aggregate Intrinsic Value
Weighted average remaining contractual term	6 years 4 months 20 days	6 years 8 months 4 days
Weighted average remaining contractual term, vested and expected to vest in the future	6 years 4 months 20 days
Weighted average remaining contractual term, exercisable at end of period	6 years 18 days
Aggregate intrinsic value	$ 30,230	$ 49,670
Aggregate intrinsic value, vested and expected to vest in the future	30,230
Aggregate intrinsic value, exercisable at end of period	$ 29,546

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of RSU Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of RSUs
Non-vested beginning balance (in shares)
Non-vested ending balance (in shares)	4,569,065
Restricted stock units (RSUs)
Number of RSUs
Non-vested beginning balance (in shares)	4,919,744
Granted (in shares)	85,949
Vested (in shares)	(261,847)
Forfeited (in shares)	(174,781)
Non-vested ending balance (in shares)	4,569,065
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share) | $ / shares	$ 17.19
Granted (in dollars per share) | $ / shares	19.01
Vested (in dollars per share) | $ / shares	17.86
Forfeited (in dollars per share) | $ / shares	17.18
Non-vested ending balance (in dollars per share) | $ / shares	$ 17.18

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 7,803	$ 4,891
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	782	853
General and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	4,393	2,264
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,502	1,783
Capitalized software costs	100	100
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,259	290
Restructuring related costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ (133)	$ (299)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	(0.60%)	17.50%
Valuation allowance	$ 31.3		$ 29.4
Change in valuation allowance	1.9
Uncertain tax positions	$ 3.7		$ 3.5

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Cost of revenues	$ 21,344	$ 23,501
General and administrative	25,179	22,555
Research and development	9,485	13,812
Total operating expenses	48,391	47,484
Prepaid expenses and other current assets	12,238		$ 11,574
Total current assets	111,146		124,427
Accounts payable	4,135		4,405
Accrued liabilities	28,369		30,673
Total current liabilities	73,730		55,844
Related Party
Related Party Transaction [Line Items]
Cost of revenues	364	319
General and administrative	166	248
Research and development	25	162
Total operating expenses	555	$ 729
Prepaid expenses and other current assets	269		38
Total current assets	269		38
Accounts payable	225		110
Accrued liabilities	146		243
Total current liabilities	$ 371		$ 353

Net Loss Per Share - Summary of

Net 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, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (5,306)	$ (5,666)
Weighted average common stock outstanding:
Basic (in shares)	77,335,072	80,659,978
Diluted (in shares)	77,335,072	80,659,978
Net loss per share:
Basic (in dollars per share)	$ (0.07)	$ (0.07)
Diluted (in dollars per share)	$ (0.07)	$ (0.07)
Stock options
Weighted average common stock outstanding:
Effect of dilutive securities (shares)	0	0
Restricted stock awards, unvested
Weighted average common stock outstanding:
Effect of dilutive securities (shares)	0	0
Restricted stock units, unvested
Weighted average common stock outstanding:
Effect of dilutive securities (shares)	0	0
Purchase rights committed under the ESPP
Weighted average common stock outstanding:
Effect of dilutive securities (shares)	0	0

Net Loss Per Share - Summary _2

Net 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, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,517,910	2,618,477
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)	3,930,552	2,017,496
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)	4,569,065	600,981
Purchase rights committed under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	18,293	0

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 24, 2023	Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost				$ 600
Accrued severance and related costs			$ 177		$ 0
Restructuring related costs			3,191	$ 2,904
The "Plan"
Restructuring Cost and Reserve [Line Items]
Reduction in current workforce	11%
The 2024 Realignment Plan
Restructuring Cost and Reserve [Line Items]
Reduction in current workforce		9%
Accrued severance and related costs			200
The 2024 Realignment Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		$ 3,300
The 2024 Realignment Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		$ 4,300
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring related costs			2,900
Severance and related costs | The 2024 Realignment Plan
Restructuring Cost and Reserve [Line Items]
Restructuring related costs			3,200
Previously vested stock based compensation
Restructuring Cost and Reserve [Line Items]
Restructuring related costs			300
Previously vested stock based compensation | The 2024 Realignment Plan
Restructuring Cost and Reserve [Line Items]
Restructuring related costs			$ 100

Restructuring Activities - Roll

Restructuring Activities - Rollforward of the Company's Restructuring Reserve Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 0
Restructuring related costs	3,191	$ 2,904
Payments	(3,014)
Restructuring reserve, ending balance	$ 177

Subsequent Events (Details)

Subsequent Events (Details) - Restricted stock units (RSUs) - shares	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Granted (in shares)		85,949
Subsequent Event
Subsequent Event [Line Items]
Granted (in shares)	61,400,000
Vesting period	4 years